BELMONT 16 FOOT SAILING CLUB LIMITEDANNUAL · PDF filebelmont 16s annual report 2 belmont 16 foot sailing club limitedannual report acn 001 020 471 year ended 31 march 2017

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2017

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2BELMONT 16s - ANNUAL REPORT 2017

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2017

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CONTENTS

• President’s Report

•ChiefExecutiveOfficer’sReport

• Commodore’s Report

• Sailing Honours

• Subsidiary Clubs Report & Contact Details

• Financial Reports

ThefinancialreportwasauthorisedforissuebytheDirectorson30May2017.

TheCompanyhasthepowertoamendandre-issuethefinancialreport.


PRESIDENT’S REPORTOnceagainitismypleasuretoreporttoourMembersonanothersuccessfulyearforyourClub.

After a couple of years of intensive development, the last 12 months has seen a period of the Club consolidatingandenjoyingthebenefitsofthoseimprovements.ThatisnottosayyourBoardandtheClub management have not been keeping themselves extremely busy in putting together plans for the futureofourClub.

Since early 2014wehave beenpursuing a rezoning process for all of our Swansea property assetswithaviewtoachievingacommonmediumdensityresidentialzoningwhichwouldbeconsistentwiththe surrounding 88 hectares of land and allowus flexibility in the rangeof uses towhich the landcouldbeput.ThisprocesshasbeencomplicatedbyLakeMacquarieCityCouncil’ssealevelrisepolicyand their interpretation of the associated issues of flooding and evacuation plans for not only our

propertybutalsofortheentiresurroundingsuburb.Whathasbecomeclearduringthisprocessisthatregardlessofzoning,theoverarching environmental constraints limitouropportunities tomaximise thepotential benefits that theuseof thisproperty candeliver to all Members.Onthisbasis,ourdesiretoseetheformerSwanseaBowlingClubsiteinCharlesStreetreactivatedratherthantofurther deterioratehasprovenunachievableandwehavesoldthissiteandusedtheproceedstoretiresomedebt.WhilsttherezoningapplicationforourLakeRoadsiteisbeingfurtherconsideredwewillcontinuetoassessouroptionswiththissite.

YourBoardisalsointheearlystagesofexploringpotentialopportunitiesthatourBelmontnon-corepropertyassetsmaydelivertotheClubasweseektostrategicallydiversifyourassetbaseandrevenuestreams.

AsIcontemplatethefactthatourClubisfastapproachingourcentenaryyearin2022,itgivesmetheopportunitytoreflectonthe significantcontributionsmadebymanyMembersovertheyearstoputusinthepositionthatweareintoday.AsaBoard,itgivesusthe resolve to focus on delivering positive outcomes for not only today’sMembers but also for tomorrow’sMembers as theClub approachesfuturemilestones.WeseethelongevityandfuturesuccessoftheClubasoneofourprimarystewardshipfunctionsandassuchwhilstsomeofthestrategiesthatweimplementmayseemdisruptiveitisimportantforMemberstounderstandtheyarealllinkedto overarchinggoals.

Asanorganisation,wearecommittedtofulfillingourcorporatesocialresponsibilityroleandareproudtosupportnotonlythesportofsailingbutalsoadiverserangeoflocalcommunitygroupsandcharitieswithalistoftheorganisationsthatwehavesupportedduringthelastyearinthisregard,onthefollowingpages.

OnthesailingfrontallMembersshouldapplaudtheeffortsofHenryMakin,IsraelSmithandGrantMakinwhosailedtheSkiffTJSServicestoawininthe16ftSkiffAustralianChampionshipsatLakeIllawarra.ThisyoungcrewbroughtthetrophybacktoBelmontafteralengthybreakof13years.

Onasaddernote,thisyearsawthepassingof2LifeMembers,thelateRoyGreen[apastPresident]andthelateJohnMoore[aformerCommodore].Bothofthesegentlemen,duringtheirtimeinthesepositions,madesignificantandlastingcontributionswhichwestillenjoythebenefitsoftoday.

Additionally,forthefirsttimeinmynearly30yearsontheBoard,thisyearsawthepassingofasittingMemberoftheBoard,thelateMikeScully.IwillmissMike’sfriendshipandunwaveringsupport.InadditiontohisDirectorshiprole,MikewasafantasticlongservingSailabilityvolunteeranddrivingforcebehindtheBoatingBowlersSubsidiaryClub.Itis,inmyopinion,anoversightthatMikeisnotalreadyaLifeMemberoftheClubandItrustthattheMemberswillsupportthemotiontorectifythisatthisyear’sAGM.

Onceagain,theongoingsuccessofyourClubowesmuchtoourmagnificentstaffunderthedirectionofCEOScottWilliamsandhismanagementteam.Thanksteamforanothergreatyear.

YourBoardofDirectorsconsistentlyoperatesasaunified,coordinatedandfocusedteamandforthatIthankthem.HopefullywecancontinuetoworktogethertodrivetheClubtofuturesuccess.

David BerrymanPresident


CHIEF EXECUTIVE OFFICER’S REPORTAnother year has passed by and I have pleasure in advising Members that the 2016/2017 year has beenanothersuccessfuloneforyourClubwithallareasofthebusinessexceedingtheirtargets.TheseresultwouldnothavebeenpossiblewithoutthesupportofourMembersandIwouldliketotakethisopportunitytothankyouforyourcontributiontooursuccess.

Fortheyearended31March2017Belmont16shasgeneratedanaftertaxsurplusof$1,248,957(2016:$1,025,263)basedonrevenuesof$23,253,026(2016:$22,392,390).Thisresultwasachievedafterattributing$2,247,168(2016:$1,882,060)todepreciationandamortisationexpensesaswellas $517,243 (2016: $496,346) to finance costs for the year.Abenchmarkoften used to gaugetruefinancialperformanceisEBITDAandinourcaseweachievedanEBITDAof$3,783,101or16.27%ofrevenue(2016:$3,252,748)whichhighlightsourstrongresultandpositionsuswellfor thefuture.

Oneparticularareaofthebusinessthathasachievedrecordresultshasbeenourcateringoperations.ThedemandforourfoodandbeverageofferingscontinuestogrowanddespiteusintroducingnewoutletssuchastheBoatShedBar&Galley,Mario’sPizza&PastaaswellastheTerraceRestaurantduringthepreviousfinancialyear,wearenowlookingtoexpandourproductrangeevenfurther.WearecurrentlyinvestigatingtheviabilityofanadditionaloutletwithintheSailsEateryprecinctandlookingtorefurbishandexpandFlavoursCoffeeShoptoimproveyouroverallexperience,particularlyduringpeaktradingperiods.

