CYCSA Annual Report 0708

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

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Marina W est

Marina Cover photograph: Brenton Pegler, Hawk Eye Photography Inside front/back cover: Gerry Colella Other: various contributors

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Membership as at 31.05.2008

Foundation Senior Pt Vincent Senior Member Racing Associate Intermediate Junior Total

41 519 36 248 257 15 11 12 1139

Club Sponsors The CYCSA thanks its major sponsors for their support during 2007/2008: Phil Hoffmann Travel

Musto

Mercedes Benz

Nordic Honda

Chateau Moteur

Formula Honda

Port River Marine Services

Penfolds

Yalumba

Tancredi Jewellers

Mistral

Pipetech Pty Ltd

Cummins Marine

Harmony Corporation

Haese Marine Pty Ltd

Veolia Waste Management

Modbury Mechanical & Exhaust

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

Constitutional Review Committee Report

8

Audit Committee Report

9

Marina East Replacement Committee Report

10

Marina Maintenance Committee Report

10

Marina West Development Committee Report

11

Marine Academy of Australia Committee Report

12

Groundswell Editorial Committee Report

13

Cruising Association Report

14

Social Activities Association Report

15

Fishing Association Report

16

Racing Association Report

18

Club Structure

21

CYC (SA) Unit Trust and Associated Entities Financial Report

22

CYCSA Vessel Register

44

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

Administration

Committees

General Manager Finance Manager Administration Manager Administration Receptionist

Racing Manager Operations Manager Gardener Maintenance Head Chef Food and Beverage Manager Functions Manager Pt Vincent Marina Manager Marine Academy Cooordinator

BOARD COMMITTEES

Craig Evans Zoya Gretchkosiy Jenny Krogdahl Laura Turner Danielle Stringer/ Rebecca Goodwin Jeff Ireland Tim Went Robert Gray Stefan Petrov Warren Hannaford Mario Cataldi Michelle Matte Rob Marner Brett Yardley

Audit Committee Chair

Constitution Review Committee Chair

Chair

Henry Petersen (Board Member) Geoff Catt (President), Craig Evans (General Manager)

Marina West Development Committee

Cruising Association Committee

Chair Trevor Kipling

Sylvia Common, Kym Weeding, John Sibly, Keith

Degenhardt, Phill Richards, Anja Richards, Owen Mace Chair Rick Hausler (until 7 May 2008)

Ray Brown, Jim Smyth, Geoff Gowing, Roy Wells,

Tom Tymons, Joe Walker, Trevor Paynter

Chair

Racing Association Committee Chair Alyn Stevenson, Vice Chair Richard Parkes

Traci Ayris, Ray Evans, Peter Sheridan, Jeff Dinham,

William Strangways, Peter Boyd (till Jan 08)

Life Members

Chair

John Gerard (Board Member), Geoff Boettcher (Senior Member), Joe Walker (Senior Member), Craig Evans (General Manager)

Member Services Committee Chair

Arthur F Carolan Richard H Fidock AO Graeme L Footer James A Henry (deceased) Malcolm A Kinnaird AO

Andrew Saies (Board Member) Jenni Paynter (Senior Member), Sylvia Common (Racing Member), Rod Hunter (Senior Member), Chris Morphett (Vice Commodore), Rowland Richardson (Senior Member), Alyn Stevenson (Senior Member), Craig Evans (General Manager), Jeff Ireland (Racing Manager), Brett Yardley (MAAC Course Coordinator)

Facilities Committee

Social Activities Association Committee Jacqueline Heffernan Inese Lainis, Delia Mace, Mavis Catt, Sandra Richards, Kay McBryde, Kay Tidswell, Deborah Carruthers, Cheryl Maybury, Meg Denham, Pam Humeniuk

Geoff Catt (President) Henry Petersen (Board Member) Graeme Footer (Life Member), Ken Amos (Senior Member), Craig Evans (General Manager)

Marine Academy of Australia Committee Chair

Fishing Association Committee

Wayne Coonan (Board Member) Jenni Paynter (Senior Member), Kerry Lampard (Senior Member), John Sibly (Senior Member), Jim Cameron (Senior Member), Traci Ayris (Senior Member), Brett Yardley (MAAC Course Coordinator) Craig Evans (General Manager)

Membership Committee Members Kerry Lampard (Senior Member), Brian Mellors (Senior Member)

Other Associations

CLUB COMMITTEES

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 Game Fishing Association Australian Bridal Industry Academy Cruising Yacht Club of South Australia Annual Report for 2007/2008

Andrew Corletto (Board Member) Wayne Coonan (Board Member), John Gerard (Board Member), Richard Fidock AO (Life Member), Craig Evans (General Manager)

Marina East Replacement Committee

Club Associations

Chair

Andrew Corletto (Board Member) Jenni Paynter (Senior Member), Henry Petersen (Senior/ Board Member), Craig Evans (General Manager)

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Groundswell Editorial Committee Members Craig Evans (General Manager), Gay Footer (Senior Member), Bill Lunn (Senior Member), Kay McBryde (Senior Member), Jenny Krogdahl (Administration Manager)

Marina Maintenance Committee Members Ray Evans (Senior Member), Stefan Petrov (Maintenance), Tim Went (Operations Manager), Craig Evans (General Manager)

Board of Management

Geoff Catt President

Henry Petersen Treasurer

Wayne Coonan

Andrew Corletto

John Gerard

Andrew Saies

Tom Tymons

Craig Evans General Manager

Flag Officers

Peter Page Commodore

Chris Morphett Vice Commodore

Rob Sellick Rear Commodore

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

President’s Report As my term as President draws to a close and before I report to you on the state of your Club, I’d like to reflect briefly on the role of a Board in a club such as this.

In a recent workshop arranged by Yachting SA on good governance, a Board’s role was suggested to be “to create the future of the organization, not just mind the shop”. By working with and through the General Manager, the Board must set the standards of accountability, it must monitor and supervise, it must have policies and it must set a strategy for the future. Importantly, the Board must be be prepared to run the ruler over itself periodically to see how it is performing in each of these areas.

The composition of the Board, its processes, the skill sets of individual members and their ability to work as a team will determine whether the role is fulfilled. What I have found is that there is no shortage of talent within the CYCSA, it’s just a matter of knowing where to uncover it!

Personally, it has been a goal of mine to apply the above disciplines to our Board and management team, and, with modesty, I think we have made continual improvement.

In last year’s report, I mentioned four main projects that the Board had initiated or was heavily involved with and I would like to update you on these.

The first project was the production of the Club’s Master Plan – this is now complete and a summary was distributed to members in October. Two Board committees have since been established to assist management in refining and implementing the first steps.

These committees centre around facilities, chaired by John Gerard, and membership, chaired by Wayne Coonan. The Master Plan will now guide our activities in the years ahead.

The second area of activity was the development and ongoing improvement of our marina facilities. As reported in more detail elsewhere, Marina West is now under construction and well advanced. Berth sales have met expectation and all construction

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costs are covered. We anticipate that this high quality marina will be officially opened on the 2008 Opening Day. We also expect that the replacement of the T Heads on A/B and C/D rows in Marina East will be completed before Opening Day. This will complete Stage 2 of the Marina East plan.

The third project mentioned last year was the Marine Academy. A separate report is included, but it is again pleasing to acknowledge the continuing growth in this venture. The variety of courses on offer, the enthusiasm of the network of instructors and supporters and the ever growing list of happy graduates is a credit to all involved. I have no doubts that we will see even greater achievements and benefits in future years.

The final project from last year was the update of the Club’s Constitution and the Association’s Regulations. You have now all had a chance to view the changes and I trust that a little later, this meeting will approve the adoption of the new Constitution.

The Club Constitution was originally prepared in the mid 1970s. We have grown significantly since then and we now have over 30 years experience as a yacht club. The legislation governing the Club has also been amended over that period and some tidying up of the way in which the constitution was framed seemed appropriate.

On behalf of all members I would like to acknowledge the work done on this project by the review committee – Andrew Corletto (Chair), Dick Fidock, John Gerard, Wayne Coonan and Craig Evans.

That committee’s report is contained in the Club’s Annual Report.

As you have heard in the Treasurer’s Report and as reflected in the Financial Statements, the CYCSA today remains in a strong financial position. The years of effort by many in developing Marina West will soon be paying dividends.

The Club’s net assets have increased significantly; we have finished the year with surplus cash and have reduced outstanding Club debt. During 2008/2009 we expect to pay off the Marina West

debt, repay all remaining Club debt and spend in excess of $300,000 on capital items for the general improvement of the Club and its assets.

Looking further ahead, depending on economic conditions, the Board anticipates spending over $5 million in the following five years on improving our facilities and establishing an investment fund for future long term marina replacement costs. Importantly, it is not anticipated that the Club will incur any debt during this period unless additional significant major projects are instigated by future boards.

Without wishing to raise too many expectations, the opportunity exists now for the Club to progress some of its more immediate aspirations regarding facilities and equipment for the benefit of all members.

At Board level, the next 12 months should be one of some consolidation. Aside from my replacement, David Murray, the Board is experienced and well settled in their roles.

As we move forward in the 21st century, there appears to be little doubt that environmental issues, energy use, freshwater supply, urban land use and increasing costs will become increasingly important to the management of the Club.

The need to continue to be able to provide the appropriate level of services and amenities demanded by members is acknowledged.

At the same time, the Club needs to be able to demonstrate both internally and externally that its activities are sustainable and environmentally responsible.

Consequently, the Board has resolved to produce a Sustainable Environment Plan for the Club during 2009 and commence funding it in 2010.

Other key topics on the agenda include the continued promotion and improvement of the Port Vincent facility, commissioning of Marina West, implementation of elements of the Master Plan and a focus on member communication and services.

However, despite all of this, as I said last year, our Club exists for one thing -“to encourage and promote the sports of yachting, fishing, boating, and cruising” and “to provide and maintain a Club House and mooring facilities for the use of members”.

This objective would not be achieved if it was not for the fantastic efforts of all of the volunteers who play such an important role in supporting and running the Club and its Associations. Again, there are simply too many to mention individually. What I will say however, is that one of the significant rewards of serving on the Board, and particularly as President for a while, is to come to know more and more members individually and to gain a greater insight into how and why they support the Club. I am continually impressed. So, on behalf of all members, I sincerely thank everyone who has contributed in some way.

As I step down though, I would particularly like to thank my fellow Board members past and present for their support and loyalty, and to wish my replacement on the Board, David Murray all the best during his tenure. A special thanks to our Treasurer Henry Petersen who has brought considerable experience to this demanding role and who has spent many hours of his time behind the scenes working with Craig Evans and his staff in improving their knowledge and skills.

To Craig and all of his team – thank you and well done! Only those closely involved will ever appreciate the work that Craig puts in to this Club – his commitment is driven by passion and he deserves recognition, not only for his personal efforts but for the way in which he has drawn a good team around him.

Finally, thanks to our Flag Officers for representing the Club and members so well, and a particular and personal thank you to Commodore Peter Page – a great mentor and sounding board when needed.

Geoff Catt, President

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

Treasurer’s Report 2007/2008 was a challenging year with continual improvements made in administrative and reporting requirements, particularly in ensuring that we meet all Australian Accounting Standards.

The consolidated financial position of the club has strengthened significantly as a result of Asset Revaluations undertaken this year.

Similarly the cash flow position continues to improve.

Overview Overall results for the year show a consolidated loss for accounting purposes of $32,752. However, when comparing with last year, additional provisions and depreciation of assets amounting to $84,280 were brought to account. Also, marketing expenses amounting to $119,439 relating to the Marina West development (which could not be capitalised in accordance with accounting standards) contributed to the overall loss. These marketing expenses will be returned to the Club from Marina West in due course.

Future Outlook By adopting Australian Accounting Standards, future financial statements will provide for substantial write downs in amortisation of the Club’s assets such as Marina Berths and Buildings. This will result in the Club reporting consolidated accounting losses in the future. Whilst the provisions are only internally charged, they do not affect cash flows, which are expected to remain strong.

The Marina West development should be completed and operational by the end of this year bringing with it renewed interest and new members to the club. It is envisaged that the Marina West development loan should be fully repaid within a year. As previously mentioned, improved cash flows will ensure that the club can implement its Business Plan by investing in: • The Marina East replacement program as soon as practicable, • Improving the Club’s facilities and equipment, and • Provide a sinking fund for future capital replacements.

Summary Whilst income for the year increased slightly, expenditure keeps growing as demand for improved facilities and services are expected. There was a marked improvement made this year by Bar and Catering trading, which is commendable.

The Club can look forward with confidence to the future with the completion of the new marina, whilst providing substantial investment in infrastructure and becoming debt free.

Henry Petersen, Treasurer

With cash flows improving during the year, loans were repaid whenever possible and most funding was done internally with the exception of the Marina West Development loan.

As with any installation of new computer systems, inevitable teething problems occur and unfortunately have frustrated members and staff at times. I am confident that this year will be much smoother. I would also like to congratulate all of the administration team who have worked very hard to get the new system up and running. The benefits that it is now starting to produce are significant.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

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Commodore’s Report Open Day, Saturday 10th November 07 was a perfect day. We were fortunate to have His Excellency Rear Admiral Kevin Scarce, the Governor of South Australia, to officially declare the boating season open. I would like to congratulate skippers and crew on their seamanship and presentation during the sail past and hope all members have showed the same seamanship during the season.

