CYCSA ANNUAL REPORT 2015-16 by Cruising Yacht Club of South Australia

a n n u a l

r e p o r t

2015 â&#x20AC;&#x201C; 2016

C R U I S I N G YA C H T C L U B O F S O U T H A U S T R A L I A

Club Sponsors

Membership

The CYCSA thanks its sponsors for their support during 2015/2016:

As at 31.05.2016

Platinum • Phil Hoffmann Travel

Foundation

•

Life 6 Honorary 11

Southern Quarries

Senior

Gold • Ziptrak •

Nautilus Marine

•

IC Frith & Associates Insurance Brokers

Port Vincent Senior General Member NMAFC

503 49 106 5

Racing 223

Silver • Iocane

Intermediate 5

Yalumba

Associate/Family

Charlesworth Nuts

Youth

Corporate • Port River Marine

Casual Crew

•

Sportsmed SA

Miscellaneous Membership

•

Central Audio Visual

Corporate 18

Club Supporters • Haese Marine Jeanneau

Contractors 58

• •

•

38 South Boat Sales

•

Formula Motor Group

•

Living Colour Plants

•

Canegrass Saltbush Lamb

•

GDB Services

•

DogRidge

•

Watershed Café and Function Centre

Total 1110

Berth Licensee

Club Website • Corpor8 Solutions

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

Cover Photo Michael Keough’s The Gnome Courtesy of Fran Solly, Take 2 Photography Cruising Yacht Club of South Australia Annual Report for 2015/16

Contents Administration 4 Board Committees

Club Committees

Club Association Committees

Life Members

Board of Management

Flag Officers

President’s Report

Treasurer’s Report

Commodore’s Report

Facilities Committee Report

CYCSA Marine Academy Advisory Committee Report

Membership Services, Sponsorship and Recruitment Committee Report

Finance, Audit and Risk Committee Report

Groundswell Editorial Committee Report

Cruising Association Report

Fishing Association Report

Social Activities Association Report

Racing Association Report

Club Structure

CYCSA Inc and Controlled Entities Financial Report

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Administration

Committees

Chief Executive Officer Craig Evans Finance Manager Marina Segodina Admin and Operations Manager Jenny Krogdahl Comms and Membership Services Mellissa Vahoumis Leasing & Administration Kirsty Winstone Receptionist Andrea Boylon (until May 16) Racing Manager Jess Hargreaves (until Sept 15) Michael Tozer (from Sept 15) Maintenance Supervisor Michael Rowe Gardening & Maintenance Robert Gray David Holmes Vinny Bungey (from Aug 15) Kevin Perusco (from March 16) Marina East Replacement Shanan Gilchrist Jason Chamberlain (from Oct 15) Michael Hentschke (from Feb 16) Food and Beverage Manager Mario Cataldi Head Chef Kim Tran (until Dec 15) Matt Semba (from Dec 15) Port Vincent Manager Rob Marner Marine Academy Coordinator Matt Young

BOARD COMMITTEES

Club Associations

Audit Committee Chair Peter Hall Wayne Coonan, Chris Wood, Don Venn, Robert Ferguson, Craig Evans

CYCSA Marine Academy Advisory Committee Chair Rowland Richardson Andrew Saies, Geoff Boettcher, Andy Shipp, Rod Hunter, John Edwards, Craig Evans, Matt Young, Brett Yardley, Hugh Longbottom

Facilities Committee Chair David Murray Geoff Boettcher, Craig Evans, Ken Amos, Graeme Footer

Membership Committee

Martyn Heffernan, Jacq Heffernan, Trevor Kipling

Member Services, Sponsorship and Recruitment Committee Chair Wayne Coonan and Sam Tolley Craig Evans, Mellissa Vahoumis

CLUB COMMITTEE

Cruising Association Committee Chair Adrian Wotton Roger Flint, Terry Nicholas, John Sibly, Peter Holdt

Fishing Association Committee Chair Trevor Paynter Vlad Humeniuk, Geoff Wiggins, Leica Theodore, Bruce Tasker (until Dec 15) Delia Mace (from Feb16)

Racing Association Committee

Groundswell Editorial Committee Chair Gay Footer Mellissa Vahoumis, Trevor Paynter, Owen Mace, Terry Lockwood

Life Members Arthur F Carolan, Geoffrey R Catt, Richard H Fidock AO, Graeme L Footer, John Gerard, James A Henry (deceased), Malcolm A Kinnaird AC (deceased), Peter J Page

Chair Rob Sellick Mark Hutton, Adrian Wotton, Shevaun Bruland, Steve Power, Rob Human Social Activities Association Committee Chair Pam Humeniuk Morag Draper, Karen Johns, Anne Burrow, Don Guy, Joe Mezzini, Pat Catley, Caroline Holdt

Other Associations The Cruising Yacht Club of SA is a member of the following Associations: Boating Industry Association, Marina Industries Association, Clubs SA, Australian Sailing, Yachting South Australia, Good Sports, STARCLUB, Recreation SA.

Flag Officers

Geoff Boettcher Commodore

Rowland Richardson Vice Commodore

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Jacqueline Heffernan Rear Commodore

Board of Management

Andrew Saies President

David Murray

Chris Wood Treasurer

Wayne Coonan

Glenn Spear

Sam Tolley

Governance

Marine Academy

Facilities

Finance, Audit and Risk

Southern Land and Ramp Asset

Member Services and Sponsorship

CEO Performance and Organisational Review*

Craig Evans CEO

Board meetings

Board Attendance

Peter Hall

Andrew Saies (President)

•

Chris Wood (Treasurer)

•

Glenn Spear

•

Wayne Coonan

•

Peter Hall

•

David Murray

•

Sam Tolley

•

Craig Evans

•

12 month meeting cycle from 24.09.15 to 24.07.16

BOARD MEETINGS REQUIRED Total of nine Board Meetings for the year, excluding the August Board Meeting to be held, following the publication of the Annual Report. *This committee formed by the Board, as and when required.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

President’s Report The Treasurer’s report gives a very clear indication of the excellent financial position that the Club is in and also shows the success of this year’s operations and trading activities. This has been achieved in a number of ways but not least by a reduction in operating expenses. This result has been delivered through increased efficiencies and with no measurable reduction in capital expenditure, access or service to members. Management and Craig in particular are to be congratulated on delivering such a good result in a recreational boating market that is otherwise flat. Board and management continue to look for opportunities to further reduce costs, for example converting all members to electronic communication for the majority of our notices would dramatically reduce our $20k+ per year postage cost. The past year has seen the Board continue to focus on the ten year cash flow projections, updating these assumptions if they have changed or as and when new capital expenditure is required. This gives the current and future Boards a clear road map of what we need to do, what it will cost and how that cost will be met within revenue streams or through prudent borrowing in the future. In this way special projects such as the bar and patio renovation and its cost can be capped at a level that we can afford. If our trading situation exceeds these budget projections in the next few years then other stages of the Club infrastructure master plan, developed by the Board about 6 years ago when John Gerard was President can be explored and perhaps progressed. At the time of delivery of this report the final price and contract to build the new patio and bar will have been determined and signed off. It is worth noting that this project represents the first stage and priority of and aligns with the Club’s overall infrastructure strategic plan. A tremendous amount of work has been done throughout the year by the project committee headed by Board member David Murray and assisted by Ken Amos, Graeme Footer, Geoff Boettcher and Craig Evans. All members of this committee have given freely of their time and expertise in bringing this project to a very exciting and affordable conclusion. Club member Ashleigh Halliday as the architect has worked with the committee over and above his professional design fees to ensure the delivery of a quality and “future proof” amenity that all members can be proud to visit and enjoy. All in the Club owe this committee a very big thank you. As I flagged last year in my report, this project was going to be funded through a combination of borrowings, cash at hand and voluntary donations. I am pleased to report that the Board initiated the launch of the Admiral’s Club as a fundraising vehicle for the building project at a very successful lunch at member John Culshaw’s Majestic Roof Garden Hotel. The venue and the lunch very kindly donated by John as his contribution to the Admiral’s Club. Club sponsor Yalumba also assisted with the supply of premium wines for the occasion. About 40 members heard an entertaining presentation from Paul Clitheroe, who also donated his time and travel expenses. Paul was the 2015 winner of the Rolex Sydney to Hobart yacht race. I invited Paul as a fellow winner of the race and also in his capacity as a director at CYCA. It is a strength of the yachting fraternity that we readily come together and support other Clubs and their causes. All those in attendance committed to financially assisting the project. Cruising Yacht Club of South Australia Annual Report for 2015/2016

At the time of this report around $88k has been raised and this money will enable the final finish of the patio renovation to be at a level greater than would otherwise have been possible. Many thanks to all those members who so readily got behind the concept of the Admiral’s Club and who genuinely want to help the Club and see it flourish. The way in which various contributions will be recognised or what part of the project will be attributed to the monies raised is still under discussion by the Board. Members should recognise the efforts of Sam Tolley, Geoff Boettcher, Craig Evans, Jenny Krogdahl and Mellissa Vahoumis in assisting with many aspects of this initiative. It is the first time that a fundraiser of this magnitude has been conducted. I also wish to thank Sam for his contribution to the Board over the last three years particularly in the area of member services and sponsorship. Sam steps down from the Board at the AGM. Early in the year the Board conducted a member survey and those results have been summarised in Groundswell. This survey has been used by management and Board to guide and inform and I hope will consolidate what we do well, as well as looking at what we can do to improve facilities or services where member satisfaction may not have been as good as we had hoped for. Of course the challenge is doing this within budget! Food and beverage is the hardest area of a Club to get right all the time. Uncertainty around numbers and bookings and fluctuations throughout the year will always make this difficult to get right every time. Our staff work very hard to get this right and many customer surveys indicate that they do. Certainly with a new bar and dining area coming on stream the Board is very clear that consistent, quality food and service at acceptable prices and choice is available and is delivered. Management have been given the challenge to continue to make this happen. The Board initiated a routine but independent review of the CEO performance and contract to follow on from the previous review done in 2012. This was outsourced to HR firm Henders. The subcommittee consisted of myself, Glenn Spear and Chris Wood. The committee worked with Henders on the process and the final recommendations that were put to and ratified by Board. The Club is served well by a CEO of the calibre and experience of Craig Evans. His contract, terms and conditions now reflect contemporary executive packages and this has been benchmarked against and is in line with like roles in the industry. His strengths are particularly evident in project management and the Club has saved money or not incurred additional cost in a number of areas as a direct result of his involvement. During the course of the review the Board has emphasised the need to continue to focus on expense reduction in administration and improved consistency and greater returns in our food and beverage operations. Both areas already seeing changes in line with Board emphasis and evidenced by the outstanding end of year financial result. When I first joined the Board eleven years ago I was given the Marina East Replacement Report. It outlined the need to and the cost of the outright replacement of Marina East, about six million dollars. This was to be funded by the sale of berths in the proposed new Marina

Presidentâ&#x20AC;&#x2122;s Report West development. The numbers stacked up if most berths sold and there was even going to be some left over to invest in a club house upgrade! The delays in getting approval for the MW development, that were not of the Clubs making, proved to be telling and costly as the GFC hit in 2008 and as a consequence, berth sales while covering the cost of building the marina were never sufficient to generate the revenues required to rebuild Marina East, nor was the decision to extend the MW breakwater foreseen. Of course in addition the cost to replace ME has substantially increased in that time. With these berths and the southern land and ramp assets currently â&#x20AC;&#x2DC;locked upâ&#x20AC;&#x2122; successive Boards have been challenged with how to best deal with our ageing marina. While it has taken some time to develop, we now have a workable, costed and affordable template, with the resources in-house, to progressively repair and rebuild ME over the next five years or so. This work has now been going for about a year and members have been informed of the areas already rebuilt along with those earmarked as a priority. As the rebuild team gain more experience, the work will proceed more efficiently. David Murray has worked with Craig to develop and implement this solution, one that has been eleven years in the making and one that is now increasingly visible to all members. Our facilities over at Port Vincent Marina were improved during the year with the installation of a shade sail structure above the BBQ area. The cost of the structure was assisted through the generous sponsorship of Charlesworth Nuts and I thank Mark and Lisa Charlesworth for their support in this project. Finally, a brief report and a thank you to a small committee of members Joe Walker, Andrew Marshall, David Johnson, myself, Craig Evans and consultant Matt Clemow, who under Board direction are mapping out possible longer term development uses for our southern land and ramp assets. We are keen to ensure that by working with Government and DPTI we can ensure that paid ramp access for the public is maintained while ensuring the maximum future development valuation if the Club decided to sell this asset. Maximum value depends on zoning and road access considerations that require negotiation with a number of department and government stake holders.

