PRESIDENT’S REPORT
Welcome to the June 2021 issue of Groundswell. CYCSA YOUTH SAILING FOUNDATION
We anticipate the arrival of the six Elliot 7 keelboats in early August of this year. The Club has been actively seeking corporate sponsors for each boat and to date we have secured three full sponsors and one half sponsor. The Club is in discussion with various other companies who have been presented with a Club sponsorship proposal and are confident all the boats will be sponsored before they arrive. WELCOME DALE GEDDES
Dale Geddes has been appointed Head Coach of the Youth Sailing Foundation and will commence his employment in early June. Dale comes highly recommended as a sailing instructor and has substantial sailing experience. His initial role will be to -
SINKING FUND
A summary of the Sinking Fund as at 30 April 2021 is as follows: Sinking Fund Investment Allocation CYCSA Sinking Fund
As at 30th April 2021
Dividends Interest Capital appreciation
Once the boats arrive we expect to immediately see them out on the water training the sailors of tomorrow. CAPITAL EXPENDITURE
The refurbishment of the amenities block is now complete and I am sure you will all agree they are now much more functional and aesthetically pleasing.
During the month of April we replaced the floor in the kitchen as the wear and tear on the existing floor meant it posed a potential WHS risk to our employees. I thank you for your patience for any inconvenience caused by the two week shut down of the kitchen but a positive outcome was the purchase of a pizza oven which allowed us to sell gourmet pizzas during the shutdown. The pizzas proved to be very popular and we will continue serving them on an ongoing basis. CORPORATE GOVERNANCE COMMITTEE
I have been updating members of the progress of this committee since its inception. The committee has now reviewed all the Club’s policy manuals, Constitution and other corporate documentation to ensure each of these documents integrate where appropriate. This review has identified certain amendments required to the Constitution. With the assistance of the Club’s legal advisors we will document the proposed changes together with the reasons for the changes and forward them to members for consideration before this year’s Annual General Meeting.
4
Interest rate
$securities 99,464 $17% 4,317 $ 691,925 $ 795,706
Return on investment since 31/5/20
Australian securities Market value oflisted portfolio: 38% Interest rate securities Australian core equities Emerging companies Australian listed securities Cash
1. identify a squad of coaches who will assist in undertaking the training courses; and
2. pursue amongst the various Adelaide sailing club and private and public school system students who will benefit from the courses being offered by the Foundation.
Cash 12%
Revenue earned :
14%
Australian core equities
$ $ $ $ $ $
1,051,352 27% 1,718,768 395,845 2,417,099 717,591 6,300,655
Emerging companies 6%
Sinking Fund Value
$6,400,000
Sinking Fund Value (value at 30 April 2021 $6.3m)
$6,200,000 $6,000,000
$340k withdrawal to fund overwater assets as per
$5,800,000 $5,600,000 $5,400,000 $5,200,000
Sinking Fund Investment allocation Whilst relative to other parts of the world, COVID has had a less (value at 30 Apr 2021 $6.3m) extreme effect on our lives. However, the Board is cognisant of Cash the need to continue being compliant with the health regulations Interest rate required and our12% current position should never be taken for securities granted. Please sign in with 17% your QR Code when coming to the Club and assist management and staff in ensuring we maintain a COVID safe environment.
The winter months provideAustralian us with core an opportunity to take boats Australian equities work. Please speak to the office out of thelisted water for maintenance 27% securities about concessional slipping rates for members. 38%
Please continue to enjoy the facilities offered by the Club over the Emerging winter months, enjoy the companycompanies of6%friends and fellow members and where possible enjoy our waters with some safe boating. Dominic Rinaldi
