2009/10 Annual Report - Cruising Yacht Club of Australia

CRUISING YACHT CLUB OF AUSTRALIA ANNUAL REPORT

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010BOARD OF DIRECTORSMatt AllenCommodoreHoward PiggottVice CommodoreJohn CameronRear CommodoreGarry LinacreRear CommodorePaul BillinghamTreasurerGeoff BonusDirectorRichard CawseDirectorDavid ChamptaloupDirectorMichael CranitchDirectorNick KingsmillDirectorJohn MarkosDirector

CRUISING YACHT CLUB OF AUSTRALIAAnnual Report: Year end March 31 2010CONTENTSBoard of Directors, Management and Sub-Committees 2Membership, Life Members, past Commodores & Obituary 3Commodore’s Report 4Treasurer’s Report 8Sailing Committee Report 10Audit, Planning & Risk Committee Report 13Cruising Committee Report 14Marina & Site Committee Report 15Training & Development Committee Report 16Member Services Committee Report 18Associates Committee Report 20Directors’ Report 22Independent Auditor’s Report 26Directors’ Declaration 27Auditor’s Independence Declaration 28Statement of Comprehensive Income 29Statement of Financial Position 30Statement of Changes in Equity 31Notes to the Financial Statements 32Supplementary Information 47Members List 48Yacht Register 58Photo credits: Andrea Francolini, Steb Fisher, Kurt Arrigo & Daniel Forster / Rolex, CYCA Staff.1

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010BOARD OF DIRECTORS, MANAGEMENT & SUB-COMMITTEES2009 – 2010 Board of DirectorsCommodore: M. AllenVice Commodore: H. PiggottRear Commodore: J. Cameron, G. LinacreTreasurer: P. BillinghamDirectors: G. Bonus, R. Cawse, D. Champtaloup, M. Cranitch, N. Kingsmill, J. MarkosManagementChief Executive Officer: M. WoolfAssistant to Chief Executive Officer: C. Del ConteAccountant: N. McKinnonSailing Manager: J. KirkjianOperations Manager: B. McMahonCommunications Officer: J. CrooksSenior Duty Manager: M. GibsonSub-CommitteesArchives: M. Allen (Chairman), B. Brenac, T. Cable, A. Campbell, D. Colfelt, J. Keelty, B. Psaltis, P. Shipway, M. & J.YorkAssociates: J. Treleaven (President), K. Brooks, R. Carr, P. Cox, J. Dahl, F. Davies, P. Emerson, A. Frampton, D. Hall, K. Kellett, A. Lulham,P. Messenger, C. Mulherin, P. Neate, S. PiggottAudit, Planning & Risk: M. Cranitch (Chairman), M. Allen, P. Billingham, M. James, N. Kingsmill, J. MarkosConstitutional Review: J. Cameron (Chairman), T. Cable, A. Green, J. KeeltyCYCA Cruising: D. Champtaloup (Chairman), J. Keelty (Captain) D. Doyle, P. Easton, A. Green V. Handel, A. Hawkins, T. NobbsDisciplinary: H. Piggott (Chairman)Marina & Site: J. Cameron (Chairman), G. Bonus, A. Copley, A. Green, K. StechmannMember Services: J. Markos (Chairman), D. Champtaloup, V. Mallett, J. Treleaven, S. VahebzadehSailing: G. Linacre (Chairman), G. Bonus, R. Cawse, T. Cox, D. Doyle, L. Goodridge, J. Kirkjian, H. Piggott, G. Ross, P. WilliamsRedevelopment: J. Cameron (Chairman), M. Allen, G. BonusRolex Sydney Hobart Yacht Race: M. Allen (Chairman), L. Goodridge. M. James, G. Linacre, H. PiggottTraining & Development: H. Piggott (Chairman), T. Barker, J. Brooks, A. Dunn, S. Jarvin, G. Linacre, J. Markos2

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010MEMBERSHIP, LIFE MEMBERS, PAST COMMODORES & OBITUARYMembership 31/03/10 31/03/09Member 1,401 1,416Country 206 189Crew 43 48Overseas 169 172YSA Crew 119 121Junior 4 11Associate 385 355Sailing Associate 20 23Provisional 7 8Life 12 12Past Commodore 5 5Family/Junior 62 62Honorary 20 20Sponsor 6 515 Year Member 16 1815 Year Country 5 715 Year Associate 1 130 Year Member 141 13730 Year Country 45 4430 Year Overseas 11 1130 Year Associate 13 1230 Year Sailing Associate 1 050 Year Member 23 24Life Members2,715 2,701Year ElectedA. D. Campbell 1980A. L. Brown 1992R. Grubb 1997D. A. Lawson 1997J. F. Keelty 1998P. H. Bush 1999B. C. Psaltis 1999J. York 2002P. Grounds 2004A. L. Cable 2005D. A. Van Ewijk 2007J. C Messenger 2008Past CommodoresA. E. Walker 1944 - 1946P. M. Luke 1947 - 1948M. E. Davey 1949 - 1951S. Berg 1952 - 1953A. B. Wilson 1954 - 1956M. E. Davey 1957 - 1958D. M. Brown 1959 - 1960R. C. Hobson 1961 - 1962B. C. Psaltis 1963 - 1964R. A. Cottee 1965 - 1966N. B. Rydge 1967 - 1968R. Crichton-Brown 1969 - 1970B. C. Psaltis 1971J. J. Bleakley 1972J. N. Bridgland 1973J. P. Diamond 1974 - 1975G. N. Evans 1976J. P. Diamond 1977A. Pearson 1978 - 1979K. C. D. Roxburgh 1980 - 1981G.S. Girdis 1982 - 1983J. L. Brooks 1984 - 1985A. E. Cooley 1986 - 1987D. B. Kellett 1988 - 1989L. McClean 1990 - 1991L.P. Minehan 1992 - 1993D.C. Fuller 1994 - 1995P.H. Bush 1996 - 1997H. Van Kretschmar 1998 - 1999H. Sommer 2000 - 2001J. Messenger 2002 - 2003M. R. James 2004G. R. Lavis 2005 - 2006ObituaryMembers who have sailed their last voyage:Reginald Blake, Ronald Bramley, Arthur Byrne,Sally Gordon, Rolf Mische, John Morrison,John Musgrove, Desmond O’Connell, Andrew Short.3

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010COMMODORE’S REPORTCommodore Matt AllenI would like to thank you for allowing me to serve a third andfinal term as your Commodore.Your Board has been busy working on a number of strategicinitiatives important for the future of your Club. I am verypleased with the progress made and would like to congratulatethe members of the Board and the various Committee’sinvolved, and our staff.Rolex Sydney Hobart Yacht RaceMark Woolf and I recently met with Rolex in Geneva todiscuss the renewal of the sponsorship of the Rolex SydneyHobart Yacht Race. There was broad agreement on the termsof the renewal of the sponsorship until the 2015 editionof the race. Once the details have been approved by bothparties we plan to make a formal announcement.We should all be proud that the profile of the event hascontinued to grow strongly since Rolex became naming rightssponsor in 2002. Two True’s victory in 2009 continued toconfirm that this is not a grand prix only race! Congratulationsto Two True and to line honours winner Alfa Romeo.The coverage from both yachting and mainstream media isbetter than ever before and importantly there are few raceswhich carry the attention of sailors worldwide as the RolexSydney Hobart Yacht Race. The 2009 race was testament ofthe status of our race for the entire world.As I said in Hobart this year, the race has never been in bettershape but I’m sure her best years are ahead.SponsorsThe CYCA is extremely fortunate to have the support ofthe foremost sponsors in the domain of sailing. Our mainsponsors Rolex SA and Audi Australia are the mainstays ofour sponsorship for our major events. Audi are naming rightssponsor for the Youth Sailing Academy, Audi Sydney OffshoreNewcastle Yacht Race, Audi Sydney Gold Coast Yacht Raceand the Audi Winter Series.We are also well supported by St Arnou for the WednesdayTwilight Series, Mt Gay for the Monday Twilight Series andGrant Thornton for the Short Ocean Pointscore and ShortHaul Pointscore.The Club also enjoys support from many other companieswho partner our Members Badge Draw and support theYouth Sailing Academy. These sponsors are detailed elsewherein this Annual Report. I would ask that you support themwhere possible.Financial PositionI’m very pleased with our financial results this year. Bothmanagement and the Board have been very careful tocontinue the policies from previous years to ensure thatthe balance sheet is strong enough to tackle the proposedredevelopment of the premises. We have taken the vast bulkof the costs relating to the redevelopment into our expensesrather than capitalising them.I’m also proud that membership subscriptions have beenkept at the same levels as last year, in fact they have onlyincreased by 3% since 2001.The Club will be debt free early in 2011, just in time for theanticipated start of the redevelopment project.Please refer to our Treasurer, Paul Billingham’s report formore detailed information.Flinders Islet2009 will be remembered as the year when we lost our twogreat friends Andrew Short and Sally Gordon during a racearound Flinders Islet in early October. Our thoughts remainwith their families and friends.I would like to thank the CYCA commissioned internal InquiryCommittee Chaired by Rear Admiral Chris Oxenbould AORAN (Rtd) and Past Commodores David Kellett AM andJohn Brooks for their fine efforts in presenting such a detailedand carefully considered report.All the recommendations made by the Inquiry Committeewere accepted by the Board and have either been implementedor passed on to Yachting NSW and Yachting Australia fortheir consideration. I would like to encourage YNSW andYA to consider the Committee’s recommendations at theirearliest convenience.4

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010ConstitutionThe Constitutional Review Committee Chaired by RearCommodore John Cameron has finalised their enormoustask of rewriting our Club Constitution. I would like to thankJohn and his fellow Committee members Alan Green, and LifeMembers Tony Cable and John Keelty for their considerableefforts to get us to the point of having a modern and relevantConstitution for our Club. Director John Markos also assistedenormously by ensuring that the language and format of thedocument is compliant.By the time you receive this report the proposed Constitutionwould have been presented to members via special resolutionat an Extraordinary General Meeting on Tuesday 15 June.Your Board unanimously accepted the document to put tomembers for adoption.Redevelopment of PremisesI am very pleased that we now have a long term plan forour premises. That view is also shared by our landlords andthe community from the feedback that we received duringthe community consultation process conducted prior tothe development application being lodged with WoollahraMunicipal Council back in August 2009.On instruction from Council we have had to make analteration to the plan of the basement level car park whichrequired us to submit an amended development application.Once our application is assessed by council officers a reportwill be forwarded to the Sydney East Joint Regional PlanningPanel who in our case will act as the consent authority. Weare hoping a determination will be provided by August.Once approval is granted we are planning for the project tobe completed in stages. The Board will seek member approvalprior to the commencement of any work which requires theClub going into debt.I would like to thank the Chairman of the RedevelopmentCommittee Rear Commodore John Cameron, and DirectorGeoff Bonus and our Chief Executive Officer Mark Woolf fortheir work on this important project.CYCA SOLASIt has been pleasing to see that SOLAS has come to be betterknown and better funded during the last few years. SOLAShas now donated more than $550,000 to search and rescueorganisations around Australia. SOLAS last year jointly wonthe Yachting Australia Presidents Award. The SOLAS Big BoatChallenge allows us to remind sailors of the SOLAS Trustsobjectives each year.We now get regular donations from a number of sourcesincluding Sydney Cove Rotary following each year’s RotaryRegatta.Please remember that CYCA SOLAS is our own charitysupporting sailors and the whole community.5

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010COMMODORE’S REPORT (continued)ArchivesSince the publication of the history of the CYCA ‘FromRatbags to Respectability’ the Archives Committee has beenworking on two new projects.The first one is led by Director David Champtaloup andPeter Shipway. The aim is to record video interviews of allour notable ocean racers to keep as a reference for futuregenerations. We are aiming to record some stories aboutthe earlier days of our sport and the way they approachedvarious races and campaigns.The second project is to digitise our film and video libraryand we ask for more material from our members and friendsto enhance our collection. Steve Old has completed thedigitisation project of our existing material and is now readyto work on new footage, slides and photos. Please contactthe Club if you have any material for our archives.VolunteersThe CYCA relies on many volunteers for its various activities.I would like to thank you all and encourage you to keepvolunteering. I hope you find it fulfilling. To those who arethinking of assisting, please step forward as we need membersto assist in a range of areas. There are many different jobs todo, with at least one to suit you. Currently we are very keento recruit volunteers for the Breakfast Club during the AudiWinter Series for 2011.for their inputs and the many sub-committee meetings toachieve what is detailed in this report.StaffThe strategic direction of the Board has placed a great dealof pressure on our management throughout the current year.I would like to thank them for rising to the challenge. To ourmanagement and staff led by our Chief Executive OfficerMark Woolf, thank you so much for a job well done and yoursupport over many years.ConclusionI have very much enjoyed being a Director, Flag Officer andCommodore of this great Club. The CYCA is a unique Clubin the world of yachting. It has a culture so entwined with thespirit of ocean racing, a feature so important for our primaryposition in the sport.I encourage you to read the Committee reports that followto gain a detailed knowledge of the activities of the Clubduring the last year.Thank you for your support, I wish you safe and enjoyablesailing.BoardI have had the pleasure of chairing a most collegiate andcohesive Board. The current Board has a diverse set of skillsand has worked very hard for the long term benefit of allstakeholders of the CYCA. I would like to thank the Board6

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 20107

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010TREASURER’S REPORTTreasurer Paul BillinghamI am pleased to report that with an annual audited profit of $373,888, exceeding both the 2009/10 budgeted profit and the2008/9 annual result by circa 50%, the Club has enjoyed another excellent year – despite a slight drop in underlying trading.Liquidity remains strong, with cash reserves at the year end topping $3m for the first time, and with the Club now into thefinal year of its remaining equipment leases, should be debt free by the end of the financial year 2010/11.The Club is accordingly in a robust financial position and well placed for its future redevelopment.Financial summaryFor members’ ease of reference, as I have done previously, I summarise below certain key financial information over the lastthree years:Income statement2010 2009 2008$ $ $Profit for the year 373,888 250,544 396,978Planning costs expensed 163,580 328,638 67,560CashflowNet cash increase 1,021,971 526,060 815,293Borrowings repaid 329,440 353,285 413,299Balance sheetCurrent Assets 3,523,043 2,615,565 2,035,716Non-Current Assets 6,100,506 6,733,683 7,272,593Current Liabilities 1,479,014 1,413,687 1,575,846Non-Current Liabilities 3,403,267 3,568,181 3,615,627Members funds 4,741,268 4,367,380 4,116,836Number of Members 2,715 2,701 2,7138

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010ProfitabilityBefore allowing for planning costs written off, the Club’sunderlying profitability reduced by 7.2% over 2008/9.This was mainly attributable to a decrease in discretionaryspending through bar, function and food revenues whichcollectively led to a slight reduction in turnover of 1.24% andtighter margins (down 0.3%) compared to 2008/9.Two of the larger reductions were in bottle shop sales whichfell by 12% over 2008/9 and food commissions which fell by26% as the Club responded to the commercial challengesfaced by its caterers and agreed to new reduced, winteropening hours.As members are aware, substantial work was done during theyear on the redevelopment which led to the DevelopmentApplication being submitted. Costs expensed on planningfor the Club’s redevelopment so far total $559,778 with afurther $58,390 capitalised.The Club has budgeted $100,000 for further such costsduring 2010/11 however this estimate is dependant uponany additional work the regulating authorities may require toapprove the Development Application.The Club has not factored into its budget for 2011 any costsassociated with commencement of the redevelopment itself.LiquidityThe Club has improved its cash holdings at year end to$3,078,369 (2009: $2,056,398).This is slightly ahead of budget due to the earlier thanforecast payment of a large annually recurring debt, whichhas correspondingly reduced trade and other receivables.Despite the Club’s increased cash holdings, reducing interestrates in 2009/10 resulted in interest earned in the year of$137,810 (being at a similar level to 2008/9 ($142,859))however, in a rising interest rate environment, the Clubstands to benefit in 2010/11 from increased returns on itscash deposits.The final major equipment lease, relating to the marina, willexpire at the end of the 2010/11 financial year at which pointthe Club is forecast to be wholly debt free.Capital expenditureCapital expenditure this year totalled $167,342 (2008/9:$167,669), the major element of which related to thereplacement of the engine on MV Gordon Marshall at a costof $61,354.Outlook for 2010/11Members will note that the Club has been somewhat impactedby decreased trading in its non marina operations – partly asa factor of reduced patronage, the new restaurant hours andthe desire to preserve the value of the members discount onbar sales. Overall profitability has been preserved by closecontrol of operating costs and the strong performance ofthe marina.The use of Club facilities by external corporations fell duringthe year by some 30% compared to 2009, and while theearly signs for 2010/11 are encouraging, it is important thatmembers appreciate the value to the Club of attractingorganisations to use its facilities (particularly during theworking week) as a major source of revenue and promote itaccordingly whenever the opportunity arises.For 2010/11, the Commodore has again announced therewill be no increase in membership fees however, this will nowbe the sixth consecutive year that members’ subscriptionshave not increased and it is likely that an increase will benecessary in 2011/12 once the redevelopment plans arefinalised, costed and presented to members.SummaryIt is clear that our Club was impacted in 2009/10 by areduction in the discretionary spending habits of its membersand guests, which led to a slight decline in underlying tradingperformance.This was not unexpected by your Board, which set a tightbudget for the year, and with close cost control by the Club’smanagement team, led by Chief Executive Officer MarkWoolf, the Club has exceeded its budget on all measures.This is an excellent financial result for the year – one the Clubshould be proud of.With 2010/11 likely to be the last full year of uninterruptedtrading, plans must now be made as to how the Club willfinance its redevelopment and this will become a major focusfor the Board and management.As ever the skilled finance team, led by Nina McKinnon, hasmade both the production of the accounts and the annualaudit an uncomplicated affair, and my thanks go out to heryear in, year out for her dedication to the smooth running ofthe Club’s finances.9

