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Annual Report 2026

Pennant Hills Golf Club Limited ABN 12 000 037 856

OFFICE BEARERS

COMMITTEES

Vice-President – Sue Fabian BA, DipEd, GAICD

Course & Playing – Damian Maguire (Chairperson)

Captain – Damian Maguire B.Surv. IS NSW

Membership – Sue Fabian (Chairperson)

Hon. Treasurer – David Blackshaw B.Ec, FCPA

House – Mark Bradbury (Chairperson)

Directors – Mark Bradbury Assoc. Dip.

Reciprocal – David Thorn (Chairperson)

President – Michael Rowan B.Ec, MBA, CPA

B.Admin (Mktg) GAICD

– Michael Day – Amanda Tucker – David Sefton LLB – David Thorn B.Bus GAICD KEY MANAGEMENT PERSONNEL

General Manager – Barnaby Sumner DipHospMgt, DipBus

Course Superintendent – Mr. Michael Hedger Director of Golf – Mr. Neil Rolfe Finance Manager – Mr. Tim Gibson

Finance & Planning – David Blackshaw (Chairperson)

Women’s Committee – Rosemary Artlett (President) – Simone Lester (Captain) – Belinda Milroy (Secretary) – Jill Goodall – Jackie Barratt – Marg Coulton – Jo Deed – Mary-Jo Usher

APPOINTMENTS

Life Members – Chris Allen – Beverley Archer – Darcy Cluff – Lucie Gabb – Steve Walker Delegate to Golf NSW – Sue Fabian AUDITOR

– BDH Audit and Assurance Pty Ltd REGISTERED OFFICE

Pennant Hills Golf Club Copeland Road Beecroft, NSW 2119 Telephone 02 8860 5800 www.pennanthillsgolfclub.com.au

Annual Report 2026

CONTENTS

2 6 8 10 14 16 18 19 20 22 24 25

President’s Report General Manager’s Report Treasurer’s Report Captain’s Report House Report Membership Report Reciprocal Committee Report PHGC Future Fund Report Women’s Committee Report Pennant Hills Golf Club Foundation Report Kendal Binns Junior Fund Report Ex-Services Report

27 29 31 32 33 34 35 49 50 52 53

Directors’ Report Auditor’s Independence Declaration Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Directors’ Declaration Independent Audit Report Compilation Report Summarised Trading Account

President’s Report

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Not surprisingly, the progress we have made in renewing our course and modernising our greens is the headline in the 2025-2026 annual report. It is pleasing to be able to say that the task is creating a major transformation of our course. Moreover, it is running to schedule, within budget and is exceeding Members expectations.

New 7th Green

New 8th Green

Board Changes Amanda Tucker replaced Lesley Roberts when Lesley stood down after five years of service to our club. All spent as chair of the House Committee, we are thankful for her energetic contribution. Michael Day replaced Eugene O’Reilly who also elected not to continue. Eugene brought focus to the need for a regular project review method and inspired the current practice of reviews conducted by Board Members independently of the Technical Committee, and at the completion of each stage of Project R&M. We continue to enjoy the benefits of his involvement. Project R&M Not surprisingly, the progress we have made in renewing our course and modernising our greens is the headline in the 2025-2026 annual report. It is pleasing to be able to say that the task is creating a major transformation of our course. Moreover, it is running to schedule, within budget and is exceeding Members expectations. Our objective to reinstate the comparative ranking of our course amongst peers is on track.

Pennant Hills Golf Club Limited

Holes 4, 5, 6, 7, 8, 9, 17 and 18 are complete. Stage 4 comprising holes 1, 10, 14 and 16 has commenced with these holes expected to come into play early in the New Year. No doubt there are more unknown challenges ahead but the Technical Committee who report directly to the Board have illustrated that they have the skills and experience to meet these as they arise. I am grateful for their input and take great comfort from working with this group comprising fellow Board Members Damian Maguire and David Blackshaw, together with Michael Hedger our Superintendent, Neil Rolfe our Head Professional, our advisor David Warwick, our General Manager Barnaby Sumner and our remarkable Course Architect Phil Jacobs of the Player Group. We continue to work with Phil using a range of electronic correspondence but suffer considerable aggravation due to the unresponsive attitude by the Minister and Department of Home Affairs to the granting of an appropriate visa to allow Phil to return to the club and directly supervise the realisation of his designs. It is now three embarrassing years, and we are no further advanced.

Annual Report 2026

It is proper to also record the outstanding work of our shaper, Craig Brown who in a rebuild or design of greens, tees and fairways is used to working in direct contact with a course architect and making mutually agreed yet subtle adjustments as the design takes shape. Craig has been vigilant in identifying outcomes that can be brought to Phil’s attention by the Technical Committee. The magnificent waterfall aside, nothing major, but instances where minor slope, run or readjustment of a bunker position has optimised the outcome and enhanced the vision or functionality of the green.

President’s Report (continued)

NorthConnex Water The flow of water from the NorthConnex tunnel to the Water Reclamation Plant (WRP) shed was one of those investment opportunities that, although expensive, was too valuable to let go. We’re living in an era where drought can leave us desperately short of water, while a 5 iron away, millions of litres were flowing straight out to sea. We suspected we might be late to the table, and the costs were unknown, but in 2021 we opened negotiations with Transurban, the tunnel’s operators. The first on-site meeting followed in 2022, things ramped up through 2023, and a formal agreement was signed in 2024, with water finally flowing in May this year. After an $80k government grant, the net cost to the Club came in at $600k. The benefit is clear: 10 million litres a month now flow to the WRP. With this water available, we’re able to run the plant at reduced capacity, provided we maintain the required blend between the two sources. When needed, the WRP can be ramped back up to help the Club meet peak monthly demand of 30 million litres. Our attention has now turned to additional storage, the only limiting factor is the money to pay for it.

The Sub Committees The Chairs of the Committees have each provided a comprehensive report outlining their activity and outcomes over the course of the year. All have made considerable contributions to the proper functioning of the Board and advanced the appeal of our club. I leave Members to read the achievements and detail in the reports but let me make some references to their future work and direction.

Finance (page 8) The spirited decision by Members to undertake Project R&M included the implied condition that the Board would carefully manage the financial condition of the club and fund the project without incurring a crippling legacy of debt. The funding strategy has been, and will continue to be, a combination of bank lines, Member notes and earnings before interest and depreciation (EBIDA).

Membership (page 16) We began the year with 1040 male and 340 female Members and finished with 1077 men and 353 women, an increase of 50. However, the point is that we lost 122 through death and resignation and recruited 172 new Members to achieve the net increase. This attrition is normal, it underscores the annual Membership challenge. With full Saturday fields and competition waiting lists we face a decision of placing a “soft cap” on full Membership and selective recruiting on other categories. We increased the Heritage Fee payable on joining the club to $8k for Member based introductions and $10k for walk in enquiries. Whilst it is thought to be appropriate to maintain that differential it is also appropriate to increase the fee to be more in line with peer clubs and there are plans to do this as the construction stages of Project R&M are completed and new holes come into play.

The operations of the club have been managed prudently to meet the EBIDA objective. Our NAB borrowing facility is $3.5m, which may, subject to agreed roll over discussions, expire in April 20301. The facility was undrawn on balance day while we held cash on hand of $1.9m. The core financing of Project R&M is our Member Subordinated Notes program comprising $980,000 in 2-year notes (5.1%) which mature in April 2028 and $1,640,000 in 3-year notes (5.5%) which mature in April 2027. Interest being payable each six months in October and April. Those Members who were able to, and who took up the notes are listed in Note 26 to financial statements. The Club is grateful for their support without which we may not have been able to commence Project R&M.

Reciprocal (page 18) We are fortunate to have developed a list of A Grade Golf clubs nationally and internationally for Members to enjoy. Remember, you are calling on a friend, it is important to follow the process The project has been publicly of obtaining a letter of introduction recognised: it won the Sustainable before you set off. Cold calls are not Future category at the 2026 NSW Clubs appropriate. Reciprocity among golf and Community Awards on 11 June. clubs is an expression of a relationship where Members of one club are The official launch event celebrated the afforded certain rights as reciprocal award. In the company of special guests, Members of another club. David Julian Leeser MP (Federal Member Thorn, through his Chairmanship of for Berowra), Monica Tudehope MP the Committee and with introductions (Member for Epping) and Warren to clubs by interested Members, has Waddell (Mayor of Hornsby), ribbons rebuilt our Member offering in this were cut on site, followed by an important part of club life. We have excellent lunch in the Beecroft Room. held off any immediate expansion Also in attendance were Transurban plans for relationships with other clubs Executive Thomas Burke and Conexa until Project R&M is complete. It is Manager Jarrod Livington-Foggo. encouraging to see Members who go out of their way to welcome visiting Members of reciprocal clubs.

The ability to service borrowing arrangements and meet the cash demands for each stage of Project R&M is subject to the rate we can generate cash internally. The Board uses EBIDA as a proxy for the rate of internal cash generation. As Mark Bradbury outlines in his House Report, our ability to heavily subsidise Members food and beverage is currently restricted as cash from operations is allocated to financing Project R&M, the NorthConnex water and other essential capital works. EBIDA in 2025-26 was $1.157m against a budget of $1.156m. This illustrates how tightly we need to manage to financial targets and the general lack of discretion that is available to the Board and management to act more generously in providing Member services and responding to out of scope initiatives. As David Blackshaw points out, we have delivered an improved operating outcome.

1. Details of NAB Facility referenced in Note 12

President’s Report (continued)

House (page 14) Historically it had been our practice to partially subsidise Members food and beverage. Members who patronise the club regularly enjoy the subsidy and partially subsidised by those who did not. The extent to which we could continue with the subsidy without sacrificing quality to save money to fund the R&M Project. The readjustment was difficult to make and was a considerable challenge for the Committee. Optimising Member experience within this constraint was a tough undertaking and long hours were spent considering the trade-offs and meeting Member expectations. As Mark Bradbury points out in the Committee report, the subsidy fell from $230k to $76K. Thankfully, Members now understand why we need to rebalance the service offering and price. The feedback and high patronisation at Member events are encouraging signs that the Committee have delivered value for money within the constraints they face. The Board nominations to the committee are supplemented by the inclusion of Member Nominees, representatives of the Women’s Committee and the staff responsible for service delivery. This ensures that appropriate balance is given to policy outcomes, all of which are ratified by the Board. Captain (page 10) The structure and successful operation of our Board rely heavily on the ability of the President and Captain to work closely together. More so given the needs of Project R&M and our respective roles on the Technical Committee. I am fortunate to be supported by Damian who has highly developed technical skills as well as the ability to work with people. He demonstrates considerable personal capacity to effectively manage a work/life balance with a heavy workload in his professional calling together with the demands of his role on our Board and leading the Course and Playing Committee.

Pennant Hills Golf Club Limited

His passion about the care of our course underpins his drive for a successful outcome of Project R&M and his often-repeated mantra of “…it’s your course, look after it and your mates playing it…” deserves much more support than some Members are giving it. Women’s Committee (page 20) Once again, the Women’s Committee provides a comprehensive record of activity and achievement. Membership of women’s golf has traditionally struggled to equal the numbers in men’s golf. However, our numbers are increasing, and we are seeing some women opting for Full Playing status and regularly appearing in the Saturday field. We also see a good number of junior girls and have waved goodbye to Desiree Harden and Phoebe Bourne as they were awarded scholarships to American Universities in 2025 and in 2026. We now have eight young girls with Kendal Binns Junior Fund scholarships and both Jessica Sherry and Phoebe Bourne played in the Women’s Grade team. The policy of positive discrimination in the 6 Day subscription, family discount and reduced payment of the Heritage fee for women will continue as we work to build the numbers of women in our club. The school-based pilot program at Loreto Normanhurst has taught us much and we will be seeking to expand this to other girls’ schools in the coming year. Thanks to the executive of the Women’s Committee, Rosie Artlett (President), Simone Lester (Captain) and Belinda Milroy (Secretary). Our People Our amazing workforce of 70 people is a mix of full-time and part-time staff. They work well as a team and the satisfaction rating of 8.4 underpinned our Club being named among the Top 5 Best Workplaces in 2025. Not only that, we also ranked in the Top 5 golf clubs to work for in the Golf Business Advisory survey in 2026. Thanks Barnaby, your Team Leaders and the wonderful people we see every day at our Club.

Annual Report 2026

Our annual Christmas fund is distributed to all staff based on proportional time at work. It is a team bonus that is deeply appreciated by our people. Thank you to all Members who made contributions to the fund. Planning The plan has been, and continues to be, about delivery and funding of Project R&M, it has been a single and all-consuming emphasis by the Board, no distraction, stay the course. There are several other obvious demands and areas of the club that need attention and we have identified these for consideration as future cash flows might allow. As we draw toward the end of 2027 and enter 2028, we will have a better idea of our ability to fund and prioritise these. However, projections are that there will be a need to restore our reserves to be able to prudently allocate resources to growth opportunities in the 2028/2029 year. We propose to document the timeline and various options for presentation to Members in the latter half of next year. In the interim our planning has focussed on areas such as Membership, governance, landscape master plan and Member amenities. Finally, I wish to record my thanks for the energy, commitment and support of fellow Board Members over the course of what has been a busy and demanding year. And to extend the same thanks to the many club Members who have offered support and well wishes over the year, it means a lot.

Michael Rowan President

General Manager’s Report As I sit down to prepare my report for the 2025–26 year, I am struck by just how much our Club has achieved over the past twelve months. It has been a year of completion, of projects long in the making finally coming to fruition, as well as a year of continued investment in our people, our course and our facilities.

Farewelling Valued Team Members Before looking back on the year’s achievements, I want to pause and acknowledge three long-standing Team Members who have moved on from Pennant Hills this year. Kim Truijens has retired after more than a decade of dedicated service to our Club, Rachel Bailey was here for a similar time is now an Athlete Advisor at the NSW Institute of Sport and Wellbeing Manager for the Parramatta Eels NRLW pathways whilst Craig Usher has taken up a new opportunity at Oak Point after similarly giving over ten years of his career to Pennant Hills. Kim, Rachel and Craig have made an enormous contribution to the Club and to the experience of our Members over many years and on behalf of the Board, our Team and our Members, I extend our sincere thanks and best wishes to them both for the future. Project R&M, Stages 2 & 3 Complete Project R&M has continued to progress strongly, with Stage 2 and Stage 3 both completed during the past twelve months. The Club has kept Members well informed of progress throughout and the results are now there for all to see and enjoy on the course. I want to sincerely thank our Technical Committee and the Team Members attached to this project for their expertise, diligence and commitment in bringing these stages to completion. As with any project of this scale, there have been challenges and learnings along the way and I again thank our Members for their patience and understanding as we have worked through the inevitable disruption and discomfort that comes with transformative work of this kind.