members both the current and future success of the Club in all its areas of endeavour. Chris Wood and David Murray in particular have put in an enormous amount of quality work. At the request of the Board, appended to this report is the attendance record of directors at meetings for the year. Subcommittee meetings are called as and when needed. There is no set number of meetings per year for these committees. I also thank the Flag Officers for the work they do in representing our Club to the community and for being the eyes and ears of our members internally. They are great support to the Board in so many ways. Rowley Richardson completes five years as a Flag Officer including four years as Vice Commodore and a year as Rear Commodore. I would like to thank him so much for his dedication and contribution to the role. He has always helped to get sensible and reasonable outcomes when asked to assist management or Board with member conflicts. A thank you to Craig Evans and all the CYCSA staff, you deliver a Club that we can all be proud of. Finally, I thank the Committees of the Associations, Groundswell and the Marine Academy for all the work these groups do in making the CYCSA the place to be for our boating pursuits and interests. And to all members thank you for choosing the CYCSA, the Club exists for you and because of you. Andrew Saies, President

I will conclude by thanking all Board members for their time and contributions this year. I remind all club members that we are all volunteers and our only motivation is to ensure on behalf of

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Treasurer’s Report It is my pleasure to report to members on the financial activities of the Club for the 2015/16 financial year. Again this year my focus will be on the 2016 Consolidated Financial Report, being the Cruising Yacht Club of SA Incorporated and Controlled Entities. Full details of all the Club Entities can be downloaded from the Club’s website. Hard copies of this report and the individual Controlled Entities can be requested from Reception. The year under review is “Ongoing Fiscal Consolidation” as the underlying financial performance of the Club and its Operating Surplus / Total Comprehensive Income [after depreciation costs] is as good as the Club has seen! All business activities performed positively. All financial contributions from the activities exceeded budget. Expenses in almost all areas were under budget, administration costs including administration wages and salaries were under budget. Membership numbers have remained reasonably steady in a very tough economic climate. The Club has generated strong cash flows from its trading activities that have allowed it to repay effectively all external debt, including the recent debt taken for the Western Basin Breakwater extension, whilst at the same time the Club continues the very important Eastern Marina Capital Refurbishment Program plus a strong program of normal / annual capital replacements. Fee increases to members has been kept very close to CPI increases. It is the underlying business performance that has allowed the Club and its Board to pursue these essential projects and plan for other exciting projects going forward, including The Patio Redevelopment. The financial report presented in the 2016 Annual Report represents the Consolidated position of the Club and reports the Club’s financial performance and position for the 12 months ended 31st May 2016. All entities have been audited by our external auditor, with unqualified reports issued for the statutory financial reports. “Overall the Club finances are in good shape reflected by the Club’s solid cash flows and strong balance sheet. Management must take credit that they have managed the business and financial affairs of the Club extremely well in a very tough economic environment”.

The year in review The Board has updated members on the changes made to its financial and management / contribution reporting systems now for some time, these systems are now fully in place and allows Management and the Board a full and complete understanding of the activities of the Club on a very timely basis. Any major variance or trend is ‘drilled down on’ and action taken. In addition to the historical reporting systems in place, the Board has a rolling 10 year plan [Long Term Financial Plan] that is formally updated each year, including forward profit outlooks and cash flow forecasts. In addition to this yearend report and formal review, the Board also holds an informal information session half yearly at the Cruising Yacht Club of South Australia Annual Report for 2015/2016

Club, all members are welcome. Full management financial reports are projected onto a screen and discussed. These sessions have proved valuable to both the Board and the members in attendance. If a member has any reasonable question/s as to the Club’s financial performance they can be directed to the CEO and or the Treasurer at any time, in many cases most non confidential and or non-personal information can be shared with members. The Board is still extremely mindful of the difficult prevailing economic climate, especially in this state. Our membership numbers whilst reasonably stable are not growing, we are seeing very few berths change hands and we are seeing very few new boats delivered into the state. This is of concern. It is the intention of the Board to investigate new categories of membership to attract increased numbers of members to use our facilities including social members to better use our hospitality facilities. Our senior membership is aging, entry into keel boat or motor boat ownership is an expensive hobby and it’s difficult to find new young Senior Members. Effectively the Board is looking at all ways to rejig its business to support the existing operations and overheads of the Club.

Numbers at a glance I thought it appropriate to look first at the historical financial performance of the Club over the past 10 years. Compared is; The Operating Surplus / Total Comprehensive Income and EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation). It shows significant variations from year to year. The objective of the current Board is to manage the business affairs of the Club to maintain consistency to enable it to meet the forward capital commitments whilst at the same time maintaining the very important Club environment. The Board considers this focus as being seriously important in the current economic climate. As can be seen from the table below 2015/16 has been a powerful financial year for the Club. Members should be mindful however that much of the improvement in the 2015/16 year has been due to expense control and reduction and not growth by new revenue or increased membership numbers.

Treasurerâ&#x20AC;&#x2122;s Report continued Members will also note the presentation of the Audited Consolidated Accounts this year has changed and more clearly sets out detailed income and expenses. Hopefully members will see the benefit and transparency of same. Historical financial performance [X$000 â&#x20AC;&#x201C; Consolidated- for comparison purposes only] Year Operating Surplus EBITDA 2007 194 343 2008 [33] 205 2009 79 443 2010 460 620 2011 [179] 402 2012

[162]

439

2013

[55]

427

2014 8

157

2015 112 567 2016 484 733

Financial highlights 2016 1. Total revenue has remained similar to the 2014/15 year. 2. The Net Profit of $483,916 has increased by $371,769 compared to 2014/15 year. 3. Earnings before Interest, Tax, Depreciation and Amortisation [EBITDA] increased by $313,826 compared to 2014/15 year. 4. Total Expenses have been reduced by $361,929. 5. The number of Full Time Equivalent employees has been reduced. 6. The remaining Western Basin Breakwater debt has been reduced from $462,500 to $200 during the year. Effectively the total Western Basin Breakwater costs of $2.1m has been repaid and or handled from Club cash reserves and cash flows over the past four years.

9. Cash and cash equivalents as at 31st May 2016 was $113,951, in addition the Club has an undrawn overdraft facility of $100,000. 10. Total capital expenditure for the year was $395,854. This was funded from cash. 11. Capital expenditure for Marina East Refurbishment was $178,416. This will increase to approximately $343K in 2016/17 in line with a formal / documented program. 12. Capital expenditure for general building upgrades was $66,138. This included the Port Vincent shade area. 13. Capital expenditure costs, shown in the accounts as WIP $87,598 is mainly the preliminary costs associated with the Patio Redevelopment that will commence in July 2016, and a deposit on a new slipway winch motor that has almost reached the end of its useful life. 14. There have been reductions in both Annual Leave and Long Service Leave during the year. Prevailing industrial awards makes it difficult to reduce this much below the current liability, there is however a formal program in place to ensure this liability does not materially increase. 15. Contribution from Hospitality trading exceeded budget by 14%. A pleasing result. 16. Contribution from Ramp income exceeded budget by 8%. 17. Contribution from Marine Academy exceed budget by 106%. The Marine Academy experienced a major turn around and provided a positive contribution to the Club. All relevant expenses relating to the Academy have been allocated to the Academy. 18. Berth Sales and Leasing contributions exceeded budget by 14% in a difficult economic climate. The budget however was not significant. 19. Contribution from slipping exceeded budget by 3%. 20. The total Contribution from all Associations exceed budget by $6,930 or 152%.

7. As at 31st May 2016 the Club has effectively no external debt. (Other than minor office equipment leases - $26, 640).

21. The Contribution from the Port Vincent Marina was $246,123 this exceeded budget by 5%.

8. Total Equity has increased to $13,574,251.

22. Printing and postage costs continue to be a large expense $22,377. ...continued over page

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Treasurer’s Report continued

23. Insurance costs have been reduced by $30,247, following a recent insurance tender. 24. North Haven (Port Adelaide and Enfield) Council Rates remain a material and uncontrollable expense at $131,098. 25. Water and Emergency Services Levy remains a material and uncontrollable expense at $92,530. 26. North Haven, Power and Gas expense continues to materially benefit from the new installed solar system. 2015/16 cost was $85,113. 27. The Club still has 27 unsold berths in Marina West. It is hoped that when economic conditions improve these berths can be converted to cash. In addition the Club also has a material asset in the North Haven Ramp and associated car parking areas. During the year the Board has been working on methods and strategies to maximise the value of this asset going forward. The President will talk further about this in his report.

Looking Forward The Board continues to look for opportunities to grow the business activities of the Club, without having to call upon members for extraordinary fees or contributions, to enable it to handle capital upgrades and replacements that are essential for the longevity of the Club. These opportunities are outlined in the 10 year financial plan and will not be undertaken if they were to put undue pressure on the Club’s finances. Most forward capital projects have been modelled to allow them to be deferred / slowed down / renegotiated in the event that business activities / trading activities were to experience any material slippages or slow down. It is important that members understand that the Club will be incurring new bank debt of $1.45m in 2016/17, following the retirement in full of existing bank debt. The terms of this debt have been negotiated to allow for early repayments without penalty and the benefit of attractive interest rates in todays low interest enviroment. The financial highlights for the forthcoming 2016/17 year are summarised hereunder: 1. For Management to perform to strict budgets and maintain cost controls. The budget for 2016/17 is similar to the budget for 2015/16.

2. To undertake the Patio Redevelopment, commencing July 2016. This upgrade has a budget cost of approximately $1.3m. To fund this project the Board has negotiated a debt facility with its bankers and modelled the repayments into its formal cash flow forecasts. The Board is happy to report that it has received donations from members and sponsors associated with the Club to assist with this project of approximately $88K in cash (Admiral’s Club). In addition, the capital cost of this development has had the support of the Club’s Associations over a number of years. $262,154 (non cash) is sitting in the balance sheet and will be applied / offset against this development. 3. Continue the important capital upgrade of Marina East (Budget for 2016/17 - $343,200). The funding of this is contained in the formal cash flow forecasts. 4. To carry out normal / essential capital Club replacements (Budget for 2016/17 - $259,000).The funding of this is contained in the formal cash flow forecasts. 5. To investigate other methods of increasing business revenue, including but not limited to new categories of memberships.

Summary The Club finances are in good shape. The Board has done a significant amount of financial modelling / planning to support the forward strategic directions and Long Term Financial Plan. The State’s economic outlook may well remain quite difficult and may limit members’ spend. The Board’s focus is to maintain the Club in good condition and renew aging assets and where possible extend the working lives of existing assets, whilst at the same time continue to provide that very important “Happy Club Environment” for the benefit of all members. I would like to thank all the volunteer Board for their hard work, and especially again the Management for delivering the core underlying earnings and financial performance to allow the master plan to be implemented. The Board has carefully digested the results and findings of the recent member’s survey (overall very positive) and worked hard to deliver the best possible outcomes for all members. I look forward to the year ahead. Happy boating for 2016/17. Chris Wood

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Commodore’s Report From my appointment as Commodore on Opening Day 2013, my aim was to assist in one of the most vital projects to enable the Club to move forward. Our patio and bar area has become obsolete and urgently required an overall upgrade. I am pleased to say the contract with Mario Minuzzo Builders, has been signed and by the release of this Annual Report, I believe work will have started on this exciting project. It would have been desirable to have the new patio area available for Opening Day 2016 but unfortunately we may miss this deadline. However, it will be well underway and members will have a good insight into how the new structure will look. In conjunction with the patio build, a fund raising luncheon was organised with members and guests raising in excess of $80,000 to assist in the fit-out of the bar and dining area. The luncheon was named the ‘Admiral’s Club Luncheon’ and I thank all who not only donated to the cause but made such a great success of the afternoon. The luncheon highlight being our guest speaker, Paul Clitheroe, ‘Money Man’ and 2015 Hobart winner. And yes he not only donated his time but paid his own expenses from Sydney. A thank you also to the Majestic Roof Garden Hotel for donating a great venue and luncheon. The first year I held the position as Commodore, there was a small minority of members who showed their concern for the financial position of the Club. This was a surprise as I always considered our Club as being very viable. From sitting in on Board meetings over a three year period, I must report that those initial concerns and rumours proved far from reality. The CYCSA has a very sound professional Board and treasurer that take their position and responsibilities very seriously. I must admit I have not heard these concerns of late. Our new rock breakwater survived the recent storms proving the decision to spend money to prevent member’s boats being damaged, was money well spent. The decision to spend money on a new patio area would not have eventuated if the Board thought it would create any financial hardship to members. This new area will create not only new income but add an area members are proud to welcome guests. We must keep moving ahead with our facilities as we are competing against not only other Clubs but hotels and other entertainment venues. We need to ensure our members are adequately catered for to ensure their continued patronage.

