royal akarana yacht club · 2015-08-24 · seconded: matthew woodley the resolution was put and...

Royal Akarana Yacht Club Ltd 8-10 Tamaki Drive

Okahu Bay, Auckland 1071 Phone: 09 524 9945

Email: [email protected] | Web: www.rayc.co.nz Facebook: www.facebook.com/raycnz

Royal Akarana Yacht Club | The Home of Blue Water Sailing Establish 1895

Royal Akarana Yacht Club 119th Annual General Meeting Agenda

25th August 2015

1. Welcome

2. Notice of Meeting

3. Apologies

4. Remembrance of members deceased in the past year

5. Confirmation of 118th AGM minutes

6. Commodores Report

7. Vice Commodores Report

8. Treasurers Report

9. Subscriptions proposal

10. Election of Officers

11. Auditor proposal

12. Trustees proposal

13. Life Member nomination

14. Development project update

15. General business

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ROYAL AKARANA YACHT CLUB INC (“the Club”)

MINUTES OF THE 118TH ANNUAL GENERAL MEETING

HELD ON THURSDAY 25th AUGUST 2014

Present: Matthew Woodley (MW) – Commodore and 27 Members of the Club

The meeting opened at 1908 hours

Quorum:

In accordance with Rule 17 of the Club’s Rules, the Quorum for the meeting is 20 members and the meeting took place with 28 members.

Welcome:

The Commodore opened the meeting and welcomed members.

Notice of Meeting:

The Commodore moved that the Notice of Meeting be taken as read

Seconded: Leigh Miller

The resolution was put and carried unanimously.

Apologies: (23)

John Cooper, Kate Delegat, Jim Delegat, Mark Taylor, Owen Reid, Michael Kay, Tim Dempsey, Desley Simpson (OLB), Mike Smith, Kent Hutchings, Marteen van Rossum, John Muir, Stephen Taylor, Andrew Brookland (GM), Fendall Halliburton, Hamish Milne, David, McIntyre, Ken Serle, Neil Burgess, Peter Morley, Neil Easton, Craig Wilson, Mike Wilson, Rory Fogerty The Commodore moved that the apologies be received and accepted. Seconded Marian Harkness The resolution was put and carried unanimously.

Deceased Members During the past year

No members deceased were noted.

Confirmation of minutes:

The Commodore moved "That the Minutes of the Annual General Meeting on Thursday the 25th August 2014 be approved as a true and correct record.”

Seconded: Fred Price









Matters arising from the minutes:

No matters arising from the minutes.

Annual Report:

The Commodore then read the Commodores Report as circulated.

The Commodore congratulated the members for an active and successful season locally and internationally on the water by sailors and paddlers. The clubs continues to focus in four key areas.

Delivery of marine sports events and facilities for the membership Outstanding delivery of the Academy and marine education Transparent and accurate finances and business activities Making the development of the AMSCT project a reality. The Commodore thanked the GM and his team for a great result for the year and the hard work and effort made in furthering the club. He then thanked Danika Mowlem F&B Manager for her work over the past two years and presented her with flowers and wished her well on her travels. The Commodore opened the floor to discussion. No questions were raised.

Matthew thanked the membership and stated he was to resigned as Commodore due to his wife’s heath challenges and asked we support the incoming Commodore.

Nathan Bonny then moved “That the Commodores Report be received.”

Seconded: Brian Houston


Financial Report:

Stephen Jones, Club Treasurer presented his report as circulated prior to the meeting.

The Club has returned a positive outcome for the 2014 year with a net profit of $39,469. Cash flow is still a major priority and building the clubs reserves is a focus for the year ahead. It was put the meeting "That the Statements of Financial Performance and Financial Position plus the Financial Report be received." Moved: Anatole Masfen Seconded: Howard Spencer The resolution was put and carried unanimously. Subscriptions The Commodore advised that the General Committee recommend membership subscriptions be subject to a slight increase for Senior, Joint, Veteran and Family memberships while Student and Sailability remain constant for the 2014/15 year. The Commodore also put forward 3 and 5 year membership options at the 2013/14 rates. This option was put forward to assist the clubs cash position going into a period of change with the building project commencing next year.








