Sandhurst Club Annual Report 2007/08

Sandhurst Club
Annual Report 2007/08

Contents
Corporate Information 1
Chairman’s Review 3
Key Personnel 4
PGA LINKS Report 5
General Manager’s Report 6
Hospitality Report 7
Golf Operations Report 8
Course Report 11
Estate Report 12
Sandhurst Architectural Review Committee (ARC) Report 13
Security 14
Resident Member’s Committee Report 15
Golf Member’s Committee Report 16
Membership Summary 18
Financial Summary 19
Sandhurst Club Limited Audited Accounts 21
Sandhurst Holdings (Aust) Limited Consolidated Audited Accounts 35
Corporate Information
Directors Ken Roche (Chairman)
Stephen Head
Joshua Mantello
Phillip Ayres (appointed April 2008)
Colin Cass (appointed November 2007)
Brian Blair (resigned January 2008)
Clinton Casey (resigned November 2007)
Company Secretary Paul Keith
Registered Office Suite 6, 622 Ferntree Gully Road
Mulgrave Victoria 3170
Main Business Address 75 Sandhurst Boulevard
Sandhurst Victoria 3977
Auditors Stannards Accountants and Advisors Pty Ltd
Level 1, 60 Toorak Road
South Yarra Victoria 3141
Manager PGA LINKS Management Pty Ltd
Number of Employees
Sandhurst Club Limited 74
Sandhurst Sports Club Pty Ltd 15
1

Chairman’s Review
I am pleased to present the 2007/08 Annual Report for Sandhurst Club Limited and Sandhurst Holdings
(Australia) Limited (“the Club”).
The 2007/08 year has been a very eventful year for the Club. Golfing and residential services have continued
to be improved in a professional and diligent manner and service standards in all areas continue to improve.
There have been many opportunities and challenges faced this year by the Club, its management team,
membership committees and individual members, however it is pleasing to note that all stakeholders have
worked collectively in the best interests of the Club.
I am pleased to advise that during the year we have received 27 applications for new golf memberships and
welcomed 55 new resident households. On behalf of the Board, management and existing members of the
Club I welcome our new members.
During the year the Champions Course has become fully operational, the McCormicks Road underpass has
been completed and drainage and cart path works around the North Course were substantially improved.
Major additional tree planting around the Champions Course is also underway. There are now very few
outstanding infrastructure and maintenance items that still need to be delivered.
The focus for the coming year is to continue to drive the Club’s profitability and also to ensure the golf courses
and other facilities are utilised in the best manner possible. In respect to this I am pleased that the Club is
now seriously considering the introduction of “mid-week membership”, an initiative of our Golf Members
Committee, which should increase patronage of our wonderful golf facilities on days that such facilities are
currently under utilised.
During the year the Sandhurst Estate Project Developer announced that it intended to sell its remaining
landholding at Sandhurst. As previously advised, no sale was effected and the Project Developer has
reconfirmed its commitment and enthusiasm to delivering the balance of the Sandhurst Club project together
with the exciting new ‘Sandarra’ land release.
On behalf of the Board, resident and golf members I would like to thank the PGA LINKS and ClubLINKS
management teams under the leadership of Mark Brayshaw and the Club’s management team under the leadership
of Nick Thornton for their dedication and ongoing support in the development and management of Sandhurst.
The roles of the Resident Member and Golf Member committees have also been of great importance to the
Club and the efforts of the committees are most appreciated by the Board. On behalf of the whole Club I extend
our thanks to the Club Golf Captain, Matt van Rensburg, and Women’s Golf Captain, Glenda Williams and their
committees together with the Resident Members Committee of Ron Crosling, Louise Thompson, Elaine Roberts,
Ron Kay (resigned during the year) and David Templeton (resigned during the year). In addition I welcome Ann
Frazer and Ian Dawson who have recently become members of the Resident Members Committee.
On behalf of my fellow Directors I reconfirm your Board’s commitment and determination to facilitate the
building of Australia’s premier and “state of the art” club based community.
Ken Roche
Chairman
3

Key Personnel
PGA LINKS Management Pty Ltd
Club Manager PGA LINKS Management Pty Ltd
CEO - Mark Brayshaw
General Manager Nick Thornton
General Manager - Hospitality John Nielsen
General Manager - Golf Operations Wayne Sutherland
General Manager - Course Operations Peter Jans
ClubLINKS Pty Ltd
General Manager - Finance & Administration Cameron Davidson
General Manager - Information Technology John Hawkins
Sandhurst Club Limited
Estate Landscape Maintenance Manager Mark Nihill
Estate Building Services Manager Grahame Rigby
Membership Services Manager Lisa Gleeson
Course 2IC Tim Dellar
Operations Manager Rachel Hunter
Golf Services Manager Christian Hamilton
Head Chef Matthew Green
4

PGA LINKS Report
From the first day when Sandhurst Club opened its doors to Residents and Golfers, PGA LINKS Management
Pty Ltd (PGA LINKS) has been the manager. We are in the business of providing Club and Community
management services for golf residential projects throughout Australia.
Our expertise provides on-site management support for the Club General Manager, Nick Thornton and
his team. Together with ClubLINKS Pty Ltd, we are responsible for the delivery of the day to day activities
at Sandhurst Club for Members including administration, financial management, billing and receipting,
budget preparation, Architectural Review Committee, management, staff management, reporting to the
Board and planning.
In concert with ClubCom Utilities Pty Ltd, we are also responsible for the telecommunications provided to
Residents exclusively at Sandhurst Club via the fibre optic infrastructure. This year, in excess of 400 Residents
at Sandhurst Club have purchased ultra high speed broadband, telephony and Foxtel using the fibre optic
infrastructure throughout the Estate.
During the past 12 months, the Club Management team has worked more closely with both the Residents’
and Golfers’ Committees. We have benefited greatly from the input of these Committees.
Two key features have been highlights in the 2007/08 year. First of all, the Champions’ Course opened and,
following the delay in the construction of the tunnel, we now have 36 superb golf holes for our Golfers.
Secondly, John Nielsen joined PGA LINKS as General Manager - Hospitality and his impact was immediately
felt within the Clubhouse. Theme nights and special events have become de rigueur at Sandhurst Club and
John and his team worked hard with Nick Thornton to ensure high levels of service for Golfers and Residents.
All of us at PGA LINKS enjoy coming to work at such a beautiful place as the Sandhurst Club. We look forward
to the next 12 months as we continue to ensure that Sandhurst Club remains amongst the most superb golf
residential Resorts in Victoria if not Australia.
Mark Brayshaw
CEO of PGA LINKS Management Pty Ltd
5