Our members and the South Australian boating community use the services of a wider volunteer group of dedicated people who maintain a listening watch and record our departures, positions and destinations for our safety. One of these dedicated people was Les Harper or “Coastguard Oyster Bay” as many of you would know him by. Les retired on the 29 February this year, truly a remarkable man.

I trust all members and friends have enjoyed their activities this season as members of the Racing, Fishing or Cruising Associations. In doing so you have found friendship, encouragement and enjoyment from the Associations while using your vessel and on shore. I also hope that you have spent quality leisure time using the Club dining room, bar and barbecue areas and enjoying any activities organised by the Social Activities Association. These Associations are the life blood of our Club.

The Racing Association’s presentation night held on Friday 9 May was again one of the most successful functions in the racing calendar. I would like to thank the Race Officials who give their time generously for all the races. Also our sponsors for their continued support. They are Chateau Moteur, Nordic Honda, Formula Honda, Phil Hoffmann Travel, Musto Australasia, Port River Marine, Fosters/Penfolds, Yalumba Wines and Tancredi Jewellers.

On Friday, 23 November our first Sydney/Hobart Dinner was held to honour those who have participated in this classic event. Sir James Hardy, who has competed in 13 Sydney/Hobart races, was the guest speaker. The idea of having such a function is to encourage participation in the Sydney/Hobart by yachts from the CYCSA in the future, by building on the ‘aura’ of the race and emphasising the personal growth and team experience crew members can obtain in this great race.

The Commodore’s Shield was successfully retained by the Cruising Yacht Club of South Australia for yet another year. Yacht of the Year this year was True North skippered by Andrew Saies.

I would like to reflect on the hours of work volunteers do for the boating community of South Australia. The CYCSA would not be in existence if it was not for the tremendous work of volunteers.

The Cruising Yacht Club recognises the efforts of our volunteers and awarded the Volunteer of the Year 2007 to Ron Yeates.

We have at our club (and remember all boat and yacht clubs would have the same or similar members) the Board and the Flag Officers who spend many hours a week to ensure that the running of our club is a smooth and efficient operation for all members. They have assistance from members of the sub committees of the Board, volunteers on the Maintenance and Membership committee, Groundswell committee and the new Marina West committee. There are also the committee members of the Fishing, Cruising, Social Activities and Racing Associations who also spend many hours preparing activities for all members and their friends. Then we have volunteers who help these individual associations run all of these events efficiently.

We also have people who spend their time educating us in relation to safety at sea, whether you sail the Adelaide to Pt Lincoln offshore race or you take your small boat fishing in our Gulf St Vincent with friends and family there is something for you.

The courses that are available at our club cover navigation, radio, first aid and most importantly safety at sea.

Foundation and Life member Richard (Dick) Fidock raced his last race this season in As Good As It Gets as he has taken his boat to Sydney to race and cruise in the protected waters of Sydney Harbour. Dick is certainly not lost to the CYCSA as I have no doubt that he will return to our gulf waters for special events.

The CYCSA has always given a high priority to ensuring new members are made welcome and encouraged to participate in the life of the Club. As a further step in that direction we have introduced The Captain’s Table. Three or four times each year, new members will be invited to attend a dinner in the CYCSA Mariners Restaurant, where they will meet other new members and learn a little about the structure, facilities and associations which make our Club unique. Vice Commodore Chris Morphett and his wife Rosalie hosted the first very successful Captain’s Table in March. We encourage all new members to take advantage of this opportunity.

Over a number of years now the CYCSA has been pleased to support the Western Hospital’s annual Regatta. Some of our racing skippers and crews have welcomed aboard guests, who have made significant donations to the hospital for the privilege.

This year’s event, held on the 29 March, was again very successful, thanks in no small measure to the generosity of our racing members, who ensured the visitors had a thoroughly enjoyable and memorable day on the water.

Peter Page, Commodore

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

Constitution Review Committee Report The Constitution Review Committee was formed to assist the Board to review and update the Club’s constituent documents.

The review is a part of the Club’s Master Plan which in turn stemmed from a planning day held in November 2005 attended by all board members, flag officers and association representatives.

The Club has grown considerably since its formation and it now has 30 years experience in carrying on its activities. Ideas about governance have changed over that period and the legislation governing the Club, the Associations Incorporation Act, has also been amended since the original Constitution was drafted.

The review process included considering what other leading sporting and yacht clubs were doing and considering current best practice in governance processes for not for profit organisations.

Above all, however, the intention was not to reduce members’ rights from those they enjoy under the current Constitution.

The Club’s proposed new Constitution is to be considered at the forthcoming AGM and is available on the Club’s website for consideration by members.

As part of the review process, the Regulations of the Club’s Associations were also reviewed in order to modernise those Regulations, harmonise them with the new Constitution and, to the extent possible, make them consistent across the Associations.

A number of members were involved in this process through their involvement with Associations. Their contribution to the process was greatly appreciated. It is particularly gratifying to see the passion and enthusiasm members have for their Associations. The Cruising, Fishing and Social Activities Associations will consider adopting their new Regulations at the Associations’ AGM on 27 July with the Racing Association due to consider their new Regulations at a meeting to be held later in the year.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

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Once the new Constitution and Association Regulations are adopted, the review process will move on to consider the constituent documents for the CYC (SA) Unit Trust and the CYC Ramp Trust for consistency.

I would like to thank my fellow committee members, Dick Fidock AO, John Gerard, Wayne Coonan and Craig Evans for their valuable insights and passing on their considerable experience and knowledge of the Club’s history which was essential in understanding why certain parts of the Constitution were written in the way they were. I would also like to thank the Chairs and Deputy Chairs of the Associations for their enthusiastic involvement in the process and in garnering feedback from the Associations.

Andrew Corletto, Chair Constitution Review Committee

Audit Committee Report The Audit Committee was formed 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 General Manager’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, the Audit Committee was involved in a thorough review of the Club’s insurances. With the Club embarking on significant new activities such as Marina West and the Marine Academy it was timely to review what insurances the Club had in place. I am pleased to report that the Club was able to secure increased cover for little additional cost.

Finally I would like to thank my fellow committee members, Henry Petersen and Jenni Paynter for their dedication and hard work during the year.

Andrew Corletto, Chair Audit committee

With the installation of new accounting software last year, the benefit of the new software for a full financial year was certainly felt with the audit and reporting process being concluded considerably quicker and easier than in the past. This was appreciated by all involved in the financial reporting and audit process.

This year also saw the higher valuation of Club assets starting to impact on the amount of depreciation the Club is required to account for. This is dealt with more extensively in the Treasurer’s Report. The accounting for depreciation like all other areas of financial reporting by the Club is in accordance with the more rigorous regulatory requirements and accounting standards the Club is now subject to.

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

Marina East Replacement Committee Report The committee was in recess during the year other than to plan for the replacement of T Heads and the annual above water freeboard survey of Eastern Basin.

Marina East Replacement Program

Replacement of AB and CD row T Heads is scheduled to be completed by the end of September 2008. It has been possible to program this work in conjunction with the Marina West works.

This has enabled the Club to make significant savings and also result in a better structure then first anticipated.

The planned replacement program (subject to future useful life surveys) is; Rows A and B: 2009/2010 Rows C and D: 2012/2014 Rows E and F: 2016/2017

A freeboard survey of the Eastern Basin was conducted during May 2008. The survey concluded that there were no significant variations from the original datum determined in June 2005. This confirms that our estimation of useful life remains valid.

It is the Board’s intention that the replacement of Marina East facilities will conform to the same high standards as Marina West.

The replacement program is still anticipated to commence in 2009/2010 with a total budgeted cost of $6.5m.

Henry Petersen, Chair Marina East Replacement Committee

Marina Maintenance Committee Report Club staff and contractors have been busy carrying out routine maintenance and upgrading of the marina, buildings and grounds.

Maintenance is going to become an even bigger task and expense in the near future as our facilities are getting older and some are nearing their design life.

Installing extra barbecues, enclosing the south side of the barbecue area, repainting in the Kinnaird building, replacing panels and pile rings and fitting of additional fingers on the marina are some of the many jobs carried out over the past year.

We are now starting the removal of the Norfolk Island pines as their roots are breaking water pipes and pushing up kerbing.

The pines trees will be replaced with more suitable trees and members plaques will be returned to the site of the original planting.

My thanks to Rob Gray, our gardener and our maintenance team, Stefan Petrov and Daniel Preece for their fantastic efforts over the past year.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

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Tim Went, Slipmaster

Marina West Development Committee Report Background The Marina West Development Committee was approved by the Board in November 2005 in recognition of the amount of detailed preparation and planning that had already occurred and that was looming as the project continued to evolve. To that point work was being done by a number of individuals and it was deemed necessary to coordinate these activities and ensure that the Board was kept informed and able to make appropriate decisions.

Terms of Reference The objective of the Committee is “to assist the General Manager in gaining development approval for the project, in formulating any necessary changes to gain such approval and to make appropriate recommendations to the Board. Once development approval has been gained, the Committee, acting on behalf of the Board, is to direct the General Manager in arranging construction and commissioning.�

Membership The current membership of the Committee is:

Geoff Catt (Chairman and Board

Member)

Henry Petersen (Board Member)

Graeme Footer (Senior Member)

Ken Amos (Senior Member)

Craig Evans (General Manager)

Since then the Committee has met at least monthly with the staff from the Project Manager, Trevor Ellis and Associates. At each meeting, topics under the headings of Approvals, Design and Construction, Legals and Finance, and Sales and Marketing have been addressed, decisions taken and recommendations framed for the Board.

Significant milestones were reached when the finance package was negotiated, when the required number of berth pre-sales were achieved to enable all costs to be covered, when the major contracts were let and when the first pile was driven.

In a few months members will be able to view the final product and the Committee is confident that it will prove to be a high quality, long term asset of the Club.

I would like to thank the members of the Committee for their expertise, dedication and time in guiding the project. Thanks also to Trevor Ellis and his team for representing the Club in this major project, with again a special thanks to General Manager Craig Evans for hanging it all together.

We look forward to Opening Day. Geoff Catt, Chair Marina West Development Committee

Activities As members would be aware, approval for the project was granted by the Port Adelaide Enfield Council on 7th June 2006.

However, three residents from One and All Drive appealed against this decision and much of that year was spent in preparing for and participating in a hearing in the Environment, Resource and Development Court. On 29th June 2007 the Court found in the Club’s favour by approving the development in every respect and detailing the conditions to apply. These were all acceptable to the Club and planning was able to commence in earnest.

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Cruising Yacht Club of South Australia Annual Report for 2007/2008

Marine Academy of Australia Committee Report The first full year of operation of the Academy achieved a number of important milestones that will provide the foundation on which to develop the programs and courses on offer and increase participation rates.

Courses Nearly 300 people attended or enrolled in a Marine Academy course or function this year. Courses offered were, coastal navigation, introductory keel boat, competent crew, inshore skipper, junior keel boat, powerboat handling and safety courses. Two Boating Friday evenings provided useful practical information for members on weather and gulf anchorages in a casual dining setting. Over two thirds of participants in courses were club members meaning that around 100 new people were introduced to the club and in time with the right encouragement and opportunity to step on boats some of these may choose the CYCSA to pursue their boating interests.

The Academy took over and ran the traditional ‘Safety Sunday’ for the Racing Association and with a number of changes to the usual format has improved and broadened the appeal and outcome of this day. The SSSC course was very successful and a must for any serious offshore crew and skippers.

The first year experience has identified courses that are popular allowing for more effective programming next year.

Course Coordinator and Instructors We are fortunate to have secured the services of Brett Yardley again for this role in 2008. Brett brings a genuine passion for teaching and instructing people of all ages and is keen to see the Academy expand its influence both within the club and in the broader community. Brett has developed a small network of instructors with the appropriate YA qualifications to assist with the Academy and has entered into an agreement to enable a club member’s in survey Farr 38 yacht to be used for keel boat courses.

As course numbers increase additional instructors will be required and we ask any club member who might have the necessary credentials and interest to instruct to contact Brett.

Funds The Academy aims to be self funding, generating in time a small surplus which will be reinvested back into equipment or programs.

We were fortunate to obtain a government grant for $6,000.00 and raised around $4,000.00 at the Marine Academy twilight race evening. We look to build on this fundraiser next year.

Equipment The Academy has identified the need for a rigid inflatable and this will be purchased in 2008. Currently, on water instruction is done on leased J24s or the Farr 38. Access to a large power boat may soon be required. A clear plan for a graduated learning program from dinghy sailing to keel boats is required before deciding on or committing to purchasing (or leasing) specific classes of boats. A dedicated office area laptop and teaching aids are in the pipe line.

Future Direction A challenge shared by the Club and the Academy centres around increasing numbers participating in sailing and boating as a sport and recreation, particularly at the junior levels. A program that engages young dinghy sailors in keel boat or trailable yacht racing in a sustainable way would enhance the club and ensure the viability of a robust, competitive racing program.

Thank you to Brett Yardley and all committee members for their contribution this year.

Andrew Saies, Chair Marine Academy of Australia Committee

Cruising Yacht Club of South Australia Annual Report for 2007/2008

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Groundswell Editorial Committee Report As a reflection of Club life, Groundswell can only be as representative as Club members allow it to be. The volunteer committee works hard to gather articles together for each edition, so that approaching deadlines are met and to ensure that the wide range of activities and events are reported on. It is still our ‘flagship’ communication and promotion vehicle.

