BELMONT 16 FOOT SAILING CLUB LIMITEDANNUAL REPORTcontrol.visionscape.com.au/SiteFiles/16scomau/2015... · An example of this is Sailability, whom we have supported for the past 18

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2015

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2BELMONT 16s - ANNUAL REPORT 2015

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2015

_______________________________________________________________________________

CONTENTS

• President’s Report

•ChiefExecutiveOfficer’sReport

• Commodore’s Report

• Sailing Honours

• Subsidiary Clubs Report & Contact Details

• Audited Financial Reports

ThefinancialreportwasauthorisedforissuebytheDirectorson26May2015.

TheCompanyhasthepowertoamendandre-issuethefinancialreport.


PRESIDENT’S REPORTItisalwaysarewardingtasktomakemyannualreporttotheMembersaftertheClubhasachievedpositiveresultsinsomanyareasinthelast12months.

As noted in the Chief Executive Officer’s report, the Club’s financial results are outstanding,particularlyatatimewhenwesooftenhearofotherclubs’financialstruggles orclosures.WhileotherstreadwaterorgobackwardsourClubcontinuestomoveforward.

AfteryearsofstrategicplanningwearenowclosetoseeingthefruitsofourlabourasnewoutletssuchastheeagerlyawaitedBoatShedBar&Galleyareabouttoopen. Considerable time and effort have gone into this process as the Board and the managementteamworkedinunisontoformulateandthenimplementourplans.Weare committed to providing the type of facilities that our Members deserve not only todaybutwellintothefuture.

Inearly2014welodgedanapplicationwithLakeMacquarieCityCounciltorezonepartoftheSwanseaBowlingClubsitetomediumdensityresidentialsowecouldachieveacommonzoningacrossallofourSwanseapropertyassets.UnfortunatelythisprocesshasbeendelayedbytherequirementsforvariousstudiesaroundfloodandsealevelriserisktosatisfyCouncil’spolicieswiththeoverallcostoftherezoningprocessapproximating$90,000.DespitethecostandfrustrationassociatedwiththisrezoningwebelievethattherewillbeincrementalbenefitstoallMemberswhenthismatterisresolvedandwecanexplorethebestuseforthesepropertyassets.Ourexpectationisthatthiswillbeacriticalcomponenttowardsourstrategicgoalofdiversifyingourrevenuestreams.

Althoughwecontinuetoactivelysupportabroadrangeofcommunitygroups,sportingteamsandcharities,oftenthisworkgoesunnoticed.AnexampleofthisisSailability,whomwehavesupportedforthepast18years,astheyprovidethejoyandindependenceofsailingtointellectuallyandphysicallydisabledpeople.WewerehonouredinMaywhenoursupportofSailabilitywasacknowledgedbyClubsNSWwhenwewerenamedafinalistinthe2015ClubsandCommunityAwardsintheWelfareandSocialInclusioncategoryandweresubsequentlygrantedahighlycommendedaward.

Manypeoplecontribute tomakingourClubthesuccess that it is. Special thanksandrecognitiongotoourCEOScottWilliams,hismanagementteam,ourstaffandmyfellowDirectorsfortheirongoingcommitmentand enthusiasmaimedatmakingtheClubthebestthatitcanbe.

Whilst the Boardwas satisfiedwith theClub’s performancewe are determined that the organisation doesnotstandstillandhasaclearstrategicdirection.ItrustthatallMembersaresupportiveofthedirectionthatyourBoardaretakingandaskthatyoushowyoursupportwhenthesizeoftheBoarddecreasesfrom11to9 Directorsattheforthcomingelection.IlookforwardtorepresentingtheMembersofthisgreatClubintotheforeseeablefuture.

David BerrymanPresident


CHIEF EXECUTIVE OFFICER’S REPORTI am proud to present my tenth annual report to Members and pleased to advise that thisyear’sprofitisarecordfortheClub.Fortheyearended31March2015weachievedanaftertaxsurplusof$1,712,750ontradingrevenuesof$21,503,969.Akeyindicator of Club performance is EBITDARD (which translates to earnings before interest, taxation,depreciation,amortisation,rentanddonations)andourresultof$4,688,674equatestoabenchmarkof21.8%whichcomparesfavourablytobothindustrystandards aswellasthoseachievedbyourcompetitors.Thehigherlevelofprofitabilityhasalsotranslatedtoastrongbalancesheetandtogetherwithadynamicstrategicplanandhealthyoperationswearewellpositionedforthefuture.

Manyyearsofplanningcametofruitioninlate2014whenlocalbuildersGraph Building wonacompetitivetenderforthecontracttoundertakethetransformationoftheClub

thatiscurrentlyunderway.Apartfromacompletelynewoutdoorgamingareathecentrepieceoftheproject is the Boat Shed Bar & Galleywhichwillbeopen inthecomingweekswith16differenttapsofcraftbeer,an appetisingmenu includinga largearrayofshareplatesaswellasacombinationof innovativetechnologyand cuttingedgeaudiovisualfacilities.Weexpectthisareawillbepopularwithcustomersagedbetween25and45aswellasthosewhoareyoungatheart.

Sails Eateryhasbeenattheheartofouroperationformanyyearsandisnownearingthecompletionofitslongawaitedexpansionandreconfiguration.Togetherwithmoreseatingandtheinclusionofachildren’splayareawehaveintroducedanallnewmenuandfine-tunedtheservicemodelsoallmealsarenowcookedfreshtoorderandthendelivereddirectlytoyourtable.WhileFlavours Coffee ShopwillcontinuetocaterforyoursweettoothandprovideLakeMacquarie’sbestcoffee,keepyoureyeoutforabrandnewdiningoutletwhenMario’s Pizza and MeatballsopensinthemonthsaheadinthepositioncurrentlyoccupiedbytheSailorsBar.

