Little Ship Club 2015-2016 Annual Report
Animated publication
Little Ship Club (Queensland Squadron) ABN 31 009 823 590 1 Yabby Street Dunwich Qld 4183 Phone 07 3409 9022
Post: PO Box 10, Dunwich Qld 4183 Website: www.littleshipclub.com.au Newsletter: enews@littleshipclub.com.au
L ittle S hip C lub
Annual Report
2015 – 2016
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
1951 2016 L ittle S hip C lub
Luke Casey Photography
Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
NOTICE OF MEETING The 66th Annual General Meeting of The Little Ship Club (Queensland Squadron) will be held in the Club Rooms at 1 Yabby Street, Dunwich, North Stradbroke Island, on Sunday 30th October 2016, commencing at 1000 hrs in the forenoon. Entry to the meeting will be by presentation of a current Full Membership card bearing the Member’s name and number. BUSINESS • Adopt the Minutes of the previous meeting; • Receive an update on Business Arising from said Minutes; • Receive and adopt the Reports and Financial Statements for the 12-month period to 30th June 2016; The Notice of Meeting and associated documentation was posted on the noticeboard in the Destroyer Bar on the Club’s premises on 24th August 2016 and was published in the Noticeboard section on the LSC website’s homepage at http://www.littleshipclub.com.au/
• Transact any general business; • Elect Officers for the coming year; By order of the Board of Directors Roger J McDowall Commodore
on 25th September 2016 and was also notified directly to Members by email with embedded document links and/or by postal mail to Members immediately thereafter.
LITTLE SHIP CLUB (Queensland Squadron) 2015–2016 ANNUAL REPORT
Contents
Reports
Page AR.2 AR.2 AR.2 AR.3 AR.4 AR.4 AR.5 AR.5 AR.6 AR.6 AR.7 AR.7 AR.8 Page FS.1 FS.2 FS.3 FS.6 FS.7 FS.8 FS.9 FS.10 FS.13 FS.21 FS.22 FS.24
Board of Directors
Board Meeting attendances
Crossed the Bar
Commodore’s report
Vice-Commodore’s report Rear-Commodore’s report Honorary Secretary’s report Honorary Treasurer’s report House & Social report Membership report Grounds & Works report
Projects summary
Events calendar 2015 – 2016
Financial statements
Auditors
Financial statements contents
Directors’ Report
Auditors’ Independence Declaration Statement of Profit and Loss Statement of Financial Position Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditors’ Report
Trading Account
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
AR.1
Board of Directors Current at 30th June 2016 Notes: 1 Ceased 14th July 2016; Greg Leggett appointed August 2016 2 Ceased 14th July 2016
Commodore
Roger McDowall
Vice-Commodore Rear-Commodore Honorary Secretary Honorary Treasurer
Christopher Goodhew Matthew Tesch Gaye Morcombe Tracey Watts 1 Gaye Morcombe Tracey Watts 2 (Ex Officio) Vacant (Ex Officio) Colin Barker
Director House & Social Director Membership
Captain Game Fishing Section
Captain Fishing Section Captain Sailing Section
(Ex Officio) Vacant
Board Meeting attendance November 2015 – October 2016 *Includes intentions for October 2016 meeting if / as advised Notes: 1 Ceased 8th February 2016 2 Ceased 14th July 2016 3 Ceased 14th July 2016 4 Proxy for Game Fish Captain
Member
Meetings attended*
Roger McDowall
11 of 12 11 of 12
Christopher Goodhew
David Cameron 1 Matthew Tesch Gaye Morcombe Greg Leggett Tracey Watts 2
3 of 4 7 of 9
7 of 12
3 of 3 7 of 9
Bill Canfield
12 of 12
Greg McGuire 3
4 of 6
Col Barker
11 of 12 5 of 12
Steve Carroll 4
Crossed the Bar October 2015 – October 2016
We pay tribute to the following Members who have departed this life in the past 12 months and acknowledge the memories of their families and friends, and those of other members of the extended LSC communities who have also embarked on their final voyages.