Club Premier’s Cup, which is an IRC Handicap Event, was won by Two True, 2nd Secret Mens Business and 3rd Aikin from the Squadron. Our State Championship in IRC Division 1 was won by Secret Mens Business, 2nd Concubine and 3rd Two True. Division 2 on AMS Handicap was Julia, 2nd Young Einstein and 3rd Blue Diamond. White Knight with a much improved local season, was voted Yacht of the Year. CYCSA yachts Concubine and Secret Mens Business will compete in the Sydney to Gold Coast Race and also in the Australian IRC Championships in Hamilton Island. At Presentation Night it was a privilege to award Crew Person of the Year to Tim Cowen and Yacht of the Year to White Knight. A great initiative from the desk of the CEO, in conjunction with the Racing Association, was the Honour Roll awarded in recognition of Exceptional Volunteer Service given to the CYCSA Racing Association. Those honoured are Graham Averay, Don Chisholm, Rob Sellick, Ray Evans, George Ottewell and Ron Yeates, along with John Parrington, Rob Wannan, Geoff Bishop and Max Summers who are unfortunately no longer with us. The list of volunteers on the Honour Roll will never be complete, with the Racing Association to recognise more volunteers when various criteria are met. This year the Board has recognized two very deserving people with the Volunteer of the Year award for their outstanding voluntary contribution to the Cruising Yacht Club of South Australia. They are Pam Humeniuk and Rod Hunter. I borrow a few lines from their nominations. Pam Humeniuk In 2004 Pam joined the Social Activities Association and for the last 12 years has been an active volunteer in championing members activities and the fabulous hospitality and gorgeous asset that the CYCSA is and has to offer. In 2012 Pam was encouraged to take on role of Chair which she accepted with some hesitancy. However like any task or responsibility Pam undertakes she tackled this new challenge with honesty, gusto and the flare and personality that is quite distinctly Pamela. She has been essential in the conception of all major events that members have come to look forward to. If it wasn’t for Pam the Club would be a boring place. The hours Pam has invested in the Club are like gold. She always makes new members welcome. She encourages interaction with other Associations and is a total asset to the Club.

Racing at the Club remained strong over the 2015-16 Season. Our major events showed a cross section of winners proving performance consistency ensures good individual results. The

...continued over page

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Commodore’s Report continued Rod Hunter Over many years Rod has introduced and welcomed new members to the Club. He has dedicated time to assist their social participation by introducing them to other members with likeminded interests and to the Club and its’ activities more broadly. Rod has willingly shared his extensive boating knowledge through mentoring and sensitively providing advice on boating matters. Through helping new members become confident in their boating endeavours and to actively engage with Club activities Rod has made a positive impact that has benefited the club and many of its’ members.

The majority of these people and the tasks they perform go unnoticed by many but the Club would not exist without their support. When talking with these members I often hear how much extra enjoyment they have got from the Club through their involvement with an Association. From the writing of articles and the editing of Groundswell to line marking and the maintenance of Academy 1, there are volunteers working to benefit the Club and its’ members. I appreciate and thank you all. However further help is always needed and I encourage you to consider helping in some way to ensure that the Club runs and operates smoothly and that it is a fun place for all.

On behalf of Board, Flag Officers and staff thank you Pam and Rod for your contribution to the Club and on achieving Volunteer of the Year. You are both very worthy recipients.

When I attend other club’s opening days around the state, it is a great honour to represent the CYCSA and to be able to talk with pride at how much our members and therefore the Club has achieved. This year we welcomed 93 new members to the Club. Carrying on a tradition that started some years ago they are invited to a lunch to meet other new members and learn about the structure of the club and what it can offer them. Hosted by Glenyss and myself they are always a relaxed and joyous occasion. This year there have been two such lunches with Association’s Chairpersons explaining what they offer for members and how to become involved. If you are a new member and haven’t yet attended one of these very pleasant occasions I encourage you to do so.

I would like to acknowledge the work carried out by our Vice Commodore Rowley Richardson and Rear Commodore, Jacqueline (Jacq) Heffernan. Rowley is very active in chairing numerous Club responsibilities including the successful Marine Academy. Jacq, in her first year as a Flag Officer, has proven invaluable. Both Flag Officers have not only represented the Club internally but performed various official duties outside the CYCSA. I thank you on behalf of the Club for the professionalism displayed confirming we are one of Australia’s Premier Yacht Clubs. Geoff Boettcher, Commodore

From the Vice Commodore’s Deck I feel very privileged, that as Vice Commodore I have had the opportunity of working with some exceptional members and staff who have put in so much time and effort to achieve everything we have. On a few occasions, in the Commodores absence I have the opportunity to attend a Board meeting. I can assure all members that they are the most dedicated and hard working group of volunteers in the Club and that they apply a great deal of diligence in dealing with the Club’s current and emerging issues. I thank them all for this and for giving me the opportunity to serve as a Flag Officer. The tremendous effort put in by committee members of the Racing, Fishing, Cruising and Social Associations in planning and organizing events makes the club a place for us to all enjoy.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

I would like to also recognize Marine Academy instructors Rod Hunter, Hugh Longbottom and Vernon Schultz who have put in long study hours and submitted themselves to a rigorous assessment to obtain their RYA Yachtmaster Offshore and RYA Cruising Instructor Certificates. Their completion of these qualifications will allow the Academy to offer a seven day week program and a new initiative of Women Only courses. It has been great seeing Academy 1 out on the water, flying the flag in Port Lincoln and in Twilights with recent graduates enjoying the experience and Club life. The Club has continued to have the support of a number of fantastic sponsors throughout the year and on behalf of all members I thank them. After five years it is time for me to step down. I offer my thanks to Commodore Geoff Boettcher and past Commodore Geoff Catt for their support and trust and to the other Flag Officers with whom I have had the privilege to serve. A big thank you to CEO Craig Evans and to the staff of the Club who work so hard to keep the Club running smoothly and safely. You do an outstanding job!

I’d like to end by thanking all members for your contribution to the Club and for supporting the boating and social events in the numbers that you do. Rowland Richardson, Vice Commodore

From the Rear Commodore’s Deck The year was kick started with Open Days across the state. Our Club was well presented and from a personal perspective, we were fortunate to have now forged many new friendships and enjoy a strengthened relationship between clubs. The clubs we visited were very happy to have us visit and this was evident in the hospitality we were shown. It was very interesting to see how other clubs run their open days. Some with strongly entrenched tradition and others more relaxed but equally demonstrated their pride in their clubs. The Boat Hop run by the Social Association was, as always fantastic and the weather was perfect as was the graciousness shown by the many boat owners and hosts. A tried and tested format which worked beautifully was evident by the many happy faces. The Sea and Vines event run by the Cruising Association was an on land activity supported by 20 plus members sharing the coach and visits to a number of beautiful wineries. It didn’t matter if you were a non-drinker. The food and bands were to everyone’s taste as was evident in our groups fantastic dancing techniques. Overall it has been a great year with many successful events run our various Associations, and it can only get better. Don’t forget to pencil in the following dates for the Social Associations annual black tie event, the Commodore’s Dinner to be held on Saturday 10 September and for the Club’s Opening Day, Saturday 29 October 2016. I hope that you can join us for these highlights on the Clubs events calendar and look forward to seeing you there. Jacqueline Heffernan, Rear Commodore

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Facilities Committee Report Club House Bar and Patio Redevelopment The bar and patio area has served the Club for some 30 years. It ticked many of the boxes when it was built but member feedback to the Board was that it is past its use-by date. Over the past decade, the hospitality function of the Club has ramped up, generating revenue from functions such as weddings, birthdays and external events, helping to underpin our strong financial position but have had an impact on member access to dining and bar facilities. Members have long been dissatisfied with the small bar window from the patio area and there has been a growing opinion that the bar area is aesthetically and functionally dated. Operationally, the cool room is too small. The members’ lounge is not accessible after hours due to its access configuration. Experience has shown that the covered part of the patio area is too small for servicing the regular Wednesday twilights, other race events and Association functions. Other than using the lounge, there was no enclosed air conditioned dining area for members when the main function room is otherwise in use. It’s an understatement that the bar and patio area is no longer a drawcard for the Club. Members have been calling for a bar and patio upgrade for some years, the Associations’ funds have accumulated for it and some 70% of respondents in the recent member survey have supported an upgrade. As has been seen with other Clubs, such an upgrade makes it easier to attract and retain keen, enthusiastic and dedicated hospitality staff to provide the essential hospitality service that will make it all work. There is an expectation that the redevelopment will provide a catalyst for existing members to re-engage with the Club and that it will assist in attracting new membership. A similar approach is taken by successful businesses and clubs wherever you look, be it other yacht clubs, restaurants, hotels, supermarkets. In the customer service industry, it is essential to stay fresh. The Board tasked the Facilities Committee to work through planning and implementation. The Facilities Committee comprises myself as Chair, Ken Amos - an experienced Project Manager, Graeme Footer, Life member and previous President and Commodore, who has undertaken many developments in his businesses and Commodore Geoff Boettcher who has also been involved in several developments in his businesses. Ken and Graeme have a long history of development works with the Club. Geoff has frequented the bars of premier yacht clubs around the world and brings fantastic customer experience to the Committee. CEO Craig Evans supports the Committee, has done an amazing amount of leg-work and has been a key driver in the project. On behalf of the Board, I would like to thank the members of the Facilities Committee for the time and expertise they have brought to the project. We have had many project meetings, some of which were called at short notice, most were 8.00am starts and all members have been enthusiastically involved. It is a pleasure to work for the Club with such support. At the time of writing, the demolition of the old bar and patio was in progress and by Cruising Yacht Club of South Australia Annual Report for 2015/2016

the time this report is published, the work will be well underway with expected completion in November. In the interim, we hope to minimise the inconvenience to members from construction hoardings, builder’s works and temporary bar facilities. The plans and elevations on these pages give an overview of the look of the new bar and patio development. Architectural work is by Ashley Halliday Architects, engineering services design is by BESTEC Engineering, structural design is by PT Design and our builder is Mario Minuzzo Builders. Some of the exciting architectural features of the project include a much enlarged U shaped bar with modern equipment and a significantly larger cool room, a flexible new enclosable casual dining space with operable perimeter folding doors, attractive raked ceilings and a gas fire place, zero threshold floor transitions between spaces for safety and comfort, an eastern patio area that can be seamless with the dining area or be a separate space but with “future-proofing” built in to allow for additional operable perimeter walls at a later time, a redeveloped lounge with after hours access openable to the new dining area and a new Functions and Bar Manager’s office area. Floor treatments, air conditioning, acoustic dampening, new furniture, security, feature lighting, a food servery and new audio-visual systems are included in the project. Underpinned by voluntary donations and past Association support, the remainder of the build and fit-out cost of about $1.4m (ex GST) can be re-couped, if one wanted to look at it this way, by the Club’s hospitality trading profits over the next few years. So the cost can be seen as being largely met by those who want it and those who will be using Club hospitality. Along the way, the project has lead to the identification of a need to upgrade the capacity of the fire hydrant feed-in system, elements of which will occur during this redevelopment but the MFS have given approval for achieving flow and pressure targets in 12 months, so the bulk of that work will be tackled in the next year’s Capital budget as a separate job.

Ceremony area The shade sails for the ceremony area were completed by the start of the Club’s 2015/16 year.

Energy Management

Hardstand Area

Solar PV system and LED lighting Our $20k outlay for the 30kW solar PV system installed last year has performed to expectations and combined with a progressive change over to LED lighting has resulted in a strong downward result in our electricity bills.

A number of cradles have been refurbished, addressing issues of corrosion and general wear and tear.

2013/14 $86.0k pre-solar install and pre LED conversion 2014/15 $77.8k Solar panels installed during December 2014 2015/16 $68.2k LED conversion in progress – anticipate completion in FY 2016/17

Kinnaird Room 2014/15 Volunteer of the Year, Ray Evans, has redone the deteriorated barges and asbestos sidings and has re-painted.

Marina East Floating infrastructure repair and replacement The Club is well underway on the Marina East rolling works program involving a mix of repair and replacement. While the program had been impaired by initial staffing issues, weather, responding to storm damage and having to attend to Murphy’s Law with unforseen marina problems, the marina map illustrates progress. The main connector walkways have been done at the south end of the marina, the AB and CD T-heads have been done, 21 fingers have now been replaced, a further seven have been refurbished, three were under construction, 10 are planned for replacement in 2016/17 and 15 more are scheduled for refurbishment in 2016/17. The north end of the crane wharf has been done with the remainder of the crane wharf scheduled for 2016/17. Built into this outcome is the refurbishment of many sections of the main pontoons where fingers attach. The efficiency of the program is improving with the dedicated team’s skill set building. Using bad weather down-time to set up the workshop to do out-of-water finger refurbishment works will provide additional scope for future efficiencies. Members’ cooperation in moving their boats to accommodate works and in complying with sensible safety limitations imposed by the refurbishment and replacement activity is appreciated.

