ANNUAL REPORT 2018/19 & FINANCIAL STATEMENTS PATRON COMMITTEE of MANAGEMENT His Excellency the Honourable Hieu Van Le, COMMODORE AC, Governor of South Peter Royle LIFE COMMODORE VICE COMMODORE Allan Barclay Malcolm Hughes HONORARY LIFE MEMBERS REAR COMMODORE Helen Campbell John Cawley Laura Hughson Ian White Tony Dirrmann MEMBERS Barbara Faturic Laurie Gibson Tracy Heritage Robert Heywood Malcolm Hughes Mike Rogers Dr. Christopher Moten Wayne Pavy Steve Sampson Cyril Prosser Bob Reid Deirdre Schahinger Mike Rogers Deirdre Schahinger Brian Sorell Hubert Tucker AUDITOR Ross Tuohy Michael Bowley Nexia Edwards Marshall

BOARD of MANAGEMENT HONORARY SOLICITOR PRESIDENT David Tillett Neville Wild COMMODORE ADMINISTRATION MANAGER Peter Royle Sharyn Lockwood

TREASURER JUNIOR COMMODORE Phillip Lawson Thomas Gordon MEMBERS Hubert Tucker JUNIOR VICE COMMODORE Darren McPherson Benjamin Newman

Front Cover Photo: Sharpies at ASC during 2018/2019 National Championships.

www.adelaidesailingclub.com.au P (08) 8294 3232 | E [email protected] 9 Barcoo Road, West Beach, 5024 | PO Box 28, Glenelg, South Australia 5045 Annual Report & Financials 2018/2019 Annual General Meeting Agenda

Members are hereby notified that this meeting will be held in the club rooms of the Adelaide Club, 9 Barcoo Road, West Beach SA 5024, on Monday 24 June 2019 at 8:00 pm. AGENDA 1. Welcome

2. Apologies

3.. To approve the minutes of the AGM held Monday 25 June 2018

4. To consider and adopt the Annual Report

5. To consider and adopt the Financial Statements

6. To elect Office Bearers for Season 2019 -2020

6.1 Board Members Two positions for two years 6.2 Flag Officers 6.2.1 Commodore for one year 6.2.2 Vice Commodore for one year 6.2.3 Rear Commodore for one year 6.3 Committee Members, four positions for one year

7. To consider the following nominations for Life membership 7.1 David Tillett 7.2 Margaret Gordon

8. To appoint an auditor for a term not exceeding four years

9. Business for which notice has been given

10. Any other business

Sharyn Lockwood Administration Manager

1 President’s Report

I am pleased to present the President’s Report for 2019. giving her time and providing very valuable advice and guidance; This year has seen change and consolidation as the Board Mary-Ann Royle who was our previous Treasurer and continues works towards a sustainable and stable future for our club. to support our current Treasurer; John Pugh, another former treasurer, who has been pivotal in the transition from outsourced CHANGE bookkeeping to our in-house operation; Sharyn Lockwood, our The major change has seen the transition of the whole of our Administration Manager, who has been a great help with the hospitality function from an inefficient in-house operation to implementation of the new systems and has undertaken extra one that is being managed by a specialist hospitality provider, new duties associated with them and, of course, our Treasurer, namely Unique Hospitality (trading as Oceanique). This has Phil Lawson, who has pulled it all together. come into effect by way of an underlease over our hospitality Other areas where consolidation and efficiencies have areas with Oceanique paying rent to the club. After lengthy occurred are: and patient negotiations the transition was completed on the • Insurance: We are carefully reviewing our policies and have 31st October last year. It is very pleasing to report that the new agreements in place for sharing some of our premiums arrangement is proving to be a very positive outcome for our with Oceanique. I would like to thank Matt Thomson, an club. I am sure that members will agree that the members’ insurance advisor, who gave the club free and independent experience at the club has been enhanced and, importantly, expert advice on how best to protect the club under the we have retained our identity as a sailing club. Under lease agreement Oceanique is a very professional family-based team that has • Solar panels: We were successful in obtaining an Active Club truly embraced the club. This mutually beneficial partnership Grant through the State Government Office of Recreation, is based on a very extensive and formal agreement but in Sport and Racing, valued at $20,000 for the installation practice it works through open communication between both of solar panels. We now have an arrangement in place parties. Most members would have met the Oceanique team whereby we on sell some of the solar power to Oceanique leaders, Sam Dunning, Joe Girolamo and Lucy Dunning; I would like to thank them for the way we have been able work • New club phone plan resulting in substantial savings together in bringing this partnership to fruition. • New internet plan, shared with Oceanique, resulting in substantial savings CONSOLIDATION • New POS system in the canteen The consolidation is mainly in our accounting and bookkeeping • New online membership portal with efficiencies for the areas and is described in more detail in the Treasurer’s report. receiving of subscriptions and other fees (Emma Short from Our whole accounting system, which was long overdue for SA was very helpful here) an overhaul, has been rebuilt from the ground up and is now managed by the club rather than an external accounting firm. MAJOR SAILING EVENTS This new system came into operation on the first of April and Our club’s enviable reputation for expert regatta management will result in significant savings and provide more accurate and has been even further enhanced with the successful completion easier to read financial reports. of three major Australian Championships for F-18 , Much work has been done behind the scenes in implementing International 14s and Australian Sharpies over the December this new system, including a new budget and chart of January period. All three were hugely successful events but the accounts. On behalf of the club I would like to express our Championships presented a serious challenge for the sincere gratitude to the following people who have made key club with over 70 boats competing and hundreds of visitors to contributions to this task: Amanda Heyworth for generously our club. This turned out to be the best Sharpie Championship