Membership 2013/14 Fee 3 & 5 years 2014/15 Fee

Senior $295.00 $885 $1,475 $330.00

Joint Senior $425.00 $1,275 $2,215 $460.00

Family $425.00 $1,275 $2,125 $460.00

Veteran $125.00 $375 $625 $140.00

Associate $125.00 $375 $625 $140.00

Student $90.00 $270 $450 $90.00

Sailability $90.00 $270 $450 $90.00

Discussion was called from the floor.

Graham Jones asked for definition of Trust Capitation Fees. MW - The Trust will run the building and this is a fee applied to all user groups. It is levied per member to the club. Surplus fund held from future years subs will be held on term deposit and used as a cushion / back up fund.

Marian Harkness asked how the club would look to reward members. MW explained that the General Committee would come up with a way to reward volunteers. Stephen Jones said it would be discussed to the GC meeting. Howard Spencer said he would donate a Hyundai branded jacket to volunteers who completed more than 3 days volunteer work.

Resolution to set the Club subscriptions as tabled for the 2014/15 year.

Moved: Nathan Bonny

Seconded: Howard Spencer


Election of Officers:

Patron:

The Commodore moved "That Commodore John F Campbell, “Maritime Component Commander” be invited to accept the office of Patron."

Seconded: Sally Garrett









Vice Patron:

Howard Spencer moved "That the General Committee may invite a person to accept the office of Vice Patron."

Seconded: Stephen Jones The resolution was put and carried unanimously. Club Officers The Commodore proposed a resolution that the Flag Officers and General Committee of the Club as read be appointed / reappointed for the 2014/15 year. Commodore: Nathan Bonney

Vice Commodore: Sally Garrett

Rear Commodore: Leigh Miller

Club Captain: Mark Taylor

Treasurer Stephen Jones

General Committee: Nominations for the General Committee. Anatole Masfen, Brendan Tourelle, Roger Slater, Stephen Taylor, John Cooper

Moved: Steve Crockett

Seconded: Howard Spencer


Matthew Woodley stood down, incoming Commodore Nathan Bonney stepped forward. Sailing Committee: Sally Garrett (Chairperson), Simon Manning, Rob Heath, Brian Houston, Stephen

Delahunty, Jenny Price, Phil Quinn and Chris Skinner, Fred Price, Alison Howitt, M Class Rep to be confirmed at their AGM

Moved that the sailing committee as nominated by appointed for the 2014/15 season

Moved: Meredith Bonney

Seconded: Stephen Jones


House Committee: Leigh Miller (Chair), Brian Houston, Meredith Bonney, Kate Delegat, Anj Miller and Neil Easton








Moved that the House committee as nominated by appointed for the 2014/15 season

Moved: Roger Slater

Seconded: Matthew Woodley


The Commodore declared them all appointed to the positions accordingly for the ensuing year, congratulated them and thanked all those who are re- standing for the great work completed and for committing to the roles for the new year and welcomed the new committee members.

Auditor:

That BDO Spicers be appointed the Auditor for the 2014/2015 year.

Moved: Stephen Jones

Seconded: Roger Slater

Trustees:

Moved that Graham Jones and Richard McAlister be appointed as Trustees for the 2014/15 year

Moved: Nathan Bonney

Seconded: Matthew Woodley


Building Project Update

Matthew Woodley, in the absence of Andrew Brookland (unwell) and Mark Taylor (overseas) presented an update to the meeting on the building project and the Akarana Marine Sports Charitable Trust.

