Finance - Grant Edmunds
Season Overview
2025/26 has been one of the most financially productive years in the Club's recent history. Total revenues reached $565,738 representing an increase of $92,876 on prior year. However, it is clear the club operations are becoming more costly, as net profit for the current year of $130,357 was up only $3,117 on prior year. The club is driving more revenue from events such as Channel Challenge and Cowes Classic, whilst Woolamai Nippers continues to be an outstanding source of membership and revenue for the club – well done to the Nippers team!! Another successful year of generating grant funding ($108,857 this year, $112,415 last year) and $112,259 in donations ($39,666 last year) made an enormous impact on the club’s ability to replace IRBs, fund significant works to the clubhouse and Smiths Beach control tower and generally meet increasing operational costs. The club operates within an ever-increasing geography over a longer active season period than historically expected, and an ageing clubhouse situated within a challenging physical environment means the financial stability of the club is critical to ensuring we operate efficiently both today and in the future. Operational cashflows were again in surplus and the club continues to look to make contributions to the Woolamai Beach SLSC Development Fund with future financial stability in mind.
Financial Performance & Position - Detail
Key performance lines show strong revenue growth and efficient cost of sales (bar stock, club clothing and merchandise costs), whilst the operational costs have increased across almost all areas.
Revenue was $565,738 and Gross Profit was $485,330. Grants and donations were again strong, whilst membership fees, events revenue, nippers revenue and club clothing sales were key revenue lines.
Operating costs totalled $359,548, an increase of $91,382 on prior year. This increase was spread across almost all areas, with particular inflation through Repairs to premises and motor vehicles (up $27,010), cleaning (up $9,116), Insurance (up $5,026) and trophies & prizes ($7,206). Training & Development costs increased $8,919 highlighting the club’s dedication to further investing in member development.
Net Profit of $130,357 was a 2% increase on prior year reflecting the increased investment through operating costs required to operate efficiently. Past studies have indicated the club can anticipate further increases in areas such as Repairs & Maintenance, whilst cost inflation above cpi continues to drive up insurance, utilities and many other costs central to club operations. Almost $90,000 of the club’s operating costs were Depreciation, which is non-cash, so the club’s operating cash surplus exceeded $200,000, allowing for investment into Smiths Beach assets (up $91,850), Lifesaving equipment (up $72,297) and the Clubhouse (up $16,105). Part of the surplus has been earmarked to be distributed to the Development Fund to honour the club’s future financial stability.
Total Cash Assets were $597,206, an increase of $26,709 on prior year and representing ongoing investment into club term deposits (up $73,318). Current Assets reduced $11,088 as the club reduced outstanding debtors down to less than $2,000, an excellent result.
Total Assets increased $222,406 to $3.58m whilst Total Equity was $3.55m, highlighting the relatively immaterial Liabilities balance of $35,011, $22,681 of which was grant monies received in advance.
I sincerely thank Fi Blackmore for her exceptional stewardship of this role last season and bookkeeper James Lester for his continued professionalism.
Spotlight: Strong Donations
This year, Donations revenues totalled $112,259 — a testament to the extraordinary generosity of our community and corporate partners, driven largely by the ongoing Smiths Beach Rescue Base appeal. The Geoffrey Evans Trust contributed $30,293 to fund an IRB motor and trailer. AusNet Services provided $22,727 through their Energy Resilience Community Fund. The Rotary Club of Phillip Island donated $20,000 to the Smiths Beach campaign and a further $2,000 toward the Channel Challenge. Club President, Jason Close, is to be congratulated for, amongst other things, establishing a strong relationship with the HayesPower Charity, who ran their annual Golf Day at Sandhurst Golf Club in October 2025 with Woolamai Beach as their nominated charity, raising $21,932 for the Club. Individual donors added meaningfully throughout the year — including $5,000 from Lesley Feddersen, $2,500 from Andrew Byrnes (ATV equipment), $1,000 from Merice Lawrence, and a cash donation of $450 from Ava Close, Liam Comber, and Mia Davies following a rescue at Smiths Beach in January 2026. Over 60 donors contributed across the year via Stripe, Race Roster, cash tins, and events.
