RSYC Annual Report 2016 by Marlinazrin Ali

MISSION

To build upon our rich tradition as Singapore's premier yacht club, member-owned and affordable,

and providing the best sea sport facilities with excellent amenities.

•••

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NOTICE OF MEETING

1 )une 2016

Dear Members

Notice is hereby given that the 91 si Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at the Quarterdeck on Friday, 24 June 2016 at 1900 hours to transact the following business:

1. Commodore's Address

2. To confirm Minutes of the Annual General Meeting held on 12 June 2015

3. To confirm Minutes of the Special General Meeting held on 29 April 2016 4. Matters Arising

5. To consider the Annual Report of the Club

6. To consider and if approved, adopt the Audited Accounts for the Year ended 31 December 2015 7. To elect Flag Officers and Committee Members for the year 2016/2017 8. To elect Auditors for the Club

9. 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

INEZ WEI

Honorary Secretary

NOTE

Only Ordinary or Life Members of not less than six months standing may be elected to the RSYC Committee. Nominations for election to the Committee must be completed on the prescribed form (in accordance with Articles 20.1, 20.5 and 22), proposed and seconded by two Life or Ordinary fully paid up Members. 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 2016.

ANNUAL REPORT 2015/2016

CONTENTS

Notice of Meeting

RSYC Committee

Commodore's Message

Secretary's Report

Treasurer's Report

Five-Year Comparison

Development Report

Marina Facilities Report

House Report

Events & Sea Sports Report

Membership Report

Financial Statements

Reciprocal Clubs

REPUBLIC OF SINGAPORE YACHT CLUB

RSYC COMMITTEE

PATRON MrS.R. Nnthan

Former President of the Republic of Singapore RSYC COMMITTEE 2015/16 COMMODORE

Wee Keng Hvvee VICE COMMODORE Balakrishnan B REAR COMMODORE

Tan Kay Toh HONORARY SECRETARY Inez Wei

TREASURER

leyendran Naidu COMMITTEE MEMBERS

Charlie Chan

Avinash Kadam

leremy Cher Albert Fong

Tony Montague Gavin Raj

MAIN PHOTO

From left: Gavin Kaj, Tan Kay Toh, Wee Keng Hwee, Balakrishnan B, Inez Wei, Jeyenclran Naidu and Avinash Kadam. INSETS

From left: Charlie Chan, Jeremy Cher, Albert Fong and Tony Montague.

ANNUAL REPORT 2015 / 2016

COMMODORE'S MESSAGE

in the last AGM, the Development Sub-Committee engaged a consultant to prepare technical specification and tender documents. A Pre-Qualification

in Singapore will persist in the short and medium term. The management will have to look seriously into the re designing of work flow, implementing

Exercise was carried out via an

innovative work processes for

advertisement on The Straits Times by the consultant engineer at end March

better labour efficiency and higher productivity.

2016. Interested contractors who are

qualified by the consultant will be able to participate in the bidding.

A HR strategy to recruit and develop the right people with the right attitude for the right job needs to be

The Committee also discussed with the

established.

bank to finalize the quantum, terms and condition of the financing.

As for the position of General Manager for the Club, we are still in the process

In pursuant to RSYC's Constitution

of shortlisting a suitable candidate for

Clause 21(e), the Committee decided

this position, and members will be

to call for a Special General Meeting on 29 April 2016 for members to

duly informed when such a candidate

has been appointed.

pass a resolution to authorize the Dear members,

RSYC Committee to obtain banking financing of not more than S$6 million

2015 has been another challenging year for RSYC. Sailing amidst the headwind of Singapore's economy,

to construct the wave screen and H/l berth on such terms and conditions as the Committee in its discretion deems fit.

the Club ended the year with a net

deficit after tax of $332,000 higher compared to that of the previous year. Notwithstanding that operation surplus continues to contribute to positive

cash flow over the last year. Revenue for Food 8< Beverage and Marina Lodge were reduced due to lower patronage and weaker demand. Membership net income was also lowered than the previous year due to decline in entrance and transfer fee. INITIATIVES

The management and the committee are not disheartened by the financial perlbrmance and have been working determinedly to plan and introduce new initiatives in attempt to stimulate demand and attract more members

and guests to use the Club facilities. One of the initiatives is installation of

an online room booking system for the Marina Lodge. The new system aims

to make booking of room easier and faster.

During the year unrier review, the Committee have held two dialogue sessions with Sports Singapore our landlord - to discuss about RSYC's future land lease. From the

The Wharf's kitchen was shut down

be launched after the kitchen has been re-commissioned.

F&B staff would be undergoing

training to better service standards and work efficiency. DEVELOPMENT

After obtaining the approval to

proceed with the construction of wave screen and additional wet berth

and to all volunteers who have come forward to serve on our committee and sub-committees.

Your efforts will help to shape a sustainable future for the Club.

I look forward to meeting you at the

91st Annual General Meeting.

discussions, we could sense that the

government is supportive of extending the lease if RSYC remains relevant as a

WEE KENG HWEE Commodore

sports and recreation club.

Republic of Singapore Yacht Club

In general, the government requires all the clubs in Singapore - regardless whether they are ])rivale members' clubs or proprietary clubs - to play active roles in the community through collaborations with grassroots organizations or educational institutions outside the clubs.

If RSYC continues to promote sea sports actively not only to its members but also to the public such as schools, community interest group etc.; and to work closely with c:ommunities in West Coast, the authority will have no reason for not supporting our request of an extension of the lease in future.

for repair and refurbishment from 12 to 22 April 2016 after more than 1.5 years of service. A new menu is expected to

APPRECIATION

My sincere thanks go out to all members for their continuous support

CHALLENGES AHEAD

The weak economy in Singapore will continue to affect the demand of

Marina Lodge. Our sales team has to be innovative and creative in coming

up with attractive deals to catch attention of members and their guests. Maintaining good quality of food and high service standards are top priorities of our F&B team while

working on a winning strategy for increasing revenue.

Tight labour market for F&B industry

REPUBLIC OF SINGAPORE YACHT CLUB

SECRETARY'S REPORT

The Republic of Singapore Yacht

activism.) Rainbow Warrior III is

Club (RSYC) commemorates its

an environmentally friendly vessel purpose-built to aid Greenpeace's crusade to save planet Earth and

190th anniversary this year. To mark

this significant milestone, a dinner celebration was held on 18 March

protect the global commons. By

2016.

kind courtesy of Captain Michael

Way back in 1826 when the Club

rare opportunity to tour the ship's spaces and get to learn more about

Fincken, members of RSYC had the was founded and known then as the

Singapore Yacht Club, no one could have predicted that the fledgling club

Greenpeace's initiatives.

would stand the test of time to earn its

place as the oldest yacht club in Asia and the only members-owned yacht

club in Singapore. In the intervening years, the Club had moved its clubhouse from

Trafalgar Street to Jalan Buroh, then to its current location at West Coast

Ferry Road. The name had changed

thereby increasing out list of Reciprocal Clubs to 106. They are the Royal South Australia Yacht Squadron

from Singapore Yacht Club to Royal

Singapore Yacht Club and eventually to Republic of Singapore Yacht Club.

and the South of Perth Yacht Club.

The opening of the new clubhouse at West Coast Ferry Road in 2000

We hope you will find time to visit our reciprocal clubs during your travels

heralded a new era for RSYC as it

embarked on an exciting new journey to modernize the Club while staying true to its heritage. On the same day, RSYC was honoured by the National Heritage Board as a Historical Site with the unveiling of a plaque to mark its newly conferred status. With a marina, accommodation wing, gym, jackpot, food & beverage outlets and other facilities on offer, we have

much than just sea and surf to cater to the diverse needs of an expanding membership base. In the past year, our management and staff have been kept busy honing their skills and tapping on their creativity to deliver interesting activities, consistently good food and a high standard of service in an increasingly competitive and demanding market.

abroad.

After a hiatus of two years, our signature event - RSYC Regatta - is

all set to return to the Singapore sailing circuit this year. Competition is expected to be keen as ardent sailors battle it out for the top places over two weekends of intense action in july. It

is hoped that this event will provide the ideal opportunity for sailing enthusiasts to learn the ropes, to take their new-found skills to a competitive level some day and to be proud to be contributing to (he development of the sport of sailing in our Club. On a larger scale, we are looking to increase our public engagement initiatives in line with the

government's call for all clubs to

interactive and hands-on sessions

where they acquired the principles of seamanship and boat handling skills. Along the way, teamwork was cultivated as was a healthy respect for the environment.

On the subject of environment,

RSYC had the honour of hosting

of reciprocal clubs when they came to visit, stay and dine at RSYC while they were in Singapore for business or

pleasure. We also hope that more of you will visit our very own Club more often. Where else can you enjoy your favourite tipple, chill out and savour

good food with a great view to boot? Share these exclusive privileges with your family and friends and bring them along to the many exciting activities lined up throughout the year. It has been a privilege to serve as

play their part in the community through close collaborations with

Honorary Secretary of RSYC and

grassroots organizations. As RSYC

We kick-started the RSYC Sailing Programme last September. Members and their guests, both children and adults, participated in the Basic Sailing Course. Over a 3-day period, participants were put through various

In the preceding year, we played host on a number of occasions to members

had played a significant role in the history of sea sports in Singapore and the region, it is only natural for us to continue to promote water-based activities to the community and in so doing, remain relevant as a sports and recreation club. In extending our activities beyond our Club, we

will be able to help youths develop a healthy interest in sea sports and offer them tailored programmes and pathways to gain both sporting and

life skills. In the process, we hope to also introduce them to the joys of the yacht club lifestyle. This will be one

Greenpeace's ship - Rainbow Warrior III - during its Singapore stopover last December.(Greenpeace is an independent organization

Another(wo clubs have established

in the forefront of environmental

reciprocal agreements with RSYC,

1 would like to thank all members

for their continuous support and understanding. I would also like to express my gratitude to all the staff for their hard work, dedication and

co-operation in their collective efforts to ensure that the Club runs smoothly, day-to-day. Special appreciation must go to our Executive Secretar)-, Anne

Mah, for the assistance she provides to the RSYC Committee throughout the term of office. INEZ WEI

Honorary Secretary

Republic of Singapore Yacht Club

of the avenues for us to rejuvenate our ageing membership.

ANNUAL REPORT 2015 / 2016

TREASURER'S REPORT

while Wharf decreased by

F. MEMBERSHIP/ENTRANCE AND

$156,000, Banquets by $21,000,

TRANSFER FEES: NET INCOME

KTV by $ 11,000 and Mess Bar

$313,000 VS. NET INCOME $461,000 IN 2014

increased surplus by $26,000 compared to deficit of $3,000 in 2014.

Membership net income al'ter direct marketing expenses was $313,000. The decline in the entrance

B. ROOMS / MARINA LODGE:

SURPLUS $1,080,000 VS. SURPLUS $1,453,000 IN 2014

Rooms revenue decreased by $331,000 il4'7i)) in comparison with 2014 due to overall room rate

dropped with promotional rate $115 per night compare to 2014 standard room rate at $165 for

members and S180 for corporates. C. lACKPOT: SURPLUS $212,000 VS. SURPLUS $138,000 IN 2014 OVERALL FINANCIAL RESULTS 2015

2015 was a trying year for the Club as FY2015 audited financial statement

continued to show with significant deficit. Total o[fC'rating income of S2.2m dropped by $261,000 (1 1%)compared to 2014 at $2.4m. Nevertheless, net cash generated from operating activities increased to SI.7m (40%)compared to $1.2m in 2014 with net increase of $1.3m lower than

last year's $1.8m due to increased

term loan repayment and interest. We ended the year with a net deficit of

$933,000 after tax, $332,000 higher compared to last year's net deficit after tax of $601,000.

The apparent declines were due to the decreased revenues in Food &

Beverage (F&B) Department with the outsourced Bridge Restaurant and

Beacon Bar outlets that generated $298,000 in 2014 in total. Our Marina

Lodge's revenue declined significantly by $331,000 in comparison to 2014, and Membership Department, where both Entrance Fees for newly signed members and transfer fees declined by $1 76,000 compared to 2014. Although revenues were decreased in these three departments, the other income-generating departments were reasonable, with contribution surplus such as Marina, )ackpot, subscription and other income, were maintained or increased.

The departmental financial

performances in comparison with last year2014 were as follows: A. F&B: NET DEFICIT $273,000 VS. DEFICIT $69,000 IN 2014

F&B revenue decreased by

$304,000(11%) in 2015. Mainly due to the reduced revenues from

Bridge Bistro & Beacon Bar outlets

lackffot total turnover increased by $150,000 in comparison with 2014. Jackpot surplus of $212,000 was higher than last year by $74,000(35%). During the year, a new Cashcade machine was installed which was well received

and enthrallerl regular members.

and transfer fees directly impact the Membership Department surplus. Direct payroll cost was higher by $17,000 with promotion and salary adjustment to the existing staff while other Membership expenses reduced by $15,000. New

membership drive activities in the recent years were challenging with the reducing years of our clubhouse leasehold at this premise. G. NON OPERATING EMPLOYEE

EXPENSES: $1.5M VS.$1.5M IN 2014

Non-operating employee expenses that includes Executive

Office, Finance & Admin (HR,

IT & Purchasing), Membership, Maintenance and Security departments, payroll and related expenses remained constant.