Peter Barton
crossed December 2015
Dick Johnston
crossed April 2016
AR.2 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Commodore’s report
The 2015–2016 year has been one of continuing challenges and the ongoing implementation of change commenced in 2014. Sporting activities continue to thrive with the Fishing Section and Game Fishing Section functioning well. The former’s season was sub-par due to some untimely and inclement weather weekends, but spirits within the angling ‘die-hards’ remain high and the preservation of thoughts of ‘tight lines’ in the future prevails. Membership has declined somewhat, due to a changing demographic, with resignations from members in the 60 to 80+ age group – traditionally a large proportion of our Club’s fraternity. During the 2016-17 membership renewal drive the major reason given for ceasing involvement was the sale of their vessel and/or health/mobility issues. Our Club building is showing signs of age, as is much of our equipment, and considerable energies have been devoted to repairs and maintaince. A breakdown of activities appears on page AR.7 of this report. Considerable work, which continues to be undertaken behind the scenes, has resulted in an extremely active Facebook and much-visited web page with the profile of our Club continuing to be lifted across the Bay and throughout the island and mainland communities. Our high quality web presentation has done much to attract enquiries for weddings, functions, birthdays and corporate activities. Club financials failed to reflect the resurgence in attendance however, but of so many factors affecting the operations, one area stands out: WEATHER. Where we have had the beautiful one day, perfect the next scenario, trading has flourished but the frequent, and increasingly blustery, passing frontal systems have played ‘merry hell’ with many plans – not least the storm event of 3rd October.
Managers Julie and Craig Hackett have worked tirelessly to reinvigorate the Club’s hospitality face and have upgraded the dining experience and entertainment activity to growing popular acclaim. Our partnerships with the island communities have been rejuvenated and continue to be further consolidated. Board members donated their time unreservedly to ensure that the Club was compliant with all legislative requirements and every effort was made to sustain a marginal profit for the trading year. Costing and pricing structures were reviewed but still more needs to be done in this area and it is not unreasonable to expect price rises in both the beverage and bistro areas. While such action may be unpalatable to some the fact remains that there is a cost to provide service and maintain a large facility – the responsibility also rests with Members, and the old adage of ‘use it or lose it’ applies. With the forward planning now being developed I am of the view that the Club will prosper during the next trading period. A major hindrance to financial planning for the Club has been the Constitution and in its present for it restricts the Board, in some areas, to move forward. A review is required to align the document with current administrative and legislative protocols. The Finan- cial report is included for Member review. I have enjoyed this term in office and am appreciative of the new friends one has made. The role of Commodore is not for the faint-hearted and carries with it substantial responsibilities, some of which I was completely unaware and I have no doubt that those before me also experienced similar aspects while in office. Thank you all for your support and friendship. Roger McDowall Commodore
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
AR.3
Vice-Commodore’s report
Through Christmas 2015 a huge amount of time and effort was invested in building and populating our new website, concurrent with the design and publication of a hard-copy A4 2016 calendar (which has proven very popular and useful and which we are looking to repeat in 2017). The website has received more than 11,567 ‘unique’ visitors and a sub-total of 869,116 ‘hits’ in its first 9½ months; adding hits from search engine robots brings the total to more than 1.6m to date. Since accepting the Flag reins from David Cameron my prior volunteer focus on producing the monthly eNews expanded ten-fold with a more comprehensive remit on marketing our Club and enhancing Member communications. Social media has seen a surge and steady increase in our Club’s Facebook page ‘likes’ – up 56% since February and by 78% since October 2015 to currently stand at 1,026 – and more than 2,400 visits.* When writing a Vice-Commodore’s Report, it can be difficult to confine oneself to the portfolio, given that our Constitution does not give Flag Officers other than the Commodore any specific remit. If the Commodore stays hale and present and does not, by personal appointment, appoint a subordinate Flag to a standing committee chair, there are no duties. The Constitutional duties of the Commodore are onerous by the standards that apply in other paramilitary organisations. There is an argument that the position should separate the role of ‘Commander of the Fleet’/’Chairman of the Board’ on one hand from that of ‘Chief Executive Officer’ on the other. Under the current Constitution, at Part 45[e], the Fishing Section, the Game Fish Section and the Sailing Section Captains “…must be prepared to serve as Directors…”
Our monthly eNews went into recess after the July 2016 edition due to the pressure of my professional design work commitments, which also scuppered any prospect of updating our Club’s history book this year; both projects are intended to resume after the end of October 2016. Notwithstanding, in August we were able to publish a refreshed and revised Club brochure and much of the print run of 5,000 has now been shared with our transport, travel, tourism and island venue partners. As with the A4 calendar, collaboration with our business supporters enabled both items to be economically produced at little cost to our Club – in the case of the brochure, less than four cents per copy – great examples of what can be achieved through working collectively There is no provision for what to do if, despite this, a section elects a captain who is unwilling or unable to serve as one of the directors required in Part 40[d]. An unwillingness to bear the Director’s liability to and for the whole Club when executive control is exercised over a small part of it sounds reasonable. Further confusing the interpreter of the document, the section captains are described as “ex officio” Board members, while having full voting rights. This is an apparent contradiction. While it is clear to me at least that the Constitution is ripe for a review (the last amendments being voted on in 2008 and 2010), for the present the urgent consideration is to keep the sections captains as ex officio Board members without compelling them to be Directors. To this end I have proposed a motion to amend the Constitution. Chris Goodhew Vice-Commodore
