BlackWall Property Trust

A N N U A L
R E P O R T
J U N E   2 0 2 1

Manager of Australia’s First 
Listed Flexible Property Security

Who We Are
BlackWall  is  a  fund  manager  with 
capabilities  across 
investment, 
asset,  development  and  property 
management.  This 
integrated 
offering means we see opportunities 
where others don’t.  

We put our money where our mouth 
is, and hold strategic positions in the 
funds that we manage – the largest 
being Australia’s first listed flexible 
property security, WOTSO Property 
(ASX:WOT).  We  have  a  close-knit 
and diverse team of individuals who 
take  an  entrepreneurial  approach 
to growing the BlackWall business 
and brand. 

2
2

BlackWall Limited June 2021

Other Comprehensive Income

Contents
3 Directors’ Report
6 Statement of Profit or Loss and 
6 Balance Sheet
7 Statement of Cash Flows
8 Statement of Changes in Equity
9 Notes to the Financial Statements
22 Directors’ Report – Continued
25 Directors’ Declaration
26 Auditors Independence Declaration 

and Audit Report

BlackWall Limited June 2021Directors’ Report

Key Numbers

BlackWall  Limited  will  pay  a  final  dividend  of  2.6  cents  per  share 
bringing the full year dividend to 5.0 cents per share. 

BlackWall  Limited  (BlackWall,  BWF  or  the  Group)  is  now  a  simple  business.  We  generate  annuity 

income  from  the  real  estate  investment  structures  that  we  manage.  This  income  comes  in  the  forms 

of  management,  transactional  and  performance  fees  as  well  as  distribution  income  from  the  strategic 

investments we hold in our funds. We aim to grow our assets under management and therefore our fee 

income which results in dividend growth for our shareholders.

Our dividends over the past 5 years are shown below. Over this period our total shareholder return has 

averaged 18% p.a. The final dividend declared of 2.6 cps brings our full year dividend to 5.0 cps. This 

reflects a yield of 10% on a share price of $0.52, rising to 12% when franking is included. 

Dividends
Interim 
Final

Total

2021

$0.024 
$0.026*

$0.050 

2020

$0.020 
$0.021 

$0.041 

2019

$0.020 
$0.021 

$0.041 

2018

$0.019 
$0.021 

$0.040 

2017

$0.018 
$0.018 

$0.036 

*To be paid on 15 September 2021.

Review of Financial Performance

Operating Income
Investment Income

Revenue
Expenses

Net Profit from Continuing Operations
Tax Expense

Net Profit after Tax from Continuing Operations

2021 
$’000
6,234
1,558

7,792
(3,893)

3,899
(845)

3,054

2020 
$’000
6,285
4,395

10,680
(4,798)

5,882
(1,590)

4,292

Net profit after tax from continuing operations was $3.1 million in 2021, a decrease of $1.2 million from 

2020. However, this was largely driven by the decrease in non-cash investment income as a result of a 

one-off gain on the WOTSO demerger in 2020 ($2.7 million). This aside, BWF’s profitability has improved 

with operating revenue staying flat and expenses decreasing by $0.9 million. Expenses have decreased 

due  to  a  reduction  in  headcount  as  a  result  of  the  WOTSO  demerger  and  a  reduction  in  associated 

overheads. This has been a major driver in operating cash flows rising 42% to $3.8 million.

Financial

10% 

dividend yield on 
price of 52 cps

5 cps 

fully franked dividend 
for the year, up 22%

18% p.a. 

5 year total shareholder return

$3.8 million 

operating cash flow

Operational

3

new properties 
acquired

130,000 sqm

of managed space

Corporate Social Responsibility

7 

disability employment 
service employees

$160,000 

in contributions to not for profits 
since 2019 from the managed group

3

BlackWall Limited June 2021The Year that Was

The year started and ended in lockdown for much of Australia, 
yet BlackWall and its funds took some significant steps forward 
and are well positioned for the future.

Seph Glew, Chairman

Growth in management portfolio
We have grown our area under management to  

130,000 sqm following the acquisition of 3 new properties in 

the last 6 months, 1 in Brookvale, NSW and 2 in Newcastle, 

NSW. We have also overseen the development of existing 

assets, namely the properties at North Strathfield, NSW  

and Fortitude Valley, QLD, which has seen an  

increase of approximately 1,600 sqm in net  

lettable area (NLA) and improvement  

of the assets.

Penrith Fund Completion 
The PIPES Mortgage fund, secured against the  

property at 120 Mulgoa Rd, Penrith, came to the end of  

its 7 year period in December 2020. The fund paid annual  

distributions of 9% through its life and a final bonus of 16%  

bringing its total internal rate of return to 11%. The property 

also joined WOT as part of the stapling. BlackWall received 

performance fees of $1,031,000. We think the PIPES  

structure will be applicable to future opportunities  

and remains attractive to investors as it allows  

participation in the capital growth of an asset  

whilst receiving fixed distributions.

Formation of WOTSO Property 

The stapling of BlackWall Property Trust (BWR) to WOTSO Limited to form Australia’s  

first listed flexible property vehicle, WOTSO Property, was successfully completed in 

February 2021. Following the acquisition of 3 new assets in the last 6 months, WOT owns 

over 87,000 sqm of property and operates nearly 37,000 sqm of flexible workspaces under 

the WOTSO brand. Property valuations grew by $8.4 million, whilst net debt is at a modest 

25%. We continue to look for acquisition opportunities focusing on suburban and regional 

assets that would suit the WOTSO flexi property offering. 

The WOTSO WorkSpace business experienced healthy growth in its turnover as it recovered 

from the initial COVID restrictions. Its annualised turnover reached $21 million in June 2021, 

some 30% above its pre-COVID levels. WOTSO’s suburban focus has benefitted from the 

shift to flexible work practices and its near to home solution is helping businesses of all 

 sizes adapt to these new workforce trends. The most recent lockdowns in Australia are 

having an effect on turnover as WOTSO again provides support to its members  

via a ‘penalty-free’ suspension policy. However, this is somewhat mitigated  

by government assistance being granted through payroll support  

and rent relief packages. Once restrictions ease, we expect  

to see WOTSO’s revenue numbers quickly bounce back  

as they did last year. Further information on WOT  

can be found in its Annual Report.

4

BlackWall Limited June 2021What Being a Good Corporate Citizen Means to Us 

It has become standard practice to comment on Corporate Social Responsibility (CSR) in Annual Reports. To us, 

CSR is about “doing the right thing” and this is what guides our corporate behaviour. Our COVID relief packages 
to our tenants and members reflected this and have resulted in the provision of $4.8 million in rent relief since 

the start of the pandemic. We prefer to put into place smaller, more tangible programmes and practices rather 

than set grandiose goals such as “carbon neutrality”. Some examples of what we mean are below.

Sustainable Fit Outs
Walk into any WOTSO site and you will immediately know you are in one. Why? Our reuse of materials. We’ve 

been  known  to  turn  go-kart  tyres  into  lights,  computer  floor  tiling  into  walls  or  server  racks  into  tables.  We 

upcycle, reuse and as a result reduce waste in all of our buildings. It has also helped set the “vibe” for WOTSO’s 

flexible  spaces  and  communities.  The  workspaces  are  homely  and  the  community  created  tends  to  be  a 

supportive one as a result.

Charity and Not for Profit Support 
There are thousands of worthy not for profits deserving of resources, which makes the decision of who and 

how to support them a difficult one. We commit to a small group of organisations that have a personal affiliation 

with our leaders and staff. We have long lasting relationships with local sporting groups and charities such as 

The  Kid’s  Cancer  Project  (TKCP).  We  like  engaging  with  groups  that  our  staff  can  be  involved  in  as  well.  In 

September all of our staff and WOTSO sites are participating in the TKCP Better Challenge (betterchallenge.

org.au) to run walk or roll 90km.

Employee Development
Across  our  businesses  we  have  a  young  workforce.  The  newly  established  BlackWOT  Academy  gives  our 

employees access to personal development courses that are not related to their employment. The goal is for 

our employees to grow personally as well as professionally. Sometimes this may even lead to a career change, 

something that we would support as we recognise the long-term benefits for our business and that individual. 

We are particularly proud of our Disability Employment Service initiative in which many of our WOTSO sites now 

participate. We have 7 employees (and growing) who each have a real impact on the WOTSO communities  

they work within. 

COVID and The Year Ahead 

As we all continue to suffer from pandemic fatigue, we are firmly of the view that wide-spread vaccination is the only path out of COVID. WOTSO’s Vaccine for Caffeine incentive programme is our way of encouraging and supporting 

Australia’s vaccination efforts. WOTSO members who have received at least one vaccine dose will have the chance to win a share of $27,000 worth of vouchers to spend at their favourite local cafe, restaurant or business. Hopefully, 

by the time we are writing our half year report, life will be somewhat returning to normal. As a business, we are well placed across the board for what comes next and are confident that our flexible property strategy will allow us to 

capitalise on opportunities in a unique market.

