CYCSA Annual Report 2012-2013

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

2012 – 2013

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

Membership

The CYCSA thanks its sponsors for their support during 2012/2013: Racing Fishing Phil Hoffmann Travel R Marine SA Port River Marine Central Audio Visual Yalumba Custom Cartons Penfolds Sportsmed.SA Robert Oatley Vineyards Canegrass Saltbush Lamb MUSTO Cruising EverettBrookes Custom Jewellery Charlesworth Nuts Vislex (Channel 7 SALifeTV) Prescott Securities The Stag Hotel Doyle Sailmakers

Life 6 Foundation 25 Senior 492 Port Vincent Senior 48 Member 137 NMAFC Members 6 Racing 226 Intermediate 4 Youth 3 Associate/Family 68 Junior 29

Club Website Corpor8 It Solutions

Graphic design by Trevor Paynter

as at 31.05.2013

Total

1044

Front and back cover photo by Gerry Colella Inside front and back cover photo courtesy of Craig Evans Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie.

Printed by Reflex Printing August 2013

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

History Book Committee Report

7

Commodore’s Report

8

Finance, Audit and Risk Committee Report

10

Facilities Committee Report

11

CYCSA Marine Academy Advisory Committee Report

12

Membership Services, Sponsorship and Recruitment Committee Report

14

Volunteering Report

15

Groundswell Editorial Committee Report

16

Fishing Association Report

17

Cruising Association Report

18

Social Activities Association Report

20

Racing Association Report

22

Club Structure

24

CYCSA Inc and Controlled Entities Financial Report

25

CYCSA Vessel Register

44

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Administration

Committees

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

BOARD COMMITTEES

Craig Evans Marina Segodina Jenny Krogdahl Laura Cowley Mellissa Vahoumis Angela Christofis Jess Hargreaves Robert Gray Daniel Preece Gary Cavendar Sam Stewart Mario Cataldi Dorian Molga Andy Zhang Rob Marner Matt Young

Audit Committee Chair Wayne Coonan (Board Member)

Chris Wood (Treasurer), David Hughes (Senior Member), Don Venn (Senior Member)

CYCSA Marine Academy Chair Rowland Richardson (Vice Commodore)

Andrew Saies (Senior Member), Andy Shipp (Senior Member), Rod Hunter (Senior Member), Brett Yardley (Senior Member), John Edwards (Racing Member), Peter Hendy (Racing Member)

Facilities Committee Chair David Murray (Board Member)

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

Club Associations

History Project Committee

Chair Keith Degenhardt

Robert Perrin, Gerard Hughes

Chair John Gerard (Senior Member)

Tom Tymons (Board Member), Trevor Paynter (Member), Laura Cowley (Communications and Membership Services),

Craig Evans (Executive Officer)

Fishing Association Committee

Membership Committee

Chair

Cruising Association Committee

Glenn Spear Peter Newmarch, Geoff Wiggins, Malcolm Kitto, Henry Garner, Bruce Tasker, John Colella, Graham Meyers, Leica Theodore

Racing Association Committee Chair Traci Ayris

William Strangways, Brenton Pegler, Roger Nicolson,

John Gibson, Mark Hutton, Rob Sellick

Social Activities Association Committee Chair Pam Humeniuk

Sandra Richards, Morag Draper, Karen Johns,

Anne Burrow, Don Guy

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, Yachting Australia, Yachting South Australia, Game Fishing Association of Australia, Australian Bridal Industry Academy, Good Sports, STARCLUB.

Life Members Arthur F Carolan Richard H Fidock AO Graeme L Footer James A Henry (deceased) Malcolm A Kinnaird AC Peter J Page John Gerard Cruising Yacht Club of South Australia Annual Report for 2012/2013

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David Knights (Rear Commodore), Bryan Mellors (Senior Member), Barbara Page (Senior Member), Peter Page (Senior Member), Martyn Heffernan (Senior Member), Jacqueline Heffernan (Senior Member), Trevor Kipling (Senior Member)

Member Services, Sponsorship and Recruitment Committee Chair Wayne Coonan (Board Member)

Geoff Catt (Commodore), Craig Evans (Executive Officer),

Sam Tolley (Board Member, Sponsorship Focus), Laura Cowley (Communications & Membership Services),

Glenn Spear (Fishing Association Chair), Traci Ayris (Racing Association Chair), Pam Humeniuk (Social Activities Association Chair), Keith Degenhardt (Cruising Association Chair), Rowland Richardson (Vice Commodore), Matt Young (Marine Academy Coordinator), Trevor Paynter (Marketing and Promotions Subcommittee), Richard Watson (Marketing and Promotions Subcommittee), Mike O’Reilly (Marketing and Promotions Subcommittee)

CLUB COMMITTEE Groundswell Editorial Committee

Gay Footer (Senior Member), Robert Perrin (Senior Member), Owen Mace (Senior Member), Laura Cowley (Communications and Membership Services)

Board of Management

Andrew Saies President

David Hughes Treasurer (until 20.12.12)

Chris Wood Treasurer (from 20.12.12)

Wayne Coonan

Graham Meyers

David Murray

Tom Tymons (retired 27.06.13) Peter Hall (comm 22.07.13)

Sam Tolley (commenced 21.03.13)

Executive Officer

Craig Evans

Flag Officers

Geoff Catt Commodore

Rowland Richardson Vice Commodore

David Knights Rear Commodore 3

Cruising Yacht Club of South Australia Annual Report for 2012/2013

President’s Report Finances and Membership The consolidated entities of the Club, before depreciation, will show a healthy surplus again this year which is ahead of budget and an increase on last year’s surplus.

already on this issue but getting this right for all stakeholders, while respecting historical relationships between Associations and sponsors, has taken time. The Board will get this framework in place and in due course sponsors and members alike will both benefit.

There have been a number of new boats into the Club and berth resales have been on budget. The cash position of the Club is sound. In essence, the accumulated surplus held at bank gives the Board a number of options to meet immediate requirements related to both the Marina West breakwater and Marina East repairs.

Late last year with Board approval I initiated a comprehensive performance review for Craig Evans and followed this up with a broader organisational review of Club management. Wayne Coonan provided considerable assistance with both reviews helped by senior member Don Venn for the organisation review.

Total expenditure was on par with last year despite the increased expenditure on water, power and insurance expenses, legal and accounting fees, and scheduled marina ramp and equipment repairs.

I am pleased to report some high level results of these reviews. We are fortunate to have someone of the calibre of Craig in our senior executive role. He is passionate about the Club, its profile and its members and he works tirelessly beyond his paid hours to achieve the best outcomes for the Club. With a change in the Treasurer’s role from hands on in the past to a more appropriate governance responsibility, the review identified a need to more strongly involve Craig and management in achieving Board determined outcomes with continuing emphasis on financial performance and growth in membership.

The current Board strategy is to repair and maintain Marina East.

This cost will be expected to increase each year and has been built into our five year financial forecast.

New Member initiatives and discounts to encourage membership, leasing and berth ownership have been put in place by management and endorsed by the Board.

The Treasurer addresses the financial position of the Club in detail in his report.

Board Activity

The overall outcomes of both reviews were extremely positive for those being reviewed and have given the Board confidence that our staffing structures, numbers and FTEs are appropriate for a Club of this physical and membership size.

During the year David Hughes stood down as Treasurer due to changed personal work commitments. On behalf of members and the Board I thank David for his brief but effective input into our financial reporting and accountability. Chris Wood was appointed Treasurer and has really had the time and expertise to work with management to develop some financial forecasting that will be of great benefit to the Board in making its strategic decisions.

Chris has brought a real focus on setting and achieving acceptable margins on a range of goods and services in the Club. The benefits to the Club’s overall financial position and the ‘sinking fund’ contingency should become apparent in future years.

As part of this process the Board has also developed and signed off this year a Board governance document that sets out the duties, responsibilities and accountabilities of Board Members, Flag Officers and various sub committees.

Sam Tolley was appointed to the casual vacancy and has agreed to work with management on setting out a fair and equitable frame work that encourages, recognises and rewards sponsorship at various levels within Associations and across the Club. Wayne Coonan and Geoff Catt have done a great deal of groundwork

The Board has also spent time researching, discussing and making decisions about: • Isolated damage to Port Vincent marina pontoons; • Further developing the relationship with the Naval, Military and Air Force Club;

Cruising Yacht Club of South Australia Annual Report for 2012/2013

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Finally, as a result of these various reviews the Board has recommended an upgrade in the EO’s position to that of CEO. The current position description and salary package will be amended accordingly to reflect the nature and responsibilities of the current role. Other small changes will also be implemented by the CEO in time to better align skills and resources where they can be most effective for the Club and members.

• • • • •

•

Further growth and future of the Marine Academy led by Rowland Richardson; Club History Book project led by John Gerard and the 40 Year Anniversary celebrations headed up by Geoff Catt; Marketing initiatives for new memberships and berth sales; Volunteer recruitment and recognition initiatives led by David Murray; The combined sailing development ‘Sports Boat Program’ with RSAYS with work being undertaken by Geoff Catt, Rob Sellick and Chris Tillett; Confidential settlements through our insurer for a claim against the Club by a terminated member.

Marina West At the time of writing I can report that the final design and construction documents have been prepared and final negotiations with our preferred contractor are currently taking place. Graham Meyers has provided considerable time and expertise along with Graham Footer and Craig Evans in getting to this point.

Unfortunately the Minister has not approved the SABFAC proposal to fifty percent fund the project under conditions that the Club could accept. This extremely disappointing news has only just been received by the Club and will need a very considered Board response.

Craig Evans had been outstanding in his persistence and pursuit of the Club’s application and his lobbying of the various stakeholders on SABFAC and the bureaucratic and political community. He could not have done any more to advance the Club’s interest in this matter and I know he is personally very disappointed at the Minister’s decision.

When the breakwater is built the wave environment in Marina West will be considerably more comfortable across a broader range of wave conditions than is currently the case. Nonetheless infrequent and extreme wave conditions will continue to challenge the entire North Haven basin.

Council Rates A year on from my last report there has been no material change in the previous position. Port Adelaide Enfield Council has continued to transition towards full payment of the minimum rate on all hardstand and marina berths within six years. PAEC’s attempts to get motions up at the LGA Annual Meeting in October last year were unsuccessful. Those motions were aimed at requesting a Government amendment to the legislation and would address the unfair and unreasonable rating impost that our members are experiencing at both North Haven and also in Port Vincent.

CYCSA has been active in continuing to pursue legislative amendments through Hon John Darley MLC who has drafted a legislation that would address this rating anomaly. That legislation is yet to go before Parliament. Our local Member, Susan Close, and her advisor Steven Vines have been very helpful in representing berth holders’ concerns to Government. In the meantime it seems that local councils are united in the opinion that they have no legal

discretionary right to rebate rates for anomalous rate categories like marina berths under the current legislation.

I have written to the Premier recently regarding council rates and he has responded advising that Council rates on marina and hardstand berths must be looked at in the context of the whole of State.

Frustratingly I cannot report any good news for members on the issue of council rates.

Associations and Volunteers I would again like to acknowledge and thank all those who volunteer their time and expertise to the life and the affairs of the Club. Many are listed elsewhere in the Annual Report. I again thank all the duty crews who make racing possible. The editorial and production team of Trevor Paynter and Gay Footer who produce Groundswell, the Association committee members and chairs, Flag Officers and the Board. The Club is a much better place for your commitment and good will.

At the time of writing, Geoff Catt as Commodore of the past four years and Tom Tymons a Board Member for four years have indicated their intention to step down from their respective roles. It is appropriate to acknowledge them both in this year’s report.

Geoff has put in an enormous amount of voluntary time for this Club as Past President and most recently as Commodore. His strengths included meticulous planning and implementation, a jovial and common sense disposition and an ability to always find the positives in any situation or person. We saw all of this and more as he took leadership for the various events that marked our Club’s very successful 40th Year. Many thanks for all that you have done over so many years.

Tom Tymons brought to the Board the skills of a successful businessman and passionate powerboat owner and Fishing Association member. Not always comfortable with the sometimes drawn out committee process, Tom would get straight to the point and give his views accordingly. These were always valuable and often given with enough conviction to end any Board procrastination, enabling decisions to be made with always the best interest of all members in mind. Tom, thank you! Here’s to many more fishing trips now uninterrupted by Board meetings!