2 Adelaide Sailing Club in recent memory, some would say ever, and has certainly lifted A lot of help happens behind the scenes and I want to say the club’s national profile. Lots of people helped out and the SA thank you to Tim Ninnes, who maintains our IT services, Steve Sharpie Association can be proud of the way they prepared for Sampson who conscientiously looks after the boat parks and and administered this event. The F-18s and the 14s were no the change rooms, Anthony Mitton and Dan O’Connell who less successful and the way in which Oceanique entered fully freely give advice and help with all kinds of maintenance into the spirit of all three Championships was also a highlight issues around the club and Donna Evans who ensures that we that contributed greatly to their successes. have an active social media presence. I want to thank our Flag Officers and Committee of Management CHALLENGES AHEAD who, backed up by an ever-reliable race management In spite of many good things that have happened for our club, and canteen crew, have again provided members with a we do have some major challenges ahead: professional and enjoyable sailing program. We still boast a • Membership: Our membership is at alarmingly low levels superb fleet of rescue boats thanks to Dad’s Navy and the and finding new ways to increase it must be a priority. team, led by Brian Sorell, who maintain them and all sorts of • Club fleets: Likewise, we must find new ways of bolstering other things around our club. our club fleets. We are currently reaching out to former club Our club has been well supported by our two continuing sailors who have gone missing in recent seasons. members of staff and our Sailing School instructors. I want to • Financial situation and building maintenance: Part of the thank Sharyn Lockwood for the efficient and friendly way she rationale in adopting our new outsourcing model is to manages all the varied aspects of club administration and to enable us, firstly, to retain our great facilities and, secondly, thank Tod Weymouth, our friendly sailing school coordinator to establish a sinking fund which in time will allow us to who manages to run an efficient operation with limited undertake an orderly maintenance program for those equipment and resources. facilities. Our financial situation has stabilised and we keep The club is very fortunate to have a dedicated and hard- a very close watch on expenditure but, as the treasurer says working Board at this crucial time. The diverse experience in his report, we still made a loss. Some areas which we and expertise of its members have been invaluable as we have need to better exploit are sponsorship, grants and the better grappled with some very serious decisions. I can confidently utilisation of our hardstand. say that the Board has worked as a united and committed team during the last year and has shouldered the burden and ACKNOWLEDGMENTS responsibility associated with managing our club with absolute As well as people previously mentioned I wish to thank the dedication and commitment to our future. many people who also contribute voluntarily to the operation I want to personally thank my fellow Board members: Phil of our club; the list is long and without them we could not Lawson, Darren McPherson, Peter Royle and Hubert Tucker for operate. They are the backbone of our club and contribute their unwavering commitment and support. greatly to its unique character. Finally, I want to thank all of our sponsors, Bendigo Bank, Of enormous continuing help with the Underlease negotiations Hospitality Catering Hardware, Lindsay Wine Estate, Oceanique and transition has been the club’s Honorary Solicitor, David and Shadeform Sails for their valuable and appreciated support Tillett. I cannot adequately describe the assistance he has for our club and its ideals. given to myself and the Board in ensuring that we have done things by the book and have not inadvertently put the club at risk. He has always been readily accessible, even when his Neville Wild busy schedule takes him overseas. President

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 3 Commodore’s Report

First and foremost, I’d like to thank all members and volunteers parents, boats and instructors throughout the year. As Tod for your support and encouragement through this year, my first knows only too well, introducing kids, adults and families to year as Commodore of this great club. My job has been made sailing is both challenging and rewarding. The year ahead easier by the great team of volunteers on and off the water will see an active re-think of our junior sailing program. and the guidance of my peer Flag Officers, Committee and The Committee of Management in concert with our junior Board members. member/family base will be working on a new approach, while incorporating some old ideas to develop what we hope will be We have had a big year hosting multiple high profile senior a sustainable and noticeable growth in our junior numbers. nationals regattas, class state championship weekends and the SA youth championships. Some of our members achieved Further away from the water, the work of the ASC Board great results in their respective classes and others just simply continues and we are now seeing the benefits of their efforts. enjoyed sailing on weekends, amongst friends, enjoying the Oceanique finally started back in October/November last year great facilities our club offers on and off the water. and have quickly been accepted as part of the ASC family, Last Friday’s presentation night showcased our club champions actively learning about us, our club, our sport and our history. and recognised our club contributors including our sponsors They have brought a positive and friendly vibe back with their and our hospitality partners Oceanique. It was great to see so enthusiasm for success, they’ve even been out sailing with many members back at the club for this season closing event. us. I thank them for their support of the volunteers all season. Please keep an eye out for other ASC members events planned Planning for next season is well underway. We have locked through the off-season. Its important to keep in touch with the club even though it’s not sailing season. in three senior classes for their national regattas and we are looking forward to hosting the Mosquito Cats, OK and This year, as every year our Race Management Team were put Finns. While this won’t be a month long sailing carnival like last through their paces and this year, as every year they provided year, each of these classes will be given the best experience some of the best racing in the state and even the nation. As a ASC can offer and we’re confident each class will go home follow on from their success I’m pleased to let you know that with great memories of our club. they were nominated and awarded one of only a few Premiers Volunteer Awards for 2019. Classes chose the Adelaide Sailing Finally, Thanks to the Committee of Management and the Club to host their marquee events and our race management Board of Management for your support, your efforts seen team and capability is one of the reasons why. and unseen, and your genuine care for the club’s future. We still have plenty to do as a club to keep moving forward. I’m Thanks to our Junior Flag Officers Thomas Gordon and immensely proud of our club and its members and I’ll continue Benjamin Newman for their support of each other and the club. to work hard for our club, its members and its future. Each of these young members have set their goals in sailing but still had the time to contribute to our club and represent I hope to see you all again next season. our club when away at regattas. Thanks for being great ASC Ambassadors.

Our Sailing School worked hard again this year and I’d like Peter Royle to thank Tod Weymouth for his coordination of kids, adults, Commodore ASCmmodore

4 Adelaide Sailing Club Vice Commodore’s Report

Clearly, the highlight of the season was Sharpie, Again the weather was varied throughout the year but there and Nationals, post Christmas, through were many more light days than heavy. Unfortunately we lost a to the end of January. Having 3 Nationals was a big program number of race days because of bad weather, and for the first with high demand on our volunteers, our club facilities and time one day was lost because of the inability to access the beach equipment. Without exception the feedback from all involved because of the sea grass buildup during a storm mid week. was that Adelaide Sailing Club excelled in all areas. Over 60 volunteers across the many facets of the regatta operation Club Championships were completed in the following classes catered for 300 competitors. Many thanks to all who contributed. Sharpie Maelstrom Jason Heritage, Chris Martin, Special thanks to the members who compete regularly but put James Hughes their hands up to volunteer for at least one of the Nationals. Div 1 Cats Nemo Simon Hallsworth, Ben Clark State racing was again popular with many classes electing to have State Heats at Adelaide Sailing Club. The “Super Weekend” Div 2 Cats Atreus Warwick Kemp, Kalahni Bissi had State Heats programmed for Optimists, Sharpies and Lasers as well as a club race for the Saturday. Unfortunately the Moby Neville Wild Saturday was blown out with regular gusts in excess of 30knots from the North West. Sunday saw more predictable winds from Black Jack John Inns the South West. Racing was conducted for all classes with sailors reporting the wildest rides and most fun on the water Kaos Thomas Gordon, Jake Miller for some time. The waves provided great photos for Downunder Sailing, many of which were distributed widely. Mad Dog Mitchell Young