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 members please speak to Jenny Krogdahl and she will advise you on advertising rates etc. Office staff have been an important part of our production team and if the advertising revenue increases, then so can the size of the magazine.

Kay McBryde, our friendly and persistent member of the editorial team, has been an invaluable asset and has taken over the main editorial mantle when I have been away for lengthy periods sailing and for this I am extremely grateful.

Putting together the New Boats section can be a frustrating task as people sometimes can’t deliver on their intended contribution and there tends to be some last minute backing and filling. Bill Lunn produces this regular segment as well as the Boat Profiles which readers have said they find interesting, so please, if you have a boat new to the Club or new to you, consider contributing to this feature. Bill is a competent writer and is happy to do an interview style of article, such as the June issue’s profile on Pauline and Craig Rooney’s boat Imago.

Traci Ayris has been a wonderful contributor for the Racing Association and racing activities/ events in general, as has Alyn Stevenson. Racing is an integral part of Club life and to have such informative and complete reporting is invaluable. Jacqueline Heffernan keeps us informed about the social side of the Club and Trevor Kipling has done a great job with an committed bunch of cruising members.

Trevor Paynter, our graphic designer, creatively lays out Groundswell ready for printing and contributes enthusiastically to our editorial meetings. Tom Tymons, of Reflex Printing, does a great job of printing and getting the magazine out to members.

We have been fortunate in having Greg Pratt from Paparazzi as a supporter photographer - many of the great sailing shots come from him. Peter Muirhead has also contributed, as have members Gerry Colella and Kay Tidswell. Members’ photos are always appreciated - a contribution by Sylvia Common taken at the time of Selkie’s dramatic dismasting last year was particularly memorable. We enjoyed Roger and Kate Flint’s contribution aboard Alpha Centauri as they travelled along the north west coast of Kangaroo Island. There have been many more and looking back over previous publications, photos play a major role in presenting our various boating activities. Keep them coming.

Every now and again we get feedback from members about the content of the magazine (we’ve even had a ‘Letter to the Editor’) and overwhelmingly it is positive. But we’ll take all sorts in a concerted effort to produce the very best product for members, advertisers and our Club sponsors. We require and welcome all feedback.

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. If other members 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 during 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 2007/2008

Association Reports Cruising It is with a considerable amount of pride that I present to you the Cruising Yacht Club of South Australia Cruising Association’s Annual Report for the 2007-2008 season.

A considerable amount of satisfaction emanates from the fact that the committee commencing this season was virtually new at the game, however after clipping a few hurdles I can say that we are now a reasonably polished team and endeavouring to fulfil our charter.

At this point I would like to formally recognize the work of the previous committee and thank them all for their input to the Association. I would like to congratulate Chris Morphett, our previous Chair, on his appointment to Vice Commodore.

The Cruising Association can lay claim to about 26 boats participating in our various events during the year. I remind all that there is no fee to be part of this Association, just turn up and we will make you feel welcome.

discipline and a little regimentation in a group of like minded people. Without mentioning any other Club/Association and aside from our push to go to Port Lincoln next year, I would like to see all members of the Cruising Association fly the Club and Cruising Association burgee when away, especially as a group.

This year was no different to any other with the weather beating us on a few planned events, however Port Vincent, Black Point, Stansbury, St Kilda and the Cutter Patch were well attended. I thank those members who have used our moorings at Stansbury and paid the small fee to help maintain them.

The Cruising Association will be seeking a main, single sponsor this year. Many thanks to Fleurieu Fresh, Veolia, Modbury Mechanical and Exhausts, and Graeme Haese Marine for their sponsorship contribution during the year.

Finally, to my committee, thank you all for your participation and support during the year. Good cruising.

Trevor Kipling, Chair Cruising Association

I believe that the heart and soul of any organisation is communication. This is now being done by way of a newsletter that is emailed to all members of the Club. This is working reasonably well, however a reasonably large percentage of members do not have email addresses, or who have not supplied their details to the office. Please give your details to the office and be part of your Club. Our other means of advertising events etc is by way of a flyer in the foyer area.

All events organised this year were well attended and it is always great to see new members participate and grow in confidence.

I have personally gained a great deal of satisfaction in seeing power boats and members from the hard stand participating in our events. Just remember, you don’t have to be ‘big’. The camaraderie in the Cruising Association is nothing short of outstanding, for that I thank you all.

It may be my background, but I personally like to see a little

Cruising Yacht Club of South Australia Annual Report for 2007/2008

14

Statement of Cash Flow 31 May 2008 Carried Forward Income Details Burgee sales Moorings Interest Total Income Expense Details Hospitality BBQ Flags Total Expenses Balance as at 31.5.08

$5,584.25

363.61 150.00 168.91 682.52 12.00 439.77 1,040.00 1,491.77 $4,775.00

Association Reports Social August saw our first function as a new Committee, the Mouse Cup. This was the second time we had run the Cup and it was an absolute cracker of a night! Sponsors and punters really got into the spirit of the night. You only have to read the article in Groundswell to get some idea, but, having said that, you have to see to believe it!

The Children’s Christmas Party – always a wonderful occasion – had all the old favorites. Pass-the-parcel is always a lot of fun, the Donut game (gets stickier each year) and the face painter. We also tried a Jumping Castle – a huge success and will be including that again this year. Santa arrived in spectacular style, this year on a jet-ski and carrying a blazing orange flare wowing all children (and some parents) by his unusual arrival. Many thanks to Trevor Kipling and Mal Kitto for their contributions to this amazing day.

The following week was the Christmas Beach Party. A number of ‘challenges’ were issued throughout the evening, including creating a perfect desert island from a ‘kit’, fishing competition and a very funny Best Legs competition – men nominated by their table. The traditional raffle was well supported, many thanks to those who donated prizes including Mark Charlesworth and Barry Paterson.

The Committee held a garage sale which was not only a lot of fun, but the monies raised from the table the committee ran went to the ‘Flotilla for Kids’. The Committee was very involved with the Flotilla this year and I am very proud to report that the Adelaide Rotary Club presented the club with an award for ‘Outstanding Effort’. Well done and a heartfelt thank you to all who so generously supported our fundraising efforts.

The annual Boat Hop was as popular as ever, over 140 ‘Hoppers’ visiting host boats, sampling some fine wines then coming to the Horizons Function room for a sumptuous five course luncheon.

Our main prize winner was Anne Fuller who won a wonderful weekend holiday at ‘Our Cottage’ B&B. Next year, following on

from many comments we received, the Boat Hop will be on a Saturday – allowing for Sunday to be a recovery day!

The Commodores Dinner is approaching at the time of writing this report and the Committee is, once again, delighted to be hosting this formal event. It is a wonderful opportunity, not just to ‘frock up’ but be involved in a very special night.

I would like to thank the Committee members for their huge efforts. It has been a busy year but very rewarding. The Committee for 07/08 was Mavis Catt, Pam Humeniuk, Inese Lainis, Delia Mace, Deborah Carruthers, Kay McBryde, Cheryl Maybury, Meg Denham – taking Cheryl’s place, Kay Tidswell, Sandra Richards and myself. Mavis, Kay Mc, and Delia are retiring from the Committee so I would like to thank them (and their spouses) for their hard work.

I would also like to express our appreciation to Trevor Paynter (for our stunning promotion artwork), Tom Tymons (for printing them) and our wonderful, long suffering office staff, food and beverage staff and the hardworking ground staff for all their assistance in our various functions.

Jacqueline Heffernan, Chair Social Activities Association

Statement of Cash Flow 31 May 2008 Carried Forward

$11,130.54

Income Details Quiz Night Mouse Cup Children’s Christmas Party Boat Hop Beach Party Sundry Interest Total Income

1,073.00 3,013.64 2,182.71 804.71 518.18 97.27 534.97 8,224.48

Expense Details Bar/Catering Expenses Quiz Night Mouse Cup Children’s Christmas Party Boat Hop Beach Party Other Expenses Total Expenses

103.00 653.00 280.86 1,581.64 666.51 876.10 10.91 4,172.02

Balance as at 31.5.08 15

$15,183.00

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Association Reports Fishing The CYC Fishing Association has a number of set events throughout the year.

Our season starts with the “Fish & Chip” night in October.

Over 100 people enjoyed the local seafood prepared by the CYC kitchen. Roger Stenning from the Department of Fisheries spoke on bag limits and the need to protect our fish stocks. He answered numerous questions from enquiring minds. Our second speaker Mike Steer, a senior research scientist with SARDI, gave a fantastic insight into the lifecycle of the Southern Calamari.

His presentation was supported by a slideshow of pictures and everybody on the night found his talk very interesting and entertaining.

Bruce Baddeley from Ray & Anne’s Tackle finished off the evening with the latest fishing tackle displayed. Bruce has been supporting the Fishing Association for a number of years.

The October long weekend sees the larger boats in Black Point.

Untidy weather and horse racing left some of the regulars away.

The fishing was great for a change, with bag limits of whiting reported along with some small snapper and ever-reliable crabs.

The highlight was the BBQ on the Saturday night; boats from Holdfast Shores and from Port Vincent enjoyed the improving weather and joined our gathering for a great afternoon and evening.

The “Boating Showcase” in November was the best ever. This is a big night for sponsors, members and their partners. This function takes considerable organisation particularly from committee members, their wives and other dedicated Fishing Association members. I would like to thank Riviera’s Rod Rebbeck, the Maritimo boys: Roy Wells, Jim Smyth and Bill Slipper for making their beautiful boats available. I would also like to thank Jim Theodore and his wife Leica for her effort during the evening.

This function was used in the “Go Boating” publication, which is distributed throughout the nation.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

16

Christmas sees our boats spread out from Wirrina through to Snug Cove on Kangaroo Island and onto Port Lincoln. Good catches were reported, from all areas, as the weather was unusually calm for the festive break. A few boats ended the year back at Wirrina, they experienced wind gusts over 45knots roaring down the gully.

January Long weekend, over to Black Point, then down to Port Vincent, unbelievably hot and no wind for the yachting regatta arriving at Vincent. That’s sad!, but great for the power boats. Bag limits of whiting and snapper were proudly shown at the marina.

Some boats chose to moor outside the marina to enjoy a late evening cool breeze.

“Crabbing Day” in February is always well supported and this year was no exception. Cummins Marine sponsored the event and Branch Manager, Armond Lemoine was on hand to present prizes to the winning crews. Cummins Marine also supplied a genset to raffle and goodie bags. Proceeds of the raffle, which was $1070, were shared by the Flotilla for Kids and selected volunteer coastguards. The winner of the genset was Robert O’Neil.

Major winners on the day were Bianca and Gabrielle Scott taking home the Golden Crab trophy. Many thanks to Leica Theodore for her contribution on the day. To the measurers Trevor and Jenni Paynter and the countless pickers and workers on the tables.

Special thanks to Tim Marsh and Tim Vreeker both making short work of the cooking in a highly organised fashion. With an excess of 450 people, 37 boats harvested some 1600 crabs. A wellorganised great day.

Prizes and acknowledgments for the various fishing categories for the season are as follows: Heaviest Eagle Ray was caught and released by Tim Marsh fishing from “Champ” at Port Vincent. The ray was estimated to be 45kg. Roy Wells fishing from his Maritimo “Stephanie” landed several Tuna over 25kg, the biggest weighed in at 27kg. Roy was fishing southwest of Kangaroo Island.

The heaviest snapper, all 13kg of it, went to John Pannell fishing the John Robb wreck. There were no worthwhile reports of any sharks or monster Snook. The Keith Waterman trophy dedicated to the most meritorious catch outside SA waters goes to Clive Ragless. Fishing next to a reef some 30 km off the coast of Broome in an oversized tinny Clive eventually boated a 36 kg Giant Trevally, a fair effort indeed, with an angry fish nearly as long as the angler, he had to beat the sharks from taking his catch as well.

To our major sponsors: Mistral (John Gerard), Pipe-Tech (Roy Wells), Harmony Investments (Joe Walker) and Cummins Marine Engines, we sincerely thank you for the commitment you have made to the Fishing Association over the past years. Riviera’s Andrew Craddock, Jim and Lecia Theodore from Port River Marine, Bruce Baddeley from Ray and Anne’s fishing tackle and our friends from Holdfast Shores for always making their boats and moorings available, a big thank you.

All Associations seek support and sponsorship to foster interest and comradeship within their own groups; sometimes the dedication of these people is overlooked and even smothered.

I would like to thank Rick Hausler and his wife Glenda for the contribution they have made this year.

The Fishing Association Committee remains strong and positive in it’s goal to provide quality functions to all members of this club. If potential and present members feel subsidised events, free BBQ’s, Crabbing Day and the Boating Showcase is not worth $22, I urge you - please don’t join.

Statement of Cash Flow 31 May 2008 Carried Forward

$43,651.39

Income Details Subscription Fees Crabbing Day Sponsorship Shirts and Burgee Sales Fish and Chip Night Boat Show Moorings Interest Total Income

3,080.00 2,885.42 8,000.00 1,365.44 1,730.00 345.42 300.00 1,739.57 19,445.85

Expense Details Bar/Catering Expenses Crabbing Day Shirts/Embroidery Donations Fish and Chip Night Boat Show Other Expenses Total Expenses

1,123.95 2,534.23 2,645.40 1,170.00 2,410.49 2,808.17 985.00 13,677.24

Balance as at 31.5.08

$49,420.00

Finally, to our committee, I would like to thank you for your different ideas, anger management and support over the past season.