Weareapeoplebasedbusinessandoursuccessisdependentonthequalityofourpeopleandtheircommitment toproviding superiorcustomer service toyou.Whilstwecontinue to focuson trainingandentrenching thecorevaluesofourIgnitecustomerserviceprogram,therealdifferenceisthededicationandcommitmentthatourstaffdelivertomakeyourexperienceatBelmont 16smemorable.Whethertheyarecookingmeals,pouring drinks,makingcoffee,providinggreetingsorfulfillinganyotherrolewithinourorganisationIamextremelyproudofour teamand thankeachandeveryoneof them for theirdedicationand theircontribution towardsour ongoingsuccess.

IwouldliketocommendtheBoardofDirectors,ledbyPresidentDavidBerryman,fortheirguidanceandsupportoverthelast12months.Theyhaveagainworkedinharmonytosettheplatformwithsolidpolicymakingandfulfilledtheirroleofkeydecisionmakers,alwayswhiletakingintoaccountthebestinterestsofMembers.Ialsowishtotake this opportunity to acknowledge the efforts of our dedicated management team who are instrumental in achievingourgoals.Thesepeoplehaveadiverserangeof skills andexperienceswhich theyharness towork togetherasateamtoprovidepositiveoutcomesfortheClub.

UltimatelyoursuccesscanonlybemeasuredbythesatisfactionofourMembersandthosewhouseourfacilities.OnthisbasisIwouldliketothankyouforyoursupportandmakingBelmont 16syourClub.TogetherwiththebalanceoftheteamIlookforwardtoseeingyouattheClubagainsoon.

ScottWilliamsChiefExecutiveOfficer


ORGANISATIONS ASSISTED BY BELMONT 16S 1 APRIL 2014 TO 31 MARCH 2015

EachandeveryyearBelmont16sprovidesongoingfinancialsupporttoabroadrangeofcommunityorganisations. Inthepastfinancialyearwesupportedthefollowinggroups:

• AtukaNetballClub• Australian Red Cross• Belmont Baptist Church• Belmont Bay Ladies’ Probus• Belmont Chamber of Commerce• Belmont Community Child Care Centre• Belmont Football Club• Belmont Golf Club• Belmont High School• Belmont Lantern Club• Belmont Lions Club• Belmont Men’s Probus• Belmont Neighbourhood Centre• BelmontNeighbourhoodWatch• Belmont Probus Computer Interest Group• Belmont Public School• Belmont Residents’ Action Group• Belmont Rotary Club• BlackDiamondAFL• BlacksmithsPublicSchool• Catherine Hill Bay SLSC• Caves Beach SLSC• Cerebral Palsy Alliance• Children’sBookCouncilAustralia• CoastalLakesIndoorBowlingAssociation• Croudace Bay Sailing Club• EastlakesU3A• Eleebana Public School• Families Supporting Families• FilipinoAustralianSociety-HunterValley• Floraville Public School• GwandalanPublicSchool• HeartKidsNSW• HeavenCanWaitCharitySailingRegatta• Hunter Academy of Sport• Hunter Breast Cancer Foundation• Hunter Prostate Survival Alliance• International Children’s Games• JewellsLifestyleCommunity• JewellsPublicSchool

• LakeMacquarieCityCouncil• LakeMacquarieCityGames• LakeMacquarieTourism• LakesUnitedRugbyLeagueFootballClub• LakesideNetballAssociation• LakesideSchool• LittleWings• MacquarieCroquetClub• MacquarieLeadershipCollege• Macular Degeneration Foundation• Maitland Lantern Club• MarineRescueLakeMacquarie• MarksPointPublicSchool• Milabah-SchoolsasCommunities• NewcastleJuniorBaseballAssociation• NewcastleTransplantGroup• NordsWharfPublicSchool• ParaQuadNSW• Pelican Flat Public School• PortHunter16ftSailingSkiffClub• Ronald McDonald House• Royal Institute for Deaf & Blind Children• Sailability• Samaritans• Southern Beaches Rugby Club• SouthernCrossCare-CavesBeach• StLuke’sPreschool• StVincentdePaulSociety• Starlight Children’s Foundation• Stroke&DisabilityInformation[Hunter]• SwanseaBelmontSLSC• SwanseaMealsonWheels• ValentineEleebanaFootballClub• ValentineEleebanaNetballClub• ValentinePublicSchool• WarnersBayHighSchool• WestpacRescueHelicopterService• Wheeling&Able• WindalePublicSchool• YachtingNSW


COMMODORE’S REPORTSeason2014/2015willberememberedasanothergreatyearofsailinghereatBelmont16ftSailingClub,maintainingtheveryhighstandardsset inpreviousyearsacrossallhostedfleets.

CompetitionintheTooheysClubChampionshipwasextremelyhealthyagainthisyear,with sailors facingawidevarietyofweatherconditions.Congratulations in theendmustgotothewinningcrewofATB Morton,consistingofDannyAnderson,BrettDavisandMathewWaters.

Thisyear’swinnersoftheAristocratYearlyPointScoreweretheteamonboardIGT, skipperedbyTrevorFaywithhiscrewDanielGrilkandDylanNeilson.Resultsrecordedthemtakinghandicaphonoursonthreeseparateoccasions;welldoneonsuchaconsistent season.

AB Window Fashions,crewedbyBenBruniges,TroyDobinsonandDavidHickey,wereourbestperformersattheAustralianChampionship,finishinginsecondplace.AspecialmentionmustgotoHenryMakin,GrantMakinandIsrael Smith on board AristocratwhowereourhighestplacedfinishersintheStateChampionships.ThesethreeyoungmenfinishedinfifthplaceduringtheNSWChampionship,anabsolutelyfantasticresult.

ThisyearourPelicanfleetcontinuedtohoveraroundfortystrong,trulyacredittoallinvolvedasthesechildrenarethefuture.ItiswonderfultoseesomanyyoungsailorsenjoyingtheirSaturdaymorningsoutonBelmontBay.

