FUTURE OUTBUILDING SUBJECT TO FUTURE PLANNING APPLICATION RQYS PONTOON

Celebrating 30 Years N Rq Canaipa

RQ FLAG POLE

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PROPOSED FUTURE RQ LONGHOUSE (OPEN PAVILION) SUBJECT TO FUTURE EXISTING SHED PLANNING APPROVAL

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ICE ANNUAL REPORT7 0 MACHINE BBQ R Q L O N G H O U S E E X I S T I N G P O O L STRUCTURE SIMILAR TO EXISTING BBQ BAIN MARIE AMENITIES PAVILION GAS A R E A S B UP CANTILEVERED DECK BOTTLES F L O O R A R E A - 163 sqm SERVERY D E C K & W A L K W A Y A R E A - 35 sqm

D I N I N G P R E S E N T A T I O N B PF BINS FRZR. A R E A STORE WASH Year EndedS E C T I 30thO N A April- A 2021 REF. S C SCREEN SCREEN SCALE 1:100 B PF

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Royal Queensland Yacht Squadron Limited FOUNDED 1885 OFFICE BEARERS 2020-2021

BY WARRANT PATRON Dated 21 July 1894 His Excellency the Honourable Paul de Jersey AC, Governor of Queensland Under the Seal of Office of the Lord High Admiral of the United Kingdom of Great Britain and Ireland etc., Members of the Club are permitted COMMODORE FINANCE, MARKETING & to wear on Board their respective Captain Barry Cuneo DEVELOPMENT COMMITTEE vessels the Blue Ensign of Her Andrew Gibbs Majesty’s Fleet, on certain conditions, (Honorary Treasurer & Chairman), as laid down in the said Warrant. VICE COMMODORE Ben Barnes, Andrew Bruce, David Redfern Alexander Crooke, Peter Crowley BY DESPATCH Dated 13 March 1902 REAR COMMODORE COMMITTEE John Warlow Todd Anderson (Chairman), Louise Davis, Noel Paterson, His Majesty, King Edward VII, has Stephen Tapsall, Helen Warneke been pleased to bestow the title HONORARY TREASURER “Royal” upon the “Queensland Yacht Andrew Gibbs Club”. POWERBOAT COMMITTEE HONORARY MEASURER Philippa Fenwick (Chairperson), Bill Wright Glen Battershill,John Higgins, BY DESPATCH Chris Land, Peter Shepherd Dated 12 July 1961 GENERAL MANAGER WORKS COMMITTEE Her Majesty, Queen Elizabeth II, Shawn Ket Curtis Skinner (Chairman), has been graciously pleased to David Bull, Dan Tooth, approve the change of name of your Peter Watkins, Richard Wendt club to the Royal Queensland Yacht GENERAL COMMITTEE Squadron. Todd Anderson,Philippa Fenwick, HOUSE & ENTERTAINMENT Andrew Gibbs, Rod Johannessen, COMMITTEE INCORPORATION Curtis Skinner, Grant Somerville Rod Johannessen (Chairman), Royal Queensland Yacht Squadron Trish Brewer, Stewart Cumming, Limited Australian Company Number Steve Wiggins 053 989 272 is a registered company under Division 1 or Part 2.2 of the MEMBERSHIP COMMITTEE Corporations Law of Queensland and Grant Somerville (Chairman), because of its registration it is an Daniel Alcock, Melissa Hardy, incorporated company. Michael Moore, Cameron Whitford

The company is limited by guarantee.

The company is a public company. Front Cover: The day of commencement of RQYS Canaipa 30th Anniversay registration is the fourteenth day of Celebrations & Proposed new October 1991. Long House project Photo by: Ryan Hoppner & plan by Robin Spencer Architects

Opposite Page: Division yacht sailing at RQ 2 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED 3 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

COMMODORE’S ANNUAL REPORT 2021

After reviewing my report to members from many. Be it repairing and restoring Club boats, to last year’s Annual report, I believe that no one masses of volunteers on water, to tending lawns and anticipated we would, one year later, still be gardens, we have all worked together, to support our discussing COVID 19 as a priority. For RQYS, with staff and Club through difficult times. The overflow the significant changes we made a year ago, we of energy is now accelerating the member benefits are now in a stronger and more financially secure as we return to normality. position than ever, with the future security extremely well entrenched. In May 2021, we successfully conducted one of the greatest Member focused events in the Squadron’s With the financial strength and business structure in History – Canaipa 30. I managed to view the photos a secure position, we have been able to concentrate from the day – a smile on everyone’s face – which on Member Services. Most notably, our member was the ultimate goal for the day. For the future, we base has grown to well over 4,000, with the most now have shown the entire Membership our famous growth appearing in Full Membership and Junior “Down the Bay” destination, previously only enjoyed numbers. With the significant improvements to by Full Members and their families and invited our net profit and efficiencies, we have been able guests. With the generous donations towards the to restart our CAPEX projects, put on hold during Canaipa Long House and incorporated History of the crisis from which we are emerging. As I write, Sail Museum, a whole new dimension of Member the major bar renovations are commencing. Benefits is developing. We have made significant improvements to our hardstand and parking areas, with extensive tarmac At time of writing, our Olympians are preparing replacement and expansion. Improvements in for the Tokyo Olympics – yes, a year later than grounds, shade and lawns, including irrigation of all expected, and anticipated to be conducted without rigging lawns are evident. Carparking has increased spectators. We wish the entire team the best to ensure we cater for the increased Member of success, especially our own Jake Lilley, Mara activity at the Club. Stransky, Mat Belcher and Will Ryan.

It seems an obvious statement to make that Sailing This last year has seen many changes, requiring and general activity at RQYS has significantly the ability to modify and fine tune our strategies, increased this year. Most notable increases are in dependent on so many external variables. The Junior and OTB sailing – our feeding ground for a load and stresses of the period have been so ably secure and healthy membership base for the future. borne by our General Manager, Shawn Ket and I cannot discuss sailing growth without noting his extremely dedicated team, along with the Flag the enormous boost to the activity and energy Officers, Honorary Treasurer, General Committee around the Club by Yachtshare Members, through and all Committee Members. Everyone, including all Anton Prange and his team. Anton’s dedication Members have been Volunteers at some stage over to our Club, members and the sport of sailing is the last year. This is what makes a Club succeed. so complete. This is such a positive indicator that We have all worked together to emerge in a better our Club is inclusive, diverse and able to cater position than we entered the whole shut down last for all boating activities. As our key Club Sponsor, year. Yachtshare has brought so much to our community. It is unfair to single out one person for special Volunteers have shown their true dedication more consideration however, just this once, I will take than ever over the last year. From the onset of the liberty to do so. Lynne Jackson is retiring soon. COVID, we “called to arms” all Members to see Lynne has been giving her all to the Club and how we could help the Club, to ensure our long Members for over thirty years, selflessly and without term security. It has been a humbling experience ever saying no (well actually Lynne knows how to say to be inundated with such strong dedication by so ‘no’ to me and I would never go against her advice).

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COMMODORE’S ANNUAL REPORT 2021

Lynne has been our Club’s Mum and mentor. Throughout the entire period of my term as a Flag Lynne knows what is appropriate and what simply Officer, my wife Julie has been an enormous support shouldn’t be done. The knowledge, comfort, care to me, especially during my service as Commodore. and historical knowledge which Lynne displays are Thank you so much for your support Julie. without equal. On behalf of all Members, we wish you a safe and happy retirement Lynne. To all Members, Staff and Volunteers, I thank you all so much for the honour of representing you as We have the Club in an active, positive and Commodore of our great Squadron. financially healthy state for the future. I wish our incoming Commodore David Redfern, Vice Fair winds and Good sailing. Commodore John Warlow and Rear Commodore Curtis Skinner all the best for the next period of our Capt Barry Cuneo great Club. The Club is in very good hands. Commodore

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HONORARY TREASURER’S REPORT 2021

The accounts are presented in short form to facilitate Half Yearly Charges now brings the sub subleased a better understanding by members of the financial berths in both Marinas into the targeted break even affairs of the Squadron. The report complying with position, which we anticipate will stabilise Half Yearly the Corporations Law appears later in this Annual Charges into the future. Combined, these elements Report. led to a Profit before Depreciation, Interest and Taxes of $3,366,484 vs FY20 $1,891,728. Importantly, Consistent with prior years, the consolidated financial excluding all abnormal revenue, accelerated statements of the Squadron and Controlled Entities depreciation and maintenance spend, resulted in an (Squadron) include for reporting purposes the underlying operating net profit of $854k 646k. results of RQYS Marina Ltd and Royal Queensland Yacht Squadron John Harrison Olympic Support With stable and streamlined operations, improving Foundation (JHOSF). It is important to note that the profits and the stimulus and member support common or legal definition of “control” differs from received, important plans progressed which included: the accounting definition contained within Australian • $570k k increase repairs & maintenance Accounting Standard AASB 10. The accounting expenditure (FY21 $1,035k 292k FY20 definition is broader in scope. Each entity within the $462k) consolidated group of companies is a separate legal • $475k k increase in Capital expenditure entity. The consolidated group is not a legal entity. (FY21 $940k 683k FY20 $465k) • $295k 427k increase in Depreciation The amount of income tax payable is determined for charge (FY21 $2.24m FY20 $1.9m) each legal entity. RQYS Marina Limited is assessed • $598k reduction in borrowings as being tax paying. With the exception of JHOSF, current tax rulings are in place recognising the other The outlook for 2021/22 is for an operating profit of entities as non-tax paying. The tax status of JHOSF is $400k and continuation of debt reduction. We thank dependent on its compliance with the Australian Tax you members for your ongoing support of our club. Office Private Ancillary Fund guidelines under which it was established. Andrew Gibbs Honorary Treasurer The financial statements of the Squadron summarise the financial results of its operating activities. This financial year had extra challenges as the Squadron navigated the new operating requirements of COVID-19. Squadron staff, volunteers and members are commended for the way they have handled this changing environment. We are pleased to report the consolidated profit for financial year ended 30 April 2021 was $812k on revenue of $12.1m compared to the prior financial year FY2020 which ended with a loss of $248k on revenue of $13.1 million.

