BELMONT 16 FOOT SAILING CLUB LIMITEDANNUAL REPORTcontrol.visionscape.com.au/SiteFiles/16scomau/108_-_B16s_2014_Annual... · belmont 16 foot sailing club limitedannual report acn 001

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2014

_______________________________________________________________________________

2BELMONT 16s - ANNUAL REPORT 2014

BELMONT 16 FOOT SAILING CLUB LIMITED ACN 001 020 471

ANNUAL REPORTYEAR ENDED 31 MARCH 2014

_______________________________________________________________________________

CONTENTS

• President’s Report

• Commodore’s Report

• Sailing Honours

• Subsidiary Clubs Report & Contact Details

• Financial Reports


PRESIDENT’S REPORT__________________________________________________________

Once again it is my pleasure to report to our Members on another successful year for

David BerrymanPresident


CHIEF EXECUTIVE OFFICER’S REPORT___________________________________________________________

many challenges facing the hospitality industry and the economy generally, your Club

facilities and providing support to community sporting, charitable, cultural and educational

Belmont 16s has a long and proud tradition of supporting not only the sport of sailing but also a diverse range of local

Scott Williams


ORGANISATIONS ASSISTED BY BELMONT 16S - 1 APRIL 2013 TO 31 MARCH 2014___________________________________________________________

Each and every year Belmont 16s provides ongoing financial support to a broad range of community

• Atuka Netball Club

• Autism Spectrum Australia

• Belmont Baseball Club

• Belmont Bay Ladies Probus

• Belmont Chamber of Commerce

• Belmont Football Club

• Belmont Golf Club

• Belmont Hospital Auxiliary

• Belmont Lantern Club

• Belmont Men’s Probus

• Belmont Neighbourhood Watch

• Belmont North Primary School

• Belmont Primary School

• Belmont Probus Computer Interest Group

• Belmont Rotary Club

• Black Diamond AFL

• Blacksmiths Primary School

• Breast Cancer Research Foundation

• CHARGE Syndrome Foundation

• Coastal Lakes Indoor Bowling Association

• Croudace Bay Sailing Club

• Eastlakes Domestic Violence Committee

• Eastlakes Family Support

• Eastlakes Probus Club

• Easts Water Polo Club

• Eleebana Primary School

• First Chance

• Floraville Primary School

• Greenleaf Retirement Village

• Heart Kids

• Hunter Academy of Sport

• Hunter Breast Cancer Foundation

• Hunter Life Education

• Hunter Prostate Cancer Alliance

• Jewells Primary School

• Lake Macquarie City Council

• Lake Macquarie City Games

• Lake Macquarie Tourism

• Lakes United Rugby League Football Club

• Lakeview Detox Unit

• Macquarie Croquet Club

• Macquarie Football Club

• Macquarie Leadership College

• Marine Rescue Lake Macquarie

• Mater Hospital Haematology Unit

• McGrath Foundation

• Newcastle Hunter Region Vietnam Veterans

• Newcastle Junior Baseball Association

• Newcastle Pregnancy Help Service

• Newcastle Probus Club

• Nords Wharf Primary School

• Port Hunter 16ft Skiff Sailing Club

• Ronald McDonald House

• Royal Institute for Deaf & Blind Children

• Royal Life Saving Society

• Sailability

• Samaritans

• Scouts Australia

• Southern Beaches Rugby Club

• St Luke’s Preschool

• Starlight Children’s Foundation

• Swansea Belmont Surf Life Saving Club

• Valentine Eleebana Netball Club

• Valentine Primary School

• Westpac Rescue Helicopter Service

• Wheeling & Able

• Yachting NSW


COMMODORE’S REPORT__________________________________________________________

maintained the very high standard set in previous years as our junior sailors have once

