CRUISING YACHT CLUB OF SOUTH AUSTRALIA
2012 – 2013
Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive North Haven South Australia PO Box 1020 North Haven SA 5018 Telephone:
08 8248 4222
Facsimile:
08 8248 5888
Email:
reception@cycsa.com.au
Web:
www.cycsa.com.au
annual
r e p ort
Club Sponsors
Membership
The CYCSA thanks its sponsors for their support during 2012/2013: Racing Fishing Phil Hoffmann Travel R Marine SA Port River Marine Central Audio Visual Yalumba Custom Cartons Penfolds Sportsmed.SA Robert Oatley Vineyards Canegrass Saltbush Lamb MUSTO Cruising EverettBrookes Custom Jewellery Charlesworth Nuts Vislex (Channel 7 SALifeTV) Prescott Securities The Stag Hotel Doyle Sailmakers
Life 6 Foundation 25 Senior 492 Port Vincent Senior 48 Member 137 NMAFC Members 6 Racing 226 Intermediate 4 Youth 3 Associate/Family 68 Junior 29
Club Website Corpor8 It Solutions
Graphic design by Trevor Paynter
as at 31.05.2013
Total
1044
Front and back cover photo by Gerry Colella Inside front and back cover photo courtesy of Craig Evans Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie. Printed by Reflex Printing August 2013
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
History Book Committee Report
7
Commodore’s Report
8
Finance, Audit and Risk Committee Report
10
Facilities Committee Report
11
CYCSA Marine Academy Advisory Committee Report
12
Membership Services, Sponsorship and Recruitment Committee Report
14
Volunteering Report
15
Groundswell Editorial Committee Report
16
Fishing Association Report
17
Cruising Association Report
18
Social Activities Association Report
20
Racing Association Report
22
Club Structure
24
CYCSA Inc and Controlled Entities Financial Report
25
CYCSA Vessel Register
44
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Administration
Committees
Executive Officer Finance Manager Administration Manager Comms and Membership Services Administration and Leasing Receptionist Racing Manager Property Manager Maintenance Maintenance Maintenance Food and Beverage Manager Head Chef Sous Chef Pt Vincent Manager Marine Academy Coordinator
BOARD COMMITTEES
Craig Evans Marina Segodina Jenny Krogdahl Laura Cowley Mellissa Vahoumis Angela Christofis Jess Hargreaves Robert Gray Daniel Preece Gary Cavendar Sam Stewart Mario Cataldi Dorian Molga Andy Zhang Rob Marner Matt Young
Audit Committee Chair Wayne Coonan (Board Member) Chris Wood (Treasurer), David Hughes (Senior Member), Don Venn (Senior Member)
CYCSA Marine Academy Chair Rowland Richardson (Vice Commodore) Andrew Saies (Senior Member), Andy Shipp (Senior Member), Rod Hunter (Senior Member), Brett Yardley (Senior Member), John Edwards (Racing Member), Peter Hendy (Racing Member)
Facilities Committee Chair David Murray (Board Member) Graham Meyers, (Board Member), Geoff Boettcher (Senior Member), Joe Walker (Senior Member), John Gerard (Senior Member), Craig Evans (Executive Officer)
Club Associations
History Project Committee
Chair Keith Degenhardt Robert Perrin, Gerard Hughes
Chair John Gerard (Senior Member) Tom Tymons (Board Member), Trevor Paynter (Member), Laura Cowley (Communications and Membership Services), Craig Evans (Executive Officer)
Fishing Association Committee
Membership Committee
Chair
Cruising Association Committee
Glenn Spear Peter Newmarch, Geoff Wiggins, Malcolm Kitto, Henry Garner, Bruce Tasker, John Colella, Graham Meyers, Leica Theodore
Racing Association Committee Chair Traci Ayris William Strangways, Brenton Pegler, Roger Nicolson, John Gibson, Mark Hutton, Rob Sellick
Social Activities Association Committee Chair Pam Humeniuk Sandra Richards, Morag Draper, Karen Johns, Anne Burrow, Don Guy
Other Associations The Cruising Yacht Club of SA is a member of the following Associations: Boating Industry Association of SA, Marina Industries Association, Clubs SA, Yachting Australia, Yachting South Australia, Game Fishing Association of Australia, Australian Bridal Industry Academy, Good Sports, STARCLUB.
Life Members Arthur F Carolan Richard H Fidock AO Graeme L Footer James A Henry (deceased) Malcolm A Kinnaird AC Peter J Page John Gerard Cruising Yacht Club of South Australia Annual Report for 2012/2013
2
David Knights (Rear Commodore), Bryan Mellors (Senior Member), Barbara Page (Senior Member), Peter Page (Senior Member), Martyn Heffernan (Senior Member), Jacqueline Heffernan (Senior Member), Trevor Kipling (Senior Member)
Member Services, Sponsorship and Recruitment Committee Chair Wayne Coonan (Board Member) Geoff Catt (Commodore), Craig Evans (Executive Officer), Sam Tolley (Board Member, Sponsorship Focus), Laura Cowley (Communications & Membership Services), Glenn Spear (Fishing Association Chair), Traci Ayris (Racing Association Chair), Pam Humeniuk (Social Activities Association Chair), Keith Degenhardt (Cruising Association Chair), Rowland Richardson (Vice Commodore), Matt Young (Marine Academy Coordinator), Trevor Paynter (Marketing and Promotions Subcommittee), Richard Watson (Marketing and Promotions Subcommittee), Mike O’Reilly (Marketing and Promotions Subcommittee)
CLUB COMMITTEE Groundswell Editorial Committee
Gay Footer (Senior Member), Robert Perrin (Senior Member), Owen Mace (Senior Member), Laura Cowley (Communications and Membership Services)
Board of Management
Andrew Saies President
David Hughes Treasurer (until 20.12.12)
Chris Wood Treasurer (from 20.12.12)
Wayne Coonan
Graham Meyers
David Murray
Tom Tymons (retired 27.06.13) Peter Hall (comm 22.07.13)
Sam Tolley (commenced 21.03.13)
Executive Officer
Craig Evans
Flag Officers
Geoff Catt Commodore
Rowland Richardson Vice Commodore
David Knights Rear Commodore 3
Cruising Yacht Club of South Australia Annual Report for 2012/2013
President’s Report Finances and Membership The consolidated entities of the Club, before depreciation, will show a healthy surplus again this year which is ahead of budget and an increase on last year’s surplus.
already on this issue but getting this right for all stakeholders, while respecting historical relationships between Associations and sponsors, has taken time. The Board will get this framework in place and in due course sponsors and members alike will both benefit.
There have been a number of new boats into the Club and berth resales have been on budget. The cash position of the Club is sound. In essence, the accumulated surplus held at bank gives the Board a number of options to meet immediate requirements related to both the Marina West breakwater and Marina East repairs.
Late last year with Board approval I initiated a comprehensive performance review for Craig Evans and followed this up with a broader organisational review of Club management. Wayne Coonan provided considerable assistance with both reviews helped by senior member Don Venn for the organisation review.
Total expenditure was on par with last year despite the increased expenditure on water, power and insurance expenses, legal and accounting fees, and scheduled marina ramp and equipment repairs.
I am pleased to report some high level results of these reviews. We are fortunate to have someone of the calibre of Craig in our senior executive role. He is passionate about the Club, its profile and its members and he works tirelessly beyond his paid hours to achieve the best outcomes for the Club. With a change in the Treasurer’s role from hands on in the past to a more appropriate governance responsibility, the review identified a need to more strongly involve Craig and management in achieving Board determined outcomes with continuing emphasis on financial performance and growth in membership.
The current Board strategy is to repair and maintain Marina East. This cost will be expected to increase each year and has been built into our five year financial forecast. New Member initiatives and discounts to encourage membership, leasing and berth ownership have been put in place by management and endorsed by the Board. The Treasurer addresses the financial position of the Club in detail in his report.
Board Activity
The overall outcomes of both reviews were extremely positive for those being reviewed and have given the Board confidence that our staffing structures, numbers and FTEs are appropriate for a Club of this physical and membership size.
During the year David Hughes stood down as Treasurer due to changed personal work commitments. On behalf of members and the Board I thank David for his brief but effective input into our financial reporting and accountability. Chris Wood was appointed Treasurer and has really had the time and expertise to work with management to develop some financial forecasting that will be of great benefit to the Board in making its strategic decisions. Chris has brought a real focus on setting and achieving acceptable margins on a range of goods and services in the Club. The benefits to the Club’s overall financial position and the ‘sinking fund’ contingency should become apparent in future years.
As part of this process the Board has also developed and signed off this year a Board governance document that sets out the duties, responsibilities and accountabilities of Board Members, Flag Officers and various sub committees.
Sam Tolley was appointed to the casual vacancy and has agreed to work with management on setting out a fair and equitable frame work that encourages, recognises and rewards sponsorship at various levels within Associations and across the Club. Wayne Coonan and Geoff Catt have done a great deal of groundwork
The Board has also spent time researching, discussing and making decisions about: • Isolated damage to Port Vincent marina pontoons; • Further developing the relationship with the Naval, Military and Air Force Club;
Cruising Yacht Club of South Australia Annual Report for 2012/2013
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Finally, as a result of these various reviews the Board has recommended an upgrade in the EO’s position to that of CEO. The current position description and salary package will be amended accordingly to reflect the nature and responsibilities of the current role. Other small changes will also be implemented by the CEO in time to better align skills and resources where they can be most effective for the Club and members.
• • • • •
•
Further growth and future of the Marine Academy led by Rowland Richardson; Club History Book project led by John Gerard and the 40 Year Anniversary celebrations headed up by Geoff Catt; Marketing initiatives for new memberships and berth sales; Volunteer recruitment and recognition initiatives led by David Murray; The combined sailing development ‘Sports Boat Program’ with RSAYS with work being undertaken by Geoff Catt, Rob Sellick and Chris Tillett; Confidential settlements through our insurer for a claim against the Club by a terminated member.
Marina West At the time of writing I can report that the final design and construction documents have been prepared and final negotiations with our preferred contractor are currently taking place. Graham Meyers has provided considerable time and expertise along with Graham Footer and Craig Evans in getting to this point. Unfortunately the Minister has not approved the SABFAC proposal to fifty percent fund the project under conditions that the Club could accept. This extremely disappointing news has only just been received by the Club and will need a very considered Board response. Craig Evans had been outstanding in his persistence and pursuit of the Club’s application and his lobbying of the various stakeholders on SABFAC and the bureaucratic and political community. He could not have done any more to advance the Club’s interest in this matter and I know he is personally very disappointed at the Minister’s decision. When the breakwater is built the wave environment in Marina West will be considerably more comfortable across a broader range of wave conditions than is currently the case. Nonetheless infrequent and extreme wave conditions will continue to challenge the entire North Haven basin.
Council Rates A year on from my last report there has been no material change in the previous position. Port Adelaide Enfield Council has continued to transition towards full payment of the minimum rate on all hardstand and marina berths within six years. PAEC’s attempts to get motions up at the LGA Annual Meeting in October last year were unsuccessful. Those motions were aimed at requesting a Government amendment to the legislation and would address the unfair and unreasonable rating impost that our members are experiencing at both North Haven and also in Port Vincent. CYCSA has been active in continuing to pursue legislative amendments through Hon John Darley MLC who has drafted a legislation that would address this rating anomaly. That legislation is yet to go before Parliament. Our local Member, Susan Close, and her advisor Steven Vines have been very helpful in representing berth holders’ concerns to Government. In the meantime it seems that local councils are united in the opinion that they have no legal
discretionary right to rebate rates for anomalous rate categories like marina berths under the current legislation. I have written to the Premier recently regarding council rates and he has responded advising that Council rates on marina and hardstand berths must be looked at in the context of the whole of State. Frustratingly I cannot report any good news for members on the issue of council rates.
Associations and Volunteers I would again like to acknowledge and thank all those who volunteer their time and expertise to the life and the affairs of the Club. Many are listed elsewhere in the Annual Report. I again thank all the duty crews who make racing possible. The editorial and production team of Trevor Paynter and Gay Footer who produce Groundswell, the Association committee members and chairs, Flag Officers and the Board. The Club is a much better place for your commitment and good will. At the time of writing, Geoff Catt as Commodore of the past four years and Tom Tymons a Board Member for four years have indicated their intention to step down from their respective roles. It is appropriate to acknowledge them both in this year’s report. Geoff has put in an enormous amount of voluntary time for this Club as Past President and most recently as Commodore. His strengths included meticulous planning and implementation, a jovial and common sense disposition and an ability to always find the positives in any situation or person. We saw all of this and more as he took leadership for the various events that marked our Club’s very successful 40th Year. Many thanks for all that you have done over so many years. Tom Tymons brought to the Board the skills of a successful businessman and passionate powerboat owner and Fishing Association member. Not always comfortable with the sometimes drawn out committee process, Tom would get straight to the point and give his views accordingly. These were always valuable and often given with enough conviction to end any Board procrastination, enabling decisions to be made with always the best interest of all members in mind. Tom, thank you! Here’s to many more fishing trips now uninterrupted by Board meetings! I also acknowledge and thank all of our Club staff who have provided us with great service and support during our boating and social pursuits at the Club. In many areas this year and particularly in hospitality, members have commented on how good the food, service and attitude of the staff have been. Well done, it makes a huge difference to member satisfaction. Finally I wish to thank all members for your ongoing membership of the Club. The Board recognises and does not take for granted the fact that you have exercised a choice to be a member of this Club. Thank you, I hope that the Club has met or exceeded your expectations recognising that the membership includes a very diverse range of personalities and boating interests. Andrew Saies, President 5
Cruising Yacht Club of South Australia Annual Report for 2012/2013
Treasurer’s Report I took over the position of Treasurer from David Hughes who stepped down from the Board (including the role of Treasurer) due to his work commitments during the year. I would like to thank David for his efforts as Treasurer and particularly for his wise and supportive counsel since stepping down.
Financial Reports The financial report presented in this Annual Report represents the Consolidated Position of the Club and reports on the Club’s financial performance and position for the 12 months ended 31 May 2013. The organisational charts of the Club’s legal and financial structure are highlighted in this report and have been carefully designed by our forbearers to specifically provide members with benefits for asset protection and to provide flexibility for future directions. During the reporting period the Board, in conjunction with the Club’s auditors, has considered the carrying value of the Club’s assets; in particular the remaining economic life of both Marina West and Marina East given the increased focus on long term planned maintenance. Accordingly, the remaining working life for depreciation purposes has been extended by five years for both Marina West and Marina East, commencing with the 2013 reporting period. In addition, the Board will make a further reassessment in this regard in 2013/2014, focusing on establishing residual values for key components of both marina infrastructures. The financial effect of this change is to reduce the operating deficiency for the year ended 31st May 2013 by $101,155 (being reduced depreciation expense). Members should note that this is an accounting change and we believe better reflects the value of these assets for members. In no way does it alter our view on how we provide appropriate marina assets for member’s use including appropriate ongoing maintenance and ultimate replacement. All entities, including the consolidated accounts, have been audited by BDO with unqualified reports being issued and included in this report.
The Club at the date of this report had no external bank borrowings, and had cash at bank and cash equivalents of $1,174,967 as at 31 May 2013.