General Manager’s Report
The 2007/08 year for the Sandhurst Club has been a busy one. With over 550 homes now on site and in
excess of 1,100 golf Members, the Club has now become a vibrant community. The Club is continually
revising policies and procedures to ensure that the evolving nature of the community can be managed and
enhanced.
Income for the 2007/08 year was approximately $70,000 behind budgetary projections, whilst total
expenditure exceeded budgetary expectations by approximately $430,000. The budgets for the 2008/09 year
have been set and designed to control operational expenditure whilst not impacting on quality of service and
Estate aesthetics. The Golf and Resident Members’ Committees were consulted during the budget setting
process and we thank them for their assistance.
The Club continues to be the venue of choice for hospitality for Members and the wider community. The
number of Corporate functions, including both golf and food and beverage, has grown in the last 12 months.
The Club will continue to ensure that the balance between Member and Corporate events is maintained.
The Champions’ Course has now been opened fully with the completion of the McCormicks Road underpass.
A tree planting program, that will see 12,000 trees planted across the Course, is underway and will be finalised
towards the end of the calendar year. The Club would like to thank the invaluable support of the “Chain Gang”,
a group of volunteer golfers and residents, in assisting the course staff with this tree planting programme. The
Chain Gang have also contributed in many other projects on the Clubs golf courses in recent times.
The Course and Estate maintenance teams continue to present the facility in a condition that is expected at
Sandhurst. Recycled water was delivered to Residents in December 2007 and the Club has completed 60%
of the drainage program for the North Course. The balance of these works will be completed into the summer
months of 2008/09. The Project Developer has completed the concrete path works on the North Course and I
am sure that you will agree that this has been a tremendous addition.
Members have been enjoying the use of the Health Club and we thank the staff in the Health Club for providing
a fitness service to our Members.
The Resident Members’ Committee and the Golf Members’ Committee have made valuable contributions to
the Sandhurst Club. Residents and Golfing Members that have issues of concern should bring these to the
attention of the relevant Committees. Thank you to all Members of these Committees for their involvement and
dedication to the Sandhurst community.
Once again, we will hold Resident Members’ Expos in October and April and we will continue to ensure that
we communicate information to Members on a regular basis.
We will host the VGA Mid Amateur Championship again this year in November and we are working with the
PGA to bring a professional tournament to the Club. These golfing events will be an opportunity for the Club to
showcase the Sandhurst community.
The staff that deliver the vision of the management team should be congratulated on their professionalism
and dedication.
2008/09 will be an exciting year and we eagerly await the opportunity to offer our stakeholders a new level of
consistency in the presentation of the facility and the provision of service to Members and guests. We commit
to provide superior service and exceed the expectations of all who use, visit and call Sandhurst home.
Nick Thornton
General Manager
For and on behalf of PGA LINKS Management Pty Ltd
6

Hospitality Report
A year of “progress and positive changes” was the theme for 2007/08. New team members arrived at
Sandhurst Club with fresh and invigorating ideas and the Hospitality department was restructured to cope with
the demands of the future as well as becoming leaner.
Delays in opening the Champions’ Course impacted upon the financial result of the Hospitality department.
Despite revenue exceeding budget by $2,629 (a total of $1,517,006 was earned) a net loss of $125,901 was
recorded for the past 12 months. With costs generally rising throughout the year, with no corresponding price
increases to Members, we continued to offer value for money to Members.
The year saw the Club’s facilities well patronised, with Members making full use of the many theme nights
and activities being held in the newly renovated Hill View Bar and Winter Garden. The monthly a la carte
format of Stones Restaurant has proved popular with Members enjoying the finer things in life from Head
Chef Matthew Green. These evenings will continue in 2008/09, proving that Sandhurst is a place for families
to live and grow. The bi-weekly Pot’n’Parma night received regular excellent attendance and was moved to
a weekly event on Thursdays. With numbers hitting close to 150 attendees, there seems little doubt on the
success of this promotion.
The introduction of a few musical nights with themes such as “American Trilogy” and “The Legends” provided
guests with a “good night out” and excellent value. An evening of “Art, Jazz and Shiraz” set the tone for an
all round fun night supporting local artist. The success of these entertainment based events has given even
further evidence that Sandhurst can become a venue for future entertainment events.
During 2008 a new wine list was introduced, with the overall concept of having a much leaner and functional
wine offer that requires fewer wine suppliers resulting in more efficiency for our team. As a lead up, a large
range of wines was offered to Members for tasting and feedback. The wines were served “blind” with the
purpose of judging on taste and not by label. To continue the new wine theme, Sandhurst Club welcomed
Barossa Valley Estate wine maker Stuart Bourne to an evening of “hearty food and wine”. The event attracted
50 guests, who all had a great night and posed the question; “When is the next one?”
2008 also marked the opening of the Boardroom and Events Office. The Boardroom offers a great compact
venue for meetings of up to 16 people and our Events team now have a place they can call home; please
do drop by and say hello when you are next planning your event at Sandhurst, be it a corporate golf day or
business meeting.
As part of the ever changing face of Hospitality and restructure, Head Chef Matthew Green was promoted
and now spends two days a week on the floor supporting the team, with Rachel Hunter also being promoted
and assisting the Hospitality team. A number of leaders including long serving Angela Bailey and Gerard Ryan
departed, with new team members now well settled and making their mark. We thank those staff who have
served us so well and wish them well in the future.
It has been a year of positive changes and progress, and the Hospitality team at Sandhurst Club thank you for
your support and we look forward to welcoming you back many times.
John T. G. Nielsen
General Manager - Hospitality
For and on behalf of PGA LINKS Management Pty Ltd
7

Golf Operations Report
Upon reflection, 2007/08 was a great year for Golfers at Sandhurst Club even though play was disrupted from
time to time. We now have a new cart path network and the drainage works will shortly be completed on the
North Course. And, of course, the Champions’ Course is now fully operational.
The delay in opening the tunnel to allow for full Champions’ Course use until late in the year had a significant
impact on the Golf Operations financial performance. Over 35,000 extra rounds of golf were budgeted to have
been played had the tunnel been allowed to open as originally forecast. The frustration felt by Members, the
Project Developer and Management alike regarding the reasons for this delayed opening were well recognised.
Much effort and time was dedicated to the best use of a variety of golf course configurations and resulted in
the later than anticipated opening of the Champions’ Course seven days a week, coupled with the significant
drainage and cart path works carried out on the North Course during the period.
In the 12 months in review, 35,543 rounds of golf were played at Sandhurst Club, an increase of over 8,000
rounds compared to the previous year. Members contributed to over 70% of rounds played at the Sandhurst
Club, whilst visitors (Member’s guests, specially hosted rounds and corporate golf days) also showed an
overall increase. The addition of effectively 18 extra holes on weekends only for much of the financial year in
review, did not allow revenue projections to meet budgeted estimations.
Overall these figures represent players filling less than 50.2% of the total of 70,872 golf tee times available,
compared to 45.8% in the previous year. This figure must increase to improve the Golf Course Operations
viability. In particular, the mid week period, especially non-competition days, are heavily under-utilised and
clearly opportunities exist to improve the Courses’ patronage. Management has the responsibility on behalf of
all Members to explore commercially acceptable opportunities to increase Course usage with the short term
aim of the Club reaching financial self-reliance.
Corporate golf day activity continues to be an extremely important source of Club income. Sandhurst Club
gets great benefits out of the additional revenues derived from extra players on the Courses, such as hiring
of equipment, merchandise sales and hospitality income. This vital revenue source for the Club will become
more and more important with the cost of maintaining two championship courses for seven days a week.
Greater profitability and yield management will see the size and number of days continue to be refined for
the Club’s long term benefit. Our highlight in this area was the staging of a 250 player, two course shotgun
start golf day in late 2007, a significant test of the Club’s staff that was a huge success for the client and a
financial boom for the Club.
Our coaching and teaching services, provided by Teaching Professional Christian Hamilton and third year
trainee Josh Hall, were again recognised for their high standard and assist in making Sandhurst Club well
known through the golfing community as a centre for golfing excellence and a venue the PGA of Australia
feels proud to call home.
The Pennant teams again did well in 2007/08, especially our Ladies’ Pennant team, who were successful in
winning Section 9 for the second year running. The ladies look forward to next year defending once again and
moving up to Section 8. The Men’s Pennant team reached the semi-finals of their division again this year and
look strong for next year whilst our Colt’s team had a trying season but was very competitive to finish mid table
in their division. We look forward to the Men’s, Ladies’ and Colts having success again, as well as the newly
formed Men’s Senior Pennant squad.
8