D. MARINA: SURPLUS $1,241,000 VS. SURPLUS $1,027,000 IN 2014

H.OTHER CLUB OVERHEAD

Berthing revenue increased by

EXPENSES: $1.8M VS.$1.8M IN

$109,000 while fuel sales reduced

2014

by $101,000 due to reduced

Other Club overhead expenses of

fuel cost that contribute to

S1.8m had increased slightly by

marginal increase of $12,000 in

$30,000 as compared to 2014. This

total revenue. The increased in

sur|)lus was due to a reduction

was mainly due to an increase in the Club's general repair and

other direct cost in the marina with

maintenance such as air condition

most of the repair and maintenance

maintenance etc.

work was carried forward to 2016. I. DEPRECIATION OF FIXED ASSETS:

E. EVENTS & ACTIVITIES: DEFICIT

$75,000 VS. DEFICIT $103,000 IN 2014

The Events & Sea Sports

Department was revived with new appointments of the Section Head, Senior Sea Sports Officer and Events Executive in the mid of the year. Sea sports revenue increased by $8,000, and while we are pleased that more people are interested in boating as a result of sea sports

$2.6M VS. $2.6M IN 2014

Depreciation of the year increased by $29,000 with additional capital expenditure of $463,000 and disposal of $37,000 of Club assets. J. OTHER INCOME &MSL:$318,000 VS. $222,000 IN 2014 Other income and minimum

spending levy increased by $95,000 and $1,000. The total

Wage Credit payment received in

revenue from PPCDL showing good

2015 was $180,000, finance

growth in registrations, the overall revenue from other sailing activities

interest income of $24,000 and

minimum spending was $114,000.

has declined. The increase was

not substantial to sup|)ort the

Please refer to the audited financial

payroll costs that increased that

statements for details of departmental incomes and expenses.

resulted in sea sports deficit by $42,000.

STAFF & MANAGEMENT

While Events Department generated more incomes with the

participation of the events (e.g Oktoberfest and New Year's Eve

Party) that increased the income by $30,000 and reduced the deficit for Event Department by $70,000.

REPUBLIC OF SINGAPORE YACHT CLUB

Singapore's labour market continues to be tight in recruiting or retention of service staff, like many other similar business, including hotels and restaurants. In addition, the Ministry of

Manpower(MOM)scheduled another change in foreign worker levy rates

from July 2015, and limited S-Pass application to 15% of total local employee. Our Wharf service and kitchen were understaffed for many months. Much needs to be done to attract and recruit suitable staff as

well as to motivate and retain existing employees. The management had proposed and has been approved by

THE YEAR AHEAD Whilst the search of a suitable

candidate is ongoing for the General Manager position, we are positive that 2016 financial year will improve, as

we drive ourselves to better financial

HR-training function to enhance with

performance with focus on marketing strategy and developing efficient ways to engage and encourage our members' patronage in the Club through F&B promotions and Club

added value to motivate and retain

events. Congruently, we aim to

existing employees.

identify the potential business partners

the RSYC Committee to reinstate the

CAPEX FOR 2015

F&B

40,793

Rooms

16,311

Jackpot

45,649

Marina

87,687

in the West Coast business district to

In 2015, the Club welcomed several

new Heads of Department. With their

promote and increase the uptake for our private banquet functions.

combined drive and commitment

we hope to stabilize our manpower,

Lastly, I would like to thank all of

attract, retain talent and offer a better

the members of the Finance Sub

overall experience between the

committee who have contributed

members and staff.

The Finance Department operated

their valuable time and input during the monthly Finance Sub-Committee meetings; and the management and

without a Finance Manager for several

staff for their continued efforts.

3,000

Sea Sports

5,200

Maintenance

months during the year, and I must

thank the Finance Department staff for the support, hard work and extra effort put in by everyone in the team

Event

14,100

JEVENDRAN NAIDU Treasurer

Republic of Singapore Yacht Club

Membership

4,006

to ensure that the finance function

continued to operate smoothly.

General Admin

In April 2015, the Club had its Annual Staff Dinner & Dance Party. At the same time. Long Service Awards were given out to staff in appreciation of their 15, 10 and 5 years of loyalty and

48,667

FINANCE SUB-COMMITTEE

jeyendran Naidu (Chairman)

265,613

Albert Fong (Vice Chairman) Wee Keng Hwee

Balakrishnan Balaraju Rangamani Ganesh

service to the Club.

2015 OPERATING DERI GROSS FINANCIAL REVIEW $2,000

20t5Actual ■ 2014Actua1 ■ 2015 Budget

$1,500

$1,000 —

$500

MARINA LODGE

JACKPOT

EVENTS

SEA SPORTS

MARINA

($500)'— ANNUAL REPORT 2015 / 2016

M'SHIP

TREASURER'S REPORT

2015 TOTAL REVENUE

SUBSCRIPT 19% MEMBERSHIP-3'«,

CLUB MISC OTHER INCOME - 3% EVENTS - 3%

•SEA SPORTS-3%

ROOMS 20%

FOOD & BEVERAGE ROOMS

JACKPOT

MAR NA

EVENTS SEA SPORTS

MARINA

MEMBERSHIP SUBSCRIPTION CLUB MISC OTHER INCOME

2015 TOTAL OPERATING / NON OPERATING COSTS

MAINTENANCE-2%

JACKPOT-2%

ROOMS MARINA

MEMBERSHIP-2%

12%

EVENTS - 1%

SEA SPORTS-1% SECURITY-1%

FOOD & BEVERAGE ROOMS

JACKPOT CLUB ADMIN 23%

EVENTS

SEA SPORTS MARINA

MEMBERSHIP

CLUB ADMIN MAINTENANCE

SECURITY

DEPRECIATION

REPUBLIC OF SINGAPORE YACHT CLUB

FIVE-YEAR COMPARISON

2011

2012

2013

2014

ACTUAL

2015 ACTUAL

F&B

$'000

REVENUE COST OF SALES

3,219

2,894

2,812

2,783

2,479

(1,221)

(1.100)

(1.083)

(1.053)

(966)

PAYROLL & RELATED COSTS

(1,686)

(1,676)

(1,537)

(1,505)

(1,484)

(296)

(329)

(323)

(294)

(302)

(1,982)

(2,005)

(1,860)

(1,799)

(1,786)

BEFORE MINIMUM SPENDING

(211)

(131)

(69)

(273)

MINIMUM SPENDING LEVY DEPARTMENTAL CONTRIBUTION AFTER MINIMUM SPENDING

(211)

(131)

(69)

(273)

1,681

1,566

1,573

2,406

2,075

OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION

ROOMS REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS

DEPARTMENTAL CONTRIBUTION

(565)

(545)

(653)

(674)

(727)

(178)

(743)

(211) (756)

938

810

(197) (850) 723

(279) (953) 1.453

(995) 1.080

(268)

JACKPOT 8,008

8,356

JACKPOT PAYOUT

(1,055)

(878)

7,541 (6,280)

7,208 (6,033)

7,358 (6,104)

DUTY TAX & GST PAYABLE

(6.434)

(6.933)

(791)

(754)

519

545

470

421

(773) 481

(151)

(155)

(143)

(86)

(135)

(263) 256

(241)

(147) (132) (279)

(148)

(112)

304

191

138

(126) (269) 212

REVENUE

COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS

DEPARTMENTAL CONTRIBUTION

(283)

MARINA 1,819

2,000

2,374

2,665

2,677

(409)

(486) (461)

(555) (502)

(463)

(267)

(581 1

(445)

(513)

(437) (334) (289) (623)

(728)

(973)

897

940

1.160

(1,083) 1.027

253

258

255

184

222

(142)

(184) (197)

(142)

(161)

(155)

(328)

(381)

(287)

(75)

(123)

(131) (174) (305) (50)

(126)

(186)

(103)

(297) (75)

14,980 (2,886) (10,062)

15,074 (2,894) (10,460)

14,555 (2,929) (9,733)

15,246 (2,955) (9,845)

14,811 (3,024) (9,602)

TOTAL OPERATING INCOME

2.032

1,720

1.893

2,446

2.185

SUBSCRIPTION & OTHER INCOME FINANCE INCOME - INTEREST INCOME FR BANKS

2,162

2,165

2,178

2,244

13 2 92

11 22 91

3 42 95

3 106 113

24 180 114

REVENUE COST OF FUEL SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION

(342) (171)

(528)

1.241

ACTIVITIES (2002 onward additional o(Sea Sports) REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION TOTAL REVENUE TOTAL OPERATING PAYROLL COSTS TOTAL COST OF SALES

OTHER INCOME - Special Employment Creriit MINIMUM SPENDING LEVY (RELOCATED IN 2009) EXPENSES CHANGE IN INVENTORIES DEPRECIATION

(15)

(11)

(1,941)

(2,145) (29) (1,696)

(2,252) (22) (1,539)

(2,593)

(2,622)

(1,910)

(942)

ENTRANCE AND TRANSFER FEES (LESS: DIRECT MKG EXP) FINANCE EXPENSES & BANK TERM LOAN INCOME TAX

MISC WRITE BACK/(OFF) & PROV FOR DOUBTFUL DEBT NON OPERATING EMPLOYEES EXP & STAFF BENEFITS

OTHER EXPENSES(REFER TO NOTE)

OPERATING DEFICIT AFTER DEPRECIATION

(1,673) (1,639)

(1,879)

(1,555) (1,792)

(1,546) (1,826)

(1,759)

(1,505)

(1,057)

(1,234)

412

519

441

461

313

(6)

(5)

(12)

(536)

(1.246)

(1.069)

(601)

(933)

HERITAGE BOOK (NET COST LESS MBRS FUNDS)

NET DEFIICIT AFTER TAX

ANNUAL REPORT 2015/2016

DEVELOPMENT REPORT

I'M

tvin

As mentioned in the List Develo[3menl Sub-Committee re|)ort, application

At the same time, another consultant

of wave screen construction to

simulation studies to determine the extent of the breakwater below

was engaged to carry out wave

Committee of Marine Projects (COMET)of Maritime Port Authority (MPA)for approval was submitted in September 2014,

the water necessary to stop the transmission of waves.

The Development Sub-Committee had several rounds of discussions with MPA in 2015.

.CD t4.0m

After nine months of meetings and discussions, MPA finally gave their approval in October 2015. The wave simulation study was completed in February 2016. A consultant engineer was appointed in January this EXtSTiNC WAVE ATTE^J^;ATOR year to draft AT H.A.T,

EXTRUDED G

PRECAST BEAU

FENDER .WO DEE.®

tXISriNC WAVE

ailECAP —

Grant of written permission for the proposed new tennis court at the roof top of the Marina Lodge was issued by URA on 2 October 2015.

and our consultant SKM Jacobs have

UPSIAHO WALL _C0 *3.^01

work on the tender of H/l berths to be built at the same time of wave screen.

ATTENUATOR AT L.A.T.

CO O.Oti

the technical

Contract for constructing the tennis court was awardeid after the RSYC

Committee had approved the budget. The tennis court is expected to be ready in June this year. I would like to thank all my fellow sub-committee members for their

specifications

commitment and support for the

and prepare

development of RSYC by taking time

tender documents for

off their busy schedules to attend the monthly meetings.

the project. WEE KENC HWEE PRECAST WAVE SCREEN 9800x15 PILES AT 75CO CRS

CO -o.Om

0OITOU OF WAVE SCREEN

«9COxI6 PILES AT 7500 CRS

VARIES (CO -9.S—5.0m) 2.

The tender documents are scheduled to be sent to

Chairman

pre-qualified

DEVELOPMENT SUB-COMMITTEE

contracl(5rs for

Wee Keng Hwee (Chairman)

bidding this

Charlie Chan (Vice Chairman)

month. The results of the

bidding will help

Tan Kay Toh john McGugan Ng Ghee Beng

us to decide the

Lee Toi Yong

exact amount

of loan required from the bank. The

Development Basic design of Wave Screen

REPUBLIC OF SINGAPORE YACHT CLUB

Sub-Committee will continue to

MARINA FACILITIES REPORT

The 2015/2016 year has been another

very active period for the Marina Department.

Occupancy in the wet and dry berths has increased. As of April 2016, berthing occupancy stands at 92 boats(73%) in the wet, and 172 boats

(797<>l on the dry. Renewed efforts are currently being made to promote the availability of berths at the Club to existing and potential new members. In the dry stack, we continue to optimise the use of space to ensure that as many members as possible can store their boats at the Club. This

inevitably involves some rearranging of cradles and moving of boats, and we appreciate the understanding of affected members in respect of this. Repairs and maintenance work continue to be a significant and substantial activity in the Marina Department. Manhole covers in the dry stack area have been upgraded so that they are now level with the ground and can better withstand the weight and movement of the forklifts.

members to visit the dry stack area as necessary only, and to stay well clear of forklift operations when doing so. We have maintained our position as the most competitive marina in Singapore for fuel prices. In addition, we recently renegotiated our diesel supply arrangement to secure a price reduction of apj^roximately ten per cent on the price of diesel fuel at the

We have also taken an initiative to

provide increased transparency of the meetings of the Marina Facilities SubCommittee by placing summarised

minutes of our meetings on the Marina Notice Board. I would encourage

boating members in particular to review the minutes as they are posted each month. We welcome feedback and

suggestions from members at all times. 1 would invite any members who may

Club.