Rear-Commodore’s report Appointed February 2016
for shared goals. Matthew Tesch Rear-Commodore Director – Communications
*As at 9th October 2016
AR.4 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Hon. Secretary’s report
It has not been the easiest of years, what with the management change at the Club and the Board re-shuffle due to the resignation of our previous Hon. Treasurer / Director (Membership). Juggling the three areas has been quite a task. Many thanks to Gregg Leggett for coming on board to take over the role of Honorary Treasurer. Much work has been done within the Club’s software system to ensure it accurately aligns with Club operations. Training has been undertaken with the software providers, H & L, to bring managers up to speed on its capability and operating processes. Money well spent, believe me. Continuing on from Karen Davy’s efforts, more work has been conducted on the membership database with access being obtained to areas of the H & L software not previously known about. These now identified locations will be of considerable assistance in the future. Applications for Grants to assist with replacing the main roof and installing solar power are currently underway. This is just a ‘wait and see’ game so keep one’s fingers crossed. On 24th August 2016 I was appointed as Honorary Treasurer for the Little Ship Club (Queensland Squadron) after the resignation of the previous incumbent on 14th July 2016. In previous times my company Leggett & Leggett was appointed by the Club to carry out a review of Club perfor- mance. My appointment comes at a critical time both for the club and myself as an active accountant providing services to my client base. I have reviewed the audit conducted by Mobbs & Co, club-appointed auditors, and after consultation with Mobbs & Co directors accept the Audit Report for the 2015/2016 trading period.
From a Board member perspective I am disappointed at the lack of commitment by Members in general to become involved with our Club’s operation. There is so much to do but few resources available to take on much-needed projects. A club relies on its members to survive, not only from a financial support base but from partaking in club activities and becoming involved on the relevant committees. If the Little Ship Club is to continue into the future, then involvement from the younger generation is required. We have the vibrancy of young mangers on our side, let’s see more families with their speedboats, half-cabin cruisers, trailer-sailers and PWCs join and take advantage of the onshore facilities the Club offers. Thank you all for the support during my tenure. Gaye Morcombe Director – Honorary Secretary
Hon. Treasurer’s report Appointed August 2016
A change in audit procedure and processes has been undertaken at my request this year about which I will have more to say at the AGM. Please take time to read the Audit Report prior to the AGM as I am more than prepared to take questions on the day. Greg Leggett Director – Honorary Treasurer
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
AR.5
House & Social report
This year has been disappointing in the area of volunteers to assist with the development and planning of events. I must thank our managers and particu- larly Julie Hackett for her enthusiasm and dedication in promoting and pursuing functions, entertainment and Club activities. Irrespective of my own time constraints, with several honor- ary roles, our Club has become quite the gathering place for young couples, families. children and their canine family members. When the long-mooted coffee machine is purchased this will be an added attraction to this younger group, as well for visitors and the mainland commuters using the Flyer water taxi at our door. After the resignation of Tracey Watts I took over the caretaker role of Di- rector (Membership). Membership management is quite onerous and straddles many boundaries involving Club managers and staff. When one is not totally conversant with software packages the role can sometimes seem over- whelming. However we soldiered on through the issues, including computer meltdowns and mislaid information. I apologise on behalf of the Board for any inconvenience caused during our membership audit and rebuilding processes.
Despite increasing musical offerings, patronage on Friday nights has decreased which would appear to be the direct result of changing the Members’ Draw to Saturday night. The newly introduced ‘Billy’s Draw’ which was intended to attract the local population has not been as successful as anticipated. We have many challenges ahead in the area of social activities and the Board in conjunction with our Managers are looking for affordable ways to introduce more regular live musical entertainment. The trial of month- ly ‘Twilight Markets’ on the Club’s grounds is another good start. Gaye Morcombe Director– House & Social Despite the retirement of almost a generation of older Members, our Club’s membership overall remains at reasonable levels and new applications and renewals continue to be received. My thanks to the promotional exper- tise of our Rear-Commodore, Matt Tesch, for his continued support with my role and in particular his ongoing assistance. We have in our Club a wonderful product offering and a truly unique location and I am confident that new generations of Members are already within our ranks. Gaye Morcombe Director – Membership (Acting)
Membership report Acting from July 2016
2015-16
2014-15
Member categories
Figures as at 30th June 2016
Full voting Members (including Full, Senior, PC HLM, HLM, FML)
571
547
230
Associate Members
320
192
Social Members
311
Total Financial Membership
993
1,178
AR.6 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Grounds & Works report
We have had a year with a few repairs that were essential to our building. We have replaced all the box gutters at the front of the Club with stainless steel gutters as they had rusted through; this was a decided course of action as replacing them with the same material would have only given us an ongoing problem as we do not wish to cut down our big beautiful tree which adds so much to the ambiance of the Club. We will continue with new ‘Leaf Eater’ rainwater heads to assist in clearing the leaves from the roof, and this was scheduled for completion dur- ing our second working bee of 2016 to complete this installation of the downpipes. A quotation for the replacement of the clears has been approved by our insurance company and these will be able to be installed following the last work on the guttering.