Straight Azz Wall and Floor Tiling, consisting of Joel Rose, Daniel

Southern Beaches Rugby

EmptyJets.com.au EmptyJets.com.au

Sirius – Tom 1392

Hammer TimeSirius Bluebird

Hammer Time

French Tickler to second place in the Australian Championship, Causing Haavik

sailed ATB Morton

Commodore


SAILING HONOURS 2013 - 2014__________________________________________________________

PELICANS, FLYING 11S, CHERUBS, 29ERS AND LASERS

•

•

•

16FT SKIFFS

•

•

INFORMATION FOR ALL SAILORS

•

•

•

CLASS BOAT SKIPPER CREW TITLE

PelicansThunder Tom Crockett Jack Anderson Club Championship

What da Heck Beau Crockett Ronan Pirozzi Yearly Point Score

Flying 11s

Sirus Tom Grimes Chelsea Williams Club Championship

Slippery Little Sucker Marcus Livingstone Kelsey Turner Yearly Point Score

1392 Lauren Gallaway Claire Byrne Aust All Girl Champion

Hammertime Tom Crockett Thomas Steenson Aust Junior Champion

Sirus Tom Grimes Chelsea Williams NSW State Champion

Bluebird Emma Jones Karma Randall NSW All Girl Champion

Hammertime Tom Crockett Thomas Steenson NSW Junior Champion

29ers

Ship Happens Kurt Hansen Harry Morton Club Championship

Jess Grimes Jack Buchan Yearly Point Score

ATB Morton Kurt Hansen Harry Morton NSW State Champion

ATB Morton Kurt Hansen Harry Morton 4th - World Championship

LasersShadrack Rod Gardiner Club Championship

Reality Brett Harden Yearly Point Score

CherubsWally Trevor Fay Morgan Frew Club Championship

The Beaver Wayne Torpy Lachlan Philpott Yearly Point Score

16ft Skiffs

Straight Azz Wall & Floor Tiling Joel RoseDaniel Skym

Club ChampionshipTrent Morgan

Southern Beaches Rugby Rod Carter

Adam Gillson

Yearly Point ScoreSteve McTaggart

Phil Marshall

BELMONT 16s - ANNUAL REPORT 2014

SUBSIDIARY CLUBS REPORT__________________________________________________________

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

The passing of our past President Brian Ellis and past Director Merv Smith, both being Life Members of the Club has

Allen Gray

Belmont 16s Darts Subsidiary Club

June Kearns

Belmont 16s Photography Subsidiary Club Katherine James

Christine Grigg

Belmont 16s Sailing Coordinator Danny Anderson

Sailability Belmont Lindon Roberts


Directors' Report

31 March 2014

Your directors present their report on Belmont 16 Ft Sailing Club Limited for the financial year ended 31 March 2014.

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 Stevedore 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 since 28/07/2013 to date.

A. Stone Project Manager Club Director since 28/07/2013 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 State MP for Swansea Club Director 2009 to date.

S. Harrison Architectural Draftsman

Club Director 2009 to 2013; Commodore 2011 to 2013.

C. Corke Electrician Club Director 2001 to 2013; Vice Commodore 2005 to 2013.

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 2014

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 members 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 2014 the collective liability of members was $ 61,606 (2013: $ 59,904).

Operating results

The profit of the Club after providing for income tax amounted to $ 1,495,766 (2013: $ 1,352,736).

Review of operations

Total revenues decreased by $695,990 compared to the previous year which was due to the closure of Swansea Bowling Club.

Bar revenue decreased by 16.75%, catering revenue increased by 4.10% and gaming revenue decreased by 4.28%. Both decreases were a result of the above closure.

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 11 12 1

D. Berryman President 14 / 14 8 / 11 1 / 1

T. Dobinson Vice President 13 / 14 9 / 11 5 / 7 1 / 1

J. Griffiths Commodore 10 / 14 1 8 / 12

R. Flanagan Vice Commodore 13 / 14 11 / 11 12 / 12

L. Mulholland Club Captain 13 / 14 11 / 11 12 / 12

M. Waters Director - Sailing 9 / 9 1 6 / 7

A. Stone Director - Sailing 7 / 9 6 / 7

R. Steel Director - Sailing 13 / 14 7 / 7 12 / 12

A. Gray Director - General 14 / 14 11 / 11

M. Scully Director - General 14 / 14 11 / 11

G. Edwards Director - General 7 / 14 7 / 11

S. Harrison Did not stand 5 / 5 5 / 5 1 / 1

C. Corke Resigned 1 / 1 2 / 2

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


Directors' Report

31 March 2014

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 2014 has been received and can be found on page of the financial report.

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 his office which is incurred by him in defending proceedings, whether civil or criminal in which judgement is given in his favour or which he is acquitted or in connection with any application under the Act in which relief is granted to him by the Court in respect of any negligence default of duty or breach of trust.


Directors' Report

31 March 2014

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 27 May 2014


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 2014, 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

26 May 2014

NEWCASTLE


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

Report on the Financial Report

The summary financial statements of Belmont 16 Ft Sailing Club Limited comprise the summary statement of comprehensive income, summary statement of financial position, summary statement of cash flows, summary statement of recognised income and expenditure, notes to the financial statements, discussion and analysis of the financial statements, and the Directors’ declaration derived from the audited financial statements of Belmont 16 Ft Sailing Club Limited for the year ended 31 March 2014 as set out on pages 15 to 22.

The summary financial statements do not contain all the disclosures required by Australian Accounting Standards – Reduced Disclosure Requirements. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial report of Belmont 16 Ft Sailing Club Limited.

Directors’ responsibility for the summary financial statements

The Directors are responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.

Auditor's Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Auditing Standard ASA 810: Engagements to Report on Summary Financial Statements.