Tim Brown and Jessie Glew (Joint Managing Directors)

5

BlackWall Limited June 2021Financial Statements
Statement of Profit or Loss and other Comprehensive 
Income for the year ended 30 June 2021

Balance Sheet at 30 June 2021

Note

3
3
3
2

4
22

5

9

6

16

REVENUE
BlackWall
Management fees
Performance and transaction fees
Staff payroll recovery
Government COVID stimulus

Total BlackWall

Investments
Unrealised gain 
Share of net (loss) / profit of equity accounted investment
Other investment income 

Total Investments

Total Revenue

EXPENSES
Operating expenses
Depreciation - right of use asset
Depreciation - property, plant and equipment
Finance costs - lease liability interest
Finance costs - interest expense

Total Expenses

Profit Before Income Tax From Continuing Operations
Income tax expense

Profit After Tax From Continuing Operations
Discontinued operation - WOTSO Franchise
Discontinued operation - WOTSO Limited
Discontinued operation - Kirela

Profit for the Year
Other comprehensive income

Profit and Other Comprehensive Income

Profit and Other Comprehensive Income Attributable to:
Owners of the Company
Non-controlling Interests

2021
$’000

5,107
339
284
504

6,234

1,567
(14)
5

1,558

7,792

(3,699)
(118)
(51)
(21)
(4)

(3,893)

3,899
(845)

3,054
(25)
-
-

3,029
-

3,029

3,029
-

3,029

Restated*  
2020
$’000

4,725
598
737
225

6,285

4,308
72
15

4,395

10,680

(4,594)
(73)
(107)
(16)
(8)

(4,798)

5,882
(1,590)

4,292
(75)
1,195
(876)

4,536
-

4,536

4,536
-

4,536

Earnings Per Share
Profit Attributable to the Ordinary Equity Holders:
Basic and diluted earnings per share
Basic and diluted earnings per share (continuing operations)

*2020 restated for WOTSO Franchise discontinued operation.

6

18
18

4.8 cents
4.8 cents

7.2 cents
6.8 cents

ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Performance fee receivable
Provision for tax receivable
Total Current Assets

Non-current Assets
Investments
Investment using equity method
Right of use lease asset
Property, plant and equipment
Total Non-current Assets

Total Assets

LIABILITIES
Current Liabilities
Trade and other payables
Right of use lease liability
Provision for employee benefits
Provision for tax payable
Deferred rent payable
Tenant deposits
Total Current Liabilities

Non-current Liabilities
Deferred tax liabilities
Right of use lease liability
Provision for employee benefits
Total Non-current Liabilities

Total Liabilities

Net Assets

EQUITY
Share capital
Reserves
Retained earnings

Total Equity

Statutory net assets per share 

Note

2021 
$’000

7
3
15

8
22
10
9

11
14
12
15

13
14
12

3,133
332
-
-
3,465

22,602
58
579
141
23,380

26,845

482
132
390
396
-
-
1,400

2,870
464
114
3,448

4,848

2020
$’000

2,724
548
598
354
4,224

20,206
72
2,308
725
23,311

27,535

517
624
335
-
62
20
1,558

2,373
1,699
96
4,168

5,726

21,997

21,809

14,080
73
7,844

21,997

$0.35

14,080
73
7,656

21,809

$0.35

BlackWall Limited June 2021Reconciliation of Operating Cash Flows

Profit for the Year (continuing)

Non-Cash Flows in Profit:
Unrealised gains
Depreciation on right of use lease asset
Depreciation on property, plant and equipment
Interest expense on lease liability
Equity accounted profit - IndigoBlack

Changes in Operating Assets and Liabilities:
Decrease / (increase) in trade and other receivables
Increase / (decrease) in deferred tax liabilities
Increase / (decrease) in trade and other payables
Increase / (decrease) in income taxes payable
Increase / (decrease) in provisions

Net Cash Flows from Operating Activities (continuing)

2021
$’000

3,054

(1,567)
118
51
21
14

807
465
-
750
73

3,786

2020
$’000

4,292

(4,308)
73
107
16
(72)

2,438
1,643
(358)
(1,132)
(39)

2,660

Note

2

16

9

17

Statement of Cash Flows  
for the year ended 30 June 2021

Cash Flows From Operating Activities (continuing)
Management fee receipts
Government COVID stimulus
Income tax refund / (paid)
Payroll recovery receipts
Bank interest received
Payments to suppliers and employees
Interest paid

Net Cash Flows From Operating Activities (continuing)

Cash Flows From Investing Activities (continuing) 
Returns of capital from BWR investment
Proceeds on disposal of WOTSO Franchise (net of cash disposed)
Investment in WOTSO Property
Payment for property, plant and equipment
Loans paid
Investment in WOTSO Limited
Cash leaving group on disposal of Kirela

Net Cash Flows From Investing Activities (continuing)

Cash Flows From Financing Activities (continuing)
Dividends paid to shareholders
Repayment of right of use leases

Net Cash Flows From Financing Activities (continuing)

Net Increase in Cash Held (continuing)

Reconciliation of Cash Balances:
Cash and cash equivalents at the beginning of the year
Less WOTSO Limited cash balance reclassified as held for sale
Net increase / (decrease) in cash held - continuing
Net increase / (decrease) in cash held - WOTSO Franchise
Net increase / (decrease) in cash held - Kirela

Cash at End of the Year

All items inclusive of GST where applicable.

*Refer to Note 27 for further information. 

2021
$’000

6,761
504
370
284
4
(4,133)
(4)

3,786

804
428
(1,633)
(28)
-
-
-

(429)

(2,841)
(129)

(2,970)

387

2,724
-
387
22
-

3,133

Restated* 
2020
$’000

8,303
165
(1,079)
737
8
(5,466)
(8)

2,660

804
-
-
(25)
(858)
(6,852)
(13)

(6,944)

(2,588)
(81)

(2,669)

(6,953)

11,493
(50)
(6,953)
50
(1,816)

2,724

7

BlackWall Limited June 2021Statement of Changes in Equity for the year ended 30 June 2021

No. of Shares on Issue

Issued Capital  
$’000

Retained Earnings
$’000

Reserves 
$’000

Balance at 1 July 2020
Profit for the year
Other comprehensive income

Total Comprehensive Income for the Year

Transactions with Owners in Their Capacity as Owners:
Dividend paid

Total Transactions with Owners

Balance at 30 June 2021

Balance at 1 July 2019
Profit for the year
Other comprehensive income

Total Comprehensive Income for the Year

Transactions with Owners in Their Capacity as Owners:
Dividend paid
Demerger of WOTSO Limited
Issue of shares

Total Transactions with Owners

Balance at 30 June 2020

Share Capital and Reserves

(a) Summary Table

63,141,445 ordinary shares (June 2020: 63,141,445)

Total

(b) Movement in Shares on Issue

Number of Shares

At the beginning of reporting period
Issue of shares to employees

At reporting date

8

63,141,445
-
-

-

-

-

63,141,445

63,115,445
-
-

-

-
-
26,000

26,000

63,141,445

14,080
-
-

-

-

-

14,080

17,555
-
-

-

-
(3,498)
23

(3,475)

14,080

7,656
3,029
-

3,029

(2,841)

(2,841)

7,844

13,880
4,536
-

4,536

(2,588)
(8,172)
-

(10,760)

7,656

73
-
-

-

-

-

73

73
-
-

-

-

-

-

73

Total 
$’000

21,809
3,029
-

3,029

(2,841)

(2,841)

21,997

31,508
4,536
-

4,536

(2,588)
(11,670)
23

(14,235)

21,809

2021 
$’000
14,080

14,080

2020 
$’000
14,080

14,080

No further shares have been issued since 30 June 2021. No amounts are unpaid on any of the shares. Ordinary 

shares participate in dividends. All ordinary shares carry one vote per share without restriction. All shares are 

fully paid.

(c) Reserves

Share options reserve

2020 
$’000 

Total

2021 
$’000
73

73

2020 
$’000
73

73

63,115,445
26,000

The following options are on issue at the date of this report:

Options

Expiry Date

Exercise Price

Number

Employee and Directors options

05 October 2023

$0.55

4,800,000

2021 
$’000 

63,141,445
-

63,141,445

63,141,445

BlackWall Limited June 2021Notes to the Financial Statements

1. Segment Information

The segment information for the Group is as follows. For information on segment reporting, refer to the Statement of Significant Accounting Policies for more details. 