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010SAILING COMMITTEE REPORTRear Commodore Garry Linacre, ChairmanThe 2009/10 sailing season has again been a great successwith all divisions in our fleet experiencing a high standardof racing. Entry levels have increased and the SailingCommittee continues to review our policies in order toprovide our management team with a basis to ensure that allour stakeholders have a high level of satisfaction within ourracing program.Handicapping and rating systems continue to generate robustdebate among both competitors and officials. The IRC systemseems to be meeting our needs and expectations. The IRCdatabase continues to grow and with that growth comesthe potential to improve the system. At this point in timethe Sailing Committee sees no case to implement change. Inthe last Rolex Sydney Hobart Yacht Race we had an ORCidivision numbering 35. The CYCA will co-operate with anygroup of owners who wish to evaluate a rating system. Entryin either, or both systems will be permitted, and as ORCinumbers grow divisions will be created as necessary.The Club has moved well down the path of familiarisationwith the Top Yacht software system and, as planned, our SailingOffice has brought more of our PHS handicapping ‘in house’.The Sailing Office used modules of the Top Yacht system forthe Mt Gay Rum Monday and St Arnou Wednesday TwilightSeries this summer season. This proved to be a success. Weare fine tuning the use of the Top Yacht system to create thePHS handicaps for the Audi Winter Series. While the winterseries presents a number of handicapping challenges, we areconfident of a good and fair outcome in the series for thoseparticipating.Vale John HurleyWith our Sailing Manager Justine Kirkjian about to embarkon a period of maternity leave, our incumbent Principal RaceOfficer John Hurley was contracted to stand in as ActingSailing Manager. Shortly after this appointment John becameaware of some serious heath problems. John continued on inhis position, until sadly his illness made it too much for him.John passed away on 19 March 2010. John was a great friendof the CYCA as well as being a wonderful yachtsman andadministrator. We shall miss him.Flinders Islet IncidentThe Commodore has already touched on the tragedy thatoccurred during the conduct of the Flinders Islet Race in theearly hours of 10 October 2009 in his report. On behalf ofthe Sailing Committee I concur with his comments.Thank you to the volunteersOur wonderful group of volunteers again stepped up andhelped the Club in a superb way. Robyn Morton deservesspecial thanks, often acting as Race Officer, she has taken ona solid work load to the benefit of racing and the Club. SteveKidson has done a marvellous job as ‘Offshore Coxwain’.All the team deserve warm thanks. The team is; MaryroseHeffernan, Jane Stranger, Annie Aitken, Jennifer Birdsall, DougCairns, Debbie Wilson, Shaaron Walsh, Gail Lewis-Bearman,Dick Bearman, Valda Payne and Denise Van Ewijk. We thankyou all whole heartedly.John Winning and his family again offered the wonderfulsupport of the magnificent JBW as our Radio Relay Vessel forthe Rolex Sydney Hobart Yacht Race. Thanks must go to theWinnings and to JBW skipper Andrew (Steak) Copley.Once again Past Commodore David Kellett AM and histeam of radio operators provided us with an excellentcommunications scenario for the 2009 Rolex Sydney HobartYacht Race and the 2009 Audi Sydney Gold Coast YachtRace. In a new development in our communications we havereached a level of co-operation with the volunteer operatorsof the South Head Signal Station. The initial trials in the AudiSydney Offshore Newcastle Yacht Race, with the assistanceof Robyn Morton proved successful. We plan to build onthis experience and develop a good sound relationshipwith Marine Rescue Sydney with the ability to use this wellpositioned facility with its excellent antenna array.Year after year our dedicated International Juror John Kirkjianhelps us with our juries and Protest Committees. Johnrepresents the Club on the YNSW Racing Rules and SpecialRegulations Committees and continues to provide a highlevel of support to the Club on a range of fronts.Tim Cox has again provided strong and effective Chairmanshipof our various major race committees over the last year. Tim’sexperience, co-operation and advice are greatly valued byboth the staff and myself.Thanks must also go to David Jordon who took on theimportant responsibility of Emergency Management TeamLeader for the Rolex Sydney Hobart Yacht Race. Part of histeam once again included Director and Sailing Committeemember Richard Cawse and Past Commodore JohnMessenger who volunteered as the mobile emergencymanagement team stationed in Eden. Thanks go to Richardand John for their dedication to the event and the Club.10

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010During the year our much appreciated crew liaison volunteerMervyn Clarke passed away. After a call was put to membersfor his role to match crew and boats in our various racingprograms, Robert Skol offered to step into the breach. Mervwill be missed by all, and thanks go to Robert for agreeing tokeep this great service to owners and crew active.I was again privileged this year to chair the very strong groupof individuals who make up the Sailing Committee. TheCommittee is formed by a dedicated and diverse group ofmembers. I thank them for their input and support.Audi Sydney Offshore Newcastle Yacht RaceOur third Audi Sydney Offshore Newcastle Yacht Racewas a success with a satisfactory lift in entry numbers. TheNewcastle Cruising Yacht Club provided wonderful hospitalityin their new Clubhouse.In this seasons Audi Sydney Offshore Newcastle Race BobOatley’s Wild Oats XI was successful in taking out LineHonours, and Yendys skippered by Geoff Ross won IRC.ORCi honours went to Colin Woods with Pretty Fly III.Champions and notable resultsThe Audi Sydney Offshore Newcastle Yacht Race is the finalleg of the Blue Water Pointscore. Bob Steel by a slim margin,was able to clinch Blue Water victory with his third place inthis race.The Ocean Pointscore IRC division was won by Vanguardsailed by Richard Cawse with an nine point break to PaulClitheroe’s Balance and Matthew Short’s Shortwave separatedby count back for second and third respectively. Noel Cornishin St Jude won the PHS Ocean Pointscore followed againby Vanguard in second place. Annette and Robin Hawthornin Imagination took out the Grant Thornton SOPS Division1 PHS Pointscore from Warwick Sherman sailing OccasionalCoarse Language. The IRC prize went to Ray Entwistle in aclose win from the experienced AFR Midnight Rambler team.Michael Delaney and John Markos owners of Eye Appeal inDivision 3 succeeded in winning both PHS and IRC divisions.This year in our well supported Grant Thornton Short HaulSeries MRX sailed by Jon Short and Miles Bastic won thePHS division from the Clintons in Holy Cow. Last year’swinner Baltic Lady sailed by Niel Burling was third. DavidChamptaloup’s fine-looking Caprice of Huon took out theIRC pointscore from MRX and Sextant.11

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010SAILING COMMITTEE REPORT (continued)winter is always a challenge, with fickle weather, a pursuit raceand the full one minute start time differential. The Committeeare doing their best and receiving all the great and well meantadvice in good spirits.The CYCA endeavours to keep up with the latest technologyand as such online entry was introduced for the Audi WinterSeries. This system will be used for all of our major oceanraces as well as the upcoming summer series and willintroduce new efficiencies into the Sailing Office and makethe paperwork for boat owners much easier.The CYCAIn line with CYCA policy, the Sailing Committee does all it canto provide a program of races that grant our stakeholderswith what they want. To that end we will continue to programan Owners Forum and feedback evening in Septembereach year. This will be a set date and published in our sailingprogram each year. The night will have a topical agenda whichwill include an Audi Winter Series debrief and other relevantitems.The 2009 Rolex Sydney Hobart Yacht Race was a small boatrace. An elated Andrew Saies sailing his brand new BeneteauFirst 40 won the race overall and claimed the Tattersalls Trophyand Division 4. Second was another First 40, Wicked fromDivision 3 winner Ian Mason’s Next. Other Divisional winnerswere Ran in Division 1 campaigned by Niklas Zennstrom andTim Powell, Anthony Paterson’s Tow Truck won Division 2.The Line honours and Illingworth Trophy winner was NevilleCrichton sailing Alfa Romeo to a satisfying win over BobOatley’s Wild Oats XI.I would also like to thank our Sailing Manager Justine Kirkjianand her team for their great work again this year. Ably assistedby Stephen Craig and Roger Wragby we are all thankful toreceive such great service from our Sailing Office.Again it was a privilege to chair the Sailing Committee atour great Club, and we should all remember, it is all aboutthe sailing.The increasingly popular Monday night Mount Gay TwilightSeries again grew in numbers. It is great to be at the Club ona Monday evening and feel the Club come alive with keencompetitors. Michael Selby and Elena Wise in Cyrene 3 tookout the Division 1 PHS pointscore from Assassin. Division2 PHS pointscore went to L’Eau Co well sailed by GrantPollock. A close second was the magnificently crewed ScarlettO’Hara Robert Skol, and third was Chris Warren’s Kaleaula.In the IRC division Kirribilli sailed by a talented team puttogether by Sam Newton was triumphant over Your Hiredand Cyrene 3. The series was a great success and it was greatto welcome Jeremy Church representing Mount Gay to thesummer presentation night.We are now well into the Audi Winter Series. The SailingCommittee has effected some changes this year bringing thehandicaps in house. Entry numbers are excellent, but so farthe weather has been a little unkind. We are hopeful that a bitmore breeze arrives, but not too much. Handicapping in the12

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010AUDIT, PLANNING & RISK COMMITTEE REPORTDirector Michael Cranitch, ChairmanThe Audit Planning & Risk Committee consists of Commodore Matt Allen, Treasurer Paul Billingham, Directors Nick Kingsmilland John Markos, Past Commodore Martin James and myself.This year has been a particularly busy one for the Committee. In addition to its ordinary activities, the Committee has beenactively involved in the assessment of the Club redevelopment, and legal matters that have arisen out of that which are inthe process of being satisfactorily resolved.As usual the Committee is deeply indebted to Martin James for his meticulous consideration of our sailing documentation, inparticular the documentation associated with our Notices of Race etc. His contribution has been invaluable and it is hopedthat he will continue to serve the Committee in this fashion into the future, time permitting.The Committee’s work is often done outside the context of formal meetings, and when issues arise from time to time inthe running of the Club, each of the members is asked to consider the position and submit their views to the Chairman.Fortunately, there has been unanimity of opinion when views have been sought in this fashion and the time devoted by thevarious members of the Committee in considering these issues has been considerable. I, as Chairman, am grateful for thecareful attention that the members of the Committee give to this function on an ad hoc basis.Finally, the Committee is more than satisfied with the direction the Club has taken in relation to its risk profiles andacknowledges the valuable assistance of Nina McKinnon in the sound financial management that she has undertaken onbehalf of the Club. The policies and practices put in place by our Chief Executive Officer have proved to be practical, soundand effective, and the Committee acknowledges his hard work and dedication in the successful running of the Club.We look forward to the New Year when the plans put in place in respect of the redevelopment will come to fruition.13

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010CRUISING COMMITTEE REPORTCruising Captain John KeeltyOnce again during the past 12 months CYCA Cruising hasbeen active both in and outside the Club.The most significant event for CYCA Cruising since the lastannual report has been the establishment of the long awaitedMedical Management for Mariners (MMM) Course conductedin conjunction with St Vincent’s Hospital Darlinghurst.Participants who undertake this course are shown how todeal with the many emergencies that ongoing research hasrecognised that can occur on both ocean racing and cruisingyachts. The course is held over eight nights, with seven at thehospitals own Don Harrison Patient Safety Simulation Centreand the last conducted on a yacht at the CYCA.To date we have conducted three courses, with two moreplanned for 2010. The topics covered include:• MMM Protocol and Principles• Injections• Danger and haemorrhage• Airway, breathing and near drowning• Circulation and abdominal pain• Depressed level of consciousness• Exposure and marine envenomation• Fractures, catherisation and real life• Get up and goAs can be seen this course is a world first for sailors, it goes waybeyond even remote first aid and gives hands on experienceon how to manage the many marine emergencies that can beencountered while at sea.None of this would have been possible without the financesdonated by CYCA SOLAS Trusts, the support of theCommodore and the Board of the CYCA, and the assistanceof the staff at both St Vincent’s Hospital and the Cruising YachtClub of Australia. I wish to especially thank our Chief ExecutiveOfficer Mark Woolf, Nina McKinnon, Christina Del Conte, andthe reception team, whose ongoing support and assistance hasbeen outstanding and helps make it all happen.Another high priority on the Cruising Committee’s agendais the promotion and organisation of the second Sydney toHobart Cruise in order to establish this as a regular event onthe CYCA Sailing calendar. Our next cruise will take placein January 2011 and is timed to arrive in Hobart so thatparticipants can attend the Tasmanian Wooden Boat Festivaland join in the 2011 Van Dieman’s Land Circumnavigation, orsimply cruise the spectacular coast of Tasmania. It will be a nopressure and enjoyable way to sail to Tasmania. Any memberwho is interested should contact either David Champtaloup(Caprice of Huon) or Denise Doyle (Sextant) or see theCYCA website for further information.During March Jeremy Firth and Penny St Leger of the RoyalYacht Club of Tasmania gave us an interesting presentation onthe round Tasmania Cruise. This will be followed by anotherinformation night for those who may be interested in doing theCruise to Hobart later this year.Other CYCA Cruising events included a cruising gettogether at Newcastle Cruising Yacht Club and a number ofinformation evenings.The first educational information night organised was aimedto assist in overcoming the mysteries of the diesel engine. Tothis end Denise Doyle liaised with Dave Giddens from DriveMarine Services, who gave us an excellent presentation aboutdiesel engines. In May Ted Nobbs arranged for Rob Starkey toexplain to all who attended about yacht electrics with a focuson batteries and other essential electric items aboard a yacht.CYCA Club’s Trophy for the Best Cruise OverseasThis year the CYCA Club’s Trophy for the Best Cruise Overseashas been awarded to Alex Whitworth who completed hissecond round the world voyage in his 10 metre sloop Berrimilla.This circumnavigation was carried out under sail via the top ofAlaska, then down to England where he once again competedin the Rolex Fastnet Race before returning to Australia. Thismakes Alex and Berrimilla the first yacht to circumnavigate theworld via the infamous North West Passage under sail, a trulyremarkable feat.My sincere thanks to allI would like to express my sincere thanks to all who haveassisted and contributed to the ongoing success of CYCACruising over the past 12 months, especially to the Committeemembers: Director David Champtaloup (Chairman),Denis Doyle, Patrick Easton, Alan Green, Andrew Hawkins,Dr Virginia Handel and Ted Nobbs, together with theCommodore, all the Flag Officers, Directors and the staff ofthe CYCA.May the winds favour you.14

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010MARINA & SITE COMMITTEE REPORTRear Commodore John Cameron, ChairmanFirstly let me say a very big thank you to Alan Green who asimmediate past Chairman of the Marina & Site Committeemaintained his interest and as such is still serving the Club onthis Committee.I have served for three years on this Committee before beingappointed Chairman in July 2009.As each year passes we have been able to maintain constancyin the make-up of the Committee, allowing it to have a verystrong working relationship with the staff.Our goal remains to create a high standard and focussedapproach to maintaining the assets of the Club which includethe Clubhouse, marina and the Club water based vessels.Another successful yearSo another successful year. It is always a pleasure to beable to attend meetings where issues are handled quicklyand efficiently.This Committee deals with strategic issues regarding the siteand other assets as they arise, giving the Board well thoughtout recommendations for their consideration.One of the more obvious issues the Committee constantlybattles with is car parking and the demands that face theClub when limited car parking is outweighed by the numberof members looking for a car spot. Hopefully the longer termsolution will be partly met when the Club undergoes theredevelopment which includes double the current car parkingavailable. Members should remember however, that parking isnot a right but a privilege, so on behalf of my Committee I askall members to be considerate to your fellow members andonly use the car parking as outlined in the relevant By Law.Permanent berthing remains another significant benefitof membership and remains at a premium with vacanciesreplaced as soon as practical by the Committee from thoseon the waitlist. It should be noted that the waiting list iscontinually vetted to ensure that each application categoryis fairly considered against the available berth according tothe size of yachts.The Committee is continuing to monitor the activity ofpermanent marina berth licence holders to ensure yachtsberthed on the marina actively participate in Club organisedevents with an annual review of all licences now in place.The activities and events organised by the Club for thebenefit of members is growing and with this increase it isnecessary to ensure that our facilities are maintained to theexpected high standards so all members and your guests havean environment for which we can all be proud.These facilities require careful and planned maintenance allexecuted by our staff, and we have them to thank for theirexpertise and diligence in the manner in which they attendto their duties.However, it is up to all members to assist by taking care of ourassets, and in the event you observe any damage I ask thatyou report it to the operations team so they can attend tothe matter immediatelyTo our Chief Executive Officer Mark Woolf and the operationsteam Brian McMahon, Frank Bergmann, and newly appointedDockmaster James Birdsall, thank you. They attended ourregular monthly meetings and provided reports and advicethat was invaluable for the smooth running of our meetingsand thereby the continued maintenance of our Club.This Committee consists of Director Geoff Bonus, AlanGreen, Andrew Copley and Karl Stechmann. They bring tothis Committee a wide range of experience and expertisewhich is invaluable to the operation of the Club and therebyto the benefit of members.Thank you to all the members of the Committee, I haveenjoyed chairing the Committee which has been made allthe better by your experience, ability and common sense,all-important in a Committee such as ours.The amended Licence agreement has been in place now fortwo years and appears to be working as we intended.Although we consider that the waiting list is still too long, wecan only place vessels as the current permanent berth licenceholders relinquish their licence. The plans to extend D arm ofthe marina as part of the redevelopment plans will help tosomewhat alleviate this situation.15

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010TRAINING & DEVELOPMENT COMMITTEE REPORTVice Commodore Howard Piggott, ChairmanIt is my pleasure as the Chairman of the Training &Development Committee to present the annual report. Ithank my fellow Committee members, Rear CommodoreGarry Linacre, Director John Markos, Past Commodore JohnBrooks, Steve Jarvin, Tom Barker and Anthony Dunn for theirsupport and valued input.The Training & Development Committee’s main function is todetermine the policies relevant to the Youth Sailing Academy(YSA) and any other training opportunity. These policies arethen executed by the management team.The Youth Sailing Academy is the CYCA’s investment inthe future of sailing. The Academy has admirably fulfilled itsfunction in training young sailors to their full potential.The success of the Academy is due to Youth SailingAdministrator Pam Scrivenor and the Sailing Manager JustineKirkjian and their teams, who organise, administer, and overseea very extensive sailing program.The programs that were run through the CYCAYSA during the year were:• School Holiday courses in April, July, October, Decemberand January• Winter Squads – Advanced, Development Match RacingSquad and Talented Sailor Squad• Summer Squad, Womens Squad• Freedman Foundation – supporting public schools fromthe greater Sydney area• Toga Group Program – scholarships for dinghy clubs toconnect them with CYCA sailing programs• Blacktown Tutorial Centre – support for students withbehavioural problems• Eden Marine High – supporting the Eden community toacknowledge the support they provide during the RolexSydney Hobart Yacht Race• School courses – Scots College• Train-on-Squads – continual training programs for youthsailors seeking to represent the CYCARegattas run by the CYCA YSA during theyear were:• Navionics Match Racing Regatta• Kellett Shield Regatta• Club Marine NSW Youth Match Racing Regatta• Compasscard Australian Womens’ Match RacingChampionship• ASCC Regatta• Marinassess Womens’ Match Racing Regatta• Harken Womens’ International Match Racing Regatta• Musto International Youth Match Racing Regatta• Mt Gay Rum Top Jocks RegattaExternal Regattas with teams representingthe CYCA:• Governor’s Cup (Balboa YC, California)• Australian Match Racing Championship (RPAYC, NSW)• Australian Youth Match Racing Championship (SYC, Victoria)• Harken International Youth Match Racing Regatta(RPAYC, NSW)• Australia Cup (RPYC, WA)• Colin Mullins Match Racing Regatta (RPYC, WA)• Warren Jones Match Racing Regatta (RPYC, WA)• Hardy Cup (RSYS, NSW)• National Bank Youth Match Racing Regatta (RNZYS,Auckland, NZ)• Centrepoint Youth Match Racing Regatta (RPNYC,Wellington, NZ)• New Zealand Womens’ Match Racing Championship(RNZYS, Auckland, NZ)This year Youth Sailing Academy members sailed overseasin the Australian Womens’ Match Racing Squad, AustralianSailing Development Squad (both of these squads are trainingfor the 2012 Olympics) on the world match racing circuit andyacht racing in International regattas.The YSA relies on many volunteers to assist with regattasand functions. Umpires and race officials who volunteer forregattas include parents, grandparents, past YSA members,and many others who share a common interest in promotingyouth sailing. Their contribution is invaluable.• Captain John Piper Match Racing Regatta16