State Heats were also conducted for Finns, OK Dinghies, Sabres, Full sailing results are on the web site. Mosquitos, Arrows and Fireballs. The Fisher Petersen Tillett Regatta returned to the Patawalonga Club racing was again a highlight with close racing under our multi Lake. Approval was granted by the Holdfast Bay Council and race format clearly raising the standard of particularly our larger fleets. various State Government Departments and we took the regatta back to its roots. Numbers were low as this was a significant This season we introduced dual Club Championship series – 1 change but enough of a success of this and our Discover Sailing before Christmas and the 2nd after Christmas. The combination day on the Pat for us to see that this is the future for this regatta. of both was the traditional Club Championship. The reason for We will also concentrate on this being a club based regatta, this is that a number of members change boats or classes after rather than for the wider State junior group. Christmas and gives them the chance to compete for a series.

Another change for this season was the introduction of mid week sailing on Friday nights during November. These were not popular however with only one have enough participants to warrant setting races.

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 5 Vice Commodore’s Report Continued

Our sailors have again excelled on the State, National and Mosquito Mk 1 AldebaranVI Phillip Pearce International scene. Melges 24 Red Mist Robin Deussen, World Champion Andy Dyer, Hansa Bob Schahanger Matt Hansen, Rachel Paterson, National Champions Nick Deussen Sharpie Sideshow Bob Luke Stevens, David Snoad, Finn Mulga Bill Danny Parkinson Mat Hansen Ok Dinghy Gunboat Brent Williams Sharpie Womens Lauren Thredgold, Diplomat Witter, Brendan Sheppard Radial Shaman Juha Vanhakartano

Sharpie Junior Moby Dick Harry Mitton, Laser 4.7 Not a Clew Ben Newman Jake Wilson, Josh Hinks International Cadet Kaos Thomas Gordon Hansa Bob Schahanger Jake Miller

Hobie Tiger Horizontal Danny James, Many thanks to all members who have contributed to our Recreation Craig Dredge extremely successful sailing season. To our sailors, thank you for the spirit you have shown through your racing. With our 2 race Melges 24 Red Mist Robin Deussen, format across so many classes, it does put competing boats Andy Dyer, Matt Hansen, much closer together. The close racing has been great to watch, Rachel Paterson, as has the positive interactions between sailors. Nick Deussen Thank you also to our loyal band of volunteers who are critical Finn Legend Dark Secret Dirk Seret to make up a race day. Our Canteen, Tower, On Water, Boatshed and Recovery teams are invaluable and second to none. The State Champions willingness, commitment and expertise of this group is what Sharpie Warpig Geoff McCloud, makes our race days run so seamlessly. Mark Beaumont, Sam Flint

Sharpie Junior You’re Not Issy Royle, Malcolm Hughes My Supervisor Pat Royle, Peter Royle Vice Commodore

6 Adelaide Sailing Club Rear Commodore’s Report

What a rewarding year it has been for the Adelaide Sailing Club are still as strong as ever, with an ASC member taking First from three action packed regattas to returning junior sailing on Junior helm at the Sharpies Nationals, as well as sweeping the Patawalonga Lake! 1st, 2nd and 3rd place in the Laser class at the Tri-Series. Our current Junior Commodore, Thomas Gordon, will also be My first year as the Rear Commodore has certainly been a heading to Poland as part of the Australian team competing in steep learning curve and a massive step up from my days of being Junior Commodore, yet it has been exciting and full of the Cadet Worlds. adventure. The support of my fellow Flag Officers, the members Our juniors have also followed in their parents and grandparents of the Committee of Management and the Board of Management footsteps by sailing on the Patawalonga Lake. Traditionally has been fantastic, especially when looking back on previous hosting the Fisher Peterson Tillet Regatta on the Pat, the Rear Commodores and realising I had large shoes to fill. Committee decided to return this important event, as well as Learning from the Adelaide Sailing Club’s leadership team has a number of Discover Sailing days, so that our Green fleet and empowered not only myself but many fellow sailors, including beginners can safely enjoy the sport of sailing. This weather our juniors, to succeed in our wonderful sport and club culture. sheltered area can also be utilised throughout the winter months. Our year kicked off with the traditional Opening Day, marking the Thank you to all of our volunteers who made this happen. start of the season and celebrating our club with our members. I would also like to acknowledge the success of both our club We welcomed many visitors to the event including other clubs and its members this year, including the Solar Panel Grant we Flag Officers, members of the West Beach Parks and Bendigo received from the Office of Sport and Recreation presented Bank, among other dignitaries. Our guests enjoyed the wonderful to the Commodore by Matt Cowdrey on Opening Day. hospitality of 360 Blue which the official Sail Past was conducted Mike Rogers and Tim Went have also been recognised for their on. Opening Day was also an opportunity for Oceanique, our new contribution to sailing, receiving Official of the Year and the hospitality partners, to showcase their incredible food. Yachting SA President’s Award. Although there are countless Oceanique, having only operated since November, have other awards and grants throughout the year, I believe that one transitioned into the club’s culture and family with ease. It of the most important came on Presentation night, with the is fair to say that although originally met with hesitation, our Volunteers receiving the Premier’s Certificate of Recognition members have taken well to our new friends, enjoying their for Outstanding Volunteer Service. This really puts the work food and reception. For this I say a massive thank you to that our volunteers do into perspective - without them, we Oceanique for your generosity and welcoming atmosphere, would be unable to operate sailing at our club. really putting our club on the map as a gastronomic hot spot. Our Presentation Night drew a close to the end of the sailing This year saw the Adelaide Sailing Club come alive with regattas, season wonderfully with everybody enjoying the tasting some being marked as a carnival, surrounding the club with platters provided by Oceanique and celebrating our wildly passionate sailors, supporting families and avid beer drinkers! successful year! Thank you to Mr Matt Cowdrey OAM MP for With the perfect weather and buzzing atmosphere, our army of attending the evening and presenting the Premier’s Certificate, volunteers successfully ran three major regattas in the Sharpies, and for his support throughout the year. International 14s and F18s, seeing hundreds of people pass through the club and enjoying our beautiful scenery. Lastly, thank you to you, our members, for coming on board and making this a season we will not forget in a hurry! It It is here that I will also express my thanks to all those who took has been an incredible year and I wish you all fair winds and interest in our juniors, allowing them to go for a sail in various following seas in your future sailing endeavours. classes of boats, opening up pathways and inspiring another generation of sailors. Our juniors are an extremely important Yours, part of our Club’s culture and identity. Although we have seen a Laura Hughson decline in numbers over the past years, our juniors who remain Rear Commodoremmodore