Oneoftheessentialrolesthatclubsperforminsocietyisprovidingaccessible,safeandaffordablefacilitiestobringpeopletogether.Unfortunatelyforsomeinourcommunitytherearebarrierswhichcanleadtoisolationandsocialexclusion.OneofthewaysthatyourClubhasbeenaddressingthisissuewithinourlocalcommunityisthroughourfreeWednesdaySeniorsconcertsthatwehavebeenholdingsince1994.OnanygivenWednesdaywebringtogethermorethan150seniorsandspecialneedspeopletonotonlyenjoythemselvesandthenstayonforanaffordablelunchbuttoalsoprovideaplatformtobuildsocialinclusion.WhenIseethesmilesonthefaceseveryWednesdayIamconfidentthatwearemakingadifferencetopeople’slives. Beyondthefacilitiesthatwehaveonofferitisourstaffwhoworktogetherasateamtoprovidetheinteractions,understanding,engagementandsmilesastheystrivetoachieveserviceexcellencetomakeourMembers’experienceenjoyable.Iwouldliketopaytributetoourteamandthankeachofour156employeesfortheircontributiontooursuccess.ToourmanagementteamIwouldliketoprovideyouwiththeaccoladesthatyourightlydeserveandapplaudyourachievementsoverthepastyear.

IwouldliketoextendmysincereappreciationtoPresidentDavidBerrymanandhisfellowDirectorsfortheirprofessionalism,commitmentandsupport.ThisgroupworkstogethercohesivelytofocusonstrategyandfulfilltheirgovernanceobligationstoensuretheongoingsuccessofyourClub.

ItwouldberemissofmenottonotethesadpassingofDirectorMikeScullyinDecember2016.MikewasnotonlyafocusedDirectorandClubstalwartbutalsoafriendandatruegentlemanwhowillbemissedbyall.

Itisworthnotingthatwhilstmanyofourlocalcompetitorsfacedifficulttimes,Belmont16scontinuestoprosperandaslongaswecontinuetomeetyourneedsourfutureisfullofbluesky.Thankyouonceagainforyourongoingsupport.

Scott WilliamsChiefExecutiveOfficer


ORGANISATIONS ASSISTED BY BELMONT 16S - 1 APRIL 2016 TO 31 MARCH 2017 EachandeveryyearBelmont16sprovidesongoingfinancialsupporttoabroadrangeofcommunityorganisations. Inthepastfinancialyearwesupportedthefollowinggroups:

• AdamstownKotaraGardenClub

• Aspect Spectrum Australia

• Atuka Netball Club

• Australian Cancer Research Foundation

• Australian Hearing

• Belmont & District Residents Action Group

• Belmont Bay Ladies’ Probus

• Belmont Child Care Centre

• Belmont Football Club

• Belmont High School

• Belmont Hospital Auxiliary

• Belmont Men’s Probus

• BelmontNeighbourhoodWatch

• Belmont North Public School

• Belmont Probus Computer Interest Group

• Belmont Public School

• Black Diamond AFL

• Blacksmiths Public School

• Centre For Hope

• Cerebral Palsy Alliance

• Children’s Book Council of Australia

• CommunityActivitiesLakeMacquarie

• Croudace Bay Sailing Club

• Eastlakes Family Support Service

• EastlakesU3A

• Eleebana Public School

• Emily’s Voice & Zoe’s Place

• FilipinoAustralianSociety-HunterValley

• Got Your Back Sista

• GwandalanPublicSchool

• HeavenCanWaitCharitySailingRegatta

• Hunter Academy of Sport

• Hunter Breast Cancer Foundation

• JewellsLifestyleCommunity

• LakeMacquarieCityFootball

• Lakeside School

• MacquarieFootball

• Macular Disease Foundation

• MarineRescueLakeMacquarie

• Mark Hughes Foundation

• Movember

• NewcastleFriendshipForceClub

• NewcastleLegacy

• NordsWharfPublicSchool

• Northern Photography Federation

• Pelican Flat Public School

• Port Hunter 16 Foot Skiff Club

• ProbusClubofNewcastle

• Prostate Survival Alliance

• Relay for Life

• Road Safety Education Limited

• Ronald McDonald House

• Rotary Club of Belmont

• RotaryClubofNewcastle

• RotaryDistrict9670

• Royal Institute for Deaf and Blind Children

• Running for Miles Fundraiser

• Sailability

• Salvation Army

• Samaritans

• Sing Australia

• Sony Foundation

• South Maroubra SLSC

• Southern Beaches Rugby Union Club

• Southern Cross Care

• St Francis Xavier’s Primary School

• St Luke’s Uniting Church

• St Vincent de Paul Society

• Starlight Children’s Foundation

• SwanseaBelmontSurfLifeSavingClub

• Tour de Cure

• Valentine Public School

• Vision Australia

• WarnersBayPublicSchool

• WestpacRescueHelicopterService

• WindalePublicSchool


COMMODORE’S REPORTSeason2016/2017willberememberedasanotherenjoyableyearofsailinghereatBelmont16FootSailingClub,withthehighstandardssetinpreviousyearsacrossallhostedfleetsagainbeingmaintained.

Competition intheLionClubChampionshipwasextremelyhealthyagainthisyear,withsailors facingawidevarietyofweatherconditions.Congratulations intheendmustgotothewinningcrewofTJSServices,consistingofHenryMakin,GrantMakinandIsraelSmith.ThesethreeyoungmenalsodefendedtheirJuniorClubChampionshipcrown,a‘double’notwitnessedbefore.

This year’s winners of theAristocratYearly Point Score were the team on board Redicrete, skipperedbyDannyAndersonandcrewedbyBrettDavisandNigelHale.Congratulationsonsuchaconsistentseason.

TJSServicesalsowentontovictoryattheAustralianChampionship.Theyfoughtdoggedlytoclaimthetitle,onlyclinchingthe result inthefinal fewtacksoftheseventhheat.SuccessattheAustralianTitleshasnotbeenenjoyedbyaBelmontCrewfor thirteenyears.OnbehalfofallatBelmont16sIwouldliketoexpressmysincerecongratulationstoHenry,GrantandIsrael;notonlyontheresultstheyachieved,butalsoonthesportsmanshiptheydemonstrated.AspecialmentionmustgotoRodCarter,AdamGillsonandNicholasHordonboardSouthernBeachesRugbywhofinished3rdinIllawarra,abrilliantperformance.

This year our Pelican fleet continued to enjoy strong numbers.TheYearly Pointscorewas awarded to JacintaAnderson and AllyPiperonboardSyntax–afantasticrewardfortheconsistentlydisplayedthroughouttheseason.ThisseasonsawasuccessfultitledefenceoftheClubChampionshipbyTomDawsonandTajWatersonboardSlingshot,congratulationsboys.

ThisyearalsosawstrongracingagainintheFlying11fleet.WehadmultiplecrewstraveltoHobartfortheAustralianTitlesandfivecrewswereinthetoptenoftheNSWStateTitles.ThisyeartheClubChampionshipwasawardedtoThomasSteensonandCameronBurtaboardSillyGalah.HotChillisailedbyKelseyTurnerandGeorgiaSteensonsailedwonderfullytoclaimtheYearlyPointscore–congratulationstoallcrews!JuniorinvolvementinourClubisacredittoallinvolved.It’salwayswonderfultoseesomanyyoungsailorsenjoyingBelmontBayeachandeverySaturday.