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010Thank you to our major sponsor Audi Australia, and ourgenerous Elliott sponsors Musto, Walker Corporation,Meridien Marinas, Club Marine, Wotif.com, Triple M, ThaiAirways, Sydney Aquarium and GME, and the continuingsupport of Harken, Hood Sailmakers, Noakes Boat andShipyards, Freedman Foundation, Toga Group, and QuietLittle Drink.Boat owners continue to support the YSA in allowinginterstate and international teams, umpires and coaches tostay on their yachts in the marina whilst they are in Sydney.They are also very generous in providing places on theiryachts during the twilight races for the Freedman Foundationand Eden Marine High Programs. Many YSA sailors havejoined the Audi Winter Series becoming part of the crew onmembers’ yachts and on most occasions continuing on to dooffshore and ocean racing with these crews.Thank you for contributingThank you to all members who have contributed to theYouth Sailing Academy via the Australian Sports Foundationdonation scheme and additional voluntary donations. Thegenerous support enables the CYCA, through the YSA, tocontinue to promote sailing to our potential Club members,ocean racers of tomorrow and perpetuates the future of thesport of sailing.Quite Little Drink (a group of CYCA members) continues tosupport the YSA in recognising youths who have completedtheir first Rolex Sydney Hobart Yacht Race awarding themeach with a small plaque of Tasmania. Along with PacificSailing School they also sponsor YSA members through theSea Safety Survival Course to assist with their preparationfor ocean racing.17

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010MEMBER SERVICES COMMITTEE REPORTDirector John Markos, ChairmanI have taken over the Chair of this Committee from MichaelCranitch at the beginning of this financial year. I would liketo thank Michael for his efforts and stewardship of thisCommittee over the eight years he has been both a memberand Chairman of the Committee. I believe there have beensubstantial benefits for members that have been achievedduring Michael’s watch.This year we have seen the addition of several members tothe Committee and I would like to thank those who haveparticipated at the meetings with me which includes DirectorDavid Champtaloup, Val Mallett, Janey Treleaven (representingthe Associates), Shahrzad Vahebzadeh and most recentlyAlex Frampton. In addition the Committee has supportand direct involvement with two of the Club’s managers,Marina Gibson (Senior Duty Manager) and Jennifer Crooks(Communications).One of the primary functions of the Members ServicesCommittee is to oversee that the services provided by theClub continue to benefit the members and furthermorethat there are opportunities to grow the membership orembark on activities which might increase the amenities forthe members generally.This Club functions at large with the support of manyvolunteers and it is appropriate to acknowledge here therole played by the Associates Committee for their continuedsupport and their involvement in so many events which area part of the fabric of the Clubs activities. Janey will elaboratefurther on these activities in her report.Breakfast Club support acknowledgedIt is also important to acknowledge the great contributionof the members of the Breakfast Club for quite a number ofyears. Michael Cranitch has foreshadowed in last year’s reportand as recently as prize presentations during the Audi WinterSeries that we run the risk of this valuable service fallingaway for the lack of replenishment of volunteers to take theplace of those who have served the Breakfast Club, in someinstances for 20 years. The funds raised from their activitiescontribute to the additional amenities for the members.If you believe that you can support in any way, even on arostered basis, then we would encourage you to step forwardand discuss it with any of the members of the Breakfast Clubor Mark Woolf.There are many other volunteers who deserve accoladesfor their contributions. Without those contributions the Clubwould falter. There are other acknowledgements contained inthe Annual Report.The Club also benefits from the generosity of many sponsors.It is appropriate to acknowledge and thank the sponsors whosupport us with the weekly Members’ Badge Draw. They areas follows:Gold Sponsors• Beneteau Vicsail • David Bray Yachts• Flagship Charters • Nanni Diesel/Collins Marine• Noakes Boat & Shipyards • Pacific Sailing School• Premier Boat Trimming • Steve Jarvin Motors• Foster’s Group • Warnes TrophiesSilver Sponsors• Active Casual• Oatley Wines• Windcraft – importers of Hanse Yachts• YOTIBronze Sponsors• Beelgara Wines• RBS Morgans• Westpac Edgecliff• Pernod Ricard Australia• TC Communications18

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010A number of other sponsors support different activities ofthe Club including the different races and I believe they areacknowledged elsewhere in this Annual Report.Membership driveThe support given to the Club through the membershipdrive last year was very successful, despite the adverseeconomic circumstances. Trevor and Maggie Joyce in theirbusiness “Mariner Boating Holidays” joined with Silver SeaCruises in sponsoring the prize for the promotion thatwas undertaken and drawn at the New Member’s Cocktailfunction last November. The lucky winner, Nicola Smith isabout to embark on the tour to Canada and Alaska. Thissupport was incredibly generous. Mariner Boating Holidaysdid put together some packages with Silver Sea Cruises forthis particular Alaskan journey. Trevor is also organising otherpackages for the benefit of members with preferential ratesand we shall hear of those in the near future.From time to time there are opportunities to add to thevarious different activities to meet the diverse interests of themembership of the Club. I am delighted to see the renewal ofthe information evenings organised by David Champtaloupand the Cruising Committee. There are other activities thatare organised by different Committees and they need yoursupport as well.Open Day – SeptemberThis Committee has worked together with the AssociatesCommittee in the organising of an Open Day, make sure thatyou save the date – 12 September 2010.The Open Day will combine with the traditionally held‘Parade of Sail’ organised by the Associates. There will bea blessing of the fleet at that time and there will be otherevents both at the Club house and on the water which areintended to showcase a lot of the amenities that are availablefor members and their families, with particular emphasis onthe amenity for member’s children through the CYCA YouthSailing Academy.There will be a number of different Committees involved inthe planning and execution of the events for this day and asthe plans take shape we will notify each of you and hopefullyengage in a terrific celebration of all the Club has to offer.The Committee has also placed on its agenda the object ofincreasing the membership particularly of younger membersand especially crew. There will be a separate emphasis toembrace the enthusiasm for a focus on “Women in Sailing”.Our caterer has been complimented many times for thequality of food on offer at the Club. The standard of theoffering by the caterer is very high. We are pleased about theintroduction of the children’s menu and would like to drawyour attention to that development in the hope membersare more comfortable with using the Club’s facilities withtheir families.Function rooms discount for membersThe Club’s function rooms are also of a very high standardand we would like to encourage members to consider usingthem more often for meetings and celebrations. Rememberthat members receive a discount of 10% off the publishedroom hire rates for bookings of these areas.As always with a number of Club activities we will benefitby feedback and suggestions either with recommendationsfor events or ways in which things might be improved. I askthat you consider giving us some feedback through the email,cyca@cyca.com.au.19

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010ASSOCIATES COMMITTEE REPORTJaney Treleaven, PresidentThe Associates Committee has long been an integral part inthe organisation of social events at the CYCA.Supported by the Member Services Committee, we initiate,plan and host a range of events for the enjoyment of allmembers and their guests. The Committee also participatesin fundraising activities for the benefit of the Club or a Clubpreferred charity.I was elected President last July taking over from PamMessenger who opted to stand down after a successful twoyear term where she introduced a number of fresh faces tothe Committee, invigorating it with new life.I would like to recognise the dedication of the Committeemembers who donate a significant amount of their timetowards the achievement of the Committee’s mandate.The 15 strong Committee is a wonderful blend of youth,enthusiasm and experience with Kendi Kellett elected Vice-President, long-serving Associate Committee member CathieMulherin elected Treasurer and newcomer Danielle Hallelected Secretary. Other members include Pam Messenger,Fiona Davies, Amanda Lulham, Jennifer Dahl, Pam Neate,Patricia Cox, Kay Brooks, Pamela Emerson, Susan Piggott,Rhonda Carr and Alex Frampton.FundraisingThroughout the year, the Associates worked tirelessly to raisefunds for NRMA CareFlight and the CYCA SOLAS Trusts.The Associates Committee would like to thank all whocontributed to the Winter Ball Silent Auction, MelbourneCup Raffle and Christmas Hamper, we rely on their continuedsupport to assist with our fundraising activities. Notable thanksto Robert Oatley Vineyards, “Fast Ed” Halmagyi, Black Wolf,Hamilton Island, Sydney Symphony Orchestra, BennelongRestaurant, and Winning Appliances.An amount of $9,000 was raised this year for NRMACareFlight to purchase three night vision helmets. Thanks toSusan Piggott and Pam Neate for preparing the Christmashamper and leading many fundraising activities.Winter BallThe annual Winter Ball is one of the most memorable nightson the social calendar, a wonderful way to catch up withfriends, renew old acquaintances and meet new people. TheNew Trocadero Dance Band provided terrific music that hadeveryone up on the dance floor until midnight.Thanks to Kendi Kellett, Fiona Davies, Jennifer Dahl, and PamMessenger for convening this special and successful event forthe second year running.Parade of SailCompetitors young and old maintained tradition during the16th Annual Associates Parade of Sail. Dressed with signalflags and the official burgee of the CYCA, the AustralianHeritage Fleet’s historic 105-year-old schooner Boomerangwas on station as the fleet sailed by, saluting the Commodorewith three cheers and the dipping of their ensigns.Sir James Hardy fired the canon to commence the Paradeaccompanied by his wife Lady Joan Hardy, CommodoreMatt Allen, Vice Commodore Howard Piggott and RearCommodore Garry Linacre. Led by Les Goodridge’s Erica J,celebrating her 60th birthday, the fleet of yachts built before1975, made an impressive spectacle sailing up the harbour toround Fort Denison. Congratulations to Karalee, winning the‘Ship Shape & Bristol Fashion Award’ for the second time.Thanks to all the skippers, crews and volunteers. Thankyou to Patricia Cox, Jeannette York and family for assistingin organising this wonderful event. We look forward tocontinuing this tradition in conjunction with the Club OpenDay celebrations to be held in September.20

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010Quiet Little DrinkVanessa Dudley and Sally Gordon were honoured for theirachievement of 15 “Hobarts” – a feat achieved, thus far, byonly four women. The trophy was re-dedicated in honour ofJane Tate, the first woman to complete the race in 1946.Clubhouse Party with the WolverinesOver 200 members and guests hit the dance floor at theCYCA to rock the night away with The Wolverines atthe Clubhouse party organised by Pam Messenger. TheWolverines packed the dance floor throughout the eveningwith guests ranging from 18 to 80 plus enjoying the music.Special thanks go to the Breakfast Club for supplying the foodfor the evening. Over $1,000 was raised for the Youth SailingAcademy and CYCA SOLAS Trusts.Thanks to convenors Patricia Cox and Kay Brooks,who ensured efficient running of the event supportingNRMA CareFlight.Childrens’ Christmas PartyChildren and grandchildren of members and staff wereentertained by clowns, and Santa arrived by boat in trueCYCA style ! All the children received a present and hadtheir photo taken with Santa. Special thanks to Santa (LesCosgrove) for taking time out of his busy schedule to helpout. Thanks to conveners Pam Messenger, Kendi Kellett,Cathie Mulherin, and Danielle Hall.The Associates Committee would like to thank theCommodore, Board and CYCA staff for their assistancethroughout the past year.Melbourne Cup LunchHot nor’ westerly winds blew through the Club on MelbourneCup Tuesday scarcely drawing a comment from the 120members and guests gathered to celebrate the race thatstops the nation.21

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010DIRECTORS’ REPORTThe directors present their report together with the financial report of the Cruising Yacht Club of Australia (‘the company’)for the year ended 31 March 2010 and the auditor’s report thereon.DirectorsThe directors of the company at any time during or since the end of the financial year are:Name and qualifications Age Experience and special responsibilitiesMr Matthew C AllenB.BusNon-executive DirectorCommodoreOwner – Ichi BanMr Howard PiggottLLBNon-executive DirectorVice CommodoreOwner – Flying CloudMr John CameronB.BuildingNon-executive DirectorRear CommodoreOwner – More WitchcraftMr Garry LinacreNon-executive DirectorRear CommodoreOwner – FlickaMr Paul BillinghamICAA, ICAEW, IPAAOfficial LiquidatorNon-executive DirectorTreasurerOwner – Elusive47 Director since July 2002Former Regional Chief Executive Officer UBS (Japan)Executive Chairman Halcycon Pty LimitedChairman, Rolex Sydney Hobart Yacht Race CommitteeChairman, Archives CommitteeMember, Audit, Planning and Risk CommitteeMember, Redevelopment CommitteeChairman of CYCA SOLAS Limited the trustee of CYCA Sydney Hobart YachtRace Safety of Life at Sea Trusts63 Director since July 2007Solicitor, Adams Raves and MarshChairman, Training & Development CommitteeChairman, Disciplinary CommitteeMember, Sailing CommitteeMember, Rolex Sydney Hobart Yacht Race CommitteeDirector of CYCA SOLAS Limited the trustee of CYCA Sydney Hobart YachtRace Safety of Life at Sea TrustsMember, YNSW Keel Boat Committee62 Director since July 2006BuilderChairman, Redevelopment CommitteeChairman, Marina and Site CommitteeChairman, Constitutional Review Committee57 Director from June 1986 to June 1988 and since July 2000General Manager, Navionics AustraliaChairman, Sailing CommitteeMember, Training and Development CommitteeMember, Rolex Sydney Hobart Yacht Race CommitteeDirector, YNSWMember, YNSW Advisory Council41 Director since July 2006National Head of Recovery & Reorganisation, Grant Thornton Australia LimitedMember, Audit, Planning and Risk Committee22

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010DIRECTOR’S REPORT (continued)Mr Geoffrey BonusB.Sc (Arch), B.Arch (Hons),ARAIANon-executive DirectorOwner – CalibreMr Richard CawseNon-executive DirectorOwner – VanguardMr Michael CranitchLLB, SCNon-executive DirectorMr John MarkosB.Comm, LLBNon-executive DirectorOwner – Eye AppealMr. David ChamptaloupNon-executive DirectorOwner – Caprice of Huon(Appointed 14 July 2009)Mr. Nick KingsmillB. BusNon-executive DirectorOwner – Vincero(Appointed 14 July 2009)56 Director since July 2008Director, Geoff Bonus Group Pty LtdMember, Marina & Site CommitteeMember, Sailing CommitteeMember, Redevelopment Committee70 Director June 1975 to June 1977 and since July 2006RetiredMember, Sailing Committee65 Director since July 2000Senior Counsel NSW BarChairman, Audit, Planning and Risk Committee55 Director since July 2008Managing Partner, Hicksons LawyersChairman, Member Services CommitteeMember, Audit, Planning and Risk CommitteeMember, Training and Development Committee60 Director since July 2009Director Wonderland Media Pty LtdChairman, Cruising CommitteeMember, Member Services CommitteeMember, YNSW Cruising Committee50 Director since July 2009Investment BankerMember, Audit Planning and Risk CommitteeMr Geoff CropleyNon-executive Director(Resigned 14 July 2009)50 Director from July 1997 to July 2003 and since July 2006Director, Speeed Investments Pty LtdMr Alan GreenB.Econ., M.Comm.(Econ)Non-executive DirectorOwner – Tonic(Resigned 14 July 2009)63 Director since June 1996Managing Director, International Technology Group Pty LtdDirector, Trilateral Pty LtdMember Marina and Site CommitteeMember, Cruising CommitteeMember, Constitutional Review CommitteeDirector of CYCA SOLAS Limited the trustee of CYCA Sydney Hobart YachtRace Safety of Life at Sea Trusts23

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010DIRECTOR’S REPORT (continued)Directors’ MeetingsThe number of directors’ meetings (including meetings of committees of directors) and number of meetings attended by eachof the directors of the company during the financial year are:Director*Number of meetings held during the time the director held office during the year.Principal activitiesThe principal activities of the company during the course of the financial year were to promote participation in yachtingincluding the sport of sailing and to provide ocean racing facilities, training and other yachting facilities and competitionfor its members.There were no significant changes in the nature of the activities of the company during the yearMembershipNumber ofMeetings AttendedThe Club is a Company limited by guarantee and without share capital. The number of members as at 31 March 2010 andthe comparison with last year is as follows:2010 2009Number of Members 2,715 2,701BOARD MEETINGSNumber ofMeetings Held*Number ofMeetings AttendedOTHER MEETINGSNumber ofMeetings Held*M. Allen 14 14 12 13H. Piggott 14 14 17 18G. Linacre 12 14 16 18J. Cameron 14 14 28 29P. Billingham 13 14 8 8G. Bonus 14 14 15 19R. Cawse 11 14 8 10M. Cranitch 11 14 9 10J. Markos 13 14 10 15D. Champtaloup 9 10 9 9N. Kingsmill 9 10 6 8G. Cropley 2 4 1 1A. Green 3 4 17 20Review and results of operationsThe result from ordinary activities before tax for the year amounted to a net profit of $373,888 compared with $250,544 forthe prior year. This resulted after charging $822,660 (2009: $832,743) for depreciation and amortisation.DividendsThe company is a non-profit organisation and is prevented by its constitution from paying dividends.24