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 7 Treasurer’s Report

It is my privilege to present the audited financial accounts for I am pleased to report that all the business processes the above period. associated with the change of business model have now been bedded down. Your club is now in an ongoing relationship Your club’s financial result on the Profit and Loss Statement with Unique Hospitality whereby we work with each other for was a loss $21,278. mutual benefit. To this end there are regular formal business meetings as well as the almost daily informal exchanges where This result is broadly in line with expectations derived from information is openly discussed. financial modelling that has been worked on for in excess of two years and which remains a principal guiding tool for the On changing to the new business model, the bar tills became current Board in their deliberations. Two transactions, detailed redundant for club use. However we still have a requirement to further down, greatly improved the expected result. handle cash for the canteen and other purposes. The solution was to gift the tills to our tenant and in turn they gifted us the A YEAR OF CHANGE Square system that it used in the canteen. At the commencement of the financial year the club was operating in two modes, employing many staff without the As the club was moving to a much simpler business operating resources of a general manager. Your club has had a total model, combined with the easier operation and intuitive nature of 50 people directly employed with more retained through of our on-line accounting software, the Board made a decision agencies during the year. The club’s financial management that from the commencement of the current financial year the tool was also being transitioned from our previous arrangement accounting function was to be brought in-house. To organise of a part time bookkeeper who produced reporting on a tool this, the talents and efforts of Sharyn, Amanda Heyworth and that your Board had no direct access, to an arrangement John Pugh were brought together. We now have complete whereby the club employed an accounting firm with an on-line control and visibility of the financial function. accessible accounting package. Our arrangement with Perks has now been terminated. By financial year’s end the club had been successful in going However, I must pay tribute to quality of assistance we have to a business model whereby our staffing requirement was received from them in transitioning to using the current employing Sharyn Lockwood as our Administration Manager accounting software. This change of arrangements will save on a permanent part-time arrangement and having the casual the club approximately $10,000 per annum. resources of our sailing school instructors. The mode of our club that was hospitality is now in the capable and professional hands of Unique Hospitality. This arrangement provides the club with a SIGNIFICANT TRANSACTIONS AFFECTING THE much more reliable and predictable streams of both income and PROFIT AND LOSS expenditure. The model also utilises the facility of the club much Your club profit and loss result was better than our modelling more effectively than our previous arrangements. due to two transactions.

We now have working arrangements in place with our The first is the accounting treatment of the $20,000 (gst excl) tenants where, besides receiving regular rental income, grant we received for the purchase of our solar panels. The we are reimbursed for portions of the ongoing expenses of money received was treated as revenue in the 2018/19 year electricity, water, internet services, facility license and landlord whereas the expensing of the money will occur over a period insurances. of twenty years through depreciation.

8 Adelaide Sailing Club The second item was a very generous windfall donation The social side of these regattas is largely an exercise between of $20,000 received in January. The understanding with Oceanique and the organising bodies. our benefactor is that the money will be spent to refurbish the gates and fencing of the hardstand. This project will be CHALLENGES FACING CLUB FINANCES completed prior to the opening of the 2019/20 sailing season. Our biggest challenge as a club is to grow our senior sailing There were also one-off costs of $6,500 associated with member numbers. With many of our large expenses being the change of business model such as succession fees and fixed and a declining membership of sailors to spread the costs legal costs our fees could become onerous.

Donations to the club via the Australian Sports Foundation are CLUB LIQUIDITY tax deductible. Please consider making a one-off or regular The liquidity of the club has improved over the last twelve donations. Your Board has formed a subcommittee working months. At 31 March 2019 our financial situation had the towards obtaining club sponsors. Our future planning shows club with a net cash figure of $154,563. This compared to the a need to get a total of $25,000 a year of non-tied grants and 31 March 2018 number of $104,029 donations. This will help us to restore health to our balance sheet to give more flexibility to future club management when SAILING SCHOOL CONTRIBUTION faced with decisions about our exposed and aging club assets. The gross contribution of the Sailing School was $13,234 based on revenues of $41,497. Our Sailing School has The Board is currently deliberating the best way forward regular clients from local and not so local colleges of several in considering the deteriorating condition of the roof the years standing. Even at the current level of activity our club’s clubhouse building. exposure to the students and families of our client schools is a worthwhile exercise. I would like to acknowledge Tod ACKNOWLEDGEMENTS Weymouth’s efforts in his role as Sailing School Coordinator. I take this opportunity to thank outgoing Board members for their contribution during their time in the service of our club. I IMPACT OF NATIONALS ON CLUB FINANCES also want to thank Amanda Heyworth, Mary-Ann Royle, John Our methodology of dealing with national regattas has altered Pugh and Sharyn Lockwood for their time, patience, advice due to the massive amount of administrative effort involved in and cooperation in helping me to carry out the role of club bringing these regattas to our club. The way forward is for our treasurer. It truly is a team effort. club to charge a regatta fee to the national association based on envisaged club resources being utilised. The nominations Lastly to new and continuing Board members, my and collection of fees from sailors is then a matter for the congratulations on your election and your desire to volunteer racing associations leaving our paid club resources to work on for the common good of our sailing community at West Beach. matters pertaining to the running of the club.

This methodology was used for all national series last summer. The impact on club finances is that we don’t cycle large amounts of cash in and out of our books and don’t bear the Phil Lawson cost of administering same. Treasurer

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 9 Sailing School

Hello Club Members Adelaide Sailing Club Junior members that have graduated from Tackers include Euan and Edward Bates, overseen by Sailing School (SS) report for the season 2018/19 is consistent father Carl, they were also recent recipients of ASC trophies. with previous years in regards to management structure and Well done!! delivery of both adult/youth and Junior learn to sail programs administered by Australian Sailing. The SS has conducted Tackers programs (57 students), hosted schools team racing training during term 4, 2018 and term Since its inception, ASC SS has continually recruited junior/ 1, 2019 including Immanuel College, Pembroke College and youth and young adults from the SA sailing community to St Peters Woodlands (72 students per week). Scotch College deliver sailing programs to new sailors, endeavouring to build camp preparation course (28 students), Willunga Waldorf our sailing community, at the same time developing the sailing School (29 students) and Positive Pathways (6 students). and workplace skills of our existing sailors.

