REPUBLIC OF SINGAPORE YACHT CLUB
ANNUAL REPORT 2010 / 2011
OUR MISSION To build upon our rich tradition as Singapore’s premier yacht club, member-owned and affordable, and providing the best sea sports facilities with excellent club amenities.
CONTENTS Notice of Meeting
Page 1
RSYC Committee & Patron
Page 2
Commodore's Message
Page 3
Secretary's Report
Page 4
Development Report
Page 6
Lifestyle Report
Page 8
Marine Facilities Report
Page 10
House Report
Page 12
Pictorial Highlights
Page 14
Treasurer's Report
Page 16
Financial Review
Page 18
Five-Year Comparison
Page 19
Independent Auditors' Report
Page 21
Financial Statements
Page 22
Reciprocal Clubs
Page 42
NOTICE OF MEETING 6 June 2011 Dear Members Notice is hereby given that the 86th Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at the Nautica Ballroom on Friday, 24 June 2011 at 1900 hours to transact the following business: 1. Commodore's Address 2. To confirm Minutes of the Annual General Meeting held on 25 June 2010 3. Matters Arising 4. To consider the Annual Report of the Club 5. To consider and if approved, adopt the Audited Accounts for the Year ended 31 December 2010 6. To elect Flag Officers and Committee Members for the year 2011/2012 7. To elect Auditors for the Club 8. To transact any other business of which due notice has been given under Article 26 (e) of the Constitution. The election of Flag Officers and Committee Members will be by secret ballot and supervised by a panel of Scrutineers comprising a representative from the Club's independent Auditors and two Life or Ordinary Members of the Club. To facilitate the orderly conduct of the AGM, members are kindly requested to observe the provisions of Article 26 (e) and to write to the Honorary Secretary at least 7 days in advance, should they wish to raise any other matter or obtain any additional information. Refreshments and light snacks will be served after the AGM. By Order of the RSYC Committee
Balakrishnan B. Honorary Secretary
NOTE: Nominations for election to the Committee must be completed on the prescribed form (in accordance with Articles 20.5 and 22), Proposed and Seconded by two Life or Ordinary fully paid Members of not less than six months standing. Nomination Forms can be obtained from the Club's Administration Office. Completed Forms must reach this Office not later than 1700 hours on 17 June 2011. ANNUAL REPORT 2010/2011
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RSYC COMMITTEE & PATRON PATRON
His Excellency S R Nathan President of the Republic of Singapore
RSYC COMMITTEE 2010/11 COMMODORE Tan Kay Toh
VICE COMMODORE Low Teo Ping REAR COMMODORE Karl Nilssen HONORARY SECRETARY Balakrishnan B. TREASURER Kjetil W Gulliksen COMMITTEE MEMBERS Chow Theng Kai David Cronin John McGugan Jeyendran Naidu Tan Ann Kiong Wee Keng Hwee
Standing (from left): Tan Ann Kiong, B. Balakrishnan, John McGugan and David Cronin. Seated (from left): Low Teo Ping, Tan Kay Toh and Kjetil W. Gulliksen. Inset (from left): Karl Nilssen, Chow Theng Kai, Jeyendran Naidu and Wee Keng Hwee.
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COMMODORE’S MESSAGE It is my duty to present to you this year's Annual Report on behalf of the RSYC Committee. This year's financial results fared no better than last year's, with net deficit exceeding our budgeted numbers. Please refer to the financial review as presented on page 18 in the Annual Report. This is also the year that Members have decided to cap the number of sub-committees to not more than four. We have done better by starting with three sub-committees, namely Finance, Development and Lifestyle. Adjustments have been made in the first half of 2011 to separate the House and Marine issues from the Lifestyle Sub-Committee. More on the sub-committee report can be found in the following pages of this Annual Report. Please take some time to digest the various reports as presented. 2010 will be remembered by all of us as the year that we started our redevelopment plan with the Dry Stack Building and new Accommodation Wing. More on the re-development plan can be found on page 6 under the Development Report. Our 86th Annual General Meeting will be held in the Club's Nautica Ballroom on Friday 24 June 2011. I sincerely hope that some of you will seriously consider offering yourselves for election to the RSYC Committee. This is your Club really, and you can make it as good a club as you want it to be. Some of us have served for many years now, and I think it is high time we see some fresh leadership. Please ensure that your nomination forms have the requisite proposer and seconder and are in accordance with the Club rules. It gives me great pleasure to welcome our new General Manager, Mr Werner Trachsel, to RSYC as of 12 May 2011. A Swiss national, Mr Trachsel has worked in the hospitality industry in Singapore and in Asia for many years, mostly in clubs. I would like to take this opportunity to record my sincere appreciation to all my fellow RSYC Committee members, and management and staff for their efforts, support and dedication, and to you the Members of RSYC for giving us the opportunity to serve you. See you at the Annual General Meeting on 24 June 2011. Tan Kay Toh Commodore
ANNUAL REPORT 2010/2011
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SECRETARY’S REPORT CLUB MEMBERSHIP The Club's overall total membership stood at 2,095 in all categories as at 31 December 2010. The three largest types of membership are Ordinary Transferable: 1,499 members, Ordinary (Permanent Absent Member) Transferable: 219 members and Social Non-Transferable: 150 members as at year end 2010. The Club launched a membership drive in March 2011, resulting in several scores of new members added to the total count. The membership drive is on-going and we expect to see further increases in the near future.
Guest of honour and RSYC Patron President S.R. Nathan upon arrival for the book launch on 19 June 2010.
2010 had been a busy year for RSYC. The big highlight was the publication of the muchawaited Heritage book “Three Burgees” authored by long-time Club member Peter Dunlop. Our distinguished patron, President S.R. Nathan, honoured us by launching the book at a gala dinner held at the Club's Nautica Ballroom on 19 June 2010. The beautiful hard-cover book of 224 pages traced the unique history of RSYC since our founding in 1826 when it was then known as Singapore Yacht Club. The book launch also marked the 10th anniversary of our move to the present location at West Coast Ferry Road. Apart from Club members and distinguished guests at the book launch, copies of “Three Burgees” were presented to the National Library and the National Archives of Singapore, where a copy is available to researchers using its reading room. The Club has also made arrangements with a leading local distributor to market the book through local bookshops.
TWO NEW COMMITTEE MEMBERS CO-OPTED The current RSYC Committee was elected at the 85th Annual General Meeting on 25 June 2010. There was an immediate vacancy in the Committee and a long-time stalwart was co-opted in August 2010 in the person of John McGugan, a former flag officer who last served as Rear Commodore in 2007/08. John has held a variety of Committee positions in the past decade and his experience in Club affairs is invaluable to this Committee as we carry out the current Development project. During the ensuing year, as quite a few Committee members had to travel extensively in the course of their full-time business, regrettably two of them – Nigel Ho and Eric Lee Ah Kwan – had to step down in December 2010. As the new year dawned, we were fortunate in having Wee Keng Hwee , a senior top executive in a listed-company, join the Committee, despite his busy professional schedule. I want to thank both Mr McGugan and Mr Wee for sacrificing their precious quality time to serve the RSYC. STAFF AND MANAGEMENT The busy year's activities put much strain on our staff during 2010/11. In April 2010, Dr Matthew Yap joined us as general manager but unfortunately arrangements did not work out well and he left in October 2010. The Club operated without a general manager for most part of the year under review. Meanwhile several Main Committee members helped out with giving much of their valuable time to guide management in the dayto-day running of the Club. In this regard I want to place on record the Club's deep appreciation to members of the RSYC Committee and the management and staff for their many contributions and service to the Club. In July 2010 we had a new member of management join us as Head of Sales and Marketing. Karen Lim leads a new team of enthusiastic staff in spearheading the on-going membership drive. Other key members of management are Finance Manager Yvonne Kok, F&B Manager Lionel Roberts, Marina Manager Robat Bin Ahmad, Housekeeping & Rooms Manager Molly Tan and Executive Secretary Anne Mah.
President S.R. Nathan with then commodore Balakrishnan B. and author Peter Dunlop at the book launch.
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In April 2011 the Club held a special annual dinner and dance at the Nautica Ballroom which was a huge success and the staff had a memorable evening with lots of lucky draw prizes. Our staff
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SECRETARY’S REPORT CLUB SECURITY AND SAFETY Our Security Department continues to enhance our operational capabilities and to provide higher security coverage and access to the Club. This year we have focused on equipping our staff with the necessary emergency preparedness skills to react appropriately during emergencies should they occur. All our security officers are now certified as having undergone the Singapore Civil Defence Force's (SCDF) Community Emergency Preparedness Programme (CEPP). Two CEPP courses were conducted at our Club in January 2011. A fire evacuation drill was also conducted for the staff in March 2011. CONCLUSION All in all, we had a fruitful year in 2010 and the first half of 2011. We want to thank all our members, management and staff for their many contributions and service and look forward to another good year as we embark on the building of the multi-storey dry stack for boats and the extension to our Accommodation Wing.
Former commodore and trustee of Guilford Yacht Club of Connecticut, USA, receiving our burgee from Commodore Tan Kay Toh.
count stands at 139 as at 16 May 2011.
Balakrishnan B. Honorary Secretary
RECIPROCAL CLUBS During the year under review, we had made arrangements with several more yacht clubs around the world with which we now have reciprocity. The new clubs included Chicago Corinthian YC, USA, and Guilford YC of Connecticut, USA. We now are linked with one hundred overseas yacht clubs, a list of which can be found on pages 42-44.
Arrival at RSYC for 3-day stay.
Following a request from our friends in the Manila Yacht Club, we warmly welcomed in September 2010 a fleet of three unique sailing ships in the historic “Voyage of the Balangay” from the Philippines. These wooden vessels are replicas of ancient sailing boats found in the 1970s and believed to date as far back as 320 AD. The voyage traced the sea routes of ancestors of today's Filipinos who sailed without modern navigational aids, relying solely on the sun, the wind and the stars. The 38-member crew berthed at RSYC for three days.
Part of the Balangay crew being welcomed by Philippines Ambassador H.E. Minda Calaguian-Cruz and friends.
ANNUAL REPORT 2010/2011
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DEVELOPMENT REPORT
Club architect and Life Member Edward Wong (seated, centre) with members of the Development Sub-Committee and consultants at the award-signing ceremony on 3 March 2011.
During the year under review, a great deal of time was spent in working out the best possible arrangement for the building of the Dry Stacker and the additional rooms in the Accommodation Wing, as approved by the membership at the last Annual General Meeting. A number of meetings were held with our consultants to finalize our Development plan, followed by us obtaining all the necessary approvals in order to proceed with the project. On 23 November 2010, DBS Bank came back to us with a letter of offer for a financial arrangement in the amount of $3.7 million to complete the project, thus enabling us to proceed with construction work. A lively dialogue session on Development was held on 18 February 2011 attended by about a hundred members, many of whom were boat owners. Club Architect and Life Member Edward Wong updated the members on the final details of the project.
Development dialogue session on 18 February 2011.
