CYCSA Annual Report 2011-12

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

2011 – 2012

Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive North Haven South Australia PO Box 1020 North Haven SA 5018 Telephone:

08 8248 4222

Facsimile:

08 8248 5888

Email:

reception@cycsa.com.au

Web:

www.cycsa.com.au

annual

r e p ort

Club Sponsors

Front cover photo courtesy of Greg Pratt

The CYCSA thanks its major sponsors for their support during 2011/2012: Racing Fishing Cruising Phil Hoffmann Travel Custom Cartons Charlesworth Nuts Port River Marine Cummins Yalumba R Marine South Australia Penfolds Maritimo Adelaide MUSTO Canegrass Saltbush Lamb Sportsmed.SA EverettBrookes Custom Jewellery Vislex The Stag Hotel Doyle Sailmakers

Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie.

Club Corpor8 It Solutions

Membership as at 31.05.2012

Life 5 Honorary 11 Foundation 24 Senior

517 Pt Vincent Senior 46 Member 159 Racing 255 Associate/Family 66 Intermediate 5 Junior 41 Total 1134

Back cover photo courtesy of Jacq Heffernen Inside front and back cover photo courtesy of Craig Evans

Graphic design by Trevor Paynter Printed by Reflex Printing Cover image: Bullistic (Tony Hansen, Paul Martin and Richard Royans)

Contents Cruising Yacht Club of South Australia

Administration

2

Board Committees

2

Club Committees

2

Club Association Committees

2

Life Members

2

Board of Management

3

Flag Officers

3

President’s Report

4

Treasurer’s Report

6

Commodore’s Report

7

Audit Committee Report

8

Facilities Committee Report

9

CYCSA Marine Academy Committee Report

10

Membership Services, Sponsorship and Recruitment Committee Report

11

Groundswell Editorial Committee Report

14

Cruising Association Report

15

Fishing Association Report

16

Social Activities Association Report

18

Racing Association Report

19

Club Structure

21

CYCSA Inc and Controlled Entities Financial Report

22

CYCSA Vessel Register

41

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Administration Executive Officer Finance Manager Administration Manager Comms and Membership Services Administration and Leasing Receptionist Racing Manager Slip Master Property Manager Maintenance Cleaner Head Chef Head Chef Food and Beverage Manager Functions Coordinator Pt Vincent Manager Marine Academy Coordinator

Committees

Craig Evans BOARD COMMITTEES Marina Segodina Audit Committee Jenny Krogdahl Chair Chris Wood (Board Member) Laura Cowley

David Hughes (Treasurer), Don Venn (Senior Member) Kylie Bottrill Mellissa Gray CYCSA Marine Academy Jess Hargreaves Chair Andrew Saies (Board Member) Tim Went (until Dec.2011)

John Gerard (Senior Member), Geoff Catt (Commodore), Robert Gray Rod Hunter (Senior Member), Chris Morphett (Senior Daniel Preece Member), Rowland Richardson (Rear Commodore), Malcolm Murray Craig Evans (Executive Officer), Matt Young (MA Course Peter Batrachenko (until Dec.2011) Coordinator), Brett Yardley (Senior Member), Peter Hendy Aaron Hill (from Dec.2011) (Racing Member) Mario Cataldi Facilities Committee Michelle Matte Chair David Murray (Board Member) Rob Marner

Graham Meyers, (Senior Member), Geoff Boettcher (Senior Matt Young Member), Joe Walker (Senior Member), John Gerard (Senior Member), Craig Evans (Executive Officer)

Club Associations

History Project Committee

Chair Keith Degenhardt

Martyn Heffernan, Robert Perrin, Terry Denham,

Gerard Hughes

Chair John Gerard (Senior Member)

Tom Tymons (Board Member), Trevor Paynter (Member), Laura Cowley (Comms & Membership Services),

Craig Evans (Executive Officer)

Fishing Association Committee

Membership Committee

Cruising Association Committee

Chair Glenn Spear

Peter Newmarch, Geoff Wiggins, Malcolm Kitto,

Ray Baddeley, Bruce Tasker, John Colella, Graham Meyers, Leica Theodore

Racing Association Committee

Member Services, Sponsorship and Recruitment Committee

Chair Traci Ayris

William Strangways, Brenton Pegler, Roger Nicolson,

John Gibson, Mark Hutton

Social Activities Association Committee Chair Jacq Heffernan

Sandra Richards, Pam Humeniuk, Morag Draper,

Karen Johns, Anne Burrows Jnr, Don Guy

Chair

Other Associations The Cruising Yacht Club of SA is a member of the following Associations: Boating Industry Association of SA, Marina Industries Association, Clubs SA, Business SA, International Training and Management P/L, Yachting Australia, Yachting South Australia, Game Fishing Association of Australia, Australian Bridal Industry Academy, Good Sports

Life Members Arthur F Carolan Richard H Fidock AO Graeme L Footer James A Henry (deceased) Malcolm A Kinnaird AC Peter J Page Cruising Yacht Club of South Australia Annual Report for 2011/2012

2

Bryan Mellors (Senior Member), Barbara Page (Senior Member), Peter Page (Senior Member), Martyn Heffernan (Senior Member), Jacqueline Heffernan (Senior Member), Trevor Kipling (Senior Member)

Wayne Coonan (Board Member) Geoff Catt (Commodore), Craig Evans (Executive Officer), Laura Cowley (Communications & Membership Services), Glenn Spear (Fishing Association Chair), Traci Ayris (Racing Association Chair), Jacq Heffernan (Social Activities Association Chair), Keith Degenhardt (Cruising Association Chair), Rowland Richardson (Rear Commodore), Matt Young (Marine Academy Coordinator), Trevor Paynter (Marketing & Promotions Subcommittee), Richard Watson (Marketing & Promotions Subcommittee), Mike O’Reilly (Marketing & Promotions Subcommittee)

CLUB COMMITTEE Groundswell Editorial Committee

Craig Evans (Executive Officer), Gay Footer (Senior Member), Robert Perrin (Senior Member), Owen Mace (Senior Member), Laura Cowley (Communications and Membership Services), Jenny Krogdahl (Administration Manager)

Board of Management

Andrew Saies President

David Hughes Treasurer

Wayne Coonan

Andrew Corletto (retired December 2011)

David Murray

Tom Tymons

Chris Wood (appointed April 2012)

Henry Petersen

Executive Officer

Craig Evans

Flag Officers

Geoff Catt Commodore

Rob Sellick Vice Commodore

Rowland Richardson Rear Commodore 3

Cruising Yacht Club of South Australia Annual Report for 2011/2012

President’s Report Last year I provided a fairly detailed review of the Club’s position in relation to the post GFC economic environment. As most members would understand, little has changed in the general South Australian economy; in fact it continues to remain static or is even contracting and this situation is also reflected in the business and activities of the CYCSA this year.

Finances and Membership Net memberships have remained largely unchanged from those reported at the AGM last year. The Club’s net assets remain very strong. Total revenues across the Club and controlled entities has shown an upward trend on 2011. Understandably and correspondingly, capital expenditure and other infrastructure projects have all been put on hold to achieve this result.

Nonetheless, Craig Evans and his management team have done very well to achieve this outcome while maintaining access to services and activities in keeping with previous years. If however there is a decline in income, or an imperative for expenditure, then this will need review.

The Board must and will continue to monitor the Club finances very carefully and is constantly looking to reduce expenses in ways which will have minimal impact on access, services and activities for members. Membership fee increases this year were capped at just under 5%, however a number of Club expenses increased by percentages well in excess of that number. The Board and management continue to carefully consider the impact of fee increases on members against the need to maintain and run the Club in a manner that members would expect.

Marina West No new sales have occurred in Marina West since my last report.

I again stress to members that income from sales is in excess of the construction cost of the marina and this money is in the bank, however the net surplus that was expected to be achieved by sale of two thirds or more of these marina berths has not occurred.

Members will be aware that this surplus was targeted for a staged replacement of Marina East.

The issue of vessel motion and comfort in relation to wave motion for the outer berths in Marina West continues to occupy considerable Board and management time. I stated last year that the Board intends to extend the inner breakwater. The timeline of the various approvals required from Government and Council has been complex to say the least and in fact final construction

Cruising Yacht Club of South Australia Annual Report for 2011/2012

4

application approval from Port Adelaide and Enfield Council was only obtained in February of this year. The project cannot commence until a dredge becomes available in the North Haven basin and this is dependant on Government making available the dredge to do this work. The Government is also in breach of its dredging obligations to maintain a safe navigable depth within the entrance and fairways of North Haven Marina. Again, Board and management have gone to considerable lengths to obtain commitments from the relevant department and in fact have more recently asked assistance from the new local member for State Government, Susan Close.

The delays in commencing construction of the inner breakwater are not of the Club’s making.

While progressing the application, approval and tender process for this project the Board and management submitted a grant to the South Australian Boating Facilities Advisory Committee (SABFAC) for financial assistance to construct the extension to the Marina West breakwater. Craig Evans wrote an excellent application and spent many months and many hours meeting, lobbying, justifying and rebutting a significant amount of anti-CYCSA sentiment coming out of this particular government accountable committee.

Despite this tremendous effort and despite the fact that large boat owners to date have received no investment in their boating infrastructure or services from this fund, the SABFAC committee denied our application for funding assistance. In the explanatory letter from the Chairman of that committee there are factual errors that are completely at odds with the submission put forward by the CYCSA and with the extensive presentation made by Craig Evans at the application hearing. This decision and our extreme unhappiness with the SABFAC decision, along with the inaccurate justification for the decision, currently at the time of writing, sits with the Minister for Transport.

I am also able to report that the Board has sought further advice on all aspects of the design/construction brief and the contracts underpinning the Marina West project. Notwithstanding this, an extension to the inner breakwater is an absolute priority for the Club and the Board.

Marina East I am pleased to report that the speed of deterioration of Marina East has slowed in some areas and in many areas is no greater than has been seen in the preceding twelve months to two years.

Walkway and finger heights are being carefully monitored along with changes in inclination of these areas. Any significant areas of degradation will be repaired or replaced as and when this occurs.

An allocation in the budget is made for this each year and this amount is correspondingly increasing each year.

Board Activity Andrew Corletto stood down as a Board member in December last year and the Board appointed Chris Wood to the casual vacancy created. I would like to thank Andrew for his substantial contribution to the activities of the Board over the last five years or so. His legal expertise was utilised on many occasions, bringing about resolution of matters that would have otherwise required outsourcing of legal advice at some considerable expense to the Club.

We live in an increasingly regulated world where rights and responsibilities are spelt out in the minutest detail and where parties in dispute seem to have no hesitation in pursuing those perceived rights through our legal system. The number of letters from lawyers representing parties or members in dispute with the Club increases every year.

Andrew, on behalf of the Board and all members, I thank you for your substantial contribution and a second term of office at an appropriate time in the future is not out of the question!

Chris Wood brings considerable expertise as a Director and Manager of private companies and businesses, is a long time Club member and a very active cruising sailor. Chris has also been made Chairman of the Board Audit subcommittee.

Council Rates Much of the last six months has been spent developing and implementing a strategy to counter the Port Adelaide Enfield Council proposal to effectively quadruple rates raised from marina and hardstand berths in the precinct over the next five years. The detail and nuances of the particular proposal and of the Local Government Act covering rates and Council’s rights to raise rates is complex and beyond the scope of this annual report. However if the City Manager’s proposal in its original form was to have been passed by Council, the financial impact on berth owners, with a flow on effect to the Club, would have been significant and severe.

The manner in which the City Manager and the Mayor have pushed this rate change has been acrimonious and divisive. Our two local Ward Councillors, Bruce Johansen and Peter Jamieson, have been very supportive of the Club position. Our Club has shown considerable leadership on behalf of all berth stakeholders in the Council area in fighting the proposed rate increase. The Club has undertaken an extensive and well thought through campaign to persuade the Council against approving such a rate increase and has put forward an alternative proposal. I can assure members that no stone has been left unturned in our efforts to combat this unfair and unreasonable rate increase. At the time of writing this issue remains unresolved.

Associations and Volunteers I like to thank and recognise the Board members, committee members and all the Chairs of the Associations and interest groups within the Club. You give your time and expertise to enhance the value for all members of being a member of this Club. Without your commitment, the success of the Club and the governance and activities provided for members would be significantly diminished.

I would also like to thank those members who sit on other committees such as the Marine Academy, the Audit Committee and all those who help with special events and social events throughout the year. Be warned you may be being groomed for a more formal role!

I would like to thank and acknowledge all those businesses who sponsor the various activities or events throughout the year.

Sponsorship is a key part of the ongoing success and viability of our activities and in particular it is great to see an increasing number of our own members who support the Club in this way.

I would like to thank our Flag Officers. Rob Sellick who completes his term as Vice Commodore, has been a level headed, measured and effective Flag who just gets on and gets the job done when required, not unlike his great sailing ability out on the water.

Rowley Richardson as Rear Commodore has stepped up his contribution to Club life, bringing expertise and guidance to the Marine Academy in particular and I thank him on behalf of the Board and Members.

Finally, Geoff Catt as Commodore and past President dedicates an enormous amount of time to the Club and is interested and involved with so many areas. He has been a great support to the Board and I have personally valued his guidance and insight.

Finally I would like to thank our Groundswell team, Gay Footer and Trevor Paynter. The magazine is of ongoing excellent high quality and of great interest to members. In an age where everything is available in a digital format, I think many of us appreciate receiving a real magazine.

Club Administration I would like to acknowledge and thank Craig Evans for his outstanding efforts again over the last year. Craig works tirelessly for this Club. He is here on all weekends throughout the year and most of the remainder of the working week. He deals with everything from applications for major government grants to sorting out disputes between members or between members and the Club.

He does this with pragmatic diplomacy, obtaining an outcome that satisfies the vast majority of members on most occasions and in keeping with Board and Club values. Craig leads a dedicated team who also have the interests of the Club and members at heart and do their very best within their areas of employment and within the budget given to them by the Board.

I wish to thank Craig and all staff for their efforts in making our Club an enjoyable place to visit while pursuing our boating, racing and social interests in the 2011/12 Club year.

Andrew Saies, President 5

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Treasurer’s Report I took over this role from Henry Petersen on October last year and I would like to thank Henry for the enormous effort he has put in managing the treasurer’s role for the past 5 years.

The Year in Review This has been another year of difficult economic conditions, rising costs and continuing levels of uncertainty. We have seen the collapse of a number of high profile organisations and most businesses across the state have been challenged to be very diligent in managing costs and cash flow. This is even more prevalent in organisations that rely on “discretionary spending” such as ours.

I believe we have weathered this environment very well and continued to provide an excellent Club environment which is well placed to face the future challenges.

The Club has again been well supported by the Associations who provide a continuing source of volunteer labour and contribute valuable income generated from various member activities, for which, on behalf of the Board, I thank you.