Membership and competitive golf numbers were improved by the addition of new Members throughout the
year in review. This has been achieved in an extremely competitive golf membership market. Other nearby
golfing facilities report that Sandhurst Club has secured many Members from them, and the task of all staff and
management is to provide a superior level of service to ensure the Club’s membership retention remains high.
The opening of the tunnel underneath McCormicks Road, when added to the additional drainage and
cart paths on the North Course, means that the Project Developer of the Sandhurst Club has spent
approx. $20.5 million on golf course related matters in the last 24 months, and nearly $42 million overall
since the construction program began at the Club. This enormous investment carries with it the task of
ensuring that the Club’s assets are well utilised and cared for, and that is the day to day responsibility of
PGA LINKS Management.
The Golf Operations team would also like to give many thanks and praise to the efforts of our Golf Advisory
Committee, and in particular Matt van Rensburg and Glenda Williams for their outstanding efforts in the year
in review. The Committee’s contribution to assisting Management and staff is of benefit to all Members and for
the longer term success of the Club.
In summary we congratulate the winners of individual and team golfing honours.
Wayne Sutherland
General Manager - Golf Operations
For and on behalf of PGA LINKS Management Pty Ltd
9

Sandhurst Club 2007/08 Monthly Medal Winners
2007 Men Ladies
July Not played Not played
August Gary Jameson Elaine Wenn
September Richard Dovison Toni Roberts
October Russell Hunter Marj Levy
November Martin Levy Catherine Pearce
December Justin Yeoh Kaye Ferrari
2008 Men Ladies
January Matthew Baker Jenny Lim
February Jordan Churches Alison Sutton
March Phil Bedford/Kon Korkovelos Evelyn Han
April Paul Messner Hean See Tan
May Graeme Spence Phillipa Freund
June Maurice Bonfieni Patricia Small
2006/2007 Medal of Medallist
2007 Men Ladies
2007 Club Championship Results
10
Russell Hunter Moira Ferguson
2007 Men Ladies
Club Champion Paul Messner Nicky Eller
B Grade Champion Jonathon Bell June Noseda
C Grade Champion Teik Lee Liz Dawson
Senior Champion David McDonald Jan Marton
Competition Holes in One (1 July 2007 – 30 June 2008)
2007
Ian Ashton 1 July North 13th
Terry Burns 9 August North 8th
Peter Lawrence 26 August North 13th
Rod Meikle 8 August North 15th
2008
Ron Cotton 22 March Champions 8th
Geoff Sheather 22 June Champions 6th
Hean See Tan 24 June Champions 11th

Course Report
Sandhurst course maintenance had a challenging year with the first full year of maintenance on the Champions’
Course, the construction of the paths and the installation of 14km of drainage on the North Course.
Path works are now fully complete and have been a wonderful embellishment to the aesthetics and ease of
traffic through the golf course, for both Golfers and maintenance vehicles. The next step in the process is to
install minor fencing around tees where necessary to protect tee surrounds to create a lush, wispy appearance
with the seed heads blowing in the wind.
The drainage works are approximately 60% complete. Works will be resumed later in 2008 once the ground
hardens after winter and will be completed by the end of the year, weather dependant. Works to date have
showed promising signs over the winter period with vastly improved conditions (as opposed to last year when
the Course was closed for prolonged periods). All works have been augmented onto current maps.
This year, one of the primary focuses has been weed control and the elimination of the weed bank that exists.
This has progressed quite well with improvements noticed following each application. A further year will see
the weed bank reduced to sustainable levels.
A number of programs have been implemented that have paid dividends in terms of Course quality. Some of
these programs include:
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Preventative program for spring dead spot on fairways and tees;
Preventative insecticide program to negate bird damage;
Preventative disease program for greens; and
Wetting agent program to negate dry patch and reduce water usage.
During 2007/08, a further eight Policies & Procedures were added and the existing document reviewed
and updated. This document sets uniform standards for operation and ensures efficiency and transparency
for all parties. A KPI (Key Performance Indicator) document has also been formulated that will provide a
benchmark for operations. Our team works every day with dangerous equipment and chemicals, so strict
procedures are very important.
The second phase for bunker re-shaping has been completed. This was done to improve the aesthetics of the
bunkers with flowing lines, establish prominent lips, improve continuity with surrounds, parity for Golfers and
allow ease of maintenance. Fairway shapes have been ameliorated for the same reasoning.
On the Champions’ Course, the completion of the tunnel has been a welcome development. Additional
landscaping continues around the Course as well as fairway top dressing to help smooth playing surfaces and
produce a finer grass cover. Waterways and lakes have also received additional planting and a program is in
place to control algae.
Further research and costings have been conducted on injection units to treat the recycled water. The aim is to
remediate the water in terms of pH, calcium amendment to remove excessive salts, improve soil flocculation
(structure), hence drainage and the addition of a wetting agent to better utilise and conserve water.
In conclusion, I am happy to introduce Callum Morris and Maddison Noord to our team as Apprentices, along
with Craig Boristan as part-time Grounds Person.
Peter Jans
General Manager - Course Operations
For and on behalf of PGA LINKS Management Pty Ltd
11

Estate Report
The Estate team is responsible for looking after many common areas including:
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open spaces;
the Clubhouse precinct;
median strips;
street trees;
parks and playgrounds; and
the recycled water system.
During the year, the Estate team planted over 10,000 plants throughout the Estate including the Thompson
Road mound, the entrance to the boulevard tunnel and many garden beds.
The Estate team managed the rejuvenation of the landscape interface with the Champions’ Course in Stages 2
and 4. Irrigation, mulching and over 8,000 plants were planted in these areas.
The Project Developer will be commencing the installation of the landscape interface with the Champions’
Course in Stages 5 and 6 in early November 2008.
With the growing size and demands of the Club’s wetland and waterways systems, the Club has allocated a staff
member to manage these areas on a full time basis. This person will ensure that wetlands will be maintained to
ensure that these areas continue to flourish and provide a habitat for native plant and animal species.
All the playgrounds have been re-mulched with soft-fall to ensure that they comply with safety parameters;
we are currently renovating the nature strip in front of the playground in Stage 6 with the installation of pop-up
sprinklers and hydro-seeding. With the delivery of recycled water to residential homes, the Estate team has
commenced the second round of nature strip installations.
The Estate team has also been heavily involved with the Club’s Asset Protection program. This program
requires constant inspection of building sites to ensure that the Club’s asset integrity is maintained.
Our integrated approach to Estate maintenance ensures that we can deliver, manage and enforce high
standards across the community in a timely manner. The coming year will be a busy one for the Estate team
with a continuation of annual programs and I would like to congratulate Grahame Rigby, Mark Nihill and their
team for their tireless efforts.
Nick Thornton
General Manager
For and on behalf of PGA LINKS Management Pty Ltd

Sandhurst Architectural Review
Committee (ARC) Report
The ARC administers the Sandhurst Club Homeowner Building Code and provides design assessment
services in respect of all new homes that are to be constructed or any alterations to existing dwellings in
the Sandhurst Club. In doing so, it is the ARC’s job to ensure that every construction at the Sandhurst Club
observes the Code, in order to enhance the integrity of the Estate and improve the capital appreciation of
every Lot Owner’s investment.
In 2007/08, the ARC received 589 submissions for assessment. Submissions varied from driveway approvals,
extensions, landscaping through to granting of Final Approvals for building plans and the external materials
and colours. During this period, we granted Final Approval for 101 dwellings. To date, 569 Final Approvals
have been granted by the ARC for building design plans.
This period saw a vast improvement in the running of the review and approval process. The initial meetings
with new and vacant Lot Owners to discuss their designs with the ARC Committee Members have created
a greater understanding of the ARC process and Estate requirements. The smooth flow in the registrations,
assessments and efficient follow-ups by the Committee Members has enhanced the submission and approval
work flow. Over 80% of the building plan submissions received and assessed during this period obtained their
Final Approvals within 14 days.
During the past 12 months, our main focus was:
• streamlining the process whereby Final Approvals are granted (we aim for a 14 day turn-around);
• working with Lot Owners to identify solutions where instances of conflict with the Code arose;
• ensuring new Residents build homes with remote Security Alarm Monitoring Systems that meet the
Club’s minimum standards;
• collaborating with Merchant Builders to ensure that new Lot Owners are aware of the capacity to
build on their lot, having regard for the existing homes already built in their street; and
• updating our database and further improving the computer system.
Since the ARC relocation to the PGA National Office in Sandhurst Club, we have seen vast improvements in
productivity. We aim to do better and further improve our services to the Residents.
George Phua
Sandhurst Architectural Review Committee
For and on behalf of Sandhurst Club Limited
13