Major Financial Highlights Revenue has increased by $114,995 to $3,099,378 or 3.9%. Other Income [Functions, Interest Received, and Ramp sub lease] has decreased by $111,398 or 45%. Total Expenses [including depreciation] have decreased by $107,219 or 4.3%. Depreciation expense has reduced by $125,547 [refer explanatory comments above]. Operating Surplus / (Deficit) has reduced to ($55,075) from ($161,955) or 66%. Capital Expenditure was contained to $30,000. Net increase in cash was $308,090 to $1,174,967 or 35%. Total Equity reduced by ($65,025) due to non-cash depreciation charges.
Other Financial Highlights Energy costs increased by $31K. Long Service Leave costs increased by $41K. Rates and Taxes increased by $17K. Insurance costs increased by $7K. Salaries increased by $11K. Total Repairs and Maintenance reduced by $108K [Club staff used rather than contractors]. General Expenses increased by $20K [write off expenses held in balance sheet – prior years]. Net trading margin – catering, bar & resale increased by $51K [excellent result/trend]. Groundswell advertising income decreased by $8K.
The Year in Review
Budgets and Forward Financial Forecasts
The Club, and in particular Club management, has financially outperformed the budget established at the beginning of the financial year, and has been able to maintain underlying trading performance [before depreciation] to similar levels as the previous 2012 financial year. The 2013 budget was set in the framework of continuing difficult economic conditions. The conditions we are currently experiencing are similar in the great majority of boating and social clubs around Australia and overseas; limited membership growth, cautious discretionary spending by members, very few deliveries of new boats leading to stagnant demand for new moorings and berths, and increasing costs - especially insurance, energy costs and other government rates, fees and charges.
2. Commenced preliminary work to extend the detailed financial model out to 10 years;
Notwithstanding these difficult conditions, the Club has come through the 2013 year in good shape on slightly raised revenue to the previous year, and has generated a positive cash flow as a result of very careful expenditure controls, for both capital and operating costs.
Cruising Yacht Club of South Australia Annual Report for 2012/2013
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Over the past 12 months, the Board has spent considerable time focusing on forward forecasts, financial systems, internal controls and reporting systems, and has: 1. Prepared a detailed three year 2014-2017 fully integrated operating financial model;
3. Undertook financial modelling based on the Club’s Balance Sheet, focusing on the ability to fund capital expansion and debt funding sensitivities; 4. Investigated options for establishing a future Sinking Fund; 5. Carried out a formal third party organisational review of the entire operations of the Club, including reviewing all staff positions, and justifying all major areas of expense; 6. Prepared preliminary marketing plans to focus on bringing new and/or increased revenue streams to the Club;
7. Commenced an internal accounting review that will shortly allow management accounts to be prepared in a divisional format and report the financial contributions from all major operations of the Club by month; 8. Carried out a general review of the fee structures of the Club including benchmarking like charges with other clubs. This is seen as important to ensure the Club remains competitive; 9. Focused on establishing meaningful monthly financial budgets and ensuring management are responsible and accountable for performance to budgets.
The Year Ahead Unfortunately, the year ahead will continue to remain difficult. Australia is currently preparing for a federal election and business sentiment continues to remain highly cautious - consumer, business, and government spending will all continue to remain tight. That fiscal environment will continue to hit hard all clubs, not just ours. The Board will continue to ensure that our financial management
and reporting systems will signal any material changes at the earliest possible time. Early during the new financial year the Club will make some key final decisions in relation to the capital expenditure required for the Marina West inner breakwater extension. Meanwhile, the costs of maintaining Marina East will increase, including for costs to increase its economic working life - these maintenance costs have been factored into the forecasts mentioned above. The objective must always be to take a conservative approach to the financial management of the Club. We trust members understand this important balance and the need for the Club [as would be the case for any business or commercial operation] to recover major cost increases as applicable. In conclusion, the Board, management and staff continue to work extremely well together; the chemistry and the commitment to make the Club continue to prosper is fantastic. I look forward to the year ahead. Happy boating for 2013/2014. Chris Wood, Treasurer
CYCSA History Book Committee Report On behalf of the Committee it gives me great pleasure to report that the History Book, titled First Watch, was launched to members at the CYCSA 40th Anniversary Luncheon held on Sunday 5th May, 2013. The book has had overwhelming support and I believe will be an ongoing legacy for the Club. Just by having all the valuable Club memorabilia on hand will be of great benefit for future generations. It is pleasing to announce that the project has been cost neutral owing to the financial support of a number of members, book sales to date, publication cost saving measures along with the fact the Club acquired the manuscript. The Committee has acknowledged within the Book the many supporters and contributors whom without their involvement the project would never have come to fruition. Special thanks must be given to Malcolm Kinnaird AC, Dick Fidock AO and Graeme Footer for giving so much of their time and for sharing their extensive knowledge. Also appreciation and thanks go to Sir Eric Neal AC CVO for writing the foreword.
The author, Kristin Weidenbach, has done a magnificent job in collecting information from many sources then transposing it into an enjoyable and interesting narrative story. We wish to thank Kristin for her enthusiasm and for the receptive manner in which she tackled this project. Also, we thank Michaela Andreyev of East Street Communications for her guidance and professionalism in the editing and publishing role. The History Book Committee has thoroughly enjoyed being involved in this important Club project, which was first mooted by Malcolm Kinnaird AC and then encouraged by past President, Geoff Catt. The committee do hope CYCSA Members, both past and present, and the boating community at large embrace and enjoy the read. In closing, I thank the Committee namely, Tom Tymons, Trevor Paynter, Craig Evans, Laura Cowley and Michaela Andreyev for their support and effort during this rewarding and important project. John Gerard, Chair History Book Committee
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Commodore’s Report The past year has been a notable one for the Club as we celebrated our 40th year. It’s been a busy and successful year and, reflecting the broader South Australian economy, a challenging one as well. It’s worth remembering that the inaugural meeting of the CYCSA Board was held on 1st November 1972 in the Naval, Military and Air Force Club of South Australia. It was fitting that a commemorative dinner to launch our 40th year was held at the same venue on 2nd November last year. The dinner was a great success and paid tribute to all who have been involved in the development of the Club over the past 40 years. President Andrew Saies acknowledged and thanked all previous board members and flag officers for their commitment and dedication, and made special mention of the founding board members led by Malcolm Kinnaird for their vision, expertise and faith in the establishment of the Club. At the dinner the President also asked John Gerard, as Chair of the History Project Committee, to outline the Club’s 40th Anniversary History Book “First Watch – 40 Years of the Cruising Yacht Club of South Australia”, by Kristin Weidenbach. Over the last three years, John and his committee (Trevor Paynter, Tom Tymons, Craig Evans and Laura Cowley) along with professional technical assistance put together the stories and photographs for the book which was released at the Club’s official birthday celebrations in May 2013. Opening Day this year typified the professional and caring way in which Craig Evans and his team consistently make that extra effort to think of the little things that count in ensuring that our guests and families (of all ages) have a memorable time whenever they visit North Haven. Not only did they prepare diligently for this important event, but they did everything they could on the day to ensure that the program went smoothly. Teams again competed in the Unforgettable Challenge. This year’s winner was Kudos (Vlad and Pam Humeniuk) who won the magnificent prize of a long weekend on a luxury houseboat on the Murray River, once again very generously donated by Mark and Lee-Anne Flanagan, while School’s Out (Adrian Wotton) enjoyed the second place prize kindly donated by Mark and Lisa Charlesworth of Charlesworth Nuts.
Cruising Yacht Club of South Australia Annual Report for 2012/2013
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This year’s sail past was once more held within the calmer waters of North Haven where a record number of vessels of all sizes took part. It was particularly pleasing to see an increasing number of children (and grandchildren) participating as crew or guests. During the presentations we acknowledged our 25 year members, presented burgees to our new flag officers (Vice Commodore Rowley Richardson and Rear Commodore David Knights) and presented an award to the Volunteer of the Year, Trevor Paynter. Special mention was also made of the race official achievements of 25 year member Stewart Ross and the special service that veteran Don Chisolm has provided the Club as a racing timekeeper on the various start boats over the past 18 years. And so, with another successful Opening Day behind us, the 2012/2013 season was well underway. Racing was blessed with some good weather for the early part of the inshore and offshore races, while the Twilights proved to be as enjoyable as ever. Once again the CYCSA was proud to acknowledge and support the South Australian boats that competed in the Sydney to Hobart this year - the “old, old” hands – Geoff Boettcher in Secret Mens Business 3.5 and Andrew Saies in Two True – were joined by first timer Derek Morrison and his crew in Asylum. It was also pleasing to see that Enchantress from the RSAYS formed part of the SA fleet. All participants were officially farewelled by the Commodores of both the CYCSA and the Squadron at the annual Sydney to Hobart Dinner and eventually had safe but exciting trips to Hobart and back. The CYCSA was also represented in this year’s Festival of Sails at Geelong in Victoria by Julian Newton (Game On) and Greg Manuel (That’s Life) – both did well against high class fleets and were congratulated for their campaigns. Meanwhile, closer to home, the Ballast Head Cup Regatta was held as usual off Island Beach, Kangaroo Island on New Year’s Day. This was followed in February by a slightly windless Adelaide to Port Lincoln Race with some great results being achieved by Club members.
As usual it was a busy year at the Club with a wide range of functions to appeal to all. Crabbing Day, the new member ‘Captain’s Table’ welcome dinners, the Great Southern Regatta, the Bavaria Boat Hop and the more formal Commodore’s Dinner were just a few of the notable events on the calendar. The decibel levels at the Racing Association’s Presentation Night on Friday 3rd May indicated that something was brewing and certainly indicated that a good time was being had by all present! Rob Human was congratulated as “Crewman of the Year” for his outstanding commitment and achievements, and Andrew Corletto’s Shining Sea scooped the prize pool and was fittingly named “Yacht of the Year”. On behalf of the Club I also took pleasure in accepting once again the Commodore’s Shield from RSAYS Commodore Paul Bogner in recognition of our team’s success this season. Presentation Night was followed immediately by the Club’s official 40th birthday weekend on the 4th and 5th May. The camaraderie and friendship which is a hallmark of our Club was particularly evident during Saturday’s Treasure Hunt and then the Progressive Dinner, where those participating had the opportunity to share courses with new acquaintances on board vessels that they may not have stepped aboard previously. A unique experience for most, it was also the first opportunity for many members to enjoy the taste of our 10 year old Commemorative Tawny Port. The weekend culminated with an official lunch on the Sunday where the Club’s history book was launched and released by Sir Eric Neal and John Gerard. “Fantastic day yesterday. Congratulations to all involved. Great food. Great speeches. Great company. Overall just a very happy day”. These were the words Board Member Chris Wood used to sum up the 40th Anniversary Lunch and all who attended would agree – it was indeed a special day in the Club’s history and highlighted once again the vision and commitment of the Club’s “founding fathers” and foundation members, as well as the diversity of our current members, their interests and their skills.
As usual though, these events in the Club’s calendar just don’t happen without the input and support of members and staff. On behalf of all members, I’d like to thank the Association Chairs and their committees – Pam Humeniuk (fantastic effort Pam), Keith Degenhardt, Traci Ayris and Glenn Spear – as well as my fellow Flag Officers Rowley Richardson and David Knights as well as all who have volunteered in some way. Throughout the year the Club has once again been well served by all of our staff. Led by Craig Evans, they go the extra mile and I thank them on your behalf. I know it’s a risk to single out individuals, but particular thanks must go to Jenny Krogdahl, Laura Cowley, Jess Hargreaves, Mario Cataldi and Dorian Molga for their enthusiasm and results during the year – well done to all. And not forgetting Robbie and his team – the grounds have rarely if ever looked better. In case you’re not aware, in this Club one of the Flag Officers attends each and every Board meeting as your representative and I can assure you that the time, expertise, care, attention to detail and diligence that the members of your Board consistently apply to the governance of the Club is of the highest order. We have been well looked after by the present Board – they have acted as a cohesive and effective team and I thank them all on your behalf. It is also timely to acknowledge the generosity of all of the organisations and individuals who have supported the Club and the Associations as sponsors during the year – their support is much appreciated. Finally, best wishes to all of the members of the CYCSA who are participating with Geoff Boettcher on Secret Mens Business 3.5 and Andrew Saies on Two True Tarka in this year’s blue water classic Rolex Fastnet Race which starts in the UK in a few days time! Thank you again for the opportunity to be the Club’s Commodore – it’s an honour and a privilege. Geoff Catt, Commodore
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Finance, Audit and Risk Committee Report I took over the role of Chair of this committee from Chris Wood during the financial year following Chris’s appointment as Treasurer. The Finance, Audit and Risk Committee of the Club and all of its controlled entities consists of: Wayne Coonan - Chair and Board Member Chris Wood - Treasurer and Board Member Don Venn - Senior Member David Hughes - Senior Member As mentioned in the President’s report, the Board of Directors updated the Corporate Governance Policies of the Club during the year, including the terms of reference of the Finance, Audit and Risk Committee. These documents can be found on the Club’s website.
Specific responsibilities include: 1. Audit 2. Risk Management 3. Compliance 4. Reporting 5. Engagements 6. Insurance Over the past year the committee has meet on five formal occasions and has had numerous other informal meetings and discussions. The committee has specifically addressed the following: 1. Overseeing the tender process for the appointment of auditor;
The Finance, Audit and Risk Committee oversees all matters concerning: a. The internal control framework and its capacity to safeguard assets from inappropriate use and/or loss and to maintain the integrity of records and reports [audit];
2. Insurance renewal including obtaining updated valuation reports;
b. The risks to which the Club is exposed, the assessed likelihood and potential impact of each risk, the Club’s risk tolerance and the efficiency and cost effectiveness of the processes which management has implemented to manage those risks [risk management];
5. Other corporate/legal and compliance matters.
c. The internal control framework and its capacity to ensure legal and regulatory compliance [compliance]; and d. The monthly management accounts and annual financial statements, including the suitability of the accounting policies adopted by the Club [finance reporting].