Pre-qualification and selection of an appropriate contractor resulted in our appointing Messrs WY Steel Construction Pte Ltd to handle both the stacker building and the Accommodation Wing. The award-signing ceremony took place on 3 March 2011. The handing over of the construction site to the contractor was carried out on 14 April 2011 and site works commenced almost immediately. Members can be expected to be updated regularly. The contract calls for the multi-storey Dry Stack building to be completed by November 2011 and the Accommodation Wing by July 2012. Construction work on the project is now in progress. Our next major target is to see through the realization of re-constructing the breakwater. This is by no means an easy task and we will need to work very hard and put all our heads together on this. As a first step, we have since paid for the lease of the extended seabed space that has been allocated to us for the breakwater construction. Much work needs to be done. Tan Kay Toh Chairman, Development Sub-Committee .................................................................... DEVELOPMENT SUB-COMMITTEE Tan Kay Toh – Chairman Balakrishnan B. – Vice Chairman Chow Theng Kai – Member Low Teo Ping – Member John McGugan – Member Karl Nilssen – Member Wee Keng Hwee – Member
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REPUBLIC OF SINGAPORE YACHT CLUB
DEVELOPMENT REPORT
Boats from the shed which was demolished to make way for the first phase of the new Dry Stack Building.
Work in progress for the first phase of the Dry Stack Building.
Washing bay and the boat launch area still accessible to members.
ANNUAL REPORT 2010/2011
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LIFESTYLE REPORT
Our scale model for the dry stack and accommodation wing on show at Boat Asia 2011.
MEMBERSHIP The year 2010 was a challenging year for the Membership Department. We ended the year with 63 new members, 15 less than year 2009. Total revenue for 2010 was S$468,290, approximately S$50,000 lower than 2009. However, the bottomline was improved vastly with a net surplus of S$80,686 in 2010, against a net deficit of S$18,700 in 2009, due to cost reductions in marketing and payroll expenses. The sober revenue results were partly due to the staff turnover in the team in the first half of the year. Two new sales executives joined us in May, followed by a new department head in July. The team stabilised in the second half of the year and began to deliver month-on-month growth in net new revenue. It was however too late and too short a period to recover from the huge revenue deficit from the earlier months, and the team could only try to minimise the shortfall and end the year as close as possible to the revenue achieved in 2009. While we did not meet the budget for 2010, the planned development of the dry stack and Marina Lodge expansion provided us with an excellent opportunity to promote our Club membership to both boaters and non-boaters in the market. Under the guidance of the RSYC Committee, the team mapped out a marketing plan with the objective of bringing in 150 new Ordinary members for the year 2011. We started an advertising campaign in Asia Pacific Boating magazine to reach out to the boating community, and engaged a PR agency to assist us with publicity and media relations. A Membership Launch was held on 5 and 6 March to target boating members. The results were disappointing – less than 30 prospects attended the launch but the closure rate was good at about 30%. It was a slow start but we remain confident that with the increased awareness of RSYC in the market from the recent media coverage, Boat Asia 2011 in May, and other initiatives in the pipeline, we will reach our goals by the end of 2011.
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We have confirmed a partnership with UOB to offer new members an instalment payment program for the membership entrance fees. With this in place, the Club's own interest-free payment for the various membership categories will cease. This will eliminate the administrative need to track payment and improve the cash flow of the Club instantly. More importantly, it will also allow us to tap into UOB's vast database of clients as we leverage on their marketing and publicity efforts to reach out to more prospects. We are also in the midst of confirming a strategic alliance with another bank and will continue to seek out strategic partners that will benefit the Club either in terms of member privileges or in improving the awareness and appeal of RSYC among potential members in the market. By the time you receive this report, you would have seen a vastly improved RSYC website as well. This was one initiative among many to improve the marketing communication efforts to both members and prospects alike, and enhance the ease-of-use and navigation of the pages. There are plans to enhance the members' log-in area and add booking engines progressively over the months. A Club survey was also conducted in March/April to find out the needs and wants of the members in an effort to improve the engagement, patronage and participation rate of all members of the Club's facilities and events. For those who have participated in the survey, a big thank you to all of you. This is by no means a one-off exercise and we encourage all members to continue providing feedback to the Club's management. Remember, this is your Club, and it exists for the enjoyment of you and your family. Last but not least, I would like to extend my heartfelt thanks to the members of the Lifestyle Sub-Committee for their dedication and time, and to the Membership team for their commitment and efforts. 2011 is an exciting year as it marks yet another milestone in the history of this 185-year-
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LIFESTYLE REPORT dinner was held with the distinguished Patron, President S R Nathan, as our guest-of-honour to launch the much-awaited Heritage Book, written by long-time member, Mr Peter Dunlop. On 2 October 2010, some two dozen children from Chen Su Lan Methodist Children's Home and The Salvation Army spent a day out at sea for the Charity Cruise. This event is an annual tradition where Club members volunteer of their time, jet skis and boats to bring less privileged children out to the Southern Islands for a day of fun and games. Our heartfelt appreciation goes out to all members and sponsors for making the Charity Cruise a memorable event for these children.
A game of jousting at Commodore’s Day 2010.
old Club, and we look forward to your continued support. EVENTS In 2010, the Club saw a relatively high staff turnover in the Events team, which led to a dip in the number of activities organised. However, there were some signature events that were successfully executed and the feedback from members was positive and encouraging. Saturday 19 June 2010 was certainly a day to be remembered - Commodore's Day and the Heritage Book Launch were both successfully held on the same day. It certainly had a special significance as the Club also celebrated the 10th anniversary of our official move to the current West Coast location. Members and their families spent a fun-filled day, having a go at the jet-ski rides, enjoying sumptuous treats and carnival games and entertainment at the annual Commodore's Day. In the evening, a gala
Participants at the Choo Choo Night Trek on 19 March 2011.
2011 promises to be a more exciting year. Members can look forward to a whole wide range of events and activities such as talks and enrichment classes, educational programs for the children, ladies' workshops, tours and lots more. Commodore's Day, traditionally held in June every year, will be rescheduled to the later part of the year to coincide with the soft opening of the new multi-storey dry stack. We look forward to the continued support and participation of all members in the Club events and activities, and welcome any feedback and suggestions to make these events more appealing to you and your families. David Cronin Chairman, Lifestyle Sub-Committee .................................................................... LIFESTYLE SUB-COMMITTEE David Cronin - Chairman Low Teo Ping - Vice Chairman Chow Theng Kai - Member Kjetil W Gulliksen - Member John McGugan - Member Karl Nilssen - Member Tan Kay Toh - Member Wee Keng Hwee - Member
Lion Dance performance at the Club to usher in Lunar New Year 2011.
ANNUAL REPORT 2010/2011
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MARINE FACILITIES REPORT
Early days at the start of construction for the dry stack building.
MARINE FACILITIES First and foremost a sincere thank you and appreciation to all boating members for their cooperation and understanding prior to and during the construction of the long-awaited and debated dry stack building, without which, it would be almost impossible to achieve what the Committee and Management have set out to do. A long and stormy voyage it has been indeed. The dry stacker building, which was planned when the Club was asked to vacate the old premises at Jalan Buroh, was revisited in the year 2008. A sincere appreciation also goes out to all Main Committee (MC) members and particularly to the Development Sub-Committee (DSC) members who sacrificed their time and effort to make this a reality for the good of the Club and the benefit of all members of RSYC. As far back as early 2009, the news of the proposed building had created a buzz within the local boating fraternity. With a combination of both positive and negative feedback from the boating community, came a big “doubt” if RSYC was going to pull through with the project. Well, kudos to all members we had put the doubt to rest. Recently the Marine Department received an email from the Aberdeen Marina Club of Hong Kong, congratulating RSYC and seeking advice to upgrade their stacker supporting equipment. A welcome recognition indeed. Make no mistake, that there will still be numerous swells and waves to overcome before and after the completion of the voyage but with the cooperation, understanding and patience of all members of this unique Club, we can and will achieve it. All this equates to a very exciting episode for the Club and the Marine Department, as we expect good response from boaters who are looking for a dry berth, which offers a good location and service. The Club has embarked on a campaign to attract
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new members to join the Club, and this in turn will create more activity among the boating members. Boating members can look forward to a more convenient boat launching and recovery, where they will not have to wait for high tide to launch or recover their boats. With the stacker, the Club will eventually rid itself of the “boatel” image where boats sit atop their trailers and being pulled by a tractor. The Marine Department has embarked on a training program for its staff to undergo a forklift operator course in anticipation of the Marina Bull forklift, which will be the workhorse for the launching and recovery of boats. This is to ensure the safety of members, staff and property. The Marine Department will certainly look forward to working with and assisting pioneering members, new members and potential members, in making this voyage a success and taking the Club to a new era. At the end of this successful voyage, the Club will then embark on a longer and stormy voyage of securing a breakwater for the wet berth! - Capt Robat Bin Ahmad, Marina Manager. SEA SPORTS For the year 2010-2011, the biggest day marked on our calendar was the day when our Sea Sports Office at Pandan Reservoir went into full swing. With the move of our dinghies to Pandan Reservoir, activities have been smooth sailing all the way through. Our two MOE schools, namely Pioneer Secondary and Kent Ridge Secondary, each with a group of 20 students, have already begun their training at Pandan Reservoir. The students are as always, excited about doing something new - sailing in a controlled environment without the hustle and bustle of the vessel traffic at RSYC. It is not often that you get to see a fleet of sailboats doing tacks and gybes in the water while teachersin-charge and parents relax and rest in the spacious
REPUBLIC OF SINGAPORE YACHT CLUB
Student sailors at RSYC’s new training facility at Pandan Reservoir.
Students from neighbourhood schools come for regular lessons.
upper viewing platform at the Pandan Amenities Centre, in which our Sea Sports Office is located. Some of the senior sailors have also taken part in this year's Inter-School Championships on 18 to 21 April, held at the waters off the National Sailing Centre. RSYC also conducts its dinghy sailing courses there and again, we reiterate the advantage of the reservoir being a more controlled environment for learners to pick up dinghy sailing. The advantages include: · Better wind conditions for first-time sailors · Flatter water · Controlled environment with literally no boat traffic Members and their children can look forward to fun-filled activities at Pandan Reservoir with its free basic amenities such as shower and washroom facilities and water coolers. Members of public can also enjoy tailored sailing programs for team-building events at Pandan Reservoir which is more than suitable for such activities.
by President of Singapore Sailing Federation Dr. Ben Tan. Winners of the 11th RSYC Regatta 2010 are as follows: IRC A Windsikher (Owner/Skipper: Sarab Jeet Singh) IRC B Shoon Fung Too (Owner/Skipper: Gordon Maxted) ONE DESIGN Angel (Owner/Skipper: Vladimir Borstnar) PY Todak 2 (Owner/Skipper: Leslie Fung) In late 2010, RSYC had since supported the Nanyang Technological University Yacht Club (NTUYC) in their on-water training endeavours. The team, RSYC-NTUYC, will be taking part in several local regattas and the Club continues to support their participation in these races. So please show your support to these talented sailors and cheer for them at the various competitions! - Fendi Ahmad, Sea Sports Executive.
With our dinghies transferred to Pandan Reservoir, left behind are the Club's two J24 keelboats, which have had plenty of water time in the past 12 months with bareboat charters as well as for our Keelboat Competency Crew course. Speaking of keelboats, in July 2010, the RSYC Regatta, now in its 11th consecutive year, attracted about 20 boats, local and overseas. It was in typical racing fashion that the helms and their crew sweated it out, battling head to head, trying their best to gain an advantage over their fellow competitors. At the end of the regatta, as always, it was concluded with a high-spirited prize presentation ceremony at the Foreshore Deck of the Republic of Singapore Yacht Club on 1 August 2010, attended
ANNUAL REPORT 2010/2011
Crew of the winning yacht Windsikher at the RSYC Regatta 2010.