Pennant Hills Golf Club Limited

Project Water Comes to Life After what has at times felt like a very long wait, I am delighted to report that our relationship with our neighbours at NorthConnex has, over the past year, paid significant dividends. The Club is now drawing approximately 300,000 litres of supplementary water per day, a resource that will serve us well through the many summers ahead and materially strengthen our course’s resilience in dry periods. This achievement has also been recognised externally, with the Club awarded the Sustainable Future Award by Clubs NSW. I want to congratulate all past and present Members and Team Members who played a part in bringing this project to completion. It may have taken close to a decade, but I think we can all agree: it was worth the wait. Our Team, Recognised Among the Best I am proud to say our Club has once again been recognised as an employer of choice, with Pennant Hills ranked in the Top 5 golf clubs to work for in this year’s independent survey conducted by Golf Business Advisory Services (GBAS), based on overall staff satisfaction across their database of surveyed clubs. This is a wonderful endorsement of the culture we continue to build together and the results of the survey speak for themselves: – Overall employee satisfaction rated 8.7 out of 10, well above the industry benchmark of 8.2 – An overall employee Net Promoter Score of +54, placing the Club in the “Exceptional” category, comfortably ahead of the industry benchmark of +34 – The Club scored above industry benchmark across all seven measured themes, with Manager Leadership, our Team’s confidence in and respect for their leaders, the highest-rated theme of all – Particularly strong results in our Club Administration and Golf Course Maintenance departments, both consistently rating above benchmark – Standout scores in Trust (92%), Flexibility (92%) and Customer Focus (90%)

Annual Report 2026

These results reflect genuine hard work by our Team Leaders and Management to build a workplace where people feel valued, supported and proud to come to work and I am grateful to every Team Member for the role they play in that culture, day in and day out. As with any survey, it has also highlighted some areas where we can keep improving, particularly around performance reviews, internal communication and cross-department teamwork and we will use this feedback constructively to keep raising the bar. Investing in Our People Training has again been a real focus for our Team Leaders and Team Members this year. A number of industry-focused sessions were attended externally and internally our Team Leaders have done an outstanding job ensuring their Team Members are kept up to date with the learning required for their departments. Continued investment in this space remains a priority for us as we look to grow the skills and careers of our people. Board Investment in Tools and Facilities I want to thank the Board for its continued investment in the tools our Team needs to do their best work, from new machinery for the golf course through to operating equipment for the Clubhouse. It’s remarkable what we can achieve when equipped properly: a new launch monitor has transformed our club-fitting offering, a new Thermomix has elevated what comes out of our kitchen and a new function coffee machine (using our existing coffee beans) has lifted the standard of what we can offer at events. These may seem like small things individually, but collectively they make a real difference to the experience we deliver and we thank the Board for their support in this space.

General Manager’s Report (continued)

Club Tours, Strong Support Continues Our Club Tours program continues to go from strength to strength. Our recent Winter Solstice Tour to Queensland attracted close to 50 Members, making it one of our best-supported tours yet. Over the past twelve months, we’ve enjoyed memorable outings to Sanctuary Cove, Portsea and Riversdale, and the year ahead will take us to Victoria and the ACT, continuing this cherished tradition of golf and fellowship beyond our own gates. Thanks to the Board I wish to record my thanks to the Board for its steady counsel and practical support over the past year. Under the leadership of our President Michael Rowan, the Board has provided clear direction as we brought major projects to completion and continued to invest in our people and facilities. The Vice-President Sue Fabian, the Captain Damian Maguire, the Honorary Treasurer David Blackshaw and Directors Mark Bradbury, Michael Day, Eugene O’Reilly, Lesley Roberts, David Sefton, David Thorn and Amanda Tucker have been present, active and engaged across all facets of Club life. Their willingness to meet frequently when circumstances required it, to examine the detail and to back prudent decisions, has ensured that our priorities remained aligned with the interests of our Members.

The Committees of the Board have likewise served with distinction this year. Finance & Planning has kept a close watch on the Club’s financial settings and supported the ongoing delivery of Project R&M. Course & Playing has provided practical oversight as Stages 2 and 3 came to life. Membership has maintained a careful balance between recruitment and access. House has upheld the standards of our clubhouse hospitality and presentation. Reciprocal has strengthened our ties with kindred clubs, including our tours to Queensland and the year ahead in Victoria and the ACT. My thanks to each Chair and Committee Member for the generosity of your time and the respect shown in every interaction with Management. It has been a partnership in the best traditions of Pennant Hills Golf Club and it is appreciated. Our Team None of our achievements this year would have been possible without the hard work, skill and dedication of our Team Members. As of 30 June 2026, those listed below were part of the Pennant Hills Golf Club family and I ask all Members to join me in expressing sincere thanks for their efforts.

PHGC Team Members As at 30 June 2026 Adhitya Nair Aidan Vaughan Alexander Bullas Amy Halls Andre Morozov Andrew Kneeves Andrew Richards Annabella Goodall Barnaby Sumner Breanna Thornton Brian Ridge Bronwyn Steele Charlie Barter Charlotte Naylor Chris Andrianakos Claude Capes Clinton Walkerden Dalton Jones Douglas Smith Edward Bullock Ella Scott Emily Steele Ethan Clarke Finley Lawler Glen Bell Harold Rowe Jack Kelly James Denahy Jana Blackbourn Jessica Noh Jessica Sherry Jodi-Ann Sparks Jonathan Williams Josh Erickson Katie Mulder Kevin de Kock

Lachlan Powell Lauren Dean Lucas Gontarczyk Luke Marando Mark Canto Matthew Steele Michael Hedger Michelle Campbell Mitchell Carruthers Mitchell Fletcher Neil Rolfe Nicholas Bailey Nicole Tanner Oscar Le Quesne Paul Bacon Peter Barter Phillipa Burns Phoebe Bourne Ronan Daly Ryan Di Blasio Ryan Richards Ryan Scott Samuel Argall Samuel Stevenson Scott Le Quesne Skylar Eismen Stephen Deane Stevan Pieterse Steven Vail Sylvana Argall Timothy Gibson Tony Catton Yasmine Barraket

Barnaby Sumner General Manager

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… P ennant Hills ranked in the Top 5 golf clubs to work for in this year’s independent survey conducted by Golf Business Advisory Services, based on overall staff satisfaction across their database of surveyed clubs.

Treasurer’s Report The Club has experienced another year of significant investment and change as we continue to progress our major strategic project while navigating a challenging economic environment.

Despite ongoing cost pressures and the operational complexities associated with Project R&M, the Club has delivered an improved operating result and maintained a strong cash-generating capacity. The completion of Stages 2 and 3 of Project R&M and the commissioning of the NorthConnex supplementary water supply represent major milestones in the Club’s long-term development. These projects will provide substantial benefits to Members for many years to come and reinforce the Board’s commitment to investing in the future of Pennant Hills Golf Club. Member feedback on both initiatives has been overwhelmingly positive and provides reassurance that these significant investments are delivering the intended outcomes. During the year the Club continued to strengthen its funding arrangements. A further $490,000 of Member Notes funding was secured, providing confidence that the balance of Project R&M can be completed while maintaining prudent financial settings. The establishment of the Pennant Hills Golf Club Future Fund also represents an important step in building long-term financial resilience for future generations of Members. In the year ended 30 June 2026, the Club recorded a surplus attributable to Members of $26,920 compared to $9,385 in the previous year. Net Cash Provided by Operating Activities increased to $1.426 million from $1.087 million in 2024/25, providing strong support for the Club’s ongoing capital works program.

Golf and Professional Services Golf and Professional Services revenue was impacted by weather disruptions, course works and reduced visitor activity. Competition fees, visitor golf and corporate golf revenue declined during the year, although the Club continued to benefit from strong participation by Members. Revenue from professional lessons, equipment storage, repairs and related services increased, highlighting the value Members place on the expertise of our professional team.

Bar and Catering Trade Food and beverage remains a critical component of the Member experience. While delivering value and service remains paramount, there has been a strong focus on improving the financial performance of this area. Sales remained relatively stable at approximately $2.03 million, however improved purchasing arrangements, menu reviews, reduced wastage and revised operating practices contributed significantly to reducing the food and beverage trading deficit. The subsidy required from Club operations was reduced from approximately $230k in 2024/25 to $76k in 2025/26, representing a substantial improvement and an important contribution to the Club’s overall financial performance.

While cart hire revenue was lower than the previous year, operational expense reductions and careful cost management resulted in improved profitability within the golf operations area. The Professional Shop continues to provide excellent service while adapting to the changing requirements associated with Project R&M.

The 2025/26 financial year has been one of investment, achievement and careful financial stewardship. The Club has successfully balanced the requirements of significant capital projects with the need to maintain strong operating performance and cash flow.

Pennant Hills Golf Club Limited

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Revenue from Member Subscriptions Subscription income increased by 5.7% to $4.513 million compared to $4.269 million in the previous year. Membership numbers remained strong throughout the year with a net increase of 50 Members and continued demand across many Membership categories. This growth reflects the enduring appeal of the Club, the quality of our facilities and the confidence Members continue to place in the future direction of Pennant Hills Golf Club. Heritage Fee income recognised during the year increased to $184k from $172k in the previous year (In cash terms, it has increased from 192k to 291k).

Annual Report 2026

Treasurer’s Report (continued)

Expenditure Total expenditure increased from $7.252 million to $7.435 million, an increase of 2.5%. The most significant increase occurred in Course Expenses, which rose by 15.1% to $2.874 million as Project R&M progressed, new course infrastructure was brought into service and additional resources were dedicated to maintaining course presentation during a period of major construction activity. Depreciation and amortisation increased to $885k from $803k in the previous year. This reflects the significant capital investment being made by the Club and will continue to be a feature of future financial reports as completed stages of Project R&M are transferred into the Club’s asset base and depreciated over their useful lives. Pleasingly, Bar and Catering expenses, House expenses, Administration expenses, Pro Shop expenses and Golf Services expenses all reduced from the previous year. These improvements demonstrate management’s commitment to cost control and operational efficiency while maintaining service standards. Interest costs increased modestly as a result of the Member Notes funding arrangements. Balance Sheet Cash and cash equivalents at year-end were $1.899 million compared to $2.201 million in the previous year. The reduction largely reflects the Club’s continued investment in Project R&M, the NorthConnex water project and other capital assets. Property, Plant and Equipment increased by approximately $1.2 million to $12.706 million. Capital expenditure during the year totalled more than $2.1 million and included Project R&M works, irrigation infrastructure, course equipment and other strategic investments in Club facilities.

Total liabilities increased to $9.440 million, reflecting the additional Member Notes funding and the growth in subscriptions received in advance. Member Notes funding now totals $2.620 million, comprising both two-year and three-year notes raised from Members to support the Club’s major capital projects.

Conclusion The 2025/26 financial year has been one of investment, achievement and careful financial stewardship. The Club has successfully balanced the requirements of significant capital projects with the need to maintain strong operating performance and cash flow.

Net assets at year-end were $6.968 million compared with $7.041 million in the previous year. While reported net assets declined slightly due to Foundation project expenditures, the Club’s underlying financial position remains sound and is supported by strong operating cash flow generation and a substantial asset base.

The completion of major elements of Project R&M and the NorthConnex water initiative mark important milestones in the Club’s history, while the establishment of the Future Fund provides an additional foundation for long-term sustainability.

Strategic Planning While the Finance & Planning Committee devoted considerable attention during the year to overseeing the continued delivery of Project R&M, it also spent a significant amount of time looking beyond the current works program and planning for the Club’s future. Through a series of detailed discussions and planning sessions, the Committee reviewed the Club’s strategic priorities, future opportunities and key challenges to develop a refreshed roadmap for the next three years.

I wish to thank Barnaby Sumner, Tim Gibson and the Management Team for their professionalism and diligence throughout the year. I also extend my sincere appreciation to the Members of the Finance & Planning Committee and my fellow Directors for their support, expertise and commitment. Together, we have continued to position Pennant Hills Golf Club for a strong and successful future. David Blackshaw FCPA Honorary Treasurer

This work has culminated in an updated three-year Strategic Plan designed to guide decision-making and investment as the Club transitions from a major development phase into a period focused on consolidation and future growth. The Committee believes it is important that Members are fully informed of the Club’s direction and priorities.

Captain’s Report The 2025/26 year in review. Project R&M rolls on albeit with a few challenges this year.

Whilst a new green can be ready for play in 12-14 weeks from seeding (which is the program we planned for), the surface is still very juvenile and realistically can take 12-18 months to gain full strength. They need a lot of TLC in that time. We golfers need to play a big part in that care as well! The humidity over the last summer put added stresses on the new surfaces in particular. Our varying microclimates make PHGC one of the most difficult courses to maintain (confirmed by several Course Superintendents on a recent visit to the Club). Too many trees creating unwanted shade is a green keeper’s nightmare. The weather uncertainties and preservation of the new greens once in play has resulted in the Committee and Board requiring the need of another temporary hole to assist with the rotation of some of the new surfaces (particularly 5, 9, 17 and 16a) in and out of play to rest and recover. You have seen the new 11a built on the 11th fairway. It has been positioned away from any proposed works areas of the new 11th hole in Stage 5. This has suitable size and drainage to see us through development. The “emergency” 3a has been demolished.

Pennant Hills Golf Club Limited

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Whilst a new green can be ready for play in 12-14 weeks from seeding, the surface is still very juvenile and realistically can take 12-18 months to gain full strength. They need a lot of TLC in that time.

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The climactic conditions we faced over the last 12 months resulted in delays and forced the Board to drop the reconstruction of the 10th green from Stage 2 and move it to Stage 4. It will be one of four holes to be built in this stage to catch up with the program. During that time, with fewer greens under construction, meant less dependence on the temporary greens up until the issue we faced at post Autumn renovation time.

We now have eight new greens in play, each with its own unique shape and design. The Committee and contractors are vigilant of any excess changes in grade and are working with the Architect to make some subtle changes we observe as the shapers construct to design. Feedback from Members is generally positive and excited by what they see on ground and in play. From a Board that is intent on maintaining its A-Grade status, it is imperative that we create challenges for all levels of golfer from tee through to the green. I believe we are seeing that with our new surfaces. I mention at various presentations our gratitude to Members for their support, patience and resolve so far throughout the project. The damage to the new greens in March and the general status of the course at that time raised several questions from Members. Messages were received and actions put in place to remedy the surfaces to the standard we as Members expect. It was never going to be easy for our Course Team to juggle new construction and existing course care, but the team are always striving to achieve that. Special thanks to Michael Hedger and Dalton Jones for their efforts and I know they are learning and developing each day. The Professional Staff have done a great job again in running smooth competitions, coaching, selling apparel and all with a pleasant smile and professionalism that is warmly appreciated. Neil and his team have again juggled the varying course layouts, slope ratings, hole indexes, path closures, etc. with grace and they have been a joy to work alongside during the changes.

Annual Report 2026

Course Care We inform all new Members upon joining PHGC of maintaining the values our predecessors have instilled in all of us to maintain and respect the “hallowed turf” and the camaraderie that is PHGC. It is great to see so many new faces on board with the concept and keen to uphold those values alongside the long-standing Members. But there is always work to be done to keep reminding ourselves of what it takes to continue good practice. Committees in golf clubs continue to battle with the increasing trend in lack of care for the golf course by golfers. May I remind you all we are Members of a Group 1 golf club and course. We achieved that status a long time ago. Maintaining that status starts with attitude. None of us playing golf at PHGC, or anywhere for that matter, are above the menial tasks of repairing divots, pitch marks and raking bunkers smoothly for the next person behind you. Placing sand in a divot hole promotes faster regrowth. When repairing a pitch mark on the greens, bringing the grass back to the surface of the green and not the soil, is the standard.

Captain’s Report (continued)

2025 A Grade Club Champion, Ryan Richards (centre)

2025 AE Marks Cup winner Rory Crookshank (L) and Josh Neale (R)

Please look after your course and your mates! Having said that, I would like to make special mention to our on-course Volunteer brigade who work closely with Michael Hedger and his team. They carry out a lot of the cleanup and beautification work that often go unnoticed and unheralded. There can be up to 20 of them on a Thursday headed by Greg Winters. The work, in particular, along the creek line, gives the course an enormous uplift. Many thanks to Greg and the other Members who offer to do their bit to support their Club.

The 2025 President’s Cup – Was fought out by David Blackshaw and David Thorn. Mr Blackshaw prevailed on the 19th hole.

Speed of play There are numerous aspects of people’s play that contribute to slow play. Being aware and accepting you might be a contributor is difficult to admit to or accept. No one wants to be the “Ogre”, but we are all here for a good time so please respect that others enjoy a relatively quick round. 4hr15mins should be the maximum time for any group. Let’s work at this together.