The gross revenues include COVID-19 related stimulus and support received totalling $991k vs FY20 $129k. Our gross revenue declined partly due to COVID-19 but also materially due to changes in the way we operate our sailing, property and food and beverage businesses. Operating changes provided significant cost savings with total costs declining to FY21 $9,164,396 from FY20 $11,505,974. Pleasingly, the five-year progressive correction to

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HONORARY TREASURER’S REPORT 2021

Short Form Financial Report (Unaudited) Revenues and costs

2021 2020 Total revenues 12,185,131 13,064,670 Total Costs 8,887,277 11,172,942 Profit before Depreciation, Interest and Tax 3,220,709 1,891,728 Depreciation 2,219,313 1,923,446 Finance Costs 266,220 216,324 Income tax 0 0 Profit/(Loss) for the year 812,321 (248,042)

Assets and liabilities Assets Cash 4,299,072 856,686 Trade Receivables 1,529,657 1,603,706 Inventories 179,077 118,400 Prepaid expenses and other current assets 589,457 555,196 Income Tax Accounts 0 0 Property, plant and equipment at net book value 25,820,655 26,807,810

Total assets 39,211,715 37,416,785

Liabilities and advance payments Trade and other payables 3,998,587 2,513,323 Borrowings 1,209,170 1,807,544 Employee benefits provisions 478,875 478,045 Payments received in advance - marina rentals and membership fees 16,511,600 16,510,108

Total Liabilities and advance payments 27,632,304 26,379,695

Retained profits and reserves 11,640,510 11,037,090

RQYS John Harrison Olympic Support Foundation and ISOSSF 2021 2020 Payments in support of our Sailors 66,684 114,286 ROYAL QUEENSLAND YACHT SQUADRON LIMITED 7 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

SAILING COMMITTEE REPORT 2021

In 2020/2021 the RQYS Sailing Program averaged 42 vessels per week offering the weekly accomplished an amazing job of working around the break ritual for the enthusiastic sailors. pandemic restrictions and fulfilling as many Club sailing, Fleet, State and National Championships A recap of member standouts over the last year as was possible due to the diligence of the Sailing from big boats to small reveal the 2020 Brisbane team and ever present hard-working Volunteers. It to Keppel Race special mentions are given to the was a year of change and restructure in the Sailing TP52 of Scooters on Line Honours and IRC Office with James Tapp taking the position of Sailing win and Ian Richardson and Ian Miller on Bazinga Manager in July 2020 from Interim Sailing Manager for their two-handed victory and IRC 2nd Overall. The Katy Jones who in turn took over from Brady Lowe. winter weather again delivered a wet and wild ride across the ‘paddock’ and into Keppel Bay Marina. It An extensive cost analysis of the Sailing Office was was certainly a touch and go moment as to whether undertaken across staff and assets. Under James the race would go ahead with COVID 19 lockdowns Tapp the Sailing department team masterly ran the released just prior to the start. Remarkably 136th Sailing Season Program, This included seven B2K2020 was the only offshore race held on the State Championships: the International class, East Coast of Australia in 2020. QLD Championships, VX One’s, A-Class , Etchells class, School State Team Moving along to the 2021 QLD Yachting Championships, and the Windfoil and Kitefoil State Championships this was won by Peter Harburg’s Championships. We were also able to hold the Sail MC38 Blackjack. In our evergreen Etchells class Brisbane regatta, the VX One Nationals and the Bradley Ginnivan and crew won the trifecta of 2021 South Pacific Masters. Squadron Champion, QLD State Champions and Brisbane Fleet Champions. In the VXOne Fleet Other high profile events built into the busy schedule Ben Franklin achieved National Champion, State for the Off-the-Beach classes included QLD Youth Champion and Squadron Champion. Week, Envy Scooters Summer Regatta, the Brisbane Windfoil Pro and one of the only offshore races on Tokyo 2020 - In the Olympic year now pushed back the planet in 2020 – The Club Marine Brisbane to 2021 Australian Sailing Team members Jake to Keppel Tropical Yacht Race! James Tapp has Lilley and Mara Stransky have been training hard in recently moved back to his profession as a Qantas Sydney, Coffs Harbour and the Gold Coast in similar Pilot and handed over to Dingley who has conditions to Enoshima, 50km from Tokyo, where smoothly transitioned into the role and is already the sailing will be held beginning July 25 to August achieving great things as the RQYS Sailing Manager. 4th 2021. Unfortunately for Mara, International events such as Worlds in 2020/21 The RQYS 136th Summer Season of Club racing grew were cancelled. However, the Finn Gold Cup in on last season with 189 entries total in Off-the- Porto Portugal took place in May 2021 where Jake Beach classes, Etchells and keelboat racing. 71 of Lilley placed a strong 7th tapering well into the the Season entries consisted of junior fleets - Laser Olympic Games. Longstanding club Australia Sailing 4.7, Laser Radial, , Flying 11, 29ers and the Squad athlete Tom Needham and Joel Turner have continual upswing of the class. There was also been very busy sailing as training partners noticeable growth in the Optimists, Finn and VXOne for the Phillps brothers Olympic hopefuls. With the fleets with new owners joining to boost numbers exciting news Brisbane is in the strong running for to mid 20’s in each fleet and providing a welcome the 2032 Olympics, RQYS has been in discussions predicament of grounds storage. These class with Government regarding the sailing venue which associations are very active groups pushing forward. will unfold in the latter half of the year. Recent new bitumen surfacing in the western hardstand and modifications to existing areas have Notable Mentions – High Sailing Achievements assisted in a home for these new boats. In addition locally and interstate include Zane Taylor in to the strong Off-the-Beach fleet, the ever popular Optimists, Kate Baisden and Hugo Ralph in Laser weekly WAGS event for Monohull and 4.7, Ashlee and Brayden Daunt, and Max Yoshida

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SAILING COMMITTEE REPORT 2021 in the 29ers, Isaac Schotte, Max Williams and including 26 new Green Fleet Optimist sailors. 110 Frances Beebe in Laser Radial and Julian Savina in sailors per term are now involved in Youth Squad Windfoil. It is difficult to list everyone here, however training with Squadron members Sammie Costin, the Youth and Senior Presentation nights were Frazer Brew, Ashley and Braden Daunt on the both held at full capacity where all sailors were Australian Future Team. acknowledged for their huge efforts over the last 12 months. Congratulations to our Junior Sailor of the Of course without a pool of selfless Volunteers and Year - Hugo Ralph, our Youth Sailor of the Year - Tom Race officers we cannot produce world class racing Needham and Sailor of the Year - Ben Franklin, at our wonderful facility. From myself and Sailing Committee we thank all Volunteers for this vital role. In what was a challenging year the RQYS rigging lawns and marina wre always abuzz with activity, I would like to send deep thanks to the Flag Officers, training and most importantly, a communal Board members, Sailing Office, Sailing Committee, atmosphere amongst members. It is important and RQYS Management for their wise counsel in a to praise the time and effort put in by so many challenging year and to the staff for their extensive parents, friends and class associations, from knowledge base and professionalism. Our member’s the Optis through to Flying 11’s, Nacra 15’s and passion for sailing shone through and our lifeblood Raceboards, in support of the efforts of our sailors of sailing as a sport, is stronger than ever. to pursue their passion for sailing. The RQYS Sailing Office works closely with a selection of coaches and Todd Anderson the QAS to provide pathways for our future sailing Chairman - Sailing Committee talent and the Squadron continues to offer support via the Wyuna Syndicate.

RQYS is the No 1 Discover Sailing Centre in Australia. Through Gumdale School we have introduced 650 new students to sailing this year

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POWERBOAT COMMITTEE REPORT 2021

The Powerboat Cruising and Navigation Committee Another COVID tragedy was the Night Raid includes both the Sail and Power Cruising Groups Navigation Event due to take place on Saturday 4 which operate independently and have delegates July. That course will now be used for the event on that report their activities at our meetings Saturday 21 August navigating around the southern throughout the year. This has allowed a sharing side of Peel; emphasis will be on traditional of knowledge and participation by all groups navigation using the lights around the Bay to safely represented on the committee. navigate to Myora.

Last years annual ‘Cruising and Navigation POWER CRUISING by John Higgins Presentation Dinner’ was cancelled due to the COVID lockdown. However, presentations of the The 2020/21 Power Cruising cruises/activities perpetual and special trophies were made in a restarted again last August after a six month COVID special ceremony after the Sail Past on Opening Day hiatus. No formal annual calendar was developed, in September. rather it was approached on a quarter by quarter basis and continued the emphasis of activities with NAVIGATION the Sail Cruising group where possible.

The Powerboat Committee is responsible for Post COVID cruising recommenced early August with organising and running three competitive navigation a combined Power & Sail “Christmas in July” event events throughout the season. We cater for both at Canaipa with approximately 60 folks attending. GPS and Traditional navigation methods. As one Other cruises throughout the period included the of the events, the Past Commodores’ Cup was October Labour Day long weekend to Southport, postponed to the end of August we are including a combined Power & Sail Christmas party at the four events for seasons points this year. Squadron completed the year.

• Past Commodores’ Cup – August 2020 2021 commenced with the Power & Sail groups Postponed due to COVID. A morning start Australia Day weekend with 83 attendees and attracted twelve vessels with everyone back at saw both groups competing against each other the Squadron for lunch and presentations. with a cricket match and various other games. Scarborough was the destination mid-February, • Goodwill Cup – November 2020 as guests of the Moreton Bay Boat Club, with This is the premier event in the Log Eventing 8 boats and 20 attendees. The Bribie Island calendar, a shared event with Southport Yacht Easter cruise was unfortunately cancelled due to Club. With a light chop and excellent weather inclement weather however the Anzac Day weekend conditions, twenty-two RQYS and eleven SYC to the Little Ship Club saw 8 boats and 20 people boats competed for the coveted Goodwill attending. An enjoyable overnight cruise to Days Trophy, an annual tradition that has continued Gutter in May (rescheduled from a December for 59 years. RQYS retained the Goodwill weather cancellation) with 8 boats completed this Trophy for another year. season. • Myora Cup – March 2021 A strong fleet of twenty-five vessels competed Both cruising groups are preparing to cruise north in tough conditions for a successful weekend at mid July with various fun destinations and activities Canaipa. planned. • Past Commodores’ Cup – May 2021 Our day event with competitors returning to the Squadron for lunch and presentations. This event attracted ten vessels with some battling cross currents to maintain course.