I also acknowledge and thank all of our Club staff who have provided us with great service and support during our boating and social pursuits at the Club. In many areas this year and particularly in hospitality, members have commented on how good the food, service and attitude of the staff have been. Well done, it makes a huge difference to member satisfaction.

Finally I wish to thank all members for your ongoing membership of the Club. The Board recognises and does not take for granted the fact that you have exercised a choice to be a member of this Club. Thank you, I hope that the Club has met or exceeded your expectations recognising that the membership includes a very diverse range of personalities and boating interests.

Andrew Saies, President 5

Cruising Yacht Club of South Australia Annual Report for 2012/2013

Treasurer’s Report I took over the position of Treasurer from David Hughes who stepped down from the Board (including the role of Treasurer) due to his work commitments during the year. I would like to thank David for his efforts as Treasurer and particularly for his wise and supportive counsel since stepping down.

Financial Reports The financial report presented in this Annual Report represents the Consolidated Position of the Club and reports on the Club’s financial performance and position for the 12 months ended 31 May 2013.

The organisational charts of the Club’s legal and financial structure are highlighted in this report and have been carefully designed by our forbearers to specifically provide members with benefits for asset protection and to provide flexibility for future directions.

During the reporting period the Board, in conjunction with the Club’s auditors, has considered the carrying value of the Club’s assets; in particular the remaining economic life of both Marina West and Marina East given the increased focus on long term planned maintenance. Accordingly, the remaining working life for depreciation purposes has been extended by five years for both Marina West and Marina East, commencing with the 2013 reporting period. In addition, the Board will make a further reassessment in this regard in 2013/2014, focusing on establishing residual values for key components of both marina infrastructures.

The financial effect of this change is to reduce the operating deficiency for the year ended 31st May 2013 by $101,155 (being reduced depreciation expense). Members should note that this is an accounting change and we believe better reflects the value of these assets for members. In no way does it alter our view on how we provide appropriate marina assets for member’s use including appropriate ongoing maintenance and ultimate replacement.

All entities, including the consolidated accounts, have been audited

by BDO with unqualified reports being issued and included in this report.

The Club at the date of this report had no external bank borrowings, and had cash at bank and cash equivalents of $1,174,967 as at 31 May 2013.

Major Financial Highlights Revenue has increased by $114,995 to $3,099,378 or 3.9%.

Other Income [Functions, Interest Received, and Ramp sub lease] has decreased by $111,398 or 45%.

Total Expenses [including depreciation] have decreased by $107,219 or 4.3%.

Depreciation expense has reduced by $125,547 [refer explanatory comments above].

Operating Surplus / (Deficit) has reduced to ($55,075) from ($161,955) or 66%.

Capital Expenditure was contained to $30,000.

Net increase in cash was $308,090 to $1,174,967 or 35%.

Total Equity reduced by ($65,025) due to non-cash depreciation charges.

Other Financial Highlights Energy costs increased by $31K. Long Service Leave costs increased by $41K. Rates and Taxes increased by $17K. Insurance costs increased by $7K. Salaries increased by $11K. Total Repairs and Maintenance reduced by $108K [Club staff used rather than contractors].

General Expenses increased by $20K [write off expenses held in balance sheet – prior years].

Net trading margin – catering, bar & resale increased by $51K [excellent result/trend].

Groundswell advertising income decreased by $8K.

The Year in Review

Budgets and Forward Financial Forecasts

The Club, and in particular Club management, has financially outperformed the budget established at the beginning of the financial year, and has been able to maintain underlying trading performance [before depreciation] to similar levels as the previous 2012 financial year. The 2013 budget was set in the framework of continuing difficult economic conditions. The conditions we are currently experiencing are similar in the great majority of boating and social clubs around Australia and overseas; limited membership growth, cautious discretionary spending by members, very few deliveries of new boats leading to stagnant demand for new moorings and berths, and increasing costs - especially insurance, energy costs and other government rates, fees and charges.

2. Commenced preliminary work to extend the detailed financial model out to 10 years;

Notwithstanding these difficult conditions, the Club has come through the 2013 year in good shape on slightly raised revenue to the previous year, and has generated a positive cash flow as a result of very careful expenditure controls, for both capital and operating costs.

Cruising Yacht Club of South Australia Annual Report for 2012/2013

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Over the past 12 months, the Board has spent considerable time focusing on forward forecasts, financial systems, internal controls and reporting systems, and has: 1. Prepared a detailed three year 2014-2017 fully integrated operating financial model;

3. Undertook financial modelling based on the Club’s Balance Sheet, focusing on the ability to fund capital expansion and debt funding sensitivities; 4. Investigated options for establishing a future Sinking Fund; 5. Carried out a formal third party organisational review of the entire operations of the Club, including reviewing all staff positions, and justifying all major areas of expense; 6. Prepared preliminary marketing plans to focus on bringing new and/or increased revenue streams to the Club;

7. Commenced an internal accounting review that will shortly allow management accounts to be prepared in a divisional format and report the financial contributions from all major operations of the Club by month; 8. Carried out a general review of the fee structures of the Club including benchmarking like charges with other clubs. This is seen as important to ensure the Club remains competitive; 9. Focused on establishing meaningful monthly financial budgets and ensuring management are responsible and accountable for performance to budgets.

The Year Ahead Unfortunately, the year ahead will continue to remain difficult.

Australia is currently preparing for a federal election and business sentiment continues to remain highly cautious - consumer, business, and government spending will all continue to remain tight. That fiscal environment will continue to hit hard all clubs, not just ours.

The Board will continue to ensure that our financial management

and reporting systems will signal any material changes at the earliest possible time.

Early during the new financial year the Club will make some key final decisions in relation to the capital expenditure required for the Marina West inner breakwater extension. Meanwhile, the costs of maintaining Marina East will increase, including for costs to increase its economic working life - these maintenance costs have been factored into the forecasts mentioned above. The objective must always be to take a conservative approach to the financial management of the Club. We trust members understand this important balance and the need for the Club [as would be the case for any business or commercial operation] to recover major cost increases as applicable.

In conclusion, the Board, management and staff continue to work extremely well together; the chemistry and the commitment to make the Club continue to prosper is fantastic. I look forward to the year ahead. Happy boating for 2013/2014.

Chris Wood, Treasurer

CYCSA History Book Committee Report On behalf of the Committee it gives me great pleasure to report that the History Book, titled First Watch, was launched to members at the CYCSA 40th Anniversary Luncheon held on Sunday 5th May, 2013.

The book has had overwhelming support and I believe will be an ongoing legacy for the Club. Just by having all the valuable Club memorabilia on hand will be of great benefit for future generations.

It is pleasing to announce that the project has been cost neutral owing to the financial support of a number of members, book sales to date, publication cost saving measures along with the fact the Club acquired the manuscript.

The Committee has acknowledged within the Book the many supporters and contributors whom without their involvement the project would never have come to fruition.

Special thanks must be given to Malcolm Kinnaird AC, Dick Fidock AO and Graeme Footer for giving so much of their time and for sharing their extensive knowledge.

Also appreciation and thanks go to Sir Eric Neal AC CVO for writing the foreword.

The author, Kristin Weidenbach, has done a magnificent job in collecting information from many sources then transposing it into an enjoyable and interesting narrative story. We wish to thank Kristin for her enthusiasm and for the receptive manner in which she tackled this project.

Also, we thank Michaela Andreyev of East Street Communications for her guidance and professionalism in the editing and publishing role.

The History Book Committee has thoroughly enjoyed being involved in this important Club project, which was first mooted

by Malcolm Kinnaird AC and then encouraged by past President, Geoff Catt. The committee do hope CYCSA Members, both past and present, and the boating community at large embrace and enjoy the read.

In closing, I thank the Committee namely, Tom Tymons, Trevor Paynter, Craig Evans, Laura Cowley and Michaela Andreyev for their support and effort during this rewarding and important project.

John Gerard, Chair History Book Committee

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Commodore’s Report The past year has been a notable one for the Club as we celebrated our 40th year.

It’s been a busy and successful year and, reflecting the broader South Australian economy, a challenging one as well.

It’s worth remembering that the inaugural meeting of the CYCSA Board was held on 1st November 1972 in the Naval, Military and Air Force Club of South Australia. It was fitting that a commemorative dinner to launch our 40th year was held at the same venue on 2nd November last year. The dinner was a great success and paid tribute to all who have been involved in the development of the Club over the past 40 years.

President Andrew Saies acknowledged and thanked all previous board members and flag officers for their commitment and dedication, and made special mention of the founding board members led by Malcolm Kinnaird for their vision, expertise and faith in the establishment of the Club.

At the dinner the President also asked John Gerard, as Chair of the History Project Committee, to outline the Club’s 40th Anniversary History Book “First Watch – 40 Years of the Cruising Yacht Club of South Australia”, by Kristin Weidenbach. Over the last three years, John and his committee (Trevor Paynter, Tom Tymons, Craig Evans and Laura Cowley) along with professional technical assistance put together the stories and photographs for the book which was released at the Club’s official birthday celebrations in May 2013.

Opening Day this year typified the professional and caring way in which Craig Evans and his team consistently make that extra effort to think of the little things that count in ensuring that our guests and families (of all ages) have a memorable time whenever they visit North Haven. Not only did they prepare diligently for this important event, but they did everything they could on the day to ensure that the program went smoothly.

Teams again competed in the Unforgettable Challenge. This year’s winner was Kudos (Vlad and Pam Humeniuk) who won the magnificent prize of a long weekend on a luxury houseboat on the Murray River, once again very generously donated by Mark and Lee-Anne Flanagan, while School’s Out (Adrian Wotton) enjoyed the second place prize kindly donated by Mark and Lisa Charlesworth of Charlesworth Nuts.

Cruising Yacht Club of South Australia Annual Report for 2012/2013

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This year’s sail past was once more held within the calmer waters of North Haven where a record number of vessels of all sizes took part. It was particularly pleasing to see an increasing number of children (and grandchildren) participating as crew or guests.

During the presentations we acknowledged our 25 year members, presented burgees to our new flag officers (Vice Commodore Rowley Richardson and Rear Commodore David Knights) and presented an award to the Volunteer of the Year, Trevor Paynter.

Special mention was also made of the race official achievements of 25 year member Stewart Ross and the special service that veteran Don Chisolm has provided the Club as a racing timekeeper on the various start boats over the past 18 years.

And so, with another successful Opening Day behind us, the 2012/2013 season was well underway.

Racing was blessed with some good weather for the early part of the inshore and offshore races, while the Twilights proved to be as enjoyable as ever.

Once again the CYCSA was proud to acknowledge and support the South Australian boats that competed in the Sydney to Hobart this year - the “old, old” hands – Geoff Boettcher in Secret Mens Business 3.5 and Andrew Saies in Two True – were joined by first timer Derek Morrison and his crew in Asylum. It was also pleasing to see that Enchantress from the RSAYS formed part of the SA fleet.

All participants were officially farewelled by the Commodores of both the CYCSA and the Squadron at the annual Sydney to Hobart Dinner and eventually had safe but exciting trips to Hobart and back.

The CYCSA was also represented in this year’s Festival of Sails at Geelong in Victoria by Julian Newton (Game On) and Greg Manuel (That’s Life) – both did well against high class fleets and were congratulated for their campaigns.

Meanwhile, closer to home, the Ballast Head Cup Regatta was held as usual off Island Beach, Kangaroo Island on New Year’s Day. This was followed in February by a slightly windless Adelaide to Port Lincoln Race with some great results being achieved by Club members.

As usual it was a busy year at the Club with a wide range of functions to appeal to all. Crabbing Day, the new member ‘Captain’s Table’ welcome dinners, the Great Southern Regatta, the Bavaria Boat Hop and the more formal Commodore’s Dinner were just a few of the notable events on the calendar.

The decibel levels at the Racing Association’s Presentation Night on Friday 3rd May indicated that something was brewing and certainly indicated that a good time was being had by all present!

Rob Human was congratulated as “Crewman of the Year” for his outstanding commitment and achievements, and Andrew Corletto’s Shining Sea scooped the prize pool and was fittingly named “Yacht of the Year”.

On behalf of the Club I also took pleasure in accepting once again the Commodore’s Shield from RSAYS Commodore Paul Bogner in recognition of our team’s success this season.

