2018 Financial Year. Listed below are the other major variances in income/expenditure for the 2018 financial year compared to budget.

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1 1 st October 2018 Dear Member RE: Bellbrae Country Club Limited Please find enclosed herewith: - 1. Annual Accounts for year ended 30/06/ Budget for year ended 30/06/ Financial Year In the 2018 financial year, the Bellbrae Country Club spent $166, ($181, less $14, for another entities share of refurbishment) on Refurbishment/Improvements/Repairs. Please find attached a detailed list of how this money was spent. Listed below are the other major variances in income/expenditure for the 2018 financial year compared to budget. Category Actual Budget Comments Bonus Time $47,913 $45,500 More bonus time allocated to the resort. On-Site Management $75,720 $78,116 Fee Income Another entity owns 3 of the 38 units at Bellbrae Country Club, therefore they have to pay a share of the running expenses of the resort. The running expenses for these 3 units were not as much as budgeted, therefore Bellbrae Country Club did not have to be reimbursed as much. Net GST Adjustment $9,125 $0.00 Bonus Time & On-site Management Fee income are still taxable supplies. Accordingly, where appropriate, a net adjustment was made to recover input tax credits relating to these supplies that were remitted to the ATO. HOLIDAY CONCEPTS GROUP Holiday Concepts Corp Pty Ltd ABN Dover Street, Cremorne VIC 3121 PO Box 2287, Richmond, Victoria 3121 Australia phone: facsimile: info@holidayconcepts.com.au web:

2 Cleaning Wages $179,171 $182,266 Occupancy was not 100%. Electricity $68,615 $75,000 Over budgeted. Hospitality Expenses $27,766 $23,000 The increase in hospitality expense has been offset by the increase in hospitality income. Annual Leave Provision ($380) $2,950 Adjustment made for resort staff that had now taken their annual leave entitlements. Depreciation $10,071 $5,652 A new resort vehicle was purchased which therefore increased this figure. Responsible Entity Fees $39,600 $48,400 The Responsible Entity did not require the budgeted figure so they only requested what was required. Rates & Taxes $27,983 $26,000 A water leak was found in the main water pipe. This has been fixed & hopefully the resort receives a credit from the local water authority. Sundry Expenses $6,765 $14,000 Most of the expenditure was (1) $2, excess for 3 insurance claims. (2) Staff xmas party $1, (3) APRA musical licence $ (4) Cost of advertising for resort staff. (5) Other one off resort expenses Financial Year The Maintenance Fee for the 2019 calendar year should be struck at $ This $20.00 increase is required to cover the increase in the normal everyday running expenses of the resort. We are also again proposing a $50.00 Maintenance Refurbishment Fee (Special Levy) per week owned, as detailed in my letter to members dated the 1 st July Like last year, the Maintenance Refurbishment Fee (Special Levy) will be invoiced each and every year with the Annual Maintenance Fee. This financial year, Bellbrae Country Club Limited will allocate $184, ($200, less $15, for another entities share of refurbishment) to Resort Refurbishment /Improvements. The monies will be spent on:-

3 Refurbishment of units This includes upgrade of bathrooms, kitchens, new wardrobes in bedrooms & new carpet. Upgrade kitchens in units New carpet in units New cushions for single beds. Whitegoods-refrigerators, microwaves, dishwashers, washing machines, clothes dryers, hot plates (if required) Appliances-air conditioners, hot water services, televisions (if required) New children s playground. New stove & oven for manager s residence. A detailed list will be provided in the 2019 accounts to display how this money was spent. At the end of the 2019 financial year, I forecast that Bellbrae Country Club Limited will have a retained profit of $127, Yours faithfully Bellbrae Country Club Limited A.C.N Derek Reynolds DIRECTOR

4 Bellbrae Country Club Limited-Refurbishment/Improvements Expenditure Budget For Year Ended 30/06/2018 Actuals Units Upgrade bathrooms in units New shower & wall tiles, shower screen, shower head & basin mixer $38, New vinyl flooring in kitchen & bathroom of units 1-13 $24, New kitchen doors in units 1-13 $14, New living & dining room cabinet in units 2-9 $4, Quilts, protectors, bed runners & cushions for all units $6, Purchase paint for interior & exterior of units $1, Microwave x 6 $3, Dishwasher x 5 $2, Refrigerator x 3 $1, Washing machine x 3 $1, Hot plate x 3 $1, Clothes dryer x 10 $2, Hot water service x 1 $2, Air conditioner x 2 $4, Television x 2 $1, Pool & Complex New reception counter $6, Air conditioner for gym area $2, Grounds Replace rotting timber with new modwood at front & back of units 1-13 $15, New retaining wall behind units 6-13 $45, Sub total $181, Less other entities share of refurbishment $14, Total $166,862.00