Profit or Loss 2021
BlackWall
Investments
Corporate

Continuing Operations

WOTSO Franchise

TOTAL Operations

Profit or Loss 2020
BlackWall
Investments
Corporate

Continuing Operations

WOTSO Limited 
WOTSO Franchise
Kirela

TOTAL Operations

Balance Sheet
BlackWall
Investments
Corporate

WOTSO Franchise

Consolidated

Income 
$’000

Gains / (Losses) 
$’000

Total  
Revenue 
$’000

Expenses 
$’000

EBITDA 
$’000

Interest  
and Depn 
$’000

Pre-tax 
$’000

6,234
5
-

6,239

432

6,671

6,285
87
-

6,372

4,070
1,434
1,973

13,849

-
1,553
-

1,553

-

1,553

-
4,308
-

4,308

-
-
1,065

5,373

Assets 
$’000
4,181
22,664
-

26,845
-

26,845

6,234
1,558
-

7,792

432

8,224

6,285
4,395
-

10,680

4,070
1,434
3,038

19,222

(2,610)
(578)
(511)

(3,699)

(122)

(3,821)

(3,143)
(527)
(924)

(4,594)

(2,626)
(626)
(2,170)

(10,016)

2021

Liabilities 
$’000
(1,473)
(2,979)
(396)

(4,848)
-

(4,848)

Net Assets 
$’000
2,708
19,685
(396)

21,997
-

21,997

3,624
980
(511)

4,093

310

4,403

3,142
3,868
(924)

6,086

1,444
808
868

9,206

Assets  
$’000
1,140
23,487
354

24,981
2,554

27,535

(190)
(4)
-

(194)

(312)

(506)

(196)
(8)
-

(204)

(5,157)
(938)
(1,451)

(7,750)

3,434
976
(511)

3,899

(2)

3,897

2,946
3,860
(924)

5,882

(3,713)
(130)
(583)

1,456

2020

Liabilities 
$’000
(814)
(2,958)
-

(3,772)
(1,954)

(5,726)

Net Assets 
$’000
326
20,529
354

21,209
600

21,809

9

BlackWall Limited June 20212. COVID Impact

4. Net Unrealised Gains on Investments

Property  management  fees  are  charged  by  BWF  on  a  percentage  of  gross  property  income.  In  the  current 

financial year WOTSO Property has continued to provide rent relief to tenants in the form of rent waivers and 
deferrals as required by the mandatory code of conduct between landlords and tenants, and this has resulted 

in a reduction of property management fee income.

Unrealised gain - WOTSO Property
Unrealised gain - BWR
Unrealised gain - WOTSO Limited

BWF qualified for the government’s JobKeeper program until the program ceased at the end of March 2021. 

Total

The government stimulus revenue received for the current financial year was $504,000 (2020: $225,000).

For additional information refer to Note 8 - Investments.

3. Revenue

Revenue  is  earned  through  management,  performance  and  transaction  fees  from  real  estate  investment 

structures.

5. Operating Expenses

Revenue from Contracts with Customers
Fund management fees
Property management fees
Project management fees
Leasing fees
Expense recovery and other fees

Management Fees Total

Performance fee - Penrith (details below)
Transaction fee - Asset acquisitions (Newcastle and Brookvale)
Transaction fee - Capital raising

Performance and Transaction Fees Total

Staff Payroll Recovery

Total Revenue from Contracts with Customers
Timing of revenue recognition:
- recognition over time
- recognition at a point in time

Other
Government stimulus

Total BlackWall Revenue

2021 
$’000

3,176
633
287
505
506

5,107

-
189
150

339

284

5,730

5,391
339

5,730

504

6,234

2020 
$’000

BWF employee and consultant expenses
BWF operating expense

BWF Expenses

6. Income Tax Expense

Current tax
Deferred tax

Total

Prima facie tax payable on profit from ordinary activities before 
income tax at 26.0% (2020: 27.5%)

Add / (less) tax effect of:
Non-deductible items
Deductible items
Change in tax rate - restatement of deferred tax balances
Under / (over) provision in prior years

Total

3,096
747
226
310
346

4,725

598
-
-

598

737

6,060

5,462
598

6,060

225

6,285

BWF (as manager of BlackWall Penrith Fund No.3) was entitled to a fee equating to 30% of the property value 

in excess of $16.5 million (the property value when the fund was established) plus any capex expenditure. The 

performance fee of $598,000 was taken up in full in the June 2020 financial year, and the 7 year fund came to 

an end in December 2020 with all fees paid out at that date.

2021 
$’000

1,567
-
-

1,567

2021 
$’000

2,806
893

3,699

2021 
$’000

348
497

845

1,014

5
(10)
(115)
(49)

845

2020 
$’000

-
1,608
2,700

4,308

2020 
$’000

3,369
1,225

4,594

2020 
$’000

568
1,022

1,590

1,618

14
(17)
(137)
112

1,590

10

BlackWall Limited June 20217. Current Assets – Trade and Other Receivables

9. Non-current Assets – Property, Plant and Equipment

Trade receivables:
Related parties
Other parties

Total Trade Receivables
Other receivables

Total

2021 
$’000

2020 
$’000

237
82

319
13

332

447
91

538
10

548

Further information relating to trade and other receivables to related parties is set out in Note 24 - Related Party 

Transactions. None of the receivables were impaired as at 30 June 2021 (2020: $nil).

8. Investments

The two separate investments in BWR and WOTSO Limited previously held by BlackWall have been replaced 

by a single holding in a new stapled entity called “WOTSO Property”. The new stapled security was listed 

on the ASX under the code “WOT” and began trading on 18 February 2021. A reconciliation of investments 

is set out below:

WOT  
Securities

WOT 
$’000

BWR 
Units

BWR 
$’000

WOTSO  
Limited  
Shares

WOTSO 
Limited 
$’000

June 2021
Balance at the beginning of the year
Return of capital
Conversion to stapled securities
Purchases
Mark to market valuation

-
-
14,172,027
1,203,174
-

-
-

11,487,838
-
19,402 (11,487,838)
-
-

1,633
1,567

16,313
(804)
(15,509)
-
-

10,519,241
-
(10,519,241)
-
-

3,893
-
(3,893)
-
-

Balance at the End of the Year

15,375,201

22,602

-

-

-

-

June 2020
Balance at the beginning of the year
Return of capital
Demerger of WOTSO Limited
Mark to market valuation

Balance at the End of the Year

-
-
-
-

-

-
-
-
-

-

11,487,838
-
-
-

15,509
(804)
-
1,608

-
-
10,519,241
-

11,487,838

16,313

10,519,241

-
-
1,193
2,700

3,893

Continuing Operations:
At cost
Less accumulated depreciation

Written Down Value

Discontinued Operations:
At cost
Less accumulated depreciation

Written Down Value

Total

2021 
$’000

899
(758)

141

-
-

-

141

2021
Carrying amount at the beginning of year
Additions
Depreciation expense
Disposal due to sale of subsidiary

Carrying Amount at the End of Year

2020
Carrying amount at the beginning of year
Additions
Depreciation expense
Disposal due to demerger and sale of subsidiary

Carrying Amount at the End of Year

Continuing 
Operations 
$’000

Discontinued 
Operations 
$’000

164
28
(51)
-

141

246
25
(107)
-

164

561
52
(38)
(575)

-

5,232
703
(142)
(5,232)

561

10. Non-current Assets – Right of Use Lease Asset

Right of use lease asset
Less: Accumulated depreciation

Written down value of Right of Use Lease Assets

2021 
$’000
770
(191)

579

2020 
$’000

871
(707)

164

1,267
(706)

561

725

Total 
$’000

725
80
(89)
(575)

141

5,478
728
(249)
(5,232)

725

2020 
$’000
3,090
(782)

2,308

BWF leases its head office located in Neutral Bay NSW. The term of the lease is five years with the option to 

extend, and contains a market related escalation clause. On renewal, the terms of the lease are renegotiated. 

The reduction in the balance is due to the WOTSO Franchise subsidiary leaving the group - refer to the Disposal 

of Subsidiary Note 16 for further details.

11

BlackWall Limited June 202111. Current Liabilities – Trade and Other Payables

14. Lease Liabilities

Trade payables:
Related parties
Other parties

Total Trade Payables

Sundry payables and accrued expenses

Total

2021 
$’000

2020 
$’000

-
403

403

79

482

Opening balance
Interest charged
Repayments
Additions
Disposals
Modifications

1
439

440

77

517

Further  information  relating  to  trade  payables  from  related  parties  is  set  out  in  Note  24  -  Related  Party 

Transactions.

Total Lease Liabilities

Current
Non-current

Total

2021 
$’000

2,323
45
(393)
301
(1,808)
128

596

132
464

596

2020 
$’000

-
103
(870)
3,090
-
-

2,323

624
1,699

2,323

12. Current and Non-current Liabilities – Provisions

The reduction in the balance is due to the WOTSO Franchise subsidiary leaving the group - refer to the Disposal 

of Subsidiary Note 16 for further details.

15. Provision for Tax Payable

(Refund) / payable at the beginning of year
Current year tax liability
Refunds received / (Payments made)
Under / (over) provision in prior years

Payable / (Refund) at the End of Year

2021 
$’000

(354)
396
347
7

396

2020 
$’000

778
-
(1,235)
103

(354)

Current – employee benefits
Non-current – employee benefits

Total Provisions

Balance at the beginning of year
Net additional provision increase / (decrease)

Balance at the End of Year

2021 
$’000

390
114

504

431
73

504

The number of BWF employees as at 30 June 2021 was 20 (2020: 23).

13. Non-current Liabilities – Deferred Tax Liabilities

Deferred Tax Liabilities / (Assets) Balance Comprises:
Financial assets
Provision for employee benefits
Accrued expenses

Total

Movements:
Balance at the beginning of year
Charged to the profit and loss

Balance at the End of Year

2021 
$’000

3,003
(126)
(7)

2,870

2,373
497

2,870

2020 
$’000

335
96

431

553
(122)

431

2020 
$’000

2,537
(112)
(52)

2,373

1,351
1,022

2,373

12

BlackWall Limited June 202116. Disposal of Subsidiary

WOTSO Franchise
On 31 October 2020 the Group disposed of its entire holding in BWF Franchise Pty Ltd to WOTSO Limited for 

In  addition,  the  Board  has  declared  a  final  fully  franked  dividend  of  2.6  cents  per  share  to  be  paid  on 

cash proceeds of $500,000. The operations to date of disposal in the current year are shown as discontinued, 

15 September 2021.

and the prior year comparative information has also been restated where relevant to show that information as 

discontinued. BWF Franchise Pty Ltd was the Franchisee for the WOTSO site at Neutral Bay. 