Detailed Design due for completion in October 2014. Resource Consent due in October 2014 following the March 2014 lodgment. Funding is progressing and will be confirmed by several funders with Resource Consent being obtained. $1,750,000 of funding applications have been submitted 35 year lease with Auckland Council has been signed and the $1 million of Council funds have been rolled forward to 30 June 2015

The $7.5 million stage 1 is scheduled for an April 2015 commencement date.

Option of retaining the hall in the staged construction was a possibility.

MW thanked all those that had donated to the Trust and that amounts of $1,000 or more will be recognized in the new building. Thanks were expressed to Mark Taylor, Anatole Masfen and Graham Catley as Trustee’s for their contributions.








GENERAL BUSINESS:

The floor was opened to General Business.

Potential rebuild of the Orakei Wharf start/ finish box. Submissions have been made to the Orakei Local Board.

Thank you to Marian Harkness as Club Historian and her team of volunteers working to update the club’s historical records and preserve the memorabilia.

Commodore Nathan Bonney thanked the outgoing Commodore Matthew Woodley for his leadership over the past 3 years then thanked the management team, Andrew, Suellen, Naomi and Steve, for their continued efforts and professionalism over the past 12 months and looked forward to further positive results.

The Commodore thanked the members for attending and invited everyone to stay for drink.

The meeting closed at 2035 hours.








RAYC AGM 25th August 2014

Commodores Report

I am pleased to report that the 2014-15 season, our 119th has been another successful year for RAYC. Our members have had success on the water at club, national and international levels, the club has delivered a number of regattas and events including Sail Auckland and we have made significant progress on the redevelopment project.

Our focus as the General Committee has continued to be:

1. The delivery of quality marine sports events and facilities

2. Ensure outstanding delivery of Academy and marine education

3. Ensure the business affairs of the club are in order

4. To make the re-development project a reality

1. Quality marine sports events and facilities:

Suellen Hurling, Vice Commodore Sally Garrett and the Sailing Committee have delivered an outstanding seasons sailing program including Sail Auckland, winter and summer race series, The Gold Cup series, and the successful introduction of a junior division – which saw four of our young sailors compete in the Feva World Championships in Germany. For a club our size we have an impressive number of members competing, and doing well at various levels.

In addition to sailing we have a thriving paddling division, with activity both here at the club and representing the club at events, and doing well.

The seasons sailing, paddling, and Academy activity has resulted in continued activity and the positive atmosphere within the club.

In the Club House, Naomi Hicken along with her team of staff has worked extremely long hours and helped make the club feel like a place you just want to visit. They have worked tirelessly to provide a great hospitality product and incredible food from a very tired building. Our hospitality activities have also contributed positively to the financial position of the club. A huge thank you to Naomi and her team.

2. Outstanding delivery of Academy and marine education

1,876 individual sailing sessions have been completed by our coaches and kids in the academy over the past season.

Steve Crockett joined the RAYC coaching team earlier in 2014 and in March this year left to take up a great opportunity as Chief Educator at Coastguard Boating Education.

Nathan Laurie, Steve’s 2IC has stepped into the role as Head Coach and his enthusiasm and passion for sailing has continued Steve’s good work in producing a quality learning and development environment within the academy. We now have young sailors representing RAYC at Optimist regattas with very commendable results and 4 young sailors were first and second (U16) in the inaugural RS Feva Nationals








which earned them entry to the Worlds in Germany in July. Both crews finishing top 30 in a fleet of over 160 boats.

We have also continued to run sailing education programs including, radio operator, survival at sea courses and marine medics courses. We will run these courses again over the coming year including the lead up to next year’s ANZ Sail Fiji.

3. Ensure the clubs business affairs are in order:

The Treasurers report for the twelve months ending 31st May 2015 provides a detailed explanation of the clubs financial performance.

RAYC Gross Revenue for the last financial was $818,172 which was down on the previous year but this included ANZ Sail Fiji and the sale of the Platus.

2014-15 season financial result

The club has made an operating loss of $39,344 for the 2014-15 year, but we had an improvement in our cash position as a result of reduced debtors, well maintained costs by Andrew and his team, and the collection of membership fees paid in advance for 3 and 5 year memberships.

