RSYC Annual Report 2013 by Republic of Singapore Yacht Club

AR_FinalPDF_Covers_20May2013.pdf

5/20/13

8:49 AM

CMY

REPUBLIC OF SINGAPORE YACHT CLUB ANNUAL REPORT 2012/2013

AR_FinalPDF_Covers_20May2013.pdf

CMY

5/20/13

8:49 AM

OUR MISSION To build upon our rich tradition as Singaporeâ&#x20AC;&#x2122;s premier yacht club, member-owned and affordable, and providing the best sea sports facilities with excellent club amenities.

NOTICE OF MEETING

3 June 2013

Dear Members Notice is hereby given that the 88th Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at the Nautica Ballroom on Friday, 21 June 2013 at 1900 hours to transact the following business: 1.

Commodore’s Address

To confirm Minutes of the Annual General Meeting held on 22 June 2012

Matters Arising

To consider the Annual Report of the Club

To consider and if approved, adopt the Audited Accounts for the Year ended 31 December 2012

To elect Flag Officers and Committee Members for the year 2013/2014

To elect Auditors for the Club

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 14 June 2013. ANNUA L R E P O R T 201 2 / 201 3

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CONTENTS

Notice of Meeting

RSYC Committee & Patron

Commodore’s Message

Secretary’s Report

Treasurer’s Report

Five-Year Comparison

Development Report

Marina Facilities Report

House Report

Membership Report

Events & Sea Sports Report

Independent Auditors’ Report

Financial Statements

Reciprocal Clubs

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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RSYC COMMITTEE & PATRON

PATRON

Mr S.R. Nathan Former President of the Republic of Singapore

RSYC COMMITTEE 2012/13 COMMODORE Tan Kay Toh

VICE COMMODORE Low Teo Ping REAR COMMODORE Wee Keng Hwee HONORARY SECRETARY Balakrishnan B TREASURER Kjetil W Gulliksen COMMITTEE MEMBERS Chow Theng Kai David Cronin Joseph Kwok Wei Woon John McGugan Tan Ann Kiong Inez Wei

Photo above (from left) Joseph Kwok Wei Woon, David Cronin, Kjetil Gulliksen, Tan Kay Toh, Wee Keng Hwee, Balakrishnan B and John McGugan. Absent in group photo (from left) Low Teo Ping, Chow Theng Kai, Tan Ann Kiong and Inez Wei.

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COMMODORE’S MESSAGE with the piling works initially, and we now expect to receive the TOP for the extension around June or early July 2013. This will mean that the re-building of the Club’s facilities as originally planned for in 1995/96 would have been substantially completed now. The remaining major job for the Club’s physical re-development is the completion of the incomplete finger in the pontoon area, and the construction of a suitable breakwater, this is provided our finances allow us to do so.

On behalf of the RSYC Committee, I have the privilege and honour to present the Club’s Annual Report for the year 2012/2013. It has been a rather difficult year for us resulting in a mixed set of financial figures. The Marine and Accommodation Departments ended FY2012 with creditable results, but the Membership/Marketing Department and the F & B Department unfortunately failed to achieve the important task of improving the membership base and sales turnover. The overall result was a deficit of $1,246,000 in 2012, as compared with a deficit of $536,000 for the previous year. On the positive side, the Marina activities contributed a surplus of $940,000 ($897,000 in 2011), Rooms/Marina Lodge gave a surplus of $810,000 ($938,000 in 2011), and Jackpot operations’ surplus was $304,000 ($256,000 in 2011). Disappointing results were recorded by F&B Department with a deficit of $211,000 (compared with a small surplus of $16,000 in 2011) and Events/Activities a net deficit of $123,000 (deficit of $75,000 in 2011).

This brings me to the need for us to seriously consider the long-term plan for our Club’s future. Our current 30-year lease with water frontage is due to expire by year 2027 – a rather significant date that marks the beginning of a bicentennial of any club in Singapore! Our Club was established in 1826, according to the Singapore Chronicle, the island’s very first newspaper. With this coming annual general meeting, I shall be completing my third consecutive term as Commodore of our Club and I will be stepping down and leaving the RSYC Committee. We seriously need new blood on the RSYC Committee and I would like to urge all members to please consider giving up some of your time to serve the club during the next 12 months. Your Club needs you!