In theCherubswe sawBrett andRyanLancasteronboardCausingHaavik claim theClubChampionship,whileAndrewand AmyStewartsailedNewOrdertovictoryintheYearlyPointscore.BrettandRyanwereourmostsuccessfulontherepresentativesceneclaiming3rdintheNSWStateTitles.

OurLaserfleetcontinuesingoodnumberswithfun,competitiveClubracing.Manyofourpastsailorsarecomingoutofretirementandgettingbackonthewater,whichisgreattosee!

Our29er sailorsperformedspectacularly again this seasonon the representative scenewith thehighlightbeing‘Gold’ at theWorldChampionshipsinMedemblik,Netherlands,fortheTomCrockettandHarryMortonteamonboardNHS.TomCrockettalsopairedupwithMaxPaultosailNHSto2ndplaceintheAustralianTitlesandvictoryintheNSWStateTitles.TomStivanoand George Richardson also represented Belmont finishing 14th at theAustralians and 5th at the NSWTitles. On a personal developmentnote,TomCrockettwasalsocrownedLakeMacquarieJuniorMaleSportspersonoftheYear,whileSimonHoffmanwasafinalist. I’mproudtoseenotonlythequalityofoursailorsatBelmont16s,butmoreimportantlythequalityofperson, veryinspiring.

Iwouldliketopassonmysinceregratitudetoallourwonderfulvolunteersgivingoftheirtimesogenerously.OurvolunteersremaintheheartandsoulofsailingatBelmont16sandwerecognisethatwithouttheirweeklysacrificesoursailorswouldnotbeabletoenjoytheirchosensportatourClub.AspecialmentionmustgotoJackyDoyleandJohnHoffman,volunteerfinalistsintheLakeMacquarieSportspersonoftheYearAwards.

FinallymycontinuedthanksgototheMembers,BoardofDirectorsandStafffortheirsupportoverthissailingseason.Myspecialthanks to theSailingManagement team,BronTelfordandDannyAnderson;youreffortsare tremendous.ToViceCommodore Robert Flanagan, Sailing Secretary Tamara Sheehan and the remainder of the Sailing Committee, again my thanks for your support andtirelesscontributionsthroughouttheseason.

James GriffithCommodore


SAILING HONOURS 2016 - 2017

PELICANS,FLYING11S,29ers,CHERUBSandLASERS:

▫ 2017/2018SailingSeasoncommencesonSaturday9September2017.Pelicansracestarts11am.Flying11s,29ers,Cherub&Lasersfirstracestarts2pm.

▫ Registrationmustbecompletedon-lineandisavailablefrom1stAugust2017atwww.sail16s.com.au.

16FOOTSKIFFS

▫ WinterPre-seasonProgram-Sunday20August&Sunday27August2017witha12noonstart.

▫ 2017/2018SailingSeasoncommencesSunday10September2017.

INFORMATION FOR ALL SAILORS

▫ AprerequisitetosailorregistrationandboatregistrationisthatallsailorsandboatownersarerequiredtobefullfinancialmembersofBelmont16FootSailingClub[SocialMembershipisnotacceptableanddoesnotallowparticipationinanysportingactivitiesorganizedbytheClub].

▫ JuniorMembers are required tobefinancialmembers andhave a responsible adultwho is a financial full member [Social Membership is not acceptable] as defined under the Registered ClubsAct and the Club’sConstitution.

▫ AllapplicablemembershipcardsmustbewithyouatalltimeswhileparticipatinginsailingactivitiesandonClubpremises.

BOAT SKIPPER CREW TITLE

Slingshot ThomasDawson TajWaters Club Championship

Syntax JacintaAnderson Ally Piper Yearly Point Score

Silly Galah Thomas Steenson Cameron Burt Club Championship

Hot Chilli KelseyTurner Georgia Steenson Yearly Point Score

NHS Tom Crockett Max Paul Club Championship

RayWhiteMarine Tom Stivano George Richardson Yearly Point Score

NHS Easy As Matt Crockett Full Rig Club Championship

Marge JordanMakin Radial Club Championship

Tim's Boat JonSpencer Full Rig Yearly Point Score

Fossil Fuelled JeremyOliver Radial Yearly Point Score

Causing Haavik Brett Lancaster Ryan Lancaster Club Championship

NewOrder AndrewStewart AmyStewart Yearly Point Score

TJSServices Henry Makin Grant MakinIsrael Smith

Club Championship

Redicrete Danny Anderson Brett DavisNigel Hale

Yearly Point Score

TJSServices Henry Makin Grant MakinIsrael Smith

Australian Championship

CLASS

PELICANS

FLYING 11S

29ERS

LASERS

CHERUBS

16FTSKIFFS


SUBSIDIARY CLUBS REPORTThankyoutoallSubsidiaryClubcommitteeMembersandvolunteersatBelmont16sforyourcommitmentthroughouttheyear.ToSubsidiaryClubMembers,pleasesupportyourcommitteeswhoputalotoftimeandeffortintorunningyourSubsidiaryClub.PleasehelpwiththeThursdayandFridayrafflesasthisisabonusforyourSubsidiaryClubasthemoneyraisedassiststheoperationofyourSubsidiaryClub.

Belmont16sSnooker&BilliardsSubsidiaryClubplaysinter-clubcompetitionsagainstGosfordRSL,ToukleyandPortMacquariePantherssnookerclubs. In conjunctionwith theNewcastleDistrictAssociationa tournamentwill behostedby theClub later in theyear,with competitors expectedfrombothSydneyandregionalNSW.TheSnookerClubhasaTuesdayNightDollarRunanddistrictcompetitionsonMondayandWednesdayeveningsandThursdayafternoonsfortheover50s.

The16sDartsSubsidiaryClubhasaMixedFoursonThursdaynights,LadiesDartsonMondaynightswhichhasaverystrongfollowing;and SaturdayMixedSocialDartsintheafternoon.Inter-clubgamesareheldagainstEttalong,Blacktown,RootyHillandMountDruittwhousuallybringalongalargefollowingandusuallystayintheBelmontareaforafewdaysoverthatweekend.ThisSubsidiaryClubhasalargeandloyalMembershipbutnewMembersarealwayswelcomeforanyoftheircompetitions.

TheDartsClubrecentlyrelocatedtoadifferentareawithintheBoatShedBararea,justpasttheTAB,with5boardsinoperation.MembershiphasbuiltupagaintoapproximatelyahundredMembers.Theyhavebeenwaitingtogettheirownroomforawhile,whichhasatlastcometofruition.

