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Minutes of the Annual General MeetingSunday 23 November 2008 Held in the Royal Sovereign Suite The meeting commenced at 1035hrs, with 59 voting members out of a total of 72 members present. The Commodore, Elaine Robinson, presided as Chairman. 1 Chairman’s WelcomeThe Commodore welcomed those members that attended. 2 Apologies for AbsenceApologies had been received in advance of the meeting; Eddie & Brenda Bowers, Paul & Nicky Naylor and Peter Olden. 3 Approval for Minutes of AGM 25 November 2007The minutes from the previous AGM held in 2007 were read and agreed. Proposed by Brian Goodger Carried by an overwhelming majority. 4 Matters ArisingEwan Summers asked if the special deposit account had been set up for the £7,000 raised at the auction. Rob Morris said that it hadn’t been done although the Clydesdale Bank were aware that there was £10,000 set aside. 5 Report of the Commodore and DirectorsThe Commodore started by recapping on the previous year by saying that the previous year had been a very difficult period for the club; the finances were not in a healthy state and the Board had taken painful albeit necessary actions to reduce costs. Everyone’s efforts throughout the club had seen a difference most significantly in the atmosphere and camaraderie in the club. The Commodore used the opportunity to record her thanks to everyone for volunteering their time and efforts but specifically those members of the Club who’d really gone above and beyond. However the coming year will be difficult most significantly because a proportion of funds needs to be put aside to start paying back the Debenture Holders from March 2010. On the water there were busy cruising and racing calendars – where many of our fleet took part in events near and far flaying the flag for Sovereign Harbour Yacht Club. The Commodore extended her thanks to the Board for their time, energy and their professional skills they have volunteered all year round. It is exhausting but rewarding. She also thanked her husband, Mark for his help and support throughout. In summing up the Commodore finished her report by saying how very proud everyone is of Sovereign Harbour Yacht Club and of being part of it and helping to move it forward. It is good to hear other clubs hold us up as a club to aspire to both on the water and off as we continue to build on our good reputation. 6 Treasurer’s ReportThe Treasurer started his report by reiterating his thanks to the membership that have carried out the numerous of different duties through out the last 12 months; it had a very positive effect on the Club’s profitability and cash flow. At year end in September 2007, there was a loss of £40K. With careful man management and the cutbacks that had to happen, even with a reduced turnover, the club was able to report a £17K profit for the year ending September 2008 increasing the shareholders’ funds to £164K. It had been no mean achievement to put the club in a better financial position. The results have enabled the club to look further into the future and put £10K to one side at the end of this financial year for the future debenture repayment in 2010. The Treasurer reported that the next 12 months’ cash flow it was anticipates that a further £25K for further debenture repayments would be added. But however this needed the membership’s support in attending functions, doing duties and generally using the club. The Treasurer said that the Board were fully aware of the Debenture liability and has written to Debenture Trustees’ Chairman hopefully with a long term acceptable solution. He stressed that at no point had the Club failed in its duty to pay the mortgage and have paid £16K off the capital. As per previous years’ the main income streams had been the membership subscriptions and profit from the Bar. Income has been below what the Board had hoped for the Royal Sovereign Suite although new initiatives were being drawn up. Detailed profit and loss of all events are now being analysed carefully. The Treasurer was asked if there was a reason for the drop in income. He replied that it could be due to the implications of less racing and the effects that it had on the bar takings and also the galley income. Freddie De Vere interjected that this year the Race Committee had struggled to attract new sponsorship and due to the present financial climate and that it may well worsen and that the Club had not hosted the Sussex Regatta so the bar & galley income were lower than previous over the Easter period. However, he also added that due to the efforts of Mark Robinson organising more courses the accounts would show a significant increase in profits in training; approx £4000. Guy Steven expressed his concern over the level of membership and whether there was still an impact due to the change of the membership year. The Membership Secretary replied that she was certain that this was no longer the case, adding that the levels for renewals were as forecast. She also added her thanks to those who had renewed promptly and that those who are still outstanding will be chased by Board members before the end of the month. . 7 Motions7.1 Adoption of AccountsMotion That the Financial Accounts for Sovereign Harbour Yacht Club Limited for the year to 30 September 2008 be adopted as a true and fair view of the Sovereign Harbour Yacht Club Ltd finances. Proposed by Robert Morris Motion carried by overwhelming majority 7.2 Appointment of AuditorsMotion That Humphrey & Co having offered themselves for election and are hereby appointed Auditors for Sovereign Harbour Yacht Club Limited for the period November 2008 until November 2009. Proposed by John Crone Motion carried by overwhelming majority 7.3 Alteration to the Articles of Association, point 8; re the number of votes allocated to a Family membershipMotion That Family members shall have two votes exercisable by the partners aged 18 plus. The Treasurer put this forward as step to reward the effort and input of family members and to maintain the level of their involvement and opinion. It would also encourage family membership as many are reverting to single membership without their families. The Commodore put forward the alternative side of the argument on behalf of a member by saying that the privilege of having a vote should be part of being a full member of the Club. The member felt this would effectively mean a couple would have 2 votes to a single person’s one vote. This would have a minimal impact at this time as the Club is not in the position to make any significant decisions regarding finance and the way the Club was run, so making this motion unnecessary. When asked about the effect on the finances of the Club if this resolution is successful the Membership Secretary replied that this would have minimal because potentially only 4 couples would be effected. Another member added that both members would need to be present but the Commodore stated this is underlined as the Club has no provision for proxy voting. Phil Brown demanded that the member be identified as he felt that as proxy votes aren’t allowed then proxy opinions shouldn’t be allowed. The Commodore responded that in the interest of a balanced argument she had agreed that the opinion be put forward. Some members found the negative side of the argument damaging and in fact extremely patronizing as it assumed couples cannot and would not think for themselves and that individuals would be open to influence of their partner. He added that this was a family orientated club and it should be aimed at families and everyone should be encouraged to participate. Jane Tywman added that passing this motion would seemingly devalue the single members’ votes. One member suggested that in these economic times then shouldn’t there be an economic incentive for the single membership. It was also put forward that if a member wants to vote then that member should pay for that privilege. Nick Jordan gave an opinion that if votes needed to be paid for then the Club should be asking the Coxswain and Second Coxswain of Eastbourne Lifeboat to pay for their membership instead of receiving an honorary membership. The Commodore said that this would not happen because the time, knowledge and effort that is donated fair out weighs the value of their membership. It was also asked whether martial status should be considered but this could not be because of discrimination laws. Charles Erb asked that the wording be changed to include wording tantamount to both members being present, however this is irrelevant as there is no provision for proxy voting. This was confirmed by John Crone that there was no provision. Votes for the motion 24 votes The motion was carried The Membership Secretary added that if there was a couple that had 2 single memberships and would like to convert to a family membership and be refunded the difference (£40) then she would be available afterwards. 8 Election of Officers and DirectorsElection of Commodore Election of Vice Commodore Election of Rear Commodore (Sail) Election of Rear Commodore (Power) Election of Treasurer Election of Secretary Election of Directors The meeting was formally closed at 1119 hrs. Previous Years Minutes |