Auditor's Opinion

In our opinion, the summary financial statements derived from the audited financial statements of Belmont 16 Ft Sailing Club Limited for the year ended 31 March 2014, are consistent, in all material respects with those audited financial statements, on the basis described in Note 1.


I.K. Neale Partner

NEWCASTLE

28 May 2014


Directors' Declaration

The Directors of Belmont 16 Ft Sailing Club Limited declare that the summary financial statements of Belmont 16 Ft Sailing Club Limited for the financial year ended 31 March 2014, as set out on pages 16 to 22:

(a) comply with Accounting policies as described in Note 1; and

(b) have been derived from and is consistent with the full financial statements of Belmont 16 Ft Sailing

Club Limited.

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

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

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

Dated 27 May 2014


Summary Statement of Profit or Loss and Other Comprehensive Income

For the Year Ended 31 March 2014

Note

2014

$

2013

$

Sale of goods 2 7,659,050 7,948,528

Less: cost of goods sold (2,788,649) (2,949,818)

Gross profit 4,870,401 4,998,710

Fair value adjustments 2 129,110 -

Other revenue from ordinary activities 2 13,528,823 14,224,813

Borrowing cost expense (436,215) (510,325)

Bar trading expenses (1,223,264) (1,430,194)

Poker machine trading expenses (1,552,069) (1,515,459)

Poker machine duty (2,638,008) (2,657,569)

Gaming commission expenses (109,176) (118,227)

Catering trading expenses (2,431,599) (2,330,670)

Occupancy expense (1,384,695) (1,433,512)

Raffle and bingo expenses (525,832) (642,759)

Club promotion and entertainment expenses (1,709,841) (1,704,782)

Depreciation of property plant and equipment (1,557,718) (1,491,075)

Administrative expenses (2,575,464) (3,007,181)

Sailing expenses (529,915) (535,576)

Other operating expenses from ordinary activities (315,442) (494,779)

Profit before income tax 1,539,096 1,351,415

Income tax (expense)/benefit (43,330) 1,321

Profit / (loss) after income tax 1,495,766 1,352,736

Other comprehensive income - -

Total comprehensive income / (loss) 1,495,766 1,352,736


Summary Statement of Financial Position

As At 31 March 2014

2014

$

2013

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 2,639,452 2,339,326

Trade and other receivables 59,655 84,096

Inventories 144,774 115,775

Other assets 204,734 196,461

TOTAL CURRENT ASSETS 3,048,615 2,735,658

NON-CURRENT ASSETS

Property, plant and equipment 24,122,824 23,786,116

Investment property 6,380,000 6,250,890

Deferred tax assets 163,690 163,020

TOTAL NON-CURRENT ASSETS 30,666,514 30,200,026

TOTAL ASSETS 33,715,129 32,935,684

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 1,527,211 1,424,107

Other liabilities 175,177 162,228

Short-term borrowings 447,266 513,955

Short-term provisions 861,707 797,894

TOTAL CURRENT LIABILITIES 3,011,361 2,898,184

NON-CURRENT LIABILITIES

Long-term borrowings 6,739,912 7,639,326

Deferred tax liabilities 740,350 696,350

Long-term provisions 157,582 131,666

TOTAL NON-CURRENT LIABILITIES 7,637,844 8,467,342

TOTAL LIABILITIES 10,649,205 11,365,526

NET ASSETS 23,065,924 21,570,158

EQUITY

Retained earnings 23,065,924 21,570,158

TOTAL EQUITY 23,065,924 21,570,158


Summary Statement of Recognised Income and Expenditure


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

2013

Total

$

Balance at 1 April 2012 20,217,422

Profit / (loss) attributable to members 1,352,736

Balance at 31 March 2013 21,570,158


Summary Statement of Cash Flows


2014

$

2013

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 23,230,600 24,108,223

Payments to suppliers and employees (19,699,002) (21,353,737)

Interest received 44,671 59,043

Interest paid (488,013) (510,325)

Net cash provided by / (used in) operating activities 3,088,256 2,303,204

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of plant and equipment 102,408 148,509

Purchase of property, plant and equipment (1,924,435) (1,782,627)

Purchase of investment property - (735,890)

Net cash provided by / (used in) investing activities (1,822,027) (2,370,008)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings - 560,000

Repayment of borrowings (966,103) (995,599)

Net cash provided by / (used in) financing activities (966,103) (435,599)

Net increase (decrease) in cash and cash equivalents held 300,126 (502,403)

Cash and cash equivalents at beginning of year 2,339,326 2,841,729

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


Notes to the Summary Financial Statements


1 Accounting Policies

The summary financial statements have been prepared from the audited financial statements of Belmont 16 Ft Sailing Club Limited for the year ended 31 March 2014. The audited report for the year ended 31 March 2014 is available at request from Belmont 16 Ft Sailing Club Limited.