Belmont16sPhotographySubsidiaryClubremainsactivewithmorethan90Members.Theyhosttrainingnightsonthe2ndand4thWednesdaysofthemonth,withthepopularcompetitionnightsonthe3rdWednesdayofthemonth.ExcursionstoTareeandtheHunterBotanicGardenshavebeenwellpatronised.ThesecondLakeMacquarieNationalExhibitionofDigitalPhotographywillbeheldagainattheClubin2017.EntriesopeninSeptemberandthejudgingwilltakeplaceinNovember,includinga“Youth”section,withthe2016eventattracting2,300entriesfromalloverAustralia.OnJuly8&9theClubwillhosttheNorthernPhotographicFederationConferencewithanexpected100visitorsand16sMembersattendingtheevent.

AftermanyyearsasaSubsidiaryClub,theBoatingBowlersarewindingupandIthankthemfortheircontributiontothecultureofthe16s duringtheirtime.

ThankstoallvolunteersatSailabilitywhospendtheirtimehelpingthedisabledtogetonthewaterallyearround,nottomentionthecommitteewhodoagreatjoborganisingthisfantasticactivity.ItisgreattoseethesmilesonthefacesofthedisabledparticipantswhogooutinthespecialboatsbuiltforSailability.Thankyouagaintoallthoseinvolvedwhogiveuptheirtimeforthoselessfortunatethanthemselves.Thelunchtimebarbecuehelpstoroundthedayoff.

TheIndoorBowlsSubsidiaryClubplaysbowlsintheSpinnakerRoomonMondaysandThursdaysandintheStarLoungeonSaturdayafternoons.DuringthepastyeartheLadiesSinglesChampionshipwaswonbyJuneRoughleywiththetitleofrunnerupgoingtoKerrieMatthews.TheMen’sSinglesChampionshipwaswonbyRobertShawandtherunnerupwasBillHerms.Atthetimeofwriting,thePairsChampionshipswereyettotakeplace.

IfanyBelmont16sMemberisinterestedinjoininganyoftheSubsidiaryClubspleasecontacttheappropriatepersonlistedbelowwhowillassistyouasallnewMembersarewelcome.

SadnewsthisyearwasthepassingofMikeScullywhowasoneorourDirectors.MikewasabigsupporterofalloftheSubsidiaryClubs,SailabilityandallBelmont16sClubMembers.HewillbesadlymissedandourthoughtsandwishesgotohiswifeRosey,andfamily.

WealsorecentlylostBobBullenwholookedafteralltheSubsidiaryClubsovermanyyearsuntilhisillness.Hewillalsobesadlymissed.OurthoughtsandwishesalsogotohiswifeDeb,andfamily.

InclosingIwouldliketothanktheManagementandDirectorsforsupportingourSubsidiaryClubsandthankyoutoallMemberswhoparticipate.

Allen GrayDirector

CONTACTDETAILS-SUBSIDIARYCLUBSANDSAILING

Belmont 16s Darts Subsidiary Club SueOrlowski 0249453631

Belmont16sIndoorBowlsSubsidiaryClub Christine Beckett 0240234983

Belmont 16s Photography Subsidiary Club RoyKillen 0249537043

Belmont 16s Snooker & Billiards Subsidiary Club Greg Fell 0249452867

Belmont 16s Sailing Coordinator Danny Anderson 0249457736

Belmont 16s Sailing Administrator Bron Telford 0249457722

Sailability Belmont Lindon Roberts 0249479373


Belmont 16 Ft Sailing Club Limited

ABN 50 001 020 471

Directors' Report

31 March 2017

Your directors present their report on Belmont 16 Ft Sailing Club Limited for the financial year ended 31March 2017.

Directors

The names of the directors in office at any time during, or since the end of, the year are:

Name Occupation Years Service

D. Berryman Lawyer Club Director 1988 to date; Vice Commodore 1992, Commodore1993 to 2005, Vice President 2005 to 2009, President 2009 to date.

J. Griffiths General Manager Club Director 2009 to date; Commodore 2013 to date.

R. Flanagan Water TreatmentService Technician

Club Director from 2007 to 2009, Club Director 2011 to date. Vice Commodore 2013 to date.

T. Dobinson Lawyer Club Director 1999 to date; Vice Commodore 2003 to 2005,Commodore 2005 to 2011, Vice President 2011 to 2015.

C. Corke Electrician Club Director 2001 to 2013, Club Director 2015 to date.Vice Commodore 2005 to 2013.

M. Waters Builder Club Director 2013 to date.

A. Gray Retired Club Director 1999 to date.

G. Edwards Retired Club Director 2009 to date.

M. Scully - Deceased 27 December 2016

Directors have been in office since the start of the financial year to the date of this report unless otherwisestated.

Club secretary

The Club Secretary is Mr Scott Williams. Mr Williams has been an employee of Belmont 16 Ft Sailing ClubLimited since 11 April 2005 and was appointed to the position of Club Secretary at that date. Prior to this MrWilliams has held management positions in other large Registered Clubs in the Newcastle area.

Principal activities

The principal activity of Belmont 16 Ft Sailing Club Limited during the financial year was the conduct of aLicensed Club.

No significant changes in the nature of the Club's activity occurred during the financial year.

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ABN 50 001 020 471

Directors' Report

31 March 2017

Members guarantee

Belmont 16 Ft Sailing Club Limited is a company limited by guarantee. In the event of, and for the purposeof winding up of the company, the amount capable of being called up from each member and any person orassociation who ceased to be a member in the year prior to the winding up, is limited to $ 2, subject to theprovisions of the Club's constitution.

At 31 March 2017 the collective liability of members was $ 69,000 (2016: $ 67,694).

Operating results

The profit of the Club after providing for income tax amounted to $ 1,248,957 (2016: $ 1,025,263).

Review of operations

Total revenues at $23,253,036 increased by $860,646 or 3.8% compared to the previous year.

Bar revenue increased by 5.7%, catering revenue increased by 7.5% and gaming revenues increased by2.5%. This growth in revenues is due to the recent addition of the new outlets and strong patronage levelsacross the Club.

Operating expenses at $18,713,580 increased by $509,700 or 2.8% compared to the previous year.

Bar expenses decreased by 3.9%, catering expenses decreased by 4.2% and gaming expenses increasedby 2.3%. The largest expense increases were from occupancy, depreciation and amortisation.

Overall a solid profit result being driven by good revenue growth and cost control across all operations.

Meetings of directors

During the financial year, the Club's Directors attended Board and Sub-Committee meetings. Attendanceswere:

Total Meetings Held

Director Position Board House Sailing Remuneration

13 10 13 1

D. Berryman President 13 / 13 10 / 10 1 1 / 1

J. Griffiths Commodore 11 / 13 12 / 13 1 / 1

R. Flanagan Vice Commodore 12 / 13 9 / 10 12 / 13 1 / 1

T. Dobinson Director - Sailing 13 / 13 5 / 10 11 / 13 1 / 1

C. Corke Director - Sailing 12 / 13 13 / 13

M. Waters Director - Sailing 12 / 13 13 / 13

A. Gray Director - General 13 / 13 8 / 10

G. Edwards Director - General 13 / 13 10 / 10

M. Scully (deceased 27December 2016)

Director - General 8 / 9 8 / 8

Shaded areas show Directors who are not on the Sub-committee but attended meetings indicated.