In addition to the income from Associations, it is important to note that the Club has a variety of sources of income including corporate and membership fees, license fees, hospitality and other services. All of these income sources go to fund all Club facilities, infrastructure and services for the benefit of all members, so we all need to support the Club and enjoy all of the facilities on offer. The Board always appreciates any suggestions for improvement across any aspect of Club activities.

In summary, I believe we have seen a very successful year with the addition of a number of new boats and members, successful on-water activities as well as very enjoyable social occasions. As members, we should all thank the tireless effort of the staff who ensure our Club is at its best for our enjoyment.

Revenue Total revenue has increased by $173,000 (up 5.6%), following a decrease in the previous year. Our revenues have increased in all areas, with the exception of “Commission on Berth Sales” (down by $126,000) and “Hospitality” (down by $10,000). Our main source of revenue is still membership and corporate fees and it is pleasing to report that our membership and berth owner numbers have remained relatively stable across the year. This is a very positive result given that a number of similar clubs here and interstate have reported significant reductions in membership. As a Board, we take our decisions on fee increases very seriously and would prefer not to have to increase fees. Unfortunately this is not possible and we continue to monitor prices across the sector to ensure we remain competitive and affordable.

Expenditure Total Expenses increased by $37,000 (up 1.5%) across the year against a general CPI increase of 2.9%. It is a credit to Craig and his team that expenses have been held at low levels across the year against an environment of increasing demands and general cost increases.

Cash Flow Given a 5.6% increase in revenue and maintaining expenses to a 1.5% increase, we have been able to deliver a cash surplus for the year of $148,000. In addition to the control on general expenses, we have limited capital expenditure to a modest $37,000, allowing only essential capital to be spent. At year-end, we are sitting on cash reserves of $867,000, a very strong position to enable us to address major capital works in the coming years. We have had very limited sales of new berths in Marina West in the current year and anticipate low levels of sales over the next few years until economic conditions improve. As planning for the extension to the breakwater in Marina West continues, we need to maintain a prudent approach to cash.

Balance Sheet Our Club now has total assets of $19,029,000, a reduction of $420,000. This reduction is due to non-cash depreciation charges on assets of $600,000, less the cash surplus generated for the year. Total Liabilities of $6,139,000 (last year $6,389,000) includes an inter-Club loan of $5,490,000 (last year $5,642,000). At the date of this report, there are no external bank borrowings.

Financial Reports As members know, the Club has a complicated entity structure. We have two Unit Trusts (CYC Ramp Trust and CYC (SA) Unit Trust), each with their own corporate trustees as well as an Incorporated body being CYC of SA Inc. This structure was devised some years back and provides members with substantial benefits around protection of assets, tax benefits and maximum flexibility for future directions. The financial reports presented in this report represent the consolidated position of the Club and (hopefully) avoids confusion in the understanding of the Club’s financial performance and position.

The individual entity reports are available on our web site should any member wish to review them. All entities, as well as the consolidated view, have been reviewed and confirmed by our auditors, with unqualified audit reports being issued and included in this report.

Year Ahead I believe we will continue to see difficult and uncertain economic times in the year ahead. In addition, we will see substantial increases in utility costs, insurance and from the consequences of the final outcome regarding Port Adelaide Enfield Council rates on marina and hardstand berths. The Board has reviewed all of these impacts and set a tight budget to ensure the Club continues to maintain a prudent and conservative financial position.

We are likely to undertake a substantial investment in the inner breakwater for Marina West at some stage across the year, which will require some debt funding as well as consuming some of the existing cash reserves. The Board is maintaining a very prudent approach to any other discretionary and capital expenditure to ensure we maintain a strong balance sheet for the future. We will balance the need to maintain existing assets in a professional condition with the need to ensure financial strength. We trust members understand this balance.

In summary, I believe we have a Club to be proud of, a year ahead to look forward to and boating and social activities to enjoy. The Club prospers and grows on the support of all members.

David Hughes, Treasurer

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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Commodore’s Report This past year has once again proven to be a busy but challenging one for our Club. The state of the general economy always has an impact on the activities of a club such as ours because if members are feeling nervous or apprehensive financially then discretionary spending on sporting and social areas tends to tighten. Nevertheless, we’ve continued to move forward in many areas whilst adopting a more prudent approach in others.

Indeed, as I mentioned two years ago, through times like these the robust nature of the Club’s history, structure and finances has served us well once again.

As Commodore I am able to attend each Board meeting as your representative and I can assure you that you can be confident of the care, attention to detail and diligence that the members of the Board apply to the governance of the Club, its assets and finances. We are well served by the present Board and I thank them on your behalf.

As usual, the 2011 season kicked off in fine style with Opening Day being celebrated in fine but windy weather and a few whitecaps out to sea. Consequently, the sail past was a little different this year as we decided to try it within the confines of North Haven. Vessels proceeded to the far northern basin before forming a line back past the saluting vessel moored on the end of Marina West. Although this was a break with tradition it was well received by the majority of skippers as it enabled many more guests to participate without venturing to sea. In addition, the turnout of North Haven residents on their balconies to view the sail past added to the occasion.

Continuing the previous year’s theme of honouring our life members, Past President and Past Commodore Peter Page took the salute and officially opened the season.

We also announced and congratulated our Volunteer of the Year, Traci Ayris for her outstanding commitment as Chair of the Racing Association.

A special thanks was extended to those members from all associations who gave time to help run the second “Unforgettable Challenge”, where teams competed in a series of events to win a magnificent Unforgettable Houseboats prize, kindly donated once again by Mark and Lee-Anne Flanagan.

The summer racing season concluded with Presentation Night which was as enjoyable as ever, reflecting the terrific effort put in throughout the year by the Racing Executive, by our Racing Manager Jess Hargreaves and of course by all the volunteers who have helped to stage the various race programs – well done everyone. Congratulations to Les De Wit on winning Crew Person of the Year, to Andrew Saies and Two True as Yacht of the Year, to all winning skippers and their crews and a special acknowledgement for our Sydney to Hobart participants – first timer Patrice IV (Shane Wiseman) and Two True (Andrew Saies) – both boats performed well and returned safely to the CYCSA. On behalf of the Club I also took pleasure in accepting the Commodore’s Shield from a gracious RSAYS Commodore Peter Kelly in recognition of our team’s success this season.

Yacht racing will always be vital to the success of our Club, but there were many other notable events that occurred during the year as well.

A reinvigorated Fishing Association staged the traditional successful and enjoyable Crabbing Day, an impressive Boating Showcase and an equally entertaining Seafood Extravaganza Dinner, whilst cruisers from the CYCSA have travelled to Tasmania, the East Coast and the Far West Coast as well as throughout the local waters.

Also, closer to home, the Social Activities Committee continued to arrange and successfully run their usual full calendar of major events like the Christmas Party, the Boat Hop and the Commodore’s Dinner, as well as a myriad of other functions which this year included a most enjoyable Progressive Dinner on boats in Marina West.

All of these events are an important part of our Club’s fabric. They represent the unique cross section of membership and would not happen without active Associations and dedicated volunteers.

And so I would like to thank on your behalf all who have helped in any capacity in running the Club’s events this past year – it is much appreciated.

I would also like to take this opportunity to thank our Executive Officer Craig Evans and all staff for their great work in providing us with the amenities of which we and our guests can enjoy and

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Commodore’s Report (continued) be proud. From personal experience I can attest to the many, many hours of additional work and effort that they have put in – thank you Craig and your team.

I announced last year that we had instigated a reciprocal membership program with other yacht clubs around the world for the benefit of members travelling to those locations. We now have fifteen such arrangements in Australia, the United States, the United Kingdom, New Zealand, Hong Kong, Brunei, Malaysia, Thailand and Singapore. Contact details continue to be posted under special links on the website. I trust that CYCSA members visiting these reciprocal clubs will be made welcome and enjoy the facilities on offer.

Senior Members are also reminded that we have a continuing reciprocal agreement with the Naval Military and Air Force Club in Adelaide whereby senior members are able to join for a very reasonable annual fee and enjoy the amenity of such a prestigious club in the city.

I would also like to most sincerely thank Vice Commodore Rob Sellick and Rear Commodore Rowley Richardson and their wives for their total support and enthusiasm during this past year – they have served you all well.

As you know, Rob is standing down tonight after five years as a Flag Officer. Amongst his other duties he has worked particularly closely with the Board and the Racing Executive to ensure that a vibrant racing fleet continues to be a feature of the CYCSA. Thank you for everything Rob and enjoy your semi-retirement!

On a sadder note I wish to acknowledge the recent passing of past member Graham Measday. He was a very active member and dedicated considerable time to the corporate governance of the CYCSA. He was a Board Member in 1985, President of the Board from 1989 to 1993, Rear Commodore in 1986, Vice Commodore from 1987 to 1989 and was our third Commodore from 1993 to1998.

Graeme and his wife Judy were responsible for reviving the Social Activities Committee and introduced a number of events and initiatives such as the ‘Welcome to Members’ cocktail night.

Thank you again for the opportunity to be the Club’s Commodore – it’s an honour and a privilege.

Geoff Catt, Commodore

Audit Committee Report The Audit Committee’s Terms of Reference are to continue to provide assurance to the Board of Directors that the Club is meeting its financial responsibilities with respect to overseeing all aspects of financial reporting, controls and functions.

The Committee spent considerable time liaising with the Club’s new Auditors PKF, in overseeing the audit program, the audit outcomes, and the preparation of the Club’s Annual Consolidated Financial Statements.

The Committee consists of: Chris Wood – Chair and Board Member David Hughes – Treasurer and Board Member Don Venn – Senior Member

The Committee has set itself a program for the current financial year, which includes, and will not be limited to, verifying and testing many of the Club’s key balance sheet items and structures as well as looking at the checks and balances relating to management controls.

During the course of the year the Committee carried out its usual reviews, monitored corporate risk including the Club’s insurance program, and worked with management to carefully understand and periodically check the internal financial performance.

Thank you to my fellow members for the considerable time and support they have given to a very important function within the Club’s formal structure.

Chris Wood, Chair Audit committee

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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Facilities Committee Report

Following the 2010 AGM, the Board of Management held an information session to update members on the status of a number of projects and the Club’s Master Plan, developed with the architectural firm Woods Bagot.

The first phase of the Club’s Master Plan was to include storage and waste facilities to be constructed in the south part of the grounds. This project was to enable the shipping containers to be removed from our property to comply with Council’s demands and also meet storage needs for members as identified by survey.

Room was to be provided for Association storage and for general Club requirements following the removal of the sheds by the ceremonial area. A new bulk waste facility had been designed to enable the current waste area by the Club entrance to be relocated to improve environmental as well as occupational health and safety and amenity aspects. Architect, Kym Glastonbury, was engaged and developed architectural drawings.

An opportunity arose to apply to Federal Government for funding under the Climate Change Grant Program which involved modifying and expanding the proposal to fit in with the grant application guidelines. Modifications incorporated a range of environmental features but at the end of the day, the grant application was not successful, despite substantial effort going in to “tick all the boxes”.

With other demands looming that would involve substantial costs (ie the need to build the Marina West breakwater extension and to replace Marina East) the Board asked the Facilities Committee to trim down this proposal to achieve the storage requirements only, at minimum cost. With that brief, proposals for storage sheds have been developed and quotations have been sought from preferred suppliers prior to submission to the Board for approval. This project is on the table but will need further financial modeling to ensure it is close to self-funding with the concept being for the users of the storage facility to make up the main funding. It is envisaged that responses to the initial survey will need to be followed up in this context.

The Facilities Committee had also been working through plans and specifications for redevelopment of the Club’s building at Port Vincent to better meet the needs of local and visiting marina users. The committee reached the point of evaluating tender proposals and refining the preferred tender to trim costs, and submitted a proposal to the Board for approval. Again, with a focus on tight financial restraint, the Board decided to go for a more modest improvement at Port Vincent and work has now been completed on the north side of the amenities building to better utilize that area. While this development is well short of the initial concept, it is set up to readily integrate with a larger scale development that may be considered in more flexible financial circumstances.

A proposal to install shade sails for the ceremony area met with unexpected Council development application hurdles. However, the Club was able to get through each of those hurdles, doing so not just to get the application through but to ensure that its position was protected if at some time in the future it were to make more significant development applications. However, to maintain greatest financial flexibility, the shade sail installation has also been put on hold for the time being.

Board member, David Murray took on responsibility for the Facilities Committee from John Gerard who retired from the Board in December 2010. Thanks to John who has maintained his involvement as well as to senior members Joe Walker, Geoff Boettcher and Graham Meyers for their ongoing commitment, and a special thanks to Craig Evans who has been the evercommitted project manager throughout.

David Murray, Chair Facilities Committee

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Marine Academy Committee Report The Academy completed its fifth year of operation and its second full year with Matt Young as Coordinator.

Courses The Academy has continued to run a variety of courses targeting member needs and interests along with running courses in introductory boating for members of the wider community.

Overall activity levels and course numbers have plateaued due in no small way to the lack of YA qualified instructors available to take these courses on weekends and after hours. Matt Young, Brett Yardley, Rod Hunter, Andy Ship and John Edwards have all been involved in instructing this year. Brett Yardley intends to achieve YA Instructor certification status some time this year. The delays in achieving this RYA/YA higher qualification has come about due to the limited numbers of instructors in Australia wishing to undertake this course and the postponement of the course by YA on at least two occasions in the last twelve months.

This higher level course can only be taken interstate. Our inability to obtain these higher qualifications however has meant that we have been unable to increase our pool of RYA/YA certified instructors and this limits the number of courses that can be offered. Until instructor numbers can be increased the Marine Academy is taking a cautious approach to wider community marketing and promotion of courses and activities.

The Academy continues to have access to two J24s and Academy One. The RIB is used for powerboat courses, boat licence instruction and by the Club for safety and support during Club events. Four years ago the Club had none of these craft available to members.

Financials The financial report is summarised adjacent. The statement of cash flow will show an operating profit of around $8,000 which is less than the previous year. If the Academy Coordinator salary (covered within the total Club operating budget) is added into the expense report the Academy will have run at a small loss this year.

Future Directions The committee has spent some considerable time this year under the direction of Rowley Richardson in developing a strategic and business plan. The implementation of this plan will occur over the next two years. Access to suitably qualified instructors is a key challenge for the Academy and for the realisation of some of the goals in the strategic plan. The Academy, in conjunction with the Club, must also look for ways to re-engage the many students who have been through courses in the last four years. One of the early goals of the Marine Academy was to try and bring a net inflow of new crew and new members into the CYCSA. Although there has been little growth in the activity of the Academy in the last twelve months the recently revised strategic and business plan should give some focus to the Academy Committee, the Club and to Matt Young and his team who deliver the courses. The Board and the Committee consider that the Academy has the right fundamentals in place and that, in Cruising Yacht Club of South Australia Annual Report for 2011/2012

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time, it will be the premier provider of education and instruction for boating in South Australia.

