CRUISING YACHT CLUB OF SOUTH AUSTRALIA
2010 – 2011
Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive North Haven South Australia PO Box 1020 North Haven SA 5018 Telephone:
08 8248 4222
Facsimile:
08 8248 5888
Email:
reception@cycsa.com.au
Web:
www.cycsa.com.au
annual
r e p ort
Front cover photo courtesy of Greg Pratt Front inside cover photo courtesy of Greg Pratt Back inside cover photo courtesy of Gerry Colella Back cover photo courtesy of Trevor Paynter
Club Sponsors
Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke and Sarah Lawrie. Graphic Design by Paynter Visuals Printed by Reflex Printing
The CYCSA thanks its major sponsors for their support during 2010/2011: Port River Marine Phil Hoffmann Travel Musto Yalumba Penfolds Corpor8 It Solutions Charlesworth Nuts Custom Cartons Cummins Maritimo Adelaide R Marine Saltbush Lamb Georges Wines Doyle Sailmakers
Membership as at 31.05.2011
Honorary Foundation Senior Pt Vincent Senior Member Racing Associate Intermediate Junior Total
7 36 541 46 185 261 64 5 41 1186
Contents Cruising Yacht Club of South Australia
Administration
2
Board Committees
2
Club Committees
2
Club Association Committees
2
Life Members
2
Board of Management
3
Flag Officers
3
President’s Report
4
Treasurer’s Report
6
Commodore’s Report
7
Audit Committee Report
8
Marina Maintenance Committee Report
9
CYCSA Marine Academy Committee Report
10
Membership Services, Sponsorship and Recruitment Committee Report
12
Groundswell Editorial Committee Report
13
Cruising Association Report
14
Fishing Association Report
16
Social Activities Association Report
18
Racing Association Report
19
Club Structure
21
CYC (SA) Unit Trust and Controlled Entities Financial Report
22
CYCSA Vessel Register
45
1
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Administration
Committees
Executive Officer Finance Manager Administration Manager Marketing/Leasing Coordinator Receptionist Racing Manager Slip Master Gardener Maintenance Cleaner Head Chef Food & Beverage Manager Functions Manager Pt Vincent Manager Marine Academy Coordinator Marketing
BOARD COMMITTEES
Craig Evans Marina Segodina Jenny Krogdahl Laura Cowley Prue Hallion Jess Hargreaves Tim Went Robert Gray Daniel Preece Malcolm Murray Andreas Bauer Mario Cataldi Michelle Matte Rob Marner Matt Young Rob Williams
Audit Committee Chair Andrew Corletto (Board Member) Henry Petersen (Treasurer), Noelene Westlake (Senior Member), Craig Evans (Executive Officer)
CYCSA Marine Academy Chair Andrew Saies (Board Member) John Gerard (Board Member), Geoff Catt (Commodore), Rod Hunter (Senior Member), Chris Morphett (Vice Commodore), Rowland Richardson (Senior Member), Craig Evans (Executive Officer), Matt Young (MA Course Coordinator), Brett Yardley (Senior Member)
Facilities Committee Chair John Gerard (Board Member - Chair until Dec 2010) David Murray (Board Member - Chair from Jan 2011) Graham Meyers, (Senior Member), Geoff Boettcher (Senior Member), Joe Walker (Senior Member), Craig Evans (Executive Officer)
Club Associations Cruising Association Committee
History Project Committee
Chair
Membership Committee
Chair John Gerard (Board Member) Tom Tymons (Board Member), Trevor Paynter (Member), Craig Evans (Executive Officer)
John Sibly (until Nov 2010) Keith Degenhardt (from Dec 2010) Martyn Heffernan, Robert Perrin, Terry Denham, Len Stephens, Roger Flint
Fishing Association Committee Chair Glenn Spear Peter Newmarch, Geoff Wiggins, Malcolm Kitto, Ray Baddeley, Bruce Tasker, John Colella, Graham Meyers, Leica Theodore
Racing Association Committee Chair Traci Ayris William Strangways, Nicole Burtt, Brenton Pegler, Peter Hall, Roger Nicolson
Social Activities Association Committee Chair Jacq Heffernan Sandra Richards, Pam Humeniuk, Morag Draper, Delia Mace, Karen John, Sally-Anne Geddes
Brian Mellors (Senior Member), Barbara Page (Senior Member), Peter Page (Senior Member), Martyn Heffernan (Senior Member), Jacqueline Heffernan (Senior Member), Trevor Kipling (Senior Member)
Member Services, Sponsorship and Recruitment Committee Chair Wayne Coonan (Board Member) John Sibly (Senior Member), Jim Cameron (Senior Member), Traci Ayris (Senior Member), Brett Yardley (Senior Member), Kerry Lampard (Senior Member), Craig Evans (Executive Officer), Laura Cowley (Marketing/ Leasing Coordinator)
CLUB COMMITTEE Groundswell Editorial Committee
Other Associations The Cruising Yacht Club of SA is a member of the following Associations:Boating Industry Association of South Australia Marina Industries Association of Australia Clubs SA Business SA International Training & Management P/L Yachting Australia Yachting South Australia Game Fishing Association of Australia Australian Bridal Industry Academy Good Sports
Cruising Yacht Club of South Australia Annual Report for 2010/2011
2
Craig Evans (Executive Officer), Gay Footer (Senior Member), Robert Perrin (Senior Member), Jenny Krogdahl (Administration Manager), Owen Mace (Senior Member)
Life Members Arthur F Carolan Richard H Fidock AO Graeme L Footer James A Henry (deceased) Malcolm A Kinnaird AC
Board of Management
Andrew Saies President
Henry Petersen Treasurer
Wayne Coonan
Andrew Corletto
John Gerard (until Dec 2010)
David Hughes (from Dec 2010)
David Murray
Tom Tymons
Executive Officer
Flag Officers
Craig Evans Executive Officer
Geoff Catt Commodore
Chris Morphett Vice Commodore
Rob Sellick Rear Commodore
3
Cruising Yacht Club of South Australia Annual Report for 2010/2011
President’s Report I am pleased to present my first annual report as President for the year ending 31 May 2011.
Finances and Membership The Club continues to own and manage, through its various entities, valuable land, water and property assets. The net worth of the Club is very strong and is able to underpin any borrowing that the Club may need to make in the short term in order to undertake projects such as Marina East Replacement until such time as further sales of berths in Marina West enable retirement of those short term borrowings. In the post GFC environment, discretionary spending has contracted and this has significantly affected the marina and boating industry generally. It is pleasing to report that at the CYCSA, membership numbers have remained fairly stable at approximately 1200 as have new membership installments of around 50 per year and resignations stable at around 50 per year. Numbers of berths for sale have slightly increased and the time taken to sell a berth has also increased. The number of new boats into the Club and the number of boats racing have shown an upward trend in the last 12 months following two to three years of decline or static movement. However, member spending, sponsorship revenues and revenues from events and functions have all declined in the last 12 months. Given the significance of the impact of the GFC and its ongoing aftermath, these figures and trends are better than might have been the case. Nearly seventy percent of our members have been members for five years or more. The value of CYCSA membership continues to be recognized by these and many other members, even in this dip in the economic cycle. Membership fees and corporate fees set on an annual basis by the Board are inevitably a cause for debate or occasionally complaint by members. I can assure you that the Board takes into account many factors when setting these fees. Comparisons with other facilities in South Australia and other clubs in Australia both in terms of fees, membership categories and facilities available to members are all taken into consideration. The Board believes our facilities are comparable with the very best yachting and boating clubs in Australia and comparable to the best of many other sporting clubs. When making comparisons about such things as membership fees or corporate fees, we should all make sure that we are truly comparing like with like. These fees of course help to support and maintain all Club operations and facilities not just marina berths.
