There has been a lot of discussion about the Rules of Golf relating to water hazards (other than casual water).  As you are aware all declared water hazards on the Ivanhoe course are lateral water hazards.  The relevant rule states, inter alia, If a ball is in a water hazard or if it is known or virtually certain that a ball that has not been found is in a water hazard (whether the ball lies in water or not) , the player may under penalty of one stroke: a) Play a ball as nearly as possible at the spot from which the original ball was last played b) Drop a ball behind the water hazard, keeping the point at which the original ball last crossed the margin of the water hazard directly between the hole and the spot on which the ball is dropped with no limit to how far behind the water hazard the ball may be dropped; or c) as additional options available only if the ball last crossed the margin of a lateral water hazard, drop a ball outside the water hazard within two club-lengths of and not nearer the hole than i) the point where the original ball last crossed the margin of the water hazard or ii) a point on the opposite margin of the water hazard equidistant from the hole.

Hopefully this diagram makes it clear.  The stars close to the hazard are two club-lengths.  The ones further from the hazard are line extensions through point of entry to the pin.  The left hand ones can be any point on the course from where the last shot was played.