Marina West Berth users and owners are enjoying the much improved wave climate the new breakwater has afforded and work done in the marina has been limited to general ongoing maintenance.

Public Boat Ramp The boat ramp surface has had further concrete repairs, the ticket machine has been upgraded and a new type of ticket machine that takes notes is under investigation. Setting up a strategy to maximise the intrinsic value of the public boat ramp and associated car park property has been given attention by a separate committee and is referred to in the President’s Report.

Pt Vincent Shade sails were installed over the BBQ area with the assistance of generous sponsorship from Cruising Association Sponsor, Charlesworth Nuts. A finger to pontoon connection broke, possibly following impact with the finger from a heavy vessel. The connection was repaired by SEACON using a new hinge system which is proving to be successful and is likely to be the pattern for addressing future similar issues. The outlay for repairs to other connections, should they be required, will be lower as the initial trial had a range of R&D and set up related costs. David Murray, Chair Facilities Committee

Note: The diagram illustrating the Marina East rolling works program involving a mix of repair and replacement is reproduced on page 46 and architect rendering/drawings of the Bar and Patio Redevelopment is reproduced on pages 46 and 47 as part of this Facilities Committee Report.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

CYCSA Marine Academy Advisory Committee Report On behalf of the Committee I am pleased to present the annual report of the Marine Academy.

Courses All together there were 173 course enrolments with Discover Sailing, Start Yachting, Start Powerboating and Safety as the most popular. Of those attending 26 or 15% were members, 147 or 85% were non-members with 32% being female and 68% male. Twenty (20) took up Club membership which is a significant improvement on the previous year.

Total Students

157

107

Female Students Male Students Members

23 15

Non-members Became members

Enrolments

134

Non Members

26 15 147

Course Enrolments Discover Sailing

Start Yachting

3 Day Live Aboard

5 Day Live Aboard

Start Powerboating

Powerboat Handling

Day Skipper Theory

Marine Radio

Safety Sunday

Over a period of time Matt has supported the administrative staff to gain knowledge of the Academyâ&#x20AC;&#x2122;s operations. Consequently, most of enquiries and enrolments are now performed by these staff and the Racing Manager, Michael Tozer. As a result, Matt is now able to reduce his commitment and pass over some of his duties to these staff and to Hugh Longbottom. Hugh will work on a contract basis with responsibility for boating operations that includes coordination of instructors and management of MA assets. Matt will continue to ensure compliance with the Yachting Australia Operating Standards and Guidelines and for programming and budgeting.

Encouragingly there are now others who have expressed their interest in becoming instructors. This includes both men and women who have expressed interest in broadening the scope of courses.

SSSC 16

Total 173 Top Post Code 5045 Glenelg areas Age Range 18 and under

Matt Young as Principal of the Academy has coordinated activities on a nominal 7 hour per week basis. Brett Yardley has maintained his position as Chief Instructor with John Edwards, Andy Shipp, Rod Hunter and Hugh Longbottom as instructors.

It is pleasing to report that the long term objective to increase the instructor base has been achieved in 2015-16. Rod Hunter, Hugh Longbottom and Vernon Schultz completed the RYA Yachtmaster Offshore and RYA Cruising Instructor Certificates. They were rigorously tested on practical training afloat in which they demonstrated good depth of knowledge and experience. To be an effective instructor they were required to have credibility with students and a genuine interest and engagement with yachting. They are thanked for the significant commitment required to achieve these qualifications. The Club expresses gratitude to Yachting SA for the $5,500 grant to assist with the funding of this training and assessment. As a result the Marine Academy is now in a far better position to respond to our clients through the ability to deliver courses over a seven day week.

173 %

Members

Human Resources

The committee recognises and appreciates the Clubâ&#x20AC;&#x2122;s administrative staff, Racing Manager and Executive Officer all whom have supported the Academy in their various capacities.

19 - 25

Assets

26 - 35

36 - 45

46 - 55

56 - 65

Assets available to the Marine Academy have been significantly enhanced through donations made to the Marine Academy Foundation in 2014/15. Throughout the year Academy 1 was overhauled with the mast pulled, painted and rewired and all rigging checked. Every year the boat is surveyed to meet the Department of Planning, Transport and Infrastructure requirements. This year several items were identified as needing attention. These and numerous other jobs were completed and items purchased to meet Royal Yachting Association training requirements. The volunteers who assisted with this are sincerely thanked for their contribution.

66 and over

unspecified 25

New Member Statistics Senior Member

Racing Member

Male

Female

Marketing and Administration

Cruising Yacht Club of South Australia Annual Report for 2015/2016

The Academy has continued to develop online marketing of its courses with feedback from students indicating that most 16

enrolments have come as a result of web searches. It is important that we continue to promote the Academy as the only fully accredited RYA/YA training centre for keelboats in SA and that all of our instructors are RYA/YA Certified. As noted above 85% of enrolments are from non-members. This is encouraging as this year through the Marine Academy we have introduced 147 new people to the Club. As a result, 20 of these people have taken up Club membership through a range of membership incentives. Encouraging course participants to become members remains a priority. Racing Manager Michael Tozer continues to find opportunities for those interested in racing while Hugh Longbottom has kept people engaged with the Club through a variety of activities. This has included taking an inexperienced crew to Port Lincoln for the Lincoln week Regatta. Rob Sellick and Rob Moore are thanked for their support in this venture which was a great opportunity to fly the flag for the CYCSA and the Marine Academy. The enrolment system is working well with only the occasional glitch to overcome and now provides easy access to the data as shown under Courses in this report.

Financials The financial statement included with this report shows an income of $67,179 with expenses totalling $66,469 resulting in a surplus of $710. Several grants or donations have assisted with this result. CYCSA/ JLT Insurance Discretionary Trust donated $3000 towards safety training and the purchase of a YachtBot Tracker system for the racing fleet. Yachting SA provided a grant of $5500 for the training of instructors and IC Frith and Nautilus Marine donated $7500. Their contribution to the Academy and more generally to training for safe boating is most appreciated. In the reporting year no donation to the Marine Academy Foundation was sought from members however in 2016-17 members will again be asked to consider making a donation.

Future Directions In last yearâ&#x20AC;&#x2122;s report I commented that the primary focus of marketing would be to increase the number of non-members enrolling in courses. As there has been little change in the number enrolled this has not been successful and therefore must remain a priority. Strengthening the overlap between the Academy and the Associations to encourage non-members to engage with racing, cruising, fishing or social activities would assist in attracting course participants to become members. Competition from other training providers who offer cheaper non-accredited courses run by volunteers is a rising challenge for marketing.

Income Statement 2015/2016 Income SSSC $5,883 Safety Day $868 Twilight Sailing $1,005 Start Yachting $13,689 Discover Sailing $2,504 Live Aboard $11,327 Instructor Training $5,500 Private Lessons $1,311 RYA/YA Day Skipper $6,077 RYA/YA essential Navigation $903 Marine Radio $1,809 Powerboat Program $3,982 SA water Atlas $59 Course Books $421 ICC Assessment $3,318 Sponsorship/Fundraising $8,341 Ocean View College $182 Total $67,179 Expenses SSSC $1,840 Safety Day $579 Twilight Sailing $0 Start Yachting $5,760 Discover Sailing $1,550 Live Aboard $5,698 Instructor Training $6,484 Private Lessons $800 RYA/YA Day Skipper $2,600 RYA/YA essential Navigation $0 Marine Radio $1,465 Powerboat Program $2,974 SA Water Atlas $0 Course Books $0 ICC Assessment $1,900 Other Expenses $2,920 Racing Manager wages $5,042 Salaries on-costs $3,092 MA Coordinator wages $11,810 R&M Academy One $11,582 R&M CYC3 $30 Fuel for CYC boats $343 Total $66,469 2015/2016 Result $710

Finally, I thank the Committee members Andrew Saies, Geoff Boettcher, Geoff Catt, Rod Hunter, Andy Shipp, and John Edwards for their contribution and assistance and the Board for their ongoing support to the Marine Academy. Rowland Richardson, Chair CYCSA Marine Academy

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Member Services, Sponsorship and Recruitment Committee Report The Role of the Committee The Member Services, Sponsorship & Recruitment Committee was formed to develop a range of initiatives to enhance the services provided by the Club to our membership and to implement a ‘Whole of Club’ approach to sponsorship.

Activities The past year has seen the Board and management team apply the lessons from our new memberships surveys to how we can best serve our existing members and attract new ones. The biggest initiative is of course the new Bar / Patio development which promises to transform the way in which we all enjoy the facilities of the Club. The impressive design and greatly enhanced functionality elevates our appeal to new members and guests opening up new opportunities for us as a leading sports club in this state. A review paper was prepared to assess the state of our membership profile both demographically and structurally with consideration of how to recruit and retain members. New ideas for ways we engage with members and visitors and potential new partners were incorporated in contemplation of what would need to be a whole of club approach to secure a vibrant club membership.

The Twilight series, Marine Academy and trailer boat members are all examples of areas that feed new and younger members into the Club and are therefore, important to our future. It was very pleasing indeed to see the new Admiral’s Club concept succeed in raising approximately $88K to ensure that the bar / patio upgrade will look its best on top of the already exciting architectural design features. This speaks volumes about how our membership regards the Club and its future as something worth investing in for everyone to enjoy. Facilities alone will never suffice without a professional and active management team prepared to meet the challenges and go the extra mile for members’ benefit. In this regard we are grateful for our Club’s team and the excellent product of their dedication that we all enjoy. Sam Tolley and Wayne Coonan, Co-Chairs Member Services, Sponsorship and Recruitment Committee

Finance, Audit and Risk Committee Report During the year the Finance, Audit and Risk Committee (the committee) met on three occasions to review all relevant matters pertaining to the finances and commercial performance of the Cruising Yacht Club of SA Inc. and controlled entities (CYCSA). The matters reviewed included the monthly income and expenditure of the CYCSA, insurance, major contracts, maintenance and renewal of assets including marinas, work, health and safety aspects of employment, the annual audit, as well as the assessment of risk, both fiscal and in connexion with potential damage to or loss of plant and other assets.

The committee consists of the following members: Peter Hall (Chairman) Chris Wood (Treasurer) Craig Evans (CEO – by invitation) Don Venn (Senior member CYCSA) Robert Ferguson (Senior member CYCSA) Wayne Coonan (Board member) The committee reports to the Board on a regular basis. It is worth mentioning that the committee includes a lawyer, two accountants, the Treasurer and a Board Member with considerable experience as a consultant to business and government. I would like to thank all members of the committee for their participation and valuable insight and contribution to the matters over which the committee deliberates. Peter Hall, Chair Finance, Audit and Risk Committee

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Groundswell Editorial Committee Report Groundswell is an important communication and promotion vehicle for the Club. It attempts to reflect life at the Club by involving all interest groups and individuals through the publishing of articles about their activities and interests. The committee works together to gather articles for each of the four editions published annually in both printed and on-line form, aiming to encompass a wide range of activities and events. Putting each magazine together takes time for the small group of volunteers on the committee. We really appreciate the input from members and in particular from the Club administration, the Commodore and the Associations. Without the interest and response from our members there would be no Club magazine publication of this type. Michael Tozer, Acting Racing Manager, and Rob Sellick, Chair of the Racing Association, have been wonderful contributors for the Racing Association and racing activities/events in general. Racing is an integral part of Club life and to have such informative and comprehensive reporting is valued by members. The Chairperson of each Association contributes articles about their functions as do members participating in social, cruising and fishing events. Pam Humeniuk’s Social Committee continues to be very active in promoting their popular social events and new initiatives. The CYCSA Marine Academy Coordinator, Matt Young, has also kept members up to date on events and courses presented by the Academy. Regular contributor and Groundswell Editorial Committee member, Owen Mace, always provides well researched and educational articles. Always looking for new topics to present, Owen is happy to work with other members on boating issues of interest and even write collaborative articles. Don’t hesitate to contact him – berth C28 aboard the lovely Esprit. Cruising voyager, Alan Noble, has contributed a number of informative articles about sailing in local waters on Arriba and we appreciate his willingness to share his knowledge and experience. For Groundswell to maintain the high quality others say we have achieved, input (and feedback) from all areas of the Club is needed. If you have been on a cruise, race or a fishing trip

or completed a Marine Academy course that you have found interesting, it’s likely that other members will be interested too. The Editorial Committee currently comprises myself, Mellissa Vahoumis, Owen Mace, Terry Lockwood and Trevor Paynter. Please feel free to ring, email or discuss with any one of us ideas to improve our journal and maintain its relevance to members. You can submit your contribution directly to Mellissa, Club Communications and Members’ Services. Mellissa is an important part of the editorial committee and contributes tirelessly to the production of the journal with advertising coordination, Club news, editing, proof reading and print liaison. If you are not confident about your writing skills but have a great story to relate just get hold of one of the committee members as we’ve got that covered and can help out. Prose, poetry, and photographs are always welcome. The Editorial Committee always proofs articles, making editing changes and correcting grammar where required. Contributions are generally published within the magazine’s editorial style guidelines (unless a contributor’s article is specifically intended to be ‘different’). Advertising is an important component of Groundswell in order to make it cost neutral to members. We appreciate our long supporting advertisers who, through their support, enable us to go to print. And there’s always room for new advertisers. Trevor Paynter, our graphic designer, presents and prepares Groundswell ready for printing and contributes enthusiastically to the editorial process and he clearly enjoys his work. Newstyle Printing have joined the team this year and we look forward to a continuing relationship with them. As an editor, I’ve derived considerable pleasure working alongside other members on Groundswell and take pride in contributing to our publication. We are always looking for volunteers to join our editorial group in some capacity such as proof reading articles, talking with other members or photography. Please make your interest known to us. You will be most welcome and it is a terrific way to support our Club. Thank you for your support over the year. Gay Footer, Editor Groundswell Editorial Committee

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Association Reports Cruising The Cruising Association and its members have had a great year. 12 months ago we set ourselves the aim of holding one cruising related activity per month. We are pleased to report that, due to the fantastic efforts of our committee and the broader cruising community, we have achieved our target!