Assets and liabilities sold were as follows:

Franking credits available for the subsequent periods based on a tax 
rate of 25.0% (2020: 26.0%)

2021 
$’000

2,026

2020 
$’000

3,032

Cash and cash equivalents
Receivables and other assets
Lease right of use asset
Property, plant and equipment
Deferred tax asset
Payables and other liabilities
Lease right of use liability

Net Identifiable Assets Sold
Add: profit on disposal

Net Cash Proceeds Received

31 Oct 2020 
$’000

72
7
1,791
575
32
(173)
(1,808)

496
4

500

The  above  amounts  represent  the  balance  of  the  franking  account  as  at  the  end  of  the  reporting  period, 

adjusted for:

(a)   franking credits that will arise from the payment of the amount of the provision for income tax;

(b)   franking debits that will arise from the payment of dividends recognised as a liability at the reporting 

date; and

(c)   franking credits that will arise from the receipt of dividends recognised as receivables at the reporting 

date.

18. Earnings Per Share

The following were the results of BWF Franchise operations to the date of disposal:

To 31 Oct 2020 
$’000

Basic and diluted earnings per share
Basic and diluted earnings per share (continuing)

Revenue
Operating expenses

(Loss) Before Tax
Taxation

Loss After Tax

17. Dividends

Fully franked dividends paid to shareholders during the financial year were as follows:

2020 final dividend of 2.1 cents paid on 25 September 2020 
(2019 final: 2.1 cents)
2021 interim dividend of 2.4 cents paid on 16 March 2021 
(2020 interim: 2.0 cents)

Total

2021 
$’000

1,325

1,516

2,841

432
(434)

(2)
(23)

(25)

2020 
$’000

1,325

1,263

2,588

Calculated as follows:
Profit attributable to the owners of the Group
Profit attributable to the owners of the Group (continuing)
Weighted average number of shares for basic EPS
Weighted average number of shares for diluted EPS

19. Auditor’s Remuneration 

Remuneration of ESV for:
Audit and assurance services
Taxation services
Other services

Total

20. Contingencies

2021

4.8 cents
4.8 cents

$3,029,000
$3,054,000
63,141,445
63,141,445

2020

7.2 cents
6.8 cents

$4,536,000
$4,292,000
63,129,692
63,129,692

2021

2020

51,000
11,000
23,000

85,000

67,000
44,000
26,000

137,000

The Group had no contingent assets or liabilities at 30 June 2021 (2020: $nil).

13

BlackWall Limited June 202121. Subsequent Events

The  impact  of  the  COVID  pandemic  is  ongoing.  It  is  not  practical  to  estimate  the  potential  impact,  positive 

or negative, after the reporting date on the various revenue streams and the performance of the Group. The 
situation is dependent on measures imposed by the federal and state governments, and other countries, such 

as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that 

may be provided. 

The Board has declared a final fully franked dividend of 2.6 cents per share to be paid on 15 September 2021.

To the best of the Directors’ knowledge, since the end of the financial year there have been no other matters or 

circumstances that have materially affected the Group’s operations or may materially affect its operations, state 

Managed Funds
The Group holds investments in a number of property funds for which it acts as either manager or responsible 

entity.

Fees and Transactions
Management fees are charged to these entities predominantly for property and fund management services. 

The management fees are paid under a management agreement and the fees charged are determined with 

reference to arm’s length commercial rates.

These services principally relate to:

of affairs or the results of operations in future financial years.

•  funds  management:  provision  of  strategic  investment  advice,  asset  management  and  investment 

portfolio services; and

22. Equity Accounted Investments

IndigoBlack Constructions Pty Ltd is a start up construction company in which BWF owns a 25% stake. The 

investment has resulted in a $14,000 share of associates loss being taken up in the current year. 

•  property management: property portfolio advisory services, maintenance and insurances, strategic 

advice  and  management  supervision  services,  administration,  leasing,  project  management, 

marketing and risk management services.

23. Controlled Entities

Parent entity:
BlackWall Limited

Subsidiaries of parent entity:
BlackWall Management Services Pty Ltd
BlackWall Fund Services Limited 
APG Asset Management Pty Ltd
BlackWall Management (NZ) Ltd
Bakehouse Management Pty Ltd
BWF Franchise Pty Ltd

Country of
Incorporation

Percentage Owned
2021 
(%)

2020 
(%)

Australia

n/a

n/a

Australia
Australia
Australia
New Zealand
Australia
Australia

100
100
100
100
99.99
-

100
100
100
100
99.99
100

The  Group  recharges  its  related  parties,  associates  and  managed  funds,  for  administration  services  which 

include accounting and bookkeeping fees, corporate secretarial services and those expenses that are incurred 

by  members  of  the  Group  on  behalf  of  the  related  parties,  associates  and  managed  funds.  In  addition,  the 

Group pays the following fees to related entities:

•  rent  for  BWF  head  office.  The  rent  paid  is  determined  with  reference  to  arm’s  length  commercial 

rates; and

•  director fees.

Other  transactions  and  outstanding  balances  with  related  parties,  associates  and  managed  funds  relate  to 

loans payable and receivable and distributions from managed funds. All transactions with related parties were 

made on arm’s length commercial terms and conditions and at market rates, and were approved by the Board 

where applicable.

The  following  table  discloses  the  revenue  and  expenses  between  related  parties  as  well  as  the  balances 

outstanding at year end between BWF and its related parties.

24. Related Party Transactions

(a) Related Parties, Associates, Managed Funds
In  these  financial  statements,  related  parties  are  parties  as  defined  by  AASB  124  Related  Party  Disclosures 

rather than the definition of related parties under the Corporations Act 2001 and ASX Listing Rules.

Associates
Interests held in associates by the Group are set out in Note 22 - Equity Accounted Investments.

Revenue:
Management fees
Transaction and performance fees
Distribution / returns of capital from funds

Expenses:
Rent and outgoings paid

Outstanding Balances:
Trade and other receivables – current
Trade and other payables - current

2021

2020

4,404,085
990,488
804,149

4,102,019
457,857
804,149

397,392

457,854

236,981
-

447,038
1,329

14

BlackWall Limited June 2021(b) Interests in Related Parties
As at year end the Group owned units in the following related entities:

26. Financial Risk Management

Entity

WOTSO Property
BWR
WOTSO Limited

Holdings

2021 
No.

2020 
No.

15,375,201
-
-

-
11,487,838
10,519,241

Distribution/Returns  
of Capital/Interest 

2021 
$

-
804,149
-

804,149

2020 
$

-
804,149
-

804,149

(a) Financial Risk Management
The  main  risks  the  Group  is  exposed  to  through  its  financial  instruments  are  market  risk  (including  foreign 

exchange  risk,  interest  rate  risk  and  price  risk),  credit  risk  and  liquidity  risk.  The  Group’s  principal  financial 

instruments  are  cash,  financial  assets  and  borrowings.  Additionally,  the  Group  has  various  other  financial 

instruments such as trade debtors and trade creditors, which arise directly from its operations.

This note presents information about the Group’s exposure to each of the above risks, their objectives, policies 

and  processes  for  measuring  and  managing  risk,  and  the  management  of  capital.  The  Board  has  overall 

responsibility for the establishment and overseeing of the risk management framework. It monitors the Group’s 

risk exposure by regularly reviewing finance and property markets. The Group holds the following major financial 

(c) Key Management Personnel Compensation

instruments:

Total remuneration paid

2021

820,000

2020

1,111,261

Detailed remuneration disclosures and relevant interests are provided in the Directors’ Report.

25. Parent Entity Information

Results:
(Loss) / Profit after tax

Total Comprehensive Income After Tax

Financial Position:
Current assets
Non-current assets

Total Assets

Current liabilities
Non-current liabilities

Total Liabilities

Net Assets

Share capital
Accumulated losses
Reserves

Total Equity

Cash and cash equivalents
Investment in WOTSO Property
Investment in BWR
Investment in WOTSO Limited

2021 
$’000

3,133
22,602
-
-

2020 
$’000

2,724
-
16,313
3,893

2021 
$’000

(2,217)

(2,217)

3
714

717

(495)
(2,165)

(2,660)

(1,943)

14,080
(16,082)
59

(1,943)

2020 
$’000

6,328

6,328

603
2,737

3,340

(225)
-

(225)

3,115

14,080
(11,024)
59

3,115

(b) Sensitivity Analysis
The Group is not exposed to any material credit, interest or liquidity risks. There are no subsidiaries in the group 

subject to material foreign exchange risk.

Investment in WOT securities are subject to price risk, a 10% decrease in the ASX trading price (from the price 

at 30 June 2021, i.e. $1.47 per security) would result in an unrealised loss after tax of $1,639,000.