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010State of affairsIn the opinion of the directors there were no significant changes in the state of affairs of the company that occurred duringthe financial year under review.Environmental regulationThe company’s operations are subject to various environmental regulations under both Commonwealth and State legislation.The Board believes that the company has adequate systems in place for the management of its environmental requirements andis not aware of any breach of those environmental requirements as they apply to the company.Likely developmentsThe directors do not anticipate any further development in the operations of the Club which will affect the results insubsequent years.Events subsequent to reporting dateThere has not arisen in the interval between the end of the financial year and the date of this report any item, transaction orevent of a material or unusual nature likely, in the opinion of the directors of the company, to affect significantly the operationsof the company, the results of those operations, or the state of affairs of the company, in future financial years.Indemnification and insurance of officersThe company has provided for and paid premiums to the value of $4,316 during the year for directors’ and officers’ liabilityinsurance. The insurance is in respect of legal liability for damages and legal costs within an annual limit of $5,100,000 (subjectto a sub limit of $5,000,000 per claim in any one insurance period) arising from claims made by reason of any omissions or acts(other than dishonesty) by them, whilst acting in their individual or collective capacity as directors or officers of the company,towards which the directors of the company contribute.The insurance premiums relate to:• costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and whatever theiroutcome; and• other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty or improperuse of information or position to gain a personal advantage.Auditor’s independence declarationA copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is on page28 of this annual report.Signed in accordance with a resolution of the directors:M C AllenP A BillinghamCommodoreTreasurerSydney, 18th May 2010 Sydney, 18 May 201025

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010INDEPENDENT AUDITOR’S REPORTto the Members of the Cruising Yacht Club of AustraliaWe have audited the accompanying financial report ofCruising Yacht Club of Australia, which comprises the balancesheet as at 31 March 2010, and the income statement, cashflow statement and statement of recognised income andexpense for the year ended on that date, a summary ofsignificant accounting policies, other explanatory notes andthe directors’ declaration as set out on pages 27 to 46.Directors’ Responsibility for the Financial ReportThe directors of the company are responsible for thepreparation and fair presentation of the financial reportin accordance with Australian Accounting Standards(including the Australian Accounting Interpretations) andthe Corporations Act 2001. This responsibility includesestablishing and maintaining internal control relevant to thepreparation and fair presentation of the financial report thatis free from material misstatement, whether due to fraudor error; selecting and applying appropriate accountingpolicies; and making accounting estimates that are reasonablein the circumstances.Auditor’s Independence DeclarationIn conducting our audit, we have complied with theindependence requirements of the Corporations Act 2001.Auditor’s OpinionIn our opinion, the financial report of Cruising Yacht Clubof Australia is in accordance with the Corporations Act 2001,including:(a) giving a true and fair view of the company’s financialposition as at 31 March 2010 and of its performance for theyear ended on that date; and(b) complying with Australian Accounting Standards(including the Australian Accounting Interpretations) and theCorporations Regulations 2001.DELOITTE TOUCHE TOHMATSUAuditor’s ResponsibilityOur responsibility is to express an opinion on the financialreport based on our audit. We conducted our audit inaccordance with Australian Auditing Standards. These AuditingStandards require that we comply with relevant ethicalrequirements relating to audit engagements and plan andperform the audit to obtain reasonable assurance whetherthe financial report is free from material misstatement.J P WinterPartnerChartered AccountantsSydney, 18th May 2010An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the financialreport. The procedures selected depend on the auditor’sjudgement, including the assessment of the risks of materialmisstatement of the financial report, whether due to fraud orerror. In making those risk assessments, the auditor considersinternal control relevant to the entity’s preparation andfair presentation of the financial report in order to designaudit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates madeby the directors, as well as evaluating the overall presentationof the financial report.We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.26

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010DIRECTORS’ DECLARATIONThe directors declare that:(a) in the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as andwhen they become due and payable; and(b) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the CorporationsAct 2001, including compliance with accounting standards and giving a true and fair view of the financial position andperformance of the company.Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001.On behalf of the DirectorsM C AllenP A BillinghamCommodoreTreasurerSydney, 18th May 2010 Sydney, 18th May 201027

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010AUDITOR’S INDEPENDENCE DECLARATIONThe Board of DirectorsCruising Yacht Club of Australia1 New Beach RoadDarling Point NSW 202718th May 2010Dear Board MembersCruising Yacht Club of AustraliaIn accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration ofindependence to the directors of Cruising Yacht Club of Australia.As lead audit partner for the audit of the financial statements of Cruising Yacht Club of Australia for the financial year ended31 March 2010, I declare that to the best of my knowledge and belief, there have been no contraventions of:(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and(ii) any applicable code of professional conduct in relation to the audit.Yours faithfullyDELOITTE TOUCHE TOHMATSUJ P WinterPartnerChartered Accountants28

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010STATEMENT OF COMPREHENSIVE INCOMEfor the financial year ended 31 March 2010Note 2010 2009$ $Revenue 4 7,064,108 7,154,116Cost of sales (1,017,577) (1,009,369)Gross profit 6,046,531 6,144,747Other income 4 377,510 375,460Employee and employment expenses (2,326,015) (2,403,221)Entertainment and members costs (166,865) (173,524)Sailing event costs (351,844) (385,426)Property expenses (1,330,005) (1,472,408)Insurance (127,015) (118,211)Repairs and maintenance (223,559) (184,970)Temporary services (64,792) (68,689)Other operating expenses (444,515) (406,948)Financing expenses 5 (192,883) (223,523)Depreciation and amortisation expenses (822,660) (832,743)Profit before income tax 373,888 250,544Income tax expense - -Profit for the year 6 373,888 250,544Operating profit for the year 373,888 250,544Other comprehensive income - -Total comprehensive income for the year 373,888 250,544Notes to the financial statements are included on pages 32 to 46.29

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010STATEMENT OF FINANCIAL POSITIONas at 31 March 2010Note 2010 2009$ $Current assetsCash and cash equivalents 7 3,078,369 2,056,398Trade and other receivables 8 176,336 325,787Inventories 9 103,172 95,420Other assets 10 165,166 137,960Total current assets 3,523,043 2,615,565Non-current assetsProperty, plant and equipment 11 6,100,506 6,733,683Total non-current assets 6,100,506 6,733,683Total assets 9,623,549 9,349,248Current liabilitiesTrade and other payables 12 838,872 784,310Interest-bearing loans and borrowings 13 306,339 329,444Provisions 14 176,164 179,305Income received in advance 157,639 120,628Total current liabilities 1,479,014 1,413,687Non-current liabilitiesInterest bearing loans and borrowings 13 - 306,335Provisions 14 3,278,407 3,142,500Other payables 15 124,860 119,346Total non-current liabilities 3,403,267 3,568,181Total liabilities 4,882,281 4,981,868Net assets 4,741,268 4,367,380Members’ fundsRetained profits 16 4,741,268 4,367,380Total members’ funds 4,741,268 4,367,380Notes to the financial statements are included on pages 32 to 46.30

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010STATEMENT OF CHANGES IN EQUITYfor the financial year ended 31 March 2010Retained Total attributableEarnings to the membersof the entityNote $ $Balance at 1 April 2008 4,116,836 4,116,836Profit for the period 250,544 250,544Balance at 31 March 2009 4,367,380 4,367,380Profit for the period 373,888 373,888Balance at 31 March 2010 16 4,741,268 4,741,268STATEMENT OF CASH FLOWSfor the financial year ended 31 March 2010Cash flows from operating activitiesCash receipts in the course of operations 8,183,641 8,085,004Cash payments in the course of operations (6,729,191) (7,072,367)Cash generated from operations 1,454,450 1,012,637Interest paid (45,764) (77,748)Net cash provided by operating activities 19 1,408,686 934,889Cash flows from investing activitiesInterest received 137,810 142,859Payments for property, plant and equipment (195,085) (198,403)Net cash used in investing activities (57,275) (55,544)Cash flows from financing activitiesRepayment of borrowings (329,440) (353,285)Net cash used in financing activities (329,440) (353,285)Net increase in cash held 1,021,971 526,060Cash and cash equivalents at 1 April 2,056,398 1,530,338Cash and cash equivalents at 31 March 7 3,078,369 2,056,398Notes to the financial statements are included on pages 32 to 46.31

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTSfor the financial year ended 31 March 20101. General informationCruising Yacht Club of Australia (“the Company”) is a company limited by guarantee and operating in Australia.In accordance with the Memorandum and Articles of Association of the Cruising Yacht Club of Australia, every member ofthe company undertakes to contribute to the assets of the company in the event of it being wound up, whilst he or she is amember or within one year after he or she ceases to be a member and of the costs, charges and expenses of winding up suchas may be required, not exceeding $2 per member.The company has 2,715 members at year end.Cruising Yacht Club of Australia’s registered office and its principal place of business are as follows:1 New Beach RoadDarling Point NSW 20272. Adoption of new and revised Accounting StandardsIn the current year, the company has adopted all of the new and revised Standards and Interpretations issued by the AustralianAccounting Standards Board (the AASB) that are relevant to its operations and effective for the current annual reportingperiod. The adoption of these new and revised Standards and Interpretations has resulted in no changes to the company’saccounting policies.At the date of authorisation of the financial report, the following Standards and Interpretations were on issue but not yet effective:• AASB 124 Related Party Disclosures (2009), AASB 2009-12 Amendments to Australian Accounting StandardsEffective for annual reporting periods beginning on or after 1 January 2011• AASB 9 Financial Instruments, AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9Effective for annual reporting periods beginning on or after 1 January 2013• AASB 2008-6 Further Amendments to Australian Accounting Standards arising from the Annual Improvements ProjectEffective for annual reporting periods beginning on or after 1 July 2009• AASB 2008-8 Amendments to Australian Accounting Standards – Eligible Hedged ItemsEffective for annual reporting periods beginning on or after 1 July 2009• AASB 2009-4 Amendments to Australian Accounting Standards – Improving Disclosures about Financial InstrumentsEffective for annual reporting periods beginning on or after 1 July 2009• AASB 2009-5 Further Amendments to Australian Accounting Standards – Arising from the Annual Improvements ProcessEffective for annual reporting periods beginning on or after 1 January 2010• AASB 2009-7 Amendments to Australian Accounting StandardsEffective for annual reporting periods beginning on or after 1 July 2009• AASB 2009-8 Amendments to Australian Accounting Standards – Group Cash-Settled Share-based Payment TransactionsEffective for annual reporting periods beginning on or after 1 January 2010• AASB 2009-9 Amendments to Australian Accounting Standards – Additional Exemptions for First-time AdoptersEffective for annual reporting periods beginning on or after 1 January 2010• AASB 2009-10 Amendments to Australian Accounting Standards – Classification of Rights IssuesEffective for annual reporting periods beginning on or after 1 February 2010• AASB 2009-14 Amendments to Australian Interpretation – Prepayments of a Minimum Funding RequirementEffective for annual reporting periods beginning on or after 1 January 201132

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)• Interpretation 17 Distributions of Non-Cash Assets to Owners and AASB 2008-13 Amendments to Australian AccountingStandards arising from AASB Interpretation 17 Distributions of Non-Cash Assets to OwnersEffective for annual reporting periods beginning on or after 1 July 2009• Interpretation 18 Transfers of Assets from CustomersEffective for annual reporting periods beginning on or after 1 July 2009• Interpretation 19 Extinguishing Liabilities with Equity InstrumentsEffective for annual reporting periods beginning on or after 1 July 2010These Standards and Interpretations will be first applied in the financial report of the company that relates to the annualreporting period beginning after the effective date of each pronouncement.3. Significant accounting policiesStatement of complianceThe financial report is a general purpose financial report which has been prepared in accordance with the Corporations Act2001, Accounting Standards and Interpretations, and complies with other requirements of the law including the RegisteredClubs Act.Accounting Standards include Australian equivalents to International Financial Reporting Standards (‘A-IFRS’). A statement ofcompliance with IFRS cannot be made due to the application of not for profit sector specific requirements contained in theA-IFRS.The financial statements were authorised for issue by the directors on the 18th of May 2010.Basis of preparationThe financial report has been prepared on the basis of historical cost, except for the revaluation of certain non-current assetsand financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts arepresented in Australian dollars, unless otherwise noted.In the application of the company’s accounting policies, which are described within this note, management is required tomake judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent fromother sources. The estimates and associated assumptions are based on historical experience and various other factors thatare believed to be reasonable under the circumstance, the results of which form the basis of making the judgements. Actualresults may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognisedin the period in which the estimate is revised if the revision affects only that period, or in the period of revision and futureperiods if the revision affects both current and future periods.Judgements made by management that have significant effects on the financial statements and estimates with a significant riskof material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements.Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies theconcepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other eventsis reported.The following significant accounting policies have been adopted in the preparation and presentation of the financial report:(a) Borrowing costsAll borrowing costs are recognised in profit or loss in the period in which they are incurred.33

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)(b) Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cashequivalents are short-term, highly liquid investments that arereadily convertible to known amounts of cash and which aresubject to an insignificant risk of changes in value and have amaturity of three months or less at the date of acquisition.Bank overdrafts are shown within borrowings in currentliabilities in the balance sheet.(c) Employee benefitsA liability is recognised for benefits accruing to employees inrespect of wages and salaries, annual leave and long serviceleave when it is probable that settlement will be required andthey are capable of being measured reliably.Liabilities recognised in respect of employee benefitsexpected to be settled within 12 months, are measured attheir nominal values using the remuneration rate expectedto apply at the time of settlement.Liabilities recognised in respect of employee benefits whichare not expected to be settled within 12 months aremeasured as the present value of the estimated future cashoutflows to be made by the company in respect of servicesprovided by employees up to reporting date.Defined contribution plansContributions to defined contribution superannuation plansare expensed when employees have rendered serviceentitling them to the contributions.Long term service benefitsThe Company’s net obligation in respect of long-term servicebenefits, other than pension plans, is the amount of futurebenefit that employees have earned in return for their servicein the current and prior periods. The obligation is calculatedusing expected future increases in wage and salary ratesincluding related on-costs and expected settlement dates, andis discounted using rates for Commonwealth Governmentbonds at the balance sheet date which have maturity datesapproximating to the terms of the Company’s obligations.(d) Financial assetsLoans and receivablesTrade receivables, loans, and other receivables that havefixed or determinable payments that are not quoted in anactive market are classified as ‘loans and receivables’. Loansand receivables are measured at amortised cost using theeffective interest method less impairment.Interest is recognised by applying the effective interest rate.Effective interest methodThe effective interest method is a method of calculating theamortised cost of a financial asset and of allocating interestincome over the relevant period. The effective interest rate isthe rate that exactly discounts estimated future cash receipts(including all fees on points paid or received that form anintegral part of the effective interest rate, transaction costsand other premiums or discounts) through the expected lifeof the financial asset, or, where appropriate, a shorter period.Income is recognised on an effective interest rate basis fordebt instruments other than those financial assets ‘at fairvalue through profit or loss’.Impairment of financial assetsFinancial assets, other than those at fair value through profitor loss, are assessed for indicators of impairment at eachbalance sheet date. Financial assets are impaired where thereis objective evidence that as a result of one or more eventsthat occurred after the initial recognition of the financialasset the estimated future cash flows of the investment havebeen impacted. For financial assets carried at amortisedcost, the amount of the impairment is the differencebetween the asset’s carrying amount and the present valueof estimated future cash flows, discounted at the originaleffective interest rate.The carrying amount of the financial asset is reduced bythe impairment loss directly for all financial assets with theexception of trade receivables where the carrying amountis reduced through the use of an allowance account. Whena trade receivable is uncollectible, it is written off againstthe allowance account. Subsequent recoveries of amountspreviously written off are credited against the allowanceaccount. Changes in the carrying amount of the allowanceaccount are recognised in profit or loss.If, in a subsequent period, the amount of the impairment lossdecreases and the decrease can be related objectively to anevent occurring after the impairment was recognised, thepreviously recognised impairment loss is reversed throughprofit or loss to the extent the carrying amount of theinvestment at the date the impairment is reversed does notexceed what the amortised cost would have been had theimpairment not been recognised.34

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)(e) Financial instruments issued by the companyDebt and equity instrumentsDebt and equity instruments are classified as either liabilitiesor as equity in accordance with the substance of thecontractual arrangement.Financial liabilitiesFinancial liabilities are classified as either financial liabilities ‘atfair value through profit or loss’ or other financial liabilities.Other financial liabilitiesOther financial liabilities, including borrowings, are initiallymeasured at fair value, net of transaction costs.Other financial liabilities are subsequently measured atamortised cost using the effective interest method, withinterest expense recognised on an effective yield basis.The effective interest method is a method of calculating theamortised cost of a financial liability and of allocating interestexpense over the relevant period. The effective interestrate is the rate that exactly discounts estimated future cashpayments through the expected life of the financial liability, or,where appropriate, a shorter period.(f) Impairment of other tangible and intangible assetsAt each reporting date, the company reviews the carryingamounts of its tangible and intangible assets to determinewhether there is any indication that those assets havesuffered an impairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order todetermine the extent of the impairment loss (if any). Wherethe asset does not generate cash flows that are independentfrom other assets, the company estimates the recoverableamount of the cash-generating unit to which the asset belongs.Where a reasonable and consistent basis of allocation canbe identified, corporate assets are also allocated to individualcash-generating units, or otherwise they are allocated to thesmallest group of cash-generating units for which a reasonableand consistent allocation basis can be identified.Recoverable amount is the higher of fair value less costs tosell and value in use. In assessing value in use, the estimatedfuture cash flows are discounted to their present valueusing a pre-tax discount rate that reflects current marketassessments of the time value of money and the risks specificto the asset for which the estimates of future cash flows havenot been adjusted.If the recoverable amount of an asset is estimated to beless than its carrying amount, the carrying amount of theasset is reduced to its recoverable amount. An impairmentloss is recognised immediately in profit or loss, unless therelevant asset is carried at revalued amount, in which case theimpairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses, the carryingamount of the asset is increased to the revised estimate of itsrecoverable amount, but only to the extent that the increasedcarrying amount does not exceed the carrying amount thatwould have been determined had no impairment loss beenrecognised for the asset (cash-generating unit) in prior years.A reversal of an impairment loss is recognised in profit or lossimmediately, unless the relevant asset is carried at fair value, inwhich case the reversal of the impairment loss is treated as arevaluation increase.(g) Income taxNo provision has been made for income tax as theCompany is exempt under Section 50-45 of the Income TaxAssessment Act (1997), provided it continues as a sportingclub predominately encouraging and promoting the sport ofyachting, boating, cruising for pleasure and the building andsailing of yachts and boats. Accordingly tax affect accountinghas not been adopted by the Company.(h) InventoriesInventories are valued at the lower of cost and net realisablevalue. Costs, including an appropriate portion of fixed andvariable overhead expenses, are assigned to inventory onhand by the method most appropriate to each particularclass of inventory, with all categories being valued on a first infirst out basis. Net realisable value represents the estimatedselling price less all estimated costs of completion and costsnecessary to make the sale.(i) LeasesLeases are classified as finance leases when the terms of thelease transfer substantially all the risks and rewards incidentalto ownership of the leased asset to the lessee. All otherleases are classified as operating leases.Finance leasesAssets held under finance leases are initially recognised attheir fair value or, if lower, at amounts equal to the presentvalue of the minimum lease payments, each determinedat the inception of the lease. The corresponding liability to35