Just as our country is having a great dialogue with its citizens, as together we chart our future plans to bring Singapore up to the year 2030, I think we also need to have a Great Club Conversation, perhaps every other month, over drinks at The Mess, in order to find out what our Members really want our Club to be. I must thank all my colleagues on the RSYC Committee for their commitment and dedication in serving the Club faithfully these past twelve months, both on the main committee and on the various sub-committees. I also wish to thank management and staff for their hard work, and to all members for your kind support in the Club’s activities. Finally, I must thank all members for giving me the opportunity to serve you as Commodore all these years. It has been a great pleasure for me and I hope you feel the same and that I have lived up to the high standard required of the office. See you all at the coming Annual General Meeting on 21 June 2013. TAN KAY TOH Commodore

In the case of Membership Department’s contribution from entrance and transfer fees, net income last year was $519,000 compared with $412,000 in the previous year. More details can be found in the Treasurer’s Report on page 7. Having completed the Dry Stack in May 2012, our main focus in year 2012/13 was on the completion of the extension wing of the Marina Lodge. As reported last year, we encountered some problems R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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SECRETARY’S REPORT

The current RSYC Committee took office in June 2012 following its election at the 87th Annual General Meeting. We held regular monthly meetings during the past year as well as ad hoc meetings whenever Club business required us to do so. In July 2013, John McGugan was co-opted into the Committee to bring it up to full strength. It was a busy year for all of us. As the extension wing to the Marina Lodge was still very much a work in progress when we took office, I am happy to report that it is finally nearing completion, although a bit late, in the coming weeks. Details are given in the report of the Development SubCommittee on page 11. During the year under review, three sub-committees were revived as it was felt that the Club’s staff and management needed some direction from the top. These revived sub-committees -covering House, Membership/Marketing/ PR and Events/Seasports – were added to the three long-standing ones, namely Development, Finance and Marina Facilities. We thank all sub-committee members for their many contributions in time and expertise in serving the Club. As the reports of these six subcommittees are given separately in other sections of this Annual Report, I shall only mention in this report the other areas of responsibility and activities not covered elsewhere. This relates to Human Resource and other club activities. High staff turnover has always been a

norm in the hospitality of members of a industry. With the different era. Some of government’s current them brought family tightening of foreign photographs to add to manpower policies, it is our heritage collection. becoming even more In February 2013, challenging to hire we were privileged to replacement service receive Mr Ian Havelock staff and kitchen Stevens from the United crews. Much needs to Kingdom whose late be done to attract and father and uncle, Ryder ’Daddy’ Ste ve ns, recruit suitable staff and Leonard Arthur circa 19 30 . as well as to motivate Stevens were members and retain existing of RSYC before World employees. The Club War II. More significant needs to review its existing compensation was the fact that Ian’s grandfather was policies and to continue to invest in ‘Daddy’ H.W.H. Stevens, one of the 32 training. men who revived the Singapore Yacht Club in July1919 that became the RSYC During the last Quarter of 2012, we filled of today. the two HOD positions of F&B Manager and Marina Manager, and this should help to stabilize the manpower situation in the Club. In April 2013, the Club held a successful annual staff dinner and dance party. Our staff had a rollicking good time. At the same time, Long Service Awards were given to our dockhand, Mr Mohamed Bin Maideen in appreciation of his 15 years of loyal service to the Club, and also to 12 staff who each had served for five years. The Marina Lodge had another sterling year of revenue in 2012. The occupancy rate for the year was 85%, with room revenue hitting $1.5 million and a surplus revenue of $800,000. The good room performance, although unexpected, was a very pleasant bonus, considering such factors as the noise from the Development projects during the year. The Rooms/Housekeeping team, under Molly Tan, deserve our thanks and congratulations. During the past year, RSYC exchanged burgees with several other yacht clubs including the San Francisco Yacht Club, Sorrento Sailing Club of Victoria, Australia, the Royal Perth Yacht Club of Western Australia, and the Royal Gibraltar Yacht Club. We now have reciprocal links with over a hundred yacht clubs around the world. Over the years, the Club has been fortunate to get overseas visitors who were either past members or children

Club members Ryder Stevens (extreme right) and his brother Leonard Arthur (extreme left) after winning a rowing race for the Chiengmai Cup. Picture taken outside the boathouse at Trafalgar Street, probably before WWII.

