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republic of singapore yacht club annual report 2011/2012
AR2012_Cover.pdf
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our mission To build upon our rich tradition as Singapore’s premier yacht club, member-owned and affordable, and providing the best sea sports facilities with excellent club amenities.
Notice of Meeting 4 June 2012
Dear Members Notice is hereby given that the 87th Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at the Nautica Ballroom on Friday, 22 June 2012 at 1900 hours to transact the following business: 1.
Commodore’s Address
2.
To confirm Minutes of the Annual General Meeting held on 24 June 2011
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 2011
6.
To elect Flag Officers and Committee Members for the year 2012/2013
7.
To elect Auditors for the Club
8.
To transact any other business of which due notice has been given under Article 26 (e) of the Constitution.
The election of Flag Officers and Committee Members will be by secret ballot and supervised by a panel of Scrutineers comprising a representative from the Club’s independent Auditors and two Life or Ordinary Members of the Club. To facilitate the orderly conduct of the AGM, members are kindly requested to observe the provisions of Article 26 (e) and to write to the Honorary Secretary at least 7 days in advance, should they wish to raise any other matter or obtain any additional information. Refreshments and light snacks will be served after the AGM. By Order of the RSYC Committee BALAKRISHNAN B. Honorary Secretary
NOTE: Nominations for election to the Committee must be completed on the prescribed form (in accordance with Articles 20.5 and 22), Proposed and Seconded by two Life or Ordinary fully paid Members of not less than six months standing. Nomination Forms can be obtained from the Club’s Administration Office. Completed Forms must reach this Office not later than 1700 hours on 15 June 2012.
Annual Report 2011 / 2012
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Contents Notice of Meeting
page 1
RSYC Committee & Patron
page 3
Commodore’s Message
page 4
Secretary’s Report
page 5
Treasurer’s Report
page 7
Five-Year Comparison
page 10
Development Report
page 11
Marina Facilities Report
page 12
Food & Beverage Report
page 14
Membership Report
page 15
Rooms Report
page 16
Events & Sea Sports Report
page 17
Club Administration & Supporting Departments Report
page 21
Independent Auditors’ Report
page 24
Financial Statements
page 25
Reciprocal Clubs
page 44
Past Commodores
page 48
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Republic Of Singapore Yacht Club
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RSYC Committee & Patron PATRON
Mr S.R. Nathan Former President of the Republic of Singapore
RSYC COMMITTEE 2011/12 COMMODORE Tan Kay Toh
VICE COMMODORE Low Teo Ping REAR COMMODORE Chow Theng Kai HONORARY SECRETARY Balakrishnan B. TREASURER Kjetil W Gulliksen COMMITTEE MEMBERS David Cronin Joseph Kwok Wei Woon Tan Ann Kiong Wee Keng Hwee Inez Wei
Photo above (from left) Tan Ann Kiong, David Cronin, Chow Theng Kai, Balakrishnan B, Tan Kay Toh, Kjetil Gulliksen, Inez Wei and Wee Keng Hwee. Absent in group photo Low Teo Ping (extreme left) and Joseph Kwok Wei Woon.
Annual Report 2011 / 2012
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Commodore’s Message expected to be completed by the end of the year 2012. With bold expansion plans well in progress, the RSYC is poised to retain its position as the region’s premier boating and leisure facility. We continue to maintain our market presence by our participation in industryrelated events and promotion of sea-sports activities to the community.
On behalf of the RSYC Committee, it is my duty to present to members the Annual Report for the period January to December 2011. For the year 2011, we ended with a deficit of $536,000, as compared with the previous year’s deficit of $870,000, and against our expected budget surplus of $799,000. This can principally be attributed to the shortfall of the income expected from the membership department. Details of the financial report and numbers can be obtained in the Treasurer’s Report and the Statement of Accounts on pages 25 to 43.
The RSYC is a members-owned club, and as such, the club can only be as good as we make it. It takes passionately committed members with diverse skill sets to help steer the club. I sincerely look forward to more participation from members to avail themselves for election to the RSYC Committee. Please approach me or any of the RSYC Committee Members if you need an introduction to serve. I would like to take this opportunity to record my sincere appreciation to all my fellow RSYC Committee Members and the management and staff for all their effort and support given to me and to all of you members who have given me the honour and privilege to serve you. See you at the 87th AGM on Friday, 22 June 2012. TAN KAY TOH Commodore
This is the second year that the number of sub-committees have been capped. This is in line with opinions expressed by members at past AGMs. We continued with three sub-committees, namely the Finance, Development and subsequently the Marine Facilities sub-committees. The functions of the lifestyle/membership sub-committee were left to the management with the employment of a senior position to head this department. We decided to reinstate the Marine Facilities sub-committee in August 2011 as the RSYC Committee felt that this is a key function, now that we have invested almost $3 million in this area of operation. The reports inside will give you more details on the workings of the various departments. Our General Manager, Mr. Werner Trachsel, has now been with us for 12 months and I trust that he is working hard on making our Club a better place for us members. We pushed ahead with our development plans and after much delay, we completed the stacker building recently on 16 May 2012 with TOP issued. The Dry Stack Building was officially declared open by our patron, former President of Singapore Mr. S.R. Nathan, at a commemorative ceremony on 18 May 2012. We can expect to start receiving income from our investment hereon. As for the extension works to the accommodation wing, this is
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an S.R. Nathing. resident d Former Pe Dry Stack Buil th opening
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Secretary’s Report
The RSYC Committee with former President Nathan and Dr Tan Cheng Bock.
The current RSYC Committee took office immediately after the Annual General Meeting in June 2011. We held monthly meetings during the past year and many other ad hoc meetings as Club affairs dictated. It was a busy year for all of us. The most important accomplishment was the completion of the dry stacker building, with the Accommodation Wing still work in progress. The extension to the Marina Lodge should be completed sometime in the 4th Quarter of 2012.
past year are Finance, Development and Marine Facilities, headed by Mr Kjetil Gulliksen, Mr Tan Kay Toh and Mr Wee Keng Hwee respectively. These sub-committee meetings are usually attended by other Main Committee members as well, whenever they are not travelling abroad on business. A few other RSYC members also sit on some sub-committees and we are grateful to them for their expertise and time given freely for the well-being of the Club. I should like to thank the sub-committee members for their valuable contributions.
The three sub-committees formed this
During the year under review, we were
fortunate to have the President of the Republic of Singapore, Mr S.R.Nathan, as our Patron. Although Mr Nathan had stepped down as President when his second term ended in August 2011, he has graciously consented to continue as our Patron and we are grateful to him for also officiating the opening of the Dry Stacker on the 18th May 2012. Among the many events that took place at the Club, I just want to highlight a few that were particularly significant. Chief among these were the two traditional regattas, the 18th Singapore Straits Regatta held in January 2012 which RSYC had the honour to organize on a rotational basis with other sailing clubs, and the 12th annual RSYC Regatta held last July 2011. Both regattas were chaired by Mr Karl Nilssen, our former Rear Commodore, and we thank him for his contribution. We also wish to acknowledge the participation of some of our yachters, and the staff and management, particularly our General Manager, Mr Werner Trachsel, who shouldered much of the responsibility to ensure the success of these two signature sailing events. I wish to appeal for a few dedicated RSYC members to step forward to guide and lead the regatta organising committees in the coming year.
Viewing the brand new facilities.
Other significant fun events included the New Year’s Eve party that was well attended, the Oktoberfest celebration, and the series of “Kids love cooking” sessions and talks and demonstrations on a wide variety of topics like jewellery making, health or wellness
Annual Report 2011 / 2012
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Secretary’s Report talks, and family-oriented events that help parent-child bonding, especially through sea sports. Our charity cruise last year was held in October and benefitted the children from the Jamiyah Children’s Home and Children’s Aid Society. The kids had a terrific time picnicking and having games on Pulau Hantu for a day. Some 20 members participated with their boats and jet-skis, always a big hit with the disadvantage children. I must also acknowledge members’ participation with their sponsorships of about two dozen children and adults with disabilities when we hosted them at the Sailability races during the Corum-RSYC Regatta last July. New Year’s Eve Party
On the down side, we had a rather difficult year with regards to the high turnover of staff, symptomatic of the general situation in Singapore. We had replacements in the key positions of Head of Membership Sales & Marketing, F&B Manager, and a few lesser positions. These changes unfortunately had a negative impact on the efforts to increase our membership base significantly. The planned membership drive continues without any let up and we hope our members can do their share in helping us achieve our targets.
Oktoberfest 2011
Over the past year, we had a number of visits from members of overseas yacht clubs which exchanged burgees with RSYC. Among them were Sandringham Yacht Club of Victoria, Australia, Alamitos Bay Yacht Club of Long Beach, California, Antigua Yacht Club in the British Virgin Islands, Pass Christian Yacht Club of Mississippi, and Lahaina Yacht Club of Hawaii. In conclusion, I wish to thank all our members for their support this past year. I also want to thank the management and staff for their dedication and loyal service and look forward to another good year ahead. BALAKRISHNAN B. Honorary Secretary
Commodore Tan Kay Toh exchanging burgees with Mr Philip Eynon of Antigua Yacht Club.
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Treasurer’s Report OVERALL RESULTS OF CLUB FINANCIAL YEAR ENDED 2011
The club ended the 2011 financial year with an Operating Income of $2.1 million, an increase of $600,000 (39%) in comparison with last year 2010 of $1.5 million.
2010 while Sea sport payroll cost was reduced with the Sea sport consultant’s contract ending in Jan 2011. The replacement of the Head of Sea sport was on board only in November 2011. F. Membership - Entrance Fee Net Contribution of $412K: 2011 Membership net income, after direct marketing expenses, of $412,000, was the second year of unsuccessful membership marketing initiatives aimed at increasing the club membership in conjunction with the development of the Dry Stack building and the addition of Rooms.
The year Net Deficit after depreciation and tax of $536K has improved by $334,000 (38%) in comparison with last year 2010 Net Deficit of $870,000. This was achieved with increased revenues in Food and Beverage, Room and Jackpot and reduced operation costs in most of the department. However, non operating employee expenses & benefit have increased. (2010 deficit included $161,000 Heritage Book expenses.)
The total entrance and transfer fees increased to $535,000 in 2011 from $468,000 in 2010. However, there was additional $74,000 marketing expenses, inclusive of the six months engagement of a PR & media’s company to support the media coverage and the Membership launch in March 2011. The result of this launch was much below expectation with only 23 prospects attending and 7 taking up membership.
The increase in non operating employee expenses and benefit was mainly due to the reclassification of staff meal costs of $216,000 that was apportioned to respective department payroll cost in prior years.
The payroll costs increased with the additional headcount of a PR Manager in 2011. Other membership direct costs were constant, except an increase to $33,000 expenses for Boat Asia 2011 in support of the membership launch, compared to $19,000 spent in 2010.
The departmental financial performances in comparison with last year 2010 were as follows: A. F&B - Surplus Contribution of $16K:
F&B turned around annual deficits since 2007 to a surplus with increased revenue by $187,000 at 6% and well controlled direct cost. Even though the payroll cost reduction was mainly attributed by the reclassification of the staff meals, the respective outlet managers have managed their respective department’s labor cost reasonably well.
