CEO's Report

CHIEF EXECUTIVE OFFICER’S REPORT

It is with great satisfaction that I present my 18th annual CEO’s report to Members and advise that your Club has performed well despite the ongoing impact of the pandemic. As I reflect on the 2021/22 trading year, it is the resilience of all our stakeholders that stands out in my mind. Whether that was represented by a compulsory nine-week shutdown, the Omicron wave, isolation periods, LGA based travel restrictions, mandatory face masks, vaccinations or QR codes, we all showed that we are resilient by nature as we attempt to get on with life and put Covid in our rear-view mirror.

Although we were forced to close our doors for nine weeks and the summer tourist trade was well below traditional expectations, your Club has still achieved an after-tax surplus of $3.122M for the year ended 31 March 2022. Our past strategies of building our cash reserves as well as targeting non-core properties adjacent to the Club for acquisition have been validated, which is evident in the current strength of our balance sheet. This will allow us to minimise the level of debt required to undertake the Centenary Project and places us in an enviable position as we explore development opportunities for our non-core properties in the years to come.

After the completion of the sailing safety upgrades, including the installation of a new concrete apron on our eastern perimeter during the year in review, we are now in the planning phase for enhancements to our sailing infrastructure. This includes an internal reconfiguration of the Brian Ellis Boat Shed that will allow us to consolidate our sailing operations and race management facilities, including the introduction of training rooms to enhance the skills of the next generation of sailors coming through our Tackers ‘learn to sail’ programs. As construction continues, I take this opportunity to apologise in advance for any inconvenience that you may experience as the contractors transform your Club. We will continue to offer the quality of food, beverage, and other activities that you expect, although at times it will be available from locations that are different from normal. Apart from the overview that is detailed within this document, please keep your eyes peeled for regular updates through social media, our website and signage in the Club. Undertaking such a large project safely whilst continuing to provide the facilities and products that you deserve, is a juggling act and I thank you for your understanding.

I wish to pay homage to our wonderful team and acknowledge how exceptionally proud I am of how they performed in a constantly evolving environment with their positivity, agility and being prepared to adopt a next person up attitude. On top of this the leadership, guidance and faith shown by President David Berryman and the Board over the last year was stellar which has been instrumental in the ongoing success of your Club. Finally, I extend my gratitude to all our loyal Members who truly are the fabric which binds Belmont 16s together. Thank you All!

I believe that the Centenary Project will be transformational for both our Club and Lake Macquarie as a whole. Through the creation of new facilities and by leveraging our location over the water through creative design including bespoke interiors, we expect to be the benchmark that others will be judged by. Belmont 16s is currently in its next phase of evolution, and we are all looking forward to exceeding your expectations for many years to come.