Applications have been forwarded to relevant bodies with the request for assistance to replace a large section of the roof on the main building and in doing so we have applied for a grant to install solar power to reduce our running costs. We are also investigating the replacement of the urinal in the male toilets, as one has been completely smashed and removed and the rest have damage or cracks and should be replaced. Our investigations have been fruitful and, where we can replace these urinals with stainless steel ones cheaper than the original polycarbonate units, this will also reduce the possibility of further damage and give us a lower repair cost into the future. Bill Canfield Director – Grounds & Works
Projects summary Summarised here is a list of completed or current projects undertaken during the reporting period.
ITEM
STATUS
Repair of Club’s portable PA system
Completed
Repair of internal/external audio system
Completed
Service of all CCTV equipment & camera replacement.
Completed
Replacement of clears in bistro area
Completed
Repair/replacement of box gutter and downpipes in bistro area
Completed
Grant application – main roof replacement
Underway
Grant application – supply and instal solar panels
Underway
Grant application – coffee machine
Underway
Grant application – indoor/outdoor furniture
Underway
Repair/replacement of external tiles in Destroyer Bar
Underway
Repair/replace tiles in male shower
Underway
Replace and install urinal (male toilet)
Underway
Replacement of security/access control system
Completed
Repair of bar refrigeration equipment
Completed
Reseal of kitchen fridge
Completed
Repair of Kitchen refrigeration equipment
Completed
Negations for replacement poker machines
Underway
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
AR.7
Events Calendar 2015–2016 Notes: 1 Postponed to following week due to weather. 2 Included UK production company film crew and former England Cricket captain Andrew ‘Freddie’ Flintoff joining game fish fleet; program broadcast date TBA. 3 LSC requested to take the salute at Dunwich march-past. 4 Event postponed. 5 Twilight Markets successfully trialled; intention to operate on a monthly basis. 6 ICBC visit to LSC postponed then cancelled due to weather.
Event
Location Date
1 Trophy Night
LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC Bay LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC LSC Bay LSC LSC LSC LSC LSC LSC LSC LSC - / -
10 October 11 October 31 October 3 November 19 December 31 December 1 January 15 January 26 January 5-7 February 6–7 February 14 February 19-21 February
2 AGM
3 Bubbles by the Bay 4 Melbourne Cup
5 Christmas Drinks with the Board
6 New Year’s Eve 7 Jib & Awning Race
8 New LSC website launched
9 Constitution Cup
10 Fishing Section competition 1
11 Working bee # 1 12 Valentine’s Day
13 Game Fishing tournament 2 14 New managers commenced 15 Fishing Section competition 17 Live music performance 18 Fishing Section competition 19 Sailpast / Commodore’s at Home 16 Music by the Bay
7 March
11–13 March
26 March 2-3 April 8–10 April 16 April 25 April 6–8 May
20 ANZAC Day 3
21 Fishing Section competition 22 Mother’s Day / live music
8 May
23 Champagne Cruise 24 State of Origin # 1 25 Jazz by the Bay 4
21–28 May
15 May 12 June
26 Fishing Section competition 27 Live & Loud live music bands
17–19 June
18 June 22 June
28 State of Origin # 2
29 Live music performance 30 Live music performance 31 Live music performance 33 Live music performance 34 Fishing Section competition 35 Fishing Section competition 36 Live music performance 37 Fishing Section competition 38 Flyer christening ceremony 39 Fishing Section competition 32 Carrington Classic
25–26 June
30 June 1–2 July
Upriver
9 July
15–16 July 15–17 July
2–4 September
15–16 July
19–21 August
20 August
2–4 September 4 September 17 September 17–24 September
40 Father’s Day
41 Twilight Markets 5 42 Interclub Bay Cruise 43 Interclub Bay Cruise 6
18 September 23 September 8 October 29 October 30 October 1 November 17 December 31 December
44 Twlight Markets / live music
45 Working bee # 2 46 Trophy Night
47 AGM
48
Melbourne Cup
49 Christmas Drinks with the Board
50 New Year’s Eve
AR.8 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.1
Little Ship Club Queensland Squadron
Contents Directors' Report
3
Auditor's IndependenceDeclaration
6
Statement of Profit or Loss and Other Comprehensive Income
7
Statement of Financial Position
8
Statement of Changes in Equity
9
Statement of Cash Flows
10
Notes to the Financial Statements
13
Directors' Declaration
25
Independent Auditor'sReport
26
TradingAccount
28
FS.2
Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Directors' Report
Page 3