(c) Capital Management
The Group’s objectives when managing capital are to:

•  safeguard their ability to continue as a going concern, so that they can continue to provide returns for 

shareholders and benefits for other stakeholders; and

•  maintain an optimal capital structure to reduce the cost of capital.

In  order  to  maintain  or  adjust  the  capital  structure,  the  Group  may  adjust  the  amount  of  dividends  paid  to 

shareholders, issue new shares, buy-back shares, purchase or sell assets.

The parent entity had no contingencies or capital commitments at 30 June 2021 (2020: Nil). The accounting 

policies of the parent entity are consistent with those of the consolidated entity, as disclosed in Note 29.

15

BlackWall Limited June 2021(d) Liquidity Risk

At 30 June 2021  
Financial Liabilities
Trade and other payables
Lease liabilities

At 30 June 2020  
Financial Liabilities
Trade and other payables
Lease liabilities

Maturing 
Within 1 Year 
$’000

Maturing  
2-5 Years 
$’000

Maturing  
over 5 Years 
$’000

482
132

614

517
624

1,141

-
464

464

-
1,699

1,699

-
-

-

-
-

-

Total 
$’000

482
596

1,078

517
2,323

2,840

(e) Fair Value Measurements
(i) Fair Value Hierarchy
The Group classifies fair value measurements using a fair value hierarchy that reflects the subjectivity of the 

inputs used in making measurements. The fair value hierarchy has the following levels:

(ii) Valuation Techniques Used To Derive Level 3 Fair Values
The fair value of the unlisted securities is determined using a discounted cash flow model.

(iii) Fair Value Measurements Using Significant Observable Inputs (Level 3)
The  following  table  is  a  reconciliation  of  the  movements  in  financial  assets  classified  as  Level  3  for  the  year 

ended 30 June:

At 30 June 2021
Balance at the beginning of the year
Reduction due to WOTSO Limited forming part of the WOTSO Property stapled security

Balance at the End of the Year

At 30 June 2020
Balance at the beginning of the year
Repayment of loans due to demerger of WOTSO Limited
Initial investment in WOTSO Limited
Fair value movement of investment in WOTSO Limited

Balance at the End of the Year

$’000

3,893
(3,893)

-

802
(802)
1,193
2,700

3,893

There were no transfers between Level 1, 2 and 3 in the prior year. In the current year the investment in WOTSO 

Limited (Level 3) was converted into Level 1 as a result of forming part of the listed stapled security WOTSO 

•   Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Property.

•   Level 2 –  Inputs other than quoted prices included within Level 1 that are observable for the asset or 

liability, either directly (as prices) or indirectly (derived from prices); and

27. Reclassification of Cash Flow Comparatives

•   Level 3 –  Inputs for the asset or liability that are not based on observable market data (unobservable 

The 2020 comparative numbers in the Statement of Cash Flows have been reclassified to report the cash flows 

inputs).

from each entity that was discontinued. A reconciliation is provided below:

The fair value of financial assets traded in active markets is subsequently based on their quoted market prices 

at the end of the reporting period without any deduction for estimated future selling costs. The quoted market 

price used for financial assets held by the Group is the current bid price.

The following table presents the Group’s financial assets measured at fair value as at 30 June. Refer to the 

Critical Accounting Estimates and Judgment note for further details of assumptions used and how fair values 

are measured. 

At 30 June 2021 
Financial assets

At 30 June 2020
Financial assets

16

Level 1 
$’000

Level 2 
$’000

Level 3 
$’000

Total 
$’000

22,602

16,313

-

-

-

22,602

3,893

20,206

Original 
classification 
$’000

Updated 
Kirela 
$’000

Updated 
WOTSO 
Franchise
$’000

Updated 
classification
$’000

June 2020
Net cash flows from operating activities (continuing)
Net cash flows from investing activities (continuing)
Net cash flows from financing activities (continuing)

Net Increase in Cash Held (continuing)

Reconciliation of Cash Balances:
Cash and cash equivalents at the beginning of the year
Less WOTSO Limited cash balance reclassified as held 
for sale
Net increase / (decrease) in cash held - continuing
Net increase / (decrease) in cash held - WOTSO Franchise
Net increase / (decrease) in cash held - Kirela

Cash at End of the Year

1,668
(6,991)
(3,396)

(8,719)

11,493

(50)

(8,719)
-
-

2,724

1,816
-
-

1,816

-

-

1,816
-
(1,816)

-

(824)
47
727

(50)

-

-

(50)
50
-

-

2,660
(6,944)
(2,669)

(6,953)

11,493

(50)

(6,953)
50
(1,816)

2,724

BlackWall Limited June 202128. Critical Accounting Estimates and Judgments

The Directors evaluate estimates and judgments incorporated into the financial statements based on historical 

BWF is a group of the kind referred to in ASIC Instrument 2016/191 and, in accordance with that Instrument, 

knowledge and best available current information. Estimates assume a reasonable expectation of future events 
and are based on current trends in economic data, obtained both externally and within the Group. 

amounts in the Directors’ Report and the financial statements are rounded off to the nearest thousand dollars, 
unless otherwise indicated.

Key Estimates - Impairment
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may 

lead to impairment of assets.

Key Estimates - Financial Assets
All financial assets at Fair Value Through the Profit or Loss (FVTPL) have been classified as financial assets, with 

gains and losses recognised as profit or loss. 

The fair value of the listed securities is based on the closing price from the Australian Securities Exchange as 

at the reporting date.

The fair value of financial instruments not traded in an active market is determined using valuation techniques 

including a discounted cash flow model. The main inputs used include:

The following is a summary of the material accounting policies adopted by the Group in the preparation of the 

financial statements. The accounting policies have been consistently applied, unless otherwise stated.

Going Concern 
The  financial  statements  have  been  prepared  on  a  going  concern  basis,  which  contemplates  continuity  of 

normal  business  activities  and  the  realisation  of  assets  and  settlement  of  liabilities  in  the  ordinary  course  of 

business.

Segment Reporting
AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about 

components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate 

resources to the segment and to assess its performance. The Group’s primary format for segment reporting 

is based on business segments. The business segments are determined based on the Group management 

•  discount rates for financial assets and financial liabilities are determined using a capital asset pricing 

and internal reporting structure. Segment results, assets and liabilities include items directly attributable to a 

model to calculate a rate that reflects the risk specific to the asset;

segment as well as those that can be allocated on a reasonable basis. The operating businesses are organised 

•  revenue growth rates for locations currently below capacity is based on growth rates achieved in the 

past or at similar locations where there is no past evidence; 

•  sales prices for products are related to the product being offered and are adapted for each location 

and managed separately according to the nature of the products and services provided, with each segment 

representing a strategic business unit that offers different products and serves different markets

The Group has adopted three reporting segments: BlackWall, Investments, and Corporate. 

with consideration given to economic factors prevailing at the location and competitor prices; and

The  BlackWall  segment  engages  in  funds  and  asset  management  as  well  as  property  services  that  include 

•  current economic environment operates within a range similar to the past. The impact of COVID or 

similar economic event is not possible to quantify reliably.

29. Statement of Significant Accounting Policies

property  management,  leasing  and  general  property  consultancy.  Income  earned  by  the  segment  includes 

recurring income from fund and asset management mandates and transaction-based income typically related 

to those mandates. Management treats these operations as one fee earning operating segment. The assets 

assigned to the segment are those it is required to hold to comply with its AFSL capital adequacy requirements.

The Investments segment includes interests in property related investments such as units in related party listed 

BlackWall  Limited  (“BWF”)  is  a  publicly  listed  company,  incorporated  and  domiciled  in  Australia.  The  financial 

and unlisted unit trusts, loans and cash. It generates income from dividends, distributions and interest. 

statements for the Group were authorised for issue in accordance with a resolution of the Directors on the date 

they were issued. 

These financial statements are general purpose financial statements that have been prepared in accordance with 

Presentation of Financial Statements
Both  the  functional  and  presentation  currency  of  BWF  and  its  Australian  subsidiaries  is  Australian  dollars. 

Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards 

Various functional currencies including New Zealand Dollar results are translated to presentation currency. 

Board and the Corporations Act 2001. The financial statements of the Company also comply with IFRS as issued 

by the International Accounting Standards Board.

The financial statements have been prepared on an accruals basis and are based on historical costs modified by 

Principles of Consolidation
The consolidated financial statements comprise the financial statements of BWF and its subsidiaries. A list of 

the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis 

controlled entities is contained in Note 23 - Controlled Entities. All controlled entities have a June financial year 

of accounting has been applied.

end and use consistent accounting policies. Investments in subsidiaries held by the Group are accounted for at 

cost, less any impairment charges (refer to Note 25 - Parent Entity Information).

17

BlackWall Limited June 2021Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls 

The estimated useful lives used for each class of depreciable assets are:

an  entity  when  the  consolidated  entity  is  exposed  to,  or  has  rights  to,  variable  returns  from  its  involvement 

with the entity and has the ability to affect those returns through its power to direct the activities of the entity. 

Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They 
are de-consolidated from the date that control ceases.

Intercompany Balances
All intercompany balances and transactions between entities in the Group, including any unrealised profits or 

losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where 

necessary to ensure consistencies with those policies applied by the parent entity.

