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ANNUAL REPORT

AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.


DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

CONTENTS
Page No

Directory 1

President’s Report 2

Income and Expenditure Statement 7

Assets and Liabilities Statement 8

Movements in Equity Statement 9

Cash Flow Statement 10

Notes to the Financial Statements 11

True and Fair Certification by Members of the Committee 14

Audit Review 15

Club Presidents 17

Club Sponsors 18
DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

DIRECTORY
Executive Committee
Chairman/President: Natale Ricciardi
Vice Chairman/President: Alfonso Guaia
Treasurer: Vincenzo (Enzo) Ricciardi
Secretary: Vacant
Member Representative: Roberto Rossi

Registered Office
Norfolk Chambers
6 Norfolk Street
Fremantle WA 6160
Mob: 0409 881 825

Postal Address
PO Box 388
Fremantle WA 6959

Website
http://www.desmoclub.com.au/

Australian Business Number (ABN)


36 905 456 791

Financial Institution
National Australia Bank - Fremantle Branch
2 Queen Street
Fremantle WA 6160
Ph: 08 9431 8700

Auditors
Francis A Jones
154 High Street
Fremantle WA 6160
Ph: 08 9335 5211

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

PRESIDENT’S REPORT 2018

Dear Members,

In November 2016, with encouragement from Roberto Rossi of Clean Ride and vital support from
Stephen Couri of Fraser Ducati Perth, we decided it was time for Western Australia to enter the
D.O.C. world.

Live the Passion

Close your eyes and imagine an extended family that welcomes anyone that, like you, has one fixed
thought: an unconditional love for Borgo Panigale's bikes.

Imagine being able to enjoy new experiences, discover new places and take part in exciting events.

Imagine meeting new friends and travel companions each day, ready to welcome you and share those
unique feelings that only your Ducati can bring out in you.

Now open your eyes and stop imagining: now it's time to experience reality... the reality of the Desmo
Owners Club.

Incorporation

After recruiting our first 15 members and securing support from Fraser Ducati Perth, the next step
in our journey to becoming a D.O.C. was to incorporate an association. On 21 July 2017 our founding
members met at Fraser Ducati Perth to elect their committee and vote in favour of incorporation.
Desmo Owners Club of Western Australia Inc. was incorporated on 10 August 2017.

Acceptance into the D.O.C. family

It then took several months to satisfy Ducati’s many requirements and finally, in December 2017, our
young club was officially accepted into the international D.O.C. family.

Our launch party was hosted by Fraser Ducati Perth on 30 December 2017 and we invited the public
to submit their applications to join the only D.O.C. in Western Australia, the Desmo Owners Club of
Western Australia Inc.

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Desmo Club Membership

To avoid confusion with the acronym DOCWA (used by the Ducati Owners Club WA), on 26 January
2018 the Desmo Owners Club of Western Australia Inc. registered the business name Desmo Club.
In 2018, membership to the Desmo Club included:

• an exclusive Desmo Club Kit including T-Shirt;


• a personalised Desmo Club member's card;
• access to the members only Facebook group;
• latest news and special events from Ducati;
• discounts for participating in World Ducati Week 2018, Ducati Riding Experience, Ducati
Adventure Riding Experience and Ducati Travel events;
• discounts for tours of the Ducati Factory and Museum as part of the Borgo Panigale
Experience;
• exclusive member discounts at Fraser Ducati Perth; and
• participation in several local club events throughout the year.

I am very proud to report that since the launch party the Desmo Club has grown rapidly, to more
than 75 members!

Desmo Club Events

During our first year we have held more than 15 events, including: local rides, country rides, track
days, an overnighter in Bridgetown, pizza nights, tickets to the Wayne Gardner Movie, a VIP unveiling
of the Panigale V4 and more.

These fantastic events were made so awesome by all our members who organised, led and attended
them. Thank you!

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Ambassadors

In August 2018 Alfonso Guaia went to Sicily and met with the Presidents of DOC Trapani and DOC
Palermo and, in September 2018, Roberto Rossi went to Switzerland and met with the President of
DOC Zurich, to exchange Club Shirts and ideas.

Also in September 2018, Yusuf Adams completed a Ducati Riding Experience at Mugello aboard the
fantastic Panigale 959!

Other Desmo Club members who represented our Club overseas in 2018 are:

Frank Tenaglia - WDW18 Nick and Sapphire Bentley –


World Ducati Week, Bologna, Italy MotoGP, Barcelona, Spain

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Scott Lambden – MotoGP, Thailand

Mark Sinclair – MotoGP, Misano, Italy

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Looking ahead

I am very proud of the Desmo Club’s achievements in its first year. I would like to sincerely thank
all of you for joining the club, participating in the events and for your support and encouragement
throughout the year. We already feel like one big Ducati family!

