MARINA OWNERS LIMITED
ACN 010 468 498
REGISTERED OFFICE: Kawana Waters Marina, 16 Orana St, Buddina Qld 4575
MINUTES OF THE ANNUAL GENERAL MEETING HELD AT KAWANA SURF CLUB, BUDDINA,
THURSDAY 27th NOVEMBER 2025
Present – As per sign-in on member role.
Meeting commenced at 3.00pm
1. Welcome
The Chair John Hensby declared the Annual General Meeting open and welcomed members in attendance to the 2025 AGM.
He provided information about the agenda, notably the Audit Report, the 10-Year Capital Works Program and the election process, it being the first election needed in some years.
The Chair declared he held 2 proxies.
2. Apologies
Nil
3. Confirmation of 2024 AGM Minutes
That the minutes be approved and that the Chair sign the minutes as a true and correct record of the AGM held Friday 1st December 2024.
Moved Don Amoore
Seconded Andrew Hardy
CARRIED
4. Chair’s Report
The Chair presented his Report to the Meeting. He highlighted the surplus of $50,807 which represented a continuation of the Company’s financial stability.
He noted that ongoing levy increases should now reflect CPI increase, one of the Board’s goals, thereby providing some financial certainty for members.
He commented that the Company’s general stability allows for more capital improvements, innovation particularly in creating new income streams including increasing the number of commercial tenants. It was particularly pleasing to finally improve Marina precinct security.
He reiterated the Board’s strong compliant governance regime.
As highlighted last year, he emphasised that capital was still a focus for the Board. The planned capital works required in ensuing years will test the Board but with a stable financial and administrative base, he was confident the corporate goals will be achieved.
The Chair concluded his Report by re-stating his comments at the 2024 AGM, that he believed the Company now has a stable platform due to its governance and compliance regime, increasing financial strength, operational efficacy, social harmony and strategic vision.
Moved John Waller
Seconded Chris Warnes
That the Chairman’s report be received CARRIED
5. Financial Statements
Company Secretary Gary Graham introduced the financial statements and provided background to the $50,807 surplus for the trading year 2024-25
He summarised the income streams noting the downturn in Management Fees particularly the $19,605 shortfall in berth sale income. This income shortfall was partially offset with a continued increase in Rental Pool returns (increase of $2.42 per metre), interest received, increased tenant rents and adjustments in live-a-board and storage fee income.
Pressure on expenses continued with increases in insurance 11.8%, energy 10.8%, land tax 8.8%, workers compensation 24.6%, salaries 2.6% and superannuation up 5% for the year. No legal expenses were required for the year but the audit cost of $8,636 weighed on expenses.
Total revenue was $634,352 (3.6% increase) with expenses of $583,545 (1.9% increase) resulting in a $50,807 surplus over the previous year.
Assets grew by 11.9% to $914,517 with overall members equity increasing 10.5% to $535,012.
The Company Secretary concluded that the results were in line with budget and complied with the Board’s corporate financial objectives.
Moved Gary Graham
Seconded Stuart Turner
That the Financial Statements, Directors Statement, Directors Report be received.
CARRIED
6. Audit 2024-25
The Company Secretary Gary Graham presented the audit report namely, the Special Purpose Annual Financial Statements external audit authorised at the 2024 AGM and conducted by Love & Partners on the 2024-25 financial year.
He reminded members that the annual Company’s financial statements as presented at this meeting (agenda item 5) were ‘unamended’ by the auditor. The auditor stated that the Company’s financial statements report represents a “true and fair view on the Entity’s financial position as at 30th June 2025 and nothing to report in regards to any material misstatement”.
He referenced the associated auditor’s 2024-25 Governance Report, dealing with immaterial matters and procedural directions/recommendations specifically for the Board. Governance reports are not circulated to members.
Even so, the Company Secretary advised that one recommendation was the establishment of a formal petty cash imprest account which has been accepted by the Board.
The auditors also referenced Rental Pool accounting, recognising the heavy work completed with the Pool’s procedures and reconciliations. The Meeting was reminded that the last audit conducted on the 2021-22 financial year was qualified due to the Pool being irreconcilable. The Pool at that time was incapable of reconciliation due to, among other matters, the limitations of the underlying IT platform but all these issues have now been resolved.
The Company Secretary cited the auditor’s comments from the Governance Report:
“This year, no significant issues were noted, resulting in an unqualified audit report. The management and directors deserve recognition for their progress in strengthening company reporting.”
Moved Gary Graham
Seconded Stuart Turner
That the external Auditors Report of the 2024/25 financial year be received.
CARRIED
7. Appointment of Auditor for 2025-26 Financial Year
The Company Secretary Gary Graham advised the Meeting that the Board was recommending that no audit be conducted for the Financial Year 2025-26.
Moved Gary Graham
Seconded Stuart Turner
That no external Audit be conducted on 2025-26 financial year.