On Saturday 17 November 2012, a dozen members came forward with their boats and the Club hosted the traditional Charity Cruise for 28 boys and girls from the Canossaville Children’s Home and the Salvation Army’s Haven Children’s Home. The enjoyable day was a picnic lunch on Pulau Hantu, and the highlight for the kids was the ever-popular jet-ski rides. We thank the members who acted as hosts, and our sponsors and staff who took care of the children’s needs and food and drinks. Finally, on behalf of the RSYC Committee, I want to express my sincere thanks to the Management and Staff of RSYC for their loyalty, hard work and service to all the Members who come to enjoy the Club’s facilities. BALAKRISHNAN B Honorary Secretary

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SECRETARYâ&#x20AC;&#x2122;S REPORT

The Charity Cruise picnic at Pulau Hantu.

The annual staff party in April 2013.

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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TREASURER’S REPORT (+$43,000) and Membership (+$142,000). The departmental financial performances in comparison with last year 2011 were as follows:

OVERALL FINANCIAL RESULTS 2012 2012 was always going to be a challenging year for the Club as we continued with our development efforts. These efforts, whilst yielding longer term benefits, have had a negative effect in the short term on our revenues, resulting profitability and cashflow. The Club ended the year with a Net Deficit of S$1.25 million, an increase of Net Deficit of S$710,000 in comparison with last year (2011). The primary decline due to the development was within our Marina Lodge where the surplus from room rental declined by $127,000 in comparison to 2011, and in our Food & Beverage (“F&B”) department where there was an increase in deficit of $227,000 over the previous year. Whilst we were aware of the potential effect that the development activities would have on our Marina Lodge (due to construction shutdowns and general noise) and some of our F&B operations, the full effect was perhaps slightly underestimated by management. Other areas where expenses have contributed to our Net Deficit in 2012 include Sea Sport’s deficit of $49,000, increase in the A&G Payroll expense of $47,000, increase in the Operating Overhead expenses of $280,000, loss on disposal of Old Boat Shed of $70,000 and increase in fixed asset depreciation of $205,000 as the Dry Stacker were completed in the early part of 2012. Even with the above challenges, the club was able to increase year–on-year surpluses in Jackpot (+47,000), Marina

A. F&B: Net Deficit $211,000 vs. surplus $16,000 in 2011. F&B ended the year with a net deficit of $211,000 against the net surplus of $16,000 in 2011. F&B revenue has decreased by $325,000 (10.1%) in 2012. In year 2012, due to the effect that the development project was having on F&B sales, the Banquet Department was reorganized and downsized effective from October 2012. B. Rooms / Marina Lodge: surplus $810,000 vs. surplus $938,000 in 2011. As forecast, the construction of the additional rooms has affected the room occupancy rate and resulting revenue. In 2012, Rooms revenue decreased by $114,000 (6.8%) in comparison with 2011. In 2012, the Room Surplus of $810,000 was below last year by $127,000 (13.5%). C.

Jackpot: surplus $304,000 vs. surplus $256,000 in 2011. Jackpot total turnover has increased by $348,000 (4.3%) in comparison with 2011. Jackpot Surplus of $304,000 was higher than last year by $47,000 (18.5%). During the year, some major changes were made to the Jackpot operations, including installing each coin machine with bill validators and the introduction of new machines (50 Dragons, Rise of The Incas, Hooray for Honeywood and More Chilli). These changes were well received by members and were a material factor in the increased turnover of the Jackpot Department.

Marina: surplus $940,000 vs. surplus $897,000 in 2011. The club has made a significant investment in expanding the Marina Operations and in May 2012 our Patron and ex-President opened our new Dry Stacker.

In 2012, this increased our Dry Berthing Revenue by $115,000 in comparison with 2011. In addition, the

berth rental fees were increased by 10% in July 2012 to better reflect the costs of the new operation and the service offered.

In 2012, total Marina revenue of $2.0 million was $181,000 higher than 2011 (10%) and the Marina Surplus of $940,000 was higher than last year by $43,000 (4.7%).