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ABN 50 001 020 471

Directors' Report

31 March 2017

Significant changes in state of affairs

There have been no significant changes in the state of affairs of the Club during the year.

After balance date events

No matters or circumstances have arisen since the end of the financial year which significantly affected ormay significantly affect the operations of the Club, the results of those operations or the state of affairs ofthe Club in future financial years.

Environmental issues

The Club's operations are subject to environmental regulations under the laws of the Commonwealth andState of Australia. The Directors are not aware of any breaches of the legislation during the financial yearwhich are material in nature.

Short and long term objectives

The Club has established short and long term objectives as outlined in the Club's business plan which isreviewed on an annual basis. These objectives are both financial and non financial and are aimed towardsproviding a comfortable and secure environment to its members that continues to meet their needs. Theseobjectives are measured through both financial and non financial key performance indicators that have beendetermined relevant to the Club industry. No information is included on the likely developments in theoperations of the Club and the expected results of those operations.

Disclosure of Core and Non-Core Property

Pursuant to Section 41J(2) of the Registered Clubs Act 1976 and for the financial year ended 31 March2017, the Directors have determined that the property of the Club shall be classified as follows:

Address Current Usage Classification

38A - 54 Ross St Belmont Belmont Club, Car Park and Boat Sheds Core2 Charles Street Swansea Swansea Car Park and Green 3 Non-Core27 Lake Rd, Swansea Part of Swansea Green 3 Non-Core15-19 Ross St Belmont Investment Property Non-Core21 Ross St Belmont Investment Property Non-Core23 Ross St Belmont Investment Property Non-Core25 Ross St Belmont Investment Property Non-Core27 Ross St Belmont Investment Property Non-Core29 Ross St Belmont Investment Property Non-Core31 Ross St Belmont Investment Property Non-Core33 Ross St Belmont Investment Property Non-Core35 Ross St Belmont Investment Property Non-Core37 Ross St Belmont Investment Property Non-Core3 The Parade Belmont Investment Property Non-Core29 Lake Rd Swansea Investment Property Non-Core31 Lake Rd Swansea Investment Property Non-Core37 Lake Rd Swansea Investment Property Non-Core

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Belmont 16 Ft Sailing Club Limited ABN 50 001 020 471

Directors' Report 31 March 2017

Auditors independence declaration

The lead auditors independence declaration for the year ended 31 March 2017 has been received and can be found on page 13 of the annual report.

Indemnification and insurance of officers

The Club has paid premiums to insure each of the Directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director of the Club, other than conduct involving a wilful breach of duty in relation to the Club.

Under Clause 99 of the Club's Constitution the Club also indemnifies every officer, secretary and auditor of the Club out of assets of the Club against liability arising out of the execution of the duties of their office which is incurred by them in defending proceedings, whether civil or criminal in which judgement is given in their favour or which they are acquitted or in connection with any application under the Act in which relief is granted to them by the Court in respect of any negligence default of duty or breach of trust.

Proceedings on behalf of the Club

No Director has applied for leave of court to bring proceedings on behalf of the Club or intervene in any proceedings to which the Club is a party for the purpose of taking responsibility on behalf of the Club for all or any part of those proceedings.

Signed in accordance with a resolution of the Board of Directors:

Director: .......... .

Dated 30 May 2017

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ABN 50 001 020 471

Independent Audit Report to the members of Belmont 16 Ft Sailing Club Limited

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Belmont 16 Ft Sailing Club Limited (the Club), which comprises thestatement of financial position as at 31 March 2017, the statement of profit or loss and other comprehensiveincome, the statement of recognised income and expenditure and the statement of cash flows for the year thenended, and notes to the financial statements, including a summary of significant accounting policies, and thedirectors' declaration.

In our opinion, the accompanying financial report of the Club is in accordance with the Corporations Act 2001,including:

(i) giving a true and fair view of the Club's financial position as at 31 March 2017 and of its financialperformance for the year ended; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the CorporationsRegulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under thosestandards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section ofour report. We are independent of the Club in accordance with the auditor independence requirements of theCorporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical StandardsBoard's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of thefinancial 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 tothe directors of the Club, would be in the same terms if given to the directors as at the time of this auditor'sreport.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Other Information

The directors are responsible for the other information. The other information obtained at the date of thisauditor's report was limited to the Directors' Report.

Our opinion on the financial report does not cover the other information and accordingly we do not express anyform of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doingso, consider whether the other information is materially inconsistent with the financial report or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor'sreport, we conclude that there is a material misstatement of this other information, we are required to report thatfact. We have nothing to report in this regard.

6



Belmont 16 Ft Sailing Club Limited ABN 50 001 020 471

Directors' Declaration

The directors of the Club declare that:

1. The financial statements and notes, as set out on pages 17 to 34, are in accordance with the Corporations Act 2001 and:

a. comply with Australian Accounting Standards - Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

b. give a true and fair view of the financial position as at 31 March 2017 and of the performance for the year ended on that date of the Club.

2. There are reasonable grounds to believe that the Club will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

Director.�··················

Dated 30 May 2017

8


Belmont 16 Ft Sailing Club LimitedABN 50 001 020 471

Statement of Profit or Loss and Other Comprehensive Income

For the Year Ended 31 March 2017

Note

2017

$

2016

$

Sale of goods 2 9,219,884 8,631,097

Less: cost of goods sold (3,342,773) (3,117,064)

Gross profit 5,877,111 5,514,033

Fair value adjustments 2 120,000 171,336

Other revenue from ordinary activities 2 13,913,152 13,589,957

Borrowing cost expense (517,243) (496,346)

Bar trading expenses (1,485,584) (1,545,560)

Poker machine trading expenses (1,703,213) (1,664,382)

Poker machine duty (2,843,996) (2,762,012)

Gaming commission expenses (69,250) (79,885)

Catering trading expenses (2,848,989) (2,973,461)

Occupancy expense (1,425,945) (1,304,743)

Raffle and bingo expenses (552,934) (542,005)

Club promotion and entertainment expenses (1,194,971) (1,254,073)

Depreciation of property, plant and equipment (2,247,168) (1,882,060)

Administrative expenses (2,936,021) (2,853,688)

Sailing expenses (591,690) (546,730)

Other operating expenses from ordinary activities (296,576) (298,935)

Profit before income tax 1,196,683 1,071,446

Income tax (expense)/benefit 5 52,274 (46,183)

