DraftAnnualReport...4xOptimistBeachTrolleys 15Jan2013 1,009 481 - - 13.00% 63 590 418...

DRAFTDraft Annual Report

Queen Charlotte Yacht Club IncFor the year ended 30 April 2019Prepared by WK Advisors and Accountants Limited

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Draft Annual Report Queen Charlotte Yacht Club Inc Page 2 of 18

Contents3 Entity Information

5 Statement of Service Performance

6 Statement of Financial Performance

8 Statement of Financial Position

10 Statement of Cash Flows

11 Schedule of Fixed Assets and Depreciation

14 Notes to the Financial Statements

18 Statement of Disclaimer

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These statements are to be read in conjunction with the Notes to the Financial Statements and are subject to the Statement of Disclaimer.


Entity InformationQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

Legal Name

Queen Charlotte Yacht Club Inc

Charities Register Number & Incorporated Society Number

Incorporated Societies - 221161

Charities Register - CC55481

Date of Charities Registration

25 June 2018

Entity Structure

Queen Charlotte Yacht Club Inc is a registered society, with its offices at the club-rooms, Shelley Beach Picton. Our constitutionstates that the club has 5 Officers of the Club, who are part of the Executive Management Committee, with the Primaryresponsibly for the financial management of the club.

Entity Purpose or Mission

To promote healthy recreation, water-based safety and environmental activities in the marine environment. To promoteparticipation in sea-based activities by organising and facilitating sea and shore-based learning programs, primarily in yachting,that promote the health, well-being and safety of all participants.

Location

Shelley Beach

Picton

Officer Holders

Commodore Richard GiffordVice Commodore Gavin StichburyRear Commodore Christel HopkinsSecretary Deborah LeeTreasurer Ian Gardiner

Beneficiaries

General Public

IRD Number

051-875-613

GST Status

Invoice basis, one monthly, coinciding with balance date.

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Entity Information

These statements are to be read in conjunction with the Notes to the Financial Statements and are subject to the Statement of Disclaimer.


Chartered Accountants

WK Advisors and Accountants LimitedP O Box 349Blenheim 7240 Contact - Matt Kerr

Auditors

Logical Business Solutions Ltd34 Page StreetBlenheimContact - Wendy Sadd

Bankers

WestpacP O Box 10Blenheim

Main Sources of Cash and Resources

Queen Charlotte Yacht Club Inc has received income from donations, sponsorship, grants, subscriptions and sales of goods andservices.

Main Methods Used to Raise Funds

Grants, Donations and Sponsorship.

Reliance on Volunteers and Donated Services

Queen Charlotte Yacht Club Inc would not exist without the help and support of a number of dedicated supporters who bothvolunteer time and donate resources.

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Statement of Service PerformanceQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

Entities Outcomes

To advance the education of members of the general community,young and old, in sea-based recreation. Primarily in yachtingand other sports, activities, navigation skills, maritime lore and about the marine environment, to enable them to enjoy suchrecreation, sports and activities in a manner that is safe and which contributes to their general health and well-being.

Quantification of Outputs

2019

Number of Formal Training's 5

Number of Course Participants 74

Number of Participants at Events 330

Number of Days with Sailing Activity 180

Additional Information

The Queen Charlotte Yacht Club aims to promote and provide activities and support within the community, including those inpoor health and with disabilities, and irrespective of age, abilities, race, creed or material wealth. The Club does this by:

• Encouraging and facilitating community participation in sea-based recreation, sports and activities• Working collaboratively with local authorities, schools, community groups, sporting organisations and funding agencies• Providing and maintaining facilities infrastructure to advance the Clubs purpose• The encouragement and amusement of the sport of sailing and maritime pastimes of all kinds• The fostering of good seamanship and safe practices• The development of personal independence and good sense of fair play

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These financial statements are to be read in conjunction with the Notes to the Financial Statements and are subject to the Statement of Disclaimer.