Andrew Saies, Chair CYCSA Marine Academy

Statement of Cash Flow 31 May 2012 Carried Forward Income SSSC Safety Sunday Intro Sail & WEA Sail Cruising Scheme Instructors Course Youth Keelboat RYA/YA Theory Course Marine Radio Course National Keelboat Scheme (NKBS) Powerboat (NPBS) Sponsorship/Fundraising SA Water Atlas Income Course Books Income Other Income - Jump On It Income Interest Total Income

Expense SSSC Safety Sunday Intro Sail & WEA Sail Cruising Scheme Instructors Course/Accreditation RYA/YA Theory Course Marine Radio Course National Keelboat Scheme (NKBS) Powerboat (NPBS) Youth Keelboat Administration Advertising SA Water Atlas Course Books Other expenses Total Expenses

Balance as at 31.5.12

$46,106.52

$3,263.61 $2,218.16 $9,031.82 $2,568.19 $636.36 $3,469.08 $1,190.00 $5,807.27 $2,202.26 $3,766.21 $0.00 $236.36 $0.00 $4,136.73 $2,310.48 $40,836.53

$3,137.56 $27.94 $4,441.20 $3,606.26 $522.73 $3,298.81 $4,613.18 $681.82 $2,598.46 $6,136.16 $0.00 $0.00 $1,033.37 $0.00 $97.90 $30,195.39 $56,747.66

Member Services, Sponsorship and Recruitment Committee Report 1. Evolution of the Committee from Member Services to Member Services, Sponsorship & Recruitment The initial Charter of the committee was to consult with members and to develop a range of initiatives to enhance the services provided by the Club to our membership. Following the launch of a revised members handbook and information packs for new members about the Club’s Associations and activities, this role was expanded by the Board to include the development of a whole of Club approach to sponsorship. This was to increase the overall level of sponsorship to the Club and its Associations by providing our sponsors with a broader and more flexible range of options that offer genuine value for their sponsorship support.

It is also designed to assist Associations to develop their services to members by expanding their potential sponsorship pool and to establish a ‘Sinking Fund’ for future projects. An underlying principle of this initiative is that Associations would retain their current roles in seeking and dealing with sponsors as well as their rights to allocate sponsorship funds and to carry over any unused funding.

Given the obvious interrelationships between sponsorship and marketing and the importance of membership to the Club, the Committee was also charged with assisting the Club and Associations in recruiting new members.

These changes in function have been reflected in the membership of the Committee with the addition of representatives from each Association joining the existing members.

1.1. Committee Members Chair Wayne Coonan (Board Member) Geoff Catt (Commodore) Craig Evans (Executive Officer) Laura Cowley (Communications & Membership Services) Glenn Spear (Fishing Association Chair) Traci Ayris (Racing Association Chair) Jacq Heffernan (Social Activities Association Chair) Keith Degenhardt (Cruising Association Chair) Rowland Richardson (Rear Commodore) Matt Young (Marine Academy Coordinator) Trevor Paynter (Marketing & Promotions Subcommittee) Richard Watson (Marketing & Promotions Subcommittee) Mike O’Reilly (Marketing & Promotions Subcommittee)

2. Major Projects 2.1. Website The new website was a priority and the Club now has a website backed by state of the art technology which will allow the Club and its Associations to develop an array of initiatives to improve communication with members and to provide increased exposure opportunities for our sponsors. Apart from visual improvements, online registrations and payments were welcomed early benefits to members. Staff and Associations can now control all internal editing associated with the site resulting in more timely information for members.

Members Online Survey An online member survey was created and respondents have provided valuable feedback of member opinion on many aspects of the Club. This survey technology can be adapted to cover a range of purposes and tailored for specific Association projects.

Online Shop It is our intention to eventually develop an online shop where members can purchase CYCSA clothing and merchandise through an online payment gateway. However other developments were considered a higher priority and we hope to make this facility one of our projects for next year.

Inducted Contractors Directory An Inducted Contractors Directory has been created and is being populated as contractor induction forms are being completed. We hope to make this page available to members soon.

Members Forum The Members Forum was designed to add another element for intra Club communication between members on a range of member driven issues. From a governance perspective this has required the development of terms and conditions of use and privacy policies to be in place before it can be launched for members. The legal aspects of this have involved a prolonged process and we are thankful for the assistance of Andrew Corletto. This has now been completed and following Board approval the project will be approved for launch.

Email Templates Work is progressing on designing a new email template for eBulletin distributions to members. Due to the expanding nature

11

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Member Services, Sponsorship and Recruitment Committee Report (continued) of search platforms, there have been a few issues preventing us from migrating to the new template. However, we are confident these issues will be resolved shortly.

Online Business Directory The Online Business Directory and has been well received by members and businesses alike. It continues to grow and is becoming a useful resource for members (and Club staff to direct member enquiries in an unbiased manner).

Paid listings include a logo, multiple lines of contact details and an optional special offer or promotion for members. However, to acknowledge the support of our members, we also introduced free single line listings, which is a good opportunity for smaller business owners to participate and promote their business to fellow members. eBulletins are being sent out on approximately a monthly basis with special offers from participating businesses.

Sponsors’ Links To add value to our sponsor partnerships we have automatically listed our sponsors businesses on the Directory as well. New links were created on the Club homepage to highlight the sponsorship and business directory pages.

Member Benefits Page & FAQs In response to queries from members and staff, a Membership Benefits page has been added to the website to highlight the benefits of being a member of the CYCSA, as well as benefits available to individual membership categories. Hopefully this will be a useful resource to clarify any queries in relation to leasing, berth ownership and slipping rules etc. A FAQs page will be developed and added to the website in due course.

Port Adelaide Enfield Council Rates A page was created on the website to provide information to members regarding the council rates on berths issue and will continue to be updated as developments progress.

Other Improvements implemented on Website: • Online account access for members (including the ability to pay accounts online) • Increased areas allowing potential exposure for sponsors • Logo rotation on homepage for CYCSA certification logos.

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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• •

Cruising Association pages enhanced with more information and a special menu.

Marine Academy Home Page and internal pages with their own special menus course information and booking forms.

Whole of Club Sponsorship Concept The development of this initiative has included several meetings with Associations and members of the CYCSA Board. Concepts for Sponsorship Packages and the recruitment of members were work shopped and to accelerate their development a Marketing & Promotions Sub Committee has been formed. The focus of this group is to refine the concepts and develop a range of trial materials, including the planning for a promotional CYCSA video.

The Board has approved a small budget to develop and ‘field test’ the prototypes, however the bulk of the costs are being provided pro bono by committee members.

2.2. Membership Trends Research The Committee, in conjunction with the Associations and the Club’s CEO Craig Evans, has reviewed various areas of research looking at issues related to membership trends, including the Gemba Report commissioned by Yachting Australia, the outcomes of the Inter Club exchanges/conference-workshop along with the CEO’s O/S Study. This has also been the focus of one of the President’s regular combined Board and Associations’ workshops.

In line with a number of other yacht clubs in Australia the CYCSA Board has recently reviewed the category of Junior Membership and have modified this to include people up to the age of 21. The category has been renamed to be Youth Membership.

Club Assets - Members/Associations Access Policy and Procedures These Guidelines have been created to provide management with instruction on the qualification requirements, booking, induction, preparation, charges and returning of vessels owned and maintained by the Club.

The Club currently has a total of 5 vessels that are of varying size and type. As these vessels are all different they require varying qualifications, experience and skills to operate appropriately.

These guidelines have been created to ensure the safety of those involved and for the protection and maintenance of CYCSA assets. The guidelines also assist to determine the manner in which these assets may be used to support sponsorship packages.

Member Services, Sponsorship and Recruitment Committee Report (continued) 2.3. Constitution & By-Laws update The quality of an organisation’s governance is an important component of its service to members. The Club’s Constitution & By-Laws form a central part of its suite of governance documents and for this reason periodic upgrades of all components are given a priority by the Board.

As part of this process a group including Craig Evans, Andrew Saies, Geoff Catt and Chris Wood are to create a corporate governance document to reflect the current structure and desired objectives of the Club.

2.4. New Members’ Nights New Members’ Nights, otherwise known as ‘The Captain’s Table’ gatherings, are held approximately every quarter and are hosted by the Commodore or his representative. With members of the Association committee attending, the nights provide new members with an intimate opportunity to meet with CYCSA officials over dinner and learn more about what makes the Club tick. It’s proven to be a very successful way for new members to make new friends and be brought up to date with upcoming events and activities on the Club’s Calendar.

2.5. Hospitality Credit The Hospitality Credit initiative is now in its second year and applies to North Haven Senior Members. For those who regularly

attend the Club the $100 represents a pre-payment of charges that are normally incurred, and for those who don’t often visit the Club it is an encouragement to visit your Club and take advantage of the hospitality services on offer.

Members simply present their membership card whenever they use the hospitality services at the Club and the charge for your food and beverage purchases will be debited to your member account and deducted from the pre-paid Hospitality credit.

Presenting your card means you will automatically receive the members discount of 10% off the regular price.

In not for profit clubs like ours, the only way to contain costs and still get things done is through the volunteering efforts of Club members. The value of this combined effort is rarely considered, but even on a gross underestimation of one day per volunteer per month the benefit to the Club would be in the thousands of dollars. This is especially so when consideration is given to the professional expertise these volunteers bring with them.

Consequently, I would like to acknowledge and thank all of the Club’s volunteers but particularly my frequent Co-Chair and Commodore Geoff Catt and all members of the Member Services, Sponsorship & Recruitment Committee, including the members from Club’s Administration Team, Laura and Craig.

Wayne Coonan, Chair Member Services, Sponsorship & Recruitment Committee

CYCSA History Book Committee Report The History Book Committee consists of the following members: John Gerard (Chair) Tom Tymons Trevor Paynter Craig Evans Laura Cowley The History Book Committee was formed to take advantage of a window of opportunity to gather information concerning the beginnings of the CYCSA while many of the people associated with those formative years are able to contribute to the process.

Accordingly, as members would be aware, Kristin Weidenbach was employed as an historian to research and record the history of our Club from its very beginnings through to the well established Club we have today.

The core manuscript is essentially complete and is undergoing its final editing and proofing process. The committee have been working hard to collate interesting and amusing anecdotes, stories and historical photos to accompany the text and ultimately produce a record of the Club’s history which we hope will be of

great interest and value to past, present and future members of the Club.

Capturing the history of the Club has required a great deal of research using documents and recollections of our members.

Over the past few years we have invited members to contribute to the history book and have received a great deal of information. Understandably, due to the amount of information and size limitations of the final product, not everything will make the cut. We would like to thank everyone who has contributed to the book and for taking the time to submit articles, photos or participate in interviews – it is very much appreciated. If, however, it seems that we have omitted something that you may find significant in the Club’s history we apologise in advance… but we did ask!

The story of the Cruising Yacht Club of South Australia is quite remarkable and we look forward to the official launch which at this stage we hope will coincide with the Club’s 40th Anniversary celebrations in May 2013.

John Gerard, Chair History Book Committee 13

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Groundswell Editorial Committee Report Groundswell is the Club’s ‘flagship’ communication and promotion vehicle and attempts to reflect life at the Club by involving all the interest groups in contributing articles about their activities and seeking out topics that may be of interest to the members. The committee works hard to gather articles together for each edition, occasionally resorting to writing some of them so that fast-approaching deadlines are met and to ensure that the wide range of activities and events are reported on.

To put the magazine together, it takes a bit of time on the part of an enthusiastic group of volunteers to make it happen and we really appreciate the input that the Club Associations in particular and other members make. Without the interest and response by our members it would be a slim volume each quarter. However, for Groundswell to maintain the high quality I believe we have achieved, we would appreciate receiving more input from all areas of the Club. If you have been on a fishing trip, completed a Marine Academy course, a cruise or participated in a race that you found interesting, odds are that so will many of the members, so put pen to paper and submit it to the Club Office for them to pass on to the editorial committee.

Advertising is an important component of Groundswell in order to make it cost neutral to members, so if you would like to gain exposure to over 1200 members plus friends and coffee table readers, please speak to the Club office and they will advise you on advertising rates etc. The staff, and in particular Laura, are an important part of our production team and if the advertising revenue increases, then so can the quality and size of the magazine.

Owen Mace and Rob Perrin assist in putting together and/or writing articles for the magazine with Owen being responsible for the ‘Technology’ articles that have been included recently.

Jess Hargreaves, the Racing Manager, and Traci Ayris from the Racing Association have been wonderful contributors for the Racing Association and racing activities/events in general. As racing is an integral part of Club life to have such informative and complete reporting is invaluable. Jacqueline Heffernan has kept us informed about the social side of the Club, various Cruising Association members have contributed articles about their functions and cruises and Glenn Spear contributed articles on the activities of the Fishing Association. Matt Young, Marine Academy Co-ordinator, has also been proactive in providing articles on what is happening within this very important adjunct to our Club.

Trevor Paynter, our graphic designer, not only creatively lays out Groundswell ready for printing but he also contributes in a most enthusiastic way to the type of articles to be presented. Reflex Printing do a wonderful job of printing and getting the magazine out to members.

Every now and again Club members comment to me how much they enjoy the magazine, particularly the articles from members with regard to their boating adventures. The article Chris Wood wrote about cruising the West Coast added to the variety of topics printed and the stories from all of our overseas adventurers expand everyone’s horizons.

Over the years that I have been editing Groundswell, I have derived considerable pleasure working with other volunteers on such a great project, and take pride in contributing to such a high quality publication four times each year. We are always looking for contributions of articles and if anyone would like to volunteer their time to join the production group in some capacity, please make your interest known to us. It is a terrific way to support members and the Club.

Thank you for your support over the year and I trust you continue to enjoy contributing to and reading Groundswell.

Gay Footer, Chair Groundswell Editorial Committee

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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Association Reports Cruising I am pleased to submit the report of the Cruising Committee for the 2011/2012 season.

I would like to start by recognising the committee members who have worked diligently throughout the year: Rob Perrin Deputy Chair and Secretary Marty Heffernan Gerard Hughes Terry Denham Being a relatively small group it was at times difficult to organise meetings and reach a quorum, but we did manage to hold them on a more regular basis than in past years and so I thank everyone for the effort they have made on behalf of the members of our Club.

The next person I wish to thank is Mark Charlesworth and Charlesworth Nuts for their continued support of the Cruising Association. Their support allows us to plan and undertake various projects for the benefit of all Club members and we are extremely grateful.

Now to the past season’s activities.

As seems to have been the case the last couple of seasons the weather has done its best to disrupt a good cruise. It seems every Cruise in Company planned for a holiday weekend was blown out, culminating in weather on Good Friday that was like an episode of The World’s Deadliest Catch if you were unfortunate enough to be on the water. However as always, as soon as the weather settled a bit Club boats took off in all directions and a good time was had in the usual spots around the gulf when two or more crews got together.