Presentation Night was followed immediately by the Club’s official 40th birthday weekend on the 4th and 5th May. The camaraderie and friendship which is a hallmark of our Club was particularly evident during Saturday’s Treasure Hunt and then the Progressive Dinner, where those participating had the opportunity to share courses with new acquaintances on board vessels that they may not have stepped aboard previously. A unique experience for most, it was also the first opportunity for many members to enjoy the taste of our 10 year old Commemorative Tawny Port.

The weekend culminated with an official lunch on the Sunday where the Club’s history book was launched and released by Sir Eric Neal and John Gerard.

“Fantastic day yesterday. Congratulations to all involved. Great food. Great speeches. Great company. Overall just a very happy day”. These were the words Board Member Chris Wood used to sum up the 40th Anniversary Lunch and all who attended would agree – it was indeed a special day in the Club’s history and highlighted once again the vision and commitment of the Club’s “founding fathers” and foundation members, as well as the diversity of our current members, their interests and their skills.

As usual though, these events in the Club’s calendar just don’t happen without the input and support of members and staff. On behalf of all members, I’d like to thank the Association Chairs and their committees – Pam Humeniuk (fantastic effort Pam), Keith Degenhardt, Traci Ayris and Glenn Spear – as well as my fellow Flag Officers Rowley Richardson and David Knights as well as all who have volunteered in some way.

Throughout the year the Club has once again been well served by all of our staff. Led by Craig Evans, they go the extra mile and I thank them on your behalf.

I know it’s a risk to single out individuals, but particular thanks must go to Jenny Krogdahl, Laura Cowley, Jess Hargreaves, Mario Cataldi and Dorian Molga for their enthusiasm and results during the year – well done to all. And not forgetting Robbie and his team – the grounds have rarely if ever looked better.

In case you’re not aware, in this Club one of the Flag Officers attends each and every Board meeting as your representative and I can assure you that the time, expertise, care, attention to detail and diligence that the members of your Board consistently apply to the governance of the Club is of the highest order. We have been well looked after by the present Board – they have acted as a cohesive and effective team and I thank them all on your behalf.

It is also timely to acknowledge the generosity of all of the organisations and individuals who have supported the Club and the Associations as sponsors during the year – their support is much appreciated.

Finally, best wishes to all of the members of the CYCSA who are participating with Geoff Boettcher on Secret Mens Business 3.5 and Andrew Saies on Two True Tarka in this year’s blue water classic Rolex Fastnet Race which starts in the UK in a few days time!

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

Geoff Catt, Commodore

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Finance, Audit and Risk Committee Report I took over the role of Chair of this committee from Chris Wood during the financial year following Chris’s appointment as Treasurer.

The Finance, Audit and Risk Committee of the Club and all of its controlled entities consists of: Wayne Coonan - Chair and Board Member Chris Wood - Treasurer and Board Member Don Venn - Senior Member David Hughes - Senior Member As mentioned in the President’s report, the Board of Directors updated the Corporate Governance Policies of the Club during the year, including the terms of reference of the Finance, Audit and Risk Committee. These documents can be found on the Club’s website.

Specific responsibilities include: 1. Audit 2. Risk Management 3. Compliance 4. Reporting 5. Engagements 6. Insurance Over the past year the committee has meet on five formal occasions and has had numerous other informal meetings and discussions. The committee has specifically addressed the following: 1. Overseeing the tender process for the appointment of auditor;

The Finance, Audit and Risk Committee oversees all matters concerning: a. The internal control framework and its capacity to safeguard assets from inappropriate use and/or loss and to maintain the integrity of records and reports [audit];

2. Insurance renewal including obtaining updated valuation reports;

b. The risks to which the Club is exposed, the assessed likelihood and potential impact of each risk, the Club’s risk tolerance and the efficiency and cost effectiveness of the processes which management has implemented to manage those risks [risk management];

5. Other corporate/legal and compliance matters.

c. The internal control framework and its capacity to ensure legal and regulatory compliance [compliance]; and d. The monthly management accounts and annual financial statements, including the suitability of the accounting policies adopted by the Club [finance reporting].

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3. Financial reporting and foreword forecasting; 4. Capital forecasting; Thank you to my fellow members for the very considerable time and support they have given voluntarily to this committee.

Wayne Coonan, Chair Finance, Audit and Risk Committee

Facilities Committee Report

The overriding infrastructure priorities the Board has tackled are the Marina West breakwater extension and the ongoing condition of Marina East.

The Marina West breakwater will be a significant spend for the Club. At the time of writing, negotiations were continuing to access a funding contribution from the boating facilities fund for this project. That fund is made up of our collective Facilities Levy payments that are in our individual boat registration charges. The Board has held off on other major capital developments until the outcome of this process is known.

Meanwhile, additional level surveys have been conducted on Marina East and various repair and maintenance processes have been trialled with promising results for extending the working life of the main pontoons and fingers. In the context of its review of Club structures and staffing, the Board has also approved additional staff time being dedicated to Marina East repair and maintenance work. The longer that the economic working life of Marina East infrastructure can be extended while building annual financial surpluses, the stronger our financial capacity to undertake a staged replacement program becomes. Of course, that capacity will further improve when sales of Marina West berths regenerate as the economy picks up.

Master Plan projects such as the storage and waste facility redevelopment and upgrades to the clubhouse – the bar area in particular – have been held in abeyance until the net financial commitment to the Club for the Marina West breakwater extension is known. The shade sails for the western function area are also on hold but the Port Adelaide Enfield Council has agreed to a further extension of their approval so this work can still proceed if and when the Board gives it priority.

Limited essential minor work is going ahead. With financial support from associations, new BBQs for Port Vincent have been approved by the Board and were in the process of being ordered at the time of writing. New ways of reducing the bird problem at Port Vincent and Marina West by use of disco type lasers is being

trialled. An Environmental Plan has been developed to meet EPA concerns, involving filtration of storm water run-off from the boat maintenance area, and is awaiting EPA response. The wharf crane has been fitted with a load sensor and training and safe work methods have been implemented to meet SafeWork SA requirements. Lighting is being progressively changed over to low energy LED fittings. Members will have seen new carpets in the bar and lounge area.

With the popularity of solar photo voltaic panels in the community, we assessed (but ultimately rejected for now) a proposal to install a 30Kw PV system on our north facing clubhouse roof. While electricity is a major cost to the Club, the energy plan that management has negotiated involves a cost to the Club of around 16 cents per kilowatt. By comparison, most domestic consumers are paying around 27 to 32 cents per kilowatt depending on their consumption and energy plans. The economics of solar for the Club will be re-visited over time as electricity prices rise, the installed costs of systems comes down further and material technology advances are made.

The Port Vincent Marina is now 10 years old. There has been a problem with concrete cracking at the connections between some of the fingers and the main pontoons. Engineering assessments have been undertaken and four of the connections have been repaired involving dismantling, fixing and re-assembling the fingers. Where fingers are not supported at their ends by piles, the connections to the main pontoons can be vulnerable if heavy boats hit the fingers hard – which, with cross winds, may happen from time to time. There is also loading on the connections by wave action from speeding boats and static loading from windage on moored boats. The fundamental problem of the strength and durability of the connections remains unresolved but dialogue with the marina builder, Pacific Pier and Pontoons, may lead to a less costly in-situ modification to the connections to improve their in-service performance.

David Murray, Chair Facilities Committee

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

CYCSA Marine Academy Advisory Committee Report In the 1994 July edition of Groundswell then President Dick Fidock AO informed Club members that the concept of a Training Academy was shaping up and asked members to express their interest in various courses. Since then our Club has had a commitment to offer training for boating with courses being offered on an ad hoc basis up until 2007.

In that year Andrew Saies as a Board member convened a committee to offer the Board advice on further development of the Marine Academy. As Chair, Andrew has guided the development of the Academy with the aim of increasing the enjoyment, safety and knowledge of members and non-members for recreational power and sail boating and yacht racing. The purpose of the Academy being to attract non-members to join the Club, add value for current Club members, provide specific courses relevant to the various Associations, develop successful junior programs and activities and, in time, establish the CYCSA as the place to go to learn how to go boating.

It is pleasing to report that there has been progress on increasing the number of qualified instructors. Brett Yardley extended his qualifications and completed the requirements for a Yachtmaster Instructor Certificate. Rod Hunter completed a Coxswain’s Certificate to compliment his Yachtmaster Certificate. Bill Lunn is in the process of completing studies for a Coxswain’s Certificate.

With John Edwards having a Yachtmaster and Coxswain’s Certificate this gives four instructors able to operate Academy I for training purposes. Andy Shipp who also has his Yachtmaster Certificate is running our shore-based theory program.

The Academy continues to use Academy 1 and a J24 for sail training and the RIB for powerboat courses. Recent work on Academy 1 has ensured the vessel meets Department of Planning, Transport and Infrastructure and RYA survey requirements.

However ongoing maintenance remains an issue with these vessels being required to comply with national marine law from July 1 2013.

In 2012 the Board resolved to wind up the MA sub-committee as a direct sub-committee of the Board and reconstitute it as a Marine Academy Advisory Committee. The Academy was also placed under Executive Officer Craig Evans’ scope of responsibility.

The new advisory committee offers ideas and feedback about the Academy to Club management and the Course Coordinator.

Accordingly the terms of reference were updated.

Although there have some significant achievements this year the Academy has struggled with inadequate administrative resources.

Our inability to adequately program and market courses as well as follow up on previous enrolments has resulted in reduced enrolments with 265 enrolments this year compared to 344 in the previous year.

Since 2007 the Marine Academy has made steady progress towards achieving the above goals with significant developments in 2012-2013. As an accredited Royal Yachting Association (RYA) shore-based training centre we have successfully run RYA Essential Navigation & Safety and RYA Day Skipper courses. In March the scope of our courses was substantially increased with accreditation to offer RYA/YA on-water programs including the RYA Sail Cruising Scheme. This program offers Start Yachting, Competent Crew, Day Skipper and the International Certificate of Competence (ICC) which is required to charter a boat overseas.

Preparation for the inspections of the shore based and on-water resources as well as the administrative systems required substantial preparation and I thank Matt Young as Principal/Course Coordinator, Brett Yardley as Chief Instructor, Craig Evans as Executive Officer, Laura Cowley, and committee members Andrew Saies, Geoff Catt, Andy Shipp, Rod Hunter, John Edwards and Peter Hendy for their contribution in achieving this goal. We now offer qualifications that are internationally recognised with courses that provide pathways for small boat sailors to progress seamlessly to offshore yachting. In addition the Academy has run five Marine Radio and three Safety and Sea Survival Certificate (SSSC) courses. Shortly we will add to our capability with the one day RYA Radar course and Bill Lunn and Rod Hunter have developed courses specifically aimed at meeting the boating training needs of women. The Academy continues to pursue opportunities to engage youth and this year has offered sail training for students of Ocean View College in their dinghies located at the Club.

The financial statement shows an operating profit of $18,763, an improvement of approximately $8,000 on the previous year and the best result for the past six years. Boat expenses at $10,700 are higher than normal due to meeting survey requirements. With the Coordinator’s salary (reported in the Club’s total operating budget) the Academy will have a shortfall of $10,824.

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Financials

Future Directions Although the Academy hasn’t experienced the growth it had planned for, with RYA/YA accreditation and an improved instructor base we are in a better position to build our courses and enrolments. There will be an emphasis on advertising the 20132014 program through our website, an insert in Groundswell and by distributing the course brochure to retail outlets. Proposed changes in the administration of course enquiries and enrolments will provide an improved service to our clients. Expenditure on vessel maintenance is expected to be less.

In conclusion I thank Matt Young as the Academy’s Course Coordinator, Brett Yardley as Chief Instructor, the Club’s administrative staff, the above mentioned committee and the Board for their ongoing support of the Marine Academy.

Rowland Richardson, Chair CYCSA Marine Academy

Statement of Cash Flow 31 May 2013 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 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 31.5.13

$56,748.00

$5,729.15 $2,220.31 $4,549.74 $5,635.60 $0.00 $0.00 $6,236.37 $2,145.44 $3,876.13 $2,436.36 $0.00 $177.27 $0.00 $5,527.13 $2,136.30 $40,669.80

$3,566.82 $1,372.08 $5,125.56 $4,589.24 $0.00 $3,738.18 $1,670.81 $2,332.28 $1,531.21 $0.00 $0.00 $0.00 $0.00 $0.00 $3,784.07 $27,710.25 $69,708.00

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Member Services, Sponsorship and Recruitment Committee Report The Role of the Member Services, Sponsorship and Recruitment Committee The Member Services, Sponsorship & Recruitment Committee was formed a number of years ago with the goal to develop a range of initiatives to enhance the services provided by the Club to our membership. Over time, the committee’s charter was expanded by the Board to include the development of a Whole of Club approach to sponsorship.