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POWERBOAT COMMITTEE REPORT 2021

SAIL CRUISING by Craig & Kerry Margetts

The past year has been a challenging one for everyone with COVID-19 cancelling sporting and Research Station on North Stradbroke Island near social events. Fortunately restrictions were eased Deanbilla Bay which was a fascinating event for in time for an informal cruise to be arranged to all who attended. The March cruise was hosted by coincide with the Night Raid navigation event in Quentin and Barbie Grainger for an “Out Of Africa” July, however weather considerations had the cruise themed charades weekend which was enjoyed move from Myora to Perulpa Bay on Macleay Island by a wonderful fleet of 17 boats comprising 45 and a small group of yachts anchored at a safe people. April was besieged by bad weather and social distance - but enjoying the new freedom. Our the highly organised cruise to Lord Howe Island traditional Christmas in July with the Power Boat (“Cruise East”) by Ian Cooper started with 17 group had to be deferred to August, but it was a interested boats, but the rigorous preparation to great success as always. Dean and Sally Johns, Cat 1 Standard (or nearly) whittled the fleet to along with John Higgins arranged a wonderful only 4 boats. A snap lock down for COVID saw weekend with 11 Sailing and 11 Power boats two of these withdraw due to crew being unable attending, a total of 55 people - with food prepared to make it - and one of the two who ventured forth in COVID-Safe style by the Committees. had to turn back due to gear breakage 30 miles from the Seaway. Nicky C had heavy weather but The September Cruise arranged by Craig and Kerry an enjoyable time once they got to Lord Howe Margetts had a Pirate theme and 11 boats went Island. The May-Day cruise to the Gutter Bar was to Blakesleys where a blind pirate dinghy race was unfortunately cancelled due to weather but may be followed by a socially distanced pirate quiz in rafted rescheduled. Our final cruise, during June, was up keeping participants the required 1 fathom the Brisbane River “Cruise West” to Ian Wright’s (1.5m apart). October saw Ian and Debbie Cooper shipbuilding works and this wrapped up the year. take 12 boats for a long weekend to Beautiful Bribie Island anchoring in Pumicestone Passage along Upcoming cruises for 2021-22 include a “Cruise Bongaree Beach and dinner at the Sandstone Point North” to the Whitsundays in July/August as well as Hotel. In early November Rae and Geoff Boyd took a “Cruise South” down to circumnavigate Tasmania us to Blakesleys again for a wonderful Hawaiian in January/February, as well as our regular Luau themed progressive dinner, attended by 7 Christmas in July, Christmas Canal Cruise and boats. Later in November a joint Christmas Party Australia Day cruises to name a few. was held with the Power Cruising Group on the RQYS lawns, and 2020 was wrapped up by Craig Thank you, John, Craig and Kerry, for your reports and Kerry Margetts taking us on the now traditional and a special thank you to my Committee – Chris Christmas Lights cruise around the Raby Bay Land, Glen Battershill, John Higgins and retiring Canals. member, Peter Shepherd. Thanks also to our many volunteers and members who support our 2021 saw the RQYS Sail and Power Cruising events and to our sponsors who donate, particularly Groups do battle for the Australia Day honours Trymax Marine for the vouchers they donate for at Canaipa. 12 sailing boats and 17 power each navigation log event. Whether it is cruising in boats attended, and we were graced by company or competitive navigation, there is plenty Steve and Terri Irwin (aka Richard and Liz going on! McMillan). Congratulations to the power boaties who were victorious on the day, but we have vowed Philippa Fenwick to come back to avenge ourselves in 2022! Our Chairman – Powerboat Committee February cruise had more of an educational nature as Immediate Past Chairs Rosalie Dolan and Peter Shepherd took 37 of us to the Moreton Bay

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MEMBERSHIP COMMITTEE REPORT 2021

The Membership Committee has been active An opportunity for those older members who over the last twelve months submitting various may not frequent our premises as regularly as recommendations on membership matters to the they have done in the past is provided by the ‘Old General Committee. Even though a number of Buffers Morning Tea’. It was great to see this group months passed with subdued Squadron activity, renewing old friendships and relaying tales of membership movement has continued at pleasing past voyages. Thanks to Past Commodore Richard levels. Early in the year, a number of our Members Crooke for this initiative. chose to review their membership options, however as sailing and hospitality began to ramp up, The other two milestones of Squadron membership, reinstatements and new members applications kept the 21 Club and 42 year Warriors were celebrated our team busy again. this year with a combined function acknowledging their respective years of involvement with the Club. In the 2020/2021 financial year, membership We have a combined total of 623 members in these numbers contracted to 3052 in June 2020 from two categories. a high of 4225 in the previous financial year. However at the end of this reporting period, the total The pathway to Full Membership is still most evident membership number was 4072. Interestingly, Full with those joining as Juniors or Young Adults. Those Membership categories have increased by nearly young and hopeful boaties eventually progress into 10% to 2067 while Social Members have declined Full Membership through many of the Squadron’s to 363. With sailing back in full swing, Junior and activities and initial training programs. Through Young Adult Membership has had a solid increase team sailing and then eventually fleet racing, they throughout the year. Total new members for the year continue to enjoy a boating life as Senior members, were 612, while resignations were 497. ultimately encouraging the next generation on the same pathway. Our Social Membership category As our New Member Welcome functions had been has also been a fertile source, with folks joining in curtailed during the imposed closures, the occasion order to enjoy our hospitality areas only to become returned when restrictions were eased, with three captivated by our many on water activities and gatherings being held between February and April upgrading to full participation levels. 2021. These are always happy events where new members are introduced to the Commodore and Evident this year was the overwhelming loyalty and other familiar faces on our Squadron Committees commitment by members who made payment of and interest groups. A copy of the Club’s early subscription renewals well before the due date history ‘Up the River and Down the Bay’ is of April 30. I would like to thank our hard working presented to each new member. Comments from membership team who facilitate membership, the Commodore emphasising the rich history and Lynne Jackson, Alicia Soszynski and Leisa Keats, for traditions of the Club, the sense of belonging and their ongoing dedication to the Squadron and our the lifelong friendships that can be made, are well members. received. Volunteers form the backbone of most clubs and Acknowledgement of our all-important Sponsors is ours is no different. As well as on water duties also provided ensuring our continued support being our volunteers support the club in many different manifested in their ongoing generous patronage. facets. The committee structure that underpins the Squadron’s direction is fundamental in our At the other end of our membership ladder, the continued success. My thanks to fellow Membership annual 50 Year Member Lunch was held again this Committee members Cameron Whitford, Daniel year in our traditional Flags Function Room. Our Alcock, Melissa Hardy and Michael Moore for their Squadron has over 120 members who can boast 50 contribution and commitment to our Club. years or more membership with many of these folks still very active in Squadron life. Grant Somerville Chairman - Membership Committee

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MEMBERSHIP COMMITTEE REPORT 2021

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HOUSE & ENTERTAINMENT COMMITTEE REPORT 2021

The past year has been one of bedding down how The House & Entertainment Committee is preparing hospitality services at Squadron are now delivered. plans for a number of new events that fall under This has seen the introduction of a new menu and its new role. We are therefore seeking support approach to service in the Ancora Bistro that is from members who have experience in event tailored to the needs of RQYS members and guests. management or in developing e-commerce portals and are willing to volunteer their time in the coming The hospitality team led by Hospitality Manager year. The Canaipa 30th event was made possible Beth Kucks is introducing a speciality line of through the efforts of not only the employees that products available to members, with the first being worked during the event on their day off, but also the introduction of the Squadron Rum. the 50 members who volunteered their time to make the event a success. It would be great to see It has been encouraging to see the return of major the spirit of volunteering at RQYS, as demonstrated events at the Squadron that were not held in 2020 at Canaipa, continue and grow to support the new such as the PIF Charity Sailing Regatta. This event role of the House & Entertainment Committee. If was a major success with the team from Ancora and you are able to help please contact any of the the hospitality team providing onboard catering and Committee members whom you know. then after the racing beverage and food service on the lawn for 450 participants. I would like to take this opportunity to thank Steve Wiggins who has been a member of the Committee The change in how hospitality services at RQYS for the last three years and is stepping down. Steve are delivered, with the introduction of the team has been an enthusiastic member of the Committee from Ancora as the supplier of food services from as demonstrated by his contribution behind the bar the Bistro and function rooms, has resulted in a at the Canaipa 30th event. Trish Brewer and Stewart change in the role of the House & Entertainment Cumming are continuing on as members of the Committee. Committee and will continue to bring their insights as members of the liveaboard and power cruising The role of the House & Entertainment Committee group communities respectively. I would like to in 2021/22 will be focused on: welcome new committee member Tracey Lucock • member experience and culture; and and returning member Todd Anderson. Tracey • fundraising. and Todd will bring their perspectives as parents of teenage children who are involved in Squadron In the first year of the new mandate for the House & activities. Entertainment Committee we will: • undertake a review of how other community Rod Johannessen organisations undertake fundraising activities Chairman - House & Entertainment Committee to form the development of a Squadron Fundraising Strategy; • develop a Squadron Fundraising Strategy; • organise some initial Fundraising events; and • initial Membership Experience and Culture events.

14 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

WORKS COMMITTEE REPORT 2021

The Works Committee had an interesting year at Projects that have been planned and are in final the Royal Queensland Yacht Squadron supporting stages of works include: the club through the effects of the global pandemic • The installation of irrigation in the three rigging whilst still planning a significant rejuvenation lawns. program for 2021. • Replacement of the deteriorating concrete section in ramp 2 from the fuel pump to the A/B The Committee worked with a large group of carparks. volunteers to ensure the grounds were well • Installation of further marina sections to assist maintained during 2020 necessitated by reduced in the accessing of ramp 3 for ‘Ruby’ staff at the Squadron, one of the many effects from • Complete renovation of the RQYS Members/ the pandemic. I would like to personally thank all Yachties bar including the refurbishment of the those who assisted us through this process and existing toilets and youth showers. whohelped the Squadron through this challenging time. As a club we have come through this period Canaipa stronger and with more knowledge of what is The Works Committee have been heavily involved required to keep the grounds maintained to a very in the Canaipa redevelopment including a new high standard for the members and guests to use caretaker’s house, members pavilion and numerous and enjoy. smaller additions to improve the facility. The new caretaker’s house is approaching completion and As the Squadron emerged from this time and with the members pavilion is in the planning approval the assistance of astute financial planning several process. However, whilst this has been occurring capital works and maintenance programs were concrete fire pits, seating areas and general commenced. landscaping improvements have been made across the grounds of Canaipa transforming it into a The major works undertaken this year include: brilliant facility for the benefit of full members and • Resurfacing the road and carparks from the guests. monument to the blue toilet block, including the installation of drainage and re-line marking. I would like to personally thank the members This process allowed a further 40 carparks to be of the Works Committee, David Bull, Dan Tooth, created to help members access their vessels. Richard Wendt, Peter Watkins and Marina Manager • Replacement of the façade of the main Glen Scott for implementing the ideas and work clubhouse, removing the sections which had throughout the Squadron. evidence of rot. This allowed for the installation of a series of windows and repaired any further Curtis Skinner damage from the previously failing façade. Chairman - Works Committee • Continual monitoring and maintenance of the marina piles, travel lift structure and the Canaipa pontoon. • Asphalting of the dinghy storage area. • Long term remodel and reconfiguration of the hardstand to ensure efficient use of space and increased accessibility to the members vessels.

