MINUTES OF ANNUAL GENERAL MEETING OF THE CYCSA Minutes of Annual General Meeting of The Cruising Yacht Club of SA Inc held at the Cruising Yacht Club of SA, North Haven SA on Thursday 23 September 2021 at 7.30 pm WELCOME The President and Chairman of the meeting, Mr Dominic Rinaldi, formally declared the meeting open and welcomed members and Life Members Andrew Saies, Graeme Footer and Geoff Catt and Past President Chris Wood to the AGM. ATTENDANCE & APOLOGIES A full list of attendees and apologies is at the bottom of this document. A. CONFIRMATION OF MINUTES Gerard Hughes proposed that the Minutes of the 2020 Annual General Meeting held on Wednesday 24 September 2020 be adopted. Martyn Heffernan seconded the motion. Chairman declared the motion passed. B. GENERAL BUSINESS 1. Annual Reports
Cruising Association Report - The Cruising Association did not have a nomination for the Association’s Most Valuable Volunteer Award for 2020/2021.
• •
as market in general has increased Graph displayed on screen (as included in Treasurer’s Report) showed the drawdown for the last two years in order to fund the over water asset expenses a similar drawdown expected this year but planning to rest the fund after this financial year to let it grow for a period in line with previous financial modelling.
Alison Perrott and Guy Collison from Ord Minnett were invited to comment on the 2020/21 Sinking fund performance and made the following points: • • • • • • •
Ord Minnett took over management of the fund in May 2020 Early 2020 was rocky due to market uncertainty due to Covid Took it gently and sensibly over the last year In excess of $6.35m currently invested 25% growth and 75% income yielding Recently sold out of Milton Corp to take some profit Still taking a cautious approach given current global situation.
Dominic advised that Ord Minnett addressed the CYCSA Board on a regular basis. Questions from the floor: • •
At what cost do Ord Minnett charge for their services- Ord Minnett’s annualised Investment Management fee is 0.5%. How has the Sinking fund performed against other similar sized funds? Outperformed other similar funds by around 2%.
Fishing Association Report - The Fishing Association did not have a nomination for the Association’s Most Valuable Volunteer Award for 2020/2021.
Dominic thanked Ord Minnett representatives for their attendance.
Social Association - The Social Association did not have a nomination for the Association’s Most Valuable Volunteer Award for 2020/2021.
Motion: It was moved that Dean Newbery & Partners be reappointed as auditors for the 2021/22 year as recommended by the Board. David Royle moved the motion and Chris Wood seconded it. Motion declared passed.
Racing Association - The Racing Association nominated John Collett for the Association’s Most Valuable Volunteer Award for 2020/2021.
The Chairman asked that the Associations’ Annual Reports presented at the 2021 All-Associations AGM be received and accepted. Moved by Peter Schembri and seconded by Vlad Humeniuk. Chairman declared the motion passed. 2. FINANCIAL REPORT In addition to the Treasurer’s Report as published in the Annual Report, the Treasurer David Roper, with the aid of a screen presentation gave an overview of the 2020/2021 financial performance.
Motion: To accept the 2020/21 Financials as a true record moved by Chris Wood and seconded by Andrew Saies. Motion declared passed.
3. COMMODORE’S REPORT Commodore Jacqueline Heffernan presented the Commodore’s Report as published in the Annual Report. Jacqueline acknowledged the incredibly difficult year but despite that the Club had done amazingly well. Staff are always very welcoming and the Member’s Draw continued to be well attended and recognised that without the members the Club would not be so successful. Motion: Gay Footer moved the Commodore’s Report be accepted, seconded by Martyn Heffernan. Motion declared passed.
He advised that the Club’s appointed Auditors, Dean Newbery & Partners, have given an unqualified report on the Club’s 2020/21 Financial Statements which was accepted by the Board.
4. PRESIDENT’S REPORT Dominic Rinaldi presented the President’s Report for the 2020/2021 year as published in the Annual Report.
• •
• • •
The Treasurer noted the following components contributed to the $800k ordinary actual surplus:
• • •
A one-off refund of $114k from SA Water Unrealised gains of $800k from the Sinking Fund required by accounting standards to be reported based on market value $318k of Covid19 related Government assistance (Jobkeeper and Cashbooster grants) Hospitality has improved considerably on the previous year Second half of the year improved considerably from the first half which was affected by restrictions
Update on the Sinking Fund: • •
32
Last year held a high proportion of cash which this year was invested back into the market Overall value of the fund increased by a material amount
Other items covered by the President were:
• • •
A lot of curve balls thrown at us this year Management and their team had to be agile and reactive Have been working tirelessly to find sponsors for the Youth Sailing Foundation (YSF) which has so far yielded four majors and one minor which will cover the majority of instructor fees Club managed to purchase the YSF fleet through existing working capital and has not required any additional funding Expect the YSF to bring more youth, boats and vibrancy into the Club Infrastructure at the Club is ageing which will require good planning and will stage capital expenditure based on funds available and not go into debt.
Question from the floor:
