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 -

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. 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. SINKING FUND A summary of the Sinking Fund as at 30 April 2021 is as follows:

CYCSA Sinking Fund Sinking Fund Investment Allocation

As at 30th April 2021

Revenue earned :

Dividends Interest Capital appreciation Cash 12% Interest rate 99,464$ securities $ 17% 4,317 $ 691,925

795,706

Return on investment since 31/5/20 Australian Market value of portfolio:listed securities Interest rate securities38% Australian core equities Emerging companies Australian listed securities Cash

14% Australian core equities 1,051,352 27% 1,718,768 $ 395,845 2,417,099 $ 717,591

$ 6,300,655

Emerging companies 6%

$6,400,000

$6,200,000

$6,000,000

$5,800,000

$5,600,000

$5,400,000

$5,200,000 Sinking Fund Value Sinking Fund Value (value at 30 April 2021 $6.3m)

$340k withdrawal to fund overwater assets as per

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 12% required and our current position should never be taken for securities 17% granted. Please sign in with your QR Code when coming to the Club and assist management and staff in ensuring we maintain a COVID safe environment. Australian core Australian The winter months provide us with an opportunity to take boats equitieslisted out of the water for maintenance work. Please speak to the office 27%securities 38% about concessional slipping rates for members. Emerging Please continue to enjoy the facilities offered by the Club over the companies winter months, enjoy the company of friends and fellow members 6% and where possible enjoy our waters with some safe boating.

Dominic Rinaldi