ON THE GOLF COURSE – WINNERS OF MAJOR EVENTS FOR 2025-26

The Club Championships (2025) – A Grade. Ryan Richards went back-to-back to back with closely fought win over Riley Lam 2/1. – A Res. Robert Hellstern def Michael Thompson 1up. – B Grade. Malcolm Cutler def Tim Borham. – C Grade. Aaryan Suhukhan def Garrett Dwyer 3/1. The 2025 Junior Championships – A high-quality contest between two young guns in Riley Lam and James Dailly. Both were under par through the 36-hole battle, but Riley prevailed to win 1 up.

Senior Championship (2025) – Saw David Bailey lift the trophy for the first time over David Blackshaw. 2025 Pennant Hills Cup (Vardon Event) – Won by Pennant Hills own Ryan Richards. The 2025 Foursomes Championship – Won by “youngsters” Murray Fogarty and Damian Maguire for a 4th time. Congratulations to all competitors in these Major trophy events. You can always look proudly at the Honour Boards for many years to come.

2025 Marks Cup – The 2025 Marks Cup final was contested between Josh Neale and Rory Crookshank v Andrew Davidson and David Thorn. Josh and Rory got out of the block fast and were never headed in the 7/5 result. The 2025 Captains’ Cup – Won by Michael Thompson over Matt Reid 2/1.

Captain’s Report (continued)

OUR REPRESENTATIVE TEAM EVENTS

2026 Major Pennants Season As we wrap up the 2026 Major Pennants season, I would like to thank everyone involved for their commitment and support throughout the year. It was a very tough but ultimately successful season in Division 2. While the results didn’t always go our way, the team showed tremendous resilience, character and determination from start to finish. A special mention must go to Matt Brewer, who had an outstanding season playing in the number five position. Matt recorded four wins, two halved matches and just one loss, an exceptional contribution and one of the best individual records across the entire season. We were also pleased to welcome three players making their Major Pennants debut for Pennant Hills Golf Club. At just 15 years of age, Leo Leitl gained invaluable experience and showed outstanding talent and composure. There is no doubt he has a very bright future ahead of him. John Davies also made his debut for the Club and made an immediate impact by winning his first match. Chris McNeil joined the club from North Turramurra and made a good all round contribution to the team. The remainder of the team should also be incredibly proud of their efforts. Every player represented Pennant Hills Golf Club with passion, commitment and professionalism, and everyone played their part throughout the season. Overall, it was a year of mixed results, but one that could have been very different. We lost 16 matches on the 18th hole during the season and with just a few of those results going our way, we could easily have found ourselves playing in another semi-final.

Finally, thank you to every player who represented Pennant Hills Golf Club in Major Pennants this year, along with our caddies, whose support and commitment throughout the season were invaluable. A special thank you also goes to our loyal supporters who turned up week after week, particularly Chris Pragnell, Chris Allen and Grant Naylor, who didn’t miss a single match all season. Thank you also to Derek Downes, Andrew Lam and Nick Rodwell for their assistance in helping manage the team throughout the year. Players who represented Pennant Hills Golf Club in the 2026 Major Pennants season: – Ryan Richards – Riley Lam – Matt Brewer – Matt Davidson – Ben Saw – Ben Botha – Chris McNeil – Murry Fogarty – Gabe Ormaechea – John Davies – Leo Leitl – James Dailly – Jared Dries – Adi Nair Thank you all for your commitment, effort, and dedication throughout the season. We have built a strong foundation and look forward to coming back even stronger in 2027. James Bullock. Team Manager

The team dug deep all year and showed just how good we can be, particularly in the final two matches of the season. Despite the doubts from outside the group, the players rallied brilliantly in our relegation match to prove not only that we belong in Division 2, but that we should be pushing for promotion to Division 1 in 2027.

Pennant Hills Golf Club Limited

Annual Report 2026

2025 PACK Cup The following Members proudly wore our logo throughout the season (matches played): – Dean Caletti (5) – David Blackshaw, Captain (4) – Geoff Bourke (4) – Gabe Ormachea (4) – Andrew Davidson (4) – Damian Maguire (4) – Clinton Walkerden (4) – David Bailey (3) – Chris Karatsiolis (3) – Andy Haigh (2) – Rob Bush (2) – Greg Lynch (1) Round 1: v Avondale L 5½/2½ Round 2: v Concord L 7/1 Round 3: v Killara. L 5½/2½ Round 4: Hosting Round 5: v Pymble L 5/3 Round 6: Playoff L 4½/3½ As we approached the final match we played Pymble, each striving to avoid the Wallace Toogood Trophy (last place). Late in the afternoon, three matches went into the last two holes. As we had already recorded three wins, we were in with a very real chance. It was a nail-biting finish, but disappointingly the putts just didn’t drop. The PACK Cup has now been played 26 times and PHGC has won on ten occasions, the last time being 2013. PHGC has secured the Wallace Toogood Trophy on 8 of those 25 years. We again appreciated the hospitality of Avondale, Concord, Killara and Pymble. Each course was superbly set up, encouraging a very high standard of senior golf. The celebratory presentation dinner at Killara was most enjoyable and again notable for the camaraderie across all clubs. The team acknowledges the assistance of our pro shop, including in the provision of our important team shirts. Our sincere thanks also to our banqueting staff and course crew on our day of hosting. Graeme Martin Team Manager

Captain’s Report (continued)

2026 PACK Plate The season for Pennant Hills was somewhat disappointing! On paper, the Penno team was a strong and experienced team. A good win against Pymble in the 1st Round was the perfect start to the PACK Plate but sadly what followed were 3 frustrating losses. PACK Plate contests are often very close and the 2026 season was no exception. The Pennant Hills Plate Team Members included: – Ray Miles – Peter Ryan – Dave Edwards – Rob Thompson – Hugh Gerdes – Andrew Mowat – Mark Tough – Graham Dawson – Peter Frazer – Rob Cornish – Peter Handel Thank you to all the Penno team for your support and we look forward to the 2027 PACK Plate season. Hugh Gerdes Team Manager 2026 Master Pennants Season In our best season since 2023 when we made the semi-finals, this year we again played some fine golf to eventually have a narrow loss in the Division 1 Final. In a very tough competition, an away win is quite rare, and your team managed to do it twice this year! To reinforce how competitive it is, a team that played in last year’s final came last in their group this year and lost their relegation match, so won’t be in Div 1 next year. There were some exciting matches during the season, with some very close finishes, none more so than our semi-final win where we won on the second playoff hole. With many fine performances during the season, our outstanding team performance this year was anchored by Mike Oakley, Gabe Ormaechea, Paul Watts and Rob Bush, who all had particularly good seasons. Thank you to our fellow Club Members who supported us, particularly those who travelled to our away games. It is greatly appreciated.

Your 2026 Master Pennants team is:

2025 Encourage Shield Team List:

– Dave Bailey – Dave Blackshaw – James Bullock – Rob Bush – Dean Caletti – Murray Fogarty – Damian Maguire – Mike Oakley – Gabe Ormaechea – Paul Watts

– Jake Nochar – Jolena Zheng – Olivia Yip – Jack Griffin – Hayley Tan – Lachie Frost – Leo Westley-Loch – Cayden Yu

Kell Ferguson Team Manager The 2025 Eric Apperly Team Our first team was managed by Peter Sherry and contained the following players: – Ryan Richards – Riley Lam – Adi Nair – Jack Sherry – Jess Sherry – Lucas Karitsiolis – Desiree Herden In the group were Avondale, NSW, Monash and Campbelltown. Our second team was managed by Kirk Dailly and contained the following players: – James Dailly – Leo Leitl – Phoebe Bourne – Toby Elvy – Angus Pearce – Alex Karitsiolis – Wenxin Weng In the group was Ryde, Parramatta, Bankstown, Cronulla

Round 1 v Penrith – Won 3.5 to 2.5 Round 2 v Richmond – Tied Round 3 v Stonecutters Ridge – Tied Round 4 v Lynwood – Lost 4 to 2 Round 5 v Cumberland – Won 4 to 2 Another successful encourage shield season with 2 wins, 2 ties and only 1 loss. We missed out on advancing to the finals by only 2 points. All players represented Pennant Hills with pride and great sportsmanship. Andrew Griffin Team Manager I would like to thank the Course & Playing Committee comprising Sue Fabian, Simone Lester and Tina Squodas, David Blackshaw, Michael Hedger, Michael Rowan, Michael Day and James Bullock, Neil Rolfe and Jessica Noh for the valuable input in helping to maintain the standards that our Members expect. Finally, I would like to thank the Board for their support of me undertaking this Captaincy role in this my fourth year. Damian Maguire Captain Chair, Course & Playing Committee

The season was badly impacted by bad weather and course closures, with our first team having two washouts and our second team missing one match. Both teams represented the club with great pride however neither team was able to progress through to the next round. Peter Sherry Team Manager

House Report The House Committee oversees the Club’s food and beverage offering, social events, premises and History Group. Several of these areas faced significant challenges this year.

Before outlining the challenges of 2025/26, I would like to acknowledge and thank Lesley Roberts for her five years of leadership as Chairperson. Her passion and energy inspired those around her to continually improve the Member experience. A new committee structure was introduced in November, comprising three Board Directors, Amanda Tucker, Michael Day and me along with two Member nominees, Jonathan Frost and Mark Tough. Rosie Artlett also joined as Women’s President, bringing valuable insight from the women’s Membership. Barnaby, Bronwyn Steele and Nicole Tanner attend each meeting on behalf of Club management, while Michael Rowan attends ex officio. The 2025 Voice of the Member survey again confirmed that Members recognise and greatly value the outstanding customer service provided by Bronwyn Steele, Nicole Tanner and their teams. Their care, professionalism and positive attitude make Member interactions memorable and we extend our sincere thanks to them.

We have also benchmarked our pricing against other clubs and local venues and continue to monitor it closely to remain competitive. Where some of our prices sit at the upper end of the market, for example, full-strength beer schooners, we will hold those prices, excluding excise increases, until the market adjusts. We have also sourced additional beer brands to provide a monthly special for Members seeking a more value-focused option. Food quality and presentation remain paramount and Peter Barter and his team continue to excel in this area. Degustation dinners remain in high demand, with every dinner over the past 12 months sold out. Pizza nights also remain popular, offering Members excellent-value wood-fired pizzas.

These necessary changes have been noticed and we have listened to the feedback. In response, we have taken several steps to improve the food and beverage offering, including reintroducing made-to-order sandwiches in early 2026, adding salad options and expanding the post-golf bar snack menu on Wednesday and Saturday afternoons, which continues to receive support.

Food quality and presentation remain paramount and Peter Barter and his team continue to excel in this area. Degustation dinners remain in high demand, with every dinner over the past 12 months sold out. Pizza nights also remain popular, offering Members excellent-value wood-fired pizzas.

Pennant Hills Golf Club Limited

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Food and beverage As outlined in the 2024/25 financial report, the Club subsidised the food and beverage offering by $230,000, with costs exceeding income by that amount. This level of subsidy was unsustainable given the need to strengthen EBITDA and fund Project R&M, the NorthConnex water project and other priorities. The 2025/26 budget therefore required a substantial reduction. Pleasingly, the subsidy has fallen to $76,000 this year, making a significant contribution to our improved financial performance. Some decisions needed to achieve this result have affected the Member experience, as reflected in the Voice of the Member survey. Trading hours were reduced where business levels did not cover wages, menus were reviewed to reduce wastage and prices were adjusted.

Annual Report 2026

House Report (continued)

Special events such as Mother’s Day and Father’s Day lunches provide an enjoyable, good-value way for Members to celebrate with family at the Club. Christmas in July, Emeritus lunches, the Christmas Buffet and other functions have kept the team busy while drawing strong positive feedback from Members and visitors alike. To improve Member amenities, we sourced new outdoor furniture settings for the balcony, enhancing the comfort and appearance of this popular space. Twice-yearly deep cleans of the Clubhouse continue to help maintain the presentation of our premises. The brush fencing around the 4th hole toilet block has been replaced and looks terrific and graffiti has been removed from the Pennant Hills Road boundary wall.

We reviewed options to upgrade the website and improve its functionality and ease of use. Although we received and assessed a proposal, we have decided to defer any major upgrade until Project R&M is complete. Once that work is finalised in 2027/28, we will be better placed to add features such as hole fly-overs and other functionality to make the website more engaging for current and prospective Members. The History Group deserves special recognition. Joan Eyles and Bruce Jones, ably supported by Derek Downes, Ron Fellows, Colin Jones, Clare Donnelly, Margie Dearlove and Eugene O’Reilly have continued to refine and catalogue the Club’s history. Their commitment to recording and sharing our story is outstanding. Other clubs have sought our guidance on their own history projects and we now learn from one another through regular information-sharing sessions. A new sign outside the History Room in the old Pro Shop space helps direct those interested in exploring our past. I thank them all for their passion and dedication.

Finally, I sincerely thank Barnaby and his team for delivering a strong result in a challenging year. They have performed exceptionally well under difficult circumstances. I also thank the Members of the House Committee for their wise counsel and guidance. We look forward to continuing to strengthen the aspects of our Club that Members enjoy and value. Mark Bradbury Chairperson

Membership Report The Membership Committee continues in its role in Policy development and review, compliance with the Constitution and By-Laws, serving the best interests of the Club in the process of interviewing, inducting and admitting new Members and in supporting both new and existing Members of the Pennant Hills Golf Club community.

It is a pleasure to present this Report on behalf of the Membership Committee: Michael Rowan (Ex Officio), Sue Fabian (Chair), David Blackshaw, Mark Bradbury, Michael Day, David Sefton and Amanda Tucker. Thanks also to Lesley Roberts and Eugene O’Reilly who served during 2025. I thank the Committee for their work and commitment to the welfare of Pennant Hills Golf Club and its Members over the past year. I also thank Barnaby Sumner and Neil Rolfe for their excellent contribution to and support of the Committee. Kim Truijens, the first contact for those considering Membership of Pennant Hills Golf Club, and Craig Usher, our Accountant, both left Pennant Hills this year and we thank them for their support of the Committee. We welcome Pip Burns, our new Membership Administrator and Tim Gibson, our Finance Manager, who continue to provide help and efficient support to the Committee. Barnaby’s untiring work in promoting Membership opportunities continued to provide excellent results in the past year and we have had a steady number of applicants for Membership. He and his Team are to be congratulated. Barnaby and Neil continue to collaborate in providing essential guidance to the Committee about Competition field capacity, in order to maximise opportunities for Members to participate. The Committee has continued important policy work during the year on such matters as the Safety of Children and Young People and compliance with recent regulatory requirements for a positive duty of care for the emotional and physical well-being of Staff. Our Policies include Team Member and Member safety and well-being and respectful relationships and Risk Management.

Pennant Hills Golf Club Limited

Our priority strategic areas, in the context of the Board’s Strategic Plan, contribute to its oversight of the Club and the interests of Members. These strategic areas include: – Using the “Voice of the Member” Survey and other data resources to understand the needs and expectations of all our wide range of Members in order to support and increase their satisfaction and enjoyment of their Club and their golfing opportunities; – Continuing to pay careful attention to the numbers of Members in all Competition fields, working to ensure that no Member misses out on a game, while at the same time maintaining Member numbers at a level which provides optimal essential income for the Club and minimises the impact on Member subscriptions; – Developing strategies to attract new playing Members, especially in the over 40 age group, and in the 6 Day 1 categories; – Developing programs for the induction, engagement, information and support of new Members, so that they feel welcome and become well-informed, active, enthusiastic Club Members. The mandatory Induction session for new Members covers matters such as Governance, expected behaviours, on course etiquette and care of the golf Course; – Exploring ways to support and retain all Members by developing programs to continue to add value to their Membership, even after they have ceased to play golf. Membership numbers continue to remain stable. As at 30 June, 2026, there were 122 Members who had resigned and a total of 172 new or reinstated Members, giving a net result of 50 more Members than at the same time in 2025. Our Club needs to maintain a steady stream of applications for new Membership, especially in the over 40 age group and an appeal has been made for current Members to consider inviting their family and friends to join Pennant Hills.