OurFlying11sailorsrepresentedourClubwithhonourattheirAustralianChampionship.OurClubclaimedfiveofthetoptenplacingsincludingtheNationalChampionshipwinbyTomCrockettandThomasDawsononboardHammertime.TheboysbackeduptheirNationalTitlewithasecondintheNSWStateTitlestoo.ThirdplaceintheNationalswasawardedtothecrewofOscar;TomStivanoandJedFathers-welldoneboys.TheAustralianAllGirlsTrophywenttoEmmaJonesandKarmaRandallaboardBluebird-congratulationsgirls. IntheCherubsitwasTrevorFayandNigelBlatchfordsailingSon of WallytovictoryintheAustralianChampionships; congratulationsonafantasticeffort.ThiswastheseventhAustralianChampionshipwinforTrevor.TheyalsotookouttheNSWChampionship.

OurLaserfleetcontinuesingoodnumbers,withfunandcompetitiveClubracing.Manyofourpastsailorsarecomingoutofretirementandgettingbackonthewaterwhichisgreattosee!

Our29ersailorsperformedadmirablyagainthisseason.OntherepresentativesceneJessandTomGrimesonboard Swagamuffin and John Cooley and Simon Hoffman on board Frontline put in solid performances across several major regattas. At theNationals Frontline took 4th place and Swagamuffin 10th place, whilst at the Australian Youth Championship Swagamuffinplaced5thandFrontline6th.WelookforwardtoallofourjuniorsailorscontinuingtodeveloptheirskillsandhopetoseethemmovingintotheSkiffclassinthefuture.

Iwouldliketopassonmysinceregratitudetoallofourwonderfulvolunteersgivingtheirtimesogenerously.OurvolunteersremaintheheartandsoulofsailingatBelmont16sandwerecognisethatwithouttheirweeklysacrificesoursailorswouldnotbeabletoenjoytheirchosensportatourClub.

FinallymycontinuedthanksgototheMembers,BoardofDirectorsandStafffortheirsupportoverthissailingseason. Myspecial thankstotheSailingManagementteam, JacquiBellandDannyAnderson,youreffortsare tremendous.TomyfellowflagofficersRobertFlanagan,LloydMulhollandandSailingSecretaryRonRose,againmythanksforyourtirelesscontributionsduringthepastseason.

James GriffithCommodore


SAILING HONOURS 2014 - 2015

PELICANS,FLYING11s,29ers,CHERUBSandLASERS:• 2015-2016SailingSeasoncommencesonSaturday12September2015.Pelicansracestarts11am.Flying11s,

29ers,Cherub&Lasersfirstracestarts2pm.• TheSailingProgramandSailingInstructionsareavailableontheBelmont16sSailingwebsite.• Registrationmustbecompletedon-lineandisavailablefrom1stAugust2015atwww.sail16s.com.au.

16 FOOT SKIFFS• WinterPre-seasonProgram--Sunday23August&Sunday30August2015witha12noonstart.• 2015-2016SailingSeasoncommencesSunday13September2015.

INFORMATION FOR ALL SAILORS• Aprerequisitetosailorregistrationandboatregistrationisthatallsailorsandboatownersarerequiredtobefull

financialmembersofBelmont16ftSailingClub [SocialMembership isnotacceptableanddoesnotallow participationinanysportingactivitiesorganizedbytheClub].

• JuniorMembersarerequiredtobefinancialmembersandhavearesponsibleadultwho isafinancial fullmember[SocialMembership isnotacceptable]asdefinedundertheRegisteredClubsActandtheClub’sConstitution.

• AllapplicablemembershipcardsmustbewithyouatalltimeswhileparticipatinginsailingactivitiesandonClubpremises.

CLASS BOAT SKIPPER CREW TITLE

PelicansThunder Tom Crockett Lily Crockett Club Championship

Panther Beau Preston Marcus Livingstone Yearly Point Score

Flying 11s

Hammertime Tom Crockett Thomas Dawson Club Championship

Spitfire James Robson Angus Jones Yearly Point Score

Hammertime Tom Crockett Thomas Dawson Australian Champion

Bluebird Emma Jones Karma Randall Australian All Girl Champion

Hammertime Tom Crockett Thomas Dawson Australian Junior Champion

29ers

Swagamuffin Jess Grimes Tom Grimes Club Championship

Swagamuffin Jess Grimes Tom Grimes Yearly Point Score

ATB Morton Kurt Hansen Harry Morton 1st North American Championship

ATB Morton Kurt Hansen Harry Morton 1st World Championship

Lasers

Nigel Nigel Hale Full Rig Club Championship

Aeolus Will Howard Radial Club Championship

The Phat Hippy David Sullivan Yearly Point Score

Cherubs

French Tickler Beynon Telford Matt Hall Club Championship

French Tickler Beynon Telford Matt Hall Yearly Point Score

Son of Wally Trevor Fay Nigel Blatchford Australian Champion

Son of Wally Trevor Fay Nigel Blatchford NSW State Champion

16ft Skiffs

ATB Morton Danny AndersonBrett Davis

Club ChampionshipMathew Waters

IGT Trevor FayDaniel Grilk

Yearly Point ScoreDylan Neilson


SUBSIDIARY CLUBS REPORTThankyou to all SubsidiaryClub committeemembers andvolunteers atBelmont16s for your commitmentthroughouttheyear.ToSubsidiaryClubMembers,pleasesupportyourcommitteeswhoputalotoftimeandeffortintorunningyourSubsidiaryClub.PleasehelpwiththeThursdayandFridayrafflesasthisisabonusforyourSubsidiaryClubasthemoneyraisedassiststheoperationofyourSubsidiaryClub.

TheClub’snewDartsandSnookerRoomwillbefinishedinJulywhichwillmakeitthebestvenueinthearea.Belmont16sSnooker&BilliardsSubsidiaryClubwillrestarttheirinter-clubcompetitionsagainstGosfordRSL,ToukleyandPortMacquarie. TheTuesdaynightDollarRunwillalsorecommence-this iswellpatronisedbyMembers.TheClubhasteamsintheDistrictCompetitionsonMondayandWednesdayeveningsandThursdayafternoonsintheOver50’s.TheSnookertableshavebeenfullyrefurbished.