Associates
Interests in associates are accounted for using the equity method. Under the equity method of accounting, the 

Furniture, fixtures and fittings
Office equipment

over 2 to 10 years
over 4 to 10 years

Right of use assets are depreciated on a straight-line basis, with reference to the remaining lease term, including 

options to extend if reasonably certain to extend the lease term.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

Disposal
An item of property, plant and equipment is derecognised upon disposal or when no further economic benefits 

are expected from its use or disposal.

Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal 

investments are initially recognised at cost and adjusted thereafter to recognise the group’s share of the post 

proceeds  and  the  carrying  amount  of  the  asset)  is  included  in  the  profit  or  loss  in  the  year  the  asset  is 

acquisition profits or losses of the investee in profit or loss. Dividends received or receivable from associates are 

derecognised.

recognised as a reduction in the carrying amount of the investment.

When the group’s share of losses in an equity accounted investment equals or exceeds its interest in the entity, 

including any other unsecured long-term receivables, the group does not recognise further losses, unless it has 

Impairment of Assets
At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine 

incurred obligations or made payments on behalf of the other entity. The carrying amount of equity accounted 

whether there is any indication that those assets have been impaired. 

investments is tested for impairment in accordance with these policies.

Non-Controlling Interests
Non-controlling  interests  (not  held  by  the  Group)  are  allocated  their  share  of  net  profit  and  comprehensive 

If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less 

costs to sell and value in use, is compared to the asset’s carrying value. In assessing value in use, either the 

estimated  future  cash  flows  are  discounted  to  their  present  value  using  a  pre-tax  discount  rate  that  reflects 

current market assessments of the time value of money and the risks specific to the asset, or the income of the 

income after tax in the statement of profit or loss and other comprehensive income and are presented within 

asset is capitalised at its relevant capitalisation rate.

equity in the consolidated balance sheet, separately from parent shareholders’ equity. Comprehensive income 

after tax in the statement of profit or loss and other comprehensive income are presented within equity in the 

consolidated balance sheet, separately from parent shareholders’ equity. 

Property, Plant and Equipment
Each  class  of  property,  plant  and  equipment  is  carried  at  cost  or  fair  value  less,  where  applicable,  any 

accumulated depreciation and impairment losses.

Plant and equipment are measured on the cost basis less accumulated depreciation and impairment losses. 

The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of 

an item if it is probable that the future economic benefits embodied within the part will flow to the Group and 

its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the 

day-to-day servicing of property, plant and equipment are recognised in profit and loss as incurred.

Depreciation
The depreciable amount of all fixed assets is depreciated on a diminishing value basis over their useful lives to 

the Group commencing from the time the asset is held ready for use. 

An impairment loss is recognised if the carrying value of an asset exceeds its recoverable amount. Impairment 

losses are expensed to the profit and loss.

Impairment  losses  recognised  in  prior  periods  are  assessed  at  each  reporting  date  for  any  indication  that 

the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the 

estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that 

the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of 

depreciation or amortisation, if no impairment loss has been recognised.

Financial Instruments
Non-derivative Financial Instruments
Non-derivative  financial  instruments  comprise  investments  in  equity  and  debt  securities,  trade  and  other 

receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.

Non-derivative financial instruments are recognised at fair value plus, for instruments not at fair value through 

profit or loss, any directly attributable transaction costs. Subsequent to initial recognition non- derivative financial 

instruments are measured as described below.

18

BlackWall Limited June 2021Recognition
A financial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument. 

Individually  significant  financial  instruments  are  tested  for  impairment  on  an  individual  basis.  The  remaining 

Financial assets are derecognised if the Group’s contractual rights to the cash flow from the financial assets 

financial assets are assessed collectively in groups that share similar credit risk characteristics. 

expire or if the Group transfers the financial assets to another party without retaining control or substantially 

all risks and rewards of the asset. Purchases and sales of financial assets are accounted for at trade date, i.e. 

the date that the Group commits itself to purchase or sell the asset. Financial liabilities are derecognised if the 

Group’s obligations specified in the contract expire or are discharged or cancelled. 

Financial Assets
All financial assets at FVTPL have been classified as financial assets, with gains and losses recognised in profit 

or loss. The Group classifies its financial assets in the following measurement categories: those to be measured 

subsequently  at  fair  value  and  those  to  be  measured  at  amortised  cost.  The  classification  depends  on  the 

Group’s business model for managing the financial assets and the contractual terms of the cash flows.

(i) Equity Investments

All equity investments are measured at fair value. Equity investments that are held for trading are measured at 

fair value through profit or loss. 

(ii) Loans and Receivables

Loans  and  receivables  including  loans  to  related  parties  are  non-derivative  financial  assets  with  fixed  or 

determinable  payments  that  are  not  quoted  in  an  active  market  and  are  stated  at  amortised  cost  using  the 

effective interest rate method. Gains and losses are recognised in profit and loss when the loans and receivables 

are derecognised or impaired, as well as through the amortisation process.

Fair Value
The fair values of investments that are actively traded in organised financial markets are determined by reference 

to  quoted  market  bid  prices  at  the  close  of  business  on  the  balance  date.  For  investments  in  related  party 

unlisted unit trusts, fair values are determined by reference to published unit prices of these investments which 

are based on the net tangible assets of each of the investments.

Impairment
At each reporting date, the Group assesses whether there is objective evidence that a financial instrument has 

been impaired. A financial instrument is considered to be impaired if objective evidence indicates that one or 

more events have had a negative effect on the estimated future cash flows of that asset. In the case of available-

for-sale  financial  instruments,  a  prolonged  decline  in  the  value  of  the  instrument  is  considered  to  determine 

whether an impairment has arisen. 

Impairment losses are recognised in the profit or loss. An impairment loss is reversed if the reversal can be 

related objectively to an event occurring after the impairment loss was recognised. For financial instruments 

measured at amortised cost, the reversal is recognised in profit and loss. 

Financial Liabilities
Non-derivative  financial  liabilities  are  recognised  at  amortised  cost,  comprising  original  debt  less  principal 

payments and amortisation.

Investments in Associates
Investments in associate companies are recognised in the financial statements by applying the equity method 

of accounting where significant influence is exercised over an investee. Significant influence exists where the 

investor has the power to participate in the financial and operating policy decisions of the investee but does not 

have control or joint control over those policies. 

Under the equity method of accounting, investments in the associates are carried in the consolidated balance 

sheet at cost plus post-acquisition changes in the Group’s share of net assets of the associates. The Group’s 

share of its associates’ post-acquisition profits or losses is recognised in the income statement, and its share of 

post-acquisition movements in reserves is recognised in reserves. The cumulative post acquisition movements 

are  adjusted  against  the  carrying  amount  of  the  investment.  When  the  Group’s  share  of  losses  exceeds  its 

interest in an equity accounted investee, the carrying amount of the interest is reduced to nil and the recognition 

of further losses is discontinued except to the extent that the Group has an obligation or has made payments 

on behalf of the investee.

Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid 

investments with original maturities of three months or less, and bank overdrafts. 

Trade and Other Receivables
Trade receivables are recognised and carried at original invoice amount less a provision for any uncollectable 

debts. An estimate for credit loss impairment is made when there is objective evidence that the Group will not be 

able to collect the receivable. Financial difficulties of the debtor and default payments are considered objective 

evidence of impairment. Bad debts are written off when identified as uncollectable.

An impairment loss in respect of a financial instrument measured at amortised cost is calculated as the difference 

between its carrying amount, and the present value of the estimated future cash flows discounted at the original 

Trade and Other Payables
Liabilities for trade creditors are carried at cost which is the fair value of the consideration to be paid in the future 

effective  interest  rate.  An  impairment  loss  in  respect  of  an  available-for-sale  financial  asset  is  calculated  by 

for goods or services received, whether or not billed to the Group at balance date. The amounts are unsecured 

reference to its fair value.

and are usually paid within 30 days of recognition. 

19

BlackWall Limited June 2021Employee Benefits
Other Long Term Employee Benefits 
The  Group’s  net  obligation  in  respect  of  long  term  employee  benefits  is  the  amount  of  future  benefit  that 

employees have earned in return for their service in the current and prior periods plus related on-costs. These 

employee benefits have not been discounted to the present value of the estimated future cash outflows to be 

made for those benefits. 

Short Term Benefits
Liabilities  for  employee  benefits  for  wages,  salaries  and  annual  leave  represent  present  obligations  resulting 

from employees’ services provided to the reporting date and are calculated at undiscounted amounts based 

on remuneration wage and salary rates that the Group expects to pay as at reporting date including related 

on-costs. 

Revenue
BWF  Property  Fees  include  management  fees  and  transaction  fees.  They  are  recognised  when  it  becomes 

legally due and payable to the Group.

Investment Income 
Finance income comprises interest on funds invested and gains on the disposal of financial assets. Interest 

income is recognised as interest accrues using the effective interest method. Dividend and distribution revenue 

is recognised when the right to receive income has been established. 

In-specie  distributions  and  returns  of  capital  are  brought  on  to  the  balance  sheet  by  an  adjustment  in  the 

carrying value of the relevant investment and then reflected in the profit and loss as an unrealised gain.

Accounting for Deferred Tax
Deferred  tax  is  accounted  for  using  the  balance  sheet  liability  method  in  respect  of  temporary  differences 

arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No 

deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business 

combination, where there is no effect on accounting or taxable profit or loss.