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 15 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

16 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

CONTENTS PAGE

Directors’ Report 18

Auditor’s Independence Declaration under Section 307C of 21 the Corporations Act 2001

Statement of Profit or Loss and Comprehensive Income 22

Statement of Financial Position 23

Statement of Changes in Equity 24

Statement of Cash Flows 25

Notes to the Financial Statements 26

Directors’ Declaration 42

Independent Audit Report 43

Photos - Opposite Page The Squadron’s newly refurbished Shark Cats - Goodwill & Myora

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 17 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES RoyalABNRoyal Queensland 25 Queensland 053 Yacht989 Yacht 272Squadron Squadron Limited Limited & its Controlled & its Controlled Entities Entities

ABN: 25 053 989 272 DIRECTORS’Directors' Report REPORT 2021 Directors'30 April 2021Report 30 April 2020

The directors present their report, together with the financial statements of the Group, being the Company and its controlled Tentitieshe direc, fortors the pres financialent their year report, ended together 30 April with t2021he financial. statements of the Group, being the Company and its controlled entities, for the financial year ended 30 April 2021. Directors 1. General information Information on directors Information on directors

The namesnames of of each each person person who who has has been been a director a director during during the yeather yearand toand the to date the of date this ofreport this are:report are:

CaptainDirectors Barry have Edward been in office since the start of the financial year to the date of this report unless otherwise stated. Cuneo QualificationsPrincipal activities Master Class 1 (Foreign Going) FNI Experience Member of General Committee for 6 years and Flag Officer for 6 years SpecialThe principal responsibilities activities of the GroupCommodore during the financial year were to encourage, promote and further the sport of yachting, sailing, racing and to provide other services to members, acting as a marina and boat maintenance yard operator and Davilandlordd Tho ofmas a motel Redfern property. Experience Member of General Committee for 4 years and a Flag Officer for 4 years SpecialNo significant responsibilities change in the natureVice Commodore of these activities occurred during the year.

JohnOperating William results Warlow and review of operations for the year Qualifications Advanced Diploma in Project Management, Certificate 4 in Building and The consolidated profit of the GroupConstruc amountedtion, Licensed to $ 812,321Real Estate(2020: Agent $ (248,042) consolidated loss). Experience Member of General Committee for 6 years and a Flag Officer for 2 years SpecialShort & responsibilities long term objectivesRear Commodore

AndrewThe entities' Gibbs short and long term objectives are to: Qualifications Chartered Accountant; Registered Tax Agent ExperiencEncouragee people to the sportHonorary and pastime Treasurer of sailing and andChairman boating, of Finance to provide Committee marine sportingfor 2 years and recreational activities for Specialmembers, responsibilities foster members to achieveHonorary in Treasurer competitive and sailing, Chairman to provideof Financ ae high Committee standard of marina berths and facilities for members and to maintain the financial health of the entity. Curtis David Skinner QualificationsMembers' guarantee B. Eng., B. Com. Experience Member of General Committee for 7 years SpecialRoyal Queensland responsibilities Yacht SquadronChairm Ltdan isof aWorks Company Committee limited by guarantee. In the event of, and for the purpose of winding up of the Company, the amount capable of being called up from each member and any person or association who ceased to be a member in the year prior to the winding up, is limited to $100 for members that are full members, $80 in the case of Philippa Anne Stafford Royalcountry Queensland members andYacht members Squadron who are Limited residing & outside its Controlled of Queensland, Entiti lifees members, senior members, social members, Fenwickcrew members, young adult members and honorary members and $60 in respect of junior members. In the case of fully ABN: 25Qualificationspaid 053 members,989 272 the payment ofCert. the fully4 in Mpaidaritim membershipe Operations, fee MICB discharges them from any further liability as members of the Experienccompany.e Member of General Committee for 6 years Chairperson of Powerboat Committee Directors'Special responsibilities Report Future developments and results 30 April 2020 Rod Johannessen QualificationsLikely developments in the operations of the Group and the expected results of those operations in future financial years 1. General information (continued)B. Bus, M. Bus Agribusiness, MAICD Experienchave not ebeen included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Group. Member of General Committee for 3 years Special responsibilities Information on directorsChairpers (continued)on of House and Entertainment Committee for 3 years

Todd Cameron Anderson Experience House and Entertainment Committee for 3 years Special Responsibilities Chairman of Sailing Committee for 1 year 1

Grant Milton Somerville Qualifications Commissioner for Declarations, JP. (Cdec). Diploma of Management. 1 Experience Member of General Committee for 11 years Special Responsibilities Chairman of Membership Committee for 2 years

18 MaROYALrk Drew Gallagh QUEENSLANDer YACHT SQUADRON LIMITED Qualifications Experience Grad.Dip. Law; Bach. Prof Studies; Dip. Fraud Investigation Member of General Committee for 6 years and Flag Officer for 6 years - Resigned as Special responsibilities Director on 23 July 2019 Past Commodore Stephen Graham Best Qualifications Experience Special responsibilities Fraser B. Bus, Grad Dip Management, Diploma Company Directorship, FIPA, FFA, GAICD Adrian Spencer Qualifications Member of General Committee for 3 years - Resigned as Director on 23 July 2019 Experience Past Honorary Treasurer, Chairman of Finance, Marketing & Development Special responsibilities Committee

B.Des. ST., B Arch, F.R.A.I.A Member of General Committee for 8 years - Resigned on 23 July 2019 Chairman of Works Committee Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Principal activities

The principal activities of the Group during the financial year were to encourage, promote and further the sport of yachting, sailing, racing and to provide other services to members, acting as a marina and boat maintenance yard operator and landlord of a motel property.

No significant change in the nature of these activities occurred during the year.

Operating results and review of operations for the year

The operating loss of the year amounted to $ (248,042) (2019: $ 50,601 profit).

By late 2019, a limited number of cases of an unknown virus had been reported to the World Health Organization and in early 2020 there was an outbreak of Coronavirus Disease 2019 ("COVID-19" or "the coronavirus"). There have been unprecedented measures put in place by the Australian Government, as well as governments across the globe, to contain the coronavirus which have had a significant impact on the economy. The effect of this on the Group has been a drop in revenue from bar, cafe and restaurant sales as a result of the closure of the Squadron Club House and certain events being cancelled or postponed indefinitely. Management expects that these matters will resolve as social distancing measures are lifted. The Group's ability to continue as a going concern is dependent upon the Group continuing to generate positive operating cash inflows through to the year ended 30 April 2021 and continuing to have

2 Royal Queensland Yacht Squadron Limited & its Controlled Entities

ABN: 25 053 989 272 ROYAL QUEENSLAND YACHT SQUADRON LIMITED Directors' Report AND CONTROLLED ENTITIES 30 April 2020 ABN 25 053 989 272

1. General information (continued)

Information on directors (continued) DIRECTORS’ REPORT 2021

RoyalTodd Cameron Queensland Anderson Yacht Squadron Limited & its Controlled Entities Experience House and Entertainment Committee for 3 years Information on Directors (continued) Directors'Special Responsibilities Report Chairman of Sailing Committee for 1 year 30 April 2021 Grant Milton Somerville Qualifications Commissioner for Declarations, JP. (Cdec). Diploma of Management. TheExperience directors present their report,Member together of General with the Committee financial statementsfor 11 years of the Group, being the Company and its controlled entitiesSpecial, Responsibilitiesfor the financial year endedChairman 30 April of Membership 2021. Committee for 2 years

Shawn Ket DirectorsMark Drew Gallagher Qualifications MTMgt, GradDipExL, BA, DipT, FAIM, MAICD Grad.Dip. Law; Bach. Prof Studies; Dip. Fraud Investigation Experience Qualifications Experience Company Secretary for 4 years Member of General Committee for 6 years and Flag Officer for 6 years - Resigned as Information on directors General Manager for 6 years Director on 23 July 2019 SpecialSpecial responsibilities responsibilities Company Secretary Past Commodore The names of each person who Generalhas been Manager a director during the year and to the date of this report are: Stephen Graham Best Qualifications Experience Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Special responsibilities Fraser B. Bus, Grad Dip Management, Diploma Company Directorship, FIPA, FFA, GAICD Adrian Spencer Qualifications Member of General Committee for 3 years - Resigned as Director on 23 July 2019 Principal activities Experience Past Honorary Treasurer, Chairman of Finance, Marketing & Development Special responsibilities Committee The principal activities of the Group during the financial year were to encourage, promote and further the sport of yachting, sailing, racing and to provide other services to members, acting as a marina and boat maintenance yard operator and landlord of a motel property. B.Des. ST., B Arch, F.R.A.I.A Member of General Committee for 8 years - Resigned on 23 July 2019 No significant change in the natureChairm of anthese of Works activities Committee occurred during the year. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Operating results and review of operations for the year Principal activities

TheThe consolidatedprincipal activities profit of of the the Group Group during amounted the financial to $ 812,321 year were(2020: to encourage, $ (248,042) promoteconsolidated and further loss the). sport of yachting, sailing, racing and to provide other services to members, acting as a marina and boat maintenance yard Shortoperator & longand landlord term objectives of a motel property.

TheNo significant entities' short change and in long the nature term objectives of these activities are to: occurred during the year.

EncourageOperating resultspeople andto the review sport of and operations pastime offor sailing the year and boating, to provide marine sporting and recreational activities for members, foster members to achieve in competitive sailing, to provide a high standard of marina berths and facilities for membersThe operating and lossto maintain of the year the amounted financial healthto $ (248,042) of the entity. (2019: $ 50,601 profit).

Members'By late 2019, guarantee a limited number of cases of an unknown virus had been reported to the World Health Organization and in early 2020 there was an outbreak of Coronavirus Disease 2019 ("COVID-19" or "the coronavirus"). There have been unprecedented measures put in place by the Australian Government, as well as governments across the globe, to Royalcontain Queensland the coronavirus Yacht which Squadron have had Ltd a issignificant a Company impact limited on the by economy. guarantee. The In effect the event of this of, on and the Groupfor the has purpose been of winding upa drop of the in revenueCompany, from the bar, amount cafe and capable restaurant of being sales called as a resultup from of the each closure member of the and Squadron any person Club Houseor association and certain who ceased toevents be a beingmember cancelled in the oryear postponed prior to theindefinitely. winding Management up, is limited ex topects $100 that for thesemembers matters that will are resolve full members, as social $80 in the case of countrydistancing members measures and are members lifted. The who Group's are residing ability to outsidecontinue of as Queensland, a going concern life members,is dependent senior upon members,the Group social members, crewcontinuing members, to generate young positive adult members operating and cash honorary inflows through members to the and year $60 ended in respect 30 April of 2021junior and members. continuing In tothe have case of fully paid members, the payment of the fully paid membership fee discharges them from any further liability as members of the company. 2 Future developments and results

Likely developments in the operations of the Group and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Group.

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 19

1 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABNRoyal 25 Queensland 053 989 Yacht 272 Squadron Limited & its Controlled Entities

Directors' Report DIRECTORS’30 April 2021 REPORT 2021 Meetings of directors

During the financial year, 12 meetings of directors (including committees of directors) were held. Attendances by each director during the year were as follows:

Directors' Meetings Number attended Barry Cuneo 11 David Redfern 11 John Warlow 11 Andrew Gibbs 12 Grant Somerville 12 Curtis Skinner 11 Todd Anderson 12 Pip Fenwick 10 Rod Johannessen 8

Auditor's independence declaration

The lead auditor's Independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 30 April 2021 has been received and can be found on page 3 of the financial report.