Good Fishing and good sailing. Cheers.

Ray Brown, A/Chair Fishing Association

17

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Association Reports Racing This year has certainly been one of the more unusual years starting without a Race Manager and having 2 boats sink when only a couple of races into the season.

three years and certainly added to race presentations during the year, supplying and presenting some fantastic merchandise. Some were fortunate enough to win a Mercedes for a weekend and certainly enjoyed this experience.

I would like to thank the committee, officials, duty crew and our Race Manager Jeff Ireland for the enormous amount of work put in not only for this season but the organizing for next season as well.

Phil Hoffmann Travel – Phil Hoffman and his staff continued to support our Summer Twilight racing and brought plenty of their clients to the Club during the season. With four combined twilight races next year, their clients and staff will have plenty of fun.

The membership for the racing association increased this year for the first time in four years and thanks to Tancredi Jewellers for their support in the new membership program. There has been a drive by the committee to cater for all types boats and members and refine a program that will see the membership increase and put more boats on the water. A big part of this was forging a stronger relationship with the RSAYS and introducing more combined sailing.

Musto Australasia – this year a substantial part of our prizes were Musto products and we certainly appreciated the support from Musto.

With over 60 entries in both combined Twilights and the Plympton Cup, and record numbers for the Winter Series, members have certainly indicated that they like large fleets. Next year there will be four combined twilight races and these will be part of the Twilight Series.

The association has purchased a larger committee vessel for next season as part of our program to improve on water facilities and Race Management. This is a big project, to refurbish the boat, but an enormous amount of the club is volunteering support in all forms.

One of the big successes of the season was the involvement of all of our sponsors at the club, who not only provided valuable sponsors dollars but also provided prizes and became personally involved in race day events.

Chateau Moteur, Nordic Honda and Formula Honda – The Puvi Group have taken up the main sponsorship for the next

Cruising Yacht Club of South Australia Annual Report for 2007/2008

18

Port River Marine – Our award winning sponsor continues their long association with our winter racing.

Fosters/Penfolds – thanks to Penfolds for not only continuing their sponsorship but also increasing it.

Yalumba Wines – Yalumba has been a great supporter of our twilights for many years and also increased their support this year.

Tancredi Jewellers – joined us this year to help us promote new membership and this is certainly proving to be a success.

The association is grateful to all our sponsors and encourage all members to use our sponsors products and services as we are fortunate to be associated with quality Companies.

Sailing Brett Young and Kevin Kellow started the season off in June with a superb 3rd place in the 2007 Tasar worlds.

Many boats travelled far and wide competing on the east coast, to Hobart, Perth and Geelong Week. In particular, True NorthAndrew Saies (Sydney to Hobart) and Kinetic Energy – Andy Shipp (Melbourne to Hobart) had great results.

The J24 fleet had five boats make the long journey to Perth for the National Championships, forming the largest state team at the event. Results for the event were: • Another Planet – Brenton Pegler/Alan Hambly had a sensational race in winning the Adelaide to Port Lincoln Yacht Race • True North – Andrew Saies won the IRC State Championship • Fun2 – Alyn Stevenson won the J24 State Championship Congratulations to True North on a fantastic season winning the Yacht of the Year and also to Kevin Kellow for winning Crew Person of theYear.

We look forward to seeing SMB# back on the circuit.

The Fred Neil Cup – the premier match racing event in SA, has become a graded ISAF event. The event has been postponed until the new Port River Bridge is finished and the committee is looking for sponsors to make this an even bigger event than in the past.

The J24 2009 Nationals Championships will be held at the CYCSA in January and we will certainly be looking for volunteers to assist to make this another great event.

The Finn 2009 Nationals are in the process of being secured and will be run at the same time as the J24 Nationals.

This season will see some changes: • There will be four combined twilight races; there will be plenty of variety and one less series.

• There will be plenty of one race Saturdays with one LONG windward - leeward race for Club heats.

• The nomination system will be overhauled and simplified.

• The committee will remain firm on having racing comply with all rules and regulations.

• We will increase our infrastructure to support our Race volunteers.

• We will increase our sponsors to enable a strong financial base.

This year the committee was savage in cutting expenses and we spent less than $1,000 on trophies for the year, but had to carry a large trophy bill from the previous year. On true trading figures we had a surplus for the year but must exercise strong fiscal policy into the future to control operating costs. Thanks to Ray Evans who has given enormous time to our finances this year.

Finances – with the new committee boat project it is essential we increase our sponsor base to cover the increased initial costs of the project. The project is expected to take 6 months to complete stage 1 and 12 months to complete stage 2. We expect this boat to cost less to run than Regent Sea. The nomination system will be simplified and reflect true cost per race to competitors.

This year we had an increase in membership and we need to continue this trend to get membership where it should be.

This year we will budget for training. We need to train a group of members in Race Management and also train a group of members to be able to operate the committee boat. We envisage training 6 people in each area as this will allow us to have plenty of back up at all times.

We start the year with a $2800 expense for full servicing of Regent Sea to hand it back in a condition acceptable to the college.

Overall the Racing Association has had a good year and expect to move to the next level over the new season.

Alyn Stevenson, Chair Racing Association

19

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Association Reports Racing continued...

Statement of Cash Flow 31 May 2008 Carried Forward Income Details Racing Association Fees Racing Nominations Casual Nominations Event Nominations Safety Sunday Flags Bottles Racing Packs Book Sales Presentation Night Income Regattas Sail Storage Shed Premiers Cup Grant Sydney to Hobart Dinner Other Income Interest to 31.05.08 Sponsorship Musto Phil Hoffmann Travel Winter Port River Marine Puvi J24s Sale of J24 Youth Match Fund Sponsorship Fundraising Total Income

$ 64,195.34

$12,057.07 $24,380.86 $533.17 $340.91 $181.82 $409.93 $1,146.51 $163.64 $27.00 $1,037.30 $454.55 $5,136.32 $1,000.00 $521.00 $46.48 $1,963.04 $5,000.00 $10,000.00 $2,750.00 $15,000.00 $1,109.09 $3,954.55 $90.90 87,304.14

Expense Details Wages Superannuation Administration Fuel Trophies & Prizes Staff Training Airhorn Office Expenses Printing Expenses Sponsors Expenses Duty Crew Expenses Cougar Cat Hospitality Internet Expenses Fax Machine Flags Premiers Cup Grant Expenses Match Racing Expenses Sydney to Hobart Dinner Motor Vehicle Expenses Presentation Night Expenses Regent Sea Other Expenses J24s J24 Lease Youth Match Fund Entry Fee Nominations Championship Expenses Uniform Expenses Total Expenses Balance as at 31.5.08

Cruising Yacht Club of South Australia Annual Report for 2007/2008

20

$41,058.20 $3,553.61 $1,858.09 $4,605.07 $258.92 $138.00 $1,221.09 $687.97 $50.00 $1,886.45 $2,687.82 $1,495.36 $1,137.28 $1,355.00 $374.70 $209.09 $1,619.44 $1,469.20 $234.00 $566.88 $16,504.49 $2,042.89 $2,498.00 $724.44 $1,050.00 $909.09 $4,580.66 $1,503.74 $96,279.48 $55,220.00

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’) - is responsible for the management of the Club with delegation of appropriate responsibilities to the General Manager - act as Directors of CYC (SA) Management Pty Ltd, the trustee of the CYC (SA) Unit Trust - act as Directors of CYC Ramp Pty Ltd, the trustee of the CYC Ramp Trust.

The entities of the CYCSA have been structured so as to minimise taxation liabilities, to hold and protect Club assets, and to enable members’ activities and services to be provided through the Club in accordance with the Constitution.

•

CYC Ramp Trust •

• • •

CYC (SA) Unit Trust •

The major assets of this trust are the freehold of the Club basin at North Haven, including land, water and buildings, and the sub-lease of the Port Vincent Marina

All Senior Members hold units in this trust and therefore own the above assets Its trustee, CYC (SA) Management Pty Ltd has two shareholders, Malcolm Kinnaird and Dick Fidock (one share each), who have executed a declaration of trust stating that they hold their shares as trustees for the Club As an asset holding entity, the trust’s affairs have been structured so that it does not make a profit and consequently does not make a distribution to unit holders.

•

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 The major assets of the trust are the Western Basin and the water area adjoining the northern peninsula The trust also operates the public boat ramp The trustee of this discretionary trust is CYC Ramp Pty Ltd which has two shareholders, Malcolm Kinnaird and Dick Fidock (one share each), who have executed a declaration of trust stating that they hold their shares as trustees for the Club 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.

BOARD OF MANAGEMENT Directors elected annually by Senior Members

CYC Ramp Pty Ltd As trustee for

CYC (SA) Management Pty Ltd As trustee for

CYCSA Incorporated

CYC Ramp Trust (Discretionary Trust) Owns & operates ramp & adjacent land & water, including channel

CYC (SA) Unit Trust Owns land & water, buildings, marina & underlease of Port Vincent Marina from the Yorke Peninsula Council

Profits

Profits

Beneficiaries CYC (SA) Unit Trust CYCSA Inc

Beneficiaries Senior Members

• Operates bar & slip • Staff • Rents buildings from CYC (SA) Unit Trust • Underlease of Port Vincent Marina from CYC (SA) Unit Trust

Members

21

Cruising Yacht Club of South Australia Annual Report for 2007/2008

CYC (SA) Unit Trust and Associated Entities Independent Audit Report to the Unitholders, Beneficiaries and Members of the CYC (SA) Unit Trust and Associated Entities

Scope Report on the Financial Report We have audited the accompanying financial report of CYC (SA) Unit Trust and Associated Entities comprising the Trust, CYC Ramp Trust and the Cruising Yacht Club of SA Inc., which comprises the consolidated balance sheet, income statement, cash flow statement, statement of changes in equity, accompanying notes to the financial statements, and the statement by committee members/directors for the financial year ended 31 May 2008.

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 the Board of 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.

Directors’ and Committee Responsibility The directors of CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust, CYC Ramp Pty Ltd as trustee for the CYC Ramp Trust and the Board of Management of the Cruising Yacht Club of SA Inc, are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the trust deed.

This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Independence In conducting our audit, we have complied with the independence requirements of Australian professional ethical pronouncements.

Audit Opinion In our opinion: The financial report of the CYC (SA) Unit Trust and Associated Entities is in accordance with the trust deed, including: i.

presenting fairly the financial position of the economic entity as of 31 May 2008 and of its financial performance for the year on that date; and

Auditor’s Responsibility

ii.

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. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial audit is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation

Cruising Yacht Club of South Australia Annual Report for 2007/2008

22

complying with Australian Accounting Standards (including the Australian Accounting Interpretations).

Cleland McFarlane Selth Chartered Accountants

R J Selth - Partner Dated this 7th day of August 2008.

Income Statement for the Year Ended 31 May 2008

Note

2008 $

2007 $

Revenue Sales 2.

Other revenue 2.

730,365 1,794,977 2,525,342

612,168 1,766,163 2,378,331

Expenses Advertising Employee benefits expenses Depreciation and amortisation expenses Borrowing costs and interest Cost of sales Impairment expenses Insurance expenses Repair and maintenance expenses Rates and taxes Other expenses from operations

133,534 925,937 157,166 15,286 346,940 31,515 96,587 115,351 160,131 575,647 2,558,095

7,808 833,607 130,046 18,574 301,961 88,368 137,643 156,809 509,208 2,184,024

(32,752)

194,307

Operating surplus for the year

3.

The accompanying notes form part of this financial report.

23

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Balance Sheet as at 31 May 2008

Note

2008 $

2007 $

Current assets Cash and cash equivalents Trade and other receivables 4.

Inventories 5.

Other current assets 6.

Total current assets

1,006,606 68,200 40,986 4,688 1,120,480

421,088 94,398 42,600 558,086

Non-current assets Property, plant and equipment 7.

Other non-current assets 8.

Total non-current assets Total assets

10,863,853 1,137,865 12,001,718 13,122,198

6,582,078 407,971 6,990,049 7,548,135

Current liabilities Financial Liabilities 9.

Trade and other payables 10.

Provisions 11.

Total current liabilities

1,067,204 1,455,393 89,356 2,611,953

391,873 570,029 63,948 1,025,850

Non-current liabilities Financial Liabilities 9.

Provisions 11.

Total non-current liabilities

101,843 22,424 124,267

407,946 14,507 422,453

Total liabilities

2,736,220

1,448,303

Net assets

10,385,978

6,099,832

Equity Contributed capital 12.

Revaluation Reserve 13.

Retained profits Total equity

4,776,193 4,315,366 1,294,419 10,385,978

4,772,661 1,327,171 6,099,832

The accompanying notes form part of this financial report.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

24

Statement of Changes in Equity for the Year Ending 31 May 2008

Contributed

Capital

Equity balance at 1 June 2006

Total $

5,893,375

Operating surplus for the year 2006/2007 194,307 Contributed capital 12,150

194,307 12,150

-

6,099,832

Operating surplus for the year 2007/2008 (32,752) Contributed capital 3,532 Revaluation increment 4,315,366

(32,752) 3,532 4,315,366

Equity balance at 31 May 2008

4,772,661

1,132,864

Revaluation Reserve $

-

Equity balance at 31 May 2007

4,760,511

Retained Earnings $

4,776,193

1,327,171

1,294,419

4,315,366

10,385,978

The accompanying notes form part of this financial report.