Your directors present this report on the company for the financial year ended 30 June 2016. Little Ship Club Queensl nd Squadron Directors' Report Directors The names of the directors in office at any time during or since the end of the year are: Your directors present this report on the company for the financial year ended 30 June 2016. Colin William Barker Lyle Rhys Watkins Roger JamesMcDowall Directors The nam s of th direct rs in office at any time during or since the end of the year are: WilliamEric Canfield (Appointed 06/10/2015) MatthewStevenTesch (Appointed08/03/2016) GregoryMichael McGuire (Appointed10/02/2016) GayeMorcombe KarenLeeDavy ChrisGoodhew DavidCameron WilliamEric Canfield (Appointed 06/10/2015) Matt ewSt venTesch (Appointed08/03/2016) GregoryMichael McGuire (Appointed10/02/2016) Tracy ColleenWatts (Appointed 08/09/2015) GregoryClydeLeggett (Appointed30/08/2016) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Operating Result The loss of the company for the financial year after providing for income tax amounted to: Year ended Tracy ColleenWatts (Appointed 08/09/2015) GregoryClydeLeggett (Appointed30/08/2016) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Operating Result The loss of the company for the financial year after providing for income tax amounted to: Year ended 30 June 2016 $ (70,834) Principal Activities The principal activities of the company during the course of the year were the provision of facilities to foster and improve recreational boating in NorthernMoreton Bay. No significant change in the nature of these activities occurred during the year. $ (70,834) Principal Activities The pr ncip l activities of the company during the course of the year were the provision of facilities to foster and improve recreational boating in NorthernMoreton Bay. No significant change in the nature of these activities occurred during the year. Significant Changes in the State of Affairs No significant changes in the company's state of affairs occurred during the financial 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 company, the results of those operations, or the state of affairs of the company in subsequent financial years. Significant Changes in the State of Affairs No significant changes in the company's state of affairs occurred during the financial 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 company, the results of those operations, or the state of affairs of the company in subsequent financial years. Year ended 30 June 2015 30 June 2016 $ 18,160 Year ended 30 June 2015 $ 18,160 KarenLeeDavy ChrisGoodhew DavidCameron Colin William Barker Lyle Rhys Watkins Roger JamesMcDowall
The accompanying notes form part of these financial statements.
The accompanying notes form part of these financial statements.
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.3
Directors' Report
Little Ship Club Queensland Squadron Directors' Report Future Developments The company expects to maintain the present status and level of operations and hence there are no likely developments in the operations in future financial years. Environmental Issues The company's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. Directors Benefits No director ha received or has become entitled to receive, duri g or since the financial year, a benefit because of a contract made by the company or related body corporate with a director, a firm which a director is a member or an entity in which a director has a substantial financial interest. Indemnifying Officer or Auditor No indemnities hav bee given or agreed to b given or in rance premiums paid or agreed to be paid, during or since the end of the financial year, to any person who is or has been an officer or auditor of the company. Proc edings on Behalf of Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. Auditors Independen e Declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 has been included. Future Developments The company expects to maintain the present status and level of operations and hence there are no likely developments in the operations in future financial years. Environmental Issues The company's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. Directors Benefits No director has received or has become entitled to receive, during or since the financial year, a benefit because of a contract made by the company or related body corporate with a director, a firm which a director is a member or an entity in which a director has a substantial financial interest. Indemnifying Officer or Auditor No indemnities have been given or agreed to be given or insurance premiums paid or agreed to be paid, during or since the end of the financial year, to any person who is or has been an officer or auditor of the company. Proceedings on Behalf of Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. Auditors Independence Declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 has been included.
Page 4
The accompanying notes form part of these financial statements.
FS.4
Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
The accompanying notes form part of these financial statements.
Directors' Report Signed in accordance with a resolution of the Board of Directors:
Page 5
Little Ship Club Queensland Squadron Directors' Report
Signed in accordance with a resolution of the Board of Directors: _________________________________________________ Roger JamesMcDowall Director - Commodore
_________________________________________________ Roger JamesMcDowall Director - Commodore _________________________________________________ GregoryClyde Leggett Director - Treasurer
Dated:
_________________________________________________ GregoryClyde Leggett Director - Treasurer
Dated:
28th September 2016
The accompanying notes form part of these financial statements.