The 2018/19 (SS) season commenced with a 4 day October school holiday Tackers program and 3 hr Tackers Intro courses Tod Weymouth with 11 students attending. This was followed by a 7 week Sailing School Coordinator Saturday morning Tackers program starting mid-October and finishing mid Dec. Saturday 12hr Start Sailing 1 courses for adults were also delivered. The SS finished the year of 2018

by delivering another 4 day December school holidays Tackers Malcolm Hughes course with 12 students attending. The second half of the Principal season (2019) SS delivered a Tackers 4 day course in the first week of the April school holidays with 6 students attending.

10 Adelaide Sailing Club Sailability Group

Sailability is a worldwide, not-for-profit organisation that Bob and Deirdre towed the two Libertys to Sturt Reserve provides sailing opportunities to people with disability. In Murray Bridge for the annual two day Sailability Regatta with the summer 46 volunteers provided six (two cancelled) the 303 for Kathryn and Deirdre on the roof of the trusty, rusty opportunities for 40 participants with a disability to come Toyota. In very light shifty winds Tony to his great surprise came sailing. 3rd in the Liberty division while Chris Riordan a long standing Sailability member came 1st. Kathryn and Deirdre with 4th in The staff of Disability SA Morphett Vale accommodation site three out of the six finished up 6th in the 303 doubles division. book in early for their clients Gary and Roy to come sailing at midday with two empty large electric wheelchairs lined up on Two weeks later Bob, Deirdre and Terry (ACT) drove to Bunbury, the pontoon usually drawing interested spectators. Gary and WA for the Hansa Class National Championships at Koombana Roy don’t say very much but the joy on their faces out on the Bay Sailing Club with two Libertys, one for Bob from SA and water free of the confines of their chairs says it all. one for a sailor from NSW, two Hansa 303s one for Kathryn (PASC) and Deirdre from SA and one for Chris Riordan from We welcomed back Paul and Mandy who haven’t been able whose crew was from WA, on the trailer and the Hansa to come to Sailability for a couple of years but now through 2.3 from PASC sailed by Koji Harada from Japan on top of their NDIS plan are able to go sailing again. Three people who the car. Sailability Adelaide Sailing Club supports sailors of all sail yachts in the RSAYS Women’s Series are now enthusiastic abilities, all states and territories in Australia and the World. volunteers though doing everything on a Hansa Class was a bit different to the one task on a 38ft yacht. New participants As any sailor and volunteer would know, traditional après are Stacey whose squeals of delight can be heard all over the race debriefings are essential to skill development and the “pond” and Tony due to developing MS, was delighted to realise Clubhouse with the accessibility is a popular place after the that he hasn’t lost his 30-year-old sailing skills although the Sailability Sundays. The fun of Sailability is enjoyed by young forward facing joystick rather than a backwards operated tiller and the not-so-young, sailors and non-sailors, from ASC and gave him food for thought. Kathryn from Port Adelaide Sailing other sailing clubs. A BIG thank you to all the volunteers, your Club who is Deirdre’s skipper in the Hansa Class Worlds in cheerful, enthusiastic support is appreciated by everybody. Japan last October came for a try in January tested her fear of sailing in open water and found it not so scary.

Sailability member Kym came to try out the waters of Gulf St Deirdre Schahinger Vincent which is very different from the Murray River at Murray Co-ordinator Bridge and Goolwa and the Port River. Regulars Greg, Alan, Issac and Terri had a good summer whether sailing in light breezes or watching others getting their bums wet in wind and waves from the deck of Oceanique.

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 11 Trophy Recipients 2018/2019

Special Trophies Wales Trophy Best Junior Interclub events “Kaos” P & J Dirrman Perpetual Cup (e.g. States, Nationals etc) Thomas Gordon Most Promising First Year Skipper “Barbra” Ed Bates The Eileen Hardy Trophy Most promising junior skipper Dr David Tonkin “Mad Dog” Mitchell Young Most Improved Junior Sailor(s) “Glass Case Of Emotion” - Div 1 Cat Cameron Bath Ian Rowett Memorial Trophy John Pierce Memorial Cup Junior member of the Year. Selection by Handicap Race Sailing Development Group Thomas Gordon ‘Warpig’ Geoff McCloud, Mark Beaumont, Sam Flint The Volunteers Shield Wheeler Memorial Cup To a Volunteer group that contribute to Saturday afternoon sailing. Best Sharpie in interclub events (e.g. States, Nationals etc) Assisting for the whole afternoon for a majority of the season ‘Side Show Bob’ Luke Stephens, David Snoad, Matt Hansen Malcolm Hughes, Mike Rogers Phil Lawson Ron Marsh, Tracy Heritage, Bob Heywood, Graham Stanton, Mike Badenoch, The Dick Cooper Memorial Perpetual Trophy Andrew Gordon, Margaret Gordon, Tim Went, Tony Quinn, Alan Handicap Race Young, Brian Sorell, Al Seaman, Colin Gordon, Hubert Tucker, R.D. Wishart Oscar - Most Consistent boat Deirdre Schahinger, Pam Inns, Alan Johnson, Lianne Nolan, Matt ‘You’re Not My Supervisor’ Issy Royle, Pat Royle, Peter Royle Young, Peter Royle, David Singh, Gill Rogers, Steve Sampson H J Hogan Cup - 3rd in Club Championship City of Glenelg Mayors Perpetual Trophy ‘Went Management’ Chris Went, Tom Manhood, Harry Fisher Nominated by Committee of Management, C T Fisher Memorial Trophy person who made the greatest contribution 1st in yardstick event, Senior Classes. to the club during the year Alan Johnson S. L. Nancarrow (Australian Sharpie) Harold Gill Anchor Trophy Runner up Club Champion Contribution to sailing Phillip Lawson ‘Shaderunner’ Mark Soulsby, Tom Kennedy, Tom Alder Allison Family Trophy Cock O’ Walk Junior Sailor who shows initiative J. Maiden Cup - Club Champion and resourcefulnes Connor O’Brien ‘Maelstrom’ Jason Heritage, Chris Martin, James Hughes Gary Vardon Memorial Perpetual Trophy Best performance by a ASC sailor in a Single Division 1 Catamaran Handed Class including other Regattas Bob Schahinger The Gillard Trophy - 1st in yardstick event, Catamaran Classes The Pepsi Trophy ‘Kinda Sporty’ Steve Kroon, Matthew Chatterton The Chief Coxswain Rescue Boats or M. E. Morphett Trophy - Least point in club events Contribution to the maintenance of Cock O’ Walk Race Management boats & Vehicles Al Seaman 3rd Club Championship The James Trophy ‘Ten Tenths” Michael Vaughan, Francis Vaughan The purpose of the trophy is to recognise outstanding A. J. Fisher Perpetual Trophy contribution towards the advancement of the institution of ASC Runner-up Club Championship Inc and the sport of sailing. Tim Went S. L. Nancarrow (Division 1 Catamaran)