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HOUSE REPORT
Excellent service at The Bridge Terrace helped in financial turnaround.
In the absence of a House Sub-Committee (HSC) this year, the following reports are provided by the respective heads of department of Management. The Lifestyle Sub-Committee (LSC) provides what we believe is a valuable balance between building and maintaining the social fabric of the Club and keeping a financially viable focus for the dining rooms, guest rooms and bars. The LSC and the Management team went through some exciting and eventful times during the past 12 months. It has been a satisfying endeavour and we have made sizable achievements on all fronts of the Club's operation under the care of the HSC. The year 2010 has been promising despite many challenges, several of which have moved forward to 2011. The HSC's key objective is to continue delivering a marked improvement in service so members will want to make RSYC their second home. Over the last year, we had focused on improving the service levels in the Club across all departments and functions. The year 2011 will be another milestone of the Club as we move towards completing the dry stack and the new wing of the Marina Lodge. Their completion will definitely see the opportunity to increase our membership status. However we foresee a slight drop in revenue during the construction period. We would like to assure our members that inconvenience during the construction period will be kept to the minimum and all food and beverage facilities will be operating as normal. We are a members' club and unlike some clubs, we do not allow members of the public to use our club facilities. As such, we rely heavily on members' support. So don't forget to bring your family and guests to the Club! RSYC staff are also proud to be part of this prestige club and it is always our privilege to be able to serve your families and guests. We thank you for your kind support and patronage these past years
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One of the delectable dishes at The Bridge.
and look forward to continual feedback in this challenging year. FOOD & BEVERAGE The financial results for the year ended 31 December 2010 showed total revenue achieved was $2,971K with a deficit of $287K. However as compared to the same period for 2009, revenue was $3,434K with a deficit of $326K. Though there was a 13.5% variance in revenue, the team has managed to reduce the deficit by 12%. The biggest achievement was the turnaround of The Bridge Restaurant from $82K deficit in 2009 to a small profit of $15K in 2010. This speaks well for the dedication and effort put in by the management and staff of the F&B department. Our deep appreciation goes out to all of them and to our members whose contributions need to be recognized and applauded. Your comments and feedbacks have helped to guide us in improving the restaurant. However, despite being overstretched, our staff maintained their steadfastness and efficiency in reinforcing the Club's high standards of professionalism in catering to the needs of our members. The only setback was lack of service during the peak periods. We have taken note of the situation and action for recruitment has been put in place to beef up the service. In addition to this, we would instill on the training for all new and old staff for better product knowledge and skills. The priority for F&B is now set for progressive upgrading our service and offerings for all outlets. This is a common practice for F&B operation in order to keep up with the consistent, fast and unique changes in trend and concept in Singapore. Our objective is still to improve the level of hospitality service and to welcome all members and their guests to the Club with open hand and to develop club Food & Beverage to be profit driven. As a team we promise to continue to deliver more creative and innovative ideas for promotions and
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HOUSE REPORT
The Marina Lodge had another good year in 2010.
activities to attract more new faces and tempt old faces to return to the Club. We would like to encourage our members to plan their events and functions at the Club. Be it business or social, the banqueting team is always on hand to plan your event. For the year 2011, Food & Beverage will be introducing monthly loyalty nights for our members to participate. It will be value-added food promotions for everyone. This is made possible by our working partners and vendors. CONCLUSION Lastly, it remains for me to thank the RSYC Committee and members of the Lifestyle SubCommittee for their hard work and input. We would like to extend special thanks to the management and staff for their uncompromising dedication. We also like to thank all members for their regular visits to the Club and we assure you we will be striving to make these visits more enjoyable for all. - Lionel Roberts, F&B Manager
MARINA LODGE With revenues of $1,578K in FY 2010, the rooms did rather well, exceeding its budget of $1,333K. The departmental contribution was $788K, compared with $763K in FY 2009. Occupancy rate for FY 2010 was a healthy 83%. There were days when demand exceeded supply and members or their guests were turned away due to the shortage of rooms. The Club is looking forward to the extension wing at the Marina Lodge that is currently under construction. When completed in July 2012, we should have twice as many rooms to sell and this should help further to our bottom line. There is also plan in the pipeline to upgrade the present 28 units of guest rooms after eight years of operation. - Molly Tan, Housekeeping & Rooms Manager
A standard room at our Marina Lodge.
ANNUAL REPORT 2010/2011
One of our popular accommodation suites.
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PICTORIAL HIGHLIGHTS
Children having a go at a fun game on Commodore’s Day 2010.
Flea market bargains were part of the fun for members and guests.
A Club memento for President S.R. Nathan at the book launch.
Celebrating a victory at the prize-giving ceremony after the 2010 RSYC Regatta.
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Happy author Peter Dunlop autographs another book at evening’s event.
Windsikher - the winning yacht at the RSYC Regatta.
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PICTORIAL HIGHLIGHTS
Members and guests enjoying themselves at Oktoberfest 2010.
Intrepid trekkers at a disused railway track during a Club outing.
A break at a special mahjong game during Chinese New Year at the Club.
The big-headed doll and two prancing lions welcoming Lunar New Year at the Club.
A Wine & Cheese Evening at the Club in October 2010.
A visitor being assisted at our booth at Boat Asia 2011.
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TREASURER’S REPORT OVERALL RESULTS OF CLUB FINANCIAL YEAR ENDED 2010 RSYC FY2010 audited financial statement showed an increase in Net deficit in comparison with last year FY2009. This is mainly due to the fact that Jackpot income collection plunged a gross of $260K, in addition $161K accumulated expenses in publication of RSYC history book “Three Burgees” in June 2010 after several years of research and documentation of the Club's extensive archives. Nevertheless, FY2010 performed overall slightly better by 11% when compared with FY2009, taking into consideration the higher job credit saving in 2009 that ceased in March 2010 with a difference of $197K. Furthermore, there was property tax rebate with reduction of $106K in FY2009. However, 2010 budget was significant over stated in Food & Beverage, Jackpot and Membership Entrance fee while Rooms income was under stated given consideration that development construction may commence. Marine department consistently performed above budget. The Admin payroll and overhead costs were kept within budget. The Club financial performance in comparison with 2010 budget was as follows: a.
F&B - deficit contribution of $287K: F&B performed below budget by 256% as revenue was overall over estimated. The annual year end party celebration was downsized. Furthermore, banquet sales were below monthly average by$26K for the first 9 months in 2010.
Payroll and related costs were higher with increased unconsumed staff annual leave carried forward and increased overtime cost due to shortage of manpower in restaurant/ kitchen. b.
Rooms - surplus contribution of $788K: Marina Lodge and Housekeeping achieved above budget by 67%. The budget revenue was reduced 30% due to the expected reduction from the construction. The contribution percentage remained constant.
c.
Jackpot - surplus contribution of $95K: Jackpot performed below budget by 78% as revenue dampened significantly. The payout percentage increased to 44% compared to the budget of 38%, consequently this affected the net collection.
d.
Marina - surplus contribution of $919K: Marina revenue achieved above budget by 28%. The direct costs remained constant, but the contribution decreased due to increased payroll costs of additional personnel.
e. Activities - deficit contribution of $87K: Events deficit of - $60K was kept within the budget. In addition Sea Sports deficit of
16
-$27K was also within budget by 25% in total.
f.
Membership - surplus contribution of $80K: Membership was optimistically budgeted to $1.3m (100 new memberships), we closed only 30% new membership entrance revenue.
g.
Non operating employee expenses of $1.4M: Non operating department related payroll expenses were slightly reduced by 10% in proportion to reduced headcounts.
h.
Other club overheads expenses of $1.5M: Overall the club non operating expenditure was well controlled and below budget by 23%. This was partially due to staff meal costs reclassification from Admin cost to respective department payroll and related cost.
The Head of Marketing & Sales and a new sales team came on board in mid 2010 to drive a series of new marketing plans for Membership Mega Launch in conjunction with the Club re-developing project.
Please refer to Financial Review in comparison schedule for a detailed summary on page 18. CAPEX FOR 2010 The Capital Expenditure by department in FY2010 was as follows: Food & Beverage $17,765 Rooms $8,460 Marina $19,065 Sea Sports $38,779 Finance & Admin $28,482 Maintenance $1,150 Heritage $5,900 Total $119,601 Overall the Financial Report for 2010 was disappointing, particularly the variance in the membership recruitment contributed negatively. However, apart from further consistency from the departments that contributed positively we are confident that the ongoing membership drive in conjunction with the redevelopment projects will contribute positively going forward. I would like to thank the members of the Finance Sub-Committee for their participation and contribution in the monthly meetings. Furthermore, a big “thank you” to the Finance Department for their good accounting control and support throughout the year. Kjetil W. Gulliksen Treasurer .................................................................... FINANCE SUB-COMMITTEE Kjetil W. Gulliksen - Chairman Balakrishnan B. - Member David Cronin - Member Jeyendran Naidu - Member Tan Ann Kiong - Member Tan Kay Chuan - Member
REPUBLIC OF SINGAPORE YACHT CLUB
TREASURER’S REPORT 2010 OPERATING DEPT NET GROSS FINANCIAL REVIEW 2009 ACTUAL
2010 BUDGET
($26)
$434
($38)
($27)
($78)
($58)
($60)
$419
$720
$946
$919 $428
$95
$310
($326)
($287)
$184
$471
$763
$788
VALUE IN S$'000
$1,196
2010 ACTUAL
2010 TOTAL REVENUE Misc / Other Income - 2%
Membership - 5%
Subscription - 20% F&B - 31%
Events - 1% Sea Sports - 2% Marina - 19%
Rooms - 16%
Jackpot - 4%
2010 TOTAL OPERATING & NON-OPERATING COSTS
Heritage - 1% Maintenance - 2%
Depreciation - 18%