Security
Residents at Sandhurst Club continue to enjoy the feeling of security that comes with the knowledge of
having a Monitored Alarm System in their home complemented by 24 hour, 7 days a week mobile patrols.
Security Patrol Guards at the Club average over 6,000 kilometres a month patrolling our community, providing
response times typically within 3-4 minutes.
During the year, Security Patrol Guards responded to many incidents across the Estate including:
• alarm responses including burglaries;
• alerting clients to power failures;
• assisting Residents with lost pets; and
• ensuring that unauthorised vehicles, including trail bikes are reported to police and moved off the
Estate.
There are still a number of homes on the Estate whose owners have chosen not to be connected to the
Club’s Alarm Monitoring System. At 30 June 2008, 416 homes were monitored by ClubLINKS Security which
represents approximately 88% of the completed homes on the Estate. Naturally, the need to be connected
to the Monitoring Station is a key part of this Security package – and the cost of the monitoring service is
provided for in the Annual Resident Membership Subscription fee. A call to 1300 880 809 can confirm that
your home is being monitored or make arrangements for connection if it is not on-line. Private security is one
of the most important aspects of community life at Sandhurst Club and we urge every Resident to optimise
the services we have put in place for this purpose.
ClubLINKS Security instituted the following initiatives in the last year to complement their services:
• appointing an in-house licensed alarm technician to provide a more timely service for Members and
to further assist Members with security needs for their home;
• assistance to the Estate staff and the ARC with monitoring non-compliance of the Homeowners
Building Code; and
• additional assistance to Residents for IP, telephony and computer support.
The ClubLINKS Security Monitoring Station is operational 24 hours a day and can be contacted on
1300 880 809. We are extremely proud of our contribution to life at Sandhurst Club and take our role
extremely seriously.
Umar Khan
Operations Manager
ClubLINKS Security Pty Ltd
14

Resident Member’s Committee Report
The Resident Members’ Committee is made up of eligible Resident Members representing the developed
stages of the Sandhurst community. The Committee provides a conduit of communication to Club
Management and the Sandhurst Estate Project Developer on behalf of all Resident Members. We encourage
Sandhurst Club Members to use the Committee as a channel in respect to any matters relating to the well
being and benefit of the Sandhurst community.
During the 2007/08 period, the appointed representatives on the Resident Members’ Committee were:
• Mr Ron Crosling;
• Mrs Louise Thomson;
• Mrs Elaine Roberts;
• Mr Ron Kay (resigned during year); and
• Mr David Templeton (resigned during year).
At the time of writing Mrs Ann Frazer and Mr Ian Dawson have been accepted into the Resident Members’
Committee.
Some major items considered by the Committee in the past 12 months include:
• application for reduction of Council rates;
• Clubhouse guidelines and dress codes;
• non-compliances with ARC requirements;
• Stages 2 & 4 landscaping;
• Stages 5 & 6 cart paths and landscaping;
• treescaping of the residential verge of the Champions’ Course;
• Health Club facilities and utilisation;
• Club Budget and resident fee increases; and
• proposed land sale by Project Developer.
The contribution and support of the Committee is extremely valuable in shaping the unique Sandhurst
residential community. Thanks are extended to all Committee Members who have served and supported the
Committee this year.
Nick Thornton
For and on behalf of the Resident Members’ Committee
15

Golf Member’s Committee Report
In sharp contrast to this time last year, Sandhurst Club has taken the next step in its evolution to realising the
dream and potential of being one of the premier golfing facilities in Australia. These visions do not happen
within 1 or 2 years or even within 5 years. It has taken many clubs tens of years to get to where they are today.
Sandhurst is an infant in that path to maturity and during this growth period it will require Members who can
hold onto and see that long term vision, despite some of the bumps we may face. I would like to thank all of
our Members for their continued support and belief that we are on the right pathway and beg your indulgence
and patience in this coming year. A lot of progress has been made, but I believe a lot more will be achieved in
this coming year to bring us closer to where we need to be.
Some of the key events in 2007/08 which have got us on the right path are set out below:
The Club Lifetime Program
This has been an overwhelming success and is proven by the limited drop off of Members who took up that
opportunity and have renewed their memberships in 2008/09. The program has bolstered the Sandhurst
Golf membership from 670 to just under 1100. The success of any Club is in the number of Members it has
and the cornerstone has to be a strong Ladies section. There is no doubt that the Club Lifetime program has
resulted in significant growth and success in our Ladies section this past year with the Ladies winning back to
back Pennant flags as well as the Sunday graded Pennant. Competition rounds for our Ladies on a Tuesday,
Saturday and Sunday have more than doubled and this past year saw the introduction of a monthly mixed
event. The increased membership has resulted in larger competition fields and even wait lists for entry into
monthly medal and Black Tee Challenge. All of these are positive signs of growth.
The Club’s next challenge will be to look to the next stage of growth, to increase our membership base to
1600 or more. This is a program your Club, the Project Developer and Committee are working on.
Opening of Champions’ Course and McCormicks Road Underpass
Nobody could have anticipated the success of the Club Lifetime program, which required us to open the
Champions’ Course sooner than anticipated. Where most new courses would have had a bedding in period
and a period of hand over to the Club, this was significantly shorter for the Champions’ Course and we do
need to thank Peter Jans, Tim Dellar, Kevin Docherty, Ryan Carroll and their teams for the work they have
done in getting the Champions’ Course available to us, as well as the preparation of our courses this past year,
despite some major challenges, which have not made it easy for them.
North Course Drainage and Path Works
This program has not been a small undertaking and in coming years we will see significant benefits from the
14km of drainage (60% complete) and 5.3km of pathways that have been installed. We can already see the
benefits of the pathways and already the drainage has had a significant impact. The course has not been closed
this winter in stark comparison to the same time last year. It may not be perfect yet, but this coming year will see
the completion of the drainage program as well as the blending of course and pathways and a top soiling of all
fairways. This, combined with the introduction of an acid injector on our recycled water, will result in a better soil
structure and lead to improved drainage in the coming years and a better playing surface overall.
16

Club and Golf Management
I would like to extend a personal thank you to Nick Thornton, our General Manager, who took on a massive
task with significant challenges and for his belief and support of the Golf Committee. It has been a pleasure to
work with Nick this past year and I look forward to the coming year, knowing that with his skills and experience
we have an able Captain who will steer our ship on a true course. We also saw the appointment of Christian
Hamilton as Head of Golf Operations, which had been lacking since the departure of Nigel Gibson. Christian
has implemented a number of changes and brought significant structure and organisation in the Pro-Shop and
I am confident he will continue to look at ways to improve services to our Members.
This is my fourth and final year as Captain, as I will be stepping down at the end of the year and handing the
“Hickory Club” over to a new Captain on Australia Day 2009. It has been an honour and privilege for me to be
your inaugural Captain and I would like to thank all of you for your support these past 4 years. It has been a
roller coaster ride and thank goodness I have enjoyed them. I thank my fellow Committee Members who have
served, supported and assisted me during this period – sometimes a thankless job, but much appreciated:
•
•
•
•
•
•
•
•
Mrs Glenda Williams (Ladies Golf Captain Current – 2007, 2008);
Mrs Jan Steel (Current – 2005-2008 - Ladies Golf Captain 2005, 2006);
Mr Malcolm Thomson (Current – 2007, 2008);
Mr John Ashby (Current – 2007, 2008);
Mr Garry Friend (Current – 2008);
Mr David McDonald (2005-2007);
Mrs Elaine Wenn (2005, 2006); and
Mr Khai Mark (2005, 2006).
Thanks are extended to all those who have served on or supported the Golf Members’ Committee
throughout the year.
Matt van Rensburg
Golf Club Captain
17