CARRIED
8. Notice of Motion
Director Rex Roubin explained the need for the amendments to remove transition clauses in the Constitution relating to the introduction of staggered 3-year director terms established in 2021. The changes also clearly stipulate a maximum of 2 directors can be elected in any given year.
He further noted that the Clause 29.7 amendment merely aligns director meetings with general meetings wherein the Chair has a casting vote to break deadlocks.
The Chair reminded the Meeting that a 2/3 majority of voting members was required for a special motion.
Moved Rex Roubin
Seconded Gary Graham
That the following proposed changes to the Constitution as detailed in circulated Meeting papers be approved by Special Resolution;
· amendment to clause 22.1
· deletion in clause 22.9
· renumbering clause 22.10 to clause 22.9
· amend clause 26.1
· amend clause 29.7
CARRIED
9. Update on 10-Year Capital Works Program
The Chair invited Director Scott Villiers and the Manager, James Freeman, to update the Meeting on progress of the 10-Year Capital Works Program.
Director Scott Villiers reminder members of the need to ensure the Company’s assets were fit for purpose as part of the pathway to Head Lease renewal and reduction in levies. He emphasised that capital buildup and strength was a Board focus to ensure projects are delivered. He provided details of each of the projects in the Program.
· Jessica Haven Moorings – complete.
· Security and carpark – complete.
· Restaurant refurbishment – 3rd project commenced
· Major building works
· Ground floor new tenancy
· Deck frontage
He outlined the next steps mainly focussed on the restaurant refurbishment and preparation for a new tenant already identified and under final negotiations.
10. Director Elections
Director Stuart Turner retired from the Board and in accordance with Clause 22 of the Constitution has advised he was not seeking a further term.
The Chair advised that two (2) nominations for the single Board position have been received necessitating a director election. He invited the candidates to address the Meeting. Each candidate provided a brief resume.
The Chair recognised James Freeman and Tracy as tellers, outlined the process and declared a 10-minute break in the Meeting for final voting to be lodged and a count conducted.
The Chair re-called the Meeting to order, thanked the candidates for their interest and candidature and announced the results of the poll declaring Jacqueline Walker as the successful candidate. He congratulated the successful candidate and sought a formal motion of appointment of Jacqueline Walker as a director.
Moved Chris Warnes
Seconded John Waller
That Jacqueline Walker be appointed a Director of Marina Owners Limited for a 3-year term.
CARRIED
The Chair sought the Meeting’s agreement for a motion thanking Stuart Turner for his contribution over a 4-year period.
Moved Don Amoore
Seconded Paul Hood
That the Meeting acknowledge and thank Stuart Turner for his contribution and service as a director of Marina Owners Limited. CARRIED
11. General Business
Bicycle Rack & Security
Chris Warnes raised concerns regarding the inadequacy of the current bicycle rack. It was noted that increased security measures are expected to reduce incidents of bike theft. Management advised that a review will be necessary to improve bicycle storage and that a fee may need to be considered.
Security Gate Opening Hours
Vicki Kippen queried whether the security gate should remain open until 8:00 pm, suggesting that an earlier closing time may be more appropriate. The suggestion was taken on notice by the Manager to be reviewed.
Use of 10c Recycling Proceeds
Ross Lemass asked for clarification on how the proceeds from the 10c recycling program are utilized. It was confirmed that the social club allocates these funds for the benefit of all marina users. The Chair noted that Management is not involved in the recycling project.
Hail Damage to Roof
Virginia Iliff enquired about plans to repair roof hail damage sustained between the amenity building and the fuel office. The Manager advised that repairs will be undertaken following the conclusion of the current storm season.
Restaurant Development Plans
Martyn Dwyer asked whether the proposed restaurant development includes the construction of a second storey. The Chair confirmed that no second storey is planned over the restaurant footprint.
Cleaning of Amenities
Luke Powell raised the issue of amenity cleaning and asked whether Sunday cleaning could be reinstated. The Manager responded that there are currently no plans to reintroduce Sunday cleaning.
Friday Night BBQ Contributions
Don Amoore asked whether the Company should contribute to the Friday night BBQ functions. The Chair clarified that this responsibility lies with the social club, not the Company however he took on notice the need for a new BBQ which would be a capital purchase responsibility for the Company.
Marina Wi-Fi
Martyn Dwyer questioned whether improvements to Wi-Fi speed and signal quality on the Marina are planned. Director Scott Villiers advised that distance over water was a problem and that boosters in the past had failed and that the Company had no further plans.
Solar System Feedback
Susan Perkowski asked how much solar-generated power is fed back into the grid. The Manager explained that due to the significant amount of power consumed onsite, very little electricity is returned to the grid.
12. Meeting Close
The Chair reminded members of the Christmas Party, set down for the Friday evening of 19th December 2025.
In closing he invited members to stay for drinks and finger food after the Meeting.
There being no further business, the Chair thanked the Manager and his staff, fellow directors and most importantly members for their support throughout the year.
The Meeting declared closed at 4.35pm.