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)the lessor is included in the balance sheet as a finance leaseobligation.Lease payments are apportioned between finance chargesand reduction of the lease obligation so as to achieve aconstant rate of interest on the remaining balance of theliability. Finance charges are charged directly against income,unless they are directly attributable to qualifying assets,in which case they are capitalised in accordance with thecompany’s general policy on borrowing costs. Refer to note3(a). Contingent rentals are recognised as expenses in theperiods in which they are incurred.Finance leased assets are amortised on a straight line basisover the estimated useful life of the asset.Operating leasesOperating lease payments are recognised as an expenseon a straight-line basis over the lease term, except whereanother systematic basis is more representative of the timepattern in which economic benefits from the leased asset areconsumed. Contingent rentals arising under operating leasesare recognised as an expense in the period in which they areincurred.Lease incentivesIn the event that lease incentives are received to enter intooperating leases, such incentives are recognised as a liability.The aggregate benefits of incentives are recognised as areduction of rental expense on a straight-line basis, exceptwhere another systematic basis is more representative ofthe time pattern in which economic benefits from the leasedasset are consumed.(j) Property, plant and equipmentPlant and equipment, leasehold improvements and equipmentunder finance lease are stated at cost less accumulateddepreciation and impairment. Cost includes expenditurethat is directly attributable to the acquisition of the item.In the event that settlement of all or part of the purchaseconsideration is deferred, cost is determined by discountingthe amounts payable in the future to their present value as atthe date of acquisition.Depreciation is provided on property, plant and equipment,including buildings on leasehold land. Depreciation is calculatedon a straight line basis so as to write off the net cost or otherrevalued amount of each asset over its expected useful lifeto its estimated residual value. Leasehold improvements aredepreciated over the period of the lease or estimated usefullife, whichever is the shorter, using the straight line method.The estimated useful lives, residual values and depreciationmethod are reviewed at the end of each annual reportingperiod, with the effect of any changes recognised on aprospective basis.The gain or loss arising on disposal or retirement of an item ofproperty, plant and equipment is determined as the differencebetween the sales proceeds and the carrying amount of theasset and is recognised in profit or loss.The following estimated lives are used in the calculation ofdepreciation:Leasehold improvements 5 – 33 years / term of the leaseBoatsPlant and equipment(k) Provisions2 – 8 years2 – 8 yearsProvisions are recognised when the company has a presentobligation (legal or constructive) as a result of a past event,it is probable that the company will be required to settle theobligation, and a reliable estimate can be made of the amountof the obligation.The amount recognised as a provision is the best estimate ofthe consideration required to settle the present obligation atreporting date, taking into account the risks and uncertaintiessurrounding the obligation. Where a provision is measuredusing the cash flows estimated to settle the present obligation,its carrying amount is the present value of those cash flows.When some or all of the economic benefits required tosettle a provision are expected to be recovered from a thirdparty, the receivable is recognised as an asset if it is virtuallycertain that reimbursement will be received and the amountof the receivable can be measured reliably.Restoration costsA provision for restoration costs is recognised when anobligation exists to restore certain sites for the effect of thecompany’s operations.The provision is the best estimate of the present value ofthe expenditure required to settle the restoration obligationat the reporting date. The amount is reviewed annually andchanges recognised at the end of the reporting period.36

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)(l) RevenueRevenue is measured at the fair value of the considerationreceived or receivable.Goods sold and services renderedRevenue from the sale of goods comprises revenue earnedfrom the provision of beverage and other goods and isrecognised in the statement of comprehensive income whenthe significant risks and rewards of ownership have beentransferred to the buyer. Revenue from services to membersand other patrons of the Company is recognised in thestatement of comprehensive income when the services areprovided. No revenue is recognised if there are significantuncertainties regarding recovery of the consideration due;the costs incurred or to be incurred cannot be measuredreliably; there is a risk of return of goods; or there is continuingmanagement involvement with the goods.SubscriptionsSubscription fees are taken into account on an accruals basisand the portion relating to the ensuing year is transferred tosubscriptions in advance.future cash receipts through the expected life of the financialasset to that asset’s net carrying amount..(m) Goods and Services TaxRevenues, expenses and assets are recognised net of theamount of goods and services tax (GST), except:i). where the amount of GST incurred is not recoverablefrom the taxation authority, it is recognised as part of thecost of acquisition of an asset or as part of an item ofexpense; orii). for receivables and payables which are recognised inclusiveof GST.The net amount of GST recoverable from, or payable to,the taxation authority is included as part of receivablesor payables.Cash flows are included in the statement of cash flows on agross basis. The GST component of cash flows arising frominvesting and financing activities which is recoverable from,or payable to, the taxation authority is classified as operatingcash flows.Yard and marinaYard and marina revenue consists of casual and permanentberthing fees, hardstand fees, locker fees and tender feesprovided to members and other patrons of the Club. Yardand marina revenue is recognised when the goods or servicesare provided.Sailing revenueSailing revenue consists of ferry charter fees, race entry fees,sponsorship and other associated income. Sailing revenueis recognised when the goods or services are providedfor all revenue except sponsorship which is recognised asit accrues.Rental incomeRental income from property is recognised in the statementof comprehensive income on a straight-line basis over theterm of the lease. Lease incentives granted are recognised asan integral part of the total rental income.Interest revenueInterest revenue is accrued on a time basis, by reference tothe principal outstanding and at the effective interest rateapplicable, which is the rate that exactly discounts estimated37

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)2010 2009Note $ $4. RevenueRevenue from sale of goods 2,377,204 2,469,257Revenue from rendering of services 4,684,904 4,684,8597,064,108 7,154,116Rental property 239,700 232,601Interest revenue:Bank deposits 137,810 142,8597,441,618 7,529,5765. Financing ExpensesBorrowing costs - -Interest expense from hire purchase liabilities 45,764 77,748Other interest expense – unwind of discount 147,119 145,775192,883 223,5236. Profit for the yearProfit for the year has been arrived at after charging/(crediting) the following:Operating lease rental expense 508,691 415,507Loss on disposal of property, plant and equipment 5,602 1,6467. Cash and cash equivalentsCash at bank 3,054,193 2,030,708Cash on hand 22,300 22,300Sundry cash 1,876 3,3903,078,369 2,056,3988. Trade and other receivablesTrade receivables (i) 61,815 83,167Allowance for doubtful debts (19,624) (30,430)42,191 52,737Other receivables 134,145 273,050176,336 325,787(i) The average credit period on trade receivables is 30 days. Interest is charged at 12% on trade receivables past due. An allowancehas been made for estimated irrecoverable trade receivable amounts arising from the past sale of goods and rendering of services,determined by reference to past default experience.The company has reviewed the credit quality of all trade and other receivables neither past due nor impaired at year end.38

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)2010 2009Note $ $Trade and other receivables (continued)Ageing of past due but not impaired trade and other receivables30 – 60 days 110,788 62,57760 – 90 days 10,584 12,84290 – 120 days 10,077 43,056Total 131,449 118,475Movements in the allowance for doubtful debtsBalance at the beginning of the year 30,430 18,567Impairment losses recognised on trade receivables (10,806) 11,863Balance at the end of the year 19,624 30,4309. InventoriesFinished goods 103,172 95,42010. Other assetsCurrentPrepayments 165,166 137,96039

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)11. Movement in property, plant and equipmentLeaseholdimprovementsat costBoats at cost$Plant andequipmentat cost$Total$$CostBalance at 1 April 2008 12,027,988 578,613 1,630,750 14,237,351Additions 97,076 - 198,401 295,477Disposals (9,726) - (106,188) (115,914)Balance at 31 March 2009 12,115,338 578,613 1,722,963 14,416,914Additions 31,201 69,146 94,739 195,085Disposals (11,192) - (1,475) (12,667)Balance at 31 March 2010 12,135,347 647,759 1,816,226 14,599,332Accumulated depreciation and amortisationBalance at 1 April 2008 5,512,017 344,377 1,108,364 6,964,758Charge for the year 606,386 71,976 154,375 832,737Disposals (9,725) - (104,539) (114,264)Balance at 31 March 2009 6,108,678 416,353 1,158,200 7,683,231Charge for the year 613,677 67,504 141,479 822,600Disposals (5,265) - (1,800) (7,065)Balance at 31 March 2010 6,717,090 483,857 1,297,879 8,498,826Net book value31 March 2009 6,006,660 162,260 564,763 6,733,68331 March 2010 5,418,257 163,902 518,347 6,100,506The following useful lives are used in the calculation of depreciation:• Leasehold improvements• Boats• Plant and equipment5 - 33 years2 - 8 years2 - 8 years40

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)12. Trade and other payables2010 2009$ $Trade payables (i) 330,169 290,571Marina deposits 124,860 119,345GST payable 63,558 -Other payables and accrued expenses 320,285 374,394(i) The average credit period on trade payables is 30 days.There is no interest charged on trade or other payables.13. Interest bearing loans and borrowings838,872 784,310This note provides information about the contractual terms of the Company’s interest-bearing loans and borrowings.For more information about the company’s exposure to interest rate risk, see note 17.Current liabilitiesHire purchase liabilities – secured 306,339 329,444Non-current liabilitiesHire purchase liabilities – secured - 306,335The hire purchase liabilities are secured against property, plant and equipment.14. ProvisionsCurrentEmployee benefits: 176,164 179,305Non-currentEmployee benefits: 188,896 200,108Site restoration (i):Site restoration 2,942,392 2,802,280Unwind of discount 147,119 140,112Current year site restoration movement:Balance at 1 April 2009 2,942.392Interest 147,119Additional make good provision -Balance at 31 March 2010 3,089,5113,089,511 2,942,3923,278,407 3,142,500(i) This provision represents the present value of the directors’ best estimate of the future sacrifice of economic benefits that will berequired to settle the site restoration obligations pursuant to the company’s lease of land and waterways. The estimate has been madeon the basis of a cost estimate obtained from a Quantity Surveyor.41

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)2010 2009$ $15. Other payablesMarina deposits 124,860 119,34616. Retained earningsBalance at 1 April 4,367,380 4,116,836Total recognised income and expense 373,888 250,544Balance at 31 March 4,741,268 4,367,38017. Financial instruments(a) Capital Risk ManagementThe capital structure of the company includes cash and cash equivalentsand retained earnings.The company has limited borrowings in the form of hire purchase agreements.(b) Categories of Financial InstrumentsFinancial assetsLoans and receivables 176,336 325,787Cash and cash equivalents 3,078,369 2,056,398Financial liabilitiesHire purchase liabilities at amortised cost 306,339 635,779Trade and other payables 963,731 903,656The carrying amount reflected above represent the company’s maximum exposure to credit risk for such loansand receivables.(c) Financial Risk Management ObjectivesThe Directors manage the financial risks relating to the operations of the company. These risks include credit risk andliquidity risk.The company does not enter into or trade financial instruments, including derivative financial instruments, forspeculative purposes.(d) Market RiskThe company’s only exposure to market risk is the effect of changes in interest rates which would affect interest received.There has been no change to the company’s exposure to market risks.(e) Liquidity RiskUltimate responsibility for liquidity risk management rests with the board of directors. The company manages liquidity risk bymaintaining adequate cash balances and monitoring forecasts and actual cash flows. The following table details the company’sremaining contractual maturity for its non-derivative financial liabilities. The table has been drawn up based on the undiscountedcash flows of financial liabilities based on the earliest date on which the company can be required to pay.42

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)Financial liabilities Weightedaverageeffectiveinterest rateLess than1 month$1 to 3months$3 monthsto 1 year$1 to 5years$More than5 years$Total$2010Interest bearingHire purchase liability 8.05% 26,367 76,123 203,849 - - 306,339Non interest bearingTrade and other payables 963,731 - - - - 963,731990,098 76,123 207,029 - - 1,270,0702009Interest bearingHire purchase liability 7.83% 27,587 78,810 223,047 306,335 - 635,779Non interest bearingTrade and other payables 903,656 - - - - 903,656931,243 78,810 223,047 306,335 - 1,539,435The following table details the company’s expected maturity for its non-derivative financial assets. The table has been drawn upbased on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assetsexcept where the company anticipates that the cash flow will occur in a different period.Financial assetsWeightedaverageeffectiveinterest rateLess than1 month$1 to 3months$3 monthsto 1 year$1 to 5years$More than5 years$Total$2010Variable interest rateCash and cash equivalents 4.14% 3,078,193 - - - - 3,078,193Non interest bearingTrade and other debtors 176,336 - - - - 176,3363,254,529 - - - - 3,254,5292009Variable interest rateCash and cash equivalents 3.66% 1,073,457 982,941 - - - 2,056,398Non interest bearingTrade and other debtors 210,476 72,255 43,056 - - 325,7871,283,933 1,073,928 43,056 - - 2,400,91743

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)(f) Fair ValueThe carrying amount of the financial assets and financial liabilities represents a reasonable approximation of fair value.(g) Credit RiskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to thecompany. To the extent the company has a receivable from another party there is a credit risk in the event of nonperformanceby that counterparty. Financial instruments, which potentially subject the company to credit risk solely consist oftrade and other receivables. The company has adopted a policy of only dealing with creditworthy counterparties as a meansof mitigating the risk of financial loss from defaults.The carrying amount of the financial assets recorded in the financial statements, net of any allowances for losses, representsthe company’s maximum exposure to credit risk, without taking account of the value of any collateral obtained. The companydoes not have any significant credit risk exposure to any single counterparty or any group of counterparties having similarcharacteristics.2010 2009$ $18. CommitmentsNon cancellable operating lease expense commitmentsFuture operating lease commitments not provided for inthe financial statements and payable:Within one year 533,517 502,276One year or later and no longer than five years 2,667,585 2,009,104Later than five years 2,563,551 3,549,5115,764,653 6,060,891The company leases property and water space for the Clubhouse andmarina under operating leases expiring in 10 years and 13 years respectively(assuming exercise of options). Lease payments are adjusted periodicallyto market rates.Hire purchase commitmentsHire purchase payments are payable as follows:Within one year 306,339 365,868One year or later and no longer than five years - 321,392306,339 687,260Less: future hire purchase charges - (51,481)306,339 635,779Hire purchase liabilities provided for in the financial statements:Current (note 13) 306,339 329,444Non-current (note 13) - 306,33544

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)19. Notes to the cash flow statementReconciliation of net cash flows to operating activities:2010 2009$ $Profit for the period 373,888 250,544Depreciation expense 822,660 832,743Loss on disposal of property, plant and equipment 5,602 1,646Interest income (137,810) (142,859)Changes in net assets and liabilities:(Increase)/decrease in assets:Trade and other receivables 149,451 (40,383)Inventories (7,752) (10,415)Other assets (27,206) (2,990)(Decrease)/increase in liabilities:Trade payables 54,562 (102,006)Provisions 132,766 157,877Other liabilities 42,525 (9,268)Net cash from operating activities 1,408,686 934,88920. Key management personnel disclosures for non-disclosing entitiesThe following were key management personnel of the company at any time during the reporting period, and unless otherwiseindicated were so for the entire period:Non Executive DirectorsM. C. Allen G. BonusH. Piggott R. CawseJ. Cameron M. CranitchG. Linacre J. MarkosP. Billingham N. Kingsmill (appointed 14 July 2009)D. Champtaloup (appointed 14 July 2009) A. Green (resigned 14 July 2009)G. Cropley (resigned 14 July 2009)ExecutiveM WoolfTransactions with key management personnelNo non-executive director has received any remuneration from the Company during the year.The key management personnel compensation included in “Employee and employment expenses” are as follows:Short term employee benefits 304,392 270,65245

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2010 (continued)20. Key management personnel disclosures for non-disclosing entities (continued)Apart from the details disclosed in this note, no director has entered into a material contract with the company or since the endof the previous financial year and there were no material contracts involving directors’ interests existing at year-end.From time to time, directors of the company, or their director-related entities, may purchase goods and services from thecompany. These purchases are on the same terms and conditions as those entered into by other company employees orcustomers and are trivial or domestic in nature.21. Related parties(a) Transactions with key management personnelTransactions with key management personnel are disclosed in Note 20 to the financial statements.(b) Transactions with other related partiesOther related parties include:• CYCA SOLAS Limited• CYCA Sydney Hobart Yacht Race Safety of Life at Sea TrustsThe Company is the sole member of CYCA SOLAS Limited; a Company limited by guarantee which is the trustee of theCYCA Sydney Hobart Yacht Race Safety of Life at Sea Trusts. The administration of the CYCA Sydney Hobart Yacht RaceSafety of Life at Sea Trusts is under the control of the separate board of CYCA SOLAS Limited. The trustee company has aright to be indemnified out of the assets of the trust to satisfy liabilities properly incurred by the trustee. As at 31 March 2010the outstanding liabilities committed by the trustee on behalf of the trust totalled $nil (2009: $nil). The assets of the trust aresufficient to meet this commitment. In the event that CYCA SOLAS Limited is wound up and unable to repay all outstandingdebts, the liability of its members is limited to an amount of $10.Payments to related parties• Donations paid to the CYCA SOLAS Trust during the year were $20,000 (2009: $18,788).• Expenses paid on behalf of the CYCA SOLAS Limited were $350 (2009: $630).22. Contingent liabilitiesBank guaranteesThe company has given away the following bank guarantees:2010 2009$ $NSW Maritime 32,903 32,90323. Auditor’s remunerationAudit servicesAuditor and review of the financial report 38,000 35,900Other servicesOther assurance services 540 1,000Taxation services 1,040 1,0001,580 2,000The auditor of Cruising Yacht Club of Australia is Deloitte Touche Tohmatsu.46