Membership Summary
Resident Memberships
As at 30 June 2008, the Club had 717 Resident Members.
Golf Memberships
18
Individual 547
Family 46
Corporate 7
Lifetime 414
Total 1,014
Sandhurst Club has continued to expand its Membership base over the last year with Golf Membership at
58% of capacity. The Lifetime Membership process was extremely successful and we thank all Members who
referred new Members to the Club. The vast majority of all new Members referred under the Lifetime program
were attributed to Member referrals.
At the end of the financial year the Project Developer released the remaining 50 Lifetime Memberships to the
Club for sale. This brings the number of Lifetime Memberships available for the Club to utilise to 500.
The Project Developer, Club Management and the Advisory Committees are developing new strategies
in a challenging market to ensure that Membership numbers continue to grow providing a vibrant Club
community environment.
The Project Developer has recommenced the development of residential lots within the Sandhurst Estate with
Stage 70 and Stage 8 now under construction. The Project Developer has confirmed their commitment to
further developing the residential lots within the Sandhurst Estate.

Financial Summary
General
Sandhurst Club Limited (‘Club’) recorded a loss of $737,033 for the 2007/08 financial year after receipt of a
non-recourse subsidy of $400,000 from the Project Developer. This result was primarily due to the additional
costs required to maintain the Estate which increased $440,226 (43%), whilst the levels of Project Developer
subsidy reduced by $542,859 compared to the previous year.
The additional costs of $915,000 required to maintain the Champion’s Course were offset by additional
Subscription revenues of $957,704. Residential subscription fees added a further $264,420, up 20% for the
year. Unfortunately unforeseen costs and lower than expected contributions from both golf and hospitality
departments required the Club to obtain a Project Developer loan of $350,000. This is a non-interest bearing
loan that has been forecast to be repaid in the 2011/12 financial year from surpluses the Club is anticipating to
have at this time.
Department Overview
Golf Operations contribution suffered by comparison to the prior year due to $58,476 in unforeseen costs
incurred providing Members with alternative venues whilst neither course was available for play. Additional
wages of approximately $48,000 were also incurred in manning the McCormicks road crossover whilst the
underpass was not available. This combined with increased wages costs resulted in a contribution that was
$132,082 worse than the prior year.
Hospitality revenues grew by 13.5%, a positive result given the impact of the course being unavailable in the
early part of the year. Unfortunately the overall contribution was negative to the order of $125,901, $14,688
better than the previous year. Wages costs were $98,643 higher for the year and the club continues to
struggle to provide service levels that meet the expectations of the Members without negatively impacting the
bottom line. The forecast for the coming year redresses this situation and it is management’s expectation that
this department will make a positive contribution in the 2008/09 financial year.
As mentioned earlier Estate Maintenance costs increased significantly when compared to the previous year.
As more homes are built and the area required to be maintained by the club continues to grow, the labour and
materials required to present the estate in such an exceptional manner have also increased.
During the 2007/08 financial year the Club was severely impacted by the unavailability of both courses and
management looks forward to the 2008/09 year with all facilities being available to Members. The challenge is
to maximise the utilisation of these facilities to maximise revenues, whilst also managing expenditure. Should
management achieve this, the Club is forecast to return a break even result with no assistance from the
Project Developer that will lay the foundations for surpluses in the years that follow.
Several charts have been included over the page to illustrate the contributions of various aspects of the
Club’s businesses.
Cameron Davidson
General Manager - Finance & Administration
For and on behalf of PGA LINKS Management Pty Ltd
19

Club Income by Source for the year ended 30 June 2008
Club Expenses by Cost Centre for the year ended 30 June 2008
20
Hospitality 21%
Residential Subscriptions
22%
Administration 22%
Golf Operations 13%
Hospitality 21%
Golf Operations 14%
Other 2%
Developer Subsidy 6%
Golf Subscriptions 35%
Course Maintenance 25%
Residential Estate 19%
Performance by Department for the year ended 30 June 2008
Golf Operations &
Course Maintenance
Hospitality
Estate Maintenance
Residential &
Administration
Developer Subsidy
Income
Expenses

Sandhurst Club Limited
Sandhurst Club Limited
Audited Accounts
ACN 083 181 364
Concise financial statements for the year ending 30 June 2007
ACN 083 181 364
Audited Accounts
Concise financial statements for the year ending 30 June 2008
21

SANDHURST CLUB LIMITED
Directors’ Report
The Directors of Sandhurst Club Ltd submit herewith their report together with the accounts of the Company
for the year ended 30 June 2008.
The following persons were Directors of the Company during the whole of the financial year and up to the date
of this report:
22
•
•
•
•
•
•
•
Results
Ken Roche
Stephen Head
Joshua Mantello
Clinton Casey was a Director from the beginning of the financial year until his resignation on
22 November 2007.
Brian Blair was a Director from the beginning of the financial year until his resignation on 14 January 2008.
Colin Cass was appointed as a Director on 22 November 2007 and continues in office at the date of
this report.
Phillip Ayres was appointed as a Director on 16 April 2008 and continues in office at the date of this report.
The loss of the Company for the financial year was $737,033 (2007: profit $64,674).
Principal Activities
The Company’s principal activities have been the maintenance of the Golf Courses and Estate as well as the
operation of the Clubhouse and Club Facilities situated at Sandhurst, Victoria.
Dividends
Pursuant to Clause 8.1 of the Company’s Constitution, the Company cannot pay or declare dividends.
State of Affairs
During the financial year there was no significant change in the Company’s state of affairs other than as
disclosed in the accounts or notes thereto.
Likely Developments
In the opinion of the Directors, disclosure of information regarding likely developments in the Company’s
operations and the expected results of its operations in future financial years would prejudice its interests.
Directors’ Interests and Benefits
No Director of the Company has received or become entitled to receive any benefit (because of a contract
made by the Company or a related body corporate with the Director, a firm of which the Director is a member
or a Company in which the Director has a substantial financial interest) other than:
(i) a benefit included in the aggregate amount of remuneration received or due and receivable by
Directors; or
(ii)
amounts paid or payable as disclosed in the notes to the accounts.

Directors Meetings
The number of Directors’ meetings held and attended by each Director of the Company during the
financial period were:-
Number of Meetings
attended
Number of Meetings
held whilst in office
Stephen Head 5 5
Ken Roche 5 5
Clinton Casey 0 3
Joshua Mantello 4 5
Brian Blair 3 3
Colin Cass 2 2
Phillip Ayres 0 1
Other Matters
There are no unissued shares under option as at the date of this report.
The Company has not, during or since the end of the financial year, in respect of any person who is or has
been an officer or auditor of the Company:-
(i) indemnified them or made any relevant agreement for indemnifying them against a liability including
costs and expenses in successfully defending legal proceedings; or
(ii) paid or agreed to pay a premium for them in respect of a contract insuring against a liability for the
costs or expenses to defend legal proceedings.
The Directors note there is a working capital deficiency as at 30 June 2008, notwithstanding this deficiency the
Directors are of the view the Company is able to pay its debts as and when the fall due. See Note 1.
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in
any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings.
Environmental Issues
The Company’s operations are believed to be in accordance with all significant environmental regulations
under a law of the Commonwealth or of a State or Territory.
Signed in accordance with a resolution of the Directors made pursuant to the Corporations Act 2001.
On behalf of the Directors,
Ken Roche
Chairman
Dated 28 October 2008
Stephen Head
Director
Dated 28 October 2008
23