Profit / (loss) after income tax 1,248,957 1,025,263

Other comprehensive income - -

Total comprehensive income / (loss) 1,248,957 1,025,263

The accompanying notes form part of these financial statements.9



Statement of Financial Position

31 March 2017

Note

2017

$

2016

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 7 2,229,786 924,433

Trade and other receivables 8 144,120 90,265

Inventories 9 163,910 165,862

Other assets 10 336,855 290,976

TOTAL CURRENT ASSETS 2,874,671 1,471,536

NON-CURRENT ASSETS

Property, plant and equipment 12 29,452,674 30,854,434

Investment property 11 7,205,000 7,455,000

Deferred tax assets 6 164,856 159,015

TOTAL NON-CURRENT ASSETS 36,822,530 38,468,449

TOTAL ASSETS 39,697,201 39,939,985

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 13 1,370,836 1,223,518

Other liabilities 14 191,869 176,918

Short-term borrowings 15 505,975 490,997

Short-term provisions 16 862,454 809,290

TOTAL CURRENT LIABILITIES 2,931,134 2,700,723

NON-CURRENT LIABILITIES

Long-term borrowings 15 8,801,204 10,453,696

Deferred tax liabilities 6 781,207 827,640

Long-term provisions 16 130,762 153,989

TOTAL NON-CURRENT LIABILITIES 9,713,173 11,435,325

TOTAL LIABILITIES 12,644,307 14,136,048

NET ASSETS 27,052,894 25,803,937

EQUITY

Retained earnings 27,052,894 25,803,937

TOTAL EQUITY 27,052,894 25,803,937




Statement of Recognised Income and Expenditure


2017

RetainedEarnings

$

Balance at 1 April 2016 25,803,937

Profit / (loss) attributable to members 1,248,957

Balance at 31 March 2017 27,052,894

2016

RetainedEarnings

$

Balance at 1 April 2015 24,778,674

Profit / (loss) attributable to members 1,025,263

Balance at 31 March 2016 25,803,937




Statement of Cash Flows


Note

2017

$

2016

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 25,300,453 24,378,299

Payments to suppliers and employees (21,422,938) (21,630,410)

Interest received 11,577 20,284

Interest paid (517,243) (496,346)

Net cash provided by / (used in) operating activities 3,371,849 2,271,827

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property, plant and equipment 1,374,370 51,718

Purchase of property, plant and equipment (1,803,352) (8,352,223)

Purchase of investment property - (748,664)

Net cash provided by / (used in) investing activities (428,982) (9,049,169)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings - 4,703,864

Repayment of borrowings (1,637,514) (476,845)

Net cash provided by / (used in) financing activities (1,637,514) 4,227,019

Net increase (decrease) in cash and cash equivalents held 1,305,353 (2,550,323)

Cash and cash equivalents at beginning of year 924,433 3,474,756

Cash and cash equivalents at end of financial year 7 2,229,786 924,433




Notes to the Financial Statements


1 Summary of Significant Accounting Policies

(a) Basis of preparation

The financial statements are general purpose financial statements that have been prepared inaccordance with Australian Accounting Standards - Reduced Disclosure Requirements, AustralianAccounting Interpretations, other authoritative pronouncements of the Australian AccountingStandards Board and the Corporations Act 2001.

Material accounting policies adopted in the preparation of these financial statements are presentedbelow and have been consistently applied unless otherwise stated.

The financial statements have been prepared on an accruals basis and are based on historical costs,modified, where applicable, by the measurement at fair value of selected non-current assets, financialassets and financial liabilities.

(b) Income tax

The income tax expense (revenue) for the year comprises current income tax expense/ (benefit) anddeferred tax expense / (benefit).

Current income tax expense charged to the profit or loss is the tax payable on taxable incomecalculated using applicable income tax rates enacted, or substantially enacted, as at the end of thereporting period. Current tax liabilities/ (assets) are therefore measured at the amounts expected tobe paid to/ (recovered from) the relevant taxation authority.

Deferred income tax expense reflects movements in deferred tax asset and deferred tax liabilitybalances during the year as well as unused tax losses.

Current and deferred income tax expense/ (benefit) is charged or credited outside profit or loss whenthe tax relates to items that are recognised outside profit or loss.

Deferred tax assets and liabilities are ascertained based on temporary differences arising betweenthe tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferredtax assets also result where amounts have been fully expensed but future tax deductions areavailable. No deferred income tax will be recognised from the initial recognition of an asset or liability,excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to theperiod when the asset is realised or the liability is settled, based on tax rates enacted or substantivelyenacted at the end of the reporting year. Their measurement also reflects the manner in whichmanagement expects to recover or settle the carrying amount of the related asset or liability.

Deferred tax assets relating to temporary differences and unused tax losses are recognised only tothe extent that it is probable that future taxable profit will be available against which the benefits of thedeferred tax asset can be utilised.

(c) Inventories

Inventories are measured at the lower of cost and net realisable value.

13






(d) Property, plant and equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated less, whereapplicable, any accumulated depreciation and impairment losses.

Property

Land and buildings are measured at cost less accumulated depreciation and impairment losses.

Plant and equipment

Plant and equipment are measured on the cost basis. Cost includes expenditure that is directlyattributable to the asset.

Depreciation

The depreciable amount of all fixed assets including buildings and capitalised leased assets, butexcluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the Clubcommencing from the time the asset is held ready for use. Land is not depreciated.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation Rate

Land and buildings 2.5% - 10%

Plant and Equipment 9% - 40%

The assets' residual values, depreciation methods and useful lives are reviewed, and adjusted ifappropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset'scarrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount.These gains and losses are included in the statement of profit or loss and other comprehensiveincome.

(e) Impairment of non-financial assets

At the end of each reporting period, the Club assesses whether there is any indication that an assetmay be impaired. If such an indication exists, an impairment test is carried out on the asset bycomparing the recoverable amount of the asset, being the higher of the asset's fair value less costs tosell and value in use to the asset's carrying value. Any excess of the asset's carrying value over itsrecoverable amount is expensed to the statement of profit or loss and other comprehensive income.

14






(f) Employee benefits

Provision is made for the Club's liability for employee benefits arising from services rendered byemployees to the end of the reporting period. Employee benefits that are expected to be settled withinone year have been measured at the amounts expected to be paid when the liability is settled.Employee benefits payable later than one year have been measured at their present value.

The Club does not contribute to a defined benefits scheme and therefore has no liability at balancedate.

Contributions are made by the Club to employee superannuation funds and are charged to expenseswhen incurred.

(g) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-termhighly liquid investments with original maturities of three months or less, and bank overdrafts. Bankoverdrafts are shown within short-term borrowings in current liabilities on the statement of financialposition.

(h) Poker Machine Rebate

The Club received a rebate to compensate the loss of poker machine income due to the introductionof GST. The period which the rebate relates to is from 1 June 2016 to 31 May 2017. Income has beenrecorded in the accounts for the 10 months to 31 March 2017 with the remainder being recorded as aliability. The current liability represents income which will be taken up in the succeeding financial year.

