2008 Annual Report and Statement of Accounts

Transcription

1 2008 Annual Report and Statement of Accounts

2 Danny Lee

3

4 THANKS New Zealand Golf would like to thank all the volunteers throughout the country who make such a valuable contribute to the sport each year. In particular we would like to thank the volunteers who make the successful staging of our national tournaments and events possible. Volunteers fulfil a multitude of invaluable roles at our national tournaments including referees, starters, scorers, caterers and billets. Many, many thanks to all volunteers and to host clubs for their support in We also gratefully acknowledge the support of: New Zealand male selectors Peter Hayes, John Laing and Barry Shannon New Zealand female selectors Cherry Kingham, Anne Seed and Sue Bunt New Zealand team managers Murray Martin, David Howie, Libby Steele and Anne Seed New Zealand team coaches Jamie Kupa, Susan Farron, Brian Doyle and Shelley Duncan Asian Pacific Team Captain - Michael Bonnallack Trophy, Roger Brennand. Tauranga Golf Club Home of the Carrus Tauranga Open ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

5 To be presented at the Annual General Meeting of New Zealand Golf Incorporated to be held at Miramar Golf Club, Wellington on Tuesday 30 June, commencing at 09.30am Patron The Rt Hon Tom Gault Vice Presidents Mike Alexander Jeanette Futter Chief Executive Bill MacGowan Board of Directors Jeanette Futter Paul Fyfe Philip Hassall (Chairman) Liz Douglas Heather Newson Geoff Saunders Peter Williams Richard Taylor President Patsy Hankins Life Members Con Alexander Alison Bojesen-Trepka Roger Brennand Sue Bunt Betty Cameron Flora Catto Sir Bob Charles Graeme Cooke Robin Dailey Ken Elliot Barry Forrest Betty Fraser Rt Hon Tom Gault Noreen Hamilton Fred Henderson Peter Joyce Reah Lahmert Trevor Malloch Alec Mercer Frank Nobilo Joan Puckey Peg Sargent Tim Treacy Goldie Wardell Jean Whitehead Neil Woodbury 2009 Annual General Meeting Agenda 1. Welcome and apologies 2. Confirmation of minutes of New Zealand Golf Incorporated Annual General Meeting 1 May Matters arising from New Zealand Golf Incorporated Annual General Meeting 1 May President s report 5. Financial report Chairman s report 7. Adoption of New Zealand Golf Annual Report 8. Re-appointment of Patron 9. Appointment of Auditors 10. Election of President 11. General business ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 5

6 President s report New Zealand Golf President Patsy Hankins New Zealand Golf showed a solid financial result for the year in review. Much progress was made in rebuilding the organisation with a number of initiatives undertaken to increase club membership and grow participation. History was created at the New Zealand Amateur Championships when men and women played alongside one another for the first time in over 100 years. Our high level events were given a boost with the launch of The Charles Tour and a new co-sanction agreement for the New Zealand Men s Open was successfully negotiated with the US Nationwide Tour, which meant a date shift for our premier event from December to March Last but not least, the inaugural New Zealand Women s Open was confirmed for early 2009 at Clearwater Golf Club in Christchurch. The year 2008 will long be remembered as the year Danny Lee became the No.1 amateur in the world and Sir Bob Charles was inducted into the World Golf Hall of Fame. Danny s international success began in January when he claimed the Lake Macquarie Amateur Championship title being the first New Zealander since Marcus Wheelhouse in 1994 to win this prestigious event. Further top results at home and overseas continued until August when, having just turned 18, Danny reached the pinnacle of amateur success by winning the US Amateur Golf Championship at Pinehurst. In doing so he displaced Tiger Woods as the youngest player to hold this coveted title. Further success followed when Danny was awarded the Mark H McCormack Medal as the leading player in the World Amateur Golf Rankings. Later in the year we all felt immense pride when our most famous golfer was recognised for his long and illustrious professional career by being inducted into the World Golf Hall of Fame. Sir Bob is the first New Zealander - and the first leftie - to receive this honour of all golf honours. Also doing us proud in 2008 was Mark Brown, a past amateur representative, who claimed his maiden tour victory at the Sail Open one week and the Johnny Walker Classic the next. Mark s year was capped off by winning the Australasian Order of Merit title and being named the 2008 New Zealand Golfer of the Year. Individual rather than team success was the order of the year for our amateurs with Danny Lee leading the way winning the Lake Macquarie, Western Amateur and US Amateur championships, Natasha Krishna winning the South Australian Women s Championship and Ben Campbell the Aaron Baddeley International tournament. Another milestone for New Zealand Golf in 2008 was the successful joint staging of the New Zealand Men s and Women s amateur championships at Paraparaumu Beach and Waikanae Golf Clubs. Dana Kim was the standout player winning both the New Zealand Women s Strokeplay and Amateur championships last achieved by Brenda Ormsby in Dana s success at the championships coupled with other impressive tournament results saw her being named amateur female golfer of the year for The best team result for 2008 was a creditable fifth at the women s Queen Sirikit tournament in Japan. Earlier the same month at Royal Wellington, Australia won the Trans Tasman Trophy, our junior boys having the only success by halving their match to retain the Claire Higson trophy and thereby qualifying for the World Juniors team event in Japan. Adelaide was the venue for the World Amateur Team Championships in early October with a record number of teams entered in The Eisenhower team had a much improved performance on two years earlier and came agonisingly close to medal contention, while the Espirito Santo team struggled somewhat and were unable to match their impressive 7th placing from South Africa. In between the Espirito Santo and Eisenhower Trophies the chairman Philip Hassall and I attended the biennial IGF meeting. Delegates were provided with a progress report on the IGF s bid to have golf included in the 2016 Olympic Games, part of the bid process involving demonstrating that the IGF complies with the Code of the World Anti-Doping Agency ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