Appropriate structural modeling, business planning and financial modeling were all undertaken with construction of the marina being dependent on securing sale contracts on enough berths to cover construction costs. This was achieved. What was not planned for was the nearly two year delay in obtaining the required approvals to build a marina in a marina zone precinct. Not only did this delay and push up the costs of construction, it also pushed out the completion date by nearly two years and saw the Club marketing and trying to sell discretionary income assets, ie new marina berths at the height of the GFC and subsequently in its aftermath. While construction costs of Marina West have been paid for, the sales that the Club expected to have completed by now have not yet been realized. Funding for a number of anticipated Club refurbishments or developments was contingent on these sales occurring. This situation has therefore created a short fall in revenue for these earmarked projects. The situation has been compounded by the need to spend additional money on the inner breakwater wall in order to improve conditions in the marina during severe weather events. Having considered all possible scenarios the Marina West Committee along with Craig Evans have undertaken an enormous amount of behind the scenes work in order to get the various approvals for the inner breakwater extension. It is the Board’s priority to change any adverse perceptions about Marina West by improving comfort levels in the marina in a definitive way, thereby greatly assisting in our marketing efforts which in turn will drive sales. Revenue from the sales will enable the staged replacement of Marina East and future clubhouse developments to occur. The impact of the post GFC world on discretionary expenditure, particularly in the leisure and boating industries, is fact. We cannot therefore undertake the previously anticipated projects at the speed and time of our choice and this represents prudent management of Club funds and members’ interests. At the time of writing this report the Board has committed to an ongoing robust maintenance program of Marina East, delaying commencement of full replacement by at least a year and has deferred any consideration of a major clubhouse refurbishment. However, the Board has defined a key set of triggers that will accelerate or delay any of the projects under consideration.
Marina West
Marina East Replacement, North Haven Storage Facility and Port Vincent BBQ
Some six years ago the Board of the CYCSA embarked on the development of a new Club marina in the Western basin. Based on sound growth estimates, a buoyant SA economy and documented demand for larger berths in the twenty to thirty metre range, the Board proceeded with the development with confidence.
The Board’s intention is to delay if possible staged replacement of Marina East for another year. This decision is subject to a full report of the Marina East Replacement Committee. They are currently taking into account survey information and at the time of writing this report their recommendation is not yet available to the Board.
The Club’s track record of very successful and innovative purchases and development of land and water assets had given the CYCSA the enviable reputation as one of Australia’s best managed marina and Club facilities.
An appropriate design for a modular storage system for members is close to completion at the time of writing this report and again the Board awaits that committee’s recommendations before communicating the exact nature and cost of such a facility. Overall, it is envisaged that this would be largely self funded with
Cruising Yacht Club of South Australia Annual Report for 2010/2011
4
members needing to pre-purchase their desired requirement before construction. Plans have been approved by Port Vincent Council for a barbeque and amenity facility at the marina. It is important to note that there are over 72 senior members with berths at Port Vincent and they have long been promised an improvement in the shore based amenity there. Plans and costings are being finalized for consideration by the Board at the time of writing.
Board Activity At the 2010 AGM John Gerard stood down as Club President and subsequently retired from the Board in December that year. The casual vacancy was filled by David Hughes with a background in finance and accounting. I thank John for the many years he has given to the Club as a Board member and most recently as President. Under his leadership Marina West was completed and opened and plans for the projects outlined in this report all initiated and progressed. John also commissioned on behalf of the Board the writing of the Club’s history in its first 40 years. This will be published in time for this important milestone in 2013. John has been a great advocate for the Club and its achievements, facilities and the benefits of membership. On behalf of all members I thank him for this contribution and look forward to seeing him back at the Club as a member on many occasions in the future. The Board completed a mini strategic planning exercise earlier this year and identified the following areas for special attention. 1. Facilities 2. Member Services 3. Sponsorship, sales, marketing and promotion 4. Communications 5. Management responsibilities 6. Financial performance The Board has developed a position that defines maximum total debt and the level of debt that can be accepted for both Marina West breakwater and Marina East replacement. While we are limited in funds for capital works expenditure we have dedicated Board time and expertise to many other areas of our services and activities. I wish to thank all Board Members for their contributions this year.
Associations It is pleasing to report that all Associations are providing a variety of activities for their members and these remain well attended. The reporting of these activities and the financial status of the Associations to the Board on a regular basis has improved our governance. While not intending to impinge in any way on the independence of Associations a better relationship in both communication and understanding between the Club, Board and Associations has the potential to drive better, whole of Club outcomes that will in time benefit all members. Our efforts to approach sponsorship in a coordinated way is such an example. I wish to acknowledge and thank the committees of all the Associations who dedicate their time in the interests of the Club and its members.
Flag Officers Geoff Catt, Chris Morphett and Rob Sellick have again been great
workers and ambassadors for the Club and I thank them for their contribution. Our system, tested over many years, of these positions being Board appointed, continues to work well. Geoff and Rob have worked hard on developing an MOU with the RSAYS on a preferred sail boat racing pathway that both Clubs will try and introduce, in time, hopefully providing fleet and match racing opportunities particularly for young sailors making the transition from dinghies to keel boats. Geoff has also been responsible for the reciprocal membership arrangement with the Naval, Military and Airforce Club and has firmed up visiting privileges for our members with a number of yacht clubs. On another important front Chris has hosted the Captain’s Table new member’s functions for some years. Chris has indicated that he intends to stand down as Vice Commodore from August 2011 to pursue land based travels. I thank him and Rosalie on behalf of all members for their contribution to the Club.
Club Administration I wish to thank and acknowledge our office, catering and maintenance staff. They are dedicated to the Club and manage many and varying expectations of members. Complaints about staff or services are rare but are fully investigated and responded to. Low grade noise from members around catering quality and availability continues but the reality is that it is impossible to meet everyone’s expectations on price, taste and utilization. The hospitality credit has been introduced to encourage all Senior members to purchase at least one meal for two people at the Club per year. Increased activity will assist the whole area to deliver better value to members. Groundswell continues to be the cornerstone of Club communications and the quality of its production and publication are due to the efforts of many, once again led by Gay Footer and assisted by Trevor Paynter. Craig has again been very effective in steering development applications and managing projects. At the time of writing he has just been awarded the inaugural Global Marina Institute scholarship for outstanding leadership and service to that sector. This will give Craig an expenses paid two week attendance to the Advanced Marina Management Course in the UK in February 2012. We should all be very proud to have him on our team. Our ongoing profile as a popular and award winning venue for weddings is a credit to Michelle and Mario and the packages that they have developed. I know some in the Club think these events an unnecessary intrusion but they generate good income for the Club and will continue.
Conclusion The Club has weathered a reduction in overall activity and sales in 2010/11 by delaying certain projects but continuing with others deemed to be strategic for the Club long term. I thank all members for their ongoing support, by remaining financial members, by continuing to enjoy the amenities and opportunities provided and for getting involved with your chosen Association.
Andrew Saies, President 5
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Treasurer’s Report The Year in Review
Cash Flow
Last year it was hoped that the economic climate would improve and we could look forward to better times, but unfortunately this has not eventuated. Not only has it caught up with the Club but with the community in general, and retail sales, all experiencing difficult trading conditions, with discretionary spending declining and operating costs ever increasing.
The Club’s healthy cash flow position was maintained throughout the year enabling capital spending of $275,736, which included improvements to marina, plant and equipment and office equipment.
Despite the unfavourable economic conditions prevailing, cash flows have been carefully maintained with the decision to postpone some of the major capital works. Once again a truly historical achievement had been made with Secret men’s Business 3.5 winning the Sydney to Hobart Yacht Race. Congratulations to all crew members on the outstanding performance. The tireless efforts of our Associations cannot pass without a mention, as they contribute so much time and energy to ensure that all members can participate and have an enjoyable time.