Club Treasurer, Stephen Jones, will present a full detailed explanation of the clubs financials separately.

The Club has also invested over $25,000 in on water assets to support the academy and club activities, including two new RS Fevas, six plastic Optimistic and a Hansa 2.3 dingy

4. Make the development project a reality:

Andrew Brookland & Mark Taylor will provide an update on the building project. But by way of summary I am pleased to say that more significant progress has been made towards bringing the development to fruition.

Highlights of note are:

• Resource Consent obtained in April 2015 • Fletcher Construction have provide a fixed price offer to construct the Hyundai Marine Sports Centre • Hyundai NZ have come on board as a significant long term naming right sponsor • $1,000,000 council community partnership funds have been rolled until 30 June 2016 • $750,000 secured from Lotteries Community Facilities in December 2014 • $1,000,000 from Foundation North, formally known as the ASB Community Trust

We have already secured funding and promised funding pledges that gives us access to over $9 million but we still require $2.5 million to sign the construction contract with Fletcher Construction. Fundraising activities continue in earnest with a target of obtaining full funding this year.








Summary

On behalf of the club and personally I would like to thank everyone who has volunteered their time and expertise to the club, especially members of the General Committee, Sailing Committee, House Committee, race management, and event volunteers. I appreciate the time and effort that this involves and would like to also thank the wives, husbands, partners and families of those that have given their time to the club. It is these efforts that make a club, ever so much more than boats, bricks and mortar.

Special thanks to our Club General Manager Andrew Brookland, Marine Sports & Memberships Manager Suellen Hurling, Chef Naomi Hicken, and Academy Managers Steve Crocket and more recently Nathan Laurie for their enormous contribution throughout the year.

Yours in sailing,

Nathan Bonney

Commodore








RAYC Treasurer’s Report for the 12 months ending 31 May 2015

The 2015 financial year continued the high level of activity at the club. From a financial perspective, the result of this activity was a loss of $39,344 for the year. This is a slight decline on the 2014 year when a profit of $39,469 was recorded. Approximately half of this difference in year on year performance is attributable to the one-off profit in 2014 from the sale of the Platu boat.

Notwithstanding the modest loss for the year, the club’s cash position improved, primarily as a result of the subscriptions paid in advance. These advance subscriptions are appropriately not included in the profit and loss statement but are included in the balance sheet.

Financial Summary

Overall, the financial summary of the Club was as follows:

The financial performance of the club is driven by its core operating activities of:

• Membership, and Storage Hire

• Bar, cafe

• Sailing academy

• Racing programme

Offsetting these activities are the overhead costs of running the club and the revenue received from generous supporters and charity grants.

FY15 FY14This Year Last Year $ %

IncomeGross income 818,172 1,049,094 -230,922 -22%Direct expenses -521,098 -583,520 62,422 -11%

Gross Profit $297,074 $465,574 -$168,500 -36%Gross Margin 36% 44%

Less Overhead Expenses $313,803 $399,130 -$85,327 -21%

Operating (Deficit) Surplus -$16,729 $66,444 -$83,173 -125%

Less Depreciation 23,483 28,506 -$5,023 -18%

EBIT -40,212 37,938 -$78,150 -206%

Plus Interest Earned 868 1,531 -$663 -43%

NET (DEFICIT) / SURPLUS -$39,344 $39,469 -$78,813 -200%

Variance








At a Gross Profit level, the Bar and Café, Racing Program, and the Sailing Academy all contributed to the profitability while the Platu Fleet incurred a small loss.

Operating Activities

Further explanation of the performance of the Club’s main operating activities and costs are as follows:

Facilities Income

Our club facilities are some of the best in the local area, and our overall location to the water and proximity to the City provides an ideal opportunity to generate income for the Club from the public use of these facilities during times when they are not used by our members. Thanks to the great effort of the bar and café team the patronage of the café has again been strong as it has become popular with club members and casual users alike.