7 As in 2006 anti-doping tests were undertaken on the four top placed teams at the Championships as well as random testing conducted on individual players. Delegates voted overwhelmingly in favour of Turkey as the 2014 venue following much lobbying from their representatives leading up to the biennial meeting. After a two year term Philip Hassall retired from the IGF Administrative Committee and I joined the group as the Asian Pacific women s delegate in place of Thailand s Rae-Vadee T.Suwan. The New Zealand Golf Council met in February and May with gender specific meetings held for the first time at the women s interprovincial tournament in October and the men s interprovincial tournament in December. The number of councillors coming and going in 2008 has been a growing concern for the organisation. One of the longest serving to depart was Waikato Golf s Robin Fulton who contributed so much to the workings of council. To all councillors my sincere thanks for your service and commitment to New Zealand Golf and the districts you represent. Congratulations to Auckland, Aorangi-South Canterbury and Taranaki men s and women s districts on their amalgamation. Wellington men and women will be joining forces early in the New Year, closely followed by the Tasman area which comprises four individual districts Nelson men, Marlborough men, Buller-Westland men and Tasman women. The Otago men and women have commenced talks and are on track to amalgamate at some stage in The Annual General Meeting was held in early May with directors Philip Hassall, Heather Newson and Richard Taylor re-elected for a second two year term and Peter Williams and Liz Douglas elected for the first time in place of David Howie and Susie Simcock. Myself as President and Vice-Presidents Mike Alexander and Jeanette Futter were all re-elected unopposed for further two year terms. To the Eagles Society our many thanks for their generous contribution to New Zealand Golf s junior programme. The work done organising and running junior tournaments around the country, the marvellous club fundraising initiatives for the Murray Halberg Trust and the wonderful support provided at so many of our national events has been outstanding. With sadness we record the deaths of Life Members Monnie Hannan, Doug Cresswell and Bessie Fullerton-Smith and retired New Zealand Golf Director Roy Summers during We extend heartfelt sympathy to their families and friends and to all others involved in our sport whom have lost loved ones through the year. Vice Presidents Mike Alexander and Jeanette Futter have been of tremendous assistance to the organisation and to me through the year. Their willingness to represent New Zealand Golf in my absence has been appreciated very much. On behalf of the membership, thank-you to the New Zealand Golf Board chaired by Philip Hassall and the Management Team, led by Chief Executive Officer Bill MacGowan, for a job well done in Patsy Hankins President New Zealand Golf 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 7

8 Chairman S report New zealand golf Chairman Philip Hassall INTRODUCTION The year under review was a satisfactory one for our organisation. We kept on strategy and managed to return a surplus in a difficult economic climate. Golf made progress in addressing some of the sports major challenges around club membership and viability of golf clubs. While the Golf Nation concept failed at the final step many clubs have started addressing the issue of membership retention and growth, implementing many of the ideas behind Golf Nation. Golf club s had a challenging year in many regions with increased costs associated with fuel hikes earlier in the year and other expense increases with some also facing declining revenues from membership and gaming trust income. There was greater acknowledgement within the golf industry that we have to find solutions to some of these challenges and it is pleasing there is a desire by many Clubs and Districts to work closer with the National Office in this area. WE HAVE ACHIEVED IN 2008 Finished the year with a surplus Launched The Charles Tour series Secured Nation Wide co-sanctioning for the 2009 New Zealand Open Planned for a January 2009 inaugural New Zealand Women s Open Rationalised many amateur events and hosted the inaugural combined Men s and Women s amateur successfully Continued to advance the one voice for golf, closely working with all key stakeholders in the sport From 2009 New Zealand Golf and the PGA will share offices Started significant work to increase golf membership, conducted road shows and launched Golf Nation While full implementation was deferred, many of the ideas were used by clubs Achieved international success with Danny Lee winning the distinguished USA Amateur trophy and Top Amateur in the world ranking A review of the governance of the game to ensure it suits the modern day sporting environment. New Plymouth Golf Club Home of the Bayleys Taranaki Open ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

9 GOVERNANCE The governance structure of the game continues to evolve and modernise. Amalgamation of men s and women s golf at National level is now in its 4th year. All Districts have amalgamated or are in the advanced stages of amalgamation. We also have three smaller Men s Districts joining to form one District under Tasman. This rationalisation will strengthen regional administration and representation. The hard work to achieve all this has been done by the District administrators themselves without compulsion from New Zealand Golf. The Board spent the last 12 months reviewing the constitution of the sport in line with the objectives set out in the organisation s strategic plan. The Board want to ensure our governance model suits the modern day sporting environment. We believe the changes proposed and which will be presented in a special AGM in April 2009 will provide better governance as the sport faces many challenges at club, district and nationally. We also believe it will strengthen our ability to engage more readily with our member districts and associated clubs to meet these challenges. The Headline Changes are: 1. A change to the composition of the Board of Directors (six elected by postal ballot and two appointed) 2. Appointment of a Deputy Chair of the Board of Directors 3. The disestablishment of the New Zealand Golf Council 4. The disestablishment of the two Vice President roles 5. The creation of annual district association forums (replacing the council meetings with informed district representatives i.e. District Chair s) 6. The rationalising of member representation (building stronger links with Districts). FINANCE The 2008 result is a surplus of $253,002 with a one-off, write-off of $90,824 leaving a final surplus of $162,178 which see s New Zealand Golf remain in the black. A key objective of the new business plan is for New Zealand golf to be financially viable moving forward. Sport & Recreation New Zealand (SPARC) renewed our whole of sport funding and this assisted us greatly. We are thankful to SPARC for their foresight and investment in Golf. There was no levy increase in 2008 with the surplus resulting from a careful review of all expenditure by the Board and Management. The year under review was a financially satisfying year but like many sports we are ever mindful that we are dependant on a significant amount of our funding from annual trust grants. The short term cycle of this funding and the decreasing amount of funds available to trusts makes long term planning more challenging. A lot of work was done on new commercial partners with a number coming to a satisfactory conclusion in The Board appointed a finance and audit committee and revised governance policies to ensure close monitoring and review of our finances was maintained going forward. NEW ZEALAND OPEN The New Zealand Open is our flagship event and continues to be strategically important to New Zealand Golf. The Board however remains committed it will not be a financial drain on New Zealand golf. The event was not played in 2008 following the move from the European Tour, due to scheduling issues, to a Nationwide event in March The Board continued a management agreement with Tuohy and Associates, experienced Golf event promoters. A key aspect of that agreement was the financial risk remains with Tuohy. The second of three events in the beautiful Queenstown/ Arrowtown area on the privately owned Hills course will take place in March The 2007 event exceeded our expectations and was an enormous success. The planned 2009 event is expected to be equally as good with the New Zealand golfing public continuing to embrace the event 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 9