We have taken action in response to possible incidences of unlicensed chartering, resulting in several boats regularising their arrangements. While unlicensed chartering is clearly a

wish to contribute further to consider

serving on the Marina Facilities Sub-Committee. Please contact me

to discuss this if you are interested in doing so.

contravention of MPA requirements,

it also poses a threat to the high reputation of our Club. The Club will not tolerate unlicensed chartering, and it is now our policy to cancel the mooring letter of any boat found to be engaged in unlicensed chartering. We appeal to members to report any sus|)icions of unlicensed chartering to

Finally, and most importantly, on behalf of all members I would like

to express my sincere thanks to the management and staff in the Marina

Department for their hard work and dedication, upon which our ability as members to enjoy the Club's marina facilities entirely depends.

the Marina Department. Following feedback received from

TONY MONTAGUE Chairman

members, we arc currently reviewing

Utilisation of our forklifts remains high, involving on average 30 launches and recoveries every day. While regular and preventative maintenance work

continues to be carried out as a high priority, we have experienced some breakdowns resulting in temporary

the causes of constant congestion at the lay-by, and we are exploring changes with the aim of allowing more members to use the lay-by as they

SUB-COMMITTEE

need to.

Tony Montague (Chairman)

We are currently implementing

Wee Keng Hwee

MARINA FACILITIES

Avinash Kadam (Vice Chairman)

interruptions to ofjerations. We

measures to ensure that the marina

Bernatt Tan

apologise to members who have been impacted by this. Our Marina team

plays its part in the national water agency's campaign for water conservation in Singapore. We ask boating members to cooperate with

Charlie Chan

will continue to work with our service

providers to ensure that we get the Ijest performance possible from our forklifts.

us both in the national interest, and to

Daniel Ang jeremy Cher Spencer Kang

John McGugan

help the Club rerluce its water bill.

Pontoon maintenance and repairs is another area of continuing significant work, particularly due to the constant movement and wave action in the

marina. The proposed wave screen

will alleviate this dramatically, and allow for enjoyment by members of

calmer waters in the marina.

Major repairs to the main ramp pontoon have been successfully carried out. New lenders have been

installed at the fuel dock and lay-by areas to provide better cushioning for boats, and will be installed on the

remaining pontoons on a phased basis. The safety of members and staff remains a matter of the highest importance for the Marina Department. An exercise was recently undertaken to test the readiness of staff

to deal with a major incident in the dry stack area. We would remind all ANNUAL REPORT 2015 / 2016

HOUSE REPORT

The House Sub-Committee is the

largest sub-committee tasked to, and with responsibilities of, supporting the F&B, Marina Lodge, Security 8< Safety and Maintenance departments, to

corporate clients, however, priority reservations will always be given to

• Lifting up of the wooden riser door

members.

• Improved lighting at the car park to

enhance safety of the drivers during

Since the opening of the new

The Wharf will put its focus back to the "dining by the sea" and continue with ever popular riishes such as the crab anri mixed grill promotions.

clubhouse almost 17 years ago in

Themed buffets during festive events

1999, numerous work had been

will continue to entice members and

carried out to address the wear & tear and maintain the Club's facilities and

festive events.

upkeep the clubhouse and its facilities.

premises. Although this is a daunting task, it is highly necessary to upkeep the clubhouse and uphold its image as Singapore's premier yacht club.

at the Marina Lodge

guests into the restaurant for upcoming Service quality and service excellence training will also be [provided for service staff in the F&B division,

ensuring better customer service and

night time

• Re-painting of markings of car park lots for improved safety at night • Installed new decking at the Bridge Bistro & Beacon Bar

The Security Department will be working to further enhance the security monitoring system by installing 34 additional clocking points within the vicinity of(he Club which will be monitored at an interval of two hours.

F&B AND BANQUETS

more revenue-focused mindsets.

In April, the Wharf's kitchen underwent a facelift and the seating

The Mess Bar will continue to

areas were optimized to accommodate

organize themed events for memijers

station in the Fire Command Center

more sealing capacity. Given the current trend of healthier eating, the Club is looking into starting a juice

such as Ladies Night and Members'

(FCC) running in conjunction within the existing CCTV platform at the

promotions. Over at the KTV - a

Marina Office. In the meantime, 15

bar, allowing members and their

members' karaoke lounge - we

units of CCTVs at various locations of

guests to include more fresh fruits and vegetables into their meals. For

seek to fulfil the passion for singing for all members with open mic entertainments. A special underwater diving programme will also be put in place to entice members back to the

reasons of fitness or better health,

starting a fresh juice bar / smoothie cafe will attract another segment of members and guests, thus making it a sustainable and feasible income alternative. Another idea that will

possibly be realised will be an ice cream parlor at The Wharf. Banquets will focus on three market segments for 2016 - weddings, corporate events and yacht charters. The sales team had participated in a Malay wedding exhibition at Singapore Expo to tap into the Malay wedding market; and increase brand awareness in the market of our venues to a broader audience. More attention

Night, along with wine and whisky

Club.

Year-to-date 2016 surplus of S354K

was higher than year-to-date 2015 by 541 K but below budget by $40K. Room revenue was better than the

first two months of the year due to

corporate clients taking more rooms, together with a lot more long and short term stays. Room revenue is inclusive of miscellaneous income like

mini bar sales and laundry etc. With repair, maintenance and upgrading work had been done in recent months,

members - and thereon, building up a

marine, oil and gas industries.

guests. To improve service standards and product knowledge, staff will also be thoroughly briefed to better understand each menu and promotion

I hope members can support our Club by housing their guests/corporate clients at our Marina Lodge.

management team with the Club's

promotions and initiatives throughout the term.

In closing, I sincerely hope that members will support the Club's promotions and activities planned by the management and staff of the Club.

Chairman

HOUSE SUB-COMMITTEE

Baiakrishnan B (Chairman)

Nigel Ho (Vice Chairman) jimmy Khoo Jeyendran Naidu james WK Tan Shaun Chan

MAINTENANCE & SECURITY

Over the course of the term, the

A Weekday Chef's Recommendation

Maintenance Department had carried out the following improvements as

has been launched to both members

listed l)elow:

and corporate clients. The ever

• Improved the lighting at the

time away from their busy schedule to attend meetings to support the

Albert Fong

at the restaurant.

popular barbecues will continue to be promoted on Friday, Saturday and Sunday evenings to both members and

APPRECIATION I would like to thank the members of House Sub-Committee for their valuable contribution and their

BALAKRISHNAN B

With new 'energy' being evident among all colleagues, we foresee a brighter Q3 and Q4 (third and fourth quarters! of the year. Loss of income from Q1 will be segregated into three quarters to match the financial statement of the department.

skill that staff will be trained on

will be upselling to members and

In view of the current global security situation, we are and will constantly [Drepare ourselves for any unexpected threats.

we are aiming to increase room sales by targeting corporate clients in the

Staffs are being re-trained directly by respective Department Heads, where service standards and grooming is top on the list of priorities. Another

the Club were replaced due to wear & tear.

MARINA LODGE

will be also given to corporate businesses - starting from our existing new database of corporate businesses for regular "touch base" marketing activities and company visits.

Further to this, we are also considering to have another CCTV monitoring

Foreshore Deck and Swimming Pool Patio with a more efficient LED

spotlight system

REPUBLIC OF SINGAPORE YACHT CLUB

Improved lighting at car park.

V,',

â&#x20AC;˘

EVENTS & SEA SPORTS REPORT

FY 2015/20If) has been a another

who su[-)[)orted this event and made it

The Wharf and Foreshore, which was

challenging year tor the Club and the Events Department. To run through quickly, we had appointed our new

a special day.

superbly decorated for a more tropical and relaxing feel.

Events & Sea Sports Manager Mr

Huzaini Ibrahim, who brings with him a lot of experience in sailing and event management, being previously from ONE°15 Marina Club and Mr Firizqqi Seman, our Events & Sen Sports Executive.

It has always been challenging for our department to attract more members to partcipate in our events and to

give them value for their money. I am proud to say that our dedicated sub committee and staff had worked very hard to deliver their best to serve our

members for the past year and for that, we acknowledge their hard work and commitment I'or their efforts. EVENTS

We are pleased to inform you that our team managed to plan and execute some very successful events for our members.

From 30 May to 2 June 2015, the Club

organised our first boating rendezvous to Pulau Tinggi together with boaters from other marinas. A total of seven

boats made it for the trip and we forged a close camaderie during the convoying. The weather was excellent throughout with bright sunny days, snorkelling trips to the surrounding

Members' Nights are looking belter this year with improved entertainment and turnout in the past months, and

Activities such as Swimming, Yoga,

we've had a record number of events,

Tae Kwon Do, Personal Fitness

just to name a few:

June 2015 to Kuhlbarra, Singapore's largest commercial fish farm located near Pulau Semakau, where

with members.

• Family Fish Farm Tour on 21

fresh barramundi, a type of seabass, is I'armed

In getting back to our sailing roots,

on 12 July 2015 • Boaters' Night on 4 September

the basic sailing course for our

2015 at the Foreshore, with alfresco buffet and drinks • Mid-Autumn Festival

on 27 September 2015

weekends.

11 October 2015 where we had 23

boats competing on offshore waters, with a good turnout on a sunny day and the top prize went to the team with the largest catch of a 10.52kg grouper fish. Many thanks to our sponsors and members who chipped in • Tour of Rainbow Warior 111

on 2 January 2016

• Mahjong Competition held

At the time of writing this report, we are in the midst of organising RSYC's 15th Annual Sailing Regatta which has been scheduled for 23, 24 and 30 July 2016.

We sincerely hope members will come out to support our very own

"home team" who will compete in the J24 series.

on 19 February 2016 • Jetski Rendezvous to Smith Marine

Kelong on 28 February 2016

last year, our chosen beneficiary was the Canossaville Children's Home.

Held on 14 November 2015, our Club

GOING FORWARD

Going forward, the Events & Sea Sports Department will continue to deliver better and enriching programmes for members and their guests. We look forward to hearing your ideas and feedback to ensure that our resources are well-utilised for maximum benefit.

hosted about 40 children between

the ages of 10 and 18 and their adult minders for a clay out to Pulau Hantu. The children thoroughly enjoyed themselves playing the games and especially the all-time favourite jet ski rides courtesy of our RSYC jet skiers, which [lut a bright smile on their faces. Food was plentiful which included a barbecue spread.

JEREMY CHER Chairman

EVENTS & SEA SPORTS SUB-COMMITTEE

Jeremy Cher (Chairman)

Gavin Raj(Vice Chairman) Lee Yee Yee

James Wong

All this would not have been possible without the generous support and time from our fellow RSYC boaters, jet

skiers, staff and sponsors. During the festive and holiday season in the month of December, we continued with our RSYC Junior Chef - Let's Learn To Cook For Kids - held from 2 to 4 December 2015,

To close the year, our end-of-year

party "Hawaiian Night" countdown

say a hearty "thank you" to all our

had more than 190 members and

members, sponsors, vendors and staff

their guests partying away at both

We encourage our members to try their hands at it as it is a suitable

family bonding activity held over two

As always, our Club never forgets to

a display of boats/equi[")ment by our close boating member/vendor, Mr Eric Koh of SG Boating. We would like

members and their children.

• Oktobcrfest on 23 October 2015

give back to the less fortunate and

prepared by our F&B Department and

RSYC has so far now, twice conducted

• RSYC Fishing Competition on

kampung; and to cap it all off, we had

fellow vendors, a bird show and even

SEA SPORTS

• Durian Festival Night

a lovely barbecue on the last night, in addition to some freshly caught fish by our members. The resort staff were very friendly and helpful to our various requests. We hope more members and their guests, and even non-boating members will bring their family and kids to join us for the next trip coming up, from 2 to 5 June 2016.

Our members and guests witnessed the traditional raising of the Commodore's Broad Pendant flag at the Foreshore, an opening speech by Commodore Wee Keng Hwee followed by lively entertainment, games, local delights

Training and PPCDL courses (twice

a month) are ongoing. Coming up really soon will be the Tombola Night, which we hope will become a regular monthly feature should it be popular

islands and excursions to the local

As our nation celebrated her golden jubilee, so did RSYC with our SGSO Commodore's Day Family Carnival held on 2 August 2015, which was one event that did very well with a record number of participants.

LIFESTYLE

REPUBLIC OF SINGAPORE YACHT CLUB

Dioni Yong

Yong Shou Choong

Suiijes aiseg

I siuecfjDiijpj

MEMBERSHIP REPORT

The last Friday of every month is

dedicated to fostering friendship and camaraderie among members and between members and staff. The

Members-Cet-Together at the Mess is K.aa

the "go-to" event where themed music

and entertainment will put you in the mood to chill out and trade stories with friends over a drink or two and

play party games with prizes to be won. If you have yet to participate in this signature event, please join us at the next scheduled Members-Cet-

Together. The Membership Marketing and Public Relations team have put in their best efforts in challenging times to carry

17476F Participants gcltingjheir: first taste of sailihgatTjie

out their duties with enthusiasm and

Basic Sailing Course.

dedication. My sincere appreciation goes to Marlinazrin Ali (Marketing Communications Manager), Linda Tan (Membership Executive), Rachael Cheong (Membership Admin Executive) and Syarifah Durrah (Graphic Designer).