Annual Report 2026

An excellent brochure is available for those who would like information to share about the many great features of Membership of Pennant Hills Golf Club. Please give our appeal your support! Besides the opportunity for current Members to share with their friends and families the enjoyment, excellent golf course and warm collegiality they receive from their Membership, an increase in our Membership helps to reduce the size of necessary subscriptions increases. The number of Absentee Members has increased considerably, to 298, most applications being for medical, travel or relocation reasons, with gradual reinstatement to playing Membership categories. However, a number of Absentee Members have been in this category for some years and we hope that they may be encouraged to resume a playing Membership, particularly in light of the excellent work being done on the Course. Our Emeritus Members now number 51 and we would welcome more Members in this category, created for Members over 70 with 30 years of Membership who no longer play golf, to acknowledge the value Pennant Hills places on the many years of loyalty and contribution of these esteemed Members. We now have a pleasing number of Honorary Emeritus Members. This category recognizes Members who are no longer playing golf and who have 50 or more years of continuous Membership of Pennant Hills Golf Club. Honorary Emeritus Membership incurs no fees and is an important way of maintaining the relationship of these long-standing Members with Pennant Hills. Emeritus and Honorary Emeritus Members thoroughly enjoyed a recent luncheon, one of a number of gatherings held for them annually and a great opportunity to meet with friends of many years.

Membership Report (continued)

Our efforts to add to the numbers of 6 Day 1 Members, through our Membership pathway policies, continue, with 13 new women Members in various Membership categories being welcomed in 2026. We thank the Women’s Committee for their warm welcome and enthusiastic support of new Members, their excellent communication with women Members and for their efforts to provide challenge, fun and friendship in the women’s program. Congratulations to Neil Rolfe and the Professional Shop Team in giving support and encouragement to new golfers through the Get Started and Get Golfing Programs. Their progress in becoming familiar with the game, improving handicaps and participating in competitions is a credit to the excellent training and support given in these programs. Saturday afternoon New Member Clinics continue to be fully booked and provide our new Members with coaching, play on course, and an opportunity to get to know Barnaby, Neil, the Professional Shop Team and one another. Thanks to all those who contribute to the support of new players as they begin their golfing journey at Pennant Hills, in particular, the Professional Shop Team Members and the Women’s Committee. The Membership Committee also acknowledges those generous Members who give their time to accompany and mentor new players in the Get Golfing program and all those Members who welcome new golfers with patience and inclusiveness. On behalf of the Membership Committee, our very best wishes to all Pennant Hills Members for an enjoyable and successful year of golf and camaraderie in 2025/2026. Sue Fabian Chairperson

Vale We remember with affection the following Members who have passed away and extend our sincere condolences to their families and friends. As long-standing and valued Members of the Pennant Hills Golf Club community, they are part of our history and tradition. We acknowledge and are grateful for their contribution to Pennant Hills.

Members: – Jann Meikle – Alexander Wagschall – Neil Berry – Ian Robertson – Barbara Weiley

Membership Category Statistics Category 6 Day Member 6 Day Member 31 to 40 Yrs 6 Day Member Over 80 Yrs 6 Day Member Senior Absentee Member Country Member Emeritus Member Flexible Member Full Playing Life Member Full Playing Member Full Playing Member 21 to 25 Yrs Full Playing Member 26 to 30 Yrs Full Playing Member 31 to 40 Yrs Full Playing Member Over 80 Yrs Full Playing Member Senior Full Playing Member Special Full Playing Member U21 Yrs Honorary Member House Member Limited Playing Member Limited Playing Member 31 to 40 Yrs Limited Playing Member 26 to 30 Yrs Limited Playing Member 21 to 25 Yrs Limited Playing Member U21 Yrs Professional Staff Member

As at 30 June 2026 As at 30 June 2025 Male Female Male Female 49 131 46 138 0 2 0 0 24 18 23 16 23 14 25 15 226 66 201 49 17 0 17 2 32 19 27 16 42 5 39 4 4 2 3 2 280 8 286 9 50 4 43 5 42 2 39 1 53 3 49 2 18 0 14 0 52 1 56 1 1 0 1 0 50 16 52 14 1 0 1 0 22 31 23 41 69 27 79 23 6 0 4 0 0 2 1 1 4 1 0 0 0 1 1 1 2 0 1 0 10 0 9 0 1077 353 1040 340

Membership Movements Reported New/Reinstatements Resigned since March Staff Play Resignations Deceased to March Deceased since March Reported

2025

Men 1040

Women 340

2026

1077

353

Total 1380 172 -113 -4 -5 0 1430

Reciprocal Committee Report PHGC has had long-standing reciprocal relationships with many clubs interstate and internationally and our Members have availed themselves of these reciprocal opportunities, in some cases, for decades.

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In June 2026, 48 PHGC Members and selected Team Members travelled to the Gold Coast for what was a tremendous inter-club event hosted by Sanctuary Cove Golf and Country Club.

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Some reciprocal relationships have been lost for a variety of reasons while others have flourished with regular trips by PHGC Members to those clubs. Likewise, we have enjoyed hosting reciprocal club Members on our fairways and in our clubhouse and the 2025/26 year was no exception. During the year, your Reciprocal Committee compiled a Members Guide and Directory which details all existing reciprocal relationships and how best to take advantage of them. That Members Guide and Directory can be found on the Club’s website.

Throughout 2026, your Reciprocal Committee continued to explore, assess and establish new reciprocal relationships with Australian and international golf clubs which genuinely 13th Beach Golf Links – Creek Course display our values of camaraderie, respect, inclusiveness, and integrity and complement our existing geographic network of reciprocal clubs. A great example of this was the new reciprocal relationship which we formalised in May 2026 with Thirteenth Beach Golf Links on the Bellarine Peninsula in Victoria. This now neatly complements our existing reciprocal relationships with Portsea Golf Club on the Mornington Peninsula side of Port Phillip Bay and Riversdale Golf Club to the north, in the eastern suburbs of Melbourne. In October 2025, we had the pleasure of hosting a group of 16 golfers from Riversdale Golf Club to compete, once again, for the “Rivie Penno” Plate. This time, our guests were too good for us and took the trophy back to Victoria. The post-golf activities were very well received and the Riversdale Members greatly appreciated our camaraderie and hospitality.

Pennant Hills Golf Club Limited

13th Beach Golf Links – Beach Course

In March 2026, PHGC Reciprocal Committee Members attended the centenary celebrations of both Royal Canberra and Portsea Golf Clubs. Both events were well-attended by respective reciprocal clubs from all over Australia and other international destinations. New inter-personal relationships were formed through these centenary events and this bodes well for future reciprocal relationships to be explored.

Annual Report 2026

In June 2026, 48 PHGC Members and selected Team Members travelled to the Gold Coast for what was a tremendous inter-club event hosted by Sanctuary Cove Golf and Country Club. With two rounds on the famous Pines and Palms Courses at Sanctuary Cove and an additional round played at Hope Island Golf Club, our Members thoroughly enjoyed their trip north and the warmth with which they were greeted by our Sanctuary Cove hosts on and off the courses. Regrettably, our long-standing relationship with Indooroopilly Golf Club in Brisbane drew to a close in August 2026 due to their decision to consolidate the number of clubs with which they engage. In due course, your Reciprocal Committee will look to replace Indooroopilly with another high-quality reciprocal relationship in the greater Brisbane area. Given the fact that we are still in the midst of Project R&M, your Reciprocal Committee elected to slow the pace of establishing new reciprocal club relationships during the year. Once we are close to completing our course renovations though, we will have a first-class product to promote with new and like-minded reciprocal clubs. My sincere thanks to the selected Board Members and Management for their continued support of the Reciprocal Committee’s activities during the year. David Thorn Chairman

PHGC Future Fund Report Securing the Club for Members Now and in the Future.

The Future Fund sits alongside the PHGC Foundation. The two bodies are complementary. The Foundation is intended to fund short-term projects specifically identified in advance by the Board: the Future Fund is designed to build over time into a non-degradable body of assets that will provide funding to the Club for major works, but also to enable the Club to manage any critical liquidity crisis from its own resources. We are off to a slow but steady start. The Future Fund will continue to build over time mainly through bequests in wills, but also direct tax deductible donations channelled through the Australian Sports Foundation, with no need to identify any specific project. In addition, the Board has committed to allocate $25,000 annually to the Fund. Three independent Guardians, myself as Chair, Bev Archer and Graeme Martin, are on the Future Fund Board, plus four ex-officio PHGC Board Members. Our role as Guardians is to ensure the Fund is accessed in accordance with its charter and not raided for short term measures. We all love this Club for the friendships and good times we have experienced as Members. The Future Fund is a vehicle to underwrite the Club’s ongoing existence.

The Future Fund is designed to build over time into a non-degradable body of assets that will provide funding to the Club for major works, but also to enable the Club to manage any critical liquidity crisis from its own resources.

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Establishment of the Future Fund was announced by President Michael Rowan at last year’s AGM.

From the President

Establishing the Pennant Hills Golf Club Future Fund. I felt privileged to serve as President of this Club on our 100th birthday, to have been able to address distinguished guests and members at the opening ceremony of our centenary year. It was an opportunity to make the important point that celebrating a century of golf in the Shire of Hornsby and on the same site, is a major accomplishment. It is the story of members that accurately reflects our history and demonstrates that those before us have fearlessly endured change and met challenges with spirit and giving. To prosper as we have is evidence that for over 100 years our Club has played an important role in the lives of its members. Pennant Hills Golf Club means a great deal to me as it has to so many members. That is why it is has flourished and how, with our continued generous support, it will continue to do so. From the very beginning, when Robert Vicars announced that he had bought the land for £4,750 and simultaneously offered it to members for the same price, the culture of giving has continued to be a core value of our Club. I live in admiration of those who followed and who have made generous contributions, acts of generosity of cash and kind that have enabled current generations to enjoy golf on the course and each other’s company in the Clubhouse afterwards.

It is in this vein that the Board launches the Future Fund to provide a source of money to ensure the sustainable existence of the Club for the next 100 years or more. The objective is to build a corpus fund that can be used in time of need, perhaps caused by liquidity issues or some other uncontrollable events.

Left: Clubhouse car park, 1929 Below: Corner Copeland Road and Burns Road South, 1937

The Future Fund will operate alongside but completely separate from the PHGC Foundation.

Securing the Club for Members Future and Now – The Futurein Fundthe is a long-term

The Fund will also be available to lend to the Club to support capital projects to provide improved or new facilities for members in the future. It is important to emphasise the corpus nature of the Future Fund. The Guardians of the Fund may lend money from the Fund to the Board to undertake significant projects, where historically the Club might borrow from a bank under a term repayment plan. The Future Fund becomes a “reserve” of the Club that may be advanced to the Club under defined terms of repayment in the same way a bank might.

proposition to underwrite future strategic security, and possibly future critical infrastructure projects. – The Foundation is there to fund immediate or medium-term specific projects such as the Kendal Binns Junior Fund and the proposed indoor practice facility. Supporting the Future Fund is, above all, an enduring contribution you can make to your Club’s future prosperity and continued existence. Elsewhere in this brochure we profile the Guardians, provide details of how to contribute and describe how major donors are permanently recognised. I commend the Future Fund to you.

The difference being that the loan tenure is more liberal, and rate of interest substantially discounted to commercial rates. The Future Fund becomes the members’ bank. Contributors become the permanent stakeholders and its structure means that the Fund continues to grow over time.

Michael Rowan President

It takes special people to plant a seed for a tree that will give shade to persons they may never meet…

Pennant Hills Golf Club

Future Fund

Securing the Club for Members Now and in the Future

Why give? To ensure our Club thrives and endures for current and future generations. Steve Walker Chair

Women’s Committee Report The Women’s Committee is very proud to present this Annual Report highlighting our year and contribution to life at Pennant Hills Golf Club.

Thank you to some wonderful teams who have managed, organised and planned a fabulous 12 months. We wish to acknowledge the 2025 committee led by Susie Wales and Tina Skuodas. Our hard-working and amazing team in 2026 on the Women’s Committee were: – Rosie Artlett (President) – Simone Lester (Captain) – Belinda Milroy (Secretary) – Office Bearers: Jill Goodall, Jackie Barratt, Marg Coulton, Jo Deed, Mary-Jo Usher This year we have chosen to support breast cancer research as our nominated charity. Our club has many families affected by breast cancer, and we feel it appropriate that we have become ‘PinkHeroes,’ supporting the National Breast Cancer Foundation. Our Board, led by Michael Rowan and with the ladies represented by Vice President Sue Fabian and Amanda Tucker, has supported us throughout the year. Our Women’s Veterans representatives, Rosie Scott and Sue Stevenson, have led the ladies over 50 in veterans competitions, regular ball prizes, and kept us informed of Veterans tournaments in Sydney and NSW.

Our General Manager, Barnaby Sumner, has supported us in planning and coordinating our activities, and we greatly appreciate this support. A huge thank you goes to Michael Hedger and his team, who week-in, week-out give us parklike surrounds in which to enjoy our golf! With our unpredictable weather and a wonderfully managed R&M Project, we are able to play golf on most days. Our fabulous Pro Shop team must also be thanked for organising our golf and managing our course structure and indexing as things change. Neil and his team are so helpful and caring in organising tee times, lessons and golf equipment. In the clubhouse we have an amazing group of people keeping us fed, watered and entertained! Bronwyn Steele and Peter Barter and their teams present us with amazing food and drink, service and event management. Pip Burns, Jodi Sparks, Nicole Tanner and Tim Gibson in the front office are an invaluable help to us, and we couldn’t function without their knowledge and support. The ladies very much enjoy our library area in the locker room, kindly managed by Gail Holsgrove. We also must acknowledge the wonderful work Joan Eyles does in looking after the history room and keeping us connected to the past at PHGC. We have several very active bridge groups playing on several days of the week. This year we have initiated a newsletter, aptly called ‘The Tee Times’, which will be published bi-monthly or as appropriate and emailed to the lady Members of our club. It’s planned to be on our website in the future.

Our Women’s Committee has organised and promoted the following events. 2025 – Presidents’ and Captains’ Day 2025 – Charity Day — a day when we had fun and raised significant funds for our 2025 charity, The Sanctuary – Veterans Visitors Day – Avondale Interclub at Avondale – The Annual Dinner and Concert, when we celebrated and enjoyed a fabulous concert – Closing Day – Christmas 3 Ball – Day of the Ham – Top Gun 2026 Opening Day, when Michael Hedger gave us news on the course renovations. We proudly introduced our honoured veteran for 2026, Coral Lawrence, and a new trophy for 9-hole players donated by Lucie Gabb. High Tee Classic, when we were visited by 81 Members of 12 clubs. The day was themed around Chinese New Year and raised $895 for this year’s chosen charity, the National Breast Cancer Foundation, with funds going to breast cancer research. We are proud to say our Pro Shop had excellent results from a sale they conducted that day. Greens Renovation Trip — to Rydges in the Hunter Valley, where we had a great stay although somewhat affected by wet weather. St Patrick’s Day — we had a fun shotgun event followed by a buffet lunch in the Members’ bar area. A very successful and fun day. Visitors Day — combined with Charity Day in October, as it was postponed due to wet weather.