The purpose of a whole of Club approach to sponsorship is to provide sponsors with a flexible range of options that offer genuine value for their sponsorship. It is also intended to expand the potential sponsorship pool to assist Associations to develop their services to members and to establish a ‘Sinking Fund’ for future projects.

Given the obvious interrelationships between sponsorship, marketing and the importance of memberships to the Club, the committee was also charged with exploring strategies to assist the Club and its Associations in recruiting new members.

These strategies involved the development and publication of a range of new membership materials. Following the completion of these materials, the Committee focused upon developing promotional materials to help trial a range of Club sponsorship concepts with existing and former sponsors. These draft materials were tailored to highlight the sponsorship needs of our various associations and the many events and functions they organise.

While this process provided valuable feedback it has been more time consuming than anticipated. However, the quality of the information has been of a high order and has led to the consideration of additional options to be offered to potential sponsors. In the meantime, Associations have maintained their traditional driving role in securing sponsorships. The concepts and the trial materials have been discussed with the Associations at a number of meetings and they have incorporated several of the ideas in their current sponsorship programs.

The whole of Club Sponsorship concept is all about increasing the potential reach and scope of the sponsors’ dialogue with Club members, their families and friends. It is also about assisting, not replacing, our Associations in providing value to their sponsors.

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It is also not the intention to cut out the multitude of small and often ‘in-kind’ support offered to Associations or to assist specific Club events.

While some Associations have had a long history of securing significant sponsorships and have subsequently developed protocols for dealing with various options, this is not universally so. From a whole of Club perspective the Committee has identified the need for an expanded sponsorship policy, to not only help classify the level of recognition that we should attribute to sponsorships of varying values, but also assist in how to evaluate ‘in-kind’ offers involving goods and services.

A draft policy has been workshopped and accepted by our Associations. However, based on recent experience and feedback from sponsors, the policy requires additional detail; especially in terms of protocols defining the evaluation of ‘in-kind’ or other less traditional sponsorship offers. Until this process has been completed it will remain difficult for the Club to properly acknowledge the range of sponsors from a whole of Club perspective.

While the development of the policy and its protocols is reasonably advanced, the committee acknowledges that its completion remains an urgent and critical requirement in the development of this ‘whole of Club’ concept. As a consequence, the Board has appointed Sam Tolley to coordinate the completion of this task.

Committee Projects for the year included the following: • Trialling of sponsorship packages with selected sponsors, including PHT and Formula Group •

Preparation of detailed marketing plans

•

Promotion of marina and hardstand berth sales

•

Membership recruitment strategies

•

Securing new advertisers for Groundswell

•

Participation in the Clubs SA Awards of Excellence

•

External marketing of the Club’s function and hospitality services

•

Club functions ‘Calendar App’

•

Market research

•

Assist in the preparation of Corporate Governance documents

•

Various improvements to the Club website, including: • Overhaul of the Marine Academy and Cruising Association sections • Setting up an online payment processing facility (not yet complete) • Weather station on the Club website (not yet complete)

The CYCSA is a not for profit club and relies on the volunteering efforts of Club members and the professional expertise these volunteers bring with them. Their efforts enable us to contain costs and still get the important things done, especially during tight economic times.

On behalf of the Committee, I would like to acknowledge and thank all of our Club’s volunteers.

In particular I acknowledge the support of my Co-Chair and Commodore Geoff Catt, new Board and Committee member Sam Tolley and all of the representatives from our associations on the Member Services, Sponsorship and Recruitment Committee. Special thanks also to the members from the Club’s Administration Team; in particular Laura and Craig for their patience and support.

Wayne Coonan, Chair Member Services, Sponsorship & Recruitment Committee

Volunteering Report Members will have seen by now the Volunteering Survey. As has been said in the introduction to the survey, volunteers are essential to the life of our Club. From the various management and Association committees through to involvement in specific projects and roles, volunteers donate much-needed time, experience and skills.

The Board is using the survey as part of a strategy to better match member interests in volunteering with roles, functions and activities where volunteering interests can make a real difference.

The survey was designed to indicate to members areas where they could be involved, and to develop a clear understanding for the Board of the volunteering resource that may be available.

The survey arose out of a longer running consideration of additional ways of recognising the valuable contribution of volunteers in addition to the Volunteer of the Year (VOTY) Award. Over the years, the Board has had the task of selecting the VOTY from nominations put forward by members. No changes are envisaged in that process. However, the Associations and the Marine Academy are now invited to each nominate a Most Valued Volunteer. This will provide an additional recognition avenue and is being supported by the awarding of a certificate, a Club Port and a special burgee.

As indicated in the survey, expressions of interest are sought in joining a new Volunteer Support Committee. From time to time members have expressed a general interest in helping the Club, and this committee may form the means by which management and members could come together to prioritise and fast track projects that might not otherwise be immediately and fully funded from the Club budget. While this happens to a degree, the Volunteer Support Committee would act to harness and further develop this interest.

I would like to thank and acknowledge the skill and work put into the survey by Laura Cowley and the invaluable advice and comments on the questions by past VOTY recipient, Trevor Paynter and past Vice Commodore Chris Morphett. The online survey uses a commercial program called “Survey Monkey”.

In very quick time Laura prepared a highly professional online survey, which in my opinion belts other Club surveys that I have seen. Trevor Paynter has used his design skills to produce the survey form and other graphics for the volunteer burgee, certificates and apparell.

David Murray, Board Member

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Groundswell Editorial Committee Report Groundswell is the Club’s ‘flagship’ communication vehicle which provides members with an engaging insight into life at the Club.

Whether it is Association events, racing results, or important information regarding Club business, all and more are covered in Groundswell on a quarterly basis making it a valuable publication for all members.

Each edition we are grateful for the regular contributions from Club management, Associations and members. Owen Mace’s regular ‘Technology Updates’ are always an interesting read.

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. Pam Humeniuk kept us informed about the social side of the Club, various Cruising Association members 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, also provided information on what is happening within this very important adjunct to our Club.

Our goal is to maintain the high quality that we have achieved with Groundswell and to that end we are always looking for contributions and urge everyone to put pen to paper and submit a few words and images. If you have recently been on a holiday, participated in racing or a Marine Academy course and found it interesting and beneficial, then why not share it with your fellow members? If you have technical advice about aspects of boating, it’s likely your fellow members will love to read about it as well.

The magazine is delivered to Club members, advertisers, suppliers and also our reciprocal clubs throughout Australia and internationally. It provides great exposure for advertisers to a

Cruising Yacht Club of South Australia Annual Report for 2012/2013

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wide community made up of diverse individuals who are united through common interests. 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. We would love to welcome you aboard. The support generated through advertising is an important component of Groundswell as it enables the magazine to be produced with little cost to members.

Of course, Groundswell would not be what it is today without the passion and editorial experience of Gay Footer and the graphic design expertise of Trevor Paynter. A sincere thank you to Gay and Trevor for all their hard work and for taking me into the fold of the Groundswell editorial committee. It has been a wonderful experience assisting in the production of the magazine and I very much look forward to seeing each edition come to life in print and on our website.

Thanks must also go to Phil and the crew at Reflex Printing who do a wonderful job of printing and getting the magazine out to members.

Finally, 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 during the year and I trust you continue to enjoy contributing to and reading Groundswell.

Laura Cowley, Groundswell Editorial Committee This report was written on behalf of Gay who at time of writing was enjoying a lovely warm holiday in the Mediterranean with Graeme, while most of us have been enjoying this lovely cold, rainy Adelaide weather!

Association Reports Fishing I have much pleasure in presenting the Fishing Association Annual Report for the year ended June 2013.

The committee comprises Glenn Spear (Chairman), John Colella (Secretary), Bruce Tasker (Treasurer), Geoff Wiggins, Malcolm Kitto, Leica Theodore, Peter Newmarch, Graham Myers and Henry Garner.

These people have contributed greatly to the events throughout the year and I thank them all. It was a pleasure to welcome several new faces to the committee and to again have a full complement of volunteers. We look forward to the New Year and have several new events in preliminary planning stage. I thank Graham, Henry and Malcolm for their efforts and hope that they join our fold again. Special welcome to Vlad, Romeo, David and Barry who will join the committee in the New Year going forward.

The Fishing Association enjoys a healthy balance of approximately $70,000. The financial reports are being finalised at this time and it appears we may have an operating loss of $360 for the year. The loss of Cummins sponsorship and the need to purchase meat to supplement Crab Catch n’ Cook Day catches were the reasons for the loss. The committee put in a huge effort to minimise expenditure and we will again return to surplus next year. The Association funded the purchase of new mooring buoys for Stansbury and Black Point. Volunteers will install these when weather permits.

The Association has voted to fund the capital works for the refurbishment of the bar area. The Board are aware that this project is a priority of the Association and should proceed when funds become available.

The largest event on the Club calendar apart from Opening Day is the Crab Catch ‘n Cook Day. This year we had over 300 participants. We sat everyone in shade and again insisted that tables were allocated to boats that were prepared to get out on the water and catch as many crabs as possible for the event.

The crab catch was modest and we had planned for a possible shortfall, hence the meat supplement. Good planning saw that every person enjoyed a crab meal and again we had a fabulous day. Special thanks to everyone that helped out. This event brings together the whole boating community with an equal number of powerboats and sailboats participating.

The Riviera Boating Showcase was a huge event and we thank Riviera for their sponsorship. The Association presented the dealership with a trophy in acknowledgement of their Dealership of the Year award. Partying well into the night many members and guests enjoyed the Club atmosphere. Club management allowed visitors to berth at the Club and then enjoy a special breakfast. The event showcased the Club facilities to people who do not usually attend the CYCSA. We held the annual Seafood Night again which was a spectacular success. Fresh local seafood was presented by the Head Chef

in a manner equal to any 5 star restaurant. Ice carvings and entertainment supplemented the buffet and the event should be put on next year’s calendar.

The Association made representation to the government on behalf of members regarding the proposed marine park proclamations. We had government officials attend the Club and address members on the potential impact to all members of the boating community. The Fishing Association rejects the very broad and far reaching no-take areas. We join many other fishing and boating associations that voice concerns over the introduction of yet another government authority to implement the confusing legislation. It will be a criminal offence to drag a Snook line through a no-take zone. I have been asked to make submission to a senate enquiry to be held shortly.

It is a pleasure to chair this wonderful group and we look forward to planning some more events this year.

Thank you to sponsors Central Audio Visual, Riviera, Custom Cartons and Theodore Marine for their ongoing support.

Glenn Spear, Chair Fishing Association

Statement of Cash Flow 31 May 2013 Balance Forward

$70,669.00

Income Subscription Fees Crabbing Day Income Sponsorship Shirts / Burgee /Flags Sales Seafood Night Income Fishing Competition Boating Showcase Income Moorings Income Interest Other Income Total

$2,980.00 $4,667.46 $0.00 $0.00 $7,213.57 $90.91 $2,699.98 $0.00 $2,316.89 $580.00 $20,548.81

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 $1,817.34 $4,728.43 $7.00 $340.00 $176.98 $9,640.55 $3,701.19 $0.00 $1,498.92 $21,910.41

Balance as at 31.5.13

$69,307.00

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Association Reports Cruising I am pleased to present the annual report of the Cruising Association for the 2012-13 year. I would like to start by recognising our committee.

Rob Perrin (Deputy Chair), and Gerard Hughes (Secretary), joined later in the year by Graham Patterson and Richard Lea. Once again such a small group has at times made it difficult to find the resources to achieve all that we wanted, but in general it has been a productive year.

I announced at the end of last year that we would be reintroducing the Cruise of the Year dinner and that was achieved with great success in August 2012. We had about 100 members and guests attend for an excellent dinner and a very entertaining presentation about the Far West Coast cruise undertaken by John Bolt, Richard Pope, Chris Wood and David Rosewarne. In all, a great night, and special thanks go to Mario, Dorian and staff for their enthusiastic support of the event.

Also announced in my last report was the intended purchase of a weather station to be installed in Marina West. This has been done and has been active for some time now. Our intention is to have it, along with a weather camera linked to the Club website so that conditions at the Club can be accessed remotely. The hardware is all in place and we are waiting on the Club’s IT people to effect the necessary connections.