10 and coming from all over the country. The TV images of this magnificent course and stunning back drop will be beamed all over the world to millions of homes in North America and beyond. NEW ZEALAND WOMEN S OPEN During 2008 considerable time and effort was spent planning the first New Zealand Women s Open to proceed in January The event would be staged on the beautiful Clearwater course in Christchurch with a star studded field. New Zealand Golf was please to secure the support and co-sanctioning with the Australian Ladies Professional Tour (ALPT). The event was made possible with the support of the Women s Trust funds, funds left over when Women s Golf New Zealand amalgamated with the New Zealand Golf Association to form New Zealand Golf Inc. SPONSORS To all the sponsors of New Zealand Golf, we would like to offer our sincere thanks. Without your generous assistance we would not have been able to achieve what we have to date. You are all true friends and fantastic supporters of our sport. A special thank you to Michael Hill for his continued support of the New Zealand Open. STAFF New Zealand Golf s staff lead by Chief Executive Officer Bill McGowan have done a fantastic job and we appreciate their efforts on behalf of the sport. We have a small dedicated team with many of them spending many days on the road supporting New Zealand Golf s extensive calendar of events. Thank you. BOARD To the Board which I have been proud to lead, I extend my sincere thanks for their support, the professionalism, the skill, the time, the unity and friendship you have brought to the table in The May 2008 AGM saw long standing Board members Susie Simcock and David Howie retire. Both had made outstanding contributions during their time on the Board. We welcomed a new Director in Peter Williams - well known TV commentator and golf enthusiast. Wairakei International Golf Course Home of the Youthtown Wairakei Open ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

11 COUNCIL The Council of New Zealand Golf capably Chaired by our President Patsy Hankins is an evolving group as Districts complete their amalgamation. They are however an important advisory link between member Districts and the Board. We continued to work with Council to improve the effectiveness and value of this body to the sport. We propose to reform in 2009 to ensure our connection to Districts is more direct providing modern day governance support golf requires. LOOKING FORWARD While New Zealand Golf has made some significant progress in 2008, our sport does face challenges moving forward: the aging membership, the decline in club membership and many clubs struggling financially trying to maintain their immense assets in buildings and golf course. This is a critical issue for New Zealand Golf so helping Club s to grow membership remained a key strategic objective for 2008 and beyond. As society changes our approach to addressing these problems has to bold and innovative. This is not something New Zealand Golf head office can solve alone; we need the support of every club and club administrator in New Zealand to make golf more attractive as the Sport of Choice for all New Zealanders. The economic crisis of 2008 has hastened the need and our resolve to address these problems. While not impacting on the 2008 membership figures, our membership is definitely suffering from the down turn. The high performance programmes continued to be reviewed to be more robust and accountable. We are well on the way to providing better amateur pathways to successful professionalism. There are some exciting initiatives underway. We are also determined to ensure the New Zealand Open and now the New Zealand Women s Open have sustainable futures. Finally, Golf remains in good heart in New Zealand and continues to be the largest participation sport. Golf has traditions, it has values, and it can adapt and prosper in the modern world. There is a lot to do and our progress to-date would not have been possible without the hard work of our staff, our districts, our clubs, and literally hundreds of volunteers throughout the country. To them I express our thanks. Philip Hassall Chairman New Zealand Golf Srixon Academy Member Sean Riordan 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 11

12 Chief executive s report New zealand golf chief executive bill macgowan 2008 was a year where golf, both in the professional ranks and the amateur game, had some outstanding achievements on the golf course. Danny Lee s win at the US Amateur Championship saw golf lead the news and capture the New Zealand publics interest. Danny would continue to perform well at other events following this victory and we will certainly watch his progress as he transfers his talents into the professional ranks in Mark Brown led the professional players achievements and again his performances dominated the sports media. New Zealand Golf needs to ensure this level of achievement continues through our High Performance Programme and the players are given the best opportunities to succeed in their chosen sport. New Zealand teams competed in many international events, in particular the Espirito Santos and Eisenhower Trophy, both of these events held in Adelaide. We also hosted the Trans Tasman series at Royal Wellington in May MICHAEL HILL NEW ZEALAND OPEN The New Zealand Open was not held during the calendar year for reasons well known to the golfing public. The withdrawal of European co-sanction status caused considerable issues with the event postponed. We have now locked into the Nationwide tour for 2009 and 2010 with both events to be held at The Hills. The Board of New Zealand Golf will be assessing the Open and its home for 2011 onwards this year with plenty of interest being shown from a number of areas throughout New Zealand. We are grateful to the support of Michael Hill and the team at The Hills together with Tuohy and Associates who put on a wonderful event. NEW ZEALAND WOMEN S OPEN A three year co-sanction agreement was signed with the ALPG to host the New Zealand Women s Open in Christchurch in January These negotiations took some time but this event is now firmly in the calendar for the next three years. Tuohy and Associates have been appointed as the promoters for this event. The support of Christchurch City Council was key to Clearwater Golf Club being chosen to host the inaugural Championship. Critical to the staging of this event was the agreement of the Women s Trust Fund to invest significantly in the inaugural year. Without this commitment the event would not have proceeded. Srixon Academy Member Zoe Brake ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