•

The Easter cruise to Port Vincent. The marina had a great vibe with a number of cruising and racing boats from the CYCSA, RSAYS and PASC. The Squadron also held a number of social events and welcomed CYCSA members to participate.

•

The cruise to the St Kilda Sailing Club. Nine boats sailed to the club for an overnight stay, a BBQ, the best value for money wine in SA, and a really fun night with St Kilda members.

•

Sea and Vines Festival ‘Cruise in Company’. Twenty-two club members ‘cruised’ in a bus to the McLaren Vale wine and music festival and had a brilliant day, sharing good wine, great company, and excellent live music.

Our activities included: •

The October long weekend cruise to Port Vincent, with dinner at the Ventnor and the popular Poetry Competition won by Don and Judy Guy from Force Majeure.

•

The ‘Piratisation of the Port’. Several ‘pirate’ boats and their scurvy crews made their way up the Port River. Moored at Queens Wharf, there was lots of fun, music and frivolity, along with odd bit of pillaging.

•

The restaurant cruise to Port Adelaide. Yachts and power boats made their way to the Adelaide Marina for an overnight stay, cruised under the Port bridges in Owen Mace’s lovely boat, Esprit, and dined at the Portobello Waterfront Café in New Port.

•

The Christmas Bash. The four associations combined their Christmas celebrations in the members’ BBQ area and had an absolute blast of an evening, starting early and then celebrating late into the night.

The Tasmanian Cruise In January 2016 crews from Astrid, Far Star and Equanimity embarked on a three-month cruise to circumnavigate Tasmania. The journey included sailing via Kangaroo Island, Robe, Port Fairy, Apollo Bay, King Island, through Hell’s gates to Strahan, exploring the Franklin and Gordon Rivers, Port Davey, Hobart, Port Arthur, Triabunna, Devonport and home. The participants reported their odyssey as being the trip of a lifetime. A full account of this wonderful adventure can be found in the May 2016 edition of Groundswell.

Sponsorship

•

The combined CYCSA and Squadron New Year’s Eve party on Kangaroo Island. Held at the Brown’s Beach BBQ area, this was a really fun event with members of both Clubs mixing and freely sharing stories of nautical adventures. With a good selection of party music, an impromptu dance floor was arranged and the CYCSA ‘movers and shakers’, Mike and Angela Holmes, did the Club proud!

Through the continued and excellent sponsorship of the CYCSA Cruising Association by Charlesworth Nuts, a fantastic shade cloth has been constructed over the BBQ area in Port Vincent. Over Easter, the structure was officially opened by Mark and Lisa Charlesworth and dedicated to Mark’s father, Chappie Charlesworth, a great cruiser and member of the CYCSA. A big thank you, Mark, from the cruising community!

•

The Australia Day Weekend Cruise to Port Vincent. The Australia Day holiday fell on a Tuesday this year which gave some a lovely four day break catching up with friends across the Gulf.

Go Solar for Carol Campaign

•

The Flotilla for Kids. Together with the broader Adelaide boating community, a large number of the CYCSA power and sailing vessels participated in this fabulous fund raising-event for ‘Little Heroes’. It was a gorgeous day and our Club raised significant funds for this worthy cause.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

A small group from the CYCSA, PASC, and the RSAYS are raising funds to install solar panels at the VMR American River radio station. This has a two-fold benefit: • Lowering the ongoing running costs for this amazing volunteer, and •

Providing an environmentally friendly solution to mitigate high electricity use.

Association Reports At the time of publication, we had met our initial target of $6,000 and have extended it to $10,000 to provide for solar storage batteries for night use. The generosity of the local boating community has been fantastic.

SA Cruisers Google Group ‘SA Cruisers’ continues to be great resource, as a large number of cruising sailors across SA have the opportunity to link in to each other’s ideas and activities. While it is not officially part of the Club, a number of committee members of the Cruising Association are moderators of the Group.

Volunteer of the Year The CA has had a very busy year, setting ourselves the target of holding a cruising related activity at least once a month. Roger Flint has played a major part in us achieving our target. He has either organised or been active in most of our events during the year. In particular, his efforts in running the ‘Piratisation of the Port’ and the Cruise in Company to the St Kilda Boat Club events, were full of his enthusiasm, sense of fun and attention to detail. He has also been a regular participant at the CA 2nd Saturday BBQs and has made an extra effort to make new members feel welcome to the Club.

Income Statement 2015/2016 Income Burgee Sale $20.00 Sponsorship $4,000.00 Cruise of the Year $0.00 Other Income $0.00 Total $4,020.00 Expenses Hospitality $0.00 Flags $0.00 Entertainment $0.00 Trophies/Prizes $0.00 Other Expenses $6.14 Total $6.14 2015/2016 Result

$4,013.86

Finally, I would like to thank everyone in the cruising community for their efforts, friendship and humour, and thereby making my time as Chairman so much fun! Adrian Wotton, Chair Cruising Association

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Association Reports Fishing

•

The Fishing Association Committee started the 2015/16 year with a small but energetic group of five – Leica Theodore, Geoff Wiggins, Vlad Humeniuk as Secretary, Bruce Tasker as Treasurer and myself in the Chair. Bruce resigned from the Club late last year and Delia Mace joined early this year.

FA polo shirts can be ordered in 3 designs to include the member’s embroidered boat name. Examples are in the Club reception. FA fishing hats are being sourced for awards.

•

The FA has produced a detailed brochure for new members and it’s provided as part of the Club’s introduction package.

At the Club’s Planning Day last September the committee presented a year-long proposal which was “to organise a series of activities and events to directly involve those Club members and families in fishing”. Our targets were as follows: • To be an association that is relevant to members interested in fishing – to be a focal point for information and discussion. •

To provide value to members for their FA membership fee.

•

To organise activities that are educational – to broaden members’ knowledge of fishing methods and techniques.

•

To organise activities that focus upon youth – to encourage members to participate with their children and grandchildren - to have fun and success.

•

To increase FA sponsorship support and monies to further facilitate/offset activities.

•

To increase numbers on the FA committee – to provide broader opinion, discussion, innovation and ideas – and people to manage specific projects.

Initiatives •

The old bait freezer has been upgraded with bait containers available for all FA members to label and use.

•

Committee members were in-serviced by Ray Evans to use the Club boat CYC1 for on-water events for those members wanting to fish together or are without a boat. This is particularly suitable for families and children. Vlad Humenuik undertook further on-water experience and is now our FA competent skipper for fishing events on CYC1.

•

Promotional flags and a large banner were made to highlight FA events and those away from the club. A large FA flag is used to fly from our fishing ‘flagship’ boat whichever that may be. Smaller FA flags are available for FA members to order.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Activities Cockling on Goolwa beach was a new event we held in November with a view to collecting bait for later fishing and to get together with members, families and friends. Those who made the trip thought it was good fun and productive and the weather on the day was perfect. All agreed it was worth doing again, with the next event including a beach BBQ lunch. This is planned for later this year. The Boating Showcase Party went back to basics this time using all members’ boats rather than sponsors’ boats, focussing on the party aspect for FA members to get together on large powerboats with good food and drink. We thank the boat owners – Geoff and Sue Boettcher, Glenn and Tracey Spear, Owen and Delia Mace and Romeo Macolino for their generosity and involvement. The November night was balmy, the finger food from our Club kitchen was excellent and company pretty good as well. We aim to repeat it in 2016. A joint venture with Social Activities brought outstanding fisherwoman Tracey Tito to the Club for ‘An Evening with…’ dinner and talk. Only moderately attended but those who made the effort were impressed with Tracey’s achievements, knowledge and entertaining delivery. The FA would like to bring more renown speakers in our field to the Club and are working towards that this year. Crabbing Day is a popular annual club event managed by the FA committee with the assistance of many other Club members and the Club staff. 600 crabs were caught and 160 people attended. The skilled cooks, led by long time member Gerry Colella, were untiring and many hands made light work of the cleaning part of the process. The few complaints (we’ve run out of forks; these rolls are pretty ordinary; my 18 guests shouldn’t have to pay) did little to spoil what was considered to be a very successful Club event once again. These larger events require a lot of time and effort and it is great to see members willingly joining in to make it a success.

Come Fishing Days has been a concept tried over many years ending with a BBQ, weigh-ins and awards, and has always seemed like a good idea to get members together. It has been tried again this year with few boats joining in. It may be best to accept that structured fishing times are problematical as other things impact upon when people are available and in particular the weather, so we’re looking to social media networking options to get together those interested and available at short notice. A planned variation on our Come Fishing Days was our professional charter out of Wirrina for 15 members and organised by committee member Geoff Wiggins. The great success of fishing with experts where a big catch is almost guaranteed suggests that this activity needs to be organised by us more often. The idea of a Childrens’ Fishing Day aboard CYC1 in local waters during a school holiday time is still on the agenda as are specialist guest speakers and activities such as fishing tackle and fish filleting demonstrations.

Volunteer of the Year The Fishing Association acknowledge the work and commitment of valued and long serving committee member Geoff Wiggins. Geoff has been a member of the Club since 1988 and for most of those years has invloved himself with the Club’s Cruising, Social and Fishing Associations. His willingness to be involved and enthusiasm for Club life remains unabated. It is with pleasure we nominate Geoff as the Fishing Association Volunteer of the Year.

Income Statement 2015/2016 Income Subscription Fees $2,696.48 Crabbing Day Income $2,531.56 Sponsorship $0.00 Shirts / Burgee /Flags Sales $509.09 Fishing Competition $0.00 Boat Party Income $159.11 Other Income $0.00 Total $5,896.24 Expenses Subscription Expenses $0.00 Bar / Catering Expenses $208.78 Crabbing Day Expenses $1,203.36 Shirts / Embroidery $361.04 Fishing Competition $0.00 Boat Party Expenses $815.45 Flags $0.00 Other Expenses/Meeting/Badges $1,011.87 Total $3,600.50 2015/2016 Result

$2,295.74

Thanks I would like to thank the 2015/2016 FA committee for their attendance at committee meetings, their ideas, planning and implementing events for Club members and friends. The FA committee wish to thank the Club members and CYCSA staff – hospitality, administration and ground staff – for their support and involvement with the Association’s activities, and look forward to getting together at future events. Trevor Paynter, Chair Fishing Association

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Association Reports Social 2015/2016 has been an active year for the Social Association, with a name change and experimentation with new events. Main events organized were: • An Evening with … Just a Girl • Commodore’s Dinner held in September 2015 • Show bags for children on Opening Day • New Christmas Tree with Members Tree initiative • Children’s Christmas Party, December 2015 • All Associations Christmas Bash, December 2015 • Carols on the Lawn – a Free Event • Bringing in New Year’s Eve on Kangaroo Island • The Jeanneau Boat Hop – held in May 2016 • A Progressive Dinner, planned for June – but abandoned because of lack of numbers • Quizmas in July, with Anne Wills. This year’s committee consisted of Pam Humeniuk – Chair, Don Guy – Treasurer, Morag Draper – Secretary, Karen Johns, Anne Burrows, Joe Mezzini, Pat Catley and Caroline Holdt. With the additional assistance of Pauline Garner, Vicki Pearce and Linda Mendrin. I would like to thank this wonderful group of people for their support and unfailing sense of fun. An Evening with … Just a Girl, held in October, 2015 was the second in our series of ‘An Evening with…’. This was a successful event, even though the numbers were down. It was decided not to have another night in this format for the time being as Racing had a similar evening and everyone felt this format was covered. The Commodore’s Dinner was again a spectacular success. The guests were welcomed to this special night with a red carpet receiving line by Commodore Geoff Boettcher and Sue Boettcher, and President Andrew Saies and Susan Saies. The theme of Arabian Nights saw spectacular candelabras, all painted gold and glowing in the darkness. The ceiling was draped in the feel of an Arabian tent, and we had a wonderful music from the Bruce Hancock Quartet. The hospitality team at the Club pulled out all stops to make sure this was a successful evening. Wonderful dancing with swords had everyone impressed and guests danced on until the witching hour.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