This year we have chosen to support breast cancer research as our nominated charity. Our club has many families affected by breast cancer, and we feel it appropriate that we have become ‘PinkHeroes,’ supporting the National Breast Cancer Foundation.

Pennant Hills Golf Club Limited

“

Events

Annual Report 2026

Women’s Committee Report (continued)

Major Trophy Results

Club Championships – Club Championship: Winner J. Sherry, Runner-up P. Mueller – Bronze I Championship: Winner K. Long, Runner-up S. Murphy – Bronze II Championship: Winner I. Illingworth, Runner-up G. Wilson – Silver Match Play: Winner MJ Usher – Bronze Match Play: Winner J. Shand Grade and Pennants – 2025 Grade Player: Jessica Sherry – 2025 Pennant Player: Annelie Chapple – Grade: staying in Division 1 for 2026 – Silver Salver: won salver – Silver Salver II: won salver – Bronze I, II and III: enjoyed the challenging courses during their pennant rounds and are looking forward to 2027 – Sunday Ladies: have a late-season finish and still have 3 rounds to go, but are on top after 3 rounds Pennant Hills Cup and Salver – Pennant Hills Cup — Gross: Phoebe Bourne – Pennant Hills Cup — Nett: A. Tucker – Bronze Salver — Gross: J. Harvey – Bronze Salver — Nett: Soomi Shon (MGC) Foursomes Championships Gross Winners – Club Foursomes: P. Bourne and D. Jepson – Bronze I Foursomes: L. Bastock and M. Coulton – Bronze II Foursomes: M. MacLean and A. Amos Nett Winners – Club Foursomes: A. Walkerden and S. Weatherley – Bronze I Foursomes: S. Barker and P. Doyle – Bronze II Foursomes: M. MacLean and A. Amos 36-Hole Championship Qualifying Rounds – Copeland Cup — Nett: D. Jepson – Club 36-Hole Gross: J. Sherry – Bronze I 36-Hole Gross: L. Roberts – Bronze II 36-Hole Gross: L. Thomas

GNSW Medals and Club Medal – Club Gold Medal: Margot Weinert – Golf NSW Medal — Division 1: Amanda Walkerden – Golf NSW Medal — Division 2: Lynne Bastock – Golf NSW Medal — Division 3: Anne Amos Devlins Creek – Winners: Lesley Roberts and Marg Bowyer Singles Knockout – Winner: Phoebe Bourne Presidents’ Cup – Winner: Phoebe Bourne Top Gun – 1st: Anne Eldridge – 2nd: Cheryl Golding – 3rd: Mary-Jo Usher – 4th: Tina Lee – 5th: Karen Long Other Trophy Winners – Four-Ball Knockout: Susie Barker, Janine Miller – Bionic Women’s Trophy: C. Lawrence – GM Trophy: M. Grace – GGM/Senior Women’s Trophy: Pauline Kwong – Flower Roster Trophy: Marg MacLean – Volunteers Trophy: S. Wales – Remembrance Trophy: P. Bourne – Captains’ Cup: M. Weinert – Shaw Cup: Jess Sherry and Ashley Chung – Women’s Family Trophy: Leanne and Amie Maguire

2025 Presidents’ and Captains’ Day – A washout and was not played. Veterans Events and Results – Polly Wearne — Gross: Sue Weatherley – Polly Wearne — Nett: Tina Lee – Veterans Challenge Brooch — Division 1: Tina Lee – Veterans Challenge Brooch — Division 2: Belinda Milroy – Veterans Challenge Brooch — Division 3: Rosie Artlett – Senior Vet: Norma Ashton Congratulations to all our players on their wonderful achievements throughout 2025/2026! Our ladies’ Membership is growing steadily, and we are supporting their enjoyment of our club. Overall, the last 12 months have seen the Women’s Committee and lady Members create a great atmosphere in our club, supporting all of our Members and adding value in all areas. Rosie Artlett Simone Lester Women’s President Women’s Captain

Hole in One – Lesley Roberts — Hole 4 – Clare Frazer — Hole 4 – Karen Long — Hole 6 – Mary Love — Hole 5A Interclub 2025/2026 – vs Avondale (away) – Winner: Avondale. Note: Petra Mueller achieved a hole in one and was presented with a framed picture of the hole with her name. – vs Castle Hill (home) – Winner: PHGC – vs Oatlands (home) – due to the weather, this was rescheduled to Monday 26 October

Pennant Hills Golf Club Foundation Report The Foundation takes on the task of raising funds to support initiatives of the Board that create additional amenities for Members.

After 17 years of involvement with the Foundation, including seven years as Chairman, Ross Jackson has stepped down as a Trustee and Chair. Ross’s contribution to the Foundation over almost two decades has been immense and his energy and expertise, particularly on the design and direction of the Golf Academy, will be greatly missed. On behalf of the Trustees, members of the Foundation and Members of the club, I thank Ross most sincerely for his time commitment and considerable financial contribution. The Trustees for the period were: – Ross Jackson (Chair – Resigned March 2026), – Michael Rowan (Acting Chair) – Michael Thompson, – Ben Saw and – Simon Tremlett.

Over the course of the year, we welcomed six new Members of the Foundation and received $30,777 in donations to further this work on your behalf. Our thanks to all those who have contributed the $1000 to join the Foundation and to those who have so generously contributed funds to the various appeals in support of our work. The 9th Hole Waterfall project and fundraising was an outstanding effort. Whilst it was acknowledged in last years report, the finishing touches were completed this year, and it is a signature or postcard hole that is now a permanent feature of our course. The plaque perpetuating the members who contributed the money to fund its construction was installed this year.

Work on the Golf Academy continues, with Michael Thompson and Ben Saw now carrying forward the earlier work that resulted in the issue of Amanda Tucker was made a Trustee a development approval. They are through a Board appointment, and the focused on the many requisitions Trustees expect to approach a further that are required to obtain the two members of the Foundation to Construction Certificate. Grants for become Trustees in the coming year. larger community facilities have been In practical terms, the Foundation takes suspended for some time but there are realistic reasons to expect them on the task of raising funds to support to reopen in the near future. It is a initiatives of the Board that create competitive space and securing large additional amenities for Members. This sums is far from straightforward. We includes the research and necessary will continue to pursue every avenue preapprovals during the design steps that are required to bring projects to the available to us and will keep Members informed as the project progresses. “shovel ready” stage. This approach provides the opportunity for the Trustees The academy is a critical strategy in the training, teaching, practice and to call on expert resources among our equipment fitting expected of an members to bring projects to the point A-Grade club. they are ready to implement, and it relieves Board members from adding to The second memorial gates have been an already heavy workload. a fundraising project of the ex-services section for nearly 10 years, and it was gratifying to pass to the club more than $60,000 of funds they raised to complete the construction this year. They present an elegant entrance to club on the lower entry to the car park. The Foundation is grateful to Rob Stevenson for his extensive work and support in delivering this project.

Pennant Hills Golf Club Limited

Annual Report 2026

The Kendal Binns Junior Fund (KBJF) is under the umbrella of the Foundation due to the gateway to the Australian Sports Foundation and the coordination of all fund raising under the PHGC umbrella. However, they operate independently under the leadership of Rob Cornish and the KBJF Committee who have presented a comprehensive account elsewhere in this report detailing their successful management, development and financial assistance of our junior golfers. Members should not confuse the work of the Foundation with the work of the newly created Future Fund under the Chair of the Guardians, Steve Walker. Your Foundation is focused on fund raising tied to specific short-term target projects approved by the Board. On the other hand, the Future Fund aims to build a corpus or reserve fund fueled by larger donations and bequests. It is a perpetual fund that cannot be expensed, the Guardians may loan a proportion of the fund to facilitate the completion of a larger project by the club. This borrowing by the club is subject to a defined repayment arrangement set by the Guardians. The club makes an allocation of $25,000 annually to the Future Fund. Michael Rowan Acting Chairman Pennant Hills Golf Club Foundation

Pennant Hills Golf Club Foundation Report (continued)

Foundation Income and Expenditure and Balance Sheet

In accordance with the Foundation Deed of Trust we have included below the Foundation’s audited Statement of Income and Expenditure and Balance Sheet.

Statement of Income and Expenditure For the year ended 30 June 2026

2026 $

2025 $

21,395 – 1,547 7,835 30,777

45,973 5,790 1,882 86,607 140,252

Expenses Foundation monies expended Total Expenses

(142,131) (142,131)

(29,356) (29,356)

Net Gain/(Deficit) for the Year Transfer in from Ex Services memorial gates reserves Net Surplus/(Drawings) for the Year

(111,354) – (111,354)

110,896 – 110,896

2026 $

2025 $

Assets Current Assets Cash at Bank Term Deposits Grants Receivable Total Current Assets Total Assets

62,117 26,531 4,180 92,828 92,828

158,578 35,000 4,374 197,952 197,952

Liabilities Current Liabilities Trade and Other Payables Total Current Liabilities

7,165 7,165

935 935

Total Liabilities Net Assets

7,165 85,663

935 197,017

Foundation Funds Pennant Hills Golf Club Foundation Reserve Total Foundation Funds

85,663 85,663

197,017 197,017

Revenue Direct Donations received Donations from Ex Services Interest Received Donation Grants received from Australian Sports Foundation Total Revenue

Balance Sheet

As at 30 June 2026

For a breakdown of the Foundation funds by project refer to Note 14 in the Pennant Hills Golf Club Financial Statements.

Kendal Binns Junior Fund Report The Kendal Binns Junior Fund (KBJF) was formally established in 2014 and named to recognise and honour the efforts of Kendal Binns in supporting the Junior Members of Pennant Hills Golf Club. The KBJF exists and operates under the Trust Deed of the PHGC Foundation.

Since establishment, the charter of the KBJF has remained to support the development of our Junior Members to become both better golfers and long-term contributing Members of our Club.

2025/26 Highlights Scholarship holders regularly play in Club competitions and during 2025-26 represented themselves and the Club with pride in the various representative teams (both Senior and Junior).

The KBJF is administered by the KBJF Committee comprising Rob Cornish (Chair), Ed Truscott, Graeme Martin, Simone Lester, Eugene O’Reilly, Barnaby Sumner and Neil Rolfe.

– 5 boys (Ryan Richards, Adi Nair, Riley Lam, Leo Leitl and James Dailly) played in the major pennants team – 2 girls (Jessica Sherry and Phoebe Bourne) played in the women’s grade team

During the year, the KBJF continued to support the various junior golf development programs and holiday clinics with a focus on player development via group and team activities and related social interaction. In addition to individual playing skills, the programs focus on developing a “friends for life” culture. There are currently 24 juniors, having achieved a certain level of golfing ability, receiving a KBJF Scholarship as follows: Age band (yrs)

< 12 12 – 14 15 – 17 18 – 20

Boys Girls Total 2 1 3 3 4 7 9 1 10 2 2 4 16 8 24

In addition to a contribution to their annual Membership fees, a KBJF scholarship includes: – reimbursement of entry fees for approved external tournaments – tuition from our PHGC golf professionals – mentoring and support for the rules of golf, golfing etiquette and the PHGC ethos Scholarship recipients achieved an average 33% reduction in their GA handicaps over the past scholarship year.

The Eric Apperly Shield competition (21 and under) is conducted in July – August each year and is the premier junior interclub scratch matchplay competition. In 2025 the club was represented by 2 teams comprising the following juniors: James Dailly, Toby Elvy, Desiree Herden, Alex Karatsiolis, Lucas Karatsiolis, Riley Lam, Leo Leitl, Adi Nair, Ryan Richards, Jack Sherry, Jessica Sherry, Wenxin Wang The Encourage Shield competition is a handicap based interclub matchplay competition played during October – November for players not yet at the Eric Apperly level. In 2025 the club was represented by one team as follows:

Pennant Hills Golf Club Limited

At a senior level, Ryan Richards, Riley Lam and Leo Leitl qualified for and played in, the 2026 NSW Amateur in January 2026 Thanks and acknowledgements The KBJF Scholarship program and its various activities are principally funded by the kind and generous support of Members, both by: – participation in and support of our various fundraising activities (golf events, raffle etc); and – direct financial donations by Members of the Club. 70 Members and visitors played in the annual KBJF Team Ambrose on Sunday, 21 September, enjoying the opportunity to play with and see first hand the KBJF scholarship holders who rotated through the field. Over 100 Members, visitors and their families attended the dinner afterward.

Lachlan Frost, Jack Griffin, Jake Nochar, Hayley Tan, Leo Westley-Loch, Olivia Yip, Cayden Yu, Jolena Zheng.

180 Members played in the supplementary KBJF Fundraiser competitions on the Thursday and Saturday prior.

Amongst other achievements, notable individual achievements during the past year included:

On behalf of the KBJF Committee and the Scholarship recipients, thank you all for your past, and hopefully continuing future financial support.

– Ryan Richards won the 2025 Men’s Club Championship, defeating Riley Lam in the final – Jessica Sherry won the 2025 Women’s Club Championship – Phoebe Bourne won the 2026 Women’s Singles Knock Out – Riley Lam won the 2026 Junior Championship, defeating James Dailly on the 36th hole – Bodie Race won the 2026 Junior Stableford championship The KBJF actively encourages and supports participation in the various external ranked Junior competitions as an integral part of a scholarship recipient’s golfing development. Many juniors played in the various external junior competitions benefitting from the experiences and playing as a representative of the club.

The KBJF was delighted when, in addition to the performances of other KBJF scholarship holders, Riley Lam won the Under 15 division of the 2025 NSW Junior championships and was announced as the Most Improved Player for 2025 at the Jack Newton Junior Golf annual presentation night.

Annual Report 2026

A special thanks to Keith Smith for his efforts in spearheading the raffle sales activities. Finally, and importantly, thanks to our Club’s teaching professionals (Neil, Jess, Steve and Rachel) for their dedication and support throughout the past year, without which the various Junior activities would not occur. Rob Cornish Chairperson

Ex-Services Report Report on Remembrance Trophy and Ex-Services Golf Day 2025.

The 99th Ex-Services and Remembrance Day golf competitions were held on Saturday, 8th November 2025, on a spectacular sunny day. A field of 212 Members and Guests enjoyed the weather, the golf, the morning sausage with onions and whisky then the bully beef roll with a nip of rum at halfway. As a result of the day our Club has been able to forward a cheque to Legacy for $5,000 which includes some direct donations from Ex-service Members. In addition, the Committee was able to commit a further $1,000 to cover the cost of signage to the Second Memorial Gates Fund, $1,000 to the Kendal Binns Corpus Fund and $1,000 to the General Fund of the Foundation (Note 13). We again enjoyed the generous sponsorship of Diageo, a global leader in beverage alcohol with an outstanding collection of brands across a wide range of spirits and beers. Diageo provided prizes and sustenance in the form of the iconic Johnnie Walker Black Label whisky and the “living spirit” – Bundaberg rum. The Committee is most grateful to Diageo. We also acknowledge Woolies at Beecroft who provided the bread free of charge. Our special group of volunteers worked the BBQ to provide a breakfast of Websters pork sausage and onions washed down with a nip of Johnnie Walker as well as the halfway sustenance of Bully Beef and Damper Rolls, taken of course with the traditional gunfire brew of Bundaberg Rum and Coffee. Our thanks to Emeritus Member Michael Williams who coordinated this enthusiastic team; the players certainly were grateful of their efforts. We have acknowledged each one of them at the foot of this report. The main raffle prize was a mixed dozen of Glandore wines donated by Peter McBeath.