13 THE CHARLES TOUR This tour was launched in 2008 in conjunction with the PGA of New Zealand and proved a great success with amateur and professional players. It is our intention to grow this tour to six events per year. SPARC A key presentation late in 2008 resulted in SPARC agreeing to a further two years funding of New Zealand Golf s whole of sport programme. We are pleased that SPARC is supportive of the activities that are being carried out by New Zealand Golf and have the confidence to further invest in our organisation. FINANCIAL RESULT It was a tough financial year so for New Zealand Golf to report an operating surplus of $253,002 was extremely pleasing. Our thanks go to all those organisations that have supported New Zealand Golf, specifically SPARC, NZCT, The Lion Foundation, Cuesports Foundation, Youthtown, American Express, SRIXON, Sporte Leisure, TORO and Parkland Products, Goldfern, Williment Travel Group, Regency Duty Free and of course the golf club members via their affiliation fees. OFFICE RELOCATION The Board approved a move from Wellington to Auckland with the Auckland offices being functional from early This decision makes an incredible amount of sense with key commercial and media partners located in the Auckland region. Future commercial opportunities are also likely to be in this area. Significant rental savings will also be achieved with this relocation. FUTURE CHALLENGES During 2008 New Zealand Golf attempted to launch a new membership concept known as Golf Nation. This idea came about after significant research was carried out into membership issues surrounding golf clubs. While failing to attract enough support New Zealand Golf is totally committed to supporting clubs in increasing membership and thus obtaining long term sustainable income. However, clubs do need to change membership packages to meet market demands. The economic issues facing the world in 2009 and beyond will have an impact on clubs and districts, we at New Zealand Golf see economic survival as the key challenge going forward for both clubs and districts. We will be focusing on this issue during 2009 and will work closely with both clubs and districts to assist them in these challenging financial times. The one key issue here is the willingness that we need to change; otherwise there will be casualties within the sport. STAFF The New Zealand Golf staff structure has been streamlined during the year with part time roles being employed in several positions. The staff at New Zealand Golf are dedicated people who work incredible hours. They are clearly committed to improving the sport of golf and I personally acknowledge their outstanding efforts. Bill MacGowan Chief Executive New Zealand Golf 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 13

14 District Membership 2008 Total no. of Clubs Men with Playing Rights Secondary Members Life Members Men Under 18 Summer Men TOTAL ALL MEN Full Playing Women Nine Hole Women Secondary Members Life Members Women Under 18 Summer Women TOTAL ALL WOMEN TOTAL CLUB North Island Auckland Bay Of Plenty Golf Hawkes Bay Manawatu Wanganui North Harbour Northland Poverty Bay East Coast Taranaki Waikato Wellington Total North Island South Island Aorangi/Sth Canterbury Buller Westland Canterbury Marlborough Nelson Otago Golf Southland Tasman (Women) Total South Island TOTAL TOTAL TOTAL TOTAL Growth Percentage % (14.34) (15.28) (1.62) (0.83) (21.04) (8.80) ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

15 2008 INTERNATIONAL SUCCESS Tournament Lake Macquarie Amateur Championship Johnnie Walker Classic Sail Open USA Western Amateur Championship US Amateur Championship Aaron Baddeley International Junior Championships Gujurat NRE Cup Moss Vale Golf Club Ladies Classic Winner Danny Lee Mark Brown Mark Brown Danny Lee Danny Lee Ben Campbell Stacey Tate Stacey Tate Mark Brown 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 15

16 2008 national tournament results Event Venue Winner Regency Duty Free NZ Under 23 Championship Hastings Golf Club Ben Campbell (Masterton Golf Club) NZ Under 23 Teams Event Taupo Golf Club Waikato North Island Under 19 Championship Hamilton Golf Club Peter Spearman-Burn (Miramar) Lion Foundation New Zealand Women s Under 23 Championship New Plymouth Golf Club Emily Perry (Lochiel) New Zealand Men s Seniors Championship Akarana Golf Club David Burton (Australia) Trans Tasman Cup Royal Wellington Golf Club Australia SBS Golf Invitational Invercargill Golf Club Auckland South Island Stroke Play Championships NZ Women s Autumn Foursomes North Island Stoke Play Championships Invercargill Golf Club Gisborne Park Golf Club Whakatane Golf Club Caroline Bon (Northland Golf Club) & Jared Pender (Tauranga Golf Club) Robin Howarth (Springfield) & Gloria Mayes (Springfield) Dana Kim (Christchurch Golf Club) & Danny Lee (Springfield Golf Club) South Island Under 19 Championship Timaru Golf Club Chan Young Chun (Shandon Golf Club) Lion Foundation NZ Women s Foursomes Championship Lion Foundation NZ Men s Foursomes Championship Lion Foundation NZ Women s Strokeplay Championship Lion Foundation NZ Men s Stokeplay Championship Lion Foundation NZ Women s Amateur Championship Lion Foundation NZ Men s Amateur Championship Waikanae Golf Club Paraparaumu Beach Golf Club Dana Kim (Christchurch Golf Club) & Penny Smith (Springfield Golf Club) Shaun Richards & Sean Kells (Paraparaumu Beach Golf Club) Waikanae Golf Club Dana Kim (Christchurch Golf Club) Paraparaumu Beach Golf Club Paraparaumu Beach Golf Club Paraparaumu Beach Golf Club James Betts (Paraparaumu Beach Golf Club) Dana Kim (Christchurch Golf Club) Thomas Spearman-Burn (Miramar Golf Club) Cuesports National Interclub Final Ashburton Golf Club Akarana Golf Club The Charles Tour: Carrus Tauranga Open Tauranga Golf Club Josh Geary Youthtown New Zealand Secondary Schools Final Hutt Golf Club New Plymouth Boys High School Youthtown New Zealand Junior Girls Championship Waikanae Golf Club Emily Perry (Lochiel Golf Club) Youthtown New Zealand Junior Boys Championship Wainuiomata Golf Club Event Adandoned Due to Bad Weather The Charles Tour: Youthtown Wairakei Open Wairakei Golf Club Doug Holloway The Charles Tour: Bayleys Taranaki Open Taranaki Golf Club Troy Ropiha Toro Women's Interprovincial Tournament Nelson Golf Club Waikato The Charles Tour: Shirley Open Christchurch Golf Club Mark Purser Lion Foundation Freyberg Masters Poverty Bay Golf Club Wellington Lion Foundation New Zealand Women s Masters Otago Golf Club Auckland New Zealand Women s Veteran Handicap Foursomes Pukekohe Golf Club Toro Men's Interprovincial Tournament Greenacres Golf Club Bay of Plenty Wendy Storey (North Shore) & Donna Sullivan (Weedons) ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

