view our annual report - St George Motor Boat Club

THE ST. GEORGE MOTOR BOAT CLUB LIMITED ~ A.C.N. 000 020 575

FINANCIAL REPORT FOR THE YEAR ENDED 30TH JUNE, 2013

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85th ANNUAL REPORT

2 Wellington Street, Sans Souci NSW 2219 Phone 02 9529 7276 Fax 02 9583 1055

www.stgeorgembc.com.au



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NOTICE ANNUAL GENERAL MEETINGNotice is hereby given that the Annual General Meeting of the St George Motor Boat Club Limited ABN 55 000 020 575 (the Club) will be held on Sunday 22 September 2013 commencing at 10:00 am in the St Kilda Room in the Club’s premises at 2 Wellington Street Sans Souci New South Wales 2219.

1. To confirm the Minutes of the 84th Annual General Meeting held on Sunday 23 September 2012.

2. Business arising from the aforesaid Minutes

3. To receive and consider the 85th Annual Report, the Financial Report, Director Reports and Auditors Report for the year ended 30 June 2013. Please note members are asked to submit in writing to the CEO any questions they have not less than 7 days before the Meeting so that informed responses can be provided at the Meeting.

4. To consider and if thought fit adopt the Special Resolution.

5. To consider and if thought fit adopt the Ordinary Resolutions.

6. To deal with any other business of which due notice has been given.

7. To present all candidates for election prior to the close of voting.

8. To elect the President Commodore and 7 Directors.



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NOTICE OF SPECIAL RESOLUTIONSNOTICE is hereby given that at the Annual General Meeting of the St George Motor Boat Club Limited (ABN 55 000 020 575) to be held in the Club premises, 2 Wellington St Sans Souci at 10.00am on 22 September 2013, the business of the Annual General Meeting will include the following:

• ToconsiderandifthoughtfitpassthefollowingSpecialResolutiontoamend the Club’s Articles of Association.

SPECIAL RESOLUTION“That the Articles of Association of St George Motor Boat Club Limited be amended by:

• InsertinginArticle31anewparagraph(h)asfollows:

i. A member will be limited to holding office as President for acontinuous period of six (6) years, at which time the member will becomeineligibletoholdofficeasPresidentforaperiodoftwelve(12) months.

ii. AmemberwillbelimitedtoholdingofficeasCommodoreforacontinuous period of six (6) years, at which time the member will become ineligible to hold officeasCommodore for a period oftwelve (12) months.

iii. For the avoidance of doubt, paragraphs (h)(i) and (ii) do not preclude a member from being a director of the Club in any other officeduring the twelve (12)monthperiod referred to in thoseparagraphs.

• Renumbering the remaining paragraphs of Article 31 in properalphanumerical order.”

Explanatory Note regarding the First Special ResolutionThe purpose of the proposed new paragraph (h) of Rule 31 is to limit to six (6) the number of continuous years a director of the Club is able to hold the officeasPresidentorCommodore.

The amendments are proposed by the current Board of Directors. The Board considers that the limitation imposed by the new paragraph (h) of Article 31 is in keeping with corporate governance principles and, in particular, the encouragement of new leadership of the Board each six years.

Members should take note that the amendment does not prohibit the Presidentholdingofficeasadirector (including theofficeofCommodore)after the six year period and vice versa.



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Notes to Members1. All financial BoatingMembers,VeteranMembers and LifeMembers

(except employees of the Club) are entitled to vote on the Special Resolution.

2. To be passed, the Special Resolution must receive votes in favour from not less than three-quarters (75%) of those members who being eligible to do so, vote in person at the meeting.

3. As a result of Article 57 of the Club’s Articles of Association and the Special Resolution provisions of the Corporations Act 2001, the Special Resolution must be considered as a whole and cannot be altered by motions from the floor of the meeting.

4. Members should read the Explanatory Message to Members following the Special Resolution which explains the nature and effects of the amendment to the Articles contained the Special Resolution.

5. A copy of the current Articles of Association, which shows the provisions proposed to be amended by the Special Resolution, is available on requestattheClub’soffice.

6. PleasedirectanyquestionorconcernsabouttheSpecialResolutiontotheChiefExecutiveOfficeroftheClub,ifpossiblebeforethemeeting.

7. Members of the Club, who are employees of the Club, cannot vote on any of the resolutions.

8. ProxyVotesarenotallowedundertheRegisteredClubsAct1972.

By order of the Board

Adrian Vermeulen

Chief Executive Officer

Dated 30th July 2013



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First Ordinary ResolutionThat pursuant to the Registered Clubs Act 1976:

(a) The members hereby approve and agree to the expenditure by the Club in a sum not exceeding $23,000 (excluding Goods and Services Tax) until the next Annual General Meeting for the following activities of Directors:

(i) The reasonable expenses of a meal and beverage for each Director immediately before or immediately after a Board meeting or committee meeting on the day of the meeting when that meeting corresponds with a normal meal time;

(ii) The reasonable expenses incurred by Directors in traveling to and from Board meetings or other duly constituted committee meetings approved by the Board from time to time on production of invoices, receipts or other proper documentary evidence of those expenses;

(iii) The reasonable expenses incurred by Directors for Club-related activities including entertainment of special guests to the Club and other promotional activities, provided the activities and expenses are approved by the Board before payment is made on production of invoices, receipts or other proper documentary evidence of those expenses;

(iv) The reasonable telecommunication expenses of the President,Vice President and Commodore which are incurred forClub-related activities as approved by the Board from time to time on production of invoices, receipts or other proper documentary evidence of those expenses;

(v) The provision of a car parking space for each Director at the Club premises.

(b) Themembersacknowledge that thebenefits inparagraph (a)aboveare not available to members generally but only for those who are Directors of the Club

Second Ordinary ResolutionThat pursuant to the Registered Club Act 1976:

(a) The members hereby approve and agree to the expenditure by the Club in a sum not exceeding $20,000 (excluding Goods and Services Tax) until the next Annual General Meeting for the professional development and education of Directors being:



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(i) The reasonable expenses of Directors attending the Clubs NSW Annual General Meeting and Annual Conference;

(ii) The reasonable expenses of Directors attending training courses, conferences, seminars, lectures, trade displays and other similar events as may be determined by the Board from time to time;

(iii) The reasonable expenses of Directors attending other registered Clubs, hospitality venues and gaming venues for the purpose of viewing and assessing their facilities and methods of operation provided such attendances are approved by the Board as necessaryforthebenefitoftheClub.

(b) Themembersacknowledge that thebenefits inparagraph (a)aboveare not available to members generally but only for those who are Directors of the Club.

Note to members regarding the Ordinary ResolutionsThese notes are to be read in conjunction with the proposed Resolutions:

ThefirstResolutionistohavethemembersapproveexpenditurebytheClub(up to $23,000 excluding GST) in relation to duties performed by the Clubs Directors.

The Second Resolution is to have members approve expenditure by the Club (up to $20,000 excluding GST) in relation to the professional development and education of Directors. Professional development and educationof Directors will help the Board to keep abreast of current trends and developments which affect the nature of and the ways in which the Club conducts its business.

Each Resolution will be considered separately. Each Resolution must be considered as a whole and cannot be amended from motions from the floor and the meeting (unless those amendments are accepted on legal advice or divided into two or more separate resolutions. To be passed each Resolution must receive votes in total favor from a majority (i.e. 50% + 1) of those members, who being entitled to do so, vote in person at the meeting. The Registered Clubs Act 1976 does not permit proxy voting.

By direction of the Board

Adrian Vermeulen


Dated 7th June 2013



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President’s ReportIt isonceagainmypleasuretopresentthePresidentsreportonbehalfofthe Board of Directors. Members would be aware that the car park has been completed giving members an additional 35 car parking spaces. Along with the car park the Board decided to resurface both the upstairs and bottom level car parking areas.

The new marina extension is well under way and we are aiming to open the extension on Open Day which this year will be Saturday 28 September 2013. The extension will see an additional 78 berths added to our current 152berths.Whenfinishedwewillhaveatotalof230marinaberthswhichwill be the biggest marina south of Sydney.

The marina extension even though it has taken considerable cost, time and effort by all concerned to obtain approval and build, is an investment in the StGeorgeMotorBoatClub’sfuture.Itisourplantobefiscallyprudentforthe next two years to consolidate our financial position, but once a highpercentageoftheextensionberthshavebeenfilledandrepaymentsmadeofftheloan,theClubwillreapthebenefitsformanyyearstocome.

Thisyearwepostedaprofitof$320,734before taxand$269,559aftertax. This is down on last year with some of the main reasons being; a one off donation to St George Hospital $30,000, electricity costs up by $63,562 eventhoughourusagefellcomparedtothepreviousyear.Member’sbenefitssuch as happy hour, discount drinks and members promotions increased by $105,449, one off stamp duty on the changeover of the old loan and application of the new loan of $22,095 and our depreciation increased by $31,433.

I would like to thank the Board of Directors for their work thought out the year.

It goes without saying that we can’t achieve these results without our CEO, management and staff. I would like to thank them all for their work in posting thisfinancialresultinthesetougheconomictimes.

Our members make our Club. If that is the case we have a bunch of fantastic members as without them we would not have been able to achieve the success that we have.

In closing I would to inform members that there will be an election this year so I would hope to see as many Full Members as possible vote and attend the AGM.

Cec Quilkey

President



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Commodore’s ReportOver the past 12 months my wife Rae and I have represented the Motor Boat Club at many functions including Opening Days at other Clubs and other aquatic events.

I would like to congratulate St George Aquatic Club Commodore Craig Roberts, Rear Commodore Doug Smith, the Treasurer Heather Messent and the Committee on a successful season. It has been a traumatic year for themwiththetragiclossoftheirViceCommodoreStevenAntuch.

Last year I reported that Craig Bailey announced his retirement from racing at the Spectacular but the announcement was shortlived and he competed again this year. During the running of our major event at the Spectacular the Champion of Champions, Craig was racing in close company with Wayne Smith in his KT boat when coming out of the northern turn buoy they touched and both boats flipped into the air. Fortunately both drivers were uninjured but both boats were write offs.

The prestigious Ken Waggott trophy considered to be the “holy grail” for 5.2litreboatsattractedalargefieldincludingaverycompetitiveboatfromQueensland who was leading the pointscore when he broke the water pickup inhisboatandcouldnotcompeteinthefinal.Overthethreeheatstheeventual winner was our Club Representative David Kilpatrick in his boat Melodee.

CongratulationstootherchampionshipwinnersespeciallyChrisPugsleyinhis 6 litre boat Oxygen Thief winning the Fred Hawkins Memorial and the Sam Brown Championship.

This year Opening Day will be held on 28th September with the usual opening ceremony, followed by the opening of the new marina and with the boat review to follow.

LifeandVetsdaynextyearwillbeheldonSaturday22ndFebruary2014with doors opening at 12.00 noon. We look forward to a great roll up and meeting with old friends.

I would like to wish all boating members a safe and enjoyable season.

Robert Taylor

Commodore



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CEO’s ReportThe St George Motor Boat Club has had an interesting year with the completion of the new car park and start of the expansion of the marina being the highlights. New fuel bowsers and software were installed, six additional entitlements were added to the poker machine installation, tap and go facilities were added to every till and new sign in registers installed.

This year we posted a sound financial profit of $269,599 after tax and$1,157,001 in cash from operating activities.

By the end of this calendar year we will have over 20,000 members, the marina extension will be complete and the Club will have 230 marina berths, the biggest marina south of Sydney, our new app will be up and running and new gaming page for our website will go live.

We would ask members to please consider and download the Club app as 90% of all of our promotions will be run through the app and we would hate for you to miss out.

IwouldliketothankCecQuilkeyourClubPresidentforhissupport,DavidBlyth for his expertise with the car park and now the marina and the Board of Directors for their commitment throughout the year. None of the above can be achieved without the commitment and dedication of our Management Team and staff, including David, Yvonne, Mark, Leah, Glen, Damien, Mat, Kate, Trish, Bec, Cameron, our administration staff, bar staff, cleaning, Todd and his catering managers and staff. To all, thank you.

Everywhere I go I receive favourable comments on our Club which is a reminder that I work at one of the best Clubs in Australia. I look forward to seeing you all in the Club in the near future.

Adrian Vermeulen




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THE ST. GEORGE MOTOR BOAT CLUB LIMITED

A.C.N. 000 020 575

FINANCIAL REPORT FOR THE YEAR ENDED

30TH JUNE, 2013



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DIRECTORS’ REPORT - 2013The Directors of The St. George Motor Boat Club Limited, present their report forthefinancialyearended30thJune,2013.

(a) TheDirectorsoftheCompanyinofficeatanytimeduringorsincetheendofthefinancialyearare:-

Cec Quilkey, (President)BoatBuilder.JoinedtheClubin1969,LifeMember in 2008 and elected to the Board in 2001.

David Blyth,(VicePresident)CompanyDirector.JoinedtheClubin1979 and elected to the Board in 2004.

Bob Taylor, (Commodore) Retired. Joined the club in 1964 and elected to the Board in 2011.

David Blanchard, Business Consultant. Joined the club in 1977 and elected to the Board in 2010.

Leo Costa, Retired Engineer. Joined the Club in 1983 and elected to the Board in 2003.

Ross Gilholme, Company Director. Joined the Club in 1984 and appointed to Board in May 2013.

Ron Hinds, Retired. Joined the Club in 1984 and elected to the Board in 2008.

Adrian Morris, Company Director. Joined the Club in 2000 and elected to the Board in 2008.

Dennis Sellars, Manager. Joined the Club in 1972, Life Member in 2000andelectedtotheBoardin2002.(PositiondeclaredvacantinMay 2013).

Maurice Ronald Stanton, Development Manager. Joined the Club in 1973, Life Member in 1994 and elected to the Board in 2001.

Thenumber ofDirectors’Meetings attendedduring the financial year byDirectors are as follows:-

Number of Meetings Number of Meetings Attended Eligible to Attend

C. Quilkey 12 12 D. Blyth 12 12 B. Taylor 12 12 D. Blanchard 12 12 L. Costa 12 12 R. Hinds 11 12 A. Morris 12 12 D. Sellars (VacatedMay2013) 6 9 M. R. Stanton 12 12 R. Gilholme (Appointed May 2013) 3 3 TheCompanySecretaryisAdrianVermeulen.



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(b) The principal activity of the Company is the provision of facilities for motor boat racing and allied activities, together with normal licensed club operations under Part 10 of the New SouthWales LiquorAct.There were no significant changes in the nature of the company’sactivitiesduringthefinancialyear.Nosignificantchangeinthenatureof these activities occurred during the year.

(c) Anoperatingprofitaftertaxof$269,559wasderivedfortheyear.

(d) In accordance with the Articles of Association of the Company, no dividendhasbeenpaidsincetheendofthepreviousfinancialyearandit is the recommendation of your Directors that no dividend be paid in respect of the year ended 30th June, 2013.

(e) The review of the Company’s operations and the results of those operationsaredetailedinthePresident’smessagewhichaccompaniesthis report.

(f) Duringthefinancialyeartherewasnosignificantchangeinthestateof affairs of the Company other than that referred to elsewhere in the Directors’Report,President’smessage,accountsornotesthereto.

(g) There has not been any matter or circumstance, other than that referred toelsewhereintheDirectors’Report,President’smessage,accountsornotesthereto,thathasarisensincetheendofthefinancialyear,thathassignificantlyaffected,ormaysignificantlyaffect,theoperationsofthe Company, the results to those operations, or the state of affairs of theCompanyinfinancialyearssubsequenttothisfinancialyear.

(h) The likely developments in the operations of the Company and the expectedresultsofthoseoperationsinsubsequentfinancialyearsarereferredtointhePresident’smessagewhichaccompaniesthisreport.

(i) As the company is a corporation limited by guarantee, there are no shares held by the Directors of the Company.

(j) TheClub’soperationsarenotsubjecttoanysignificantenvironmentalregulations under either Commonwealth or State legislation.

(k) No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

The company was not a party to any such proceedings during the year.

(l) Sincetheendofthepreviousfinancialyear,noDirectorhasreceivedorbecomeentitledtoreceiveabenefit(otherthanabenefitincludedinthe aggregate amount of emoluments received or due and receivable byDirectorsshowninthefinancialstatements,orthefixedsalaryofafull-time employee of the company or a related corporation), by reason of a contract made by the Company or a related corporation with the Directororwithafirmofwhichheisamember,orwithaCompanyinwhichhehasasubstantialfinancialinterest.Thisstatementexcludes



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abenefit included in theaggregateamountofemolumentsreceivedor due and receivable by Directors shown in Note 17 to the Club’s financial statements prepared in accordance with the CorporationsLaw.

(m) Thecompanyhasnot,duringorsincethefinancialyear,inrespectofanypersonwhoisorhasbeenanofficerorauditorofthecompanyora related body corporate;

(i) indemnified or made any relevant agreement for indemnifyingagainst a liability incurred as an officer, including costs andexpenses in successfully defending legal proceedings; or

(ii) paid or agreed to pay a premium in respect of a contract insuring againstaliabilityincurredasanofficerforthecostsorexpensesto defend legal proceedings;

with the exception of the following matters:-

Duringorsincethefinancialyearthecompanyhaspaidpremiumstoinsure directors against 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 of the company, other than conduct involving a wilful breach of duty in relation to the company.

A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is set out on the next page.

Signed in accordance with the resolution of the board of Directors.

C. QUILKEY - DIRECTOR D. BLYTH - DIRECTOR

Sydney, 30th July, 2013



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AUDITOR’S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OF THE ST. GEORGE MOTOR BOAT CLUB LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 30th June 2013 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

ii. no contraventions of any applicable code of professional conduct in relation to the audit.

LITTLEWOODS

Aubrey Reisen

30th July, 2013

Suite 601

74PittStreet

SYDNEY NSW 2001



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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH JUNE, 2013

Note 2013 2012 $ $ Revenue from Ordinary Activities 2 8,270,098 8,211,233EmployeeBenefitsExpense 2,218,424 2,148,093Depreciation and Amortisation Expense 937,504 916,820Interest and Borrowing Costs 277,169 314,518Other Expenses from Ordinary Activities 4,516,267 4,256,316 _________ __________ProfitfromOrdinaryActivitiesbeforeIncomeTax 3 320,734 575,486Income Tax Attributable to Ordinary Activities 13 (51,175) (107,760) _________ __________NetProfitfromOrdinaryActivitiesafterIncomeTax 269,559 467,726 _________ __________

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE, 2013

2013 2012 $ $ Balance 1st July 12,089,044 11,621,318Profitfortheyear 269,559 467,726 _________ __________Balance 30th June 12,358,603 12,089,044 _________ __________

The accompanying Notes form part of these Financial Statements



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A Company Limited by Guarantee

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2012

Note 2013 2012 $ $ASSETS CURRENT ASSETS Cash and Cash Equivalents 4 489,449 423,016 Trade and Other Receivables 5 280,673 475,707 Inventories 6 145,321 155,516 Other Current Assets 7 164,552 149,572 _________ __________ TOTAL CURRENT ASSETS 1,079,995 1,203,811 _________ __________ NON-CURRENT ASSETS Property,PlantandEquipment 8 16,859,210 16,293,940 Deferred Tax Asset 14 26,983 41,807 _________ __________ TOTAL NON-CURRENT ASSETS 16,886,193 16,335,747 _________ __________ TOTAL ASSETS 17,966,188 17,539,558 _________ __________

LIABILITIES CURRENT LIABILITIES TradeandOtherPayables 9 1,381,975 1,251,705 Financial Liabilities 10 83,563 12,714 ShortTermProvisions 11 288,422 299,861 Current Tax Liabilities 13 (20,615) 35,087 _________ __________

TOTAL CURRENT LIABILITIES 1,733,345 1,599,367 _________ __________

NON-CURRENT LIABILITIES TradeandOtherPayables 9 116,597 150,878 Financial Liabilities 10 3,717,803 3,662,684 LongTermProvisions 12 39,840 37,585 _________ __________

TOTAL NON-CURRENT LIABILITIES 3,874,240 3,851,147 _________ __________

TOTAL LIABILITIES 5,607,585 5,450,514 _________ __________

NET ASSETS 12,358,603 12,089,044 _________ __________




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A Company Limited by Guarantee

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2013

Note 2013 2012 $ $EQUITY Retained Earnings 12,358,603 12,089,044 _________ __________ TOTAL EQUITY 12,358,603 12,089,044 _________ __________

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE, 2013

Note 2013 2012 $ $CASH FLOW FROM OPERATING ACTIVITIES Receipts from Members and Non-Members 7,969,750 8,573,652 PaymentstoSuppliersandEmployees (6,301,293) (6,635,715) Interest Received 7,154 17,704 InterestandOtherCostsofFinancePaid (277,169) (314,518) IncomeTaxPaid (55,702) (63,613) _________ __________ Net Cash provided by Operating Activities 2 1,342,740 1,577,510 _________ __________ CASH FLOW FROM INVESTING ACTIVITIES ProceedsfromSaleofProperty,PlantandEquipment 22,000 20,413 (PaymentforProperty),PlantandEquipment (1,524,775) (961,549) (Paymentfor)/ReturnedTermDeposits 100,500 (100,516) _________ __________ Net Cash (used in) Investing Activities (1,402,275) (1,041,652) _________ __________




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Note 2013 2012 $ $

CASH FLOW FROM FINANCING ACTIVITIES ProceedsfromBorrowings 208,941 - Repayment of Borrowings (82,973) (344,608) _________ __________ Net Cash (used in) Financing Activities 125,968 (344,608) _________ __________ NetIncrease/(Decrease)inCashHeld 66,433 191,250 Cash at beginning of year 1 423,016 231,766 _________ __________ CASH AT END OF YEAR 1 489,449 423,016 _________ __________

NOTES TO AND FORMING PART OF THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30TH JUNE, 20131. RECONCILIATION OF CASH

For the purposes of this Statement of Cash Flows, cash includes:-

(i) Cash on hand and in at call deposits with banks or financialinstitutions, net of bank overdrafts; and

(ii) Investments in money market instruments which are readily convertible to cash.

Cash at the end of the year is shown in Balance sheet as :-

2013 2012 $ $ Cash on Hand 100,000 90,000 Cash at Bank and in At Call Deposits with Financial Institutions 389,449 333,016 _________ __________

489,449 423,016 _________ __________



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2. RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH OPERATING PROFIT AFTER INCOME TAX

2013 2012 $ $ OperatingProfitafterIncomeTax 269,559 467,726 Non-CashFlowsinOperatingProfit Depreciation & Amortisation 937,504 916,820 Increase/(Decrease)inProvisions (9,184) 28,663 Increase/(Decrease)inIncomeTaxPayable (55,702) 44,048 (Increase)/DecreaseinDeferredTaxAsset 14,824 99 Changes in Assets and Liabilities (Increase)/DecreaseinTradeandOtherDebtors 94,535 (166,724) (Increase)/DecreaseinInventories 10,195 (35,796) (Increase)/DecreaseinPrepayments (14,980) 22,756 Increase/(Decrease)inTradeCreditors and Accruals 397,398 56,450 Increase/(Decrease)inPrepaidMarineRentals (301,409) 243,468 _________ __________ Cash Flow provided by Operations 1,342,740 1,577,510 _________ __________

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE, 20131. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Thefinancialreportisageneralpurposefinancialreportthathasbeenprepared in accordance with Accounting Standards, Urgent Issues Group Interpretations, and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

The St George Motor Boat Club Limited is a company limited by guarantee, incorporated and domiciled in Australia.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containingrelevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting



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Standardsensuresthatthefinancialstatementsandnotesalsocomplywith International Financial Reporting Standards. Material accounting policiesadoptedinthepreparationofthisfinancialreportarepresentedbelow. They have been consistently applied unless otherwise stated.

(a) Basis of Accounting

Thefinancialreportispreparedinaccordancewithconventionalhistorical cost principles.

(b) Property, Plant and Equipment

(i) Owned Assets

Items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation/amortisation(see below) and impairment losses (see accounting policy (d)).

Certain items of property, plant and equipment that had been revalued to fair value on or prior to 1 July 2004, the date of transition to Australian Accounting Standards – AIFRSs, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

(ii) Subsequent Costs

The Club recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that thefutureeconomicbenefitsembodiedwithintheitemwillflow to the Club and the cost of the item can be measured reliably. All other costs are recognised in the income statement as an expense as incurred.

(iii) Depreciation/Amortisation

Depreciation/amortisation is charged to the incomestatement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The depreciation rates used in the current and comparative periods are as follows:

Depreciation Rate

Marina 5.0%

Buildings 2.5%

PlantandEquipment 5-33.33%

PokerMachines 25-33.33%



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(c) Inventories

Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

(d) Impairment of Assets

The carrying amounts of the Club’s assets, other than inventories (see accounting policy (d) and deferred tax assets (see accounting policy (i)), are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated (see accounting policy (d) (i)).

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement, unless an asset has previously been revalued, in which cash the impairment loss is recognised as a reversal to the extent of that previous revaluation with any excess recognised throughprofitorloss.

Impairment losses recognised in respect of cash-generating units areallocatedfirsttoreducethecarryingamountofanygoodwillallocated to cash-generating units (group of units) and then, to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.

(i) Calculation of Recoverable Amount

The recoverable amount of assets other than held-to-maturity securities and receivables carried at amortised cost is the greater of their net selling price and value in use. In assessing value in use, 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 specifictotheasset.Foranassetthatdoesnotgeneratelargely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

(ii) Reversals of Impairment

In respect of assets other than held-to-maturity securities and receivables carried at amortised cost, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.



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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 had been recognised.

(e) Employee Benefits

Provision is made for the Club’s liability for employee benefitsarising from services rendered by employees to balance date. Employeebenefitsthatareexpectedtobesettledwithinoneyearhave been measured at the amounts expected to be paid when the liability issettled,plusrelatedon-costs. Employeebenefitspayable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

(f) Provisions

A provision is recognised in the balance sheet when the Club has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefitswillberequiredtosettletheobligation. If theeffect ismaterial, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and , where appropriate, therisksspecifictotheliability.

(g) Revenue

(i) Goods Sold and Services Rendered

Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods and isrecognisedintheincomestatementwhenthesignificantrisks and rewards of ownership have been transferred to the buyer. Revenue from gaming facilities together with other services to members and other patrons of the club is recognised in the income statement when the services are provided.Norevenueisrecognisediftherearesignificantuncertainties regarding recovery of the consideration due, the costs incurred or to be incurred cannot be measured reliably, there is a risk of return of goods or there is continuing management involvement with the goods.

(h) Expenses

(i) Operating Lease Payments

Paymentsmadeunderoperatingleasesarerecognisedinthe income statement on a straight-line basis over the term of the lease. Lease incentives received are recognised in the income statement as an integral part of the total lease expense and spread over the lease term.



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(ii) Finance Lease Payments

Minimum lease payments are apportioned between the financechargeandthereductionoftheoutstandingliability.Thefinancechargeisallocatedtoeachperiodduringthelease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

(iii) Net Financing Costs

Netfinancingcostscompriseinterestpayableonborrowingscalculated using the effective interest method, and interest receivable on funds invested.

Interest income is recognised in the income statement as it accrues, using the effective interest method. The interest expense component of finance lease paymentsis recognised in the income statement using the effective interest rate method.

(i) Income Tax

Income tax on the profit for the year comprises current anddeferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts ofassetsand liabilities forfinancial reportingpurposesandtheamounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probablethatfuturetaxableprofitswillbeavailableagainstwhichthe asset can be utilised. Deferred tax assets are reduced to the extentthatitisnolongerprobablethattherelatedtaxbenefitwillbe realised.

(j) Goods and Services Tax

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.



23

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as a current asset or liability in the balance sheet.

2013 2012 $ $

2. REVENUE

Turnover from Trading Activities 5,858,676 5,800,765 Other Operating Revenue:- Interest Received 7,154 17,704 Members’ Subscriptions and Joining Fees 110,759 107,864 Rent Received 1,200,718 1,131,429 Sundry Income 177,551 166,690 Catering Rent & Function Income 915,240 986,781 _________ __________ 8,270,098 8,211,233 _________ __________

3. OPERATING PROFIT

Theoperatingprofitbeforeincometaxisarrivedat afterchargingandcreditingthefollowingspecificitems: Charges: Auditors’ Remuneratio - Audit 21,500 21,100 - Other Services 3,300 3,300 Depreciation 937,504 916,820 Honoraria 437 178 InterestPaid -OtherPersons 222,216 283,620 ProvisionforHolidayPay (3,853) 19,642 ProvisionforLongServiceLeave (5,331) 9,021 _________ __________ Credits: InterestReceived-OtherPersons 7,154 17,704 _________ __________

4. CASH AND CASH EQUIVALENTS

Cash on Hand 100,000 90,000 Cash at Bank 389,449 333,016 _________ __________ 489,449 423,016 _________ __________



24

2013 2012 $ $

5. TRADE AND OTHER RECEIVABLES

TradeDebtors(AfterProvisionforImpairment - $1,000, 2012 - $1,000) 204,781 208,659 Other Amounts Receivable 70,361 161,017 Short Term Deposits 5,531 106,031 _________ __________ 280,673 475,707 _________ __________

6. INVENTORIES - CURRENT

Finished Goods – at Cost 145,321 155,516 _________ __________

7. OTHER - CURRENT

Prepayments 152,657 149,572 PrepaidInterest–NationalAustraliaBankLtd 11,895 - _________ __________ 164,552 149,572 _________ __________



25

8.

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26

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27

2013 2012 $ $

9. TRADE AND OTHER PAYABLES

CURRENT Trade Creditors 661,838 292,375 Accrued Expenses 370,356 343,716 Other Creditors 304,879 303,584 15YearMarinaRentalsPrepaid 34,281 34,281 AnnualMarinaRentalsPrepaid 10,621 277,749 _________ __________ 1,381,975 1,251,705 _________ __________ NON CURRENT 15YearMarinaRentalsPrepaid 116,597 150,878 _________ __________

10. FINANCIAL LIABILITIES

CURRENT HirePurchaseLiability 83,563 12,714 _________ __________ 83,563 12,714 _________ __________ NON-CURRENT Loan – Commonwealth Bank Ltd (a) 3,600,000 3,633,000 HirePurchaseLiability 117,803 29,684 _________ __________ 3,717,803 3,662,684 _________ __________

(a) Secured by first RegisteredMortgage overClubPremises at 2Wellington Street San Souci.

11. SHORT TERM PROVISIONS

HolidayPay 196,142 199,995 Long Service Leave 92,280 99,866 _________ __________ 288,422 299,861 _________ __________



28

2013 2012 $ $

12. LONG TERM PROVISIONS

Long Service Leave 39,840 37,585 _________ __________

13. INCOME TAX

The Income Tax Assessment Act, 1997 (amended) provides that under the concept of

mutuality, clubs are only liable for income tax on income derived from non members and from outside entities.

Income Tax Expense IncomeTaxExpenseattributabletooperatingprofitismadeupof: CurrentYearIncomeTaxProvision 36,351 107,661 Deferred Tax Benefit Origination and reversal of temporary differences 14,824 99 _________ __________ Total Income Tax Expense in Income Statement 51,175 107,760 _________ __________

14. DEFERRED TAX ASSETS

ProvisionsandAccruals(Asset) 76,994 100,098 PropertyPlant&Equipment(Liability) (50,011) (58,291) _________ __________

26,983 41,807 _________ __________

15. COMMITMENTS FOR EXPENDITURE

Lease Expenditure contracted for:-

Finance Lease and Hire Purchase Commitments Hire Purchase Liabilities Equipment & Vehicles Due 1 Year 92,922 15,179 Due 1 – 5 Years 133,115 35,419 _________ __________



29

2013 2012 $ $

TotalPayments 226,037 50,598 Less: Future Finance Charges 24,671 8,200 _________ __________ PresentValueofPayments 201,366 42,398 _________ __________

16. CAPITAL COMMITMENTS

Capital Expenditure Commitments Marina Extension 3,114,919 - _________ __________

17. RELATED PARTY DISCLOSURE

(a) Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

- Director - related entities During the year Daniel Blyth, son of David Blyth provided building services to the Club

on normal commercial terms. 2,934 6,757 During the year, Ron Stanton supplied community services to the Club on normal

commercial terms. 120 120

(b) During the year, the following expenditure was incurred relating to directors which were not generally available to Members:-

Board/CommitteeMeetings/OfficialFunctions and related expenses 21,285 IndustryMeetings/Conferences 7,861 Honoraria - C. Quilkey - - B. Taylor 437

(c) During the year James Blyth, (son of David Blyth) and Damien Phelps (son-in-law of David Blanchard) were employed by theclub and received wages within normal employees’ terms and conditions.



30

18. KEY MANAGEMENT PERSONNEL COMPENSATION

Key Management Personnel

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the association, directly or indirectly, including its committee members, is considered key management personnel.

Key Management Personnel Compensation

-shorttermbenefits 303,101 275,373 -post-employmentbenefits - - _________ __________

303,101 275,373 _________ __________

19. FINANCIAL REPORTING BY SEGMENTS

The Club operates predominantly in one industry. The principal activity oftheclubisthatofaClubregisteredunderPart10oftheNewSouthWales Liquor Act. The club operates in one geographical area, being Sans Souci, N.S.W. Australia.

20. MEMBERS’ GUARANTEE

The company is limited by guarantee. If the company is wound up, the articles of association state that each member is required to contribute a maximum of $2.10 each towards meeting any outstanding obligations of the company. At 30 June, 2013 the number of members was 17,094 (2012 –15,580).

21. FINANCIAL RISK MANAGEMENT

(a) Financial instruments and derivatives

The company is not exposed to significant financial risks frommovements in foreignexchange ratesas therearenofinancialassets and liabilities denominated in foreign currencies, this is inclusiveofbothonandoffbalancesheetfinancialinstruments.

(b) Accounting policies and methods adopted

The accounting policies and methods adopted in relation to each classoffinancialassetandliabilityaredisclosedinNote1.



31

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32

(d) Credit Risk

The maximum exposure to credit risk, excluding the value of any collateralorothersecurity,atbalancedatetorecognisedfinancialassets, is the carrying amount as disclosed in the balance sheet andnotestothefinancialstatements.

(e) Net fair values

For all other financial assets and liabilities the fair net valueapproximates their carrying value. The aggregate net fair values andcarryingamountsoffinancialassetsandfinancial liabilitiesare disclosed in the statement of financial position and in thenotes to and forming part of the accounts.

DIRECTORS DECLARATIONThe Directors of The St. George Motor Boat Club Limited declare that:-

1. The Income Statement, Balance Sheet, Statement of Cash Flows and Notes to and forming part of the Financial Statements are in accordance with the Corporations Act 2001.

(a) comply with Accounting Standards and the Corporations Regulations 2001 and

(b) giveatrueandfairviewofthefinancialpositionasat30thJune2013 and of the performance for the year ended on that date of the Company.

2. In the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

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

C. QUILKEY - DIRECTOR D. BLYTH - DIRECTOR

SYDNEY, 30th July, 2013



33

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ST. GEORGE

MOTOR BOAT CLUB LIMITED

A.C.N. 000 020 575

Report on the financial report

WehaveauditedtheaccompanyingfinancialreportofTheStGeorgeMotorBoat Club Limited (the company), which comprises the balance sheet as at 30th June 2013, and the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significantaccountingpoliciesandotherexplanatorynotesandthedirectors’declaration of the company.

Directors’responsibilityforthefinancialreport

The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with AustralianAccounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation ofthefinancialreportthatisfreefrommaterialmisstatement,whetherdueto fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 1, the directors also state, in accordance with Accounting Standard AASB101:“PresentationofFinancialStatements”,thatcompliancewiththeAustralian equivalents to International Financial Reporting Standards (IFRS) ensures that thefinancial report,comprising thefinancialstatementsandnotes, complies with IFRS.

Auditor’s responsibility

Ourresponsibilityistoexpressanopiniononthefinancialreportbasedonour audit. We conducted our audit in accordance with Australian Auditing Standards. The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform theaudittoobtainreasonableassurancewhetherthefinancialreportisfreefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amountsanddisclosures inthefinancialreport. TheProceduresselecteddepend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financialreportinordertodesignauditproceduresthatareappropriateinthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating



34

the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentationofthefinancialreport.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s OpinionIn our opinion:

a. the financial report ofThe St George Motor Boat Club Limited is inaccordance with the Corporations Act 2001, including

(i) givingatrueandfairviewofthecompany’sfinancialpositionasat 30th June 2013 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.

b. thefinancialreportalsocomplieswithInternationalfinancialReportingStandards as disclosed in Note 1.

SYDNEY, 30th July, 2013

LITTLEWOODS

Chartered Accountants

by A. Reisen C.A.

Registered Company Auditor



35

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH JUNE, 2012

2013 2012 $ $INCOME was derived from:- TRADING SURPLUS Clubhouse Activities - Liquor 1,676,203 1,603,584 -PokerMachines 2,658,312 2,675,105 Members’ Contributions - Subscriptions & Joining Fees 110,759 107,864 Rent Received - Marina and Slipway 1,200,718 1,131,429 InterestReceived -OtherPersons 7,154 17,704 Sundry Income 260,010 259,285 Catering Rent & Function Income 915,240 986,781 _________ __________ 6,828,396 6,781,752 _________ __________ THE COSTS OF OPERATING THE CLUB were:- CLUBHOUSE OPERATIONS Wages - Bar, House and Marina 1,267,585 1,228,222 - Food 234,747 214,982 Artists and Musicians 33,674 35,260 ClubPromotions 647,470 542,021 ContractCleaning/CleaningWages 166,089 166,209 Counter Snacks 10,097 7,623 Flower and Decorations 8,381 8,281 Laundry and Cleaning 46,444 38,458 LightandPower 303,243 239,681 Repairs, Maintenance and Replacements 246,939 204,529 Sky Channel & Fox 51,540 44,393 Staff Meals and Amenities 10,583 13,195 Stock Control 4,597 3,950 Club Uniforms 9,900 11,347 Fuel Data System Hire 985 1,590 _________ __________ 3,042,274 2,759,741 _________ __________ADMINISTRATION Advertising 104,981 123,410 Auditors’ Remuneration - Audit 21,500 21,100 - Other Services 3,300 3,300 (TheAuditorsreceivednootherbenefits) Donations and Subscriptions 47,351 41,244



36

2013 2012 $ $ Entertainment 29,146 28,761 Honoraria 437 178 Insurance 135,760 148,753 Legal Fees 15,237 5,157 Long Service Leave (5,331) 9,021 MotorVehicleExpenses 13,257 1,952 Printing,StationeryandPostage 65,294 71,635 Repairs and Maintenance - Building and Grounds 167,110 154,281 Salaries 458,045 421,065 Security 79,004 84,661 Special Functions 30,162 25,267 Staff Training 18,788 13,390 Sundries 38,000 46,714 Superannuation 178,517 172,672 Telephone/Internet 30,715 33,744 _________ __________ 1,431,273 1,406,305 _________ __________ LICENCES AND TAXES PokerMachines 411,261 417,824 Payroll 88,714 82,489 FringeBenefitsTax 13,116 - Sundries 31,030 20,216 _________ __________ 544,121 520,529 _________ __________ Bank/CreditCardCharges/BorrowingCosts 54,953 30,898 Depreciation of Fixed Assets 937,504 916,820 InterestPaid-OtherPersons 222,216 283,620 ProvisionforHolidayPay (3,853) 19,642 Rates and Marina Leasehold 279,174 268,711 _________ __________ TOTAL EXPENSES 6,507,662 6,206,266 _________ __________

OPERATING PROFIT FOR THE YEAR Before Income Tax 320,734 575,486 _________ __________



38

85th ANNUAL REPORT

2 Wellington Street, Sans Souci NSW 2219 Phone 02 9529 7276 Fax 02 9583 1055

www.stgeorgembc.com.au

Documents

view our annual report - St George Motor Boat Club