We have undertaken to repair/replace the Club moorings at various locations and last October purchased ropes, buoys and hardware to make five new moorings for Stansbury and Black Point. They are assembled, ready to go and in storage here at the Club so if anyone would like to volunteer to assist with their installation please contact any member of the committee or the Club. Given the state of the moorings at Black Point the sooner this is done the better.

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The revised CA section of the Club website has been well received. It includes a significant amount of information pertinent to the planning and execution of successful cruising in local waters. It should not be a static document but added to from the experience and knowledge of our members from time to time. I would like to give special thanks to Laura Cowley for her invaluable assistance and enthusiasm in bringing this project to fruition.

Our cruises this year have, like every other year, been at the mercy of the weather, with either too much wind or none at all. Our season opening cruise planned for October was blown out with winds in excess of 35 knots and our other big event at Easter had no wind at all. This didn’t prevent a large number of Club boats from making the trip to Stansbury and other points across the gulf, while a number of powerboats headed to Port Lincoln to join in the Riviera festivities and then cruise the area on the way home.

Throughout the year, whenever there has been a holiday weekend our members have set off in large groups or small and enjoyed the camaraderie of getting together at the end of the day for drinks or dinner wherever they may be.

Once again we have had good support of our Second Saturday Barbecues and for those new to the Club we invite you to join us for a relaxed, self-catered evening with like minded members throughout the season.

During the year I have represented the CA at various meetings of the Flags, Board and Association Chairs and at various planning meetings for Opening Day and the Club’s 40th Anniversary. It has been a privilege to work with other members who give so much of their energy and time to the Club. I hope that, along with the members of the CA committee, our contributions have been of some small benefit to the Club and its members. I would also commend the Club for giving us the opportunity to meet on a regular basis with the Flag officers, Board members and management so that we gain a better insight into the state of the Club and for providing a platform for a sometimes robust expression of views.

Association Reports Cruising continued The CA would again like to recognise and thank our major sponsor Mark Charlesworth and Charlesworth Nuts. Their continued support has been directly instrumental in our ability to carry out the projects undertaken this year. In addition Mark also supplied several prizes for the Progressive Dinner held as part of the 40th Anniversary celebrations.

After two and a half years as CA Chair, and some time before that as Deputy Chair and a committee member, I have decided it is time to step down and so will not be nominating this year.

I wish to thank our current and past committee members for their support and efforts over the years that I have been on the committee and I wish the CA well going forward. I also advise that Rob Perrin, who has been a committee member since 2007 is also stepping down at this time and I would like to especially thank him for his dedication to the role of CA Secretary, Treasurer and Deputy over the years.

I would like to finish by encouraging any member who is enthusiastic about cruising, whether in a yacht or a power boat, and who feels they would like to make a contribution, to contact any committee member or the Club about joining the CA committee.

Keith Degenhardt, Chair Cruising Association

Statement of Cash Flow 31 May 2013 Balance Forward

$9,512.00

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

$20.00 $0.00 $0.00 $2,000.00 $0.00 $268.57 $50.00 $2,338.57

Expenses Environmental Day (BBQ) Hospitality Flags Entertainment Trophies/Prizes Refridgerator Other Expenses Donations - Pt Vincent BBQ Area Total

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,774.18 $3,000.00 $4,774.18

Balance as at 31.5.13

$7,076.00

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Cruising Yacht Club of South Australia Annual Report for 2012/2013

Association Reports Social Another year of varied and interesting activities have included: • High Tea to help Laura Cowley raise funds to participate in a major fundraiser for the Women’s and Children’s Hospital Foundation •

Art Exhibition

•

Commodores Dinner – A Night of Romance

•

Queens of Clean raising funds for Operation Flinders

•

Opening Day

•

Girls’ Night In – raising awareness of Breast Cancer and of course much needed funds

•

Childrens’ Christmas Party

•

Bavaria Boat Hop

•

Celebration Weekend for the 40th Anniversary of the Club including the Progressive Dinner.

This year’s committee consisted of Pam Humeniuk (Chair), Sandra Richards (Treasurer), Morag Draper (Secretary), Karen Johns, Anne Burrow, Don Guy and Joe Mezzini with assistance from Pauline Garner and Linda Mendrin.

This is a large and very happy committee, who are able to rely on their husbands/partners to always pitch in and provide additional assistance.

It was our pleasure to assist Laura to reach her fundraising goal through hosting a High Tea at the Club. The day was a fantastic success and allowed Laura to be able to join in the wonderful experience of the ‘Coast to Coast for Kids: Land & Sea Challenge’ to assist the Women’s and Children’s Hospital Foundation.

The Art Exhibition was a new addition to our calendar. Rowley Richardson and Trevor Paynter are the driving force behind this event, with the Social Activities Committee providing manpower to make sure the exhibition was always manned and that there was a friendly face to sell you a raffle ticket. This was a great success and will be repeated in coming years.

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“A Night of Romance” was the theme for this year’s Commodore’s Dinner. Horizons Function Room was resplendent in red roses as the main theme. The committee, with help from Hanna Grant, worked hard to make sure the room was presented spectacularly, and we enjoyed a wonderful night of music and dancing. A lot of our members commented that they enjoyed the good excuse to dress to the nines.

The Queens of Clean made an appearance once again with the funds raised going to Operation Flinders. We had the pleasure for the first time of having a male “Queen of Clean” and Don Guy seemed to enjoy this role. Well done Don. Vagabond was the lucky winner of the Queens’ services this year, and I think the owner had as much fun as the workers.

Morag Draper marshaled the troops once again to ensure we had a wonderfully successful “Girls Night In”. Each year this event grows as we learn new ways to make it fun. However it wouldn’t happen without Morag at the helm. Wonderful job Morag. Many thanks.

The new format for the Children’s Christmas Party has proved very successful. We enjoyed a variety of fun and games before Father Christmas arrived. For the first time Father Christmas arrived on a Golf Buggy from Marina West, and this form of transport seemed to delight all the children so happily waiting for him. Many thanks to everyone who made this such a fun day, and especially to Trevor Kipling.

The 40th Anniversary Bavaria Boat Hop was well attended and we were very lucky to have a warm but not too hot day. Graeme Haese from Haese Marine was our sponsor once again and enjoyed the atmosphere and the opportunity to be part of this fun event. Spectacular entertainment from a Burlesque dancer left some members wanting to book for the next event as they left!

The Progressive Dinner and the decorations for the 40th Anniversary Lunch and History Book Launch were responsibilities of the Social Activities Committee. Phill Richards excelled in making two raclette machines for the entrée course of the Progressive Dinner. This was the first time a lot of the guests had seen Raclette and it caused quite an impression. The Progressive Dinner was a great way for newer members of the Club to become involved.

Association Reports Social continued For the coming year we have recruited 4 new committee members. However Sandra Richards will be continuing on the committee but has retired from the role of Treasurer. Sandra has been Treasurer of this committee for many years and has always been very diligent in keeping expenses in check when events are planned. Sandra has many and varied charity interests and her big love, “Soroptomists”, has asked her to take on bigger roles within the organization, so she has decided it is time to step down from her role as Treasurer. We wish Sandra every success and say ‘Thank You’ for all the wonderful work she has done in this role.

Pam Humeniuk, Chair Social Activities Association

Statement of Cash Flow 31 May 2013 Carried Forward

$11,763.10

Income Boat Hop Kids Xmas Party Income Commodore’s Dinner Girls Night In Interest Art Exhibition Commodore’s Dinner Raffle Progressive Dinner Total

$6,327.28 $954.50 $8,338.97 $1,372.73 $281.31 $3,095.86 $650.00 $536.31 $21,556.96

Expenses Boat Hop Kids Xmas Party Expenses Commodore’s Dinner Girls Night In Capital Items for the Club Funds donated to Racing Association Hospitality Expenses Progressive Dinner Art Exhibition Wrist Bands Pt Vincent BBQ Area Poker Tournament Other Total

$5,205.91 $1,616.84 $8,743.52 $1,167.59 $0.00 $0.00 $382.47 $267.42 $1,182.94 $276.36 $5,000.00 $2,279.10 $79.46 $26,201.61

Balance as at 31.5.13

21

$7,118.00

Cruising Yacht Club of South Australia Annual Report for 2012/2013

Association Reports Racing CYCSA Racing Association Committee members for 2012/13 were Traci Ayris (Chairperson), William Strangways (Vice Chair), Brenton Pegler, Roger Nicholson, John Gibson, Rob Sellick and Mark Hutton. Jess Hargreaves continued in her role as Racing Manager.

The Racing Executive (REX) wishes to acknowledge the continuing support of our Volunteer Duty Crews aboard CYC1 and CYC2, and our Race Officers for the season being John Gibson and Ray Evans.

REX liaised once again with the Royal SA Yacht Squadron in order to produce and facilitate the 2012/13 Racing Program. For the third year in succession this collaborative approach has been well received by members from both clubs.

Racing Association membership numbers have remained largely static over the past four years with only small-percentage changes. Whilst we have seen the departure of five boats, we have welcomed nine boats to our racing fleet register.

Regatta racing was once again popular with an increase of nine boats on last year’s record fleet of 29 for the Sportsmed SA Premiers Cup Regatta. The Great Southern Regatta saw a fleet of 32 and the Queen of the Gulf a fleet of 20 and once again we were pleased to note that many boats from Port Adelaide and RSAYS joined these events. The J24 State Championships and SA Sports Boat Championships were also hosted at the CYCSA this year.

A fleet of 15 boats contested the combined Saturday Coaster Series racing. Our two Ladies Helm Twilight Races were again a success and we will continue to schedule such races in our next program. We also saw 27 boats nominate for both Twilight Series.

The Adelaide to Port Lincoln Yacht Race was extremely successful for the CYCSA this year. Geoff Boettcher’s Secret Men’s Business 3.5 took IRC honours, and CYCSA yachts claimed six of the top ten positions in that race which also helped us win the Teams Trophy this year.

Cruising Yacht Club of South Australia Annual Report for 2012/2013

22

REX continues 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 join 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. We are also thankful to businesses such as Sportsmed SA, SALife Channel 7/Vislex and EverettBrookes Jewellers, whose sponsorship of individual races and regattas during the season was a valuable addition to our bottom line.

Sponsorship continues to be a major challenge but with the support of our current sponsors we are managing well in the current climate. Our fundraising initiatives this year included a major raffle with a major prize donated by Phil Hoffmann Travel.

Once again, close monitoring by Jess Hargreaves has ensured that our Association financials are a healthy testimony to the efforts undertaken by the committee to keep any deficit to a bare minimum.

We are conscious that the sport of yacht racing in our country is currently undergoing some massive changes. Rob Sellick, Traci Ayris and Mark Hutton attended a Yachting Australia Clubs Conference in June which was most informative. During the twoday sessions we were apprised of the results of significant sports research and will now be working to reflect and implement the recommendations of Yachting Australia wherever possible.

The 2012/13 Racing Association Committee will soon convene.

The loss of Jess Hargreaves on maternity leave will undoubtedly be a challenge but one which will see all committee members working together to overcome until Jess returns in the New Year.

As always we will strive to maintain the core business of the

Statement of Cash Flow 31 May 2013 Carried Forward

Racing continued) Association which is to: • Work with members and solicit feedback to produce a program which caters for the ongoing needs of racing members; •

Improve the 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.

I thank all Racing Members, CYCSA Office and Hospitality Staff, Volunteer Duty Crew and Racing Association Committee members for their help and support throughout the past season.

