2006 AGM

COMMODORE'S ANNUAL REPORT

The Legend Owners Association continues to grow and go from strength to strength with a current membership of 220 with 44 new members joining up in 2005.  We have a number of new members many of whom have purchased their first boat and wish to meet and sail with other Legend owners.   The Association’s success can be attributed to a friendly and welcoming nature of its members and a lively event programme. It is also great to see an increasing number of families sailing with children who are very active in attending events including the spring cross-channel trip.

Last year was an important milestone for the LOA as we celebrated our 10 year Anniversary held in the new events centre in West Cowes Yacht Haven.  It was with great regret that due to a bad back I was unable to attend.  Jim and Rona did an excellent job in organising the event which was a great success, thanks also goes to the committee members who provided support particularly for supporting the charity raffle which raised an outstanding £785 for the Ellen McArthur Sailing Trust.  We are also grateful to for the generous support by Opal and a number of their suppliers. 

The 2005 season was extremely active with a full programme of organised events mostly from the Solent area.  It would be good to establish more regional representatives around the UK.  We now have an east Coast representative and a new West Country Representative (subject to your approval)  However we still have  no representatives in Ireland, or the North of England. If you are willing to act as a regional representative please contact one of the Committee.    Finally, I cannot finish without mentioning the informal Legend weekends which are now a hallmark of the Association.  Known as Legend mini adventures that require a minimum of three boats to qualify, these make excellent impromptu gatherings that continue to build the friendly and sociable culture of the LOA.  These included two very successful ‘maxi’ adventures, a pre-christmas bash at Port Solent and a post-Christmas bash at Ocean Village.  It is good to see so many people still sailing through the winter.

At last years AGM there were a number of people who suggested that we had some technical talks at some of our meetings.  I have arranged for Don Alexander to kick this off at the AGM and would like to have another 2 or 3 talks over the season.  If anyone would either like to share some of their technical expertise or sailing experiences or if someone that would be prepared to come and talk to us please let me know.

My thanks go to the LOA committee for all their hard work and all those who help to run the events programme.  My particular thanks go to David Chappell for his sterling work in setting up and maintaining an excellent members database and mailing list and also to Ramin Soudbakhsh our Webmeister for updating and maintaining the LOA website.  It is very gratifying and a great privilege to be involved with this organisation and to sail in good company in the excellent Legend boats. 

Steve Parry, Commodore

TREASURER’S REPORT FOR THE PERIOD ENDING 31^st DECEMBER 2005

1.Subscription was up from predicted along with burgee sales.  However this has been offset with a re-investment in burgees to meet demand. Income from rallies was a result of the association being utilised for banking purposes only.

2.The AGM came above budget for income and expenditure due to the huge turnout last year. This is however, self-funding with the association sponsoring the event to the grand amount of £16.00, which was way under the £300.00 set aside.  This provided a suitable balance against the over budgeted postage, stationary and printing costs.

3. It was decided for the association to break away from the self-funding annual South Coast & East Coast Rendezvous at the last AGM in order to provide funds for the ten year anniversary celebrations.  The association, in the end, only had to provide an extra £77.12 for the events thanks to the kind sponsorship from Peters PLC of £2000.00.

4. A business interest account was opened with our bank (Lloyds PLC) and £4000.00 was initially transferred, this managed to earn us £35.10 before having to transfer £3000.00 back to the working account to cover the rendezvous expenditure prior to the receipt of the sponsorship money.

5. Through excellent support the association managed to raise £785.00 at the South Coast Rendezvous for charity, the Ellen McArthur Trust.

6. Overall in 2005 the association funds have come in on budget with an annual surplus of  £9.29. This has resulted in £4689.59 being carried through to 2006, therefore maintaining a healthy reserve whilst spending all the in-year income on current members.

Paul Santry

FINANCIAL STATEMENT AS AT 31^st DECEMBER 2005

Budget 2006

1. Subscriptions are based on the association remaining at the present level.
2. It is intended to transfer £4000.00 to the reserve account until at least the last quarter of the year when the appropriate amount will be, once again, transferred back to cover the period between rendezvous expenditure and possible sponsorship.
3. It is intended to put aside £1000.00 for rallies to act as deposits, reservations and prizes. Although this money will not be spent just for the sake of it and will require justifying through the committee.
4. It is assumed that both the South & East Coast rendezvous will be self-funding although sponsorship cannot be guaranteed therefore £1000.00 has been put aside.
5. Allocation of funds for postage, stationary and printing costs has been increased to match 2005 expenditure plus an allowance for inflation.
6. Overall a contingency fund of around £800.00 has been left as a float.