Cruising Yacht Club of South Australia Annual Report for 2012/2013
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3. Financial reporting and foreword forecasting; 4. Capital forecasting; Thank you to my fellow members for the very considerable time and support they have given voluntarily to this committee. Wayne Coonan, Chair Finance, Audit and Risk Committee
Facilities Committee Report
The overriding infrastructure priorities the Board has tackled are the Marina West breakwater extension and the ongoing condition of Marina East. The Marina West breakwater will be a significant spend for the Club. At the time of writing, negotiations were continuing to access a funding contribution from the boating facilities fund for this project. That fund is made up of our collective Facilities Levy payments that are in our individual boat registration charges. The Board has held off on other major capital developments until the outcome of this process is known. Meanwhile, additional level surveys have been conducted on Marina East and various repair and maintenance processes have been trialled with promising results for extending the working life of the main pontoons and fingers. In the context of its review of Club structures and staffing, the Board has also approved additional staff time being dedicated to Marina East repair and maintenance work. The longer that the economic working life of Marina East infrastructure can be extended while building annual financial surpluses, the stronger our financial capacity to undertake a staged replacement program becomes. Of course, that capacity will further improve when sales of Marina West berths regenerate as the economy picks up. Master Plan projects such as the storage and waste facility redevelopment and upgrades to the clubhouse – the bar area in particular – have been held in abeyance until the net financial commitment to the Club for the Marina West breakwater extension is known. The shade sails for the western function area are also on hold but the Port Adelaide Enfield Council has agreed to a further extension of their approval so this work can still proceed if and when the Board gives it priority. Limited essential minor work is going ahead. With financial support from associations, new BBQs for Port Vincent have been approved by the Board and were in the process of being ordered at the time of writing. New ways of reducing the bird problem at Port Vincent and Marina West by use of disco type lasers is being
trialled. An Environmental Plan has been developed to meet EPA concerns, involving filtration of storm water run-off from the boat maintenance area, and is awaiting EPA response. The wharf crane has been fitted with a load sensor and training and safe work methods have been implemented to meet SafeWork SA requirements. Lighting is being progressively changed over to low energy LED fittings. Members will have seen new carpets in the bar and lounge area. With the popularity of solar photo voltaic panels in the community, we assessed (but ultimately rejected for now) a proposal to install a 30Kw PV system on our north facing clubhouse roof. While electricity is a major cost to the Club, the energy plan that management has negotiated involves a cost to the Club of around 16 cents per kilowatt. By comparison, most domestic consumers are paying around 27 to 32 cents per kilowatt depending on their consumption and energy plans. The economics of solar for the Club will be re-visited over time as electricity prices rise, the installed costs of systems comes down further and material technology advances are made. The Port Vincent Marina is now 10 years old. There has been a problem with concrete cracking at the connections between some of the fingers and the main pontoons. Engineering assessments have been undertaken and four of the connections have been repaired involving dismantling, fixing and re-assembling the fingers. Where fingers are not supported at their ends by piles, the connections to the main pontoons can be vulnerable if heavy boats hit the fingers hard – which, with cross winds, may happen from time to time. There is also loading on the connections by wave action from speeding boats and static loading from windage on moored boats. The fundamental problem of the strength and durability of the connections remains unresolved but dialogue with the marina builder, Pacific Pier and Pontoons, may lead to a less costly in-situ modification to the connections to improve their in-service performance. David Murray, Chair Facilities Committee
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
CYCSA Marine Academy Advisory Committee Report In the 1994 July edition of Groundswell then President Dick Fidock AO informed Club members that the concept of a Training Academy was shaping up and asked members to express their interest in various courses. Since then our Club has had a commitment to offer training for boating with courses being offered on an ad hoc basis up until 2007. In that year Andrew Saies as a Board member convened a committee to offer the Board advice on further development of the Marine Academy. As Chair, Andrew has guided the development of the Academy with the aim of increasing the enjoyment, safety and knowledge of members and non-members for recreational power and sail boating and yacht racing. The purpose of the Academy being to attract non-members to join the Club, add value for current Club members, provide specific courses relevant to the various Associations, develop successful junior programs and activities and, in time, establish the CYCSA as the place to go to learn how to go boating.
It is pleasing to report that there has been progress on increasing the number of qualified instructors. Brett Yardley extended his qualifications and completed the requirements for a Yachtmaster Instructor Certificate. Rod Hunter completed a Coxswain’s Certificate to compliment his Yachtmaster Certificate. Bill Lunn is in the process of completing studies for a Coxswain’s Certificate. With John Edwards having a Yachtmaster and Coxswain’s Certificate this gives four instructors able to operate Academy I for training purposes. Andy Shipp who also has his Yachtmaster Certificate is running our shore-based theory program. The Academy continues to use Academy 1 and a J24 for sail training and the RIB for powerboat courses. Recent work on Academy 1 has ensured the vessel meets Department of Planning, Transport and Infrastructure and RYA survey requirements. However ongoing maintenance remains an issue with these vessels being required to comply with national marine law from July 1 2013.
In 2012 the Board resolved to wind up the MA sub-committee as a direct sub-committee of the Board and reconstitute it as a Marine Academy Advisory Committee. The Academy was also placed under Executive Officer Craig Evans’ scope of responsibility. The new advisory committee offers ideas and feedback about the Academy to Club management and the Course Coordinator. Accordingly the terms of reference were updated.
Although there have some significant achievements this year the Academy has struggled with inadequate administrative resources. Our inability to adequately program and market courses as well as follow up on previous enrolments has resulted in reduced enrolments with 265 enrolments this year compared to 344 in the previous year.
Since 2007 the Marine Academy has made steady progress towards achieving the above goals with significant developments in 2012-2013. As an accredited Royal Yachting Association (RYA) shore-based training centre we have successfully run RYA Essential Navigation & Safety and RYA Day Skipper courses. In March the scope of our courses was substantially increased with accreditation to offer RYA/YA on-water programs including the RYA Sail Cruising Scheme. This program offers Start Yachting, Competent Crew, Day Skipper and the International Certificate of Competence (ICC) which is required to charter a boat overseas. Preparation for the inspections of the shore based and on-water resources as well as the administrative systems required substantial preparation and I thank Matt Young as Principal/Course Coordinator, Brett Yardley as Chief Instructor, Craig Evans as Executive Officer, Laura Cowley, and committee members Andrew Saies, Geoff Catt, Andy Shipp, Rod Hunter, John Edwards and Peter Hendy for their contribution in achieving this goal. We now offer qualifications that are internationally recognised with courses that provide pathways for small boat sailors to progress seamlessly to offshore yachting. In addition the Academy has run five Marine Radio and three Safety and Sea Survival Certificate (SSSC) courses. Shortly we will add to our capability with the one day RYA Radar course and Bill Lunn and Rod Hunter have developed courses specifically aimed at meeting the boating training needs of women. The Academy continues to pursue opportunities to engage youth and this year has offered sail training for students of Ocean View College in their dinghies located at the Club.
The financial statement shows an operating profit of $18,763, an improvement of approximately $8,000 on the previous year and the best result for the past six years. Boat expenses at $10,700 are higher than normal due to meeting survey requirements. With the Coordinator’s salary (reported in the Club’s total operating budget) the Academy will have a shortfall of $10,824.
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Financials
Future Directions Although the Academy hasn’t experienced the growth it had planned for, with RYA/YA accreditation and an improved instructor base we are in a better position to build our courses and enrolments. There will be an emphasis on advertising the 20132014 program through our website, an insert in Groundswell and by distributing the course brochure to retail outlets. Proposed changes in the administration of course enquiries and enrolments will provide an improved service to our clients. Expenditure on vessel maintenance is expected to be less. In conclusion I thank Matt Young as the Academy’s Course Coordinator, Brett Yardley as Chief Instructor, the Club’s administrative staff, the above mentioned committee and the Board for their ongoing support of the Marine Academy. Rowland Richardson, Chair CYCSA Marine Academy
Statement of Cash Flow 31 May 2013 Carried Forward Income SSSC Safety Sunday Intro Sail & WEA Sail Cruising Scheme Instructors Course Youth Keelboat RYA/YA Theory Course Marine Radio Course National Keelboat Scheme (NKBS) Powerboat (NPBS) Sponsorship/Fundraising SA Water Atlas Income Course Books Income Other Income Interest Total Income Expense SSSC Safety Sunday Intro Sail & WEA Sail Cruising Scheme Instructors Course/Accreditation RYA/YA Theory Course Marine Radio Course National Keelboat Scheme (NKBS) Powerboat (NPBS) Youth Keelboat Administration Advertising SA Water Atlas Course Books Other expenses Total Expenses Balance as at 31.5.13
$56,748.00
$5,729.15 $2,220.31 $4,549.74 $5,635.60 $0.00 $0.00 $6,236.37 $2,145.44 $3,876.13 $2,436.36 $0.00 $177.27 $0.00 $5,527.13 $2,136.30 $40,669.80
$3,566.82 $1,372.08 $5,125.56 $4,589.24 $0.00 $3,738.18 $1,670.81 $2,332.28 $1,531.21 $0.00 $0.00 $0.00 $0.00 $0.00 $3,784.07 $27,710.25 $69,708.00
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Member Services, Sponsorship and Recruitment Committee Report The Role of the Member Services, Sponsorship and Recruitment Committee The Member Services, Sponsorship & Recruitment Committee was formed a number of years ago with the goal to develop a range of initiatives to enhance the services provided by the Club to our membership. Over time, the committee’s charter was expanded by the Board to include the development of a Whole of Club approach to sponsorship. The purpose of a whole of Club approach to sponsorship is to provide sponsors with a flexible range of options that offer genuine value for their sponsorship. It is also intended to expand the potential sponsorship pool to assist Associations to develop their services to members and to establish a ‘Sinking Fund’ for future projects. Given the obvious interrelationships between sponsorship, marketing and the importance of memberships to the Club, the committee was also charged with exploring strategies to assist the Club and its Associations in recruiting new members. These strategies involved the development and publication of a range of new membership materials. Following the completion of these materials, the Committee focused upon developing promotional materials to help trial a range of Club sponsorship concepts with existing and former sponsors. These draft materials were tailored to highlight the sponsorship needs of our various associations and the many events and functions they organise. While this process provided valuable feedback it has been more time consuming than anticipated. However, the quality of the information has been of a high order and has led to the consideration of additional options to be offered to potential sponsors. In the meantime, Associations have maintained their traditional driving role in securing sponsorships. The concepts and the trial materials have been discussed with the Associations at a number of meetings and they have incorporated several of the ideas in their current sponsorship programs. The whole of Club Sponsorship concept is all about increasing the potential reach and scope of the sponsors’ dialogue with Club members, their families and friends. It is also about assisting, not replacing, our Associations in providing value to their sponsors.
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It is also not the intention to cut out the multitude of small and often ‘in-kind’ support offered to Associations or to assist specific Club events. While some Associations have had a long history of securing significant sponsorships and have subsequently developed protocols for dealing with various options, this is not universally so. From a whole of Club perspective the Committee has identified the need for an expanded sponsorship policy, to not only help classify the level of recognition that we should attribute to sponsorships of varying values, but also assist in how to evaluate ‘in-kind’ offers involving goods and services. A draft policy has been workshopped and accepted by our Associations. However, based on recent experience and feedback from sponsors, the policy requires additional detail; especially in terms of protocols defining the evaluation of ‘in-kind’ or other less traditional sponsorship offers. Until this process has been completed it will remain difficult for the Club to properly acknowledge the range of sponsors from a whole of Club perspective. While the development of the policy and its protocols is reasonably advanced, the committee acknowledges that its completion remains an urgent and critical requirement in the development of this ‘whole of Club’ concept. As a consequence, the Board has appointed Sam Tolley to coordinate the completion of this task. Committee Projects for the year included the following: • Trialling of sponsorship packages with selected sponsors, including PHT and Formula Group •
Preparation of detailed marketing plans
•
Promotion of marina and hardstand berth sales
•
Membership recruitment strategies
•
Securing new advertisers for Groundswell
•
Participation in the Clubs SA Awards of Excellence
•
External marketing of the Club’s function and hospitality services
•
Club functions ‘Calendar App’
•
Market research
•
Assist in the preparation of Corporate Governance documents
•
Various improvements to the Club website, including: • Overhaul of the Marine Academy and Cruising Association sections • Setting up an online payment processing facility (not yet complete) • Weather station on the Club website (not yet complete)
The CYCSA is a not for profit club and relies on the volunteering efforts of Club members and the professional expertise these volunteers bring with them. Their efforts enable us to contain costs and still get the important things done, especially during tight economic times.
On behalf of the Committee, I would like to acknowledge and thank all of our Club’s volunteers. In particular I acknowledge the support of my Co-Chair and Commodore Geoff Catt, new Board and Committee member Sam Tolley and all of the representatives from our associations on the Member Services, Sponsorship and Recruitment Committee. Special thanks also to the members from the Club’s Administration Team; in particular Laura and Craig for their patience and support. Wayne Coonan, Chair Member Services, Sponsorship & Recruitment Committee
Volunteering Report Members will have seen by now the Volunteering Survey. As has been said in the introduction to the survey, volunteers are essential to the life of our Club. From the various management and Association committees through to involvement in specific projects and roles, volunteers donate much-needed time, experience and skills. The Board is using the survey as part of a strategy to better match member interests in volunteering with roles, functions and activities where volunteering interests can make a real difference. The survey was designed to indicate to members areas where they could be involved, and to develop a clear understanding for the Board of the volunteering resource that may be available. The survey arose out of a longer running consideration of additional ways of recognising the valuable contribution of volunteers in addition to the Volunteer of the Year (VOTY) Award. Over the years, the Board has had the task of selecting the VOTY from nominations put forward by members. No changes are envisaged in that process. However, the Associations and the Marine Academy are now invited to each nominate a Most Valued Volunteer. This will provide an additional recognition avenue and is being supported by the awarding of a certificate, a Club Port and a special burgee.
As indicated in the survey, expressions of interest are sought in joining a new Volunteer Support Committee. From time to time members have expressed a general interest in helping the Club, and this committee may form the means by which management and members could come together to prioritise and fast track projects that might not otherwise be immediately and fully funded from the Club budget. While this happens to a degree, the Volunteer Support Committee would act to harness and further develop this interest. I would like to thank and acknowledge the skill and work put into the survey by Laura Cowley and the invaluable advice and comments on the questions by past VOTY recipient, Trevor Paynter and past Vice Commodore Chris Morphett. The online survey uses a commercial program called “Survey Monkey”. In very quick time Laura prepared a highly professional online survey, which in my opinion belts other Club surveys that I have seen. Trevor Paynter has used his design skills to produce the survey form and other graphics for the volunteer burgee, certificates and apparell. David Murray, Board Member
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Groundswell Editorial Committee Report Groundswell is the Club’s ‘flagship’ communication vehicle which provides members with an engaging insight into life at the Club. Whether it is Association events, racing results, or important information regarding Club business, all and more are covered in Groundswell on a quarterly basis making it a valuable publication for all members. Each edition we are grateful for the regular contributions from Club management, Associations and members. Owen Mace’s regular ‘Technology Updates’ are always an interesting read. Jess Hargreaves, the Racing Manager, and Traci Ayris from the Racing Association have been wonderful contributors for the Racing Association and racing activities/events in general. As racing is an integral part of Club life to have such informative and complete reporting is invaluable. Pam Humeniuk kept us informed about the social side of the Club, various Cruising Association members contributed articles about their functions and cruises and Glenn Spear contributed articles on the activities of the Fishing Association. Matt Young, Marine Academy Co-ordinator, also provided information on what is happening within this very important adjunct to our Club. Our goal is to maintain the high quality that we have achieved with Groundswell and to that end we are always looking for contributions and urge everyone to put pen to paper and submit a few words and images. If you have recently been on a holiday, participated in racing or a Marine Academy course and found it interesting and beneficial, then why not share it with your fellow members? If you have technical advice about aspects of boating, it’s likely your fellow members will love to read about it as well. The magazine is delivered to Club members, advertisers, suppliers and also our reciprocal clubs throughout Australia and internationally. It provides great exposure for advertisers to a
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wide community made up of diverse individuals who are united through common interests. If you would like to gain exposure to over 1200 members, plus friends and coffee table readers, please speak to the Club office and they will advise you on advertising rates etc. We would love to welcome you aboard. The support generated through advertising is an important component of Groundswell as it enables the magazine to be produced with little cost to members. Of course, Groundswell would not be what it is today without the passion and editorial experience of Gay Footer and the graphic design expertise of Trevor Paynter. A sincere thank you to Gay and Trevor for all their hard work and for taking me into the fold of the Groundswell editorial committee. It has been a wonderful experience assisting in the production of the magazine and I very much look forward to seeing each edition come to life in print and on our website. Thanks must also go to Phil and the crew at Reflex Printing who do a wonderful job of printing and getting the magazine out to members. Finally, if anyone would like to volunteer their time to join the production group in some capacity, please make your interest known to us. It is a terrific way to support members and the Club. Thank you for your support during the year and I trust you continue to enjoy contributing to and reading Groundswell. Laura Cowley, Groundswell Editorial Committee This report was written on behalf of Gay who at time of writing was enjoying a lovely warm holiday in the Mediterranean with Graeme, while most of us have been enjoying this lovely cold, rainy Adelaide weather!