B. Rooms - Surplus Contribution of $938K:
G. Non Operating Employee Expenses of $1.67M:
Marina lodge and Housekeeping achieved another year of good revenue with $103,000, 7% increase over last year’s $1.57 million revenue. The construction of the additional rooms, which was scheduled to commence in April 2011 and was then delayed to September 2011, has not affected the room occupancy. C. Jackpot - Surplus Contribution of $256K: Jackpot managed to improve the net collection to $519,000 in 2011, an improvement of $96,000 (23%) after the plunge in 2010 to $423,000 due to the opening of the IR. Since 4th April 2011, Jackpot revenue was higher due to a change in the basis of turnover recognition as per IRAS new reporting structure. D. Marina - Surplus Contribution of $897K: Marina total revenue slightly declined by $55,000 (3%) in comparison with last year’s $919,000. The revenue from dry berth declined by 16% and fuel sales declined by 4%. Nevertheless, wet berth revenue improved by 10% due increased visiting yachts. The direct costs remained constant, while payroll cost decreased due to high marina staff turnover in 2011, which lead to positions being temporarily vacant. E. Activities - Deficit Contribution of $75K: The club activities refer to the Events and Sea sport departments. Event revenue declined mainly due to the cessation of Tombola night since May 2011 and Sea sports revenue declined due to the reduction of MOE student’s CCA sailing courses in 2011 after the relocation of the sailing classes to Pandan Reservoir. Payroll cost for Events was higher with the employment of an Event Manager in 2011 compared to an Events Executive in
Non operating employee expenses that included Executive office, Finance & Admin (HR, IT & Purchasing), Maintenance and Security departments were higher by $400,000 compared to $1.3million in 2010. This was mainly due to the monthly staff meal cost of $18,000 having been reclassified to Admin costs instead of the respective operating department. 2011 payroll cost was higher, due to annual increases and the General Manager’s payroll cost of nine months as opposed to six months in 2010. Security service expenses also increased with the engagement of a part time Fire Safety Manager and a WHS Consultant in 2011 in compliance with statutory requirements.
H. Other Club Overhead Expenses of $1.63M: 2011 total club other overhead expenses were well controlled, however, there was an increase in electricity costs of $61,000 (10%) due to increased electricity rates.
Please refer to the audited financial statements for details of departmental incomes and expenses.
Overall the club has financially performed better in 2011 with most of the operating departments contributing better results than last year. The club recorded an increased positive cash flow over the last year. However, the Net Cash position decreased to $4.1M, after payment of $3M in Purchases of Fixed Assets, including development and construction costs. (Please refer to the statement of cash flow in the audited financial statement). Going forward, the club must increase revenues from membership sales. This is the single most important factor for financial stability. The traditional means of recruiting members have not been successful and the club may have to look at new, innovative ways to attract a significant number of new members. The management shall continue to keep operating costs under control. With completion of the dry berth stacker in early 2012 and the additional rooms by the end of the year, the club will be in a favourable position to increase the membership base and improve the net cash flow position.
Annual Report 2011 / 2012
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Treasurer’s Report Lastly, I would like to thank all the members of the Finance SubCommittee who contributed their valuable time and input during the monthly Finance Sub-committee meetings. I also thank the Finance team, especially Ms Zhu Xian Lian, our accountant who worked doubly hard in the absence and transition of the Finance Manager for ensuring that the monthly finance management reports were accurate and on time for review and decision making.
CAPEX FOR 2011
$
GM Office
Kjetil W. Gulliksen Treasurer FINANCE SUB-COMMITTEE Kjetil W. Gulliksen (Chairman) Tan Kay Toh Low Teo Ping Balakrishnan B David Cronin Tan Ann Kiong
1,450
Finance & Admin
15,545
Project Manager’s
3,360
Gym Room
1,680
Mahjong Room
3,280
F&B
6,904
Front Office
950
IT
6,579
Jackpot
7,522
Membership
1,150
Security
2,790 51,210
2011 OPERATING DEPT NET GROSS FINANCIAL REVIEW 2011
Value in S$’000
2010
$16
$938
$788
$256
$95
$897 ($19) ($56)
($257)
F&B
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ROOMS / HOUSEKEEPING
JACKPOT
$919
$412
$419
($27)
($60)
EVENT
SEA SPORTS
MARINA
MEMBERSHIP
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2011 TOTAL REVENUE Club Misc Others Income 1%
Subscription 20% Membership 5%
Events 1%
F&B 32%
Sea Sports 2% Marina 18%
Jackpot 5%
Rooms 16%
2011 TOTAL OPERATING / NON OPERATING COSTS Maintenance 2% Membership 5%
Security 3%
Club Admin 22%
Events 1% Sea Sports 2%
Depreciation 18% Marina 9%
Jackpot 2%
Rooms 7%
F&B 29%
NET OPERATING DEFICIT - FIVE YEAR COMPARISON
Value in S$’000
2011
2010
2009
2008
2007
($352) ($536) ($673)
($753) ($870)
Annual Report 2011 / 2012
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Five-Year Comparison 2007
2008
2009
2010
2011
3,567 (1,356) (1,753) (592) (2,345) (134) 88 (46)
4,416 (1,794) (2,063) (569) (2,632) (10) 94 84
3,434 (1,439) (1,769) (551) (2,320) (325)
3,032 (1,178) (1,790) (351) (2,141) (287)
3,219 (1,221) (1,686) (296) (1,982) 16
(325)
(287)
16
1,284
1,583
1,578
1,578
1,681
(568) (367) (935) 349
(627) (235) (862) 721
(618) (197) (815) 763
(625) (165) (790) 788
(565) (178) (743) 938
4,842
4,219 (1,861) (1,585) 773
4,352 (1,755) (1,914) 683
3,029 (1,276) (1,330) 423
8,008 (1,055) (6,434) 519
(171) (4,084) (4,255) 587
(172) (200) (372) 401
(194) (179) (373) 310
(182) (146) (328) 95
(151) (112) (263) 256
1,439 (242) (452) (255) (707) 490
1,773 (399) (367) (175) (542) 832
1,739 (296) (327) (170) (497) 946
1,874 (418) (370) (167) (537) 919
1,819 (409) (342) (171) (513) 897
101
99
166
306
253
(101) (24) (125) (24)
(163) (42) (205) (106)
(183) (66) (249) (83)
(108) (285) (393) (87)
(142) (186) (328) (75)
11,321 (3,045) (6,920)
12,184 (3,392) (6,860)
11,357 (3,091) (6,567)
9,916 (3,076) (5,316)
15,072 (2,886) (10,062)
TOTAL OPERATING INCOME
1,356
1,932
1,611
1,427
2,032
SUBSCRIPTION & OTHER INCOME FINANCE INCOME- INTEREST INCOME FR BANKS OTHER INCOME - JOB CREDITS & PROPERTY TAX SAVING MINIMUM SPENDING LEVY (RELOCATED IN 2009)
2,107 39
2,216 27
2,188 11 232 88
2,201 12 36 97
2,162 13 2 92
4 (1,848) 100 (1,201) (1,286)
(34) (1,890) (71) (1,729) (1,634)
10 (1,939) (210) (1,608) (1,482)
9 (1,950) 13 (1,347) (1,618)
(15) (1,941) 25 (1,673) (1,639)
(729)
(1,183)
(1,099)
(1,120)
(942)
F&B REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION BEFORE MINIMUM SPENDING MINIMUM SPENDING LEVY DEPARTMENTAL CONTRIBUTION AFTER MINIMUM SPENDING ROOMS REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION JACKPOT REVENUE (w.e.f Apr11 - change in rev recog by meter reading) #(2008 onward Jackpot revenue reflected in Net after duty tax and GST payable) COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS # DEPARTMENTAL CONTRIBUTION MARINA REVENUE COST OF FUEL SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION ACTIVITIES REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION TOTAL REVENUE TOTAL OPERATING PAYROLL COSTS TOTAL COST OF SALES
EXPENSES CHANGE IN INVENTORIES DEPRECIATION MISC WRITE BACK/(OFF) & PROV FOR DOUBTFUL DEBT NON OPERATING EMPLOYEES EXP & STAFF BENEFITS OTHER EXPENSES OPERATING DEFICIT AFTER DEPRECIATION HERITAGE BOOK (NET COST LESS MBRS FUNDS)
(161)
ENTRANCE AND TRANSFER FEE FINANCE EXPENSES & BANK TERM LOAN INCOME TAX
418 (26) (15)
441 (4) (7)
434
419
412
(8)
(8)
(6)
NET DEFICIT AFTER TAX
(352)
(753)
(673)
(870)
(536)
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Development Report
The special forklift putting a boat in place.
After the Development Sub-committee had spent a great many hours in establishing the best arrangement for the dry stacker and the accommodation wing, the contract with the main contractor, WY Steel Construction Pte Ltd, was finally signed on 3 March 2011. The site was handed over to the contractor on 14 April and, finally, work was under way. The expected completion date for the dry stacker was November 2011 and for the accommodation wing July 2012. However, this proved not to be. Work started with the demolition of the old boat shed in staggered phases so as to minimise the inconvenience to Members. This was followed by the demolition of part of the building adjoining the hotel wing to make room for piling works. It was at this stage, that we faced the first of several delays. The construction of the dry stacker was delayed when the foundations laid during the construction of the clubhouse were not in accordance with the design of the stacker. This lead to additional hacking works being required that were not scheduled. Meanwhile at the accommodation wing, the certification of the test piles took much longer than expected. However, once the foundation of the stacker was corrected, the actual erection of the steel structure and the installation of Lysaght material moved very quickly. The contractor was able to hand over the first building to the club in December. This was followed by moving as many boats as possible to the completed stacker to make space to commence construction of the second
building (Stacker C). Again, the foundation had to be worked on, but by that stage all materials were on site and the stacker was erected in record time and completed in early May. The Temporary Occupation Permit (TOP) was obtained on 16 May 2012. In September 2011 and February 2012, the Club took delivery of one Wiggins Marina Bull forklift each. The first forklift was to specifications as originally ordered, while we decided to upgrade the second lift to take heavier boats. Over at the accommodation wing however, progress was slow. As mentioned, test pile certification took a long time. Diversion works for existing underground facilities were also unexpectedly complicated and took a lot longer than scheduled. However, we are now at a stage where most underground work is done and almost all 59 piles have been completed. Once these ground works are finished, we will see much faster progress in this part of the site. The contractor has committed to catch up as much time as possible to complete the project by year end. At present the Development Sub-committee and the Main Committee are heavily engaged in determining the interior design of the new rooms. At the same time, we are also looking into giving a facelift to the Nautica Rooms and repairing The Bridge Terrace teak floor. Both show signs of wear and tear. A bit further down the time line is the renovation of the Quarterdeck that is currently used as a store room.
I, on behalf of the Development Sub Committee, wish to thank all Members for their understanding and patience during this period. While there are surely more hurdles to be overcome, with your gracious cooperation, the Club will end this year on a new footing and ready to face the future optimistically. I do not wish to end this report without expressing my deep appreciation and thanks to all the Sub-committee Members who gave so generously of their time and advice. We would not be where we are without their support. TAN KAY TOH Chairman Development Sub-Committee DEVELOPMENT SUB-COMMITTEE Tan Kay Toh (Chairman) Low Teo Ping Chow Theng Kai Balakrishnan B Kjetil W. Gulliksen David Cronin Joseph Kwok Wei Woon Tan Ann Kiong Wee Keng Hwee Inez Wei John McGugan Chan Weng Yew Karl Nilssen
Annual Report 2011 / 2012
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Marina Facilities Report
Inspecting the new facilities on 18 May 2012.