DuringourClubrefurbishment,Belmont16sDartsSubsidiaryClubhasbeenplayingupstairsintheSpinnakerRoom.TheyofferMixedFoursonThursdaynights,Ladies’DartsonMondaynightsandSaturdaysocialdartsintheafternoon.Inter-clubgamesareheldagainstEttalong,Blacktown,RootyHillandMtDruittwhousuallystayintheBelmontareafor2to3days.Newbackingboardsanddartboardswillbeinthenewroom.OurcondolencesgotoDave,PatandthefamilyofthelateDotCarterwhohaspassedaway.DotwasaLifeMemberoftheDartsSubsidiaryClubandaVeteranMember.ShewasoneoftheoriginalswhostartedtheDartsandIndoorBowls.Dotwillbesorelymissed.

TheIndoorBowlsSubsidiaryClubplaysbowlsintheSpinnakerRoomonMondaysandThursdaysandintheStarLoungeonSaturdayafternoons.BarryandJuneKearnswillbehappytointroduceyoutoIndoorBowlsonthesedaysifanyoneisinterested.DuringthepastyeartheLadies’SinglesChampionshipwaswonbyJuneKearnsandtherunner-upwasJuneRoughley.TheMen’sSinglesChampionshipwaswonbyBarryKearnsandtherunner-upwasRalphHooper.Ladies’PairswaswonbyPatMooreandJanePodgorelec.Men’sPairswaswonbyWalterSheretandRalphHooper. Belmont16sPhotographySubsidiaryClubisoneofourmostactiveSubsidiaryClubswithmanyverytalentedmemberstravellingthroughoutAustraliaparticipatingincompetitions.ThePhotographySubsidiaryClubcurrently has80+members,withallBelmont16sMemberswelcometojoinregardlessofyourphotographyskilllevel.

ThankstoallvolunteersatSailabilitywhospendtheirtimehelpingthedisabledtogetonthewaterallyearround.ItisfantastictoseethesmilesonthefacesofthedisabledwhogooutinthespecialboatsbuiltforSailability.Thankyouagaintoallthoseinvolvedwhogiveuptheirtimeforthoselessfortunatethanthemselves.

TheBoatingBowlerscontinuetoincludeWangiWangi,RathminesandTeaGardensintheirscheduledoutings.MembershipisbuildingbackupfollowingtheclosureofSwanseaBowlingClub.TonyDeloreasthePresidentisrecruitingallthetime.“SirAnthony”:Continuethegoodwork!

If any Member of Belmont 16s is interested in joining any of the Subsidiary Clubs please contact the appropriate personlistedbelowwhowillassistyouasallnewmembersarewelcome.

InclosingIwouldliketothanktheManagementandDirectorsforsupportingourSubsidiaryClubsandthankyoutoallMemberswhoparticipate.

Allen GrayDirector-Sports

CONTACTDETAILS-SUBSIDIARYCLUBSANDSAILING

Belmont16sBoatingBowlersSubsidiaryClub MikeScully 0249451314

Belmont 16s Darts Subsidiary Club SueOrlowski 0249453631

Belmont16sIndoorBowlsSubsidiaryClub June Kearns 0249450575

Belmont 16s Photography Subsidiary Club Roy Killen 0249537043

Belmont16sSnooker&BilliardsSubsidiaryClub David Eccleston 0249452157

Belmont 16s Sailing Coordinator Danny Anderson 0249457736

Sailability Belmont Lindon Roberts 0249470334


Directors' Report

31 March 2015

Your directors present their report on Belmont 16 Ft Sailing Club Limited for the financial year ended 31 March 2015.

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, Commodore 1993 to 2005, Vice President 2005 to 2009, President 2009 to date.

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

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

R. Flanagan Water Treatment Service Technician

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

L. Mulholland Retired Club Director 2007 to date; Club Captain 2007 to date.

M. Waters Builder Club Director 2013 to date.

A. Stone Project Manager Club Director 2013 to date.

R. Steel Retired Club Director 2011 to date.

A. Gray Retired Club Director 1999 to date.

M. Scully Retired Club Director 2007 to date.

G. Edwards Retired Club Director 2009 to date.

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

Club secretary

The Club Secretary is Mr Scott Williams. Mr Williams has been an employee of Belmont 16 Ft Sailing Club Limited since 11 April 2005 and was appointed to the position of Club Secretary at that date. Prior to this Mr Williams 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 a Licensed Club.

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


Directors' Report

31 March 2015

Members guarantee

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

At 31 March 2015 the collective liability of members was $ 63,202 (2014: $ 61,606).

Operating results

The profit of the Club after providing for income tax amounted to $ 1,712,750 (2014: $ 1,495,766).

Review of operations

Total revenues increased by $569,032 compared to the previous year.

Bar revenue remained static, catering revenue increased by 4.79% and gaming revenue increased by 1.62%.

Overall, strong patronage, solid trading results, together with a close management of costs produced a strong profit from ordinary trading.

Meetings of directors

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

Total Meetings Held

Director Position Board House Sailing Remuneration

14 9 11 1

D. Berryman President 13 / 14 7 / 9 1 / 1

T. Dobinson Vice President 11 / 14 7 / 9 9 / 11 1 / 1

J. Griffiths Commodore 13 / 14 1 11 / 11 1 / 1

R. Flanagan Vice Commodore 13 / 14 8 / 9 11 / 11 1 / 1

L. Mulholland Club Captain 13 / 14 8 / 9 10 / 11

M. Waters Director - Sailing 11 / 14 7 / 11

A. Stone Director - Sailing 11 / 14 8 / 11

R. Steel Director - Sailing 14 / 14 9 / 9 11 / 11

A. Gray Director - General 13 / 14 9 / 9

M. Scully Director - General 14 / 14 9 / 9

G. Edwards Director - General 11 / 14 5 / 9

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


Directors' Report

31 March 2015

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 or may significantly affect the operations of the Club, the results of those operations or the state of affairs of the Club in future financial years.