Signed in accordance with a resolution of the Board of Directors:

Director: ...... Director: ......

Dated this ...... 21st day of ...... June 2021

2

20 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

AUDITOR’S INDEPENDENCE DECLARATIONCrowe Audit Australia FOR THE YEAR ENDED 30ABN APRIL13 969 921 3862021 Level 16 120 Edward Street Brisbane QLD 4000 Australia

Main +61 (07) 3233 3555 Fax +61 (07) 3233 3567 Crowe Audit Australia www.crowe.com.auABN 13 969 921 386 Level 16 120 Edward Street Brisbane QLD 4000 Auditor’s Independence Declaration Australia Main +61 (07) 3233 3555 Fax +61 (07) 3233 3567 As auditor of Royal Queensland Yacht Squadron Limited and its controlled entities for the year ended www.crowe.com.au 30 April 2021, I declare that, to the best of my knowledge and belief, there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act Auditor’s2001 Independence in relation to the audit;Declaration and ii. no contraventions of any applicable code of professional conduct in relation to the audit. As auditor of Royal Queensland Yacht Squadron Limited and its controlled entities for the year ended This30 April declaration 2021, I declare is in respect that, to of the Royal best Queensland of my knowledge Yacht andSquadr belief,on Limitedthere have and been: its controlled entities during the year. i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Royal Queensland Yacht Squadron Limited and its controlled entities during Crowe Audit Australia the year.

John Zabala FCA PartnerCrowe Audit Australia

21 June 2021 Brisbane

John Zabala FCA Partner 21 June 2021 Brisbane

Liability limited by a scheme approved under Professional Standards Legislation. The title ‘Partner’ conveys that the person is a senior member within their respective division and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is the Crowe Australasia external audit division. All other professional services offered by Findex Group Limited are conducted by a privately-owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. ServicesLiability limited are provided by a scheme by Crowe approved Brisbane, under an Professionalaffiliate of Findex Standards (Aust) Legislation. Pty Ltd. ©The 2021 title Findex ‘Partner’ (Aust) conveys Pty Ltd that the person is a senior member within their respective division and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is the Crowe Australasia3 external audit division. All other professional services offered by Findex Group Limited are conducted by a privately-owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) PtyROYAL Ltd and its affiliates QUEENSLAND are not responsible or liable forYACHT any acts or omissions SQUADRON of Crowe Global or any LIMITED other member 21 of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Brisbane, an affiliate of Findex (Aust) Pty Ltd. © 2021 Findex (Aust) Pty Ltd 3 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 Royal Queensland Yacht Squadron & its Controlled Entities

StatementSTATEMENT of Profit OF orPROFIT Loss and OR Other LOSS Comprehensive AND OTHER Income ForCOMPREHENSIVE the Year Ended 30 April 2021INCOME FOR THE YEAR ENDED 30 APRIL 2021

2021 2020 Note $ $ Revenue Bar, café, restaurant and functions 1,134,800 3,216,910 Donation income 4 212,499 592 Fuel revenue 1,511,691 1,565,601 Marina operations income 3,831,394 3,761,835 Member subscriptions 1,683,867 1,666,824 Miscellaneous trade and slipping income 1,286,785 1,240,069 Other Income 1,649,314 728,214 Rental income 404,139 407,783 Sporting revenue 470,642 476,842

Total revenue 12,185,131 13,064,670 Expenses Cost of goods sold (1,501,262) (2,509,847) Depreciation expense (2,219,313) (1,923,446) Employee benefits expense (3,069,881) (4,850,967) Finance costs (266,220) (216,324) Insurance expense (203,617) (217,172) Lease depreciation (332,683) (312,171) Lease interest expense (198,489) (190,607) Occupancy expenses (646,580) (817,767) Other expenses 5 (1,464,514) (1,268,478) Professional & association fees (434,874) (509,673) Repairs and maintenance (1,035,377) (462,714)

Total expenses (11,372,810) (13,279,166) Profit before income tax 812,321 (214,496) Income tax expense - (33,546)

Profit from continuing operations 812,321 (248,042) Profit for the year 812,321 (248,042) Total comprehensive income attributable to: Members of the parent entity 812,321 (248,042)

The accompanying notes form partThe ofaccompanying these financial notes statements form part of these financial statements. 4

22 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 Royal Queensland Yacht Squadron & its Controlled Entities

Statement of Financial PositionSTATEMENT OF FINANCIAL POSITION As at 30 April 2021 FOR THE YEAR ENDED 30 APRIL 2021

2021 2020 Note $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 6 4,299,072 856,686 Trade and other receivables 7 1,529,657 1,751,366 Inventories 179,077 118,400 Other assets 8 482,099 556,235 TOTAL CURRENT ASSETS 6,489,905 3,282,687 NON-CURRENT ASSETS Trade and other receivables 7 - 96,209 Property, plant and equipment 9 25,820,655 26,807,810 Investment properties 10 2,354,089 2,512,529 Right-of-use assets 11 4,547,066 4,865,210 TOTAL NON-CURRENT ASSETS 32,721,810 34,281,758 TOTAL ASSETS 39,211,715 37,564,445

LIABILITIES CURRENT LIABILITIES Trade and other payables 3,998,587 2,513,326 Borrowings 12 1,067,223 316,220 Other financial liabilities 13 3,843,878 3,034,259 Employee benefits 14 444,053 436,322 Lease liabilities 11 297,837 268,855 TOTAL CURRENT LIABILITIES 9,651,578 6,568,982 NON-CURRENT LIABILITIES Borrowings 12 141,947 1,491,325 Other financial liabilities 13 13,177,030 13,774,682 Employee benefits 14 34,822 41,723 Lease liability 11 4,356,927 4,650,643 TOTAL NON-CURRENT LIABILITIES 17,710,726 19,958,373 TOTAL LIABILITIES 27,362,304 26,527,355 NET ASSETS 11,849,411 11,037,090

EQUITY Retained earnings/profit 11,849,411 11,037,090 TOTAL EQUITY 11,849,411 11,037,090

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements. 5

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 23 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 Royal Queensland Yacht Squadron & its Controlled Entities

StatementSTATEMENT of Changes OF CHANGES in Equity IN EQUITY ForFOR the THE Year YEAR Ended ENDED 30 April 2021 30 APRIL 2021

2021 Reserves Wyuna Retained ISSOSF Syndicate Trophy Earnings Total Note $ $ $ $ $ Balance at 1 May 2020 - - - 11,037,090 11,037,090 Profit attributable to members of the parent entity - - - 812,321 812,321

Balance at 30 April 2021 - - - 11,849,411 11,849,411

2020 Reserves Wyuna Retained ISSOSF Syndicate Trophy Earnings Total Note $ $ $ $ $ Balance at 1 May 2019 8,297 2,320 41,909 9,687,425 9,739,951 Restatement due to adoption of AASB 15 - - - 1,545,181 1,545,181

Balance at 1 May 2019 restated 8,297 2,320 41,909 11,232,606 11,285,132 Loss attributable to members of the parent entity - - - (248,042) (248,042) Transfer to/(from) reserves (8,297) (2,320) (41,909) 52,526 -

Balance at 30 April 2020 - - - 11,037,090 11,037,090

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements. 6

24 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 Royal Queensland Yacht Squadron & its Controlled Entities

Statement of Cash Flows STATEMENT OF CASH FLOWS For the Year Ended 30 April 2021 FOR THE YEAR ENDED 30 APRIL 2021

2021 2020 Note $ $ CASH FLOWS FROM OPERATING ACTIVITIES: Receipts from customers 11,254,512 12,997,353 Payments to suppliers and employees (6,777,792) (10,222,306) Donations received 212,499 592 Government stimulus received 1,036,040 - Interest received - 840 Finance costs paid (266,220) (216,324) Net cash provided by/(used in) operating activities 20 5,459,039 2,560,155

CASH FLOWS FROM INVESTING ACTIVITIES: Payment for property, plant and equipment (940,515) (465,250) Net cash provided by/(used in) investing activities (940,515) (465,250)

CASH FLOWS FROM FINANCING ACTIVITIES: Net receipt/(repayment) of borrowings (598,376) (1,389,525) Lease payments (477,762) (448,490) Net cash provided by/(used in) financing activities (1,076,138) (1,838,015)

Net increase/(decrease) in cash and cash equivalents held 3,442,386 256,890 Cash and cash equivalents at beginning of year 856,686 599,796 Cash and cash equivalents at end of financial year 6 4,299,072 856,686

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements. 7

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 25 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABNRoyal 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements NOTESFor the Year TO Ended THE 30 AFINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

The financial report covers Royal Queensland Yacht Squadron Limited & its Controlled Entities ('the Group'). Royal Queensland Yacht Squadron Limited & its Controlled Entities is a not-for-profit Company limited by shares, incorporated and domiciled in Australia.

Each of the entities within the Group prepare their financial statements based on the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency.

The financial report was authorised for issue by the Directors on the date of the Director Report signing.

Comparatives are consistent with prior years, unless otherwise stated.

1 Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001.

2 Summary of Significant Accounting Policies

(a) Basis for consolidation

The consolidated financial statements include the financial position and performance of controlled entities from the date on which control is obtained until the date that control is lost.

Intragroup assets, liabilities, equity, income, expenses and cashflows relating to transactions between entities in the consolidated entity have been eliminated in full for the purpose of these financial statements.

Appropriate adjustments have been made to a controlled entity’s financial position, performance and cash flows where the accounting policies used by that entity were different from those adopted by the consolidated entity. All controlled entities have an April financial year end except for the Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation, which has a June year end.

(b) Income Tax

(I) Royal Queensland Yacht Squadron Limited (Parent entity) - The company is exempt from the payment of income tax under Section 50-45 of the Income Tax Assessment Act 1997.

(II) RQYS Motel Trust, RQYS Marina 1 Trust, Harbour Dredging Trust, RQYS New Marina Trust, RQYS Nautical Trust, Deanbilla Bay Trust, RQYS Asset Trust, Manly Operating Trust and Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation (controlled entities) - These are discretionary trusts and as such will not pay income tax provided the assessable income of the trust (calculated in accordance with the Income tax Assessment Act 1997) is distributed to the trust's beneficiaries each year.

Royal Queensland Yacht Squadron is the nominated beneficiary of each trust (excluding Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation) and it is the trustees' intention to ensure that the assessable income of the trusts is distributed each year.