25

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Statement of Cash Flows for the Year Ending 31 May 2008

Note

Cash flows from operating activities Receipts from membership fees Payments to suppliers and employees Interest paid Finance charges on finance leases paid

2008 $

2007 $

2,773,016 (2,350,378) (14,240) (1,046)

2,296,081 (1,868,016) (20,021) (1,570)

407,352

406,474

Cash flows from investing activities Payments for property, plant & equipment Payments for Marina development Proceeds from sale of assets Net cash provided by investing activities

(123,575) (729,894) - (853,469)

(380,060) (235,036) 11,000 (604,096)

Cash flows from financing activities Principal repayments of finance leases Proceeds from issue of units (Repayment of)/additional borrowings Additional deposits

(6,873) 3,532 350,233 658,875

(6,350) 12,150 385,000 128,500

Net cash provided from financing activities

1,005,767

519,300

Net (decrease)/increase in cash held

559,650

321,678

Cash at the beginning of the financial year

421,088

99,410

Cash at the end of the financial year

980,738

421,088

Net cash provided by operating activities

15b.

15a.

The accompanying notes form part of this financial report.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

26

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 1: Statement of significant accounting policies

(c) Inventories

Inventories are measured at the lower of cost and net realisable value.

The financial report covers the economic entity of CYC (SA) Unit Trust and Associated Entities comprising the Trust, CYC Ramp Trust and the Cruising Yacht Club of SA Inc. CYC (SA) Unit Trust is a fixed trust, established and domiciled in Australia.

(d) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

Basis of Preparation

Property Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings.

Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the income statement.

Plant and Equipment Plant and equipment are shown at their fair value (being the depreciated replacement cost), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation.

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. The financial report of the economic entity complies with all Australian equivalents to International Financial Reporting Standards (AIFRS) with the exception of certain requirements specific to not-for-profit entities. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.

The financial report has been prepared on an accruals basis and is based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. (a) Principles of Consolidation

An associated entity is any entity over which CYC (SA) Unit Trust has the power to govern the financial and operating policies so as to obtain benefits from its activities. In assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are considered.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the economic entity and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Depreciation Until 9 April 2008, the original marina and improvements acquired in 1985 were not depreciated. The directors considered that due to the continuing maintenance program and the replacement of component parts on an ongoing basis, a finite life could be determined. From 9 April 2008, the revalued amount of the original marina and improvements are depreciated over their estimated useful lives using the straight line method.

Improvements to the Marina subsequent to 1985, improvements to the ramp land, fixtures and fittings and plant and equipment are depreciated over their estimated useful lives, using either the reducing balance method or straight line method as appropriate.

The depreciable amount of all fixed assets is depreciated on a straightline basis over their useful lives commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the

A list of associated entities is contained in Note 14 to the financial statements.

As at reporting date, the assets and liabilities of all associated entities have been incorporated into the consolidated financial statements as well as their results for the year then ended.

All inter-group balances and transactions between entities in the consolidated group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of associated entities have been changed where necessary to ensure consistency with those adopted by the parent entity.

(b) Income Tax

The Cruising Yacht Club of SA Inc is exempt from tax under Subsection 50-45 of the Income Tax Assessment Act. Under current income tax legislation, the CYC (SA) Unit Trust and the CYC Ramp Trust are not liable to income tax provided their taxable income is fully distributed to beneficiaries.

The carrying amount of plant and equipment is reviewed annually by the committee members/directors to ensure it is not in excess of the recoverable amount from these assets.

27

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed is recognised in profit or loss.

shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Buildings 0% - 3% Marina 10% Plant and equipment 5% - 50%

The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement. When re-valued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained earnings.

(e) Leases

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the economic entity are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amount equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the economic entity will obtain ownership of the asset or ownership over the term of the lease.

(f) Financial Instruments

Recognition and Initial Measurement

Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes a party to the contractual provisions of the instrument.

Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified as at fair value through profit or loss. Transaction costs related to instruments classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set out below.

Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

28

Classification and Subsequent Measurement Financial assets at fair value through profit and loss Financial assets are classified at fair value through profit or loss when they are held for trading for the purpose of short term profit taking, where they are derivatives not held for hedging purposes, or designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy.

Realised and unrealised gains and losses arising from changes in fair value are included in profit or loss in the period in which they arise.

Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost using the effective interest rate method.

Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the group’s intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method.

Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either designated as such or that are not classified in any of the other categories. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method.

Impairment At each reporting date, the economic entity assess whether there is objective evidence that a financial instrument has been impaired.

In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether impairment has arisen. Impairment losses are recognised in the income statement.

(g) Impairment of Assets

At each reporting date, the economic entity reviews the value in use of its tangible and intangible assets based on depreciated replacement cost to determine whether there is any indication that those assets have been impaired. If such an indication exists, the economic entity identifies the lowest cost at which it could obtain

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

the future economic benefits of the asset in the normal course of its activity, reduced by depreciation that reflects that part of the future economic benefits that are already consumed. (h) Employee Benefits

Provision is made for the economic entity’s liability for employee benefits arising from services rendered by employees to balance date.

Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

(l) 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 Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. (m) Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(i) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Critical Accounting Estimates and Judgments

(j) Revenue

Annual member subscriptions and fees raised by the economic entity during the year are recorded as gross revenue.

Key estimates – Impairment

(k) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in income in the period in which they are incurred.

The economic entity’s evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the economic entity.

The economic entity assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. Where an impairment trigger exists, the depreciated replacement cost of the asset is determined.

Key judgments – Provision for Impairment of receivables Included in accounts receivable at 31 May 2008 is an amount for maintenance fees charged to the developer, Paradise Developments for an amount of $31,514.60. Paradise Developments is disputing the charge and therefore a provision for impairment of the receivable has been made as at 31 May 2008. Nevertheless, it is expected that the charges are fully recoverable.

The financial report was authorised for issue on 24 July 2008.

2008 $

Sales revenue Other revenue: Commission revenue Maintenance fees Marine Academy income Profit on sale of berths Racing Association income Ramp income Slipway Subscription revenue Other revenue Dissolution of Joint Venture

730,365

612,168

242,203 651,299 41,347 6,000 87,304 92,205 62,781 463,492 148,346 - 1,794,977 2,525,342

334,031 599,928 120,759 90,035 55,245 434,969 111,863 19,333 1,766,163 2,378,331

Note 2: Revenue

2007 $

29

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 3: Operating surplus

2008 $

Operating surplus has been determined after:Charging as expenses: Amortisation: Plant and equipment under finance lease 6,564 Depreciation: Plant equipment and improvements 150,602 Interest paid to other persons 14,420 Finance charges relating to finance leases 1,046 Remuneration of auditor: Audit - 2006 Audit - 2007 8,000 Audit - 2008 13,000 Other services - 2006 Other services - 2007 4,540 Other services - 2008 4,000

2007 $

6,560 123,486 18,574 1,570 12,118 13,000 11,707 4,000

Note 4: Trade and other receivables Current Trade receivables Provision for impairment

Current trade receivables a non-interest bearing loans and generally are receivable within 30 days. A provision for impairment is recognised against receivables where there is subjective evidence that an individual trade receivable is impaired. An impairment provision of $31,514.60 was required at 31 May 2008, (2007: Nil)

99,715 (31,515) 68,200

94,398 94,398

40,986

42,600

4,469 4,469

-

There are balances within trade and other receivables that contain assets that are not impaired and are past due. It is expected these balances will be received. Impaired assets are provided for in full where applicable.

Note 5: Inventories Current Finished goods at cost

Note 6: Other assets Current Prepayments

Cruising Yacht Club of South Australia Annual Report for 2007/2008

30

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 7: Property, plant & equipment

2008 $

2007 $

Land at cost

6,800,000

1,097,845

Marina and improvements at valuation (market value), 1985 (note 1 (b) Accumulated depreciation

1,700,000 28,411 1,671,589

2,985,100

Buildings and improvements at valuation (depreciated replacement value), 2008/cost Accumulated depreciation

1,930,000 (9,676) 1,920,324

3,136,603 (1,016,768) 2,119,835

Plant and equipment at valuation (existing use), 2007/cost Accumulated depreciation

458,686 (46,383) 412,303

1,216,092 (890,408) 325,684

Leased plant and equipment at cost Accumulated amortisation

32,800 (24,604) 8,196

32,800 (18,040) 14,760

Fixtures and fittings at valuation (existing use), 2007/cost Accumulated depreciation

62,010 (10,569) 51,441

14,029 (11,153) 2,876

Computing and software Accumulated depreciation

- - -

36,780 (802) 35,978

Total property, plant and equipment

10,863,853

6,582,078

2,985,100

By virtue of an agreement with the North Haven Trust, land at North Haven is subject to restrictive encumbrances limiting its possible future use.

31

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 7: Property, plant & equipment (continued) Movements in carrying amounts Movements in carrying amounts for each class of property, plant and equipment between the beginning and end of the current financial year:

Land Marina Improvements

Balance at beginning of the year

1,097,845

2,985,100

Additions

1,800

Plant and equip’t

35,978

325,684

Leased plant Fixtures and and equip’t fittings

6,582,078

34,248

123,575

Disposals

-

Transfer

35,978

-

59,226

(11,092)

4,315,366

(46,382)

(6,564)

(10,569)

(157,166)

412,303

8,196

51,441

10,863,853

13,752

(1,286,900)

(148,023)

Depreciation expense

(28,411)

(65,240)

6,800,000

1,671,589

1,920,324

73,775

(35,978)

5,702,155

Carrying amount at end of the year

14,760

TOTAL

2,876

Revaluation

2,119,835

Computing and s/ware

-

The economic entity’s property, plant and equipment were revalued at 9 April 2008 and 1 June 2007 by independent valuers. Valuations were made on the fair market value, existing use and depreciated replacement cost basis. The revaluation surplus was credited to an asset revaluation reserve in members’ equity.

Note 8: Other assets

2008 $

2007 $

Non-current Marina West development costs

1,137,865 1,137,865

407,971 407,971

Capitalised financial costs Finance costs incurred

102,525

20,465

Capitalisation rate used in the allocation of finance costs

100%

100%

Note 9: Financial liabilities Current Bank overdraft (secured) Bank loan Lease liability (unsecured)

25,868 1,033,897 7,439 1,067,204

385,000 6,837 391,873

Non-current Commercial bank bills (secured) Lease liability (unsecured)

99,889 1,954 101,843

398,553 9,393 407,946

Details of security Refer Note 19.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

32

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 10: Trade and other payables

Current Trade payables

2006 2008 $ $

2005 2007 $ $

1,455,393 1,455,393

570,029 570,029

Current Provision for annual leave Provision for long service leave

77,073 12,283 89,356

44,904 19,044 63,948

Non-current Provision for long service leave

22,424

14,507

592

592

4,748,900

4,745,950

26,701 4,776,193

26,119 4,772,661

Note 11: Provisions

Note 12: Contributed capital Settled capital Issued units, fully paid 94,978 issued units (2007: 94,919 units) at $50 each Issued units, fully paid 26,701 issued units (2007: 26,119) at $1 each

Note 13: Reserves

The asset revaluation reserve records revaluation of non-current assets

Note 14: Associated entities

2006 $

2005 $

The consolidated accounts of CYC (SA) Unit Trust include the following associated entities Contribution to the consolidated operating surplus: CYC (SA) Unit Trust Cruising Yacht Club of SA Inc CYC Ramp Trust

(59,891) 88,532 (61,393) (32,752)

33

(43,758) 154,031 84,034 194,307

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 15: Cash flow information

2008 $

2007 $

(a) Reconciliation of Cash Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Balance Sheet, as follows:Cash on hand Cash at bank Bank Overdraft

6,120 1,000,486 (25,868) 980,738

6,180 414,908 421,088

(b) Reconciliation of Cash Flow from Operating Activities to the Operating Profit Operating profit for the year

(32,752)

194,307

(Profit)/loss on sale of asset Depreciation and amortisation Impairment provision (Increase) in trade receivables Decrease/(increase) in inventories (Decrease)/increase in trade and other payables and employees entitlements

- 157,166 31,515 (10,005) 1,615

(20,567) 130,046 (16,341) (13,379)

259,813

132,408

Net cash inflows from operating activities

407,352

406,474

Note 16: Related party information Directors CYC (SA) Management Pty Ltd operates as trustee for the CYC (SA) Unit Trust (the “Trust�). The directors of CYC (SA) Management Pty Ltd during the year ended 31 May 2008 were as follows: JL Bates (resigned 29 August 2007), GR Catt, AG Corletto, JD Paynter (resigned 29 August 2007), H Petersen, Dr AD Saies, WE Coonan (appointed 29 August 2007) and TJ Tymons (appointed 29 August 2007).

All positions are held on an honorary basis.