The cash position as at year end was $719,139 (last year $289,770).
Balance Sheet Consolidated assets for the year totalled $19,448,945 (last year $19,255,334). Increase in total assets was attributed to the cash balances held after amortisation of assets and inclusion of capital expenditure. Consolidated liabilities for the year totalled $6,389,984 of which $5,641,939 relates to an inter entity loan; (last year $6,176,612 and $5,384,535 respectively). To date there are no Bank Loans outstanding.
During the year two new appointments have been made: Finance Manager - Marina Segodina who replaced Zoya Gretchkosiy, and Head Chef - Peter Batrachenko replacing Andreas Bauer.
Equity units increased during the year with settlements on Marina West Berths.
Income Statement
Unfortunately economic uncertainty will continue, making it very difficult to commit to large infrastructure projects.
As previously mentioned, substantial amortisation provisions have been applied in respect of all infrastructures. This year depreciation taken into account amounted to $581,844; resulting in an overall operating deficit for the year of $(179,010). Contributions by the respective entities to the operating deficit for the year are as follows; CYCSA Inc. $(107,144) Deficit CYC Ramp Trust 131,666 Surplus CYCSA Unit Trust (203,532) Deficit
Revenue Income for the year as per the detailed Profit and Loss statement decreased by $56,404 from the previous year; total net revenue this year $2,247,178 (last year $2,303,582). Most notable decline in revenue occurred in the net trading margin of catering, bar & resale. This year Club memberships have remained relatively stable throughout the year.
Expenditure Expenses for the year as per the detailed Profit and Loss statement increased by $163,919 from the previous year; total this year $2,426,188 (last year $2,262,269). With anticipated escalating expenditure for the year ahead particularly in Insurances, Rates, Levies and other charges, careful consideration on expenditure will be a priority.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
6
Year Ahead
Decision has been made to defer the Marina East replacement programme for another year, which took into consideration: (a) A survey conducted during the year on the overall condition of the berths revealed that the deterioration has not changed significantly from the previous survey conducted in 2009. (b) Funding of the project which is largely depended upon sales of Marina West Berth. The development of the business plan will also be deferred, which is also dependent upon future cash flows. Priority will be given to the construction of the rock wall in Marina West. Henry Petersen, Treasurer
Commodore’s Report By any measure 2010/2011 has been a pretty good year for our great Club, on and off the water. The highlight of course has to be this year’s Sydney to Hobart result. At last year’s Sydney to Hobart Dinner I reminded everyone that 2010 was the 60th anniversary of Nerida’s win in 1950, that she was followed by Ingrid in 1952, Ausmaid in 2000 and with Two True bringing home the bacon to the CYCSA in 2009, what more could we expect? Well, as you all know, Geoff Boettcher and the crew of SMB3.5 cracked it and brought the Tattersalls Cup back to South Australia again! What a fantastic achievement and our congratulations go to Geoff and his team. But before all that, our Opening Day held in October had ushered the season in with great gusto. A special thanks was extended to those members who gave time away from their own boats and guests during Opening Day to help run the inaugural “Unforgettable Challenge”, where teams competed in a series of events from origami to dinghy racing to win a magnificent Unforgettable Houseboats prize, kindly donated by Mark and LeeAnne Flanagan. We also announced and congratulated our Volunteers of the Year – two of them this year – Paul Gardiner and Ray Evans. Well done gentlemen and thanks from all of us for the years of support you have given the Club, particularly as race officials, boat crew and in many other areas. A Club like ours simply cannot operate without members like you. Mention should also be made of all of our club staff who did so much to ensure that the day ran smoothly and was able to be enjoyed by members and guests. The sailing season has been as spirited and enjoyable as ever and culminated with trophies being awarded to winners at a most memorable Presentation Night in May. In particular we congratulated Geoff Boettcher again on his well deserved Yacht of the Year and especially Adam Common, bowman on SMB3.5, as Crewman of the Year. Well done to Traci, Jess and the REX. It was also my great pleasure to reverse proceedings from last year’s Presentation Night and wrest the Commodore’s Shield from the hands of RSAYS Commodore Peter Kelly – thanks to all for your on water efforts! Also on the sailing front, we acknowledged all competitors and winners in the rather interesting 61st Adelaide to Port Lincoln
Race as well as Another Planet (Brenton & Tracey Pegler & Alan Hambly), Game Over (Julian Newton), SMB 3.5 (Geoff Boettcher), Shining Sea (Andrew Corletto) and Two True (Andrew Saies) on their involvement in the Geelong Audi Race Week in January. Well done to everybody – it’s not easy campaigning interstate but it’s great to see that blue water racing is alive and well at the CYCSA! Meanwhile, our other associations have been as active as ever and this was evidenced by the number and variety of functions that were organized and run by members – some are low key BBQs, some are black tie dinners, but they all represent the great cross section of membership that I think makes our Club what it is. Crabbing Day, the Sydney to Hobart Dinner, the Christmas Party, the Boat Hop, the Mouse Cup, the Gourmet Seafood Dinner, the Commodore’s Dinner – these are just a few examples of events which would not happen without active Associations. Last year I announced that following discussions with then RSAYS Commodore Caillin Howard, both clubs agreed to establish a joint Sailing Development Committee. The Committee was to evaluate and select the most appropriate common intermediate keel boat for training and racing. Each club would then purchase their own racing fleet and adopt training and joint racing programs to support these new boats. The other CYCSA members of this committee have been Rob Sellick, Chris Tillett and Brett Yardley. Although we are running a little behind schedule, this committee has done a fantastic job in analysing a large number of contenders from all over the world and are about to make their final recommendation to the Board. I would like to thank these members for their attention to detail and diligence in the job so far. I’m pleased to confirm that the Club has now signed agreements and exchanged burgees with thirteen similar yacht clubs in Australia, the United Kingdom, New Zealand, Hong Kong, Brunei, Malaysia, Thailand and Singapore offering reciprocal rights for visiting members. More positive responses are expected and these, together with club contact details, will continue to be posted under special links on our website. I trust that CYCSA members visiting these reciprocal clubs will be made welcome and enjoy the facilities on offer. Members will be aware that we have also negotiated a reciprocal agreement with the Naval Military and Air Force Club in Adelaide whereby senior members are able to join the NMAFC at a very
7
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Commodore’s Report (continued) reasonable annual fee and enjoy full (non voting) rights at that Club. Similarly, their members are able to become casual members of the CYCSA and enjoy all that we have to offer. I believe this is excellent value for both clubs and should lead to added patronage at both venues as well as potential new full members. I would like to acknowledge and thank all members who have volunteered their time, skills or services in any way over the last season. A Club such as ours would not be the same without your efforts. Similarly, we are well served by our Executive Officer Craig Evans and his staff – many members would be unaware of the “above and beyond” calls of duty that are responded to without complaint and I thank them on your behalf. A little closer to home, I would like to acknowledge and thank most sincerely my fellow Flag Officers – Chris Morphett and Rob Sellick. These two members and their partners Rosalie and Jayne
have been exemplary in the way they have performed the tasks expected of them, but in particular they have never failed to spot an area where they think they can help and run with it. Thank you gentlemen. As you know, Chris is standing down tonight to give himself some time in the caravan and I wish him and Rosalie all the best. Finally, this Club could not operate without a Board of Management that is cohesive, comprised of the right mix of skills and knowledge, and that has the best interests of the Club at heart at all times. I think we have such a Board and because they don’t get thanked publicly too often, I would like to do so now as well. Thank you for the opportunity to be the Club’s Commodore – it’s an honour and a privilege. Geoff Catt, Commodore
Audit Committee Report The Audit Committee’s Terms of Reference are to provide assurance to the Board that the Club is meeting its financial responsibilities with respect to overseeing all aspects of financial reporting, control and functions. The Committee’s responsibilities include: •
To develop an annual audit plan to be reviewed and authorised by the Board;
•
To periodically review the accuracy of the Executive Officer’s financial reporting to the Board against Board stated criteria;
•
To liaise with the external auditors;
•
To review the annual audit plan of the auditors;
•
To review the audit findings and the annual financial statements;
•
To oversee compliance with statutory responsibilities relating to financial and other disclosure;
•
To periodically monitor corporate risk assessment, particularly financial risk, and the internal controls instituted in response to such risks; and
•
To manage the conduct of such orders in other areas of the Club operations against Board stated criteria as requested by the Board.