Derek Downes again acted as the bookmaker for the day tempting punters with enticing odds to land their ball in the inner circle, outer circle, on the green or even over the creek. As usual, his persuasive skills generated $3,220 being a major part of the money raised on the day. Chris Allen and Legacy Volunteers teamed with Derek to issue tickets to the punters skilful enough to land their ball in a winning area. Paul Watts won the bottle of JW Black for his NTP on the 18th and then proceeded to auction it off at presentation, it was bought by Trent Brennan for $100 as a donation to Legacy. The pot on 14th hole for NTP reached $636 and was won by Ed Truscott. Blake Hudson won NTP on 9th hole. Brian Hamilton recited the oath as Members and guests stood to attention and in silence reverently listening to the Last Post and Reveille played through the PA system prior to the presentation of trophies. Bruce Lumsden, on behalf of the family of the late Geoff Lumsden, donated the Ex-Services Trophy won by Nick Goodall ex RAAF. The Remembrance Trophy, known by some as the Lucknow Trophy, is a magnificent trophy kept permanently in the clubhouse and has its own interesting history with a military connection. The annual trophy is donated by the Waterson family and presented by Terry Waterson was won by Rob Stevenson who “rang the bell” and recalled his father having been a Changi prisoner in WWII.

We often think that the day runs so smoothly because of the systems we have developed over the years, in reality though, it is because of the good people who turn up to work with energy and a smile to make it all function so seamlessly. A special mention to Bronwyn Steele, Peter Barter, as well as Jess and Neil in the Professional Shop. And then we have the administrative back up from Kim and Nicole in the office as well as the leadership of Barnaby. The 100th year of competition for the Ex-Services Trophy will be held on Saturday, 14th November in 2026. Our Volunteers: – Chris Allen – David McKie – Geoff Bourke – Ray Miles – Jill Cooper – Margaret Miles – Scott Cooper – Rhonda Parkinson – Derek Downes – Kevin Pike – Garrett Dwyer – Helen Williams – Margaret Frith – Michael Williams – Gordon Herriott Michael Rowan Chairperson On behalf of the Ex-Services Committee: – Peter Sprowles – Brian Hamilton – Peter McBeath – Lyall McLachlan

The winning 4 Ball Members Team with a score of 55 was Andrew Taylor, Andrew Naylor, Billy Sangha and Brent Davey. The winning Ex-Services team comprised Nick Goodall, Andrew Wales, Rob Meek and Michael Gilbert. The A, B and C Grade winners were Andrew Taylor, Matt Wilson, and Colin Schofield (9 RAR) who was a guest of Brian Hamilton. The Scratch winner was Lucas Karatsiolis.

Pennant Hills Golf Club Limited

Annual Report 2026

Directors’ Report The directors present their report together with the financial report of Pennant Hills Golf Club Limited (“the Company”) for the year ended 30 June 2026 and the auditor’s report thereon.

Directors

The Directors of the Company at any time during or since the end of the financial year are: Information on Directors Directors Names S. Fabian M. Rowan L. Roberts D. Maguire M. Bradbury D. Blackshaw D. Thorn D. Sefton E. O’Reilly A. Tucker M. Day

Occupation Retired Retired Banker Retired Registered Surveyor Retired Finance Manager Management Consultant Solicitor Program Director Mortgage Broker Retired

Resigned October 2025 Resigned November 2025

Year Elected 2019 2019 2020 2020 2020 2020 2021 2024 2024 2025 2025

Appointed October 2025 Appointed November 2025

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Directors Names M. Rowan S. Fabian L. Roberts D. Maguire M. Bradbury D. Blackshaw D. Thorn D. Sefton E. O’Reilly A. Tucker M. Day

Sub Committee Responsibilities – As President is an ex-officio Member of all Committees – Membership (Chairperson) – Finance – Course & Playing – House (Chairperson) – Membership – Course – Playing (Chairperson) – House (Chairperson) – Finance, Membership – Finance (Chairperson) – Membership – Course & Playing – Reciprocal (Chairperson) – Finance – Finance – Membership – Membership – Reciprocal – House – Membership – Membership – Course & Playing – Reciprocal – House

Company Secretary

Barnaby Sumner holds the position of Company Secretary and General Manager of Pennant Hills Golf Club. Barnaby has been Company Secretary and General Manager since March 2019 after joining the Club from Oatlands Golf Club where he held the position of General Manager. His previous management experience includes senior management roles with Elanora Country Club and Concord Golf Club along with roles with Australian hotel companies Mirvac and Gazebo and internationally with the Fairhaven Hotel Group (U.K.).

Principal Activities

The principal activities of the Company during the financial year were the administration and operation of a golf course and a licensed social club for Members of the Company. These activities provided the foundation for the achievement of the short- and long-term objectives of the Company. There have been no significant changes in the nature of these activities during the year.

Short-Term Objectives

The Company’s short-term objectives are to: – Maintain optimal Membership levels where all Members can be reasonably assured of a game of golf according to the conditions of their Membership category and on the day of their choice. – Continue to monitor and manage the operations of our club to a target year end benchmark measure of earnings before interest and debt amortization (EBIDA). – Satisfy requisitions attaching to the development approval of the Golf Academy and consider financing options through Member contribution, grants and longer term borrowing that will allow construction to commence. – Continue to provide Members and their guests with an annual social calendar providing affordable and interesting Member functions delivering high quality food and beverage choices. – Roll out the existing program of term based golf tuition to an additional secondary girls school.

Long-Term Objectives

The Company has the following long-term objectives: – To live up to our values of Respect, Camaraderie, Integrity and Inclusiveness and continue to be recognised as a leading private Members’ golf club in Sydney – Develop a post Project R&M course development plan that incorporates cart paths, improves fairway condition, better drainage and beautification

Directors’ Report (continued)

Strategies to Achieve Objectives

The Company is pursuing the following strategies to achieve its objectives: – Promote the Future Fund to Members through targeted brochure distribution and a soft sell approach. – Assist the Foundation to raise funds and meet the costs of satisfying conditions attaching to the Development Approval of the Golf Academy – To manage our borrowing needs in an appropriate arrangement or blend of fixed and variable terms through bank facilities and Members Subordinated Notes – Continue to search for operational efficiencies and constantly review governance practices and management structures.

Measurement of Performance

Management provides the Board with operational reports for the Company activities which include the key performance indicators of financial results against budgeted outcomes, details of course maintenance and improvements activities, outline of Member playing and social activities and changes in Membership numbers and categories.

Directors’ Meetings

The number of directors’ meetings and number of meetings attended by each of the directors of the company during the financial year are:

Directors Names M. Rowan M. Bradbury D. Maguire D. Blackshaw S. Fabian E. O'Reilly L. Roberts D. Sefton D. Thorn A. Tucker M. Day

Pennant Hills Golf Club Limited

Maximum Attendances Possible 10 10 10 10 10 3 3 10 10 7 7

Meetings Actually Attended 10 10 8 9 6 3 2 10 10 6 7

Annual Report 2026

Membership and Contribution in Winding Up

The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee and without a share capital. If the Company is wound up, the constitution states that each Member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the entity. At 30 June 2026, the total amount that Members of the Company are liable to contribute if the Company is wound up is $2,860 (2025: $2,760).

Review and Results of Operations

The net deficit for the year amounted to $73,391 compared to a $130,871 surplus for the prior year

Environmental Regulation

The Company’s operations are subject to various environmental regulations under either Commonwealth or State legislation. The directors are not aware of any significant breaches during the period covered by this report. The Company has completed an Environmental Management Plan to assist in managing these risks and to meet its obligations.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is included on the following page and forms part of the Directors’ Report. Signed in accordance with a resolution of the Board of Directors.

Michael Rowan Director

David Blackshaw Director

Dated at Beecroft this 10th day of September 2026.

Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Pennant Hills Golf Club Limited I declare that, to the best of my knowledge and belief, during the year ended 30 June 2026, there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. BDH Audit & Assurance Pty Limited

Gede Barone Director Dated at Beecroft this 10th day of September 2026.

LIABILITY LIMITED BY A SCHEME UNDER PROFESSIONAL STANDARDS LEGISLATION B D H AU D I T & A S S U R A N C E P T Y LT D L E V E L 12 , 111 E L I Z A B E T H S T R E E T SY D N E Y N S W 2 0 0 0 | G P O B OX 3 4 8 6 , SY D N E Y N S W 2 0 01 P H O N E 0 2 9 2 5 2 5 3 0 0 | FA X 0 2 918 8 5 9 5 0 A B N 5 4 07 9 7 2 2 6 6 0

Financial Report

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

Pennant Hills Golf Club Limited

Annual Report 2026

Statement of Comprehensive Income For the year ended 30 June 2026

Notes

2026 $

2025 $

Revenue Sales Revenue Subscriptions, Heritage Fees, Golf Services and Other Government Grants Total Revenue

2 2 2

2,742,740 6,055,114 1,160 8,799,014

2,743,531 5,894,591 46,873 8,684,995

Other Income

123,290

104,179

Cost of Goods and Services Cost of Sales Cost of Rendering Services

3 3

(1,285,859) (163,510) (1,449,369)

(1,354,629) (162,420) (1,517,049)

(1,353,212) (731,812) (216,602) (2,874,245) (731,686) (1,527,415) (7,434,972)

(1,427,439) (775,494) (221,711) (2,497,165) (755,841) (1,574,500) (7,252,150)

Total Costs and Expenses

(8,884,341)

(8,769,199)

Surplus before Income Tax Income Tax Expense Surplus after Income Tax

37,963 – 37,963

19,975 – 19,975

30,777 (142,131) (111,354)

140,252 (29,356) 110,896

Net Surplus/(Deficit) for the Year

(73,391)

130,871

Transfer from/(to) Pennant Hills Golf Club Foundation Reserve Transfer from/(to) Future Fund Reserve Transfer from/(to) Course Development Reserve Surplus Attributable to Members Other Comprehensive Income for the Year Total Comprehensive Income for the Year Attributable to Members

111,354 (31,195) 20,152 26,920 – 26,920

(110,896) – (10,590) 9,385 – 9,385

Expenses by Function Bar and Catering Expenses Pro Shop Expenses Golf Services Expenses Course Expenses House Expenses Administration Expenses

Pennant Hills Golf Club Foundation Donations and Interest Received Foundation Monies Expended Surplus/(Deficiency) from Pennant Hills Golf Club Foundation

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith. 31

Statement of Financial Position As at 30 June 2026

2026 $

2025 $

17(a) 4 5 6

1,899,321 1,274,603 259,527 160,091 3,593,542

2,201,448 1,221,941 256,684 182,762 3,862,835

7 8

12,706,445 107,691 12,814,136

11,502,807 124,685 11,627,492

16,407,678

15,490,327

9 12 10 13 11

1,209,924 1,703,752 218,590 3,924,393 162,127 7,218,786

978,459 577,778 267,327 3,603,972 146,118 5,573,654

12 10 11

983,431 72,054 1,165,522 2,221,007 9,439,793 6,967,885

1,705,202 59,201 1,110,994 2,875,397 8,449,051 7,041,276

6,826,027 85,663 56,195 – – 6,967,885

6,799,107 197,017 25,000 – 20,152 7,041,276

Notes

ASSETS Current Assets Cash and Cash Equivalents Trade and Other Receivables Inventories Other Assets Total Current Assets Non-Current Assets Property, Plant and Equipment Intangible Assets Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and Other Payables Borrowings Provisions Other Current Liabilities Deferred Income Total current liabilities Non-current liabilities Borrowings Long-Term Provisions Long-Term Deferred Income Total Non-Current Liabilities Total Liabilities Net Assets MEMBERS’ FUNDS Retained Earnings Pennant Hills Golf Club Foundation Reserve Pennant Hills Golf Club Future Fund Reserve Memorial Gates Reserve Course Development Reserve Total Members’ Funds

14 15

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith. 32

Pennant Hills Golf Club Limited

Annual Report 2026

Statement of Changes in Equity For the year ended 30 June 2026

Balance at 30 June 2024 Surplus Attributable to Members Surplus from Pennant Hills GC Foundation Donations Transfer to Pennant Hills GC Foundation Reserve Donations to Memorial Gates Transfer to Pennant Hills GC Future Fund Reserve Transfer to Pennant Hills GC Foundation Reserve Utilisation of Course Development Fund Transfer from Course Development Reserve Balance at 30 June 2025 Surplus Attributable to Members Surplus from Pennant Hills GC Foundation Donations Transfer to Pennant Hills GC Foundation Reserve Donations to Future Fund Transfer to Pennant Hills GC Future Fund Reserve Utilisation of Course Development Fund Transfer from Course Development Reserve Balance at 30 June 2026

Accumulated Funds $ 6,814,722

Pennant Hills GC Foundation Reserve $ 86,121

Pennant Hills GC Future Fund Reserve $ –

Memorial Gates Reserve $ –

Course Development Reserve $ 9,562

Total Members’ Funds $ 6,910,405

9,385

–

9,385

110,896

–

110,896

(110,896) –

110,896 –

– –

(25,000)

–

25,000

–

10,590

–

10,590

(10,590) 6,799,107

– 197,017

– 25,000

– –

10,590 20,152

– 7,041,276

26,920

–

26,920

(111,354)

–

(111,354)

111,354 31,195

(111,354) –

– –

– 31,195

(31,195)

–

31,195

–

(20,152)

–

(20,152)

20,152 6,826,027

– 85,663

– 56,195

– –

(20,152) –

– 6,967,885

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith. 33

Cash Flow Statement For the year ended 30 June 2026

Cash flows from operating activities Receipts from members/customers Payments to suppliers and employees Interest paid Interest received Net cash generated from operating activities

Notes

2026 $

2025 $

17(b)

9,756,990 (8,229,850) (135,409) 34,249 1,425,980

9,667,278 (8,506,055) (133,433) 59,525 1,087,315

200 (2,132,510) (2,132,310)

3,000 (1,760,510) (1,757,510)

– (85,797) 490,000 404,203

(8,672) (82,110) – (90,782)

(302,127) 2,201,448 1,899,321

(760,977) 2,962,425 2,201,448

Cash flows from investing activities Proceeds from sale of property, plant and equipment Payment for property, plant and equipment Net cash used in investing activities Cash flows from financing activities Repayment of equipment finance Repayment of equipment leases Financing from member notes Net cash generated from/(used in) financing activities Net increase/(decrease) in cash held Cash at beginning of the financial year Cash at the end of the financial year

17(a)

The accompanying Notes form part of these Financial Statements and should be read in conjunction herewith. 34

Pennant Hills Golf Club Limited

Annual Report 2026

Notes to the Financial Statements For the year ended 30 June 2026

The financial report is for Pennant Hills Golf Club Limited as an individual company, incorporated and domiciled in Australia. Pennant Hills Golf Club Limited is a company limited by guarantee.

ACCOUNTING POLICIES

NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES

(b) Inventories Inventories are measured and carried at the lower of cost and current replacement cost

NATURE OF OPERATIONS

Pennant Hills Golf Club’s principal activity was to provide golf facilities to Members. BASIS OF PREPARATION

The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards – Tier 2 Simplified Disclosures, Australian Accounting Interpretations, the Corporations Act 2001 and the Registered Clubs Amendment Act 2006. Pennant Hills Golf Club Limited is a not-for-profit entity for the purpose of preparing financial statements. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared using the measurement bases specified by the Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are described in the accounting policies below. The financial report was authorised for issue on the 10th day of September 2026 by the Board of directors. NET CURRENT LIABILITY POSITION

As at 30 June 2026 the company has a net current liability of $3.6m (2025: $1.7m). The movement is primarily due to increases in current liability borrowings of $1.1m, as the second tranche of 3-year Member notes becomes payable within one year (refer Note 12), $0.3m Member subscriptions in advance and a $0.3m reduction in cash reserves as expenditure on the course is in progress and value is added to the non-current asset of property, plant and equipment. The subscriptions paid in advance for the 2026 year are not refundable and will be recognised as revenue over the 2027 financial year. The company has access to $3.5 Million in facilities which expire at intervals between April 2028 and April 2030. More details are included in Note 12 to these financial statements. Based on these factors the directors are of the opinion that the company will be able to pay its debts when they fall due.