Our 2nd Saturday of the month barbecues have again been well attended, weather notwithstanding, and it was good to see a number of new faces throughout the season. They are in recess at the moment but will start again in September, and we look forward to seeing you there.

The subject of moorings has been something of a hot potato this year with the Board and management expressing concerns about the Club’s exposure to liability through the charging of fees and arranging bookings for their use. Thankfully this has been sorted and we are all in agreement about the way forward. We are working closely with the Fishing Association to upgrade all moorings at Edithburgh, Stansbury and Black point to the same standard, and will establish a routine inspection and maintenance schedule to ensure that these Club assets are kept in good order for the use of all members.

Last year at this time I told you that we wanted to install a weather camera and weather station that could be linked to the Club website. We have sourced the appropriate product information and prices, and are ready to go ahead with the installation as soon as the Club can budget for the cash expenditure in these fiscally restrained times.

One thing I am able to announce as an achievement this year is the restructure of the CA section of the Club website. It has been our aim to make our site more user friendly in the provision of information relevant to cruising to members, and I think we have achieved this with the new format. It is by no means exhaustive in its content but should be seen as an organic document that will grow with your input.

I am also able to report that the CA has allocated $3000 this year towards the renovation of the BBQ area at Pt. Vincent, a project that the Board has approved and which is now more like the original concept that we initially supported.

Lastly, I finish on what I hope will be seen as a high note with the reintroduction of the Cruise of the Year Dinner on 25 August.

This once highlight of the Club’s social calendar has languished for some years and been bogged down in rules about who could win! We have done away with this concept and replaced it with a dinner to celebrate any and all cruising undertaken by Club members, so please come along and celebrate time on the water with your fellow cruisers.

As committee elections draw near we are always looking for new members that can bring new ideas and enthusiasm to the group.

If you are able to give some of your time and energy please contact me or any of the other committee members. Your input would be valued.

Keith Degenhardt, Chair Cruising Association

Statement of Cash Flow 31 May 2012 Balance Forward

$8,891.00

Income Burgees Sale Moorings Income Port Vincent Project Sponsorship Cruise of the Year Interest Other Income Total

$0.00 $40.00 $0.00 $0.00 $0.00 $406.53 $279.09 $725.62

Expenses Environmental Day (BBQ) Hospitality Flags Entertainment Trophies/Prizes Refridgerator Badges Mooring Total

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $104.55 $104.55

Balance as at 31.5.12 15

$9,512.07

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Association Reports Fishing I have much pleasure in presenting the Annual Report for the Fishing Association.

The committee again worked tirelessly on various events and their support is very much appreciated. At this time, I am pleased to report that almost everyone has re-nominated for the committee next year.

Ray Baddeley is spending much of his time in Port Lincoln and will not re-nominate. I thank Ray for his support over the last few years.

The committee members for 2011/2012 were: Glenn Spear – Chairman John Colella – Secretary Bruce Tasker – Treasurer Ray Baddeley Peter Newmarch Leica Theodore Graham Meyers Malcolm Kitto Geoff Wiggins We are fortunate to have the support of several sponsors.

Custom Cartons, our longest serving sponsor, are valued contributors – thank you John Gerard.

Riviera – thanks to Paul Harrop and Ross Almond.

Maritimo – thank you to Andrew Craddock and team.

Cummins – again were naming sponsors for Crabbing Day. Thank you John, Andrew and team.

A new sponsor, Adelaide Motors were ‘on board’ for a very short time, however circumstances outside of the committee’s control meant that their support was lost.

The Fishing Association runs several important events in the Club calendar: In July 2011 we held our ‘Seafood Extravaganza’, with a maximum attendance of just over 140 people. The night was a huge success and the Club portrayed in a positive manner with an ‘up market’ focus. Central Audio Visual were major supporters

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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with all the audio/visual equipment donated. Special thanks to the Chef Peter and Mario for fantastic support.

In November 2011, the Boating Showcase was well supported.

We again had several beautiful boats from Riviera and Maritimo on display and the enjoyable opportunity for people to mix and exchange ‘fishing’ stories.

Again, we appreciated the help of Tracey Spear, Louise Wiggins, Wendy West, Tina Schembri and Jenny Tymons for the delicious sweets that were provided on the night.

The second largest event on the Club calendar is Crabbing Day. Cummins were naming sponsor and it was a pleasure to host the boys on ‘Lifestyle 111’. We didn’t catch the most crabs but had a great time in enjoyable sea conditions. The Club boat CYC1, skippered by Ray Evans and crew, was again available to members who could not source a boat on the day – thanks guys.

We continued with our approach to have everyone participate in fishing on the day and we are pleased to see so many people embrace this philosophy. The crab catch was excellent, prizes were awarded in all categories and everyone was seated under shade.

A raffle benefitting Ronald McDonald House was held and the Club received an official receipt and letter of thanks.

Crabbing Day is an important event in that it encourages an attitude of camaraderie between all members. It is very satisfying to see all Associations, staff and members pitch in to make the day a success – thank you.

We are to run a fishing competition later this year and we hope to make this an annual event. Please keep an eye out for this – it will be fun!

We encourage any Fishing Association members to nominate for trophy awards – details are on the website.

We are again proud to produce a positive cash contribution for Club members. The committee works diligently to control expenditure. All events are held in-house and the Club caters for these functions. Accordingly, the Club benefits from both a positive cash flow injection and the profit derived from catering.

Association Reports Fishing (continued) The Fishing Association holds significant cash reserves of approximately $71,000.00. The committee feels that this money should be used for the benefit of Club members by way of infrastructure improvements. In collaboration with the Cruising Association, we are in the process of funding new moorings at Stansbury and Black Point. Fishing Association members will be able to use these moorings at no charge. If you are not a FA member, your $22.00 annual fee may be a good investment.

The committee voted to allocate significant funding for much needed upgrades to the bar area; particularly new patio blinds, flooring and painting etc. The Club supports our vision, however, have asked us to defer capital expenditure at this time. As the Club finances improve, we will implement and drive this much needed upgrade.

I am proud to be Chairman of the Fishing Association. I enjoy working with a dedicated committee. Thanks at this time to CYCSA staff, Cruising, Racing and Social Committee members.

Special thanks to Commodore Geoff Catt, both he and Mavis make a special effort to attend many Club functions.

Glenn Spear, Chairman Fishing Association

Statement of Cash Flow 31 May 2012 Balance Forward

$65,995.32

Income Subscription Fees Crabbing Day Income Sponsorship Shirts/Burgee/Flag Sales Seafood Night Income Fishing Competition Boat Show Income Moorings Income Interest Total

$2,960.00 $4,159.06 $6,500.00 $31.82 $9,924.16 $0.00 $0.00 $20.00 $2,966.96 $26,562.00

Expenses Subscription Expenses Bar/Catering Expenses Crabbing Day Expenses Shirts/Embroidery Donations Fishing Competition Seafood Night Expenses Boat Show Expenses Flags Other Expenses/Meeting/Badges Total

$0.00 $658.09 $6,821.08 $872.73 $0.00 $0.00 $11,448.87 $1,282.83 $0.00 $805.04 $21,888.64

Balance as at 31.5.12

$70,668.68

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Association Reports Social This has been another very successful year for the committee.

Events have included the Port River Rally, Mouse Cup, Girls Night In, Children’s Christmas Party, Let It Be Beatles Club Christmas Party, Boat Hop, Cruising into Winter Dinner, Progressive Dinner and the Commodore’s Dinner.

This year’s committee has consisted of Jacq Heffernan (Chair), Pam Humeniuk (Secretary), Sandra Richards (Treasurer), Morag Draper, Anne Burrows Jnr, Don Guy, and Karen Johns. It goes without saying that the partners of the above put in huge amounts of effort and I would like them to be recognised for that, including Pauline and Henry Garner, our very supportive volunteers.

The focus on the last 12 months has been on defining what works best for the Club. It seems that some of the previously very successful functions have run their course which simply means other great ideas are in the making.

The Port River Rally was a great day with a dozen boats, power and sail, large and small, snaking their way up the Port River (an idea that had been done before but not for many years). On this occasion, Marina Adelaide jumped at the opportunity to come on board (pardon the pun) and provide delightful refreshments at the marina in the Port River.

time of preparing this report there is one function left on our calendar for the Committee’s year, the 2012 Commodore’s Dinner.

This is always a stunning event with a lot of effort and preparation involved, and we hope everyone will enjoy ‘A Night of Romance’.

Due to family commitments my time on the Committee has come to a sad close. Pam Humeniuk has been handed the helm at very short notice to see the year out and perhaps lead the fleet in the coming year.

Being part of this committee has been extremely rewarding and I shall miss the closeness of those who have been on this adventure with me. Part of the experience has been meeting new members who have become immersed in this unique Club environment and have now forged lifelong friendships.

Jacqueline Heffernan, Retiring Chair Social Activities Association

Statement of Cash Flow 31 May 2012 Carried Forward

$13,846.47

Income Mouse Cup Xmas Raffle Boat Hop Kids Xmas Party Commodore’s Dinner Girls Night In Cruising into Winter Night Cheese Night Fundraising Interest River Rally Total

$1,457.74 $0.00 $4,863.60 $1,666.09 $8,686.29 $0.00 $45.45 $0.00 $0.00 $545.76 $218.16 $17,483.09

As a result of funds raised over the years, the committee were happy to donate $5000 to the Port Vincent BBQ and will consider ongoing fundraising to help complete the project as it so well compliments the Club environment. We have also been able to donate a substantial amount towards capital expenditure on CYC1.

Expenses Mouse Cup Xmas Party Expenses Boat Hop Kids Xmas Party Expenses Commodore’s Dinner Girls Night In Cruising into Winter Night Function Expenses Capital Items for the Club Funds donated to Racing Association Hospitality Expenses Other CYC1 expenses River Rally Total

$863.19 $433.83 $4,888.07 $1,318.18 $6,272.49 $32.50 $500.00 $0.00 $0.00 $0.00 $622.26 $754.35 $3,700.00 $181.59 $19,566.46

Last year’s Commodore’s Dinner was a great success with our Winter Wonderland Theme and spectacular decoration. At the

Balance as at 31.5.12

$11,763.10

A diminishing number of young children meant fewer young ones attending the ever popular Children’s Christmas Party but, as always, it was a wonderful event.

The Boat Hop is a premier event and I hope the trend continues for the benefit of new and old members alike.

The committee are always thinking of ways to benefit external communities with the Girls Night In being a massive hit thanks to Morag Draper. The Queens of Clean raised $1800 for Movember, shared between our three male participants of the normally clean shaved variety, Vlad Humeniuk, Mario Cataldi and Shaun (barman).

I mention these two fundraising events to show that everyone with an idea is encouraged to consider the option seriously. The goal is to encourage members, old and new, to use the Club and the results are clearly evident.

Trying something different was the goal of the Progressive Dinner – Pam Humeniuk’s idea. This was a fantastic event and it was wonderful to see familiar faces from all facets of the Club; even a number of die-hard racers had crossed the marina to have a noncompetitive night of fun.

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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Association Reports Racing Racing Association Committee members for 2011/12 were Traci Ayris (Chairperson), William Strangways (Vice Chair), Brenton Pegler, Roger Nicholson, John Gibson and Mark Hutton. Vice Commodore Rob Sellick was yet again a valuable asset ex-officio and Jess Hargreaves continued to prove her most excellent worth in the Race Office. On behalf of all racing members I thank each and every one for their time and support. The role of Race Officer is an often demanding and sometimes thankless task. REX acknowledges the time and effort John Gibson, Ray Evans and David Saies have invested to facilitate our season program as our represented RO’s.

Our Duty Crew volunteers and Race Officers are the backbone of the Racing Association and we cannot underestimate the dedication of this group or fail to value their efforts. Despite the fact that our protest committee has only convened on a few occasions, Simon Irving and Wayne Thompson have also been generous with their time when called upon and we thank them for their help and advice this past season.

The CYCSA Racing Association elected to work once again with the RSAYS to produce and implement a combined 2011/2012 Racing program. Both club associations canvassed members for their feedback on the previous years’ program and, in a collaborative effort, adjustments were made accordingly. The level of co-operation between both clubs over the past two seasons has continued to improve and, for the most part, skippers and crews are enjoying the combined fleets.

Racing Association membership numbers have remained largely static over the past three years and REX aims to increase, or at the very least maintain, this position this coming season. While three boats were removed from our Racing Association Fleet Register this past year we can report that nine boats were added to that same list.

REX noted an increase in all Regatta fleet sizes this past season.

The Premiers Cup Regatta saw a fleet of 29 nominations, the Great Southern Regatta a fleet of 36 and Queen of the Gulf a total of 23. Building on the success of Ladies Helm Twilight Races we were also pleased to again see large fleets for both races.

On the suggestion of members, a casual race to Port Vincent, in conjunction with our short-handed series, was held recently. This weekend destination race also proved to be a great success.

Racing yachts from the CYCSA once again represented our Club interstate, notably the crews of Patrice IV and Two True which competed in the Sydney Hobart race. Two True also competed in Victoria’s 2012 Festival of Sails, posting a second place result in IRC Division B. The J24 Australian Championships were hosted at the CYCSA this year, a most successful regatta which REX will use as a template for similar events in the future. We were pleased to note that the number of crews from Port Adelaide Sailing Club joining us on occasion also increased and we hope that such interclub camaraderie will continue to build.

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 Association is also pleased to report that we have achieved most of the goals set at the end of last season. By making minor adjustments to our flexible membership fee structure we will continue to provide a range of joining options which will help to ensure that it is a simple process for any interested people to join us out on the water.

We also continue to work on consolidating the longevity of our Duty Crew volunteer group. Our core group is ever-reliable but we recognise the need to train back-up personnel and increase skills for the future in regard to new technology. It is fundamentally imperative that in future seasons our CYCSA duty boats can be crewed with teams as wonderful as those we have at present. As always, we welcome assistance from any interested members who might like to assist our wonderful volunteer crew on race days.

In the current financial climate we are overwhelmingly thankful for the support of our wonderful sponsors. Phil Hoffmann Travel, Port River Marine, Penfolds, Yalumba, MUSTO, Doyle Sailmakers, Stag Hotel and Canegrass Saltbush Lamb have once again been integral to the success of our season and we do urge our members to support our valuable sponsors whenever possible.

19

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Association Reports Racing (continued)

Statement of Cash Flow 31 May 2012

We are also thankful to businesses such as Sportsmed, Channel 7/Vislex and EverettBrookes Jewellery which chose to support the Association by sponsoring individual races and/or regattas during the season.

REX is mindful that Sponsorship is one of the major challenges our Association faces at this point in time. We are considering a number of fundraising initiatives for the coming season which will hopefully help to offset an anticipated decrease in corporate support.