SANDHURST CLUB LIMITED
Declaration by Directors
As detailed in Note 1 to the financial report the Company is not a reporting entity because in the Directors’
opinion, there is unlikely to exist users who are unable to command the preparation of reports tailored so as to
satisfy specifically all of their information needs. This financial report is therefore a “Concise Special Purpose
Financial Report” that has been prepared solely for the Directors and members of the Company.
The Directors of the Company declare that:-
(i) The financial statements and notes present fairly the Company’s financial position as at 30 June 2008
and its performance for the year ended on that date in accordance with the Corporations Act 2001
and Accounting Standards as detailed in Note 1;
(ii) At the date of this declaration, there are reasonable grounds to believe that the Company will be able
to pay its debts as and when they become due and payable; and
(iii) The financial statements have been derived from and are consistent with the Company’s full financial
report and AASB 1039: Concise Financial Reports.
On behalf of the Directors,
Ken Roche
Chairman
Dated 28 October 2008
26
Stephen Head
Director
Dated 28 October 2008

SANDHURST CLUB LIMITED
Income Statement
For the Financial Year ended 30 June 2008
2008
$
Residential Membership Fees 1,540,275 1,275,855
Subscription Fees 2,377,209 1,419,505
Developer Subsidy 399,999 942,858
Other Revenue from Ordinary Activities 1,831,729 1,758,105
2007
$
6,149,212 5,396,323
Labour Hire Costs (2,503,976) (2,102,046)
Cost of Sales (570,529) (563,487)
Other Expenses from Ordinary Activities (3,811,740) (2,666,116)
(6,886,245) (5,331,649)
Profit/(Loss) for the year (737,033) 64,674
27

SANDHURST CLUB LIMITED
Balance Sheet
As at 30 June 2008
28
Current Assets
2008
$
Cash & Cash Equivalents 232,448 937,882
Trade & Other Receivables 879,222 540,160
Inventory 67,028 61,079
Total Current Assets 1,178,698 1,539,121
Non Current Assets
Plant & Equipment 169,025 95,979
Total Non Current Assets 169,025 95,979
Total Assets 1,347,723 1,635,100
Current Liabilities
Trade & Other Payables 1,644,497 1,550,869
Provisions 85,336 74,701
Total Current Liabilities 1,729,833 1,625,570
Non Current Liabilities
Trade & Other Payables 350,000 -
Provisions 12,951 17,558
Total Non Current Liabilities 362,951 17,558
TOTAL LIABILITIES 2,092,784 1,643,128
Net Assets (745,061) (8,028)
Equity
Retained Profits (745,061) (8,028)
2007
$
Total Equity (745,061) (8,028)

SANDHURST CLUB LIMITED
Statement of Changes in Equity
For the Financial Year ended 30 June 2008
Retained
Profits
$
Balance at 1 July 2006 (72,702) (72,702)
Profit / (Loss) attributable to members 64,674 64,674
Balance at 30 June 2007 (8,028) (8,028)
Profit / (Loss) attributable to members (737,033) (737,033)
Total
$
Balance at 30 June 2008 (745,061) (745,061)
29

SANDHURST CLUB LIMITED
Cash Flow Statement
For the Financial Year ended 30 June 2008
30
Cash Flows from Operating Activities
2008
$
Receipts from customers 5,810,150 5,607,101
Payments to suppliers and employees (6,766,025) (5,490,042)
Net Cash from Operating Activities (955,875) 117,059
Cash Flows from Investing Activities
Plant and Equipment (net) (99,559) (52,107)
Net Cash (used in) Investing Activities (99,559) (52,107)
Cash Flows from Financing Activities
Proceeds from Borrowings 350,000 -
Net Cash from Financing Activities 350,000 -
Net Increase/(Decrease) in Cash (705,434) 64,952
Cash Held at the Beginning of the Financial Year 937,882 872,930
2007
$
Cash Held at the End of the Financial Year 232,448 937,882

SANDHURST CLUB LIMITED
Notes To and Forming Part of the Accounts
For the Financial Year ended 30 June 2008
1. Summary of Accounting Policies
Financial Reporting Framework
This concise financial report is a special purpose financial report prepared for use by the Directors and
members of the Company. The Directors have determined that the Company is not a reporting entity, and
therefore there is no requirement to apply all applicable accounting standards or other mandatory professional
reporting requirements in the preparation and presentation of this report. The information contained within this
concise financial report has been derived from and is consistent with the special purpose financial report of the
Company for the year ended 30 June 2008.
The full financial report has been prepared in accordance with the requirements of the Corporations Act 2001,
and the following applicable Australian Accounting Standards and Accounting Interpretations:
AASB 107 Cash Flow Statements;
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;
AASB 110 Events after the Balance Sheet Date;
AASB 117 Leases;
AASB 1031 Materially; and
AASB 1048 Interpretation and Applicable Standards.
No other Accounting Standards, Accounting Interpretations or other authoritive pronouncements of the
Australian Accounting Standards Board have been applied.
A going concern basis of accounting has been adopted in view of the expected future cashflows and
profitability of the Company.
The concise financial report does not, and cannot be expected to, provide a full understanding of the financial
performance, financial position and financing and investing activities of the Company as the full financial report.
Accordingly, this concise financial report should be read in conjunction with the special purpose full financial
report of 2008.
A complete copy of the audited special purpose full financial report of the Company for the year ended 30
June 2008 is available to members. Requests can be made to the General Manager, Sandhurst Club.
Notwithstanding the working capital deficiency of the Company at balance date, the Director’s are satisfied
that the entity is a going concern, and therefore can pay its debts as and when they fall due on the basis of the
accounting policy adopted in relation to annual subscription fee income.
2. Related Parties
The Directors of the Company are named in the Directors Report.
During the year, the Company incurred management fees and other charges with the following related entities
on normal commercial terms and conditions:-
PGA LINKS Management Pty Ltd (“PGAL”);
Links Living Limited (“LLL”);
ClubLINKS Pty Ltd (“CL”);
ClubCOM Utilities Pty Ltd (“CCOM”);
ClubLINKS Security Pty Ltd (“CLS”);
Sandhurst Developments Joint Venture (“SDJV”);
Sandhurst Holdings (Aust) Ltd (“SHAL”); and
Sandhurst Sports Club Pty Ltd (“SSC”).
31

During the year, Sandhurst Club Ltd incurred charges from the following related entities on normal commercial
terms and conditions:-
a) Incurred charges from the following entities
32
Entity
Management Fees
2008
$
2007
$
Financial & Admin
Services Security Services
2008
$
2007
$
2008
$
2007
$
General Operating
Expenses
2008
$
PGAL (i) 304,965 237,069 267,711 181,835
LLL (i) (iii) 47,520 45,000 27,806 63,538
CL (i) (vi) 159,135 157,743 189,123 110,664
CCOM (i) (v) 28,386 34,342
CLS 392,684 319,961
SDJV (i) (ii) (v) 25,944 17,958
SHAL (i) (ii) (iii) (iv) (v) 400,274 391,726
SSC (i) (ii) 97,686 34,397
2007
$
402,651 271,466 206,655 202,743 392,684 319,961 939,244 800,063
b) Raised charges with the following entities
Entity
Subsidy
2008
$
2007
$
Golf Course &
Estate Services
2008
$
PGAL (i) - 2,848
LLL (i) (iii) 16,091 (4,300)
CL (i) (vi) 1,360 2,762
CLS 13,541 11,573
SDJV (i) (ii) (v) 399,999 942,858 360,055 252,097
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Stephen Head is a Director of this entity
Ken Roche is a Director of this entity
Clinton Casey is a Director of this entity
Joshua Mantello is a Director of this entity
Brian Blair is a Director of this entity
Colin Cass is a Director of this entity
2007
$
399,999 942,858 391,047 264,980