Against a backdrop of a weak economy and a continuing decline in interest in club memberships, our Membership Department has had a rough year as we ramped up our efforts to attract new members to

RSYC. Nonetheless, we managed to produce a modest sales report-card as presented herewith (see table below) showing the breakdown by membership categories. You will notice that the bulk of the

transactions fall into two categories of membership, namely, the "Ordinary" (from the secondary market) and

2016, members can participate in the Membership Referral Rewards Programme and be rewarded with F&B credits and room stays when they successfully refer their family, friends and corporate clients to sign up as new members.

In the year 2013, the "MembersFirst" initiative was rolled out as a timely

reminder to the management that we are a members' club and that

INEZ WEI

members' interests take priority over all else. With this guiding principle, we keep in view the importance of focusing on offering facilities and

Chairman

activities that will cater to the diverse

MEMBERSHIP, MARKETING & PR

needs of our discerning members. Events for the young and the not-soyoung, individuals and family groups are organized regularly. And, through it all, we try our very best to provide

SUB-COMMITTEE

the "Term"(of 1-year and 3-years duration). The short-term membership option appears to have found favour with expatriates on overseas job postings and others who want a taste of the clubbing lifestyle but are not yet ready to make a long-term

a level of service that will do RSYC

commitment.

members proud.

We believe that "word-of-mouth"

TYPE OF MEMBERSHIP

promotion is a powerful advertising

Ordinary (from Club) Ordinary (from secondary market)

tool and that members are in the best

position to introduce their friends and business associates to our Club and

our facilities. Of course, members'

efforts in helfDing to expand the club's business are justly rewarded. Last year, back by popular demand, we ran a referral rewards scheme for

Marina Lodge room bookings whereby members were credited with S20 worth of Referral Rewards Points for

every room booked and paid for by their guest or corporate client. The rewards [joints, accumulated until 31 December 2015, can be used to

offset members' monthly subscriptions, berthing charges, F&B bills. Minimum

I would also like to take this

opportunity to thank my fellow sub-committee members, namely, Nigel Ho and Lee Toi Yong for their contributions during the term of office.

Social

Social (upgrade to Ordinary) Term (1 year) Term (3 years)

Term (3 years renewal) Term (3 years upgrade to Ordinary) Term (3 years upgrade to Social) Term (1 year upgrade to 3 years)

Inez Wei (Chairman)

Nigel Ho (Vice Chairman) Lee Toi Yong

AN TO DEC 2015 25 6 1 13 14

3 1 1

IAN TO MAR 2016 5 -

5 -

Corporate

Corporate Nominee (additional) Transfer of corporate nominees Transfer of corporate accounts Transfer (between family members) TOTAL

1 2 1 5 73

3 13

RESIGNATION

Term (I yean

Term (3 years)

Ordinary

Spending Levy and room bookings.

Social

Currently, and until 31 August

TOTAL

19 9

2 8 3

Corporate

REPUBLIC OF SINGAPORE YACHT CLUB

FINANCIAL STATEMENTS

Statement by Executive Committee

Independent Auditors' Report

Statement of Comprehensive Income

Balance Sheet

Statement of Changes in Accumulated Fund

Statement of Cash Flows

Notes to the Financial Statements

ANNUAL REPORT 2015 / 2016

STATEMENT BY EXECUTIVE COMMITTEE

In the opinion of the Executive Committee, the accompanying financial statements together with the notes thereto are drawn up in accordance with the provisions of the Societies Act, Cap. 311 and the Singapore Financial Reporting Standards, so as to give a true and fair view of the financial position of the Club as at 31 December 2015 and of the financial performance of the Club, changes in accumulated funds and statement of cash flows of the Club for the year ended on that date, and at the date of this statement, there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fal l due. The Executive Committee has, on the date of the statement, authorised these financial statements for issue.

WEE KENG HWEE

JEYENDRAN NAIDU

Commodore

Treasurer

Singapore,

15 April 2016

REPUBLIC OF SINGAPORE YACHT CLUB

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPUBLIC OF SINGAPORE YACHT CLUB

Registered under the Societies Act, Cap 311 REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Republic of Singapore Yacht Club ("the Club"),

which comprise the statement of financial position as at 31 December 2015, 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 and fair presentation of these financial statements in accordance with the Societies Act, Cap 311 ("the Act") and Singapore Financial Reporting Standards, and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether to fraud or error. 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 judgement, 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 and fair presentation of the financial statements 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 Singapore Financial Reporting Standards so as to present fairly, in all material respects, the financial position of the Club as at 31 December 2015 and of the financial performance, changes in fund and cash flows of the Club 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 Club have been properly kept in accordance with the provisions of the Act. 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 â&#x20AC;˘ MAH & PARTNERS LLP

Public Accountants and

Chartered Accountants

Singapore

15 April 2016 (RK/MA./HL/ZY/RR/as)

ANNUAL REPORT 2015 / 2016

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 Decemijer 201 5

NOTE

2015

2014

S$'000

OPERATING REVENUE

Departmental revenue

7,453

8,038

Jackpot revenue (net of tax and payout) Subscriptions and other income

481

421

2,244

2,178

Finance income - interest income from banks

Government grant - Special employment credit

180

106

Minimum spending levy

114

113

10,496

10,859

(2,599)

(2,923)

(269)

(283)

EXPENSES

Materials and services consumed

jackpot expenses Changes in inventories Depreciation of property, plant and equipment Employees payroll and benefits

(2,622)

(2,593)

(4,427)

(4,362)

Allowance of doubtful debts

Other expenses Operating deficits

(1,827)

(1,792)

(1,234)

(1,057)

NON-OPERATING INCOME

Entrance and transfer fees (net of expenses)

Net deficit before income tax

Income tax

NET DEFICIT AFTER TAX

313

461

(921)

(596)

(12)

(5)

(933)

(601)

(933)

(601)

DEFICIT FOR THE YEAR REPRESENTING TOTAL COMPREHENSIVE LOSS FOR THE YEAR

The accompiinying notes form an integral part of these financial statements.

REPUBLIC OF SINGAPORE YACHT CLUB

BALANCE SHEET For the financial year ended 31 December 2015

2015

2014

NOTE

S$'000

25,968

28,133

25,982

28,148

3,944

2,656

NON-CURRENT ASSETS

Property, plant and equipment Trophies at cost

CURRENT ASSETS

Cash and cash equivalents Due from members

978

1,130

inventories

110

124

Other current assets

229

289

5,261

4,199

369

334

CURRENT LIABILITIES

Trade payables Other payables and accruals Members' deposits

905

695

896

1,019

Term loan

407

672

2,577

2,720

2,684

1,479

300

328

300

328

28,366

29,299

28,366

29,299

NET CURRENT ASSETS

NON-CURRENT LIABILITIES

Deferred income from long-term berths

NET ASSETS

FUND

Accumulated fund

F/ie <^ccompanying notes form an integral part of these financial statements. ANNUAL REPORT 2015/2016

STATEMENT OF CHANGES IN ACCUMULATED FUND For the financial year ended 31 December 2015

2015

S$'000

Balance at 1 January 2014

29,900

Total comprehensive loss for the year

Balance at 31 December 2014

Total comprehensive loss for the year

Balance at 31 December 2015

The accompanying notes form an inlegral part of these financial statements.

REPUBLIC OF SINGAPORE YACHT CLUB

(601)

29,299

(933)

28,366

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2015

NOTE

2015

2014

S$'000

(921)

(596)

CASH FLOWS FROM OPERATING ACTIVITIES Net deficit before tax

Adjustments for:

Depreciation

Reversal of doubtful debts

Entrance and transfer fees

Long-term berth license fees Loss on disposal of property, plant and equipment

2,622 -

(3)

(326)

(478)

(34)

(43)

Interest expense

2,593

(24)

(3)

1,335

1,477

152

(157)

Other current assets

(88)

Inventories

(123)

244

(122)

1,682

1,207

(5)

1,677

1,202

(463)

(570)

(439)

(567)

326

478

Interest income

Operating cash flow before working capital changes Changes in operating assets and liabilities:Due from members

Members' deposits Trade and other payables Cash generated from operations Income tax paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment Interest received

Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES

Entrance and transfer fees

Replica of Lipton Cup

Term loan

803

Term loan - repayments and interest Net cash generated from financing activities

(277)

(137)

1,144

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

1,288

1,779

Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

2,656

877

3,944

2,656

The accompanying notes form an integral part of these financial statements. ANNUAL REPORT 2015/2016

NOTES TO THE FINANCIAL STATEMENT For the financial yearended31 December 2015

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;

52 West Coast Ferry Road, Singapore 126887.

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.

SIGNIFICANT ACCOUNTING POLICIES (A)

BASIS OF PREPARATION

The financial statements have been prepared in accordance with Singapore Financial Reporting Standards ("FRS"1. 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 dale of the financial statements, and the reported amounts ot 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 25. 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 2015. 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 colTectibility 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. From 1 April 2011 the revenue is recognised based on turnover readings from the jackpot machines. 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 using the effective interest method. (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"/o or more of its gross receipts on revenue accounts are received from its voting 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.

REPUBLIC OF SINGAPORE YACHT CLUB

SIGNIFICANT ACCOUNTING POLICIES (continued) (D) PROPERTY, PLANT AND EQUIPMENT (i) Measurement

Property, plant and equipment All property, plant anci 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 jDroperty, plant and equipment includes its purchase price and any cost that is

directly attributable to bringing tne asset to the location and condition necessary for it to be capable of

operating in the manner intended by management. The [)rojected 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. (11) 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;

Leasehold land and building Plant and equipment Furniture, fittings and equipment

5 - 27 years 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 statement of financial position date. (Hi) 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 benetits 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 lCU to which the asset belongs to. 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 statement of financial position 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.

ANNUAL REPORT 2015/2016

NOTES TO THE FINANCIAL STATEMENT For ihe financial year ended 31 December 2015

SIGNIFICANT ACCOUNTING POLICIES (continued) (F)

FINANCIAL ASSETS (continued)

(ii) Subseauent measuremenl

The subsequent measurement of financial assets clepencis 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. Cains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process.

(Hi) 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, neld-to-maturity investments are measured at amortised

cost using the effective interest method, less impairment, dains 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

^ains or losses from changes in fair value of the I'inancial 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. (Hi) 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 tliat 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.

REPUBLIC OF SINGAPORE YACHT CLUB

SIGNIFICANT ACCOUNTING POLICIES (continued) (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. 0) Financial assets carried at amortised cost

For financial assets carried at amortised cost, the Club first assesses individually whether objective evidence of impairment exists incliviriually 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 assessecY 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. 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 (he 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. (Hi) 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(he investment and 'prolonged' against the period in

which the fair value has been bcYow 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.

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 (he impairment loss was recognised in profit or loss, the impairment loss is reversed in profit or loss.

ANNUAL REPORT 2015/2016

NOTES TO THE FINANCIAL STATEMENT For the financial year ended 31 December 2015

SIGNIFICANT ACCOUNTING POLICIES (continued) (H)

FINANCIAL LIABILITIES

(i) Initial recognition and measurement

Finoncial liabilities are recognised on the statement of financial position 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 attributalile 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 eft'ective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortization process. (Hi) Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or exjjires. When an existing financial liability is replaced by another from tne same lender on substantially ditferent terms, or the terms of an existing liability are sufjstantially 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 statement of financial [position date. The ciuoted market prices used for financial assets held by the Club are the current bid prices; the a[:)propriate quotect 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 statement of financial position 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.

(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 height, 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.

REPUBLIC OF SINGAPORE YACHT CLUB

SIGNIFICANT ACCOUNTING POLICIES (continued) (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 pre-tax 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 statement of financial position 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 info 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 wnich 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 statement of financial position 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 statement of financial position date. Exchange gains and losses are dealt with in the Statement of Comprehensive income, (O) 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. (P)

TROPHIES AT COST

Trophies at cost are trophies memorabilia for sale and which are subject to an insignificant risk of changes in value.

(Q) GOVERNMENT GRANTS

Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Club will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the

related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Government grants relating to assets are deducted against the carrying amount of the assets. Jobs credit and special emplovment credit grants, which are government grants given to match staff and

business costs, are recognised in the month of payment only as certain conditions have to be fulfilled before payment.

ANNUAL REPORT2015/2016

NOTES TO THE FINANCIAL STATEMENT For the financial year ended 31 December 2015

MEMBERSHIP

The number ol members in each category of membership as at statement of financial position date is as follows:

TYPE OF MEMBERSHIP

MEMBERSHIP

MEMBERSHIP AS AT

AS AT 31 DECEMBER 2015

AS AT 31 DECEMBER 2014

HONORARY

VIP

LIFE

LIFE-ABSENT

ORDINARY-NON-TRANSFERABLE

ORDINARY-NT-SUSPENDED

ORDINARY (PAM) NT-SUSPENDED

ORDINARY (PAM) NON-TRANSFERABLE

ORDINARY (TAM) NON-TRANSFERABLE

ORDINARY-TRANSFERABLE

1,466

1,495

ORDINARY-T-SUSPENDED

ORDINARY (PAM) T-SUSPENDED

ORDINARY (PAM) TRANSFERABLE

192

ORDINARY (TAM) TRANSFERABLE

CORPORATE-TRANSFERABLE

COUNTRY

GROUP

LADY

SOCIAL-NON-TRANSFERABLE

134

140

TERM

21 i TEMPORARY (LIFESTYLE-1/2 YR MBRSHIP) , TOTAL

2,007

2,038

Members in the membership category of Life, Ordinary-Non-Transferable, Ordinary-Transferable and CorporateTransferable have voting rights. All other membership categories carry no voting rights.