Despite these uncertain times however, considerable belttightening by REX and close monitoring by Jess Hargreaves has ensured that our Association financials are a healthy testimony to the efforts undertaken to reduce any deficit to a bare minimum.

A new committee for 2012/13 will soon be convened but I anticipate that the ongoing focus for the next REX will be to maintain the core business of the association: •

Plan and facilitate a Program which caters for the ongoing needs of racing members

•

Improve the skill set/size of the volunteer pool and streamline protocols with a view to Duty of Care

•

Work with associated groups to further the sport of Yachting

•

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

Thanks, in the main, to our wonderful Racing Manager Jess Hargreaves, the Racing Association can report that the past season, while not without its challenges, has progressed well. The committee looks forward to finalising the 2012/13 Program as it prepares for another successful season of racing.

Traci Ayris, Chair Racing Association

Cruising Yacht Club of South Australia Annual Report for 2011/2012

20

Carried Forward Income Racing Fees Casual Racing Fees Racing Nominations Casual Nominations Event Nominations J24 Australian Championship Fundraising Flags Book Sales Buoy Maintenance Presentation Night Income Sail Storage Shed Interest Income Other Income Sponsorship Musto Yalumba Phil Hoffmann Travel Winter Port River Marine Sportsmed SA EverettBrookes Custom Jewellery Vislex Total Income

$40,549.68

$26,074.08 $1,490.77 $22,536.18 $1,631.95 $18.18 $3,863.61 $1,303.77 $1,081.82 $29.09 $615.00 $1,041.65 $6,340.95 $1,877.26 $125.91 $0.00 $2,000.00 $7,500.00 $4,545.46 $1,500.00 $500.00 $500.00 $84,575.68

Expense Administration Event Expenses Staff Training CYC1 Airhorn Office Expenses Buoy Maintenance Sponsors Expenses Duty Crew Expenses Hospitality Blue Books expenses Clothing Internet /Computing Fax machine Flags Motor Vehicle Expenses Presentation Night expenses Regattas Expenses Trophies Other Expenses Total Expenses

$54,349.26 $24.27 $0.00 $25,000.00 $36.27 $0.00 $821.46 $340.91 $2,580.91 $733.17 $0.00 $0.00 $350.00 $49.00 $272.73 $0.00 $2,286.96 $0.00 $949.06 $111.27 $87,905.27

Balance as at 31.5.12

$37,220.09

Club Structure The following diagrammatical representation of the Club’s structure is provided to clarify the relationship between the associated entities and the function each entity undertakes in the total Club structure.

CYCSA Incorporated (referred to as ‘the Club’) •

Senior Members elect a seven member Board of Management annually.

•

The Board of Management (‘the Board’)

All Senior Members hold units in this trust and therefore have a beneficial interest in the above assets.

•

As an asset holding entity, the trust’s affairs do not generate profits that can be distributed to unit holders.

CYC Ramp Trust •

This is the trust established in the early 1990s to facilitate the purchase of property including the southern area of the carpark, the land to the south and the Western Basin.

- is responsible for the management of the Club with delegation of appropriate responsibilities to the Executive Officer.

•

The major assets of the trust are the Western Basin including Marina West and the water area adjoining the northern peninsula.

- act as Directors of CYC (SA) Management Pty Ltd, the trustee of the CYC (SA) Unit Trust.

•

The trust also operates the public boat ramp.

•

The trust leases Marina West land/water to the CYC (SA) Unit Trust.

•

The trust, being a discretionary trust, does not have owners, but the beneficiaries of the trust are the Club and the CYC (SA) Unit Trust. The trust has made distributions to the Club in the past.

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

•

•

The Club owns the floating assets in Marina West.

CYC (SA) Unit Trust •

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

BOARD OF MANAGEMENT Directors elected annually by Senior Members

CYC Ramp Pty Ltd As trustee for

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

CYC (SA) Management Pty Ltd

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

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

Profits

Profits

Beneficiaries CYC (SA) Unit Trust CYCSA Inc

Beneficiaries Senior Members

Members

21

Cruising Yacht Club of South Australia Annual Report for 2011/2012

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

Report on the Financial Report We have audited the accompanying financial report of the consolidated entity comprising CYC (SA) Unit Trust and the entities it controlled at the year’s end or from time to time during the financial year, which comprises the statement of financial position as at 31 May 2012, the statement of comprehensive income, the statement of changes in equity and the statements of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the statement by the Trustees and Board of Management of the Cruising Yacht Club of SA Inc.

Management’s Responsibility for the Financial Report Management is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and for such internal control as management determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of the consolidated entity, as at 31 May 2012, and its financial performance and cash flows for the year then ended in accordance with Australian Accounting Standards.

Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due

PKF Chartered Accountants

G K Edwards Partner Signed in Adelaide this 30th day of July 2012

Tel 08 7421 1400 I Fax 08 7421 1499 adelaide@pkf.com.au I www.pkf.com.au A South Australian Partnership I ABN 21 903 784 597 Level 2 I 139 frome Street I Adelaide I South Australia 5000 GPO Box 2505 I Adelaide I South Australia 5001 PKF Adelaide Audit Practice is a member of PKF Australia Limited a national association of independent chartered accounting and consulting firms each trading as PKF, PKF Australia Limited is a member of PKF International, an association of legally independent chartered accounting and consulting firms.

Liability limited by a scheme approved under Professional Standards Legislation

Cruising Yacht Club of South Australia Annual Report for 2011/2012

22

Statement of Comprehensive Income for the Year Ended 31 May 2012

Note

2012

2011

$

$

Revenue 2 2,984,383 Other revenue 2 243,394 Employee benefits expense (1,140,118) Depreciation (599,807) Rates & taxes (122,788) Insurance (79,239) Impairment expense (12,230) Repairs & maintenance expenses (281,586) Cost of sales (445,587) Other expenses (708,381) Finance costs (38)

Operating surplus/(deficiency) 3 (161,995)

Other comprehensive income -

Total comprehensive income (161,995)

2,947,213 107,586 (1,024,054) (581,844) (131,937) (79,585) 23,292 (247,872) (390,371) (801,373) (65) (179,010) (179,010)

The above statement of financial position should be read in conjunction with the accompanying notes.

23

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Statement of Financial Position as at 31 May 2012

Note 2012

$ Assests Current assets Cash and cash equivalents 5 866,877 Trade and other receivables 6 81,345 Inventories 7 60,026 Other assets 8 63,395 Total Current Assets 1,071,643

Non-Current Assets Property, plant and equipment 9 17,957,083 Total Non-Current Assets 17,957,083

Total Assets 19,028,726

Liabilities Current Liabilities Trade and other payables 10 478,847 Short-term provisions 11 127,266 Total Current Liabilities 606,113

Non Current Liabilities Trade and other payables 10 5,489,686 Other long-term provisions 11 43,515 Total Non Current Liabilities 5,533,201

Total Liabilities 6,139,308

Net Assets 12,889,418

Equity Issued Capital 12 6,118,737 Reserves 5,697,666 Retained earnings 1,073,015 otal Equity 12,889,418

The above statement of financial position should be read in conjunction with the accompanying notes.

Cruising Yacht Club of South Australia Annual Report for 2011/2012

24

2011 $

719,139 124,706 45,340 40,080 929,265

18,519,679 18,519,679 19,448,945

578,636 120,283 698,919

5,641,939 49,126 5,691,065 6,389,984 13,058,961

6,126,287 5,697,666 1,235,008 13,058,961

Statement of Changes in Equity for the Year Ending 31 May 2012

Contributed

Capital

2012 Balance at 1 June 2011 6,126,287 Contributed capital (7,550) Operating surplus for the year - Balance at 31 May 2012 6,118,737 2011 Balance at 1 June 2010 Contributed capital Operating surplus for the year Balance at 31 May 2011

6,044,187 82,100 - 6,126,287

Retained Earnings

Premium Reserve $

Revaluation Reserve $

Total

1,235,010 - (161,995) 1,073,015

1,305,150 - - 1,305,150

4,392,516 - - 4,392,516

13,058,966 (7,550) (161,995) 12,889,421

1,414,019 - (179,010) 1,235,010

1,305,150 - - 1,305,150

4,315,366 77,150 - 4,392,516

13,078,722 159,250 (179,010) 13,058,966

$

The above statement of financial position should be read in conjunction with the accompanying notes.

25

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Statement of Cash Flows for the Year Ending 31 May 2012

Note

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid Interest received Net cash provided by (used in) operating activities 15(a)

2012 $

2011 $

3,206,650 (3,069,906) (38) 55,791 192,498

2,963,452 (2,868,380) (65) 50,211 145,218

Cash flows from investing activities: Payment for property, plant and equipment Net cash provided by (used in) investing activities

(37,210) (37,210)

(275,736) (275,736)

Cash flows from financing activities: Proceeds from issue/(redemption) of units in Unit Trust Proceeds from sale of berth licences Net cash provided by (used in) financing activities

(7,550) - (7,550)

159,250 400,637 559,887

Net increase (decreases) in cash held Cash at beginning of financial year Cash at end of financial year 5

147,738 719,139 866,877

The above statement of financial position should be read in conjunction with the accompanying notes.

Cruising Yacht Club of South Australia Annual Report for 2011/2012

26

429,369 289,770 719,139

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 1: Summary of Significant Accounting Policies General Information The financial report covers the Cruising Yacht Club of SA Inc. (the Association) and Controlled Entities comprising the Association, CYC (SA) Unit Trust and CYC Ramp Trust, as a consolidated group (“the group”).

The Cruising Yacht Club of SA Inc. is an Incorporated Association, established and domiciled in Australia.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

New, Revised or Amending Accounting Standards and Interpretations Adopted The group has adopted all of the new, revised or amending Accounting Standards and interpretations issued by the Australian Accounting Standards Board (‘AASB) that are mandatory for the current reporting period.

The group has early adopted AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB 2010-02 ‘Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements’. No other new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have been early adopted.

Any significant impact on the accounting policies of the incorporated association from the adoption of these Accounting Standards and Interpretations are disclosed in the relevant accounting policy. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the group.

The following Accounting Standards and Interpretations are most relevant to the incorporated association: AASB 1053 Application to Australian Accounting Standards The group has early adopted AASB 1053 from 1 June 2011. This standard establishes a differential financial reporting framework consisting of two Tiers of reporting requirements for preparing general purpose financial statements, being Tier 1 Australian Accounting Standards and Tier 2 Australian Accounting Standards – Reduced Disclosure Requirements. The group being classed as Tier 2 continues to apply the full recognition and measurements requirements of Australian Accounting Standards with substantially reduced disclosure in accordance with AASB 2010-2.

AASB 2010-2 Amendments to Australian Standards Arising from Reduced Disclosure Requirements The group has early adopted AASB 2010-2 from 1 January 2011. These amendments make numerous modifications to a range of Australian Accounting Standards and Interpretations, to introduce reduced disclosure requirements to the pronouncements for application by certain types of entities in preparing general purpose financial statements. The adoption of these amendments has eliminated various disclosure requirements that were considered not to add value to the financial report, and is consistent with the practice of a number of comparable organisations.

Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board (‘AASB’). These financial statements do not comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’).

Historical Cost Convention The financial statements have been prepared under the historical cost convention, except for the revaluation of certain non-current assets. (a) Principles of Consolidation

The consolidated financial statements incorporate the assets, liabilities and results of the entities controlled by the Cruising Yacht Club of SA Inc. at the end of the reporting period. A controlled entity is an entity over which the Cruising Yacht Club of SA Inc. has the power to govern the financial and operating policies so as to obtain benefits from its activities. In assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are considered.

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

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

(b) Income Tax

The Cruising Yacht Club of SA Inc is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997. Under current income tax legislation, the CYC (SA) Unit Trust and the Ramp Trust are not liable to income tax provided their taxable income is fully distributed to beneficiaries. (c) Inventories

Inventories are measured at the lower of cost and current replacement cost. (d) Property, Plant and Equipment

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

Property, plant and equipment are shown at their fair value (being the depreciated replacement cost of the asset), based on periodic valuations by external independent valuers, less subsequent depreciation.

In periods where the property plant and equipment are not subject to independent valuation, the directors conduct director valuations to ensure the carrying amount is not materially different to the fair value.

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

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Notes to the Financial Statements for the Year Ending 31 May 2012

Any accumulated depreciation is eliminated against the gross carrying amount of the assets and the net amount is restated to the re-valued amount of the asset.

The carrying amount of property, plant and equipment is reviewed annually by the directors to ensure it is not in excess of the recoverable amount from these assets. Refer Note 1 (g) for further details in relation to the treatment of assets when impaired

The cost of fixed assets constructed within the economic entity includes the cost of materials, direct labour and borrowing costs.

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

(f) Financial Instruments

Initial Recognition and Measurement

Financial assets and financial liabilities are recognised when the economic entity becomes a party to the contractual provisions to the instrument. For financial assets, this is the equivalent to the date that the economic entity commits itself to either purchase or sale of the asset (i.e. trade date accounting is adopted).

Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the economic entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Buildings 3% Marina 2.5% Plant and equipment 3% - 50%

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

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

Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight line basis over the life of the lease term.

Financial instruments are initially measured at fair value plus transactions costs, except where the instrument is classified ‘at fair value through profit or loss’, in which case transaction costs are expensed to profit or loss immediately.

Classification and Subsequent Measurement Finance instruments are subsequently measured at either of fair value, amortised cost using the effective interest rate method, or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

(i) Amortised cost is calculated as: • the amount in which the financial asset or financial liability is measured at initial recognition; • less principal repayments; • less any reduction for impairment.

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

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payment or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss.

(e) Leases

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

The economic entity does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of accounting standards specifically applicable to financial instruments.

(ii) Financial assets at fair value through profit and loss Financial assets are classified at ‘fair value through profit or loss’ when they are either held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.

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

Leased assets are depreciated on a straight-line basis over their estimated useful lives.

Cruising Yacht Club of South Australia Annual Report for 2011/2012

28

Notes to the Financial Statements for the Year Ending 31 May 2012

(iii) Loans and Receivables Loans and receivables are non derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.

Loans and receivables are included in current assets except for those which are not expected to mature within 12 months after the end of the reporting period, which will be classified as non current assets.

(iv) Held-to-maturity investments Held to maturity investments are non derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Group’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.

Held to maturity investments are included in non current assets, except for those which are expected to mature within 12 months after the end of the reporting period, which will be classified as current assets.

If during the period the economic entity sold or reclassified more than an insignificant amount of held to maturity investments before maturity, the entire category of held to maturity investments would be tainted and would be reclassified as available for sale.

(v) Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

Available-for-sale financial assets are included in non-current assets, except for those which are expected to mature within 12 months after the end of the reporting period, which will be classified as current assets.

(vi) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

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

In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen.

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

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

(g) Impairment of Assets

At each reporting date, the economic entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of comprehensive income.