To any members wishing to volunteer on the committee, please put your hand up. Our primary focus
in 2019 will be on hosting more fantastic rides and other social events, with the intention of attracting
even more members to continue growing our Desmo Club.

I truly hope that everyone renews their memberships in 2019 and continues to share the passion
that is being a Desmo Owner!

Yours Faithfully,

Natale Ricciardi
Desmo Owners Club of Western Australia Inc.
President

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

INCOME AND EXPENDITURE STATEMENT


FOR THE YEAR ENDED 30 JUNE 2018

2018 2017
Note $ $
Income
Member fees 3 4,450 -
Total income 4,450 -

Expenditure
Fundraising expenses (89) -
Sponsorship expenses (89) -
Administration expenses (575) -
Amortisation (22) -
Fees & permits (82) -
IT & website (156) -
Merchandise expenses (2,998) -
Total expenditure (4,011) -

Current year surplus 439 -


RETAINED SURPLUS AT THE BEGINNING OF THE FINANCIAL YEAR - -
RETAINED SURPLUS AT THE END OF THE FINANCIAL YEAR 439 -

The accompanying notes form part of these financial statements.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

ASSETS AND LIABILITIES STATEMENT


AS AT 30 JUNE 2018

2018 2017
Note $ $
Current assets
Cash at bank 4 3,697 -
Total current assets 3,697 -

Non-current assets
Formation costs 5 94 -
Total non-current assets 94 -
TOTAL ASSETS 3,791 -

Current liabilities
Trade and other payables 6 3,352 -
Total current liabilities 3,352 -
TOTAL LIABILITIES 3,352 -

NET ASSETS 439 -

Members’ Funds
Opening balance - -
Current year surplus 439 -
Total capital reserves 439 -
TOTAL MEMBERS’ FUNDS 439 -

The accompanying notes form part of these financial statements.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

MOVEMENTS IN EQUITY STATEMENT


FOR THE YEAR ENDED 30 JUNE 2018

General funds $
Balance at 1 July 2016 -
Operating surplus/(deficit) -
Balance at 30 June 2017 -

Operating surplus 439


Balance at 30 June 2018 439

The accompanying notes form part of these financial statements.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

CASH FLOW STATEMENT


FOR THE YEAR ENDED 30 JUNE 2018

2018 2017
Note $ $
Cash flows from operating activities
Member and customer receipts 4,450 -
Payments for fundraising expenses (89) -
Payments for sponsorship expenses (89)
Payments to suppliers and employees (575) -
Net cash flows from operating activities 3,697 -

Cash flows from investing activities


Payments for property, plant and equipment - -
Net cash flows from investing activities - -

Cash flows from financing activities


Proceeds from financing activities - -
Net cash flows from financing activities - -

Net increase in cash and cash equivalents 3,697 -


Cash and cash equivalents at beginning of year - -
Cash and cash equivalents at end of year 4 3,697 -

The accompanying notes form part of these financial statements.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

NOTES TO THE FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE 2018

NOTE 1: NATURE OF OPERATIONS OF DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

Desmo Owners Club of Western Australia Inc. is an association incorporated under the Associations
Incorporation Act Western Australia 2015. The date of incorporation was 10 August 2017. Desmo
Owners Club of Western Australia Inc. is here for enthusiasts interested in sharing the passion
inspired by the Ducati brand and who want to be part of a group providing an exciting set of social
and riding events. Our goal is to foster and support a vibrant Ducati-exclusive motorcycling
community in Western Australia.

Principle activities during the year were to: launch the club in Western Australia, recruit members
and undertake organised events where members can pursue their passion of Ducati in a social
environment.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation
The financial statements are prepared on an accruals basis and are based on historical cost. The
financial statements are special purpose financial statements prepared in order to satisfy the
requirements of the financial reporting requirements under the Associations Incorporation Act
Western Australia 2015. In the opinion of the management committee, Desmo Owners Club of
Western Australia Inc. is not a reporting entity because there are no users dependent on general
purpose financial statements.