REPUBLIC OF SINGAPORE YACHT CLUB

DEPARTMENTAL REVENUE AND COSTS 2015

S$'000 Food & Revenue

Cost of sales (Note 14)

Payroll and related costs (Note 7) Other direct costs

Departmental contribution before minimum spending levy

Beverage

Rooms

Marina

Activities

Total

2,479

2,075

2,677

222

7,453

(966)

(463)

(1,429)

(1,484)

(727)

(528)

(142)

(155) (297)

(2,881) (1,170) (4,061)

(75)

1,973

(302)

(268)

(445)

(1,786)

(995)

(973)

(273)

1,080

1,241

Materials and services consumed: Cost of sales

(966)

Other direct costs

(302)

(268)

(445)

(155)

(1,170)

(1,268)

(268)

(908)

(155)

(2,599)

(1,429)

(463)

2014

S$'000 Food & Revenue

Beverage

Rooms

Marina

Activities

Total

2,783

2,406

2,665

184

8,038

Cost of sales (Note 14)

(1,053)

Payroll and related costs (Note 7)

(1,505)

(674)

(502)

(126)

Other direct costs

Departmental contribution before minimum spending levy

(1,608)

(555)

(294)

(279)

(1,799)

(953)

(581) (1,083)

(287)

(2,807) (1,315) (4,122)

(69)

1,453

1,027

(103)

2,308

(161)

Materials and services consumed: Cost of sales Other direct costs

(1,053)

(1,608)

(555)

(294)

(279)

(581)

(161)

(1,315)

(1,347)

(279)

(1,136)

(161)

(2,923)

Departmental payroll and related costs and other direct costs include housekeeping payroll expenses and

housekeeping expenses amounting to S$376,037(2014: S$401,467) and S$130,506 (2014: S$116,541) respectively. JACKPOT REVENUE AND COSTS

Revenue

2015

2014

S$'000

7,358

7,208

(773)

(754) (6,033)

Less:

Government duties and taxes

Payout and refills

(6,104) 481

421

(143)

(148)

(85)

(113)

Less Expenses:

Payroll and related costs (Note 7) jackpot night Auditor's remuneration Other direct costs

(4)

(37)

(18)

(269)

(283)

212

138

During the year, the Club conducted 12 jackpot collections (2014: 12). There were no tombola sessions and private lotteries accrued to individual for the year 2015 and 2014. 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.

With effect from 1 April 2011, the club recognises its jackpot revenue based on turnover readings from the jackpot machines. In prior years, the jackpot revenue was recognised on receipt basis. This change is required under the new Private Lotteries Act 2011 which came into effect on 1 April 2011. Since 1 April 2011, private lotteries duty ("Government duties and taxes") has been computed based on 9.5"/) of turnover. Prior to 1 April 2011, private lotteries duty was computed based on 30% of gross receipts.

ANNUAL REPORT 2015/2016

NOTES TO THE FINANCIAL STATEMENT For the financial year ended 31 December 2015

SUBSCRIPTIONS AND OTHER INCOME 2015

2014

S$'000

Car park collection

Other income

Rental income

138

2,015

2,050

2,244

2,178

Subscription 7.

EMPLOYEES PAYROLL AND BENEFITS

Wages and salaries

2015

2014

S$'000

3,982

3,666

Contributions to Central Provident Fund

331

570

Staff benefits

257

274

4,570

4,510

Total employee payroll and benefits Less: Amount included in Jackpot revenue and costs (Note 5)

(143)

(148)

4,427

4,362

2,881

2,807

Included in total employee payroll and benefits: Departmental revenue and costs (Note 4)

Staff benefits included a provision for annual leave of S$58,498 (2014: S$49,948). OTHER EXPENSES

Auditors' remuneration

Asset not capitalisted Bank charges* Club transport expenses Computer maintenance

2015

2014

SS'OOO

123

104

General maintenance

216

152

Insurance

128

146

License fees and subscriptions Membership related and promotional expenses Miscellaneous expenses Postage, printing and stationery Professional fees

Property tax

382

318

Recruitment fees

Security expense

Telephone and fax Water and electricity

552

599

1,827

1,792

Included in bank charges are loan interest amounting to S$12,000 (2014: S$6,800), credit card commission amounting TiQunting to S$96,000 (2014: $$85,000) and bank charges amounting to S$15,000 (2014: S$25,000) respectively. ENTRANCE AND TRANSFER FEES

2015

2014

S$'000

Entrance fees

166

205

Transfer fees

160

273

326

478

Less: Marketing expenses

(13)

(17)

313

461

REPUBLIC OF SINGAPORE YACHT CLUB

10.

INCOME TAX (a) Income Tax Expense

The following income of the Club is subjected to income tax: 2015

2014

S$'000

Concessionaire rental income (net of attributable expenses"

131

Bank interest income

155

* Attributable expenses are comprised of deductible portion of electricity charge of S$12,000 (2014; SS12,000) and 5% of concessionaire rental income allowable as deductions amounting to S$289 (2014: S$409).

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: 2015

2014

S$'000

Tax calculated at a tax rate of 17%

Effect of Singapore statutory income exemption and tax rebate

04)

(b)

Movements In Current Income Tax Liability 2015

2014

SS'OOO

At the beginning of the financial year Income tax paid Current financial year's tax expense At the end of the financial year (Note 17) 11.

(5)

PROPERTY, PLANT AND EQUIPMENT Furniture

2015

Development

equipment

fittings and equipment

-in-progress

Total

S$'000

SS'OOO

54,156

2,805

1,697

58,688

158

107

100

(31)

(6)

54,254

2,932

1,798

26,957 2,293

2,058

1,540

272

29,250

2,305

25,004

627

Leasehold land

Plant and

and buildings

Cost

At beginning of year Additions

Disposals

At end of year Acrumulnted depreciation At beginning of year Depreciation charge Disposals At end of year

(25)

130

(6) 1,591

463

(37)

59,114

30,555 2,622 (31) 33,146

Carrying amount

At end of year

207

130

ANNUAL REPORT 2015 / 2016

25,968

NOTES TO THE FINANCIAL STATEMENT For ihe financial year ended 31 December 2015

11.

PROPERTY, PLANT AND EQUIPMENT (continued) Furniture

Development

equipment

fittings and equipment

-tn-progress

Total

SS'OOO

S$'000

SS'OOO

58,227

Leasehold land

Plant and

and buildings 2014

Cost

At beginning of year

49,192

2,695

1,598

4,742

Additions

257

180

103

Disposals

(35)

(70)

(4)

Transfer to/(from)

4,742

570

(109)

(4,742)

At end of year

54,156

2,805

1,697

Accumulated riepreriafion At beginning of year Depreciation charge

24,719

1,858

1,493

269

Disposals At end of year

2,273 (35)

(69)

26,957

2,058

(4) 1,540

Carrvinp amount At end of year

27,199

747

157

58,688

28,070

2,593 (108) 30,555

28,133

During the year, the Club incurred a cost of S$100,000 related to the proposed breakwater project.

The Club, being a registered society and incapable of holding any interest in land has appointed a Trust Company 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 22 and Note 23).

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.

12.

CASH AND CASH EQUIVALENTS 2015

2014

S$'000

Cash at bank and in hand

1,779

1,505

Fixed deposits

2,165

1,151

3,944

2,656

Fixed deposits at the statement of financial position date have an average maturity of 1-12 months (2014: 1-12 months) from the end of the financial year with the weighted average effective interest rates of between 0.004% to 1.06% (2014: 0.05% to 1.35%) respectively. The carrying amounts of cash and cash equivalents approximate their fair values and are denominated in Singapore Dollar.

13.

DUE FROM MEMBERS

Members' debit balances

Due from reciprocal or referral members Entrance fees - instalments receivable

2015

2014

SS'OOO

SS'OOO 1,392

1,100 63 -

1,163

1,393

(263)

(266)

Less: Impairment allowance for doubtful debts Balance at beginning of year Written off during the year Amount written back during the year Transferred to sundry debtors (Note 15) Balance at end of year Accrued income

2 -

REPUBLIC OF SINGAPORE YACHT CLUB

(260)

(263)

903

1,130

75 978

1,130

13.

DUE FROM MEMBERS (continued)

The amounts due from members are non - interest bearing and are generally on 30 days' term. They are recognised at their original nvoice amount which represents fair value on initial recognition. The maximum exposure of credit risk for amount due from members at the reporting date is S$978,000 (2014: S$l,130,000).

The aging of amount due from members at the reporting date is; Impairment

Not past due Past due 31 - 60 days Past due 61 - 90 days More than 90 days

Impairment

Gross

losses

Gross

2015

2014

S$'000

SS'OOO

731

909

124

162

losses

274

260

275

263

1,163

260

1,393

263

Based on historical default rates, the Club believes that no impairment allowance is necessary in respect of amount due from members 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. Total due from members is $$1,163,000 at the reporting date, in which total sum of $689,478(59%) are collected in

January 2016 and $143,945 (12%) are collected in February 2016. 14.

INVENTORIES 2015

2014

SS'OOO

SS'OOO 27

At cost

Fuel

Souvenirs

Food supplies and tobacco

104

General supplies Others

110

124

1,429

1,608

Inventories recognised as an expense in cost of sales (departmental revenue and costs) (Note 4)

15.

OTHER CURRENT ASSETS

Sundry debtors Less: Impairment allowance for doubtful debts Balance at beginning of year

2015

2014

SS'OOO

113

Transfer from due from members (Note 13)

(1)

Balance at end of year

(1)

113

Refundable deposits

Prepayments

Accrued income - jackpot

229

289

The carrying amounts of other current assets approximate their fair values and are denominated in Singapore Dollar. 16.

TRADE PAYABLES

The amounts are non-interest bearing. Trade payables are normally settled on 30 days terms.

The carrying amounts of trade payables approximate their fair values and are denominated in Singapore Dollar.

ANNUAL REPORT 2015 / 2016

NOTES TO THE FINANCIAL STATEMENT For the financial year ended 31 December 2015

17.

OTHER PAYABLES AND ACCRUALS

Other payables Jackpot duty payable

Accrued operating expenses*

2015

2014

SS'OOO

158

719

454

Credit balance from trade debtors

Deferred income from long-term berths (current)

Income tax payable (Note 10)

905

695

Other payables are non-interest bearing and have an average term of 60 days. *lncluded in accrued operating expenses is accrual for bonus and leave amounting to NIL (2014; NIL), APB fund amounting to $$21,350(2014: $7,500) and F&N fund amounting to S$4,967 (2014: SSI,967) The carrying amounts of other payables and accruals approximate their fair values and are denominated in Singapore Dollar.

18.

MEMBERS' DEPOSITS

The carrying amounts of members' deposits approximate their fair values and are denominated in Singapore Dollar. 19.

TERM LOAN

On 16 December 2013, the Club entered into a loan agreement with DBS Bank ("the Bank") to help finance the development project. The loan includes a term loan or S$3.85 million and an overdraft facility of S$0.2 million. During the year, the loan amount of SS803,000 (2014: SS803,000) has been drawn down by the Club. The Bank has the sole discretion to recall the loan and demand immediate re|Dayment.(Note 23) The above loan is secured by first legal mortgage over the property, the construction of which is financed by the loan (Note 11). The property constructed includes 28 additional new rooms and a multi-storey dry slacker of 218 berths. The interest rate for the term loan is the prevailing 3-month SIBOR plus 1.75% per annum and for overdraft the interest is the prevailing prime rate. As at statement of financial position date, the prevailing prime rate is 4.25%. The monthly repayment is S$22,069 (2014: S$22,894), with interest of between 1.6872% and 2.6878% (2014: 1.6837% and 1.6872%).

20.

DEFERRED INCOME FROM LONG-TERM BERTHS

Deferred income relates to berth fees received in respect of long-term berth facilities. 21.

FINANCIAL INSTRUMENTS

Categories of Financial Instruments

The carrying amounts presented in the statement of financial position relate to the following categories of financial assets and tinancial liabilities: 2015

2014

SS'OOO

Due from members

903

1,130

Other current assets

170

246

3,944

2,656 4,032

Financial assets Loans and receivables:

Cash and cash equivalents

5,017 2015

2014

SS'OOO

Financial liabilities

Financial liabilities measured at amortised cost:

Trade payables Other payables and accruals Members' deposits

369

334

856

652

896

1,019

Term loan

407

672

2,528

2,677

REPUBLIC OF SINGAPORE YACHT CLUB

21.

FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies The main risks arising from the Club's financial instruments are credit, foreign currency, 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. The Club has no significant concentration of credit risk. The carrying amount of its financial assets represents the Club's maximum exposure to credit risk.