(c) Revenue and other income

Revenue from contracts with customers

The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to customers at an amount that reflects the consideration the Group expects to receive in exchange for those goods or services. Revenue is recognised by applying a five-step model as follows:

8

26 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272

Notes to the Financial StatementsNOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 April 2021 FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(c) Revenue and other income (continued)

Revenue from contracts with customers (continued)

1. Identify the contract with the customer

2. Identify the performance obligations

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations

5. Recognise revenue as and when control of the performance obligations is transferred

Generally the timing of the payment for sale of goods and rendering of services corresponds closely to the timing of satisfaction of the performance obligations, however where there is a difference, it will result in the recognition of a receivable, contract asset or contract liability.

All revenue is stated net of the amount of goods and services tax (GST).

Sale of goods

Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Donations

Donations and bequests collected, including cash and goods for resale, are recognised as revenue when the Group gains control of the asset.

Interest revenue

Interest is recognised using the effective interest method.

Rendering of services

Revenue in relation to rendering of services is recognised depending on whether the outcome of the services can be estimated reliably. If the outcome can be estimated reliably then the stage of completion of the services is used to determine the appropriate level of revenue to be recognised in the period.

If the outcome cannot be reliably estimated then revenue is recognised to the extent of expenses recognised that are recoverable.

Member Subscriptions

Revenue from membership subscriptions is recognised on a straight line basis over the financial year.

9

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 27 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES RoyalABN 25Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements ForNOTES the Year TO Ended THE 30 A FINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(c) Revenue and other income (continued)

Rental income

Investment property revenue is recognised on a straight-line basis over a period of the lease term so as to reflect a constant periodic rate of return on the net investment.

Other income

Other income is recognised on an accruals basis when the Group is entitled to it.

(d) Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payables are stated inclusive of GST.

The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position.

Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

(e) Property, plant and equipment

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment.

Costs include purchase price, other directly attributable costs and the initial estimate of the costs of dismantling and restoring the asset, where applicable.

Land and buildings

All assets are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assets useful life to the Group, commencing when the asset is ready for use.

The depreciation rates used for each class of depreciable asset are shown below: Fixed asset class Depreciation rate Capital works in progress 0% Freehold land and ground improvements 2-25% Buildings and improvements 2-20% Marina 3.3-4.5% Furniture, plant and equipment 10-33%

10

28 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272 Royal Queensland Yacht Squadron & its Controlled Entities

Notes to the Financial Statements For the Year Ended 30 April 2021NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(e) Property, plant and equipment (continued)

At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate.

(f) Investment property

Investment property is held at cost which includes expenditure that is directly attributable to the acquisition of the investment property. The investment property, being the Motel building and improvements are depreciated on a straight-line basis at 3.33% per annum.

(g) Financial instruments

Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes a party to the contractual provisions of the instrument.

The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs except where the instrument is classified at "fair value through profit or loss", in which case transaction costs are expensed to profit or loss immediately.

Financial assets at amortised costs The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: - the asset is held within a business model whose objective is to collect the contractual cash flows, and - the contractual terms give rise to cash flows that are solely payments of principal and interest

Impairment of financial assets

At the end of the reporting period the Group assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired.

Financial assets at amortised cost

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate.

Impairment on loans and receivables is reduced through the use of an allowance account, all other impairment losses on financial assets at amortised cost are recognised in profit or loss.

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

(h) Impairment of non-financial assets

At the end of each reporting period the Group determines whether there is an evidence of an impairment indicator for non-financial assets. Where an indicator exists the recoverable amount of the asset is estimated. Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss.

Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill.

11

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 29 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES RoyalABN Queensland 25 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements For NOTESthe Year Ended TO 30THE April FINANCIAL 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(i) Borrowings

Borrowing costs are recognised as an expense when incurred.

(j) Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(k) Leases

At the lease commencement, the Group recognises a right-of-use asset and associated lease liability for the lease term. The lease term includes extension periods where the Group believes it is reasonably certain that the option will be exercised.

The right-of-use asset is measured using the cost model where cost on initial recognition comprises of the lease liability, initial direct costs, prepaid lease payments, estimated cost of removal and restoration less any lease incentives received.

The right-of-use asset is depreciated over the lease term on a straight-line basis and assessed for impairment in accordance with the impairment of assets accounting policy.

The lease liability is initially measured at the present value of the remaining lease payments at the commencement of the lease. The discount rate is the rate implicit in the lease, however where this cannot be readily determined then the Group's incremental borrowing rate is used.

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured whether there is a lease modification, change in estimate of the lease term or index upon which the lease payments are based (e.g. CPI) or a change in the Group's assessment of lease term.

Where the lease liability is remeasured, the right-of-use asset is adjusted to reflect the remeasurement or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Lessor accounting

When the Group is a lessor, the lease is classified as either an operating or finance lease at inception date based on whether substantially all of the risks and rewards incidental to ownership of the underlying asset have been transferred to the lessee. If the risks and rewards have been transferred then the lease is classified as a finance lease, otherwise it is an operating lease.

If the lease contains lease and non-lease components, then the non-lease components are accounted for in accordance with AASB 15 Revenue from Contracts with Customers.

The lease income from operating leases is recognised on a straight-line basis over the lease term. Finance income under a finance lease is recorded on a basis to reflect a constant periodic rate of return on the Group's net investment in the lease.

(l) Trade and other receivables

Accounts receivable are classified as subsequently measured at amortised cost.

12

30 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272

Notes to the Financial StatementsNOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 April 2021 FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(l) Trade and other receivables (continued)

The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (ECL). The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

Trade debtors and other receivables are non-interest bearing and receipt is normally on 30 day terms. Therefore, the carrying value of trade debtors and other receivables approximates its fair value.

(m) Trade and other payables

A liability is recorded for goods and services received prior to balance date, whether invoiced to the company or not. Trade payables are normally settled within 30 days.

(n) Employee benefits

Provision is made for the Group's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled.

Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Cashflows are discounted using market yields on high quality corporate bond rates, with terms to maturity that match the expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.

(o) Comparatives

Certain comparative figures have been changed where classifications of Statement of Financial Position items have been altered from the prior year to conform to the current year presentation.

(p) New Accounting Standards and Interpretations

The Group has adopted all of the new, revised or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

(q) New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the company for the annual reporting period ended 30 April 2021. The company’s assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the company, are set out below.

Conceptual Framework for Financial Reporting (Conceptual Framework)

The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1 July 2021 and early adoption is permitted. The Conceptual Framework contains new definition and recognition criteria as 13

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 31 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABNRoyal 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements ForNOTES the Year TO Ended THE 30 AFINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

2 Summary of Significant Accounting Policies (continued)

(q) New Accounting Standards and Interpretations not yet mandatory or early adopted (continued) well as new guidance on measurement that affects several Accounting Standards. Where the company has relied on the existing framework in determining its accounting policies for transactions, events or conditions that are not otherwise dealt with under the Australian Accounting Standards, the company may need to review such policies under the revised framework. At this time, the application of the Conceptual Framework is not expected to have a material impact on the Company’s financial statements.

AASB 2020-2 Amendments to Australian Accounting Standards - Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities and AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

These standards are applicable to annual reporting periods beginning on or after 1 July 2021. AASB 2020-2 will prohibit certain for-profit entities from preparing special purpose financial statements and AASB 1060 provides a new Tier 2 reporting framework with simplified disclosures that are based on the requirements of IFRS for SMEs. Given that the company will be moving to general purpose financial statements in the future, there is likely to be increased disclosure for areas such as key management personnel, related parties, tax and financial instruments; and some disclosures will be removed. If the company adopts the standards prior to the mandatory application date it will be able to take advantage of certain special transitional disclosure relief relating to comparative information in the first year of adoption.

3 Critical Accounting Estimates and Judgments

The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates.

The significant estimates and judgements made have been described below;

Impairment

The Group assesses impairment at each reporting date by evaluating conditions specific to the consolidated entity that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates. No impairment has been recognised for the year ended 30 April 2021 (2020: $NIL).

Useful lives

The Group assesses and determines the useful lives and residual values of property, plant and equipment. This assessment is made upon acquisition of the asset and reviewed on an annual basis for changes in estimate.This annual review has not resulted in the re-assessment of the useful lives for major assets held by the Group.

14

32 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272 Notes to the Financial Statements For the Year Ended 30 April 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

4 Donation income 2021 2020 $ $ Canaipa - Longhouse Project 209,000 - Other donations 3,499 592

212,499 592

All funds raised in respect of the Canaipa - Longhouse Project have been utilised in the refurbishment and construction of member facilities on Russell Island and is included in the current WIP at Note 9.

5 Other Expenses

Athlete distributions 66,684 99,286 Consumables 142,649 276,297 Function costs 104,857 230,262 Vessel costs 452,820 251,227 Volunteer expenses 17,781 38,740 Other expenses 679,723 372,666 1,464,514 1,268,478

6 Cash and Cash Equivalents Cash on hand 24,001 11,249 Bank balances 4,275,071 845,437

4,299,072 856,686

7 Trade and Other Receivables CURRENT Trade and other receivables (cost) 1,569,898 1,712,936 Provision for impairment (40,241) (109,230) Dredging expenses recoverable - 147,660

1,529,657 1,751,366 NON-CURRENT Dredging expenses recoverable - 96,209

8 Other Assets CURRENT Prepayments 482,099 556,235

15

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 33 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES RoyalABN 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements ForNOTES the Year TO Ended THE 30 A FINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

9 Property, plant and equipment 2021 2020 $ $ Freehold land At cost 2,120,000 2,120,000

Buildings At cost 7,137,363 7,050,695 Accumulated depreciation (3,155,892) (2,795,222) Total buildings 3,981,471 4,255,473 Land and ground improvements At cost 2,924,336 2,724,629 Accumulated depreciation (1,224,073) (1,078,490) Total land and ground improvements 1,700,263 1,646,139 Furniture, plant and equipment At cost 7,417,822 7,002,006 Accumulated depreciation (4,708,400) (4,060,065) Total furniture, plant and equipment 2,709,422 2,941,941 Marina At cost 23,578,237 23,565,386 Accumulated depreciation (8,600,833) (7,827,751) Total Marina 14,977,404 15,737,635 Capital works in progress At cost 332,095 106,622

Total property, plant and equipment 25,820,655 26,807,810

16

34 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272

Notes to the Financial StatementsNOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 April 2021 FOR THE YEAR ENDED 30 APRIL 2021

9 Property, plant and equipment (continued)

(a) Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

Land and ground Furniture, Capital improvement plant and works in Land Buildings s equipment Marina progress Total $ $ $ $ $ $ $

Year ended 30 April 2021 Balance at the beginning of year 2,120,000 4,255,472 1,646,140 2,941,941 15,737,635 106,622 26,807,810 Additions - 86,668 199,707 415,571 - 238,569 940,515 Capitalised - - - 244 12,852 (13,096) - Depreciation expense - (360,669) (145,584) (648,334) (773,083) - (1,927,670)

Balance at the end of the year 2,120,000 3,981,471 1,700,263 2,709,422 14,977,404 332,095 25,820,655

10 Investment Property 2021 2020 $ $ Cost 4,285,530 4,285,530 Accumulated depreciation (1,931,441) (1,773,001)

2,354,089 2,512,529

Management employed external valuer to estimate the fair value of the property, which is estimated to be $5,490,000 as of 30 April 2021. Accordingly, Management has not recognised any impairment on the investment property.