F&B - 30%
Security - 2%
Club & Admin - 20%
Rooms - 7% Marina - 9%
Membership - 4% Events - 2%
Jackpot - 3%
Sea Sports - 2%
ANNUAL REPORT 2010/2011
17
FINANCIAL REVIEW 2010 2009 2010 ACTUAL ACTUAL BUDGET $‘000 $‘000 $‘000
F&B
REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION BEFORE MINIMUM SPENDING MINIMUM SPENDING LEVY DEPARTMENTAL CONTRIBUTION AFTER MINIMUM SPENDING
ROOMS
REVENUE PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION
JACKPOT
REVENUE PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION
MARINA
REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION
ACTIVITIES
REVENUE PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION
3,032 3,434 3,802 (1,178) (1,439) (1,380) (1,790) (1,770) (1,719) (351) (551) (519) (2,141) (2,321) (2,237) (287) 97
(326) 89
184 0
(190)
(237)
184
1,578 1,578 1,333 (625) (618) (636) (165) (197) (226) (790) (815) (862) 788 763 471 423 683 780 (182) (194) (183) (146) (179) (169) (328) (373) (352) 95 310 428 1,874 1,739 1,656 (418) (296) (294) (370) (327) (446) (167) (170) (196) (537) (497) (642) 919 946 720 306 165 372 (108) (183) (182) (285) (66) (306) (393) (249) (488) (87) (84) (116)
TOTAL OPERATING INCOME
1,525 1,698 1,687
SUBSCRIPTION & OTHER INCOME FINANCE INCOME-INTEREST INCOME FROM BANKS 2009 JOB CREDITS
2,201 2,188 2,256 12 11 36 233
EXPENSES
CHANGES IN INVENTORIES 9 DEPRECIATION (1,950) (1,940) (2,004) MISC WRITE BACK/ (OFF) PROVISION FROM DOUBTFUL DEBT (31) (43) BAD DEBT RECOVERY 6 6 WRITE OFF OF INVENTORIES (175) WRITE OFF PRIOR YEAR ACCRUED EXPENSES (NET) 37 2 NON OPERATING EMPLOYEES EXPENSES & STAFF BENEFITS (1,406) (1,598) (1,572) OTHER CLUB OVERHEADS (1,558) (1,481) (2,016) OPERATING DEFICIT
(1,119) (1,099) (1,649)
HERITAGE BOOK (161) ENTRANCE AND TRANSFER FEES 419 434 1,196 INCOME TAX
(8)
(8)
(869)
(673)
EXCLUDE EXCEPTION ADDITION INCOME: 2009 JOB CREDITS (36) 2009 PROPERTY TAX SAVING ($13,260 X 8MTHS) HERITAGE BOOK EXPENSES/ WRITE OFF INVENTORIES/ MSL 161
(233) (106) 175
TOTAL NET DEFICIT
(837)
NET DEFICIT AFTER TAX
18
(744)
REPUBLIC OF SINGAPORE YACHT CLUB
0 (453)
97 (356)
FIVE-YEAR COMPARISON
F&B
REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION BEFORE MINIMUM SPENDING MINIMUM SPENDING LEVY DEPARTMENTAL CONTRIBUTION AFTER MINIMUM SPENDING
2006 2007 2008 2009 2010 $’000 $’000 $’000 $’000 $’000 3,592 3,567 4,416 3,434 3,032 (1,389) (1,356) (1,794) (1,439) (1,178) (1,605) (1,753) (2,063) (1,770) (1,790) (510) (592) (569) (551) (351) (2,115) (2,345) (2,632) (2,321) (2,141) 88 82
(134) 88
(10) 94
(326) 89
(287) 97
170
(46)
84
(237)
(190)
ROOMS
REVENUE 993 1,284 1,583 1,578 1,578 COST OF SALES PAYROLL & RELATED COSTS (222) (568) (627) (618) (625) OTHER DIRECT COSTS (138) (367) (235) (197) (165) (360) (935) (862) (815) (790) DEPARTMENTAL CONTRIBUTION 633 349 721 763 788
JACKPOT
REVENUE
4,816 4,842 4,219 4,352 3,029 (1,755) (1,276) (1,585) (1,914) (1,330) 773 683 423 COST OF SALES PAYROLL & RELATED COSTS (164) (171) (172) (194) (182) OTHER DIRECT COSTS (4,075) (4,084) (200) (179) (146) (4,239) (4,255) (372) (373) (328) DEPARTMENTAL CONTRIBUTION 577 587 401 310 95 (1,861)
MARINA
REVENUE COST OF FUEL SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION
ACTIVITIES
REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION TOTAL REVENUE TOTAL OPERATING PAYROLL COSTS TOTAL COST TOTAL OPERATING INCOME
1,592 1,439 1,773 1,739 1,875 (380) (242) (399) (296) (419) (349) (452) (367) (327) (370) (156) (255) (175) (170) (167) (505) (707) (542) (497) (537) 707 490 832 946 919 302 101 99 165 306 (208) (101) (163) (183) (108) (252) (24) (42) (66) (285) (460) (125) (205) (249) (393) (158) (24) (106) (84) (87) 11,377 11,321 12,184 11,357 9,917 (2,548) (3,045) (3,392) (3,092) (3,076) (6,900) (6,920) (6,860) (6,567) (5,317) 1,929 1,356 1,932 1,698 1,524
SUBSCRIPTION & OTHER INCOME 2,101 2,107 2,216 FINANCE INCOME- INTEREST INCOME FROM BANKS 40 39 27 OTHER INCOME - JOB CREDITS & PROPERTY TAX SAVING
2,188 11 339
2,201 12 36
EXPENSES
CHANGES IN INVENTORIES (20) 4 9 DEPRECIATION (1,994) (1,848) (1,890) (1,940) (1,950) MISC WRITE BACK / (OFF) & PROVISION FOR DOUBTFUL DEBT (201) 100 (71) (210) 13 NON OPERATING EMPLOYEES EXPENSES & STAFF BENEFITS (1,388) (1,201) (1,729) (1,607) (1,347) OTHER EXPENSES (REFER TO NOTES) (1,239) (1,286) (1,668) (1,578) (1,618) OPERATING DEFICIT (772) (729) (1,183) (1,099) (1,120) HERITAGE BOOK (NET COST LESS MBRS FUNDS) (161) ENTRANCE AND TRANSFER FEES 237 418 441 434 419 FINANCE EXPENSES & BANK TERM LOAN (69) (26) (4) INCOME TAX (16) (15) (7) (8) (8)
NET DEFICIT AFTER TAX
(620) (352) (753) (673) (870)
ANNUAL REPORT 2010/2011
19
FINANCIAL STATEMENTS CONTENTS Independent Auditors' Report
21
Statement of Comprehensive Income
22
Balance Sheet
23
Statement of Changes in Accumulated Fund
24
Statement of Cash Flows
25
Notes to the Financial Statements
26
20
REPUBLIC OF SINGAPORE YACHT CLUB
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF REPUBLIC OF SINGAPORE YACHT CLUB We have audited the accompanying financial statements of Republic of Singapore Yacht Club (“the Club''), which comprise the balance sheet as at 31 December 2010, and statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Societies Act, Cap 311 (“the Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.
AUDITOR'S RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OPINION In our opinion, the financial statements are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 December 20X1 and the results, changes in equity and cash flows of the Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS During the course of our audit, nothing has come to our attention to cause us to believe that the Club has less than a minimum of 500 ordinary members at the end of the year.
ROHAN · MAH & PARTNERS Public Accountants and Certified Public Accountants Singapore, 5 May 2011
ANNUAL REPORT 2010/2011
21
STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
NOTE 2010 2009 S$'000 S$'000
OPERATING REVENUE Departmental revenue
4
6,790
6,917
Jackpot revenue (net of tax and payout)
5
423
683
Subscriptions and other income
2,201
2,188
Finance income - interest income from banks
12
11
Other income
36
232
Minimum spending levy
97
88
9,559 10,119
EXPENSES Materials and services consumed
4
(2,564)
(2,729)
Jackpot expenses
5
(328)
(373)
Changes in inventories
13
9
10
Depreciation of property, plant and equipment
10
(1,950)
(1,939)
Employees payroll and benefits
6
(4,240)
(4,505)
Bad debts recovered
6
6
(31)
(43)
Write-off of inventories
-
(175)
Write-off prior year accrued expenses (net)
-
2
Write-off of credit balances from trade debtors
37
-
(1,779)
(1,472)
Doubtful debts
12
Other expenses
7
Operating deficit before membership fees and finance cost
(1,281) (1,099)
Entrance and transfer fees
8
Net deficit before tax
419
434
(862) (665)
Income tax
9
(8)
(8)
Net deficit after tax
Tan Kay Toh Commodore
(870) (673)
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
22
REPUBLIC OF SINGAPORE YACHT CLUB
BALANCE SHEET
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010 NOTE 2010 2009 S$'000 S$'000
NON-CURRENT ASSETS Property, plant and equipment
10
28,016
29,690
17
18
Trophies at cost
28,033 29,708
CURRENT ASSETS Cash and cash equivalents
11
5,478
4,913
Due from members
12
1,150
1,107
Inventories
13
143 155
Other current assets
14
330
519
7,101 6,694
CURRENT LIABILITIES Trade payables
15
350
437
Other payables and provisions
16
736
1,021
Members' deposits
17
788
768
1,874 2,226
NET CURRENT ASSETS
5,227 4,468
NON-CURRENT LIABILITIES Deferred income from long-term berths
18
509
NET ASSETS
555
509 555 32,751 33,621
FUND Accumulated fund
Tan Kay Toh Commodore
32,751
33,621
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
ANNUAL REPORT 2010/2011
23
STATEMENTS OF CHANGES IN ACCUMULATED FUND FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
2010 S$'000 Balance at 1 January 2009
34,294
Net deficit for the year
(673)
Balance at 31 December 2009
33,621
Net deficit for the year
(870)
Balance at 31 December 2010
32,751
Tan Kay Toh Commodore
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
24
REPUBLIC OF SINGAPORE YACHT CLUB
STATEMENTS OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010 NOTE 2010 2009 S$'000 S$'000
CASH FLOWS FROM OPERATING ACTIVITIES Net deficit before tax (862) (665) Adjustments for : Depreciation 10 1,950 1,939 Doubtful debts 12 (10) (2) Entrance and transfer fees 8 (468) (522) Long-term berth license fees (46) (50) Loss on disposal of property, plant and equipment 5 Interest income (12) (11) Members' food and beverage deposits charged to statement of comprehensive income 22 Write-back of credit balances from accounts receivables 22 Inventories written off 22 Write-off of prior year accrued expenses (net) 22 Other debtors and deposits written off 22 Operating cash flow before working capital changes
- (67) (37) 3 175 - (2) - 9 523 804
Changes in operating assets and liabilities:Due from members Other current assets Inventories Members' deposits Trade and other payables Cash generated from operations Income tax paid Net cash generated from operating activities
4 109 189 (35) 9 11 20 7 (372) 21 373 917 (8) (10) 365 907
CASH FLOWS FROM INVESTING ACTIVITIES Purchases of plant and equipment Sales of trophies Interest received Net cash used in investing activities
(281) (372) 1 3 12 11 (268) (358)
CASH FLOWS FROM FINANCING ACTIVITIES Entrance and transfer fees 468 522 Net cash generated from financing activities 468 522 Net increase in cash and cash equivalents 565 1,071 Cash and cash equivalents at beginning of the year 4,913 3,842 CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 11) 5,478 4,913
Tan Kay Toh Commodore
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
ANNUAL REPORT 2010/2011
25
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL
The Republic of Singapore Yacht Club (“the Club”) is registered and domiciled in Singapore. The registered office of the Club is as follows:
The principal activities of the Club are those of sailing, power-boating, other sea-sports and social and recreational activities for the benefit of members.
2.
SIGNIFICANT ACCOUNTING POLICIES
52 West Coast Ferry Road, Singapore 126887.
(a) Basis of preparation The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Club's accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. There are no critical accounting estimates and assumptions used that are significant to the financial statements, and areas involving a higher degree of judgement or complexity, except as disclosed in Note 24.
In the current financial year, the Club has adopted all the new and revised FRSs and interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for annual periods beginning on or after 1 January 2010. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Club's accounting policies and has no material effect on the amounts reported for the current or prior years.
The Club has not applied any new standard or interpretation that has been issued but is not yet effective. The new standards that have been issued and not yet effective do not have any impact on the result of current or prior years.
(b)
Revenue recognition Revenue comprises the fair value for the sale of goods and rendering of services, net of goods and services tax and discounts. Revenue is only recognised when its collectibility is reasonably assured. Revenue is recognised as follows:
Revenue from the sale of food and beverage is recognised when served and accepted by members.
Rental income is recognised on a straight-line basis over the lease term.
Revenue from jackpot machines is recognised on a daily receipt basis.
Revenue from marine sports and other social activities, except for berth license fees and fuel sales, is recognised upon the rendering of services to and acceptance by the customer.