The following directors, through entities associated with them, provided goods and services during the year under normal commercial terms and conditions, to the value of: JD Paynter TJ Tymons

Cruising Yacht Club of South Australia Annual Report for 2007/2008

34

5,930 38,542

11,060 -

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 17: Capital commitments

Commitments under contracts for capital expenditure at balance date not provided for in the accounts are aggregated as follows: Payable no later than one year

2008 $

2007 $

7,290,923 7,290,923

-

Analysis of finance lease commitments: Payable no later than one year Payable later than one, not later than five years Payable later than five years

Future finance charges

7,919 1,980 - 9,899 (506)

7,919 9,898 17,817 (1,551)

Net liability

9,393

16,266

Representing lease liabilities: Current Non-Current

7,439 1,954 9,393

6,873 9,393 16,266

Operating lease commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements Payable - minimum lease payments not later than 12 months

between 12 months and five years

g reater than five years

5,760 16,792 - 22,552

8,844 22,116 436 31,396

Note 18: Lease commitments

Note 19: Contingent liabilities A bill discount line is provided to CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust. Cross guarantees in support of the facility have been provided by each associated entity in the group. In addition a registered mortgage has been provided over the non-current assets of CYC (SA) Unit Trust. As at the 31 May 2008 $100,000 was drawn down on the bill facility (2007: $400,000).

The CYC Ramp Pty Limited as trustee for the CYC Ramp Trust (“the Trust”) has secured a line of credit of $8,700,000 with the Trust’s bankers on the freehold land owned by the Trust. The purpose of the borrowing is to fund preliminary and other expenses associated with the proposed development of marina berths on the Trust’s freehold land. As at the 31 May 2008 $1,033,896 was drawn down on the facility (2007: $385,000).

A bank overdraft facility of $50,000 is provided to the Cruising Yacht Club of SA Inc., which is secured by an unlimited interlocking guarantee from CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust and CYC Ramp Pty Ltd as trustee for the CYC Ramp Trust. The facility was drawn down to $6,580 at 31 May 2008 (2007: credit balance $238,275).

35

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 20: Financial instruments (a) Financial Risk Management

The economic entity’s financial instruments consist mainly of deposits with banks, local money market instruments, accounts receivable and payable.

The economic entity does not have any derivative instruments at 31 May 2008. i. Treasury Risk Management A finance committee consisting of senior Board of Management members meet on a regular basis to analyse financial risk exposure and to evaluate treasury management strategies in the context of the most recent economic conditions and forecasts.

Liquidity risk The economic entity manages liquidity risk by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities are maintained.

Credit risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements.

There are no material amounts of collateral held as security at 31 May 2008.

The committee’s overall risk management strategy seeks to assist the economic entity in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

The finance committee operates under policies approved by the Board of Management. Risk management policies are approved and reviewed by the committee on a regular basis. These include the use of credit risk policies and future cash flow requirements.

ii. Financial Risk Exposures and Management The main risks the economic entity is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk.

Interest rate risk Interest rate risk is managed with a mixture of floating rate debt.

Foreign currency risk The economic entity is not exposed to fluctuations in foreign currencies.

Cruising Yacht Club of South Australia Annual Report for 2007/2008

36

Credit risk is managed and reviewed regularly by the finance committee. It arises from exposures to members and deposits with financial institutions.

At the year end, the economic entity does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the economic entity.

Price risk The economic entity is not exposed to any material commodity price risk.

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 20: Financial instruments (continued) (b) Financial Instrument Composition and Maturity Analysis

The table below reflects the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations of the settlement period for all other financial instruments. As such, the amounts may not reconcile to the balance sheet.

i.

Weighted Average Non Interest

Interest Rate Bearing

31 May 2008

% $

Financial Assets Bank accounts Nil 1,006,606 Trade receivables N/A 99,715 Total financial assets 1,106,321 Financial Liabilities Trade accounts payable N/A Bank overdraft 11.37% Business loan 9.39% Commercial bills 8.13% Lease liabilities 7.95% Total financial liabilities Net financial liabilities

ii.

Weighted Average Interest Rate %

1,455,393 - - - - 1,455,393 349,072

Non Interest Bearing $

31 May 2007 $

Fixed Interest Rate Maturing within within 1 year 1-5 years $ $

Floating Interest Rate

TOTAL

$

$

- - -

- - -

- - -

1,006,606 99,715 1,106,321

- - - - 7,439 7,439 7,439

- - - 99,889 1,954 101,843 101,843

- 25,868 1,033,896 - - 1,059,764 1,059,764

1,455,393 25,868 1,033,896 99,889 9,393 2,624,439 1,518,118

Fixed Interest Rate Maturing within within 1 year 1-5 years $ $

Floating Interest Rate $

TOTAL

$

$

$

%

Financial Assets Bank accounts nil Trade receivables N/A Total financial assets

342,680 94,398 437,078

- - -

- - -

78,408 - 78,408

421,088 94,398 515,486

Financial Liabilities Trade accounts payable N/A Bank overdraft 9.45% Business loan 8.12% Commercial bills 7.03% Lease liabilities 7.95% Total financial liabilities Net financial liabilities

570,029 - - - - 570,029 132,951

- - - - 6,873 6,873 6,873

- - - 398,553 9,393 407,946 407,946

- - 385,000 - - 385,000 306,592

570,029 385,000 398,553 16,266 1,369,848 854,362

37

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 20: Financial instruments (continued)

Note 21: Hire purchase agreement

(c) Net Fair Values

Methods and assumptions used in determining net fair value.

The Minister of Transport has leased the Port Vincent Marina Basin to the District Council of Yorke Peninsula for a term of 99 years from 1 May 2003. The Council has agreed to under lease that portion of the marina basin on which the Marina is situated to CYC (SA) Management Pty Ltd for a nominal rent ($1.00 per annum if demanded) for a term of 99 years less one day commencing on 1 May 2003. CYC (SA) Management Pty Ltd will under lease the area it is leasing to the Cruising Yacht Club of South Australia Inc. (the “Club”) for the same nominal rental and on the same terms and conditions for a term of 99 years less 2 days commencing 1 May 2003.

The net fair values of financial assets and financial liabilities approximate their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form. Financial assets where the carrying amount exceeds net fair values have not been written down as the economic entity intends to hold these assets to maturity.

The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the statement of financial position and in the notes to the financial statements.

Sensitivity Analysis Interest rate risk.

The economic entity has not performed a sensitivity analysis relating to its exposure to interest rate risk at balance date as its only significant borrowings are for capital works and current potential movements in interest rates would not have a material effect on profit or equity.

No sensitivity analysis has been performed on foreign currency risk as the association is not exposed to foreign currency fluctuations.

The lease is of the land without the infrastructure. The infrastructure has been separately acquired from the developer Paradise Developments (Investments) Pty Ltd. The Club has acquired the infrastructure pursuant to a hire purchase agreement pursuant to which each hire instalment has been paid when the Club sells a licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust to a value, which in the aggregate, equals the hire instalment amount. The expected final value of the commitment outstanding at 31 May 2008 is expected to be approximately $2,174,500 (2007: $4,484,500).

Note 22: Capital management The Board of Management controls the capital of the economic entity in order to maintain a good debt-to-equity ratio and to ensure that the economic entity can fund its operations and continue as a going concern.

The economic entity’s debt and capital includes financial liabilities, supported by financial assets.

There are no externally imposed capital requirements.

The gear ratios for the year ended 31 May 2008 and 31 May 2007 are as follows:

The Board of Management effectively manages the economic entity’s capital by assessing the economic entity’s financial risks and adjusting its capital structure in response to changes in these risks and in the market.

These responses include the management of debt levels.

There have been no changes in the strategy adopted by management to control the capital of the economic entity since the prior year. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings.

2008 $

2007 $

Total borrowings Less cash and cash equivalents

1,169,046 11,231

799,819 84,568

Net debt Total equity

1,157,815 10,385,978

715,251 6,099,832

Total capital

11,543,793

6,815,083

Gearing ratio Cruising Yacht Club of South Australia Annual Report for 2007/2008

38

10%

10.5%

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 23: Segment reporting The economic entity operates predominately in one business and geographical segment, being in the leisure sector providing social facilities to Members of the Club in South Australia.

Note 24: Key management personnel compensation Key Management Personnel The table below summarises in aggregate the remuneration of all senior management personnel of the Cruising Yacht Club of South Australia Inc.

Salary

$ 2008 2007

107,216 102,110

Superannuation contributions $ 9,649 9,190

Non-cash benefits $

Total

3,334 4,335

120,199 115,635

$

Note 25: Accounting policy amendments

Note 26: Economic entity details

See page 40.

The registered office of both CYC (SA) Management Pty Ltd and CYC Ramp Pty Ltd associated companies is: Cruising Yacht Club of South Australia Inc., Lady Gowrie Drive NORTH HAVEN SA 5018 The principal place of business is: Cruising Yacht Club of South Australia Inc., Lady Gowrie Drive NORTH HAVEN SA 5018

39

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Notes to and forming part of the Financial Statements for the Year Ending 31 May 2008

Note 25: Accounting policy amendments The following Australian Accounting Standards issued or amended and are applicable to the economic entity but not yet effective and have not been adopted in preparation of the financial statements at reporting date.

AASB Amendment Standards Affected Outline of

Amendment

Application Date of Standard

Application Date for Group

AASB 2007–3 Amendments to Australian Accounting Standards

The disclosure requirements of AASB 114: Segment Reporting have been replaced due to the issuing of AASB 8: Segment Reporting in February 2007. These amendments will involve changes to segment reporting disclosures.

However, it is anticipated there will be no direct impact on recognition and measurement criteria amounts included in the financial report, as the association does not fall within the scope of AASB 8.

1.1.2009

1.7.2009

AASB 134 AASB 136 AASB 1023 AASB 1038

Non-current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Inventories Cash Flow Statements Employee Benefits Consolidated and Separate Financial Statements Interim Financial Reporting Impairment of Assets General Insurance Contracts Life Insurance Contracts

AASB 8 Operating Segments

AASB 114

Segment Reporting

As above.

1.1.2009

1.7.2009

AASB 2007–6 Amendments to Australian Accounting Standards

AASB 1 AASB 101

The revised AASB 123: Borrowing Costs issued in June 2007 has removed the option to expense all borrowing costs. This amendment will require the capitalisation of all borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset. However, there will be no direct impact to the amounts included in the association as it already capitalise borrowing costs related to qualifying assets.

1.1.2009

1.7.2009

AASB 107 AASB 111 AASB 116 AASB 138

First time adoption of AIFRS Presentation of Financial Statements Cash Flow Statements Construction Contracts Property, Plant and Equipment Intangible Assets

AASB 123 Borrowing Costs

AASB 123

Borrowing Costs

As above

1.1.2009

1.7.2009

AASB 2007–8 Amendments to Australian Accounting Standards

AASB 101

Presentation of Financial Statements

The revised AASB 101: Presentation of Financial Statements issued in September 2007 requires the presentation of a statement of comprehensive income and makes changes to the statement of changes in recognised income and expenditure.

1.1.2009

1.7.2009

AASB 101

AASB 101

Presentation of Financial Statements

As above

1.1.2009

1.7.2009

AASB 5

AASB 6 AASB 102 AASB 107 AASB 119 AASB 127

Cruising Yacht Club of South Australia Annual Report for 2007/2008

40

CYC (SA) Management Pty Limited

as Trustee for CYC (SA) Unit Trust and Associated Entities Statement by Trustees and Committee In accordance with a resolution of the directors of CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust, CYC Ramp Pty Ltd as trustee for the CYC Ramp Trust and the committee of the Cruising Yacht Club of SA Inc. in the opinion of the directors and committee: (a) the accompanying financial report of the economic entity comprising the Trust and its associated entities presents fairly CYC (SA) Unit Trust and Associated Entities’ financial position as at 31 May 2008 and its performance for the year ended on that date in accordance with Australian Accounting Standards, mandatory professional reporting requirements and other authoritative pronouncements of the Australian Accounting Standards Board. (b) at the date of this statement, there are reasonable grounds to believe that the economic entity will be able to pay its debts as and when they fall due.

This declaration is made in accordance with a resolution of the Boards of Directors of the trustee companies and the Committee of the Cruising Yacht Club of SA Inc.

President Director - Cruising Yacht Club of SA Inc.

- CYC (SA) Management Pty Ltd

- CYC Ramp Pty Ltd

Treasurer Director - Cruising Yacht Club of SA Inc.

- CYC (SA) Management Pty Ltd

- CYC Ramp Pty Ltd Signed this 7th day of August 2008.