12 Adelaide Sailing Club Runner up Club Champion S. L. Nancarrow (International Cadet) ‘Glass Case Of Emotion’ Simon Bath, Cameron Bath Runner up Club Champion Jim Claridge Perpetual Trophy ‘Squid’ Connor O’Brien, Angus McDonald Div 1 Catamaran Club Champion Tiger IV Perpetual Trophy The Aquarius Perpetual Trophy Most completed club races Div 1 Catamaran Club Champion Cock O’ Walk ‘Nemo’ Simon Hallsworth,Ben Clark Hampden Perpetual Trophy International Cadets Club Champion Division 2 Catamaran ‘Kaos’ Thomas Gordon, Jake Miller Cock O’ Walk S. L. Nancarrow (Division 2 Catamaran) Optimist Runner up Club Champion Legacy Cup ‘AldebaranVI’ Phillip Pearce 3rd in Club Championship Club Champion ‘Phoenix’ Euan Bates ‘Atreus’ Warwick Kemp, Kalahni Bissi S. L. Nancarrow (Optimist) Runner up Club Champion Finn ‘Archimedes’ Elizabeth Parkinson Sunday Mail Yardstick Trophy Orange Spot Perpetual Cup Opening Day Y/S intermediate mono Most Consistant Boat 3rd Club Championship Cock O’ Walk ‘Oz2’ John Jenkins International Optimist Club Champion Club Champion S. L. Nancarrow (Finn) ‘Mad Dog’ Mitchell Young Runner up Club Champion ‘Room of Mirrors’ Guy Maegraith Sabre UNO- Trophy Most fastest in all Senior Classes The Inns Family Perpetual Trophy - Handicap Cock O’ Walk First on Handicap over the season Vice Patron’s Cup ‘Escape Route’ Marcello Bronzin Finn Club Champion The Soulsby Family Perpetual Trophy ‘Moby’ Neville Wild Runner up Club Championship S. L. Nancarrow (Sabre) International Cadet Runner up Club Champion ‘Therapeutic’ Trevor Brown Parslow Family Endeavour Trophy For the Skipper and Crew of an International Cadet for their Trevor Brown Perpetual Trophy endeavour in a sailing season. Most Consistent Boat Hubert Tucker Trophy Cock O’ Walk 1st in yardstick event Junior Classes The Inns Family Perpetual Trophy - Club Champion 3rd Club Championship Club Champion ‘G-Force’ Lily Miller, Noah Miller ‘Black Jack’ John Inns

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 13 Membership Report

Financial Members as at 31 March 2018

Membership Category 2019 2018 Adult Green fleet - 1 Club Volunteer/Supporter 41 51 Crew Member 23 15 Honorary Life Member Non-Sailing 17 17 Honorary Life Member Sailing 3 3 Junior Sailing 41 46 Senior Non-Sailing 17 16 Senior Non-Sailing (Seniors Card Holder) 4 6 Senior Sailing 53 66 Senior Sailing (Seniors Card Holder) 15 12 Student Sailing 5 6 Total Membership 219 239

14 Adelaide Sailing Club Statement of Income & Expenditure for the year ended 31 March 2019

2019 2018 INCOME $ $ Catering 285,193 560,948 Beverage 157,248 319,385 Sailing School 41,852 42,960 Canteen 21,359 10,841 Members Discounts (165) (2,331)

TOTAL INCOME 505,487 931,803

Cost Of Sales (440,967) (828,008)

GROSS PROFIT 64,520 103,795

OTHER INCOME Venue Hire 7,793 52,425 Members Services 64,427 55,157 Other Income 105,932 39,271 Rent Income 30,000 - Equipment Hire 19,220 17,622 Lease 22,906 40,982 Interest 865 1,014

TOTAL OTHER INCOME 251,143 206,471 TOTAL GROSS PROFIT & OTHER INCOME 315,663 310,266

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 15 Statement of Income & Expenditure for the year ended 31 March 2019

2019 2018 EXPENSES $ $ Audit & Accounting Fees 41,770 30,296 Advertising, Marketing and Promotion 3,624 10,908 Bank Charges 3,556 9,768 Computers 1,426 3,621 Cleaning 21,356 25,032 Depreciation and Amortisation 67,281 72,850 Electricity/Gas 37,774 43,009 Equipment 9,592 6,026 Insurance 31,218 31,189 Interest Paid 1,865 2,795 Lease/Land 22,945 35,771 Licence/Permits & Fees 2,268 2,210 Other Expenses 20,636 19,876 Printing & Stationery 2,889 4,823 Repairs & Maintenance 22,482 23,352 Rubbish removal - 1,502 Superannuation - Admin 2,945 3,187 Wages & Salary - Admin 30,996 34,550 Workcover - Admin 874 1,058 YSA/YA Fees 11,444 8,129

TOTAL EXPENSES 336,941 369,952

OPERATING SURPLUS/(DEFICIT) (21,278) (59,686)

16 Adelaide Sailing Club Balance Sheet as at 31 March 2019

2019 2018 CURRENT ASSETS $ $ Bank Accounts/Cash Bank SA Cheque Account 100,084 145,232 Cash Floats 585 3,850 Term Deposit 25,178 24,663 Savings Account 39,904 39,667 165,751 213,412 Stock on Hand Stock on Hand - Bar - 25,534 Stock on hand - Catering 1,244 9,801 1,244 35,335 Other Current Assets Trade Debtors 15,476 15,826 Prepayments 24,968 18,506 Other Current Assets - 5,133 40,444 39,465

TOTAL CURRENT ASSETS 207,439 288,212 NON-CURRENT ASSETS Boat Plant & Equipment Boat Plant & Equipment at Cost 128,823 128,823 Less Accululated Depreciation (88,851) (79,231) 39,972 49,592 Club Equipment & Fittings Club Equipment & Fittings at Cost 268,503 264,919 Less Accumulated amortisation (186,437) (168,855) 82,066 96,064 Leasehold Assets - Leasehold Improvements Leasehold Improvements at Cost 1,375,236 1,355,236 Less Accumulated Amortisation (645,740) (605,662) 729,496 749,574