5 Bellbrae Country Club Ltd A.C.N Budget for the Year Ended 30th June Months Ended Dec-18 6 Months Ended Jun-19 Actual Total 2017/2018 Income Annual Maintenance Fees 670, ,685 1,356,185 1,338,750 Maintenance Refurbishment Fee - 89,050 89,050 89,400 Bonus Time 22,750 22,750 45,500 47,913 Onsite Management Fee 40,377 40,377 80,754 75,720 Interest Received 9,000 9,000 18,000 18,044 Hospitality Income 12,000 12,000 24,000 24,715 Private mains water scheme 1,330 1,331 2,661 2,611 Sundry Income , ,193 1,616,150 1,597,744 Less: Variable Operating Expenses Activities Officer 8,097 8,096 16,193 12,253 Cleaning Materials 7,500 7,500 15,000 13,319 Cleaning Wages 92,738 92, , ,171 Electricity 41,750 41,750 83,500 68,615 Gas 27,000 27,000 54,000 51,972 Ground Upkeep 24,000 24,000 48,000 46,239 Ground Wages 67,373 67, , ,169 Hospitality Expenses 14,000 14,000 28,000 27,766 Laundry 26,000 26,000 52,000 43,690 Pay TV 9,500 9,500 19,000 18,240 Photocopier Lease 1,200 1,200 2,400 2,387 Pool & Complex 18,000 18,000 36,000 35,316 Telephone 3,000 3,000 6,000 5,849 Vehicle Running costs 7,500 7,500 15,000 12,914 Veterinary Fees & Animal Food Costs 6,000 6,000 12,000 10,028 Villa Upkeep 23,000 23,000 46,000 44,704 Waste Disposal/Pest Control 27,500 27,500 55,000 51,505 Total Variable Operating Expenses 404, , , , , , , ,607 Less: Fixed and Financial Expenses Annual General Meeting 1,400 1,400 2,800 2,371 Annual Leave Provision (380) Audit & Accountancy 12,750 12,750 25,500 24,900 Audit of Compliance Plan 1,400 1,400 2,800 2,745 ASIC Fees 1,200 1,200 2,400 2,402 Bank Charges 5,500 5,500 11,000 9,665 Central Administration 28,275 28,276 56,551 56,551 Computer Expenses 2,000 2,000 4,000 3,773 Depreciation 6,250 6,250 12,500 10,071 Group Management Fees 55,316 56, , ,416 Insurance 13,500 13,500 27,000 23,233 Long Service Leave ,330 1,957 Management & Office Salaries 73,496 73, , ,457 Manager's Training 2,500 2,500 5,000 4,815 Member Services 73,975 73, , ,650 Newsletter , Printing, Postage & Stationery 2,500 2,500 5,000 4,374 Rates & Taxes 15,000 15,000 30,000 27,983 Responsible Entity Fees 24,200 24,200 48,400 39,600 Security 2,000 2,000 4,000 3,731 Staff Uniforms 1,500 1,500 3,000 2,670 Sundry Expenses 9,000 9,000 18,000 6,765 Superannuation Contributions 21,500 21,500 43,000 42,143 Workcover/Claims 5,109 5,108 10,217 9,593 Total Fixed and Financial Expenses 359, , , ,625 (7,987) 94,998 87, ,982 Plus: Other Expenses GST Adjustment ,124 Rounding Total Other Income ,124 Less: Other Expenses Loss/Profit on Sale of Non-Current Asset Resort Refurbishment 100, , , ,164 Less Links Club Trust Share (7,894) (7,895) (15,789) (14,302) Total Other Expenses 92,106 92, , ,967 Operating Surplus (Deficit) Before Tax (100,093) 2,893 (97,200) 12,139 Income Tax Expense Net operating Surplus (Deficit) After Tax (100,093) 2,893 (97,200) 12,139 Retained Profits at Beginning of Year 224, ,644 Retained Profits at End of Year 127, ,783 Page 1 of 1

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