RSYC Annual Report 2009/2010 by Marlinazrin Ali

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2009/2010 ANNUAL REPORT

OUR MISSION : To build upon our rich tradition as Singapore's j

premier yacht club, member-owned and affordable and providing the best sea sports facilities with excellent club amenities.

THE COiVER

ns of DeV(?lo| bhoLise (b Ott(

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NOTICE OF MEETING

7 June 2010

Dear Members

Notice is hereby given that the 85th Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at the Quarterdeck (Multi-Purpose Hall) on Friday, 25 June 2010 at 1900 hours to transact the following business: 1. Commodore's Address

2. To confirm Minutes of the Annual General Meeting held on 19 June 2009 3. Matters Arising

4. To consider the Annual Report of the Club

5. To consider and if approved, adopt the Audited Accounts for the Year ended 31 December 2009

6. To elect Flag Officers and Committee Members for the year 2010/2011 7. To elect Auditors for the Club

8. To transact any other business of which due notice has been given under Article 26 (e) of the Constitution.

The election of Flag Officers and Committee Members wil l 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 reauested 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

Tan Kay Chuan Honorary Secretary

NOTE:

Nominations for election to the Committee must be completed on the prescribed form (in accordance with Articles 20.5 and 22), Proposed and Seconded by two Life or Ordinary fully paid Members of not less than six months standing. Nomination Forms can be obtained from the Club's Administration Office. Completed Forms must reach this Office not later than 1700 hours on 18 June 2010.

ANNUAL REPORT 2009 / 2010

CONTENTS

Notice of Meeting

RSYC Committee

Commodore's Message

Secretary's Report

Development Report incorporating Heritage Report

House Report

Marine Facilities Report incorporating Sea sports & Events Reports

Pictorial Highlights of 2009

Treasurer's Report incorporating Membership Marketing & MR Reports

Independent Auditors' Report

Financial Statements

Reciprocal Clubs

Past Commodores

REPUBLIC OF SINGAPORE YACHT CLUB

RSYC COMMITTEE & PATRON

PATRON

His Excellency S R Nathan President of the Republic of Singapore

COMMODORE

B Balakrishnan VICE COMMODORE

Tan Kay Hum REAR COMMODORE Karl Nilssen HONORARY SECRETARY

Tan Kay Chuan TREASURER

Tan KayToh COMMITTEE MEMBERS

ChowTheng Kai Kjetil W Culliksen Nigel Ho Eric Lee

Jeyendran Naidu Neo Wee Sim

Tan Ann Kiong

Back Row From Left

Neo Wee Sim, Tan Ann Kiong. Eric Lee, B. Balakrishnan, Kjetil W. Culliksen, Nigel Ho,Tan KayToh, Tan Kay Chuan and ChowTheng Kai. Seated From Left

Tan Kay Hum and Karl Nilssen.

ANNUAL REPORT 2009 / 2010

COMMODORE'S MESSAGE

2008. Much of this growth arose from the newly introduced social membership and term member ship. The long-term viability and prosperity of the Club rests pri marily with the membership base. The new Management under the leadership of the new General Manager, Dr Matthew Yap will be entrusted to grow this membership base as the industry gets news of our newly-approved development master plan.

It is my privilege to once again present this year's Annual Report on behalf of the RSYC Commit

tee. As I step clown after a threeyear term as the Commodore in FY

2009/10, I would like to provide members with a report for the last 12 months and a summary of how much the Club has achieved over

the last three years.

The Development Sub-Committee worked tirelessly towards approval for the marina development, com prising of the vertical dry stack, accommodations and breakwater

construction. I am proud to report that the Urban Re-development Au thority has granted the approval for the Accommodation Wing which is part of our development plan as at May 2010. As the RSYC Main Com mittee and Management finalise loan arrangements, construction will be carried out in phases over

The Club's event range expanded from talks to intra-club tourna ments with Raffles Marina and Na

tional Service Resort Country Club. Amidst events, as part of corporate social responsibility, several of RSYC's corporate partners included Singapore Association of Visually Handicapped (SAVH) and Acapella Society.

We are very honoured to have our distinguished Patron, President SR Nathan attend our RSYC Charity Golf Dinner on 2 October 2009. The Club has achieved the land

mark sum of more than $150,000

to Parkinson's Disease Society of Singapore, the appointed charity beneficiary. A key highlight and achievement for the Club is the completion of the RSYC Heritage Book. A long-term desire since 1987, and through successive commodores and heri

tage sub-committees, the heritage book was completed just-in-time.

2009 was a challenging year for

the next FY to minimise inconve

The Club is honoured to launch the

Singapore and more so for the

nience to members.

book with our Patron, President SR

Club. The Club pulled through this difficult year and emerged stronger. Difficult decisions were made by both the Main Committee and the

Management as the Club adjusted to a leaner operating structure. Reporting on the Club's perfor mance, the Club struggled to meet budgeted forecast with the back drop of the economic slowdown.

In regards to House, Food and Beverage experienced significant changes over the last year. As the club turned exclusive from April 2009, the Club experienced sig

Nathan on 19 june 2010. It is my hope that this book will serve as an important document and archive for future committees, management and most importantly to members

nificant revenue decline. The Club

as we strive to preserve the heritage and traditions of a 184-year-old

undertook steps to adjust roles and

club.

head counts and took swift mea

at the Bridge, Wharf, Mess and

I would like to take this opportunity to thank all my fellow members,

2009 accounts show a deficit of

Beacon.

the RSYC committee and various

$673,000 after depreciation. Much of the Club's promotional efforts in F&B, events and membership

Room's revenue achieved above

sub-committees for your support through often difficult times.

sures to improve service standards

In all the Club did not achieve the

budget at $763,000 with an aver age occupancy rate of 88%. 25 of the Club's rooms experienced up grading and included LCDs with

break-even bottom line.

full HDTV.

On the membership front, the Club's sales and marketing efforts over the last year did not translate to significant membership sales. The membership base of the Club increased modestly to 1,814 as at

Marine and Sea Sports also per formed well. For the last year, RSYC had 82 visiting yachts, 14 mega yachts, 124 boats at the dry berths, 47 boats at the wet berths and per formed on average 60 launchings and recoveries weekly.

achieve

modest results, amidst

forecasted revenue for the Club.

December 2009, from 1,790 in

My heartfelt thanks also go to the Management and Staff of RSYC and may the flag of RSYC continue to fly high. B. Balakrishnan Commodore

REPUBLIC OF SINGAPORE YACHT CLUB

SECRETARY'S REPORT

I f Our Patron President SBffitathan madeWloriCiVi

Much change took place at the RSYC in 2009. It has been a decade since we moved to West Coast Ferry

just four - Development, House, Marine Facilities, and Membership. This has resulted in less work overall for

Road.

both the volunteer committees and the Club's staff.

This year, we closed our doors to F&B patronage by the public. This year, we welcome Dr Matthew Yap as General Manager, and Lionel Roberts as F&B Manager. For the second time this year, we will welcome our Patron His Excellency President S R Nathan to the Club to commemorate the publication of the RSYC Heritage Book, which has been a long time coming. This year, we set up the RSYC Heritage Room.

The RSYC staff and committee stand tall after a year of market turbulence and contraction in patronage of the Club.The staff of the RSYC deserves our thanks for their hard work. Welcome 2010/11.

Tan Kay Chuan Honorary Secretary

This year we have been presented with a rare portrait of Dr. William Montgomerie, the first president in 1826-27 of the Singapore Yacht Club (RSYC's predecessor). The water-colour paint ing was a gift from Dr.

RSYC Committee Meeting Attendance • Commodore B Balakrishnan,

11 out of 11 meetings • Vice Commodore Tan Kay Hum, 10 out of 11 meetings • Rear Commodore Karl Nilssen,

Montgomerie's great great

granddaughter, Judith Montgomerie, who com missioned well-known award-winning Australian artist

Penny Maddison to do the portrait. Sadly, this year a much loved long-service staff of the RSYC, Executive Secretary Shanthi, left us after a val iant battle with cancer.

Significantly this year, we also presented to members concrete plans for the Club's redevelopment in our ex panded Marina Lodge, stacker dry berths, and break

6 out of 11 meetings • Honorary Secretary Tan Kay Chuan, 11 out of 11 meetings • Treasurer Tan KayToh, 11 out of 11 meetings • Committee Member ChowTheng Kai, 6 out of 11 meetings • Committee Member Kjetil W. Gulliksen, 9 out of 11 meetings • Committee Member Nigel Ho, 6 out of 11 meetings • Committee Member Eric Lee,

water for the wet berths. And of course, we now have

6 out of 11 meetings • Committee Member Jeyendran Naidu, 5 out of 11 meetings

air-conditioning in the ground floor bathrooms. It has

• Committee Member Neo Wee Sim,

been anything but a dull 2009 for the RSYC.