Where it is not possible to estimate the recoverable amount of an individual asset, the economic entity estimates recoverable amount of the cash generating unit to which the asset belongs.

(h) Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, deposits heldat call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position. (i) Employee Benefits

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

Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at present value of the estimated future cash outflows to be made for those benefits. These cashflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cashflows.

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Notes to the Financial Statements for the Year Ending 31 May 2012

(j) Provisions

Provisions are recognised when the economic entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

(k) Revenue and Other Income

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.

(n) Comparative Figures

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

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

Licence rental income to occupy Marina West berths have been accounted for in accordance with Australian Accounting Standard AASB 117 Leases. In accordance with that standard, the licence rental income to occupy a berth is recognised over a 40 year period, representing the time pattern in which use benefit derived from the berth is diminished (the actual licences to occupy berths all expire 2083). The amount of licence rental income received that represents income to be earned in future accounting periods is disclosed in the Statement of Financial Position as being revenue received in advance.

The accounting policy for the historic sale of licence rental to occupy Marina East berths to 2083 was to recognise the entire income wholly as income in the year received.

All revenue is stated net of the amount of goods and services tax (GST).

(l) Borrowing Costs

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

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

(m) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of

Cruising Yacht Club of South Australia Annual Report for 2011/2012

30

the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

Where the economic entity has retrospectively applied an accounting policy, made a retrospective restatement or reclassified items in its financial statements, an additional statement of financial position as at the beginning of the earliest comparative period will be disclosed.

(o) Critical Accounting Estimates and Judgments

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

Key Estimates – Impairment

The economic entity assesses impairment at each reporting date by evaluating conditions specific to the economic entity that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value in use calculations which incorporate various key assumptions.

With respect to cash flow projections for plant and equipment based in Australia, growth rates of 2% have been factored into valuation models for the next ten years on the basis of management’s expectations. Discount rates of 10% have been used in all models.

Key Judgments – Doubtful Debts Provision Included in trade receivables at reporting date are amounts receivable from members in relation to berth sales and member accounts amounting to $11,000 (2011 - $11,000) for which a provision has been made.

(p) New Accounting Standards for Application in Future Periods

The AASB has issued new and amended Accounting Standards and interpretations that have mandatory application dates for future reporting periods and which the economic entity has decided not to early adopt. The economic entity does not expect these requirements to have any material effect on the entity’s financial statements.

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 2: Revenue and Other Income

Revenue - Sale of goods - Commission revenue - Corporate fees - Income - Marine Academy - Licence rental - Marina West - Income - Racing Association - Ramp income - Slipway - Member subscriptions - Other revenue

Total Revenue

Other Revenue

Other Income - Other income

2012 $

2011 $

930,089 82,378 883,385 38,526 152,253 72,680 118,321 68,287 551,445 87,019

829,142 208,356 852,545 35,246 145,480 63,771 120,392 65,849 544,979 81,453

2,984,383

2,947,213

243,394 243,394

107,586 107,586

38 599,807 12,230 12,815

65 581,844 (23,292) 13,831

20 99,663 767,194 - 868,877

20 59,386 639,542 20,191 719,139

Note 3: Profit for the Year Expenses The operating deficit for the year has been arrived at after charging: Interest Depreciation Impairment expense Rental expense

Note 4: Cash and Cash Equivalents Cash on hand Cash at bank Short-term bank deposits Trust account

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Cruising Yacht Club of South Australia Annual Report for 2011/2012

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 5: Reconciliation of Cash

2012 $

Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows: Cash and cash equivalents 868,877 Bank overdraft -

868,877

2011 $

719,139 719,139

Note 6: Trade and Other Receivables Current Trade receivables Provision for impairment of receivables

92,345 (11,000) 81,345

135,706 (11,000) 124,706

Provision for Impairment of Receivables Current trade receivables are generally on 7 to 30 day terms. These receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in other expense items.

Movement in the provision for impairment of receivables is as follows:

Current Trade Receivables 2012 Current Trade Receivables 2011

Opening Balance $ 11,000 33,143

Charge for the Year $ - 11,000

There are no balances within trade and other receivables that contain assets that are not impaired and are past due. It is expected these balances will be received when due. Impaired assets are provided for in full.

Note 7: Inventories Current Stock on hand

60,026 60,026

45,340 45,340

Note 8: Other Assets Current Prepayments 63,395 33,294 Accrued income - 6,787

63,395 40,080

Cruising Yacht Club of South Australia Annual Report for 2011/2012

32

Amount Written Off $ - (33,143)

Closing Balance $ 11,000 11,000

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 9: Property, Plant and Equipment

2012 $

2011 $

Land at valuation 6,800,000

Buildings at valuation and subsequent cost 2,037,951 Accumulated depreciation (249,119) Total buildings 1,788,832

Leased Plant and Equipment at cost 32,800 Accumulated depreciation (32,800) Total leased plant and equipment -

Plant and Equipment at valuation and subsequent cost 926,962 Accumulated depreciation (418,953) Total plant and equipment 508,009

Office Equipment at valuation and subsequent cost 105,128 Accumulated depreciation (69,612) Total office equipment 35,516

Marina West at cost 8,308,666 Accumulated Depreciation (663,456) Total Marina West 7,645,210

Marina East at valuation and subsequent cost 1,929,299 Accumulated depreciation (749,783) Total Marina East 1,179,516 Total property, plant and equipment 17,957,083

6,800,000 2,037,951 (188,401) 1,849,550 32,800 (32,800) 896,827 (297,053) 599,774 98,053 (51,151) 46,902 8,308,666 (452,458) 7,856,208

1,929,299 (562,054) 1,367,245 18,519,679

(a) Assets held at valuation The Cruising Yacht Club of SA Inc The Association’s property, plant and equipment were revalued at 1 June 2007 by independent valuers.

Valuations were made on the fair market value - existing use basis. The revaluation surplus was credited to an asset revaluation reserve in member’s equity.

CYC (SA) Unit Trust The marina and improvements comprise all leasehold improvements formally the property of the Cruising Yacht Club of South Australia Incorporated and valued by the directors of the CYC (SA) Management Pty Limited at the time of the purchase of the land by the Trust in 1985. Units to the value of this amount were issued to members of the Cruising Yacht Club of South Australia Incorporated in accordance with the constitution of the CYC (SA) Unit Trust.

The property, plant and equipment were revalued at 9 April 2008 by independent valuers. Valuations were made on the market value, existing use and depreciated replacement value. The revaluation surplus was credited to an asset revaluation reserve in member’s equity.

33

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 10: Trade and Other Payables

Current Unsecured liabilities Trade payables Other payables Marina West revenue received in advance

Secured Liabilities Berth deposits

Total current liabilities

Non-Current Marina West revenue received in advance Total non-current liabilities

2012 $

2011 $

94,568 232,026 152,253

148,261 258,122 152,253

-

20,000

478,847

578,636

5,489,686 5,489,686

5,641,939 5,641,939

93,022 34,244 127,266

82,620 37,663 120,283

43,515 43,515

49,126 49,126

592

592

6,090,600

6,098,150

27,545 6,118,737

27,545 6,126,287

Note 11: Provisions

Current Provision for annual leave Provision for long service leave

Non-Current Employee benefits

Note 12: Issued Capital Settled capital 121,806 (2011: 120,321) fully paid issued units at $50 Each 27,545 (2011: 27,545) fully paid issued units at $1 Each Total

Note 13: Reserves The unit premium reserve records premiums attached to units.

The asset revaluation reserve records revaluation of non-current assets

Cruising Yacht Club of South Australia Annual Report for 2011/2012

34

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 14: Controlled Entities

2012 $

2011 $

The economic entity’s financial report includes the following controlled entities: Contribution to the consolidated operating surplus/(deficit) Cruising Yacht Club of SA Inc. CYC (SA) Unit Trust Less: Ramp distribution CYC Ramp Trust Less: inter-entity profit Share of controlled entities’ surplus/(deficit) after income tax

47,036 (209,031) (127,012) 127,012 - (161,995)

24,522 (203,532) (131,666) 131,666 (179,010)

Note 15: Cash Flow Information Credit Standby Arrangement and Loan Facilities The economic entity has a bank overdraft and commercial bill facility amounting to $50,000 (2011: $50,000). This may be terminated at any time at the option of the bank. At 31 May 2012, none of this facility was used (2011: $ Nil). Interest rates are variable.

Note 16: Related Party Transactions CYC (SA) Management Pty Ltd operates as trustee for the CYC (SA) Unit Trust (“The Trust”). The directors of CYC (SA) Management during the year ended 31 May 2012 were as follows: A G Corletto (retired December 2011), H J Peterson, Dr A D Saies, D J Hughes, C L Wood (appointed April 2012), W E Coonan, T J Tymons and D P Murray. All positions are held on an honorary basis.

The following directors, through entities associated with them, provided goods and services during the year under normal commercial terms and conditions, to the value of: T J Tymons A G Corletto W Coonan Total

- 1,733 8,261 9,994

28,438 10,861 9,566 48,865

35

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 17: Capital and Leasing

Commitments

2012 $

2011 $

6,300 22,575 - 28,875

6,930 24,255 31,185

(a) Operating Lease Commitments Non cancellable operating leases contracted for but not capitalised in the financial statements: Payable - minimum lease payments: • not later than 12 months

• between 12 months and 5 years

• greater than 5 years

(b) Capital Expenditure Commitments No capital expenditure commitments at 31 May 2012.

Note 18: Contingent Liabilities A bill discount line is provided to CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust. Cross guarantees in support of the facility have been provided over the non-current assets of CYC (SA) Unit Trust. As at the 31 May 2012 $nil was drawn down on the bill facility (2011: $Nil).

A bank overdraft facility of $50,000 is provided to the Cruising Yacht Club of SA Inc., which is secured by an unlimited interlocking guarantee from CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust and CYC Ramp Pty Ltd as trustee for the CYC Ramp Trust. The facility was drawn down to $Nil at 31 May 2012 (2011: $Nil).

Cruising Yacht Club of South Australia Annual Report for 2011/2012

36

Notes to the Financial Statements for the Year Ending 31 May 2012

Note 19: Hire Purchase Agreement The Minister of Transport has leased the Port Vincent Basin to the District Council of Yorke Peninsula for a term of 99 years from 1 May 2003.

The council has agreed to underlease that portion of the Marina Basic on which the Marina is situated to CYC (SA) Management Pty Ltd for a nominal rent ($1.00 per annum if demanded) for a term of 99 years less one day commencing 1 May 2003. CYC (SA) Management Pty Ltd has underleased the area it is leasing to the Cruising Yacht Club of South Australia Inc. (the “Club�) for the same nominal rent and on the same terms and conditions for a term of 99 years less 2 days commencing 1 May 2003.

The lease is of the land without the infrastructure. The infrastructure has been separately acquired from the developer Paradise Developments (Investments) Pty Ltd. The Club has acquired the infrastructure pursuant to a hire purchase agreement to which each hire instalment was paid when the Club sold a rental licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issued units in CYC (SA) Unit Trust to a value, which in aggregate, equalled the hire instalment amount.

CYC Ramp Pty Ltd, as trustee for the CYC Ramp Trust, has leased the Western Marina Basin to CYC (SA) Management Pty Ltd, as trustee for the CYC (SA) Unit Trust, for a term commencing on 1 November 2008 and ending 31 October 2083, at the same rent.

The lease is of the land without the infrastructure. The infrastructure has been separately acquired by the Cruising Yacht Club of SA Inc. from the CYC Ramp Pty Ltd, as trustee from the CYC Ramp Trust. The Club has acquired the infrastructure pursuant to a hire purchase agreement to which each hire instalment is paid when the Club sells a rental licence to occupy a berth to a Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust.

Note 20: Segment Reporting

Note 21: Key Management Personnel Compensation (a) The table below summarises in aggregate the remuneration of all senior management personnel of the Cruising Yacht Club of South Australia Inc.

Salary

$

Superannuation contributions $

Non-cash benefits $

2012

128,134

11,639

1,184

2011

124,191

11,177

832

Note 22: Events after the Balance Sheet Date Nil

Note 23: Entity Details The registered office of both CYC (SA) Management Pty Ltd and CYC Ramp Pty Ltd associated companies is: Cruising Yacht Club of South Australia Inc., Lady Gowrie Drive NORTH HAVEN SA 5018 The principal place of business is: Cruising Yacht Club of South Australia Inc., Lady Gowrie Drive NORTH HAVEN SA 5018

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

37

Cruising Yacht Club of South Australia Annual Report for 2011/2012

The Cruising Yacht Club of SA Inc and Controlled Entities Statement by the Board of Management In accordance with a resolution of the Board of Management of the Cruising Yacht Club of SA Inc. in the opinion of the Board of Management: 1.

The financial statements and notes, as set out on pages 23 to 37, present fairly the economic entity’s financial position as at 31 May 2012 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations); and

2

In the Board of Management’s opinion, there are reasonable grounds to believe that the Cruising Yacht Club of SA Inc. will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Management of the Cruising Yacht Club of SA Inc.

President Director - Cruising Yacht Club of SA Inc.

- CYC (SA) Management Pty Ltd

- CYC Ramp Pty Ltd

Treasurer Director - Cruising Yacht Club of SA Inc.