In 2012, other Marina costs increased by $117,000 in comparison with 2011, due mainly to a loss on disposal of old boat shed of $70,000, an increase in forklift related expenses of $16,000, an increase in the Club’s fuel consumption of $15,000, an increase in cost of repair to damaged boats of $8,000 and the additional cost incurred in Dry Stacker Opening Party of $15,000.

E. Event / Activities: deficit $123,000 vs. deficit $75,000 in 2011. The Events and Sea Sports departments performed broadly in line with expectations and market conditions.

Event revenue has increased by $17,000 in comparison with 2011. This was mainly due to the events that were well attended by the members, (e.g: Legoland Malaysia Fun Tour). In 2012, the Events department ended the year with a deficit of $56,000 which is the same deficit as in 2011.

Sea Sports incurred a deficit of $68,000 as compared to a deficit of $19,000 in 2011. There was an increase in deficit of $49,000 in 2012, which was due to a reduction in revenue (2011 included the sponsorship of a Corum watch) received and an increase in payroll related expenses. Whilst we are pleased that more people are interested in boating resulting in Sea Sports revenue from PPCDL showing good growth, the overall revenue from other sailing activities has declined slightly.

The payroll related expenses has increased by $34,000, which was a timing issues with the employment in the prior year, when the

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TREASURER’S REPORT

replacement of the Head of Sea Sport came on board in November 2011.

Membership / Entrance and Transfer fees: net income $519,000 vs. net income $412,000 in 2011. One of the main sources of funds for the Club is from membership entrance and transfer fees. In 2012, Membership net income after direct marketing expenses was $519,000. We saw an increase in membership entrance and transfer fees over the year, which was $572,000 (gross) in 2012 as compared to $535,000 (gross) in 2011. The marketing expenses have decreased by $70,000, which was $53,000 in 2012 as compared to $123,000 in the previous year.

Attracting new and active members to the club remains a priority. New membership drive activities are in the pipeline for post completion of the current construction projects.

G. Non operating employee expenses: $1.70m vs. 1.67m in 2011. Non-operating employee expenses, this includes Executive office, Finance & Admin (HR, IT & Purchasing), Membership, Maintenance and Security departments were higher by $30,000 compared to $1.67 million in 2011. There was a decrease in payroll related costs in membership department and an increase related to General Manager’s payroll expenses in 2012 (12 months compared to 8 to eight months in 2011). There was an increase in staff training expenses of $10,000, additional provision for unconsumed balance leave of $10,000, an increase in the security payroll of $ 7,000 and an increase in Maintenance & Security Department Foreign Work Levy of $8,000 in comparison with 2011. H.

Other Club overhead expenses: $1.91m vs. $1.63m in 2011. Other Club overhead expenses of $1.91 million have increased by $280,000 as compared to $1.63

million in 2012.

This was mainly due to an increase in electricity & water cost by $93,000 and a provision for property tax of $118,000. Other increases include: the cost of appointment of the Health & Safely Consultant and Part Time Fire Safety Manager of $18,000, an increase in the repair & maintenance expenses of $15,000, an increase in the Legal fees of $16,000 and an increase in the Recruitment fees of $10,000.

Please refer to the audited financial statements for details of departmental incomes and expenses.

STAFF & MANAGEMENT The Club, like many other similar business, including hotels and restaurants, in Singapore, continues to manage challenges such as retention of staff and new staff recruitment. In addition, with the government’s recent tightening of foreign manpower policies, it is becoming even more challenging to hire replacement of service and kitchen crews. Much needs to be done to attract and recruit suitable staff as well as to motivate and retain existing employees. The Club needs to review its existing compensation policies and continue to invest in training. In 2012, the Club welcomed several new Heads of Department. With their combined drive and commitment we hope to stabilize our manpower, attract and retain talent and offer a better overall experience between the members and staff. The Finance Department operated without a Finance Manager for several months during the year, and I must thank the support staff for the hard work and extra efforts put in by everyone in the team to ensure that the finance function continued to operate smoothly. In April 2013, the Club had its Annual Staff Dinner & Dance Party. The theme was Rock ‘n Roll. Our staff had a rolling good time and walked away with lots of lucky draw prizes. At the same time, Long Service Award has been given to our Dockhand, Mr. Mohamed Bin Maideen in appreciation of his 15 years of loyalty and

service to the Club. THE YEAR AHEAD Going forward, with the completion of the dry berth stacker in early 2012 and the additional rooms by the middle of year 2013, the Club will be in a favourable position to increase the membership base, improve the financial results and net cash flow position. Lastly, I would like to thank all of the members of the Finance Sub-Committee who contributed their valuable time and input during the monthly Finance Sub-Committee meetings and the Management and Staff for their continued efforts. KJETIL W. GULLIKSEN Treasurer