The change to ‘real’ show bags for the Opening Day show bags has proven a success. All show bags ordered were collected and this year 85 children enjoyed this special treat on Opening Day. The format of afternoon tea for the Children’s Christmas Party has proven to be successful. The day was exceptionally hot and we were able to advise parents that the jumping castle was also a water slide which certainly relieved the pressure on the day. To take advantage of the air-conditioning, the Kinnaird Room was turned into a magic cave and the children and parents all managed to squeeze into that space for the fun of presents and seeing Santa. Afternoon tea of all the favourites and most importantly ice creams and honey crackles followed Santa’s departure. Trevor Kipling again gets our grateful thanks for his support and David Henderson for allowing Santa to arrive on his boat. Parents only get charged for the cost of the child’s present and the shortfall in funds is made up by the committee with profits from our other events. The Social Association have always put up the Christmas trees for the Club in December, and this year we had an idea to have a new spectacular tree and to include photos of members, and call it the Tree of Members. For a first year this worked well and we look forward to repeating it again for Christmas 2016. 2015 was the first year we had an event called ‘All Associations Christmas Bash’. This was an initiative of Social, with all other Associations joining in and making this a great night. The evening was very well attended and testified to the fact that at Christmas, members preferred something lighter and more casual. The casual atmosphere in the BBQ area and fun games made this an event we will definitely repeat. Carols on the Lawn was held for the second time in December, 2015. The evening was incredibly hot and came at the end of many days of sweltering heat. We felt this was the reason numbers were down, but those people who joined in were adamant that the event should run again. We were again led in the singing by Linda McCarthy, and a disability group from the Salvation Army. The Salvation Army singers really imparted the true meaning of Christmas and we have invited them back again for the Christmas 2016 event.

Association Reports This year Social and Cruising joined forces, and we joined members from the Royal SA Squadron on the beach on KI for New Year’s Eve. Everyone joined in well and this event is planned to be repeated as the year 2017 is greeted. Jeanneau and Haese Marine again sponsored the Boat Hop. After a slow start with numbers over 120 people participated and had a great day. We were able to utilize the Horizons Function Room as there were concerns that the Patio might be demolished by the time of the Boat Hop. However, this didn’t happen and the guests were able to enjoy the comfort of Horizons Room and after all the festivities danced until they were put out with the cat! Just before the Boat Hop we did some research, and with valuable assistance from Trevor Paynter have had two pull up banners made for use at events run by the Social Association. They were used for the first time at the Boat Hop, and added to the branding of this event. Our next event falling into this reporting period is Quizmas in July. We have been delighted with the response to this evening and with Anne Wills as the Quiz Master we are sure the large numbers booked in will have a great night. I would like to make special mention of Don Guy who has been the Treasurer on this committee for several terms. Don has decided to step down after the AGM as he no longer has a boat at the Club and is pursuing other interests. The Social Association will miss Don and wish him all the very best for his future adventures.

Income Statement 2015/2016 Income Boat Hop $3,936.63 Christmas Raffle $0.00 Kids Xmas Party Income $1,336.37 Commodore’s Dinner $9,427.19 Guest Speaker Dinner $1,081.86 Other Income $247.27 Total $16,056.32 Expenses Boat Hop $3,513.52 Kids Xmas Party Expenses $1,686.26 Christmas Raffle $0.00 Commodore’s Dinner $7,487.24 Hospitality Expenses $721.85 Carols on the Lawn $825.82 Guest Speaker Dinner $1,047.73 Other expenses $871.19 Total $16,153.61 2015/2016 Result

($97.29)

Pamela Humeniuk, Chair Social Association

Volunteer of the Year Our nomination for ‘Most Valued Volunteer’ for 2016 is Pam Humeniuk. Pam works extensively behind the scenes, creating, planning, budgeting and liaising with all involved to ensure that every event the Social Association turns its hand to is successful and enjoyed by all who attend. Pam is always welcoming, actively promotes the Club and sees that the CYCSA is showcased at events. Many annual events as well as new functions have been the brainchild of Pam and we, as an Association are proud to call her Chairperson and friend. Karen Johns

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Association Reports Racing

On behalf of all racing members I thank our 2015-16 Racing Association Committee members Rob Sellick (Chairman), Mark Hutton, Adrian Wotton, Shevaun Bruland, Steve Power, Rob Human and Mike Holmes (ex-officio). The smooth running of the year is a testament to the time and support contributed by the committee. The Racing Executive (REX) wishes to acknowledge our Race Officers for the season, John Gibson and Ray Evans. These ROs have invested a great deal of time and effort into facilitating our racing program and we recognise that this role is often a demanding and thankless task. We also acknowledge the contribution and valued support of our Volunteer Duty Crews on CYC1 and CYC2. In recognition of our volunteers we unveiled the CYCSA Racing Association Volunteer Honour Roll. Featuring 10 names, the Honour Roll recognises the exceptional volunteer service given to the CYCSA Racing Association and will be displayed in the Club foyer. When combined these 10 volunteers have clocked up over 260 years of volunteering at the CYCSA. Those honoured are Graham Averay, Don Chisholm, Rob Sellick, Ray Evans, George Ottewell and Ron Yeates, along with John Parrington, Rob Wannan, Geoff Bishop and Max Summers who are unfortunately no longer with us. The list of volunteers on the Honour Roll will never be complete, with the Racing Association to recognise more volunteers when various criteria are met. REX continues to seek out people who are willing to join our Duty Crew volunteer pool. There is a regular need to fill a position on CYC1 following the retirement of Ron Yeates as Coxswain on CYC1 and there have been a number of members assisting to fill positions on CYC1 throughout the season. REX is aware that we need to find and train more people to ensure we have a solid pool of volunteers for future years. This training extends to offering members a pathway to become a Race Officer, for those who are interested. REX is seeking expressions of interest for persons interested in following the Yachting Australia Race Officer pathway to take some pressure off our dedicated ROs. As always, we welcome any assistance from interested members who might like to join our wonderful volunteer crews on race days. Our protest committee had a relatively busy year, having convened on both on and off-water matters. We thank Protest Panel Chairman Lisa Bettcher, as well as all panellists who have contributed throughout the year, for their generosity in giving their time and expertise when required.

Cruising Yacht Club of South Australia Annual Report for 2015/2016

REX has been collaborating with the Royal SA Yacht Squadron for many years now, allowing efficient facilitation of our racing program. The level of cooperation between CYCSA and RSAYS continues to be satisfactory and teams are enjoying the combined fleet racing. Our cooperation with RSAYS will continue for Season 2016-17 and work has already begun on combining both Clubs’ Sailing Instructions into one set of standard Sailing Instructions. This move is a result of a few key differences which were discovered throughout the course of racing in 2015-16. This change will not affect the way races are conducted but will remove confusion between Clubs and ROs. Following a drop in regatta participation last season after increasing the number of races in regattas we are pleased to see regatta participation revert back to the record fleet sizes of 2013-14. The Great Southern Regatta had 29 entries, up from 20 last year and just under 31 in 2013-14. 9 of these boats were from RSAYS, PASC and ASC. The Queen of the Gulf Race saw 23 entries, a whopping 10 more than last season. Disappointingly, only 3 of these boats were from other clubs despite large RSAYS and PASC participation in the concurring Coaster race. The Sportsmed Premier’s Cup was this year held as part of the wider Premier Adelaide Regatta, which included a yardstick dinghy event and the YSA Youth Series both hosted by Largs Bay SC. The addition of dinghy and junior sailing was a significant boost to the event, attracting a flood of youth sailors to the Club for regatta presentations, pulling attendance up to over 300. This year’s Premier’s Cup achieved 36 entries, 30 last season and more than the 34 achieved in 2013-14. We hope to continue our collaboration with Largs Bay SC for next year’s 40th anniversary of the Premier’s Cup. REX wish to thank Long term sponsor Sportsmed for their continued support, and welcome Premier Composites Technologies to the sponsorship group. As part of the Premier Adelaide Regatta the CYCSA hosted Volvo Ocean Racer and America’s Cup sailor Nick Bice as our main off-water social event. Nick shared his experience of progressing through dinghies and keelboats in SA as well as his time spent at sailing’s elite level. This event was greatly enjoyed by the 90+ people present and as a result of its success and popularity REX may look at hosting more similar events in future. Series participation remained relatively stable in 2015-16, with some small shifts. We have been monitoring trends in both boat entries and overall participation - see the chart on the following page.

Series Inshore

2013-14 16

2014-15

2015-16

+/- % (from 14-15)

+11%

Offshore 5

-60%

Coaster

stable

AMS States

-35%

IRC States

+50%

Twilight 1

stable

Twilight 2

-8%

Queen of the Gulf

+76%

Great Southern Regatta

+45%

Premier’s Cup

+20%

Club Inshore Series

Coaster Series

Avg boats per race: 20 Avg boats per race: 14.6 Avg participants: 130 (+34% from 2014-15) Avg participants: 110.3 (+17% from 2014-15) Avg POB: 6.7 Avg POB: 7.6 Twilight Series 1

Twilight Series 2

Avg boats per race: 23.8 Avg boats per race: 21.2 Avg participants: 154.7 (-12% from 2014-15) Avg participants: 149.8 (+5% from 2014-15) Avg POB: 6.5 Avg POB: 7 While the number of boats entered in a series remained fairly steady, overall participation still increased. This increase could be attributed to an additional focus on filling crew positions and Marine Academy recruitment. Particular attention was paid during the season to the conversion of Marine Academy students to racing and membership. At least 20 new members were recruited from courses throughout the year and allocated onto boats. This process was greatly assisted by the work of Hugh Longbottom and the inclusion of Academy 1 into Twilight racing. Many of our skippers are now enjoying the enthusiasm of these newer sailors. This has boosted the number of Racing Members up to 336, including 75 Senior Members; a slight increase from last year. It’s pleasing to see skippers willing to take on Academy graduates and take part in the growth of sailing. The CYCSA was well represented interstate this year, starting with the Sydney to Hobart Yacht Race. Concubine (Jason Ward, Shevaun Bruland and their crew) achieved 13th over the line with a time of 4 days, 1 hour, 22 minutes and 2 seconds in their brand new Mills 45. Concubine finished 6th in their division and 39th overall IRC. Game On (Julian Newton and crew) and Secret Men’s Business (Geoff Boettcher and crew) both finished the Festival of Sails with huge wins in their respective divisions (Sportsboat and IRC) and were joined in Geelong by fellow CYCSA boats Vertigo and White Knight. Competing in the Sydney 38 National Championship White Knight achieved 6th overall, managing a podium finish on occasion. Vertigo finished 6th in Division 2 AMS and 7th on IRC.

In place of the Season Debrief meeting, this year we created the Skippers and Crews Survey as an easier alternative. Feedback was sought on a range of issues, such as satisfaction of the racing program, on-water race management, race day initiatives and more. We received 47 responses which will be used to inform our planning for Season 2016-17. Feedback was generally positive with members providing some valuable insight into areas of improvement. Outcomes of the survey include: •

Greater variety of courses, including the Offshore Series

•

Use of trackers to ensure proactive on-water race management

•

Improved communication, including the implementation of an SMS system

•

Mentoring of teams to improve safety and performance.

Once again, this season we are grateful for the wonderful support of our valued sponsors. Phil Hoffmann Travel, Yalumba, Sportsmed, Premier Composite Technologies, DogRidge, Port River Marine, The Watershed Café and Canegrass Saltbush Lamb. Yalumba this season increased their support of the CYCSA, extending their sponsorship to include wine prizes for the Club Inshore and Coaster series. We thank Yalumba for their generosity. The Watershed Café and Canegrass Saltbush Lamb have been much welcomed sponsors with their prizes significantly adding to the vibe of racing. REX would encourage the membership to support these sponsors when the opportunity arises. ...continued over page 27

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Association Reports Income Statement 2015/2016

Racing (continued) Sponsorship continues to be a major challenge and we will be proactive in attempting to secure more sponsorship relationships in the coming season to assist our bottom line. Race Office Management and REX have kept a close eye on our Association finances and improving the Association’s bottom line will be a continuing focus. The 2015-16 Race Association Committee will soon convene and our goals will be to continue to strive to maintain the core business of the 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 skillset and size of the volunteer pool and streamline protocols with a view to Duty of Care

•

Promotion of the Club via national and international representation at regattas

•

Work with associated groups to further the sport of yachting;

•

Work closely with RSAYS and PASC to ensure smooth running and cooperation of racing

•

Maintain/improve the Association’s financial position via membership, sponsorship and fundraising initiatives

•

Utilise the Marine Academy and other methods of sourcing crew to maximise participation and crew development

•

Assist skippers to comply with safety protocols and category requirements.