The Marine Department recorded slightly lower revenues of $1,819K in 2011 compared to $1,875 in 2010. The reduction in revenues were in Fuel Sales (-$19K), Dry Berth Charges (-$61K), Concessionaire Rentals (-$25K) and Other Marina Charges (-$13K). Wet Berth Charges saw a healthy increase of $62K in revenues. Marina ended the year with a surplus of $897K compared to the surplus of $919K in 2010. The main focus in the Marine Department in 2011 was the construction, completion and operation of the dry stack building. During the dry stack planning stage, the purchase of two Wiggins Marina Bull forklifts was confirmed. The first forklift arrived in September and was assembled and commissioned by the manufacturer’s engineer. While testing the first forklift, the decision was taken to upgrade the second forklift lifting capacity for larger and heavier boats. The second forklift was delivered and commissioned in February 2012. While the construction of the dry stack was ongoing and the forklifts were being manufactured, four marine staffs were sent for certified forklift operator training courses. All of them passed the tests and were issued licenses to operate forklift of above 7 tons. After the marine staffs had obtained their licences, they were sent to Marina Country Club, better known as Punggol Marina, for hands on training for a period of 1 week. In addition, the management of RSYC engaged the services of two experienced Marina Bull forklift operators from Australia to give
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The wet berths are well utilised.
our staff practical training for 2 weeks at the first dry stack. The purpose of all these training was to prepare and upgrade our staff capabilities in order to operate the forklift and move the boats in and out the dry stack safely and efficiently. As operating the new dry stack buildings is a completely new experience for the Marine Department, a marina consultant from Australia was engaged to work with our Marina Manager to establish a safety manual and an operating manual for the dry stack operation. They have been implemented and practiced by the marine staff since the first dry stack was completed. By having standard operating procedures and safety rules and regulations, the marine department is looking
forward to providing good service to the boating members. A new dry stack policy for members was discussed and drafted by the subcommittee and was approved by the main committee. It will be made available to members when the dry stack becomes officially operational. At the end of December 2011, a total of 95 boats were already on the first dry stack. There were some minor incidents where a few members’ boats were slightly damaged during launching or recovery in the initial stage. However the forklift operators had learned from the mistakes and they are now more confident and skillful in handling the boats. The initial allocation of boats in the first
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stacker was temporary. Upon completion of the second dry stack, all boats will be allocated based on their length, height and weight. The configuration of the second dry stack was revised to accommodate bigger boats with a maximum weight and length of 10 tons and 40 ft respectively. The sub-committee had reviewed the rates for the dry berths and proposed a simple method of computing the rates based on the size and weight of the boats. When working on the new rates, the subcommittee has taken consideration of the support that existing boaters have extended to the club over the years and at the same time tried to keep the rates competitive in order to attract additional boat owners The marine department was faced with the departure of two administrative staff in mid 2011. When the new admin staff joined the department, the management took the opportunity to tidy up and update all records, files and documents which are being kept by the Marine Department. We urge members to submit the latest documents such as contact details, harbor craft license, insurance etc. as soon as possible upon receiving request from our admin staff. The sub-committee also proposed renewal of fenders on the pontoon at the lay-by area which was completed in March 2012. We are working on several marina improvement projects and are submitting them to Main Committee for approval. We foresee an exciting time ahead when the dry stack commences operation in the second half of 2012. Management of Marine Department is expected to continue to improve its operation by maintaining sufficient number of competent staff to ensure a high level of service standard. In conclusion, I would like to thank all my fellow Sub-committee Members for their valuable contributions and for taking their time off from their busy work schedule to attend the monthly meetings. I also wish to thank all staffs in Marine Department for their hard work and hope they would continue to work diligently and competently to make RSYC the best marina in Singapore for boating and sailing activities. WEE KENG HWEE Chairman Marina Facilities Sub-committee MARINA FACILITIES SUB-COMMITTEE Wee Keng Hwee (Chairman) Felip Sim Simon Tay Daniel Ang Raymond Ng John McGugan
One of the two new Wiggins forklifts at work.
Annual Report 2011 / 2012
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Food & Beverage Report
The Bridge offers a good view of the marina.
consideration menu item sales history and members’ suggestions.
The key objective of the F&B department is to deliver good service standards and food quality at reasonable prices, so that Members will want to make RSYC their second home. The year 2011 has been challenging in many of these aspects. Cost increases in ingredients added increased expenses that we did not want to pass on to members, and shortages and turnover of staff made the maintenance of service and food quality standards difficult at times. The focus this year has been on getting member to use the various outlets more often. To this extent, the Club undertook to change menus more regularly, taking into
14
Unfortunately, we had limited success in keeping the outlets busy, due to the Club’s low membership base. Financially, the F&B Department did show better results. However, these must be read in the context of the member discount of You can enjoy a game 10% having been of pool at The Mess. discontinued at the end of the previous year. We thank Members for their gracious acceptance of this waiver of the discount. In 2011, F&B generated revenue of $3,219K and a surplus of $16,000. This compares to $3,032K revenue and a deficit of $287K in 2010. The revenue contributions were from: The Wharf Banqueting The Bridge The Mess The Beacon KTV
and related expenses were reduced from $1,790K in 2010 to $1,686 in 2011. Other direct cost were also well controlled and were reduced by $55K from $351K in 2010 to $296K in 2011. While we are pleased with the overall financial improvement in 2011, we have to strive to further increase the patronage of Members. To that end, the F&B team must continue to come up with creative and innovative ideas for promotions and activities to attract more Members to visit the Club. In the near future, the emphasis must continue to be on volume rather than margin to make the club a lively and attractive place to come to. Lastly, it remains for us to thank all Members for their patronage and valuable feedback. Please continue to support the Club’s outlets, including the banqueting facilities, in the coming year. Our thanks also go to all the staff for their dedication and hard work in providing their services to our Members.
$1,421 K $ 852 K $ 549 K $ 164 K $ 121 K $ 112 K
Overall cost of sales stood at 37.9%, a slight improvement over 2010 with 38.9%. Payroll
Republic Of Singapore Yacht Club
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Membership Report
Answering enquiries from visitors at Boat Asia show.
Ending the year 2011 with 79 new members, this was an improvement of 16 new members as compared to the year 2010. Total Entrance Fees and Transfer Fees collected were $535,000 in 2011, an increase from $468,000 in 2011.
development of the dry stack buildings and the extension of the Marina Lodge. In conjunction with this, we also launched a membership recruitment drive. Unfortunately, the results of this drive fell far below expectations and were not satisfactory at all.
Nevertheless, the year 2011 was a disappointing year for the Membership Department. The number of new Members was far below target and did not realise the vision of adding 500 members over the next few years.
For the remainder of the year, we conducted various targeted membership sales activities, but also with little success.
Early in 2011 the Club embarked on the
The revenue results may be attributed to the staff turnover in 2011, where we saw a total of 3 sales executives leave. The Head of Sales & Marketing left in May 2011 and the
vacancy was not filled till late Oct 2011. Only towards end of 2011 did we see an increase in the number of membership enquiries. This was due to the expected completion of the first dry stack in early 2012. This may be observed from the increase in membership revenue from October 2011 onwards, where the department yielded results which were 24% higher than the average of the first 3 quarters of the year. Looking forward, with the completion of both dry stack buildings in 2012, we are confident that we will see increases in the number of new members. But realistically, these will not be in the numbers that club aims to matriculate. Therefore, the Club may have to explore more unconventional means to recruit large number of members. Entering into a strategic alliance with a major property developer or other industry player that will benefit the Club in membership numbers through collaborative marketing efforts is a possibility that we need to evaluate.
Dry Stack Opening Party
Annual Report 2011 / 2012
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Rooms Report
Members until one month before a current date. Only then, are these rooms released for bookings by Non-Members. This is necessary to ensure that we can maximise our occupancy and revenues and return a surplus for the benefit of the Club. In view of this, we encourage you to book your rooms early to avoid disappointment.
A spacious suite at Marina Lodge.
This year 2011, Rooms Department saw record revenue and contribution of 1,681K and $938K respectively. This compares favourably with revenues of 1,578K and a surplus of $788K in 2010. It is the best result since opening of the clubhouse. These outstanding results were driven by a very high occupancy rate of 95% over the year and an average room rate of $156. At the same time, payroll and related costs were reduced from $625K last year to $565K in 2011. While these numbers in staff cost are very impressive, we need to recognise that they are on the back of serious staff shortages during the year, leading to the negative effect of staff having to work overtime almost daily and as a result to more staff considering leaving. The current labour
16
crunch in Singapore does have a direct effect on our operations. On the positive side, the collaborative efforts from housekeeping and front office staff has helped to alleviate some of these staff shortages and went a long way towards maintaining a helpful and friendly ambience, clean environment and homeliness that make Members and guests return to book accommodation with us. Our very competitive room rates of course also contributed significantly to the high occupancy.
In conjunction with the addition of more rooms by the end of 2012, we will also be reviewing the room facilities with a view to possibly bring the comfortable accommodation more in line with this techno age by introducing auto lighting systems, fiber optic cables and such. We will also take this opportunity to use, where possible, environmental friendly and energy saving appliances and technologies that will not only help preserve our planet, but will in the long term reduce our expenses. We look forward to the end of 2012, when we will have some sixty rooms and, with these, be able to contribute even higher surpluses to the good of the Club.
We do from time to time receive feedback from Members that you are unable to book a room at the Marina Lodge. We do practice the policy of reserving 60% of our rooms for
Republic Of Singapore Yacht Club
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Events & Sea Sports Report
Having fun at Oktoberfest 2011.
SOCIAL EVENTS
2011 commenced with the traditional Chinese New Year festivities that include the lion and dragon dances as well as the annual Mahjong tournament. In mid-year, for the first time, the Club organised a week-long programme in conjunction with the annual RSYC Regatta. The aim was to provide non-sailors options to partake in the regatta week. Among the programmes were activities for families as well as wine related events for adults. The next highlight in the social calendar was
the Oktoberfest. This was revived after a year’s absence from the club. It proved to be a great evening of very entertaining music by the Swiss Alpine Lions. Fun games such as sausage eating or beer drinking contests added to the success of the evening. The entertainment was accompanied by excellent German food and, of course, plenty of beer. The Club received very encouraging feedback and plans to make this an annual affair. Soon after that it was time for the Charity Cruise. The cruise was held at Pulau Hantu on 16 October for children from Jamiyah
Children’s Home and Children Aid Society. The children were delighted with the cruise, the food and games, but most of all with the opportunity to ride on jet skis. There is no doubt that they will think of that day for a long time. The Club received an over-whelming response from our generous Members who participated with their boats and jet skis to make that event possible. The Charity Cruise would not have been possible without these volunteers. The event was also generously sponsored by DBS, F A Express, RAVE productions and RSYC 7th Month Committee. Very quickly, it was Christmas and year-end. Santa Claus made a visit to the club during Christmas and made many children happy by distributing goodies. The New Year’s Eve Party was very successful with more than 260 members, their families and friends attending. Interactive games with music and entertainment by the deejay and emcee got everyone dancing until the countdown to the new year. Activities and workshops had been organised regularly throughout the year, with the aim of keeping Members entertained, updated and engaged in various hobbies. Some of these activities included Kids Love Cooking Series, Underwater World Camp, Will Writing, Mahjong Competition and Jewellery Making workshop.
Charity Cruise 2011 treat for the kids.