Association Reports Fishing I have much pleasure in presenting the Fishing Association Annual Report for the year ended June 2013. The committee comprises Glenn Spear (Chairman), John Colella (Secretary), Bruce Tasker (Treasurer), Geoff Wiggins, Malcolm Kitto, Leica Theodore, Peter Newmarch, Graham Myers and Henry Garner. These people have contributed greatly to the events throughout the year and I thank them all. It was a pleasure to welcome several new faces to the committee and to again have a full complement of volunteers. We look forward to the New Year and have several new events in preliminary planning stage. I thank Graham, Henry and Malcolm for their efforts and hope that they join our fold again. Special welcome to Vlad, Romeo, David and Barry who will join the committee in the New Year going forward. The Fishing Association enjoys a healthy balance of approximately $70,000. The financial reports are being finalised at this time and it appears we may have an operating loss of $360 for the year. The loss of Cummins sponsorship and the need to purchase meat to supplement Crab Catch n’ Cook Day catches were the reasons for the loss. The committee put in a huge effort to minimise expenditure and we will again return to surplus next year. The Association funded the purchase of new mooring buoys for Stansbury and Black Point. Volunteers will install these when weather permits. The Association has voted to fund the capital works for the refurbishment of the bar area. The Board are aware that this project is a priority of the Association and should proceed when funds become available. The largest event on the Club calendar apart from Opening Day is the Crab Catch ‘n Cook Day. This year we had over 300 participants. We sat everyone in shade and again insisted that tables were allocated to boats that were prepared to get out on the water and catch as many crabs as possible for the event. The crab catch was modest and we had planned for a possible shortfall, hence the meat supplement. Good planning saw that every person enjoyed a crab meal and again we had a fabulous day. Special thanks to everyone that helped out. This event brings together the whole boating community with an equal number of powerboats and sailboats participating. The Riviera Boating Showcase was a huge event and we thank Riviera for their sponsorship. The Association presented the dealership with a trophy in acknowledgement of their Dealership of the Year award. Partying well into the night many members and guests enjoyed the Club atmosphere. Club management allowed visitors to berth at the Club and then enjoy a special breakfast. The event showcased the Club facilities to people who do not usually attend the CYCSA. We held the annual Seafood Night again which was a spectacular success. Fresh local seafood was presented by the Head Chef
in a manner equal to any 5 star restaurant. Ice carvings and entertainment supplemented the buffet and the event should be put on next year’s calendar. The Association made representation to the government on behalf of members regarding the proposed marine park proclamations. We had government officials attend the Club and address members on the potential impact to all members of the boating community. The Fishing Association rejects the very broad and far reaching no-take areas. We join many other fishing and boating associations that voice concerns over the introduction of yet another government authority to implement the confusing legislation. It will be a criminal offence to drag a Snook line through a no-take zone. I have been asked to make submission to a senate enquiry to be held shortly. It is a pleasure to chair this wonderful group and we look forward to planning some more events this year. Thank you to sponsors Central Audio Visual, Riviera, Custom Cartons and Theodore Marine for their ongoing support. Glenn Spear, Chair Fishing Association
Statement of Cash Flow 31 May 2013 Balance Forward
$70,669.00
Income Subscription Fees Crabbing Day Income Sponsorship Shirts / Burgee /Flags Sales Seafood Night Income Fishing Competition Boating Showcase Income Moorings Income Interest Other Income Total
$2,980.00 $4,667.46 $0.00 $0.00 $7,213.57 $90.91 $2,699.98 $0.00 $2,316.89 $580.00 $20,548.81
Expenses Subscription Expenses Bar / Catering Expenses Crabbing Day Expenses Shirts / Embroidery Donations Fishing Competition Seafood Night Expenses Boat Show Expenses Flags Other Expenses/Meeting/Badges Total
$0.00 $1,817.34 $4,728.43 $7.00 $340.00 $176.98 $9,640.55 $3,701.19 $0.00 $1,498.92 $21,910.41
Balance as at 31.5.13
$69,307.00
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Association Reports Cruising I am pleased to present the annual report of the Cruising Association for the 2012-13 year. I would like to start by recognising our committee. Rob Perrin (Deputy Chair), and Gerard Hughes (Secretary), joined later in the year by Graham Patterson and Richard Lea. Once again such a small group has at times made it difficult to find the resources to achieve all that we wanted, but in general it has been a productive year. I announced at the end of last year that we would be reintroducing the Cruise of the Year dinner and that was achieved with great success in August 2012. We had about 100 members and guests attend for an excellent dinner and a very entertaining presentation about the Far West Coast cruise undertaken by John Bolt, Richard Pope, Chris Wood and David Rosewarne. In all, a great night, and special thanks go to Mario, Dorian and staff for their enthusiastic support of the event. Also announced in my last report was the intended purchase of a weather station to be installed in Marina West. This has been done and has been active for some time now. Our intention is to have it, along with a weather camera linked to the Club website so that conditions at the Club can be accessed remotely. The hardware is all in place and we are waiting on the Club’s IT people to effect the necessary connections. We have undertaken to repair/replace the Club moorings at various locations and last October purchased ropes, buoys and hardware to make five new moorings for Stansbury and Black Point. They are assembled, ready to go and in storage here at the Club so if anyone would like to volunteer to assist with their installation please contact any member of the committee or the Club. Given the state of the moorings at Black Point the sooner this is done the better.
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The revised CA section of the Club website has been well received. It includes a significant amount of information pertinent to the planning and execution of successful cruising in local waters. It should not be a static document but added to from the experience and knowledge of our members from time to time. I would like to give special thanks to Laura Cowley for her invaluable assistance and enthusiasm in bringing this project to fruition. Our cruises this year have, like every other year, been at the mercy of the weather, with either too much wind or none at all. Our season opening cruise planned for October was blown out with winds in excess of 35 knots and our other big event at Easter had no wind at all. This didn’t prevent a large number of Club boats from making the trip to Stansbury and other points across the gulf, while a number of powerboats headed to Port Lincoln to join in the Riviera festivities and then cruise the area on the way home. Throughout the year, whenever there has been a holiday weekend our members have set off in large groups or small and enjoyed the camaraderie of getting together at the end of the day for drinks or dinner wherever they may be. Once again we have had good support of our Second Saturday Barbecues and for those new to the Club we invite you to join us for a relaxed, self-catered evening with like minded members throughout the season. During the year I have represented the CA at various meetings of the Flags, Board and Association Chairs and at various planning meetings for Opening Day and the Club’s 40th Anniversary. It has been a privilege to work with other members who give so much of their energy and time to the Club. I hope that, along with the members of the CA committee, our contributions have been of some small benefit to the Club and its members. I would also commend the Club for giving us the opportunity to meet on a regular basis with the Flag officers, Board members and management so that we gain a better insight into the state of the Club and for providing a platform for a sometimes robust expression of views.
Association Reports Cruising continued The CA would again like to recognise and thank our major sponsor Mark Charlesworth and Charlesworth Nuts. Their continued support has been directly instrumental in our ability to carry out the projects undertaken this year. In addition Mark also supplied several prizes for the Progressive Dinner held as part of the 40th Anniversary celebrations. After two and a half years as CA Chair, and some time before that as Deputy Chair and a committee member, I have decided it is time to step down and so will not be nominating this year. I wish to thank our current and past committee members for their support and efforts over the years that I have been on the committee and I wish the CA well going forward. I also advise that Rob Perrin, who has been a committee member since 2007 is also stepping down at this time and I would like to especially thank him for his dedication to the role of CA Secretary, Treasurer and Deputy over the years. I would like to finish by encouraging any member who is enthusiastic about cruising, whether in a yacht or a power boat, and who feels they would like to make a contribution, to contact any committee member or the Club about joining the CA committee. Keith Degenhardt, Chair Cruising Association
Statement of Cash Flow 31 May 2013 Balance Forward
$9,512.00
Income Burgees Sale Moorings Income Port Vincent Project Sponsorship Cruise of the Year Interest Other Income Total
$20.00 $0.00 $0.00 $2,000.00 $0.00 $268.57 $50.00 $2,338.57
Expenses Environmental Day (BBQ) Hospitality Flags Entertainment Trophies/Prizes Refridgerator Other Expenses Donations - Pt Vincent BBQ Area Total
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,774.18 $3,000.00 $4,774.18
Balance as at 31.5.13
$7,076.00
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Cruising Yacht Club of South Australia Annual Report for 2012/2013
Association Reports Social Another year of varied and interesting activities have included: • High Tea to help Laura Cowley raise funds to participate in a major fundraiser for the Women’s and Children’s Hospital Foundation •
Art Exhibition
•
Commodores Dinner – A Night of Romance
•
Queens of Clean raising funds for Operation Flinders
•
Opening Day
•
Girls’ Night In – raising awareness of Breast Cancer and of course much needed funds
•
Childrens’ Christmas Party
•
Bavaria Boat Hop
•
Celebration Weekend for the 40th Anniversary of the Club including the Progressive Dinner.
This year’s committee consisted of Pam Humeniuk (Chair), Sandra Richards (Treasurer), Morag Draper (Secretary), Karen Johns, Anne Burrow, Don Guy and Joe Mezzini with assistance from Pauline Garner and Linda Mendrin. This is a large and very happy committee, who are able to rely on their husbands/partners to always pitch in and provide additional assistance. It was our pleasure to assist Laura to reach her fundraising goal through hosting a High Tea at the Club. The day was a fantastic success and allowed Laura to be able to join in the wonderful experience of the ‘Coast to Coast for Kids: Land & Sea Challenge’ to assist the Women’s and Children’s Hospital Foundation. The Art Exhibition was a new addition to our calendar. Rowley Richardson and Trevor Paynter are the driving force behind this event, with the Social Activities Committee providing manpower to make sure the exhibition was always manned and that there was a friendly face to sell you a raffle ticket. This was a great success and will be repeated in coming years.
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“A Night of Romance” was the theme for this year’s Commodore’s Dinner. Horizons Function Room was resplendent in red roses as the main theme. The committee, with help from Hanna Grant, worked hard to make sure the room was presented spectacularly, and we enjoyed a wonderful night of music and dancing. A lot of our members commented that they enjoyed the good excuse to dress to the nines. The Queens of Clean made an appearance once again with the funds raised going to Operation Flinders. We had the pleasure for the first time of having a male “Queen of Clean” and Don Guy seemed to enjoy this role. Well done Don. Vagabond was the lucky winner of the Queens’ services this year, and I think the owner had as much fun as the workers. Morag Draper marshaled the troops once again to ensure we had a wonderfully successful “Girls Night In”. Each year this event grows as we learn new ways to make it fun. However it wouldn’t happen without Morag at the helm. Wonderful job Morag. Many thanks. The new format for the Children’s Christmas Party has proved very successful. We enjoyed a variety of fun and games before Father Christmas arrived. For the first time Father Christmas arrived on a Golf Buggy from Marina West, and this form of transport seemed to delight all the children so happily waiting for him. Many thanks to everyone who made this such a fun day, and especially to Trevor Kipling. The 40th Anniversary Bavaria Boat Hop was well attended and we were very lucky to have a warm but not too hot day. Graeme Haese from Haese Marine was our sponsor once again and enjoyed the atmosphere and the opportunity to be part of this fun event. Spectacular entertainment from a Burlesque dancer left some members wanting to book for the next event as they left! The Progressive Dinner and the decorations for the 40th Anniversary Lunch and History Book Launch were responsibilities of the Social Activities Committee. Phill Richards excelled in making two raclette machines for the entrée course of the Progressive Dinner. This was the first time a lot of the guests had seen Raclette and it caused quite an impression. The Progressive Dinner was a great way for newer members of the Club to become involved.
Association Reports Social continued For the coming year we have recruited 4 new committee members. However Sandra Richards will be continuing on the committee but has retired from the role of Treasurer. Sandra has been Treasurer of this committee for many years and has always been very diligent in keeping expenses in check when events are planned. Sandra has many and varied charity interests and her big love, “Soroptomists”, has asked her to take on bigger roles within the organization, so she has decided it is time to step down from her role as Treasurer. We wish Sandra every success and say ‘Thank You’ for all the wonderful work she has done in this role. Pam Humeniuk, Chair Social Activities Association
Statement of Cash Flow 31 May 2013 Carried Forward
$11,763.10
Income Boat Hop Kids Xmas Party Income Commodore’s Dinner Girls Night In Interest Art Exhibition Commodore’s Dinner Raffle Progressive Dinner Total
$6,327.28 $954.50 $8,338.97 $1,372.73 $281.31 $3,095.86 $650.00 $536.31 $21,556.96
Expenses Boat Hop Kids Xmas Party Expenses Commodore’s Dinner Girls Night In Capital Items for the Club Funds donated to Racing Association Hospitality Expenses Progressive Dinner Art Exhibition Wrist Bands Pt Vincent BBQ Area Poker Tournament Other Total
$5,205.91 $1,616.84 $8,743.52 $1,167.59 $0.00 $0.00 $382.47 $267.42 $1,182.94 $276.36 $5,000.00 $2,279.10 $79.46 $26,201.61
Balance as at 31.5.13
21
$7,118.00
Cruising Yacht Club of South Australia Annual Report for 2012/2013
Association Reports Racing CYCSA Racing Association Committee members for 2012/13 were Traci Ayris (Chairperson), William Strangways (Vice Chair), Brenton Pegler, Roger Nicholson, John Gibson, Rob Sellick and Mark Hutton. Jess Hargreaves continued in her role as Racing Manager. The Racing Executive (REX) wishes to acknowledge the continuing support of our Volunteer Duty Crews aboard CYC1 and CYC2, and our Race Officers for the season being John Gibson and Ray Evans. REX liaised once again with the Royal SA Yacht Squadron in order to produce and facilitate the 2012/13 Racing Program. For the third year in succession this collaborative approach has been well received by members from both clubs. Racing Association membership numbers have remained largely static over the past four years with only small-percentage changes. Whilst we have seen the departure of five boats, we have welcomed nine boats to our racing fleet register. Regatta racing was once again popular with an increase of nine boats on last year’s record fleet of 29 for the Sportsmed SA Premiers Cup Regatta. The Great Southern Regatta saw a fleet of 32 and the Queen of the Gulf a fleet of 20 and once again we were pleased to note that many boats from Port Adelaide and RSAYS joined these events. The J24 State Championships and SA Sports Boat Championships were also hosted at the CYCSA this year. A fleet of 15 boats contested the combined Saturday Coaster Series racing. Our two Ladies Helm Twilight Races were again a success and we will continue to schedule such races in our next program. We also saw 27 boats nominate for both Twilight Series. The Adelaide to Port Lincoln Yacht Race was extremely successful for the CYCSA this year. Geoff Boettcher’s Secret Men’s Business 3.5 took IRC honours, and CYCSA yachts claimed six of the top ten positions in that race which also helped us win the Teams Trophy this year.