Environmental issues

The Club's operations are subject to environmental regulations under the laws of the Commonwealth and State of Australia. The Directors are not aware of any breaches of the legislation during the financial year which 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 is reviewed on an annual basis. These objectives are both financial and non financial and are aimed towards providing a comfortable and secure environment to its members that continues to meet their needs. These objectives are measured through both financial and non financial key performance indicators that have been determined relevant to the Club industry. No information is included on the likely developments in the operations of the Club and the expected results of those operations.

Auditors independence declaration

The lead auditors independence declaration for the year ended 31 March 2015 has been received and can

be found on page 13.

Indemnification and insurance of officers and auditors

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.


Directors' Report

31 March 2015

Directors emoluments

This statement excludes a benefit included in the aggregate amounts of emoluments received or due and receivable by the Directors shown in the Club's accounts. No Director has received or become entitled to receive, during or since the financial year, a benefit because of a contract made by the Club, with a Director, a firm of which the Director is a member or an entity in which the Director has a substantial financial interest.

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

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

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

Dated 26 May 2015


Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Belmont 16 Ft Sailing Club Limited

I declare that, to the best of my knowledge and belief, during the year ended 31 March 2015, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

Cutcher & Neale Chartered Accountants

I.K. Neale Partner

Newcastle

19 May 2015


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

Report on the Financial Report

We have audited the accompanying financial report of Belmont 16 Ft Sailing Club Limited, which comprises the statement of financial position as at 31 March 2015, the statement of profit or loss and other comprehensive income, statement of recognised income and expenditure and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration.

Directors' Responsibility for the Financial Report

The directors of the Club are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Club’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Club’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

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

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Belmont 16 Ft Sailing Club Limited, would be in the same terms if given to the directors as at the time of this auditor’s report.


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

Opinion

In our opinion:

(a) the financial report of Belmont 16 Ft Sailing Club Limited 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 2015 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and

(b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.


I.K. Neale Partner

Newcastle

27 May 2015


Directors' Declaration

The directors of the Club declare that:

1. The financial statements and notes, as set out on pages 17 to 38, are in accordance with the Corporations Act 2001 and:

a. comply with Accounting Standards, which, as stated in accounting policy note 1 to the financial statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS); and

b. give a true and fair view of the financial position as at 31 March 2015 and of the performance for the year ended on that date of the Club.

2. In the directors' opinion, 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 ..................................................................

Director ..................................................................

Dated 26 May 2015


Statement of Profit or Loss and Other Comprehensive Income

For the Year Ended 31 March 2015

The accompanying notes form part of these financial statements.

Note

2015

$

2014

$

Sale of goods 2 7,892,310 7,659,050

Less: cost of goods sold (2,862,567) (2,788,649)

Gross profit 5,029,743 4,870,401

Fair value adjustments 2 155,000 129,110

Other revenue from ordinary activities 2 13,456,659 13,146,777

Borrowing cost expense 3 (402,106) (436,215)

Bar trading expenses (1,241,147) (1,223,264)

Poker machine trading expenses (1,589,490) (1,552,069)

Poker machine duty (2,694,319) (2,638,008)

Gaming commission expenses (98,904) (109,176)

Catering trading expenses (2,559,293) (2,431,599)

Occupancy expense (1,371,363) (1,384,695)

Raffle and bingo expenses (524,354) (525,832)

Club promotion and entertainment expenses (1,187,810) (1,327,795)

Depreciation of property plant and equipment 3 (1,638,722) (1,557,718)

Administrative expenses (2,753,081) (2,575,464)

Sailing expenses (535,960) (529,915)

Other operating expenses from ordinary activities (286,321) (315,442)

Profit before income tax 1,758,532 1,539,096

Income tax (expense)/benefit 6 (45,782) (43,330)

Profit / (loss) after income tax 1,712,750 1,495,766

Other comprehensive income - -

Total comprehensive income / (loss) 1,712,750 1,495,766


Statement of Financial Position

As At 31 March 2015


Note

2015

$

2014

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 9 3,474,756 2,639,452

Trade and other receivables 10 62,630 59,655

Inventories 11 140,339 144,774

Other assets 12 253,911 204,734

TOTAL CURRENT ASSETS 3,931,636 3,048,615

NON-CURRENT ASSETS

Property, plant and equipment 13 24,430,505 24,122,824

Investment property 14 6,535,000 6,380,000

Deferred tax assets 7 166,512 163,690

TOTAL NON-CURRENT ASSETS 31,132,017 30,666,514

TOTAL ASSETS 35,063,653 33,715,129

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 15 1,560,221 1,527,211

Other liabilities 16 177,268 175,177

Short-term borrowings 17 454,891 447,266

Short-term provisions 18 869,823 861,707

TOTAL CURRENT LIABILITIES 3,062,203 3,011,361

NON-CURRENT LIABILITIES

Long-term borrowings 17 6,262,783 6,739,912

Deferred tax liabilities 7 788,954 740,350

Long-term provisions 18 171,039 157,582

TOTAL NON-CURRENT LIABILITIES 7,222,776 7,637,844

TOTAL LIABILITIES 10,284,979 10,649,205

NET ASSETS 24,778,674 23,065,924

EQUITY

Retained earnings 24,778,674 23,065,924

TOTAL EQUITY 24,778,674 23,065,924


Statement of Recognised Income and Expenditure



2015

Total

$

Balance at 1 April 2014 23,065,924

Profit / (loss) attributable to members 1,712,750

Balance at 31 March 2015 24,778,674

2014

Total

$

Balance at 1 April 2013 21,570,158

Profit / (loss) attributable to members 1,495,766

Balance at 31 March 2014 23,065,924


Statement of Cash Flows



Note

2015

$

2014

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 23,396,514 23,230,600

Payments to suppliers and employees (19,824,434) (19,699,002)

Interest received 54,437 44,671

Interest paid (402,106) (488,013)

Net cash provided by / (used in) operating activities 8 3,224,411 3,088,256

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of plant and equipment 86,650 102,408

Purchase of property, plant and equipment (2,006,253) (1,924,435)

Net cash provided by / (used in) investing activities (1,919,603) (1,822,027)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of borrowings (469,504) (966,103)

Net cash provided by / (used in) financing activities (469,504) (966,103)

Net increase (decrease) in cash and cash equivalents held 835,304 300,126

Cash and cash equivalents at beginning of year 2,639,452 2,339,326

Cash and cash equivalents at end of financial year 9 3,474,756 2,639,452


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, Australian Accounting Interpretations, otherauthoritative pronouncements of the Australian Accounting Standards Board and the CorporationsAct 2001.