10 out of 11 meetings • Committee Member Tan Ann Kiong, 8 out of 11 meetings

Following a decision taken at the last Annual General Meeting, the Club streamlined its sub-committees to

ANNUAL REPORT 2009 / 2010

DEVELOPMENT REPORT incorporaling Heritage Reporl

The RSYC is at the precipice of three major redevel opment efforts including an extension of the Marina Lodge, the building of a dry-stacker, and the building of a solid-wall breakwater. A major hurdle of leasing seabed space has been overcome when the MPA is sued notice of no objection for the seabed space. The Singapore Sports Council subsequently approved that we lease an additional cross-section of seabed space for the breakwater. It now leaves only the details of a financing package to be put in place before the rede velopment plans are tabled for approval by the general membership at an ECM. Throughout the present year, the DSC has been in volved in meeting and supplying information to vari ous authorities for our redevelopment efforts. This has included considerable effort to get the authorities to relax a little on the regulations governing plot ratio and "commercial-use" quotas. Needless to say no flexibil ity was shown, and we now await approval for the ex tension of an additional 31 rooms.

Equally busy have been various efforts with consultants to draw up detailed plans for the redevelopment of the RSYC physical structures. The Development sub committee considered a host of options (e.g., no less than five design options for the dry-stacker including: roof, no roof; for different lengths of boat; number of

has translated to greater difficulty in dealing with banks in securing a loan. Many thanks go to our Finance Manager, Yvonne Kok, who spearheaded the numer ous discussions with the authorities and banks - this in

the absence of a General Manager. The Development Sub-Committee had worked close ly with the Main Committee every step of the way in meeting the challenges of getting approval from the relevant authorities. Rest assured that this synergy and continuity will be maintained as we move to the next Main Committee.

B Balakrishnan Chairman

Sub-Committee Members

• B Balakrishnan, Chairman, 11 out of 11 meetings • John McGugan, Vice Chairman, 10 out of 11 meetings • Tan Kay Chuan, Vice Chairman (Heritage), 7 out of 11 meetings • Karl Nilssen, 10 out of 11 meetings • Chow Theng Kai, 2 out of 11 meetings Development Working Group Members • B Balakrishnan

dry-stackers; where to locate them; etc). This resulted

• Christopher Nunns

in a wide range of cost estimates, anywhere from SGD 3 to 4 million for the dry-stacker alone. The fluctuat

• David Haines

ing construction market in the last year alone has not

• Karl Nilssen

• John McGugan

helped to provide more accurate cost estimates. This

REPUBLIC OF SINGAPORE YACHT CLUB

DEVELOPMENT REPORT incorjjorating Herilage Report

1^ jjA'i'':

HERITAGE REPORT

year's working group members and

The RSYC Heritage Book has been a long-term desire of the Club since 1987, when it first appointed a re searcher from National University of Singapore to assist in compiling and preparing for a book.

volunteers.

Committees as we strive to protect

Through successive Heritage Sub-

Special mention should also go to our author, Peter Dunlop, as well as various members and past mem bers of staff, including Anne Mah, KC Yuen, Sharon Wong, former General Manager Norbert Finger,

Committees and new researchers/

Ho Shu Fen and the late Shanthi for

historian, we managed to compile a huge database of our history that now forms part of the Heritage book that will be published by June 2010. Our sincere thanks must go to the early pioneers of the book project for keeping the dream alive.

their dedication and patience.

our legacy for the benefit of future members of the Club.

My thanks go to all who have con tributed in any way to this project, no matter how small.

Report by John McCugan

In preparing for the book, we have also realized that much work re

Heritage Working Group

mains to be done to properly mainlain and protect the Club's records

Members

and artifacts. We would also like to

deadline has been a massive task

consider a permanent heritage dis play in any facility development to allow us to show due respect to our

and our heartfelt thanks go to this

inheritance.

Completing the book in a very tight

These will be the goals of future Heritage working groups and Sub-

• B. Balakrishnan

• John McCugan • Tan Kay Chuan • Mrs. Christine McCugan

HOUSE REPORT

joined the integrated resorts, as similarly faced by es tablishments in the hospitality industry. For the year ended 31 December 2009, total revenue

showed a deficit of $326,000 against the budget as compared to the same period for 2008 ($10,000) and 2007($134,000).

However, despite being overstretched, our staff main

tained their steadfastness and efficiency in providing high standards of professionalism in catering to the needs of our members.

The priority for Food & Beverage is now to maintain and continually upgrade our offerings and service standards in our outlets. This is to ensure that our F&B

operations are kept vibrant in keeping with the trends in a fast changing environment and to stave off menu fatigue. As Stated in the Club's Constitution, The House SubCommittee is tasked:-

Our objective is to improve the level of hospitality and service and to welcome our members, their families

To oversee the House facilities and be responsible for all House affairs and activities, including Accommo dation, Food & Beverage, Swimming pool and other

and guests to the Club with delectable offerings whilst keeping the Food & Beverage operations with the aim of reducing the deficit.

Hospitality and House-related matters. Our Sub-Committee wil l continue to work with the

The House Sub-Committee provides a fine balance between building and maintaining the social fabric of the Club and keeping a financially viable focus for the Food & Beverage outlets, guest accommodation and its related facilities.

management to deliver more creative and innovative

ideas for promotions and activities to attract more pa tronage and retain the familiar faces in the Club.

The current revenue for Food & Beverage is below ex pectations. We firmly believe that the F&B profitability

The year 2009 has been promising despite many chal lenges, several of which have continued to 2010. Our key objective is to continue delivering a marked im provement in service so members will want to make RSYC their second home. Over the last year, we had focused on improving the service levels in the Club across all departments and functions. As a members' club and unlike some other clubs, we

do not allow non-members and the public to use our Food and Beverage facilities. As such, we rely heavily on members' support and regular patronage. Do bring your family and friends to the Club and enjoy the facilities.

We heed and appreciate members' feedback, which have guided us in making improvements and shall con tinue to look forward to your valuable feedback. FOOD & BEVERAGE

In April 2009, the Committee implemented the policy of making the Club and its facilities exclusive for mem bers' usage, with particular reference to disallowing unaccompanied non-members from using our Food & Beverage outlets. On the downside and as anticipat ed, we saw a reduction in revenue. Some of our staff

^â&#x2013; 5- *

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HOUSE REPORT

can be much improved. We are working closely with the new F&B Manager in the following objeclives:• Increase the profitability of food revenue. • Maintain competitive pricing with various member dining options. • Establish a predictable quality expectation of RSYC menu offerings. • Create an improved desire of member dining patronage. MARINA LODGE

Launched in 2001, the occupancy and average room rates have increased. For the year 2009, we achieved a profit of $763,000 against the budget of $727,000 with occupancy rate of 88%. With the continued support from our members and corporate business clients, we are confident of surpass ing our room sales for the rest of the year. We have upgraded the toiletries, and television sets to LCD with full HD in our rooms.

ing counter measures, as well as training in customercentric service.

All our security officers are now trained and certified in the Workforce Skills Qualifications(WSQ)programme.

The Security Department will progressively send all of our security officers for various WSQ upgrading courses offered by the WDA to improve their overall operational capabilities. In order to serve members and their guests better, the Security Department will now be conducting training for their officers in customer service. This in-house training will provide our security staff with more confidence and better able to handle

enquiries and assist members and guests. The first phase of the CCTV system is In place to ensure round-the-clock monitoring of the surveillance capa bilities within the Club's perimeter, car park and ma rina areas and this will enable the officers to respond to emergencies promptly. There will be progressive improvements as we are in the process of installing a barcode scanning system for the work crew in our marina and keep abreast of the requirements by the authorities. Moving forward, the Security Department will continue to improve the overall security service standards in the Club. CONCLUSION

Lastly, it remains for me to thank the Board and Mem bers of the Sub-Committee for their hard work and in

put. We would like to extend a special thanks to the management and staff for their uncompromising dedi cation. To you members, thank you for your continued patronage to the Club and we assure you we will strive to make your visits more enjoyable experiences. Looking forward to seeing you at the Club! Tan Kay Hum

A well-furnished room at our Marina Lodge.