Cruising Yacht Club of South Australia Annual Report for 2012/2013
22
REX continues to work on consolidating the longevity of our Duty Crew volunteer group. Our core group is ever-reliable but we recognise the need to train back-up personnel and increase skills for the future in regard to new technology. It is fundamentally imperative that in future seasons our CYCSA duty boats can be crewed with teams as wonderful as those we have at present. As always, we welcome assistance from any interested members who might like to join our wonderful volunteer crew on race days. In the current financial climate we are overwhelmingly thankful for the support of our wonderful sponsors. Phil Hoffmann Travel, Port River Marine, Penfolds, Yalumba, MUSTO, Doyle Sailmakers, Stag Hotel and Canegrass Saltbush Lamb have once again been integral to the success of our season. We are also thankful to businesses such as Sportsmed SA, SALife Channel 7/Vislex and EverettBrookes Jewellers, whose sponsorship of individual races and regattas during the season was a valuable addition to our bottom line. Sponsorship continues to be a major challenge but with the support of our current sponsors we are managing well in the current climate. Our fundraising initiatives this year included a major raffle with a major prize donated by Phil Hoffmann Travel. Once again, close monitoring by Jess Hargreaves has ensured that our Association financials are a healthy testimony to the efforts undertaken by the committee to keep any deficit to a bare minimum. We are conscious that the sport of yacht racing in our country is currently undergoing some massive changes. Rob Sellick, Traci Ayris and Mark Hutton attended a Yachting Australia Clubs Conference in June which was most informative. During the twoday sessions we were apprised of the results of significant sports research and will now be working to reflect and implement the recommendations of Yachting Australia wherever possible. The 2012/13 Racing Association Committee will soon convene. The loss of Jess Hargreaves on maternity leave will undoubtedly be a challenge but one which will see all committee members working together to overcome until Jess returns in the New Year. As always we will strive to maintain the core business of the
Statement of Cash Flow 31 May 2013 Carried Forward
Racing continued) Association which is to: • Work with members and solicit feedback to produce a program which caters for the ongoing needs of racing members; •
Improve the skill set/size of the volunteer pool and streamline protocols with a view to Duty of Care;
•
Work with associated groups to further the sport of yachting;
•
Maintain/improve the Association’s financial position via membership, sponsorship and fundraising initiatives.
I thank all Racing Members, CYCSA Office and Hospitality Staff, Volunteer Duty Crew and Racing Association Committee members for their help and support throughout the past season. Traci Ayris, Chair Racing Association
Income Racing Membership Fees Casual Membership Fees Racing Nominations Casual Nominations Regatta Income Raffle Income Fundraising Racing Flags Blue Book Sales Presentation Night Income Sail Storage Shed Canegrass Lamb packs J24 Championship Interest Income Other Income Sponsorship Musto Yalumba Phil Hoffmann Travel Port River Marine Prescott Securities Sportsmed SA EverettBrookes Custom Jewellery Vislex Robert Oatley Vineyards Total Income
$63,959
$15,395.52 $372.71 $19,520.78 $2,768.38 $1,083.25 $3,660.94 $690.68 $809.01 $1,004.63 $6,500.00 $6,945.42 $599.98 $3,590.91 $2,534.87 $0.00 $0.00 $2,000.00 $7,500.00 $454.55 $1,000.00 $2,000.00 $500.00 $500.00 $1,000.00 $80,431.63
Expense Wages Superannuation Administration Engraving/Signage expense Racing/Regatta Expenses Staff Training Airhorn Office Expenses Buoy Maintenance Sponsors Expenses Canegrass Lamb packs Duty Crew Expenses Hospitality Blue Books expenses Clothing Internet /Computing Phone expenses Racing Flags Motor Vehicle Expenses Presentation Night expenses Trophies/Prizes Other Expenses Total Expenses
$50,538.89 $4,424.79 $1,800.00 $493.00 $1,311.09 $0.00 $0.00 $0.00 $0.00 $1,662.65 $432.73 $3,897.11 $668.28 $1,280.35 $0.00 $350.00 $0.00 $613.64 $0.00 $9,153.17 $289.82 $476.64 $77,392.16
Balance as at 31.5.13
$66,998.00
23
Cruising Yacht Club of South Australia Annual Report for 2012/2013
Club Structure The following diagrammatical representation of the Club’s structure is provided to clarify the relationship between the associated entities and the function each entity undertakes in the total Club structure.
CYCSA Incorporated (referred to as ‘the Club’) •
Senior Members elect a seven member Board of Management annually.
•
The Board of Management (‘the Board’)
All Senior Members hold units in this trust and therefore have a beneficial interest in the above assets.
•
As an asset holding entity, the trust’s affairs do not generate profits that can be distributed to unit holders.
CYC Ramp Trust •
This is the trust established in the early 1990s to facilitate the purchase of property including the southern area of the carpark, the land to the south and the Western Basin.
- is responsible for the management of the Club with delegation of appropriate responsibilities to the Executive Officer.
•
The major assets of the trust are the Western Basin including Marina West and the water area adjoining the northern peninsula.
- act as Directors of CYC (SA) Management Pty Ltd, the trustee of the CYC (SA) Unit Trust.
•
The trust also operates the public boat ramp.
•
The trust leases Marina West land/water to the CYC (SA) Unit Trust.
•
The trust, being a discretionary trust, does not have owners, but the beneficiaries of the trust are the Club and the CYC (SA) Unit Trust. The trust has made distributions to the Club in the past.
- act as Directors of CYC Ramp Pty Ltd, the trustee of the CYC Ramp Trust. •
•
The Club owns the floating assets in Marina West.
CYC (SA) Unit Trust •
The major assets of this trust are the freehold of the Club Eastern Basin at North Haven, including land, water and buildings, and the sub-lease of the Port Vincent Marina and a lease of the land and water of Marina West (which is sublet to the Club).
BOARD OF MANAGEMENT Directors elected annually by Senior Members
CYC Ramp Pty Ltd As trustee for
CYC Ramp Trust Owns Marina West, ramp and adjacent land and water, including channel
CYC (SA) Management Pty Ltd
CYC (SA) Unit Trust Owns land and water, buildings, Marina East • Underlease of Port Vincent Marina from the Yorke Peninsula Council • Lease of Marina West
Profits
Profits
Beneficiaries CYC (SA) Unit Trust CYCSA Inc
Beneficiaries Senior Members
Cruising Yacht Club of South Australia Annual Report for 2012/2013
24
CYCSA Incorporated • Operates bar and slip • Staff • Rents buildings and Marina East from CYC (SA) Unit Trust • Underlease of Marina West and Port Vincent from CYC (SA) Unit Trust
Members
CYCSA Inc and Controlled Entities Independent Audit Report to the Members of the Cruising Yacht Club of SA Inc and Controlled Entities
Tel: +61 8 7324 6000 Fax: +61 8 7324 6111 www.bdo.com.au
Report on the Financial Report We have audited the accompanying financial report of the consolidated entity comprising the Cruising Yacht Club of SA Inc and the entities it controlled at the year’s end or from time to time during the financial year, which comprises the statement of financial position as at 31 May 2013, the statement of comprehensive income, the statement of changes in equity and the statements of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by the trustees and board of management of the Cruising Yacht Club of SA Inc. Management’s Responsibility for the Financial Report Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
Level 7, BDO Centre 420 King William Street Adelaide SA 5000 GPO Box 2018, Adelaide SA 5001 AUSTRALIA
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies. Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of the consolidated entity as at 31 May 2013, and its financial performance and cash flows for the year then ended in accordance with Australian Accounting Standards.
BDO Audit (SA) Pty Ltd
G K Edwards Director Adelaide, 25th July 2013
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.
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Cruising Yacht Club of South Australia Annual Report for 2012/13
Statement of Comprehensive Income for the Year Ended 31 May 2013
Note
Revenue 2 Other income 2 Employee benefits expense Depreciation Rates & taxes Insurance Impairment expense Repairs & maintenance expenses Cost of sales Other expenses Finance costs Operating surplus/(deficiency) Other comprehensive income Total comprehensive income
2013
2012
$
$
3,099,378 131,996 (1,112,450) (474,259) (139,137) (85,839) (10,000) (167,088) (475,478) (814,634) (7,564) (55,075) - (55,075)
The above statement of financial position should be read in conjunction with the accompanying notes.
Cruising Yacht Club of South Australia Annual Report for 2012/13
26
2,984,383 243,394 (1,140,118) (599,807) (122,788) (79,239) (12,230) (281,586) (445,587) (708,379) (38) (161,995) (161,995)
Statement of Financial Position as at 31 May 2013
Note Assests Current assets Cash and cash equivalents 4 Trade and other receivables 6 Inventories 7 Other assets 8 Total Current Assets
2013 $
2012 $
1,174,967 107,154 74,307 127,984 1,484,412
866,877 81,345 60,026 63,395 1,071,643
Non-Current Assets Property, plant and equipment 9 Total Non-Current Assets
17,513,876 17,513,876
17,957,083 17,957,083
TOTAL ASSETS
18,998,288
19,028,726
LIABILITIES Current Liabilities Trade and other payables 10 Short-term provisions 11 Total Current Liabilities
619,558 152,183 771,741
478,841 127,266 606,107
Non Current Liabilities Trade and other payables 10 Other long-term provisions 11 Total Non Current Liabilities
5,337,433 64,721 5,402,154
5,489,686 43,515 5,533,201
TOTAL LIABILITIES
6,173,895
6,139,308
NET ASSETS
12,824,393
12,889,418
EQUITY Issued Capital 12 Reserves Retained earnings TOTAL EQUITY
6,108,787 5,697,666 1,017,940 12,824,393
6,118,737 5,697,666 1,073,015 12,889,418
The above statement of financial position should be read in conjunction with the accompanying notes.
27
Cruising Yacht Club of South Australia Annual Report for 2012/13
Statement of Changes in Equity for the Year Ending 31 May 2013
Contributed Capital 2013 Balance at 1 June 2012 6,118,737 Capital redemption (9,950) Operating deficiency for the year - Balance at 31 May 2013 6,108,787 2012 Balance at 1 June 2011 Contributed capital Operating deficiency for the year Balance at 31 May 2012
6,126,287 (7,550) - 6,118,737
Retained Earnings
Premium Reserve $
Revaluation Reserve $
1,073,015 - (55,075) 1,017,940
1,305,150 - - 1,305,150
4,392,516 - - 4,392,516
12,889,418 (9,950) (55,075) 12,824,393
1,235,010 - (161,995) 1,073,015
1,305,150 - - 1,305,150
4,392,516 - - 4,392,516
13,058,963 (7,550) (161,995) 12,889,418
The above statement of financial position should be read in conjunction with the accompanying notes.
Cruising Yacht Club of South Australia Annual Report for 2012/13
28
Total $
Statement of Cash Flows for the Year Ending 31 May 2013
Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid 3 Interest received Net cash provided by (used in) operating activities
2013 $
2012 $
3,151,617 (2,838,762) (7,564) 43,801 349,092
3,206,650 (3,069,906) (38) 55,791 192,498
Cash flows from investing activities: Payment for property, plant and equipment Net cash provided by (used in) investing activities
(31,052) (31,052)
(37,210) (37,210)
Cash flows from financing activities: Proceeds from issue/(redemption) of units in Unit Trust Proceeds from sale of berth licences Net cash provided by (used in) financing activities
(9,950) - (9,950)
(7,550) (7,550)
308,090 866,877 1,174,967
147,738 719,139 866,877
Net increase (decreases) in cash held Cash at beginning of year Cash at end of year 5
The above statement of financial position should be read in conjunction with the accompanying notes.
29
Cruising Yacht Club of South Australia Annual Report for 2012/13
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 1: Summary of Significant Accounting Policies
Basis of Preparation
General Information The financial report covers the Cruising Yacht Club of SA Inc. (the Association) and Controlled Entities comprising the Association, CYC (SA) Unit Trust and CYC Ramp Trust, as a consolidated group (“the group”). The Cruising Yacht Club of SA Inc. is an Incorporated Association, established and domiciled in Australia. The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New, Revised or Amending Accounting Standards and Interpretations Adopted The group has adopted all of the new, revised or amending Accounting Standards and interpretations issued by the Australian Accounting Standards Board (‘AASB) that are mandatory for the current reporting period. The group has early adopted AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB 2010-02 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’. No other new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have been early adopted. Any significant impact on the accounting policies of the incorporated association from the adoption of these Accounting Standards and Interpretations are disclosed in the relevant accounting policy. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the group. The following Accounting Standards and Interpretations are most relevant to the incorporated association: AASB 1053 Application to Australian Accounting Standards The group has early adopted AASB 1053 from 1 June 2012. This standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statements, being Tier 1 Australian Accounting Standards and Tier 2 Australian Accounting Standards – Reduced Disclosure Requirements. The group being classed as Tier 2 continues to apply the full recognition and measurements requirements of Australian Accounting Standards with substantially reduced disclosure in accordance with AASB 2010-2. AASB 2010-2 Amendments to Australian Standards Arising from Reduced Disclosure Requirements The group has early adopted AASB 2010-2 from 1 January 2012. These amendments make numerous modifications to a range of Australian Accounting Standards and Interpretations, to introduce reduced disclosure requirements to the pronouncements for application by certain types of entities in preparing general purpose financial statements. The adoption of these amendments has eliminated various disclosure requirements that were considered not to add value to the financial report, and is consistent with the practice of a number of comparable organisations.
Cruising Yacht Club of South Australia Annual Report for 2012/13
30
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board (‘AASB’). These financial statements do not comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’). Historical Cost Convention The financial statements have been prepared under the historical cost convention, except for the revaluation of certain non-current assets. (a) Principles of Consolidation The consolidated financial statements incorporate the assets, liabilities and results of the entities controlled by the Cruising Yacht Club of SA Inc. at the end of the reporting period. A controlled entity is an entity over which the Cruising Yacht Club of SA Inc. 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.
A list of controlled entities is contained in Note 14 to the financial statements.
All inter-group balances and transactions between entities in the Group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries 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 income tax under Div 50 of the Income Tax Assessment Act 1997. Under current income tax legislation, the CYC (SA) Unit Trust and the Ramp Trust are not liable to income tax provided their taxable income is fully distributed to beneficiaries. (c) Inventories Inventories are measured at the lower of cost and current replacement cost. (d) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses.
Property, plant and equipment are shown at their fair value (being the depreciated replacement cost of the asset), based on periodic valuations by external independent valuers, less subsequent depreciation.
In periods where the property plant and equipment are not subject to independent valuation, the directors conduct director valuations to ensure the carrying amount is not materially different to the fair value.
Increases in the carrying amount arising on revaluation of property, plant and equipment 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 statement of comprehensive income.
Notes to the Financial Statements for the Year Ending 31 May 2013
The carrying amount of property, plant and equipment is reviewed annually by the directors to ensure it is not in excess of the recoverable amount from these assets. Refer Note 1 (g) for further details in relation to the treatment of assets when impaired.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts 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.
The cost of fixed assets constructed within the economic entity includes the cost of materials, direct labour and borrowing costs.
Leased assets are depreciated on a straight-line basis over their estimated useful lives.
Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight line basis over the life of the lease term.
Any accumulated depreciation is eliminated against the gross carrying amount of the assets and the net amount is restated to the re-valued amount of the asset.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable the 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 statement of comprehensive income during the financial period in which they are incurred. Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the economic entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the 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 3% Marina 2%-7% Plant and equipment 3% - 50%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
The Board have reviewed the remaining economic working life of both Marina West and Marina East, in particular given the increased focus on long term planned maintenance. Accordingly, the remaining working life for depreciation purposes has been extended by five years for both Marina East and Marina West. In addition, the Board will make a further reassessment in this regard in 2013/14, focusing on establishing residual values for key components of both marina infrastructures. The financial effect of this change is to reduce the operating deficiency for the year ended 31 May 2013 by $101,155.