- CYC (SA) Management Pty Ltd

- CYC Ramp Pty Ltd Dated this 21st day of July 2012

Cruising Yacht Club of South Australia Annual Report for 2011/2012

38

Detailed Profit and Loss Account for the Year Ended 31 May 2012

Income Commission - resold berths Commission - leased berths Entrance Fees Groundswell Income Hire of equipment Hull identification Income- Racing Association Income - Marine Academy Income (net) – Functions Interest Licence fees - Marina West Corporate Fees Net trading margin - catering, bar & resale Ramp Income Slipway Member subscriptions Other income Profit on sale of assets Total Income

2012 $

2011 $

28,723 53,656 7,548 31,760 8,356 1,334 72,680 38,526 19,489 55,791 152,253 883,385 69,291 118,321 68,287 551,445 146,153 - 2,306,998

Less Expenses Accounting fees 3,488 Advertising 39,715 Annual report expenses 10,260 Auditors remuneration Previous auditor – audit costs 2009/2010 - Previous auditor – tax return costs 2,400 Current auditor – audit costs 2010/2011 - Current auditor – audit costs 2011/2012 19,050 Current auditor – preparation of financial statements 2010/2011 - Current auditor – preparation of financial statements 2011/2012 8,240 Disbursements and out of pocket expenses 782 Bank charges 18,580 Cleaning 21,314 Computer expenses 42,333 Consulting and professional fees 20,072

39

157,030 51,326 12,650 24,763 7,500 2,951 63,771 35,246 11,196 50,211 145,480 852,545 79,128 120,392 65,849 544,979 22,161 2,247,178

503 30,891 8,220 691 18,500 8,000 331 19,709 13,837 37,891 109,744

...continued over page

Cruising Yacht Club of South Australia Annual Report for 2011/2012

Detailed Profit and Loss Account for the Year Ended 31 May 2012

Less Expenses (continued) Depreciation Fees and Permits Finance costs - external General expenses Groundswell expenses Ice expenses Insurance Internet Impairment expense Landscape maintenance Lease rentals on operating lease Loss on sale of fixed assets Long service leave Marina - repairs and maintenance Marine Academy expenses Member proposals Meeting expenses Motor vehicle expenses Other association expenses (net) Payroll tax Port Vincent general expenses Postage Power and light Printing and stationary Rates and taxes Racing Association expenses Repairs and maintenance Salaries Security costs Staff training Subscriptions Superannuation contributions Telephone and fax Toiletries Uniforms Waste disposal Workcover expense Total Expenses

Operating Surplus/(Deficit)

Cruising Yacht Club of South Australia Annual Report for 2011/2012

40

2012

2011

$

$

599,807 9,961 38 13,681 29,013 1,993 79,239 3,365 12,230 7,677 12,815 - (9,030) 158,536 30,195 12,500 - 13,357 3,122 27,714 4,955 17,867 81,449 19,030 95,074 63,060 123,050 642,873 32,987 2,073 26,395 91,063 20,627 47 12,023 15,100 28,861 2,463,437

581,844 12,231 65 14,978 28,693 1,259 79,585 4,235 (23,292) 14,721 13,831 14,317 161,826 24,613 20,068 10,804 (5,261) 17,098 4,623 13,389 69,391 32,040 114,839 70,649 86,046 566,552 52,959 1,629 32,253 83,542 21,135 3,358 8,391 16,422 29,039 2,426,188

(161,995)

(179,010)

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No.

Academy 1

YC586S

Cruising Yacht Club of SA

Acclaim

BR257S

Robert Dawes

A20

Achtung Baby

CI214S

Don Venn

J18

Acrux

YC314S

Steven Tonkin

HS49

Adagio

SA910S

Stephen Siebert

B22

Adamas

YC216S

Chris Newton

Adelaide Diving

Steve Slack

C31

Adinda

YC276S

Stephen Pearson

C08

Adrenalin

EE178S

Adriano Cisternino

HS109

Adria

YC931S

Claude & Val Marchesi

A24

After Dark

UI115S

Hans Fischer

A45

Aimless

ZI153S

Gordon Inglis

A40

Akt III

YC644S

Jack Didyk

Alby 1

UI126S

Albino Miotto

Alchemy

Anthony Palmer

Ali Tap Tap

CZ154S

John McFarlane

Alicante Encore

MJ65S

Frank Wood

C07

VA02

Allegro

Mal Kamenjarin

Allemanda

SA270S

Bill Harniman

B33

Alliance

YC394S

Laurie Hallion, James Hallion, Bevan Thompson, Linda Hart

D20

Alpha Centauri

YC258S

Roger Flint

D11

Alternative Therapy

YC804S

Michael Lane

HS86

Amazing Grace

YC126

John & Janet Den Dryver

C35

Amazing Grace

AUS4457

Angus Middleton

HS14

Andante

Geoff Gowing & Tess McGrath

B04

Andiamo

YC208S

Peter Fairbrother

D29

Anescape

BS228S

Ross King

J10

Angus 100

ABY892N

Andrew Figtree

Anna-Bella

YM07S

Renzo Bonini

HS15

Annadora III

ER186S

Lester Cornall

A37

Another Planet

YC521S

Brenton & Tracey Pegler, & Alan Hambly

C17

Anouk

SI168S

Ashley O’Brien

A05

Antipodes

ZG132S

John Culshaw

J03

Apache

Jeff Elsegood

Aquila

YC241S

Mark Johns

A17/A18

Arabella

YC678S

Hans Hol

C06

Arcadia Bay

RZ91S

Kevin McCann

Argo III

HE40S

Trevor Kipling

Aries

YC341S

David Coats

Armed And Dangerous

HS82

Peter Freeman

HS30

41

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Arra Warra II

YC527S

Warwick Lumbers

Arriba

ZY110S

Alan Noble

K09

A-Salt Weapon

AY 234S

Wright Danz Family Trust

HS145

Asylum

YC10

Derek Morrison

C15

Atomic

YV111S

Mark Podlewski

F33

Avilion III

VW195S

Darren Slaby

B Free

Romeo Macolino

Back Friday

YC317S

Chris Wood

E09

Backward Glance

HV161S

Bill Coutts

HS123

Bad Company

QY54S

Bob Westlake

Balamara

SA155S

Marjorie Smoker

B08

Baloo

RF160S

John & Margaret Grevins

A03

Banjo

YC71S

Wil Maybury

Baron

YC345S

Gilbert Calaby

Bedouin

YC691S

Greg Patten

B29

Bella Mia II

YC688S

Dominic Rinaldi

A28

Beluga

YC561S

Graham Phillips

E19

Benedetto

YC405S

Clive Lee

Benetta

2775QF

Vincent Barry

C39

Bethany

WY182S

Barry & Libby Clough

HS42

Bewinched

Michael Davey

Billbuster

YC116S

Martin Cross

Binburra

DY1635

Lindsay Stanley

VC66

Black Cat

DX460

Aaron & Kirsty Low

HS71

Black Swan

EC166S

Trevor Raines

E33

Blu-By-U

YC909S

Albert Vos

Blue Horizon

YC980S

John Harry

Bluewater

Humphrey George

BoBo

Tamara Saunders

Bogebada

YC451S

John Bolt

J06

Bolero

SA995S

Ian Neville

A12

Bonny June

WP152S

Neville Wills

Born to Battle

Peter Teakle

Boston Whaler

Ben Wilson

Bourse 2

David Paterson

ZT170S

Brief Encounter

Gary Brown

D38

Brigadoon

YC445S

Geoff & Louise Wiggins

D03

Buddy Bouy

YC508S

Adam Laube

A42

Bullistic

YC1200

Tony Hansen, Paul Martin & Richard Royans

C30

Bunburra

DY163S

Lindsay Stanley

Cruising Yacht Club of South Australia Annual Report for 2011/2012

42

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Ca Va!

VT115S

Dominic Crosby

F06

Cabaret

SA99S

Alan Cotton

B06

Caleb

PY109S

Samuel Matthews

HS51

Capricorn

AU202S

Rod Herbert

Capricornia

Rob Keith

Carbon Footprint

YF139S

James Edwards

Carioca

YC762S

Craig & Beth Hutton

F19

Carpe Diem

ZQ108S

Vadis & Julie Rodato

F09

Carrapateena Joy

YC818S

Rudi Gomez, Darren Hoppe

Catalyst

VV173S

Keith & Susan Langley

C-Charmer

GA169S

Charlie Tomeo

A43/A44

Celebrity

UC193S

Richard Pope

B24

Champ

YC545S

Tom Tymons

C32

Champagne

YC77S

Jim & Lynn Keogh

Chardonnay

SA73S

Andrew & Patricia Alexander

Charlie Brown

KX120S

Henry Brown

Charlie’s Dream

VL060Q

Peter Lewis

Chikara

Robert Cole

Chill’n

Neil Stennett

WL133S

Clallapor

John Adams

Claytons

Y0177S

Clayton Peake

Committed

BS126S

Tim Hearse

Compass Rose

CG191S

Ian Short

Compulsion

JM88S

John Gibson

Content

ZM169S

C19

Craig McCarthy

D28

Cookie Monster

Brian Walsh

HS08

Coroona

YC265S

Slavko Radisic

Counting Stars

YC843S

Graeme & Carolyn Wilson

C25

Crackerjack

QK109S

Peter & Pat Thompson

C01

Cuddy Cab

RX1485

Daren Ellis

CYC1

YC206S

Cruising Yacht Club of SA

CYC2

YC02S

Cruising Yacht Club of SA

CYC3

YC03

Cruising Yacht Club of SA

Cygnet

YC28S

Mark Flanagan

Cygnus II

ZH122S

Owen & Delia Mace

Damp Fantasy

Len Easther

Day Star

YC118S

Charlie Paterson

Days Like This

XF115S

Maxine Timbs

Decanter

OF169S

Breck Waterman

Delilah

ZH133S

Wayne Briancourt

HS78 C28 F31

43

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Delphis

YC280S

Mark Robertson

Demalone

Malcom Dunn

Distraction

XB192S

Richard Channon

D34

Dixie Mirage

BD287S

Lincoln Wood

HS60

Double Cross

YC520S

John Nicholls

Doyen

YC660S

Malcolm Kitto

B21

Dr Feelgood

YC550S

Wayne Coonan

HS107

Driftwood

YC446S

Ray Tonglee

F01

Dynasty

6944

Colin Burgin

East Of The Lizard

QL152S

James Cameron

Eclipse

TS04

Brenton Caffin

Eclipse

NZ749

Bill Lunn

Edie

GA952

Peter Kikianis

Elandra II

YC296S

Daryl Coad

HS138

Elation

SP105S

Robert Becker

HS149

Electra

YC62S

Malcolm Pearsons

HS103

Electra II

BL261S

James & Tim Sarah

B34

Elisa Jane

XD155S

Ian Naismith

M04

Elysium

YC528S

Jim Heyen

Emma

V0163S

Charles Young

Emma Grace

TBA

Geoff Atkinson

Enigma

YC410S

Eddy Sain

Enterprise

SA758S

David Binks

Equanimity

YC344S

Len & Libby Stephens

Erkonda

HV123S

Eric Webb

Erzanmine

BD280S

Mark & Bel Harper

HS21

Exile III

YC46S

Nick George

B20

Exit

YC67S

Mark McCutcheon

HS40

Far Star

YC162S

Royce & Delene Nicholls

D26

Flamingo

KW108S

David Evans

F21

Flying Circus

Stephen Power

HS70

Flying Cloud

QLDSF162Q

Reid & Holly Toogood

Flying Duchess

OL641Q

Guy Ludbrook

Foolish Behaviour

QB165S

Guy Wogan-Provo

Force Majeure

YC320S

Don & Judy Guy

Foxtrot

IEU5053

Dan O’Connell

Foxy

YC240S

Derek Morrison

FPV Ganet

PIRSA Fishwatch

Free Spirit

LP155S

Geoff Sincock

Freedom

YC123S

Trevor Collinson

Cruising Yacht Club of South Australia Annual Report for 2011/2012

44

VB28 D13

F29

M03

HS38

B19

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Freedom Blue

YC100S

Pat Conroy

Freelance

YC573S

Dean Stevens

French Bred

YC470S

Peter French

F36

Freo Buoy

YC255S

Terry Lockwood

HS143

Fresh Eyre

QW137S

Brian Marsh

HS64

From Russia With Love

B3007

Richard Lea

A30

G Wizz

YC690S

Greg Patten

B11

Galatea

PA292S

Alan Husdelll

F26

Game Dancer

GF11S

Ray Brown

E17

Game Over

YC245S

Julian Newton

HS84

Gas Bag

SM34S

Bronte Allen

Genovus

YC421S

Peter Newmarch

B32

Geordie Bay

YC107S

Rowland & Glenyss Richardson

F28

George Lisk II

LB02S

Largs Bay Sailing Club

HS134

Gerry-K II

AT216S

Chris & Geraldine Cox

B18

Ghost

BJ208S

Alex Zimmerman

Gibbos Retreat

YC760S

David Gibbons

Gin Rummy

ON852424

Ian McBeath

Gladiator

YC855S

Jim & Glenda Smyth

K03

Glenn Robert

BY271S

John Whelan

F30

Good Company

JJ24N

Robin Townsend

HS35

Good Vibrations

YC203S

Barrie Willoughby

D35

Graddy-White

ST156S

David McMahon

Group Therapy

JI178S

Rick & Glenda Hausler

E32

Gypsy Æ

YC406S

Geoff Blackwell

F15

Gypsy Flyer

YC808S

Geoff Harris

Hadd ‘E’ Nuff

ZD137S

Alby Clark

F22

J02

Hakuna Matata

Clive Butler

Halcyon

ZB1168

David McDonough

Hang Loose

YC339S

Des Maslen

Hannah Georgia

MS120S

Frank Agostino

Harbinger

YC232S

David Southwell

HS121

Harmony

YC945S

John Pannell

HS112

Harvest Moon

TBA

Kim Byars

B15

Hawk

TC580S

Joe Walker

Hay Wire

GR240S

Ken Schilling

B17

HS16

Hey Jude

Don Guy

Hold On!