The summary financial performance of our bar and cafe is presented as follows:

Racing Programme

The racing programme was profitable, albeit down on last year. The key driver for the difference was the fact that the 2014 year benefitted from the profitable operation of the Sail Fiji race. With no offshore race in 2015, both the activity and the profit were down accordingly. As we look forward to the 2016 financial year, Sail Fiji will again feature, but Sail Auckland regatta will not.

FY15 FY14Bar and Café Net Income This Year Last Year $ %Sales 344,996 365,914 -20,918 -6%Cost of Sales -147,336 -151,689 4,353 -3%Wages -140,395 -142,221 1,826 -1%Bar and Café Gross Profit 57,265 72,004 -$14,739 -20%

Variance

FY15 FY14Racing Programme This Year Last Year $ %Entry Fees and Sponsorship 73,944 118,462 -44,518 -37.6%Expenses -71,694 -87,779 16,085 -18%Racing Programme Gross Profit $2,250 $30,683 -$28,433 -93%

Variance








Sailing Academy

Lower activity levels at the RAYC Sailing Academy led to significantly lower course fees. Fortunately with the kind support of the Raye Freedman Trust and other sponsors, these lower fees were offset but sponsorship and the activity was profitable for the year. A much greater emphasis on securing student numbers for the academy in 2016 should see the financial performance of this activity continue to improve.

Platu Fleet

The commitment to remove the exposure of the club to the Platu fleet is almost complete. With owners contributions now effectively matching expenses the activity returned a slightly negative gross profit but is a vast improvement on prior years. Your committee remains focused on completely exiting this activity.

Overheads

Overhead expenses are down $85,327 or 21 percent to $313,803. Key contributions to this were a reduction in wages and administration of $43,232, a reduction in volunteer clothing of $12,517, a reduction in doubtful debts of $10,711and a reduction in insurance costs of $8,616.

Cash Position

As discussed in the introduction, the Club cash position improved significantly over the year with the cash balance increasing from $71,804 to $135,235. The key driver of this increased cash balance was the initiative to allow members to pay subscriptions up to five years in advance. The balance sheet records a balance of $44,513 in the subscriptions in advance reserve. This will clearly need to be offset against lower cash subscription levels in future years as these advance subscriptions are brought to the accounts.

The initiative has however given the Club the strength to go into the critical transitional phase ahead as it loses the old club facilities before moving into the new AMST facilities.

Conclusion

FY15 FY14Sailing Academy This Year Last Year $ %Course Fees 109,512 177,982 -68,470 -38.5%Sponsorship 67,500 0 67,500 n/aDepreciation -40,496 -30,862 -9,634 31.2%General Expenses -2,378 -21,701 19,323 -89.0%Repairs and Maintenance -38918 -49,106 10,188 -20.7%Wages -72092 -78856 6,764 -8.6%Sailing Academy Gross Profit $23,128 -$2,543 $25,671 -1009%

Variance

FY15 FY14Platu Fleet This Year Last Year $ %Owners' Contribution 4,680 9,105 -4,425 -48.6%Charter Income 0 0 0 n/aExpenses -5,810 -21,198 15,388 -72.6%Gross Profit -$1,130 -$12,093 $10,963 -91%

Variance








The Club has continued to operate profitably in its core activities and has reduced overheads appropriately as it has faced lower levels of profitability. It is very pleasing to see the continued vibrant activity associated with the cafe and bar.

While the cash position of the club has improved as a result of the subscriptions in advance, the Club resources will need to be managed very tightly as we go into the transition to the new facility. The support of our generous sponsors and dedicated Club members, particularly the volunteers remains the lifeblood of the club and it is very much appreciated.

Stephen Jones RAYC Treasurer

25 August 2015




royal akarana yacht club · 2015-08-24 · seconded: matthew woodley the resolution was put and...

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