The following significant accounting policies have been adopted in the preparation of these financial
statements.

a. Income Tax
The association is exempt from income tax under Division 50 of the Income Tax Assessment
Act 1997.

b. Cash on Hand
Cash on hand includes cash on hand, deposits held at call with banks, and other short-term
highly liquid investments with original maturities of three months or less.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

NOTES TO THE FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE 2018

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

c. Accounts Receivable and Other Debtors

Accounts receivable and other debtors include amounts due from members as well as
amounts receivable from donors. 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.

d. Revenue and Other Income


Revenue is measured at fair value of the consideration received or receivable.

Interest revenue is recognised when received.

Grant and donation income is recognised when the entity obtains control over the funds,
which is generally at the time of receipt.

e. 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.

f. Accounts Payable and Other Payables


Accounts payable and other payables represent the liability outstanding at the end of the
reporting period for goods and services received by the association during the reporting
period that remain unpaid. The balance is recognised as a current liability with the amounts
normally paid within 30 days of recognition of the liability.

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

NOTES TO THE FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE 2018

2018 2017
$ $
NOTE 3: MEMBER FEES
Fully paid subscriptions 4,450 -
4,450 -

NOTE 4: CASH AT BANK


NAB community fee saver account1 3,697 -
3,697 -
1
Bank account opened 3 January 2018. Unrestricted, nil banks fees apply.

NOTE 5: FORMATION COSTS


Application fee 116 -
Less: amortisation (22) -
94 -

NOTE 6: TRADE AND OTHER PAYABLES


Accrued expenses 3,154 -
Reimbursable expenses to committee members 198 -
3,352 -

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

TRUE AND FAIR CERTIFICATION BY MEMBERS OF THE COMMITTEE

Annual Statements Give True and Fair View of Financial Position and Performance of the
Association

We, Natale Ricciardi and Enzo Ricciardi, being members of the committee of Desmo Owners Club of
Western Australia Inc., certify that:

The statements attached to this certificate give a true and fair view of the financial position and
performance of Desmo Owners Club of Western Australia Inc during and at the end of the financial
year of the association ending on 30 June 2018.

Signed:

Dated: 17th October 2018

Signed:

Dated: 17th October 2018

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INDEPENDENT AUDIT REVIEW REPORT TO THE MEMBERS OF DESMO OWNERS CLUB OF
WESTERN AUSTRALIA INC

Report on the Financial Report

We have reviewed the accompanying 2018 financial report of Desmo Owners Club of Western
Australia Inc., which comprises the assets and liabilities statement, income and expenditure
statement, cash flow statement, movements in equity statement as at 30th June 2018, a
summary of significant accounting policies, other explanatory notes and the true and fair
position report of the committee.

Committee’s Responsibility for the Financial Report

The committee of the Desmo Owners Club of Western Australia Inc. are responsible for the
preparation and fair presentation of the 2018 financial report in accordance with the Australian
Auditing Standards and for such internal control as the committee determine is necessary to
enable the preparation and fair presentation of the 2018 financial report that is free from
material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the 2018 financial report based on our review.
We conducted our review in accordance with Auditing Standard on Review Engagements ASRE
2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order
to state whether, on the basis of the procedures described, anything has come to our attention
that causes us to believe that the financial report is not presented fairly, in all material respects,
in accordance with the Australian Auditing Standards.

As the auditor of Desmo Owners Club of Western Australia Inc., ASRE 2410 requires that we
comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a 2018 financial report consists of making enquiries, primarily of persons


responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
Australian Auditing Standards and consequently does not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have compiled with the independence requirements of


Australian professional accounting bodies.

Conclusion

Based on our review, which is not an audit, nothing has come to our attention that causes us
to believe that the 2018 financial report of Desmo Owners Club of Western Australia Inc. does
not present fairly, in all material respects, the financial position of the Desmo Owners Club of
Western Australia Inc. as at 30th June 2018, in accordance with Australian Auditing Standards.
INDEPENDENT AUDIT REVIEW REPORT TO THE MEMBERS OF
DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC

Basis of Accounting

Without modifying our opinion, we draw attention to Note 2 to the financial report, which
describes the basis of accounting. The financial report has been prepared to assist Desmo
Owners Club of Western Australia Inc. to meet the requirements of the Associations
Incorporation Act WA. As a result, the financial report may not be suitable for another purpose.

………………………………………………………
DANIEL PAPAPHOTIS
REGISTERED COMPANY AUDITOR
FRANCIS A. JONES PTY LTD
154 HIGH STREET
FREMANTLE WA 6160

Dated: 17th October 2018


DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

CLUB PRESIDENTS

2018 Natale Ricciardi


2019
2020

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DESMO OWNERS CLUB OF WESTERN AUSTRALIA INC.

CLUB SPONSORS

2018

2019

2020

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