SANDHURST CLUB LIMITED
Departmental Overview of Income & Expenses
34
Trading Performance for the year ended 30 June 2008
Residential &
Administration TOTAL CLUB
Golf Operations &
Maintenance Hospitality
Estate Maintenance
2007
$
2008
$
2007
$
2008
$
2007
$
2008
$
2007
$
2008
$
2007
$
2008
$
Revenue
Subscriptions - - 2,377,209 1,419,505 - - 1,540,275 1,275,855 3,917,484 2,695,360
Trading Revenue 69,684 23,874 48,690 162,807 1,500,788 1,414,207 - - 1,619,162 1,600,888
Developer Subsidy - - - - - - 399,999 942,858 399,999 942,858
Other Revenue 21,423 7,571 - - 16,218 34,525 174,926 115,121 212,567 157,217
Total Revenue 91,107 31,445 2,425,899 1,582,312 1,517,006 1,448,732 2,115,200 2,333,834 6,149,212 5,396,323
Expenses
Cost of Sales - - - - 570,529 563,047 - - 570,529 563,047
Employee Benefits 408,105 320,822 840,399 549,530 946,166 847,523 309,306 384,171 2,503,976 2,102,046
Golf Course Expenses - - 915,655 595,204 - - - - 915,655 595,204
Management Fees 129,996 84,504 97,686 (34,396) - - 482,320 325,514 710,002 375,622
Insurance - - - - - - 127,792 116,023 127,792 116,023
Landscaping 46,908 17,488 - - - - - - 46,908 17,488
Utilities 186,810 65,229 152,083 - 9,660 - 225,185 90,320 573,738 155,549
Rates & Taxes - - - - - - 53,207 50,197 53,207 50,197
Repairs & Maintenance 85,793 94,685 - - 545 10,206 91,924 97,872 178,262 202,763
Security Costs 394,524 302,152 - - - - - - 394,524 302,152
Other Expenses 214,960 141,990 - - 116,007 168,525 480,685 541,043 811,652 851,558
Total Expenses 1,467,096 1,026,870 2,005,823 1,110,338 1,642,907 1,589,301 1,770,419 1,605,140 6,886,245 5,331,649
Net Contribution (1,375,989) (995,425) 420,076 471,974 (125,901) (140,569) 344,781 728,694 (737,033) 64,674

Sandhurst Holdings (Aust) Limited
ACN 083 189 655
Consolidated Audited Accounts
Concise Financial Statements For The Year Ended 30 June 2008
35

SANDHURST HOLDINGS (AUST) LIMITED
Directors’ Report
The Directors of Sandhurst Holdings (Aust) Ltd submit herewith their report together with the accounts of the
Company for the year ended 30 June 2008.
The following persons were Directors of the Company during the whole of the financial year and up to the date
of this report:
36
•
•
•
•
•
•
•
Ken Roche
Stephen Head
Joshua Mantello
Clinton Casey was a Director from the beginning of the financial year until his resignation on
22 November 2007.
Brian Blair was a Director from the beginning of the financial year until his resignation on 14 January 2008.
Colin Cass was appointed as a Director on 22 November 2007 and continues in office at the date of
this report.
Phillip Ayres was appointed as a Director on 16 April 2008 and continues in office at the date of this report.
Principal Activities
The Company owns and operated the Golf Courses, Clubhouse and the Club Facilities situated at Sandhurst,
Victoria. Such facilities are leased to Sandhurst Club Limited (the Club). These facilities were handed over to
the Company on 30 April 2004 by Sandhurst Constructions Joint Venture allowing the Club to commence
trading operations from 1 May 2004.
Results
The profit of the Company and the Group for the financial year was $9,775 (2007: loss $55,500).
State of affairs
During the financial year there was no significant change in the Company’s or the Group’s state of affairs other
than as disclosed in the accounts or notes thereto.
Subsequent Events
There has not arisen in the interval between the end of the financial period and the date of this report any
other item, event or transaction of a material and unusual nature likely to affect the Company’s or the Group’s
operations or state of affairs in subsequent periods except as disclosed in the notes to the accounts.
Likely Developments
In the opinion of the Directors, disclosure of information regarding likely developments in the Company’s
and the Group’s operations and the expected results of its operations in future financial years would
prejudice its interests.
Environmental Issues
The Company’s and the Group’s operations are believed to be in accordance with all significant environmental
regulations under a law of the Commonwealth or of a State or Territory.
Dividends
Pursuant to Clause 8.1 of the Company’s Constitution, the Company cannot pay or declare dividends.

Directors Meetings
The number of Directors’ meetings held and attended by each Director of the Company during the financial
period were:-
Number of Meetings
attended
Number of Meetings
held whilst in office
Stephen Head 5 5
Ken Roche 5 5
Clinton Casey 0 3
Joshua Mantello 4 5
Brian Blair 3 3
Colin Cass 2 2
Phillip Ayres 0 1
Directors’ Interests and Benefits
No Director of the Company has received or become entitled to receive any benefit (because of a contract
made by the Company or a related body corporate with the Director, a firm of which the Director is a member
or a Company in which the Director has a substantial financial interest) other than:
(i) a benefit included in the aggregate amount of remuneration received or due and receivable by
Directors; or
(ii) amounts paid or payable as disclosed in the notes to the accounts.
Other Matters
There are no unissued shares under option as at the date of this report.
The Company has not, during or since the end of the financial year, in respect of any person who is or has
been an officer or auditor of the Company:-
(i) indemnified them or made any relevant agreement for indemnifying them against a liability including
costs and expenses in successfully defending legal proceedings; or
(ii) paid or agreed to pay a premium for them in respect of a contract insuring against a liability for the
costs or expenses to defend legal proceedings.
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in
any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings.
In September 2007, Sandhurst Sports Club Pty Ltd received notification from the State Revenue Office (SRO)
that its land holdings at Sandhurst are exempt from land tax. The Company also received notification from
the SRO that the Company’s objections to the 2005 and 2006 land tax assessments were successful, and
accordingly both assessments were withdrawn by the SRO.
The Company also received notification from the SRO that objections to its 2002, 2003 and 2004 land tax
assessments were unsuccessful and accordingly the SRO requires payment in relation to such assessments.
The total of these assessments is $1,143,958 (excluding any interest component). The Company has lodged
an appeal in relation to this matter with the SRO and the board is confident of a favourable outcome.
Signed in accordance with a resolution of the Directors made pursuant to the Corporations Act.
On behalf of the Directors,
Ken Roche
Chairman
Dated 28 October 2008
Stephen Head
Director
Dated 28 October 2008
37

SANDHURST HOLDINGS (AUST) LIMITED
Declaration by Directors
The Directors of the Company declare that:-
40
a) the financial statements and notes:
(i)
comply with Accounting Standards and the Corporations Regulations 2001;
(ii) give a true and fair view of the financial position as at 30 June 2008 and performance for
the year then ended of the Company and the Group; and
(iii) the financial statements have been derived from and are consistent with the Company’s full
financial report and AASB 1039: Concise Financial Reports.
b) in the Directors’ opinion, there are reasonable grounds to believe that the Company and the Group
will be able to pay its debts as and when they become due and payable
On behalf of the Directors,
Ken Roche
Chairman
Dated 28 October 2008
Stephen Head
Director
Dated 28 October 2008

SANDHURST HOLDINGS (AUST) LIMITED
Income Statement
For the Financial Year ended 30 June 2008
Parent
Entity
2008
$
Parent
Entity
2007
$
Group
2008
$
Group
2007
$
Rental Income 533,595 351,998 533,595 262,548
Green Fees - - 385,531 303,497
Merchandise - - 357,655 333,233
Competition Fees - - 124,264 75,463
Equipment Hire - - 97,825 64,161
Lifetime Membership Fees - 11,000 - 11,000
Diminution of Asset Reversal 80,000 - 80,000 -
Other Revenue from Ordinary Activities - 4,179 78,424 75,856
613,595 367,177 1,657,294 1,125,758
Labour Hire Costs - - (348,428) (253,959)
Cost of Sales - - (217,185) (210,062)
Trophy & Prize Redemption - - (95,430) (65,371)
Borrowing Costs Expense (103,043) (63,374) (103,043) (63,374)
Depreciation (425,832) (271,325) (429,576) (272,568)
Asset Write Offs (70,225) (66,500) (70,225) (66,500)
Other Costs (4,720) (21,478) (383,632) (249,424)
Profit/(Loss) from Continuing Activities before
Income Tax
(603,820) (422,677) (1,647,519) (1,181,258)
9,775 (55,500) 9,775 (55,500)
Income Tax Attributable to Operating Profit - - - -
Profit/(Loss) for the year 9,775 (55,500) 9,775 (55,500)
41