Statement of Financial PerformanceQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

NOTES 2019 2018

RevenueRevenue from Providing Goods and Services

Advertising Income - 1,777

Bar Income 10,100 16,170

Clubhouse Hire & Shed Rental 1,826 1,407

Coaching Income 19,221 9,934

Kitchen Income 10,122 27,345

Learn to Sail 2,022 7,855

Regatta Income 13,166 44,337

Rules & Regulations Income 52 430

Subscriptions Received 7,957 8,378

Sundry Income - 111

Yacht Hire - 435Total Revenue from Providing Goods and Services 64,466 118,179

Donations, Fundraising and Other Similar ReceiptsDonations Received 3 3,000 2,500

Grants Received 4 10,000 24,714

Rescue Boat Donation 1,304 1,096

Sponsorship 3 1,000 25,435Total Donations, Fundraising and Other Similar Receipts 15,304 53,745

Total Revenue 79,771 171,924

ExpensesTravel and Accommodation 3,925 2,077

Accident Compensation Levy 79 42

Accountancy Fees 1,500 1,550

Advertising 922 973

Audit Fees 850 975

Bad Debts 942 -

Bank Charges 20 44

Bar Expenses 5,052 7,250

Cleaning & Laundry 476 1,460

Coaching & Training 2,214 1,304

Eftpos Fees 1,062 790

Fuel - Diesel / LPG / Petrol 4,791 5,901

Fundraising Expenses - 77

Insurance 5 3,086 2,326

Kitchen Expenses 8,548 12,035

Learn to Sail Expenses 617 -

Light Power & Heating 2,320 2,289

Non-Deductible Penalties 250 500

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Statement of Financial Performance

NOTES 2019 2018



Printing, Stamps & Stationary 250 1,660

Rates & Rent (Club House) 1,799 1,513

Regatta Expenses 4,181 24,203

Repairs and Maintenance 4,965 5,988

Software Expenses (Xero, CH, App) 2,782 4,836

Sponsoring Club Sailors 1,000 1,000

Staff / Volunteer Training 447 1,519

Stock Movement - Bar (141) 248

Stock Movement - Pennants & Rule Books (218) 625

Subscriptions / Levies 2,589 1,878

Sundry Expenses 67 801

Telephone, Tolls & Internet 843 480

Trophy Costs & Prizes 1,065 1,013

Vehicle Expenses 1,820 242

Wages & Salaries 29,172 26,978

Total Expenses 87,275 112,578

EBITDA (7,504) 59,346

Depreciation and AmortizationDepreciation - Loss on Disposal - 143

Depreciation Expense 4,682 5,230

Total Depreciation and Amortization 4,682 5,374

EBIT (12,186) 53,972

Investment IncomeInterest Received 15,864 5,818

Total Investment Income 15,864 5,818

InterestInterest - UOMI - 2

Total Interest - 2

Net Operating Surplus 3,677 59,788

Building Donations, Grants & SponsorshipBuilding Fund Donations / Fundraising 3 16,281 7,449

Grants 4 620,000 -

Insurance Proceeds - Building 120,651 23,707

Sponsorship Received 3 431,000 -

Total Building Donations, Grants & Sponsorship 1,187,931 31,156

Net Surplus (Deficit) for the Year 1,191,609 90,943

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Statement of Financial PositionQueen Charlotte Yacht Club IncAs at 30 April 2019

NOTES 30 APR 2019 30 APR 2018

AssetsCurrent Assets

Trade and Other Receivables 62,770 7,091

Accrued Interest 12,140 2,469

Bar & Kitchen Cash Float 450 100

Bonds for loan Equipment - 100

Building Transaction Account 244,876 44,016

Cheque Account - Westpac 14,381 101,798

Insurance - MDC Trust Account - 18,524

New Building Project 519,561 36,838

Stock on Hand - Bar 753 612

Stock on Hand - Club Pennants & Rule Books 549 330

Undeposited Funds 735 250Total Current Assets 856,215 212,128

Non-Current AssetsProperty, Plant and Equipment 146,189 142,297

InvestmentsTerm Investments - Westpac 670,575 136,610Total Investments 670,575 136,610