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.5
The accompanying notes form part of these financial statements.
Auditor's Independence Declaration
Page 6
Little Ship Club Queensland Squadron Auditor's Independence Declaration I declare that, to the best of my knowledge and b lief, duri g the year ended 30 June 2016 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 contraven ions of any applicable code of professional conduct in relation to the audit UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 I declare that, to the best of my knowledge and belief, during the year ended 30 June 2016 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 Mobbs & Company Pty Ltd Stephen Shirley, Company Auditor Registrati n - #290262 Unit F3 The Precinct, 12 Browning Street, West End Qld 4104 UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
Mobbs & Company Pty Ltd Stephen Shirley, Company Auditor Registration - #290262 Unit F3 The Precinct, 12 Browning Street, West End Qld 4104 ________________________________________
West End
________________________________________
West End
The accompanying notes form part of these financial statements.
FS.6
Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
The accompanying notes form part of these financial statements.
Little Ship Club Queensland Squadron Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2016 Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2016 Note 2016 $
Page 7
2015
$
Revenue
2
893,613
999,991
Note
2016
2015
$
$
Otherrevenue
2
91,608
205,355
Revenue Cost of sales Gross profit Otherrevenue
2
893,613 (425,758) 559,463 91,608 (425,758) 559,463 (7,214) (2,146)
999,991 (462,086) 743,260 205,355 (462,086) 743,260 (9,128) (36,222)
2
Cost of sales Gross profit Marketing Selling expenses
Marketing Administration expenses
(7,214) (249,524)
(9,128) (303,576)
Selling expenses Employment expenses
(2,146) (367,199)
(36,222) (347,073)
Administration expenses FundingCosts
(249,524) (1,175)
(303,576) (1,255)
Employment expenses Section Expenses
(367,199) (3,039)
(347,073) (27,848)
FundingCosts Profit (deficit) before income tax Section Expenses Income tax (credit) expense Profit (deficit) for the year Profit (deficit) before income tax
(1,175) (70,834)
(1,255) 18,160
(3,039)
(27,848)
-
-
(70,834) (70,834)
18,160 18,160
Income tax (credit) expense Profit (deficit) for the year Other comprehensive income: Items that will not be reclassified to profit or loss: Items that will be reclassified subsequently to profit or loss when specific conditions are met: Total other comprehensive income for the year, net of tax Other comprehensive income: Items that will not be reclassified to profit or loss: Items that will be reclassified subsequently to profit or loss when specific conditions are met: Total other comprehensive income for the year, net of tax Total comprehensive income for the year
-
-
(70,834)
18,160
-
-
(70,834)
18,160
-
-
Total comprehensive income for the year
(70,834)
18,160
The accompanying notes form part of these financial statements.
The accompanying notes form part of these financial statements.
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.7
Little Ship Club Queensland Squadron Statement of Financial Position as at 30 June 2016 Little Ship Club Queensland Squadron Statement of Financial Position as at 30 June 2016
Page 8
Note
2016
2015
$
$
Note
2016
2015
$
$
Assets Current Assets Cash assets Assets Current Assets Cash assets Receivables Inventories
3
279,124
256,759 51,533 41,795 15,096 365,183 51,533 41,795 15,096 365,183 256,759
117
3 4
279,124 27,961 17,760 324,962 117 27,961 17,760 324,962
Receivables Inventories Other
4
Total Current Assets
Other
Total Current Assets Non-Current Assets Property, plant and equipment Total Non-Current Assets Non-Current Assets Property, plant and equipment Total Non-Current Assets l Assets Total Assets Liabilities Current Liabilities Payables Liabilities Current Liabilities Payables Funded Premium Current tax liabilities Funded Premium Current tax liabilities Super Liability Total Current Liabilities Non-Current Liabilities Security Token Deposits Super Liability Total Current Liabilities Non-Current Liabilities Security Token Deposits Total Non-Current Liabilities Total Non-Current Liabilities Total Liabilities
5
2,088,630 2,088,630 2,088,630 ,413,592 2,088,630
2,127,102 2,127,102 2,127,102 ,492,285 2,127,102
5
2,413,592
2,492,285
21,133 13,634 13,634 9,079 6,635 50,481 9,079 6,635 50,481 24,506 24,506 74,987 24,506 24,506 74,987 21,133
19,954 12,935 19,704 12,935 19,704 5,735 58,328 5,735 58,328 21,612 21,612 79,940 21,612 21,612 79,940 19,954
Total Liabilities Net Assets
2,338,605
2,412,345
Net Assets
2,338,605
2,412,345
Equity Equity
Reserves
1,420,461 918,144 2,338,605 918,144 2,338,605 1,420,461
1,420,461 991,884 2,412,345 991,884 2,412,345 1,420,461
Retained profits / (Accumulated losses)
Reserves Total Equity
Retained profits / (Accumulated losses)
Total Equity
The accompanying notes form part of these financial statements.