Cash and bank balances are placed with reputable local financial institutions. Therefore, credit risk arises mainly from the inability of tne Club's members to make payments when due. The amounts presented in the statement of financial position are net of allowances for impairment of trade receivables, estimated by management based on prior experience and the current economic environment.

Information regarding financial assets that are either past due or impaired is disclosed in Note 13 (Due from Members).

(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, (ill) 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 12. However, the Club's income and operating cash flows are substantially independent of changes in market interest rates. (iv) Liquidity risk Liquidity risk is the risk that the Club will encounter difficulty in meeting financial obligations due to shortage

of funds. The Club's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Club's objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. To manage liquidity risk, the Club monitors its net operating cash flow and maintains an adequate level of cash and cash equivalent. The table below summarises the maturity profile of the Club's financial assets and liabilities at the end of the reporting period based on contractual undiscounted repayment obligations.

2015

Within

More than

1 year

2 to 5 years

5 years

Total

SS'OOO

S$'000

S$'QOO

S$'OGO

Financial Assets Due from members

903

Other current assets

170

Cash and cash equivalents

3,944

Total undiscounted financial assets

5,017

903

Financial liabilities

Trade payables

369

Other payables and accruals

856

Members' deposits

896

Term loan

407

Total undiscounted financial liabilities

2,528

Total net undiscounted financial assets

2,489

ANNUAL REPORT 2015 / 2016

NOTES TO THE FINANCIAL STATEMENT For the financial year ended 31 December 2015

21.

FINANCIAL INSTRUMENTS (continued) Financial risk management objectives and policies (continued) (iv) Liquidity risk (continued)

2014

Within

More than

1 year

2 to 5 years

5 years

ss'^ooo

S$'000

Financial Assets Due from members Other current assets

1,130 246

Cash and cash equivalents

2,656

Total undiscounted financial assets

4,032

1,130 -

246

2,656 -

4,032

Financial liabilities

Trade payables Other payables and accruals Members' deposits Term loan

(V)

334

652

1,019

672

Total undiscounted financial liabilities

2,677

Total net undiscounted financial assets

1,355

672 -

2,677

1,355

Fair value of financial instruments

As at the end of the financial year, the Club has no financial assets or financial liabilities that are carried at fair value measurements.

The carrying amounts of financial assets and financial liabilities of the Club recorded at amortised cost in the financial statements approximate their fair values due to their short term nature. 22.

CONTINGENT LIABILITIES

Performance guarantees (secured)

2015

2014

S$'000

The above performance guarantees in favour of suppliers are secured by a mortgage over the Club's leasehold land and buildings (Note 11). 23.

CAPITAL COMMITMENTS

The Club has embarked on a development project that is estimated to cost S$8.3 million. The expenditures to be incurred are for the development of dry stack, new rooms and break water. o During the Club's annual general meeting on 25 june 2010, the members agreed to proceed with two of the projects,

namei)' the boat stacker and room wing extension. Contracts for the approved projects were awarded on 3 March 2011 at S$8.1 million.

* On 16 December 2013, the Club entered into a new loan agreement with DBS Bank to help finance the development project. The loan includes a term loan of S$3.85 million and an overdraft facility of S$0.2 million. As at the statement of financial position date the overdraft facility had not been drawn down by the Club. This agreement supersedes the facility letter dated 23 November 2010. The above loan is secured by first legal mortgage over the property, the construction of which is financed by the loan

(Note 11). The property to be constructed indudes 28 additional new rooms and a multi-storey dry stacker of 218 berths. The room wings and multi-storey dry stacker was fully completed in 2015.

The interest rale for the term loan is the prevailing 3-month SIBOR plus 1.75% per annum and for overdraft the interest is the prevailing prime rate. As at statement of financial position date, the prevailing prime rate is 4.25%.

During the Club's Annual General Meeting on 12 June 2015, the members agreed in principle to proceed with the break water project.

â&#x20AC;˘* During the year, the Club had incurred costs amounting to SS100,000 (2014: NIL) on the expenditure for the project (Note 11 - Development-in-progress).

REPUBLIC OF SINGAPORE YACHT CLUB

24.

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 2015 and 31 December 2014.

Accumulated fund

In accordance with the Club Rule 31.2, in the event of the Club's winding up, all the debts and liabilities incurred on

behalf of the Club shall be fully discharged and the remaining funds shall be donated to one or more charitable or non-profit entities, preferably involved in the promotion and encouragement of sea sports in Singapore as determined by the general meeting of members.

25.

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.

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 property, plant and equipment 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.

Allowance for bad and doubtful debts

Allowance for bad and doubtful debts are based on an assessment of the recoverability of receivables. Allowances are applied to receivables 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. Management's judgement is required in assessing the ultimate realisation of these receivables including the current creclitworthiness andpast collection history of each member. Where the expected outcome is different from the original estimate, such difference will impact carrying value of the members account and other debtors and doubtful debts expenses in the period in which such estimate has been changed. Allowance for inventories

The Club reviews the carrying value of its inventories to ensure that they are stated at the lower of cost and net

realisable value. In assessing the next realisable value and making appropriate allowances or writing off of these inventories, management identifies inventories that are slow moving or obsolete, considers physicafconditions, market conditions and market price for similar items. The carrying amount of inventories is disclosed in Note 14 to the financial statements.

Property, plant and equipment During the year, due to the completion of the multi-tiered boat storage building, the Club recognised the completion

of the dry stacker and a purchased forklift used in the dry stacker as leasehold land and buildings plant and

equipment and respectively. Some of the cost recognised as buildings are based on the percentage of the cost to complete the boat storage as compared to the cost of amount authorised and contracted. 26

AUTHORISATION OF FINANCIAL STATEMENTS

The financial statements of the Club for the year ended 31 December 2015 were authorised for issue in accordance with a resolution of the Executive Committee on 15 April 2016.

ANNUAL REPORT 2015 / 2016

RECIPROCAL CLUBS

ROYAL PERTH YACHT CLUB OF WESTERN AUSTRALIA

AUSTRALIA CAIRNS CRUISING YACHT SQUADRON

Add: PO Box 5 Nedlands WA 6909 • Tel: 08 9389 1555 ♦

Add: 42 - 48 Tingira Slroet, Portsmith QLD 4870,

Fax: 08 9389 1459 • Email: club@rpyc.com.au • Website:

Queensland, Australia • Tel: 617 4035 1881 • Fax: 617 4035

www.rpyc.com.au

1458 • Email: sailing^ccys.com.au • Website: www.ccys, ROYAL PRINCE ALFRED YACHT CLUB

com.au

CAPRICORNIA CRUISING YACHT CLUB

Add: John Howes Drive (behind the Coast Guard) Rossiyn

Add: 16 Mitala Street, Newport 2106, NSW Australia • Tel: 612 9997 1022 • Fax: 612 9997 8620 • Email: rpayc@rpayc. com.au • Website: www.rpayc.com.au

Bay, Queensland, Australia • Tel: 07 4933 6501 ♦ Fax:

07 4933 6658 • Email: secretaryl''t"cyc.org.au • Website:

ROYAL QUEENSLAND YACHT SQUADRON

www.ccyc.org.au

Add: 578 Royal Esplanade, Manly, Queensland 4179 • Tel: 07 3396 8666 • Fax: 07 3393 4100 • Website: www.rqys.

FREMANTLE SAILING CLUB INC

com.au

Add: 151 Marine Terrace Fremanlle WA 6160 • Tel: 08 9435 8800 ♦ Fax: 08 9435 8873 • Email: admin@fsc.com.au • Website: www.fsc.com.au

Add: 161 Oliver Rogers Road,(Northern End of Victoria

HERVEY BAY SAILING CLUB INC

(08) 8248 4933 • Email: rsays@rsays.com.au • Website:

Add: 427 Charlton Esplanade, Torquay QLD 4655 • Tel: 07 4125 3980 • Email: enquiries@hervcybaysailingclub.org.au

www.rsays.com.au

ROYAL SOUTH AUSTRALIAN YACHT SQUADRON Roadi, Outer Harbor SA 5018 • Tel:(08) 8341 8600 • Fax:

• Website: www.herveybaysailingclub.org.au

ROYAL YACHT CLUB OF VICTORIA

Add: 120 Nelson Place, Williamstown, 3016, Victoria KEPPEL BAY SAILING CLUB

Australia • Tel: 03 9397 1277 • Fax: 03 9397 8160 • Email:

Add: PO Box 32, Anzac Parade, Yeppoon, Queensland 4703 Tel: 07 4939 9500 • Fax: 07 4939 9555 • Email: sailing@

rycv@rycv.asn.au • Website: www.rycv.com.au

kbsc.com.au • Website: www.kbsc.com.au

GOLD COAST YACHT & GAME FISH CLUB

Add: 245 Bayview Street, Runaway Bay, Queensland 4216 MIDDLE HARBOUR YACHT CLUB LTD

Add: Lower Parriwi Road, The Spit Mosman, New South

cildyachting.org.au • Website: www.qld.yachting.org.au

Wales 2088, Australia • Tel: 02 9969 1244 • Fax: 02 9969

3326 • Email: info@mbyc.com.au • Website: www.mhyc. com.au

NOOSA YACHT & ROWING CLUB

Add: PO Box 49, Gympie Terrace, Noosaville Queensland Tewantin 4565 • Tel: 07 5440 7400 • Email: info@nyrc. com.au • Website: www.nyrc.com.au

SANDRINGHAM YACHT CLUB

Add: jetty Rd, Sandringham, Victoria 3191 • Tel: 03 9599 0999 • Fax: 03 9598 8109 • Email: office@syc.com.au • Website: www.syc.com.au SOUTH OF PERTH YACHT CLUB

Add: Coffee Point, Applecross, WA 6153 • Tel: +61 (08) 9364 5844» Fax: +61 (08) 9364 6185 • Email:

PORT CURTIS SAILING CLUB INC

Add: PO Box 10101, Goondoon St, Gladstone, Queensland

management@sopyc.com.au • Website: www.sopyc.com. au

4680 • Tel: 07 4972 2294 • Fax: 07 4972 7872 • Email:

admin@gyc.com,au • Website: www.gyc.com.au

SOUTHPORT YACHT CLUB INC

PORT DOUGLAS YACHT CLUB INC

4217 • Tel: 07 5591 3500 • Fax: 07 5532 7507 • Email:

Add: 1 Macarthur Parade, Main Beach, Queensland,

Add: 1 Spinnaker Close, Port Douglas, QLD 4877, Australia

enquiries@southporlyachfclub.com.au • Website: www.

• Tel: 07 4099 4386 • Fax: 07 4099 4386 • Email:

southportyachtclub.com.au

pdy@portdouglasyachtclub.com.au • Website: www. porldouglasyachtclub.com.au

TIN CAN BAY YACHT CLUB INC

QUEENSLAND CRUISING YACHT CLUB

Add: Norman Point, Tin Can Bay, PO Box 170, Queensland 4580 • Tel: 07 5486 4308 • Website: tcbyachtdub.wix.

Add: PO Box 399, Sandgato, QLD 4017 • Tel: 07 3269 4588

com/tcbyacht-club

• Fax: 07 3269 0818 • Website: www.qcyc.com.au THE DARWIN SAILING CLUB INC

ROYAL MELBOURNE YACHT SQUADRON Add: Pier Road, St.Kilda, Victoria, Australia, 3182 • Tel: 03

9534 0227 • Fax: 03 9534 4478 • Email: jan@rmys.com.au • Website: www.rmys.com.au

Add: Atkins Drive, Fannic Bay, NT 0820 • Tel: 08 8981 1700 • Fax: 08 8941 0580 • Email: admin@dwnsail.com.au • Website: www.dwnsail.tom.au THE ROYAL YACHT CLUB OF TASMANIA

ROYAL BRIGHTON YACHT CLUB

Add: 253 Esplanade, Middle Brighton, Vic 3186 • Tel: 03 9592 3092 • Fax: 03 9592 9633 • Email: reception@rbyc. org.au • Website: www.rbyc.org.au

REPUBLIC OF SINGAPORE YACHT CLUB

Add: Marieville Esplanade, Sandy Bay TAS 7005 • Tel: 03 6223 4599 • Fax: 03 6223 1308 • Email: admin@ryct.org.au • Website: www.ryct.org.au

TOWNSVILLE YACHT CLUB

CANADA

Add: 1 Plume Street, PO Box 484 Townsvillle QLD

DEEP COVE YACHT CLUB

4810 • Tel: 07 4772 1192 ♦ Fax: 07 4772 7363 • Email:

Add: 4420 Gallant Ave, North Vancouver, British Columbia

admin@townsvilleyachtclub.com.au • Website: www. town5villeyachtclub.com.au

V76 112 • Tel: 604 929 1009 • Fax: 604 924 3270 •

Email: officemanager@deepcoveyc.com • Website: www. deepcoveyc.com

TOWNSVILLE SAILING CLUB

Add: PO Box 5642, NC Townsville, Queensland 4810 • Tel:

07 4772 1105 • Website: www.tsc.yachting.org.au

FALSE CREEK YACHT CLUB

Add: 1661 Granville Street, Vancouver British Columbia V6Z 1N3 Canada • Tel: 604 682 3292 • Fax: 604 682 3614 •