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 statement of comprehensive income. When revalued assets are sold, the amounts included in the revaluation reserve 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, that are transferred to entities in economic entity are classified as finance leases.
(f) Financial Instruments Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the economic entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the economic entity commits itself to either purchase or sale of the asset (i.e. trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transactions costs, except where the instrument is classified ‘at fair value through profit or loss’, in which case transaction costs are expensed to profit or loss immediately.
Classification and Subsequent Measurement Finance instruments are subsequently measured at either of fair value, amortised cost using the effective interest rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.
(i) Amortised cost is calculated as: • the amount in which the financial asset or financial liability is measured at initial recognition; • less principal repayments; • less any reduction for impairment.
The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payment or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss.
The economic entity does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of accounting standards specifically applicable to financial instruments.
(ii) Financial assets at fair value through profit and loss Financial assets are classified at ‘fair value through profit or loss’ when they are either held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they
31
Cruising Yacht Club of South Australia Annual Report for 2012/13
Notes to the Financial Statements for the Year Ending 31 May 2013
are 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. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.
(iii) 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.
Loans and receivables are included in current assets except for those which are not expected to mature within 12 months after the end of the reporting period, which will be classified as non current assets.
(iv) 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.
Held-to-maturity investments are included in non current assets, except for those which are expected to mature within 12 months after the end of the reporting period, which will be classified as current assets.
If during the period the economic entity sold or reclassified more than an insignificant amount of held to maturity investments before maturity, the entire category of held to maturity investments would be tainted and would be reclassified as available for sale.
(v) Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.
Available-for-sale financial assets are included in non-current assets, except for those which are expected to mature within 12 months after the end of the reporting period, which will be classified as current assets.
Cruising Yacht Club of South Australia Annual Report for 2012/13
32
(vi) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.
At each reporting date, the economic entity assesses 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 an impairment has arisen.
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. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expired. 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.
(g) Impairment of Assets At each reporting date, the economic entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of comprehensive income.
Where it is not possible to estimate the recoverable amount of an individual asset, the economic entity estimates recoverable amount of the cash generating unit to which the asset belongs.
(h) Cash and Cash Equivalents Cash and Cash Equivalents include cash on hand, deposits heldat 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 short-term borrowings in current liabilities on the statement of financial position. (i) Employee Benefits Provision is made for the economic entity’s liability for employee benefits arising from services rendered by employees to balance date.
Notes to the Financial Statements for the Year Ending 31 May 2013
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. Employee benefits payable later than one year have been measured at present value of the estimated future cash outflows to be made for those benefits. These cashflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cashflows. (j) Provisions Provisions are recognised when the economic entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (k) Revenue and Other Income Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.
Annual membership subscriptions and fees raised by the economic entity during the year are recognised as gross revenue.
Licence rental income to occupy Marina West berths have been accounted for in accordance with Australian Accounting Standard AASB 117 Leases. In accordance with that standard, the licence rental income to occupy a berth is recognised over a 40 year period, representing the time pattern in which use benefit derived from the berth is diminished (the actual licences to occupy berths all expire 2083). The amount of licence rental income received that represents income to be earned in future accounting periods is disclosed in the Statement of Financial Position as being revenue received in advance.
The accounting policy for the historic sale of Marina East berths was to recognise the entire income realised from licences to occupy a berth taken up wholly as income in the year received.
All revenue is stated net of the amount of goods and services tax (GST).
(l) 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.
(m) 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 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 statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
(n) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
Where the economic entity has retrospectively applied an accounting policy, made a retrospective restatement or reclassified items in its financial statements, an additional statement of financial position as at the beginning of the earliest comparative period will be disclosed.
(o) Critical Accounting Estimates and Judgments The directors 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 based on current trends and economic data, obtained both externally and within the economic entity.
Key Estimates – Impairment
The economic entity assesses impairment at each reporting date by evaluating conditions specific to the economic entity that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value in use calculations which incorporate various key assumptions.
With respect to cash flow projections for plant and equipment based in Australia, growth rates of 2% have been factored into valuation models for the next ten years on the basis of management’s expectations. Discount rates of 10% have been used in all models.
Key Judgments – Doubtful Debts Provision Included in trade receivables at reporting date are amounts receivable from members in relation to berth sales and member accounts amounting to $21,000 (2011 - $11,000) for which a provision has been made.
(p) New Accounting Standards for Application in Future Periods The AASB has issued new and amended Accounting Standards and interpretations that have mandatory application dates for future reporting periods and which the economic entity has decided not to early adopt. The economic entity does not expect these requirements to have any material effect on the entity’s financial statements.
33
Cruising Yacht Club of South Australia Annual Report for 212/13
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 2: Revenue and Other Income
2013 $
2012 $
Revenue - Sale of goods - Commission revenue - Corporate fees - Income - Marine Academy - Licence fees - Marina West - Income - Racing Association - Ramp income - Slipway - Member subscriptions - Other revenue
970,911 118,994 905,042 43,159 152,253 80,433 119,751 78,345 545,216 85,274
930,089 82,378 883,385 38,526 152,253 72,680 118,321 68,287 551,445 87,019
Total Revenue
3,099,378
2,984,383
131,996 131,996
243,394 243,394
7,564 474,259 10,000 13,380
38 599,807 12,230 12,815
Other Revenue Other Income - Other income
Note 3: Profit for the Year Expenses Interest Depreciation Impairement expense Rental expense
Note 4: Cash and Cash Equivalents Cash on hand 20 Cash at bank 118,963 Short-term bank deposits 1,055,984 Trust account 1,174,967
Cruising Yacht Club of South Australia Annual Report for 2012/13
34
20 99,663 767,194 868,877
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 5: Reconciliation of Cash
2013 $
2012 $
Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows: Cash and cash equivalents 1,174,967 Bank overdraft - 1,174,967
868,877 - 868,877
Note 6: Trade and Other Receivables Current Trade receivables Provision for impairment of receivables
128,154 (21,000) 107,154
92,345 (11,000) 81,345
Provision for Impairment of Receivables Current trade receivables are generally on 7 to 30 day terms. These receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in other expense items. Movement in the provision for impairment of receivables is as follows: Current Trade Receivables 2013 Current Trade Receivables 2012
Opening Balance $ 11,000 11,000
Charge for the Year $ 10,000 -
Amount Written Off $ - -
Closing Balance $ 21,000 11,000
There are no 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 when due. Impaired assets are provided for in full.
Note 7: Inventories Current At lower cost or net realisable value Finished goods
74,307 74,307
60,026 60,026
Note 8: Other Assets Current Prepayments 127,984 63,395 Accrued income - 127,984 63,395
35
Cruising Yacht Club of South Australia Annual Report for 2012/13
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 9: Property, Plant and Equipment
2013 $
2012 $
Land at valuation
6,800,000
6,800,000
Buildings at valuation and subsequent cost Accumulated depreciation Total buildings
2,064,770 (311,031) 1,753,739
2,037,951 (249,119) 1,788,832
Leased Plant and Equipment at cost Accumulated depreciation Total leased plant and equipment
32,800 (32,800) -
32,800 (32,800) -
Plant and Equipment at valuation and subsequent cost Accumulated depreciation Total plant and equipment
931,195 (520,195) 411,000
926,962 (418,953) 508,009
Office Equipment at valuation and subsequent cost Accumulated depreciation Total office equipment
105,128 (82,967) 22,161
105,128 (69,612) 35,516
Marina West at cost Accumulated depreciation Total Marina West
8,308,666 (853,978) 7,454,688
8,308,666 (663,456) 7,645,210
Marina East at valuation and subsequent cost Accumulated depreciation Total Marina East Total property, plant and equipment
1,929,299 (857,011) 1,072,288 17,513,876
1,929,299 (749,783) 1,179,516 17,957,083
(a) Assets held at valuation The Cruising Yacht Club of SA Inc The Association’s property, plant and equipment were revalued at 1 June 2007 by independent valuers. Valuations were made on the fair market value - existing use basis. The revaluation surplus was credited to an asset revaluation reserve in member’s equity. CYC (SA) Unit Trust The marina and improvements comprise all leasehold improvements formally the property of the Cruising Yacht Club of South Australia Incorporated and valued by the directors of the CYC (SA) Management Pty Limited at the time of the purchase of the land by the Trust in 1985. Units to the value of this amount were issued to members of the Cruising Yacht Club of South Australia Incorporated in accordance with the constitution of the CYC (SA) Unit Trust. The property, plant and equipment were revalued at 9 April 2008 by independent valuers. Valuations were made on the market value, existing use and depreciated replacement value. The revaluation surplus was credited to an asset revaluation reserve in member’s equity.
Cruising Yacht Club of South Australia Annual Report for 2012/13
36
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 10: Trade and Other Payables
Current Unsecured liabilities Trade payables Other payables Marina West revenue received in advance Secured Liabilities Berth deposits Total current liabilities Non-Current Marina West revenue received in advance Total non-current liabilities
2013 $
2012 $
116,096 351,209 152,253
94,568 232,020 152,253
-
-
619,558
478,841
5,337,433 5,337,433
5,489,686 5,489,686
110,403 41,780 152,183
93,022 34,244 127,266
64,721 64,721
43,515 43,515
592
592
6,080,650
6,090,600
27,545 6,108,787
27,545 6,118,737
Note 11: Provisions
Current Provision for annual leave Provision for long service leave Non-Current Employee benefits
Note 12: Issued Capital Settled Capital 121,625 (2012: 121,812) fully paid issued units at $50 Each 27,545 (2012: 27,545) fully paid issued units at $1 Each Total
Note 13: Reserves The unit premium reserve records premiums attached to units. The asset revaluation reserve records revaluation of non-current assets
37
Cruising Yacht Club of South Australia Annual Report for 2012/13
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 14: Controlled Entities
2013 $
2012 $
The economic entity’s financial report includes the following controlled entities: Contribution to the consolidated operating surplus/(deficit) Cruising Yacht Club of SA Inc. CYC (SA) Unit Trust Less: Ramp distribution CYC Ramp Trust Less: inter-entity profit Share of controlled entities’ surplus/(deficit) after income tax
72,736 (127,809) (130,807) 130,807 - (55,073)
47,036 (209,031) (127,012) 127,012 (161,995)
Note 15: Cash Flow Information (a) Credit Standby Arrangement and Loan Facilities The economic entity has a bank overdraft and commercial bill facility amounting to $50,000 (2012: $50,000). This may be terminated at any time at the option of the bank. At 31 May 2013, none of this facility was used (2012: $ Nil). Interest rates are variable.
Note 16: Related Party Transactions CYC (SA) Management Pty Ltd operates as trustee for the CYC (SA) Unit Trust (“The Trust”). The directors of CYC (SA) Management during the year ended 31 May 2013 were as follows: H J Peterson (retired August 2012), G Meyers (appointed August 2012), Dr A D Saies, D J Hughes (retired December 2012), C L Wood, Dr W E Coonan, T J Tymons, S Tolley (appointed March 2013) and D P Murray. All positions are held on a 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: A G Corletto W Coonan Total
Cruising Yacht Club of South Australia Annual Report for 2012/13
38
- 2,946 2,946
1,733 8,261 9,994
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 17: Capital and Leasing Commitments
2013 $
2012 $
7,860 34,440 - 42,300
6,300 24,255 31,185
(a) 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 5 years • greater than 5 years
(b) Capital Expenditure Commitments No capital expenditure commitments at 31 May 2013.
Note 18: 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 over the non-current assets of CYC (SA) Unit Trust. As at the 31 May 2013 $nil was drawn down on the bill facility (2012: $Nil). 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 $Nil at 31 May 2013 (2012: $Nil).
39
Cruising Yacht Club of South Australia Annual Report for 2012/13
Notes to the Financial Statements for the Year Ending 31 May 2013
Note 19: Hire Purchase Agreement The Minister of Transport has leased the Port Vincent Basin to the District Council of Yorke Peninsula for a term of 99 years from 1 May 2003. The council has agreed to underlease 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 1 May 2003. CYC (SA) Management Pty Ltd has underleased the area it is leasing to the Cruising Yacht Club of South Australia Inc. (the “Club�) for the same nominal rent and on the same terms and conditions for a term of 99 years less 2 days commencing 1 May 2003. 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 to which each hire instalment was paid when the Club sold a rental licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issued units in CYC (SA) Unit Trust to a value, which in aggregate, equalled the hire instalment amount. CYC Ramp Pty Ltd, as trustee for the CYC Ramp Trust, has leased the Western Marina Basin to CYC (SA) Management Pty Ltd, as trustee for the CYC (SA) Unit Trust, for a term commencing on 1 November 2008 and ending 31 October 2083, at the same rent. The lease is of the land without the infrastructure. The infrastructure has been separately acquired by the Cruising Yacht Club of SA Inc. from the CYC Ramp Pty Ltd, as trustee from the CYC Ramp Trust. The Club has acquired the infrastructure pursuant to a hire purchase agreement to which each hire instalment is paid when the Club sells a rental licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust.
(a) The table below summarises in aggregate the remuneration of all senior management personnel of the Cruising Yacht Club of South Australia Inc.
Salary $ 2013 2012
131,978 128,134
Superannuation contributions $
Non-cash benefits $
11,878 11,639
1,976 1,184
Note 22: Events after the Balance Sheet Date Nil
Note 23: Entity Details 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
Note 20: Segment Information 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.
Cruising Yacht Club of South Australia Annual Report for 2012/13
Note 21: Key Management Personnel Compensation
40
The Cruising Yacht Club of SA Inc and Controlled Entities Statement by the Board of Management In accordance with a resolution of the Board of Management of the Cruising Yacht Club of SA Inc. in the opinion of the Board of Management: 1.