Compliance with Australian Accounting Standards ensures that the financial statements and notesalso comply with International Financial Reporting Standards.

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,financial assets 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 ofthe deferred tax asset can be utilised.




1 Summary of Significant Accounting Policies continued

(c) Inventories

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

(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 if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying 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 comprehensive income.

(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 coststo sell 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.





(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 settledwithin one 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 2014 to 31 May 2015. Income hasbeen recorded in the accounts for the 10 months to 31 March 2015 with the remainder beingrecorded as a liability. The current liability represents income which will be taken up in thesucceeding 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.





(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 ratesapplicable to 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 payouts from those wagers. Liabilities arerecognised for accumulated payouts for 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.





(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.





(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 that are 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 to mature 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 defer settlement 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 techniques are applied to determine the fair value for all unlisted securities, including recent arm's length transactions 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 a financial asset has been impaired through the occurrence of a loss event. Impairment losses are recognised through an allowance account for loans and receivables in the statement of profit or loss and other comprehensive income.





(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) Adoption of new and revised accounting standards

During the current year, the Club adopted all of the new and revised Australian Accounting Standardsand Interpretations applicable to its operations which became mandatory.

The adoption of these Standards has not impacted the recognition, measurement or disclosure oftransactions.

(s) New accounting standards for application in future periods

The AASB has issued new and amended Accounting Standards and Interpretations that havemandatory application dates for future reporting periods. The Club has considered the impact ofthese changes and determined that they will not materially impact the recognition, measurement ordisclosure of transactions.

(t) 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 tothe Club that may be indicative of impairment triggers. Recoverable amounts of relevant assets arereassessed using value-in-use calculations which incorporate various key assumptions.

(u) Authorisation of Financial Statements

The financial statements were authorised for issue on 26 May 2015 by the directors.




2015

$

2014

$

2 Revenue

Operating activities

- Trading revenue 7,892,310 7,659,050

Other Revenue from Ordinary Activities

- Interest received / receivable 54,437 44,671

- Other operating revenue 13,402,222 13,102,106

13,456,659 13,146,777

Non-operating activities

- Fair value adjustments 155,000 129,110

Total Revenue 21,503,969 20,934,937

3 Result for the Year

(a) Expenses

Borrowing costs:

- external 402,106 436,215

402,106 436,215

Depreciation:

Depreciation - Buildings 539,907 536,443

Depreciation - Plant and Equipment 1,098,815 1,021,275

1,638,722 1,557,718

Net (profit) / loss on disposal of property, plant and equipment (26,800) (72,376)

4 Auditors' Remuneration

Remuneration of the auditor of the Club for:

- Audit or review of financial reports 26,200 25,000

Other services

- Provision of accounting and taxation services 3,750 3,600

- Other services 6,275 385

36,225 28,985




2015

$

2014

$

5 Interests of Key Management Personnel

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

Short-term employee benefits 413,975 407,664

Post-employment benefits 44,405 37,834

458,380 445,498

6 Income Tax Expense

The income tax reflected in the accounts is the amount calculated to be payable based on a formula determined by the Australian Taxation Office and after allowing for the fact that many items of income and expenditure 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 tax expense as follows:

Prima facie tax payable on profit from ordinary activities before income tax at 30% (2014: 30%) 527,560 461,729

Tax effect of:

- Net adjustment for principle of mutuality apportionment of members incomeand expenses (478,414) (429,379)

- over provision for income tax in prior years (5,597) -

- tax losses recouped 2,233 10,980

Income tax expense/(benefit) 45,782 43,330

7 Tax

Recognised deferred tax assets and liabilities

Deferred tax assets 166,512 163,690

Deferred tax liabilities 788,954 740,350

Tax losses of $1,432,214 (2014: $1,439,656) have not been brought to account at balance date that are available indefinitely for offset against future taxable profits. These losses are available indefinitely for offset against future taxable profits.




2015

$

2014

$

8 Cash Flow Information

Reconciliation of net income to net cash provided by operating activities:

Profit / (loss) attributable to members 1,712,750 1,495,766

Non-cash flows in profit:

- depreciation 1,638,722 1,557,695

- loss / (profit) on sale of plant and equipment (26,800) (72,376)

- fair value adjustment - rental properties (155,000) (129,110)

Changes in assets and liabilities:

- (increase)/decrease in trade and other receivables (2,975) 24,441

- (increase)/decrease in other assets (49,177) (8,273)

- (increase)/decrease in inventories 4,435 (28,999)

- increase/(decrease) in trade and other payables and other liabilities 35,101 116,053

- increase/(decrease) in deferred tax assets and liabilities 45,782 43,330

- increase/(decrease) in provisions 21,573 89,729

Cashflow from operations 3,224,411 3,088,256

9 Cash and Cash Equivalents

Cash at bank and in hand 535,649 529,642

Short-term bank deposits 2,939,107 2,109,810

3,474,756 2,639,452

10 Trade and Other Receivables

CURRENT

Trade receivables 54,449 34,694

Other receivables 8,181 24,961

62,630 59,655

11 Inventories

CURRENT

At cost:

