Little Ship Club 2015-2016 Annual Report

Page 20

Little Ship Club Queensland Squadron Notes to the Financial Statements For the year ended 30 June 2016

2016

2015

Note 6: Members' Guarantee The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute to the assets of the Club, in the event of the Club being wound up, while that person is a Member, or within one year after that person ceased to be a Member, for payment of the debts and liabilities of the Club, contracted before that person ceases to be a Member, and of the costs, charges and expenses of winding up, and for adjustment of the rights of the contributories, among themselves, such amounts as may be required, not exceeding one hundred dollars ($100.00).

Note 7: Auditors' Remuneration Remuneration of the auditor of the company for: Auditing or reviewing the financial report

16,000

16,000

Other services

-

-

16,000

16,000

FS.20 Annual Report 2015–2016

Little Ship Club (Queensland Squadron)