Total Non-Current Assets 816,764 278,907

Total Assets 1,672,979 491,034

LiabilitiesCurrent Liabilities

Trade and Other Payables 1,164 12,768

Employee EntitlementsWage Deductions Payable (PAYE) 1,591 -Total Employee Entitlements 1,591 -

GST Payment / Refund 32,369 12,021

Unspent Grants - 20,000Total Current Liabilities 35,125 44,789

Total Liabilities 35,125 44,789

Net Assets 1,637,854 446,245

Accumulated FundsRevenue Account

Opening Balance 444,208 353,264

Current Year Earnings 1,191,609 90,943Total Revenue Account 1,635,817 444,208

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Statement of Financial Position

NOTES 30 APR 2019 30 APR 2018



Capital Account

Capital ReservesOpening Balance - -Total Capital Reserves - -

Revaluation ReservesOpening Balance 2,037 2,037Total Revaluation Reserves 2,037 2,037

Total Capital Account 2,037 2,037

Total Accumulated Funds 1,637,854 446,245

Signed by:

__________________ ___________________Committee Member Committee Member

Date:

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Statement of Cash FlowsQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

2019 2018

Cash Flows from Operating ActivitiesDonations, fundraising and other similar receipts 1,013,115 80,378

Fees, subscriptions and other receipts from members 7,935 8,981

Receipts from providing goods or services 54,922 105,618

Interest, dividends and other investment receipts 6,192 4,743

Cash receipts from other operating activities 122,480 23,864

GST 11,392 6,288

Payments to suppliers and employees (102,228) (105,800)

Cash flows from other operating activities (1,083) (500)

Total Cash Flows from Operating Activities 1,112,726 123,571

Cash Flows from Investing and Financing ActivitiesPayments to acquire property, plant and equipment (8,574) (4,946)

Cash Flows from Other Investing and Financing Activities (474,917) (14,822)

Total Cash Flows from Investing and Financing Activities (483,491) (19,768)

Net Increase/ (Decrease) in Cash 629,235 103,803

Cash BalancesCash and cash equivalents at beginning of period 301,047 197,244

Cash and cash equivalents at end of period 930,282 301,047

Net change in cash for period 629,235 103,803

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Schedule of Fixed Assets and DepreciationQueen Charlotte Yacht Club IncFor the year ended 30 April 2019NAME PURCHASED COST OPENING VALUE PURCHASES DISPOSALS RATE DEPRECIATION CLOSING ACCUMDEP CLOSING VALUE

Furniture & FittingsBar Fridge 4 Sep 2013 1,140 301 - - 25.00% 75 915 225

Bar Glass Washer 11 Apr 2011 1,756 162 - - 18.00% 29 1,623 133

Coca Cola Fridge 11 Apr 2011 303 28 - - 18.00% 5 280 23

Fire Extinguishers 11 Apr 2011 179 5 - - 26.00% 1 176 3

Kitchen Equipment 11 Apr 2011 166 15 - - 18.00% 3 154 12

Lazer 5ltr Zip 4 Sep 2011 970 220 - - 20.00% 44 794 176

Refrigerator 11 Apr 2011 1,278 118 - - 18.00% 21 1,181 97

Tables & Chairs 11 Apr 2011 619 154 - - 12.00% 18 484 135

Westinghouse Neptune F/Standing Oven 15 Aug 2013 912 235 - - 25.00% 59 736 176

Total Furniture & Fittings 7,323 1,237 - - 256 6,342 982

Land & BuildingsBoat Shed 31 Mar 1980 16,161 14,240 - - - 1,921 14,240

Club House 30 Sep 1945 118,828 104,699 - - - 14,129 104,699

Compound 11 Apr 2011 1,073 865 - - 3.00% 26 234 839

Floating Dock 2x5m 1 Mar 2019 8,574 - 8,574 - 8.00% 114 114 8,460

Total Land & Buildings 144,636 119,804 8,574 - 140 16,399 128,237

Miscellaneous#2 Ray 49E Grey VHF to Rescue Boats 1 May 2016 143 52 - - 40.00% 21 113 31