During the course of the year, in addition to its usual reviews of financial reporting disclosures, the Audit Committee supervised the handover of the audit to the Club’s new auditor, Geoff Edwards of PKF. At the 2010 AGM, the members approved of a Cruising Yacht Club of South Australia Annual Report for 2010/2011
8
change of auditor to PKF following a tender and review process. At the AGM it was noted that in accordance with good corporate governance practice, the Board decided to put the Club’s audit out to tender. The Club’s existing auditor was included in the tender process. The Board decided that, notwithstanding the good service provided by the then current auditors, Cleland McFarlane Selth over many years, it was appropriate to replace them with PKF. I am happy to report that the transition to the new auditor has gone well and as planned. I would like to thank my fellow committee members, Henry Petersen and Noelene Westlake for their contribution and assistance during the year. Andrew Corletto, Chair Audit committee
Marina Maintenance Committee Report
As usual there has been plenty of ongoing maintenance. We are now well into the mode of replacing and not just repairing many parts of the marina. These items include power points, RCD’s, knee brackets, triangular panels, water pipe brackets, whalers, fendering, hose reels, etc, etc.
We need to be aware that we have a rapidly ageing facility which is going to need a lot of maintenance in the next few years. I draw your attention to the speed signs (4 knots) as some members are ignoring this requirement. Wave motion causes significant stress on pontoons and can be avoided by good seamanship.
Gate One has been modified to remove the track and new control gear installed, thereby reducing the number of breakdowns.
The Marina East Replacement Committee has been reformed and is currently in the process of drawing up specifications for the replacement of Marina East berths in preparation of going to tender. Also under review are ongoing maintenance issues, replacement of twisted fingers, pontoons and any other associated safety issues.
The slipway wedge has been refurbished and the door for closing the slipway winch put in during King tides is now working. Signage has been again upgraded in an effort to reduce the risk of accidents. Again we are involved in maintaining and expanding OHS & ISO and the new contractor’s regulations are in place and the first inductions have been carried out. With the replacement of Marina East berths coming closer, members should be aware that a significant part of the cost lirs in disposal of the old fingers (approx $1800 ea), so if anyone has any bright ideas please let us know.
My thanks to all the staff especially Rob, Dan, Malcolm and Gary for their efforts during the year and especially during and after my illness last year. Tim Went, Slipmaster
9
Cruising Yacht Club of South Australia Annual Report for 2010/2011
CYCSA Marine Academy Committee Report The Academy completed its fourth year of activity now under the direction of Matt Young. Matt commenced at a time when access to appropriate on water vessels and access to appropriately qualified YA certified instructors was at a low. RYA and YA changes to the various training scheme instructor requirements meant that opportunities for course offerings this year have been limited. Matt Young however has had a good learning curve period and a number of changes and background work have occurred in order to provide a significant increase in activity in the 2011/2012 sailing year.
Courses A number of the more popular courses have continued to be run this year. These include navigation, radio-operator, Safety Sunday, SSSC and a number of courses being conducted on J24’s as part of the YA National Keelboat Scheme. The Academy is in a transition phase between the previous RYA/ YA certification requirements for courses and instructors and a new scheme to be rolled out from this year forward. To this end the Academy has had to reboot its instructor stocks and qualifications. At the time of writing this report Matt Young, Rod Hunter, Brett Yardley, Andy Shipp and John Edwards are working towards an increase in their credentials by doing approved instructor training through YA to enable the Academy to become a Certified Practical Centre and Certified Shore Based centre for the purposes of teaching inshore and offshore keelboat competencies. When achieved this will mean that the CYCSA will be the only RYA/YA Certified Shore Based Centre and Practical Centre in South Australia. I am very appreciative, along with the other Marine Academy Committee Members, of the time and effort that these individuals have put in to pursuing these qualifications in order to improve the profile and output of the Marine Academy. The Academy did provide some financial assistance for these individuals but nothing like the time that they have volunteered to ensure that they meet these training requirements. I thank and acknowledge them for their commitment and effort.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
10
Recreational an
d Sports Boating
Assets The Marine Academy has acquired additional assets this year which will increase the scope of activity and increase the number of people able to enrol for courses. The Academy now has access to two J24’s (one of which is owned by the Club) which can be used for the newly defined YA National Small Keelboat Scheme. The Club, after careful due diligence, purchased and settled on the ownership of AbFab, an in survey Farr 11.1 sailing vessel in late February this year. This vessel, not available for Academy use for most of 2010/2011 season, now offers an important platform to teach both YA accredited keelboat courses and also gives the Club and the Academy the opportunity to use this yacht for sponsors, charters and fundraising activities. A business case for Club purchase of this vessel was put to the Board and agreed to but with the proviso that the asset needs to meet revenue targets in its first three years if it is to be retained. There is no doubt that ownership of an in charter keelboat opens up many more opportunities for keelboat training and introductory experiences and the true value of this boat should be realised in the 11/12 sailing season.
Financials The financial report is summarised on the following page. In summary, total revenues were slightly greater than the year before at $35,247.00.
Expenses also were slightly higher than last year at $24,612.00. The Academy therefore made a profit of $8,750.00 for the year. This is exclusive of Coordinator salary. The carry over balance is therefore in the order of $40,000.00 which if applied against Coordinator salaries incurred over the last four years would result in a marginally negative or just breakeven position for the Academy. This is particularly pleasing and in keeping with our philosophy to breakeven in the first five years of the Academy. The acquisition of suitable assets and the certification of appropriate instructors and trainers will significantly increase the business opportunities for the Academy in future.
