Minutes of the 78th Annual General Meeting of the Oxford and Cambridge Sailing Society at Kellogg College Oxford on Saturday 29th September 2018, being the 84th Anniversary of the Society
The President took the chair and the meeting began at 19.00hrs with 20 members present.
Apologies were received from Claire Lasko (Hon Treasurer).
Minutes of 77th AGM
As no amendments had been circulated or proposed, the minutes of the 2017 AGM were approved as published on the website.
The President was delighted to welcome new members to the Society as follows:
Oxford: Sam Jenkins
Cambridge: Rachel Tilley, George Hopes
The Society teams had experienced a good year on the water. In the Oxford Magnum, the Society team were victorious. In the Wilson Trophy they got into the Quarter Finals and John Platts-Mills ‘mixed Society’ team got into the Semi Finals. Unfortunately, weather meant that the Cam Cup was cancelled, while UKTRA lost its second day of sailing – resulting in much tie-breaking to arrive at overall results.
A very good and fully-booked Springs Drinks Party took place in March, with the talk being given by Ian Walker, now of the RYA.
Summer Society events went well. The Itchenor Swallow event was a 3-all draw and the Society team won at Wroxham for the first time in 6 years.
The Society finished runners-up in the Carmela Cup in January, with eight teams contesting the event in J80s, and were also runners up in the Wessex Warmer.
Cambridge won both the Open and Ladies Varsity matches.
After Katie Nurton’s success last year, I was delighted to hear that Fiona Hampshire has succeeded her as the Amateur Sailor of the Year – many congratulations!
Also, I have just heard that Antony Lunch has just been honoured with a RYA Community Lifetime Award – congratulations to him also!
A short written report had been submitted by Katie Nurton, indicating that the Society’s port stocks are in good order – with many years of enjoyable drinking ahead.
A brief report on finances was provided by Claire Lasko, indicating that finances are currently in good shape. The 2017 Accounts had been prepared and would be published shortly on the website (now available along with the 2018 accounts).
Tom Low reported: “As you are probably aware, equity markets have risen consistently since the financial crisis of 2008/09, but 2018 has been a different year. Global equity markets have been range-bound, with highs bouncing off a glass ceiling and lows bouncing off a glass floor. In 2018 the general sentiment has been ‘risk-off’, with investors moving away from riskier assets and finding safe havens in more conservative assets. US equities have performed reasonably well due to rising profits as a result of tax cuts, and the US dollar has outperformed almost all other major currencies, partly due to the Fed raising interest rates. So, over the past year, our investment performance has been mixed. Results of individual holdings are as follows.
City Merchants: Over 1 year and 3 years respectively, this investment trust has performed 1.5% and 22.7% against a sector benchmark of 8.3% and 32.0%.
Invesco Perpetual: Over 1 year and 3 years respectively, this investment trust has performed 6.4% and 42.6% against a sector benchmark of 4.8% and 44.5%. This is better than City Merchants but it has not outperformed the sector, it has merely kept pace, which is not what we pay active fund managers to do (otherwise we would simply invest in a passive tracker).
JP Morgan: Over 1 year and 3 years respectively, this investment trust has performed 19.2% and 35.3% against a sector benchmark of 6.5% and 22.5%. This is much better, and good to see.
Recommendation: Subject to Committee agreement, I recommend that we retain the JP Morgan fund but look to swap the City Merchants and Invesco Perpetual funds. This is not just due to performance but is also because these are income-biased and we have not been using the income; in fact last time I traded I reinvested the income. I would be more inclined to invest for total return (income plus capital gain) and, when we need additional funds for port purchase or whatever, I can simply sell some units or shares.”
Tournament Entry Funding
The funding initiative agreed in 2017 to assist the Society’s dinghy team had been reviewed by the Committee and confirmed on the basis that the team would be required to enter all 4 major events: Oxford Magnum; Cam Cup; UKTRA; and Wilson Trophy. Further, funding would only would be given to the team fielding the highest number of Society members. The committee had discussed the conversation at the 2017 AGM and agreed the suggestions. Priority would be given to the team with the highest number of Society Members, whether or not they were helming or crewing.
Revised arrangements for the Guidelines for elections to O&CSS
The Committee had agreed to fairly minor upgrades to the excellent guidelines initially drafted by Andrew Reid. Copies of these changes were circulated at the meeting, the changes being as follows.
a) Some small increases to the election criteria to reflect changes over time.
b) Addition of general guidelines re the candidates information to help the proposers. The draft had been sent out this year and the response was very helpful
c) Some minor additions re explanations.
These changes were all approved by the meeting.
Election of President and Officers
Mark Struckett indicated his intention to retire from his position as President, previously advised to the Committee. Anthony Butler took the chair briefly and, there being no opposing nominations declared Patrick Bird elected President, Claire Lasko Hon Treasurer, and Fiona Hampshire Hon Secretary.
All three elections were met with acclamation.
There being no opposing nominations, Anthony Butler (Web), Phil Derry (Generations), Ed Grieg-Gran, Tom Haywood, Tom Low (Investments) were elected to the Committee, with acclamation.
Anthony Butler advised that he was looking for a replacement for his role as Webmaster and membership database administrator. Interested parties to please contact him
A vote of thanks was given to Mark Struckett for his term of office as President
Lottie Rapson, who was standing down from the Committee owing to her work commitments having moved overseas, was thanked for her excellent management of the Inter Generations event over several years.
Both proposals were met with acclamation.
Any Other Business
In response to comments at the AGM last year from Josh Flack regarding cost of the dinner, tickets this year were offered at a reduced price to current students and members ‘first year out’.
There being no other business, the meeting closed at 19.30hrs