17 The Toro Interprovincials Greenacres Golf Club, Nelson 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 17

18 19 to to ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

19 Statement of Financial Performance For the year ended 31 December 2008 Notes Income Affiliation fees 9 2,685,550 2,742,494 Government grants 761, ,000 Interest received 194,243 98,561 MAP Subscriptions 351, ,253 Sponsorship 688, ,367 Sundry income and other grants 198, ,189 Share of associate surplus 41, ,899 Total Income 4,920,605 5,062,763 Less Expenses NZ Golf Services 10 2,714,965 2,769,291 Elite Development & Events 11 1,143, ,585 Golf Development 12 46,329 39,460 Junior Golf , ,348 Mutual Assistance Plan , ,344 Depreciation 70,262 66,411 Total Expenses 4,667,603 4,501,439 Net Operating surplus for year 7 253, ,324 Loss on assets written off (90,824) (121,136) Net surplus for year 162, ,188 Allocated as follows NZG Accumulated Funds 162, ,188 Total Allocations 8 162, , ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 19

20 Statement of Movements in Equity For the year ended 31 December 2008 Notes Equity at start of the year 1,870,590 1,622,175 Net surplus for the year 162, ,188 Transfer to Sir Bob Charles Reserve 19 - (191,773) Transfer from WGNZ Trust Account 8 806,886 Total Equity at the end of the year 2,839,654 1,870,590 Wairakei International Golf Course ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

21 Statement of Financial Position as at 31 December 2008 Notes Current Assets Cash at Bank 382, ,714 Term Deposits 2 2,387,456 2,496,625 Accounts Receivable , ,403 Stock in transit 29,830 - Goods & Services Tax 94,028 58,058 Advance to clubs 5,000 5,000 Total Current Assets 3,173,544 3,121,800 Less Current Liabilities Accounts Payable 367, ,505 PAYE Due 18,076 17,109 Income in Advance 101,836 38,000 Provision for Future Claims 17 34,000 34,000 Provision for Holiday Pay 52,417 35,376 Player Trusts 42,890 30,699 WGNZ Trust Account 8-910,010 Sir Bob Charles Scholarship , ,264 Total Current Liabilities 838,102 1,639,963 Net Current Assets/Working Capital 2,335,442 1,481,837 Non Current Assets Property, plant & equipment 4 224, ,624 Investment in Associate , ,785 Intangible Asset- Trademarking 6 8,263 9,344 Total Non Current Assets 504, ,753 Net Assets 2,839,654 1,870,590 Equity 2,839,654 1,870,590 Philip Hassall Chairman of the board 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 21

22 Notes to the Financial Statements For the year ended 31 December Statement of Accounting Policies Reporting Entity New Zealand Golf (Inc) (the Organisation ) is an incorporated society registered under the Incorporated Societies Act This report is a general purpose report prepared in accordance with generally accepted accounting practice. Measurement Base The measurement base adopted is historical cost. Specific Accounting Policies a) Investment in Associate Associates are entities in which the organisation, either directly or indirectly, has a significant but not controlling interest. The Associate s results are included in the statement of financial performance, using the equity method. The investment in the Associate is carried in the organisation s statement of financial position at cost plus acquisition change in the organisation s share of net assets in the Associate, less any impairment value. b) Accounts Receivable Receivables are stated at estimated realisable value after providing against debts where collection is doubtful. Bad debts are written off in the period which they are identified. c) Inventories Inventories are stated at the lower of cost and the net realisable value. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location. d) Property, Plant & Equipment All owned items of property, plant and equipment are initially recorded at cost and depreciated as outlined below. Initial cost includes the purchase consideration, or fair value in the case of donated assets and those costs directly attributable to bringing the asset to the location and condition for its intended use. Items of property, plant and equipment are written down immediately if impairment in the value of the asset causes its recoverable amount to fall below its carrying amount. The impairment is recognised in the statement of financial performance. Where an item of property, plant and equipment is disposed of, the gain or loss recognised in the statement of financial performance is calculated at the difference between the net sale price and the carrying amount of the asset. Any revaluation surplus is reduced or increased by the amount applicable to that item. e) Depreciation Depreciation of property, plant and equipment is calculated using the following rates and basis: Leasehold Improvements Office Equipment Tournament Equipment Web Server and Development 10%SL 33%SL 20%SL 33%SL ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

23 Notes to the Financial Statements (Continued) For the year ended 31 December 2008 f) Investments Investments are stated at lower of cost and net realisable value. g) Taxation New Zealand Golf is exempt from tax due to its status as an amateur sports promoter under Section CW50(2) of the Income Tax Act h) Goods and Services Tax Inventories are stated at the lower of cost and the net realisable value. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location. d) Property, Plant & Equipment The financial statements have been prepared on a GST exclusive basis. Except accounts receivable and accounts payable which are stated inclusive of GST. i) Differential Reporting New Zealand Golf qualifies for differential reporting as it is not publicly accountable and is not large as defined in the Framework for Differential Reporting. The organisation has taken advantage of all available exemptions. j) Grants Grants received are recorded as income when they are received, unless there are conditions attached that cannot be fulfilled. k) Intangible Assets Intangible assets are stated at cost and amortised to the statement of financial performance on a straight line basis over their useful lives. l) Impairment Annually the organisation assesses the carrying value of each asset. Where the estimated recoverable amount of the asset is less that its carrying amount, the asset is written down. The impairment loss is recognised in the statement of financial performance. m) Provisions Provisions are recognised when the organisation has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made as to the amount of the obligation. n) Leased Assets Finance Leases Assets acquired under finance leases are recognised as non-current assets in the statement of financial position. Leased assets are recognised initially at the lower of the present value of the minimum lease payments or their fair value. A corresponding liability is established and each lease payment allocated between the liability and interest expense. Leased assets are depreciated on the same basis as equivalent property, plant and equipment. Operating Leases Leases that are not finance leases are classified as operating leases. Operating lease payments are recognised as an expense in the periods the amounts are payable. o) Comparatives To ensure consistency with the current period, comparative figures have been restated where appropriate. p) Changes in Accounting Policies There have been no changes in accounting policies in ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 23