Berth license fees are recognised over the lease period of the berths.
Fuel sales are recognised upon delivery to and acceptance by the customer.
Membership subscriptions are recognised as revenue at the time when monthly subscriptions become due and payable.
Entrance fee income is recognised when members are admitted. Transfer fee income is recognised upon acceptance of the transfers by the Club Committee.
Interest income is recognised on a time-proportion basis using the effective interest method.
26
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
(c) Taxation Under Section 11(1) of the Singapore Income Tax Act, the Club is deemed not to be carrying on a business if 50% or more of its gross receipts on revenue accounts are received from its members.
Where the Club is deemed not to be carrying on a business, any surplus accruing to members from subscriptions, contributions and charges paid by them will not be regarded as income. However, for income tax purposes the Club will be liable to tax on income from other sources derived from dealings with non-members.
(d) Property, plant and equipment (i) Measurement Property, plant and equipment All property, plant and equipment are stated at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment loss. Component of costs The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The projected cost of dismantlement, removal or restoration is also included as part of the cost of plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a concequence of acquiring or using the asset. (ii) Depreciation Leasehold land and buildings are depreciated over the period of the lease which expires on 25 July 2027. Depreciation is provided on the straight-line basis so as to write off the cost of assets over their estimated useful lives as follows:
Plant and equipment Furniture, fittings and equipment
5 - 10 years 3 - 6 years
Development-in-progress is not depreciated as the asset is not yet available for use.
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date.
(iii) Subsequent expenditure Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Club, and the cost of the item can be measured reliably. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred. (iv) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amounts is taken to the statement of comprehensive income. Any amount in revaluation reserve relating to that asset is transferred to the accumulated fund directly. (e) Impairment of non-financial assets (i) Property, plant and equipment Property plant and equipment are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss.
For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to which the asset belongs to.
ANNUAL REPORT 2010/2011
27
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the Statement of Comprehensive income unless the asset is carried at revalue amount, in which case, such impairment loss is treated as a revaluation decrease.
An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the assets' recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statement of Comprehensive income, unless the asset is carried at revalue amount, in which case, such reversal is treated as a revaluation increase.
(f) Financial assets (i) Initial recognition and measurement Financial assets are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured as fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. (ii) Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: (i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships as defined by FRS 39. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. The Club has not designated any financial assets upon initial recognition at fair value through profit or loss. Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial assets are recognised in profit or loss. Net gains or net losses on financial assets at fair value through profit or loss include exchange differences, interest and dividend income.
Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.
(ii) Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process.
28
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
(iii) Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Club has the positive intention and ability to hold the investment to maturity. Subsequent to initial recognition, held to-maturity investments are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the held-to-maturity investments are derecognised or impaired, and through the amortisation process. (iv) Available-for-sale financial assets Available for-sale financial assets include equity and debts securities. Equity investments classified as available-for-sale are those, which are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial recognition, available-for-sale financial assets are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognised.
Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss.
(iii) Derecognition A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e., the date that the Club commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. (g) Impairment of financial assets The Club assesses at each end of the reporting period whether there is any objective evidence that a financial asset is impaired. (i) Financial assets carried at amortised cost For financial assets carried at amortised cost, the Club first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Club determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss on financial assets carried at amortised cost has incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss.
ANNUAL REPORT 2010/2011
29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset.
To determine whether there is objective evidence that an impairment loss on financial assets has incurred, the Club considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.
(ii) Financial assets carried at cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at 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 estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods. (iii) Available-for-sale financial assets In the case of equity investments classified as available-for-sale, objective evidence of impairment include (i) significant financial difficulty of the issuer or obligor, (ii) information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair value of the investment below its costs. ‘Significant' is to be evaluated against the original cost of the investment and ‘prolonged' against the period in which the fair value has been below its original cost. If an available-for-sale financial asset is impaired, an amount comprising the difference between its acquisition cost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognised in profit or loss is transferred from other comprehensive income and recognised in profit or loss. Reversals of impairment losses in respect of equity instruments are not recognised in profit or loss; increase in their fair value after impairment are recognised directly in other comprehensive income.
30
In the case of debt instruments classified as available-for-sale, impairment is assessed based on the same criteria as financial assets carried at amortised cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increases can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed in profit or loss.
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
(h) Financial liabilities (i) Initial recognition and measurement Financial liabilities are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value and in the case of other financial liabilities, plus directly attributable transaction costs.
(ii) Subsequent measurement The measurement of financial liabilities depends on their classification as follows: (i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial liabilities are recognised in profit or loss.
The Club has not designated any financial liabilities upon initial recognition at fair value through profit or loss.
(ii) Other financial liabilities After initial recognition, other financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortization process. (iii) Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. (i) Fair value estimation The fair values of financial instruments traded in active markets are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets held by the Club are the current bid prices; the appropriate quoted market prices for financial liabilities are the current ask prices.
The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Club uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used where appropriate. Other techniques, such as estimated discounted cash flows, are also used to determine the fair values of the financial instruments.
The carrying amounts of current receivables and payables are assumed to approximate their fair values. The fair values of non-current receivables for disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rates that are available to the Club for similar financial instruments.
ANNUAL REPORT 2010/2011
31
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
(j) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in first-out basis and includes freight, transport and handling charges. Net realisable value represents the estimated selling price less anticipated cost of disposal and after making allowance for damages, obsoletes and slows moving items. (k)
Borrowings and borrowing costs Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowing costs are taken to the income and expenditure account over the period of borrowing using the effective interest method.
(l) Provisions for other liabilities and charges Provisions are recognised when the Club has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Club expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as finance costs.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
(m) Employee benefits (i) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Club pays fixed contributions into separate entities such as the Central Provident Fund, and will have no legal or constructive obligation to pay further contributions if any of the funds does not hold sufficient assets to pay all employee benefits relating to employee service in the current and preceding financial years. The Club's contributions to defined contribution plans are recognised in the financial year to which they relate. (ii) Employee leaves entitlements Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. (n) Foreign currencies (i) Functional and presentation currency Items included in the financial statements of the Club are measured using the currency of the primary economic environment in which the Club operates (the “functional currency�). The financial statements are presented in Singapore Dollar, which is the Club's functional and presentation currency. (ii) Foreign currencies transactions Foreign currency transactions during the year are translated into recording currencies at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Singapore Dollar at the exchange rates ruling at the balance sheet date. Exchange gains and losses are dealt with in the Statement of Comprehensive income (o)
32
Cash and cash equivalents Cash and cash equivalents comprise cash in hand, bank deposits which are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
3. MEMBERSHIP
The numbers of members in each category of membership as at balance sheet is as follows: No
Membership
Type of membership
as at 31 December 2009
1
Honorary
4
5
2
VIP
3
3
3
Life
8
9
4
Life–Absent
1
0
5
Ordinary (Non-Transferable)
16
18
6
Ordinary (Non-Transferable) – Suspended
1
0
7
Ordinary (Non-Transferable) – PAM / Suspended
8
8
8
Ordinary (Non-Transferable) – PAM
34
34
9
Ordinary (Non-Transferable) – TAM
1
0
10
Ordinary (Transferable)
1,499
1,506
11
Ordinary (Transferable) – Suspended
14
21
12
Ordinary (Transferable) – PAM / Suspended
1
1
13
Ordinary (Transferable) – PAM / Transferable
219
215
14
Ordinary (Transferable) – TAM
15
12
15
Corporate (Transferable) Number of Nominees
54
57
16
Country
7
8
17
Group
2
2
18
Lady
7
8
19
Social (Non-Transferable)
150
147
20
Term
43
42
21
Temporary (Lifestyle - 1 Year Membership)
8
4
2,095
2,100
Total
Membership
as at 31 December 2010
Members in the membership category of Life, Ordinary-Non-Transferable, Ordinary-Transferable and Corporate-Transferable (Number of Nominees) have voting rights. All other membership categories carry no voting right.
ANNUAL REPORT 2010/2011
33
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
4.
DEPARTMENTAL REVENUE AND COSTS
2010 S$'000 Food & Beverage Rooms Marina Activities Total Revenue Cost of sales Payroll and related costs (Note 6) Other direct costs Departmental contribution before minimum spending levy Departmental contribution after minimum spending levy
3,032 1,578 1,874 306 6,790 (1,178) - (418) - (1,596) (1,790) (625) (370) (108) (2,893) (351) (165) (167) (285) (968) (2,141) (790) (537) (393) (3,861) (287)
788
919
(87)
1,333
(287)
788
919
(87)
1,333
2009 S$'000 Revenue Cost of sales Payroll and related costs (Note 6) Other direct costs Departmental contribution before minimum spending levy Departmental contribution after minimum spending levy
3,434 1,578 1,739 166 6,917 (1,439) - (296) - (1,735) (1,769) (618) (327) (183) (2,897) (551) (197) (180) (66) (994) (2,320) (815) (507) (249) (3,891) (325)
763
936
(83)
1,291
(325)
763
936
(83)
1,291
Included in other direct costs for Marina is loss on disposal of property, plant and equipment S$5,400 (2009: S$ Nil).
Departmental payroll and related costs and other direct costs include housekeeping payroll expenses and housekeeping expenses amounting to S$351,338 (2009: S$357,830) and S$95,055 (2009: S$104,440) respectively.
Cost of sales include an amount of S$ Nil (2009: S$125,000) relating to the write-off of inventory.
5.
JACKPOT REVENUE AND COSTS
34
2010 2009 S$'000 S$'000 Revenue 3,029 4,351 Less: Government duties and taxes (1,276) (1,912) Payout and refills (1,330) (1,756) 423 683 Less Expenses: Payroll and related cost (Note 6) (182) (194) Jackpot night (108) (139) Auditor's remuneration (13) (13) Other direct costs (25) (27) (328) (373) 95 310 During the year, the Club conducted 11 tombola sessions (2009: 12) and 25 jackpot collections (2009: 26). There were no private lotteries accrued to individual for the year 2010 and 2009. During the year, no commission either in money or money's worth including by way of free tickets or chances was paid in respect of the sales of tickets or chances.
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
6.
EMPLOYEE PAYROLL AND BENEFITS
2010 2009 S$'000 S$'000 Wages and salaries 3,718 3,929 Contributions to Central Provident Fund 388 369 Staff benefits 316 401 4,422 4,699 Less: Amount included in Jackpot (Note 5) (182) (194) 4,240 4,505 Less: Amount included in cost of sales (Note 4) (2,893) (2,897) 1,347 1,608
Staff benefits included a provision for annual leave of S$99,297 (2009: S$101,704).
7.
OTHER EXPENSES
8.
2010 2009 S$'000 S$'000 Auditors' remuneration - current year audit 21 20 - over provision of audit fee in previous year - (2) Bank charges 80 80 Computer maintenance 33 27 General maintenance 77 85 Heritage project expenses (Note 14) 161 Insurance 159 180 License fees and subscriptions 20 20 Membership related and promotional expenses 91 144 Miscellaneous expenses 204 88 Postage, printing and stationery 45 39 Professional fees 8 8 Property tax 265 159 Recruitment fees 9 12 Telephone and fax 14 8 Water and electricity 592 604 1,779 1,472 Included in miscellaneous expenses was S$Nil (2009: S$ 6,909) attributable to write-back of accruals and write-off of other debtors and deposits.
