KWM News August 2024

Trading Result
The Board can report a cash surplus of $64,050 for the trading year 2023-24. This number will reduce
after taking into account non-trading items such as tax, depreciation and interest. The final surplus will be
circulated with annual meeting information.
The result is solid and reflects budget expectations. More importantly, this surplus builds our capital
base for future major capital works. Members are urged to consider the full statutory accounts with
their AGM papers.

Governance
In the next weeks our Company Secretary will be posting out information regarding annual statutory
governance requirements. He will be calling for nominations for director positions, circulating notices of
general meeting, trading information and seeking notices of motions.
This is the time for members to consider the performance of their Board, their investment and general
operations of the Marina. Your interest in these functions matters.

Capital Works Program
Over the years capital works have suffered from an ad-hoc approach. This approach has lacked
consistency, efficacy and most importantly, relevance to annual budget preparation and management.
While operating budgets account for normal repairs and maintenance, the larger expenditures
(generally greater than $10,000) demand greater analysis and due diligence. The Board is currently
undertaking a whole-of-business approach to building a 10-year capital works program that will run in
parallel with annual operating budgets.
A well thought out and costed capital works program is critical, especially in terms of our Head Lease
renewal where Government expectations state that Marina assets must be kept up-to-date and fit-for purpose. A further influence is the increasingly obvious need for overall modernization of the Marina
precinct, notably the buildings.
Unsurprisingly, funding of capital projects is difficult for a company limited by guarantee. The only
avenue to accessing capital is from retained earnings (trading surplus’) and special levies. Only after
capital projects are identified and costed can we turn to such funding options.
The Board is keen to keep members appraised of the program, indeed, would welcome member input
and comment in the deliberations. Updates will be circulated over ensuing months as this work unfolds.

Satellite Mooring
As intimated in the last KM News the Board is revisiting this project. The Board has decided to pursue
again the establishment of a 6-berth hexagonal mooring in the middle of the ‘pond’ adjacent to the
Marina.
This will require a feasibility exercise to be completed by early in 2025. A critical component will be
gaining approval from the Department of Resources to extend MOL’s Head Lease….this process is long
and complicated. As noted previously, we already have notional support from another authority, MSQ.
The commitment of capital will be considered as part of the abovementioned Capital Works Program.

AGM Notice
This is an early reminder of the 2024 AGM which is set down for 4:00pm Friday 29th November 2024.