24 Notes to the Financial Statements (ContINUEd) For the year ended 31 December Term Deposits Westpac 1,911,309 1,461,373 ASB Bank 476,147 1,035,252 2,387,456 2,496, Operating Lease Commitments Total non-cancellable operating lease commitment: Current 128, ,430 Non Current 56, , , , Property, Plant and Equipment 2008 Cost Accumulated Depreciation Book Value Leasehold Improvements Office Furniture & Equipment 364, , ,362 Tournament Equipment 103,930 31,598 72, , , , Leasehold Improvements 140,844 37, ,247 Office Furniture & Equipment 208, ,564 39,282 Tournament Equipment 26,424 19,330 7, , , ,625 Leasehold improvements were written off in the current period as they are no longer in existence. Jared Pender at The Lion Foundation New Zealand Amateur Championships, Paraparaumu Beach Golf Club ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

25 Notes to the Financial Statements (Continued) For the year ended 31 December Related Party Transactions Currently New Zealand Golf nominates two members to represent the organisation on the Board of Management of the Turf Culture Institute. The Chief Executive Officer represents the organisation and Mr P Dale is an independent representative on the Board of Management of the Turf Culture Institute. The organisation pays the Institute a fee at arms length for agronomical services provided. The Chief Executive Officer and Board Chairman Mr P Hassall represent the organisation on the Board of New Zealand Golf Network Ltd. The organisation pays New Zealand Golf Network Ltd ( NZGN ) a service fee to maintain and operate the Slope Handicap Network system. 6. Intangible Assets Trademarks The organisation paid $10,810 to the Intellectual property Office for registration of re-brandings $ $ Original cost 10,810 10,810 Accumulated Amortisation (2,547) (1,466) Closing book value 8,263 9, Net Surplus for the Year Net surplus is arrived at after charging the following expenses: $ $ Audit Fee 11,500 10,918 Depreciation - Leasehold improvements 14,084 14,084 - Office Furniture and Fittings 42,828 45,282 - Tournament Equipment 12,268 2,372 - Trademarks 1,081 1,081 Operating Lease Payments 192, ,262 Loss on Sale/disposal of Property, Plant & Equipment 90,824 1,036 Amortisation of Putting Green Rights - 2,556 Loss on write off of stock - 121, ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 25

26 Notes to the Financial Statements (Continued) For the year ended 31 December Accumulated Funds and Reserves Net Surplus Transfers Balance 31/12/08 NZ Golf General Funds 162, ,949 2,289,654 Sir Bob Charles Scholarship - 27,937 0 NZ Women's Open Reserves - 350, ,000 Amateur Golf Fund - 200, ,000 Total Accumulated Funds 162, ,886 2,839,654 WGNZ Trust Account In October 2005 Womens Golf New Zealand (WGNZ) amalgamated with the New Zealand Golf Association (the Association) under the title of New Zealand Golf Inc. Upon the winding up of WGNZ at 31 October 2005, the surplus funds of WGNZ were transferred to NZ Golf Inc. Per the agreement formed on amalgamation, for the period of 31 October 2005 to 31 December 2008, the funds obtained on amalgamation were described as WGNZ trust account. These funds were applied to specific purposes relating to the marketing and promotion of womens golf. NZ Womens Open Reserve At 31 December 2008 $350,000 was transferred from the WGNZ Trust Account to the NZ Women's Open Reserve account to fund the Open in January Amateur Golf Fund At 31 December 2008, access to grants from the WGNZ trust account were extended to all amateur golfers. The Amateur Golf Fund of $200,000 was established 31 December The remaining funds from the WGNZ trust account have been transferred to the general funds of NZ Golf Inc. 9. Affiliation Fees Annual Fees Number of Full Playing members 105, , Fee 2,972,385 3,027,013 Less: GST (330,265) (336,335) 2,642,120 2,690,678 Add Summer Member Fees 43,430 51,816 Total NZG Affiliation Fees 2,685,550 2,742, ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

27 Notes to the Financial Statements (Continued) For the year ended 31 December New Zealand Golf Services Administration 2,094,370 2,194,178 Bad Debts 13,577 - Marketing & Promotion 312, ,473 Turf Culture 250, ,640 New Zealand Open 44, ,640 2,714, Elite Development & Events Clothing 10, Coaching 19,462 7,417 Equipment 3,381 1,709 International Events 442, ,699 International Junior Events 77,065 29,152 National Events 375, ,833 National Junior Events 45,650 91,158 National Coaching Schools - - Seminars 97,657 59,537 Sport Science Suport - - High Performance Programme 25,309 27,686 Tournament Assistance 21,409 16,965 Selectors Expenses 24,309 36,197 Total Expenditure 1,143, , Golf Development Golf Development 31,351 24,638 Maori Junior Golf Development 14,978 14,822 Total Expenditure 46,329 39,460 Srixon Academy Member Larissa Eruera 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 27