Chairman

DEVELOPMENT MATTERS

Sub-Committee Members

Maintenance of the clubhouse is a continuous work-

• Tan Kay Hum, Chairman, 9 out of 10 meetings • Nigel Ho, Vice Chairman, 4 out of 10 meetings

in-progress for the Sub-Committee and management. Furthermore, refurbishing of woodworks, varnishing of hand railings and re-painting of the clubhouse and boatshed will be done progressively. Replacement of the older gym equipment, pool tiles and air-condi tioning of the lockers were some of the improvements made for the convenience of members. SECURITY

The Security Department will continue to enhance our operational capabilities and to provide higher security coverage and access into the Club. This year, we have focused on understanding, identifying, managing and training in the various types of threats and implement-

• Louis Liew, 9 out of 10 meetings

• james WK Tan, 9 out of 10 meetings • Wayne Wong, 10 out of 10 meetings

Additional attendance by RSYC Committee Members • B. Balakrishnan, Commodore,6 out of 10 meetings • Tan Kay Toh, Treasurer, 2 out of 10 meetings • Tan Kay Chuan, Secretary, 2 out of 10 meetings

No. of meetings held from July 2009 to April 2010:10

ANNUAL REPORT 2009 / 2010

MARINE FACILITIES REPORT incorporating Sea Sports and Events Reports

■■■■r

tatfT

MARINE FACIUTIES

and patience with us. We do regret any inconvenience

The year 2009 ended on a quite positive note for the Marine Department. Though it has been another chal lenging year for the department with the departure of two large yachts after a long-term stay in the marina, but in consolation, we have achieved higher revenue despite their departure. Over the last three years, there has been a steady increase in the number of visiting yacht arrivals to the marina as well. Most of these visi tors have given positive remarks about the department

caused and will strive to minimise inconveniences and

and as well as the Club, as a whole.

The department has also been able to fill up the dry berths since late 2008 and currently there are about 14 on the waiting list for a dry berth. Overall, there has been a rather healthy improvement in all sectors of the department with a significant reduction in incidences and most importantly, the service level has improved with knowledgeable staff on watch in the Marine Of fice and not forgetting the boys in the field.

improve our service to all members. Not forgetting all Marine Sub-Committee members for their time and

support. Hopefully, it will be smooth and fast sailing for the department in the coming years. Some facts about the Marine Department: • we had 82 visiting yachts at RSYC from June '09 • we had 14 mega yacht visiting since June '09 • 124 boats are stored in the dry • 41 jet skis are stored in the dry • we carry out on average of 60 launchings / recoveries weekly SEA SPORTS

Since its inception, RSYC Sea Sports Academy has pro vided both dinghy sailing and keel boat sailing lessons to educational institutions such as United World Col

lege, Tanglin Trust School, and various schools under

Ministry of Education of Singapore. The department is also looking forward to a planned upgrading of the dry berths which has progressed sig nificantly over the months, thanks to all MC members and especially the Development Sub-Committee mem bers who have spent and sacrificed incalculable manhours, debating and planning the master development plan for the Club which includes the boat stackers.

RSYC also plans to conduct mini-regattas and quarterly races amongst its participants to further heighten their interest and competitiveness in the sport of sailing. For the year 2009-2010 RSYC and MOB are working closely with four schools and more than 60 students on 24 weeks.

Last but not least, the department would like to thank all boating members for their support, understanding

•

Pioneer Secondary School - 20 students • Kent Ridge Secondary School - 20 students

10 REPUBLIC OF SINGAPORE YACHT CLUB

MARINE FACILITIES REPORT incorporating Sea Sports and Events Reports

â&#x20AC;˘ West Grove Primary School - 10 students

â&#x20AC;˘ Nan Hua High School - 20 students Some 30 students have already passed their optimist sailor and topper level 1 certification. RSYC Sea Sports Academy is expecting about 70 students from CCA sailing class in 2010.Three schools will take part at the Inter-school Championship in April 21-24 at the Na tional Sailing Centre. From April to November, a lot of our boaters and jet skiers took part in our different cruises. Four major cruise events have been held in the past 12 months, including Tioman, Bintan, Sebana Cove and Nongsa Point Ma

Our Charity Cruise took place on 7 November. The children of Make-A-Wish Foundation were in for a spe cial treat with our event. With the opportunity to soak in the sun, sand and surf, it was a memorable day of fun and excitement for all of them.

Thanks again to our volunteers and boaters. The kind hospitality of all RSYC staff and members really touched all of them, many even going that extra mile just to put smiles on the Make-A-Wish children's faces. Sea Sports Department is still improving the fleet to provide better service and standard to our members and guests. The Club has purchased a new RIB for the sailing activity which can be used to support our events. RSYC will be a

rina. All these weekends

sailing partner in future

were enjoyable experi

national events such as

ences for all of us and it

was a good opportunity

Youth Olympic Games which kicks off in August

to show to the rest of the

2010.

Singaporean fleet how RSYC's boaters are ac

EVENTS

tive. Our Sea Sports Team

The year started with the annual RSYC Family Day

continues to look for new destinations for our mem

ihemed 'Back to the 70s'. There were a series of

bers to travel on their next

activities, both sea sports

boating trip.

and land, available to our

In July, the curtain raiser for Singapore's Sailing Season, the RSYC Regatta

RSYC Preparing to sail from the Club's marina

members. Games dating back to the 1970s brought back some memories for

for 2009 concluded with

the members. The SAVH

a lively prize presentation ceremony at the Republic of Singapore Yacht Club on 19 July 2009.

(Singapore

Association

for the Visually Handi capped) were also on site to offer massage services to the members for a minimal fee.

This year marks the 10th consecutive running of the RSYC Regatta since the Republic of Singapore Yacht Club moved to its current clubhouse in the year 2000. Seventeen teams spanning the IRC (A), IRC (B), and PY Classes took part in the Regatta that was held on 12, 18 and 19 July 2009 with racing taking place in the waters off the southern islands of Singapore.

After the overall results of the Regatta were tallied on 19 July 2009. Panic! with Jeff Davidson at the helm tri

umphed in IRC (A), Christopher Lim and crew of SMUmad pulverized the field in IRC (B) and Christopher Nunns'Velera Linda nudged out competition and won the PY Class of the RSYC Regatta 2009.

In the following months, a wide range of talks were held periodically. Subjects ranged from numerology to snoring to boosting the immune system. Other topics such as lost at sea and marine life conservation talks

were also well received by both boating and non-boat ing members. Friendly inter-club pool tournaments were organised with Raffles Marina and National Ser vice Resort Country Club. A small tradition has begun and we will see the RSYC 8-ball pool team represent ing the Club more often and pitting their skills against other marinas and clubs.

December was a busy month with the Acappella So ciety, caroling in the Christmas season. A black and

The Republic of Singapore Yacht Club's famous postrace festivities lived up to expectations with a rousing prize presentation ceremony that was held on the Fore

shore Deck of the Club, overlooking the marina and all the magnificent sailboats that participated in the Re gatta. The ceremony was attended by the President of Singapore Sailing Federation Mr. LowTeo Ping.

white extravaganza welcomed in the New Year with lots of food and performances. February was also an unforgettable month with the Lion Dance performanc es and Mahjong competition. 2010 promises to be an exciting year, as we celebrate the annual Family Day in conjunction with the launch

11 ANNUAL REPORT 2009 / 2010

MARINE FACILITIES REPORT incorporating Sea Sports and Events Reports

of the Heritage book and our 10th year celebration at the West Coast location. In the following months, we hope to attract more members' participation in the events. We also welcome any feedback or comments in order for us to create more events. Karl Nilssen Chairman

Sub-Committee Members

• Karl Nilssen, Chairman, 8 out of 9 meetings • Kjetil W. Gulliksen, Vice Chairman (Marine), 7 out of 9 meetings • Neo Wee Sim, Vice Chairman (Sea Sports),

6 out of 9 meetings • Eric Lee, Vice Chairman (Events),

3 out of 9 meetings • Jack Ang, Committee Member, 1 out of 9 meetings • Susan Choy, Committee Member, 0 out of 9 meetings • Philip Mason, Committee Member, 6 out of 9 meetings • John McGugan, Committee Member, 6 out of 9 meetings • Eugene Quek, Committee Member, 2 out of 9 meetings • Tan Kay Chuan, Committee Member, 1 out of 9 meetings • Felip Sim, Committee Member, 5 out of 9 meetings • B Balakrishnan, Commodore,

3 out of 9 meetings

12 REPUBLIC OF SINGAPORE YACHT CLUB

wafiE'

PICTORIAL HIGHLIGHTS OF 2009

UTY GOLF 2009 TOURNAMENT&DINNER

Sponsitr

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FRIDAY,2 OCTOBER 2009 lUHONC COtJNIKY Cl.UH

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A'record

Having a great tme at the Oktoberfest.