WHITSUNDAY SAILING CLUB LTD

Email: fcyc@fcyc.com ♦ Website: www.fcyc.com

Add: PO Box 495, Airlie Beach, Queensland 4802 • Australia • Tel: 07 4946 6138 • Fax: 07 4946 7573 •

ROYAL CANADIAN YACHT CLUB

Website: www.whitsundaysailingclub.com.au

Add: 141 St George Street, Toronto Ontario, M5R 218 • Tel: 416 967 724 • Fax: 416 967 5710 • Email: membership© rcyc.ca • Website: www.rcyc.ca

WYNNUM MANLY YACHT CLUB

Add: Royal Esplanade, PO Box 5112, Manly Queensland 4178 • Tel: 07 3393 5708 • Fax: 07 3348 6177 • Email:

ROYAL NOVA SCOTIA YACHT SQUADRON

ottlce@wmyc.com.au • Website: www.wmyc.com.au

Add: 376 Purcells's Cove Rd, Halifax, Nova Scotia B3P 1C7

YORKEYS KNOB BOATING CLUB INC

• Tel: 902 477 5653 • Fax: 903 477 6298 • Email: rnsys@ rnsys.com • Website: www.rnsys.com

Add: 25-29 Buckley Street, PO Box 100, Yorkeys Knob, Qld, 4878 • Tel: 07 4055 7711 • Fax: 07 4055 7074 • Email:

receplion@ykbc.com.au • Website: www.ykbc.com.au

CHINA AMBASSYCLUB

Add: 1500 Central Huaihai Rd, Shanghai, 200031 • Tel: HILLARYS YACHT CLUB

86 2164 312 728 • Fax: 86 2134 010 814 • Email: info@

Add: 65 Northside Drive, Hillarys, Western Australia 6025

ambassyclub.com.cn • Website: www.ambassyclub.com.cn

• Tel: 08 9246 2833 • Fax: 08 9448 9566 • Email; admin@

hillarysyachtclub.com.au • Website: www.hillarysyachtclub. com.au

BAHRAIN

SUZHOU TAIHU MERCURY CLUB & MARINA

Add: 1 Lakeside Rd, Taihu National Tourism Vacation Zone

• Suzhou, Jiangsu 215164 • Tel: 86 5126 515 099 • Fax: 86 5126 515 122 • Website: www.mercurymarine.com.cn

BAHRAIN YACHT CLUB

Add; PO Box 5390, Manama-Bahrain, Arabian Gulf, State

CUBA

Of Bahrain • Tel: -1-973 17 700 677 • Fax: -i-973 17 701 797

CLUB nA'uTICO INTERNACIONAL HEMINGWAY

• Email; info@thebahrainyachlclub.com • Website: www. thebahrainyachtclub.com

Add; 5TA Ave Y 248, Santa Fe, Playa, La Habana,

DE CUBA

Cuba • Tel: 537 204 66 53 ♦ Fax: 537 204 16 89 ♦

BELGIUM ROYAL BELGIAN SAILING CLUB

Email: yachtclub@cnih.mh.lur.cu • Website: www. hemingwayyachtciub.org

Add: Jschrantstraat No 3B, 9000 Gent, Europe • Tel: -f-32 (0)50 54 49 03 • Fax: +32 (0)50 55 26 05 • Email: info@

GERMANY

rbsc.be • Website: www.rbsc.be

AUGSBURGER segler-club

BRUXELLES ROYAL YACHT CLUB

Add; E.V.Ed.-Thony-Str 26 . 86919 Utting • Tel: +49 8806 76 34 ♦ Email: info@asc-utting.de • Website: www.asc-utting.

Add: 1, Chaussee De Vilvorde, 1020 Bruxelles • Tel: 02

216 48 28 • Fax: 02 245 62 22 • Email: info@bryc.be • Website: www.bryc.be

norddeutscher regatta verein

Add: Schone Aussicht 37, 22085 Hamburg, Germany • Tel: BERMUDA ROYAL BERMUDA YACHT CLUB

+49 040 55 77 99 5 • Fax: +49 040 .55 77 99 5 19 • Email:

secretariat@nrv.de or mail@nrv.de • Website: www.nrv.de

Add: 15 Point Pleasant Road, Hamilton HM 11, Bermuda •

Tel: 441.295.2214 • Fax: 441.295.6361 • Email: manager@ rbyc.bm • Website: www.rbyc.bm

GUAM

BRUNEI

Add: PO Box 2297, Agana 96910 • Tel: 671 477 3533 • Website: www.marianasyachtclub.org

MARIANAS YACHT CLUB

ROYAL BRUNEI YACHT CLUB

Add: Simpang 664, KM 7, )alan Kota Batu, Bandar Seri Begawan • Tel: 2786267 • Fax: 2786139 • Email: admin. rbyc@gmail.com • Website: www.royaibruneiyachtclub. com

KUALA BELAIT BOAT CLUB

Add: Brunei Shell Petroleum Co Sdn Bhd, Seria KB 3534 •

Negara Brunei Darussalam • Tel:(+673) 337 2265 • Email: info@panagaclub.com • Website: www.panagaclub.com

ANNUAL REPORT 2015 / 2016

RECIPROCAL CLUBS

HONG KONG

ROYAL SELANGOR YACHT CLUB

ABERDEEN BOAT CLUB LIMITED

Add: lalan Limbongan, 42000 Port Kelang, Selangor • Tel: 03 168 6964 • Fax: 03 168 8650 • Email: info@rsyc.com.

Add: 20 Shum Wan Road, Aberdeen, Hong Kong • Tel: 852 2552 8182 • Fax: 852 2873 2945 • Email: mbs(®abclubhk. com • Website: www.abclubhk.com

my • Website: www.rsyc.com.my SANDAKAN YACHT CLUB

ROYAL HONG KONG YACHT CLUB

Add: jalan Bull Sim Sim, PO Box 476, 90705 Sandakan

Add: Kellett Island, Causeway Bay, Hong Kong • Tel: 852 2832 2817 • Fax: 852 2572 5399 • Email: info@rhkyc.org. hk • Website: www.rhkyc.org.hk

• Tel: +60 89 212 518 • Fax: +60 89 215 542 • Email:

HEBE HAVEN YACHT CLUB

TAWAU YACHT CLUB

yachtclubsandakan@yahoo.com • Website: www.syc.org. my

Add: 10.5 Miles Hiram's Highway, Pak Sha Wan, Sai Kung,

Add: PO Box No 60125, 91011 Tawau Sabah • Tel: 089 771

New Territories, Hong Kong • Tel: 852 2719 9682 • Fax: 852 2358 1017 • Email: hhyc@hhyc.org.hk • Website: www.hhyc.org.hk

104 • Email: twuyacht@fm.net.my • Website: www.etawau. com

INDIA

ROYAL MALTA YACHT CLUB

MADRAS BOAT CLUB

Add: Couvre Porte, Fort Manoel, Manoel Island, Gzira, Malta G.C., Europe or Ta' Xbiex Seafront XBX 1028 Ta'

MALTA

Add: ?2, 3rd Avenue, Boat Club Road, R.A. Puram Chennai - 600 028, Tamil Nadu, India • Tel: +91 44 2435 4751 or

Xbiex Malta • Tel: +356 21 333 109 • F: +356 21 331 131

+91 44 2433 9289 • Fax: +91 44 24323235 • Email: info@

Email: info@rmyc.org • Website: www.rmyc.org

madrasboatclub.in • Website: www.madrasboatclub.in

MEXICO IRELAND

ACAPULCO YACHT CLUB

ROYAL CORK YACHT CLUB

Add: Gran Via Tropical, Y Tambuco S/NFracc., Las

Add: Crosshaven, Co. Cork, Ireland • Tel: +353 021 483

Playas, C.P. 39390, Acapuico, Guerrero or Apartado,

1023 • Fax: +353 021 483 1586 • Email: office@royalcork. com • Website: www.royalcork.com

/ 60 or 70 • Fax: 52 744 482 2836 • Website: www.

Postal 117, Acapuico, Guerrero • Tel: 52 744 482-38-59 clubdeyatesdeacapulco.com

ITALY CLUB NAUTICO RIMINI

MONACO

Add: P.Le Boscovich, 1247900 Rimini • Tel: 0541 26520

YACHT CLUB DE MONACO

• Fax: 0541 56878 • Email: cnrimini@cnrimini.com •

Add: 16, Quai Antoine lER, MC 98000, Monaco • Tel: +377

Website: www.cnrimini.com

93 10 63 00 • Fax: +377 93 50 80 88 • Email: accueil®

ycm.org • Website: www.yacht-club-monaco.mc YACHT CLUB ITALIANO

Add: Porticciolo Duca, Degli Abruzzi 16126, Genova Italy

NETHERLANDS

• Tel: +39 010 2461 206 • Fax: +39 010 2461 193 • Email:

ROYAL MAAS YACHT CLUB

info@yci.it • Website: www,yachtclubitaliano.it

Add: Veerdam 1, 3016 DD, Rotterdam, Netherlands • Tel:

MALAYSIA

+31 10 4138 514 • Fax: +31 10 4146 963 • Email: krzv@ de-maas.nl • Website: www.de-maas.nl

KINABALU YACHT CLUB

Add: Jalan Aru, Tanjong Aru, Kota Kinabalu, Sabah •

NEW ZEALAND

Tel: 088 240070 or 088 243070 • Fax: 088 243007

THE ROYAL AKARANA YACHT CLUB

• Email: kyctaru1@streamyx.com • Website: www.

Add: The Landing, Tamaki Drive, Okahu Bay, Auckland

kinabaluyachtclub.com

New Zealand or PO Box 42-004, Orakei, Auckland New Zealand • Tel: +64 9 524 9945 • Fax: +64 9 520 1380 •

PERAKYACHT CLUB

Add: Lot 678 Kg Lalang, Kg Baru, Karong Berkunci No 3. Ayer Tawar, 32400 Ayer Tawar, Perak Darul Ridzuan • Tel:

Email: racing@rayc.org.nz • Website: www.rayc.org.nz ROYAL NEW ZEALAND YACHT SQUADRON

05 935106

Add: 101 Curran Street, Westhaven Extension, Herne Bay

PIASAU BOAT CLUB

• Tel: +64 9 360 6800 • Fax: +64 9 360 6802 • Email:

Add: Sarawak Shell Berhad,Locked Bag No. 198100, Lutong Sarawak, Malaysia • Tel: 60 85 655 313 • Fax: 60 85 657 249 • Email: pbc@po.jaring.my • Website: www. piasauboatclub.com

admin@rnzys.org.nz • Website: www.rnzys.org.nz

Auckland 1147 or PC Box 46182, Herne Bay, Auckland 1147

ROYAL LANGKAWI YACHT CLUB

Add: Jalan Dato Syed Omar, 07000 Kuah, Langkawi, Kedah Darul Aman • Tel: +604 966 4078 • Fax: +604 966 5078

• Email: office@langkawiyachtclub.com • Website: www. Iangkawiyachtclub.com

REPUBLIC OF SINGAPORE YACHT CLUB

ROYAL PORT NICHOLSON YACHT CLUB

Add: Clyde Quay Marina, 103 Oriental Parade, Oriental Bay Wellington, PO Box 9674, Wellington • Tel: 04 939 7069 • Fax: 04 939 7031 • Email: office@rpnyc.org.nz • Website: www.rpnyc.org.nz

PAKISTAN

DEBEN YACHT CLUB

KARACHI YACHT CLUB

Add: Jetty Lane, Woodbridge, Suffolk IP 12 4BB • Tel: 013 9438 4440 • Email: secretary@debenyachtclub.co.uk •

Add: Standard Chartered Bank, Main Branch (Compound), I.I. Chundrigar Road, P.O. Box 4408, Karachi-74000 • Tel: 241 2127 • Email: info@karachiyachtclub.com • Website: www.karachiyachtclub.com

Website: www.debenyachtclub.co.uk LEANDERCLUB

Add: White Hill, Henley-on-Thames, RG9 2LP • Tel: 44 PHILIPPINES THE MANILA YACHT CLUB

1491 575 782 • Fax: 44-1491 410 291 • Email: info® leander.co.uk • Website: www.leander.co.uk

Add: 2351 Roxas Boulevard, Manila or PC Box 1085, Manila Tel: 632 526 7868 • Fax: 632 523 7183 • Website:

www.manilayachtclub.org

POOLE HARBOUR YACHT CLUB

Add: 38 Salterns Way, Lillipul Poole, Parkslone Dorset • BH14 BjR • Tel: 01202 707321 • Fax: 01202 707488 •

THE PUERTO GALERA YACHT CLUB

Website: www.salterns.co.uk

Add: Puerto Galera, Oriental Mindoro, Philippine Islands or PO Box 30450, Puerto Galera, Oriental Mindoro, 5203

ROYAL CHANNEL ISLANDS YACHT CLUB

Philippine Islands • Tel: +63 43 287 3401 or +63 917 520 5874 • Fax: +63 43 442 0136 • Email: office@pgyc.org or clubhouse@pgyc.org • Website: www.pgyc.org

