The Lamma IV had no life jackets on board for children, the report said.
The collision off Lamma Island was the worst maritime accident in Hong Kong for over 40 years.
BBC: Hong Kong mourns victims of Lamma Island boat collision
The Lincolnshire Agricultural Machinery Manufacturers Association (LAMMA) show is moving to Peterborough from Newark Showground in 2014.
Lamma lies some 3km (two miles) south-west of Hong Kong island, and is popular with tourists and expatriates.
The pleasure boat Lamma IV, and a high-speed ferry, the Sea Smooth, collided on 1 October last year.
The other ferry from Hong Kong and Kowloon Ferry Holdings continued its journey to Lamma Island with a damaged bow.
Hong Kong police have charged the captains of two vessels that collided off Hong Kong's Lamma Island last year with several counts of manslaughter.
The collision on Monday night involved a pleasure boat, the Lamma IV, and a ferry operated by the Hong Kong and Kowloon Ferry (HKKF) company.
BBC: Hong Kong mourns victims of Lamma Island boat collision
Specifically, the report said, there were numerous occasions during which government inspectors overlooked the fact that the Lamma IV was missing a watertight door installation during inspections.
Ms Gilson - found at her niece's property on Lamma Island - reportedly suffered head injuries but police could not confirm if she had died from them.
She said there had been a strong police presence around the island during the day and that the ferry piers on Lamma Island had also been under heavy guard.
As rescuers continue to search the waters off Hong Kong following a fatal boat collision, survivors describe the moment of impact and the chaos that followed as the Lamma IV pleasure boat sank.
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