The financial statements and notes, as set out on pages 26 to 40, present fairly the economic entity’s financial position as at 31 May 2013 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations); and
2
In the Board of Management’s opinion, there are reasonable grounds to believe that the Cruising Yacht Club of SA Inc. will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Management 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 Dated this 21st day of July 2013
41
Cruising Yacht Club of South Australia Annual Report for 2012/13
Detailed Profit and Loss Account for the Year Ended 31 May 2012
Income Commission - resold berths Commission - leased berths Entrance Fees Groundswell Income Hire of equipment History Book Income Hull identification Income - Racing Association Income - Marine Academy Income (net) – Functions Interest Licence fees - Marina West Corporate Fees Net trading margin - catering, bar & resale Ramp Income Slipway Member subscriptions Other income Total Income Less Expenses Accounting fees Advertising Annual report expenses Auditors remuneration Audit costs and preparation of financial statements 2010/2011 Audit costs and preparation of financial statements 2011/2012 Audit costs and preparation of financial statements 2012/2013 Disbursements and out of pocket expenses Bank charges Cleaning Computer expenses Consulting and professional fees Depreciation Fees and Permits Finance costs - external General expenses
Cruising Yacht Club of South Australia Annual Report for 2012/13
42
2013 $
2012 $
64,010 54,984 7,911 24,360 10,428 18,035 - 80,433 43,159 5,053 43,801 152,253 905,042 119,546 119,751 78,345 545,216 35,372 2,307,699
28,723 53,656 7,548 31,760 8,356 1,334 72,680 38,526 19,489 55,791 152,253 883,385 69,291 118,321 68,287 551,445 146,153 2,306,998
5,870 26,976 9,619
3,488 39,715 10,260
- 896 23,850 500 15,368 31,530 50,634 22,439 474,260 7,865 7,564 33,563
2,400 27,290 782 18,580 21,314 42,333 20,072 599,807 9,961 38 13,693
...continued over page
Detailed Profit and Loss Account for the Year Ended 31 May 2013
2013
2012
$
$
Less Expenses (continued) Groundswell expenses Ice expenses Insurance Internet Impairment expense Landscape maintenance Lease rentals on operating lease Long service leave Marina - repairs and maintenance Marine Academy expenses Member proposals Motor vehicle expenses Other association expenses (net) Payroll tax Port Vincent general expenses Postage Power and light Printing and stationary Rates and taxes Racing association expenses Repairs and maintenance Salaries Security costs Staff training Subscriptions Superannuation contributions Telephone and fax Toiletries Uniforms Waste disposal Workcover expense Total Expenses
27,649 1,814 85,839 3,352 10,000 6,914 13,380 32,449 61,216 27,710 - 14,269 8,441 27,294 5,691 12,220 111,812 18,242 111,843 77,391 105,872 653,582 32,156 2,139 33,708 86,673 17,427 10,665 6,349 16,130 29,613 2,362,774
29,013 1,993 79,239 3,365 12,230 7,677 12,815 (9,030) 158,536 30,195 12,500 13,357 3,122 27,714 4,955 17,867 81,449 19,030 95,074 63,060 123,050 642,873 32,987 2,073 26,395 91,063 20,627 47 12,023 15,100 28,861 2,468,993
Operating Surplus/(Deficit)
(55,075)
(161,995)
43
Cruising Yacht Club of South Australia Annual Report for 212/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Berth No. HS61
@C
DW222S
Geoff Rohrsheim
ABO
OB159S
Suzanne & Steven Allen
Achates
YC34S
Hermann Mayr
D32
Achtung Baby
CI214S
Don Venn
E24
Acrux
YC314S
Stephen Tonkin
HS49
Adagio
SA910S
Stephen Siebert
B22
Adamas
YC216S
Chris Newton
Adelaide Diving
YG135S
Steve Slack
C31
Adinda
YC276S
Stephen Pearson
C08
Adrenalin
FN85S
Alby Clark
Adrenalin
EE178S
Adriano Cisternino
HS109
Adria
YC931S
Claude & Val Marchesi
A24
After Dark
UI115S
Hans Fischer
A45
Aimless
ZI153S
Gordon Inglis
A40
Alby 1
UI126S
Albino Miotto
C07
Alchemy
Anthony Palmer
Ali Tap Tap
CZ154S
John McFarlane
Alicante Encore
MJ65S
Frank Wood
VA02
Allemanda
SA170S
Bill Harniman
B33
Alliance
YC394S
J Hallion, L Hart, L Hallion, B Thompson
D20
Alpha Centauri
YC258S
Roger Flint
D11
Alternative Therapy
YC804S
Trevor Butcher
HS86
Amazing Grace
AUS4457
Angus Middleton
HS14
Amazing Grace
YC126S
John & Janet Den Dryver
C35
Andante
Geoff Gowing & Tess McGrath
B04
Andiamo
YC208S
Peter Fairbrother
D29
Anescape
BS228S
Josh Wilde
J10
Angus 100
ABY892N
Andrew Figtree
Anna-Bella
YM07S
Renzo Bonini
HS15
Annadora III
ER186S
Lester Cornall
A37
Another Planet
YC521S
Brenton & Tracey Pegler, & Alan Hambly
C17
Anouk
SI168S
Ashley O’Brien
A05
Antipodes
CU2825
John Culshaw
J03
Apache
Jeff Elsegood
Aquila
YC241S
Mark Johns
A17
Arabella
YC678S
Hans Hol
C06
Arcadia Bay
RZ91S
Kevin McCann
Argo III
HE40S
Trevor Kipling
Aries
YC341S
David Coats
Arriba
ZY110S
Alan Noble
Cruising Yacht Club of South Australia Annual Report for 20012/13
44
HS82 K09
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
As Good As It Gets
YC5846S
Dick Fidock
A-Salt Weapon
AY 234S
Guy Freeman & George Wright
HS145
Asylum
YC10
Derek Morrison
C15
Atomic
YV111S
Mark Podlewski
F33
Azure Skye
Frank Seeley
Avilion III
VW195S
Darren Slaby
B & B
YC503S
Barrie & Bernadette Willoughby
B27
B Free
GF335S
Romeo Macolino
D08
Back Friday
YC317S
Chris Wood
E09
Balamara
SA155S
Marjorie Smoker
B08
Baloo
RF160S
John & Margaret Grevins
A03
Banjo
YC71S
Wil Maybury
Baron
YC345S
Gil Calaby
Bear
LR168S
Klaus Becker
HS12
Bedouin
YC691S
Greg & Carol Patten
B29
Bella Mia II
YC688S
Dominic Rinaldi
A28
Benedetto
YC405S
Clive Lee
Benetta
BF268S
Vincent Barry
C39
Bethany
WY182S
Barry & Libby Clough
HS42
Bewinched
Michael Davey
Big Canoe
Don Venn
Binburra
DY163S
Lindsay Stanley
VC66
Black Cat
DX460
Aaron & Kirsty Low
HS71
Blu-By-U
YC909S
Al Vos
Blue Horizon
YC980S
John Harry
Bluewater
Humphrey George
BoBo
Tamara Saunders
Bogebada
YC451S
John Bolt
J06
Bolero
SA995S
Ian Neville
A12
Born to Battle
Peter Teakle
Boston Whaler
Ben Wilson
Bourse 2
David Paterson
ZT170S
Brief Encounter
Gary Brown
D38
Brigadoon
YC445S
Geoff & Louise Wiggins
D03
Buddy Bouy
YC508S
Adam Laube
A42
Bullistic
YC1200
Tony Hansen, Paul Martin & Richard Royans
C30
C Gal
BR257S
Bob Dawes
F02
Ca Va!
VT115S
Dominic Crosby
F06
Cabaret
A45FN
Alan Cotton
B06
Caleb
PV930Q
Samuel Matthews
HS51
45
Cruising Yacht Club of South Australia Annual Report for 2012/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Carbon Footprint
YF139S
James Edwards
Carioca
YC762S
Craig & Beth Hutton
F19
Carpe Diem
ZQ108S
Vadis & Julie Rodato
F09
Carrapateena Joy
YC818S
Rudi Gomez, Darren Hoppe
Catalyst
VV173S
Keith & Susan Langley
Celebrity
UC193S
Richard Pope
B24
Challenger
LV1518
John Gerard
J05
Champ
YC545S
Tom Tymons
C32
Chardonnay
SA73S
Andrew & Patricia Alexander
C19
Charlie Brown
KX120S
Henry Brown
Charlie’s Dream
VL060Q
Peter Lewis
Chikara
Robert Cole
Chill’n
WL133S
Neil Stennett
Christerfor P
VQ175S
Nick Dimauro
Cinnbad
EL202S
Bill Cinnamond
N05
Clallapor
John Adams
Claytons
Y0177S
Clayton Peake
A15
Coco
YC572S
John & Fran Sibly
D10
Committed
BS126S
Tim Hearse
Compass Rose
CG191S
Ian Short
Compulsion
JM88S
John Gibson
Concubine
EL207S
Jason Ward
B20
Constance
Diane Kinnaird
Content
Craig McCarthy
D28
Cookie Monster
Brian Walsh
HS08
Coroona
YC265S
Slavko Radisic
Counting Stars
YC843S
Graeme & Carolyn Wilson
C25
Crackerjack
QK109S
Peter & Pat Thompson
C01
Cruise Craft
DA272S
Chris Wood
HS59
CYC1
YC206S
Cruising Yacht Club of SA
CYC2
YC02S
Cruising Yacht Club of SA
CYC3
YC03S
Cruising Yacht Club of SA
Cygnet
YC28S
Mark Flanagan
Cygnus II
ZH122S
Owen & Delia Mace
ZM169S
Damp Fantasy
Len Easther
Day Star
YC118S
Charlie Paterson
Day-O
YC705S
John Gerard
Days Like This
XF115S
Maxine Timbs
Decanter
OF169S
Breck Waterman
Delphis
YC280S
Mark Robertson
Cruising Yacht Club of South Australia Annual Report for 2012/13
46
HS78
F31 F04
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Demalone
Malcom Dunn
Diamond Rose
ZS181S
David Gibbons
A14
Distraction
XB192S
Richard Channon
D37
Dixie Mirage
BD287S
Lincoln Wood
HS60
Double Cross
YC520S
John Nicholls
Doyen
YC660S
Malcolm Kitto
B21
Dr Feelgood
YC550S
Wayne Coonan
HS107
Driftwood
YC446S
Ray Tonglee
F01
Dynasty
6944
Colin Burgin
East Of The Lizard
QL152S
Jim Cameron
VB28
Eclipse
YC11S
Bill & Pauline Lunn
D13
Edie
GA952
Peter Kikianis
J08
El Fideldo
Doug Watson
HS93
El Warwick
YC527S
Estate of Warwick Lumbers
VC58
Elandra II
YC296S
Daryl Coad
HS138
Elation
SP105S
Robert Becker
HS149
Electra
YC62S
Malcolm Pearsons
HS103
Electra II
BL261S
James Sarah, Timothy Sarah
B34
Elisa Jane
XD155S
Ian Naismith
A29
Elysium
YC528S
Jim Heyen
Emma
V0163S
Charles Young
Emma Grace
Geoff Atkinson
Enigma
YC410S
Eddy Sain
Enterprise
SA758S
David Binks
Equanimity
YC344S
Len & Libby Stephens
F29
Erkonda
HV123S
Eric Webb
D21
Erzanmine
BD280S
Mark & Bel Harper
HS21
Escapade
YC597S
Richard Parkes
Exile III
YC46S
Nick George
Exit-West of Sema 4
YC67S
Mark McCutcheon
HS40
Far Star
YC162S
Royce & Delene Nicholls
D26
Flamingo
KW108S
David Evans
F21
Flying Circus
ZY189S
Stephen Power
HS38
Flying Duchess
OL641Q
Diana Gibbs-Ludbrook
Foolish Behaviour
QB165S
Guy Wogan-Provo
Force Majeure
YC320S
Don & Judy Guy
FPV Ganet
Fishwatch Birkinhead Pirsa
Freedom
YC123S
Trevor Collinson
Freedom Blue
YC100S
Pat Conroy
Freelance
YC573S
Dean Stevens
B19
47
Cruising Yacht Club of South Australia Annual Report for 2012/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
French Bred
YC470S
Gerard Armstrong
F36
Freo Buoy
YC255S
Terry Lockwood
HS143
Fresh Eyre
QW137S
Brian Marsh
HS64
From Russia With Love
YC41S
Mike Holmes
G Wizz
YC690S
Greg & Carol Patten
B11
Galatea
PA292S
Alan Husdelll
F26
Game Dancer
GF11S
Ray Brown
E16
Game On
YC247S
Julian Newton
HS102
Game Over
YC245S
Julian Newton
Genovus
YC421S
Peter & Laureen Newmarch
B32
Geordie Bay
YC107S
Rowland & Glenyss Richardson
F28
George Lisk II
LB02S
Largs Bay Sailing Club
HS134
Georgina
YC05S
John Gerard
Gerry-K II
AQ225S
Chris & Geraldine Cox
Gibbos Retreat
YC760S
David Gibbons
Gladiator
YC855S
Jim & Glenda Smyth
K03
GnT
SM243
Steve Harrington
J14
Golden Cowrie
YC98S
Hillar Puvi
C41
Good Company
JJ24N
Robin Townsend
HS30
Good Vibrations
YC203S
Jason Gilli
D35
Graddy-White
ST156S
David McMahon
Grand Akt III
YC646S
Jack Didyk
C29
Group Therapy
JI178S
Richard & Glenda Hausler
E32
Gypsy Æ
YC406S
Geoff Blackwell
F10
Hadd ‘E’ Nuff
ZD137S
Alby Clark
J02
B18
Hakuna Matata
Clive Butler
Halcyon
ZB1168
David McDonough
B17
Hang Loose
YC339S
Des Maslen
C36
Hannah Georgia
MS120S
Frank Agostino
Harbinger
YC232S
David Southwell
HS121
Harmony
YC945S
John Pannell
HS112
Hawk
TC580S
Joe Walker
Hay Wire
GR240S
Ken Schilling
HS16
Hey Jude
Don Guy
Hold On!