Traci Ayris, Chair Racing Association

Income Racing Membership Fees Casual Membership Fees Racing Nominations Casual Nominations Regatta Income Raffle Income Fundraising Racing Flags Blue Book Sales Presentation Night Income Sail Storage Shed Canegrass Lamb packs J24 Championship Interest Income Other Income Sponsorship Musto Yalumba Phil Hoffmann Travel Port River Marine Prescott Securities Sportsmed SA EverettBrookes Custom Jewellery Vislex Robert Oatley Vineyards Total Income

$63,959

$15,395.52 $372.71 $19,520.78 $2,768.38 $1,083.25 $3,660.94 $690.68 $809.01 $1,004.63 $6,500.00 $6,945.42 $599.98 $3,590.91 $2,534.87 $0.00 $0.00 $2,000.00 $7,500.00 $454.55 $1,000.00 $2,000.00 $500.00 $500.00 $1,000.00 $80,431.63

Expense Wages Superannuation Administration Engraving/Signage expense Racing/Regatta Expenses Staff Training Airhorn Office Expenses Buoy Maintenance Sponsors Expenses Canegrass Lamb packs Duty Crew Expenses Hospitality Blue Books expenses Clothing Internet /Computing Phone expenses Racing Flags Motor Vehicle Expenses Presentation Night expenses Trophies/Prizes Other Expenses Total Expenses

$50,538.89 $4,424.79 $1,800.00 $493.00 $1,311.09 $0.00 $0.00 $0.00 $0.00 $1,662.65 $432.73 $3,897.11 $668.28 $1,280.35 $0.00 $350.00 $0.00 $613.64 $0.00 $9,153.17 $289.82 $476.64 $77,392.16

Balance as at 31.5.13

$66,998.00

23

Cruising Yacht Club of South Australia Annual Report for 2012/2013

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

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

Cruising Yacht Club of South Australia Annual Report for 2012/2013

24

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

Members

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

Tel: +61 8 7324 6000 Fax: +61 8 7324 6111 www.bdo.com.au

Report on the Financial Report We have audited the accompanying financial report of the consolidated entity comprising the Cruising Yacht Club of SA Inc 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 2013, 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.

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 to fraud or error.

Level 7, BDO Centre 420 King William Street Adelaide SA 5000 GPO Box 2018, Adelaide SA 5001 AUSTRALIA

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.

Independence In conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.

Opinion In our opinion, the financial report presents fairly, in all material respects, the financial position of the consolidated entity as at 31 May 2013, and its financial performance and cash flows for the year then ended in accordance with Australian Accounting Standards.

BDO Audit (SA) Pty Ltd

G K Edwards Director Adelaide, 25th July 2013

BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

25

Cruising Yacht Club of South Australia Annual Report for 2012/13

Statement of Comprehensive Income for the Year Ended 31 May 2013

Note

Revenue 2 Other income 2 Employee benefits expense Depreciation Rates & taxes Insurance Impairment expense Repairs & maintenance expenses Cost of sales Other expenses Finance costs Operating surplus/(deficiency) Other comprehensive income Total comprehensive income

2013

2012

$

$

3,099,378 131,996 (1,112,450) (474,259) (139,137) (85,839) (10,000) (167,088) (475,478) (814,634) (7,564) (55,075) - (55,075)

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

Cruising Yacht Club of South Australia Annual Report for 2012/13

26

2,984,383 243,394 (1,140,118) (599,807) (122,788) (79,239) (12,230) (281,586) (445,587) (708,379) (38) (161,995) (161,995)

Statement of Financial Position as at 31 May 2013

Note

Assests Current assets Cash and cash equivalents 4 Trade and other receivables 6 Inventories 7 Other assets 8 Total Current Assets

2013 $

2012 $

1,174,967 107,154 74,307 127,984 1,484,412

866,877 81,345 60,026 63,395 1,071,643

Non-Current Assets Property, plant and equipment 9 Total Non-Current Assets

17,513,876 17,513,876

17,957,083 17,957,083

TOTAL ASSETS

18,998,288

19,028,726

LIABILITIES Current Liabilities Trade and other payables 10 Short-term provisions 11 Total Current Liabilities

619,558 152,183 771,741

478,841 127,266 606,107

Non Current Liabilities Trade and other payables 10 Other long-term provisions 11 Total Non Current Liabilities

5,337,433 64,721 5,402,154

5,489,686 43,515 5,533,201

TOTAL LIABILITIES

6,173,895

6,139,308

NET ASSETS

12,824,393

12,889,418

EQUITY Issued Capital 12 Reserves Retained earnings TOTAL EQUITY

6,108,787 5,697,666 1,017,940 12,824,393

6,118,737 5,697,666 1,073,015 12,889,418

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

27

Cruising Yacht Club of South Australia Annual Report for 2012/13

Statement of Changes in Equity for the Year Ending 31 May 2013

Contributed

Capital

2013 Balance at 1 June 2012 6,118,737 Capital redemption (9,950) Operating deficiency for the year - Balance at 31 May 2013 6,108,787 2012 Balance at 1 June 2011 Contributed capital Operating deficiency for the year Balance at 31 May 2012

6,126,287 (7,550) - 6,118,737

Retained Earnings

Premium Reserve $

Revaluation Reserve $

1,073,015 - (55,075) 1,017,940

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

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

12,889,418 (9,950) (55,075) 12,824,393

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

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

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

13,058,963 (7,550) (161,995) 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 2012/13

28

Total $

Statement of Cash Flows for the Year Ending 31 May 2013

Note

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid 3 Interest received Net cash provided by (used in) operating activities

2013 $

2012 $

3,151,617 (2,838,762) (7,564) 43,801 349,092

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

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

(31,052) (31,052)

(37,210) (37,210)

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

(9,950) - (9,950)

(7,550) (7,550)

308,090 866,877 1,174,967

147,738 719,139 866,877

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

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

29

Cruising Yacht Club of South Australia Annual Report for 2012/13

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 1: Summary of Significant Accounting Policies

Basis of Preparation

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 2012. 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 2012. 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.

Cruising Yacht Club of South Australia Annual Report for 2012/13

30

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.

Notes to the Financial Statements for the Year Ending 31 May 2013

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.

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.

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

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

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.

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.

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.

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%-7% Plant and equipment 3% - 50%

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

The Board have reviewed the remaining economic working life of both Marina West and Marina East, in particular given the increased focus on long term planned maintenance. Accordingly, the remaining working life for depreciation purposes has been extended by five years for both Marina East and Marina West. In addition, the Board will make a further reassessment in this regard in 2013/14, focusing on establishing residual values for key components of both marina infrastructures. The financial effect of this change is to reduce the operating deficiency for the year ended 31 May 2013 by $101,155.

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.

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.

(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.

(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 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).

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.

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.

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

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Cruising Yacht Club of South Australia Annual Report for 2012/13

Notes to the Financial Statements for the Year Ending 31 May 2013

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.

(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.

Cruising Yacht Club of South Australia Annual Report for 2012/13

32

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

At each reporting date, the economic entity assesses 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.

Notes to the Financial Statements for the Year Ending 31 May 2013

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. (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.

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 Marina East berths was to recognise the entire income realised from licences to occupy a berth taken up 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 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.

(n) Comparative Figures

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

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 $21,000 (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.

33

Cruising Yacht Club of South Australia Annual Report for 212/13

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 2: Revenue and Other Income

2013 $

2012 $

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

970,911 118,994 905,042 43,159 152,253 80,433 119,751 78,345 545,216 85,274

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

Total Revenue

3,099,378

2,984,383

131,996 131,996

243,394 243,394

7,564 474,259 10,000 13,380

38 599,807 12,230 12,815

Other Revenue Other Income - Other income

Note 3: Profit for the Year Expenses Interest Depreciation Impairement expense Rental expense

Note 4: Cash and Cash Equivalents Cash on hand 20 Cash at bank 118,963 Short-term bank deposits 1,055,984 Trust account

1,174,967

Cruising Yacht Club of South Australia Annual Report for 2012/13

34

20 99,663 767,194 868,877

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 5: Reconciliation of Cash

2013 $

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 1,174,967 Bank overdraft -

1,174,967

868,877 - 868,877

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

128,154 (21,000) 107,154

92,345 (11,000) 81,345

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 2013 Current Trade Receivables 2012

Opening Balance $ 11,000 11,000

Charge for the Year $ 10,000 -

Amount Written Off $ - -

Closing Balance $ 21,000 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 At lower cost or net realisable value Finished goods

74,307 74,307

60,026 60,026

Note 8: Other Assets Current Prepayments 127,984 63,395 Accrued income -

127,984 63,395

35

Cruising Yacht Club of South Australia Annual Report for 2012/13

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 9: Property, Plant and Equipment

2013 $

2012 $

Land at valuation

6,800,000

6,800,000

Buildings at valuation and subsequent cost Accumulated depreciation Total buildings

2,064,770 (311,031) 1,753,739

2,037,951 (249,119) 1,788,832

Leased Plant and Equipment at cost Accumulated depreciation Total leased plant and equipment

32,800 (32,800) -

32,800 (32,800) -

Plant and Equipment at valuation and subsequent cost Accumulated depreciation Total plant and equipment

931,195 (520,195) 411,000

926,962 (418,953) 508,009

Office Equipment at valuation and subsequent cost Accumulated depreciation Total office equipment

105,128 (82,967) 22,161

105,128 (69,612) 35,516

Marina West at cost Accumulated depreciation Total Marina West

8,308,666 (853,978) 7,454,688

8,308,666 (663,456) 7,645,210

Marina East at valuation and subsequent cost Accumulated depreciation Total Marina East Total property, plant and equipment

1,929,299 (857,011) 1,072,288 17,513,876

1,929,299 (749,783) 1,179,516 17,957,083

(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.

Cruising Yacht Club of South Australia Annual Report for 2012/13

36

Notes to the Financial Statements for the Year Ending 31 May 2013

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

2013 $

2012 $

116,096 351,209 152,253

94,568 232,020 152,253

-

-

619,558

478,841

5,337,433 5,337,433

5,489,686 5,489,686

110,403 41,780 152,183

93,022 34,244 127,266

64,721 64,721

43,515 43,515

592

592

6,080,650

6,090,600

27,545 6,108,787

27,545 6,118,737

Note 11: Provisions

Current Provision for annual leave Provision for long service leave

Non-Current Employee benefits

Note 12: Issued Capital Settled Capital 121,625 (2012: 121,812) fully paid issued units at $50 Each 27,545 (2012: 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

37

Cruising Yacht Club of South Australia Annual Report for 2012/13

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 14: Controlled Entities

2013 $

2012 $

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

72,736 (127,809) (130,807) 130,807 - (55,073)

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

Note 15: Cash Flow Information (a) Credit Standby Arrangement and Loan Facilities The economic entity has a bank overdraft and commercial bill facility amounting to $50,000 (2012: $50,000). This may be terminated at any time at the option of the bank. At 31 May 2013, none of this facility was used (2012: $ 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 2013 were as follows: H J Peterson (retired August 2012), G Meyers (appointed August 2012), Dr A D Saies, D J Hughes (retired December 2012), C L Wood, Dr W E Coonan, T J Tymons, S Tolley (appointed March 2013) and D P Murray. All positions are held on a 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: A G Corletto W Coonan Total

Cruising Yacht Club of South Australia Annual Report for 2012/13

38

- 2,946 2,946

1,733 8,261 9,994

Notes to the Financial Statements for the Year Ending 31 May 2013

Note 17: Capital and Leasing

Commitments

2013 $

2012 $

7,860 34,440 - 42,300

6,300 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 2013.

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 2013 $nil was drawn down on the bill facility (2012: $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 2013 (2012: $Nil).

39

Cruising Yacht Club of South Australia Annual Report for 2012/13

Notes to the Financial Statements for the Year Ending 31 May 2013

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 Basin 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.

(a) The table below summarises in aggregate the remuneration of all senior management personnel of the Cruising Yacht Club of South Australia Inc.

Salary

$ 2013 2012

131,978 128,134

Superannuation contributions $

Non-cash benefits $

11,878 11,639

1,976 1,184

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

Note 20: Segment Information 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.