However, we had experienced challenges for many events to get sufficient Members to participate and this lead to a too high number
Annual Report 2011 / 2012
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Events & Sea Sports Report East Coast Park beach towards the Frontier Beacon and to finish strong at the Approach Buoy. On 29 January, the fleet sailed to Nongsa Point Marina Resort in Batam, Indonesia to prepare for the second leg on 30 and 31 January. All the boats in the fleet, except Corsair and Invitational, were racing for the overall winner and contending for the coveted perpetual Lipton Challenge Cup. Good winds and weather trailed the fleet from Singapore to Batam. By the end of the entire leg, winners were presented with their plaques at the closing dinner. The overall winners were as follows:
One for the album! Skipper of “Windsikher” Sarab Jeet Singh (with trophy) and his winning crew with supporters and friends at the RSYC Regatta 2011 prize-giving dinner.
of events being cancelled. Going forward, the Club plans to continue providing a rich programme of social events and activities that are of interest to Members. To succeed however, we need to know what activities you would like to see at the club. We seek your feedback on what type of events you would like to participate in. We also encourage you to come forward to assist management in organising an activity that is of interest to you.
SEA SPORTS ACTIVITIES
2011/2012 is significant for RSYC as in that period the Club organised two regattas within seven months; the RSYC Regatta in July 2011 and the 18th Singapore Straits Regatta in January 2012. The former is the highlight in the annual sailing calendar of the Club. A fleet of 18 boats with about 140 skippers and sailors participated in the Corum RSYC Regatta 2011. The boats were racing in four classes; IRC A, IRC B, One Design-J24 and PY Class. For the first time ever, two additional categories participated to make the regatta more inclusive. These were Radio Control (RC) sailing and Sailability, which is sailing for disabled. The cost for all sailors of Sailability was borne by Members who came forward to sponsor a sailor. We thank all members who so generously supported these sailors. The main regatta was held over three days on 17, 23 and 24 July. At the end of the grueling three hot days of sailing in light wind condition, near the Southern Islands of Pulau Pawai and at the Raffles Lighthouse,
18
winners of each class were presented with their ‘tumbler trophy’ at the prize presentation dinner. The winners for each class were: IRC A – Windsikher, Sarab Jeet Singh IRC B – SMUve, Gregory Ho One Design-J24 – Angel, Vladimir Borstnar PY – Velera Linda, Christopher Nunns Sailability – Jovin Tan RC Sailing – Team Columbia, Colin Ng The biggest challenge in organising the annual regatta is the securing of sponsorship. We thank all sponsors who came forward to support this event in 2011 and hope that we may count on your support again in 2012. We also extend our gratitude to the members of the RSYC Regatta Committee under the chairmanship of Mr. Karl Nilssen. Thank you for your time, contributions and dedication. The 18th Singapore Straits Regatta 2012 is organized by eight stakeholders; Singapore Sailing Federation, Changi Sailing Club, Nongsa Point Marina Club, Raffles Marina Limited, SAF Yacht Club, Marina at Keppel Bay, ONE˚15 Marina Club and RSYC. As is tradition, each year one club takes on the role as the organising club and this year it was the RSYC’s turn. RSYC also hosted the Opening Cocktail, whereas ONE˚15 Marina Club hosted the boats and the Singapore leg prize giving cocktail. The SSR race format stretched over two legs and two different locations. The first leg was held in Singapore on 27 and 28 January with the fleet of 28 boats along the East Coast Park. The fleet consisted of six classes; IRC A, IRC B, J24, Corsair, PY and invitational. For two days, the fleet took advantage of the good wind for the passage race along
IRC A – Wala Wala 2 Overall leg – Steve Manning IRC B – Shoon Fung Too Overall leg – Gordon Maxted J24 – Angel Overall leg – Vladimir Borstnar PY – Todak 2 Overall leg – Leslie Fung Corsair – Singaloc Singapore leg only – Nicolas Gillier Invitational – Magic Dragon 2 Singapore leg only – Ng Ser Miang At the dinner, SSR Chairman Mr. Karl Nilssen handed over the ‘helm’s wheel’ to Miss Lisa Jouris of ONE˚15 Marina Club, as a symbolic gesture of handing over the role of the organising club for the SSR in 2013. While the above are highlights in the annual sea sports calendar, the club conducts activities throughout the year. Among these are the Power Pleasure Craft Driving License (PPCDL) courses, the Dinghy Sailing classes and the Competent Crew Courses. Newly added to these in 2012 is the Modular Sailing Scheme Programme. PPCDL courses were ever so popular and in great demand. Many of the participants enrolled at RSYC for the course because the marina provides the ideal and actual situation for the PPCDL practical test. The monthly theory courses were mostly fully booked to the maximum of 24 participants Basic Optimist Courses, Topper Sailing Courses and Dinghy Sailing Practices are conducted at Pandan Reservoir. This provides an ideal location for beginners who use these to gain confidence. However, it does lack the excitement and environment of open waters for sailors who wish to progress in their sailing experience. This disadvantage proofed a challenge to enroll schools for their CCA Sailing courses at the Club. We need to strive to convince more schools to take up this programme with the RSYC in order to ensure a continuous stream of new sailors.
Republic Of Singapore Yacht Club
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Annual Report 2011 / 2012
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Events & Sea Sports Report
A cold beer goes well with briefing in The Mess bar.
Mr Richard Seow, Chairman of Singapore Sports Council receiving a Club memento from RSYC Commodore Tan Kay Toh.
At the Singapore Straits Regatta 2012.
Sailing is a piece of cake!
20
A new class of boats at SSR 2012.
Republic Of Singapore Yacht Club
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Club Administration & Supporting Departments Report
All staff present took part in the fire evacuation drill.
As was expected with the very tight labour market, the Human Resources Department was again kept busy with recruitment to replace departing staff. 2010 ended with a headcount of 135 full time staff. This was slightly reduced to 133 as at the end of 2011. Due to the difficulties of hiring full time staff, the Club again worked with trainees in the F&B and Housekeeping Departments. Among the significant staff changes were the hiring of a General Manager, replacement of the F&B Manager, Head of Sales and Marketing, Events Manager and twice of the Finance and Administration Manager.
Total turnover was 36%, which is high, but in line with the hospitality industry Singapore wide. It is obvious that such a high staff turnover is not only costly in terms of recruitment and training, but also adds challenges to maintain services standards throughout the club. The Club has and will continue to invest in training to improve the skills of staff with a view of enlarging their roles to better cope with staff shortages. Most administration functions in the club are now electronically processed. The job of the IT department is to ensure that the computer infrastructure of the
club is running smoothly, is well maintained and there is little downtime. This was largely achieved. However, the life span of computer systems is rather short and the following equipment and software has been replaced or upgraded to keep up with the time: •
• •
• •
Software upgraded to Adobe CS5 Design Premium Suite on the iMac for our Senior Graphics Designer who produces all internal collateral and the bi-monthly magazine. Replace file server HP Proliant DL320G6. Added a new sub-module in the club accounting software, allowing transactions to be recorded from Micros POS system. Replaced a new Micros POS in Wharf Replaced server for the club accounting/membership system as well as the firewall server protecting the accounting server
The next challenge for IT is to improve the internet access in the club and the marina in order to make sure that sufficient bandwidth is available to ensure a reliable and fast access to the net. This is even more important with the additional rooms by yearend. We are presently evaluating possible solutions, including the use of Open-Net.
General Manager Werner Trachsel debriefing the staff at a fire evacuation drill.
Equally important as the proper functioning of the administration is the maintenance of the clubhouse and all facilities. In 2011 the following major repair and replacement were carried out.
Annual Report 2011 / 2012
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• • •
Cables at marina required replacement. This is due to cables being shorted due to movement of the pontoons. Rooms air conditioning compressors. Two sets of inverter compressor had to be replaced due to overheating Replacement of timber floor at fore shore deck due to wear and tear
Looking ahead, we plan to: • Repair the teak floor at Bridge Terrace • Replace/improve the air conditioning to The Mess bar, The Bridge wine seller (due to refrigerant pipe insulation condensation that cause ceiling water stain at chart room and mess bar) and the Jackpot Room. All these A/C systems are in precarious condition. The Security Department was directed to ensure that all club operations comply with Fire and with Workplace Health and Safety Regulations.
Security staff at a training session.
This was achieved by the club having established Risk Assessments for all departments, by appointing a Fire Safety Manager and a Workplace Health & Safety Consultant and by increased training of all staff in the event of a fire in the club. On 29 December 2011, an emergency evacuation exercise was successfully conducted in fulfilment of fire safety requirements. Every year, two fire evacuation exercises must be conducted in order to prepare the staff of the building for emergencies. All club staff participated in this exercise. While the evacuation is a success, the General Manager noted that there are areas which needed to be improved further. In developing our emergency preparedness capabilities, our safety and security department is in the process of equipping our staff with emergency preparedness skills and knowledge. In March and April 2012, the management has sent nine of their staff for certification in standard first aid at the St. John’s Ambulance training centre. In addition, nine of our security officers have undergone Fire Fighting and Hazmat for ERT training in March and April 2012, which was conducted by external fire safety trainers. They are trained in dealing with cases of incipient fires and the methods of operating fire fighting equipment such as hoses and nozzles. The fire fighting training is a step taken by the club to establish the Company Emergency Response Team (CERT). The CERT members will be tasked with handling emergencies and executing the necessary procedures in case of emergencies. Aside of the safety and health aspects of the department, stricter access controls were implemented to ensure that only persons who are authorised to enter the club premises are able to do so.
22
Republic Of Singapore Yacht Club
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Financial Statements CONTENTS Independent Auditors’ Report
24
Statement of Comprehensive Income
25
Balance Sheet
26
Statement of Changes in Accumulated Fund
27
Statement of Cash Flows
28
Notes to the Financial Statements
29
Annual Annual Report 2011 Report / 2012 2011 / 2012
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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 balance sheet as at 31 December 2011, and statement of comprehensive income, statement 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 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 state of affairs of the Club as at 31 December 2011 and the results, 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 • MAH & PARTNERS Public Accountants and Certified Public Accountants Singapore, 26 April 2012
24
Republic Of Singapore Yacht Club
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Statement of Comprehensive Income For the Financial Year ended 31 December 2011 NOTE
2011
2010
S$’000
S$’000
OPERATING REVENUE Departmental revenue
4
6,972
6,790
Jackpot revenue (net of tax and payout)
5
519
423
2,162
2,201
13
12
Government grant - Jobs credit
-
36
Government grant - Special employment credit
2
-
92
97
9,760
9,559
Subscriptions and other income Finance income - interest income from banks
Minimum spending levy
EXPENSES Materials and services consumed
4
(2,461)
(2,564)
Jackpot expenses
5
(263)
(328)
Changes in inventories
13
(15)
9
Depreciation of property, plant and equipment
10
(1,941)
(1,950)
6
(4,408)
(4,240)
Employees payroll and benefits Bad debts recovered Doubtful debts
12
Write-off of credit balances from trade debtors Other expenses
7
3
6
22
(31)
-
37
(1,639)
(1,779)
(942)
(1,281)
OPERATING DEFICITS NON-OPERATING INCOME Entrance and transfer fees (net of expenses)
8
NET DEFICIT BEFORE INCOME TAX Income tax
9
NET DEFICIT AFTER TAX
412
419
(530)
(862)
(6)
(8)
(536)
(870)
(536)
(870)
DEFICIT FOR THE YEAR REPRESENTING TOTAL COMPREHENSIVE LOSS FOR THE YEAR
Tan Kay Toh Commodore
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
Annual Report 2011 / 2012
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Balance Sheet
For the Financial Year ended 31 December 2011 NOTE
2011
2010
S$’000
S$’000
29,077
28,016
15
17
29,092
28,033
NON-CURRENT ASSETS Property, plant and equipment
10
Trophies at cost
CURRENT ASSETS Cash and cash equivalents
11
4,099
5,478
Due from members
12
1,055
1,150
Inventories
13
161
143
Other current assets
14
248
330
5,563
7,101
CURRENT LIABILITIES Trade payables
15
377
350
Other payables and accruals
16
801
736
Members’ deposits
17
799
788
1,977
1,874
3,586
5,227
463
509
463
509
32,215
32,751
32,215
32,751
NET CURRENT ASSETS NON-CURRENT LIABILITIES Deferred income from long-term berths
18
NET ASSETS FUND Accumulated fund
19
Tan Kay Toh Commodore
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
26
Republic Of Singapore Yacht Club
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Statements of Changes in Accumulated Fund For the Financial Year ended 31 December 2011 2011 S$’000 Balance at 1 January 2010
33,621
Total comprehensive loss for the year
(870)
Balance at 31 December 2010
32,751
Total comprehensive loss for the year
(536)
Balance at 31 December 2011
32,215
Tan Kay Toh Commodore
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
Annual Report 2011 / 2012
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Statements of Cash Flows For the Financial Year ended 31 December 2011
NOTE
2011
2010
S$’000
S$’000
CASH FLOWS FROM OPERATING ACTIVITIES Net deficit before tax
(530)
(862)
Adjustments for : Depreciation
10
Doubtful debts
12
(22)
31
8
(535)
(468)
(46)
(46)
Entrance and transfer fees
1,941
Long-term berth license fees Loss on disposal of property, plant and equipment
-
Interest income
(13)
1,950
5 (12)
Write-off of credit balances from accounts receivables Inventories written off
23
-
(37)
23
-
3
795
564
117
(37)
82
189
Operating cash flow before working capital changes
Changes in operating assets and liabilities:Due from members Other current assets Inventories
(18)
9
Members’ deposits
11
20
Trade and other payables
94
(372)
1,081
373
Cash generated from operations Income tax paid
(8)
NET CASH GENERATED FROM OPERATING ACTIVITIES
(8)
1,073
365
(3,002)
(281)
CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment Sales of trophies
2
1
Interest received
13
12
NET CASH USED IN INVESTING ACTIVITIES
(2,987)
(268)
CASH FLOWS FROM FINANCING ACTIVITIES Entrance and transfer fees
535
468
NET CASH GENERATED FROM FINANCING ACTIVITIES
535
468
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(1,379)
Cash and cash equivalents at beginning of the year CASH AND CASH EQUIVALENTS AT END OF THE YEAR
Tan Kay Toh Commodore
(Note 11)
565
5,478
4,913
4,099
5,478
Kjetil W Gulliksen Treasurer
The accompanying notes form an integral part of these financial statements.