Deferred Tax Calculation
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or 

liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be 

credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities 

and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on 

different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets 

and liabilities will be realised simultaneously.

Deferred Income Tax Assets
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available 

against which deductible temporary differences can be utilised. The carrying amount of deferred income tax 

assets  is  reviewed  at  each  balance  sheet  date  and  reduced  to  the  extent  that  it  is  no  longer  probable  that 

sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Benefit Brought to Account
The amount of benefits brought to account or which may be realised in the future is based on the assumption 

that no adverse change will occur in income taxation legislation and the anticipation that the economic entity will 

derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions 

All revenue is stated net of the amount of GST.

of deductibility imposed by the law.

Leases
AASB 16 was adopted by the Group on 1 July 2019, applying the modified retrospective approach. Right of 

Tax Consolidation
BWF  has  elected  to  form  a  tax  consolidated  group  with  its  wholly-owned  entities  for  income  tax  purposes 

use assets and liabilities are recognised for all leases with a lease term of more than 12 months; unless the 

under the tax consolidation regime with effect from 1 January 2011. As a consequence, all members of the 

underlying  asset  is  of  a  low  value.  Initial  recognition  of  both  the  right  of  use  asset  and  corresponding  lease 

tax consolidated group are taxed as a single entity from that date. The head entity within the tax consolidated 

liability is calculated using the present value of remaining lease payments; discounted using the rate implicit in 

group is BWF.

the lease or, if not easily determinable, the lessee’s incremental borrowing rate. The right of use asset is adjusted 

for any prepaid or accrued lease payments or onerous lease contracts.

Income Tax
Current Income Tax Expense
The  charge  for  current  income  tax  expense  is  based  on  the  profit  year  adjusted  for  any  non-assessable  or 

disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the 

balance sheet date.

20

In addition to its own current and deferred tax amounts, BWF also recognises the current tax liabilities (or assets) 

and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled 

entities in the tax consolidated group in conjunction with any tax funding arrangement amounts.

The Group recognises deferred tax assets arising from unused tax losses of the tax consolidated group to the 

extent that it is probable that future taxable profits of the tax consolidated group will be available against which 

the asset can be utilised. 

Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of revised 

assessments of the probability of recoverability is recognised by the head entity only. 

BlackWall Limited June 2021Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as 

amounts receivable from or payable to other entities in the Group.

GST
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST 

incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised 

as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in 

the balance sheet are shown inclusive of GST.

Cash  flows  are  presented  in  the  cash  flow  statement  on  a  gross  basis,  except  for  the  GST  component  of 

investing and financing activities, which are disclosed as operating cash flows.

Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or 

options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends 
The final dividend for June period is declared and authorised after the end of the reporting period, therefore 

provision for dividend is not booked in the current year accounts.

EPS
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the 

profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary 

shares  outstanding  during  the  year.  Diluted  EPS  is  determined  by  adjusting  the  profit  or  loss  attributable  to 

ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all 

dilutive potential ordinary shares.

Comparative Figures 
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in 

presentation for the current financial year. Any change of presentation has been made in order to make the 

financial statements more relevant and useful to the user.

New Accounting Standards and Interpretations 
BWF has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian 

Accounting Standards Board (AASB) that are mandatory for the current reporting period. The accounting policies 

adopted in the preparation of the consolidated financial statements are consistent with those of the previous 

financial  year.  Several amendments apply  for  the first time  in  the current  year.  However,  they  do not  impact 

the  annual  consolidated  financial  statements  of  the  Group.  Any  new  or  amended  Accounting  Standards  or 

Interpretations that are not yet mandatory have not been early adopted. Based on our preliminary assessment, 

we do not expect them to have a material impact on the Group.

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BlackWall Limited June 2021

21

 
 
 
 
 
 
 
 
Directors’ Report 
Continued

ASX Additional Information

Additional information required by the Australian Securities Exchange and not shown elsewhere in this report is 

as follows. The shareholder information set out below was current as at 5 August 2021. 

2. Distribution of Shareholders

The distribution of shareholders by size of holding was:

Category

1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over

Total Number of Shareholders

No. of Shareholders

255
453
213
253
58

1,232

1. Shareholders

The Group’s top 20 largest shareholdings were:

Investor

1 Vintage Capital Pty Limited

2 Seno Management Pty Ltd 

3 Lymkeesh Pty Ltd 

4 National Nominees Limited

5 Frogstorm Pty Ltd  

6 Sandhurst Trustees Ltd 

7 Glenahilty Pty Ltd 

8 Koonta Pty Ltd 

9 SAO Investments Pty Ltd

10 Kiut Investments Pty Ltd 

11 Bin24 Business Advisors Pty Limited

12 Pinnatus Pty Ltd

13 Mr Richard Hill & Mrs Evelyn Hill 

14 Mr Archibald Geoffrey Loudon

15 Methuselah Capital Management Pty Ltd 

16 Oyama Pty Limited 

17 Frolic Events Pty Ltd 

18 Tampopo Pty Ltd 

19 Frogstorm Pty Ltd 

20 Balpina Pty Ltd

22

Shares  
No.

5,734,678 

5,570,000 

4,304,742 

3,776,011 

3,400,000 

2,762,000 

2,724,515 

2,250,985 

2,225,000 

1,976,175 

1,950,000 

1,178,434 

1,151,295 

986,973 

939,263 

934,669 

900,000 

777,983 

708,338 

600,000 

Shares  
%

9.08

8.82

6.82

5.98

5.38

4.37

4.31

3.56

3.52

3.13

3.09

1.87

1.82

1.56

1.49

1.48

1.43

1.23

1.12

0.95

BWF  has  63,141,445  ordinary  shares  on  issue.  All  shares  carry  one  vote  per  share  without  restrictions.  

All shares are quoted on the Australian Securities Exchange (ASX:BWF). 

3. Substantial Shareholders

BWF’s substantial shareholders are set out below:

Investor

Seph Glew
Paul Tresidder
Robin Tedder
Stuart Brown
Archibald Geoffrey Loudon
EGP Capital Pty Ltd

Shares  
No.

9,962,770
8,728,258
8,195,017
4,114,038
4,080,959
3,767,859

Shares  
%

15.78
13.82
12.98
6.52
6.46
5.97

4. Directors’ and KMPs’ Relevant Interests

Details of each KMP’s relevant interests in BWF is shown below:

Investor
Timothy Brown (Joint MD and CFO)
Jessica Glew (Joint MD and COO)
Seph Glew (Non-Executive Chairman)
Richard Hill (Non-Executive Director)
Robin Tedder (Non-Executive Director)

14 August 2020
1,456,537
535,000
9,237,770
1,969,278
8,150,424

Net Change
3,463 
15,178 
725,000 
- 
44,593 

5 August 2021
1,460,000 
550,178 
9,962,770 
1,969,278 
8,195,017 

Total

 21,349,009

788,234 

22,137,243

BlackWall Limited June 2021 
Information on Officeholders

The names of the Officeholders during or since the end of the year are set out below.

Robin Tedder
Non-Executive Director

Joseph (Seph) Glew
Non-Executive Director and Chairman

Seph has worked in the commercial property industry in New Zealand, the USA and Australia and has driven 

large scale property development and financial structuring for real estate for over 40 years. In addition, since 

the early 1990s Seph has run many “turn-around” processes in relation to distressed properties and property 

structures for both private and institutional property owners.

Robin began his career on the dealing desk of a merchant bank in 1976. In 1981 he founded Hatmax Capital 

Markets which grew rapidly through organic development and merger with Australian Gilt Securities in 1988, 

such that by the time he departed after 14 years as CEO in 1995, over 80 people were employed across debt 

capital markets, both the Sydney Futures Exchange and ASX, in asset management and corporate finance. In 

1995 Robin established Vintage Capital which became an active investor in funds management, commercial 

property, retailing, healthcare and logistics. He has been an investor in the Group’s projects since 1997, is a 

former member of ASX, and has served on various boards of both listed and private companies since 1984. He 

is the Chairman of the Group’s Board Audit Committee.

While working for the Housing Corporation of New Zealand and then AMP, Seph qualified as a registered valuer 

and holds a Bachelor of Commerce. In the 1980s he served as an Executive Director with New Zealand based 

property group Chase Corporation and as a Non-Executive Director with a number of other listed companies 

Alexander Whitelum
Company Secretary

in New Zealand and Australia. 

Timothy Brown
Joint Managing Director and CFO

Alex joined the BlackWall Group in 2020 and executes all aspects of the Group’s corporate and fund transactions, 

is responsible for corporate governance functions and oversees investor relations. Previously, Alex was a lawyer 

at Clayton Utz in their Corporate, M&A and Capital Markets team. Alex holds a Bachelor of Laws (Hons) and 

a Bachelor of Commerce (Economics) from Macquarie University. He is admitted as a solicitor to the Supreme 

Tim is Joint Managing Director and Chief Financial Officer for the BlackWall Group and its funds. Tim joined the 

Court of New South Wales and the High Court of Australia.