41

Cruising Yacht Club of South Australia Annual Report for 2007/2008

Detailed Statement of Income and Expenditure for the Year Ended 31 May 2008

2008

2007

$

$

Income Commission – resold berths

193,384

284,883

Commission – leased berths

48,819

49,148

Entrance fees

14,067

12,915

Groundswell income

33,074

4,556

Hardstanding maintenance

132,253

127,173 9,250

Hire of equipment

2,844

Hull identification numbers

2,713

2,547

Income – Racing Association

87,304

120,759

Income – Marine Academy

41,347

-

Income (net) – Other Associations

9,012

12,063

Income (net) – Functions

7,658

-

Interest

9,229

5,923

Maintenance fees

519,046

472,755

Net trading margin – catering, bar & resale

63,613

20,506

Other income

23,474

13,797

Profit on sale of berths

6,000

-

Profit on dissolution of joint venture

-

19,333

Ramp income

92,205

90,035

Slipway

62,781

55,245

Subscriptions

463,492

434,969

Total income

1,812,315

1,735,857

Expenditure Advertising

133,534

7,808

Audit

21,000

25,118

Accounting and associated fees

8,590

15,707

Amortisation

6,564

6,560

Bank charges

23,740

8,617

Bad debts provided/written off

31,756

1,300

Cleaning

15,113

13,189

Computing

25,329

24,335

Consultants fees

10,059

4,790

Depreciation

150,602

123,486

Fees and permits

3,058

5,263

Functions

-

9,403

General expenses

28,387

26,829

Groundswell expenses

31,584

-

Insurance

96,588

88,368

Interest

14,240

18,574

Interest – leased assets

1,046

1,570

Land tax

75,709

72,932

Landscape maintenance

10,879

10,879

Lease rental

18,774

17,598

Legal fees

18,175

14,540

Cruising Yacht Club of South Australia Annual Report for 2007/2008

42

Detailed Statement of Income and Expenditure for the Year Ended 31 May 2008

2008

2007

$

$

Expenditure continued Long service leave

1,157

12,951

Loss on sale of assets

-

7,506

Marina – repairs and maintenance

65,150

62,648

Marine Academy expenses

32,240

-

Motor vehicle expenses

17,182

15,233

Payroll tax

25,006

20,059

Power and light

53,029

44,037

Postage

20,776

18,839

Pt Vincent expenses

3,163

4,630

Printing and stationery

26,060

25,927

Racing Association expenses

96,279

94,669

Rates and taxes

59,416

63,817

Repairs and maintenance

50,203

74,995

Rubbish removal

12,425

10,006

Salaries and wages

534,279

440,547

Security costs

15,069

10,448

Staff training

3,040

3,322

Staff recruitment

-

4,7023

Subscriptions

3,077

3,191

Superannuation

70,688

90,408

Telephone

13,726

13,773

Toiletries

11,565

12,947

Uniforms

6,794

10,029

Total expenditure

1,845,067

1,541,550

Operating surplus for the year

(32,752)

194,307

Hospitality

57,829

21,803

Resale

5,784

(1,297)

63,613

20,506

Net trading margins comprise the following:

43

Cruising Yacht Club of South Australia Annual Report for 2007/2008

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

2002 Challenger

Berth No.

Roger Hall

Ab Fab

YC586S

Don & Anne Fuller

Aces And Eights

TF135S

Merv Chesson

E13

Acrux

Skip Tonkin AM

HS02

Adamas

YC216S

Chris Newton

Adinda

JR771N

Stephen Pearson

C08

Adrenalin

EE178S

Adriano Cisternino

HS109

Adria

YC930S

Claude Marchesi

A24

After Dark

UI115S

Hans Fischer

A45

Akt II

YC191S

Jack Didyk

Aleekat

ST141S

Fred Rasheed

Ali Tap Tap

CZ154S

John McFarlane

Allegro

Mal Kamenjarin

Allemanda

Bill Harniman

SA270S

F13

B33

Alliance

YC394S

Edward Hallion, James Hallion, Bevan Thompson, Linda Hart

D20

Alpha Centauri

YC258S

Roger Flint

D11 HS21

Amarante

YC229S

Richard Dix

Andante

FY175Q

Geoff Gowing, Tess McGrath

Andiamo

YC208S

Peter Fairbrother

Angus 100

ABY892N

Andrew Figtree

Anna-Bella

YM07S

Renzo Bonini

Annabellla

MK97S

Peter Sakoulidis

Annadora III

ER186S

Lester Cornall

C18 HS15

Another Planet

Brenton Pegler

D36

Anouk

Ashley O’Brien

A05

SI168S

Apache

Jeff Elsegood

Aquila

YC241S

Mark Johns

Ar Elle

GR127S

Peter Middleton

Arabella

YC678S

Hans Hol

Arcadia Bay

RZ91S

Kevin McCann

Argo III

HE40S

Trevor Kipling

Aries

YC341S

David Coats

Armed And Dangerous

Peter Freeman

Arra Warra II

YC527S

Warwick Lumbers

As Good As It Gets

YC5846S

Dick Fidock AO

Aussie Battler Avilion III

A17/A18 C06 HS82 HS30

Peter Teakle

VW195S

Darren Slaby

B Free

VB36

Romeo Macolino

Backward Glance

HV161S

Bill Coutts

Bad Company

QY54S

Bob Westlake

Balamara

SA155S

Marjorie Smoker

HS123 B08

Baloo

RF160S

John Grevins

A03

Bandit

SK100S

Peter Nacevicius

HS75

Banjo

YC71S

Will Maybury

Baron

YC345S

Gil Calaby

Bedouin

YC691

Greg Patten

Beluga

511S

Graham Phillips

Benedetto

YC405S

Clive Lee

Betty Boop

RH110S

Gary Thompson

Billbuster

YC116S

Martin Cross

B36

HS09

Black Dog

Greg Patten

HS129

Black Label

Michael Schmidt

E11

YC282S

Cruising Yacht Club of South Australia Annual Report for 2006/2007

44

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No.

Black Swan

EC166S

Trevor Raines

E33

Blondie Two Blue Jay

PB1315

Julian Kent David Bainbridge

Bluewater

Humphrey George

HS04

Bluewater

Michelle Arbon

Bolero

SA995S

Ian Neville

HS39 A12

Bonny June

WP152S

Neville Wills

D13

Brewmaster

YC87S

John Wilson

F16

Brigadoon

YC445S

Geoff & Louise Wiggins

D03 A08

Buddy Bouy

YC508S

Adam Laube

Bula

QY198S

Peter Boon

Bushranger

YC666S

Peter Boyd

Ca Va!

VT115S

Domenic Crosby

F06

Cabaret

SA99S

Alan Cotton

B06

Capella Star

Ken Abbott

Carioca

YC762S

Craig & Beth Hutton

Carrapateena Joy

YC18S

Rudi Gomez, Darren Hoppe

F19 C31

Catriona

YC01S

Malcolm Kinnaird AO & Diane Kinnaird

B02

Cat’s Paw

YC249S

James Ford

E05

C-Charmer

GA169S

Charlie Tomeo

A43/A44

Celebrity

UC193S

Richard Pope

B24

Challenger

LV151S

Keith Degenhardt

C23

Champ

YC545S

Tom Tymons

C32

Champagne

YC77S

Ken Kingshott

A07 C19

Chardonnay

SA73S

Andrew & Patricia Alexander

Charlie Brown

KX120S

Henry Brown

Committed

BS126S

Tim Hearse

Compass Rose

CG191S

Ian Short

Compulsion

JM88S

Peter Schembri

Constance

Diane Kinnaird

Cookie Monster

Brian Walsh

Coroona

Slavko Radisic

YC265S

D38 D34 HS08

Coroona

YC427S

Chris Wood

Cougar Cat

YC02S

Cruising Yacht Club of SA

E09

Crackerjack

QK109S

Peter & Pat Thompson

C01

Cuddy Cab

RX1485

Daren Ellis

HS133

Cygnet

YC285

Mark Flanagan

Damp Fantasy

Len Easther

Daystar

YC118S

Ron Parker

Delphis

YC280S

Mark Robertson

Delta Blue

VR188S

Dave Sylvester

F33

Demalone

Malcolm Dunn

A27

Double Cross

John Nicholls

YC520S

Double D

Don Fleming

Doyen

YC660S

Malcolm Kitto

B13 B21

Dr Feelgood

YC550S

Wayne Coonan

HS107

Driftwood II

YC443S

Bryan Mellors

F01

Dynasty

YB13S

Colin Burgin

HS53

East Of The Lizard

James Cameron

VB28

El Cid

YC303S

Ralph Stockman

Elandra II

YC296S

Dave Hammond

A20

Elation

SP105S

Robert Becker

HS149 45

Cruising Yacht Club of South Australia Annual Report for 2006/2007

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No. HS103

Electra

YC62S

Malcolm Pearsons

Elysium

YC528S

Jim Heyen

F35

Emma

V0163S

Charles Young

HS106

Enigma

YC410S

Eddy Sain

C30

Enterprise

SA758S

David Binks

E21

Equanimity

YC344S

Len Stephens

F29 C11

Erichris

TT155S

Rick Wilkinson

Erkonda

HV123S

Eric Webb

A31

Escapade

YC597S

Richard Parkes

HS37 A15

Escapade

SA27S

David Morris

Exile

1576336

Nick George

Exit

YC67S

Mark McCutcheon

Family Rulz

VC129S

Jamie Grant

HS40

Fire Cracker

YC1212

Alex Hayter

HS31

Fireball

YC407S

William Strangways, Bardy McFarlane

E03

Flamingo

KW108S

David Evans

F21

Flashback

JB220N

Darren Degilio

B18 HS06

Foolish Behaviour

QB165S

Rod Wenham

Force Majeure

YC320S

Angus Middleton

Foxy

YC240S

Derek Morrison

Free Spirit

LP155S

Geoff Sincock

HS38 HS81

Freedom Blue

YC100S

Pat Conroy

F22

Freelance

YC573S

Dean Stevens

French Bred

YC470S

Peter French

F36 HS34

Fun

KT113S

Charles Duncan

Fun 2

AUS205

Alyn Stevenson

HS05

G Wizz

YC690S

Greg Patten

B29

Galatea

PA292S

Alan Husdelll

F26

Game Dancer

GF11S

Ray Brown

E17 HS94

Game Over

YC245S

Julian Newton

Gas Bag

SM34S

Bronte Allen

Gems

SZ148S

Frank Hayter

Genovus

YC421S

Peter Newmarch

B32

Geordie Bay

YC107S

Rowland & Glenyss Richardson

F28

George Lisk II

LB02S

Ray Evans

Georgina

YC05S

John Gerard

B01

Gin Rummy

ON852424

Ian McBeath

A41 HS145

Gizmo

WY174S

Frank & John Zulian

Gladiator

YC448S

Jim SmythC34

E19

Gone With The Wind

David Smith

Good Company

JJ24N

Robin Townsend

Good Vibrations

YC203S

Barrie Willoughby

D35

Graddy-White

ST156S

David McMahon

A02 E32

Group Therapy

JI178S

Rick & Glenda Hausler

Gunna’s Gem

WO53S

Bill Gregory

Gypsy Flyer

YC808S

Geoff Harris

Hang Loose

YC339S

C/- Estate of Malcolm Maslen

Hannah Georgia

MS120S

Frank Agostino

HS35

C36

Harbinger

David Southwell

HS121

Harmony

YC945S

John Pannell

HS112

Hawk

TC580S

Joe Walker

Hay Wire

GR240S

Ken Schilling

Cruising Yacht Club of South Australia Annual Report for 2005/2006

46

HS16

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No.

Hi

AUS174

Peter Stevens

Hobo

TK150S

Graeme Bignell

Hold On!

YC038S

Peter Page

Honoroy Lass

YC415S

Michael Banger

E14

Hot Mustard

FA83S

Marty & Jacq Heffernan

C13

Idle Time

827777

Ron Stennett

Imagine

OU152S

Steve Leicester

F11

Imago

QX471Q

Craig Rooney

C42

E06

IMPI

WJ171S

Grant Winn

A04

Impulse

YC27S

Peter Sawczuk

A11

Impulsive

TWG460

Ray Dowd

HS29

Indra

YC09S

Ivan Godfrey

C05

Inel

SA254S

Max Kuckhahn

F32

Intrigue

YC593S

Geoff & Sylvia Common

D05

Isis

SA63S

Jonathan Harry

D22

Isis Blue

YC888S

Tim Marsh

F24

Islander

GF08S

Graham Cotton

Isobar

GF385S

Norfried Tischendorf

Ivory Lady

YC499S

Robin Wood

Jack Crackle And Pop

DS111S

Ray, Craig & Jack Evans

Jadashaye

YC996S

Russell Bianco

Jai Cee

GF101S

John Werner

Jenny Maree

YC235S

Howard Murton

Jeux De Guerre

VO188S

David Urry

Judy Ann

NA07S

John Stevens

C40

B19

Jumbuk

VM189S

Mark Mussared

HS52

Jumpin Jack Flash

YC611S

Peter Stevens

E08 HS25

Jumpin Jack Flash

YC238S

Bill Coutts

Jupiter

YC294S

Kevin Hill

Just Rewards

Gary Williams

D16

Kaizen 2

AUS157

Michael McGlinchey

HS27

Kashmir

YC304S

Greg Yeomans

Kassan

UU101S

Carol Drummond

D37

Keep’n Kool

RZ120S

Bob Turco

C27

Kena

YC357S

Nick Perdelis

C24

Kettwig

SA747S

Klaus Becker

Kiama

NL94S

Stuart & John Marshall

B05

Kinetic Energy

YC360S

Andy Shipp & Les Smith

E28

King Rat

YC631S

Dave Bainbridge

HS132

Kiwa

SA210S

Lloyd Sugars

D30

Kozmic Pigmee

EN169S

Kym Weeding

Kudos

YC393S

Vlad & Pam Humeniuk

D14 A35

Kudu

YC351S

Robert Cole

La Ragazza

NE782S

John Heinrich

La Vie

YC286S

Lady B

Don Burrow

E02

Eddie Biggs

A23

Lady Caroline

AG89S

Bruce Fletcher

C39

Lady Christine

DZ132S

Simon Giessauf

E22

Lady J

KW148S

Sir Eric Neal AC CVO and Lady Neal AM

A47

Lady Lorraine

Ken Andrews

HS125

Lamb Chop

Charlie Nott

Lark 2

Robert Jones

YC78

HS33

47

Cruising Yacht Club of South Australia Annual Report for 2007/2008

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No.