The accompanying notes form part of these financial statements.
FS.8
Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
Little Ship Club Queensland Squadron Statement of Changes in Equity for the year ended 30/06/2016 Notes Retained Earnings Asset Revaluation Reserve Total Statement of Changes in Equity for the year ended 30/06/2016 Notes Retained Earnings Asset Revaluation Reserve Total 985,626 1,420,461 2,406,087
Page 9
Balance at 01/07/2014
Balance at 01/07/2014 Comprehensive income Audit Adjustment Profit attributable to the members Comprehensive income Audit Adjustment Profit attributable to the members Other comprehensive income for the year T tal compreh nsive income for the year attributable to members of the entity Other comprehensive income for the year Total comprehensive income for the year attributable to members of the entity Balance at 30/06/2015 Comprehensive inco e Audit Adjustment Other comprehensive income for the year T tal compreh nsive income for the year attributable to members of the entity Balance at 30/06/2015 Comprehensive income Audit Adjustment Loss attributable to the members Loss attributable to the members Other comprehensive income for the year Total comprehensive income for the year attributable to members of the entity Balance at 30/06/2016
(11,902)
(11,902)
18,160
18,160
985,626 1,420,461 2,406,087
6,258
-
6,258
(11,902)
(11,902)
18,160
18,160
991,884 1,420,461 2,412,345
6,258
-
6,258
(2,906) (70,834)
(2,906) (70,834)
991,884 1,420,461 2,412,345
(2,906) (70,834) (73,740)
-
(2,906) (70,834) (73,740)
918,144 1,420,461 2,338,605
(73,740)
-
(73,740)
918,144 1,420,461 2,338,605
Balance at 30/06/2016
The accompanying notes form part of these financial statements.
The accompa ying notes form part of these financial statements.
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.9
Statement of Cash Flows For the year ended 30 June 2016
Page 10
Little Ship Club Queensland Squadron Statement of Cash Flows For the year ended 30 June 2016 2016 $
2015
$
Cash Flow From Operating Activities Receipts from customers Net cash provided by (used in) operating activities (not 2) Interest received Cash Flow From Financing Activities Proceeds of funded insurance premium Net cash provided by (used in) operating activities (note 2) Cash Flow From Financing Activities Proceeds of funded insurance premium Increase (decrease) in property, plant and equipment Net cash provided by (used in) financing activities Increase (decrease) in property, plant and equipment Net cash provided by (used in) financing activities Net incr ase (decrease) in cash held Interest received Payments to Suppliers and employees Cash Flow From Operating Activities Receipts from customers Payments to Suppliers and employees
2016
2015
$ 1,033,527 (1,012,065)
$ 1,153,902 (1,111,924)
3,110
1,821
1,033,527 (1,012,065) 24 72
1,153,902 (1,111,924) 4 799
3,110
1,821
24,572 699
43,799 12,935
(2,906) (2,207)
7,407
12,935 20,342
699
(2,906) (2,207)
7,407 64,141 20,342
2 ,365
Net increase (decrease) in cash held Cash at the end of the year (note 1) Cash at the beginning of the year
256,759 279,124
192,617 256,759
22,365
64,141
Cash at the beginning of the year Cash at the end of the year (note 1)
256,759 279,124
192,617 256,759
The accompanying notes form part of these financial statements.
FS.10 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
The accompanying notes form part of these financ a statements.