(i) Investment property

Investment properties, comprising rental properties, are held to generate long term rental yields. Alltenant leases are on an arm's length basis. Investment property is carried at fair value. Changes tovalue are to be recorded in the statement of comprehensive income as other income.

15






(j) Revenue and other income

The Club recognises revenue when the amount of revenue can be reliably measured, it is probablethat future economic benefits will flow to the Club and specific criteria have been met for each ofBelmont 16 Ft Sailing Club Limited's activities as discussed below.

Revenue from the sale of goods is recognised at the point of delivery.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicableto the financial assets.

Revenue from the rendering of a service is recognised upon the delivery of the service to thecustomers.

Gaming machine revenue is recognised at the point of sale and represents the difference betweenthe amounts earned through gaming wagers less the payout's from those wagers. Liabilities arerecognised for accumulated payout's for linked progressive jackpots.

Revenue from membership subscriptions is recognised on a straight line basis over the period of themembership.

All revenue is stated net of the amount of goods and services tax (GST).

(k) Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amountof GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST isrecognised as part of the cost of acquisition of the asset or as part of an item of the expense.Receivables and payables in the statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GSTcomponent of investing and financing activities, which are disclosed as operating cash flows.

16






(l) Leases

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of theasset, but not the legal ownership that are transferred to the Club, are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equalto the fair value of the leased property or the present value of the minimum lease payments, includingany guaranteed residual values. Lease payments are allocated between the reduction of the leaseliability and the lease interest expense for that period.

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it islikely that the Club will obtain ownership of the asset or over the term of the lease.

Lease payments for operating leases, where substantially all of the risks and benefits remain with thelessor, are charged as expenses in the periods in which they are incurred. The lease is notrecognised in the statement of financial position.

(m) Comparative figures

When required by Accounting Standards, comparative figures have been adjusted to conform tochanges in presentation for the current financial year.

(n) Trade and other receivables

All trade debtors are recognised at the amount receivable, as they are due for settlement no morethan 14 days from the date of recognition.

Recoverability of trade debtors is reviewed on an ongoing basis. Debts which are known to beunrecoverable are written off. A provision for doubtful debts is raised when some doubt as tocollection exists.

(o) Trade and other payables

Trade and other payables represent the liability outstanding at the end of the reporting period forgoods and services received by the Club during the reporting period which remain unpaid. Thebalance is recognised as a current liability with the amounts normally paid within 30 days ofrecognition of the liability.

17






(p) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the Club becomes a party to thecontractual provisions to the instrument. For financial assets, this is the equivalent to the date that theClub commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted).

Financial instruments are initially measured at cost on trade date, which includes transaction costs,when the related contractual rights or obligations exist. Subsequent to initial recognition theseinstruments are measured as set out below.

Classification and subsequent measurement

Financial instruments are subsequently measured at either fair value, amortised cost using theeffective interest rate method, or cost. Fair value represents the amount for which an asset could beexchanged or a liability settled, between knowledgeable, willing parties in an arm's length transaction.Where available, quoted prices in an active market are used to determine fair value. In othercircumstances, valuation techniques are adopted.

(i) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments thatare not quoted in an active market and are subsequently measured at amortised cost.

Loans and receivables are included in current assets, except for those which are not expected tomature within 12 months after the end of the reporting period.

(ii) Financial liabilities

Borrowings are classified as current liabilities unless the Club has an unconditional right to defersettlement of the liability for at least 12 months after the reporting date.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniquesare applied to determine the fair value for all unlisted securities, including recent arm's lengthtransactions and reference to similar instruments and option pricing models.

Impairment

At the end of each reporting period, the Club assesses whether there is objective evidence that afinancial asset has been impaired through the occurrence of a loss event. Impairment losses arerecognised through an allowance account for loans and receivables in the statement of profit or lossand other comprehensive income.

18






(q) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of assets thatnecessarily take a substantial period of time to prepare for their intended use or sale, are added tothe cost of those assets, until such time as the assets are substantially ready for their intended use orsale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

(r) New accounting standards for application in future periods

The following issued, but not yet effective, new Australian Accounting Standards have not yet beenapplied in preparing this financial report.

AASB 15 'Revenue from Contracts with Customers' introduces a single principles-based five stepmodel for recognising revenue, and introduces the concept of recognising revenue when an obligationto a customer is satisfied. The potential impact of this standard is still being assessed, and is notapplicable until 1 April 2018.

AASB 16 'Leases' significantly changes accounting for lessees requiring recognition of all leases(subject to certain exceptions) on balance sheet in a manner comparable to finance leases currentlyaccounted for under AASB 17 'Leases'. Lessor accounting remains unchanged comparable to AASB17. The potential impact of this standard is still being assessed, and is not applicable until 1 April2019.

Other amendments to existing standards that are not yet effective are not expected to result in amaterial impact to the Club's financial report.

(s) Critical accounting estimates and judgments

The directors evaluate estimates and judgments incorporated into the financial statements based onhistorical knowledge and best available current information. Estimates assume a reasonableexpectation of future events and are based on current trends and economic data, obtained bothexternally and within the Club.

Key estimates - impairment

The Club assesses impairment at the end of the reporting year by evaluating conditions specific to theClub that may be indicative of impairment triggers. Recoverable amounts of relevant assets arereassessed using value-in-use calculations which incorporate various key assumptions.

(t) Authorisation of Financial Statements

The financial statements were authorised for issue on 30 May 2017 by the directors.

19





2 Revenue

2017

$

2016

$

Operating activities

- Trading revenue 9,219,884 8,631,097

Other Revenue from Ordinary Activities

- Interest received / receivable 11,577 20,284

- Other operating revenue 13,901,575 13,569,673

13,913,152 13,589,957

Non-operating activities

- Fair value adjustments 120,000 171,336

Total Revenue 23,253,036 22,392,390

3 Result for the Year

(a) Expenses

Net (profit) / loss on disposal of property, plant and equipment (46,426) (5,485)

4 Interests of Key Management Personnel

The totals of remuneration paid to the key management personnel of Belmont 16 Ft Sailing Club Limitedduring the year are as follows:

Key management personnel compensation 460,978 477,428

5 Income Tax Expense

The income tax reflected in the accounts is the amount calculated to be payable based on a formuladetermined by the Australian Taxation Office and after allowing for the fact that many items of income andexpenditure relate to Members' trading and are accordingly neither assessable nor deductible.