Committee Andrew Saies, Chris Morphett, Rod Hunter, Rowley Richardson, Matt Young (Coordinator) and Brett Yardley. The following ex officio members were Geoff Catt, John Gerard, and Craig Evans. Andrew Saies, Chair CYCSA Marine Academy
Statement of Cash Flow 31 May 2011 Carried Forward Income Details SSSC Safety Day Income Introductory & WEA Comp Crew & Inshore Skipper Instructors Course Boating Safety Course Navigation Course Radio Course Junior Keelboat Powerboat Sponsorship SA Water Atlas Income Fundraising Course Books Income Other Income Interest Total Income Expense Details SSSC Safety Day/Night Expenses Introductory & WEA Comp Crew & Inshore Skipper Instructors Course Navigation Course Radio Course Junior Keelboat Powerboat Administration Advertising RIB SA Water Atlas Other Expenses Total Expenses Balance as at 31.5.11
11
$34,070.00
3,509.07 3,127.18 4,977.26 9,963.64 0.00 345.46 3,693.66 4,412.70 1,527.27 2,636.39 0.00 590.90 0.00 77.27 386.36 1,402.21 $36,649.37
2,446.36 277.55 965.00 1,806.89 3,613.64 2,173.96 4,413.81 1,148.45 1,247.70 0.00 160.91 425.86 981.82 4,950.90 $24,612.85 $46,106.52
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Member Services, Sponsorship and Recruitment Committee Report The Terms of Reference for the former Member Services Committee has recently been upgraded to include a whole of Club focus on Sponsorship and Recruitment. Many of the previous recommendations of the Committee are now a reality thanks to the work of Club Staff and the support of our Associations, our Flag Officers and key Club Members. These include the Member Services Materials, New Members’ Information Packs , Members’ Handbook, reciprocal membership rights with other Clubs and the redevelopment of the Club’s website. Several other initiatives are either underway , or in advanced stages of development, including the Vacation Sailing programs and the joint Youth Sailing initiatives with the RSAYS, the planning and design of new storage facilities and a dedicated marketing focus within the Club’s Administration. Throughout the year there has also been a progression of new initiatives rolled out through the Club’s new website with an online payments facility now available and a Members’ Forum due to be activated shortly. The Members’ Forum has been designed to provide another avenue for communication within the Club. It will allow members to raise issues of concern or interest and for other Club members to add their points of view to the topic. The topics and responses are linked, which will allow members to follow the relationships between the initial topics and subsequent responses. Following a recent meeting between the Board and the Chairs of the Club’s Associations it was suggested that the Club should explore the merits of adopting a whole of Club approach to sponsorship. As a precursor to that, the terms of reference of the Committee were broadened to reflect the proposed changes.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
12
Subsequently, a working paper on Sponsorship has been developed to be used as the basis for future workshops involving the Committee, the Board and the Associations. The intended aim of this process is to provide assistance to the Associations to help them in securing and retaining sponsors by providing sponsors with high quality, flexible sponsorship options that offer them genuine value for their financial support. In the immediate future it is anticipated that the membership of the committee will be broadened to meet the additional skills and workload that the new terms of reference will require. In terms of recruitment the Board recently undertook a strategic Planning workshop out of which came a range of initiatives that could assist the recruitment of new members to the Club. They will provide the Committee Members with a pool of ideas to review, develop and action. The current Committee Members are: Brett Yardley John Sibly Jim Cameron Kerry Lampard Traci Ayris Craig Evans Laura Cowley Wayne Coonan, Chairman Member Services, Sponsorship and Recruitment Committee
Groundswell Editorial Committee Report As a reflection of Club life, Groundswell can only be as representative as Club members allow it to be. The committee works hard to gather articles together for each edition, occasionally resorting to writing some of them so that fast approaching deadlines are met and to ensure that the wide range of activities and events are reported on. It is still the Club’s ‘flagship’ communication and promotion vehicle. To put the magazine together, it takes a bit of time on the part of an enthusiastic group of volunteers to make it happen and we really appreciate the input that the Club Associations in particular and other members make. Without the interest and response by our members it would be a slim volume each quarter. However, for Groundswell to maintain the high quality I believe we have achieved, we would appreciate receiving more input from all areas of the Club. If you have been on a fishing trip, completed a Marine Academy course, a cruise or participated in a race that you found interesting, odds are that so will many of the members, so put pen to paper and submit it to the Club Office for them to pass on to the editorial committee. Advertising is an important component of Groundswell in order to make it cost neutral to members, so if you would like to gain exposure to over 1200 members plus friends and coffee table readers, please speak to Jenny Krogdahl at the Club Office and she will advise you on advertising rates etc. Jenny and her colleagues are an important part of our production team and if the advertising revenue increases, then so can the quality and size of the magazine. Owen Mace joined the editorial committee earlier this year and together with Rob Perrin, has assisted in putting together and/or writing articles for the magazine. Owen has been responsible for the ‘Technology’ articles that have been included recently. Jess Hargreaves, the Racing Manager, and Traci Ayris from the Racing Association have been wonderful contributors for the
Racing Association and racing activities/ events in general as racing is an integral part of Club life and to have such informative and complete reporting is invaluable. Jacqueline Heffernan kept us informed about the social side of the Club, various Cruising Association members contributed articles about their functions and cruises and Glenn Spear contributed articles on the activities of the Fishing Association. Matt Young, Marine Academy Coordinator has also been proactive in providing articles on what is happening within this very important adjunct to our Club. Trevor Paynter, our graphic designer, creatively lays out Groundswell ready for printing and contributes most enthusiastically to the type of articles we present. Reflex Printing do a wonderful job of printing and getting the magazine out to members. Every now and again Club members comment to me how much they enjoy the magazine, particularly the articles from members with regard to their boating adventures. Mark Johns’ articles on cruising up the various creeks that run into the gulf are enjoyable and informative and provide another aspect to our waterways. It was great also to once again be able to report on the success of one of our boats, Secret Mens Business 3.5, in the Sydney to Hobart Yacht Race. Over the years that I have been editing Groundswell, I have derived considerable pleasure working with other volunteers on such a great project, and take pride in contributing to such a high quality publication four times each year. We are always looking for contributions of articles and if anyone would like to volunteer their time to join the production group in some capacity, please make your interest known to us. It is a terrific way to support members and the Club. Thank you for your support over the year and I trust you continue to enjoy contributing to and reading Groundswell. Gay Footer, Chair Groundswell Editorial Committee
13
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Association Reports Cruising It is my privilege to present to you the annual report of the Cruising Association for the year ending 30 June 2011 and to outline the current direction and plans of the current committee if re-elected for the coming year. I would like to start by acknowledging the members of the Cruising Association Committee for the year. Firstly John Sibly who was our Chair until late last year, when he resigned and I was elected to the position. John had been a member of the committee for about five years and our activities this past year have been a continuation of the program set out under his stewardship. Our Deputy Chair is Len Stephens, elected to the position when I took the chair, and Len’s adventurous sailing experience will hopefully encourage us to do more to support those willing to undertake more than the occasional run to the Cutter Patch. Rob Perrin is our Secretary and Treasurer and I thank him for his conscientiousness in getting the minutes out, doing the articles for Groundswell and for regularly taking the lead for the Cruising Association during on-water events, particularly over the Easter Weekend at Port Vincent. Our other committee members are Terry Denham, Marty Heffernan and Roger Flint, and I will recognise their individual contributions a little later. You may remember that last year’s report showed that we had received permission to lay three new moorings at Edithburgh. Achieving that approval was in itself a long and sometimes difficult process however, it seemed to take us just as long to source the materials, organise transport, labour and the weather, but finally in March and April this year the three moorings were in place. Special thanks go to John Sibly, Marty Heffernan, Terry Denham and Gerard Hughes for their time and effort in achieving this not insignificant task.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
14
On a somewhat sour note however, I have to report that one of the moorings was, it appears, deliberately cut off almost immediately after its installation. We will of course replace it closer to the new season. As in past years we took part in various on water activities over holiday weekends to places such as Port Vincent and environs, Kangaroo Island and Port Lincoln. The event that the Cruising Association was most involved with this year was the joint meeting with the Royal SA Yacht Squadron at Port Vincent over Easter. We had several meetings with my counterpart at the Squadron and I am pleased to report that a good working relationship ensued. Special thanks again to Rob Perrin for his work on the weekend in various areas including organising a well attended dinner at the Ventnor and umpiring the cricket match, which I am sure had nothing to do with the win by the CYCSA. Of course our monthly Saturday night BBQs continued to be a popular event, and for the information of new members they are held in the BBQ area on the 2nd Saturday evening each month from September throughout the season. I encourage you to attend this BYO social get together, as it is a great way of getting to know your fellow members and perhaps get answers to those boating questions you always wanted to ask. So now, to our future plans. What is the aim of the Cruising Association? It is to: •
Promote the use of our boats, both power and sail on our wonderful waterways;
•
Provide the knowledge, tools, and cruising company particularly to encourage the participation of our new members;
•
To encourage the social interaction of members and hence the frank exchange of ideas and knowledge;
•
Act as a conduit for members’ opinions and ideas to other groups and the Club via its formal structures.