(a) Income Tax No provision for income tax has been raised as the Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.

(c) Property, Plant, Equipment and Course (i) Recognition and measurement Items of property, plant, equipment and course are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. (ii) Subsequent Costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. (iii) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated.

Notes to the Financial Statements (continued)

The estimated useful lives for the current and comparative periods are as follows: – Buildings – Plant, equipment and course

40 years 3–20 years

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate (d) Leases Where the Company is a lessee, lease payments for operating leases, where substantially all the risks and benefits remain with the lessor are accounted for in accordance with AASB16 – Leases. At inception the present value of the leased asset is capitalised as a Right of Use asset to be depreciated over the term of the lease. A corresponding lease liability is recorded and shown in Note 12 Borrowings. As lease payments are made the periodic principal reduction is charged to the lease liability and a charge for interest is expensed in the period in which the payment is incurred. (e) Impairment of Assets At each reporting date, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. (f) Intangible Assets Intangible assets are measured at cost less accumulated amortisation (where applicable) and any accumulated impairment losses. The amortisation expense relating to the intangible asset is included in depreciation and amortisation expense in the statement of profit and loss and other comprehensive income. Intangible assets are amortised on a straight-line basis over their estimated useful life. The estimated useful life of software licences is 8 years. (g) Employee Benefits Short-term Employee Benefits Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Other long-term Employee Benefits The Company’s liabilities for long service leave are included in other long-term benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which the employees render the related service. They are measured at the present value of the expected future payments to be made to employees.

Pennant Hills Golf Club Limited

Annual Report 2026

The expected future payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service, and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur. The Company presents employee benefit obligations as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting period, irrespective of when the actual settlement is expected to take place.. (h) Provisions, Contingent Liabilities and Contingent Assets Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material. Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision. No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is recognised. (i) Revenue and Other Income Revenues are recognised at fair value of the consideration received. Revenue from sales of goods comprises revenue earned from the provision of food and beverage facilities, and the sale of golf equipment. Revenue is recognised when the goods are provided. Revenue from rendering services comprises revenue from services to Members and other patrons of the Company. Revenue from rental income relating to the telecommunications tower lease is recorded on a straightline basis over the term of the lease. PHGC Foundation donations and contributions made are credited to the PHGC Foundation in the year in which they are made. All revenue is stated net of the amount of goods and services tax (GST).

Notes to the Financial Statements (continued)

(j) Borrowing Costs Borrowing costs other than those that relate to the acquisition of qualifying assets are recognised in income in the period in which they are incurred. (k) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST). Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the Cash Flow Statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (l) Subscriptions in Advance The Subscriptions in advance balance in Note 13 consists of 2026 Membership subscriptions received prior to 30 June. (m) Deferred Income The liability for deferred income relating to unutilised amounts of telecommunications tower rental received on the condition that specified conditions are fulfilled. Where the amount received is in respect of rental which is to be provided over a period that exceeds twelve (12) months after the reporting date, the liability is discounted and presented as non-current. Deferred income relating to heritage or joining fees paid by new Members are recorded as deferred income and shown in Note 11. Heritage fees are released to income over 10 years which is the deemed average period of Membership. If a Member leaves within the 10-year period the balance of joining fees deferred is released and shown as heritage fee income in the year of departure. (n) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (o) Critical Accounting Estimates and Judgments The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company.

(q) Financial Instruments Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are initially measured at fair value adjusted by transaction costs. Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire, or when the financial asset and all subsequent risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged cancelled or expires. Classification and measurement of financial assets For the purposes of subsequent measurement financial assets of the Company are classified as loans and receivables. All financial assets are subject to review for impairment at least at each reporting date to determine if there is objective evidence that a financial asset is impaired. All income and expenses relating to financial assets that are recognised in profit and loss are presented within finance costs or finance income except for impairment of trade receivables which is presented within other expenses. Loans and receivables are non-derivative financial assets with fixed or determinable payments. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect is immaterial. The Company’s trade and other receivables fall into this category of financial instruments. Classification and measurement of financial liabilities The Company’s financial liabilities include trade and other payables. Financial liabilities are measured subsequently at amortised cost using the effective interest method. All interest related charges, and if applicable, changes in an instrument’s fair value that are reported in profit and loss are included within finance costs or finance income. (r) New and revised standards that are effective for these financial statements There are no new mandatory or amended Australian Accounting Standards applicable to the Company’s financial statements for the year ended 30 June 2026.

The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are assessed using value-in-use calculations which incorporate various key assumptions. (p) Government Grants Government grants received from the Federal government comprising remaining CAC Apprentice funding are recorded as grant income when received or receivable. Expenses related to these grants are shown in expenses by function

Notes to the Financial Statements (continued)

NOTE 2: REVENUE AND OTHER INCOME 2026 $

2025 $

1,115,528 918,873 2,034,401 708,339 2,742,740

1,080,576 940,229 2,020,805 722,726 2,743,531

343,784 226,279 570,063

376,013 266,041 633,054

286,227 313,925 600,152

321,366 302,652 624,018

Bar, Catering and Function Services Room and Equipment Hire and Other Function Income

12,098

5,837

House Services Locker Rentals

4,216

4,378

4,513,480 34,249 71,388 5,000 4,624,117

4,268,707 59,525 71,877 4,635 4,404,744

183,799 36,800 6,195 17,674 244,468

172,369 36,800 – 13,391 222,560

6,055,114

5,894,591

1,160 – 1,160

6,873 40,000 46,873

8,799,014

8,684,995

200 123,090 123,290

3,000 101,179 104,179

Sales Revenue Bar Sales Catering Sales Pro Shop Sales Total Sales Revenue Service Revenue and Other Income Golf Services Competition Fees and Member Playing Fees Visitor and Corporate Fees Pro Shop Services Hire of Carts Pro Shop Lessons and Equipment Storage, Hire and Repairs

Other Operating Income Members’ Subscriptions and Affiliation Fees Interest Received Finance Fees Received Other Income Non-Operating Income Heritage Fees Telecommunications Tower Rent Contribution to Future Fund Unredeemed levy Vouchers

Total Service Revenue and Other Income Government Grants Federal BAC and PWS Apprentice Funding State NorthConnex Water Grant

Total Revenue and Other Income Other Income Gain on Disposal of Property, Plant and Equipment Members’ Contributions to Course Development Fund

Pennant Hills Golf Club Limited

Annual Report 2026

Notes to the Financial Statements (continued)

NOTE 3: INCLUDED IN DETERMINING SURPLUS FOR THE YEAR Remuneration of the Auditor for: – Auditing the Accounts – Taxation Services Provided by Related Practice of Auditor

Depreciation and amortisation of: Building Plant, Equipment, Course and Irrigation System Software licenses Total Depreciation and Amortisation Interest Paid and Payable Bank Loans Equipment Finance Member Notes

Cost of Sales Bar Catering Pro Shop

Cost of Rendering Services – Pro Shop Cart Running and Hire Costs Repair and Service Costs and Teaching Commission

2026 $

2025 $

25,000 1,892 26,892

24,351 2,500 26,851

259,316 608,694 16,994 885,004

265,465 526,468 11,267 803,200

17,613 9,895 120,239 147,747

8,167 17,374 113,475 139,016

379,244 389,885 769,129 516,730 1,285,859

416,371 412,924 829,295 525,334 1,354,629

29,372 134,138 163,510

57,635 104,785 162,420

Notes to the Financial Statements (continued)

NOTE 4: TRADE AND OTHER RECEIVABLES 2026 $ 1,283,882 (9,279) 1,274,603

Trade Receivables Provision for Impairment of Receivables

2025 $ 1,228,941 (7,000) 1,221,941

Current trade receivables are non-interest bearing. A provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in the other expenses item. Provision for Impairment of Receivables

Trade Receivables

Closing Balance 1 July 2024 $ –

Trade Receivables

Closing Balance 1 July 2025 $ 7,000

Charge for the Year $ 7,000

Charge for the Year $ 11,555

Amounts Written Off $ –

Closing Balance 30 June 2025 $ 7,000

Amounts Written Off $ (9,276)

Closing Balance 30 June 2026 $ 9,279

2026 $ 259,527

2025 $ 256,684

2026 $ 160,091 – 160,091

2025 $ 178,929 3,833 182,762

NOTE 5: INVENTORIES Finished Goods – at Cost

NOTE 6: OTHER ASSETS Prepayments Government Grants Receivable

Pennant Hills Golf Club Limited

Annual Report 2026

Notes to the Financial Statements (continued)

NOTE 7: CORE PROPERTY, PLANT, EQUIPMENT & COURSE Freehold Land $ 9,500

Buildings $ 6,933,181

Plant, Equipment, & Course $ 2,703,433

Additions at Cost Disposals at Cost Disposals Accumulated Depreciation Transfers Depreciation Expense Carrying amount at 30 June 2025

– – – – – 9,500

11,370 – – – (265,465) 6,679,086

502,568 (186,291) 186,291 224,998 (444,249) 2,986,750

– – – – (82,219) 140,861

Additions at Cost Disposals at Cost Disposals Accumulated Depreciation Transfers Depreciation Expense

– – – – –

– – – – (259,316)

1,205,491 – – 1,125,994 (550,051)

– 866,157 – – – – – (1,125,994) (58,643) –

9,500

6,419,770

4,768,184

82,218

Balance at 1 July 2024

Carrying amount at 30 June 2026

Right of Use Capital Work Assets In Progress Total $ $ $ 223,080 823,127 10,692,321 1,088,481 1,602,419 – (186,291) – 186,291 (224,998) – – (791,933) 1,686,610 11,502,807 2,071,648 – – – (868,010)

1,426,773 12,706,445

In accordance with Section 41J of the Registered Clubs Amendment Act 2006, the Directors have determined that all freehold land and buildings held by the Club forms part of the Club’s premises and the facilities provided by the Club are for the use of its Members and are therefore core property. Valuations for insurance purposes were completed in 2024 by a certified practicing valuer. Building and site improvements were valued at $21,017,000 and Plant, Equipment and Contents were valued at $15,736,050. The next full valuation is scheduled to be completed in 2027. Included within the carrying amount of Plant, Equipment & Course is $NIL of financed equipment and $82,218 (2025: $140,861) of capitalised operating leases. The capitalised operating leases are separately disclosed as right of use assets. Refer to Note 19 for further details of operating leases and financed equipment. Not included within the carrying amount of Plant, Equipment & Course is $107,691 of intangible assets being licences and design and setup costs of the core IT systems of the Club. These intangible assets are being depreciated over their expected useful life which has been determined as 8 years. Refer to Note 8 for Intangible Assets Refer to Note 12 for details of security over property, plant and equipment.

NOTE 8: INTANGIBLE ASSETS Licences at cost Accumulated amortisation Intangible Assets

2026 $ 135,952 (28,261) 107,691

2025 $ 135,952 (11,267) 124,685

Carrying amount at the beginning of the year Additions at cost Amortisation expense Carrying amount at the end of the year

124,685 – (16,994) 107,691

– 135,952 (11,267) 124,685

Notes to the Financial Statements (continued)

NOTE 9: TRADE AND OTHER PAYABLES Trade Payables Sundry Payables and Accrued Expenses Trade and Other Payables

2026 $ 436,791 773,133 1,209,924

2025 $ 253,397 725,062 978,459

2026 $

2025 $

170,927 47,663 218,590

179,710 87,617 267,327

72,054

59,201

NOTE 10: PROVISIONS Current Short Term Employee Benefits Employee Benefits – Annual Leave Employee Benefits – Long Service Leave Non-Current Long Term Employee Benefits Employee Benefits – Long Service Leave

A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1 (g).

NOTE 11: DEFERRED INCOME Current Deferred Income – Communications Tower Deferred Income – Heritage Fees Non-Current Deferred Income – Communications Tower Deferred Income – Heritage Fees Heritage Fees Carrying amount beginning of the year Received during the year Released as Non-Operating Income (Note 2) Carrying amount at the end of the year

2026 $

2025 $

36,800 109,318 146,118

36,800 103,806 140,606

481,223 629,771 1,110,994

518,023 615,163 1,133,186

739,089 291,136 (183,799) 846,426

718,969 192,489 (172,369) 739,089

In the 2015 financial year the Company leased the telecommunications tower site for 25 years. Rental for the 25 years has been received up front. In determining the correct treatment for the transaction, the Company has taken a view that the monies received are in the nature of a receipt of future rental income. Consistent with the Company’s treatment of other deferred income received in advance the amount received is being released to revenue on a straight-line basis over the full term of the lease period. Deferred income received which will not be released in the next year is treated as long term deferred income. Heritage Fees received are deferred and released over 10 years. In the event of a Member resigning within the 10 years the balance of a Member’s heritage fee not previously recognised is released. The surplus of Heritage Fees received over Heritage Fees released to Income for the year ended 30 June 2026 is $107,337 (2025: $20,120)

Pennant Hills Golf Club Limited

Annual Report 2026

Notes to the Financial Statements (continued)

NOTE 12: BORROWINGS Current Leases – Equipment Member Loan Notes

2026 $

2025 $

63,752 1,640,000 1,703,752

87,778 490,000 577,778

3,431 980,000 983,431

65,202 1,640,000 1,705,202

Non-Current Leases – Equipment Member Loan Notes

Facilities In the current year the Company’s NAB borrowing facility was $3.5 Million, which expires between April 2028 and April 2030. The Company has operating leases for carts and office printers being recorded as lease borrowings. The Company maintains borrowings from subordinated loan notes with Members. $980,000 was received from 2-year notes which mature in April 2028 and $1,640,000 was received from 3-year notes which mature in April 2027. Interest of 5.1% and 5.5% respectively is payable each six months in October and April. Security The Company’s primary banker holds registered first mortgages and floating charges over the assets and uncalled capital of the Company. The Company’s equipment financier holds a security interest over the equipment purchased for the duration of the financing agreement.

NOTE 13: OTHER LIABILITIES Current Subscriptions in Advance Food and Beverage Levy in Advance Functions in Advance Unredeemed Vouchers Ex-Services Other

2026 $

2025 $

3,643,122 195,087 25,034 23,430 3,000 34,720 3,924,393

3,353,721 158,376 42,472 15,377 – 34,026 3,603,972

Notes to the Financial Statements (continued)

NOTE 14: PENNANT HILLS GOLF CLUB FOUNDATION RESERVE

The Pennant Hills Golf Club Foundation is a fund operating under a deed of trust and administered by nominated trustees in accordance with the deed. The fund raises income by way of gift, donation, legacy, bequest or otherwise. The fund currently has two specific projects registered with the Australian Sports Foundation to receive donations for the development of promising junior Members and the build of an indoor teaching facility. The Club has established a “Pennant Hills Golf Club Foundation Reserve” whereby the monies raised by way of donations from Members and contributions from Club activities are held specifically for the foundation. The foundation funds are solely for the benefit of the nominated projects where specifically identified for the project purpose or where not identified as general funding for purposes identified by the trustees. Unspent monies at the close of the financial year being the opening position for the year plus the contributions and less expenditure are represented in the Pennant Hills Foundation Reserve in the Members funds. The underlying cash is held in a separate bank account and recorded in Cash and cash equivalents. During the year net surplus/(drawings) of $(111,354) (2024: $110,896) which included the delivery of the Memorial Gates and 9th Hole Waterfall. Kendal Binns Junior Fund $ 47,649

Memorial Gates $ 47,731

Indoor Teaching Facility $ (9,259)

9th Hole Waterfall $ –

General $ –

Total PHGC Foundation $ 86,121

Donations from Ex Services Donations and ASF grants received Interest received Foundation funds expended Project funds transferred GST recoveries/(payments) Balance at 30 June 2025

– 22,540 1,882 (20,534) – 810 52,347

4,790 210 – (935) – 85 51,881

– 24,013 – – 10,080 (2,183) 22,651

– 75,317 – – – (5,179) 70,138

1,000 10,500 – (1,562) (10,080) 142 –

5,790 132,580 1,882 (23,031) – (6,325) 197,017

Donations and ASF grants received Interest received Foundation funds expended Project funds transferred GST recoveries/(payments) Balance at 30 June 2026

14,555 1,547 (22,764) – (278) 45,407

– – (76,740) 17,883 6,976 –

2,000 – – – – 24,651

3,045 – (54,153) (23,858) 4,828 –

9,630 – – 5,975 – 15,605

29,230 1,547 (153,657) – 11,526 85,663

Balance at 1 July 2024

NOTE 15: PENNANT HILLS GOLF CLUB FUTURE FUND RESERVE

The Pennant Hills Golf Club Future Fund was established in 2025 to support the Club’s long-term financial sustainability and provide a strategic reserve for future capital projects and major infrastructure. The fund is administered by appointed Guardians in accordance with its rules and is funded through Club contributions, Member contributions, donations and bequests.