28
Republic Of Singapore Yacht Club
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Notes to the Financial Statements For the Financial Year ended 31 December 2011
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.
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. There are no critical accounting estimates and assumptions used that are significant to the financial statements, and areas involving a higher degree of judgement or complexity, except as disclosed in Note 24.
In the current financial year, the Club has adopted all the new and revised FRSs and interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for annual periods beginning on or after 1 January 2011. 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. 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% 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.
Annual Report 2011 / 2012
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Notes to the Financial Statements For the Financial Year ended 31 December 2011 (D)
PROPERTY, PLANT AND EQUIPMENT (i)
Measurement Property, plant and equipment All property, plant and equipment are stated at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment loss. Component of costs The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management .The projected cost of dismantlement, removal or restoration is also included as part of the cost of plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a concequence of acquiring or using the asset.
(ii)
Depreciation Leasehold land and buildings are depreciated over the period of the lease which expires on 25 July 2027. Depreciation is provided on the straight-line basis so as to write off the cost of assets over their estimated useful lives as follows: Plant and equipment Furniture, fittings and equipment
5 - 10 years 3 - 6 years
Development-in-progress is not depreciated as the asset is not yet available for use. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. (iii)
(iv)
(E)
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.
IMPAIRMENT OF NON-FINANCIAL ASSETS (i)
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.
Property, Plant And Equipment Property plant and equipment are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss. For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to which the asset belongs to. 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.
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(F)
FINANCIAL ASSETS (i)
Initial Recognition And Measurement Financial assets are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial assets at initial recognition.
When financial assets are recognised initially, they are measured as fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.
(ii)
Subsequent Measurement The subsequent measurement of financial assets depends on their classification as follows:
(i)
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.
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.
Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.
(ii)
Loans And Receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process.
(iii)
Held-To-Maturity Investments Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-tomaturity when the Club has the positive intention and ability to hold the investment to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the held-to-maturity investments are derecognised or impaired, and through the amortisation process.
(iv)
Available-For-Sale Financial Assets Available for-sale financial assets include equity and debts securities. Equity investments classified as availablefor-sale are those, which are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions.
After initial recognition, available-for-sale financial assets are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognised. Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss.
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Notes to the Financial Statements For the Financial Year ended 31 December 2011
(iii)
(G)
IMPAIRMENT OF FINANCIAL ASSETS The Club assesses at each end of the reporting period whether there is any objective evidence that a financial asset is impaired.
(i)
Financial Assets Carried At Amortised Cost For financial assets carried at amortised cost, the Club first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Club determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss on financial assets carried at amortised cost has incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss.
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)
(iii)
32
Derecognition A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e., the date that the Club commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.
Financial Assets Carried At Cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods. Available-For-Sale Financial Assets In the case of equity investments classified as available-for-sale, objective evidence of impairment include (i) significant financial difficulty of the issuer or obligor, (ii) information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair value of the investment below its costs. ‘Significant’ is to be evaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost. If an available-for-sale financial asset is impaired, an amount comprising the difference between its acquisition cost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognised in profit or loss is transferred from other comprehensive income and recognised in profit or loss. Reversals of impairment losses in respect of equity instruments are not recognised in profit or loss; increase in their fair value after impairment are recognised directly in other comprehensive income.
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(H)
FINANCIAL LIABILITIES (i)
In the case of debt instruments classified as available-for-sale, impairment is assessed based on the same criteria as financial assets carried at amortised cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increases can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed in profit or loss.
Initial Recognition And Measurement Financial liabilities are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value and in the case of other financial liabilities, plus directly attributable transaction costs.
(ii)
Subsequent Measurement The measurement of financial liabilities depends on their classification as follows:
(i)
Financial Liabilities At Fair Value Through Profit Or Loss Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial liabilities are recognised in profit or loss.
The Club has not designated any financial liabilities upon initial recognition at fair value through profit or loss.
(ii)
Other Financial Liabilities After initial recognition, other financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortization process.
(iii)
Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
(I)
FAIR VALUE ESTIMATION The fair values of financial instruments traded in active markets are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets held by the Club are the current bid prices; the appropriate quoted market prices for financial liabilities are the current ask prices.
The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Club uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used where appropriate. Other techniques, such as estimated discounted cash flows, are also used to determine the fair values of the financial instruments.
The carrying amounts of current receivables and payables are assumed to approximate their fair values. The fair values of noncurrent 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 freight, transport and handling charges. Net realisable value represents the estimated selling price less anticipated cost of disposal and after making allowance for damages, obsoletes and slows moving items.
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Notes to the Financial Statements For the Financial Year ended 31 December 2011 (K)
BORROWINGS AND BORROWING COSTS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowing costs are taken to the income and expenditure account over the period of borrowing using the effective interest method.
(L)
PROVISIONS FOR OTHER LIABILITIES AND CHARGES Provisions are recognised when the Club has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Club expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current 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 balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
(M)
EMPLOYEE BENEFITS
(i)
(ii)
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. Employee Leaves Entitlements Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.
(N)
FOREIGN CURRENCIES
(i)
Functional And Presentation Currency Items included in the financial statements of the Club are measured using the currency of the primary economic environment in which the Club operates (the “functional currency”). The financial statements are presented in Singapore Dollar, which is the Club’s functional and presentation currency.
(ii)
Foreign Currencies Transactions Foreign currency transactions during the year are translated into recording currencies at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Singapore Dollar at the exchange rates ruling at the balance sheet date. Exchange gains and losses are dealt with in the Statement of Comprehensive income
(O)
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.
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(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 employment 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.
3.
MEMBERSHIP The number of members in each category of membership as at balance sheet date is as follows: No
Type of membership
Membership as at 31 December 2011
Membership as at 31 December 2010
1
Honorary
4
4
2
VIP
3
3
3
Life
8
8
4
Life – Absent
1
1
5
Ordinary (Non-Transferable)
15
16
6
Ordinary (Non-Transferable) – Suspended
0
1
7
Ordinary (Non-Transferable) – PAM / Suspended
8
8
8
Ordinary (Non-Transferable) – PAM
29
34
9
Ordinary (Non-Transferable) – TAM
0
1
10
Ordinary (Transferable)
1,494
1,499
11
Ordinary (Transferable) – Suspended
12
14
12
Ordinary (Transferable) – PAM / Suspended
0
1
13
Ordinary (Transferable) – PAM
203
219
14
Ordinary (Transferable) – TAM
16
15
15
Corporate (Transferable) Number of Nominees
56
54
16
Country
8
7
17
Group
2
2
18
Lady
8
7
19
Social (Non-Transferable)
148
150
20
Term
40
43
21
Temporary (Lifestyle – 1 Year Membership)
3
8
2,058
2,095
Total
Members in the membership category of Life, Ordinary-Non-Transferable, Ordinary-Transferable and Corporate-Transferable (Number of Nominees) have voting rights. All other membership categories carry no voting rights.
Annual Report 2011 / 2012
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Notes to the Financial Statements For the Financial Year ended 31 December 2011 4.
DEPARTMENTAL REVENUE AND COSTS F&B Revenue Cost of sales (Note 13) Payroll and related costs (Note 6) Other direct costs Departmental contribution before minimum spending levy Materials and services consumed: Cost of sales Other direct costs
Revenue Cost of sales (Note 13) Payroll and related costs (Note 6) Other direct costs Departmental contribution before minimum spending levy Materials and services consumed: Cost of sales Other direct costs
Rooms
3,219 (1,221) (1,686) (296) (1,982) 16 (1,221) (296) (1,517)
3,032 (1,178) (1,790) (351) (2,141) (287) (1,178) (351) (1,529)
2011 S$’000 Marina
Activities
Total
1,681 (565) (178) (743)
1,819 (409) (342) (171) (513)
253 (142) (186) (328)
6,972 (1,630) (2,735) (831) (3,566)
938
897
(75)
1,776
(178) (178)
(409) (171) (580)
(186) (186)
(1,630) (831) (2,461)
1,578 (625) (165) (790)
2010 S$’000 1,874 (418) (370) (167) (537)
306 (108) (285) (393)
6,790 (1,596) (2,893) (968) (3,861)
788
919
(87)
1,333
(165) (165)
(418) (167) (585)
(285) (285)
(1,596) (968) (2,564)
Included in other direct costs for Marina is loss on disposal of property, plant and equipment S$ Nil (2010: S$5,400). Departmental payroll and related costs and other direct costs include housekeeping payroll expenses and housekeeping expenses amounting to S$337,979 (2010: S$351,338) and S$109,858 (2010: S$95,055) respectively. Cost of sales include an amount of S$ Nil (2010: S$125,000) relating to the write-off of inventory. 5
JACKPOT REVENUE AND COSTS
Revenue Less: Government duties and taxes Payout and refills Less Expenses: Payroll and related costs (Note 6) Jackpot night Auditor’s remuneration Other direct costs
2011 S$’000
2010 S$’000
8,008
3,029
(1,055) (6,434) 519
(1,276) (1,330) 423
(151) (77) (6) (29) (263) 256
(182) (108) (13) (25) (328) 95
During the year, the Club conducted 3 tombola sessions (2010: 11) and 14 jackpot collections (2010: 25). There were no private lotteries accrued to individual for the year 2011 and 2010. 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.