11 Leases

The Group as a lessee

The Group has leases over the Marina from the Department of Transport and Main Roads (DTMR).

The Marina is divided into four separate areas which are each subject to a lease from the DTMR; Marina 1, Marina 2, the 30 Metre Strip and Turnaround Area. All leases have been entered with Manly Operations Pty Ltd as trustee for the Manly Operations Trust with the exception of Marina 2, which has been entered with RQYS Nominees Pty Ltd as trustee of the Marina 1 Trust.

All four leases have been extended from the original expiration date of 31 December 2028 to 31 December 2051. All leases have been capitalised until 31 December 2051, with the exception of the Marina 1 lease, where the second portion of the lease was entered into with a different entity (RQYS Nominees Pty Ltd as trustee of the Marina 1 Trust)

17

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 35 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABNRoyal 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements NOTESFor the Year TO Ended THE 30 AFINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

11 Leases (continued) and only capitalised until 31 December 2028.

Right-of-use assets Marina 1 Marina 2 30 metre strip Turnaround Area Total $ $ $ $ $ Year ended 30 April 2021 Balance at beginning of year 2,113,993 1,506,168 1,262,611 294,609 5,177,381 Depreciation charge (441,110) (93,030) (77,983) (18,192) (630,315)

Balance at end of year 1,672,883 1,413,138 1,184,628 276,417 4,547,066

Marina 1 Marina 2 30 metre strip Turnaround Area Total $ $ $ $ $ Year ended 30 April 2020 Balance at beginning of year 2,113,993 1,506,168 1,262,611 294,609 5,177,381 Depreciation charge (218,462) (46,074) (38,623) (9,012) (312,171)

Balance at end of year 1,895,531 1,460,094 1,223,988 285,597 4,865,210

Lease liabilities 2021 2020 $ $ CURRENT Lease liabilities 297,837 268,855

NON-CURRENT Lease liability 4,356,927 4,650,643

The Group as a lessor

Operating leases

The Group leases out the Motel. This lease has been classified as an operating lease for financial reporting purposes and the asset is included as investment property in the statement of financial position (refer Note 10).

The amounts relating to operating leases where the Group is a lessor are recognised as rental income in the statement of profit or loss and other comprehensive income.

18

36 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272

Notes to the Financial Statements For the Year Ended 30 April 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

11 Leases (continued)

Maturity analysis of lease receivables showing the undiscounted lease payments to be received after reporting date for operating leases: 2021 2020 $ $ < 1 year 419,804 411,595 Between 1 – 5 years 253,740 673,544

Total 673,544 1,085,139

12 Borrowings Secured liabilities: Bank loans 980,004 216,916 Equipment leases 87,219 99,304

1,067,223 316,220 NON-CURRENT Secured liabilities: Bank loans - 1,320,000 Equipment leases 141,947 171,325

141,947 1,491,325

The bank loan is secured by:

1. Registered mortgage over head lease held by RQYS Motel Pty Ltd over property known as "Manly Marina Cove Motel", 578 Royal Esplanade Manly Qld. 2. Fixed and floating charge over all assets and uncalled capital held by RQYS Motel Pty Ltd. 3. Guarantee by Royal Queensland Yacht Squadron Limited.

The Westpac bank loan has been classified as current in accordance with the payment commitment in the loan agreement. The outstanding loan balance will mature on 20 September 2021 and has an interest rate of 4.242%.

13 Other Financial Liabilities 2021 2020 $ $ CURRENT Income in advance 3,843,878 3,034,259

3,843,878 3,034,259

NON-CURRENT Income in advance 12,667,722 13,475,849 Dredging trust funds held 509,308 298,833

Total 13,177,030 13,774,682

19

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 37 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABNRoyal 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements NOTESFor the Year TO Ended THE 30 AFINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

14 Employee Benefits CURRENT Long service leave 194,058 214,495 Provision for employee benefits 249,995 221,827

444,053 436,322 NON-CURRENT Long service leave 34,822 41,723

15 Members' Guarantee

The Company is incorporated under the Corporations Act 2001 and is a Company limited by guarantee. If the Company is wound up, the constitution states that each full member is required to contribute a maximum of $100 each towards meeting any outstandings and obligations of the Company, $80 in the case of country members and members who are residing outside of Queensland, life members, senior members, social members, crew members, young adult members and honorary members and $60 in respect of junior members. In the case of fully paid members, the payment of the fully paid membership fee discharges them from any further liability as members of the company. At 30 April 2021 the number of members was 4072 (2020: 4,225).

16 Key Management Personnel Remuneration

Key management personnel remuneration included within employee expenses for the year is shown below:

2021 2020 $ $ Short-term employee benefits 312,557 321,552 Long-term benefits 33,561 16,640 Post-employment benefits 29,210 27,947

375,328 366,139

The above remuneration is of key executives, being the General Manager and Financial Controller of Royal Queensland Yacht Squadron Limited. There has been no remuneration paid to Directors during the year.

17 Interests in Subsidiaries

Composition of the Group Percentage Percentage Country of Owned (%) Owned (%) Incorporation 2021 2020

Parent Royal Queensland Yacht Squadron Limited Australia - - Subsidiaries RQYS Marina Limited Australia 100 100 RQYS Motel Trust Australia 100 100 RQYS Motel Pty Ltd ATF RQYS Motel Trust Australia 100 100 RQYS New Marina Trust Australia 100 100 RQYS Nominees Pty Ltd ATF RQYS New Marina Trust Australia 100 100

20

38 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272 Notes to the Financial Statements For the Year Ended 30 April 2021NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

17 Interests in Subsidiaries (continued)

Composition of the Group (continued) Percentage Percentage Country of Owned (%) Owned (%) Incorporation 2021 2020

RQYS Marina 1 Trust Australia 100 100 RQYS Nominees Pty Ltd ATF RQYS Marina 1 Trust Australia 100 100 RQYS Harbour Dredging Trust Australia 100 100 RQYS Harbour Dredging Pty Ltd ATF RQYS Harbour Dredging Trust Australia 100 100 RQYS Assets Trust Australia 100 100 RQYS Assets Pty Ltd ATF RQYS Assets Trust Australia 100 100 Manly Operations Trust Australia 100 100 Manly Operations Pty Ltd ATF Manly Operations Trust Australia 100 100 Royal Queensland Yacht Squadron John Harrison Olympic Support Australia Foundation 100 100 Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation Pty Ltd ATF Royal Queensland Yacht Squadron John Australia Harrison Olympic Support Foundation 100 100 Nautical Trust Australia 100 100 Deanbilla Bay Trust Australia 100 100

RQYS Marina Limited is in the process of being wound up.

18 Contingencies

In the opinion of the Directors, the Company does not have any contingencies at 30 April 2021 other than the existence of a guarantee still in place between Westpac Banking Corporation and Royal Queensland Yacht Squadron Limited with respect to loan repayment obligations of RQYS Motel Pty Ltd, and a new guarantee between Westpac Banking Corporation and Royal Queensland Yacht Squadron Limited with respect to equipment lease of RQYS Nominees Pty Ltd. At the date of this statement, there is no indication that any demand will be made under the guarantees. (30 April 2020: Same circumstances as the current year).

19 Related Parties

The ultimate parent entity, which exercises control over the Group, is Royal Queensland Yacht Squadron Limited which is incorporated in Australia and owns 100% of its Controlled Entities.

Key management personnel - refer to Note 16.

Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members.

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

Some of the Directors of the Company are also Directors of RQYS Marina Limited, RQYS Motel Pty Ltd (as trustee for RQYS Motel Trust), RQYS Nominees Pty Ltd (as trustee for the New Marina Trust, RQYS Marina 1 Trust, RQYS Nautical Trust, RQYS Deanbilla Bay Trust), RQYS Assets Pty Ltd (as trustee for RQYS Assets Trust), Manly Operations Pty Ltd (as trustee for Manly Operations Trust), Harbour Dredging Pty Ltd (as trustee for the Harbour Dredging Trust) and Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation Pty Ltd (as trustee for Royal Queensland Yacht Squadron John Harrison Olympic Support Foundation. 21

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 39 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES RoyalABN 25 Queensland 053 989 Yacht 272 Squadron & its Controlled Entities

Notes to the Financial Statements ForNOTES the Year TO Ended THE 30 A FINANCIALpril 2021 STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

20 Cash Flow Information

Reconciliation of result for the year to cashflows from operating activities

Reconciliation of net income to net cash provided by operating activities: 2021 2020 $ $ Profit/(loss) for the year 812,321 (248,042) Non-cash flows in profit: - depreciation 1,908,264 1,780,736 - amortisation of investment property 179,369 142,710 - provision for doubtful debt - 95,230 - lease depreciation 332,683 312,171 - lease interest expense 198,489 190,607 Changes in assets and liabilities: - (increase)/decrease in trade and other receivables 317,919 275,403 - (increase)/decrease in other assets 74,135 69,084 - (increase)/decrease in inventories (60,677) 153,237 - (increase)/decrease in deferred tax asset - 33,546 - increase/(decrease) in trade and other payables 1,483,739 102,195 - increase/(decrease) in fees and levies in advance 211,967 (436,519) - increase/(decrease) in provisions 830 89,797 Cashflows from operations 5,459,039 2,560,155

21 Events after the end of the Reporting Period

The financial report was authorised for issue on the date of the Director report signing by the Board of Directors.

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

22

40 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES Royal Queensland Yacht Squadron & its Controlled Entities ABN 25 053 989 272 Notes to the Financial Statements For the Year Ended 30 April 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

22 Parent entity 2021 2020 $ $ Statement of Financial Position Assets Current assets 6,709,819 3,212,686 Non-current assets 8,524,143 8,676,630

Total Assets 15,233,962 11,889,316 Liabilities Current liabilities 4,758,909 2,506,647 Non-current liabilities 34,822 41,723

Total Liabilities 4,793,731 2,548,370 Equity Retained earnings 10,440,231 10,531,444 General reserve - 55,612

Total Equity 10,440,231 10,587,056

Statement of Profit or Loss and Other Comprehensive Income Profit/(loss) for the year 106,135 (1,246,109)

Total comprehensive income 106,135 (1,246,109)

Contingent liabilities

The parent entity did not have any contingent liabilities as at 30 April 2021 (2020: nil).