Cruising Yacht Club of South Australia Annual Report for 2012/13

Note 21: Key Management Personnel Compensation

40

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 26 to 40, present fairly the economic entity’s financial position as at 31 May 2013 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 2013

41

Cruising Yacht Club of South Australia Annual Report for 2012/13

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 History Book Income 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 Total Income

Less Expenses Accounting fees Advertising Annual report expenses Auditors remuneration Audit costs and preparation of financial statements 2010/2011 Audit costs and preparation of financial statements 2011/2012 Audit costs and preparation of financial statements 2012/2013 Disbursements and out of pocket expenses Bank charges Cleaning Computer expenses Consulting and professional fees Depreciation Fees and Permits Finance costs - external General expenses

Cruising Yacht Club of South Australia Annual Report for 2012/13

42

2013 $

2012 $

64,010 54,984 7,911 24,360 10,428 18,035 - 80,433 43,159 5,053 43,801 152,253 905,042 119,546 119,751 78,345 545,216 35,372 2,307,699

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

5,870 26,976 9,619

3,488 39,715 10,260

- 896 23,850 500 15,368 31,530 50,634 22,439 474,260 7,865 7,564 33,563

2,400 27,290 782 18,580 21,314 42,333 20,072 599,807 9,961 38 13,693

...continued over page

Detailed Profit and Loss Account for the Year Ended 31 May 2013

2013

2012

$

$

Less Expenses (continued) Groundswell expenses Ice expenses Insurance Internet Impairment expense Landscape maintenance Lease rentals on operating lease Long service leave Marina - repairs and maintenance Marine Academy expenses Member proposals 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

27,649 1,814 85,839 3,352 10,000 6,914 13,380 32,449 61,216 27,710 - 14,269 8,441 27,294 5,691 12,220 111,812 18,242 111,843 77,391 105,872 653,582 32,156 2,139 33,708 86,673 17,427 10,665 6,349 16,130 29,613 2,362,774

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 2,468,993

Operating Surplus/(Deficit)

(55,075)

(161,995)

43

Cruising Yacht Club of South Australia Annual Report for 212/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Berth No. HS61

@C

DW222S

Geoff Rohrsheim

ABO

OB159S

Suzanne & Steven Allen

Achates

YC34S

Hermann Mayr

D32

Achtung Baby

CI214S

Don Venn

E24

Acrux

YC314S

Stephen Tonkin

HS49

Adagio

SA910S

Stephen Siebert

B22

Adamas

YC216S

Chris Newton

Adelaide Diving

YG135S

Steve Slack

C31

Adinda

YC276S

Stephen Pearson

C08

Adrenalin

FN85S

Alby Clark

Adrenalin

EE178S

Adriano Cisternino

HS109

Adria

YC931S

Claude & Val Marchesi

A24

After Dark

UI115S

Hans Fischer

A45

Aimless

ZI153S

Gordon Inglis

A40

Alby 1

UI126S

Albino Miotto

C07

Alchemy

Anthony Palmer

Ali Tap Tap

CZ154S

John McFarlane

Alicante Encore

MJ65S

Frank Wood

VA02

Allemanda

SA170S

Bill Harniman

B33

Alliance

YC394S

J Hallion, L Hart, L Hallion, B Thompson

D20

Alpha Centauri

YC258S

Roger Flint

D11

Alternative Therapy

YC804S

Trevor Butcher

HS86

Amazing Grace

AUS4457

Angus Middleton

HS14

Amazing Grace

YC126S

John & Janet Den Dryver

C35

Andante

Geoff Gowing & Tess McGrath

B04

Andiamo

YC208S

Peter Fairbrother

D29

Anescape

BS228S

Josh Wilde

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

CU2825

John Culshaw

J03

Apache

Jeff Elsegood

Aquila

YC241S

Mark Johns

A17

Arabella

YC678S

Hans Hol

C06

Arcadia Bay

RZ91S

Kevin McCann

Argo III

HE40S

Trevor Kipling

Aries

YC341S

David Coats

Arriba

ZY110S

Alan Noble

Cruising Yacht Club of South Australia Annual Report for 20012/13

44

HS82 K09

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

As Good As It Gets

YC5846S

Dick Fidock

A-Salt Weapon

AY 234S

Guy Freeman & George Wright

HS145

Asylum

YC10

Derek Morrison

C15

Atomic

YV111S

Mark Podlewski

F33

Azure Skye

Frank Seeley

Avilion III

VW195S

Darren Slaby

B & B

YC503S

Barrie & Bernadette Willoughby

B27

B Free

GF335S

Romeo Macolino

D08

Back Friday

YC317S

Chris Wood

E09

Balamara

SA155S

Marjorie Smoker

B08

Baloo

RF160S

John & Margaret Grevins

A03

Banjo

YC71S

Wil Maybury

Baron

YC345S

Gil Calaby

Bear

LR168S

Klaus Becker

HS12

Bedouin

YC691S

Greg & Carol Patten

B29

Bella Mia II

YC688S

Dominic Rinaldi

A28

Benedetto

YC405S

Clive Lee

Benetta

BF268S

Vincent Barry

C39

Bethany

WY182S

Barry & Libby Clough

HS42

Bewinched

Michael Davey

Big Canoe

Don Venn

Binburra

DY163S

Lindsay Stanley

VC66

Black Cat

DX460

Aaron & Kirsty Low

HS71

Blu-By-U

YC909S

Al Vos

Blue Horizon

YC980S

John Harry

Bluewater

Humphrey George

BoBo

Tamara Saunders

Bogebada

YC451S

John Bolt

J06

Bolero

SA995S

Ian Neville

A12

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

C Gal

BR257S

Bob Dawes

F02

Ca Va!

VT115S

Dominic Crosby

F06

Cabaret

A45FN

Alan Cotton

B06

Caleb

PV930Q

Samuel Matthews

HS51

45

Cruising Yacht Club of South Australia Annual Report for 2012/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

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

Celebrity

UC193S

Richard Pope

B24

Challenger

LV1518

John Gerard

J05

Champ

YC545S

Tom Tymons

C32

Chardonnay

SA73S

Andrew & Patricia Alexander

C19

Charlie Brown

KX120S

Henry Brown

Charlie’s Dream

VL060Q

Peter Lewis

Chikara

Robert Cole

Chill’n

WL133S

Neil Stennett

Christerfor P

VQ175S

Nick Dimauro

Cinnbad

EL202S

Bill Cinnamond

N05

Clallapor

John Adams

Claytons

Y0177S

Clayton Peake

A15

Coco

YC572S

John & Fran Sibly

D10

Committed

BS126S

Tim Hearse

Compass Rose

CG191S

Ian Short

Compulsion

JM88S

John Gibson

Concubine

EL207S

Jason Ward

B20

Constance

Diane Kinnaird

Content

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

Cruise Craft

DA272S

Chris Wood

HS59

CYC1

YC206S

Cruising Yacht Club of SA

CYC2

YC02S

Cruising Yacht Club of SA

CYC3

YC03S

Cruising Yacht Club of SA

Cygnet

YC28S

Mark Flanagan

Cygnus II

ZH122S

Owen & Delia Mace

ZM169S

Damp Fantasy

Len Easther

Day Star

YC118S

Charlie Paterson

Day-O

YC705S

John Gerard

Days Like This

XF115S

Maxine Timbs

Decanter

OF169S

Breck Waterman

Delphis

YC280S

Mark Robertson

Cruising Yacht Club of South Australia Annual Report for 2012/13

46

HS78

F31 F04

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Demalone

Malcom Dunn

Diamond Rose

ZS181S

David Gibbons

A14

Distraction

XB192S

Richard Channon

D37

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

Jim Cameron

VB28

Eclipse

YC11S

Bill & Pauline Lunn

D13

Edie

GA952

Peter Kikianis

J08

El Fideldo

Doug Watson

HS93

El Warwick

YC527S

Estate of Warwick Lumbers

VC58

Elandra II

YC296S

Daryl Coad

HS138

Elation

SP105S

Robert Becker

HS149

Electra

YC62S

Malcolm Pearsons

HS103

Electra II

BL261S

James Sarah, Timothy Sarah

B34

Elisa Jane

XD155S

Ian Naismith

A29

Elysium

YC528S

Jim Heyen

Emma

V0163S

Charles Young

Emma Grace

Geoff Atkinson

Enigma

YC410S

Eddy Sain

Enterprise

SA758S

David Binks

Equanimity

YC344S

Len & Libby Stephens

F29

Erkonda

HV123S

Eric Webb

D21

Erzanmine

BD280S

Mark & Bel Harper

HS21

Escapade

YC597S

Richard Parkes

Exile III

YC46S

Nick George

Exit-West of Sema 4

YC67S

Mark McCutcheon

HS40

Far Star

YC162S

Royce & Delene Nicholls

D26

Flamingo

KW108S

David Evans

F21

Flying Circus

ZY189S

Stephen Power

HS38

Flying Duchess

OL641Q

Diana Gibbs-Ludbrook

Foolish Behaviour

QB165S

Guy Wogan-Provo

Force Majeure

YC320S

Don & Judy Guy

FPV Ganet

Fishwatch Birkinhead Pirsa

Freedom

YC123S

Trevor Collinson

Freedom Blue

YC100S

Pat Conroy

Freelance

YC573S

Dean Stevens

B19

47

Cruising Yacht Club of South Australia Annual Report for 2012/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

French Bred

YC470S

Gerard Armstrong

F36

Freo Buoy

YC255S

Terry Lockwood

HS143

Fresh Eyre

QW137S

Brian Marsh

HS64

From Russia With Love

YC41S

Mike Holmes

G Wizz

YC690S

Greg & Carol Patten

B11

Galatea

PA292S

Alan Husdelll

F26

Game Dancer

GF11S

Ray Brown

E16

Game On

YC247S

Julian Newton

HS102

Game Over

YC245S

Julian Newton

Genovus

YC421S

Peter & Laureen Newmarch

B32

Geordie Bay

YC107S

Rowland & Glenyss Richardson

F28

George Lisk II

LB02S

Largs Bay Sailing Club

HS134

Georgina

YC05S

John Gerard

Gerry-K II

AQ225S

Chris & Geraldine Cox

Gibbos Retreat

YC760S

David Gibbons

Gladiator

YC855S

Jim & Glenda Smyth

K03

GnT

SM243

Steve Harrington

J14

Golden Cowrie

YC98S

Hillar Puvi

C41

Good Company

JJ24N

Robin Townsend

HS30

Good Vibrations

YC203S

Jason Gilli

D35

Graddy-White

ST156S

David McMahon

Grand Akt III

YC646S

Jack Didyk

C29

Group Therapy

JI178S

Richard & Glenda Hausler

E32

Gypsy Æ

YC406S

Geoff Blackwell

F10

Hadd ‘E’ Nuff

ZD137S

Alby Clark

J02

B18

Hakuna Matata

Clive Butler

Halcyon

ZB1168

David McDonough

B17

Hang Loose

YC339S

Des Maslen

C36

Hannah Georgia

MS120S

Frank Agostino

Harbinger

YC232S

David Southwell

HS121

Harmony

YC945S

John Pannell

HS112

Hawk

TC580S

Joe Walker

Hay Wire

GR240S

Ken Schilling

HS16

Hey Jude

Don Guy

Hold On!

YC380S

Peter Page

J07

Hot Chilli

HO48 / Y0161S

Ric Gros

HS146

Hot Mustard

FA83S

Jacq & Marty Heffernan

C13

Ikati

YC744S

Peter Headlam

F11

Imago

QX471Q

Craig Rooney

C42

IMPI

WJ171S

Grant Winn

A04

Cruising Yacht Club of South Australia Annual Report for 2012/13

48

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Impulse

YC27S

Peter Sawczuk

A11

Impulsive

EV106S

Ray Dowd

HS29

Intimidator

SB2310

Brian Baldwin

C22

Intrigue

YC593S

Geoff & Sylvia Common

E08

Investigator II

PD02S

South Australia Police

L04

Isis

SA63S

Jonathan Harry

D22

Isis Blue

YC888S

Tim Marsh

F24

Islander

GF08S

Graham Cotton

Isobar

GF385S

Norfried Tischendorf

Ithaca

YC26S

Alan Cotton

Its All G

CK225S

Paul Mills

Jadashaye

YC996S

Russell Bianco

Jag

YC337S

James Leahy - Westwins Boat Syndicate

Jai Cee

GF101S

John Werner

Jandals

EM242S

C40 D36 A30

Bill & Pauline Lunn

HS81

Jenny Anna

Russel Phillipson

A32

Jenny Maree

YC235S

Howard Murton

Jessi James

IDF122N

Vlasty Mitric

C11

Jocelyn

MS & CA Venable

VC51

Joie De Vivre

Ian Sinclair

Julia

YC326S

Richard Harries

Jumbuk

VM189S

Mark Mussared

Jumpin Jack Flash

YC238S

Doug Watson

Jupiter

YC294S

Kevin Hill

Kaos

SA59S

Yev Azzopardi

Karma

RL485S

Craig Westlake

Kashmir

YC304S

Greg Yeomans

Kassan

UU101S

Carol Drummond & Michael Johnson

D19

Katerina

DN686Q

Joe Cirillo

D23

Keep’n Kool

RZ120S

Bob Turco

Kena

YC357S

Nick & June Perdelis

Kettwig

SA747S

Klaus Becker

Kiama

NL94S

John Marshall

B05

Kinetic Energy

YC360S

Andy Shipp & Les Smith

E28

Kingfisher

YC693S

Greg & Carol Patten

King Rat

YC631S

Dave Bainbridge

HS04

Kiwa

SA210S

Lloyd Sugars

D30

Knot Too Shabby

AT286S

Bernie Kasza

A31

Kookaburra

YC692S

Greg & Carol Patten

Kowabunga

AUS679

Dan O’Connell

E21 HS25 M04

49

C24

Cruising Yacht Club of South Australia Annual Report for 2012/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Kudos