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6.
EMPLOYEES PAYROLL AND BENEFITS
Wages and salaries Contributions to Central Provident Fund Staff benefits Total employee payroll and benefits Less: Amount included in Jackpot revenue and costs (Note 5)
Included in total employee payroll and benefits: Departmental revenue and costs (Note 4)
Staff benefits included a provision for annual leave of S$67,601 (2010: S$99,297).
Included in employee payroll and benefits are remunerations of key management
7.
OTHER EXPENSES
Auditors’ remuneration Bank charges Computer maintenance General maintenance Heritage project expenses Insurance License fees and subscriptions Membership related and promotional expenses Miscellaneous expenses Postage, printing and stationery Professional fees Property tax Recruitment fees Telephone and fax Water and electricity
2011 S$’000 3,853 456 250 4,559 (151) 4,408
2010 S$’000 3,718 388 316 4,422 (182) 4,240
2,735
2,893
2011 S$’000 187
2010 S$’000 161
2011 S$’000 24 88 39 62 146 15 94 180 41 7 269 5 15 654 1,639
2010 S$’000 21 80 33 77 161 159 20 91 204 45 8 265 9 14 592 1,779
Included in miscellaneous expenses was S$Nil (2010: S$ 6,909) attributable to write-back of accruals and write-off of other debtors and deposits. 8.
ENTRANCE AND TRANSFER FEES
Entrance fees Transfer fees Less: Marketing expenses
9.
2011 S$’000 373 162 535 (123) 412
2010 S$’000 354 114 468 (49) 419
2011 S$’000 65 13 78
2010 S$’000 85 12 97
INCOME TAX (a)
Income Tax Expense The following income of the Club is subjected to income tax: Concessionaire rental income (net of attributable expenses*) Bank interest income
* Attributable expenses comprised of deductible portion of electricity charge of S$13,300 (2010: S$13,000) and 5% of concessionaire rental income allowable as deductions amounting to S$1,900 (2010: S$2,000).
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Notes to the Financial Statements For the Financial Year ended 31 December 2011
The tax expense on the above income differs from the amount that would arise using the Singapore standard rate of income tax due to the following: 2011 2010 S$’000 S$’000 Tax calculated at a tax rate of 17% 13 17 Effect of Singapore statutory income exemption and tax rebate (7) (9) 6 8
(b)
Movements In Current Income Tax Liability
At the beginning of the financial year Income tax paid Current financial year’s tax expense At the end of the financial year (Note 16)
10.
PROPERTY, PLANT AND EQUIPMENT
2011 Cost At 1 January 2011 Additions Disposals At 31 December 2011
2011 S$’000 8 (8) 6 6
Leasehold land and buildings S$‘000
Plant and equipment S$’000
Furniture fittings and equipment S$’000
Development -inprogress S$’000
2010 S$’000 8 (8) 8 8
Total S$’000
46,407 46,407
2,023 22 (11) 2,034
1,865 29 1,894
357 2,951 3,308
50,652 3,002 (11) 53,643
Accumulated depreciation At 1 January 2011 Depreciation charge Disposals At 31 December 2011
19,343 1,712 21,055
1,605 161 (11) 1,755
1,688 68 1,756
-
22,636 1,941 (11) 24,566
Carrying amount At 31 December 2011
25,352
279
138
3,308
29,077
2010 Cost At 1 January 2010 Additions Disposals At 31 December 2010
46,407 46,407
1,989 35 (1) 2,023
1,789 85 (9) 1,865
196 161 357
50,381 281 (10) 50,652
Accumulated depreciation At 1 January 2010 Depreciation charge Disposals At 31 December 2010
17,631 1,712 19,343
1,441 165 (1) 1,605
1,619 73 (4) 1,688
-
20,691 1,950 (5) 22,636
Carrying amount At 31 December 2010
27,064
418
177
357
28,016
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 21 and Note 22).
38
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.
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11.
CASH AND CASH EQUIVALENTS
2011 S$’000 3,948 151 4,099
Cash at bank and in hand Fixed deposits
2010 S$’000 2,975 2,503 5,478
Fixed deposits at the balance sheet date have an average maturity of 1 month (2010: 1.5 months) from the end of the financial year with the weighted average effective interest rates of 0.1% (2010: 0.18%) respectively. The carrying amounts of cash and cash equivalents approximate their fair values and are denominated in Singapore Dollar.
12.
DUE FROM MEMBERS
2011 S$’000 1,150 111 1,261
Members’ debit balances Entrance fees - instalments receivable Less: Impairment allowance for doubtful debts Balance at beginning of year Allowance made during the year Amount written off during the year Amount written back during the year Balance at end of year
2010 S$’000 1,213 172 1,385
(235) 7 22 (206)
(245) (31) 41 (235)
1,055
1,150
The amounts due from members are non - interest bearing and are generally on 30 days’ term. They are recognised at their original invoice 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$1,055,000 (2010: S$1,150,000). The aging of amount due from members at the reporting date is:
Not past due Past due 31 - 60 days Past due 61 - 90 days More than 90 days
Gross 2011 S$’000 877 125 40 219 1,261
Impairment losses 2011 S$’000 206 206
Gross 2010 S$’000 887 182 50 266 1,385
Impairment losses 2010 S$’000 235 235
Based on historical default rates, the Club believes that no impairment allowance is necessary in respect of amount due from members not past due and past due up to 90 days. These receivables are mainly arising by members that have good record with the Club. The carrying amounts of balances due from members approximate their fair values and are denominated in Singapore Dollar. 13.
INVENTORIES At cost Fuel Souvenirs Food supplies and tobacco Car park discs & others Staff uniforms Inventories recognised as an expense in cost of sales (departmental revenue and costs) (Note 4)
2011 S$’000
2010 S$’000
31 16 97 144 14 3 161
15 16 98 129 13 1 143
1,630
1,596
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Notes to the Financial Statements For the Financial Year ended 31 December 2011 14.
OTHER CURRENT ASSETS Sundry debtors Refundable deposits Prepayments Accrued income - jackpot
2011 S$’000 128 16 48 56 248
2010 S$’000 111 109 13 97 330
The carrying amounts of other current assets approximate their fair values and are denominated in Singapore Dollar. 15.
TRADE PAYABLES The amounts are non - interest bearing. Trade payables are normally settled on 30 days terms. The carrying amounts of trade payables approximate their fair values and are denominated in Singapore Dollar.
16.
OTHER PAYABLES AND ACCRUALS Other payables Jackpot duty payable Accrued operating expenses Credit balance from trade debtors Deferred income from long-term berths (current) Income tax payable (Note 9)
2011 S$’000 225 73 408 43 46 6 801
2010 S$’000 150 73 425 34 46 8 736
Other payables are non - interest bearing and have an average term of 60 days. Included in accrued operating expenses is accrual for bonus and leave amounting to S$87,000 (2010: S$124,792). The carrying amounts of other payables and accruals approximate their fair values and are denominated in Singapore Dollar. 17.
MEMBERS’ DEPOSITS The carrying amounts of members’ deposits approximate their fair values and are denominated in Singapore Dollar.
18.
DEFERRED INCOME FROM LONG-TERM BERTHS Deferred income relates to berth fees received in respect of long-term berth facilities.
19.
ACCUMULATED FUND In accordance with the Club Rule 31.2, in the event of the Club’s winding up, all the debts and liabilities incurred on behalf of the Club shall be fully discharged and the remaining funds shall be donated to one or more charitable or non-profit entities, preferably involved in the promotion and encouragement of sea sports in Singapore as determined by the general meeting of members.
20.
FINANCIAL INSTRUMENTS Categories of Financial Instruments The carrying amounts presented in the balance sheet relate to the following categories of financial assets and financial liabilities: 2011 Financial Assets S$’000 Loans and receivables: Due from members 1,055 Other current assets 200 Cash and cash equivalents 4,099 5,354 Financial Liabilities Financial liabilities measured at amortised cost: Trade payables Other payables and accruals Members’ deposits
40
2010 S$’000 1,150 317 5,478 6,945
2011 S$’000
2010 S$’000
377 393 799 1,569
350 311 788 1,449
Republic Of Singapore Yacht Club
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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 the Club’s members to make payments when due. The amounts presented in the balance sheet 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 12 (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.
(iii)
Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Club has no significant interest-bearing assets except as disclosed in Note 11. However, the Club’s income and operating cash flows are substantially independent of changes in market interest rates.
(iv)
Liquidity Risk Liquidity risk refers to the risk that the Club is unable to meet its obligations when fall due. The Club monitors its cash flow and its collections on a regular basis as a means of managing liquidity risk.
The following are the expected contractual undiscounted cash outflows of financial liabilities, including interest payments and excluding the impact of netting agreements:
Non-derivative financial liabilities 2011 Trade payables Other payables and accruals Members’ deposits Deferred income from long-term berths 2010 Trade payables Other payables and accruals Members’ deposits Deferred income from long-term berths
Carrying amount S$’000
Cash flows Contractual Cash Flows S$’000
Within 1 year S$’000
Within 2 to 5 years S$’000
More than 5 years S$’000
377 801 799 463 2,440
377 801 799 463 2,440
377 801 799 1,977
463 463
-
350 736 788 509 2,383
350 736 788 509 2,383
350 736 788 1,874
509 509
-
(v)
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.
Annual Report 2011 / 2012
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Notes to the Financial Statements For the Financial Year ended 31 December 2011 21.
CONTINGENT LIABILITIES Performance guarantees (secured) Litigation for wrongful dismissal* Litigation for damages to vehicle**
2011 S$’000 197 197
2010 S$’000 196 11 2 209
The above performance guarantees in favour of suppliers are secured by a mortgage over the Club’s leasehold land and buildings (Note 10). * In 2010, an ex-employee initiated legal proceedings against the Club for alleged wrongful dismissal. The Club had agreed to pay a mediated settlement for the sum of $10,590 as advised by the Ministry of Manpower (MOM) Commissioner for Labour. The amount was fully settled during the year. ** In 2010, a member initiated legal proceedings against the Club for damages to the member’s vehicle. The Club had agreed to the claims and the cost of the legal fees amounting to S$2,420 was fully settled during the year by the Club’s Insurer. 22.
CAPITAL COMMITMENTS
Amount authorised and contracted for Amount authorised but not contracted for
2011 S$’000 8,100 -
2010 S$’000 8,100
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. During the Club’s annual general meeting on 25 June 2010, the members agreed to proceed with two of the projects, namely the boat stacker and room wing extension. Contracts for the approved projects were awarded on 3 March 2011 at S$8.1 million. During the year, the Club had incurred costs amounting to S$2,951,783 (2010: S$160,716) on the initial expenditure for the project (Note 10 – Development-in-progress).
On 23 November 2010 the Club entered into a loan agreement with DBS Bank to help finance the development project. The loan includes a term loan of S$2.5 million and an overdraft facility of S$1.2 million. As at the balance sheet date the loan amount and overdraft facility had not been drawn down by the Club.
The above loan is secured by first legal mortgage over the property, the construction of which is financed by the loan (Note 10). The property to be constructed includes 31 new rooms and a multi-storey dry stacker. The interest rate for the term loan is the prevailing 3-month SIBOR plus 1.75% per annum and for overdraft the interest is the prevailing prime rate. As at balance sheet date, the prevailing prime rate is 4.25%. The term loan shall be repaid in 5 equal instalments of S$500,000 semi-annually after expiry of deferment period. The deferment period ends on 31 July 2011.
23.