Association Reports Cruising continued... To this end our focus for this year is the organisation and publication via the Club’s new website, information useful to cruising members from the most basic, such as what radio channels do I use locally to those in use around the coast of Australia, and other things that may make cruising in our local waters and further afield safer and more enjoyable. We are in the process of collating and sorting such information and with some IT assistance from the Club should have it up and running by next season. If funds permit, we are considering a webcam that could be accessed through the Club’s website to allow members to check the weather conditions at the Club from their homes. At the urging of some of the more adventurous sailors we will encourage and facilitate the participation of our members in the larger voyages that are often undertaken from this Club, either with their own boats or as crews for sections of a voyage. This year we are also planning to reintroduce what was once a highlight of the social events of the Club, and that is the “Cruise of the Year Dinner” We will be formulating a new set of rules for eligibility for use by the committee in selecting a recipient and details will be available towards the end of this year. Finally special thanks go to Mark Charlesworth from Charlesworth Nuts who continues to provide generous sponsorship to this association and whose contributions have funded our new moorings. I would like to point out that this Association is open to all members of the Club, without any fees, so Mark’s contribution is very special to us.
Statement of Cash Flow 31 May 2011 Carried Forward
$8,250.00
Income Details Burgees Sale Moorings Income Port Vincent Project Sponsorship Cruise of the Year Interest Total Income
20.00 20.00 0.00 1,818.18 0.00 367.44 $2,225.62
Expense Details Environmental Day (BBQ) Hospitality Flags Entertainment Trophies/Prizes Refridgerator Badges Mooring Total Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,584.91 $1,584.91
Balance as at 31.5.11
$8,890.71
That brings me to the close of my report except to ask that if you feel you have a contribution to make we are always looking for new committee members and people to assist with what promises to be a very full year. Keith Degenhardt, Chair Cruising Association
15
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Association Reports Fishing The CYCSA Fishing Association Committee members for 2010/2011 were: Glenn Spear - Chairman John Colella - Secretary Bruce Tasker – Treasurer Ray Baddeley Peter Newmarch Geoff Wiggins Graham Meyers Malcolm Kitto Leicia Theodore At one stage it looked as though the Fishing Association would flounder with only one or two nominations being received to join the committee. John Gerard stepped in to Chair a Special Meeting in accordance with the by-laws of the Club and we were able to coerce a couple of existing members to remain on the committee. Had these people not volunteered, there was a possibility the Fishing Association would have folded. Many thanks to those committee members for helping out. The Fishing Association enjoys the continuing support of long term sponsor Custom Cartons – thank you John Gerard. We were fortunate to have Cummins come back ‘on board’ as naming sponsor for the Crabbing Day – thank you Andrew and the Cummins team. In difficult economic times we secured Maritimo and Riviera Adelaide as sponsors of the association. Thank you to Andrew Craddock (Maritimo) and Ross Almond & staff (Riviera Adelaide). The Fishing Association enjoys strong support from their sponsors and we value their contribution. In July 2010, the Fishing Association decided on a new concept for our seafood night. The event was renamed the ‘Seafood Extravaganza’. With strong support from chef Andreas and the CYCSA staff, we planned for an ‘up market’ evening with good quality seafood. The evening was a fabulous success, and at the time of writing we are planning for our 2011 Seafood Night. In November 2010, we held our annual Boating Showcase and Maritimo displayed their new model 43 Cruiser. Glenda and Jim Smyth bravely allowed us use of their brand new Maritimo Gladiator and Keith and Helen Degenhardt again supported us
Cruising Yacht Club of South Australia Annual Report for 2010/2011
16
with Playstation. Lifestyle was also on display – thank you Tracey. The night was fabulous – no rain, a good crowd, excellent food and plenty of liquid refreshments! Cocktail food was served on the boats and many people had the chance to look at these wonderful cruisers and meet fellow boating enthusiasts. Many thanks to Jenny Tymons, Tina Schembri and Tracey Spear for supplying the sweet treats on the night. It is on nights like this that you appreciate the surroundings of the Club. The biggest day on the Club’s calendar, apart from Opening Day, is the annual Crabbing Day. The committee decided to try and keep the numbers in manageable limits this year. We took the step of encouraging people to participate in actually going on a boat and catching crabs. The committee felt that in recent years the spirit of the day had been lost, with people just showing up to enjoy fresh crabs without any actual participation in fishing activities. We arranged use of the Club boat, skippered by the very capable Ray Evans and crew so that people without boats could still go out and fish. We seated everyone under shade in the BBQ area and the Club provided salads and chilli sauce. The costs of staging the day are considerable with gas, marquee hire, tables & chair hire being provided by the Fishing Association. The crab catch was excellent and everyone enjoyed a fabulous day. The Make-A-Wish® Foundation of Australia was the beneficiary of the raffle and approximately $5,000.00 was donated to the charity. The raffle first prize was generously donated back by Clive Ragless. (This was placed in the Silent Auction at the Make-A-Wish® Australia Adelaide 2011 Gala Ball, held on the 7th May 2011 and raised a further $750.00 for the charity) The feedback we have received indicates this format is a winner and will be adopted for future events. The Crabbing Day revolves around everyone ‘chipping in’ to help out and my personal thanks to fellow committee members and all the Club members who helped out on the day.
Association Reports Fishing (continued) We are waiting for nominations for various trophy awards. The Fishing Association seeks to present annual trophies for various fish categories. The website will have details should you wish to nominate for a fishing category award. The Fishing Association enjoys a strong financial position. It is the desire of the committee that funds are allocated to the future enhancement of Club facilities at North Haven. The association supports the Club directly through its various activities and contributes direct financial support to the Club. Early in 2011, the Fishing Association donated radios and facilities to VMR American River. The donation was made to ensure future viability of this volunteer service. I am pleased to present this report on behalf of fellow committee members and thank CYCSA staff and board members for their on-going support. Glenn Spear, Chairman Fishing Association
Statement of Cash Flow 31 May 2011 Carried Forward
$53,580.00
Income Details Subscription Fees Crabbing Day Income Sponsorship Shirts/Burgee/Flag Sales Seafood Night Income Fishing Competition Boat Show Income Moorings Income Interest Total Income
2,900.00 3,763.61 9,272.73 0.00 6,586.36 0.00 286.43 352.73 2,772.01 $25,933.87
Expense Details Subscription Expenses Bar / Catering Expenses Crabbing Day Expenses Shirts / Embroidery Donations Fishing Competition Seafood Night Expenses Boat Show Expenses Flags Other Expenses/Meeting/Badges Total Expenses
0.00 876.76 3,748.91 9.18 0.00 18.18 6,598.50 1,195.29 0.00 1,071.73 $13,518.55
Balance as at 31.5.11
$65,995.32
17
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Association Reports Social
Furthermore, monies raised by the committee have been donated to a number of local community groups as well as assisting with improvements to CYC1. Our latest acquisition has been two sets of Bocce balls for members enjoyment.