Group in 2008 as Financial Controller and became Chief Financial Officer in 2009. He took on the Managing 

Director role along with Jessie in late 2019. He has a Bachelor of Commerce from the University of New South 

Wales and is a member of the of Chartered Accountants of Australia and New Zealand. With over 20 years’ 

experience in the financial services and property industries, he started his career with Deloitte and joined Lend 

Lease  Corporation  in  2002.  Tim  is  also  on  the  board  of  Eastern  Suburbs  Cricket  Club  and  Coogee  Boy’s 

Meeting Attendances

Preparatory School.

Jessica Glew
Joint Managing Director and COO

Jessie  is  Joint  Managing  Director  and  Chief  Operating  Officer  (COO)  for  the  BlackWall  Group  and  its  funds. 

Jessie has been with BlackWall since early 2011. She was made COO in early 2018 and took on the Managing 

Director role along with Tim in late 2019. Jessie has a Bachelor of International Communication from Macquarie 

University and finalising a Bachelor of Property Economics at the University of Technology Sydney.

Richard Hill
Non-Executive Director

Richard  Hill  has  extensive  investment  banking  experience  and  was  the  founding  partner  of  the  corporate 

advisory  firm  Hill  Young  &  Associates.  Richard  has  invested  in  the  Group’s  projects  since  the  early  1990s. 

Prior to forming Hill Young, Richard held a number of Senior Executive positions in Hong Kong and New York 

with HSBC. He was admitted as an attorney in New York State and was registered by the US Securities & 

Exchange Commission and the Ontario Securities Commission. Richard has served as a director (Chairman) of 

the Westmead Institute for Medical Research and director (Chairman) of Sirtex Medical Limited (Sirtex), formerly 

listed on ASX.

Director

Seph Glew
Timothy Brown
Jessie Glew
Richard Hill
Robin Tedder

No. of Board 
Meetings Held

Board Meeting 
Attendance

12
12
12
12
12

12
12
12
12
12

The Audit Committee, comprised of Richard Hill and Robin Tedder, met twice during the reporting period. Both 

committee members attended each meeting.

Environmental Regulation

The Group’s operations are not regulated by any environmental regulation under a law of the Commonwealth or 

of a State or a Territory other than those that pertain to the ownership and development of real estate. However, 

the Group believes that it has adequate systems in place for the management of its environmental requirements 

and is not aware of any instances of non-compliance of those environmental requirements as they apply to the 

Group.

23

BlackWall Limited June 2021Indemnities of Officers

During the financial year the Group has paid premiums to insure each of the Directors named in this report along 

with Officers of the Group against all liabilities for costs and expenses incurred by them in defending any legal 
proceedings arising out of their conduct while acting in the capacity of Director or Officer of the Group, other 

than conduct involving a wilful breach of duty. 

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for 

any person who is or has been an auditor to the Group.

Corporate Governance Statement

A  description  of  the  Group’s  current  corporate  governance  practices  is  set  out  in  the  Group’s  corporate 

governance statement which can be accessed at blackwall.com.au

Auditor and Non-audit Services

An amount of $85,000 was paid to the auditor for audit and non-audit services during the year (2020: $137,000) 

as  detailed  in  Note  19  -  Auditor’s  Remuneration.  The  Directors  are  satisfied  that  the  provision  of  non-audit 

services is compatible with the general standard of independence for auditors imposed by the Corporations 

Act 2001. The nature and scope of each type of non-audit service provided means that auditor independence 

was not compromised.

A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 

is set out in these financial statements.

ESV continues in office in accordance with section 327 of the Corporations Act 2001.

Rounding of Amounts

When  determining  the  remuneration  of  KMP,  senior  executives  or  employees,  the  following  is  taken  into 

consideration: 

•  remuneration is aligned with the delivery of returns to shareholders;

•  responsibilities, results, innovation and entrepreneurial behaviour are recognised and rewarded; and

•  the Group’s financial position and market conditions.

The  remuneration  payable  to  KMP  is  reviewed  at  times  deemed  appropriate  by  the  Board.  There  are  no 

performance  conditions  for  Board  members  or  contracts  for  KMP.  Any  performance  payments  are  at  the 

discretion of the Board. The nature and the amount of each element of remuneration paid to the Board members 

and KMP for the reporting period are listed below:

Short Term

Directors’ Fees Salary and Other
2020 
$

2020 
$

2021 
$

2021 
$

Post-employment 
Superannuation

Total

2021 
$

2020 
$

2021 
$

2020 
$

Timothy Brown  
(Joint MD and CFO)

Jessie Glew  
(Joint MD and COO)

-

-

- 251,142 251,142

23,858

23,858

275,000

275,000

- 251,142 251,142

23,858

23,858

275,000

275,000

Seph Glew  
(Non-Executive Chairman)

100,000

95,833

Richard Hill  
(Non-Executive Director)

Robin Tedder  
(Non-Executive Director)

85,000

85,000

85,000

85,000

-

-

-

-

-

-

Stuart Brown*

-

-

- 276,469

-

-

-

-

-

-

-

100,000

95,833

85,000

85,000

85,000

85,000

18,959

-

295,428

Total

270,000 265,833 502,284 778,753

47,716

66,675

820,000 1,111,261

The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, and in accordance with that 

*Stuart Brown resigned 24 January 2020.

legislative  instrument  amounts  in  the  Directors’  Report  and  the  financial  statements  are  rounded  off  to  the 

nearest thousand dollars, unless otherwise indicated. 

Remuneration Report (Audited)

The  Board  is  responsible  for  determining  the  remuneration  of  KMP.  For  the  reporting  period  the  Board  has 

determined  that  KMP  included  the  Managing  Director  (MD),  Chief  Financial  Officer  (CFO),  and  the  Chief 

Operating Officer (COO). KMP determine the employees’ remuneration. 

Share Options

(a) Unissued Options
The following options are currently on issue.

Seph Glew
Timothy Brown
Jessie Glew
Richard Hill
Robin Tedder
Employees

Total

Expiry Date

Exercise Price Number Under Option

05 October 2023
05 October 2023
05 October 2023
05 October 2023
05 October 2023
05 October 2023

55 cents
55 cents
55 cents
55 cents
55 cents
55 cents

600,000
1,500,000
1,500,000
300,000
300,000
600,000

4,800,000

24

BlackWall Limited June 2021(b) Shares Issued on the Exercise of Options
No ordinary shares were issued during the year in the exercise of options. No shares have been issued since 

30 June 2021. No amounts are unpaid on any of the shares on issue.

Employees

n/a

n/a

n/a

Exercise Date

Issue Price of Shares

Number of Shares Issued

Subsequent Events and Significant Changes in Affairs

Directors’ Declaration

In the Directors’ opinion: 

(a) 

the financial statements and notes are in accordance with the Corporations Act 2001, including: 

(i) 

 complying  with  Accounting  Standards,  the  Corporations  Regulations  2001  and  other  mandatory 

professional reporting requirements; and 

(ii) 

 giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its performance 

for the financial year ended on that date; and

The  impact  of  the  COVID  pandemic  is  ongoing.  It  is  not  practical  to  estimate  the  potential  impact,  positive 

(b) 

 there are reasonable grounds to believe that the Group will be able to pay its debts as and when they 

or negative, after the reporting date on the various revenue streams and the performance of the Group. The 

become due and payable. 

situation is dependent on measures imposed by the federal and state governments, and other countries, such 

as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that 

may be provided.

The Board has declared a final fully franked dividend of 2.6 cents per share to be paid on 15 September 2021.

The  Statement  of  Significant  Accounting  Policies  confirms  that  the  financial  statements  also  comply  with 

International Financial Reporting Standards as issued by the International Accounting Standards Board. 

The  Directors  have  been  given  the  declarations  by  the  Joint  Managing  Directors  and  Chief  Financial  Officer 

required by section 295A of the Corporations Act 2001. 

No  other  matter  or  circumstance  has  arisen  since  30  June  2021  that  has  significantly  affected,  or  may 

significantly  affect  the  consolidated  entity’s  operations,  the  results  of  those  operations,  or  the  consolidated 

This declaration is made in accordance with a resolution of the Board of Directors. 

entity’s state of affairs in future financial years.

Signed in accordance with a resolution of the Board of Directors.

Tim Brown 
Director 

Jessie Glew 
Director 

Tim Brown 
Director 

Jessie Glew 
Director 

Sydney, 17 August 2021

Sydney, 17 August 2021

Sydney, 17 August 2021

Sydney, 17 August 2021

25

BlackWall Limited June 2021 
 
 
 
Auditors Independence Declaration and Audit Report

 

 

26

BlackWall Limited June 2021 
 
 
 
 
- 
- 
- 
- 
- 

27

BlackWall Limited June 2021 
 
28

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BlackWall Limited June 2021 
 
 
 
Notes

29

BlackWall Limited June 2021 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes

30

BlackWall Limited June 2021 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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BlackWall Limited June 2021

31

BlackWall Limited

ACN
146 935 131

TELEPHONE
+61 2 9033 8611

ADDRESS
50 Yeo Street,  
Neutral Bay, NSW, 2089

EMAIL
info@blackwall.com.au

WEBSITE
www.blackwall.com.au

REGISTRY
Computershare Investor Services Pty Limited
Level 3, 60 Carrington Street
Sydney NSW 2000
www.computershare.com.au