13 ANNUAL REPORT 2009 / 2010

TREASURER'S REPORT incorporating Membership Marketing & HR Reports

ing to $150,000 for the Parkinson's Disease Society of Singapore.

Moving forward, we would be creating more aware ness and build on RSYCs rich history and heritage in the coming years.

Active Membership Status as at 31 December 2009

Description

Membership number

Year 2009 was an eventful year for membership as we had embarked on numerous marketing promotions and activities to fill the calendar. There were additions

to the dedicated membership sales team to focus on expanding the market share. Unfortunately, these ac tions have not been able to translate into membership sales.

Major events included the Boat Asia 2009 (23 - 26 April 2009) which RSYC embarked to create awareness and initiated the membership drive. Social member ship was introduced to target at non-boaters who are passionate about lifestyle and activities. Charity Golf 2009 marked a place in RSYCs history with the presence of President Nathan to grace the din ner event and we achieved a record collection amount-

2009

2008

Honorary Members

Life Members

VIP Members

1515

1512

Ordinary Members( Non Transferable)

Lady Members

Social Members (Non Transferable)

134

118

Term Members(Non Transferable)

Temporary Members(Non Transferable)

Group Members(Non Transferable)

1814

1790

Ordinary Members (Transferable)

Corporate Members

TREASURER'S REPORT int:{)r[)(>mlin}5 Membersliip Markeling & HR Reports

OVERALL RESULTS OF CLUB FlNANCtAL YEAR ENDED 2009

adjustments in fuel inventory. Once again another year of top contribution department.

There was a significant revenue reduction in FY2009 fi

nancial statement with RSYC having gone exclusive for members in April 2009 especially in the Food & Bever age department. However, Rooms and Marine depart ments showed positive increase in operating surplus by $40,663(5%)and $114,647(14%) respectively. FY 2009 audited net deficit of($673,150) was seen im

proved in comparison with 2008 deficit of ($753,731). However, taking out the receipt of exception income and saving of Job Credits of $233,145 and property tax saving of $106,080; the net deficit would have in

e. Activities - deficit contribution of $84,228

Events deficit was -$57,842, was higher than 2009 budget due to a few events in budget was not materialised. Sea Sport deficit was much lower due to better enrolment of PPDCL course

and sailing courses throughout the year. Total of 62 more students for all courses compared to 2008. No consideration for last year comparison as the costs were combined with Events as Club activities.

f. Membership - deficit contribution of $16,381

creased to ($1,012,375).

The Club's financial performance in comparison with 2009 budget was as following: a. F&B - deficit contribution of $326,217

F&B revenue increased in comparison with 2009

budget after reduced 35% revenue due to member exclusive did not corresponding reduction in payroll costs and other direct costs. F&B other direct costs were higher by 77.24% due to under estimate operating costs.

b. Rooms - surplus contribution of $763,150 Marina Lodge revenue was lower than 2009 budget and last year, however with containable expenditures; the contribution increased by 5%.

The budget sales of $1.7m was highly optimistic even with marketing plan targeted in Boat Asia, RSYC open house and invitation of trial membership. Additional headcounts to drive the marketing and providing better service in membership with new designation of Member Liaison Officer failed to achieve the expected increase income.

g. Non operating employee expenses of $1,598,000 Cost reduced in proportion to reduce headcounts and reduced year end payout of AWS with lump sum payout was evidence in FY 2009. h. Other Club overheads expenses of $1,481,000 Overall, well-contained and with additional

property tax saving of 40% rebate. FY 2009 had c. Jackpot - surplus contribution of $309,623

Jackpot revenue dampened by 5% compared to 2009 budget and payout percentage increased to 40% compared to 37% budget had overall affected the net collection with a drop of 38%. d. Marina - surplus contribution of $946,372

an additional write off, F&B operating equipment inventories of $1 75,000 brought forward from prior years as to keep the consistency of fully expensed in year of purchases. Please refer to Financial Review in comparison sched ule for a detailed summary.

Marina activities were maintained with costs

well maintained and lower fuel costs due to price

15 ANNUAL REPORT 2009 / 2010

TREASURER'S REPORT incorporriling Membership Marketing & HR Reports

HR REPORT

Please refer to schedule below for a detailed compari

2009 total headcounts decreased with reduction of 10

son.

staff compared to 2008. There was a restructuring of headcounts in F&B department when the Club went exclusive in April 2010.

Last but not least, I would thank the members of Fi

counts:

nance Sub-Committee for participating in the month ly sub-committee meetings, for their valuable time despite their heavy work schedules and Finance and Membership teams for providing the backend support.

• 2 reductions in Executive Office with GM's

Tan Kay Toh

Following the movement of other departments' head-

departure and demise of ex Executive Secretary.

Treasurer

• 1 reduction in Human Resource with the departure of the Training Officer.

Sub-Committee Members

• Tan Kay Toh, Treasurer, 9 out of 10 meetings • Jeyendran Naidu, Vice Chairman, 3 out of 10 meetings • B Balakrishnan, 7 out of 10 meetings • ChowTheng Kai, 7 out of 10 meetings • Kjeti l W Gulliksen, 6 out of 10 meetings • Tan Ann Kiong, 5 out of 10 meetings

• 2 additions in Membership with Sales Manager and Membership Liaison Officer. • 15 reductions in F&B Kitchen and service staff

with April '10 headcount re-structuring • 1 addition in Housekeeping

No. of meetings from July 2009 to April 2010: 10

• 2 additions in Marine Office to support MY Cem operation and replacement of resigned staff in previous years. DECEMBER 2008 TOTAL STAFF EXECUTIVE OFFICE ACTIVITIES

3 2

(GYM/EVENT) PURCHASING

HUMAN CAPITAL

FINANCE

JACKPOT

MEMBERSHIP OFFICE

SEASPORTS

1 Depcndnni

Holder

'S' PASS STAFF

DECEMBER 2009 WP STAFF

•

3 -

TOTAL STAFF 1

2 3 2 1

'S' PASS STAFF

WP STAFF

MOVEMENT -2 0 0 -1 0 1 0

2 0

FOOD & BEVERAGE

-15

FRONT OFFICE/ HOUSEKEEPING

MARINE

MAINTENANCE

SECURITY

TRAINEE

PART-TIMERS

TOTAL

165

•

155

16 REPUBLIC OF SINGAPORE YACHT CLUB

-10

TREASURER'S REPORT incorporating Membership Marketing & HR Reports

FINANCIAL REVIEW 2009

2008

BUDGET

'000

F&B

3,343 "

3,434

4,416

COST OF SALES

(1,439)

(1,794)

(1,312)

PAYROLL & RELATED COSTS

(1,770)

(2,063)

(1,780)

(551)

(569)

(311)

(2,321)

(2,632)

(2,091)

(326)

(10)

(60)

REVENUE

OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION BEFORE MINIMUM SPENDING

MINIMUM SPENDING LEVY DEPARTMENTAL CONTRIBUTION AFTER MINIMUM (237)

SPENDING ROOMS REVENUE

1,578

1,583

1,631

PAYROLL & RELATED COSTS

(618)

(627)

(660)

OTHER DIRECT COSTS

(197)

(235)

(244)

(815)

(862)

(904)

763

721

727

4,600

DEPARTMENTAL CONTRIBUTION

lACKPOT 683

4,219

PAYROLL & RELATED COSTS

(194)

(172)

(192)

OTHER DIRECT COSTS

(179)

(3,646)

(3.911)

(373)

(3,818)

(4,103)

310

401

497

REVENUE

DEPARTMENTAL CONTRIBUTION MARINA REVENUE

1,739

1,773

1,732

COST OF SALES

(296)

(399)

(318)

PAYROLL & RELATED COSTS

(327)

(3671

(369)

OTHER DIRECT COSTS

(170)

(175)

(249)

(497)

(542)

(618)

946

832

796

DEPARTMENTAL CONTRIBUTION ACTIVITIES REVENUE PAYROLL & RELATED COSTS

165

355

(183)

(163)

(208)

(66)

_i42L

(249)

(205)

(457)

(84)

(106)

(102)

TOTAL OPERATING INCOME

1,698

1,932

1,858

SUBSCRIPTION OTHER INCOME

2,18£

2,216

2,313

(1,890)

(1,920)

OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION

FINANCE INCOME- INTEREST INCOME FR BANKS 2009 JOB CREDITS

233

EXPENSES

Changes in inventories Depreciation

(1.940)