Future Fund Reserve Carrying amount beginning of the year Transfer from PHGC Reserves Donations and Member Contributions Carrying amount at the end of the year

Pennant Hills Golf Club Limited

Annual Report 2026

2026 $

2025 $

25,000 25,000 6,195 56,195

– 25,000 – 25,000

Notes to the Financial Statements (continued)

NOTE 16: RELATED PARTIES

(a) Key Management Personnel Key management personnel of the Company are those persons having authority and responsibility for planning, directing and controlling activities of the Club and consist of the General Manager, Course Superintendent, Director of Golf and the Finance Manager.

2025 Total Compensation 2026 Total Compensation

Short-Term Benefits $

PostEmployment Benefit $

Total $

798,020

–

798,020

828,138

37,413

865,551

(b) Transactions with Related Parties The Company has incurred expenses related to future course repairs and maintenance from a firm over which one of the directors exercises significant influence. The amounts billed for this service amounted to $8,030 (2025: $12,820), based on normal market rates and was fully paid as of the reporting date. Apart from transactions related to activities as Members which include golf, golf services and food and beverage operations the company has incurred no other material transactions with related parties.

NOTE 17: NOTES TO THE STATEMENT OF CASH FLOWS

(a) Reconciliation of Cash For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.

Cash Assets

2026 $ 1,899,321

2025 $ 2,201,448

2026 $ (73,391)

2025 $ 130,871

(200)

(3,000)

855,004 (35,884) (36,800) 107,337 846,066

803,200 63,253 (36,800) 20,120 977,644

(52,662) (2,843) 22,671 292,327 320,421 1,425,980

(74,529) 14,733 (35,288) 24,552 180,203 1,087,315

(b) Reconciliation of Cash Flow from Operations with Net Surplus for the Year Net (Deficit)/Surplus for the Year Add/(Less) Items Classified as Investing/Financing Activities: – Profit on Sale of Non-Current Assets Add/(Less) Non-Cash Items: – Depreciation – Provision for Employee Benefits – Amortisation of Tower Rental Income Received in Advance – Amortisation of Heritage Fees Received in Advance Net Cash Provided by Operating Activities before Change in Assets and Liabilities Change in Assets and Liabilities (Increase)/Decrease in Receivables (Increase)/Decrease in Inventories (Increase)/Decrease in Other Assets Increase/(Decrease) in Accounts Payable Increase/(Decrease) in Other Liabilities Cash Flow from Operations

Notes to the Financial Statements (continued)

NOTE 18: FAIR VALUE MEASUREMENT

Net Fair Values Fair Value Estimation The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the balance sheet. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below.

Note

2026 Net Carrying Value $

Net Fair Value $

2025 Net Carrying Value $

Net Fair Value $

Financial Assets Cash and Cash Equivalents Trade and Other Receivables Total Financial Assets

(i) (i)

1,899,321 1,274,603 3,173,924

2,201,448 1,221,941 3,423,389

Financial Liabilities Trade and Other Payables Borrowings Total Financial Liabilities

(i) (i)

1,209,924 2,687,183 3,897,107

978,459 2,282,980 3,261,439

The fair values disclosed in the above table have been determined based on the following methodologies: Cash and cash equivalents, trade and other receivables and trade and other payables are short-term instruments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for relating to annual leave and deferred income which is not considered a financial instrument. Borrowings includes nil drawn against a current $3.5 million bank facility. Interest will be reset at the time of the next drawdown for a period of between 30 and 180 days at the discretion of the Company. The Company borrowings includes the principal amounts outstanding on leases of golf carts and office copier printers which were taken over a period of 4 and 5 years respectively and will expire in February 2027 and October 2028. The carrying value of the leases does not include future financing costs and as such carrying value is equivalent to fair value. Borrowings includes subordinated loan notes with Members. $980,000 was received from 2-year notes which mature in April 2028 and $1,640,000 was received from 3-year notes which mature in April 2027. The carrying value of the notes does not include future interest costs and as such carrying value is equivalent to fair value.

Pennant Hills Golf Club Limited

Annual Report 2026

Notes to the Financial Statements (continued)

NOTE 19: CAPITAL AND LEASING COMMITMENTS

Operating Lease Commitments The Company’s future minimum operating lease payments are as follows:

Minimum Lease Payment Due Within 1 Year 1 to 5 years Less: Future Finance Costs

2026 $

2025 $

66,067 3,570 69,637 2,454 67,183

97,673 67,656 165,329 12,349 152,980

The equipment lease commitments comprising golf cart and photocopier leases are non-cancellable operating leases with lease terms of four and five years respectively. Lease finance commitments are shown in Borrowings (Note 12) as current borrowings of $63,752 (2025: $87,778) and non-current borrowings of $3,431 (2025: $65,202). The present value of operating leases is booked as an asset and a corresponding liability raised for the outstanding principal. Lease payments are charged to the liability as a reduction in principal and interest is charged to interest expense. During the current year $9,895 (2025: $17,164) was charged to interest cost and $87,779 (2025: $80,510) allocated to reduce principal for operating leases.

NOTE 20: SEGMENT REPORTING

The Company operates predominantly in the hospitality, sporting and entertainment industry. The Company’s operations and customers are located predominantly in Sydney, New South Wales. The Company provides golfing facilities, food, beverage and other entertainment facilities to Members and guests.

NOTE 21: COMPANY DETAILS

The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, every Member of the Company undertakes to contribute an amount limited to $2.00 per Member in the event of the winding up of the Company during the time that they are a Member or within one year thereafter. At 30 June 2026 there were 1,430 Members. The registered office and principal place of the Company is: Copeland Road, Beecroft NSW 2119

NOTE 22: CONTINGENT LIABILITIES

There are no contingent liabilities that have been incurred by the Company in relation to 2026 or 2025.

NOTE 23: COMMITMENTS

At 30 June 2026 the Company had material capital expenditure contracted for but not yet recognised as liabilities as follows:

Property, Plant and Equipment Within 1 Year 1 to 5 years

2026 $

2025 $

15,000 3,000 18,000

375,789 72,000 447,789

Notes to the Financial Statements (continued)

NOTE 24: EVENTS AFTER THE BALANCE SHEET DATE

There have been no other significant events since the end of the financial year up to the date of this report. The financial report was authorised for issue on the 10th day of September 2026 by the Board of Directors.

NOTE 25: REPORTING REQUIREMENTS – REGISTERED CLUBS ACT 1976

The Club maintains a Club Accountability Disclosure Register in accordance with the Registered Clubs Act 1976 and the Registered Clubs Regulation 2025. The register records disclosures made by Directors, top executives and employees concerning relevant personal and financial interests and certain gifts and remuneration as required under the Registered Clubs Accountability Code. Information contained in the register that is required to be made available to Members may be accessed by contacting the Club’s front office.

NOTE 26: MEMBER NOTES

Under the Corporations Act 2001 – Sect 171 the Company is obliged to maintain a Register of Debenture holders. Under the Privacy Act any information collected from investors in the Note Issue to compile the Register may only be used for the purposes for which it was collected. The following list of Members comprises all of the subscribers to the Note Issue and all who have consented to their names being disclosed in this Annual Report. Peter Abraham Ross Jackson Ruth Binns John Lawson Paul Bleakley Simone Lester Geoff Bourke Peter Macourt Joseph D'Andreti Damian Maguire Anthony and Debbra Dragicevich Peter McBeath Staffan Edstrom Lyall McLachlan Brett Elsley Antony Moffatt Suzanne Fabian Robert Paver Phil Gilbert Douglas Ferdinands

Pennant Hills Golf Club Limited

Annual Report 2026

Michael Rowan David Sefton Peter Sprowles Glendon and Leanne Stanford Rob and Sue Stevenson David Thorn Mark Tough Steve Townsend Stuart Wagschall Brett Walter

Directors’ Declaration

In the opinion of the Directors of Pennant Hills Golf Club Limited: (a) the financial statements and notes, are in accordance with the Corporations Act 2001, and (i)

c omply with Accounting Standards – Tier 2 Simplified Disclosures; and

(ii)

ive a true and fair view of the Company’s g financial position as at 30 June 2025 and of the performance for the year ended on that date.

(b) in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors:

Michael Rowan Director

David Blackshaw Director

Dated at Beecroft this 10th day of September 2026.

Independent Audit Report To the Members of The Pennant Hills Golf Club Limited

Report on the Audit of the Financial Report

Opinion We have audited the financial report of Pennant Hills Golf Club Limited (the Company), which comprises the statement of financial position as at 30 June 2026, the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration. In our opinion, the accompanying financial report of Pennant Hills Golf Club Limited, is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards – Tier 2 Simplified Disclosures and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Pennant Hills Golf Club Limited, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Pennant Hills Golf Club Limited

Annual Report 2026

Information Other than the Financial Report and Auditor’s Report Thereon The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Tier 2 Simplified Disclosures and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. BDH Audit & Assurance Pty Limited

Gede Barone Director Level 12, 111 Elizabeth Street Sydney NSW 2000 Dated at Beecroft this 10th day of September 2026.

Compilation Report The Summarised Trading Account for the year ended 30 June 2026 on the following pages is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our audit of the Company for the year ended 30 June 2026. It will be appreciated that our audit did not cover all details of the attached financial data. Accordingly, we do not express an opinion on such financial data and in particular no warranty of accuracy or reliability is given. We do not undertake responsibility in any way whatsoever to any person (other than the Company) in respect of such data, including any errors or omissions however caused. BDH Audit & Assurance Pty Limited

Gede Barone Director Dated at Beecroft this 10th day of September 2026.

Pennant Hills Golf Club Limited

Annual Report 2026

Summarised Trading Account For the year ended 30 June 2026

2026 $

2025 $

4,431,967 81,513 34,249 71,388 5,000 200 4,624,317

4,194,512 74,195 59,525 71,877 4,635 3,000 4,407,744

2,034,401 (769,128) 1,265,273

2,020,805 (829,295) 1,191,510

62.2%

59.0%

(1,250,339) (102,873) (1,353,212)

(1,292,468) (134,971) (1,427,439)

12,099 (75,840)

5,837 (230,092)

Equipment and Merchandise Sales Cart Hire Revenue Services Revenue Pro Shop Income

708,339 286,227 313,925 1,308,491

722,726 321,366 302,652 1,346,744

Cost of Goods Sold – Equipment and Merchandise Cart Hire Running Costs Services Costs Including Teaching Commissions Cost of Goods and Services

(516,730) (29,372) (134,139) (680,241)

(525,334) (57,635) (104,785) (687,754)

Gross Margin

628,250

658,990

48.0%

48.9%

(629,776) (102,036) (731,812) (103,562)

(671,850) (103,644) (775,494) (116,504)

SUBSCRIPTIONS AND OTHER OPERATING INCOME

Subscriptions Affiliation Fees Interest Received Finance Fees Received Other Income Gain on Disposal of Property, Plant and Equipment Surplus BAR AND CATERING TRADING STATEMENT

Sales Cost of Goods Sold Gross Margin Margin % Less: Salaries and On Costs Other Direct Expenses Bar and Catering Expenses Room and equipment hire and other function revenue Surplus/(Deficit) PRO SHOP TRADING STATEMENT

Margin % Less: Salaries and on costs Other direct expenses and depreciation Pro Shop Expenses Surplus/(Deficit)

Summarised Trading Account For the year ended 30 June 2026

2026 $

2025 $

Member Competition Fees Member Green Fees Corporate Green Fees Visitors Fees Golf Services Income

311,683 32,101 121,406 104,873 570,063

333,072 33,941 159,458 106,583 633,054

Golf NSW affiliation fees Membership induction expenses Representative players expenses Trophies and prize vouchers Salaries and on costs Fixture book, bag tags and score cards Expenses

(77,585) (10,851) (37,124) (82,586) – (8,457) (216,603)

(73,528) (11,070) (39,663) (87,221) – (10,229) (221,711)

Surplus

353,460

411,343

(1,426,687) (38,767) (114,739) (264,071) (25,288) (81,916) (290,625) (143,110) (2,385,203) (41,711) (2,426,914)

(1,342,182) (38,004) (108,798) (238,333) (15,412) (85,758) (214,876) (135,695) (2,179,058) – (2,179,058)

(208,164) (95,926) (304,090)

(142,070) (85,448) (227,518)

(2,731,004)

(2,406,576)

GOLF SERVICES

COURSE

Salaries and on costs Staff training, catering and uniform costs Equipment repairs and maintenance Course maintenance materials Water usage Fuel and energy costs Depreciation Other course expenses Improvement projects Water reclamation plant Operating Costs Depreciation

Total Course Expenses

Pennant Hills Golf Club Limited

Annual Report 2026

Summarised Trading Account For the year ended 30 June 2026

2026 $

2025 $

4,216 4,216

4,378 4,378

(63,514) (118,958) (162,996) (377,833) (8,384) (731,685) (727,469)

(52,383) (156,768) (156,517) (378,358) (11,815) (755,841) (751,463)

(770,985) (147,747) (55,082) (37,867) (175,365) (14,277) (26,892) (114,303) (35,484) (3,480) (145,933) (1,527,415)

(799,557) (139,016) (54,341) (42,191) (166,488) (17,417) (26,851) (115,857) (32,154) (4,509) (176,118) (1,574,499)

(187,513)

(260,047)

Telecommunications Tower Rent Heritage Fees Forfeited F&B Levies Transfer to Future Fund Reserve Government Grants Total Non-Operating Revenue and (Expense)

36,800 291,136 17,674 (25,000) 1,160 321,770

36,800 192,489 13,392 – 46,871 289,552

SURPLUS BEFORE DEFERRED HERITAGE FEES

134,257 (107,337) 26,920

29,505 (20,120) 9,385

HOUSE AND LOCKER ROOMS

Locker fees Total Income Catering entertainment and social costs Building maintenance costs Cleaning and laundry costs Depreciation Other house costs Total Expenses Net House Expenses ADMINISTRATION

Salaries and on costs Interest paid Finance costs Depreciation of office equipment Insurance Postage and telephone Audit and accounting fees Computer expenses Printing and stationery Marketing and advertising Other expenses Administration Expenses Operating Surplus/(Deficiency) for the year NON-OPERATING REVENUE AND (EXPENSE)

Heritage Fees deferred Surplus Attributable to Members