TOTAL NON-CURRENT ASSETS 851,534 895,230

TOTAL ASSETS 1,058,973 1,183,442

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 17 Balance Sheet as at 31 March 2019 continued

2019 2018 CURRENT LIABILITIES $ $ Trade Creditors 28,788 43,818 Sundry Creditors 11,011 22,357 Customer Deposits - 46,231 Deferred Income - 6,285 GST Payable 4,392 19,272 Oven Hire Purchase (NAB) 2,987 2,987 Employee entitlements 4,454 7,898 TOTAL CURRENT LIABILITIES 51,632 148,848

NON-CURRENT LIABILITIES Oven Hire Purchase (NAB) - 5,975 TOTAL NON-CURRENT LIABILITIES - 5,975

TOTAL LIABILITIES 51,632 154,823

NET ASSETS 1,007,341 1,028,619

EQUITY State Government Grant 1,000,000 1,000,000 Current Year Earnings (21,278) (59,686) Retained Earnings 28,619 88,305 TOTAL EQUITY 1,007,341 1,028,619

18 Adelaide Sailing Club Notes to & forming part of the Accounts for the year ended 31 March 2019

NOTE 1 (e) PLANT AND EQUIPMENT STATEMENT OF Each class of property, plant and equipment is recorded at ACCOUNTING POLICIES cost, less where applicable, any accumulated depreciation. Fixed assets are depreciated over their estimated useful lives The financial statements are special purpose financial statements commencing from the time the asset is held ready for use. prepared in order to satisfy the financial reporting requirements Any gain or loss on the disposal of assets is determined as the of the Associations Incorporation Act 1985 and the entity’s difference between the written-down value of the asset at the Constitution. The Board has determined that Adelaide Sailing Club time of disposal and the proceeds from disposal, and is included Inc is not a reporting entity. in the results in the year of disposal. The financial statements have been prepared on an accruals basis The asset’s residual values and useful lives are reviewed and and are based on historical costs and do not take into account adjusted if appropriate, at the end of each reporting period. changing money values or, except where stated specifically, current valuations of non-current assets. Depreciation value is provided on a straight line and diminishing value basis on all plant and equipment, at rates calculated to The following significant accounting policies, which are consistent allocate the cost, less estimated residual value at the end of the with the previous period unless stated otherwise, have been useful lives of the assets, against revenue over those estimated adopted in the preparation of these financial statements. useful lives.

(a) CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand, deposits at call with banks, and other short term highly liquid investments Depreciation rates used are: with original maturities of three months or less. Rate Method Boat Plant & Equipment 10% - 33% DV (b) INVENTORIES Club Equipment & Fittings 5% - 33% DV Inventories consist of catering and bar stocks and costs are assigned on a first-in first-out basis and are valued at the lower Leasehold Improvements 2.5% - 10% PC of cost and net realisable value.

(c) INCOME TAX Adelaide Sailing Club Inc is an exempt body pursuant to Section (f) CLUBHOUSE LEASEHOLD IMPROVEMENTS 50-45 of the Income Tax Assessment Act 1997. The Club has entered into a 10 year ground lease over the land which the Club currently occupies at Barcoo Road, West Beach. (d) GOODS AND SERVICES TAX The lease with the West Beach Trust is for a period of 10 years Revenues, expenses and assets are recognised net of the commencing on 18 January 2018 and expiring on 17 January amount of GST, except where the amount of GST incurred 2028 and with a right of renewal for a further 10 years. is not recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of Leasehold improvements, fixtures and fittings are amortised on acquisition of the asset or as part of an item of the expense. a straight line basis over the lesser of their useful lives or the Receivables and payables in the Balance Sheet are shown term of the lease. The Club currently uses a lease term of 20 or inclusive of GST (where applicable). 40 years for amortisation purposes.

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 19 Notes to & forming part of the Accounts for the year ended 31 March 2019 continued

(g) EMPLOYEE ENTITLEMENTS NOTE 2 Provision is made for the entity’s liability for employee benefits EVENTS OCCURING AFTER arising from services rendered by employees to the end of THE BALANCE DATE the reporting period. The basis of provision is the statutory entitlements due to the employee and an allowance is made There have been no significant events that have occurred for employment on-costs. subsequent to 31 March 2019. NOTE 3 (h) REVENUE EXPENDITURE COMMITMENTS The entity recognises income on an accruals basis. Under the accruals basis of accounting, income is recognised in the The club has no outstanding expenditure commitments as at period that it relates to and income represented by outstanding balance date. debts has been brought to account as receivable assets.

(i) COMPARATIVE FIGURES Comparative figures have been adjusted to conform to changes in presentation for the current financial year where required by accounting standards or as a result of changes in accounting policy.

(j) CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The Board Members evaluated estimates and judgments incorporated into the financial report are based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained externally and within the entity.

(k) ECONOMIC DEPENDENCY The future operations of the Club are dependant upon achieving and maintaining appropriate membership numbers, the continued support of the local community for club activities and the achievement of operating surpluses and positive operating cash flows.

20 Adelaide Sailing Club Auditor’s Report

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ADELAIDE SAILING CLUB INC

Opinion

We have audited the financial report of as at 31 Adelaide Sailing Club Inc March 2019 and the Statement of I (“the Club”), which comprises the financial statements, including a summary ofncome and Expenditure for the year then ended, and notesBalance to the Sheet significant accounting policies and the declaration by In our opinion, the financial report presents fairly, in all the Board. Club Inc as at 31 March 201 material respects, the financial position of Adelaide Sailing 9, and its financial performance for the year then ended in accordance with the accounting policies in Note 1 to the financial report and the requirements of the 1985. Associations Incorporation Act,

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial report. We are independent of the entity in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Report section of our are relevant to our audit of the financial report in Australia.Code of We Ethics have for also Professional fulfilled our Accountants other ethical responsibilities in accordance with the Code. (the Code) that

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – regarding basis of accounting

Without modifying our opinion, we draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the Club to meet the requirements of the Incorporation Act, 1985 . As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter Associations . Other information

The Board Members are responsible for the other information. The other information comprises the informati the Annual Report for the year ended 31 March 201 report thereon. 9, but does not include the financial report and the auditor’son in

Our opinion on the financial report does not cover the other information and we do not express any form of assurance conc lusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of the other information we are required to report that fact. We have nothing to report in this re

gard.