28 Notes to the Financial Statements (ContINUEd) For the year ended 31 December NZG Mutual Assistance Plan Administration & Insurance 51,894 42,172 District Associations Assistance Grants 138,256 94,000 NZG Management Fee 60,515 60,000 Mutual Assistance Payments 108, ,172 Total Expenditure 359, , Junior Golf Sir Bob Charles Scholarship 1,595 - District Junior Network Delivery 217, ,234 Promotion ,697 Secondary School Programmes 11,200 11,156 GDM training and uniforms 28,230 16,304 SPARC coach development resource production 4,379 2,957 Talent Identification Seminars 63,282 - Coach education 6,989 - Girls golf - 1,000 Total Expenditure 333, ,348 Christchurch Golf Club Home of the Shirley Open ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

29 Notes to the Financial Statements (ConTINUED) For the year ended 31 December Investment in Associate In November 2001 the organisation acquired 500 shares, representing a 50% interest in New Zealand Golf Network Ltd ( NZGN ) for $140,000. The organisation subscribed for a further 25,000 $1 shares in December An amount of $15,000 remains uncalled on these shares. NZGN s primary business is the operation of the Slope Handicap system on behalf of the organisation and the development of golf management system software. NZGN has a balance date of 31 March. The Directors of New Zealand Golf Network are not aware of any significant events or transactions since NZGN s balance date Result of Associate Share of operating surplus before income tax 59, ,551 Income tax 17,810 52,652 Share of net surplus 41, ,899 Interest in Associate Balance at beginning of year 229, ,886 Share of recognised surplus 41, ,899 Dividend Paid - (60,000) Impairment of Investment - - Balance at end of year 271, , Accounts Receivable Accounts receivable 275, ,403 Provision for doubtful debt , ,403 Srixon Academy Member Caroline Bon 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 29

30 Notes to the Financial Statements (ConTINUED) For the year ended 31 December Provision for Future Claims The provision represents the estimated value of claims relating to the current year in the unlikely event the Mutual Assistance Scheme is wound up. 18. Commitments & Contingencies The organisation has an uncalled share capital commitment in respect of NZGN of $15,000. The organisation has agreed to pay NZGN a site maintenance fee of $29,167 per month. 19. Sir Bob Charles Scholarship The Sir Bob Charles Scholarship has been accounted for as a separate liability account in the 2007 year. Therefore all of the net surplus relates to NZ Golf accumulated funds. These funds are invested on behalf of Sir Bob Charles where NZ Golf can only use the interest for scholarship payments. Sir Bob Charles has the right to recall of these funds at any time Lion Foundation NZ Amateur Champions Thomas Spearman-Burn and Dana Kim ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

31 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 31

32 MARK BROWN AWARDED Golfer OF THE YEAR Mark Brown was named 2008 New Zealand Golfer of the Year at the New Zealand Golf Awards hosted in association with the Professional Golf Association of New Zealand. Brown won the Australasian Tour Order of Merit, was third in the Asian Order of Merit and had back to back wins at the Johnnie Walker Classic and the Sail Open in India. He ranked a personal best 64th in the world which secured his Golfer of the Year accolade. Danny Lee s phenomenal year was also recognised as he received the New Zealand Male Amateur of the Year and the 2008 Achievement of the Year awards. The Rotorua golfer had an unforgettable 2008 becoming the youngest ever player to win the US Amateur Championship and assuming the mantle of the World s number 1 ranked amateur player. Danny is set to join the professional ranks in 2009 for what is sure to be a long and successful career. The other main awards went to Canterbury s Dana Kim who was awarded the 2008 New Zealand Female Amateur of the Year, Jay Carter from Bay of Plenty PGA Trainee of the Year and Grant Moorhead who finally became the PGA Order of Merit Winner after finishing runner up for the past two years. The recipients of the 2009 Sir Bob Charles Scholarships were also presented at the awards evening to Lydia Redpath (Royal Wellington) and Harry Bateman (Masterton). Both recipients of the scholarships are now based in Canterbury where they will further their education at University whilst they continue working towards their golfing goals. The full list of Awards are: 2008 New Zealand Female Amateur of the Year Dana Kim 2008 New Zealand Male Amateur of the Year Danny Lee 2008 Achievement of the Year Danny Lee for Winning the US Amateur Championship 2008 PGA - Trainee of the Year Jay Carter 2008 PGA Order of Merit Winner Grant Moorhead 2008 PGA Professional Player of the Year Mark Brown Supreme Award, New Zealand Golfer of the Year Mark Brown ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

33 Sir Bob Charles 2008 was a memorable year for one of New Zealand s most respected and loved sporting idols Sir Bob Charles. In November Sir Bob, the first left hander to win a major, was inducted into the World Golf Hall of Fame at St. Augustine, Florida becoming the first New Zealander to be awarded the sporting honour. It s certainly a very proud moment for me, particularly coming from New Zealand and to be the first New Zealander to be inducted into the Hall of Fame. I ve had 50 years of travelling around the world playing competitive golf and I m in the twilight years of my career. I ve won a few awards in my career and this is something special. It means a lot to me and also to my country Charles, 72, said. Sir Bob is best known for his victory in the British Open in 1963 where he beat American Phil Rogers after a playoff. He has won 75 tournaments in his career on the PGA Tour, US Seniors Tour, European and Australasian Tours. Throughout his career, the New Zealander was best known for his remarkable ability with the putter and his impeccable manner. Charles won the 1954 New Zealand Open as an 18-year-old amateur, becoming the youngest champion of the event, and equalled the tournament record. He won the Sportsman of the Year, for that performance and was awarded the honour again after his British Open win. He became a professional in 1960 and he never looked back, winning six times on the PGA Tour, 23 times on the Champions Tour and eight times on the European Tour along with claiming the New Zealand Open four times and the New Zealand PGA title three times. Charles remains active in the game, playing on the Seniors Tours of USA and Europe on occasion, and delighted the big crowds with his superb performance in last year s Michael Hill New Zealand Open at Queenstown. Throughout his career, Charles has been a major benefactor of New Zealand Golf, donating a portion of his winnings to the development of junior golf, and this year agreed to lend his name to the Charles Tour, the elite New Zealand tournaments for professionals and amateurs, male and female. Sir Bob was made a Member of the Order of the British Empire in 1972 and advanced to Commander in He became Sir Bob Charles when he was named Knight Companion of the New Zealand Order of Merit in ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 33