Add: 57 Lower Pollet, St Peter Port, Guernsey, GY1 1WL •

SUBIC BAY YACHT CLUB

Add: Rizal Highway, Cor. Burgos Street, Subic Bay, Freeport Zone, Philippines 2222 • Tel: 047 252 5211 qt 047 252 6586 • Fax: 047 252 6587 • Email: membership@ sbyc.com.ph • Website: www.sbyc.com.ph or www. subicbayyachtclub.ph

Tel: 01481 723154 or 01481 725500 • Fax: 01481 712257 •

Email: rciyc@cwgsy.net • Website: www.rciyc.com ROYAL CORINTHIAN YACHT CLUB

Add: The Parade, Cowes, Isle Of Wight, P031 7QU • Tel: 01621 782105 • Fax: 01621 784965 • Email: info®

royalcorinthian.co.uk • Website: www.royalcorinthian.co.uk ROYAL CORNWALL YACHT CLUB

Add: Greenbank Falmouth, Cornwall, TR11 2SW, England SEYCHELLES

• Tel: 01326 312126 • Fax: 01326 211614 • Email:

SEYCHELLES YACHT CLUB

aclmin@royalcornwallyachtclub.org • Website: www. royalcornwallyachtclub.org

Add: 5th of June Avenue, PO Box 504, Victoria, Mahe,

Seychelles, Indian Ocean • Tel: +248 32 23 62 or +248 78 33 02 • Fax: +248 32 11 21 • Email: seyachtclub@ seychelles.se • Website: www.seychellesyachtclub.net.se SOUTH AFRICA

ROYAL DART YACHT CLUB

Add: Kingswear, Dartmouth, Devon TQ6 GAB, England • Tel: 01803 752496 • Email: office@royaldart.co.uk • Website: www.royaldart.co.uk

ROYAL CAPE YACHT CLUB

ROYAL FOWEY YACHT CLUB

Add: Small Craft Basin, Duncan Road, Table Bay Harbour Cape Town 8001 or PO Box 772, Cape Town, 8000 • Tel: 021 421 1354 • Fax: 021 421 6028 • Email: info@rcyc.c0.2a

Add: Whitford Yard, Fowey Cornwall, Pl23 1BH • Tel: 01726 833573 • Email: honsec@rfyc-fowey.org.uk •

• Website: www.rcyc.co.za

Website: www.rfyc-fowey.org.uk

VICTORIA LAKE CLUB

ROYAL LYMINGTON YACHT CLUB

Add: PO Box 77, Germiston 1400 • Tel: Oil 825 3530 •

Add: Bath Road, Lymington, Hampshire, S041 3SE • Tel: 01590 672677 • Email: sail@rlymyc.org.uk flr kevin@rlymyc. org.uk • Website: www.rlymyc.org.uk

Email: manager@victorialakeclub.co.za • Website: www. vic.org.za TANZANIA DAR ES SALAAM YACHT CLUB

Add: Leopard's Cove, Msasani Bay PO Box 1280, Dar Es Salaam, Tanzania • Tel: 40180 or 40185 • Website: www.

ROYAL NORTHERN & CLYDE YACHT CLUB

Add: The Clubhouse, Rhu, Helensburgh, C84 8NG • Tel: 01436 820322 • Fax: 01436 821296 ♦ Email: mail@rncyc. com • Website: www.rncyc.com

daryachlciub.com ROYAL SOLENT YACHT CLUB

THAILAND

Add: Yarmouth, Isle Of Wight, P041 ONS • Tel: +44

ROYAL VARUNA YACHT CLUB

01983 760256 • Fax: +44 01983 761172 • Email: office®

Add: 286 Pratamnak Road, Pattaya Chonburi, Thailand

royalsoient.org • Website: www.royalsolent.org

20150 • Tel: 66 3825 0116 • Fax: 66 3825 0115 • Email:

office@royal-varuna-yachl-club.com • Website: www.

ROYAL THAMES YACHT CLUB

varuna.org

Add: 60 Knightsbridge, London SW1X 7LF • Tel: 020 7235 2121 • Fax: 020 7245 9470 • Email: club@royalthames.com • Website: www.royalthames.com

UNITED KINGDOM CLYDE CRUISING CLUB

Add: Suite 101 Pentagon Centre, 36 Washington Street, Glasgow G3 8AZ Scotland • Tel: 0141 2212 774 • Fax:

ST. HELIER YACHT CLUB

0141 2212 775 • Email: hazel@clyde.org.sg or office@clyde.

• Tel: 01534 732229 • Fax: 01534 720842 • Email: info®

org • Website: www.clyde.org

shyc.je • Website: www.shyc.je

Add: South Pier, St.Helier, jersey, JE2 3NB, Channel Islands

ANNUAL REPORT 2015 / 2016

RECIPROCAL CLUBS

THE ROYAL MOTOR YACHT CLUB

GUILFORD YACHT CLUB

Add: R.M.Y.C.S "Enchantress", Sandbanks, Poole, England,

Add: 379 New Whitfield Street, Cuilford, Connecticut

BH13 7RE • Tel: 01202 707227 • Fax: 01202 708775 •

06437 • Tel: 203 415 3427 • Email: john@gyc.com •

Website: www.rmyc.co.uk

Website: www.gyc.com

THE ROYAL NAVAL CLUB & ROYAL ALBERT YACHT CLUB

HALIFAX RIVER YACHT CLUB

Add: 17 Pembroke Road, Old Portsmouth, Hampshire

Add: 331 South Beach Street, Daytona Beach, Florida,

England P01 2HW • Tel: +44 023 9282 5924 • Fax: +44 023 9287 2009 • Email: infod'Ync-rayc.co.uk • Website:

Email: hryc@hryc.com or gm@hrvc.com • Website: www.

www.rnc-raycxo.uk

hryc.com

132114-5089 • Tel: 904 2557 459 • Fax: 904 2555 377

ROYAL ULSTER YACHT CLUB

LAHAINA YACHT CLUB

Add: 101 Clifton Rd, Bangor Co Down, BT20 5HY • Tel: 028 9127 0568 • Fax: 028 9127 3525 • Email: info(t!Yuyc. co.uk • Website: www.ruyc.co.uk

661 0191 • Fax: 808 667 2582 • Email: office@lyc.us or gm@lyc.us • Website: www.lyc.us

ROYAL WELSH YACHT CLUB

QUEEN CITY YACHT CLUB

Add: Porth-yr-Aur, Caernarfon, CWYNEDD, LL55 1SN • Tel: 01286 672599 ♦ Email: hon.secretary@royalwelshyachtclub. org.uk or hon.membershipsecTelary@royalwelshyachtclub. org.uk • Website: www.royalwolshyachtclub.org.uk

Add: 835 Front, St. Lahaina, Maui, Hawaii 96761 • Tel: 808

Add: 2608 Boyer Ave West, Seattle Washington, 98102 • Tel: 206 709 2000 • Fax: 206 709 8924 • Email: office®

queencity.org or membership@queencity.org • Website: www.queencity.org

U.S.A.

SAN DIEGO YACHT CLUB

THE ARMY & NAVY CLUB

Add: 1011 Anchorage Lane, San Diego CA 92106 • Tel: 619 221 8400 • Fax: 619 224 3059 • Email: terry@sdyc.org • Website: www.sdyc.org

Add: 901 Seventeenth Street NW, Washington, DC 20006 • Tel:(202) 628-8400 • Fax:(202) 785-2481 • Email: info@

armynavyclub.org • Website: www.armynavyclub.org THE SAN FRANCISCO YACHT CLUB BALBOA YACHT CLUB

Add: 98 Beach Rd, Belvedere, California 94920 • Tel: 415

Add: 1801 Bayside Drive, Corona Del Mar, California 92625 • Tel: 949 673 3515 x 129 or 949 673 3515 x 135

7895647 • Fax: 415 7895648 • Email: office@sfyc.org • Website: www.sfyc.org

• Email: gm^balboayachtclub.com • Website: www. balboayachtclub.com

SEATTLE YACHT CLUB

BOCA RATON YACHT CLUB

98112 • Tel: 206 .3251 000 • Fax: 206 3248 784 •

Add: 4001 North Ocean Blvd, Suite B201, Boca Raton PL

Email: reception@seatlleyachtclub.org • Website: www. seattleyachtclub.org

Add: 1807 East Hamlin Street, Seattle Washington •

33431 • Tel: 561 392 6333 • Email: jwspechler&"'aol.com CORINTHIAN YACHT CLUB OF CAPE MAY

WAIKIKI YACHT CLUB

Add: PC Box 260, Cape May, New lersey 08204 • Tel: 609 884 8000 • Email: inquiries@cyccm.com or manager® cyccm.com • Website: www.cyccm.com

Add: 1599 Ala Moana Boulevard, Honolulu, Hawaii 96814

• Tel: 808 9554 405 • Fax: 808 9415 026 • Email: wyc@ waikikiyachtclub.com • Website: www.waikikiyachtclub. com

CORINTHIAN YACHT CLUB OF SAN FRANCISCO

Add: 43 Main Street, Tiburon CA 94920 • Tel:(415) 435-

WAUKEGAN YACHT CLUB

4771 • Fax:(415) 435-5101 • Email: ellen@cyc.org or johnn@cyc.org • Website: www.cyc.org

Add: 15342 West Clover Lane, Liberlyville, Illinois 60048 • Tel: 847 6234 188 • Fax: 847 6230 155 • Website: www.

wyclub.com DEL REY YACHT CLUB

Add: 13900 W. Palawan Way, Marina Del Rey, California 90291 • Tel: 310 823 4664 • Fax: 310 821 1346 • Email:

info@dryc.org or officemanager@dryc.org • Website: www. dryc.org EPPING FOREST YACHT CLUB

Add: 1830 Epping Forest Drive, lacksonville, Florida 32217 • Tel: 904 739 7200 • Fax: 904 733 0054 • Email:

nbaughman@efyc.com or info@efyc.com • Website: www. efyc.com FORT WALTON YACHT CLUB

Add: 180 Ferry Road, N.E.Fort Walton Beach, Florida 32548 • Tel: 850 243 7102 • Fax: 850 243 8616 • Website: www.

fwyc.org

REPUBLIC OF SINGAPORE YACHT CLUB

PAST COMMODORES 1919

1942 to 1945

1968

1992

W F Nutt, O.B.E

inactive during WWII

J Snowden

Kam Chai Heng

WMB!ake 1946

1920

EW Slight

^ 1969 R G Beale

1993

Kam Chai Heng

W F Nutt, O.B.E 1921

1947

1970

1994

P A B McKerron

K Smedley

Kam Chai Heng

1948

1971

1995

P A B McKerron

K Smedley

Tan Kay Toh

1949 Sir Patrick McKerron

1972

1996

J Snowden

Tan Kay Toh

1950 H Worham

1973

1997

J Snowden

Tan Kay Toh

1951

1974

1998

H Worham

W H Henderson

Lim Kwong Hoon, PBM

1952

1975

1999

E G Holiday

W H Henderson

Lim Kwong Hoon, PBM

WFNutt, O.B.E 1922 Sir Laurence Guillemard 1923 Sir Laurence Guillemard 1924

Sir Laurence Guillemard 1925

Sir Laurence Guillemard 1926 Sir Laurence Guillemard

1953

1976

2000

1927 Sir Laurence Guillemard

E G Holiday

D F Roe

Lim Kwong Hoon, PBM

C Boden Kloss

1954

1977

2001

Sir Hugh Clifford

E G Holiday

D F Roe

Tan Kay Toh

1928

1955

1978

Sir Hugh Clifford

J C Allan

G W Chubb

2002 Khoo Ih Chu

V C Bath 1979

1929

Sir Hugh Clifford

1956

R O Winstedt

E G Holiday

1930

1957

C Boden Kloss

V C Bath

1931 C Boden Kloss

1958

1932

1959 Sir William Goode

J H P Young

Teo Eng Tat Teo Eng Tat

2004 Khoo Ih Chu

1980

F G Lundon

A W Scott

1962 H Pfrunder

1936 T G Cotterell

1938 M H Matheson

1964 R A Sandford

F R Pitcher 1966 F R Pitcher

1940

E W Slight E G Holiday

1983

2007 B. Balakrishnan

R G Urry

2008 B. Balakrishnan

1985

2009

Francis C H Lee

B. Balakrishnan

1986

2010

Francis C H Lee

Tan Kay Toh

1987

2011

Francis C H Lee

Tan Kay Toh

1988

2012

Harry S H Ho

Tan Kay Toh

1989

2013

Harry S H Ho

Low Teo Ping

1990

2014

Harry S H Ho

Wee Keng Hwee

1991

2015

Loo Soon Heng

Wee Keng Hwee

1984

1967

J Snowden 1941

Tan Kay Toh

1965

1939

EW Slight

2006

PF Phillips

1963

1937 M H Matheson

1982

1961

1935

M H Matheson

Tan Kay Toh

1960

E G Holiday

F G Lundon

2005

C M Fairfield

1934 F G Lundon

1981

Teo Eng Tat

Sir William Goode

1933 F G Lundon

2003 Khoo Ih Chu

52 West Coast Ferry Road, Singapore 126887 i Tel: 6768 9288• Fax: 6768 9280• Email: info@rsyc.org.sg • Web: www.rsyc.org.sg www.facebook.com/rsyc.sg •(WGS 84) Lat 01 ° 17.6 N Long 103° 45.7'E i