ENTRANCE AND TRANSFER FEES
2010 2009 S$'000 S$'000 Entrance fees 354 444 Transfer fees 114 78 468 522 Less: Marketing expenses (49) (88) 419 434
ANNUAL REPORT 2010/2011
35
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
9.
INCOME TAX
(a) Income tax expense The following income of the Club is subjected to income tax:
2010 2009 S$'000 S$'000
Concessionaire rental income (net of attributable expenses*) Bank interest income
85 86 12 11 97 97
*Attributable expenses are comprised of deductible portion of electricity charge of S$13,300 (2009: S$13,000) and 5% of concessionaire rental income allowable as deductions amounting to S$1,900 (2009: S$2,000).
The tax expense on the above income differs from the amount that would arise using the Singapore standard rate of income tax due to the following: 2010 2009 S$'000 S$'000 Tax calculated at a tax rate of 17% Effect of Singapore statutory income exemption and tax rebate
(b) Movements in current income tax liability At the beginning of the financial year Income tax paid Current financial year's tax expense At the end of the financial year (Note 16)
17 17 (9) (9) 8 8 2010 2009 S$'000 S$'000 8 (8) 8 8
10 (10) 8 8
10. PROPERTY, PLANT AND EQUIPMENT Leasehold Plant and Furniture Development Total and buildings equipment fittings and -in-progress equipment 2010 S$‘000 S$‘000 S$‘000 S$‘000 S$‘000 Cost At 1 January 2010 46,407 1,989 1,789 196 50,381 Additions - 35 85 161 281 Disposals - (1) (9) - (10) At 31 December 2010 46,407 2,023 1,865 357 50,652 Accumulated depreciation At 1 January 2010 17,631 1,441 1,619 - 20,691 Depreciation charge 1,712 165 73 - 1,950 Disposals - (1) (4) - (5) At 31 December 2010 19,343 1,605 1,688 - 22,636 Carrying amount At 31 December 2010 27,064 418 177 357 28,016 2009 Cost At 1 January 2009 46,404 1,829 1,792 - 50,025 Additions 3 166 7 196 372 Disposals - (6) (10) - (16) At 31 December 2009 46,407 1,989 1,789 196 50,381 Accumulated depreciation At 1 January 2009 15,917 1,295 1,556 - 18,768 Depreciation charge 1,714 152 73 - 1,939 Disposals - (6) (10) - (16) At 31 December 2009 17,631 1,441 1,619 - 20,691 Carrying amount At 31 December 2009 28,776 548 170 196 29,690
36
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
The Club, being a registered society and incapable of holding any interest in land has appointed a Trust Club as its custodian trustee to take the sub-lease from the main lessor.
The leasehold land and buildings were mortgaged to secure bank facilities for the Club (See Note 20 to the financial statements).
As mentioned in Note 2(d), leasehold land and buildings are being depreciated on a straight-line basis to write off the entire cost by 25 July 2027, when the lease will expire. Given its special-purpose use and the lack of comparable market prices it has not been possible to obtain a reliable open market valuation of the leasehold land and buildings. As the leasehold land and buildings are held for long-term and for the benefit of the members, there is no reason to believe that the carrying amount is inappropriate.
2010 2009 S$'000 S$'000 Cash at bank and in hand 2,975 2,414 Fixed deposits 2,503 2,499 5,478 4,913
11. CASH AND CASH EQUIVALENTS
Fixed deposits at the balance sheet date have an average maturity of 1.5 months (2009: 1.5 months) from the end of the financial year with the weighted average effective interest rates of 0.18% (2009: 0.436%) respectively.
The carrying amounts approximate their fair values and are denominated in Singapore Dollar. 2010 2009 S$'000 S$'000
12. DUE FROM MEMBERS
Members' debit balances 1,213 1,132 Entrance fees - instalments receivable 172 220 1,385 1,352 Less: Impairment allowance for doubtful debts Balance at beginning of year (245) (247) Allowance made during the year (31) (43) Amount written back during the year 41 45 Balance at end of year (235) (245) 1,150 1,107
The maximum exposure of credit risk for amount due from members at the reporting date is S$1,150,000 (2009: S$1,107,000).
The aging of trade receivables at the reporting date is: Gross Impairment Gross Impairment 2010 losses 2009 losses 2010 2009 S$'000 S$'000 S$'000 S$'000 Not past due Past due 31 - 60 days Past due 61 - 90 days More than 90 days
887 - 891 182 - 135 50 - 45 266 235 281 245 1,385 235 1,352 245
Based on historical default rates, the Club believes that no impairment allowance is necessary in respect of trade receivables not past due and past due up to 90 days. These receivables are mainly arising by members that have good record with the Club.
The carrying amounts of balances due from members approximate their fair values and are denominated in Singapore Dollar.
ANNUAL REPORT 2010/2011
37
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
13. INVENTORIES
2010 2009 S$'000 S$'000
At cost Fuel Souvenirs Food supplies and tobacco Car park discs & others Staff uniforms
15 19 16 13 98 106 129 138 13 15 1 2 143 155
14. OTHER CURRENT ASSETS
2010 2009 S$'000 S$'000
Sundry debtors Refundable deposits Prepayments Heritage project work-in-progress Accrued income - jackpot
111 120 109 166 13 12 - 107 97 114 330 519
The heritage project was completed during the year. Consequently, the total cost of the project was charged to the statement of comprehensive income in the current year.
The carrying amounts of other current assets approximate their fair values and are denominated in Singapore Dollar.
15. TRADE PAYABLES
The carrying amounts approximate their fair values and are denominated in Singapore Dollar.
16. OTHER PAYABLES AND PROVISIONS
Jackpot duty payable Accrued operating expenses Credit balance from trade debtors Deferred income from long-term berths (current) Current income tax liability (Note 9)
2010 2009 S$'000 S$'000 73 131 575 756 34 80 46 46 8 8 736 1,021
The carrying amounts of other payables and provisions approximate their fair values and are denominated in Singapore Dollar.
17. MEMBERS' DEPOSITS
The carrying amounts approximate their fair values and are denominated in Singapore Dollar.
18. DEFERRED INCOME FROM LONG-TERM BERTHS
38
Deferred income relates to berth fees received and receivable in respect of long-term berth facilities.
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
19. FINANCIAL INSTRUMENTS
Financial risk management objectives and policies The main risks arising from the Club's financial instruments are credit, foreign currency, and interest rate and liquidity risks. The policies of managing each of these risks are summarised below:
(i) Credit risk Credit risk refers to the risk that members may default on their obligations to repay the amounts owing to the Club, resulting in a loss to the Club. The Club has procedures in place to monitor collections from members.
Information regarding financial assets that are either past due or impaired is disclosed in Note 12 (Due from Members).
The Club has no significant concentration of credit risk.
(ii) Foreign currency risk Foreign currency risk arises from changes in foreign exchange rates that may have an adverse effect on the Club in the current reporting period and in future years The Club's exposure to foreign currency risk is minimal as all transactions are dealt with in local currency. (iii) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Club has no significant interest-bearing assets except as disclosed in Note 11. However, the Club's income and operating cash flows are substantially independent of changes in market interest rates.
(iv) Liquidity risk Liquidity risk refers to the risk that the Club is unable to meet its obligations when fall due. The Club monitors its cash flow and it's collections on a regular basis as a means of managing liquidity risk.
The following are the expected contractual undiscounted cash outflows of financial liabilities, including interest payments and excluding the impact of netting agreements: Carrying Cash flows amount Non-derivative Contractual Within Within More financial liabilities cash flows 1 year 2 to 5 than years 5 years S$'000 S$'000 S$'000 S$'000 S$'000 2010 Trade payables 350 350 350 - Other payables and provisions 736 736 736 - Members' deposits 788 788 788 - Deferred income from long-term berths 509 - - 509 2,383 1,874 1,874 509 2009 Trade payables Other payables and provisions Members' deposits Deferred income from long-term berths
437
437
437
-
-
1,021 768
1,021 768
1,021 768
- -
-
555 - - 555 2,781 2,226 2,226 555
ANNUAL REPORT 2010/2011
-
39
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
(v) Fair value of financial instruments There are no other differences between the book value and the fair value of the Club's financial assets and liabilities. The Club does not engage in transactions involving financial derivatives. 20. CONTINGENT LIABILITIES
2010 2009 S$'000 S$'000
Performance guarantees (secured) Litigation for wrongful dismissal* Litigation for damages to vehicle**
196 108 11 2 209 108
The above performance guarantees in favour of suppliers are secured by a mortgage over the Club's leasehold land and buildings (Note 10).
* During the year, an ex-employee initiated legal proceedings against the Club for alleged wrongful dismissal. The Club has agreed to pay a mediated settlement for the sum of $10,590 as advised by the Ministry of Manpower (MOM) Commissioner for Labour. The amount was fully settled after the year end.
** During the year, a member initiated legal proceedings against the Club for the damages to the member's vehicle. The Club has agreed to the claims and the cost of the legal fees amounting to S$2,420 was fully settled after the year end by the Club's Insurer.
21. CAPITAL COMMITMENTS
Amount authorised but not contracted for
2010 2009 S$'000 S$'000 8,100
19,000
The Club has embarked on a development project that is estimated to cost S$8.1 million. The expenditures to be incurred are for the development of dry stack, new rooms and break water.
During the annual general meeting, the members agreed to proceed with two of the projects, namely the boat stacker and room wing extension. Contracts for the approved projects were awarded in March 2011 at S$8.1 million.
During the year, the Club had incurred costs amounting to S$160,716 (2009: S$196,490) on the initial expenditure for the project (Note 10 – Development-in-progress).
On 6 December 2010 the Club entered into a loan agreement with DBS Bank. The loan includes a term loan of S$2.5 million and an overdraft facility of S$1.2 million. As at the balance sheet date the loan amount and overdraft facility had not been drawn down by the Club.
The above loan is secured by first legal mortgage over the property, the construction of which is financed by the loan. The property to be constructed includes 31 new rooms and a multi-storey dry stacker.
The interest rate for the term loan is the prevailing 3 months SIBOR plus 1.75% per annum and for overdraft the interest is prevailing Prime rate as at balance sheet date the prevailing Prime rate is 4.25%.
The term loan shall be repaid in 5 equal instalments of S$500,000 semi-annually after expiry of deferment period. The deferment period ends on 31 July 2011.
40
REPUBLIC OF SINGAPORE YACHT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
22. ADJUSTMENTS NOT AFFECTING CASH FLOW
During the financial year 2010, the following net amounts totalling S$34,000 that had no cash flow effect S$'000 were credited to the statement of comprehensive income: Inventories written off Write-off of credit balances from trade debtors
3 (37)
23 CAPITAL MANAGEMENT
The primary objective of the Club's capital management is to maximize member's value.
The Club manages its capital structure and make adjustments to it, in light of changes in the working capital requirements, business performance and economic conditions. To maintain or adjust the capital structure, the Club may issue new memberships. No changes were made in the objectives, policies or processes during the years ended 31 December 2010 and 31 December 2009.
24 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT
Estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Club makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Allowance for bad and doubtful debts Allowance for bad and doubtful debts are based on an assessment of the recoverability of trade and other debtors. Allowances are applied to trade and other debtors where events or changes in circumstances indicate that the balances may not be collectible. The indication of bad and doubtful debts requires the use of judgement and estimates. Where the expected outcome is different from the original estimate, such difference will impact carrying value of trade and other debtors and doubtful debts expenses in the period in which such estimate has been changed.