Trading stock 140,339 144,774

12 Other Assets

CURRENT

Prepayments 201,304 204,734

Other asset 52,607 -

253,911 204,734




2015

$

2014

$

13 Property, Plant and Equipment

Land and buildings

At cost 25,743,767 25,064,915

Accumulated depreciation (6,292,569) (5,771,351)

Total land and buildings 19,451,198 19,293,564

Plant and equipment

At cost 10,971,986 10,680,748

Accumulated depreciation (5,992,679) (5,851,488)

Total plant and equipment 4,979,307 4,829,260

Total property, plant and equipment 24,430,505 24,122,824

(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 and Buildings

$

Plant and Equipment

$

Total

$

2015

Balance at the beginning of year 19,293,564 4,829,260 24,122,824

Additions 727,157 1,279,096 2,006,253

Disposals - written down value (29,616) (30,234) (59,850)

Depreciation expense (539,907) (1,098,815) (1,638,722)

Balance at 31 March 2015 19,451,198 4,979,307 24,430,505

2014

Balance at the beginning of year 19,166,934 4,619,182 23,786,116

Additions 663,073 1,261,362 1,924,435

Disposals - written down value - (30,009) (30,009)

Depreciation expense (536,443) (1,021,275) (1,557,718)

Balance at 31 March 2014 19,293,564 4,829,260 24,122,824




2015

$

2014

$

13 Property, Plant and Equipment continued

(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 2015 the balance shown above in Land and Buildings includes both core and non-core property. The entire balance shown in note 14 is non-core property. Forfurther disclosure of core and non-core property refer to page 40.

14 Investment Property

Balance at beginning of the period 6,380,000 6,250,890

Acquisitions - -

Fair value adjustment 155,000 129,110

6,535,000 6,380,000

Investment properties are stated at fair value, which has been determined based on valuations performed by Marshalls Property Belmont as at 31 March 2015 and 31 March 2014 for the current and prior year respectively.

15 Trade and Other Payables

CURRENT

Unsecured liabilities

Trade payables 719,965 344,526

Deposits 41,319 96,553

Sundry payables and accrued expenses 468,257 461,811

GST Payable 98,440 398,085

Poker machine duty tax 232,240 226,236

1,560,221 1,527,211

16 Other Liabilities

CURRENT

Members subscriptions in advance 174,404 172,313

Gaming tax rebate in advance 2,864 2,864

177,268 175,177




2015

$

2014

$

17 Borrowings

CURRENT

Secured liabilities:

Loans - investment properties 65,491 57,866

Commercial bills 389,400 389,400

454,891 447,266

NON-CURRENT

Secured liabilities:

Loans - investment properties 2,921,433 3,009,162

Commercial bills 3,341,350 3,730,750

6,262,783 6,739,912

(a) Total current and non-current secured liabilities

Loans - investment properties 2,986,924 3,067,028

Commercial bills 3,730,750 4,120,150

6,717,674 7,187,178

(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, 33, 35, 37 Ross Street Belmont NSW 2280- 29, 31, 37 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 5,000,000 -

5,200,000 200,000




2015

$

2014

$

18 Provisions

CURRENT

Employee benefits 772,035 747,386

Provision for Sailing Prizemoney 86,250 96,185

Provisions for ClubGRANTS 11,538 18,136

869,823 861,707

NON-CURRENT

Employee benefits 171,039 157,582

Sailing Prizemoney

$

ClubGRANTS

$

Opening balance 96,185 18,136

Additional provisions 193,005 96,720

Provisions used (202,940) (103,318)

Balance at 31 March 2015 86,250 11,538

Provision for Employee Entitlements

A provision has been recognised for employee entitlements relating to annual and long service leave for employees. 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 on poker machine net revenue from September 2014 to March 2015, less any amount already expended during that period. The Club is required to account for this expenditure for the period ending August each year.

Provision for Sailing Prizemoney

A provision has been recognised for the balance of prize money payable for the 2014/2015 sailing season.




2015

$

2014

$

19 Contingent Liabilities

Belmont 16 Ft Sailing Club Limited has bank guarantees totalling $85,000 of which $76,850 is currently unused. $8,150 is currently used, substituting for security deposits with Department of Lands and Tabcorp Holdings Pty Limited.

20 Capital Commitments

Capital expenditure commitments contracted for:

Boat Shed Bar Construction. Payable not later than 12 months. 5,120,415 -

21 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 the year are as they appear in the Directors Report.

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

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

22 Club Details

The registered office of and principal place of business of the Club is:

Belmont 16 Ft Sailing Club Limited

The Parade

Belmont NSW 2280

23 Operating Segments

The Club operates solely in the registered club industry from premises in Belmont NSW.




2015

$

2014

$

24 Financial Risk Management

The main risks Belmont 16 Ft Sailing Club Limited is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk.

The Club's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, bank loans and overdrafts, bills and leases.

The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows:

Financial Assets

Cash and cash equivalents 3,474,756 2,639,452

Trade and other receivables 62,630 59,655

Total financial assets 3,537,386 2,699,107

Financial Liabilities

Financial liabilities at amortised cost

- Trade and other payables 1,560,221 1,527,211

- Borrowings 6,717,674 7,187,178

Total financial liabilities 8,277,895 8,714,389

Financial risk management policies

The Board of Directors has overall responsibility for the establishment of Belmont 16 Ft Sailing Club Limited’s financial risk management framework. This includes the development of policies covering specific areas such as interest rate risk, credit risk and the use of derivatives.

Risk management policies and systems are reviewed regularly to reflect changes in market conditions and Belmont 16 Ft Sailing Club Limited’s activities.

The day-to-day risk management is carried out by Belmont 16 Ft Sailing Club Limited’s finance function under policies and objectives which have been approved by the Board of Directors. Belmont 16 Ft Sailing Club Limited does not actively engage in the trading of financial assets for speculative purposes nor does it write options.