As we have noted in previous years, no racing season is without its challenges. As a committee we continue to adapt, learn from mistakes, make adjustments where necessary and work to solidify our position in this extremely challenging financial climate. The Racing Executive committee has decided to nominate Race Officer John Gibson for Most Valuable Volunteer. As our Race Officer John has spent over 50 hours on the water spanning across 14 races during Season 2015-16, enduring tough conditions to ensure competitors are provided with fair and safe racing. The successful running of the coveted Premiers Cup Regatta and Great Southern Regattas are a testament to his ability to run events at a national level, backed by eight years of experience. His ability to work with the competitors and his dedication to ensuring our program is conducted at an elite standard makes John a highly valued volunteer. I thank all Racing Members, the CYCSA Office and Hospitality Staff, Volunteer Duty Crew and Racing Association Committee members for their help and support throughout the past season. The Racing Association can report that the past season, while not without its challengers, has progressed well. The committee looks forward to finalising the 2015-16 program as it prepares for another successful season of racing. I also wish to acknowledge Michael Tozer the Acting Racing Manager who has managed to fill Jess’s big shoes in running the Program, his assistance has been invaluable. Rob Sellick, Chairman Racing Association

Cruising Yacht Club of South Australia Annual Report for 2015/2016

Income Racing Membership Fees $17,433.86 YA/YSA Membership Income $31,560.00 Casual Membership Fees $2,895.57 Racing Nominations $20,913.66 Casual Nominations $1,445.62 Regatta Income $0.00 Raffle Income $0.00 Fundraising $0.00 Safety Income $961.37 Racing Flags $436.35 Blue Book Sales $154.56 Presentation Night Income $7,453.76 Sail Storage Shed $8,977.26 J24 Championship $1,227.25 Other Income $4,000.00 Sponsorship Yalumba $2,000.00 Phil Hoffmann Travel $8,000.00 Port River Marine $1,659.10 Total $109,118.36 Expense Wages $39,335.37 Superannuation $3,831.41 Administration $1,944.32 Engraving/Signage expense $1,698.09 Racing/Regatta Expenses $243.58 Staff Training $0.00 Airhorn $0.00 Buoy Maintenance $0.00 Sponsors Expenses $873.34 Duty Crew Expenses $542.55 Hospitality $347.94 Safety Income $942.00 Blue Books expenses $54.55 Clothing $0.00 Internet /Computing $350.00 Phone expenses $654.47 Racing Flags $0.00 Motor Vehicle Expenses $0.00 Presentation Night expenses $8,213.31 Trophies/Prizes $1,817.18 YachtBot $1,090.92 YA/YSA Yearly Membership expense $31,560.00 Other Expenses $342.12 Salaries on-costs $3,893.00 Repairs & Maintenance - CYC1 $1,503.40 Repairs & Maintenance - CYC2 $7,329.65 Fuel for boats $1,830.69 Total $108,397.89 2015/2016 Result

$720.47

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.

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 Chief 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.

The Board of Management (‘the Board’)

- act as Directors of CYC Ramp Pty Ltd, the trustee of the CYC Ramp Trust. •

•

The Club owns the floating assets in Marina West.

CYC (SA) Unit Trust •

The major assets of this trust are the freehold of the Club Eastern Basin at North Haven, including land, water and buildings, and the sub-lease of the Port Vincent Marina and a lease of the land and water of Marina West (which is sublet to the Club).

BOARD OF MANAGEMENT Directors elected annually by Senior Members

CYC Ramp Pty Ltd As trustee for

CYC Ramp Trust Owns Marina West, ramp and adjacent land and water, including channel

CYC (SA) Management Pty Ltd

CYCSA Incorporated • Operates bar and slip • Staff • Rents buildings and Marina East from CYC (SA) Unit Trust • Underlease of Marina West and Port Vincent from CYC (SA) Unit Trust

CYC (SA) Unit Trust Owns land and water, buildings, Marina East • Underlease of Port Vincent Marina from the Yorke Peninsula Council • Lease of Marina West

Profits

Beneficiaries CYC (SA) Unit Trust CYCSA Inc

Beneficiaries Senior Members

Members

Cruising Yacht Club of South Australia Annual Report for 2015/2016

The Cruising Yacht Club of SA Incorporated and Controlled Entities Statement by the Board of Management In the opinion of the Board of Management, the Financial Report as set out on pages 30 to 46. 1. Presents fairly the financial position of The Cruising Yacht Club of SA Incorporated and Controlled Entities as at 31 May 2016 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations), mandatory professional reporting requirements and other authoritative pronouncements of the Australian Accounting Standards Board. 2.

At the date of this statement, there are reasonable grounds to believe that The Cruising Yacht Club of SA Incorporated & Controlled Entities will be able to pay its debts as and when they fall due.

In accordance with Section 35(5) of the Associations Incorporation Act 1985 the Board of The Cruising Yacht Club of SA Incorporated & Controlled Entities, hereby states that during the year ended 31 May 2016:

- Other than disclosed in Note 19 in the financial statements, no officer of the Association has, since the end of the previous financial year, received, or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the officers of the Association shown in the financial report) as a result of a contract between the officer or a firm of which they are a member or an entity in which has a substantial financial interest and the Association; - No officer of the Association has, since the end of the previous financial year, received directly or indirectly from the Association, any payment or other benefit of a pecuniary value (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the officers of the Association shown in the financial report). This statements is made in accordance with a resolution of the Board of Management and is signed for and on behalf of the Board of Management by:

President

Treasurer Dated this 21st day of July 2016

Cruising Yacht Club of South Australia Annual Report for 2015/16

Statement of Comprehensive Income for the Year Ended 31 May 2016

Note 2016

2015 $

REVENUE Revenue 2 3,629,767 3,621,211 Other revenue 2 47,980 46,696 TOTAL REVENUE 3,677,747 3,667,907 EXPENSES Employee benefits expense 1,197,941 1,296,061 Depreciation 8 396,157 446,136 Other expenses 3 906,455 1,015,617 Finance costs 1,318 9,273 Cost of sales 425,347 447,411 Insurance 79,360 109,607 Repairs & maintenance 187,253 231,655 TOTAL EXPENSES 3,193,831 3,555,760 NET PROFIT / (LOSS) 483,916 112,147 Other Comprehensive Income - TOTAL COMPREHENSIVE INCOME 483,916 112,147

The accompanying notes form part of these financial statements.

Cruising Yacht Club of South Australia Annual Report for 2015/16

Statement of Financial Position as at 31 May 2016

Note 2016 2015 $ $ Assests CURRENT ASSETS Cash and cash equivalents 4 113,951 370,089 Trade and other receivables 5 69,659 75,029 Inventories 6 44,362 52,919 Other assets 7 112,874 49,799 TOTAL CURRENT ASSETS 340,846 547,836 NON-CURRENT ASSETS Property, plant and equipment 8 18,912,870 18,913,172 TOTAL NON-CURRENT ASSETS 18,912,870 18,913,172 TOTAL ASSETS 19,253,716 19,461,008 LIABILITIES CURRENT LIABILITIES Trade and other payables 9 468,930 560,554 Borrowings - Short-term provisions 10 196,991 187,709 TOTAL CURRENT LIABILITIES 665,921 748,263 NON-CURRENT LIABILITIES Trade and other payables 9 4,994,580 5,142,728 Borrowings 11 200 462,500 Long-term provisions 10 18,763 15,381 TOTAL NON-CURRENT LIABILITIES 5,013,543 5,620,609 TOTAL LIABILITIES 5,679,464 6,368,872 NET ASSETS 13,574,252 13,092,136 EQUITY Issued capital 12 6,135,537 6,137,337 Reserves 14 1,608,260 1,608,260 Retained earnings 5,830,455 5,346,539 TOTAL EQUITY 13,574,252 13,092,136

The accompanying notes form part of these financial statements.

Cruising Yacht Club of South Australia Annual Report for 2015/16

Statement of Changes in Equity for the Year Ending 31 May 2016

Contributed Retained Premium Club House Total Equity Earnings Reserve Reserve $ $ $ $ $ Consolidated Group Balance at 1 June 2014 6,133,187 5,237,148 1,343,350 262,154 12,975,839 Capital Redemption 4,150 - - - 4,150 Operating Result for the Year - 112,147 - - 112,147 Prior Period Adjustment/Reclassification - - - - Transfer Between Reserves - (2,756) - 2,756 Balance at 31 May 2015 6,137,337 5,346,539 1,343,350 264,910 13,092,136 Balance at 1 June 2015 6,137,337 5,346,539 1,343,350 264,910 13,092,136 (1,800) Operating Result for the Year - 483,916 - - 483,916 Transfer Between Reserves - - - - Balance at 31 May 2016 6,135,537 5,830,455 1,343,350 264,910 13,574,252

The accompanying notes form part of these financial statements.

Statement of Cash Flows for the Year Ending 31 May 2016

Note 2016 $

2015 $

CASH FLOWS FROM OPERATING ACTIVITIES Receipt from customers 3,798,568 3,525,659 Interest received 7,520 20,029 Payments to suppliers and employees (3,185,823) (2,595,431) Interest paid (1,318) (9,273) Net cash provided by (used in) operating activities 618,947 940,984 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (410,985) (2,389,572) Net cash provided by (used in) investing activities (410,985) (2,389,572) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds / (Repayments) from borrowings 11 (462,300) 462,500 Proceeds / (Redemption) from issue of units in Unit Trust (1,800) 4,150 Net cash provided by (used in) financing activities (464,100) 466,650 Net increase / (decrease) in cash held (256,138) (981,938) Cash and cash equivalents at beginning of financial year 370,089 1,352,027 Cash and cash equivalents at end of financial year 4 113,951 370,089

The accompanying notes form part of these financial statements. 33

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

Note 1: Summary of Significant Accounting Policies

The financial statements were authorised for issue on 23 July 2016 by the Board of Directors.

Basis of Preparation The Cruising Yacht Club of SA Inc. (the Club) & Controlled Entities comprising the Club, CYC (SA) Unit Trust and CYC Ramp Trust, as a consolidated group (the economic entity), applies Australian Accounting Standards (AASB) – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010–2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements and other applicable Australian Accounting Standards – Reduced Disclosure Requirements. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board and the Associations Incorporation Act 1985. The economic entity is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.

Depreciation The depreciable amount of all fixed assets, including buildings and capitalised lease assets, is depreciated on a straight-line basis over the asset’s useful life 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 2.5 – 3 % Marina 2–7% Plant and Equipment 5 – 50 % Inner Breakwater 1% The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.

(b) Property and Equipment Plant and Equipment Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(e) for details of impairment). The cost of fixed assets constructed within by the entity includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Cruising Yacht Club of South Australia Annual Report for 2015/16

Gains and losses on disposals are determined by comparing net proceeds with the carrying amount. These gains and losses are recognised in profit or loss in the period in which they occur.

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

Accounting Policies (a) Income Tax The Club is exempt from income tax under Division 50 of the Income Tax 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.

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

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

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the economic entity will obtain ownership of the asset or ownership over the term of the lease. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. (d) Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the association commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted).

Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss” in which case transaction costs are recognised immediately as expenses in profit or loss.

Notes to the Financial Statements for the Year Ending 31 May 2016

Classification and subsequent measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.

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 payments 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 amount with a consequential recognition of an income or expense item in profit or loss.

(i) Financial assets at fair value through profit or loss Financial assets are classified at “fair value through profit or loss” when they are held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they 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 amount being included in profit or loss.

(ii) 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. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

(iii) 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 association’s intention to hold these investments to maturity. They are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

(iv) Available-for-sale investments Available-for-sale investments are non-derivative financial assets that are either not capable of being 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.

They are subsequently measured at fair value with any remeasurements other than impairment losses and foreign exchange gains and losses recognised in other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss

pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss. Available-for-sale financial assets are classified as non-current assets when they are not expected to be sold within 12 months after the end of the reporting period. All other available-for-sale financial assets are classified as current assets.

(v) Financial liabilities Non-derivative financial liabilities are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.

Impairment A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an impact on the estimated future cash flows of the financial asset(s).

In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified into profit or loss at this point.

In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults.

When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the association recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered.

Derecognition Financial assets are derecognised when the contractual right 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 when the related obligations are discharged or cancelled, or have expired. The difference between the carrying amount 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. (e) Impairment of Assets At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, 35

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

unless the asset is carried at a revalued amount in accordance with another Standard (e.g. in accordance with the revaluation model in AASB 116). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.