Atlantis 270 Hand Held VHF (6) 30 Apr 2018 1,210 1,170 - - 40.00% 468 508 702

Buoys 22 Dec 2010 2,315 121 - - 33.00% 40 2,234 81

Buoys 11 Apr 2011 2,733 10 - - 40.00% 4 2,727 6

GME GX 700 Base Set & AE312 Antenna (2) 30 Apr 2018 523 505 - - 40.00% 202 220 303

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Schedule of Fixed Assets and Depreciation

NAME PURCHASED COST OPENING VALUE PURCHASES DISPOSALS RATE DEPRECIATION CLOSING ACCUMDEP CLOSING VALUE



PC Fixed VHF 28 Oct 2016 222 102 - - 40.00% 41 161 61

Portable PA System 5 Apr 2011 640 38 - - 33.00% 12 615 25

Trophys 11 Apr 2011 3,176 166 - - 22.00% 37 3,046 130

VHF Hand Held Radios (8) 13 Feb 2013 1,526 174 - - 40.00% 70 1,422 104

VHF MS115 Radio 28 Oct 2016 954 439 - - 40.00% 176 691 263

Total Miscellaneous 13,442 2,776 - - 1,069 11,736 1,707

Outboard EnginesHonda BF40 11 Apr 2011 9,333 28 - - 40.00% 11 9,316 17

Honda BF50 30 Nov 2008 10,931 90 - - 40.00% 36 10,877 54

Yamaha F40FETL Motor 17 Sep 2013 8,696 826 - - 40.00% 331 8,200 496

Total Outboard Engines 28,960 945 - - 378 28,393 567

Rescue BoatsCormorant 470 RHIB (and Trailer) with Honda 40hp Motor(Worlds) 30 Sep 2011 13,775 3,129 - - 20.00% 626 11,271 2,504

Naiad (Swanson) 11 Apr 2011 4,331 113 - - 26.00% 29 4,247 84

Naiad 4.3 Scout (Top 10) 11 Apr 2011 5,985 156 - - 26.00% 41 5,869 116

Wave Runner (Orange Duck) 11 Apr 2011 9,660 228 - - 33.00% 75 9,507 153

Total Rescue Boats 33,751 3,627 - - 771 30,895 2,856

Sailing12 Mission PFD (Lifejackets) 28 Oct 2016 986 349 - - 50.00% 175 811 175

4 x Optimist Beach Trolleys 15 Jan 2013 1,009 481 - - 13.00% 63 590 418

7 x Optimist Beach Trolleys 28 Feb 2009 1,631 331 - - 16.00% 53 1,353 278

Donated Optimist Training Sails (6) 30 Apr 2016 - - - - - - -

Learn to Sail Helmets 11 Apr 2011 438 70 - - 14.00% 10 378 60

Optimist 1 11 Apr 2011 4,558 725 - - 14.00% 102 3,934 624

Optimist 2 30 Nov 2009 2,095 576 - - 14.00% 81 1,600 495

Optimist 3 11 Apr 2011 3,023 481 - - 14.00% 67 2,609 414

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Schedule of Fixed Assets and Depreciation

NAME PURCHASED COST OPENING VALUE PURCHASES DISPOSALS RATE DEPRECIATION CLOSING ACCUMDEP CLOSING VALUE



Optimist 4 28 Feb 2010 2,995 856 - - 14.00% 120 2,259 736

Optimist 5 11 Apr 2011 1,449 230 - - 14.00% 32 1,251 198

Optimist 6 30 Sep 2009 900 241 - - 14.00% 34 693 207

Optimist 7 30 Nov 2009 2,995 824 - - 14.00% 115 2,287 708

Optimists (2) 8 & 9 11 Apr 2011 3,823 609 - - 14.00% 85 3,299 524

Training Optimist 10 15 Jan 2013 2,604 1,242 - - 13.00% 161 1,524 1,080

Training Optimist 11 1 May 2017 3,213 2,795 - - 13.00% 363 781 2,432

Training sails for Optimists 24 Feb 2017 3,300 2,778 - - 13.00% 361 883 2,417

x 2 Training Sail 15 Jan 2013 574 274 - - 13.00% 36 336 238

Total Sailing 35,593 12,862 - - 1,857 24,589 11,004

TrailersNaiad 4.3 Trailer, Serial D7896 22 Mar 2013 3,150 998 - - 20.00% 200 2,352 798