ADJUSTMENTS NOT AFFECTING CASH FLOW During the financial year 2010, the following net amounts totalling S$34,000 that had no cash flow effect were credited to the statement of comprehensive income: Inventories written off Write-off of credit balances from trade debtors
24
S$’000 3 (37)
CAPITAL MANAGEMENT The primary objective of the Club’s capital management is to maximize member’s value. The Club manages its capital structure and makes 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 2011 and 31 December 2010.
42
Republic Of Singapore Yacht Club
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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 creditworthiness and past 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.
26
SUBSEQUENT EVENTS On 8 February 2012, the Club entered into a new loan agreement with DBS Bank to help finance the development project. There are no significant changes from the agreement signed on 23 November 2010 (Note 22) while this new loan agreement supersedes, except that the term loan is available for first drawdown up to 23 May 2012.
27
AUTHORISATION OF FINANCIAL STATEMENTS These financial statements were authorised for issue by the Club Committee on 26 April 2012.
Annual Report 2011 / 2012
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Reciprocal Clubs AUSTRALIA CAIRNS CRUISING YACHT SQUADRON 42-48 Tingira Street, Portsmith Cairns, Queensland 4870 T : 617-40351881 F : 617-40351458 E : sailing@ccys.com.au W : www.ccys.com.au CAPRICORNIA CRUISING YACHT CLUB P O Box 1576, Yeppoon, 4703 Queensland T : 617-9275997 W : www.ccyc.org.au FREMANTLE SAILING CLUB INC PO Box 860, Fremantle, 6160 Western Australia T : 618-93358800 F : 618-94305396 E : admin@fsc.com.au W : www.fsc.com.au HERVEY BAY SAILING CLUB INC PO Box 406, Pialba, Queensland 4655 W : www.herveybaysailingclub.org.au KEPPEL BAY SAILING CLUB PO Box 32, Yeppoon, Queensland 4703 T : 617-49399500 F : 617-49399555 E : sailing@kbsc.com.au W : www.kbsc.com.au MIDDLE HARBOUR YACHT CLUB LTD PO Box 106, Seaforth, NSW Australia 2092 T : 612-99691244 F : 612-99693326 E : info@mhyc.com.au W : www.mhyc.com.au NOOSA YACHT & ROWING CLUB PO Box 49, Tewantin 4565, Queensland T : 617-74498602 F : 617-74741109 W : www.nyrc.com.au PORT CURTIS SAILING CLUB INC PO Box 1010, Gladstone, Queensland 4680 T : 07-49722294 F : 07-49727872 E : gladyacht@reefnet.com.au W : www.gyc.com.au PORT DOUGLAS YACHT CLUB INC Port Douglas Queensland 4871 T : 617-0994386 F : 617-0995675 W : www.portdouglasyachtclub.com.au
ROYAL MELBOURNE YACHT SQUADRON PO Box 2001, St Kilda West, Victoria 3182 T : 03 9534 0227 F : 03 9534 4478 E : jan@rmys.com.au W : www.rmys.com.au ROYAL BRIGHTON YACHT CLUB 253 The Esplanade, Middle Brighton, Victoria 3186 T : 613-9592 3092 F : 613-9592 9633 E : reception@rbyc.org.au W : www.rbyc.org.au ROYAL PERTH YACHT CLUB OF WESTERN AUSTRALIA PO Box 5, Nedlands 6909, Western Australia T : 608-93891555 F : 608-93891459 E : club@rpyc.com.au W : www.rpyc.com.au ROYAL PRINCE ALFRED YACHT CLUB PO Box 99 Newport Beach, NSW 2106 T : 612 9997 1022 F : 612 9997 8620 E : rpayc@rpayc.com.au W : www.rpayc.com.au ROYAL QUEENSLAND YACHT SQUADRON A.C.N. 053 989 272, P O Box 5021, Manly Queensland 4179 T : 617-33968666 F : 617-33934100 ROYAL YACHT CLUB OF VICTORIA PO Box 51 Williamstown, Victoria 3016 T : (03) 9397 1277 F : (03) 9397 8160 E : rycv@rycv.asn.au W : www.rycv.yachting.org.au GOLD COAST YACHT & GAME FISH CLUB 245 Bayview Street, Runaway Bay, Gold Coast, QLD 4216 T : 07 5577 3344 F : 07 5577 4491 W : www.qldyachting.org.au SANDRINGHAM YACHT CLUB PO Box 66, Sandringham, Victoria 3191 T : 613-95987444 F : 613-95988109 E : office@syc.org.au W : www.syc.org.au
QUEENSLAND CRUISING YACHT CLUB PO Box 399, Sandgate, Queensland 4017 T : 617-32694588 F : 617-32690818 W : www.qcyc.com.au
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SOUTHPORT YACHT CLUB INC Macarthur Parade, Main Beach, Gold Coast, Queensland 4217 T : 617-55913500 F : 617-55327507 E : sycgwc@atnet.net.au W : www.southportyachtclub.com.au TIN CAN BAY YACHT CLUB INC P O Box 170, Tin Can Bay, Queensland 4580 T : 617-54862142 F : 617-54864308 W : www.tcbyc.yachting.org.au THE DARWIN SAILING CLUB INC Vesteys Beach, Fannie Bay, Darwin T : 618-89811700 F : 618-89410580 W : www.dwnsail.com.au THE ROYAL YACHT CLUB OF TASMANIA Marieville Esplanade, Sandy Bay, Tasmania 7005 T : 613-62234599 F : 613-62231308 E : info@ryct.org.au W : www.ryct.org.au TOWNSVILLE YACHT CLUB PO Box 484, South Townsville, QLD 4810 T : 07 4772 1192 F : 07 4772 7363 W : www.townsvilleyachtclub.com.au TOWNSVILLE SAILING CLUB PO Box 5642, Townsville, QLD 4810 T : 07 4772 1105 W : www.tsvsailingclub.com.au WHITSUNDAY SAILING CLUB LTD PO Box 495, Airlie Beach, Queensland 4802 T : 617-49466138 F : 617-49467573 W : www.whitsundaysailingclub.com.au WYNNUM MANLY YACHT CLUB PO Box 5112, Manly, Queensland 4178 T: 617-33935708 YORKEYS KNOB BOATING CLUB INC PO Box 100 Yorkeys Knob, Queensland 4878 T : 617-70557944 F : 617-70557074 W : www.marina.yorkeysknob.com BAHRAIN BAHRAIN YACHT CLUB PO Box 5390, Manama-Bahrai N. Arbian Gulf, State Of Bahrain T : 700677 F : 701797 E : bahyc@batelco.com.bh W : www.thebahrainyachtclub.com
Republic Of Singapore Yacht Club
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BELGIUM ROYAL BELGIAN SAILING CLUB Jschrantstraat No 3, B.9000 Gent. Europe T : 09-2278109 F : 09-2276712 W : www.rbsc.be BRUXELLES ROYAL YACHT CLUB 1, Chaussee De Vilvorde 1020 Bruxelles T : 02 216 48 28 F : 02 245 62 22 E : info@bryc.be W : www.bryc.be BRUNEI ROYAL BRUNEI YACHT CLUB PO Box 272, Bandar Seri Begawan 1902 Negara Brunei Darussalam T : 02-786267 F : 02-786139 W : www.therbyc.com KUALA BELAIT BOAT CLUB Brunei Shell Petroleum Co Sdn Bhd, Seria KB 3534, Negara Brunei Darussalam W : www.panagaclub.com CANADA DEEP COVE YACHT CLUB 4420 Gallant Ave, North Vancouver, British Columbia V76 1L2 T : 604-9291009 FALSE CREEK YACHT CLUB 1661 Granville Street, Vancouver, British Columbia V6Z 1N3, Canada T : 604-6823292 F : 604-6823614 E : fcyc@fcyc.com W : www.fcyc.com ROYAL CANADIAN YACHT CLUB 141 St George Street Toronto Ontario M5R 2L8 T : 416-9677245 F : 416-9675710 E : charlespowell@rcyc.ca W : www.rcyc.ca ROYAL NOVA SCOTIA YACHT SQUADRON 376 Purcells's Cove Rd, Halifax Nova Scotia, B3P 1C7 T : 902-477-5653 F : 902-477-6298 E : rnsys@rnsys.com W : www.rnsys.com CHINA AMBASSY CLUB 1500 Central Huaihai Rd, Shanghai, 200031 T : 86-2164312728 F : 86-2134010814 E : mbrship@ambassyclub.com.cn
SUzHOU TAIHU MERCURY CLUB & MARINA 81 Lakeside Rd, Taihu National Tourism Vacation Zone, Suzhou, Jiangsu 215164 T : 86-5126515099 F : 86-5126515122 W : www.mercurymarine.com.cn
ITALY CLUB NAUTICO RIMINI P.Le Boscovich, 12, 47900 Rimini T : 0541 26520 F : 0541 56878 E : cnrimini@cnrimini.com W : www.yachtclubitaliano.it
GERMANY AUGSBURGER SEGLER-CLUB E.V., Ed.-Thรถny-Str 26, 86919 Utting T : (0 88 06) 76 34 F : (0 88 06) 77 20 E : asc-utting@t-online.de W : www.asc-utting.de
YACHT CLUB ITALIANO Porticciolo Duca Degli Abruzzi, 16126 Genova Italy T : 39-0102461206 F : 39-0102461193 E : info@yci.it W : www.yci.it
NORDDEUTSCHER REGATTA VEREIN Schรถne Aussicht 37, 22085 Hamburg, Europe T : 040-2290815/2290753 F : 040-2290572 E : secretariat@nrv.de
MALAYSIA KINABALU YACHT CLUB PO Box 10392, 88804 Kota Kinabalu, Sabah T : 6088-240070 / 6088-243070 F : 6088-243007 W : www.kinabaluyachtclub.com
GUAM MARIANAS YACHT CLUB PO Box 2297, Agana 96910 T : 671-4773533/4 W : www.marianasyachtclub.org
PERAK YACHT CLUB Lot 678 Kg Lalang, K Baru, Karong Berkunci No 3, Ayer Tawar 32400 Ayer Tawar Perak Darul Ridzuan T : 05-935106
HONG KONG ABERDEEN BOAT CLUB LIMITED 20 Shum Wan Road, Aberdeen T : 852-25528182 F : 852-28732945 E : mbs@abclubhk.com W : www.abclubhk.com
PIASAU BOAT CLUB Sarawak Shell Berhad, Locked Bag No. 1, 98100 Lutong, Sarawak, Malaysia T : 60-85-655313 F : 60-85-657249 E : pbc@po.jaring.my
ROYAL HONG KONG YACHT CLUB Kellett Island, Causeway Bay T : 852-28322817 F : 852-25725399 E : info@rhkyc.org.hk W : www.rhkyc.org.hk
ROYAL LANGKAWI YACHT CLUB Jalan Dato Syed Omar, 07000 Kuah, Langkawi, Kedah Darul Aman T : 604-9664078 F : 604-9665078 E : info@langkawiyachtclub.com W : www.langkawiyachtclub.com
INDIA MADRAS BOAT CLUB No. 2, 3rd Avenue,Boat Club Road, Raja Annamalaipuram, Chennai 60 0028 T : 24353190 / 2435 4751 E : mbc@airtelmail.in madrasboatclub@rediffmail.com
ROYAL SELANGOR YACHT CLUB Jalan Limbongan, 42000 Port Kelang, Selangor T : 03-168 6964 F : 03-168 8650 E : info@rsyc.com.my W : www.rsyc.com.my