34 A look at Sir Bob Charles career to date Professional wins- 66 PGA Tour wins - Six 1963 (Two) Houston Classic, British Open Championship 1965 Tucson Open Invitational 1967 Atlanta Classic 1968 Canadian Open 1974 Greater Greensboro Open European Tour wins - Four 1972 John Player Classic, Dunlop Masters 1973 Scandinavian Enterprise Open 1974 Swiss Open Australasian wins - Eight 1954 New Zealand Open (as an amateur) 1961 New Zealand PGA Championship 1966 New Zealand Open 1970 New Zealand Open 1973 New Zealand Open 1978 Air New Zealand/Shell Open 1979 New Zealand PGA Championship 1980 New Zealand PGA Championship 1991 GTE Suncoast Classic 1992 (Two) Raley s Senior Gold Rush, Transamerica Senior Golf Championship 1993 (Three) Doug Sanders Celebrity Classic, Bell Atlantic Classic, Quicksilver Classic 1995 Hyatt Regency Maui Kaanapali Classic 1996 Hyatt Regency Maui Kaanapali Classic European Seniors Tour wins- One 1993 Senior British Open Other senior wins Mazda Champions (with Amy Alcott) 1987 Mauna Lani Invitational 1988 Fuji Electric Grandslam, 1st National Bank Classic 1989 Fuji Electric Grandslam, Senior British Open 1990 Fuji Electric Grandslam, Kintetsu Home Senior, Daikyo Senior Invitational 1991 Kintetsu Home Senior 1998 Office Depot Father/Son Challenge (with son David) 2004 Liberty Mutual Legends of Golf - Raphael Division (with Stewart Ginn) Other wins Bowmaker Tournament, Caltex Open 1962 Daks Tournament (tie with Dai Rees), Caltex Open, Swiss Open 1963 Watties Open 1966 Watties Open, Caltex Open 1968 Watties Open 1969 Piccadilly World Match Play Championship 1973 South African Open 1983 Tallahassee Open Senior PGA Tour wins (Three) Vintage Chrysler Invitational, GTE Classic, Sunwest Bank Charley Pride Senior Golf Classic 1988 (Five) NYNEX/Golf Digest Commemorative, Sunwest Bank Charley Pride Senior Golf Classic, Rancho Murieta Senior Gold Rush, Vantage presents Bank One Senior Golf Classic, Pepsi Senior Challenge 1989 (Five) GTE Suncoast Classic, NYNEX/Golf Digest Commemorative, Digital Seniors Classic, Sunwest Bank Charley Pride Senior Golf Classic, Fairfield Barnett Space Coast Classic 1990 (Two) Digital Seniors Classic, GTE Kaanapali Classic ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

35 Major Championships - Played 70 Major Events finished top 10 in 10 majors Wins - ONe Year Championship Winning Score Margin 1963 The Open Championship -7 ( =277) Playoff1 Runner Up: Phil Rodgers Defeated Phil Rodgers in a 36 hole playoff (Charles 69-71=140, Rodgers 72-76=148). Results timeline Tournament The Masters CUT DNP U.S. Open DNP DNP British Open CUT DNP PGA Championship DNP DNP Tournament The Masters DNP DNP T25 T15 T40 T45 CUT CUT 19 T29 U.S. Open DNP DNP DNP T19 3 CUT CUT CUT T7 CUT British Open DNP CUT 5 1 T17 CUT T37 CUT T2 2 PGA Championship DNP DNP DNP T13 T19 T41 DNP DNP T2 T35 Tournament The Masters 17 CUT T22 T29 CUT CUT DNP DNP DNP DNP U.S. Open T3 T13 CUT 11 CUT DNP DNP DNP DNP DNP British Open T13 T18 T15 T7 CUT T12 CUT T43 T48 T10 PGA Championship T26 T13 T58 DNP T73 DNP DNP DNP DNP DNP Tournament The Masters DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP U.S. Open DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP British Open T60 T35 CUT DNP T47 WD T19 DNP T20 DNP PGA Championship DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP Tournament The Masters DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP U.S. Open DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP British Open CUT DNP DNP DNP CUT CUT 71 DNP DNP CUT PGA Championship DNP DNP DNP DNP DNP DNP DNP DNP DNP DNP Tournament The Masters DNP DNP U.S. Open DNP DNP British Open CUT CUT PGA Championship DNP DNP DNP = Did not play WD = Withdrew CUT = missed the half-way cut 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 35

36 THE 2008 HIGHLIGHT! DANNY LEE Danny Lee has enjoyed a remarkable 2008 establishing himself as one of New Zealand s most successful amateur players of all time. Starting with an incredible 10 shot victory over a classy international field at the Lake Macquarie Invitational in Australia, Danny went on to become the first New Zealander to win the US Western Amateur and US Amateur Championship titles. In capturing the US Amateur title Danny became the youngest ever player to win the championship, a record previously held by World Number 1 Tiger Woods. At year end Danny remains the World s number 1 ranked amateur player with invites to play the US Masters at Augusta, The US Open, and The Open Championship before embarking on a likely transition to professionalism in Danny s success is a clear working example of the results the New Zealand Golf High Performance programme is delivering and a source of great inspiration to all young kiwi golfers. Congratulations to Danny and his family for a fantastic year of achievement ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

37 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 37

38 New Zealand Golf is supported by: SPARC NZ C OMMUNITY TRUST New Zealand Community Trust Lion Foundation Cuesports Foundation Srixon American Express Goldfern Regency Duty Free Youthtown Parkland Products Ltd Toro Williment Travel Group Sporte Leisure ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF

39 Dana Kim 2008 ANNUAL REPORT AND STATEMENT OF ACCOUNTS NEW ZEALAND GOLF 39

40 New Zealand Golf PO Box Takapuna North Shore City 0740 Telephone: (09) Fax: (09) Website: