2014 BIAV Annual Report by Boating Industry Association of Victoria

Annual Report

2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LTD 1ST JULY 2013 TO 30TH JUNE 2014

Annual Report 2013/14 Contents Presidentâ&#x20AC;&#x2122;s Report Management Reports Annual Accounts

2014 ANNUAL REPORT | BIA Victoria

President’s Report The BIAV can be proud of its achievements over the past 50 years, however there are many challenges over the next few years. In April 2014, the Board met for a two day strategic planning conference. From this meeting the BIAV has developed the Strategic and Operational Plan which enables the BIAV to: • Build on the Strengths, and • Where possible turn Weaknesses into Strengths • It will take advantage of Opportunities, and • Reduce the Threats faced by the BIAV The Strategic and Operational Plan is “living document” and is the benchmark from which the BIAV and its Board is accountable and can measure success over the next four years. It provides the ability to adjust to certain activities as new opportunities arise. One thing that can severely impact the Marine Industry is current and future legislation. In 2014, the BIA V Board approved the appointment of government consultants (not lobbyists) to work with the BIAV team to obtain better outcome, particularly in view of the Victorian state election in November this year. With their guidance the BIAV changed strategies to work collaboratively with Government. This approach has been well received and has already started to produce results with a) an increase in recurrent funding by more than 40% for boat ramps maintenance and repair. Plus, the state government has approved this year 2014, more than $200,000 in grants to the industry. However, this must remain a strong focus for the BIAV if the BIAV are to have a long term relationship with the government and the major political parties.

Myself and our CEO now sit on a Ministerial working group which supports our industry and we will continue to work hard to ensure that our members issues are addressed. Apart from maintenance & rebuilding of infrastructure, through submissions from industry and the wider community we have established demand and supply issues of boat ramps, boat ramp access, car-parking access and through put at the ramps as the priority for government. We are working very closely with government to solve this most important issue. It’s a simple equation, the more boats and pwc’s on the water means greater enjoyment for owners and friends, which generates more sales for our industry and more income for the state government. What a great five days were seen at the 2014 BIA Melbourne Boat Show. I would like to congratulate all of the exhibitors for their professionalism and hard work. The show looked great, covering 30,000m² and just over 28,000 visitors responded well to the new advertising campaign with many exhibitors generating sales that approached results of shows pre-GFC. Pleasingly, the visitor numbers exceeded last year and reversed a nation-wide and international trend of decline. This year’s Melbourne Boat Show played host to a recreational boating industry careers stand; it generated a lot of industry and public interest in apprenticeships across the Marine Craft Construction and Mechanical Technology sectors. All of the major education providers were at the show to promote the current training available for our industry.

3 of 7

BIA Victoria | 2014 ANNUAL REPORT

We would once again like to thank the major sponsors of the show: Club Marine, Boatsales. com.au, IC Frith Insurance Brokers and Bayside Jeep for their support and encouragement. We ask that you consider our sponsors when making your next purchase. We are also pleased to add to the announcement earlier in the year, that we have entered into an agreement with Bayside Jeep for members of the industry to get fleet buying discount deals, and through them our CEO now drives a BIAV branded Jeep.

4 of 7

I would like to thank my fellow BIAV Directors for their passion and support over the last twelve months. I would also like to thank our dedicated BIAV team; Steven Potts, Mary Papantoniou, Ben Scullin & Ashley Farr for their efforts during this period.

Paul Benjamin President Boating Industry Association of Victoria

2014 ANNUAL REPORT | BIA Victoria

Chief Executive Officer’s Report I was privileged to be appointed Chief Executive Officer of your Association in April 2014 and I look forward to working with you in the future. Throughout this period the Board’s vision and passion for the BIAV, and this industry, has been fantastic and I would like to congratulate them for their contribution.

We have continued to work with the relevant Victorian Members of Parliament, including representatives from all parties. The aim of these meetings was to raise the awareness of the industry, correcting the misunderstandings and bringing a greater level of understanding and knowledge regarding the industry’s value and benefits.

During this time we have written and implemented the BIAV Strategic and Operational plan which articulates where the Association is heading and how we are going to get there. As part of the business review I have visited with many members to learn about the industry and your key issues.

This approach has highlighted that we are not a cottage industry and that with an economic impact to Victoria of over $4.5 billion annually and employs over 17,700 people our industry is a significant contributor to the State’s economy.

The Member visits were well received with some open and honest discussion about our past and the industry’s future. Overall the visits have shown that the businesses want a positive future for the industry and see a significant role for the BIAV.

Like all organisations covering a large and diverse constituency, communication is a significant challenge. Therefore communication is a key ingredient in the BIAV’s commitment to members and key stakeholders in the marine industry.

We have a strong belief that the BIAV only exists to serve our members and we will work hard to serve and promote this great industry. Our member visits so far have indicated that there are a number of issues relating to the BIAV requiring attention over the coming years. They are:

The new BIAV website has been launched including the ability to sell tickets to our events on-line. We have received some positive feedback and we are continuing to work on the site to ensure the website delivers the right message to the industry, stakeholders and the boating public.

1. Lack of member engagement

The BIAV social media campaign utilizing facebook, twitter & Instagram, has now started and we are slowly seeing a rise in the people following the BIAV. I encourage you to share our articles on your social media pages so that we can truly harness the power of the industry.

2. Government / Stakeholder Relations 3. Communication 4. Lifestyle Changes 5. Recognition / Benefits of the marine industry 6. Education / Careers 7. Resources From a Financial management point of view, we have continued to gain a greater understanding of the business through the introduction of individual cost centres. These cost centres give us a clearer understanding of how each area of the BIAV is performing and allow us to make clear decisions. I would like to thank Draffin Walker & Mary for their efforts in achieving this.

Communications:

We were very excited to release the first BIAV E-news on Friday 23/5/14. The BIAV E-news is now delivered fortnightly and is designed to run a few interesting articles each issue. The next step is to promote the E-news throughout the marine sector so that we can get all industry members subscribed and informed about what the BIAV is doing.

5 of 7

BIA Victoria | 2014 ANNUAL REPORT

Industry Promotion â&#x20AC;&#x201C; The Melbourne Boat Show: My first impressions of the show were very positive. I think the show looked fantastic, with 27,000mÂ˛ of boats & boating products and 28,000 visitors there was a positive feel throughout the show. I would like to congratulate all of the exhibitors for their professionalism and hard work to make the show a success.

Some of the best feedback from the Boat Show concerned the networking events including the Life Members lunch and the Exhibitors function. Members enjoyed the opportunity to attend the function and talk with their peers. Many people suggested that we should hold more of these functions.

I also believe we can build on the current event to enhance our visitor experience and increase their time at the show. This leads to a positive boating experience and them imagining themselves living the dream.

One of the benefits of an industry association is the ability to bring the industry together. Please look out for the BIAV networking functions over the next reporting period.

The new interactive areas and family bar were a great success and will be expanded on for next year. The Industry career stand was extremely popular and even secured some apprentices for the industry. I would also like to thank the team from Trade-ABoat. Their professionalism with the Superstage and the continuous updating of our social media was fantastic and certainly took it to the next level.

6 of 7

We were pleased to welcome Bayside Automotive Group as a major partner and positioned Jeep as the Official Vehicle of the BIAV. They are great supporters of boating and offer great deals to members. Please consider them in your next purchase.

Steven Potts Chief Executive Officer Boating Industry Association of Victoria

2014 ANNUAL REPORT | BIA Victoria

BIAV Membership Update The Boating Industry Association of Victoria constantly reviews the member benefits to increase the value-add, we continue to promote these through e-news, newsletter and the website. New members have joined the Boating Industry Association of Victoria with more to come. Government advocacy remains at the intangible end of the continuum and has been under valued by many of our members, but the time taken, the meetings held, the phone calls, letters and submissions do reach their mark and do amount to very tangible outcomes for the marine industry as a whole. Whilst individual members may or may not experience an immediate benefit, your Board can assure you that the entire BIAV team works tirelessly to ensure the recreational boating industry has a voice and that voice is heard. These main benefits make joining BIAV worthwhile let alone the other benefits that add to the advantages. BIA is continuing to build on benefits package including: • FREE BIAV OH&S manual reviewed by WorkSafe Victoria (retail value $300) • Jeep Fleet Deal this provides a fantastic benefit for BIAV members to access “better than fleet” prices across the entire Bayside Automotive Group’s product range (incl. Jeep, Dodge, Suzuki & Nissan)” • Membership is intrinsic to the ongoing success of the BIAV. All staff at BIAV will listen to your views and translate these where possible and practicable, into actions by the Association under the direction of BIAV management. • Being part of a professional trade association which represents over 90% of the recreational boating industry in Victoria • The exchange of current marine industry information through meetings and networking functions • Business referrals from the BIAV office and company promotion via the BIAV web site

• A significant discount (up to 50%) on the purchase price of space at all BIAV Boat Shows • A FREE line listing Shipmate Directory and on their App • Online member directory on the new BIA Victoria Website • Work on improving Regular industry newsletters and other communications • Approved usage of the BIAV logo, BIAV signage and Membership Certificate • Quality marine insurance packages accessed through our insurance brokers IC Frith • FREE Domestic and International Travel Insurance • Discounted merchant banking merchant service rate with the National Australia Bank • Access to up-to-date industry statistics such as boat registrations and information on marine facilities that are being planned and built around Victoria • An Accreditation program • Access to providing the 50-point Safety Check

Financial Divisional Members With resignations and un-financials taken into account the table of members is as follows as at 30th June 2014; DIVISIONS

2013/14

2012/13

Chandlery, Services & Associations

Manufacturers, Wholesale & Distribution

Boat Dealers

Clubs & Marinas

Life Members

Total

217

Team BIA V 7 of 7

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2014

CONTENTS Directors’ Report

Auditor’s Independence Declaration

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity 8 Consolidated Statement of Cash Flows

Notes to the Financial Statements

Directors’ Declaration

Independent Audit Report

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTORSâ&#x20AC;&#x2122; REPORT

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTORS' REPORT Your directors present their report on the consolidated group for the financial year ended 30 June 2014. Directors The names of the directors in office at any time during, or since the end of, the year are: Paul Benjamin appointed (25/11/2010) (President) Paul is the Victorian State Manager of IC Frith. In the Marine Industry, IC Frith & Associates operate under the name of BIA Marine Insurance, providing coverage to state BIAâ&#x20AC;&#x2122;s and members. Paul has been part of the insurance industry for 20 years and the marine industry for 14 years. In the marine industry, he has been a keen boater from the age of seven, taught sailing overseas, owned sailing and sailboard businesses, and was also sales director for Australian and American power boat businesses. Along with insurance and accounting qualifications, he holds a Post Graduate Diploma of Management & Masters of Business Administration. Paul is a Fellow of Australian and New Zealand Institute of Insurance & Finance (ANZIF). Fellow of the Australian Institute of Management, and Member of the Australian Institute of Directors. Additionally, he is a Director/Board Member of ANZIF on the Insurance Broking Advisory Board and the Boating Industries Alliance Australia. Additionally, he is the Deputy Chairman of The Boating Industries Alliance Australia which is the Peak Body for the whole of the Australian Marine Industry. It is the alliance of the six state Boating Industry Associations, who represent more than 90% of the businesses and groups in the Australian Marine Industry and contributes more than $12.7 Billion dollars to the Australian economy. Paul is also the Deputy Chairman of The Insurance Brokers Board at Australian & New Zealand Institute for Insurance & Finance (ANZIF) which is the peak body for the Insurance & Finance industries, which represents more than 6,800 insurance brokers across Australia, New Zealand and links to 28 other countries, that cumulatively place more than $10 billion in premium with insurers. Irene Hoe appointed (24/11/2005) (Vice-President) Irene Hoe has been the General Manager at Western Port Marina in Hastings for 16 years. She is an accredited CMM (Certified Marina Managed) and has attained a Master of Business Administration. She has attended numerous Marina conferences and is an active member of the Marina Association. Irene has a strong interest in environmental issues involving boating and the marine industry in general. David Peter Heyes appointed (24/11/2005) Mr Heyes joined Heytrack (Australia) Pty Ltd in 1972. He has over 31 years experience in Industrial Machinery and Certification in Recreational Product and Small Engine Technology. Heytrack began operations in 1960 as the exclusive distributor of the Canadian Company Bombardier Inc. Mr Heyes as General Manager and CEO for Heytrack headed up the Company for the distribution of Bombardier Seadoo Personal Watercraft in 1991, which soon became a mainstream player and market leader in this segment of the marine business. In July 2001, Bombardier Inc. acquired certain assets of Heytrack (Australia) Pty Ltd and Mr Heyes was appointed as Executive Director of Bombardier Recreational Products Australia Pty Ltd. He is Chairman of AMEX (Australian Marine Engine Council) He has served both as President and Vice President and currently is sitting his ninth term as Director/Board Member for the Boating Industry Association of Victoria Limited. Andrew Charles Warner appointed (16/12/2008) Andy Warner is a second generation owner of the well established Anchor Marine. Despite the fact that he was first taken to sea by his parents before he could walk, he is still a keen yachtsman, sailing off the beach in dinghies and large ocean keel yachts. Andy spent two years in the Pacific Islands managing a fleet of ships for Fathom Fisheries Ltd and was a Governor of the Tongan Maritime Polytechnical Institute at this time. Andy is a qualified Naval Architect and member of: the Society of Naval Architects and Marine Engineers, and the American Boat and Yacht Council, a former commodore of the Ocean Racing Club of Victoria, and a director of one other public company and three private companies. For the past two years Andy has sat on the board of Boating Industries Alliance of Australia and last year was on the organising committee of the national industry conference Marine 13.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTORSâ&#x20AC;&#x2122; REPORT

Stuart Charles Jackson appointed (15/03/2011) Stuart Jackson is a director of R Marine Jacksons which is a New & Used boat broker based at the Sandringham Yacht Club. R Marine Jacksons is the sole Victorian dealer for the new range of Riviera, Clipper range of luxury boats, whilst also dealing in all brands of used boats. Stuart has been in the Marine industry for 21 years and the Jackson family name has been involved in the marine industry for over 50 years through marina development and various boat brokerage businesses. The Jackson family have been members of the Boating Industry Association of Victoria since inception and was part of the original group of 7 boat dealers that formed what is now Club Marine Insurance. Stuart has completed a business development certificate and hold a Master Mariner 5 ticket for commercial vessels. Paul Junginger appointed (24/11/2011) Paul started working in the marine industry in 1988 as an apprentice boat builder in Hastings, building aluminium boats. He then moved to Melbourne in 1990 and began his long lasting relationship with fibreglass boats. In 2003, he began PM Marine Manufacturing with his wife, initially producing after-market fibreglass marine accessories. From there, Paul's passion for boating and fishing saw him create the award winning range of Evolution Boats. When not working, Paul enjoys spending the day on the water fishing and boating with family and friends. When not working, Paul enjoys spending the day on the water fishing and boating with family and friends. Gary Freeman appointed (29/11/2012) Gary started with boats at the age of 12 and is a passionate boatie learning to sail in Sydney Harbour. Gary is currently a director of a number of private companies in finance and property management. Gary also has established two boating brands in Melbourne, the Pleasure Cruising Club Inc which is a membership based organisation in Docklands and Boat4hire that offers a tow away boating service. Gary has a degree in Computer Science and has considerable expertise in social media and internet marketing. Gary enjoys recreational boating with his family and friends. Gary has a degree in Computer Science and has considerable expertise in social media and internet marketing. Gary enjoys recreational boating with his family and friends. Andrew Wenzel appointed (19/11/2013) Andrew has been boating & fishing for most of his life. He spent a great deal of his time down on the Mornington Peninsular boating in and around Port Phillip Bay. He is currently working at Honda MPE as the Marine Territory manager and is looking after a great deal of the east coast of Australia. I attend many boat shows across the country and have a strong understanding for what the public are wanting from the boating industry. He took a seat on the board to make a change to how we go boating and fishing in the Victorian water ways. Having marine dealers in all parts of Australia I get to see the good and the bad of the industry and would like to bring all my experiences to improve recreational fishing and boating in Victoria. Neil Hancock appointed (28/11/2013) Westernport Marina is where my passion for the marine industry started in 1985. Running a successful fabricating business and automotive workshop, which my wife Kerri and I bought in 1989, it gave me the vision for myself and my family that has been extremely rewarding and amazingly enjoyable. Aussie Boat Covers was born in 1992 at our Mornington premises, was located at Patterson Lakes Marina for ten years and now we are located at St Kilda Marina. My desire is to be part a team focused on creating a sustainable proactive industry with quality services and facilities that will make Melbourne the most structured and focused marine sector in the southern hemisphere. Theo Rozakis appointed (28/11/2013) Theo has been involved in boating and fishing for over 40 years. After spending 14 years of his Adult working life and gaining formal qualifications in Occupational Health and Safety it was time to make his boating passion his career and thus Theo joined his brother Michael as co-director of MY Marine Pty Ltd located in Dromana on the Mornington Peninsula. MY Marine has now been established for over 22 years specializing in award winning Stabicraft and Surtees Plate Alloy fishing boats, Raeline Fibreglass sports cruisers and bow riders, Chaparral luxury sports cruisers, Honda and Yamaha outboards. MY Marine also services and repairs most brands of outboard and inboard motors all within an accredited and fully equipped workshop facility employing trained Marine mechanics and service techniciansâ&#x20AC;&#x2122;. In 2007, Theo joined the team of the popular fishing, cooking and lifestyle TV show "River To Reef" which airs nationally across various networks. In 2010, Theo pursued his other passion "cooking" and went on to complete his Certificate 111 in commercially cookery at the Gordon Institute of TAFE. Now a qualified Chef, Theo's passion for all things boating, fishing and cooking keeps him very busy in the exciting and forever growing Marine industry."

2 2

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTORS’ REPORT

Robert John Denis Johnson resigned (19/11/2013) Coming from a keen boating & water loving family, Robert Johnson has spent the past 14 years working within the marine division at Honda. Commencing in a sales support role, followed by territory management and now National Marine Manager, Robert Johnson has vast experience from both a retail and wholesale perspective. A member of the event advisory panel for a number of years, Robert decided to become a director of the BIA Victoria late last year to further support the BIA’s and industries activities. A member of the event advisory panel for a number of years, Robert decided to become a director of the BIA Victoria late last year to further support the BIA’s and industries activities. Gordon Bruce Howlett resigned (28/11/2013) Gordon founded, and continues to run, Corporate Fishing Charters in 1994 which is a business that promotes charter boat fishing to corporations, families, social clubs and individuals and is a perfect introduction to the boating lifestyle. Many of his clients following the experience of charter boat fishing take the next step and purchase a boat. Gordon holds a Bachelor of Business Studies (Accounting) and has operated an accounting practice for over thirty years. It is this expertise that first saw him nominate for the Finance Committee on which he has served for nine years. Following nominating to the Board in 2005, he has been a constant member of the event committee and represents BIA at the Fisheries Round Table, Victorian Marine Consultation Committee and was a Board member of AMIF to name a few. Gordon values the important aspects of the Association being for its members no matter how big or small they may be. Darren Michael Finkelstein resigned (28/11/2013) After a number of years in corporate IT, Darren found his calling working with Apple for nearly 10 years during what he describes as “the wonderfully inspiring Steve Jobs era”. Darren has been messing about in boats for most of his life. In 2012 he took to a computer keyboard and is author of the best-selling book: “Honey‚ lets buy a BOAT!”‚ a straightforward guide through the seeming maze of power boat purchasing. Darren is a long-time boatie ‚ keen fisherman and wanna-be pro surfer. His father introduced him to fishing at aged 8 and his first boating experiences were learning to water ski in Melbourne. He bought his first boat at age 18. In fact he felt so strongly about boating that he underwent the full “SEA-CHANGE” promising to never to return to a “real job” with corporate Australia and made boating his profession. For the past 11 years he has earned his living in the industry as Dealer Principal of St Kilda Boat Sales in Melbourne. Today Darren and business partner Andrew Rose‚ own the BIAV Accredited Boat Dealer-Broker; St Kilda Boat Sales and Service Centre‚ right on the waters edge at St Kilda Marina. Located only 8kms from the Melbourne CBD‚ they buy‚ sell‚ service‚ repair‚ fuel and wash boats for their discerning owners. Over the past 11 years they have sold hundreds of new and used power boats of all shapes and sizes. The business also services, repairs, fuels and washes more than 300 boats each year at an accredited and fully equipped workshop employing trained mechanics and marine experts Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. During the financial year, 11 meetings of directors (including committees of directors) were held. Attendance by each director during the year were as follows: Directors' Meetings Number Number eligible to attended attend Paul Benjamin Irene Hoe David Peter Heyes Andrew Charles Warner Stuart Charles Jackson Paul Junginger Gary Freeman Robert John Denis Johnson Andrew Wenzel Neil Hancock Theo Rozakis Gordon Bruce Howlett Darren Michael Finkelstein

11 11 11 11 11 11 11 4 6 6 6 5 5

Events Committee Number Number eligible to attended attend

9 10 8 10 8 8 11 3 4 6 4 3 4

9 3 9 9 9 9 9 9 9 -

8 1 2 2 6 2 6 5 4 -

Finance Committee Number Number eligible to attended attend 9 4 9 9 9 -

6 4 7 5 8 -

3 3

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTORS’ REPORT

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATION ACT 2001 TO THE BOARD OF DIRECTORS OF BOATING INDUSTRY ASSOCIATIONN OF VICTORIA LIMITED

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014

Revenue Other income Employee benefits expense Winter Boat Show Expenses Marine Week Expenses Summer Boat Show Expenses Promotional Expenses Membership Subscriptions - BIAA Provision for doubtful debts Depreciation and amortisation expense Finance costs Other expenses Profit before income tax Tax (expense)/income Profit for the year Other comprehensive income: Other comprehensive income: Total other comprehensive income for the year Total comprehensive income for the year Profit attributable to: Members of the parent entity Total comprehensive income attributable to: Members of the parent entity

Note 3 3

4(a)

5(a)

Consolidated Group 2014 2013 $ $ 2,149,404 4,068,057 260,110 177,111 (394,331) (416,089) (1,297,942) (2,420,167) (16,875) (16,282) (228,607) (248,349) (20,135) (14,265) (23,560) (16,608) (4,952) (55,198) (47,484) (24,762) (41,421) (274,907) (193,083) 68,244 831,419 68,244 831,419

68,244

831,419

68,244 68,244

831,419 831,419

68,244 68,244

831,419 831,419

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014

Note ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables TOTAL CURRENT ASSETS NON-CURRENT ASSETS Financial assets Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Borrowings Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Borrowings Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Reserves Retained earnings TOTAL EQUITY

Consolidated Group 2014 2013 $ $

8 9

956,689 35,634 992,323

983,834 101,422 1,085,256

11 13

2 1,901,578 1,901,580 2,893,902

2 1,950,222 1,950,224 3,035,480

14 15 16

451,775 50,000 31,852 533,627

381,199 50,000 39,633 470,832

15 16

225,000 23,417 248,417 782,044 2,111,859

500,000 21,033 521,033 991,865 2,043,615

288,198 1,823,661 2,111,859

288,198 1,755,417 2,043,615

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014

Retained Earnings (accumulated losses) $ Consolidated Group Balance at 1 July 2012 Balance at 1 July 2012 (restated)

Asset Revaluation Reserve

Total

923,998 923,998

288,198 288,198

1,212,196 1,212,196

Comprehensive income Profit for the year Total comprehensive income for the year attributable to members of the parent entity

831,419 1,755,417

288,198

831,419 2,043,615

Balance at 30 June 2013

1,755,417

288,198

2,043,615

Balance at 1 July 2013

1,755,417

288,198

2,043,615

Comprehensive income Profit for the year Total comprehensive income for the year attributable to members of the parent entity

1,823,661

288,198

2,111,859

Balance at 30 June 2014

1,823,661

288,198

2,111,859

68,244

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014 Consolidated Group Note

2014 $

2013 $

19(a)

2,161,091 8,113 (2,111,581) (24,762) 32,861

2,754,274 11,261 (2,382,572) (41,421) 341,541

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Distributions received from associates and joint ventures Net cash provided by investing activities

(6,554) 221,549 214,994

(2,499) 127,800 125,301

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowings Net cash (used in) financing activities Net (decrease)/increase in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year

(275,000) (275,000) (27,145) 983,834 956,689

(50,000) (50,000) 416,842 566,992 983,834

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Interest received Payments to suppliers and employees Finance costs Net cash provided by/(used in) operating activities

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 These consolidated financial statements and notes represent Boating Industry Association of Victoria Limited and controlled entities (‘Consolidated Group’ or ‘Group’), and the separate financial statements and notes of Boating Industry Association of Victoria Limited as an individual parent entity (‘Parent Entity’). The financial statements were authorised for issue on 16 October 2014 by the directors of the company. Note 1

Summary of Significant Accounting Policies

Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The Company is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards (IFRS). Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. (a) Principles of Consolidation The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Boating Industry Association of Victoria Limited at the end of the reporting period. A controlled entity is any entity over which Boating Industry Association of Victoria Limited has the power to govern the financial and operating policies so as to obtain benefits from its activities. Where controlled entities have entered or left the group during the year, the financial performance of those entities are included only for the period of the year that they were controlled. A list of controlled entities is contained in Note 12 to the financial statements. In preparing the consolidated financial statements, all intragroup balances and transactions between entities in the consolidated group have been eliminated in full on consolidation. Goodwill Goodwill is carried at cost less any accumulated impairment losses. Goodwill is tested for impairment annually and is allocated to the group’s cash-generating units or groups of cash-generating units, which represents the lowest level at which goodwill is monitored but where such level is not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. Changes in the ownership interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions and do not affect the carrying amounts of goodwill. (b) Income Tax The income tax expense (income) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. (c) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), less accumulated depreciation for buildings. In the periods when the freehold land and buildings are not subject to an independent valuation, the directors conduct directors valuations to ensure the Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are recognised against revaluation surplus directly in equity; all other decreases are recognised in profit or loss. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 1: Summary of significant accounting policies (Cont'd) Plant and equipment Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(j) for details of impairment). The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss in the financial period in which they are incurred. Depreciation The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight line basis over the asset's useful life to the consolidated group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset

Depreciation Rate

Buildings Plant and equipment

3% 15 - 30%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised in profit or loss when the item is derecognised. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. (d) Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset – but not the legal ownership – are transferred to entities in the consolidated group, are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. (e) Financial Instruments Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are recognised as expenses in profit or loss immediately. Classification and Subsequent Measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost i s calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss. (i)

Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 1: Summary of significant accounting policies (Cont'd) (ii) Financial Liabilities Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised. Impairment At the end of each reporting period, the Group assesses whether there is objective evidence that a financial asset has been impaired. A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a "loss event") having occurred, which has an impact on the estimated future cash flows of the financial asset(s). In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults. For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account. When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the Group recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered. (f)

Impairment of Assets At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources of information and internal sources of information, including dividends received from subsidiaries, associates or jointly controlled entities deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard (e.g. in accordance with the revaluation model in AASB 116). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

(g) Investments in Associates Associates are companies over which the Group has significant influence through holding, directly or indirectly, 100% or more of the voting power of the company. Investments in associates are accounted for in the financial statements by applying the equity method of accounting, whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the Group’s share of net assets of the associate company. In addition, the Group’s share of the profit or loss of the associate company is included in the Group’s profit or loss. Profits and losses resulting from transactions between the Group and the associate are eliminated to the extent of the Group’s interest in the associate. Details of the company’s investments in associates are shown at Note 11. (h) Interests in Joint Arrangements The consolidated Group’s shares of the assets, liabilities, revenue and expenses of jointly controlled operations have been included in the appropriate line items of the consolidated financial statements. Details of the consolidated Group’s interests are shown at Note 12. (i)

Employee Benefits Short-term employee benefits Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy any vesting requirements.

(j)

Provisions Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(k) 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. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

Revenue and Other Income Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue. Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from associates and joint venture entities are accounted for in accordance with the equity method of accounting. Revenue recognition relating to the provision of services is determined with reference to the stage of completion of the transaction at the end of the reporting period and where outcome of the contract can be estimated reliably. Stage of completion is determined with reference to the services performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable. All revenue is stated net of the amount of goods and services tax.

(m) Trade and other receivables Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Refer to Note 1(i) for further discussion on the determination of impairment losses. (n) Trade and Other Payables Trade and other payables represent the liabilities for goods and services received by the Group that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. (o) Borrowing Costs All other borrowing costs are recognised in profit or loss in the period in which they are incurred. (p) Goods and Services Tax (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 (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from or payable to the ATO, are presented as operating cash flows included in receipts from customers or payments to suppliers. (q) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Where the Group retrospectively applies an accounting policy, makes a retrospective restatement of items in the financial statements or reclassifies items in its financial statements, a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statement is presented. (r) Critical Accounting Estimates and Judgments The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group. Key estimates (i) Impairment â&#x20AC;&#x201C; general The group assesses impairment at the end of each reporting period by evaluation of conditions and events specific to the Group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 1: Summary of significant accounting policies (Cont'd) (s) New Accounting Standards for Application in Future Periods The AASB has issued a number of new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods, some of which are relevant to the Group. The Group has decided not to early adopt any of the new and amended pronouncements. The Group’s assessment of the new and amended pronouncements that are relevant to the Group but applicable in future reporting periods is set out below: — AASB 9: Financial Instruments (December 2010) and associated Amending Standards (applicable for annual reporting periods commencing on or after 1 January 2017). These Standards will be applicable retrospectively (subject to the provisions on hedge accounting outlined below) and include revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments and simplified requirements for hedge accounting. The key changes that may affect the Group on initial application of AASB 9 and associated Amending Standards include certain simplifications to the classification of financial assets, simplifications to the accounting of embedded derivatives, and the irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. AASB 9 also introduces a new model for hedge accounting that will allow greater flexibility in the ability to hedge risk, particularly with respect to hedges of non-financial items. Should the entity elect to change its hedge policies in line with the new hedge accounting requirements of AASB 9, the application of such accounting would be largely prospective. Although, the directors anticipate that the adoption of AASB 9 may have an impact on the Group’s financial instruments, including hedging activity, it is impracticable at this stage to provide a reasonable estimate of such impact. —

—

Interpretation 21: Levies (applicable for annual reporting periods commencing on or after 1 January 2014). Interpretation 21 clarifies the circumstances under which a liability to pay a levy imposed by a government should be recognised, and whether that liability should be recognised in full at a specific date or progressively over a period of time. This Interpretation is not expected to significantly impact the Group’s financial statements. AASB 2013-3: Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets (applicable for annual reporting periods commencing on or after 1 January 2014). This Standard amends the disclosure requirements in AASB 136: Impairment of Assets pertaining to the use of fair value in impairment assessment and is not expected to significantly impact the Group’s financial statements. AASB 2013-4: Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting (applicable for annual reporting periods commencing on or after 1 January 2014). AASB 2013-4 makes amendments to AASB 139: Financial Instruments: Recognition and Measurement to permit the continuation of hedge accounting in circumstances where a derivative, which has been designated as a hedging instrument, is novated from one counterparty to a central counterparty as a consequence of laws or regulations. This Standard is not expected to significantly impact the Group’s financial statements. AASB 2013-5: Amendments to Australian Accounting Standards – Investment Entities (applicable for annual reporting periods commencing on or after 1 January 2014). AASB 2013-5 amends AASB 10: Consolidated Financial Statements to define an ‘investment entity’ and requires, with limited exceptions, that the subsidiaries of such entities be accounted for at fair value through profit or loss in accordance with AASB 9 and not be consolidated. Additional disclosures are also required. As neither the parent nor its subsidiaries meet the definition of an investment entity, this Standard is not expected to significantly impact the Group’s financial statements.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 2

Parent Information

The following information has been extracted form the books and records of the parent and has been prepared in accordance with Australian Accounting Standards. 2014 $ ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables TOTAL CURRENT ASSETS

2013 $

937,261 9,772 947,033

1,122,142 38,682 1,160,824

6,662,766 2 1,897,054 8,559,822 9,506,854

5,314,508 2 1,944,567 7,259,077 8,419,901

43,920 36,759 31,853 112,532

23,451 21,560 39,633 84,644

NON-CURRENT LIABILITIES Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS

23,417 23,417 135,949 9,370,905

21,033 21,033 105,678 8,314,223

EQUITY Reserves Retained Earnings TOTAL EQUITY

538,198 8,832,707 9,370,905

538,198 7,776,025 8,314,223

STATEMENT OF COMPREHENSIVE INCOME Profit for the year Total comprehensive income

1,056,682 1,056,682

2,402,020 2,402,020

NON-CURRENT ASSETS Trade and other receivables Financial assets Property, plant and equipment TOTAL CURRENT ASSETS TOTAL ASSETS

LIABILITIES CURRENT LIABILITIES Trade and other payables Other liabilities Provisions TOTAL CURRENT LIABILITIES

Guarantees Boating Industry Association of Victoria Limited has not entered into any guarantees, in the current or previous financial year, in relation to the debts of its subsidiaries except for those described under contingent liabilities below. Contingent Liabilities At 30 June 2014, Boating Industry Association of Victoria Limited had a contingent liability for $275,000 (2013: $550,000) relating to a guarantee provided to National Australia Bank for its associate BIA Promotions Pty Ltd's obligation under a bank bill facility. At the end of the reporting period, the consolidated group is in a satisfactory financial position and is not likely to default on the facility. Contractual Commitments At 30 June 2014, Boating Industry Association of Victoria Limited had not entered into any contractual commitments for the acquisition of property, plant and equipment. (2013: Nil)

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 3

Revenue and Other Income Consolidated Group 2014 2013 $ $

Operating revenue: — Boat Show Income — Membership Subscriptions — Summer Boat Show — Other Member Activities Total sales revenue Other revenue: — interest received — Financial Institutions Total interest revenue on financial assets not at fair value through profit or loss Total other revenue Total revenue Other income: — Rental Income — Leisurfest Income — other income Total other Income

Note 4

1,783,124 102,503 231,582 24,082 2,141,291

3,675,418 102,375 260,240 18,764 4,056,796

8,113 8,113

11,261 11,261

8,113 2,149,404

11,261 4,068,057

38,513 184,137 37,460 260,110

27,469 139,531 10,111 177,111

Profit before Income Tax Consolidated Group 2014 2013 $ $

Profit before income tax from continuing operations includes the following specific expenses: (a) Expenses Interest expense on financial liabilities not at fair value through profit or loss — Borrowing Costs Expense Total finance costs Employee benefits expense: — contributions to defined contribution superannuation funds — contributions to defined contribution superannuation funds

Note 5

24,762 24,762

41,421 41,421

394,331 394,331

381,778 34,310 416,088

Tax Expense Consolidated Group 2014 2013 $ $

(a) The prima facie tax on profit from ordinary activities before income tax is reconciled to the income tax as follows: Prima facie tax payable on profit from ordinary activities before income tax at 30% (2013: 30%) — consolidated group Add: Tax effect of: — other non-allowable items Less: Tax effect of: — other deductible expenses — exempt net income — tax losses not brought to account — recoupment of prior year tax losses not previously brought to account Income tax attributable to entity The applicable weighted average effective tax rates are as follows:

20,473

249,426

442 20,916

141 249,567

278,375 27,695 -

375,872 (194,048) -

(285,154)

69,541

0.0%

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 6

Key Management Personnel Compensation

The totals of remuneration paid to key management personnel (KMP) of the Group during the year are as follows: 2014 $ Short-term employee benefits 201,475 Post-employment benefits 18,636 220,112

2013 $ 215,481 19,589 235,070

The General Manager and Events Operation Manager of the Association are considered to be part of the KMP, no Directors were considered as KMP due to their non executive status. Other KMP Transactions For details of other transactions with KMP, refer to Note 21: Related Party Transactions. Note 7

Auditors’ Remuneration Consolidated Group 2014 2013 $ $

Remuneration of the auditor of the parent entity for: — auditing or reviewing the financial statements — taxation services — non audit services

Note 8

7,000 10,000 2,000 19,000

7,000 2,000 10,875 19,875

Cash and Cash Equivalents Consolidated Group 2014 2013 $ $ 956,689 983,834 956,689 983,834

CURRENT Cash at bank and on hand Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows: Cash and cash equivalents

956,689 956,689

983,834 983,834

The Association has an overdraft facility of $200,000. It is secured by a first registered mortgage over certain freehold property owned by the Association. No amount was drawn down against the facility as at 30 June 2014. (2013 - $nil) Note 9

Trade and Other Receivables

Note CURRENT Trade receivables GST Receivable Other receivables Total current trade and other receivables

9(c)

Consolidated Group 2014 2013 $ $ 35,634 35,634

1,270 62,740 64,010

35,634

37,412 101,422

Credit risk The Group has no significant concentration of credit risk with respect to any single counterparty or group of counterparties other than those receivables specifically provided for and mentioned within Note 9. The main source of credit risk to the Group is considered to relate to the class of assets described as 'trade and other receivables'. The following table details the Group’s trade and other receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the Group and the customer or counterparty to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Group.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 9: Trade and Other Receivables (Cont'd) The balances of receivables that remain within initial trade terms (as detailed in the table below) are considered to be of high credit quality. Consolidated Group Gross Amount

Past due and impaired

2014 Trade and term receivables Provision for doubtful debts Other receivables Total

$ 40,197 (4,562) 35,634

$ -

Gross Amount

Past due and impaired

< 30 $

2013 Trade and term receivables Other receivables Total

1,270 37,412 38,682

< 30 $ 27,054 27,054

Past due but not impaired (days overdue) 31–60 61–90 $ $ 1,255 5,961 (300) 1,255 5,661 Past due but not impaired (days overdue) 31–60 61–90 $ $ 1,270 1,270

Within initial trade terms >90 $ 8,662 (4,262) 4,400

$ 27,054 27,054 Within initial trade terms

>90 $

37,412 37,412

Note Trade and other Receivables — Total Current — Total Non-Current Total financial assets classified as loans and receivables

Consolidated Group 2014 2013 $ $ 35,634 35,634 35,634

101,422 101,422 101,422

(d) Collateral pledged No collateral is held over trade and other receivables. Note 10 a.

Associates and Joint Arrangements

Interest in joint ventures During the financial year, Boating Industry Association of Victoria Limited's interest in the joint venture called Leisure Fest, a Partnership registered in Australia, ceased on 30 May 2014 (2013 - 30%).