Spotlight: Another excellent year for winning Grants
Grant revenue totalled $108,857, reflecting another strong year from the Club's grants team led by Brendan Smart. State Government non-recurrent grants amounted to $62,083, comprising $50,000 from the Victorian Government's Tiny Towns Fund (TTF2) for the Essential Upgrade of the Smiths Beach Rescue Base and $12,083 from the Department of Jobs, Skills, Industry and Regions for the All-Abilities Lifesaver and Surf Sport Training program. Life Saving Victoria contributed $26,244, Bass Coast Council provided $12,000, whilst a further $8,530 was spread across other sources. Combined with donations, the Club raised approximately $221,000 in philanthropic and grant income to fund operations and capital works.
Spotlight: Channel Challenge and Sponsorship
The Channel Challenge delivered a standout result — selling out for the first time ever, a full week before race day. Entry fees and event revenue totalled $49,530, supplemented by $6,915 in event sponsorship and ongoing participant fundraising donations via Race Roster. Total sponsorship across all events was $7,315, including $400 from the Cowes Classic. Prize money and trophies distributed to winners totalled $16,887, with overall titles taken by Tristan Price (male) and Olivia Holmes (female). Event operating costs — sound, radios, timekeeping, and logistics — were $8,910.
Spotlight: Development Fund
The Development Fund Board continued to oversee the Club's long-term investment portfolio. A the end of April, total funds held were $648,178, including $517,883 held in actively-managed investments and $130,295 in cash. The Fund is independently governed with a mandate to grow the Club's investments while managing risk for long-term financial sustainability. Since inception, the Fund has delivered a return on investments of almost 37% and will continue to partner with the Club’s Executive Board in building long-term wealth to be used specifically for significant Club capital projects.
Capital Investment: Buildings & Equipment
The 2025/26 year delivered the largest single-year investment in physical assets in recent memory, with over $180,000 in additions across three key categories.
Buildings — Smiths Beach (+$91,850)
The Smiths Beach asset increased from $235,421 to $327,271, reflecting the completion of long-planned structural works at the Rescue Base — staircase and tower landing replacement and critical infrastructure upgrades — funded through Tiny Towns Fund grants ($50,000), AusNet ($22,727), Rotary Club ($20,000), and community donations.
Buildings — Clubhouse Furniture and Fittings (+$16,105)
Clubhouse furniture and fittings grew from $86,352 to $102,457, continuing investment in the function space and bar area. The Clubhouse generated bar sales of $12,202 and hire income of $18,352 during the year, reflecting its increasing role as a community venue.
Lifesaving Equipment (+$72,297)
Lifesaving Equipment at cost grew from $151,354 to $223,651. The primary driver was the IRB motor and trailer acquisition ($30,293, funded by the Geoffrey Evans Trust) and ATV investment ($2,500, supported by Andrew Byrnes), significantly enhancing rapid response capability across both beaches.
Acknowledgements
Thank you to the Club’s amazing board – people who devote limitless time and energy to do the heavy lifting that delivers the impact discussed above, often operating in the shadows without recognition. Enormous appreciation to everyone who drove the activities that led to such a successful year of generating donations and grant monies, particularly Brendan Smart, Campbell Smart, and the SLSA Grant Seeking Unit for their outstanding grants work. Thank you James Lester for your diligent bookkeeping, to Carole Irving (Secretary) and Melina van der Weerd-Arceo (Facilities) for their tireless administrative support. The Club's growing financial strength is built on the generosity of our donors, the commitment of our partners, and the dedication of our members — to each of them, we are deeply grateful.
Woolamai Beach Surf Life Saving Club Inc. | Annual Report FY2026 | Year ended 30 April 2026