Naiad Trailer 13HDWL 11 Apr 2011 937 49 - - 22.00% 11 899 38

Total Trailers 4,087 1,047 - - 210 3,250 837

Total 267,792 142,297 8,574 - 4,682 121,603 146,189

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Notes to the Financial StatementsQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

1. Statement of Accounting Policies

Basis of Preparation

The financial statements presented here are for the entity Queen Charlotte Yacht Club Inc a Trust registered under the Charitable Trusts Act 1957 and an Incorporated Society registered under the Incorporated Societies Act 1908.

Queen Charlotte Yacht Club Inc is eligible to apply Tier 3 PBE Accounting Standards : PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit), on the basis that it does not have public accountability and has total annual expenses equal to or less than $2,000,000. All transactions in the financial statements are reported using the accrual basis of accounting.

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis have been used, with the exception of certain items for which specific accounting policies have been identified.

The financial statements are presented in New Zealand dollars (NZ$) and all values are rounded to the nearest NZ$, except when otherwise indicated.

The financial statements are prepared under the assumption that the entity will continue to operate in the foreseeable future.

Changes in Accounting Policies

The entity transitioned on 25 June 2018 from preparation of general purpose financial information in accordance with New Zealand generally accepted accounting policies (“NZ GAAP”) to Tier 3 PBE Accounting Standards : PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) in accordance with External Reporting Board Guidelines. The transition had minimal impact on the accounting policies of the entity.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the entity and revenue can be reliably measured. Revenue shall be recorded on the occurrence of a recognition event. This is when there is a legal right to receive cash either now or sometime in the future. Revenue is measured at the fair value of the consideration received.

The following specific recognition criteria must be met before revenue is recognised:

• Sales of services are recognised in the accounting period in which the services are rendered.• Rental income is recognised on an accruals basis in accordance with the substance of the relevant agreements.• Interest revenue is recognised as it accrues, using the effective interest method.• Dividend income is recognised when the right to receive payment is established.• Lease income is recognised on an accruals basis in accordance with the substance of the relevant agreements.• Grant revenue is recognised when the conditions attached to the grant has been complied with. Where there are

unfulfilled conditions attaching to the grant, the amount relating to the unfulfilled condition is recognised as a liabilityand released to revenue as the conditions are fulfilled.

• Sponsorship income is recognised on an accruals basis in accordance with the substance of the relevant agreements.

Income Tax

The Queen Charlotte Yacht Club Incorporated was approved under Section CB4(1)(h) ITA 94 (61(30) as an amateur sportspromoter. As such all income earned by the club will be exempt from income tax, provided the requirements of SectionCB4(1)are met each year.

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Notes to the Financial Statements


Work in Progress

Work in Progress has been valued at cost of materials, labour and other direct costs incurred to date.

Accounts Receivable

Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.

Fixed Assets

Fixed Assets have been included at cost less accumulated depreciation. Details of fixed assets are set out in the attachedSchedule of Fixed Assets and Depreciation.

Depreciation

Depreciation has been charged on either a diminishing value (DV) or cost price (CP) basis, at rates approved by the InlandRevenue Department. Details of rates and depreciation claims are set out in the Fixed Asset Register included herein.

Investments

Investments are carried at the lower of cost and net realisable value. Where in the entities' opinion there has been a permanentreduction in the value of the investments this has been brought to account in the current period.

Inventories

Inventories are recorded at cost. Where applicable costs comprise direct material and labour as well as a proportion of fixed andvariable production overheads.