YC380S

Peter Page

J07

Hot Chilli

Y0161S

Ric Gros

HS146

Hot Mustard

FA83S

Marty & Jacq Heffernan

C13

45

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Idle Time

827777

Ron Stennett

Ikati

YC744S

Peter Headlam

F11

Imago

QX471Q

Craig & Pauline Rooney

C42

IMPI

WJ171S

Grant Winn

A04

Impulse

YC27S

Peter Sawczuk

A11

Impulsive

EV106S

Ray Dowd

HS29

Intimidator

SB2310

Brian Baldwin

C22

Intrigue

YC593S

Geoff & Sylvia Common

Isis

SA63S

Jonathan Harry

D22

Isis Blue

YC888S

Tim Marsh

F24

Islander

GF08S

Graham Cotton

Isobar

GF385S

Norfried Tischendorf

C40

Its All G

Paul Mills

D36

Jadashaye

YC996S

Russell Bianco

Jag

YC337S

West Wins Boat Syndicate - James Leahy

Jai Cee

GF101S

John Werner

F10

Jenny Anna

Russel Phillipson

Jenny Maree

YC235S

Howard Murton

Jigsaw

NW198S

John Daniels

C12

Jocelyn

FW600Q

Mark Venable

VC51

Julia

YC326S

Richard Harries

D16

Jumbuk

VM189S

Mark Mussared

Jumpin Jack Flash

YC238S

Doug Watson

Jupiter

YC294S

Kevin Hill

Karma

RL485S

Craig Westlake

Kashmir

YC304S

Gregory Yeomans

Kassan

UU101S

Carol Drummond & Michael Johnson

Katerina

DN686Q

Joe Cirillo

Keep’n Kool

RZ120S

Bob Turco

Kena

YC357S

Nick Perdelis

Kettwig

SA747S

Klaus Becker

Kiama

NL94S

John Marshall

B05

Kinetic Energy

YC360S

Andy Shipp & Les Smith

E28

King Rat

YC631S

Dave Bainbridge

HS04

Kiwa

SA210S

Lloyd Sugars

D30

Knot Too Shabby

AT286S

Bernie Kasza

A31

Kudos

YC393S

Vlad & Pam Humeniuk

D14

Kudu

YC351S

Robert Cole

La Ragazza

NE782S

John Heinrich

La Vie

YC286S

Don Burrow

Lady B

Eddie Biggs

Lady Christine

DZ132S

Simon Giessauf

Lady J

KW148S

HS25

D19

C24

E02

Sir Eric Neal AC CVO & Lady Neal AM

N03

Lady Lorraine

Ken Andrews

HS125

Lady M

Kim Charlton

C03

AV2465

Lamb Chop

Charlie Nott

Largs #2, Largs #3, & Largs #4

Largs Bay Sailing Club

Largs Bay

VO188S

David Urry

Lark 2

YC78

Robert Jones

Le Poisson

AUS116

Tim Cowen

Lemonade

WC111S

Clive Ragless

Liberator Australis

YC717S

Geoff Catt

Cruising Yacht Club of South Australia Annual Report for 2011/2012

46

HS135

D25

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Liberty

YC290S

Robin Wood

D40

Liquid Assets

YC555S

Graham Meyers

D24

Liquid Limo

BB269S

Robert & Natalie Turco

C27

Lisi

SB4935

Bruce Whittem

Lizzie Too

KQ138S

Peter Lehman

VA03

Locomotion

YC295S

Peter Hall

A23

Lucky Star

YC105S

Brett Yardley, Rod Wenham, Peter Hendy

A27

Lutzy

DN249S

Anthony Cullen

Lymnea

AA37S

Gareth Thomas

Madtack

XF122S

Mark Emmett

HS53

Magnum

YC537S

Jim Heyen

F35

Maid Of Wood

LQ187S

Alan Moss

HS46

Majessnik

SW1165

Russell Bianco

B16

Mania

GZ130S

Eugene Maroulis

Marcella

PY107S

John Gill

D01

Marina Tide

AY155S

George Smith

VA09

Marnico

YC61S

Graeme & Gay Footer

B12

Martine

J425

Robert Jones

Matador

YC121S

Mike & Morag Draper

Matilda Bay II

YC403S

Terry Nicholas

Maximus

SA607S

Frank Bamford

Medosa

VY111S - 1509216

A10

Brian Smith

F37/F38

Merlin

Simon Gerard

B03

Metapassion

PN137S

George Rutar

C38

Midlife

DH240S

Susan Coomber

K05

Midnight Blue

YC168S

Leon Cowley

A34

Milonge

AA295S

Ivan Lebedev

HS56

Minnon

YC3600

Joe Mezzini

E29

Minouche

YC126S

Alan Warnes

A16

Minuet

IN172S

Peter Littledike

Miros

YC08S

Michael Sigston

Miss Lou

ST146S

Tony & Mary Norman

Mistral

O635Y

Noelene Westlake

Moonlight Lady II

YC900S

Simon Jenkins

A39

Moonlight Sonata

TS05S

John Swift

HS79

Moonwind

HN85S

Dean Adams

HS96

Morning Mischief II

JI133S

Richard Cavill

B10

Mr Moustache

854965

Mark Jenkinson

Mult-E-Biz

VL185S

Theo & Heather Agelis

Murray Pest

KH140S

Peter Scott

47

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Mustang Sally

AZ207S

Bob & Noelene Westlake

My Way

Michael Elliott

VA13

Namche

VN156S

Dave Henderson

D08

Narissa

QG100S

Philip Rundle

A26

Naughty Black Shorts

CB22

Caroline Cowen

Nautical Dog

VK134S

Robin Chase

Nefertiti

YC513S

Peter Thomson

C33

Nellie Myra

YC106S

Trevor Mudge & Jane Ferguson

J09

Nellie Rose

ZM173S

Doug LeFeuvre

VC61

Nightwatch 1918

RF180S

Allan Homes

F23

Nikki Dee II

Eddie Dubsky

Nissap PS730

Adrian Wait

TBA

No Eye Deer

Trevor Conyers

Noah

Mark Lunn

RF195S

Obsession

Con Koulouris

Obsession

David Pilling

Ocean Sunrise

C/- David Nelson, Pembroke School

Odette

QE104S

Steve Lewis

Off Spring

UJ169S

Andrew Young

Oh Really!

GR24S

Mike O’Reilly

Oki

PH104S

Phil & Sandra Richards

Old Nick

S213

Craig Thomas

Omega

1536047

Dominic Rinaldi

One Song

RB060Q

Bob Barreau

HS07 M07 HS124

E23

Ontos

Steve Nogare

Ophelia IV

YC164S

Robert Gerard

Options

YC103S

Edi Mignone

E01

Osprey

BA105S

Laurie Steele

HS74

Osprey

KP195S

Joe Walker

Outrageous

AT17S

Phil Newton

C10

Outrageous Fortune

John Wood Jnr

Outrage-Us

AUS815

Gary Shanks

Outside Chance

DV114S

Chris Butcher

D23

Overdraught II

YC06S

Tony Matthews

E25

Pago V

ID119S

Kerry Mangos

Pandora II

355918 / KR369N

Graeme Critchley

Paradox

SA605S

Adam Kretschmer

Parfidia

YC844S

Richard Ockenden

C04

Patience

Trevor Burns

VA21

Patrice IV

Garry Tucker

C18

YC271S

Cruising Yacht Club of South Australia Annual Report for 2011/2012

48

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Peggy Sue

NV136S

Michael O’Reilly

Pepa

KZ77S

Peter Japp

A02

Phantom

EV159S

Ken Amos, Judith Yarwood

B26

Pineapple Poll

WU117S

Peter Went

D31

Platypus

Tom Crabb

F02

Playmate

ME46S

Neil Toseland

HS85

Playstation

YC503S

Keith Degenhardt

B27

Plunder

John Spalvins

Poppy

KR912N

Michael Phillips

B25

Portia

YC230S

David Murray

C21

Portofino

TBA

Tim Vreeker

E12

Praha II

YC415S

John Rynes

F08

Prime Time

YC23S

Rod Rebbeck

Prisana II

DQ149S

Jeff Elsegood

Prowler

QL149S

Robert Lefort

E30/E31

Public Enemy

5842

Steven Marshall

HS41

PV Southern Ranger

PIRSA Fishwatch

L06

Qi Ki

Rick Jackson

M01

Quartet

SA452S

Andrew Pow

A25

Questa E’la Vita

IO124S

Karl Strazdins

E10

Quo Vadis

PC119S

Ian Collins

A22

R U 4 Reel

YC443S

John & Jenny Wilson

Rafantell

YC281S

Mark Lethbridge

Rag Doll 2

ZR1455

Sergio Bordignon

Rapid 1

YC477

Keith Finch

Rayanna

YC468S

Ray Baddeley

Reflections

BA836

Stephen Turner

HS83

Refresh

YC575S

Barry Paterson

A38/HS76

Regent Sea (TAFE SA)

AQ149S

David Royle

HS104

Riot III

YC31S

Antony Simpson

Riptide

IS36S

Greg Otto

Rockholme

AP119S

Brooke McLeay

Rozanna

CY109S

Yaroslav Bojko

S CAPE

YC134S

Craig & Louise Bates

D09

Sachan

YC442S

Kevin Mann

D15

Sagittaire

YC435S

Clifton Collard

C20

Sandcastle

YC305S

Mark Hentschke

D17

Sans Souci

XE136S

Jason Squire

Santana

YC316S

David Partington

Sapphire

YC183S

Daniel Hains

A48

F03

F05

49

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Sapphire

Martin Sutton

Sara II

YC24S

Craig Westlake

Sari

YC510S

Tom Crabb

Sasha

YC173S

Robert & Ute Elliott

D04

Scallywag

YC84S

Tom McDougall

F16

Scarlett S

PL483Q

Paul Goodman

School’s Out

YC757S

Adrian Wotton

M05

Scooter Too

YI153S

David Simons

J12

Scorpio

YC271S

Garry Tucker

Scotch Mist

AC131S

Andrew Van Arend

VA01

Sculptor

PX149S

Michael Keough

C14

Sea Dragon

HW168S

John Holland

F27

Sea Dream

YI131S

Peter John

VC50

Sea Eagle

TZ36S

Michael Carson, John Carson

A49

Sea La Vie

YC114S

Ernst Vreugdenburg

E14

Sea Lark

RL46S

Michael Wilde

F32

Sea Scout

Mal Kamenjarin

Sea Vixen

QX198S

Alistair Cavill

HS92

Secret Mens Business 3.5

YC3300

Geoff Boettcher

B13

Seduction

YC338S

Mark Williams, Marilyn Kopp

D18

Selkie

YC386S

Chris & Rosalie Morphett

D05

Sequana

NZ192S

Malcolm Ramsay

Serenade

YC445

Greg Jaunay

Serendipity

EN146S

Travis Richter

Serene

BP13S

Ray McPherson

C02

Serenity

YC540S

Peter & Barbara Page

B07

Setanta

YC18S

Gerard Hughes

E13

Shilo

PL10S

John Knispel

A07

Shining Sea

YI142S

Andrew Corletto

E04

Shiraz

John Klunder

C16

Shiraz

YC99S

Christopher Russell

Shooting the Breeze

YC190S

Rob Harrison

Short Circuit

VG171S

Peter Jordan

Shuna

F34

Peter Thomson

Silver Cloud

YC388S

Steve Standen

E16

Silver Dolphin

YC700S

George Bobaly

A06

Sir Les

VU163S

Ian Patterson

D06

Sirocco

YC825S

Henry Garner

C05

Smack-L-Bee IV

GN162S

Paul Crawford

Smurfette

SK196S

Michael Clark

Cruising Yacht Club of South Australia Annual Report for 2011/2012

50

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Snagol

AEG828N

George Wilson

E21

Sojourn

ZK125S

Sam Tolley

C42

Solarno

PZ76S

David Catherwood

Sole Trader

LQ142S

Ross Almond

Solitaire

YC248S

Graham Norman, Dennis Buchan

A33

Sooner Or Later

IF31S

Guy Bayly

C37

Southern Conway

YC401S

Stuart Henry

Spartacus

YC38S

Peter Trembath

Spectrum

UW42S

Thomas Abbott

Spirit of Lexus

Michael Keough

Splendido

C26

Peter King

Splice

X0149S

Mal Kamenjarin

Steeletto

VK128S

Peter Middleton

Stephanie

YC752S

Roy Wells

Stockcar

RU188S

Dave Hughes

HS87 C26 A21 HS45

Stormy Waters

Michael Davey

Stunned Mullet

SA323S

Stuart Kilner

Such Is Life

TT189S

Dave Nicolson

HS95

Sugar ‘n’ Spice

YC601S

Robert Perrin

E18

Summer Breeze

YC129S

Kevin Cook

Suzanne

YC90S

Don Howell

Synergy

Jamie Goode

Synergy

YC161S

C34

Mal Hutton

B14

Syrah

Peter Sadler

F18

Tangaroa

SA284S

Jim Raptis

B28

Tanshee

UV80S

John Simmons

Tarni Warra

Ian Shaw

VD84

That’s Life

YC447S

Greg & Judy Manuel

B30

The Business’

YC56S

Chris Hansen

D12

The Gap

TG192S

David Donovan

HS91

The Ghost Of Xmas Past

YC192S

David Ketteridge, Michael Ketteridge

HS02

The Gnome

Michael Keough

The Gun II

Len McIntyre

The Reel Thing

QM191S

Wayne Palmer

The Tardis

SA838S

Helen Prisk

The Tern

YC789S

David Flockhart

Third Time Lucky

SS156S

Andrew McMahon

Thresher

GF111S

George Flourentzou OAM

K15

Tiarnie

YC355S

David Everett

A29

Time

WV107S

David Allott

E22

D39 A36

51

Cruising Yacht Club of South Australia Annual Report for 2011/2012

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Time - Out

DL241

Peter Holdt

E20

Tirriki

SA40S

Mark Charlesworth

B09

Top Deck

YC244S

Thomas Muecke

Top End

SA85S

Rob Clampett

B23

Touche

YC710S

Bob Catley

HS99

Trinacria

YC149S

Rod Hunter

D27

Triple 888 Eight

Gordon Pickard, Stephen Norris

L01

Triple H

Henry Petersen

HS69

Trophy

Jason Deckers

A46

Trophy

CF279S

Stephen Madaras

A35

True Blew

HK591Q2

Patrick Conroy

F04

Twelfth Night

YC32S

Peter Lucas

D33

Twilight

YC287S

Colin Burgin

Two True

YC402S

Andrew Saies

SG176S

Ubique

Garry Golding

Vagabond

Hillar Puvi

YC461S

Vagabondo

Graeme Bignell

Vagrant

NT19S

Richard Smart

Vasa

YC11S

Peter Zemitis

Veloce

ON853394 / KP329Q

Steve Perkins

D02 C41 B36

Venture

Grant Nykiel

Viva

MD195S

Andrew Carney

War & Peace

SA305S

Ecio Marcel, Stefan Marcel

F17

Warrior

YC88S

Gary Bunn

HS23

Water Rat

ZR73S

Wally Rantanen

Waters Edge

YC723S

Graham & Julie Patterson

A19

Waterwitch III

YC117S

Patricia & Fred Fuller

F25

Wayfarer I

Russell Spier

Wedge Tail

QS185S

Cliff Presly

F20

Weemac

IY125S

Walter McDonald

HS19

White Mischief

PS 19

Ken Ramsbottom

Whittley Sea Legend

UO193S

Wayne Trott

Wild Honey

SM33S

David O’Leary

Wind Torque

VI23S

Gordon Penner

Woftam

UY23S

Paul Phillips

Yarramara

YC263C

Bruce McFarlane

Yorke

VR39S

Robert Sprod

Young Einstein

YC880S

Rob Moore, Rob Sellick, Peter Smith

Cruising Yacht Club of South Australia Annual Report for 2011/2012

52

HS142

HS32

Club Sponsors

Front cover photo courtesy of Greg Pratt

The CYCSA thanks its major sponsors for their support during 2011/2012: Racing Fishing Cruising Phil Hoffmann Travel Custom Cartons Charlesworth Nuts Port River Marine Cummins Yalumba R Marine South Australia Penfolds Maritimo Adelaide MUSTO Canegrass Saltbush Lamb Sportsmed.SA EverettBrookes Custom Jewellery Vislex The Stag Hotel Doyle Sailmakers

Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie.

Club Corpor8 It Solutions

Membership as at 31.05.2012

Life 5 Honorary 11 Foundation 24 Senior

517 Pt Vincent Senior 46 Member 159 Racing 255 Associate/Family 66 Intermediate 5 Junior 41 Total 1134

Back cover photo courtesy of Jacq Heffernen Inside front and back cover photo courtesy of Craig Evans

Graphic design by Trevor Paynter Printed by Reflex Printing Cover image: Bullistic (Tony Hansen, Paul Martin and Richard Royans)

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

2011 – 2012

Cruising Yacht Club of South Australia Inc. Lady Gowrie Drive North Haven South Australia PO Box 1020 North Haven SA 5018 Telephone:

08 8248 4222

Facsimile:

08 8248 5888

Email:

reception@cycsa.com.au

Web:

www.cycsa.com.au

annual

r e p ort