Estimated useful life for property, plant and equipment Estimated useful life for property, plant and equipment is based on the Club's assessment of the expected usage of the asset and expect wear and tear of the asset. The depreciation is charged against fixed assets to show utilisation of the assets. The estimation of depreciation and useful life requires use of judgement and estimates. Where the expected outcome is different from the original estimate, such difference will impact carrying value of property, plant and equipment and depreciation expenses in the period in which such estimate has been changed.
25 AUTHORISATION OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Club Committee on 5 May 2011.
ANNUAL REPORT 2010/2011
41
RECIPROCAL CLUBS AUSTRALIA
Cairns Cruising Yacht Squadron 42-48 Tingira Street, Portsmith Cairns, Queensland 4870 T : 617-40351881 F : 617-40351458 E : sailing@ccys.com.au W : www.ccys.com.au
Capricornia Cruising Yacht Club P O Box 1576, Yeppoon, 4703 Queensland T : 617-9275997 W : www.ccyc.org.au
Fremantle Sailing Club Inc
Royal Perth Yacht Club Of Western Australia PO Box 5, Nedlands 6909, Western Australia T : 608-93891555 F : 608-93891459 E : club@rpyc.com.au W : www.rpyc.com.au
Royal Prince Alfred Yacht Club
PO Box 99 Newport Beach, NSW 2106 T : 612 9997 1022 F : 612 9997 8620 E : rpayc@rpayc.com.au W : www.rpayc.com.au
PO Box 860, Fremantle 6160 Western Australia T : 618-93358800 F : 618-94305396 E : admin@fsc.com.au W : www.fsc.com.au
Royal Queensland Yacht Squadron
Hervey Bay Sailing Club Inc
PO Box 51 Williamstown, Victoria 3016 T : (03) 9397 1277 F : (03) 9397 8160 E : rycv@rycv.asn.au W : www.rycv.yachting.org.au
PO Box 406, Pialba, Queensland 4655 W : www.herveybaysailingclub.org.au
Keppel Bay Sailing Club
PO Box 32, Yeppoon, Queensland 4703 T : 617-49399500 F : 617-49399555 E : sailing@kbsc.com.au W : www.kbsc.com.au
Middle Harbour Yacht Club Ltd
PO Box 106, Seaforth, NSW Australia 2092 T : 612-99691244 F : 612-99693326 E : Info@Mhyc.Com.Au W : www.mhyc.com.au
Noosa Yacht & Rowing Club
PO Box 49, Tewantin 4565, Queensland T : 617-74498602 F : 617-74741109 W : www.nyrc.com.au
Port Curtis Sailing Club Inc PO Box 1010, Gladstone, Queensland 4680 T : 07-49722294 F : 07-49727872 E : gladyacht@reefnet.com.au W : www.gyc.com.au
Port Douglas Yacht Club Inc
Port Douglas Queensland 4871, T : 617-0994386 F : 617-0995675 W : www.portdouglasyachtclub.com.au
Queensland Cruising Yacht Club
PO Box 399, Sandgate, Queensland 4017 T : 617-32694588 F : 617-32690818 W : www.qcyc.com.au
Royal Melbourne Yacht Squadron
PO Box 2001, St Kilda West, Victoria 3182 T : 03 9534 0227 F : 03 9534 4478 E : jan@rmys.com.au W : www.rmys.com.au
Royal Brighton Yacht Club
253 The Esplanade, Middle Brighton, Victoria 3186 T : 613-9592 3092 F : 613-9592 9633 E : reception@rbyc.org.au W : www.rbyc.org.au
42
A.C.N. 053 989 272, P O Box 5021, Manly Queensland 4179 T : 617-33968666 F : 617-33934100
Royal Yacht Club Of Victoria
Gold Coast Yacht & Game Fish Club
245 Bayview Street, Runaway Bay, Gold Coast, QLD 4216 T : 07 5577 3344 F : 07 5577 4491 W : www.qldyachting.org.au
Sandringham Yacht Club
PO Box 66, Sandringham, Victoria 3191 T : 613-95987444 F : 613-95988109 E : office@syc.org.au W : www.syc.org.au
Southport Yacht Club Inc
Macarthur Parade, Main Beach, Gold Coast, Queensland 4217 T : 617-55913500 F : 617-55327507 E : sycgwc@atnet.net.au W : www.southportyachtclub.com.au
Tin Can Bay Yacht Club Inc P O Box 170, Tin Can Bay, Queensland 4580 T : 617-54862142 F : 617-54864308 W : www.tcbyc.yachting.org.au
The Darwin Sailing Club Inc
Vesteys Beach, Fannie Bay, Darwin T : 618-89811700 F : 618-89410580 W : www.dwnsail.com.au
The Royal Yacht Club Of Tasmania Marieville Esplanade, Sandy Bay, Tasmania 7005 T : 613-62234599 F : 613-62231308 E : info@ryct.org.au W : www.ryct.org.au
Townsville Yacht Club
PO Box 484, South Townsville, QLD 4810 T : 07 4772 1192 F : 07 4772 7363 W : www.townsvilleyachtclub.com.au
Townsville Sailing Club
PO Box 5642, Townsville, QLD 4810 T : 07 4772 1105 W : www.tsvsailingclub.com.au
REPUBLIC OF SINGAPORE YACHT CLUB
Whitsunday Sailing Club Ltd
PO Box 495, Airlie Beach, Queensland 4802 T : 617-49466138 F : 617-49467573 W : www.whitsundaysailingclub.com.au
Wynnum Manly Yacht Club
PO Box 5112, Manly, Queensland 4178 T: 617-33935708
Yorkeys Knob Boating Club Inc PO Box 100 Yorkeys Knob, Queensland 4878 T : 617-70557944 F : 617-70557074 W : www.marina.yorkeysknob.com
BAHRAIN
Bahrain Yacht Club
PO Box 5390, Manama-Bahrai N. Arbian Gulf, State Of Bahrain T : 700677 F : 701797 E : bahyc@batelco.com.bh W : www.thebahrainyachtclub.com
BELGIUM
Royal Belgian Sailing Club
Jschrantstraat No 3, B.9000 Gent. Europe T : 09-2278109 F : 09-2276712 W : www.rbsc.be
Bruxelles Royal Yacht Club
1, Chaussee De Vilvorde 1020 Bruxelles T : 02 216 48 28 F : 02 245 62 22 E : info@bryc.be W : www.bryc.be
BRUNEI
Royal Brunei Yacht Club
PO Box 272, Bandar Seri Begawan 1902 Negara Brunei Darussalam T : 02-786267 F : 02-786139 W : www.therbyc.com
Kuala Belait Boat Club
Brunei Shell Petroleum Co Sdn Bhd, Seria KB 3534, Negara Brunei Darussalam W : www.panagaclub.com
CANADA
Deep Cove Yacht Club
4420 Gallant Ave, North Vancouver, British Columbia V76 1L2 T : 604-9291009
False Creek Yacht Club
1661 Granville Street, Vancouver, British Columbia V6Z 1N3, Canada T : 604-6823292 F : 604-6823614 E : fcyc@fcyc.com W : www.fcyc.com
Royal Canadian Yacht Club
141 St George Street Toronto Ontario M5R 2L8 T : 416-9677245 F : 416-9675710 E : charlespowell@rcyc.ca W : www.rcyc.ca
Royal Nova Scotia Yacht Squadron 376 Purcells's Cove Rd, Halifax Nova Scotia, B3P 1C7 T : 902-477-5653 F : 902-477-6298 E : rnsys@rnsys.com W : www.rnsys.com
RECIPROCAL CLUBS CHINA
PAKISTAN
NETHERLANDS
1500 Central Huaihai Rd, Shanghai, 200031 T : 86-2164312728 F : 86-2134010814 E : mbrship@ambassyclub.com.cn
Standard Chartered Bank, Main Branch (Compound), I.I. Chundrigar Road, P.O. Box 4408, Karachi-74000 T : 021-2412127 E : info@karachiyachtclub.com W : www.karachiyachtclubn.com
Veerdam 1, 3016 DD, Rotterdam, Netherlands T : 010-4138514 F : 010-4146963 E : krzv@de-maas.nl W : www.de-maas.nl
Ambassy Club
Suzhou Taihu Mercury Club & Marina
81 Lakeside Rd, Taihu National Tourism Vacation Zone, Suzhou, Jiangsu 215164 T : 86-5126515099 F : 86-5126515122 W : www.mercurymarine.com.cn
GERMANY
Augsburger Segler-Club
E.V., Ed.-Thรถny-Str 26, 86919 Utting T : (0 88 06) 76 34 F : (0 88 06) 77 20 E : asc-utting@t-online.de W : www.asc-utting.de
Norddeutscher Regatta Verein Schรถne Aussicht 37, 22085 Hamburg, Europe T : 040-2290815/2290753 F : 040-2290572 E : secretariat@nrv.de
GUAM
Marianas Yacht Club
PO Box 2297, Agana 96910 T : 671-4773533/4 W : www.marianasyachtclub.org
HONG KONG
Aberdeen Boat Club Limited 20 Shum Wan Road, Aberdeen T : 852-25528182 F : 852-28732945 E : mbs@abclubhk.com W : www.abclubhk.com
Royal Hong Kong Yacht Club
Karachi Yacht Club
MALAYSIA
NEW ZEALAND
PO Box 10392, 88804 Kota Kinabalu, Sabah T : 6088-240070 / 6088-243070 F : 6088-243007 W : www.kinabaluyachtclub.com
PO Box 42-004, Orakei, Auckland, New Zealand T : 649-5249945 F : 649-5201380 E : racing@rayc.org.nz W : www.rayc.org.nz
Kinabalu Yacht Club
Perak Yacht Club
Lot 678 Kg Lalang, K Baru, Karong Berkunci No 3, Ayer Tawar 32400 Ayer Tawar Perak Darul Ridzuan T : 05-935106
Piasau Boat Club
Sarawak Shell Berhad, Locked Bag No. 1, 98100 Lutong, Sarawak, Malaysia T : 60-85-655313 F : 60-85-657249 E : pbc@po.jaring.my
Royal Langkawi Yacht Club
Jalan Dato Syed Omar, 07000 Kuah, Langkawi, Kedah Darul Aman T : 604-9664078 F : 604-9665078 E : info@langkawiyachtclub.com W : www.langkawiyachtclub.com
Royal Selangor Yacht Club
Jalan Limbongan, 42000 Port Kelang, Selangor T : 03-168 6964 F : 03-168 8650 E : info@rsyc.com.my W : www.rsyc.com.my
Kellett Island, Causeway Bay T : 852-28322817 F : 852-25725399 E : info@rhkyc.org.hk W : www.rhkyc.org.hk
Sandakan Yacht Club
INDIA
Tawau Yacht Club
No. 2, 3rd Avenue,Boat Club Road, Raja Annamalaipuram, Chennai 60 0028 T : 24353190 / 2435 4751 E : mbc@airtelmail.in madrasboatclub@rediffmail.com
MALTA
Madras Boat Club
IRELAND
Royal Cork Yacht Club Crosshaven Co. Cork T : 353 21 4831023 F : 353 21 4831586 E : office@royalcork.com W : www.royalcork.Com