Misc Write back/(off)

Provision fro doubtful debt

(43)

BAD DEBT RECOVERY

Write off of inventories

(175)

Write off prior year accrued expenses (net)

(76)

Non operating Employees expenses & staff benefits '*•

(1,598)

(1,481)

(1,729) (1,668)

(1,848)

Other club overheads

Operating Deficit

(1,099)

(1,183)

(1,485)

434

441

1,735

(4)

(14)

(8)

(7)

(673)

(753)

Entrance and transfer fees

Finance Expenses Income Tax Net Deficit after tax

(1,912)

236

Exclude exception addition income; 2009 Job credits

(233)

2009 Property Tax saving

(106)

($13,260 X fi mths) TOTAL NET DEFICIT

(1,012)

17 ANNUAL REPORT 2009 / 2010

FINANCIAL STATEMENTS for the finoncial year ended 31 necember 2009

CONTENTS

Independent Auditors' Report

Statement of Comprehensive Income

Balance Sheet

Statement of Changes in Accumulated Fund

Statement of Cash Flows

Notes to the Financial Statements

18 REPUBLIC OF SINGAPORE YACHT CLUB

INDEPENDENT AUDITORS' REPORT lo the members of Republic of Singapore Yacht Club

We have audited the accompanying financial statements of the Republic of Singapore Yacht Club ("the Club"), which comprise the balance sheet as at 31 December 2009, and the statement of comprehensive income, state ment of changes in accumulated fund and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The management of the Club is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Societies Act, Cap 311 ("the Act") and Singapore Financial Reporting Standards. This responsibility includes: (a) devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair statement of comprehensive income and balance sheet and to maintain accountability of assets;

(b) selecting and applying appropriate accounting policies; and (c) making accounting estimates that are reasonable in the circumstances. AUDITORS' RESPONSIBILITY

Our responsibility is lo 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 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 fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk as sessments, 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,

(a) the financial statements are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of state of affairs of the Club as at 31 December 2009 and the results, changes in accumulated fund and cash flows of the Club for the year ended on that date; and

(b) 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.

ROHAN â&#x20AC;˘ MAH & PARTNERS

Public Accountants and

Certified Public Accountants

Singapore, 4 May 2010

19 ANNUAL REPORT 2009 / 2010

STATEMENT OE COMPREHENSIVE INCOME for ihi? financial year ended 31 December 2009

Note

2009

2008

S$'000

Operating revenue Departmental revenue

6,917

7,965

Jackpot revenue (net of tax and payout)

683

773

2,188

2,216

Subscriptions and other income Finance income - interest income from banks Other income

232

Minimum spending levy

10,119

10,981

Expenses Materials and services consumed

(2,729)

(3,180)

Jackpot expenses

(373)

(358)

Loss of monies

Changes in inventories

(34)

Depreciation of property, plant and equipment

(1,939)

(1,890)

Employees payroll and benefits

(4,505)

(4,949)

(43)

(76)

Bad debts recovered Doubtful debts

Write off of inventories

(175)

Write off prior year accrued expenses (net) Other expenses

(14)

2 6

Operating deficit before membership fees

(1,472)

(1,668)

(1,099)

(1,183)

and finance cost

Entrance and transfer fees

434

Finance costs - interest expense on bank borrowings

Net deficit before tax

Income tax

Net deficit after tax

B Balakrishnan Commodore

REPUBLIC OF SINGAPORE YACHT CLUB

(4)

(665)

(746)

(8)

(7)

(673)

(753)

Tan Kay Toh Treasurer

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

441

BALANCE SHEET for the financial year ended 31 Deceniber 2009

Note

2009

2008

S$'000

29,690

31,257

29,708

31,278

Non-current assets

Property, plant and equipment

Trophies at cost

Current assets

Cash and cash equivalents

4,913

3,842

Due from members

1,107

1,214

Inventories

155

341

Other current assets

519

493

6,694

5,890

437

525

Current liabilities

Trade payables

Other payables and provisions

1,021

919

Members' deposits

768

828

2,226

2,272

4,468

3,618

555

602

555

602

33,621

34,294

33,621

34,294

Net current assets

Non-current liabilities

Deferred income from long-term berths

Net assets

Fund Accumulated fund

B Balakrishnan

Tan Kay Toh

Commodore

Treasurer

The accompanying notes form an integral part of these financial statements. 21 ANNUAL REPORT 2009/2010

STATEMENT OF CHANGES IN ACCUMULATED FUND for the financial year ended 31 December 200?

2009

S$'000

Balance at 1 January 2008

35,047

Net deficit for the year

(753)

34,294

Balance at 31 December 2008

Net deficit for the year

(673)

33,621

Balance at 31 December 2009

B Balakrishnan Commodore

Tan Kay Toh Treasurer

The accompanying notes form an integral part of these financial statements. 22 REPUBLIC OF SINGAPORE YACHT CLUB

STATEMENT OE CASH ELOWS for the finnncial year ondecl 31 December 2009

Note

2009

2008

S$'000

(665)

(746)

(522)

(584)

(50)

(46)

1,939

1,890

(2)

(11)

(27)

Cash flows from operating activities Net deficit before tax

Adjustments for: Entrance and transfer fees

Long-term berth licence fees Depreciation Doubtful debts Interest income

Interest expense

Members' food and beverage deposits charged to statement of comprehensive income

(67)

Inventories written off

175

Write-off of prior year accrued expenses (net)

(2)

Other debtors and deposits written off

Operating cash flow before working capital changes

804

567

Due from members

109

(309)

Other current assets

(35)

Changes in operating assets and liabilities:-

Inventories

Members' deposits

Trade and other payables

(33) (31)

(273)

Cash generated from/(used in) operations

917

(14)

Income tax paid

(10)

(12)

Net cash generated from /(used in) operating activities

907

(26)

(372)

(660)

(3)

Cash flows from investing activities Purchases of plant and equipment Sales/(purchases) of trophies Interest received

Net cash used in investing activities

(358)

(636)

522

762

Cash flows from financing activities Entrance and transfer fees

Repayment of bank borrowings

Interest paid

Net cash generated from financing activities

Net increase / (decrease) In cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

(264) (4)

522

494

1,071

(168)

3,842

4,010

4,913

3,842

B Balakrishnan

Tan Kay Toh

Commodore

Treasurer

The accompanying notes form an integral part of these financial statements. 23

NOTES TO THE FINANCIAL STATEMENTS lor the financial year ended 31 December 2009

These notes form an integral part of and should be read in conjunction with the accompanying financial statements,

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. 2.

SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared in accordance with Singapore Financial Reporting Standards ("FRS"). The financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Club's accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

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 2009. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Club's accounting policies and has no material effect on the amounts reported for the current or prior years.

The Club has not applied any new standard or interpretation that has been issued but is not yet effective. The new standards that have been issued and not yet effective do not have any impact on the result of current or prior years.

(b) Revenue recognition Revenue comprises the fair value for the sale of goods and rendering of services, net of goods and services tax and discounts. Revenue is only recognised when its collectibility Is reasonably assured. Revenue is recognised as follows: Revenue from the sale of food and beverage is recognised when served and accepted by members. Rental income is recognised on a straight-line basis over the lease term.

Revenue from jackpot machines is recognised on a daily receipt basis. Revenue from marine sports and other social activities, except for berth license fees and fuel sales. Is recognised upon the rendering of services to and acceptance by the customer. Berth license fees are recognised over the lease period of the berths. Fuel sales are recognised upon delivery to and acceptance by the customer.

Membership subscriptions are recognised as revenue at the time when monthly subscriptions become due and payable.

Entrance fee income is recognised when members are admitted. Transfer fee income is recognised upon acceptance of the transfers by the Club Committee.

Interest income is recognised on a lime-proportion basis using the effective interest method.

.. jiiiiK:.i^RE YACHT CLUB

NOTES TO THE FINANCIAL STATEMENTS for the finnncial year ended 31 December 2009

Under Section 11(1) of the Singapore Income Tax Act, the Club is deemed not to be carrying on a business it 50% or more of its gross receipts on revenue accounts are received from its members.