The consolidated Group's share of Leisure Fest profits for the year ended 30 June 2014 amounted to $184,137 (2013 - $139,531). Note 11

Financial Assets

Note NON-CURRENT Other Investments Total Non-Current Assets

Consolidated Group 2014 2013 $ $

11(b)

(b) Other investments Shares in subsidiaries

Note 12

2 2

Interests in Subsidiaries

a. Information about Principal Subsidiaries The subsidiaries listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s principal place of business is also its country of incorporation or registration.

Name of subsidiary B I A Promotions Pty Ltd

Principal place of business Australia

Ownership interest held by the Group 2014 2013 (%) (%) 100%

100%

Proportion of non-controlling interests 2014 2013 (%) (%) 100%

100%

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 13

Property, Plant and Equipment Consolidated Group 2014 2013 $ $

LAND AND BUILDINGS Freehold land at: — directors’ valuation 2009 Total land

1,024,441 1,024,441

Buildings at: — directors’ valuation 2009 Accumulated depreciation Total buildings Total land and buildings

910,442 (316,928) 593,514 1,617,955

910,442 (292,933) 617,509 1,641,950

432,198 (184,798) 247,401

432,198 (161,769) 270,430

116,400 (84,703) 31,697

109,846 (77,660) 32,186

21,990 (17,465) 4,525 283,623

21,990 (16,334) 5,656 308,272

1,901,578

1,950,222

Property Improvements Directors' valuation (Accumulated depreciation) Office Machines At cost (Accumulated depreciation) Motor Vehicle At cost (Accumulated depreciation) Total plant and equipment Total property, plant and equipment (a) Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year Consolidated Group: Balance at 1 July 2012 Additions Depreciation expense Carrying amount at 30 June 2013 Additions Depreciation expense Carrying amount at 30 June 2014 Note 14

Freehold Land $ 1,024,441 1,024,441 1,024,441

Buildings $ 929,932 (41,994) 887,938 (47,025) 840,913

Office Equipment $ 33,752 2,499 (4,065) 32,186 6,554 (7,043) 31,697

Motor Vehicles $ 7,082 (1,426) 5,656 (1,131) 4,525

Total $ 1,995,207 2,499 (47,484) 1,950,222 6,554 (55,200) 1,901,578

Trade and Other Payables

Note CURRENT Unsecured liabilities Trade payables Sundry payables and accrued expenses Income received in advance GST payables 14(a)

9,668 432,988 9,120 451,775

259,196 100,442 21,560 381,199

451,775 451,775 451,775

381,199 381,199 381,199

(a) Financial liabilities at amortised cost classified as trade and other payables Trade and other payables — total current Financial liabilities as trade and other payables

Consolidated Group 2014 2013 $ $

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 15

Borrowings Consolidated Group 2014 2013 $ $

CURRENT Bank loan secured Total current borrowings NON-CURRENT Bank loan secured Total non-current borrowings Total borrowings (a) Total current and non-current secured liabilities: Bank loan

50,000 50,000

225,000 225,000 275,000

500,000 500,000 550,000

275,000 275,000

550,000 550,000

The bank debt is secured by a first registered mortgage over certain freehold property owned by the Association.

Note 16

Provisions

Analysis of Provisions CURRENT Employee Benefits Opening balance at 1 July 2013 Additional provisions raised during year Amounts used Amounts paid out Balance at 30 June 2014

Consolidated Group 2014 2013 $ $ 39,633 43,319 21,166 26,314 (26,385) (16,630) (2,562) (13,370) 31,852 39,633

NON-CURRENT Employee Benefits Opening balance at 1 July 2013 Additional provisions raised during year Balance at 30 June 2014

21,033 2,384 23,417

19,493 1,540 21,033

Provision for Employee Benefits Provision for employee benefits represents amounts accrued for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience the Group does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the Group does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement. The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service. Note 17

Capital Management

Management controls the capital of the Group in order to maintain a good debt to equity ratio, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern. The group’s debt and capital include ordinary share capital and financial liabilities, supported by financial assets. There are no externally imposed capital requirements. Management effectively manages the group’s capital by assessing the group’s financial risks and adjusting its capital structure in response to changes in these risks and in the market.

Note 15 14 8

Total borrowings Trade and other payables Less cash and cash equivalents Net debt Total equity Total capital Gearing ratio Note 18

N/A

Capital and Leasing Commitments

The Group is not engaged in any capital and leasing agreements at the date of this report.

Consolidated Group 2014 2013 $ $ 275,000 550,000 451,775 381,199 (956,689) (983,834) (229,914) (52,635) 2,111,859 2,043,615 1,881,945 1,990,980

N/A

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 19

Cash Flow Information Consolidated Group 2014 2013 $ $

(a) Reconciliation of cash flow from operations with profit after income tax Profit after income tax Non-cash flows in profit — depreciation Share of joint venture's net profit after income tax Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries — increase/(decrease) in trade and term debtors — increase/(decrease) in prepayments — increase/(decrease) in payables — (decrease)/increase in provisions Net cash provided by operating activities Note 20

68,244

831,419

55,198 (184,137)

47,484 (139,531)

43,435 55,518 (5,397) 32,861

110,493 706,698 (1,212,876) (2,145) 341,542

Events After the Reporting Period

The directors are not aware of any significant events since the end of the reporting period. Note 21

Related Party Transactions

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The Directors are representatives of member organisations. These member organisations may have dealings with the Association, such as payment of membership fees, attendance at forums, boat shows and other promotional activities.

Note 22

Economic Dependence

BIA Promotions Pty Ltd is dependent on the Parent Company Boating Industry Association of Victoria Limited. Note 23

Financial Risk Management

The group’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, loans to and from subsidiaries, bills, leases, preference shares, and derivatives. The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: Consolidated Group 2014 2013 Note $ $ Financial Assets Cash and cash equivalents 8 956,689 983,834 Loans and receivables 9(c) 35,634 101,422 Total Financial Assets 992,324 1,085,256 Financial Liabilities Financial liabilities at amortised cost — Trade and other payables — Borrowings Total Financial Liabilities

14(a) 15

451,775 275,000 726,775

381,199 550,000 931,199

Financial Risk Management Policies The directors’ overall risk management strategy seeks to assist the company in meeting its financial targets, whilst minimising potential adverse effects on financial performance. Risk management policies are approved and reviewed by the Board of Directors on a regular basis. These include the credit risk policies and future cash flow requirements. The finance committee, consisting of senior executives and non-executive Directors of the Group, meets on a regular basis to analyse financial risk exposure and to evaluate treasury management strategies in the context of the most recent economic conditions and forecasts. The finance committee’s overall risk management strategy seeks to assist the Consolidated Group in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 23: Financial Risk Management (Cont'd) Specific Financial Risk Exposures and Management The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk relating to interest rate risk. a.

Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group. Credit risk is managed through maintaining procedures ensuring, to the extent possible, that customers and counterparties to transactions are of sound credit worthiness and includes the utilisation of systems for the approval, granting and renewal of credit limits, the regular monitoring of exposures against such limits and the monitoring of the financial stability of significant customers and counterparties. Such monitoring is used in assessing receivables for impairment. Depending on the division within the Group, credit terms are generally within 30 days from the date of invoice. Credit Risk Exposures The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period, excluding the value of any collateral or other security held is equivalent to the carrying amount and classification of those financial assets (net of any provisions) as presented in the statement of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to third parties in relation to obligations under its bank bill facility (refer Note 15 for details). The Group has no significant concentration of credit risk with any single counterparty or group of counterparties. Details with respect to credit risk of Trade and Other Receivables are provided in Note 9. Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are detailed at Note 9. The Group does not have any material credit risk exposure to any single receivable or group of receivables. Customers are assessed for credit worthiness using the criteria detailed above.

Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms: — preparing forward-looking cash flow analyses in relation to its operational, investing and financing activities; — monitoring undrawn credit facilities; — maintaining a reputable credit profile; — managing credit risk related to financial assets; — only investing surplus cash with major financial institutions; and — comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The table below reflects an undiscounted contractual maturity analysis for non-derivative financial liabilities. Bank overdrafts have been deducted in the analysis as management does not consider that there is any material risk that the bank will terminate such facilities. The bank does however maintain the right to terminate the facilities without notice and therefore the balances of overdrafts outstanding at year-end could become repayable within 12 months. Financial guarantee liabilities are treated as payable on demand since the Group has no control over the timing of any potential settlement of the liability. The Group does not hold any derivative financial liabilities directly. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflect the earliest contractual settlement dates and do not reflect management’s expectations that banking facilities will be rolled forward.

Financial liability and financial asset maturity analysis Within 1 Year 2014 2013 $ $ Consolidated Group Financial liabilities due for payment 50,000 50,000 Bank overdrafts and loans 451,775 381,199 Trade and other payables 501,775 431,199 Total contractual outflows Less bank overdrafts Total expected outflows 501,775 431,199 Within 1 Year 2014 2013 $ $ Consolidated Group Financial Assets - cash flows realisable 956,689 983,834 Cash and cash equivalents 35,634 101,422 Trade, term and loan receivables 992,323 1,085,256 Total anticipated inflows 490,549 654,057 Net (outflow) / inflow on financial instruments

1 to 5 years 2014 2013 $ $

Total

Over 5 years 2014 2013 $ $

2014 $

2013 $

225,000

500,000

275,000

550,000

451,775

381,199

225,000

500,000

726,775

931,199

726,775

931,199

225,000

500,000

Over 5 years 2014 2013 $ $

1 to 5 years 2014 2013 $ $

Total 2014 $

2013 $

956,689

983,834

35,634

101,422

992,323

1,085,256

(225,000)

(500,000)

265,549

154,057

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 23: Financial Risk Management (Cont'd) Financial assets pledged as collateral Certain financial assets have been pledged as security for debt and their realisation into cash may be restricted subject to terms and conditions attached to the relevant debt contracts. Refer to Note 15 for further details. c. i.

Market Risk Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Group is also exposed to earnings volatility on floating rate instruments. The financial instruments that expose the Group to interest rate risk are limited to borrowings, listed shares, cash and cash equivalents. Interest rate is managed using a mix of fixed and floating rate debt. The net effective variable interest rate borrowings (i.e. unhedged debt) expose the Group to interest rate risk which will impact future cash flows and interest charges and is indicated by the following floating interest rate financial liabilities:

Floating rate instruments

Note

Bank overdrafts ii.

Consolidated Group 2014 2013 $ $

275,000 275,000

550,000 550,000

Other price risk The Group is not exposed to any material commodity price risk.

Sensitivity analysis The following table illustrates sensitivities to the Groupâ&#x20AC;&#x2122;s exposures to changes in interest rates and equity prices. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities also assume that the movement in a particular variable is independent of other variables.

Year ended 30 June 2014 +/- .5% in interest rates

Consolidated Group Profit Equity $ $ 4,783 4,783

Year ended 30 June 2013 +/- .5% in interest rates

Consolidated Group Profit Equity $ $ 15 15

There have been no changes in any of the assumptions used to prepare the above sensitivity analysis from the prior year. Net Fair Values Fair value estimation The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying amounts as presented in the statement of financial position. Fair value is the amount at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an armâ&#x20AC;&#x2122;s length transaction. Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgement and the assumptions have been detailed below. Note

Consolidated Group Financial assets Cash and cash equivalents Trade and other receivables

Fair Value $

Carrying Amount $

Fair Value $

8, 23(i) 9, 23(i)

956,689 35,634 992,324 992,324

983,834 101,422 1,085,256 1,085,256

14, 23(i) 16 15

451,775 55,269 275,000 782,044

381,199 60,666 550,000 991,865

Total financial assets Financial liabilities Trade and other payables Employee entitlements Bank debt Total financial liabilities

2013

2014 Carrying Amount $

The fair values disclosed in the above table have been determined based on the following methodologies: (i)

Cash and cash equivalents, trade and other receivables, and trade and other payables are short-term instruments in nature whose carrying amount is equivalent to fair value. Trade and other payables exclude amounts relating to the provision of annual leave, which is outside the scope of AASB 139.

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 24 a.

Reserves

Asset Revaluation Reserve The asset revaluation reserve records past revaluations of non-current assets being, land and buildings.

Note 25

Company Details

The registered office of the company is: Boating Industry Association of Victoria Limited Marine House 24 York Street South Melbourne Vic 3205 The principal place of business is: Boating Industry Association of Victoria Limited Marine House 24 York Street South Melbourne Vic 3205

BIAV

BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMITED ABN: 51 004 985 102 AND CONTROLLED ENTITY DIRECTOR’S DECLARATION

BIAV

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BOATING INDUSTRY ASSOCIATION OF VICTORIA LIMATED

BOATING INDUSTRY ASSOCIATION OF VICTORIA LTD 1ST JULY 2013 TO 30TH JUNE 2014

Boating Industry Association of Victoria Level 1, 24 York Street South Melbourne Victoria 3025 Email: info@biavic.com.au Ph: 03 8696 5600 Fax: 03 9686 5334 www.biavic.com.au