Where it is not possible to estimate the recoverable amount of an individual asset, the association estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where the future economic benefits of the asset are not primarily dependent upon the assetâ&#x20AC;&#x2122;s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where an impairment loss on a revalued asset is identified, this is recognised against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that class of asset.

(f) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. (g) Accounts Receivable and Other Debtors Accounts receivable and other debtors include amounts due from members as well as amounts receivable from customers for goods sold in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as noncurrent assets. Accounts receivable are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Refer to Note 1(f) for further discussion on the determination of impairment losses. (h) 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 risk and reward of ownership of the goods and the cessation of all involvement in those goods. Annual member subscriptions and fees raised by the economic entity during the year are recognised as gross revenue. License rental income to occupy Marina West berths have been accounted for in accordance with AASB 117 Leases. In accordance with that standard, the license to occupy a berth income received is proportionately recognised over a 40 year period. The amount of license 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 License Income in the year received. All revenue is stated net of the amount of goods and services tax (GST).

Cruising Yacht Club of South Australia Annual Report for 2015/16

(i) 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 as expenses in the period in which they are incurred. (j) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

(k) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Comparative figures in Note 2 and Note 3 have been amended to provide more detailed breakdown of information presented. There has been no change in the overall financial position or performance of the entity compared to previous reported periods. (l) Accounts Payable and Other Payables Accounts payable and other payables represent the liabilities outstanding at the end of the reporting period for goods and services received by the association during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. (m) New and Amended Accounting Policies Adopted by the Entity The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods and which the entity has decided not to early adopt. The entity does not expect these requirements to have any material effect on the entityâ&#x20AC;&#x2122;s financial statement. (n) Key Estimates (i) Impairment

The economic entity assesses impairment at the end of each reporting period by evaluation of conditions and events specific to the association that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-inuse calculations which incorporate various key assumptions.

Notes to the Financial Statements for the Year Ending 31 May 2016

2016 $

Note 2: Revenue and Other Income

2015 $

Revenue Sale of goods – food & beverage, retail 1,036,041 1,038,586 Sundry functions income 47,352 44,895 Commissions 125,302 104,429 Corporate fees 1,221,378 1,179,020 Membership subscriptions 521,584 513,470 Income – Marine Academy 67,179 58,248 Ramp income 149,643 133,041 Licence fees – Marina West 148,140 148,131 Interest 7,520 20,029 Slipping income 84,283 89,586 Sponsorship - 42,933 Equipment hire 14,318 13,696 Lease income 44,152 51,836 Marketing 27,784 34,135 Racing association income 109,118 121,489 Social activities income 16,056 18,824 Cruising association income 4,020 4,000 Fishing association income 5,896 4,863 3,629,767 3,621,211 Other Revenue Other income 47,980 46,696 47,980 46,696

2016 $

Note 3: Other Expenses

Audit fees Advertising and marketing Bank charges Computer expenses Club publications Rates & taxes Racing association expenses Social activities expenses Cruising association expenses Fishing association expenses Utilities Other expenses

11,800 28,063 18,443 49,346 24,170 268,262 93,841 16,154 6 3,600 89,098 303,672 906,455

2015 $

11,000 31,583 17,897 47,920 23,453 265,517 120,597 18,569 3,900 3,355 105,580 366,246 1,015,617

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

2016 $

Note 4: Cash and Cash Equivalents

Cash on hand Cash at bank

2015 $

2,495 2,495 111,456 367,594 113,951 370,089

The effective interest rate on the savings account was 1.05% (2015: 1.7%) Reconcilliation of Cash Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the Statement of Financial Position as follows: - Cash and cash equivalents - Bank overdraft

113,951 370,089 - 113,951 370,089

Note 5: Trade and Other Receivables

Current Trade receivables Provision for impairment

90,659 96,029 (21,000) (21,000) 69,659 75,029

Provision for Impairment Current trade receivables are non-interest bearing loans and generally are receivable within 7 to 30 days. A provision for impairment is recognised against trade receivables where there is objective evidence that an individual trade receivable is impaired. These amounts have been listed separately as impairment expenses. Movement in the provision for impairment of receivables is as follows: Opening provision for impairment 21,000 21,000 Charge for the year - Closing provision for impairment 21,000 21,000

Note 6: Inventories At lower cost or net realisable value Stock on hand

44,362 52,919 44,362 52,919

Note 7: Other Assets Marina Berth held for sale 89,584 Prepayments 23,290 49,799 112,874 49,799

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

2016 2015 $ $

Note 8: Property, Plant and Equipment

Land – At Deemed Cost Leased Asset – At Deemed Cost Accumulated Depreciation Buildings – At Deemed Cost Accumulated Depreciation Plant and Equipment – At Deemed Cost Accumulated Depreciation Office Equipment – At Deemed Cost Accumulated Depreciation Marina and Improvements (Marina West) – At Deemed Cost Accumulated Depreciation Marina and Improvements (Marina East) – At Deemed Cost Accumulated Depreciation Inner Breakwater – At Deemed Cost Accumulated Depreciation Works-in-Progress (WIP)* Total property, plant and equipment

6,800,000

32,800 (32,800) -

2,144,993 2,078,855 (502,130) (436,405) 1,642,863 1,642,450 1,013,858 993,061 (744,241) (677,793) 269,617 315,268 149,405 109,823 (105,988) (92,935) 43,417 16,888 8,478,163 8,474,840 (1,425,898) (1,235,158) 7,052,265 7,239,682 2,114,893 1,936,477 (1,181,848) (1,144,425) 933,045 792,052 2,100,755 2,100,755 (33,359) (10,592) 2,067,396 2,090,163 104,267

16,669

18,912,870 18,913,172

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

Note 8: Property, Plant and Equipment continued Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Balance at 1 June 2015

Land Assets Buildings Plant and Office Assets Equipment Equipment $ $ $ $ 6,800,000

1,642,450

315,268

16,888

Additions

- 66,138 20,797 39,582

Disposals

- - - -

Depreciation expense

- (65,725) (66,447) (13,053)

Carrying amount at 31 May 2016

Balance at 1 June 2015 Additions Disposals

6,800,000

1,642,863

269,617

43,417

Marina and Marina and Inner WIP* Total Improvements Improvements Breakwater Marina West Marina East $ $ $ $ $ 7,239,682

792,052

2,090,163

3,323 178,416

16,669

18,913,172

87,598 395,854

- - - - -

Depreciation expense

(190,740)

(37,423)

(22,767)

(396,156)

Carrying amount at 31 May 2016

7,052,265

933,045

2,067,396

104,267

18,912,870

*WIP â&#x20AC;&#x201C; Includes costs for preliminary expenses on Bar/Patio Redevelopment and Work-in-Progress for Marina East upgrade.

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

2016 2015 $ $

Note 9: Trade and Other Payables

Current Trade payables 108,580 103,775 Marina West revenue in advance 148,140 148,131 Other payables 212,210 308,648 468,930 560,554 Terms and conditions of the above financial liabilities are as follows: - Trade payables and non-interest bearing are normally settled on a 60 day terms. NON-CURRENT Unsecured Liabilities Marina West revenue in advance 4,994,580 5,142,728 4,994,580 5,142,728

Note 10: Provisions CURRENT Provision for annual leave 118,252 121,508 Provision for long service leave 66,201 66,201 196,991 187,709 Non-Current Provision for long service leave 18,763 15,381 18,763 15,381 Employee Provisions â&#x20AC;&#x201C; Annual Leave Entitlements The provision for employee benefits represents amounts accrued for annual leave. Based on past experience, the economic entity expects the full amount of annual leave balance to be settled within the next 12 months. Further, these amounts must be classified as current liabilities since the economic entity does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlements.

2016 $

Note 11: Borrowings

Westpac Loan â&#x20AC;&#x201C; Marina West Inner Breakwater

200 200

462,500 462,500

2016 $

Note 12: Issued Capital

Settled Capital 122,148 (2015: 122,184) fully paid issued units at $50 each 27,545 (2015: 27,545) fully paid issued units at $1 each

2015 $

592 592 6,107,400 6,109,200 27,545 27,545 6,135,537 6,137,337

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

Note 13: Events after the Reporting Period The entity entered into a commitment with external contractors to upgrade the Club’s Bar and Patio facilities in July 2016. The total value of the commitment is $1.42 million which is expected to be funded by additional borrowings to be taken out with the Westpac Banking Corporation. Estimated additional borrowings of $1.45 million will be drawn down during the 2016/17 financial year.

Note 14: Reserves The Clubhouse Upgrade Reserve was established by the Board of the economic entity with the express purpose of committing future funding towards the redevelopment of the club hospitality facilities located at North Haven.

2016 2015 $ $

Note 15: Capital and Leasing Commitments

Operating Lease Commitments Payable – minimum lease payments: No later than 12 months 6,820 6,820 Between 1 – 5 years 19,820 26,640 26,640 33,460 Capital Expenditure Commitments No later than 12 months - - Between 1 – 5 Years - - -

Note 16: Financial Risk Management The entity’s financial instruments consist mainly of deposits with banks, accounts receivable and payables. The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: NOTE 2016 2015 $ $ Financial Assests Cash and cash equivalents 4 113,951 370,089 Accounts receivable and other debtors 5 69,659 75,029 183,610 445,118 Financial liabilities Financial liabilities at amortised cost: - Accounts payable and other payables 9 468,930 560,554 - Borrowings 11 200 462,500 469,130 1,023,054 The economic entity has a bank overdraft and commercial bill facility amounting to $100,000. This may be terminated at any time at the option of the bank. At 31 May 2016, $Nil of this facility was used (2015: $Nil). Interest rates are variable. As at 31 May 2016, the economic entity has an undrawn loan facility of $462,300 held with the Westpac Banking Corporation. Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

Note 17: 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 noncurrent assets of CYC (SA) Unit Trust. As at 31 May 2016 $Nil was drawn down on the bill facility (2015: $Nil). A bank overdraft facility of $100,000 is provided to the Cruising Yacht Club of SA Inc., which is secured by an unlimited interlocking guarantee for 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 at $Nil at 31 May 2016 (2015: $Nil). The Club has an undrawn bank overdraft facility as at 31 May 2016 of $100,000 held with the Westpac Banking Corporation.

Note 18: Hire Purchase Agreement The Minister for Transport has leased the Port Vincent Marina Basin to the Yorke Peninsula Council for a term of 99 years commencing from 1 May 2003. The Council has agreed to under lease that portion of the marina basin on which the Marina is situated to CYC (SA) Management Pty Ltd for an annual rent of $500 per annum with an annual CPI increase every year after (if demanded) for a term of 99 years less one day commencing on 1 May 2003. CYC (SA) Management Pty Ltd has under leased 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 is separately hired from the developer Paradise Developments (Investments) Pty Ltd. The Club is acquiring the infrastructure pursuant to a hire purchase agreement in which each hire instalment is paid when the Club sells a licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust to a value which in aggregate equals the hire instalment amount. The Club can require transfer of ownership of each marina finger when one half of the berths which use that marina finger for access have been licensed to Club members. CYC Ramp Pty Ltd, as trustee for the CYC Ramp Trust, has leased the Western Marina Basin to the CYC (SA) Management Pty Ltd, as trustee for the CYC (SA) Unit trust, for a term commencing on 1 November 2008 and ending on 1 October 2083, at the same rent.

The lease is of the land without the infrastructure. The infrastructure has been separately acquired from the CYC Ramp Pty Ltd, as trustee for 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 license to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust.

Cruising Yacht Club of South Australia Annual Report for 2015/16

Notes to the Financial Statements for the Year Ending 31 May 2016

Note 19: Key Management Personnel Salary Superannuation Non-Cash Benefits Contributions $ $ $ 2016 2015

159,035 15,062 2,494 154,635 14,449 1,976

2016 2015 $

Note 20: Related Party Transactions $

The following Board members, through entities associated with them, provided goods and/or services during the year under normal commercial terms and conditions, to the value of: Wayne Coonan 2,923 3,520 2,923 3,520

Note 20: Club Details The registered office and principal place of business of the economic entity is: Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive NORTH HAVEN SA 5018

Cruising Yacht Club of South Australia Annual Report for 2015/16

CYCSA Inc and Controlled Entities Independent Audit Report to the Members of the Cruising Yacht Club of SA Inc and Controlled Entities

Cruising Yacht Club of South Australia Annual Report for 2015/16

Facilities Committee Report continued Marina East Refurbishment/Replacement Plan 2016/17

CYCSA Bar and Patio Redevelopment 2016 - View from the Membersâ&#x20AC;&#x2122; Lounge

Cruising Yacht Club of South Australia Annual Report for 2015/16

Facilities Committee Report continued CYCSA Bar and Patio Redevelopment 2016 - View from external approach

CYCSA Bar and Patio Redevelopment 2016 - Plan view

Cruising Yacht Club of South Australia Annual Report for 2015/16