Where the Club is deemed not to be carrying on a business, any surplus accruing to members from subscriptions, contributions and charges paid by them will not be regarded as Income. However, for income tax purposes the Club will be liable to tax on income from other sources derived from dealings with non-members. Such income is taxed at the lower of the rates set out in Part B, Second Schedule of

the Singapore Income Tax Act and the corporate tax rate. (d) Property, plant and equipment (i)

Measurement

Property, plant and equipment All property, plant and equipment are stated at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment loss. Component of costs The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management .The projected cost of dismantlement, removal or restoration is also included as part of the cost of plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a concequence of acquiring or using the asset. (ii) Depreciation

Leasehold land and buildings are depreciated over the period of the lease which expires on 14 July 2027. Depreciation is provided on the straight-line basis so as to write off the cost of assets over their estimated useful lives as follows;

Plant and equipment Furniture, fittings and equipment

5-10 years 3 - 5 years

Development in progress is not depreciated as the asset is not yet available for use. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date.

(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 benefits associated with the item will flow to the Club, and the cost of the item can be

measured reliably. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred. (iv) Disposal

On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amounts is taken to the statement of comprehensive income. Any amount in revaluation reserve relating to that asset is transferred to the accumulated fund directly. (e) Impairment (i) Impairment of Non-Financial Assets

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.

25 ANNUAL REPORT 2009 / 2010

NOTES TO THE FINANCIAL STATEMENTS for ihc firiLincial vear ended 31 December 200^

For the purpose of impairment testing, 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 cash-generating unit (CGU)to which the asset belongs. 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. An impairment loss for an asset 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.

(ii) Impairment of Financial Assets

The Club assesses at each balance sheet date whether there is objective evidence that a financial asset is impaired. If there is objective evidence that an impairment loss on loans and receivables has been incurred, the amount of the loss is measured as the difference between the asset's

carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account. The amount of the loss is recognised in the statement of comprehensive income. 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. Any subsequent reversal of an impairment loss is recognised in the statement of comprehensive income, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.

(f) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in-

first-out basis and includes freight, transport and handling charges. Net realisable value represents the estimated selling price less anticipated cost of disposal and afler making allowance for damages, obsoletes and slow moving items. (g) 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.

(h) 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.

26 REPUBLIC OF SINGAPORE YACHT CLUB

NOTES TO THE FINANCIAE STATEMENTS for the financial year ended 31 Decemher 2009

Provisions are revievyed at each balance sheet date and adjusted to reflect the current best estimate. If

it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. (i) Employee benefits (i) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Club pays fixed contributions into separate entities such as the Central Provident Fund, and will have no legal or constructive obligation to pay further contributions if any of the funds does not hold sufficient assets to pay all employee benefits relating to employee service in the current and preceding financial years. The Club's contributions to defined contribution plans are recognised in the financial year to which they relate. (11) Employee leaves entitlements Employee entitlements to annual leave are recognised when they accrue to employees. A

provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. (j) Financial Instruments (i)

Financial Assets

The Club's principal financial assets are trade and other receivables and bank balances. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less allowance for impairment. An allowance for impairment of trade receivables is established when there is objective evidence that the Club will not be able to collect all amounts due according to the original terms of the receivables. The amount of the allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The amount of the allowance is recognised in the statement of comprehensive income. Other receivables are stated at fair value and subsequently measured at amortised cost, using e effective interest method.

(ii) Financial Liabilities

Trade and other payables are stated at fair value, and subsequently measured at amortised cost, using effective interest method (k) 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 United States 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 United states Dollar at the exchange rates ruling at the balance sheet date. Exchange gains and losses are dealt with in the income statement. (I) 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.

27 ANNUAL REPORT 2009 / 2010

NOTES TO THE FINANCIAL STATEMENTS for the liniinci.ii vear ended 3 I December 2009

DEPARTMENTAL REVENUE AND COSTS 2009

S$'000 Food &

Beverage 3,434

Revenue

Rooms

Marina

Aclivities

Total

1,578

1,739

166

6,917

Cost of sales

(1,439)

Payroll and related costs (Note 5)

(1,769)

(618)

(327)

(183)

(2,897)

(551)

(197)

(170)

(66)

(984)

(2,320)

(815)

(497)

(249)

(3,881)

(325)

763

946

(83)

Other direct costs

Departmental contribution before minimum spending levy Minimum spending levy

Departmental contribution after minimum spending levy

(325)

(296)

763

946

(1,735)

1,301

(83)

1,301

2008

S$'000 Food &

Beverage 4,416

Revenue

Rooms

Marina

Activities

Total

1,583

1,773

7,871

Cost of sales

(1,794)

Payroll and related costs (Note 5)

(2,063)

(627)

(367)

(163)

(3,220)

(569)

(235)

(175)

(42)

(1,021)

(2,632)

(862)

(542)

(205)

(4,241)

832

(106)

1,437

Other direct costs

Departmental contribution before minimum spending levy

(10)

Minimum spending levy

Departmental contribution after minimum spending levy

721

(399)

832

(2,193)

(106)

1,531

In 2008, the Departmental revenue In the statement of comprehensive income includes the minimum spending levy.

Departmental payrol l and related costs and other direct costs include housekeeping payroll expenses and housekeeping expenses amounting to S$357,830 (2008: S$357,863) and S$104,440(2008: S$124,283) respectively. Cost of sales include an amount of S$125,000(2008: S$ Nil) relating to the write-off of inventory.

28 REPUBLIC OF SINGAPORE YACHT CLUB

NOTES TO THE FINANCIAE STATEMENTS for the financial year ended 31 Decemher 2009

©© ©©

JACKPOT REVENUE AND COSTS

oOC

2008

S$'000 4,351

Revenue

4,219

Less:

Government duties and taxes

(1,912)

(1,861)

Payout and refil ls

(1,756)

(1,585)

683

773

Payroll and related cost (Note 5)

(194)

(172)

Jackpot night

(139)

(154)

Auditor's remuneration

(13)

(11)

Other direct costs

(27)

(21)

(373)

(358)

310

415

Less Expenses:

In 2008, the Club reported a loss of monies amounting to $13,500 from the jackpot collection. EMPLOYEE PAYROLL AND BENEFITS 2009

S$'000

Wages and salaries Contributions to Central Provident Fund Staff benefits

Less: Amount included in Jackpot (Note 4)

Less: Amount included in cost of sales (Note 3)

3,929

4,186

369

405

o401 oo© ©o

530

4,699

5,121

(194)

(172)

4,505

4,949

(2,897)

(3,220)

1,608

1,729

Wages and salaries included a provision for annual leave of S$101,704(2008: S$122,140).

29 ANNUAL REPORT 2009 / 2010

NOTES TO THE EINANCIAL STATEMENTS for ihe financial vcar ended

1 DecemlKT 20l)'J

OTHER EXPENSES 2009

2008

S$'000

117

Property tax

159

265

Insurance

180

132

Water and electricity

604

667

General maintenance

Telephone and fax

Postage, printing and stationery

Bank charges

- current year audit

- {over)/ under provision of audit fee in previous year

(2)

Auditors' remuneration

Professional fees

Advertising expenses

11 29

License fees and subscriptions

Magazine expenses

22 26

Membership related and promotional expenses

144

Computer maintenance

Recruitment fees

Miscellaneous expenses

115

1,472

1,668

Included in miscellaneous expenses was S$6,909 (2008: S$ Nil) attributable to the write-back of accruals and write-off of other debtors and deposits. 7.

ENTRANCE AND TRANSFER FEES

Entrance fees Transfer fees

Less: Marketing expenses

30 REPUBLIC OF SINGAPORE YACHT CLUB

2009

2008

S$'000

444

433

151

522

584

(88)

(143)

434

441

NOTES TO THE FINANCIAE STATEMENTS for the financial year enried 31 December 2009

INCOME TAX

(a) Income tax expense

The following income of the Club is subjected to income tax: 2009

2008

SS'OOO

S$'000

Concessionaire rental income (net of attributable expenses*)

Bank interest income

112

Attributable expenses are comprised of deductible portion of electricity charge of S$ NIL (2008: S$13,000) and S'Vo of concessionaire rental income allowable as deductions amounting to S$ NIL (2008: S$2,000).