23 Statutory Information

The registered office of and principal place of business of the company is: 578 Royal Esplanade, Manly QLD 4179

23

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 41 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

DIRECTORS’Royal Queensland DECLARATION Yacht Squadron Limited & its Controlled Entities FORDirectors' THE YEAR Declaration ENDED 30 APRIL 2021

The directors of the Company declare that:

1. The financial statements and notes, as set out on pages 426 to to 2341, are in accordance with the Corporations Act 2001 and:

a. comply with Australian Accounting Standards - Reduced Disclosure Requirements; and

b. give a true and fair view of the financial position as at 30 April 2021 and of the performance for the year ended on that date of the Company and consolidated group.

2. In the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

Director ......

Director ......

Dated this ...... 21st day of ...... June 2021

24 42 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

INDEPENDENT AUDIT REPORT FOR THE YEAR ENDED 30 APRIL 2021

Crowe Audit Australia ABN 13 969 921 386 Level 16 120 Edward Street Brisbane QLD 4000 Australia Main +61 (07) 3233 3555 Fax +61 (07) 3233 3567 www.crowe.com.au

Independent Auditor’s Report

To the Members of Royal Queensland Yacht Squadron Limited and its Controlled Entities

Opinion We have audited the financial report of Royal Queensland Yacht Squadron Limited (the Company and its controlled entities (the Group)), which comprises the statement of financial position as at 30 April 2021, the statement of profit and or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: (a) Giving a true and fair view of the Group’s financial position as at 30 April 2021 and of its financial performance for the year then ended. (b) Complying with Australian Accounting Standards – Reduced Disclosure Requirements report and the Corporations Regulations 2001.

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 section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information The directors are responsible for the other information. The other information comprises the information contained in the Group’s Director’s Report for the year ended 30 April 2021 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

Liability limited by a scheme approved under Professional Standards Legislation. The title ‘Partner’ conveys that the person is a senior member within their respective division and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is the Crowe Australasia external audit division. All other professional services offered by Findex Group Limited are conducted by a privately-owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Brisbane, an affiliate of Findex (Aust) Pty Ltd. © 2021 Findex (Aust) Pty Ltd ROYAL QUEENSLAND YACHT SQUADRON LIMITED25 43 ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

INDEPENDENT AUDIT REPORT FOR THE YEAR ENDED 30 APRIL 2021

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 this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduce Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a 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 inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate 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.

26 44 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED AND CONTROLLED ENTITIES ABN 25 053 989 272

INDEPENDENT AUDIT REPORT FOR THE YEAR ENDED 30 APRIL 2021

• Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the group financial report. The auditor is responsible for the direction, supervision and performance of the group audit. The auditor remains solely responsible for the audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.

Crowe Audit Australia

John Zabala FCA Partner 24 June 2021 Brisbane

27 ROYAL QUEENSLAND YACHT SQUADRON LIMITED 45 RQYS MARINA LIMITED ABN 23 010 217 991

MARINA CHAIRMAN’S REPORT 2021

A year of continuing global challenges has not Until 2016, the Squadron identified that ordinary dampened the activities in our Marina. The members were subsidising the operating expenses recreational boating industry in Australia has of the marina, a facility that they do not commonly boomed through these strange times in which use unless they hold a marina berth or are invited to we have been immersed. Occupancies have use by a marina berth holder. Accordingly, over the been strong and continue to be so, with an ever- past five years successive Squadron administrations increasing number of vessels being registered. have put in place a program to ensure that the costs Activity on the slipway and hardstand has been of the marina fall equitably on all members. continuous and heavily booked. Our resident trades on site have been overwhelmed with customers who The Squadron should not maintain a system by have taken this time to concentrate on their home which ordinary members subsidise the expenses of state on water assets. the marina berth holding areas. The system needs to be fair and equitable. After a rigorous auditing process, the Marina Industries Association of Australia awarded RQYS The Squadron holds approximately 15% of the the 5 Gold Anchor Award for excellence. The marina berths which are let out on a short-term attention to detail and provision of service required basis. In accordance with the objects of the to attain this is credit to our Marina Manager Glen Squadron and the Marina entities, the income from Scott and his now streamlined team of Marina these berths, like all income made by the Squadron, and slipway staff. Through the period, efficiencies is used for the benefit of all members and for the have lowered outgoings whilst improving the overall advancement of the sport of sailing and boating. standards in and around the marina for the benefit of all members. The remaining berths are held by full members by way of a sub-sublease.. Members do not own their Major upgrades are now complete for carparks marina berth. The current member sub-sub leases and hardstand facilities. As promised in last year’s expire in 2041 for Marina One (Rows A – P) and in report, this has now brought extra carparking, 2035 (remainder). Members also may rent their cleaner roadway and parking areas as well as berths to other third parties with the consent of the manicured gardens and lawns around the marina Squadron. All sub sub-leaseholders agree, through and surrounds. We have ensured that the parking their contractual obligations, to share in the costs of space widths are oversized, for the convenience of operating the marina. our members. We are very fortunate to have space the envy of most Yacht Clubs in Australia and most The Squadron has been accused by some berth importantly, we are ensuring a carefully executed holders of overcharging for marina related charges plan to ensure the efficient use of this space into and services. To provide comfort to berth holders, the future. the Squadron commissioned an independent review by Pilot Partners, Chartered Accountants, After an expression of interest process, our Marina which included the input of prominent Squadron Entity Boards have two new Board Members, whom members who consider that the current charges are both sub sublease holders, as mentioned in are unreasonable. The independent review of Pilot the letter I wrote to all Members. Below are some Partners confirmed that the current charges payable important Marina related extracts from that letter. by berth holders are fair and reasonable.

RQYS Marina and Berth Levies Some minor recommendations were made to assist with the calculation of marina berth charges going The marina is a complex asset of RQYS. Its forward. These recommendations are presently purpose is to provide first class, safe and secure in before the Marina Boards and General Committee water storage of vessels with direct access to the for consideration. Squadron grounds and facilities.

46 ROYAL QUEENSLAND YACHT SQUADRON LIMITED RQYS MARINA LIMITED ABN 23 010 217 991

MARINA CHAIRMAN’S REPORT 2021

A small minority of Members questioned the actions the Squadron recovered $12,618 in excess of and responses of the Board and Management the $1,818,444 cost of dredging, but that this throughout the past six years. I do encourage 0.05% over-recovery was to fund roadworks at airing of concerns and queries to ensure complete the Squadron. This explanation was delivered to transparency. Through the independent review and members at an information session on 24 March communication process, it has been verified that 2021 by the Board to members charges and operations are fair and equitable, as they must be. The Finances of the Marina and the Club are in the best position in the Club’s history. We are in good Dredging Activities shape for the future and I have full confidence that As we expect, the Marina requires dredging from our incoming Commodore, David Redfern and his time to time. The Board and General Manager team will continue the success we have seen, for have been wrongly accused of overinflating the the benefit of all Members. The Board consists of expenses of dredging and therefore over charging elected volunteer Full Members who discharge their berth holders for this service. An original, vastly duties in the best interest of the Club and Members. underbudgeted amount of $1M was estimated pre For this coming year, the diversity and depth of 2015 to complete the dredging project. The project experience and knowledge is extremely high. overran in time for about 2 ½ years, due to many unforeseen and unbudgeted occurrences including Safe boating to all Members and thank you an excessive amount of deposited debris under for having given me the honour of being your the marina berths that required removal. Since the Commodore. dredging program commenced, the boards of those entities have approved increases in the budget of Capt Barry Cuneo that program to slightly over $1.8 million. Commodore

This was also independently reviewed by Pilot . Partners, Chartered Accountants. No cost overrun was identified. Pilot Partners identified that

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 47 48 ROYAL QUEENSLAND YACHT SQUADRON LIMITED ROYAL QUEENSLAND YACHT SQUADRON LIMITED COMMODORES 1885 | 2021

1885 - 1887 Sir Thomas McIlwraith, K.C.M.G, M.L.A. 1957 - 1958 J H Robinson, M.B.E. 1887 - 1890 The Hon. E B Forrest, M.L.C., M.L.A. 1958 - 1961 W E Whatmore 1890 - 1892 G Markwell 1961 - 1964 G Cavill 1892 - 1893 R P Earle 1964 - 1966 E T Early 1893 - 1984 R H Lawson 1966 - 1968 N G Lockyer 1894 - 1895 J G Vidgen 1968 - 1971 K G N Kibble 1895 - 1897 J Clark 1971 - 1973 J G M Tyquin 1897 - 1898 W J Weatherill 1973 - 1976 J Hattrick 1898 - 1900 W A Douglass 1976 - 1979 D Bowly 1900 - 1902 J Clark 1979 - 1981 N S Girdis, C.B.E. 1902 - 1903 W A Douglas 1981 - 1982 A J Love O.A.M. 1903 - 1919 T Welsby 1982 - 1984 W J Thompson 1919 - 1921 W A Douglas 1984 - 1986 J E Harrison, A.M. 1921 - 1922 D MacTaggart 1986 - 1988 W Bishop, O.A.M. 1922 - 1923 J Clark 1988 - 1990 G J Sneesby 1923 - 1925 J Love 1990 - 1992 R E Crooke, O.A.M. 1925 - 1927 W A Douglas 1992 - 1994 J A Ferguson, O.A.M. 1927 - 1928 A L M Wilson 1994 - 1996 B J Phillips 1928 - 1929 V Campbell 1996 - 1998 S H R Morris 1929 - 1931 T L Jones 1998 - 2000 R H Seymour 1931 - 1933 Dr C Croll 2000 - 2002 D R Land 1933 - 1935 E Sparkes 2002 - 2004 J E Miall 1935 - 1936 T L Jones 2004 - 2006 W G Kirby 1936 - 1938 A S Huybers 2006 - 2008 K A Miller 1938 - 1939 J R Figgis 2008 - 2009 K J Anderson 1939 - 1946 F A Bruce 2009 - 2011 C R McCart 1946 - 1948 J Kelly 2011 - 2013 G D Clarke 1948 - 1951 S N Gow 2013 - 2015 K A Miller 1951 - 1953 J H Robinson 2015 - 2017 I R Threlfall 1953 - 1955 T M Foggitt, D.S.C. 2017 - 2019 M D Gallagher 1955 - 1957 S N Wood 2019 - 2021 Capt B E Cuneo

Photo - Opposite Page Evening shot on the Marina - Photo by Jodie Cross

ROYAL QUEENSLAND YACHT SQUADRON LIMITED 49 ROYAL QUEENSLANDRQYS MARINA YACHT LIMITED SQUADRON LIMITED ABNSPONSORS 23 010 217 991 2020 | 2021 We gratefully acknowledge the generous support and assistance provided by our sponsors. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2008

50 ROYAL QUEENSLAND YACHT SQUADRON LIMITED