Goods and Services Tax

The Statement of Financial Performance and Statement of Cashflows (where included) have been prepared so that allcomponents are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST, with theexception of account receivables and payables.

Accrual Expenditure

The business is not subject to the Accrual Expenditure rules as unexpired expenditure at balance date is below the exemptionlevels.

2. Audit

These financial statements have not been audited.

3. Donations Received

General Donations and Sponsorship

Port Marlborough NZ Ltd $1,000

NZIODA $2,500

Tory Channel Contracting $500

Sub Total General Donations and Sponsorship $4,000

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New Building Sponsorship

New Zealand King Salmon Ltd $50,000

Other Sponsorship $58,000

Constellation Brands NZ Ltd $50,000

Crow Tavern Picton $1,000

Gascoigne Wicks Lawyers $1,000

Henderson's Ltd $1,000

Marlborough District Council $270,000

Sub Total New Building Sponsorship $431,000

New Building Donations

Susan O'Rourke $2,000

Mrs F Matthews $1,000

Phil and Delia Chandler $1,000

Stephen Amos & Family $1,017

Babich Wines Ltd $1,000

Mike Stanton $1,000

Alastair, Angela & Richard Gifford $120

G Campbell $1,000

Waikawa Trust $114

Trevor & Debra Gullery $1,000

Chris & Christine Webb $1,000

Stanton Griffin $1,000

Vivien Butcher $1,000

Barry, Daniel, Deborah and Ella Wilcox $1,000

Dianne & Ken Gullery $1,000

Ken Smith $30

Dennis McManaway $1,000

Ian Michel $1,000

Sub Total New Building Donations $16,280

TOTAL DONATIONS AND SPONSORSHIP $451,280

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4. Grants Received

Grants Received

Rata Foundation $5,000

Pelorus Trust $5,000

Sub Total Grants $10,000

Grants Received - New Building

Rata Foundation $300,000

Lotteries Grants $300,000

Lion Foundation $20,000

Sub Total Grants New Building $620,000

TOTAL GRANTS RECEIVED $630,000

5. Vehicle Insurance

Crombie Lockwood kindly sponsored the club $550.19 to cover the insurance cost of the club ute.

6. New Building Project

Costs to date include feasibility costs, resource consent fees and engineering, report planning and building progress payments.

DRAFT


Statement of DisclaimerQueen Charlotte Yacht Club IncFor the year ended 30 April 2019

Compilation Report to the Trustees of Queen Charlotte Yacht Club Inc

Scope

On the basis of information provided and in accordance with Service Engagement Standard 2 Compilation of FinancialInformation, we have compiled the financial statements of Queen Charlotte Yacht Club Inc for the year ended 30 April 2019.

These statements have been prepared in accordance with the accounting policies described in the Notes to these financialstatements.

Responsibilities

The Trustees are solely responsible for the information contained in the financial statements and have determined that theReporting Framework used is appropriate to meet your needs and for the purpose that the financial statements were prepared.

The financial statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for thecontents of the financial statements.

No Audit or Review Engagement Undertaken

Our procedures use accounting expertise to undertake the compilation of the financial statements from information providedand do not include verification or validation of that information. No audit or review engagement has been performed andaccordingly no assurance is expressed.

Independence

We have no involvement with Queen Charlotte Yacht Club Inc other than for the preparation of financial statements andmanagement reports and offering advice based on the financial information provided.

Disclaimer

We have compiled these financial statements based on information provided which has not been subject to an audit or reviewengagement. Accordingly, we do not accept any responsibility for the reliability, accuracy or completeness of the compiledfinancial information contained in the financial statements. Nor do we accept any liability of any kind whatsoever, includingliability by reason of negligence, to any person for losses incurred as a result of placing reliance on these financial statements.

WK Advisors and Accountants LimitedBlenheim

Dated: 28 June 2019

DraftAnnualReport...4xOptimistBeachTrolleys 15Jan2013 1,009 481 - - 13.00% 63 590 418...

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