Mouse Cup Children’s Christmas Party The Club Christmas Dinner The Boat Hop sponsored by North South Yachting Cruising into Winter Dinner Commodore’s Dinner First, I would like to thank the past year’s committee for all their efforts, Sandra Richards – Secretary, Pam Humeniuk, Morag Draper, Delia Mace, Karen John, Sally-Anne Geddes and Anne Kellett. It is extremely hard work, physically and mentally and I would like to express my appreciation for their dedication and the support and assistance of the committee’s spouses, many thanks. All of the functions ran by the committee are well documented in articles appearing in Groundswell and are available on the CYCSA website. This (Club) year all associations were invited to participate in coordinating the “Unforgetable Challenge” during Opening Day. This was a terrific incentive encouraging teams to work their way through team challenges moving between the Western and Eastern basins. At the time of writing this report, the Committee is busy preparing another stunning Commodore’s Dinner, our formal dinner for the year. The main purpose of the Social Activities Association is to arrange social functions at the Clubhouse that appeal to all members of the Club. These functions are a fantastic way for new members to meet other members and are very rewarding for all involved. The traditional Children’s Christmas Party and the Club Christmas Party continue to be very popular events. I believe this is due to the quality of the preparation and the extensive teamwork of the committee. The Queens of Clean were at it again with another $1000 raised at the 2010 Commodore’s Dinner where the Committee again raffled themselves off for this very worthy cause – Supporting Youth Sailing. A further $500 was raised from the Mouse Cup Steeple Chase which was donated to the Flotilla for Kids.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
18
The Bavaria Boat Hop was by far the best yet – but I say that every year! Perfect weather during the day for the hop and beautiful balmy night set the scene for a great event. The food was organised and served by the committee (including spouses!) and a few dedicated helpers. I mention this because the team this year have worked together so well. Great ideas and loads of enthusiasm is the result of a terrific team and I am proud to have been a part of it. We are planning a few additional functions in the coming year, please check the calendar on the Club’s website to confirm dates and events. I would also like to thank, on behalf of the Committee, the office and hospitality staff for their support and never ending assistance and the ground staff for their hard work in helping to set up the big functions. The end of year figures show the Social Activities Association is again in a healthy situation. Jacq Heffernan, Chair Social Activities Association
Statement of Cash Flow 31 May 2011 Carried Forward
$17,420.00
Income Details Mouse Cup Boat Hop Kids Xmas Party Cheese Night Fundraising Interest Total Income
$4,509.10 $4,279.08 $3,464.90 $0.00 $1,832.46 669.05 $14,754.59
Expense Details Mouse Cup Boat Hop Kids Xmas Party Functions Capital Items for the Club Funds Donated to Racing Association Hospitality Other Total Expenses
$2,537.05 $4,770.92 $3,585.25 $500.00 $0.00 $0.00 $628.19 6,306.71 $18,328.12
Balance as at 31.5.11
$13,846.47
Association Reports Racing At our recent Presentation Night the Racing fraternity celebrated another successful season. The increased attendance for this year’s function, some say the largest crowd ever, suggests an increased camaraderie and fraternity amongst our members which certainly bodes well for the future. The highlight of our season was without doubt the Sydney Hobart handicap win. Geoff Boettcher and his Secret Mens Business 3.5 crew deserve to bask in the glory of their wonderful achievement. For our Racing Association and the CYCSA in general, two impressive back-to-back wins in this historic race would surely have been unimaginable, yet the proof is engraved in the minds of those who competed, those who celebrated with them and the prestigious Tattersall’s Trophy itself. The Racing Association this year comprised myself as Chairman, William Strangways as vice-chair, Brenton Pegler, Roger Nicholson, Nikki Burtt and Peter Hall. I thank them all for their time and support. Rear Commodore Rob Sellick has been a valuable asset ex-officio and Jess Hargreaves is excelling in her role as Racing Manager. Our Duty Crew volunteers and Race Officers are the backbone of the Racing Association and we owe them a great debt of gratitude for their dedication this past season. With great pleasure we can also report that Duty Crew stalwart, Ron Yeates, was recognised for his years of service to yacht racing when he was a finalist in the Yachting Australia Volunteer Lifetime Achievement Award. While he didn’t receive the national award, Ron was a worthy recipient of the YSA Volunteer of the Year award. For more than 25 years Ron has been involved in nearly every race and many regattas and championships, he was integral in the conversion of Perina II to CYC1 and has been involved in every national and state championship held at our club. Our 2010/2011 Racing program was established with a strong emphasis on catering to the majority of racers whilst combining our on-water and volunteer assets with the RSAYS on occasion. Mindful of increased costs, this has shown to be a prudent move by REX and it would appear that both clubs have benefited from the collaboration with combined fleets producing more exciting on-water action across the board.
When REX reflects on the past racing season we can happily report that it was, in the main, smooth sailing. It’s pleasing to note that we have maintained membership numbers and can report an average of 17 boats for our Inshore Series, 8 Boats for our Coaster Series, 8 boats for the Offshore Series and around 25 boats on Twilight evenings. The Premiers Cup saw 21 boats competing, the Great Southern Regatta 30 boats and encouragingly, some members of the Port Adelaide Sailing Club have come around to join our races. The PASC race committee have indicated that they will take our CYCSA/RSAYS program into account when planning their season so we look forward to seeing more of their boats joining us out on the water. The Racing Association implemented some new fun races this twilight season in the guise of two Ladies Helm twilights, and a special Australia Day Twilight. These events were separate from our Twilight Series but as “stand-alone” races they generated much interest and were very successful. The feedback has been so positive, in fact, that the decision has been made to include both events into the program for the upcoming season. The Racing Association is also pleased to report that we have achieved most of the goals set at the end of last season. The flexible new membership fee structure implemented at the end of last season appears to be working well and people are finding that, thanks to a range of options on offer, it’s a simple process for them to join us out on the water. A high priority for REX at present is to ensure the longevity of our Duty Crew volunteer base and build on our skill base in this area. Technology is changing and we foresee the need to build on the strong foundations of past years to ensure that we can crew our duty boats for future seasons. As new plans and procedures are gradually implemented we would certainly welcome assistance from anyone with computer skills or simply anyone with time on their hands who might be able to assist on race days. In the current financial climate we are overwhelmingly thankful for the support of our wonderful sponsors and urge all Club members to support Phil Hoffman Travel, Port River Marine, Penfolds, Yalumba and Georges wines, MUSTO, Doyle Sailmakers and Canegrass Saltbush Lamb wherever possible. Our Association
19
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Association Reports Racing (continued)
Statement of Cash Flow 31 May 2011
financials almost directly reflect the disparity caused by the loss of our main sponsor at the end of last season and a priority task for the incoming Racing Association Committee will be to produce a list of available sponsorship packages which will hopefully help to redress some of the shortfall for this coming season. Our upcoming 2010/11 program once again sees the Racing Association working closely with the RSAYS. Responses from a recent survey circulated to all skippers and our call for feedback on the past season have been taken into account and applied in a democratic way to the current program. Above all our aim is to encourage racing membership and increase fleet numbers out on the water. Feedback from our members regarding the 2009/2010 program has been positive on the whole and we look forward to an enjoyable and competitive 2010/2011 racing season. Traci Ayris, Chair Racing Association
Carried Forward Income Racing Fees Racing Nominations Casual Nominations Event Nominations Fundraising Flags Bottles Racing packs Book Sales Presentation Night Income Sail Storage Shed Donation from Social Activities Interest Income Other Income Sponsorships - Musto - Yalumba - Phil Hoffman Travel - Winter Port River Marine - Corporate Design Floors Total Income
$57,000.00
136.36 21,852.73 3,986.08 36.36 961.55 899.96 1,693.10 0.00 157.27 3,267.74 6,336.42 0.00 2,339.99 530.66 2,500.00 2,000.00 7,500.00 0.00 0.00 $54,198.22
Expense
Cruising Yacht Club of South Australia Annual Report for 2010/2011
20
Wages Superannuation Administration Fuel Event Expenses Staff Training Airhorn Office Expenses Buoy Maintenance Sponsors Expenses Duty Crew Expenses Hospitality Blue Books expenses Clothing Internet /Computing Fax machine Flags Motor Vehicle Expenses Presentation Night expenses Regattas Expenses Trophies Other Expenses Total Expenses
48,486.17 4,253.98 1,800.00 598.64 138.18 398.19 154.28 192.27 278.82 2,583.17 2,654.04 564.27 0.00 530.28 0.00 0.00 1,118.18 0.00 5,019.20 640.91 786.82 451.14 $70,648.54
Balance as at 31.5.11
$40,549.68
Club Structure The following diagrammatical representation of the Club’s structure is provided to clarify the relationship between the associated entities and the function each entity undertakes in the total Club structure.