Laser

Michael Elliott

VA13

Leda

Geoff Gowing

Legal Limit

YZ52S

Alan Moon

HS13

Liberator Australis

YC717S

Geoff Catt

D25

Liberty

YC290S

Robin Wood

D40

Licence to Chill

YC907S

David McDonough

C25

Lifestyle

Glenn Spear

Liquid Assets

YC555S

Graham Meyers

Lisi

SB4935

Bruce Whittem

D24

Lizzie Too

KQ138S

Peter Lehman

VA03

Lorre Ann

RA153S

Rick Zuckerman

HS14

Lymnea

AA37S

Gareth Thomas

Magic

JQ85S

Howard Morris

Maid Of Wood

LQ187S

Alan Moss

HS46

Majessnik

OX113S

Russell Bianco

D33

Mania

GZ130S

Eugene Maroulis

Marina Tide

AY155S

George Smith

Marlen

LG09S

Scott Bates

VA09

Marnico

YC61S

Graeme & Gay Footer

B12

Matador

YC121S

Jack & Isabel Nealy

E24

Matilda Bay II

YC403S

Terry Nicholas

Maximus

SA607S

Frank Bamford

Medosa

1509216

Brian Smith

F37

Merlin

KO179S

Simon Gerard

B03

Metapassion

854479

George Rutar

C38

Midnight Blue

YC168S

Leon Cowley

A34

Migaloo

VT107S

Phil Hastie

A40

Milou

YC572S

John Sibly & Fran Semmler

D10

Minnon

YC3600

Joe Mezzini

E29

Minouche

YC126S

Alan Warnes

A16

Miros

YC08S

Michael Sigston

Miss Jane

YC512S

John Phelan

Miss Lou

ST146S

Tony Norman

Miss Saigon

YC190S

Kerry Lampard

Moonfleet

UB119S

John Newson

D07 A09

Moonlight Lady II

YC900S

Denis Tuck

A39

Moonlight Sonata

TS05S

John Swift

HS79

Moonwind

HN85S

Dean Adams

HS96

Morning Mischief II

JI133S

Richard Cavill

B10

Mukara

QE182S

David Davidson

Mulloka II

YC780S

Tony Causley

Mult-E-Biz

VL185S

Theo & Heather Agelis

C35

Murray Pest

KH140S

Peter Scott

HS51

Namche

VN156S

Dave Henderson

D08

Nautical Dog

VK134S

Michael Draper

HS59

Nefertiti

YC513S

No Eye Deer

Peter Thomson

C33

Trevor Conyers

HS07

Obsession

David Pilling

A10

Ocean Jem

John Martin

HS73

Ocean Sunrise

C/- David Nelson, Pembroke School

Oh Really!

GR24S

Mike O’Reilly

HS119

Oki

PH104S

Phillip Richards

E23

Cruising Yacht Club of South Australia Annual Report for 2006/2007

48

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No. F02

Omega

1536047

Domenic Rinaldi

One Song

RB060Q

Robert Barreau

Ophelia IV

YC164S

Robert Gerard

Options

YC103S

Edi Mignone

E01

Osprey

BA105S

Laurie Steele

HS74

Out of Nowhere

VG142S

Mal Hutton

A30

Outrageous Fortune

John Wood Jnr

Outside Chance

DV114S

Chris Butcher

D23

Overdraught II

YC06S

Tony Matthews

E25 HS136

Pago V

ID119S

Kerry Mangos

Panache

YC876S

Greg Johansen

Panache

YC158S

Terry Denham

Pandora II

355918

Graeme Critchley

Parfidia

YC844S

Richard Ockenden

Patrice III

YC270S

Garry Tucker

Pax

YC219S

Michael Schilling & Ann-Maree O’Connor

D32 F34

Peggy Sue

NV136S

Michael O’Reilly

F18

Pepa

KZ77S

Peter Japp

Phantom

EV159S

Ken Amos, Paul Yarwood

B26

Pikes

YC295S

Peter Hall

A32

Pineapple Poll

AA886Q

Peter Went

D26

Playmate

ME46S

Neil Toseland

HS85

Playstation

IBB486N

Keith Degenhardt

B27 HS102

Port Dock Ginja

YC334

Christopher Tillett, David Tillett, John Cowled

Port N Coffee III

YC980S

Stewart Ross

HS89

Portia

YC230S

David Murray

C21 HS84

Praha

EV145S

John Rynes

Prime Time

YC23S

Rod Rebbeck

Prisana II

DQ149S

Jeff Elsegood

Public Enemy

5842

Steven Marshall

HS98

PV Southern Ranger

PIRSA Fishwatch

A50

Quartet

Andrew Pow

HS111

Questa E’la Vita

Karl Strazdins

E10 A22

Quo Vadis

PC119S

Ian Collins

Rafantell

YC2815S

Mark Lethbridge

D28

Rager

YC560S

Gary & Elspeth Shanks

B14

Rapid 1

YC477

Keith Finch

A48

Raven

PF101S

Gary Donnini

F12

Rayanna

YC468S

Ray Baddeley

B16

Red Jam

SA388S

Gary Sinton

HS147 VB45

Red Shift

SJ162S

Rob Marner

Reef Cat II

XH150S

Trevor Treadwell

Refresh

YC575S

Barry Paterson

A38/HS76

Regent Sea

AQ149S

Peter Vandepeer

HS104

Riot III

YC31S

Antony Simpson

Riptide

IS36S

Greg Otto

Rockholme

AP119S

Brooke McLeay

F03

Ruffian

1531365

Brian Horley

A42

Sachan

YC442S

Owen Mace

D31 C20

Sagittaire

YC435S

Clifton Collard

Salt Shaker

YC553S

Michael Moller

Sam

YC188S

Chris Pratt

HS18

49

Cruising Yacht Club of South Australia Annual Report for 2006/2007

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No.

Sandcastle

YC305S

Mark Hentschke

D17

Santana

YC316S

David Partington

F05

Santana II

YC157S

Robert Westlake

Santana III

SA15S

Ivan Samarzia

B31

Sapphire

YC183S

Daniel Hains

D12

Saracen

LF123S

Terry Gilmore

Sari

YC510S

Tom Crabb

Sasha

YC173S

Robert & Ute Elliott

Scallywag

YC84S

Tom McDougall

F23

S-Cape

YC134S

John & Ruth Bates

D09

Scarab

WT141S

Bob Fisher

Scarlett S

PL483Q

Paul Goodman

Scorpio

YC271S

Garry Tucker

Scorpion

YQ176S

John Adams

B17

Sculptor

PX149S

Michael Keough

C14

Sea Dancer

Barry Barber

D04

E12

Sea Dragon

HW168S

John Holland

Sea Dream

TN115S

Peter John

F27 VC50

Sea Eagle

TZ36S

Michael Carson, John Carson

A49

Sea La Vie

YC114S

Ernst Vreugdenburg

Sea Nymph

YC71S

Kym Neaylon

F09

Sea Vixen

QX198S

Alistair Cavill

HS92

Seafury

Bill Slipper

Seduction

YC338S

Mark Williams & Marilyn Kopp

D18

Selene

YC92S

Graham Patterson

HS87

Selkie

YC386S

Chris Morphett

F07

Sequana

NZ192S

Malcolm Ramsay

Serenade

YC445

Greg Jaunay

Serendipity

XF148S

Joe Cirillo

Serene

BP13S

Ray McPherson

C02

Serenity

MW195S

Phillipe Jaquillard

C15

C03

Serenity

YC540S

Peter & Barbara Page

B07

Serenity II

PJ170S

Mark Harper

HS70

Short Circuit

VG171S

Peter Jordan

E07

Silenus

SA273S

Herman & Meredith Mayr

A26

Silver Cloud

YC388S

Steve Standen

E16

Silver Dolphin

YC700S

Ian Williams

A06 HS60

Silver Jack

Tom Crease

Silvia

Bogdan Kazimierczak

Sir Les

VU163S

Ian Patterson

Smack-L-Bee IV

GN162S

Paul Crawford

Solarno

PZ76S

David Catherwood

Sole Trader

LQ142S

Ross Almond

Soleardo

AT17S

Mark Evans

F15

Solitaire

YC248S

Graham Norman, Dennis Buchan

A33 C37

Sooner Or Later

IF31S

Phil Newton, Guy Bayly

Southern Conway

YC401S

Stuart Henry

D27

Spartacus

YC38S

Peter Trembath

Spectrum

UW42S

Thomas Abbott

HS17

Speeding Ticket

WG104S

David Brunt

D29

Spirit of Lexus

Michael Keough

Splice

Mal Kamenjarin

X0149S

Cruising Yacht Club of South Australia Annual Report for 2006/2007

50

HS62

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No. A21

Steeletto

VK121S

Peter Middleton

Stephanie

YC752S

Roy Wells

B15

Stockcar

RU188S

Dave Hughes

HS45

Stormy Waters

Michael Davey

Stunned Mullet

SA323S

David Morris

HS97

Such Is Life

TT189S

Dave Nicolson

HS95

Sugar n Spice

Robert Perrin

E18

Sugar ‘n’ Spice

Philip Rundle

A25

QG100S

Sun Dog

YC187S

Phillip Hackett

E15

Tamariki

YC187S

Barry Jackson

B35

Tan

SA284S

Jim Raptis

B28

Tanqueray

PZ174S

Sam Tolley

C17

Tanshee

UV80S

John Simmons

Tarita

SA106S

Roger Vincent

Taruna III

7513Q

Ken Abbott

That’s Life

YC447S

Greg & Judy Manuel

B30

The Gap

TG192S

David Donovan

HS91

The Ghost Of Xmas Past

YC192S

David Ketteridge, Michael Ketteridge

HS01

The Gnome

Michael Keough

The Reel Thing

QM191S

Wayne Palmer

D39

The Tern

YC789S

David Flockhart

A36

Third Time Lucky

SS156S

Andrew McMahon

Thresher

GF111S

George Flourentzou OAM

Tibia

YC556S

Bill Lunn

D06

Timbuck II

QK140S

Tim Vreeker

HS110

Time

Nigel Williams

Time Warp

ON589Q

Gerald Valk

HS135

Tirriki

SA40S

Mark Charlesworth

B09

Top Deck

YC244S

Thomas Muecke

Top End

SA85S

Rob Clampett

Touche

Bob Catley

Trammeltoo

RF184S

Mel Dalton

HS99

Transtar

GU112S

Paul & Linda Doyle

Trinacria

YC149S

Rod Hunter

E27

Triple 888 Eight

TW/VIS 737521708

Gordon Pickard, Stephen Norris

E34 HS69

Triple H

SG176S

Henry Petersen

Trivia

NB169S

Paul Entwistle

True Blew

HK591Q2

Patrick Conroy

F20

True North

YC974S

Andrew Saies

D02

Twin C’s

Peter Bourne

Twisted

Ron Edwards

Ubique

Garry Golding

HS10

Ultimo

CB111S

Chris Edwards

HS141

Unity

YC99S

Rob Norton

D21

Vagabond

YC461S

Hillar Puvi

C41

Vagrant

NT19S

Richard Smart

B34

Vasa

YC11S

Biruta Irbe

C04

Venus

YC777S

Guy Maron AM & Larri Maron

B25 HS93

Vertigo

AUS190

James Goode

Viva

MD195S

Andrew Carney

Wambam

Neil Dalrymple

HS03

War & Peace

Ecio Marcel, Stefan Marcel

F17

SA305S

51

Cruising Yacht Club of South Australia Annual Report for 2006/2007

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No. HS23

Warrior

YC88S

Gary Bunn

Water Rat

ZR73S

Wally Rantanen

Waters Edge

YC723S

Graham & Julie Patterson

Waterwitch III

YC117S

Wavedancer

A19

Patricia & Fred Fuller

F25

Robert Dagri

HS41

Wedge Tail

Cliff Presley

F04

Weemac

IY125S

Walter McDonald

HS19

White Knight

IF138S

David Knights

White Rose

Don Cameron

Whittley Sea Legend

UO193S

Wayne Trott

Wild Honey

SM33S

David O’Leary

Winchester

YC68S

Greg Drummond

Wind Torque

VI23S

Gordon Penner

HS142 D19

Wings

Albin Richtsteiger

E26

Yarandoo

YC255S

Terry Lockwood

HS143

Yareva IV

RW19S

Graham Averay

Yarramara

YC263C

Bruce McFarlane

Yorke

VR39S

Robert Sprod

Young Einstein

YC880S

Rob Moore, Rob Sellick, Peter Smith

HS32

The following vessels have no name or other details provided.

No Name

Cruising Yacht Club of South Australia Annual Report for 2006/2007

George Tsarouhas, Frank Woolford, John Daniels, Bill Baker, Kym Byars, John Monaghan, Erwin Vuzem, Daniel Monaghan, Jeffrey McHugh, Simon Dwyer, Robert Peach, Ric Gros, Brett McBeath, Michael Smith, Richard Young, Robbie Robinson, Michael Samaras, Tony Spriggins, Anthony Smith, John McArdle, Tim Cowen, Mark Mroz, Bert Van Den Berg, Brian Marsh, Peter Woods, Vern Stoeff, Con Koulouris, Graham Logan, Richard Cavill, John Hall, Steve Slack, Raymond Barry, Graeme Footer, Gordon Penner, John Gibson.

52

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

annual 2 0 0 7

report –

2 0 0 8

Marina W est

Marina Cover photograph: Brenton Pegler, Hawk Eye Photography Inside front/back cover: Gerry Colella Other: various contributors

East