SANDHURST HOLDINGS (AUST) LIMITED
Balance Sheet
As at 30 June 2008
42
Current Assets
Parent
Entity
2008
$
Parent
Entity
2007
$
Group
2008
$
Group
2007
$
Cash & Cash Equivalents 90 367,877 3,850 388,568
Trade & Other Receivables 644,599 492,295 472,992 394,470
Inventory - - 63,350 56,276
Total Current Assets 644,689 860,172 540,192 839,314
Non Current Assets
Trade & Other Receivables 147,000 91,000 147,000 91,000
Property, Plant & Equipment 952,991 1,332,587 1,162,998 1,448,723
Financial Assets 2 2 - -
Total Non Current Assets 1,099,993 1,423,589 1,309,998 1,539,723
Total Assets 1,744,682 2,283,761 1,850,190 2,379,037
Current Liabilities
Borrowings 445,045 421,480 445,045 421,480
Trade & Other Payables 396,450 564,975 483,961 649,237
Employee Entitlements - - 17,997 11,014
Total Current Liabilities 841,495 986,455 947,003 1,081,731
Non Current Liabilities
Borrowings 616,712 1,000,206 616,712 1,000,206
Trade & Other Payables 10 32,410 10 32,410
Total Non Current Liabilities 616,722 1,032,616 616,722 1,032,616
Total Liabilities 1,458,217 2,019,071 1,563,725 2,114,347
Net Assets 286,465 264,690 286,465 264,690
Equity
Issued Capital 11,305,000 11,293,000 11,305,000 11,293,000
Retained Profits (11,018,535) (11,028,310) (11,018,535) (11,028,310)
Total Equity 286,465 264,690 286,465 264,690

SANDHURST HOLDINGS (AUST) LIMITED
Statement of Changes in Equity
For the Financial Year ended 30 June 2008
Parent Entity
Issued
Capital
$
Retained
Profits
$
Balance at 1 July 2006 11,237,500 (10,972,810) 264,690
Profit / (Loss) attributable to members (55,500) (55,500)
Issue of Shares 55,500 - 55,500
Balance at 30 June 2007 11,293,000 (11,028,310) 264,690
Profit / (Loss) attributable to members 9,775 9,775
Issue of Shares 12,000 12,000
Balance at 30 June 2008 11,305,000 (11,018,535) 286,465
Group
Issued
Capital
$
Retained
Profits
$
Balance at 1 July 2006 11,237,500 (10,972,810) 264,690
Profit / (Loss) attributable to members (55,500) (55,500)
Issue of Shares 55,500 - 55,500
Balance at 30 June 2007 11,293,000 (11,028,310) 264,690
Profit / (Loss) attributable to members 9,775 9,775
Issue of Shares 12,000 12,000
Total
$
Total
$
Balance at 30 June 2008 11,305,000 (11,018,535) 286,465
43

SANDHURST HOLDINGS (AUST) LIMITED
Cash Flow Statement
For the Financial Year ended 30 June 2008
44
Cash Flows from Operating Activities
Parent
Entity
2008
$
Parent
Entity
2007
$
Group
2008
$
Group
2007
$
Receipts in the course of operations 381,291 602,502 1,578,772 1,429,410
Payments in the course of operations (354,913) (929,244) (1,551,710) (1,810,136)
Net Cash from Operating Activities 26,378 (326,742) 27,062 (380,726)
Cash Flows from Investing Activities
Fixed Asset Purchases - net (46,236) - (63,852) 14,345
Hire Purchase Repayments (359,929) (190,736) (359,928) (190,736)
Net Cash (used in) Investing Activities (406,165) (190,736) (423,780) (176,391)
Cash Flows from Financing Activities
Proceeds from application for shares 12,000 55,500 12,000 55,500
Net Cash from Financing Activities 12,000 55,500 12,000 55,500
Net Increase/(Decrease) in Cash (367,787) (461,978) (384,718) (501,617)
Cash Held at the Beginning of the Financial Year 367,877 829,855 388,568 890,185
Cash Held at the End of the Financial Year 90 367,877 3,850 388,568

SANDHURST HOLDINGS (AUST) LIMITED
Notes To and Forming Part of the Accounts
For the Financial Year ended 30 June 2008
1. Summary of Accounting Policies
Basis of Preparation
The concise financial report of the Company has been prepared for use by the Directors and members of the
Company. It has been prepared on an accruals basis using historical costs and does not take into account
changing money values or, except where stated, current valuations of non current assets.
The concise financial report does not, and cannot be expected to, provide as full an understanding of the
financial performance, financial position and financing and investing activities of an entity as the full financial
report. Accordingly, this concise financial report should be read in conjunction with the general purpose full
financial report of 2008. A complete copy of the audited general purpose full financial report of the Company
for the year ended 30 June 2008 is available to members. Requests should be made to the Club’s General
Manager, Sandhurst Club.
2. Issued Capital
Each current Director of the Company holds a Manager Membership in the Company at that date which
entitles them to vote at general meetings until ‘completion date’ (as defined in the Company’s most recent
prospectus). At 30 June 2008, the following number of shares had been issued by the Company;
2008 2007
Individual Shares 547 547
Family Shares 46 46
Corporate Shares 7 7
As at balance date a further 403 Lifetime Memberships had been issued, with the Company intending to issue
the balance of 97 through out the next financial year.
45

SANDHURST HOLDINGS (AUST) LIMITED
Notes To and Forming Part of the Accounts
46
For the Financial Year ended 30 June 2008
3. Segment Report
Rental Leasing Golf Operations TOTAL
2007
$
2008
$
2007
$
2008
$
2007
$
2008
$
2007
$
2008
$
Income
Rental Income 429,576 197,754 - - - - 429,576 197,754
Leasing Income - - 104,019 64,794 - - 104,019 64,794
Green Fees - - - - 385,531 303,497 385,531 303,497
Merchandise - - - - 357,655 333,233 357,655 333,233
Competition Fees - - - - 124,264 75,463 124,264 75,463
Equipment Hire - - - 97,825 64,161 97,825 64,161
Other Revenue - - 78,424 86,856 78,424 86,856
Total Revenue 429,576 197,754 104,019 64,794 1,043,699 863,210 1,577,294 1,125,758
Cost of Sales - - - - 217,185 210,062 217,185 210,062
Expenses
Depreciation 429,576 272,568 - - - - 429,576 272,568
Interest Expenses - - 103,043 63,374 - - 103,043 63,374
Labour Hire - - - - 348,428 253,959 348,428 253,959
Trophies & Prizes - - - - 95,430 65,371 95,430 65,371
Other Costs - - - - 383,632 249,424 383,632 249,424
Total Expenses 429,576 272,568 103,043 63,374 827,490 568,754 1,360,109 904,696
Net Contribution - (74,814) 976 1,420 (976) 84,394 - 11,000
Lifetime Membership Sales - 11,000
Diminution of Assets 9,775 (66,500)
Net Profit / (Loss) 9,775 (55,500)

Sandhurst Club Limited
Address 75 Sandhurst Boulevard, Sandhurst Victoria Australia 3977
Phone +61 3 8787 7011
Fax +61 3 8787 7033
Email info@sandhurst.com
Web www.sandhurst.com