L3 153 Flinders Street Liability limited by a scheme approved under Professional Standards Legislation. Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, Nexia Adelaide SA 5000 Australia Pty Ltd, which is a member of Nexia Inter GPO Box 2163 firms. Neither Nexia International nor Nexia Australianational, Pty Ltd a deliver worldwide services network in its of own independent name or otherwise.accounting Nexia and consulting Internati Adelaide SA 5001 Limited and the member firms of the Nexia International p +61 8 8139 1111 includes the word NEXIA) are not part of a worldwide partnership. network (including those members which trade under a name whichonal The trade w nexiaem.com.au marks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used under licence.

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 21 Auditor’s Report Continued

INDEPENDENT AUDITOR’S REPORT ONT TO TE EERS O ADEAIDE SAIIN U IN

Members’

are responsible for the preparation and fair presentation of the financialand for such report internal in accordance control he Board ebers Associations Incorporation Act 1985 ith the financial reportin reuireents of the he preparation and fair presentation of a financial report that as anaeent deterines is necessar to enable t is free fro aterial isstateent, hether due to fraud or error Club’s abilit to continue as Board ebers are responsible for assessin the n preparin the financial report, the a oin concern, disclosin, as applicable, atters related to oin concern and usin the oin concern basis of ebers either intend to liuidate the entit or to cease operations, or hae no accountin unless the Board

realistic alternatie but to do so

Auditor’s responsibility for the audit of the financial report

ur obecties are to obtain reasonable assurance aboutnd hether to issue the an financial auditor’s report report as that a hole includes is free our fro opinion. aterial isstateent, hether due to fraud or error, a n it eists isstateents Reasonable assurance is a hih leel of assurance, but is not a uarantee that an audit conducted in accordance ith the Australian Auditin Standards ill alas detect a aterial isstateent he can arise fro fraud or error and are considered aterial if, indiiduall or in the areate, the could reasonabl be epected to influence the econoic decisions of users taen on the basis of this financial report

As part of an audit in accordance ith the Australian Auditin Standards, e eercise professional udeent and aintain professional scepticis throuhout the audit e also r due to fraud or error, • dentif and assess the riss of aterial isstateent of the financial report, hethe desin and perfor audit procedures responsie to those riss, and obtain audit eidence that is sufficient and appropriate to proide a basis for our opinion he ris of not detectin a aterial isstateent resultin fro fraud is hiher than for one resultin fro error, as fraud a inole collusion, forer, intentional oissions, isrepresentations, or the oerride of internal control t procedures that • btain an understandin of internal control releant to the audit in order to desin audi are appropriate in the circustances, but not for the purpose of epressin an opinion on the effectieness

of the Clubs’ internal control iates • Ealuate the appropriateness of accountin policies used and the reasonableness of accountin est and related disclosures ade b those chared ith oernance embers’ use of the going concern basis of accounting and, Board ed to eents or conditions • Conclude on the appropriateness of the based on the audit eidence obtained, Chetherlub’s abilit a aterial to continue uncertaint as a oin eists concern relat f e conclude that a that a cast sinificant doubt on the material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadeuate, to odif our opinion ur

conclusions are based on the audit evidence obtained up to the date ofas our a oin auditor’s concern report. However, future eents or conditions a cause the entit to cease to continue

L3 Liability limited by a scheme approved under Professional Standards Legislation. Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, Nexia onal 153 Flinders Street national, a worldwide network of independent accounting and consulting Australia Pty Ltd, which is a member of Nexia Inter Adelaide SA 5000 firms. Neither Nexia International nor Nexia Australia Pty networkLtd deliver (including services those in its members own name which or otherwise. trade under Nexia a name Internati which

GPO Box 2163 Limited and the member firms of the Nexia International Adelaide SA 5001 includes the word NEXIA) are not part of a worldwide partnership.

p +61 8 8139 1111 The trademarks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used

w nexiaem.com.au under licence.

22 Adelaide Sailing Club

INDEPENDENT AUDITOR’S REPORT TO TE EERS O ADEAIDE SAIIN U IN ONT

Auditor’s responsibility for the audit of the financial report (Cont)

• valuate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

e communicate wi th the oard audit and significant audit findings,embers including regarding, any significant among deficiencies other matters, in internal the planned control scope that we and identify timing duringof the our audit.

exia dwards arshall

hartered ccountants

amie recow artner

delaide outh ustralia

une

L3 153 Flinders Street Liability limited by a scheme approved under Professional Standards Legislation. Nexia Edwards Marshall is an independent firm of Chartered Accountants. It is affiliated with, but independent from, Nexia Adelaide SA 5000 Australia Pty Ltd, which is a member of Nexia Inter GPO Box 2163 firms. Neither Nexia International nor Nexia Australianational, Pty Ltd a deliver worldwide services network in its of own independent name or otherwise.accounting Nexia and consulting Internati Adelaide SA 5001 Limited and the member firms of the Nexia International p +61 8 8139 1111 includes the word NEXIA) are not part of a worldwide partnership. network (including those members which trade under a name whichonal The trade w nexiaem.com.au marks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used under licence.

ANNUAL REPORT & FINANCIAL STATEMENTS, SEASON 2018-2019 23 Annual Report & Adelaide Sailing Club Financial Statements acknowledges the support of the following sponsors 2018/2019 Statement by the board for the year ended 31 March 2019

The Board of Management has determined that Adelaide Sailing Club Incorporated is not a reporting entity and this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements. In the opinion of the Board: 1. the accompanying financial report presents fairly the results of the operations of Adelaide Sailing Club Incorporated for the financial year ended 31 March 2019 and the state of affairs of the association as at that date; and 2. at the date of this statement, there are reasonable grounds to believe that Adelaide Sailing Club Incorporated will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Board.

Neville Wild Phillip Lawson President Treasurer Dated this 6th day of June, 2019

Report by the board for the year ended 31 March 2019

In the opinion of the Board of Management: 1. No officer or no firm of which an officer is a member or no corporate in which an officer has a substantial financial interest has received or become entitled to receive or benefit as a result of a contract between the officer, firm or corporate and Adelaide Sailing Club Incorporated. 2. No officer of Adelaide Sailing Club Incorporated has received directly or indirectly any payment or other benefit of a pecuniary value other than normal salary payments. Signed in accordance with a resolution of the Board.

Neville Wild Phillip Lawson President Treasurer Dated this 6th day of June, 2019

24 Adelaide Sailing Club Adelaide Sailing Club acknowledges the support of the following sponsors www.adelaidesailingclub.com.au P (08) 8294 3232 | E [email protected] Barcoo Road, West Beach, South Australia | PO Box 28, Glenelg, South Australia 5045