PHGC Future Fund

Securing the Club for Members Now and in the Future

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.

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.

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.

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

– The Future Fund is a long-term 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.

Michael Rowan President

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

Guardians of the Future Fund

Guardians of the Future Fund

The Fund Rules provide for up to seven Guardians, including:

–

Three (3) Directors who currently serve on the Club Board being the Club President, Vice President and Treasurer.

– One (1) additional Guardian will be a current Board Director nominated by the Board.

– Three (3) additional member

Guardians who hold or have held significant leadership positions in the Club, business, or community and who:

a. are persons of good character;

b. ideally, have a long history of service to the Club or community; and

c. have relevant skills such as finance, accounting, law, governance or other needed expertise.

Guardians are responsible for managing and administering the Fund. Unless removed, Guardians will serve for five years and they may be reappointed.

Independent Guardians

– Steve Walker LLB (Hons), LLM

Chair, Future Fund

Retired Solicitor and Company Director

Former Club President

Member since 1982

–

Beverly Archer

Retired Accountant

Former Club Board Member and Ladies Captain PHGC

Member since 1988

–

Graeme Martin GAICD

Retired Executive

Former Club Board Member

Member since 1978

Board Appointed Guardians

– Michael Rowan BEc, MBA, CPA

Club President

Retired Banker

Member since 1991

– Suzanne Fabian BA, Dip Ed, GAICD

Club Vice President

Member since 1981

– David Blackshaw BEc, FCPA

Finance Executive

Club Treasurer

Member since 2019

– David Sefton LLB (Hons), GAICD

Solicitor

Board Director

Member since 1978

The Chair of the Future Fund, Steve Walker, serves in an independent capacity and is not a member of the Club’s Board. His role is to provide impartial oversight and stewardship of the Fund on behalf of the membership, ensuring that the governance of the Future Fund remains separate from the decisionmaking responsibilities of the Board.

Recognition of Contributors

The Board has earmarked an annual amount of $25,000 to be allocated to the Future Fund. This amount is allocated from the annual net profit, referred to in the Annual Accounts under the Statement of Comprehensive Income and noted as “Total Comprehensive Income for the year and Attributable to Members”.

This is a non-binding commitment recognising that circumstances might arise where it may not be prudent to make such an allocation. The Board retains the right to capitalise interest earnings on the Club’s contribution either to the Fund or to be repaid to the Board.

This is an annual election. An allocation of $25,000 to the Fund has been made for the 2024/25 year and the present intention is to make a similar allocation for the 2025/26 year.

No notional interest has been accrued and the Fund is now seeded with a balance of $25,000.

The Guardians will recognise members who contribute an amount to the Fund equal to or in excess of the Club’s annual commitment of $25,000. This amount may be indexed over time (probably each 4-5 years) to preserve the real value of the contribution.

The recognition of qualifying members and individuals will be made in a prominent place in the Founders Bar on an Honour Board recording the names of major contributors to the Future Fund.

Contributions to the Future Fund may be made either directly to the Club or through the Australian Sports Foundation. Where a member chooses to contribute via the Australian Sports Foundation, the donation is eligible for tax deductibility under Australian taxation law. This facility provides members with the opportunity to support the long-term security of the Club while also receiving the benefit of a tax deduction.

It should be noted that the Australian Sports Foundation applies an administration fee of 5% on all donations processed through its platform.

A man there was, and they called him mad; the more he gave, the more he had.

The General Manager is conversant with the process and available to assist donors who wish to make a donation in this way.

For those seeking further information about the Australian Sports Foundation and the manner in which donations are managed, details can be found on its official website: www.asf.org.au

The Club greatly values every contribution, whether direct or via the Foundation, and acknowledges the generosity of contributing members in strengthening the corpus of the Future Fund.

Why might I contribute?

Your club remembers you; You might remember your club

The Club’s archives record many pictorial and written anecdotes of members. Excerpts from history are published regularly in the Clubhouse and on the website.

Those who hit golfing form at the right time have their names permanently recorded on Honour Boards for major events.

The trophy cabinets contain numerous trophies given for various competitive events, all inscribed with the names of winners. Our Pennant teams are proudly displayed.

Many members over 70 and who generally have enjoyed membership for 20 years or more and who have retired from active golf continue as Emeritus members. When their membership ticks over 50 years they are awarded Honorary Emeritus status. Club ties and other mementos are presented to those celebrating an anniversary of membership at 30, 40 and 50 years. Life membership may also be recommended by the Board.

Remembering you is what we do, recounting the many stories and enjoying the ongoing friendships made at Pennant Hills Golf Club is what you do.

The strong bonds of friendship and camaraderie forged among us is a consistent theme through the countless stories captured on our website in Living History Videos and Other Records. They are stories of people, their generosity and the fun they have at our Club.

The gift of friendship and the culture is one thing. The gift of inheritance is another. When we join our Club we inherit a gift, we play golf on a superb undulating premier golf course that has been shaped and cared for by the labours and contributions of members who have gone before us. For over 100 years we have incrementally improved our facilities. The modernisation of the Clubhouse and the current course redesign are the latest examples.

You might contribute like others before you. Your legacy to others will not be forgotten. It will be enjoyed and appreciated just as you enjoy and appreciate your inheritance.

How can I contribute?

You can contribute:

– through the Australian Sports Foundation (tax deductible and less a 5% fee); – directly to the Future Fund; or – you can include a bequest in your will

In whatever form, we encourage you to discuss your gift with one of the independent Guardians, Steve Walker, Beverley Archer or Graeme Martin. Your contribution will be publicly acknowledged unless you wish it to remain confidential.

We understand that leaving a gift to the Club in your will is no small commitment. It is a powerful statement of thanks. It can be a residual gift where you leave a portion of your estate, commonly stated as a percentage of your estate residue, or a fixed amount that remains after providing for your loved ones and expenses.

To assist you in leaving a gift to the Future Fund in your will you might adopt the following wording for use in a codicil to your existing will or in a new will:

“I bequeath to the Future Fund of Pennant Hills Golf Club (ABN 12 000 037 856) of Corner Copeland Road and Burns Road South, Beecroft NSW 2119 for the purposes as decided by the Guardians of the Fund, free from all taxes and duties, (here please specify your gift, e.g. the residue of my estate, XX% of the residue of my estate or the sum of $XXX). I direct that the receipt of any Director or other proper officer of the Club will be a sufficient discharge to my Executor(s)/Trustee(s).”

The Guardians will provide the option to your loved ones to be part of the outcomes and benefits of your contribution through invitations to events and communications around the impact of your support. We deeply appreciate your generosity. We understand the privilege of this type of gift and will make sure that your legacy is honoured.

Tied or directed contributions are donations or bequests that are tied to a given purpose such as training facilities, on-course shelter, replacement of a bridge, construction of a water stop or any similar type of direction by the donor.

The Club and the Guardians are open to consideration of a tied or a directed contribution. If a member has some particular direction in mind it is best discussed with a Guardian beforehand.

IMPORTANT GUIDANCE

Tax advice: Tax deductibility depends on individual circumstances – consult your tax adviser

Legal review: Bequest wording should be reviewed by your solicitor Financial commitments by PHGC: Annual club contributions will depend on financial performance

Consultation: Please discuss with an independent Guardian before making a directed gift

The value of an individual is rarely measured by their total wealth but often it is assessed by how it is shared.