IRELAND ROYAL CORK YACHT CLUB Crosshaven Co. Cork T : 353 21 4831023 F : 353 21 4831586 E : office@royalcork.com W : www.royalcork.Com
SANDAKAN YACHT CLUB PO Box 476, 90705 Sandakan Sabah T : 089-212518 F : 089-215542 W : www.syc.org.my TAWAU YACHT CLUB PO Box No.60125, Sabah T : 771104 F : 779194 W : www.etawau.com
Annual Report 2011 / 2012
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Reciprocal Clubs MALTA ROYAL MALTA YACHT CLUB Couvre Porte, Fort Manoel, Manoel Island, Gzira - Malta G.C. Europe T : 333109 F : 331131
PHILIPPINES THE MANILA YACHT CLUB PO Box 1085, Manila T : 632-526-7868 F : 632-523-7183 W : www.manilayachtclub.org
MEXICO ACAPULCO YACHT CLUB Apartado Postal 117, Acapulco, Guerrero T : 52 744 482-38-59 / 60/70 F : 52 744 482 2836 W : www.clubdeyatesaca.com.mx
THE PUERTO GALERA YACHT CLUB PO Box 30450, Puerto Galera, Oriental Mindoro 5203, Philippine Islands T : 63 43 442 0136 F : 63 43 442 0136 E : office@pgyc.org W : www.pgyc.org
MONACO YACHT CLUB DE MONACO 16, Quai Antoine Ier, MC 98000 Monaco T : 377 93 10 63 00 F : 377 93 50 80 88 E : accueil@ycm.org W : www.yacht-club-monaco.mc NETHERLANDS ROYAL MAAS YACHT CLUB Veerdam 1, 3016 DD, Rotterdam, Netherlands T : 010-4138514 F : 010-4146963 E : krzv@de-maas.nl W : www.de-maas.nl NEW zEALAND THE ROYAL AKARANA YACHT CLUB PO Box 42-004, Orakei, Auckland, New Zealand T : 649-5249945 F : 649-5201380 E : racing@rayc.org.nz W : www.rayc.org.nz ROYAL NEW zEALAND YACHT SQUADRON PO Box 46182, Herne Bay, Auckland 1147 T : 649-3606800 F : 649-3606802 E : admin@rnzys.org.nz W : www.rnzys.org.nz ROYAL PORT NICHOLSON YACHT CLUB PO Box 9674, Wellington T : 384 8700 F : 385 1603 E : office@rpnyc.org.nz W : www.rpnyc.org.nz PAKISTAN KARACHI YACHT CLUB Standard Chartered Bank, Main Branch (Compound), I.I. Chundrigar Road, PO Box 4408, Karachi 74000 T : 241-2127 E : info@karachiyachtclub.com W : www.karachiyachtclub.com
46
SUBIC BAY YACHT CLUB Rizal Highway Cor., Burgos Street Subic Bay, Freeport Zone, Philippines 2222 T : 047 2525211 F : 0472526587 E : membership@sbyc.com.ph SEYCHELLES SEYCHELLES YACHT CLUB PO Box 504, Victoria Mahe Seychelles, Indian Ocean T : 322362 / 323139 SOUTH AFRICA ROYAL CAPE YACHT CLUB PO Box 772, Cape Town 8000 T : 27 21 421-1354 F : 27 21 421-6028 E : info@rcyc.co.za W : www.rcyc.co.za VICTORIA LAKE CLUB PO Box 77, Germiston 1400 T : 825 3530 F : 8739609 E : ross@rri.co.za W : www.sailrsa.org.za TANzANIA DAR ES SALAAM YACHT CLUB P O Box 1280, Dar Es Salaam Tanzania T : 40180 / 40185 W : www.highlyvisual.com/dyc/ THAILAND ROYAL VARUNA YACHT CLUB 286 Pratamnak Road, Pattaya Chonburi, Thailand 20150 T : 66 3825-0116 F : 66 3825-0115 E : office@royal-varuna-yacht-club.com W : www.varuna.org
UNITED KINGDOM CLYDE CRUISING CLUB Suite 101 Pentagon Centre, 36 Washington Street, Glasgow, G3 8AZ,Scotland T : 0141-2212774 F : 0141-2212775 E : hazel@clyde.org.sg W : www.clyde.org DEBEN YACHT CLUB Jetty Lane, Woodbridge, Suffolk IP12 4BB T : 01394-384440 E : secretary@debenyachtclub.co.uk LEANDER CLUB Henley-On-Thames, RG92LP T : 44-1491575782 F : 44-1491410291 E : info@leander.co.uk W : www.leander.co.uk POOLE HARBOUR YACHT CLUB 38 Salterns Way, Lilliput Poole, Parkstone Dorset BH14 8JR T : 01202-707321 F : 01202-707488 W : www.salterns.co.uk ROYAL CHANNEL ISLANDS YACHT CLUB Quay Steps, St Peter Port, Guernsey GY1 2NB, Channel Islands T : 01481-723154 / 01481-725500 F : 01481-712257 W : www.rciyc.com ROYAL CORINTHIAN YACHT CLUB The Parade Cowes, Isle Of Wight, PO31 7QU T : 01983-293581 F : 01983-294385 ROYAL CORNWALL YACHT CLUB Greenbank Falmouth, Cornwall TR11 2SW, England T : 01326-312126 F : 01326-211614 ROYAL DART YACHT CLUB Kingswear, Dartmouth, Devon TQ6 OAB, England T : 01080-762496 ROYAL FOWEY YACHT CLUB Whitford Yard, Fowey, Cornwall PL23 1BH T : 01726-832245 / 01726-833573 ROYAL LYMINGTON YACHT CLUB Bath Road, Lymington, Hampshire S041 3SE T : 0590-672677 F : 0590-671642
Republic Of Singapore Yacht Club
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ROYAL NORTHERN & CLYDE YACHT CLUB The Clubhouse, Rhu, Helensburgh, G84 8NG T : 01436 820322 F : 01436 821296 E : mail@rncyc.com W : www.rncyc.com ROYAL SOLENT YACHT CLUB Yarmouth, Isle Of Wight PO41 ONS T : 01983-760256 F : 01983-761172 W : www.royalsolent.org ROYAL THAMES YACHT CLUB 60 Knightsbridge, London SW1X 7LF T : 020 72352121 F : 020 72355672 E : club@royalthames.com W : www.royalthames.com ST. HELIER YACHT CLUB South Pier St.Helier, Jersey JE2 3NB, Channel Islands T : 01534-21307 / 01534-32229 F : 01534-20842 W : www.shyc.je THE ROYAL MOTOR YACHT CLUB “Enchantress” Sandbanks, Poole, Dorset T : 01202-707227 F : 01202-708775 THE ROYAL NAVAL CLUB & ROYAL ALBERT YACHT CLUB 17 Pembroke Road, Old Portsmouth Hampshire, England PO1 2HW T : 02392-824491 F : 02392-872009 W : www.rnc-rayc.co.uk ROYAL ULSTER YACHT CLUB 101 Clifton Rd, Bangor, Co Down BT20 5HY T : 01247-270568 F : 01247-273525 E : info@ruyc.co.uk W : www.ruyc.co.uk U.S.A. BALBOA YACHT CLUB 1801 Bayside Drive, Corona Del Mar, California 92625 T : 949-6733515 F : 949-6738937 E : armite@pacbell.net BOCA RATON YACHT CLUB 4001 North Ocean Blvd, Suite B201 Boca Raton, FL 33431 T : 561-392-6333 E : jwspechler@aol.com
CORINTHIAN YACHT CLUB OF CAPE MAY PO Box 260, Cape May New Jersey 08204 DEL REY YACHT CLUB 13900 W.Palawan Way, Marina Del Rey, California 90291 T : 310-8234664 F : 310-8211346 EPPING FOREST YACHT CLUB 1830 Epping Forest Drive, Jacksonville, Florida 32217 T : 904-739-7200 F : 904-733-0054 E : nbaughman@efyc.com W : www.efyc.com
SEATTLE YACHT CLUB 1807 East Hamlin Street, Seattle Washington 98112 T : 206-3251000 F : 206-3248784 WAIKIKI YACHT CLUB 1599 Ala Moana Boulevard, Honolulu Hawaii 96814 T : 808-9554405 F : 808-9415026 WAUKEGAN YACHT CLUB PO Box 75, Illinois 60079 T : 847-6234188 F : 847-6230155
FORT WALTON YACHT CLUB 180 Ferry Road N.E., Fort Walton Beach, Florida 32548 T : 904-2437102 W : www.fwyc.org GUILFORD YACHT CLUB 379 Whitfield Street, Guilford, Connecticut 06437, USA T : (203) 415 3427 W : www.gyc.com HALIFAX RIVER YACHT CLUB 331 South Beach Street, Daytona Beach, Florida, 132114-5089 T : 904-2557459 F : 904-2555377 W : www.hryc.com LAHAINA YACHT CLUB 835 Front St. Lahaina Maui, Hawaii 96761 T : 808-6610191 F : 808-6672582 W : www.lahainayachtclub.org QUEEN CITY YACHT CLUB 2608 Boyer Ave West, Seattle Washington 98102 T : 206-7092000 F : 206-7098924 W : www.queencity.org SAN DIEGO YACHT CLUB 1011 Anchorage Lane, San Diego Ca 92106 T : 619-2218400 F : 619-2243059 E : manager@sdyc.org www.sdyc.org THE SAN FRANCISCO YACHT CLUB PO Box 379, Belvedere Ca 94920-0379 T : 415-7895647 F : 415-7895648
Annual Report 2011 / 2012
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Past Commodores 1919 1920 1921 1922 1923 1924 1925 1926 1927
1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 to 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963
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W F Nutt, O.B.E W M Blake W F Nutt, O.B.E W F Nutt, O.B.E Sir Laurence Guillemard Sir Laurence Guillemard Sir Laurence Guillemard Sir Laurence Guillemard Sir Laurence Guillemard Sir Laurence Guillemard C Boden Kloss Sir Hugh Clifford Sir Hugh Clifford Sir Hugh Clifford R O Winstedt C Boden Kloss C Boden Kloss F G Lundon F G Lundon F G Lundon F G Lundon M H Matheson M H Matheson M H Matheson E W Slight E W Slight E G Holiday Inactive during WWII E W Slight P A B McKerron P A B McKerron Sir Patrick McKerron H Worham H Worham E G Holiday E G Holiday E G Holiday J C Allan V C Bath E G Holiday V C Bath Sir William Goode Sir William Goode J H P Young E G Holiday A W Scott H Pfrunder T G Cotterell
1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
R A Sandford F R Pitcher F R Pitcher J Snowden J Snowden R G Beale K Smedley K Smedley J Snowden J Snowden W H Henderson W H Henderson D F Roe D F Roe G W Chubb Teo Eng Tat Teo Eng Tat Teo Eng Tat P F Phillips C M Fairfield R G Urry Francis C H Lee Francis C H Lee Francis C H Lee Harry S H Ho Harry S H Ho Harry S H Ho Loo Soon Heng Kam Chai Heng Kam Chai Heng Kam Chai Heng Tan Kay Toh Tan Kay Toh Tan Kay Toh Lim Kwong Hoon, PBM Lim Kwong Hoon, PBM Lim Kwong Hoon, PBM Tan Kay Toh Khoo Ih Chu Khoo Ih Chu Khoo Ih Chu Tan Kay Toh Tan Kay Toh B. Balakrishnan B. Balakrishnan B. Balakrishnan Tan Kay Toh Tan Kay Toh
Republic Of Singapore Yacht Club
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52 West Coast Ferry Road, Singapore 126887 Tel: 6768 9288 • Fax: 6768 9280 • Email: info@rsyc.org.sg • Website: www.rsyc.org.sg