CRUISING YACHT CLUB OF SOUTH AUSTRALIA
annual 2 0 0 7
report –
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Marina W est
Marina Cover photograph: Brenton Pegler, Hawk Eye Photography Inside front/back cover: Gerry Colella Other: various contributors
East
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
Cruising Yacht Club of South Australia Annual Report for 2007/2008
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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.
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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
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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
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$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
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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.
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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.
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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