The financial statements, specific disclosures and the other information included in the summary financial statements are derived from and are consistent with the full financial statements of Belmont 16 Ft Sailing Club Limited. The summary financial statements cannot be expected to provide as detailed an understanding of the financial performance, financial position and financing and investing activities of Belmont 16 Ft Sailing Club Limited as the full financial statements.

The accounting policies have been consistently applied to Belmont 16 Ft Sailing Club Limited and are consistent with those of the financial year in their entirety.

The presentation currency used in the financial statements is Australian dollars.

There have been no changes to the accounting policies of the Club from last year.

2 Revenue

2014

$

2013

$

Operating activities

- Trading revenue 7,659,050 7,948,528

Other Revenue from Ordinary Activities

- Interest received / receivable 44,671 59,043

- Other operating revenue 13,484,152 14,165,770

13,528,823 14,224,813

Non-operating activities

- Fair value adjustments 129,110 -

Total Revenue 21,316,983 22,173,341


Discussion and Analysis of the Summary Financial Statements


Information on Belmont 16 Ft Sailing Club Limited Summary Financial Statements

The financial statements, disclosures and discussion and analysis in the summary financial statements have been derived from the 2014 financial statements of Belmont 16 Ft Sailing Club Limited.

A copy of the full financial statements and auditors report will be sent to any member, free of charge, upon request. The summary financial statements cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the entity as the full financial statements.

The discussion and analysis is provided to assist members in understanding the summary financial statements.

Summary Statement of Profit or Loss and Other Comprehensive Income Revenue Notable changes to ordinary revenue include a 16.75% decrease in bar trading due to the closure of Swansea Bowling Club, a 6.00% increase in catering, a 4.28% decrease in gaming and an 8.36% decrease in gaming commissions, both also due to the Swansea Bowling Club closure. Expenditure Operating Expenses decreased by 5.01% over the previous year. Major changes from the previous year are:

7.66% decrease in gaming commissions expense 18.19% decrease in raffles and bingo expenses 36.04% decrease in other operating expenses 3.41% decrease in occupancy expenses 14.52% decrease in borrowing cost expenses 4.33% increase in catering & function expenses

Some of the above decreases were impacted by the closure of Swansea Bowling Club.

Summary Statement of Financial Position Assets Total assets increased by $779,445 to $33,715,129 representing an increase of 2.37%. This increase is mainly reflected in the following balances:

• Cash assets have increased by $300,126 or 12.83% due to strong trading results • Property, plant and equipment increased by $336,708 or 1.42% and is due to various capital expenditures • Investment property increased by $129,110 or 2.07% due to current market valuations

All other assets have remained relatively comparable to the previous year balances. Liabilities Overall, total liabilities were reduced by $716,321 or 6.30%. Current liabilities increased by $113,177 or 3.91%. This is due to an increase in accounts payable of $103,104.

Non Current Liabilities decreased by $829,498 or 9.80%. This was due to the ongoing principal repayments of the Club’s commercial debt.


Discussion and Analysis of the Summary Financial Statements


Summary Statement of Recognised Income and Expenditure

The equity of the Club has increased entirely due to the reported profit amount of $1,495,766 in 2014.

Summary Statement of Cashflows

Operating Activities

Cash inflows from operating activities were $3,088,256, an increase of $785,052.

Investing Activities

Cash invested by the Club in the premises and on plant and equipment during the year totalled $1,924,435.

Financing Activities

Net cash outflows from financing activities were $966,103.

The Club extinguished a commercial bill, and in addition has continued to make principle reductions of commercial bills in accordance with the facility terms.


Compilation Report

31 March 2014

Scope

We have compiled the accompanying special purpose financial statements of Belmont 16 Ft Sailing Club Limited, which comprise the disclosure of core and non-core property. The specific purpose for which the special purpose financial statements have been prepared is to provide information relating to the performance of the entity that satisfies the information needs of the directors.

The Responsibility of the Directors

The directors are solely responsible for the information contained in the special purpose financial statements and have determined that the basis of accounting used is appropriate to meet their needs and for the purpose that the financial statements were prepared.

Our Responsibility

On the basis of the information provided by the directors we have compiled the accompanying special purpose financial statements in accordance with the basis of accounting and APES 315: Compilation of Financial Information.

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

The special purpose financial statements were compiled exclusively for the benefit of the directors. We do not accept responsibility to any other person for the contents of the special purpose financial statements.


I.K. Neale FCA Partner

Newcastle

26 May 2014


Disclosure of Core and Non-Core Property

31 March 2014

Pursuant to Section 41J(2) of the Registered Clubs Act for the financial year ended 31 March 2014: 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/108_-_B16s_2014_Annual... · belmont 16 foot sailing club limitedannual report acn 001