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010SUPPLEMENTARY INFORMATIONSTATEMENT OF FINANCIAL PERFORMANCEfor the year ended 31 March 20102010 2009 2008$ $ $AdministrationSubscriptions Received 906,128 902,025 923,134Clothing Sales 120,434 106,490 119,613Property Rental 239,700 232,601 222,622Sundry Income & Interest 282,638 331,583 297,4271,548,900 1,572,699 1,562,796Less Consolidated Expenses 94,195 67,523 90,2451,454,705 1,505,176 1,472,551Food & BeverageBars 1,531,197 1,462,272 1,484,409Dining Room 104,736 159,007 178,818Commissions Received 114,626 154,696 171,368Functions 285,800 334,794 353,1042,036,359 2,110,769 2,187,699Less Consolidated Expenses 2,525,119 2,612,595 2,585,840-488,760 -501,826 -398,141Yard & MarinaMarina 1,165,852 1,104,498 1,084,454Other Income 876,868 944,336 1,005,366Yard & Slipway 17,421 16,980 19,8972,060,141 2,065,814 2,109,717Less Consolidated Expenses 2,188,449 2,144,508 2,118,703-128,308 -78,694 -8,986Sailing ActivitiesYouth Sailing Academy 446,271 390,730 451,055Season Sailing 307,290 349,351 314,058Major Races 1,042,660 1,040,214 1,050,5621,796,221 1,780,295 1,815,675Less Consolidated Expenses 2,259,967 2,454,407 2,484,121-463,746 -674,112 -668,446Operating Profit for the Year 373,888 250,544 396,97847

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010MEMBERS LISTSurnameInitials Year JoinedABBOTT A.H 1999ABBOTT J. 2000ABRAHAM J. 1982ABRAHAMS L.J 1970ACKLAND J.W 2009ADAMS A.J 1987ADAMS D.H 1999ADAMS N. 1995ADAMS N. 1997ADAMS R.A 1999ADRIAANSE E. 1995ADSHEAD G.P 2009AINSWORTH J. 2006AINSWORTH N. 1998AINSWORTH P. 2006AINSWORTH S.J 1997ALEXANDER B.W 2009ALEXANDER M. 1977ALEXANDER N. 1952ALEXY T.A 1996ALGIE D. 2004ALISALO S.A 2009ALLAN J. 2006ALLAN J.S 1973ALLAN S. 2001ALLECK B.B 1992ALLECK C.M 1999ALLEN B. 2001ALLEN C. 2004ALLEN E. 2001ALLEN E. 2002ALLEN F. 1999ALLEN H. 2002ALLEN J. 2002ALLEN J. 2002ALLEN M.C 1999ALLEN P. 2004ALLEN R.T 1970ALLEN T. 1999ALLEYNE B.A 2004ALLISON C. 2003AMBLER T.J 1994AMERY S. 2001AMODEO A. 2002ANDERSON C.D 2002ANDERSON G. 1994ANDERSON J.E 2009ANDERSON M.I 1992ANDERSON M.J 1989ANDERSON V. 1999ANDERSON W.M 1974ANDERSON Y.M 2009ANDREW M.J 2006ANDREWS D.F 1994ANDREWS J.S 2003ANDREWS S.D 1992ANKER M. 2004APPLEBY G.J 1980APPLEYARD P.A 2005ARMATI J.L 1996ARMSTRONG G.R 1999ARMSTRONG-SMITH N. D 1995ARNOLD J. 2008ARNOUTS R. 2002ASCHE P.M 1993ASHBY G. 2008ASHLEY-JONES M. 2002ASHTON F.J 2009ASHTON J. 1993ASKEW A. 2000ASKEW AM G.D 1996ASTUDILLO G. 2010ATHANASERIS G. 2009ATHINEOS N.B 2001ATKINS T.J 2005ATKINSON M.G 2009ATWOOD P. 1993AUSTEN R.F 2001AUSTIN B. 2008AUSTIN S. 1994AUSTIN T. 2007AWFORD I. 2001AYLES K.D 2009AYLES P.L 2009AYLES S.J 2005BAFFSKY D.Z 1988BAILEY M. 1987BAIN J.A 1990BAIRD P.J 1991BAKER A.K 2005BAKER M. 2006BAKER P. 2010BAKER P.R 2008BAKER R.J 1996BALDERSTONE J.R 2005BALICKI S. 2006BALLANTYNE G.N 1999BALZER R. 1995BAMBER R.I 1972BAMFORD P. 2007BAMFORD R. 2007BANKS A.C 2004BANKS A.R 2004BANKS D.E 1996BANKS N. 2000BARBER S.J 1991BARDA N.E 2009BARHAM N. 2000BARKER D. 2008BARKER J.W 2003BARKER K.M 2009BARKER M.J 2009BARKER T. 2004BARLOW S.J 1995BARMECHA N. 2006BARNES A.H 1999BARNES A.W 2001BARNES J.L 2005BARNES L. 2005BARNES P.A 2002BARNES R. 2005BARRATT W. 2001BARRETT J.E 1977BARRETT S. 2001BARTELS N. 2003BARTER G.B 1975BARTER J.T 1976BARTON J. 2008BARTTER D.T 1995BARZACH B.J 2002BASTICK M.M 2003BATES A.N 2007BATES C.R 1997BATES P.J 1974BAVIN P.T 1989BAYLISS J. 1985BAYLISS R.J 1997BEAK D. 2002BEAL B.A 2010BEAL D.L 1989BEALE D.W 2002BEALE N. 2001BEALES L. 1998BEALES P.J 1998BEAN D.P 2010BEAN J. 2010BEARMAN R.H 1975BEATON E.S 2002BEATON J.P 2001BECK J. 2004BEDGGOOD N. 1999BEESON E.L 2008BEESON J. 2007BEESTON P. 2006BEGGS M. 2004BEGLEY N.R 1985BEILBY W.B 1985BEIRNE D.M 2009BELAKHOV M. 1999BELGIORNO-NETTIS A. 2004BELGIORNO-NETTIS A. 2004BELGIORNO-NETTIS L. 2004BELGIORNO-NETTIS M. 2004BELL D. 2004BELL M. 1983BELL R.D 2002BELLINGHAM D. 2007BELLINGHAM M. 1998BEMBRICK D.J 1991BENCSIK A.J 1994BENCSIK M.A 1988BENDALL R.W 2001BENNETT A.R 1996BENNETT D.J 1997BENNETT G.L 1998BENNETT G.L 2007BENNETT J. 2001BENNETT R.E 2001BERGMAN J. 2004BERGMAN M. 2004BERGMAN T. 2000BERNABEI R. 2001BERTRAM M. 2006BICE N. 2001BICKFORD-SMITH G. 1998BICKFORD-SMITH M. 1998BIDEY M.W 2009BILLING A.J 2010BILLINGHAM J. 2004BILLINGHAM P. 2001BILSEL G. 1999BIRD A.V 1976BIRDSALL J. 2003BIRDSALL S.R 1999BIRT N.C 2009BISCOE A.D 1995BLACKWELL P. 1994BLAIR C. 2010BLAIR E. 2010BLAIR J. 1996BLAIR K. 2010BLAIR L. 1996BLAIR N.P 1996BLAIR P. 2004BLAIR R. 2010BLAIR S.K 2010BLAIR T. 1996BLAKEMORE J.S 2005BLANCH A.W 1992BLANCHFIELD D.R 2003BLANCK S. 2008BLAXELL M.G 2000BLEASEL M. 1998BLOOMFIELD C. 1985BLOORE A. 1998BLOW S.L 1985BLUMDELL C.J 2008BLUMER M.D 1988BLUNDELL A. 2001BLUNDELL C. 2001BLUNDELL C. 2009BLUNDELL J.E 1966BOEKEMANN D.R 2007BOETTCHER G.R 2009BOHM S.P 2009BOLLEN P.J 1981BOND S.J 2001BONUS G.M 2002BOOTH C. 1994BORGER M. 2007BOURKE P.J 1990BOWDITCH D. 2010BOWE T.L 1989BOWERS L. 2009BOWKER J. 1999BOWNESS D. 2008BOX J.M 1981BOXALL G.R 1997BOYD J. 1998BOYD J.D 1998BOYD M. 1998BOYD S. 1998BOYD S.A 2005BOYLE C.R 1988BOYLE J.M 1998BRADDOCK I.E 1981BRADING R. 1995BRADSHAW J.M 1998BRAIN J. 1999BRAITHWAITE-YOUNG J. 2008BRAMWELL N.W 1999BRAN C. 2005BRAND N.L 2009BRASHER R.A 1994BRAY D. 2005BRAY AM G.T 2010BREIT R. 2007BRENAC B.G 1953BRENAC R.W 1967BRENCHLEY J.F 2006BRENNAN D. 1997BRENNAN N. 1991BREWER C.J 2004BRIERTY A. 2006BRINSMEAD P. 1975BROAD I. 1978BROADHURST S.A 1986BRODZIAK J.A 1965BROEKHUIZEN N.J 2008BROGAN J.H 2009BROOKS J.L 1971BROOKS K.D 1986BROOM S.W 1988BROOMAN M. 200848

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010MEMBERS LIST (continued)BROOMAN N. 2009BROUGHTON M.E 1998BROUGHTON P.H 1997BROWN A.L 1970BROWN D.I 2008BROWN E.I 1994BROWN G. 1998BROWN J.W 2002BROWN K. 2000BROWN R. 1999BROWN R. 2002BROWN S. 2006BROWN T.D 2009BRUCE A.J 2007BRUCE OAM R.R 1999BRYON-EDMOND E.S 1997BUCHANAN M. 2006BUCKLEY A.D 2009BUCKMAN H. 2006BULL C. 2001BULL R.C 1966BULLARD A. 2005BUNDOCK D. 2008BUNN J.E 1998BUNTER R. 2004BURGDORF A. 2009BURGESS J. 1997BURKE E. 2008BURKE T. 2000BURLING N. 2000BURNS I. 2009BURNS M.J 2009BURRELL J. 2008BURROWS A.G 2010BUSH C.J 2009BUSH G. 2005BUSH P. 1986BUTLER B. 1997BUTLER K. 2009BUTTERY B. 1981BUTTROSE E.I 1997BYFORD T. 2009BYRNE E.L 1985BYRNE Y. 2003BYRON S.J 1996CABBLE R.J 1998CABLE A.L 1964CAIE S.G 2008CAIRNS D. 2004CALDWELL B.F 2002CALDWELL E.C 1997CALDWELL F.G 1997CALDWELL M.J 1997CALDWELL M.J 1995CALFAS G.M 2008CALKIN J. 2001CALLAGHAN M.L 1995CALLIGEROS P.G 2009CALVERT-JONES J.A 1988CAMERON C. 2002CAMERON G.J 1999CAMERON J.A 1999CAMERON J.D 1998CAMERON M. 2004CAMERON M.A 1980CAMERON R. 1999CAMILLERI K. 2008CAMPBELL A.D 1950CAMPBELL A.R 1978CAMPBELL P.M 1971CAPONE G. 1983CARDOW E.H 2009CARDOW-CLINTON K.P 2001CARIO G.M 2008CARLESS G. 2009CARLESS S.R 2008CARMICHAEL J.G 1989CARPENTER E.J 1994CARPENTER J.B 1982CARR A. 1991CARR A.M 1999CARR B. 1984CARR R. 2008CARRICK B.K 1984CARRINGTON G. 2006CARROLL J. 1999CARTER K. 2009CARTER L.J 1972CARTER-BRACKEN G. 1977CASE B.J 2004CASEY T.G 1995CASHIN G.M 2005CASSIDY P. 1994CASSIM G.N 1972CASSIM J. 1965CASSIM N.G 1960CAUGHLAN C. 1999CAUSBROOK M. 2004CAWSE R.H 1973CAWTHORN D.A 1999CEMBALA T.M 2010CHADWICK J.E 1983CHAMPION DECRESPIGNYR.P 1994CHAMPTALOUP D.R 1997CHAPMAN H. 2009CHAPMAN R.O 1963CHAPMAN T. 2008CHARODY J.I 1998CHARODY P.R 1977CHERRY J.M 2002CHOWN A.J 1986CHRISTIAN E. 2002CHRISTIAN J.R 2003CHRISTIAN R. 2010CHRISTIANAKIS A. 2003CHRISTIANAKIS F. 2003CHRISTIANAKIS L. 2003CHRISTIANAKIS T. 2003CHRISTIANSEN C. 2006CHRISTIE J.B 1981CHRISTIE N.E 1978CHRISTIE P.K 2007CHRISTOFFERSEN D. 2009CHRISTOFFERSEN J.B 1966CHUA C. 2010CHUA H.J 2010CHURCH J. 2010CLARK D. 2004CLARK R.J 1983CLARK S.J 2001CLARKE B. 1998CLARKSON K.E 2003CLAYTON B. 1999CLAYTON G.W 2007CLEMENTS M.A 1981CLIFFORD R.P 1989CLINTON B.W 1999CLINTON J. 1997CLINTON Z.M 1999CLITHEROE E. 2006CLITHEROE V. 2006CLITHEROE AM P. 2006CLOUT T. 2003CLUBB A.G 1975COBBY P.W 1994COCHINEAS G. 2009COCHRANE A. 1993COCHRANE E. 2001COCHRANE J. 2001COCHRANE L. 2001COE D.R 1999COHEN R. 2006COLCLOUGH T.J 2006COLE J.A 1998COLE M. 1975COLEMAN J. 2001COLEMAN J.G 1997COLENSO M. 2006COLES B.H 2007COLFELT A.J 2008COLFELT D.J 1972COLLETT R.L 1969COLLIBEE S.A 1998COLLINS J.G 1992COLLINS M. 1998COLLINS P.F 1984COLLINS S. 2010COLLIS B.P 1994CONLON K. 2010CONLON S.D 1999CONNAL C. 2008CONNELL L. 1992CONNOLLY A. 2005CONNOLLY A.P 1985CONNOLLY J. 1998CONNOLLY J.M 1976CONSTABLE J. 1990COOK A.J 1997COOK C. 2001COOK J.E 1985COOK J.T 2001COOK R.O 1986COOKE A.J 2008COOLEY A.E 1974COOLEY J.E 2001COOLEY M. 1999COOMBES W. 1997COOMBS P. 2004COONEY D. 2010COONEY F. 2010COONEY J. 2010COONEY J. 2010COONEY J. 2010COONEY M. 2010COOPER A.L 1996COOPER D.N 1999COOPER G. 2003COOPER M. 2009COOPER M.J 1995COOPER R.E 1998COOPES A. 2001COOREY J. 2005COPELAND M.R 1977COPLAND B. 2003COPLEY A.R 1982COPP D. 1986COPPIN A.R 2005CORBETT J.M 2008CORBETT L. 2001CORKE A. 1986CORNELL C. 2005CORNER J.S 1966CORNISH I.R 2008CORNISH N.H 2002CORRIGAN P. 1967CORRIGAN R.M 2008COSGRAVE P.S 1955COSGROVE L.A 1958COTTEE AO K. 1993COTTIS W. 2004COTTON D.P 2005COTTON G.P 2001COTTON L.D 2005COTTON P.C 2001COWAN C.D 1980COWAN H. 1994COWELL A. 2004COWEN G. 1981COWLE A. 2001COWPE J.C 2003COX A.M 1998COX B. 2008COX O. 1994COX P. 2000COX P.J 1969COX P.J 1998COX T. 2003COXON M.J 1985COYLE A.D 1986CRADDOCK F.J 1994CRADDOCK N.D 2008CRAFOORD C. 2001CRANE S.F 2005CRANITCH M. 1997CRAVEN A.N 1986CRAVEN J.G 1997CRAWFORD C.E 2005CRAWFORD M.A 2008CRAWFORD R.A 1994CREECY J. 1998CRIBB A. 2007CRICHTON N.A 1985CRICHTON-BROWN R. 1964CRIDDLE G.J 2008CRIMMINGS E.V 1998CRISP J. 2008CRITHARIS W. 2002CROFT C.M 2008CROFT M.H 2005CRONE M.G 2009CROOK B.A 2010CROOKSHANKS L. 1998CROOKSHANKS S. 1998CROPLEY F. 2000CROPLEY G.D 1993CRUZ N.M 2008CULLEN A. 2004CULPAN D.L 1999CUMMINS N.P 2002CUNNINGHAM C. 2008CUNNINGHAM R. 1999CURNOW D. 2003CURRAN C.P 1993CURRIE D. 2004CURRIE D.J 197749