Statement of Cash Flows For the year ended 30 June 2016
Page 11
Little Ship Club Queensland Squadron Statement of Cash Flows For the year ended 30 June 2016 2016
2015
Note 1. Reconciliation Of Cash For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstandingbankoverdrafts. Cash at the end of the year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows: Main account - Suncorp #2641 Note 1. Reconciliation Of Cash For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstandingbankoverdrafts. Cash at the end of the year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows: Main ccount - Sunco p #2641 Imprest account - Suncorp #2722 Gaming account - Suncorp #2684 LSGFC cheque account - BOQ #1009 LSGFCWebSavings account - BOQ #4792 LSC Fishing cheque account - BOQ #7931 Imprest account - Suncorp #2722 Gaming account - Suncorp #2684 LSGFC cheque account - BOQ #1009 LSGFCWebSavings account - BOQ #4792 LSC Fishing cheque account - BOQ #7931 Holdingaccounts Managers Imprest - #8951 TermDeposit - #5153 Membershipaccount #9550
2016
2015
21,765 12,140 22,335 1,239 25,233 2,167 3,886 1,239 2,208 25,233 31,841 113,025 22,919 2,167 3,886 2,208 295 31,841 113,025 22,919 300 297 6,414 21,765 12,140 22,335
14,659 11,908 20,000 1,337 25,233 3,788 16,762 1,337 5,528 25,233 17,810 59,796 64,039 3,788 16,762 5,528 17,810 59,796 64,039 300 300 10,000 14,659 11,908 20,000
Holdingaccounts Depreciationaccount #9517 Managers Imprest - #8951 MembersDraw#6971 TermDeposit - #5153 LSC Sailing Sect Cash on Hand Membershipaccount #9550 Depreciationaccount #9517 Petty cash Gaming float
-
MembersDraw#6971 Kitchen float
295 300 297 300 600
-
300 300 300 600
LSC Sailing Sect Cash on Hand
Bar float
Petty cash Gaming float Kitchen float Change for Tills ATMSafe float
6,414 3,000 9,160
10,000 3,000 1,400 256,759 300 600
300 600
279,124
Bar float
Change for Tills ATMSafe float
3,000 9,160
3,000 1,400
256,759
279,124
The accompanying notes form part of these financial statements.
The accompa ying notes form part of these financial statements.
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.11
Statement of Cash Flows For the year ended 30 June 2016
Page 12
Little Ship Club Queensland Squadron Statement of Cash Flows For the year ended 30 June 2016 2016
2015
2016 Note 2. Reconciliation Of Net Cash Provided By/Used In Operating Activities To Operating Profit After Income Tax Operating profit after income tax (70,834) 18,160 Depreciation 38,472 53,341 2015 Note 2. Reconciliation Of Net Cash Provided By/Used In Operating Activities To Operating Profit After Income Tax Operating profit after income tax (70,834) 18,160 Depreciation 38,472 53,341 Changes in ssets and liabilities net of effects of purchases and disposals of controlled entities: (Increase) decrease in trade and term debtors 51,416 (49,623)
(Increase) decrease in finished goods
13,834 (2,664)
7,583
Changes in assets and liabilities net of effects of purchases and disposals of controlled entities: (Increase) decrease in trade and term debtors (Increase) decrease in prepayme ts Increase (decrease) in trade creditors and accruals Increase (decrease) i other cre itors Increase (decrease) employee entitlements (Increase) decrease in finished goods (Increase) decrease in prepayments Increase (decrease) i sundr provi ions Net cash provided by operating activities Increase (decrease) in trade creditors and accruals Increase (decrease) in employee entitlements Increase (decrease) in sundry provisions Net cash provided by operating activities Increase (decrease) in other creditors
(2,715)
1,179
9,595
51,416 13,834 (2,664) 2 894 901 (10, 25) 24,572 1,179 2,894
(49,623) 3 7 5 (10 61) 7,583 (2,715) 14,293 43,799 9,595 3,725 (10,561) 14,293 43,799
901
(10,625) 24,572
The accompanying notes form part of these financial statements.
FS.12 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
The accompanying notes form part of these financial statements.
Page 13
Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2016
Note 1: Summary of Significant Accounting Policies
Little Ship Club Queensland Squadron is a company limited by guarantee, incorporated and domiciled in Australia. The financial statements were authorised for issue on 28 September 2016 by the directors of the company. Basis of Preparation The directors have prepared the financial statements on the basis that the company is a non-reporting entity because there are no users dependant on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act 2001. The company is a not for-profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. The material accounting policies that have been adopted in the preparation of the statements are as follows: (a) Property, Plant and Equipment Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the statement of profit and loss and other comprehensive income. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Plant and equipment Plant and equipment are measured on the cost basis. Accounting Policies
Little Ship Club (Queensland Squadron)
Annual Report 2015–2016
FS.13
Page 14
Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2016
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset's employment and subsequent disposal. The expected net cash flows have been discounted to their present values indetermining recoverableamounts. Depreciation The depreciable amount of all fixed assets, excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the company commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable asset are: Class of Fixed Asset DepreciationRate The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reportingperiod. 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 or losses are recognised immediately in profit or loss. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. (b) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct materials, direct labour and an appropriate proportion of variable and fixed overheads. Overheads are applied on the basis of normal operating capacity. Costs are assigned on a first-in first-out basis. (c) Employee Benefits Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within 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 the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash flows are discounted using market yields on national government bond terms to maturity that match the expected timing of cash flows. Buildings 2.5 - 3% Furniture and equipment 11 - 40% Motor Vehicles 30%
FS.14 Annual Report 2015–2016
Little Ship Club (Queensland Squadron)
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