The prima facie tax on profit from ordinary activities before income tax is reconciled to the income taxexpense as follows:

Prima facie tax payable on profit from ordinary activitiesbefore income tax at 30% (2016: 30%) 359,005 321,434

Tax effect of:

- Net adjustment for principle of mutuality apportionment ofmembers income and expenses (380,362) (334,634)

- over provision for income tax in prior years (466) (2,037)

- permanent difference (58,208) -

- (tax losses recouped) / losses not brought to account 25,302 70,920

- adjustment for change in non member percentage 2,455 (9,500)

Income tax expense/(benefit) (52,274) 46,183

20





6 Tax

Recognised deferred tax assets and liabilities

2017

$

2016

$

Deferred tax assets 164,856 159,015

Deferred tax liabilities 781,207 827,640

The Club has $2,058,396 (2016: $1,974,055) of income tax losses that are available indefinitely for offsetagainst future taxable profits. A portion of this balance, $357,187 (2016: $357,187) form part of the deferredtax asset balance in the current and prior periods. The remaining $1,701,209 (2016: $1,616,868) have notbeen brought to account at balance date.

7 Cash and Cash Equivalents

Cash at bank and in hand 583,949 490,089

Short-term bank deposits 1,645,837 434,344

2,229,786 924,433

8 Trade and Other Receivables

CURRENT

Trade receivables 55,336 63,240

Other receivables 88,784 27,025

144,120 90,265

9 Inventories

CURRENT

At cost:

Trading stock 163,910 165,862

10 Other Assets

CURRENT

Prepayments 336,855 290,976

21





11 Investment Property

2017

$

2016

$

Balance at beginning of the period 7,455,000 6,535,000

Acquisitions - 748,664

Fair value adjustment 120,000 171,336

Disposals (370,000) -

7,205,000 7,455,000

Investment properties are stated at fair value, which has been determined based on valuations performedby Marshalls Property Belmont as at 31 March 2017 and 31 March 2016 for the current and prior yearrespectively.

12 Property, Plant and Equipment

Land and buildings

At cost 30,635,637 31,251,246

Accumulated depreciation (7,252,865) (6,801,670)

Total land and buildings 23,382,772 24,449,576

Plant and equipment

At cost 12,796,360 12,891,674

Accumulated depreciation (6,726,458) (6,486,816)

Total plant and equipment 6,069,902 6,404,858

Total property, plant and equipment 29,452,674 30,854,434

(a) Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between thebeginning and the end of the current financial year:

Land andBuildings

$

Plant andEquipment

$

Total

$

Balance at the beginning of year 24,449,576 6,404,858 30,854,434

Additions 542,209 1,261,143 1,803,352

Disposals - written down value (909,252) (48,692) (957,944)

Depreciation expense (699,761) (1,547,407) (2,247,168)

Balance at 31 March 2017 23,382,772 6,069,902 29,452,674

22





12 Property, Plant and Equipment

(b) Core & non-core property

As required by the Registered Clubs Act 1976 all Clubs are required to specify core and non-core property of the Club. As at 31 March 2017 the balance shown above in Land and Buildings includes both core and non-core property. The entire balance shown in note 11 is non-core property. For further disclosure of core and non-core property refer to page 11 of the Annual Report.

We note that during the year the Club sold non-core land and buildings relating to part of the former Swansea Bowling Club site, located at:

- 1 Charles Street, Swansea; and

- 23 Albert Street, Swansea

Settlement occurred on 1 March 2017.

13 Trade and Other Payables

2017

$

2016

$

CURRENT

Unsecured liabilities

Trade payables 341,199 340,057

Deposits 81,209 85,238

Sundry payables and accrued expenses 454,553 404,848

GST Payable 266,562 144,936

Poker machine duty tax 227,313 248,439

1,370,836 1,223,518

14 Other Liabilities

CURRENT

Members subscriptions in advance 189,006 174,055

Gaming tax rebate in advance 2,863 2,863

191,869 176,918

23





15 Borrowings

2017

$

2016

$

CURRENT

Secured liabilities:

Loans 115,075 101,597

Commercial bills 390,900 389,400

505,975 490,997

NON-CURRENT

Secured liabilities:

Loans 2,600,154 2,797,882

Commercial bills 6,201,050 7,655,814

8,801,204 10,453,696

(a) Total current and non-current secured liabilities

Loans 2,715,229 2,899,479

Commercial bills 6,591,950 8,045,214

9,307,179 10,944,693

(b) Security

The bank overdraft, loans and commercial bills are secured by:

(i) Registered first mortgage over freehold properties owned by the Club;- 15-19, 21, 23, 25, 27, 29, 31, 33, 35, 37 Ross Street Belmont NSW 2280- 31 Lake Road Swansea NSW 2281

(ii) Registered equitable mortgage over assets;- All the Club's assets including liquor and poker machine licences- Property 36, 38-44, 46-54 Ross Street, Belmont NSW 2280

(c) Unrestricted access was available at balance date to the following additional lines of credit:

Bank overdraft facility available 200,000 200,000

Commercial bill facility available - 838,886

200,000 1,038,886

24





16 Provisions

2017

$

2016

$

CURRENT

Employee benefits 781,685 757,012

Provision for Sailing Prizemoney 60,000 46,295

Provisions for ClubGRANTS 20,769 5,983

862,454 809,290

NON-CURRENT

Employee benefits 130,762 153,989

Provision for Employee Entitlements

A provision has been recognised for employee entitlements relating to annual and long service leave foremployees. Long service leave has been calculated based on nominal amounts rather than present values,as the carrying amount is immaterial when compared to net assets.

Provision for ClubGRANTS Category 1

A provision has been recognised for estimated ClubGRANTS Category 1. This provision has been based onpoker machine net revenue from September 2016 to March 2017, less any amount already expendedduring that period. The Club is required to account for this expenditure for the period ending August eachyear.

Provision for Sailing Prizemoney

A provision has been recognised for the balance of prize money payable for the 2016/2017 sailing season.

17 Contingent Liabilities

Belmont 16 Ft Sailing Club Limited has bank guarantees totaling $8,150 substituting for security depositswith Department of Lands and Tabcorp Holdings Pty Limited.

25





18 Lease Commitments

(a) Operating lease commitments

Non-cancellable operating leases contracted for but not capitalised in the financial statements

2017

$

2016

$

Payable - minimum lease payments:

- no later than 1 year 41,165 40,493

- between 1 year and 5 years 164,660 202,465

205,825 242,958

The Club holds a Special Lease of Crown Waterfront Land, which is due to expire on 24 June 2023.Lease payments are increased on an annual basis to reflect market rentals.

19 Related Party Transactions

Related Parties

Directors

The names of the persons who are Directors of Belmont 16 Ft Sailing Club Limited at any time during theyear are as they appear in the Directors Report.

Transactions between parties are on normal commercial terms and conditions and are no more favourablethan those available to other parties unless otherwise stated.

Certain Directors and Directors' related persons participate in the Club sailing activities and receive prizesunder the same terms and conditions attached to sailing events as other sailing members.

A Director, Mr. D. Berryman, related entity received payment for legal services provided to the Club for thesale of property, plant and equipment and an investment property. Payments were made under normal andcommercial terms.

26

Documents

BELMONT 16 FOOT SAILING CLUB LIMITEDANNUAL · PDF filebelmont 16s annual report 2 belmont 16 foot sailing club limitedannual report acn 001 020 471 year ended 31 march 2017