The tax expense on the above income differs from the amount that would arise using the Singapore standard rate of income tax due to the following: 2009

2008

S$'000

SS'OOO

Tax calculated at a tax rate of 17% (2008: 18%)

Effect of Singapore statutory income exemption and tax rebate

(9)

(10)

Overprovision of current tax in prior years

(3) 7

Movements in current income tax liability

At the beginning of the financial year Income tax paid

Current financial year's tax expense Over provision of current year tax in prior years At the end of the financial year (Note 15)

2009

2008

S$'000

SS'OOO

(10)

(12)

(3) 10

31 ANNUAL REPORT 2009 / 2010

NOTES TO THE EINANCIAL STATEMENTS for Ihc fin.inciiil year ended .}! December 2009

PROPERTY, PLANT AND EQUIPMENT 2009

Leasehold

Plant and

and buildings

equipment

S$'000

fittinsfand mgs

in progress

equipment

S$'000

Total

S$'000

Cost

At 1 January 2009 Additions

46,404

1,829

1,792

166

(6)

(10)

46,407

1,989

1,789

15,917

1,295

1,556

18,768

1,714

152

1,939

(6)

(10)

(16)

Disposals At 31 December 2009

50,025 372

196

(16) 196

50,381

Accumulated

depreciation At 1 January 2009

Depreciation charge Disposals At 31 December 2009

17,631

1,441

1,619

28,776

548

170

20,691

Carrying amount At 31 December 2009

2008

Leasehold

Plant and

and buildings

equipment

S$'000

196

29,690

Furniture

fittings and equipment

Total

S$'000

Cost

At 1 January 2008

1,319

1,642

49,365

510

150

660

46,404

1,829

1,792

50,025

14,199

1,188

1,491

16,878

1,719

106

1,890

15,918

1,294

1,556

18,768

30,486

535

236

31,257

46,404

Additions At 31 December 2008

Accumulated

depreciation At 1 January 2008

Depreciation charge At 31 December 2008

Carrying amount At 31 December 2008

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 19 to the financial statements).

As mentioned in Note 2(d}, leasehold land and buildings are being depreciated on a straight-line basis to write off the entire cost by 14 July 2027, when the lease will expire. Given its special-purpose use and 32 REPUBLIC OF SINGAPORE YACHT CLUB

NOTES TO THE EINANCIAL STATEMENTS for the financial year ended 31 December 200'J

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. 10. CASH AND CASH EQUIVALENTS 2009

2008

S$'000

Cash at bank and in hand

2,414

1,348

Fixed Deposits

2,499

2,494

4,913

3,842

Fixed deposits at the balance sheet date have an average maturity of 1.5 months (2008: 1.5 months)from the end of the financial year with the weighted average effective interest rates of 0.436% (2008: 0.945%) respectively.

The carrying amounts approximate their fair values. The balances are denominated in Singapore Dollar. 11. DUE FROM MEMBERS

Members' debit balances Entrance fees - instalments receivable

2009

2008

S$'000

1,132

1,257

220

204

1,352

1,461

(247)

(173)

(43)

(76)

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

Allowance made during the year Amount written back during the year

Amount written off during the year

Balance at end of year

(245)

(247)

1,107

1,214

The carrying amounts of balances due from members approximate their fair values. The balances are denominated in Singapore Dollar.

The maximum exposure of credit risk for amount due from members at the reporting date is S$1,107,000 (2008: S$1,214,183).

The aging of trade receivables at the reporting date is: Gross 2009

S$'000

Impairment losses 2009

S$'000

Gross 2008

S$'000

Not past due

891

953

Past due 31-60 days

135

148

Past due 61 - 90 days

More than 90 days

281

245

1,352

245

307

1,461

impairment losses 2008

S$'000

247 247

33 ANNUAL REPORT 2009/2010

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 201)')

Based on historical default rates, the Club believes that no impairment allowance Is necessary in respect of trade receivables not past due and past due up to 90 days. These receivables are mainly arising by members that have good record with the Club. 12

INVENTORIES 2009

2008

s$'oao

S$'000

Fuel

Souvenirs

106

113

138

148

At cost

Food supplies and tobacco Car park discs & others Staff uniforms

Dinnerware, kitchen utensils, housekeeping and other supplies

155

179 341

OTHER CURRENT ASSETS 2009

S$'000

Sundry debtors

120

146

Refundable deposits

166

178

107

Prepayments

Heritage project work-in-progress APB fund *

Accrued income - jackpot

114

519

493

* The ARB Fund ("the Fund") arises from a supply agreement {"the Agreement") between the Club, the

oooo COO

Asia Pacific Breweries (S) Pte Ltd ("APB") and a distributor. The Fund records all contributions from ARB and

all expenditures made by the Club in compliance with the terms of the Agreement. The Agreement is effective for a three-year period commencing on 1 May 2006.

The carrying amounts of other current assets approximate their fair values. The balances are denominated in Singapore Dollar. 14

TRADE PAYABLES

The carrying amounts approximate their fair values. The balances are denominated in Singapore Dollar.

34 REPUBLIC OF SINGAPORE YACHT CLUB

NOTES TO THE FINANCIAL STATEMENTS for the fiimncial year ended 31 December 2009

OTHER PAYABLES AND PROVISIONS 2009

2008

S$'000

jackpot duty payable

131

186

Accrued operating expenses

756

604

Credit balance from accounts receivable

Deferred income from long-term berths (current)

1,021

919

Current income tax liability (Note 8)

The carrying amounts of other payables and provisions approximate their fair values. The balances are denominated in Singapore Dollar. 16

MEMBERS'DEPOSITS

The carrying amounts approximate their fair values. The balances are denominated in Singapore Dollar. 17

DEFERRED INCOME FROM LONG-TERM BERTHS

Deferred income relates to berth fees received and receivable in respect of long-term berth facilities. 18. FINANCIAL INSTRUMENTS

Financial Risk Management Objectives and Policies

The main risks arising from the Club's financial instruments are credit, foreign currency, and interest rate and liquidity risks. The policies of managing each of these risks are summarised below: (i)

Credit risk

Credit risk refers to the risk that members may default on their obligations to repay the amounts owing to the Club, resulting in a loss to the Club. The Club has procedures in place to monitor collections from members.

Information regarding financial assets that are either past due or impaired is disclosed in Note 11 (Due from Members).

The Club has no significant concentration of credit risk.

(ii) Foreign currency risk Foreign currency risk arises from changes in foreign exchange rates that may have an adverse effect on the Club in the current reporting period and in future years. The Club's exposure to foreign currency risk is minimal as ail 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 10. However, the Club's income and operating cash flows are substantially independent of changes in market interest rates. (iv) Liquidity risk

Liquidity risk refers to the risk that the Society is unable to meet its obligations when fall due. The

Society monitors its cash flow and it's collections on a regular basis as a means of managing liquidity risk.

35 ANNUAL REPORT 2009 / 2010

NOTES TO THE EINANCIAL STATEMENTS for the financin! year ended 31 December 2009

The following are the expected contractual undiscounted cash outflows of financial liabililies, including interest payments and excluding the impact of netting agreements: Carrying

Cash flows

amount

Contractual

Within

More than

cash flows

1 year

2 to 5 years

5 years

S$'000

Trade payables

437

Other payables and provisions

1,021

768

Non-derivative financial liabilities 2009

Members'

deposits Deferred income

from long-term berths

555

2,781

2,226

Trade payables

525

Other payables and provisions

919

828

555

2008

Members'

deposits Deferred income

from long-term berths

602

2,874

2,272

602

(v) Fair value of financial instruments There are no other differences between the book value and the fair value of the Club's financial assets

and liabilities. The Club does not engage in transactions involving financial derivatives. 19. CONTINGENT LIABILITIES

Performance guarantees (secured)

2009

2008

S$'000

108

107

The above performance guarantees in favour of suppliers are secured by a mortgage over the Club's leasehold land and buildings (Note 9). 20. CAPITAL COMMITMENTS

Amount authorised but not contracted out

2009

2008

S$'000

19,000

The Club has embarked on a development project that is estimated to cost S$19 million. The expenditures to be incurred are for the development of dry stack, new rooms and break water. 36 REPUBLIC OF SINGAPORE YACHT CLUB

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2009

During the year, the Club had spent about $196,490 on the initial expenditure for the project (Note 9 Development-in-progress). 21. ADJUSTMENTS NOT AFFECTING CASH FLOW

During the financial year 2009, the following net amounts totalling S$115,000 that had no cash flow effect were charged to the statement of comprehensive income: S$'000

Amounts relating to accrual underprovided

Amounts relating to marine accruals written back

(6)

Amounts relating to rooms accruals written back

(18)

Write-off of prior year accrued expenses (net) Other debtors and deposits written off

(2) 9

Inventories written off (net)

175

Members' food and beverage deposits underprovided

(67)

22. AUTHORISATION OF FINANCIAL STATEMENTS

These financial statements were authorised for issue by the Club Committee on 4 May 2010 ,

37 ANNUAL REPORT 2009/2010

RECIPROCAL CLUBS

AUSTRALIA

BELGIUM

CAIRNS CRUISING YACHT SQUADRON

ROYAL BELGIAN SAILIING CLUB

CAPRICORNIA CRUISING YACHT CLUB

BRUXELLES ROYAL YACHT CLUB

FREMANTLE SAILING CLUB INC

BRUNEI ROYAL BRUNEI YACHT CLUB

GOLD COAST YACHT & GAME FISH CLUB KUALA BELAIT BOAT CLUB HERVEY BAY SAILING CLUB INC

CANADA KEPPEL BAY SAILING CLUB

DEEP COVE YACHT CLUB

MIDDLE HARBOUR YACHT CLUB LTD

FALSE CREEK YACHT CLUB

NOOSA YACHT & ROWING CLUB

ROYAL CANADIAN YACHT CLUB

PORT CURTIS SAILING CLUB INC

ROYAL NOVA SCOTIA YACHT SQUADRON

PORT DOUGLAS YACHT CLUB INC

CHINA AMBASSYCLUB

QUEENSLAND CRUISING YACHT CLUB SUZHOU TAIHU MERCURY CLUB & MARINA

ROYAL MELBOURNE YACHT SQUADRON

GERMANY ROYAL BRIGHTON YACHT CLUB

AUGSBURGER SEGLER-CLUB E.V.