YC380S
Peter Page
J07
Hot Chilli
HO48 / Y0161S
Ric Gros
HS146
Hot Mustard
FA83S
Jacq & Marty Heffernan
C13
Ikati
YC744S
Peter Headlam
F11
Imago
QX471Q
Craig Rooney
C42
IMPI
WJ171S
Grant Winn
A04
Cruising Yacht Club of South Australia Annual Report for 2012/13
48
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Impulse
YC27S
Peter Sawczuk
A11
Impulsive
EV106S
Ray Dowd
HS29
Intimidator
SB2310
Brian Baldwin
C22
Intrigue
YC593S
Geoff & Sylvia Common
E08
Investigator II
PD02S
South Australia Police
L04
Isis
SA63S
Jonathan Harry
D22
Isis Blue
YC888S
Tim Marsh
F24
Islander
GF08S
Graham Cotton
Isobar
GF385S
Norfried Tischendorf
Ithaca
YC26S
Alan Cotton
Its All G
CK225S
Paul Mills
Jadashaye
YC996S
Russell Bianco
Jag
YC337S
James Leahy - Westwins Boat Syndicate
Jai Cee
GF101S
John Werner
Jandals
EM242S
C40 D36 A30
Bill & Pauline Lunn
HS81
Jenny Anna
Russel Phillipson
A32
Jenny Maree
YC235S
Howard Murton
Jessi James
IDF122N
Vlasty Mitric
C11
Jocelyn
MS & CA Venable
VC51
Joie De Vivre
Ian Sinclair
Julia
YC326S
Richard Harries
Jumbuk
VM189S
Mark Mussared
Jumpin Jack Flash
YC238S
Doug Watson
Jupiter
YC294S
Kevin Hill
Kaos
SA59S
Yev Azzopardi
Karma
RL485S
Craig Westlake
Kashmir
YC304S
Greg Yeomans
Kassan
UU101S
Carol Drummond & Michael Johnson
D19
Katerina
DN686Q
Joe Cirillo
D23
Keep’n Kool
RZ120S
Bob Turco
Kena
YC357S
Nick & June Perdelis
Kettwig
SA747S
Klaus Becker
Kiama
NL94S
John Marshall
B05
Kinetic Energy
YC360S
Andy Shipp & Les Smith
E28
Kingfisher
YC693S
Greg & Carol Patten
King Rat
YC631S
Dave Bainbridge
HS04
Kiwa
SA210S
Lloyd Sugars
D30
Knot Too Shabby
AT286S
Bernie Kasza
A31
Kookaburra
YC692S
Greg & Carol Patten
Kowabunga
AUS679
Dan O’Connell
E21 HS25 M04
49
C24
Cruising Yacht Club of South Australia Annual Report for 2012/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Kudos
YC393S
Vlad & Pam Humeniuk
La Ragazza
NE782S
John Heinrich
La Vie
YC286S
Don & Anthea Burrow
Lady Caroline
AG89S
Bruce Fletcher
Lady Christine
DZ132S
Simon Giessauf
Lady J
KW148S
Sir Eric Neal AC CVO & Lady Neal AM
N03
Lady Lorraine
EM161S
Ken Andrews
HS125
Lamb Chop
S1348S
Charles Nott
D14 E02
Largs #2
Largs Bay Sailing Club
Largs #3
LB03S
Largs Bay Sailing Club
Largs #4
LB04S
Largs Bay Sailing Club
Largs Bay
VO188S
David Urry
Lark 2
YC78
Robert Jones
Le Poisson
AUS116
Tim Cowen
Lemonade
WC111S
Clive Ragless
Liberator Australis
YC717S
Geoff Catt
D25
Liberty
YC290S
Robin L Wood
D40
Lifestyle III
Glenn Spear
J11
Lioness
YC132S
Ron Jesche & Carole Richards
E17
Liquid Assets
YC555S
Graham Meyers
D24
Liquid Limo
BB269S
Robert & Natalie Turco
C27
Lisi
SB4935
Bruce Whittem
Lizzie Too
KQ138S
Peter Lehman
VA03
Locomotion (PIKES)
YC295S
Peter Hall
A23
Lucky Star
YC105S
Brett Yardley, Rod Wenham, Peter Hendy
A27
Lutzy
DN249S
Anthony Cullen
Lymnea
AA37S
Gareth Thomas
Magnum
YC537S
Jim Heyen
F35
Maid Of Wood
LQ187S
Alan Moss
HS46
Majessnik
SW1165
Russell Bianco
B16
Marcella
PY107S
John Gill
Marina Tide
AY155S
George Smith
VA09
Mariposa
GR32S
Greg Hackett
VA23
Marnico
YC61S
Gay & Graeme Footer
B12
Martine
J425
Robert Jones
Mas Tequila
CO202S
Frank Barilla
HS120
Matador
YC121S
Mike & Morag Draper
A10
Matilda Bay II
YC403S
Terry Nicholas
A20
Maximus
SA607S
Frank Bamford
Medosa
VY111S - 1509216
Brian Smith
Cruising Yacht Club of South Australia Annual Report for 2012/13
50
HS135
F37/F38
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Merlin
Simon Gerard
B03
Metapassion
PN137S
George Rutar
C38
Midlife
DH240S
Susan Coomber
K05
Midnight Blue
YC168S
Leon Cowley
A34
Minnon
YC3600
Joe Mezzini
E29
Minouche
YC126S
Alan Warnes
A16
Minuet
IN172S
Peter Littledike
Miros
YC08S
Michael Sigston
Miss Lou
ST146S
Tony & Mary Norman
Moonlight Lady II
YC900S
Simon Jenkins, Jeff Jenkins
A39
Moonwind
HN85S
Dean Adams
HS96
Morning Mischief II
SA117S
Richard Cavill
B10
Mr Moustache
854965
Mark Jenkinson
Mult-E-Biz
VL185S
Theo & Heather Agelis
My Way
Michael Elliott
VA13
Narissa
QG100S
Philip Rundle
A26
Naughty Black Shorts
CB22
Caroline Cowen
Nautical Dog
VK134S
Robin Chase
Nefertiti
YC513S
Peter Thomson
C33
Nellie Myra
YC106S
Trevor Mudge & Jane Ferguson
J09
Nellie Rose
ZM173S
Doug LeFeuvre
VC61
Nikki Dee II
YC747S
Eddie Dubsky
No Eye Deer
Trevor Conyers
Noah
Mark Lunn
RF195S
HS07
Obsession
Con Koulouris
M07
Ocean Sunrise
QJ134S
Pembroke School
HS124
Odette
QE104S
Steve Lewis
Off Spring
UJ169S
Andrew Young
Oh Really!
GR24S
Mike O’Reilly
Oki
PH104S
Phill & Sandra Richards
Old Nick
S213
Craig Thomas
Omega
1536047
Dominic Rinaldi
One Song
RB060Q
Bob Barreau
E23
Ontos
Steve Nogare
Ophelia IV
YC164S
Robert Gerard
Options
YC103S
Edi Mignone
E01
Osprey
BA105S
Laurie Steele
HS74
Osprey
KP195S
Joe Walker
L03
Out of Nowhere
VG142S
Graeme Haese
Outrageous
A717S
Phil Newton
C10
51
Cruising Yacht Club of South Australia Annual Report for 2012/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Overdraught II
YC06S
Tony Matthews
E25
Pago V
ID119S
Kerry Mangos
HS136
Pandora II
355918 / KR369N
Graeme Critchley
Paradox
SA605S
Adam Kretschmer
Parfidia
YC844S
Richard Ockenden
C04
Patience
Trevor Burns
VA21
Patrice IV
YC271S
Garry Tucker
C18
Phantom
EV159S
Judith Yarwood, Ken Amos
B26
PIA Sunshine
KE176S
Scott Grigg
A46
Pineapple Poll
WU117S
Peter Went
D31
Platypus
Tom Crabb
Playmate
ME46S
Neil Toseland
HS85
Playstation
YF153S
Keith Degenhardt
B02
Poppy
KR912N
Michael Phillips
B25
Portia
YC230S
David Murray
C21
Portofino
TBA
Tim Vreeker
Power of 2
Colin McLeod & Stephen Norris
Praha II
YC415S
John Rynes
Prime Time
YC23S
Rod Rebbeck
Prisana 11
Sam Zucco
Prisana II
DQ149S
Jeff Elsegood
Prowler
QL149S
Robert Lefort
E31
Public Enemy
5842
Steven Marshall
HS41
PV Southern Ranger
PIRSA Fishwatch
L06
Qi Ki
Rick Jackson
M01
Quartet
SA452S
Andrew Pow
A25
Questa E’la Vita
IO124S
Karl Strazdins
E10
Quo Vadis
PC119S
Ian Collins
A22
R U 4 Reel
YC443S
John & Jenny Wilson
Radiance
YC63S
Rod Wyllie
C09
Rafantell
YC281S
Mark Lethbridge
D34
Rag Doll 2
ZR1455
Sergio Bordignon
Rapid 1
YC477
Keith Finch
Rapid II
QV144S
Keith Finch & Stan Quinn
Rayanna
YC468S
Ray Baddeley
Red Shift
SJ162S
Rob Marner
Reel Business
Gerry Leaver
Reflections
BA836
Kevin Mullarkey
Refresh
YC575S
Barry Paterson
Regent Sea (TAFE SA)
AQ149S
David Royle
Cruising Yacht Club of South Australia Annual Report for 2012/13
52
A48
VB45 HS73 HS104
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Ringleader
YC65S
Ashley Fieldhouse
Riot III
YC31S
Antony Simpson
Riptide
IS36S
Greg Otto
F03
Rock On
Trevor Conyers
HS35
Rozanna
CY109S
Yaroslav Bojko
A06
S Cape
YC134S
Craig Bates
D09
Sachan
YC442S
Kevin Mann
D15
Sagittaire
YC435S
Clifton Collard
C20
Sahara
AFL869N
Richard Lea
Sandcastle
YC305S
Mark Hentschke
Sans Souci
XE136S
Jason Squire
Santana
YC316S
David Partington
D17 F05
Sapphire
Martin Sutton
Sapphire
YC183S
Daniel Hains
D01
Sara II
YC24S
Craig Westlake
F32
Sari
YC510S
Tom Crabb
Sasha
YC173S
Robert & Ute Elliott
D04
Scallywag
YC84S
Thomas McDougall
F18
Scarlett S
PL483Q
Paul Goodman
School’s Out
YC757S
Adrian Wotton
M05
Scooter Too
YI153S
David Simons
J12
Scorpio
YC271S
Garry Tucker
Scotch Mist
AC131S
Andrew Van Arend
VA01
Sculptor
PX149S
Michael Keough & Paul Crawford
C14
Sea Dragon
HW168S
John Holland
F27
Sea Dream
YI131S
Peter John
VC50
Sea Eagle
TZ36S
Michael Carson, John Carson
A49
Sea La Vie
YC114S
Ernst Vreugdenburg
E14
Sea Lark
RL46S
Michael Wilde
Sea Vixen
QX198S
Alistair Cavill
HS92
Secret Mens Business 3.5
YC3300
Geoff Boettcher
B13
Seduction
YC338S
Mark Williams
D18
Seiki
Y0106S
Faye & Rob Redman
F13
Selkie
YC386S
Chris & Rosalie Morphett
D05
Sequana
NZ192S
Malcolm Ramsay
Serenade
YC445
Greg Jaunay
Serendipity
EN146S
Travis Richter
Serene
BP13S
Ray McPherson
C02
Serenity
YC540S
Peter & Barbara Page
B07
Setanta
YC18S
Gerard & Susan Hughes
E03
53
Cruising Yacht Club of South Australia Annual Report for 2012/13
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
Shilo
PL10S
John Knispel
A07
Shining Sea
YC154S
Andrew Corletto
B35
Shiraz
XJ148S
John Klunder
C16
Shiraz
YC99S
Christopher Russell
B31
Shiraz 4
SA310S
Stephen & Sharon Bone
E19
Shooting the Breeze
YC190S
Rob Harrison
F34
Short Circuit
VG171S
Peter Jordan
E07
Shuna
Peter Thomson
Silenus
SA273S
Hermann Mayr
Silver Cloud
YC388S
Stephen Standen
E11
Sir Les
VU163S
Ian Patterson
D06
Sirocco
YC825S
Henry Garner
C05
Slip Knot
YI142S
Sebastian Bohm
E04
Smack-L-Bee IV
GN162S
Paul Crawford
Smurfette
SK196S
Michael Clark
So-Be-It
C1249S
Steven J Martin
HS83
Sojourn
ZK125S
Sam Tolley
C42
Sole Trader
LQ142S
Ross Almond
Solitaire
YC248S
Graham Norman, Dennis Buchan
A33
Sooner Or Later
IF31S
Guy Bayly
C37
Southern Conway
YC401S
Stuart Henry
Spectrum
UW42S
Tom Abbott
HS87
Splendido
C26
Peter King
C26
Steeletto
VK128S
Peter Middleton
A21
Stephanie
YC752S
Roy Wells
Stockcar
RU188S
Dave Hughes
Stormy Waters
Michael Davey
Such Is Life
TT189S
Dave Nicolson
HS09
Sugar ‘n’ Spice
YC601S
Robert Perrin
E18
Summer Breeze
YC129S
Kevin Cook & Ann Wilkins
Sunday
YD105S
Kevin Brenner
A47
Sundowner
DW236S
David & Vickie Henderson
B15
Susie Kew
YC814S
Susan & Geoff Prettejohn
E26
Suzanne
YC90S
Don Howell
C34
Synergy
Jamie Goode
Synergy
Mark Hutton
YC161S
Syrah
Peter Sadler
Tangaroa
SA284S
Jim Raptis
Tanshee
UV80S
John Simmons
Tarni Warra
Cruising Yacht Club of South Australia Annual Report for 2012/13
Ian Shaw
54
C23 B28 VD84
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
That’s Life
YC447S
Greg & Judy Manuel
B30
The Business
YC56S
Chris Hansen
D12
The Gap
TG192S
David Donovan
HS91
The Ghost Of Xmas Past
YC192S
David Ketteridge, Michael Ketteridge
HS02
The Gnome
Michael Keough & Geoff Vercoe
The Tardis
SA838S
Helen Prisk
The Tern
YC789S
David Flockhart
Third Time Lucky
SS156S
Andrew McMahon
Thresher
GF111S
George Flourentzou OAM
K15
Tiarnie
YC355S
David Everett
D16
Time
WV107S
David Allott
E22
Time - Out
DL241
Peter Holdt
E20
Tirriki
SA40S
Mark Charlesworth
B09
Top Deck
YC244S
Thomas Muecke
Top End
SA85S
Rob Clampett
B23
Touche
YC710S
Bob Catley
HS99
Trinacria
YC176S
Rod Hunter
D27
Triple 888 Eight
HZ730Q
Gordon Pickard, Stephen Norris
L01
Triple H
SG176S
Henry Peterson
HS69
Trophy
CF279S
Stephen Madaras
A35
True Blew
S0123S
Patrick Conroy
F22
Twelfth Night
YC32S
Peter Lucas
D33
Twilight
YC287S
Colin Burgin
A13
Two True
YC402S
Andrew Saies
D02
Unknown
KQ110S
Theo Vladcoff
HS31
Vagabondo
Graeme Bignell
Vagrant
NT19S
Richard Smart
Vasa
YC11S
Peter Zemitis
Veloce
ON853394 / KP329Q
Steve Perkins
A36
B36
Venture
Grant Nykiel
Vertigo
AUS190
Jamie Goode
Viva
MD195S
Andrew Carney
War & Peace
SA305S
Ecio Marcel, Stefan Marcel
F17
Warrior
YC88S
Gary Bunn
HS23
Water Rat
ZR73S
Wally Rantanen
Waters Edge
YC723S
Graham & Julie Patterson
A19
Waterwitch III
YC117S
Patricia & Fred Fuller
F25
HS03
Wayfarer I
Russell Spier
Wedge Tail
QS185S
Cliff & Pat Presly
F20
Weemac
IY125S
Walter McDonald
HS19
55
Cruising Yacht Club of South Australia Annual Report for 212/2013
CYCSA Vessel Register Name of Vessel
Reg. No.
Owner(s)
White Knight
IF138S
David Knights
E06
Whittley Sea Legend
UO193S
Wayne Trott
HS142
Wild Honey
SM33S
David O’Leary
Wind Torque
VI23S
Gordon Penner
Wind Walker II
CH206S
Max Telford
Woftam
UY23S
Paul Phillips
Work in Progress
HV161S
Bill Coutts
Yarramara
YC263C
Bruce McFarlane
Yorke
VR39S
Robert Sprod
Young Einstein
YC880S
Rob Moore, Rob Sellick, Peter Smith
Cruising Yacht Club of South Australia Annual Report for 2012/2013
56
HS123
HS32
Club Sponsors
Membership
The CYCSA thanks its sponsors for their support during 2012/2013: Racing Fishing Phil Hoffmann Travel R Marine SA Port River Marine Central Audio Visual Yalumba Custom Cartons Penfolds Sportsmed.SA Robert Oatley Vineyards Canegrass Saltbush Lamb MUSTO Cruising EverettBrookes Custom Jewellery Charlesworth Nuts Vislex (Channel 7 SALifeTV) Prescott Securities The Stag Hotel Doyle Sailmakers
Life 6 Foundation 25 Senior 492 Port Vincent Senior 48 Member 137 NMAFC Members 6 Racing 226 Intermediate 4 Youth 3 Associate/Family 68 Junior 29
Club Website Corpor8 It Solutions
Graphic design by Trevor Paynter
as at 31.05.2013
Total
1044
Front and back cover photo by Gerry Colella Inside front and back cover photo courtesy of Craig Evans Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie. Printed by Reflex Printing August 2013
CRUISING YACHT CLUB OF SOUTH AUSTRALIA
2012 – 2013
Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive North Haven South Australia PO Box 1020 North Haven SA 5018 Telephone:
08 8248 4222
Facsimile:
08 8248 5888
Email:
reception@cycsa.com.au
Web:
www.cycsa.com.au
annual
r e p ort