Mitigation strategies for specific risks faced are described below:




24 Financial Risk Management continued

(a) Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to Belmont 16 Ft Sailing Club Limited and arises principally from Belmont 16 Ft Sailing Club Limited's receivables.

It is Belmont 16 Ft Sailing Club Limited’s policy that all customers who wish to trade on credit terms undergo a credit assessment process which takes into account the customer’s financial position, past experience and other factors. Credit limits are then set based on ratings in accordance with the limits set by the Board of Directors, these limits are reviewed on a regular basis.

(b) Liquidity risk

Liquidity risk arises from the possibility that Belmont 16 Ft Sailing Club Limited might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Club manages this risk through the following mechanisms:

• preparing forward-looking cash flow analysis in relation to its operational, investing and financial activities which are monitored on a monthly basis;

• monitoring and maintaining undrawn credit facilities; • maintaining a reputable credit profile; • managing credit risk related to financial assets; • only investing surplus cash with major financial institutions; and • comparing the maturity profile of financial liabilities with the realisation profile of financial

assets.

Typically, Belmont 16 Ft Sailing Club Limited ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days.

The available funds to the Club are discussed in note 9 and note 17(c).

(c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.

i. Interest rate risk

Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period, whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Club is also exposed to earnings volatility on floating rate instruments.

Interest rate risk is managed by maintaining a portion of borrowings at fixed interest rates. At 31 March 2015, approximately 47% of Belmont 16 Ft Sailing Club Limited debt is fixed rate.




24 Financial Risk Management continued

Sensitivity analysis

The following sensitivity analysis is based on the interest rate risk exposures in existence at the end of the reporting period.

An increase of 100 basis points or a decrease of 50 basis points would have increased profit or loss by the amounts shown below. This analysis assumes that other variables are held constant.

Profit

100 basis points

increase

50 basis points

decrease

2015 (2,844) 1,422

2014 (11,897) 5,948

The movements in profit are due to higher interest costs from variable rate debt and cash balances.

The net exposure at the end of the reporting period is representative of what Belmont 16 Ft Sailing Club Limited was and is expecting to be exposed to at the end of the next twelve months.

The sensitivity analysis is performed on the same basis as in 2014.

(d) Price risk

The Club is not exposed to any material commodity price risk.

(e) Net Fair Values

There is no material difference between the carrying value of assets and liabilities and the fair values of the assets and liabilities.


Compilation Report

31 March 2015

Scope

We have compiled the accompanying statement of Belmont 16 Ft Sailing Club Limited, which comprises the disclosure of core and non-core property. The specific purpose for which this statement has been prepared is to provide information relating to the Clubs property to the users of this financial report.

The Responsibility of the Directors

The directors are solely responsible for the information contained in this statement and have determined that all property owned by the Club is collated correctly.

Our Responsibility

On the basis of the information provided by the directors we have compiled the accompanying statement in accordance with APES 315: Compilation of Financial Information.

Our procedures use expertise to collect, classify and summarise the information, which the directors provided, in compiling this statement. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed.

The Core and Non-Core Property statement was compiled exclusively for the benefit of the directors. We do not accept responsibility to any other person for the contents of this statement.


I.K. Neale FCA Partner

Newcastle

19 May 2015


Disclosure of Core & Non-Core Property

31 March 2015

Pursuant to Section 41J(2) of the Registered Clubs Act for the financial year ended 31 March 2015: Address Current Usage Classification 38A - 54 Ross St Belmont Belmont Club, Car Park and Boat Sheds Core 1 Charles St Swansea Swansea Club and Greens 1 and 2 Non-Core 2 Charles St Swansea Swansea Car Park and Green 3 Non-Core 27 Lake Rd Swansea Part of Swansea Green 3 Non-Core 15-19 Ross St Belmont Investment Property Non-Core 21 Ross St Belmont Investment Property Non-Core 23 Ross St Belmont Investment Property Non-Core 25 Ross St Belmont Investment Property Non-Core 27 Ross St Belmont Investment Property Non-Core 29 Ross St Belmont Investment Property Non-Core 33 Ross St Belmont Investment Property Non-Core 35 Ross St Belmont Investment Property Non-Core 37 Ross St Belmont Investment Property Non-Core 3 The Parade Belmont Investment Property Non-Core 23 Albert St Swansea Investment Property Non-Core 29 Lake Rd Swansea Investment Property Non-Core 31 Lake Rd Swansea Investment Property Non-Core 37 Lake Rd Swansea Investment Property Non-Core Notes to members 1. Section 41J(2) of the Registered Clubs Act requires the annual report to specify the core property and non core property of the Club as at the end of the financial year which the report relates. 2. Core property is any real property owned or occupied by the Club that comprises: a) the defined premises of the Club; or b) any facility provided by the Club for use of its members and their guests; or c) any other property declared by a resolution passed by a majority of the members present at a general meeting of ordinary members of the Club to be core property of the Club. 3. Non core property is any property other than that referred to above as core property and any property which is declared by the members at a general meeting of ordinary members of the Club not to be core property. 4. The significance of the distinction between core property and non core property is that the Club cannot dispose of any core property unless: a) the property has been valued by a registered valuer within the meaning of the Valuers Act 2003; and b) the disposal has been approved at a general meeting of the ordinary members of the Club at which the majority of the votes cast support the approval; and c) any sale is by way of public auction or open tender conducted by an independent real estate agent or auctioneer. 5. These disposal provisions and what constitutes a disposal for the purposes of section 41J are to some extent modified by regulations made under the Registered Clubs Act and by Section 41J itself. For example, the requirements in paragraph 4 above do not apply to; - Core property that is being leased or licensed for a period not exceeding 10 years on terms that have been the subject of a valuation by a registered valuer; - Core property that is leased or licensed to a telecommunications provider for the purposes of a telecommunications tower.

Documents

BELMONT 16 FOOT SAILING CLUB LIMITEDANNUAL REPORTcontrol.visionscape.com.au/SiteFiles/16scomau/2015... · An example of this is Sailability, whom we have supported for the past 18