YC393S

Vlad & Pam Humeniuk

La Ragazza

NE782S

John Heinrich

La Vie

YC286S

Don & Anthea Burrow

Lady Caroline

AG89S

Bruce Fletcher

Lady Christine

DZ132S

Simon Giessauf

Lady J

KW148S

Sir Eric Neal AC CVO & Lady Neal AM

N03

Lady Lorraine

EM161S

Ken Andrews

HS125

Lamb Chop

S1348S

Charles Nott

D14 E02

Largs #2

Largs Bay Sailing Club

Largs #3

LB03S

Largs Bay Sailing Club

Largs #4

LB04S

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

D25

Liberty

YC290S

Robin L Wood

D40

Lifestyle III

Glenn Spear

J11

Lioness

YC132S

Ron Jesche & Carole Richards

E17

Liquid Assets

YC555S

Graham Meyers

D24

Liquid Limo

BB269S

Robert & Natalie Turco

C27

Lisi

SB4935

Bruce Whittem

Lizzie Too

KQ138S

Peter Lehman

VA03

Locomotion (PIKES)

YC295S

Peter Hall

A23

Lucky Star

YC105S

Brett Yardley, Rod Wenham, Peter Hendy

A27

Lutzy

DN249S

Anthony Cullen

Lymnea

AA37S

Gareth Thomas

Magnum

YC537S

Jim Heyen

F35

Maid Of Wood

LQ187S

Alan Moss

HS46

Majessnik

SW1165

Russell Bianco

B16

Marcella

PY107S

John Gill

Marina Tide

AY155S

George Smith

VA09

Mariposa

GR32S

Greg Hackett

VA23

Marnico

YC61S

Gay & Graeme Footer

B12

Martine

J425

Robert Jones

Mas Tequila

CO202S

Frank Barilla

HS120

Matador

YC121S

Mike & Morag Draper

A10

Matilda Bay II

YC403S

Terry Nicholas

A20

Maximus

SA607S

Frank Bamford

Medosa

VY111S - 1509216

Brian Smith

Cruising Yacht Club of South Australia Annual Report for 2012/13

50

HS135

F37/F38

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Merlin

Simon Gerard

B03

Metapassion

PN137S

George Rutar

C38

Midlife

DH240S

Susan Coomber

K05

Midnight Blue

YC168S

Leon Cowley

A34

Minnon

YC3600

Joe Mezzini

E29

Minouche

YC126S

Alan Warnes

A16

Minuet

IN172S

Peter Littledike

Miros

YC08S

Michael Sigston

Miss Lou

ST146S

Tony & Mary Norman

Moonlight Lady II

YC900S

Simon Jenkins, Jeff Jenkins

A39

Moonwind

HN85S

Dean Adams

HS96

Morning Mischief II

SA117S

Richard Cavill

B10

Mr Moustache

854965

Mark Jenkinson

Mult-E-Biz

VL185S

Theo & Heather Agelis

My Way

Michael Elliott

VA13

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

Nikki Dee II

YC747S

Eddie Dubsky

No Eye Deer

Trevor Conyers

Noah

Mark Lunn

RF195S

HS07

Obsession

Con Koulouris

M07

Ocean Sunrise

QJ134S

Pembroke School

HS124

Odette

QE104S

Steve Lewis

Off Spring

UJ169S

Andrew Young

Oh Really!

GR24S

Mike O’Reilly

Oki

PH104S

Phill & Sandra Richards

Old Nick

S213

Craig Thomas

Omega

1536047

Dominic Rinaldi

One Song

RB060Q

Bob Barreau

E23

Ontos

Steve Nogare

Ophelia IV

YC164S

Robert Gerard

Options

YC103S

Edi Mignone

E01

Osprey

BA105S

Laurie Steele

HS74

Osprey

KP195S

Joe Walker

L03

Out of Nowhere

VG142S

Graeme Haese

Outrageous

A717S

Phil Newton

C10

51

Cruising Yacht Club of South Australia Annual Report for 2012/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Overdraught II

YC06S

Tony Matthews

E25

Pago V

ID119S

Kerry Mangos

HS136

Pandora II

355918 / KR369N

Graeme Critchley

Paradox

SA605S

Adam Kretschmer

Parfidia

YC844S

Richard Ockenden

C04

Patience

Trevor Burns

VA21

Patrice IV

YC271S

Garry Tucker

C18

Phantom

EV159S

Judith Yarwood, Ken Amos

B26

PIA Sunshine

KE176S

Scott Grigg

A46

Pineapple Poll

WU117S

Peter Went

D31

Platypus

Tom Crabb

Playmate

ME46S

Neil Toseland

HS85

Playstation

YF153S

Keith Degenhardt

B02

Poppy

KR912N

Michael Phillips

B25

Portia

YC230S

David Murray

C21

Portofino

TBA

Tim Vreeker

Power of 2

Colin McLeod & Stephen Norris

Praha II

YC415S

John Rynes

Prime Time

YC23S

Rod Rebbeck

Prisana 11

Sam Zucco

Prisana II

DQ149S

Jeff Elsegood

Prowler

QL149S

Robert Lefort

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

Radiance

YC63S

Rod Wyllie

C09

Rafantell

YC281S

Mark Lethbridge

D34

Rag Doll 2

ZR1455

Sergio Bordignon

Rapid 1

YC477

Keith Finch

Rapid II

QV144S

Keith Finch & Stan Quinn

Rayanna

YC468S

Ray Baddeley

Red Shift

SJ162S

Rob Marner

Reel Business

Gerry Leaver

Reflections

BA836

Kevin Mullarkey

Refresh

YC575S

Barry Paterson

Regent Sea (TAFE SA)

AQ149S

David Royle

Cruising Yacht Club of South Australia Annual Report for 2012/13

52

A48

VB45 HS73 HS104

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Ringleader

YC65S

Ashley Fieldhouse

Riot III

YC31S

Antony Simpson

Riptide

IS36S

Greg Otto

F03

Rock On

Trevor Conyers

HS35

Rozanna

CY109S

Yaroslav Bojko

A06

S Cape

YC134S

Craig Bates

D09

Sachan

YC442S

Kevin Mann

D15

Sagittaire

YC435S

Clifton Collard

C20

Sahara

AFL869N

Richard Lea

Sandcastle

YC305S

Mark Hentschke

Sans Souci

XE136S

Jason Squire

Santana

YC316S

David Partington

D17 F05

Sapphire

Martin Sutton

Sapphire

YC183S

Daniel Hains

D01

Sara II

YC24S

Craig Westlake

F32

Sari

YC510S

Tom Crabb

Sasha

YC173S

Robert & Ute Elliott

D04

Scallywag

YC84S

Thomas McDougall

F18

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 & Paul Crawford

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

Sea Vixen

QX198S

Alistair Cavill

HS92

Secret Mens Business 3.5

YC3300

Geoff Boettcher

B13

Seduction

YC338S

Mark Williams

D18

Seiki

Y0106S

Faye & Rob Redman

F13

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 & Susan Hughes

E03

53

Cruising Yacht Club of South Australia Annual Report for 2012/13

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

Shilo

PL10S

John Knispel

A07

Shining Sea

YC154S

Andrew Corletto

B35

Shiraz

XJ148S

John Klunder

C16

Shiraz

YC99S

Christopher Russell

B31

Shiraz 4

SA310S

Stephen & Sharon Bone

E19

Shooting the Breeze

YC190S

Rob Harrison

F34

Short Circuit

VG171S

Peter Jordan

E07

Shuna

Peter Thomson

Silenus

SA273S

Hermann Mayr

Silver Cloud

YC388S

Stephen Standen

E11

Sir Les

VU163S

Ian Patterson

D06

Sirocco

YC825S

Henry Garner

C05

Slip Knot

YI142S

Sebastian Bohm

E04

Smack-L-Bee IV

GN162S

Paul Crawford

Smurfette

SK196S

Michael Clark

So-Be-It

C1249S

Steven J Martin

HS83

Sojourn

ZK125S

Sam Tolley

C42

Sole Trader

LQ142S

Ross Almond

Solitaire

YC248S

Graham Norman, Dennis Buchan

A33

Sooner Or Later

IF31S

Guy Bayly

C37

Southern Conway

YC401S

Stuart Henry

Spectrum

UW42S

Tom Abbott

HS87

Splendido

C26

Peter King

C26

Steeletto

VK128S

Peter Middleton

A21

Stephanie

YC752S

Roy Wells

Stockcar

RU188S

Dave Hughes

Stormy Waters

Michael Davey

Such Is Life

TT189S

Dave Nicolson

HS09

Sugar ‘n’ Spice

YC601S

Robert Perrin

E18

Summer Breeze

YC129S

Kevin Cook & Ann Wilkins

Sunday

YD105S

Kevin Brenner

A47

Sundowner

DW236S

David & Vickie Henderson

B15

Susie Kew

YC814S

Susan & Geoff Prettejohn

E26

Suzanne

YC90S

Don Howell

C34

Synergy

Jamie Goode

Synergy

Mark Hutton

YC161S

Syrah

Peter Sadler

Tangaroa

SA284S

Jim Raptis

Tanshee

UV80S

John Simmons

Tarni Warra

Cruising Yacht Club of South Australia Annual Report for 2012/13

Ian Shaw

54

C23 B28 VD84

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

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 & Geoff Vercoe

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

D16

Time

WV107S

David Allott

E22

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

YC176S

Rod Hunter

D27

Triple 888 Eight

HZ730Q

Gordon Pickard, Stephen Norris

L01

Triple H

SG176S

Henry Peterson

HS69

Trophy

CF279S

Stephen Madaras

A35

True Blew

S0123S

Patrick Conroy

F22

Twelfth Night

YC32S

Peter Lucas

D33

Twilight

YC287S

Colin Burgin

A13

Two True

YC402S

Andrew Saies

D02

Unknown

KQ110S

Theo Vladcoff

HS31

Vagabondo

Graeme Bignell

Vagrant

NT19S

Richard Smart

Vasa

YC11S

Peter Zemitis

Veloce

ON853394 / KP329Q

Steve Perkins

A36

B36

Venture

Grant Nykiel

Vertigo

AUS190

Jamie Goode

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

HS03

Wayfarer I

Russell Spier

Wedge Tail

QS185S

Cliff & Pat Presly

F20

Weemac

IY125S

Walter McDonald

HS19

55

Cruising Yacht Club of South Australia Annual Report for 212/2013

CYCSA Vessel Register Name of Vessel

Reg. No.

Owner(s)

White Knight

IF138S

David Knights

E06

Whittley Sea Legend

UO193S

Wayne Trott

HS142

Wild Honey

SM33S

David O’Leary

Wind Torque

VI23S

Gordon Penner

Wind Walker II

CH206S

Max Telford

Woftam

UY23S

Paul Phillips

Work in Progress

HV161S

Bill Coutts

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 2012/2013

56

HS123

HS32

Club Sponsors

Membership

The CYCSA thanks its sponsors for their support during 2012/2013: Racing Fishing Phil Hoffmann Travel R Marine SA Port River Marine Central Audio Visual Yalumba Custom Cartons Penfolds Sportsmed.SA Robert Oatley Vineyards Canegrass Saltbush Lamb MUSTO Cruising EverettBrookes Custom Jewellery Charlesworth Nuts Vislex (Channel 7 SALifeTV) Prescott Securities The Stag Hotel Doyle Sailmakers

Life 6 Foundation 25 Senior 492 Port Vincent Senior 48 Member 137 NMAFC Members 6 Racing 226 Intermediate 4 Youth 3 Associate/Family 68 Junior 29

Club Website Corpor8 It Solutions

Graphic design by Trevor Paynter

as at 31.05.2013

Total

1044

Front and back cover photo by Gerry Colella Inside front and back cover photo courtesy of Craig Evans Text pages photos from Club members’ contributions, including professional photographers Greg Pratt, Brenton Pegler, Glenn Hawke, Gerry Colella and Sarah Lawrie.

Printed by Reflex Printing August 2013

CRUISING YACHT CLUB OF SOUTH AUSTRALIA

2012 – 2013

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