ITALY
Club Nautico Rimini
P.Le Boscovich, 12, 47900 Rimini T : 0541 26520 F : 0541 56878 E : cnrimini@cnrimini.com W : www.yachtclubitaliano.it
Yacht Club Italiano
Porticciolo Duca Degli Abruzzi, 16126 Genova Italy T : 39-0102461206 F : 39-0102461193 E : info@yci.it W : www.yci.it
Royal Maas Yacht Club
PO Box 476, 90705 Sandakan Sabah T : 089-212518 F : 089-215542 W : www.syc.org.my PO Box No.60125, Sabah T : 771104 F : 779194 W : www.etawau.com
Royal Malta Yacht Club
Couvre Porte, Fort Manoel, Manoel Island, Gzira - Malta G.C. Europe T : 333109 F : 331131
MEXICO
Acapulco Yacht Club
Apartado Postal 117, Acapulco, Guerrero T : 52 744 482-38-59 / 60/70 F : 52 744 482 2836 W : www.clubdeyatesaca.com.mx
MONACO
Yacht Club De Monaco
16, Quai Antoine Ier, MC 98000 Monaco T : 377 93 10 63 00 F : 377 93 50 80 88 E : accueil@ycm.org W : www.yacht-club-monaco.mc
ANNUAL REPORT 2010/2011
The Royal Akarana Yacht Club
Royal New Zealand Yacht Squadron
PO Box 46182, Herne Bay, Auckland 1147 T : 649-3606800 F : 649-3606802 E : admin@rnzys.org.nz W : www.rnzys.org.nz
Royal Port Nicholson Yacht Club PO Box 9674, Wellington T : 384 8700 F : 385 1603 E : office@rpnyc.org.nz W : www.rpnyc.org.nz
PAKISTAN
Karachi Yacht Club
Standard Chartered Bank, Main Branch (Compound), I.I. Chundrigar Road, PO Box 4408, Karachi 74000 T : 241-2127 E : info@karachiyachtclub.com W : www.karachiyachtclub.com
PHILIPPINES
The Manila Yacht Club
PO Box 1085, Manila T : 632-526-7868 F : 632-523-7183 W : www.manilayachtclub.org
The Puerto Galera Yacht Club
PO Box 30450, Puerto Galera, Oriental Mindoro 5203, Philippine Islands T : 63 43 442 0136 F : 63 43 442 0136 E : office@pgyc.org W : www.pgyc.org
Subic Bay Yacht Club
Rizal Highway Cor., Burgos Street Subic Bay, Freeport Zone, Philippines 2222 T : 047 2525211 F : 0472526587 E : membership@sbyc.com.ph
SEYCHELLES
Seychelles Yacht Club
PO Box 504, Victoria Mahe Seychelles, Indian Ocean T : 322362 / 323139
SOUTH AFRICA
Royal Cape Yacht Club
PO Box 772, Cape Town 8000 T : 27 21 421-1354 F : 27 21 421-6028 E : info@rcyc.co.za W : www.rcyc.co.za
Victoria Lake Club
PO Box 77, Germiston 1400 T : 825 3530 F : 8739609 E : ross@rri.co.za W : www.sailrsa.org.za
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RECIPROCAL CLUBS TANZANIA
Dar Es Salaam Yacht Club
Royal Solent Yacht Club
P O Box 1280, Dar Es Salaam Tanzania T : 40180 / 40185 W : www.highlyvisual.com/dyc/
Yarmouth, Isle Of Wight PO41 ONS T : 01983-760256 F : 01983-761172 W : www.royalsolent.org
THAILAND
Royal Thames Yacht Club
Royal Varuna Yacht Club
286 Pratamnak Road, Pattaya Chonburi, Thailand 20150 T : 66 3825-0116 F : 66 3825-0115 E : office@royal-varuna-yacht-club.com W : www.varuna.org
UNITED KINGDOM Clyde Cruising Club
Suite 101 Pentagon Centre, 36 Washington Street, Glasgow, G3 8AZ,Scotland T : 0141-2212774 F : 0141-2212775 E : hazel@clyde.org.sg W : www.clyde.org
Deben Yacht Club
Jetty Lane, Woodbridge, Suffolk IP12 4BB T : 013-94386504
Leander Club
Henley-On-Thames, RG92LP T : 44-1491575782 F : 44-1491410291 E : info@leander.co.uk W : www.leander.co.uk
Poole Harbour Yacht Club
38 Salterns Way, Lilliput Poole, Parkstone Dorset BH14 8JR T : 01202-707321 F : 01202-707488 W : www.salterns.co.uk
Royal Channel Islands Yacht Club Quay Steps, St Peter Port, Guernsey GY1 2NB, Channel Islands T : 01481-723154 / 01481-725500 F : 01481-712257 W : www.rciyc.com
Lahaina Yacht Club
St. Helier Yacht Club
Queen City Yacht Club
The Royal Motor Yacht Club
San Diego Yacht Club
The Royal Naval Club & Royal Albert Yacht Club
The San Francisco Yacht Club
South Pier St.Helier, Jersey JE2 3NB, Channel Islands T : 01534-21307 / 01534-32229 F : 01534-20842 W : www.shyc.je “Enchantress” Sandbanks, Poole, Dorset T : 01202-707227 F : 01202-708775
17 Pembroke Road, Old Portsmouth Hampshire, England PO1 2HW T : 02392-824491 F : 02392-872009 W : www.rnc-rayc.co.uk
Royal Ulster Yacht Club
101 Clifton Rd, Bangor, Co Down BT20 5HY T : 01247-270568 F : 01247-273525 E : info@ruyc.co.uk W : www.ruyc.co.uk
U.S.A.
Balboa Yacht Club
1801 Bayside Drive, Corona Del Mar, California 92625 T : 949-6733515 F : 949-6738937 E : armite@pacbell.net
Boca Raton Yacht Club
Royal Cornwall Yacht Club
Corinthian Yacht Club Of Cape May
Greenbank Falmouth, Cornwall TR11 2SW, England T : 01326-312126 F : 01326-211614
Royal Dart Yacht Club
Kingswear, Dartmouth, Devon TQ6 OAB, England T : 01080-762496
Royal Fowey Yacht Club
Whitford Yard, Fowey, Cornwall PL23 1BH T : 01726-832245 / 01726-833573
Royal Lymington Yacht Club
Bath Road, Lymington, Hampshire S041 3SE T : 0590-672677 F : 0590-671642
Royal Northern & Clyde Yacht Club The Clubhouse, Rhu, Helensburgh, G84 8NG T : 01436 820322 F : 01436 821296 E : mail@rncyc.com W : www.rncyc.com
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331 South Beach Street, Daytona Beach, Florida, 132114-5089 T : 904-2557459 F : 904-2555377 W : www.hryc.com
60 Knightsbridge, London SW1X 7LF T : 020 72352121 F : 020 72355672 E : club@royalthames.com W : www.royalthames.com
Royal Corinthian Yacht Club The Parade Cowes, Isle Of Wight, PO31 7QU T : 01983-293581 F : 01983-294385
Halifax River Yacht Club
4001 North Ocean Blvd, Suite B201 Boca Raton, FL 33431 T : 561-392-6333 E : jwspechler@aol.com
PO Box 260, Cape May New Jersey 08204
Del Rey Yacht Club
13900 W.Palawan Way, Marina Del Rey, California 90291 T : 310-8234664 F : 310-8211346
Epping Forest Yacht Club
1830 Epping Forest Drive, Jacksonville, Florida 32217 T : 904-739-7200 F : 904-733-0054 E : nbaughman@efyc.com W : www.efyc.com
Fort Walton Yacht Club
180 Ferry Road N.E., Fort Walton Beach, Florida 32548 T : 904-2437102 W : www.fwyc.org
Guilford Yacht Club
379 Whitfield Street, Guilford, Connecticut 06437, USA T : (203) 415 3427 W : www.gyc.com
REPUBLIC OF SINGAPORE YACHT CLUB
835 Front St. Lahaina Maui, Hawaii 96761 T : 808-6610191 F : 808-6672582 W : www.lahainayachtclub.org 2608 Boyer Ave West, Seattle Washington 98102 T : 206-7092000 F : 206-7098924 W : www.queencity.org 1011 Anchorage Lane, San Diego Ca 92106 T : 619-2218400 F : 619-2243059 E : manager@sdyc.org www.sdyc.org PO Box 379, Belvedere Ca 94920-0379 T : 415-7895647 F : 415-7895648
Seattle Yacht Club
1807 East Hamlin Street, Seattle Washington 98112 T : 206-3251000 F : 206-3248784
Waikiki Yacht Club
1599 Ala Moana Boulevard, Honolulu Hawaii 96814 T : 808-9554405 F : 808-9415026
Waukegan Yacht Club PO Box 75, Illinois 60079 T : 847-6234188 F : 847-6230155
PAST COMMODORES 1919 W F NUTT, O.B.E W M BLAKE 1920 W F NUTT, O.B.E 1921 W F NUTT, O.B.E 1922 SIR LAURENCE GUILLEMARD 1923 SIR LAURENCE GUILLEMARD 1924 SIR LAURENCE GUILLEMARD 1925 SIR LAURENCE GUILLEMARD 1926 SIR LAURENCE GUILLEMARD 1927 SIR LAURENCE GUILLEMARD C BODEN KLOSS SIR HUGH CLIFFORD 1928 SIR HUGH CLIFFORD 1929 SIR HUGH CLIFFORD R O WINSTEDT 1930 C BODEN KLOSS 1931 C BODEN KLOSS 1932 F G LUNDON 1933 F G LUNDON 1934 F G LUNDON 1935 F G LUNDON 1936 M H MATHESON 1937 M H MATHESON 1938 M H MATHESON 1939 E W SLIGHT 1940 E W SLIGHT 1941 E G HOLIDAY 1942 to 1945 - - - - 1946 E W SLIGHT 1947 P A B MCKERRON 1948 P A B MCKERRON 1949 SIR PATRICK MCKERRON 1950 H WORHAM 1951 H WORHAM 1952 E G HOLIDAY 1953 E G HOLIDAY 1954 E G HOLIDAY 1955 J C ALLAN V C BATH 1956 E G HOLIDAY 1957 V C BATH 1958 SIR WILLIAM GOODE 1959 SIR WILLIAM GOODE J H P YOUNG 1960 E G HOLIDAY 1961 A W SCOTT 1962 H PFRUNDER 1963 T G COTTERELL
1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
R A SANDFORD F R PITCHER F R PITCHER J SNOWDEN J SNOWDEN R G BEALE K SMEDLEY K SMEDLEY J SNOWDEN J SNOWDEN W H HENDERSON W H HENDERSON D F ROE D F ROE G W CHUBB TEO ENG TAT TEO ENG TAT TEO ENG TAT P F PHILLIPS C M FAIRFIELD R G URRY FRANCIS C H LEE FRANCIS C H LEE FRANCIS C H LEE HARRY S H HO HARRY S H HO HARRY S H HO LOO SOON HENG KAM CHAI HENG KAM CHAI HENG KAM CHAI HENG TAN KAY TOH TAN KAY TOH TAN KAY TOH LIM KWONG HOON, PBM LIM KWONG HOON, PBM LIM KWONG HOON, PBM TAN KAY TOH KHOO IH CHU KHOO IH CHU KHOO IH CHU TAN KAY TOH TAN KAY TOH B. BALAKRISHNAN B. BALAKRISHNAN B. BALAKRISHNAN TAN KAY TOH
REPUBLIC OF SINGAPORE YACHT CLUB 52 West Coast Ferry Road, Singapore 126887 Tel: 6768 9288 • Fax: 6768 9280 Email: info@rsyc.org.sg • Web: www.rsyc.org.sg