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CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTERSail No Vessel Name Owner First Name Owner Last Name Class/Type7700 ABOUT TIME JULIAN FARREN-PRICE COOKSON 12GRE 55 AERA NICHOLAS LYKIARDOPULO KER 558338 AFR MIDNIGHT RAMBLER ED PSALTIS BOB THOMAS FARR 40 OD5148 AGENT 88 PETER & PAULINE REDMOND YOUNG 88KB N AGRO KEITH BOWDEN PASSAGEMAKER8080 AHOY DENISE VAN EWIJK JOHN MORRISSEY VAN der STADT 404970 AKELA ALAN MATHER JUTSON 40AKUBRA PATRICK WILDE FARR 12204660 ALIBI LOST BOYS SYNDICATE S111ALLUSIVE JACK FINDLAY LYONS 475935 ALPHA CARINAE TREVOR JARRETT SYDNEY 36AMADOU CHRISTOPHER BULL AMEL 546609 AMANTE DENNIS COOPER SYDNEY 365665 AMON RA NICHOLAS JONES FARR 11046529 ANDURIL ANDREW BARNES SYDNEY 325106 ANNA ROBERT GILLIES GEORGE SIRRETT, ALAN STEVNS NORTHERNER 286589 ANTEATER BLUES PHIL HEARSE HANSE 461316 ANTHANTA VI ANTON GRUZMAN NAUT 40500 ANTIPODES GREG NEWTON BENETEAU 523APSARA BARRIE & CHRIS ELSBURY SWAN 566544 ARALUEN RODNEY WILLIAMS BENETEAU OCEANIS 4236519 ARCHERON NEVILLE & JAQUELINE BROWN BENETEAU 3937101 ARCHINA BILL FERRIS JOSEPH SKRZYNSKI KETCHC 1 ARGO BLUE GEORGE SNOW BENETEAU OCEANIS 50A 173 ARINDA MICHAEL WYNTER CARVEL SLOOP3944 ARROW JUSTIN GRAHAM JS9000H 34 ARTEMIS KEN STUCKEY HUNTER 3409999 ASSASSIN ROBIN CRAWFORD IMS FARR 40ASTOR RICHARD STRAMAN 86’ SCHOONERSYD 2 ATOMIC DENIS O’NEIL HARBOUR RACER8150 ATTITUDE ROBERT HUNT OFFSHORE 350AUDACIOUS JOE CHADWICK SWANSON181 AZZURA MALCOLM EDWARDS GRAND SOLEIL 38BAD PETER FRANKS BENETEAU 44.77771 BALANCE PAUL CLITHEROE BENETEAU 456652 BALTIC LADY NIEL BURLING HANSE 406508 BANDIT MATT ALLEN, WARWICK ROOKLYN WALTER LEWIN FARR 40 OD4423 BASKA ALLAN RICH SLOOPGBR 2566R BELLA GIOIA JOHN & KAREN COLE SWAN 40371 BERRIMILLA ALEX WHITWORTH BROLGA 336767 BIG BLUE BOB & ANN PENTY BENETEAU 38s5BIG SPLASH PETER LYNCH HUNTER6783 BLACK PEARL IAN AWFORD BENETEAU OCEANIS 406461 BLACKADDER STEPHEN THOMAS COOKSON 12AUS 197 BLACKJACK TERRY WISE PACIFIC SAILING SCHOOL J245962 BLACKJACK BRUCE RANKIN JEANNEAU SUN ODYSSEY 405744 BLACKWATTLE EDWARD NOBBS PETERSON 463302 BLIND JUSTICE STEPHEN O’HALLORAN CAVALIER 286006 BLUE CHIP KARL STECHMANN PETER MASON SYDNEY 386563 BLUE MOON KIERAN DUCK BENETEAU 40.76233 BLUE PETER GREG STEWART VERONICA STRACHAN OCEANIS1616 BORN FREE WALTER RATHGAB SLOOP6703 BOSWELL NANETTE AINSWORTH BAVARIA 34MH 86 BOX OFFICE DAVID LYONS LYONS 256628 BREAKAWAY CHARLES CORNELL BENETEAU OCEANIS 42.36640 BREAKFAST RICHARD BRASHER YOUNG 88BRIGADOON DARYL ISLES HOOD 234543 BRIGUS TERENCE BURKE PUBLIC PRIVATE PARTNERSHIPS PL S111111 BRINDABELLA HAMISH LINDSAY ENDEAVOUR 2410000 BRINDABELLA JIM COONEY JUTSON 79KA 294 BROLGA MALCOLM & MARK ANDERSON E22B 331 BROULEE BRETT PEARCE BENETEAU FIRST 305BULLANT ROUGE COLIN ALLECK S & S 347441 BUMBLE BEE 5 JOHN DIETER KAHLBETZER SLOOPBUSTER ANDREW SMITH 28’ MOTOR CRUISER8301 CADENZA GUNNAR & ULLI TUISK FARR 507777 CALIBRE GEOFF BONUS SYDNEY 38CALINA IV CHARLES BREWER VAN der STADT PION 30MH 102 CALLISTA TIM FLAHVIN BENETEAU 47.7930 CALYPSO TOOTH/GRAHAM/CLARK NORTHSHORE 336259 CAMILLA ANGELO SCHEPIS TRADITIONAL 30CAPE FINISTERRE IAN & ANDREA TRELEAVEN BENETEAU OCEANIS 506278 CAPELLA RICHARD HUTCHESON BAVARIA 369009 CAPRIA PAUL HYLAND BENETEAU 40.7GBR 24 R CAPRICCIO OF RHU MICHELE COLENSO OYSTER 5513 CAPRICE OF HUON DAVID CHAMPTALOUP CLASSIC58

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)6448 CARATS ‘N’ KILOS JOHN SANTIFORT SUPER 30567 CARLA M MARK MICHALOWSKI BENETEAU 47.7CARPE DIEM NEVILLE CHRISTIE COTTEE 565438 CARTWHEEL RUSSELL DEBNEY CARTER 33317 CATALINA JOHN McKIM AM CATALINA 3437008 CATAVENTO PETER BLAIR NS 370MYC 22 CELESTIAL SAM HAYNES SYDNEY 3726 CENTREFOLD BRIAN FOLBIGG S & S 49AUS 767 CHAMPAGNE CHARLIE PETER CHARODY MIKE THACKERAY ETCHELLS7407 CHANCELLOR EDWARD TOOHER BENETEAU 40.7111 CHEEKY ENCOUNTER RON COOPER ERICSON 46CHENONETTA CATHRYN DIXON611 CHINA BEAR ANDREW CLUBB RH 525894 CHINA DOLPHIN STAN MAY CUTTERSM 71 CHINA GROVE PHILIP MELLET BUIZEN 48 CUTTER8350 C-HORSE JOHN SMITH CAVALIER 350 SL3797 CHRISTINA III RICHARD CHRISTIAN CAVALIER 28668 CHUBASCO DAVID COLFELT CLANSMAN5949 CIRCE JOHN B SMITH BAVARIA 40AUS 150 CLANDESTINE SCOTT RYRIE MUMM 306719 CMIST TROY & SCOTT DILLON BENETEAU 44.75845 COCOMO MARK DURRAN SYDNEY 363720 COLAC BAY RAYMOND COLLETT ENDURANCECONFUSION ROBERT SMITH COMPAS 30CONVICTS REVENGE STEPHEN GIRDIS J24HKG 56 COOL PHILIPPE ODOUARD BENETEAU FIRST 306689 COPERNICUS GREG ZYNER RADFORD 12COTE D’AZURE JAMES PEACH BENETEAU6683 CROSSHAVEN SEAN RAHILLY JUSTIN PELLY SYDNEY 36CR5886 CROSSING SIMON MAY X4428412 CYRENE 3 MIKE SELBY ELENA WISE X4125803 DANISCOT EARL ERLING DUFOUR 41 CLASSICDAWN TREADER MATT SOUTER JEFF BEATON 32’ MOTOR SAILER6999 DEBONAIR ERIC FRANK BENETEAU 42S7F 88 DEGREES OF FREEDOM STANLEY REYNOLDS RUNNALLS 386884 DEJA BLU PHILLIP KING SALONA 455664 DELTA WING BILL KOPPE CRUISER / RACER678 DESANNA STEPHEN McBURNIE CARTER 336660 DEVILS ADVOCATE MARK DONELLY CAVALIER 28KA 5300 DRAKES PRAYER TED CRIMMINGS FARR 433433 DREAM TIME PAUL SPIRA HOLLAND 447744 EAGLE ROCK ROSS WILSON BENETEAU 47.7EDWENA EDWARD BYRNE SLOOP8105 EIS KAI JACOBSEN NORTHSHORE 38144 ELECTRA JOHN KEELTY COLE 436608 ELUSIVE PAUL BILLINGHAM PETER McGEE BAVARIA 42 MATCHEMERITUS II NICHOLAS & BART RYAN 18M MOTOR VESSEL5910 ENBEEDEE IAN PORTEK BENETEAU 31.7A 88 ENDLESS SUMMER II BRUCE NAIL PERRY 40 (CAT)7555 ENDORFIN PETER MOONEY SYDNEY 471061 EPIPHANY NIGEL PRICE CATALINA 32010101 EQUINOX II ANTHONY DUNN RP 42248 ERICA J LES GOODRIDGE 8 METRE6059 ESCAPADE RAWDON SIMON BAVARIA8181 ESPRESSO FORTE LAURENCE FREEDMAN RACER/CRUISER6037 EUREKA II ROBERT ROBERTSON SYDNEY 608455 EUROPA DAVID MASON WAUQUIEZ 458898 EVOLUTION RACING RAY ROBERTS TP528063 EYE APPEAL MICHAEL DELANEY JOHN MARKOS SYDNEY 36CREYE CANDY ANDREW PAYNE BAVARIA 39915 FAIR WINDS WILLIAM SMITH KETCHFARROCIOUS MICHAEL WILLIAMS FARR 1020338 FAST COMPANY RALPH GUDDERJAHN YOUNG 886412 FERGUS RENEE WILLIAMSON-NOBLE X YACHT 42B 11 FLICKA GARRY LINACRE HMG 304765 FLOATING CHARGE DAVID ANDREWS NORTHSHORE 316808 FLYING CLOUD HOWARD PIGGOTT BENETEAU FIRST 40Q 1 FLYING SAUCER MARK & ANNE ANDERSON MOTOR SAILOR6400 FOLIO ROBYN MORTON HALF TONNER645 FORTLET JOHN MACONOCHIE KETCH4400 FOUR SEA SONS HARCOURT GOUGH CUTTER7277 FRACTIOUS TIM DEVLIN BENETEAU 27.76044 FRANCESCA BRENT CARR JEANNEAU5788 FREE WILLIAM IRELAND BENETEAU 42s7USA 5341 FREE BIRD PHILIP ASCHE SWAN 44B 28 FREE SPIRIT PHILIP MELLET BUIZEN 48SM 551 FREE SPIRIT MARCO FORSTNER CAVALIER 9756347 FREE SPIRIT DAVID MARSHALL CRUISING YACHT59

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)8885 FREE SPIRIT STEPHEN GIRDIS JEANNEAU 51FREYA JOHN SINGER SLOOP 80R 10 FROTH & BUBBLE NATHAN SMITH YOUNG 7805980 FUTURE SHOCK CRAIG ELLIS ELLIOTT 566482 GAIA WAYNE JUPP HOWARD ELLIOTT X 48217 GDAY SPENCER EASTON RHODES 185719 GEORGINA GARY SIMON CUSTOM 30GET SHORTY KYMBERLEY PARKER JUSTON BOATSPEED 26601 GINGER LESLIE GREEN SWAN 601AUS 114 GLORY ROAD GORDON WEISE J 245484 GONDWANA PETER EDWARDS ROBERTSON 9504330 GRASSHOPPER MARK SALMON COLE 316343 GREAT XPECTATIONS ROD WILLS X433976 GUSTO HUGH DENISON CAVALIER 394173 HALF HOUR PAUL HENDREY HALF TONNER6644 HAPPY TOO EDWARD DERMODY BAVARIA VISION 44AUS 202 HAT TRICK DAVID HENRY ETCHELLS6318 HAVANA JOHN JAMIESON SLOOPHAVE FUN GARY DONOVAN NORTHSHORE 339797 HIDDEN AGENDA GRAHAM GIBSON SYDNEY 386797 HOLY COW! JOHN & KIM CLINTON BENETEAU OCEANIS 502125 HOO HA PETER HOWES HALVORSEN 251805 HOODOO JAN KENNEDY HOOD115 HOODWINKED NOEL O’BRIEN HOOD 23404 HORNBLOWER PETER CAMPBELL BONBRIDGE 276739 HUBCAP HERMAN HEILIGERS BENETEAU OCEANIS 40AUS 1084 HUMPBACK STEPHEN BARLOW ETCHELLSAUS 3 ICHI BAN MATTHEW ALLEN JONES 70AUS 6038 ICHI BAN MATTHEW ALLEN BENETEAU 44.76458 ILUKA DANIEL STORCH NEIL FOX NS 36935 IMAGINATION ROBIN & ANNETTE HAWTHORN BENETEAU 47.7922 IMAGINE JOHN ACKLAND BONBRIDGE 275474 INFINITY III MARTIN JAMES FARR 657046 INKONKONI ARTHUR LANE BENETEAU OCEANIS 466360 INTEGRITY ANDREW STOECKEL BENETEAU FIRST 42s789 INTO THE MYSTIC ARTHUR PSALTIS JON ROSS HANSE 430e3209 INVADER ANTHONY WEBB EASTCOAST6509 IOLANI PETER WINKLER OCEANIS 361299 IRREPRESSIBLE KIM LE GRAS E226358 IRUKANDJI MURRAY HAYWARD NORTHSHORE 3691390 JABS BRAD STEPHENS CONTESSA 255483 JACANA ROB GROVES CAVALIER 350SL1886 JAFFA ANDREW MORRIS FLYING FIFTEEN4923 JAPARA PAT GUNNING COLE 30USA 175 JAWS STAN HALES 11MTRGBR 4519L JAZZ CHRIS BULL J1452210 JAZZED UP EDWARD DERMODY BUIZEN 406518 JEM JOHN BALDERSTONE SYDNEY 471309 JESSICA RABBIT BRUCE MILLAR SYDNEY 325531 JESSIE STEVE HUDSON BROLGA 333944 JET JUSTIN GRAHAM JS90006725 JEWEL BILL HALL BENETEAU 343KA 8 JUANA JOSE DE LA VEGA INTL 8 MTRJUICY FRUIT GEOFF FOLEY S 80PH 111 KAIAMI GULAY BILSEL SOUTHERN CROSS3401 KAIYU OWEN THOMAS LION2682 KARISMA JOHN MANSON S & S 392837 KATINKA DES O’CONNELL CURRAWONG5139 KATINKA PAUL O’CONNELL COLE 357878 KAYLE (SAILORS WITH disABILITIES) DAVID PESCUD LYONS 546313 KILLY TIM FOLLAND NORTHSHORE 27B 23 KINGURRA PETER JOUBERT BLACK SWAN 436146 KIONI NICK ATHINEOS BENETEAU 47.79991 KIRRIBILLI ADRIAN & JACKIE ABBOTT FARR 408883 KOKOMO LANG WALKER FARR 40 OD8383 KRAKATOA DON YOUNG YOUNG SUPER 3055555 KRAKATOA II ROD SKELLETT POGO 406659 KURRAKA CYRIL LATIMER BROLGA 339 KYEEMA DENIS O’NEIL 9 METRELA BOHEME GREGORY HAREMZA AMEL SUPER MARAMU 20004584 LA VELA CHRIS PENTLAND BENETEAU5407 LADY ANN JOHN & ANN KIRKJIAN JARKAN 38133 LAROOL TJERK DUSSELDORP 30 SQUARE8832 LARRIKIN ROSS GLASSON RICHARD HARPER SYDNEY 32717 L’ATTITUDE JOHN BARTER DEHLER 41DS4896 L’EAU CO GRANT POLLOCK NORTHSHORE 3805984 LEONARDO PETER MAITZ BENETEAU 5098888 LIMIT ALAN BRIERTY RP 6360

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)LITTLE G PATRICK BROUGHTON ETCHELLSLIVELY ANDREW HAWKINS COMPASS 293806 LIVEWIRE PHILLIP BARNES SYDNEY 38AUS 60000 LOKI STEPHEN AINSWORTH RP 63A 156 LOLITA NICHOLAS CASSIM WOODEN SLOOP3382 LORAY II RAY BROOKS TOP HAT 25 MK IIISYD 1 LORITA MARIA NORMAN RYDGE MARTEN 493383 LOTUS ARTHUR EADY LOTUS 10.6294 LOVE & WAR SIMON KURTS S & S 476175 LOVE BYTE ANTHONY & ALISON PICKERING SYDNEY 384377 LUNCH ON SUNDAY CHRISTOPHER BOWLING Cape 31MADEIRA GEOFFREY SMITH SUN ODYSSEY 554 DSAUS 1360 MAGIC CARPET MARCUS WHITE ETCHELLS5030 MAGIC PUDDING 2ND SLICE JOHN SIMMONDS JEANNEAU 34.26556 MAGIQUE CHRIS MCSORLEY BENETEAU 45f53687 MAGNETIC NORTH RICHARD HAMMOND CAVALIER946 MAGNUM ROBERT WILTON BOUNTY 35NZL 1 MAHLIGAI MURRAY OWEN JENNY KINGS SYDNEY 462720 MALACOR BERNIE ALLECK TOP HATA 19 MALUKA SEAN LANGMAN GAFF6616 MANLY FERRY JOHN RAINBOW WARWICK 53353 MARGARET RINTOUL BRUCE GOULD YAWLSYD 5 MARGARET RINTOUL V STAN EDWARDS FRERS 60780 MARIS IAN KIERNAN TASMAN SEABIRD4715 MARLOO GEORGE GIRDIS JARKAN 12.56512 MARTINI DAVID STITZ THOMPSON 8706313 MASQUARADE TIMOTHY FOLLAND NORTHSHORE 276397 MATIKA JONATHON GOWLLAND SLOOPAUS 202 MAVERICK TERRY WISE PACIFIC SAILING SCHOOL J244377 MAX BARRY & TOBY MUNNS PETER FALLON CAPE 311626 MAZURY BRUCE NAIL SWANASON 36257 MEDINA ERVIN VIDOR AM BENETEAU 571224 MERCEDES IV PETER STRONACH ONE OFF2260 MERRY MAC LESLIE McCLEAN CLANSMANMIGALOO ROSS HETHERINGTON CATALINA 4706515 MISTRAAL ANDREW BULLARD BENETEAU 57MONA R.A & W.M PORTER 38’ GAFF KETCH4272 MONKEY MAGIC JOHN PENFOLD SLOOP6625 MOONDANCE MICHAEL COOPER CYCLADES 39MOONSHADOW PAM CARRINGTON BENETEAU OCEANIS 4238882 MOONSHADOW V LLOYD BENNETT DUNCANSON O’SHORE8402 MORE WITCHCRAFT JOHN CAMERON EAGLE 466268 MORNING CALM KEN MCKENZIE NORTHSHORE 34FRA 29879 MORVRAN 5 ERIC LAVALOU BENETEAU FIRST 36.78447 MR BEAKS RIBS DAVID BEAK BENETEAU 44.76484 MR BOJANGLES WARREN & WILLIAM GROUNDS JEANNEAU 40.34960 MRX JON SHORT MILES BASTICK FARR 34 MRX3341 NADIA TEKI DALTON CONTESSA 253111 NAND IV RICHARD CHAPMAN SALAR 405482 NAUGHTY CALL GREGG WATSON ROBERTSON 9506734 NECESSITE DAMIAN BANKS BENETEAU OCEANIS 436538 NEGOTIATOR PHILIP RICHARDS JEANNEAU SUN ODYSSEY 36.233 NERIDA SIR JAMES HARDY CUTTER6111 NEVER A DULL MOMENT COLIN & DENISE WILSON MACKMAN/LYONS6081 NEXT NEXT SYNDICATE SYDNEY 387557 NGAK NGAK HAMISH PETRIE BENETEAU 57AUS 9009 NIGHT NURSE RUSSELL MCCART FARR 40 OD5995 NIPS-N-TUX HOWARD DE TORRES IMX 40AUS 180 NOKOMIS GEOFF COWEN J245857 NORTH STAR PETER THOMAS NORTHSHOREAUS 368 NORTH SYDNEY STATION ED McCARTHY E22226 NYORA TRACEY/GRAHAM CARPENTER/EVANS SLOOP8008 OCCASIONAL COARSE LANGUAGE WARWICK SHERMAN COOKSON 12OCEAN DIAMOND JOHN & PENELOPE READ JANNEAU 45.2TYC 101 OCEAN FREEWAY CHARLES BOOTH ADAMSONE CROWDED HOUR JOHN HARRIS PALM BEACH 36SYD 181 ONLINE STEPHEN TREVELLION JARKAN 12.5AUS 183 OPTIMUM GUY STENING MELGES 32328 OPUS III RON FALSON KETCH2874 OSPREY III JOHN & DIANE LAMB MOTTLE 33OTELLA VINCENT D’EMILIO 56 SLOOP544 OUT OF SIGHT MATTHEW WILKINSON MASRM 920OUT OF THE BAG WILLIAM WEBB SLOOPR 38 OUTLAW ALAN & TOM QUICK SYDNEY 385668 OVERDRIVE ANDREW JOHNSON MEEGAN THOMAS NORTHSHORE 380S6812 PACA PHILIPPE MENGUAL BENETEAU FIRST 40AUS 202 PACATAC TERRY WISE PACIFIC SAILING SCHOOL J2497 PACHA BILL KOPPE CAMPER & NICHOLSON 5561