CYCSA Incorporated (referred to as ‘the Club’) •
Senior Members elect a seven member Board of Management annually.
•
The Board of Management (‘the Board’)
All Senior Members hold units in this trust and therefore have a beneficial interest in the above assets.
•
As an asset holding entity, the trust’s affairs do not generate profits that can be distributed to unit holders.
CYC Ramp Trust •
This is the trust established in the early 1990s to facilitate the purchase of property including the southern area of the carpark, the land to the south and the Western Basin.
- is responsible for the management of the Club with delegation of appropriate responsibilities to the Executive Officer.
•
The major assets of the trust are the Western Basin including Marina West and the water area adjoining the northern peninsula.
- act as Directors of CYC (SA) Management Pty Ltd, the trustee of the CYC (SA) Unit Trust.
•
The trust also operates the public boat ramp.
•
The trust leases Marina West land/water to the CYC (SA) Unit Trust.
•
The trust, being a discretionary trust, does not have owners, but the beneficiaries of the trust are the Club and the CYC (SA) Unit Trust. The trust has made distributions to the Club in the past.
- act as Directors of CYC Ramp Pty Ltd, the trustee of the CYC Ramp Trust. •
•
The Club owns the floating assets in Marina West.
CYC (SA) Unit Trust •
The major assets of this trust are the freehold of the Club Eastern Basin at North Haven, including land, water and buildings, and the sub-lease of the Port Vincent Marina and a lease of the land and water of Marina West (which is sublet to the Club).
BOARD OF MANAGEMENT Directors elected annually by Senior Members
CYC Ramp Pty Ltd As trustee for
CYC Ramp Trust Owns Marina West, ramp and adjacent land and water, including channel
CYC (SA) Management Pty Ltd
CYCSA Incorporated • Operates bar and slip • Staff • Rents buildings and Marina East from CYC (SA) Unit Trust • Underlease of Marina West and Port Vincent from CYC (SA) Unit Trust
CYC (SA) Unit Trust Owns land and water, buildings, Marina East • Underlease of Port Vincent Marina from the Yorke Peninsula Council • Lease of Marina West
Profits
Profits
Beneficiaries CYC (SA) Unit Trust CYCSA Inc
Beneficiaries Senior Members
Members
21
Cruising Yacht Club of South Australia Annual Report for 2010/2011
CYC (SA) Unit Trust and Controlled Entities Independent Audit Report to the Members of the CYC (SA) Unit Trust and Controlled Entities
Report on the Financial Report We have audited the accompanying financial report of the consolidated entity comprising CYC (SA) Unit Trust and the entities it controlled at the year’s end or from time to time during the financial year, which comprises the statement of financial position as at 31 May 2011, the statement of comprehensive income, the statement of changes in equity and the statements of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by the Trustees and Board of Management of CYC(SA) Unit Trust.
Management’s Responsibility for the Financial Report Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of the company as at 31 May 2011 and of its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements.
Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due
Tel 08 7421 1400 I Fax 08 7421 1499 adelaide@pkf.com.au I www.pkf.com.au A South Australian Partnership I ABN 21 903 784 597 Level 2 I 139 frome Street I Adelaide I South Australia 5000 GPO Box 2505 I Adelaide I South Australia 5001
Cruising Yacht Club of South Australia Annual Report for 2010/2011
22
PKF Chartered Accountants
G K Edwards Partner Signed in Adelaide this 20th day of July 2011
Statement of Comprehensive Income for the Year Ended 31 May 2011
Note
Revenue 2 Other revenue 2 Employee benefits expense Depreciation Rates & taxes Insurance Impairment expense Repairs & maintenance expenses Cost of sales Other expenses Finance costs Operating profit/(loss) Other comprehensive income Total comprehensive income
2011
2010
$
$
2,947,213 107,586 (1,024,054) (581,844) (131,937) (79,585) 23,292 (247,872) (390,371) (801,373) (65) (179,010)
2,939,026 198,397 (977,928) (544,408) (106,859) (80,185) 3,416 (209,329) (408,879) (736,850) (35,087) 41,314
- (179,010)
41,314
The above statement of financial position should be read in conjunction with the accompanying notes.
23
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Statement of Financial Position as at 31 May 2011
Note Assests Current assets Cash and cash equivalents 5 Trade and other receivables 6 Inventories 7 Other assets 8 Total Current Assets
2011 $
2010 $
719,139 124,706 45,340 40,080 929,265
289,770 85,088 44,461 10,228 429,547
18,519,679 18,519,679 19,448,945
18,825,787 18,825,787 19,255,334
Liabilities Current Liabilities Trade and other payables 10 Short-term provisions 11 Total Current Liabilities
578,636 120,283 698,919
633,047 123,284 756,331
Non Current Liabilities Trade and other payables 10 Other long-term provisions 11 Total Non Current Liabilities
5,641,939 49,126 5,691,065
5,384,535 35,746 5,420,281
Total Liabilities
6,389,984
6,176,612
Net Assets
13,058,961
13,078,722
Equity Issued Capital 12 Reserves Retained earnings Total Equity Reserves Retained earnings Total Equity
6,126,287 5,697,666 1,235,008 13,058,961 5,697,666 1,235,008 13,058,961
6,044,187 5,620,516 1,414,019 13,078,722 5,620,516 1,414,019 13,078,722
Non Current Assets Property, plant and equipment 9 Total Non Current Assets Total Assets
The above statement of financial position should be read in conjunction with the accompanying notes.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
24
Statement of Changes in Equity for the Year Ending 31 May 2011
Contributed Capital 2011 Balance at 1 June 2010 6,044,187 Contributed capital 82,100 Operating surplus for the year - Balance at 31 May 2011 6,126,287 2010 Balance at 1 June 2009 Contributed capital Operating surplus for the year Balance at 31 May 2010
5,722,971 321,216 - 6,044,187
Retained Earnings
Premium Reserve $
Revaluation Reserve $
Total
1,414,019 - (179,010) 1,235,010
1,305,150 - - 1,305,150
4,315,366 77,150 - 4,392,516
13,078,722 159,250 (179,010) 13,058,966
1,372,704 - 41,315 1,414,019
959,150 346,000 - 1,305,150
4,315,366 - - 4,315,366
12,370,191 667,216 41,315 13,078,722
$
The above statement of financial position should be read in conjunction with the accompanying notes.
25
Cruising Yacht Club of South Australia Annual Report for 2010/2011
Statement of Cash Flows for the Year Ending 31 May 2011
Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid Interest received Finance charges on finance lease paid Net cash provided by (used in) operating activities 15(a)
2011 $
2010 $
2,963,452 (2,868,380) (65) 50,211 - 145,218
3,550,587 (2,994,077) (12,608) (480) 543,422
Cash flows from investing activities: Payment for property, plant and equipment Net cash provided by (used in) investing activities
(275,736) (275,736)
(276,543) (276,543)
Cash flows from financing activities: Proceeds from issue of units Additional deposits Proceeds from sale of licences (Repayment) / additional borrowings Payment of finance lease liabilities Net cash provided by (used in) financing activities
159,250 - 400,637 - - 559,887
666,016 50,000 1,250,174 (1,952,130) (1,954) 12,106
429,369 289,770 719,139
(49,869) 339,639 289,770
Net increase (decreases) in cash held Cash at beginning of financial year Cash at end of financial year 5
The above statement of financial position should be read in conjunction with the accompanying notes.
Cruising Yacht Club of South Australia Annual Report for 2010/2011
26