ROYAL PERTH YACHT CLUB OF WESTERN

NORDDEUTSCHER REGATTA VEREIN

AUSTRALIA

GUAM ROYAL PRINCE ALFRED YACHT CLUB

MARIANAS YACHT CLUB

ROYAL QUEENSLAND YACHT SQUADRON

HONG KONG ABERDEEN BOAT CLUB LIMITED

ROYAL YACHT CLUB OF VICTORIA INC

ROYAL HONG KONG YACHT CLUB SANDRINGHAM YACHT CLUB

INDIA SOUTHPORT YACHT CLUB INC

MADRAS BOAT CLUB

TIN CAN BAY YACHT CLUB INC

IRELAND ROYAL CORK YACHT CLUB

THE DARWIN SAILING CLUB INC

ITALY THE ROYAL YACHT CLUB OF TASMANIA

CLUB NAUTICO RIMINI

TOWNSVILLE MOTOR BOAT CLUB LTD

YACHT CLUB ITALIANO

TOWNSVILLE SAILING CLUB

MALAYSIA KINABALU YACHT CLUB

WHITSUNDAY SAILING CLUB LTD PERAK YACHT CLUB WYNNUM MANLY YACHT CLUB PIASAU BOAT CLUB

YORKEYS KNOB BOATING CLUB INC ROYAL LANGKAWI YACHT CLUB

BAHRAIN BAHRAIN YACHT CLUB

ROYAL SELANGOR YACHT CLUB

38 REPUBLIC OF SINGAPORE YACHT CLUB

RECIPROCAL CLUBS

SANDAKAN YACHT CLUB

ROYAL CORNWALL YACHT CLUB TAWAU YACHT CLUB

ROYAL DART YACHT CLUB

MALTA ROYAL MALTA YACHT CLUB

ROYAL FOWEY YACHT CLUB

MEXICO

ROYAL LYMINGTON YACHT CLUB

ACAPULCO YACHT CLUB

ROYAL NORTHERN & CLYDE YACHT CLUB

MONACO YACHT CLUB DE MONACO

ROYAL SOLENT YACHT CLUB

NETHERLANDS

ROYAL THAMES YACHT CLUB

ROYAL MAAS YACHT CLUB ST. HELIER YACHT CLUB

NEW ZEALAND THE ROYAL AKARANA YACHT CLUB

THE ROYAL MOTOR YACHT CLUB

ROYAL NEW ZEALAND YACHT SQUADRON

THE ROYAL NAVAL CLUB & ROYAL ALBERT YACHT CLUB

ROYAL PORT NICHOLSON YACHT CLUB ROYAL ULSTER YACHT CLUB

PAKISTAN USA

KARACHI YACHT CLUB

BALBOA YACHT CLUB

PHILIPPINES THE MANILA YACHT CLUB

BOCA RATON YACHT CLUB

THE PUERTO CALERA YACHT CLUB

CORINTHIAN YACHT CLUB OF CAPE MAY

SUBIC BAY YACHT CLUB

DEL REY YACHT CLUB

SEYCHELLES

EPPING FOREST YACHT CLUB

SEYCHELLES YACHT CLUB

FORT WALTON YACHT CLUB

SOUTH AERICA ROYAL CAPE YACHT CLUB

HALIFAX RIVER YACHT CLUB

VICTORIA LAKE CLUB

LAHAINA YACHT CLUB

TANZANIA

QUEEN CITY YACHT CLUB

DAR ES SALAAM YACHT CLUB SAN DIEGO YACHT CLUB

THAILAND ROYAL VARUNA YACHT CLUB

THE SAN FRANCISCO YACHT CLUB

UNITED KINGDOM

SEATTLE YACHT CLUB

CLYDE CRUISING CLUB WAIKIKI YACHT CLUB

DEBEN YACHT CLUB WAUKEGAN YACHT CLUB LEANDER CLUB

POOLE HARBOUR YACHT CLUB

ROYAL CHANNEL ISLANDS YACHT CLUB ROYAL CORINTHIAN YACHT CLUB

39 ANNUAL REPORT 2009/ 2010

PAST COMMODORES

W F NUTT, O.B.E

1963

T G COTTERELL

W M BLAKE

1964

RASANDFORD

1920

W F NUTT, O.B.E

1965

F R PITCHER

1921

W F NUTT, O.B.E

1966

F R PITCHER

] SNOWDEN ] SNOWDEN

1919

1922

SIR LAURENCE GUILLEMARD

1967

1923

SIR LAURENCE GUILLEMARD

1968

1924

SIR LAURENCE GUILLEMARD

1969

R G BEALE

1925

SIR LAURENCE GUILLEMARD

1970

K SMEDLEY

1926

SIR LAURENCE GUILLEMARD

1971

K SMEDLEY

SIR LAURENCE GUILLEMARD

1972

J SNOWDEN

C BODEN KLOSS

1973

J SNOWDEN

SIR HUGH CLIFFORD

1974

W H HENDERSON

1928

SIR HUGH CLIFFORD

1975

W H HENDERSON

1929

SIR HUGH CLIFFORD

1976

D FROE

ROWINSTEDT

1977

D F ROE

1930

C BODEN KLOSS

1978

G WCHUBB

1931

C BODEN KLOSS

1979

TEO ENGTAT

1932

F G LUNDON

1980

TEO ENGTAT

1933

FG LUNDON

1981

TEO ENGTAT

1934

F G LUNDON

1982

P F PHILLIPS

1935

F G LUNDON

1983

C M FAIRFIELD

1936

M H MATHESON

1984

R G URRY

1937

M H MATHESON

1985

FRANCIS C H LEE

1938

M H MATHESON

1986

FRANCIS C H LEE

1939

EW SLIGHT

1987

FRANCIS CH LEE

1940

EW SLIGHT

1988

HARRY S H HO

1941

E G HOLIDAY

1989

HARRY S H HO

1990

HARRY S H HO

1927

1942 to 1945 1946

EW SLIGHT

1991

LOO SOON HENG

1947

P A B MCKERRON

1992

KAM CHAI HENG

1948

PA B MCKERRON

1993

KAM CHAI HENG

1949

SIR PATRICK MCKERRON

1994

KAM CHAI HENG

1950

H WORHAM

1995

TAN KAY TOH

1951

H WORHAM

1996

TAN KAY TOH

1952

E G HOLIDAY

1997

TAN KAY TOH

1953

EC HOLIDAY

1998

LIM KWONG HOON,PBM

1954

E G HOLIDAY

1999

LIM KWONG HOON,PBM

1955

I C ALLAN

2000

LIM KWONG HOON, PBM

V C BATH

2001

TAN KAY TOH

1956

E G HOLIDAY

2002

KHOO IH CHU

1957

V C BATH

2003

KHOOIHCHU

1958

SIR WILLIAM GOODE

2004

KHOO IH CHU

SIR WILLIAM GOODE

2005

TAN KAY TOH

J H PYOUNG

2006

TAN KAY TOH

1960

E G HOLIDAY

2007

B. BALAKRISHNAN

1961

A W SCOTT

2008

B. BALAKRISHNAN

1962

H PFRUNDER

2009

B. BALAKRISHNAN

1959

40 REPUBLIC OF SINGAPORE YACHT CLUB

'sj

1826

REPUBLIC OF SINGAPORE YACHT CLUB

52 West Coast Ferry Road, Singapore 126887 Tel: 6768 9288 • Fax: 6768 9280

Email: info@rsyc.org.sg • Web: www.rsyc.org.sg