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)PALOMA BLANCA ROGER RAMSAY JEANNEAU SUN ODYSSEY6108 PANACEA RICK WILCOX BENETEAU 40.75438 PANACHE DENNIS KRAWCHUK LAVRANOS 36AUS 8001 PANTHER STEPHEN O’ROURKE FARR 40 OD6657 PANTOMIME IV MICHAEL KELLY MOODY 35N 40 PAPILLON PHIL MOLONY ARCHAMBAULT A 405447 PAPILLON JOHN ROTH SUNSET 750360 PATRICE SIX TONY KIRBY X41 ODPATRICIA J PETER COX DUFOUR 425329 PEGASUS WILLIAM STREETON ENDEAVOUR 325164 PENDRAGON ANDREW COCHRANE STEWART 34SM 74 PERFECT MATCH ALUN LEWIS BAVARIA MATCH 352557 PHILLIPS FOOTE WITCHDOCTOR RUM CONSORTIUM DAVIDSON 42M 669 PHOEBE CELESTE HARRY HOUSE ROZINANTEE 226 PILGRIM PAUL LEY KAUFMANN 585251 PIPEDREAM MARK McELLIGOTT DEHLER TOP 347623 PLABA IV BRUNO GAMBACORTI 1/2 TON6363 PLAYSTATION 3 DEAN HARRIGAN BENETEAU FIRST 50US 20 PLYM NEVILLE CRICHTON SLOOP 5610007 PRETTY FLY III COLIN & GLADYS WOODS COOKSON 504582 PRIVATEER BILL MIROW BENETEAU120 PROSPECTOR GREG JOHNSTON CUTTER447 QUATRE QUART ROBERT & SUE SEGAERT BENETEAU 44.7AUS 893 QUEEN ANNES REVENGE MICHAEL BELLINGHAM ETCHELLS3899 QUEST GARY CASSIM NORTHSHORE 3852002 QUEST BOB STEEL TP 52609 QUETZAL BRIAN CLAYTON NANTUCKET 312001 QUETZALCOATL BRUCE/LEE-WARNER SWEETAPPLE JONES 406444 QUICKIE STUART MUIRHEAD SYDNEY 321272 RABELAIS PHILLIP MILLS COLUMBIA 332532 RACY LADY ANDREW LUKAS S 80AUS 70 RAGAMUFFIN SYD FISCHER TP 524684 RAINBOW JOHN ROBERTS NORTHSHORE 38AUS 1191 RANGOON TIGER CHRIS GRUBB ETCHELLS6332 RAZORS EDGE RAY STONE SYDNEY 32E 16 ROB ROY MICHAEL YORK ETCHELLS6071 RUSH CAMERON MILES SYDNEY 38RUSHCUTTER NICHOLAS RYAN SLOOP6443 RUTHMAGIC PETER HILL BENETEAU FIRST 456186 S.Y LA TORTUGITA BRIAN JAMES FARR 9.26206 SABBATICAL JEFFREY BURGESS CAVALIER 32FT 74 SABRE STUART BIRDSALL FLYING TIGERKA 71 SACRE BLEU BEN WELSH SOLING800 SAGA GARY APPLEBY NANTUCKET 334000 SAGACIOUS V DAVID HUNDT FARR 404643 SAHARA JOHN BOX NORTHSHORE 27KA 113 SAILPAC TERRY WISE PACIFIC SAILING SCHOOL J243724 SALONA PHILLIP KING SALONA 375826 SALT SHAKER PETER FRANKI SYDNEY 36SALTY LADY ANDREW MORSE CAVALIER 372114 SAMIEL ALAN STANTON SLOOPSAMMIE GARRIE TOLLIS COMPASS 29SANA DAVID MATHLIN ONE OFF1770 SARABANDE BASIL DIETHELM SWAN 44SAROCA MICHAEL BLUMER 58’ STEEL KETCHSAVANNAH GIRL RUSSELL BATES SWAN 46KA 400 SCARLET O’HARA ROBERT SKOL 30SQ MKA 42 SECOND WIND MARK HOLLINGSWORTH CONVERTED ETCHELLS2560 SECRETS IAN BRADDOCK COMPASS9412 SEXTANT DENIS DOYLE LYNNE SMITH X412M 307 SHADOWFAX COLIN FRANKLIN CATAMARAN4924 SHE PETER RODGERS CRUISINGFT 77 SHERE KHAN ROD GIBBS FLYING TIGER9477 SHERE KHAN RICHARD WYATT BENETEAU209 SHONA BILL FERRIS JOSEPH SKRZYNSKI SLOOP1715 SHOPKEEPER GARRIE TOLLIS BUIZEN 485205 SHORTWAVE MATTHEW SHORT IRC 52AUS 325 SILKY ANTHONY HIRST E225436 SINE WAVE GREGORY MASON DAVIDSON CUSTOM 379990 SINTARA GORDON ANDERSON BENETEAU 42s7208 SKEAN DHU TED ROBERTS CLANSMANAUS 124 SLACK ALICE KEITH SHEPPARD J245892 SOBRAON ROBIN & KAY HYETT BENETEAU6497 SOINDIKA TIM ATKINS BENETEAU 40.7RQ 1123 SOLAHART-RUM JUNGLE LOST BOYS SYNDICATE SWARBRICK 12.35244 SOLUS BERNARD ALLECK STELLA700 SOMMERBREEZE HANS SOMMER CAVALIER 350SLAUS 92 SOPHIA PHILLIP MELLOR FLYING TIGER62

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)38 SOUTHERLY DON MICKLEBOROUGH SLOOP1770 SOUTHERN STAR JOHN ANTHONY CALVERT-JONES FARR 40 OD2020 SPEARHEAD TRIBAL SYNDICATE ELLIOT 10504113 SPEEDWELL COLIN GEEVES YOUNG 88AUS 21 SPIRIT IAIN MURRAY STEFFAN JACOB IACC4869 SPIRIT OF DEFIANCE JENS RASMUSSEN DEFIANCE 301152 SPLAY JOHN CHRISTIE THUNDERBIRD6726 SPORTS BAR NEVILLE BLAIR JEANNEAU SUN ODYSSEY 366606 ST HILLIERS QUEST TIM CASEY NELSON MAREK 466686 ST JUDE NOEL CORNISH SYDNEY 47AUS 154 STAMPED URGENT BOB & EVE ROSS J246504 STAR OF ANTLIA SID FRENCH HUNTER 340760 STARBUCK HUGH DOWLING COLE 40AUS 203 STARPAC TERRY WISE PACIFIC SAILING SCHOOL J245132 STARSTRUCK DAVEAU KEN DAVIS JEANNEAU ONE DESIGN508 STORMY PETREL KEVIN O’SHEA S & S 378585 SUMMERCLOUD II RICHARD MOORE MOTTLE6279 SUMMERSALT RICHARD LAVERS SUPER 306326 SUNSHINE JOHN KIRBY JEANNEAU SUN ODYSSEY 45.2SUNSHINE MCKENZIE OLIVER KETCH9900 SUPERFINE GEORGE WALDTHAUSEN CAVALIER 350 SL1295 SURAYA CARL SRIBER S & SAUS 2847 SWAY SHANE GUANARIA TASAR6085 SWEET CHARIOT IV DAVID & JILL HENRY BUIZEN 486073 SWISH STEVEN PROUD SYDNEY 386070 SYDNEY CHARLES CURRAN SYDNEY 60193 SYONARA GREG MAUGHAN SWANSON114 TAKE TIME GRAHAM H SMITH BROLGAA 64 TAMARIS BRIAN SPROULE CLASSIC626 TANAMI MANDELBERG/PRONT/ROSE COLE 401247 TASHTEGO CAMPBELL MINTER HALVORSEN 41638 TAWARRI II CHRIS IACONO CARBINEER6188 TBA SARAH GODDARD-JONES PETER LOWNDES MKL 49TENACIOUS RUDYARD MCKENDRICK SLOOP3818 TEQUILA SUNRISE JOHN BROOKS NORTHSHORE 38SM 24 TERRA FIRMA NICHOLAS BARTELS COOKSON 50AUS 150 THE BUSINESS VAUGHAN STIBBARD MELGES 327027 THE GOAT CLAYTON/FOYE PECKMAN/GORDON SYDNEY 38R 945 THE LUGE JOHN ACKLAND SWARBRICK JS800029 THE RED HAND GRAHAM O’NEILL ENDEAVOUR 608848 THE STICK NICK ATHINEOS RICK CHRISTIAN OPEN 663790 TICKALARA DAVID LIVERMORE PHANTOM 32AUS 92 TIGGER ROBERT BREIT FLYING TIGER4045 TIME OUT PETER BLAIR NORTHSHORE 385103 TONIC ALAN GREEN OLSEN 40MH 109 TOUCH OF GOLD KELVIN MOWTELL SLOOPTRADITION PETER BUSH HANS CHRISTIAN 417477 TRIESTE PETER VERSI BENETEAU FIRST 47.76223 TRIM SHAARON WALSH NORTHSHORE 369AUS 191 TRINITY ROSS ADAMS J24R 317 TROUBADOR JOHN FRASER BENETEAU FIRST 31.76387 TRU BLU CHARLES GRACE IOR HALF TONSYD 8 TULIP BERNIE VAN’T HOF SWAN 451014 UBS WILD THING GEOFF LAVIS INGLIS/MURRAY 50927 UBULUKU DAVID ANDREWS CATALINA 32010043 UCAN’TTAKEITWITHU JOHN STUCKEY SUNFAST 43135 UPPER NORTH SHORE MICHAEL SPIES ANDREA HOLT NS387600 UTOPIA JOHN MESSENGER SYDNEY 389109 VAMOS TIM RYAN J10943218 VAMP DAVID FULLER GARRY LINACRE CORBY 491510 VANESSA III KIM JAGGAR PETERSON 366377 VANGUARD DICK CAWSE LYONS / CAWSE 604688 VASCO DE GRANGA MICHAEL GRANGER YOUNG 88YC 868 VELOCITY BRIAN CARRICK BENETEAU 31.71545 VICTOIRE DARRYL HODGKINSON BENETEAU FIRST 45KA 37 VICTORY BAR BRUCE ROWLEY SOLING7621 VIKING VIKING SYNDICATE BRETT HART X 382AUS 1343 VINCERO! NICK KINGSMILL ETCHELLS129 VIVA KEN HUDSON YOUNG 13.1KA 17 WALLOP BRYAN COLLIS STEPHEN WALL MODIFIED ETCHELLSYC 222 WAR GAMES DAVID URRY FARR 40 OD5725 WATERSHED DAVID EASTWOOD CHRIS DUVALL ENDEAVOUR 266465 WAVE DANCER ROB McCONCHIE RADFORD 10.6AUS 196 WETTY GRIPPER STUART/ADAM/FRANK MUIRHEAD/FRANCIS/VOLCKMAR J24DAUS 198 WHIM GORDON INGATE DRAGON4367 WHIMBREL PHILLIP MADDEN CAVALIER 28AUS 126 WHIPPET PAUL WILLIAMS MODIFIED SOLINGAUS 170 WHISPER ANDREW MCCRORY J246469 WHITE HOT WARREN COTTIS F36 RAZER63

CRUISING YACHT CLUB OF AUSTRALIAANNUAL REPORT Year end March 31 2010YACHT REGISTER (continued)AUS 100 WHO KNOWS DOUGLAS FOSTER J245621 WILD BLUE YONDER TERRY RHODES NOELEX 305494 WILD EAGLE PAUL MULHERIN ADAMS 404343 WILD OATS ROGER HICKMAN IMS/IRC RACER7001 WILD OATS X ROBERT OATLEY REICHEL PUGH 66AUS 10001 WILD OATS XI ROBERT OATLEY 30M MAXI6492 WILD ONE LARKI MISSIRIS SYDNEY 38ODM 118 WILD SPIRIT KEVIN HORNE ELLIOTT 9.6CRM 10 WILD THING GRANT WHARINGTON SUPER MAXI8484 WINDFLYT DOUG STURROCK TOWNSON 364895 WINDISFREE GARY BALLANTYNE PHASE 46607 WIRRAJURND PETER WHITFORD ANDREW KEARNAN SYDNEY 32263 WISTARIE BILL & LEONIE RATCLIFF MOODY S38WOOLLOOMOOLOO LOUISA GEDDES E226953 WOT YOT GRAEME WOOD TP526559 WOT’S NEXT GRAEME WOOD SYDNEY 47XANADU JAMES MILLS BENETEAU 39s35805 XANTHIPPE BERNARD O’SULLIVAN ADAMS 486671 YANDOO JOHN FORMOSA MUMM 30AUS 868 YANDOO XX NEVILLE WITTEY ETCHELLS789 YARRAWIN PAUL RAMSEY CLASSIC 606068 YEAH BABY MARC & LOUIS RYCKMANS SYDNEY 38AUS 1836 YENDYS GEOFFREY ROSS REICHEL PUGH 55YENDYS ROBERT DOEL ADAMS 86014 YEOMANS PHIL GOYMOUR BENETEAU FIRST 31.73000 YES GARY McLEOD SLOOP840 YOUNGSTAR GARRY CORSTORPHAN YOUNG 840SYD 222 YOU’RE HIRED ANDREW BANKS GEOFF MORGAN DAVIDSON 551097 YUM SING PAUL HUNTER PRINCEAUS 11111 YUUZOO LUDDE INGVALL IRC SUPER MAXI3838 ZEN GORDON KETELBEY SYDNEY 38HKG 1943 ZEPHYR JEREMY MEAD FARR 41 MX43 ZEPHYROS GABE KEMENY ZESTON 405531 ZIG ZAG II GRAHAM THOMPSON J 355001 ZULU GRAEME CLARK S 801 MUSTO YOUTH SAILING ACADEMY ELLIOTT 6.02 WALKER CORPORATION YOUTH SAILING ACADEMY ELLIOTT 6.03 MERIDIEN MARINAS YOUTH SAILING ACADEMY ELLIOTT 6.04 CLUB MARINE YOUTH SAILING ACADEMY ELLIOTT 6.05 WOTIF.COM YOUTH SAILING ACADEMY ELLIOTT 6.06 TRIPLE M YOUTH SAILING ACADEMY ELLIOTT 6.07 ESTATE MASTER YOUTH SAILING ACADEMY ELLIOTT 6.08 THAI AIRWAYS YOUTH SAILING ACADEMY ELLIOTT 6.09 SYDNEY AQUARIUM YOUTH SAILING ACADEMY ELLIOTT 6.010 GME YOUTH SAILING ACADEMY ELLIOTT 6.0CRU AQUITANIA LEIGH MINEHAN MOTORCRUISERCRU AUDREY J STUART PURVES TRAWLERCRU CAPE NORTE MAX YAFFA MOTOR CRUISERCRU 9002 CHARON JOSEPH ABRAHAM MOTOR CRUISERCRU 9023 EOS JON MEYER MOTOR CRUISERCRU ESSEX MICHAEL CALDWELL CRESTA SEDAN CRUISERCRU FORESIGHT MICHAEL SPIES RUNABOUTCRU GALVESTON DAVID HEALY CARIBBEAN 35CRU GORDON MARSHALL CYCA STEBER 36CRU HASTA LA VISTA MICHAEL SANCHEZ RIVIERACRU JOLLY ROGER MATTHEW DE TORRES VIKING 30CRU 18 KAI LAG MAURICE DRENT LUGGERCRU KIMBA ROD & SUSAN SKELLET SUNDANCER 36CRU KODAK ACE K J (ACE) MOWTELL RUNABOUTCRU KOKODA RUSSELL MCCART OFFSHORE 62CRU LADY JOY JAMES & JOY MCLAREN MOTOR CRUISERCRU MARCUS B KAY COTTEE RIVER BOATCRU MAYA PAUL BILLINGHAM SEARAY 240CRU MOOCHALONG MATTHEW ALLEN PALM BEACH 65CRU NI BAN MATTHEW ALLEN SEARAY 525CRU OFFSHORE CYCA STEBER 36CRU OLLIE NICK KINGSMILL MOTOR LAUNCHCRU PARADISE SIR WILLIAM TYREE RIVIERA 56FBCRU POMPIE TONY HENDERSON TIMBER CRUISERCRU PRIMA MICHAEL SPIES ANDREA HOLT PRIMA 54CRU QE3 MR K J STEVENS MOTOR CRUISERCRU RESTORATION RUSSELL MCCART RIVIERA 40CRU ROBUSTUM BART RYAN MOTOR VESSELCRU SEA MIST DAVID SHMITH MOTOR CRUISERCRU SILVER MIST STAN RODGERS TSMVCRU STREETER STEPHEN SMART PEARL LUGGERCRU TANTIVY GRAHAM SWAN MOTOR CRUISERCRU TAURUS JUDY LEE MOTOR SAILERCRU THE “A” TRAIN ROSS MACDONALD MOTOR LAUNCHCRU TICKETY-TOO DEREK KING RIVIERA 32CRU WYLLAWAY JOHN HARRIS PILOT HOUSE MOTOR CRUISER64

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