FINANCE SUB-COMMITTEE MEMBERS • Kjetil W. Gulliksen (Chairman) • Chow Theng Kai (Vice Chairman) • Tan Kay Toh • Low Teo Ping • Wee Keng Hwee • Balakrishnan B. • David Cronin • Joseph Kwok Wei Woon • John McGugan • Tan Ann Kiong • Inez Wei

CAPEX FOR 2012

F&B

92,660

Rooms

15,419

Jackpot

120,400

Marine

65,824

Marina-Dry Stacker Marina-Forklifts

2,719,972 855,670

Sea Sports

1,100

Security

5,158

Membership General Admin

685 27,324 3,904,212

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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TREASURER’S REPORT

2012 OPERATING DEPT GROSS FINANCIAL REVIEW

2012 TOTAL REVENUE

2012 TOTAL OPERATING / NON OPERATING COSTS

F&B

Rooms

Jackpot

Events

Sea Sports

Marina

Membership

Subscription

Club Admin

Club Misc Other Income

Maintenance Security Depreciation

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FIVE-YEAR COMPARISON

2008

2009

2010

2011

2012

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

2,894 (1,100) (1,676) (329) (2,005) (211)

(325)

(287)

(211)

1,583

1,578

1,681

1,566

(627) (235) (862) 721

(618) (197) (815) 763

(625) (165) (790) 788

(565) (178) (743) 938

(545) (211) (756) 810

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

8,356 (878) (6,933) 545

(172) (200) (372) 401

(194) (179) (373) 310

(182) (146) (328) 95

(151) (112) (263) 256

(155) (86) (241) 304

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

2,000 (437) (334) (289) (623) 940

166

306

253

258

(163) (42) (205) (106)

(183) (66) (249) (83)

(108) (285) (393) (87)

(142) (186) (328) (75)

(184) (197) (381) (123)

12,184 (3,392) (6,860)

11,357 (3,091) (6,567)

9,916 (3,076) (5,316)

15,072 (2,886) (10,062)

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

TOTAL OPERATING INCOME

1,932

1,611

1,427

2,032

1,720

SUBSCRIPTION & OTHER INCOME FINANCE INCOME- INTEREST INCOME FR BANKS OTHER INCOME -Special Employment Credit MINIMUM SPENDING LEVY (RELOCATED IN 2009)

2,216 27

2,188 11 232 88

2,201 12 36 97

2,162 13 2 92

2,165 11 22 91

EXPENSES CHANGE IN INVENTORIES DEPRECIATION MISC WRITE BACK/(OFF) & PROV FOR DOUBTFUL DEBT NON OPERATING EMPLOYEES EXP & STAFF BENEFITS OTHER EXPENSES (REFER TO NOTE)

(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)

12 (2,145) (29) (1,696) (1,910)

OPERATING DEFICIT AFTER DEPRECIATION

(1,183)

(1,099)

(1,120)

(942)

(1,759)

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 (Events & Sea Sports) REVENUE COST OF SALES PAYROLL & RELATED COSTS OTHER DIRECT COSTS DEPARTMENTAL CONTRIBUTION TOTAL REVENUE TOTAL OPERATING PAYROLL COSTS TOTAL COST OF SALES

HERITAGE BOOK (NET COST LESS MBRS FUNDS) ENTRANCE AND TRANSFER FEE FINANCE EXPENSES & BANK TERM LOAN INCOME TAX NET DEFICIT AFTER TAX

(161) 441 (4) (7)

434

419

412

519

(8)

(6)

(753)

(673)

(870)

(536)

(1,246)

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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DEVELOPMENT REPORT

The new wing to the Marina Lodge nearing completion in May 2013.

During the year under review, the Development Sub-Committee was kept busy mostly with the work in progress on the extension wing of the Marina Lodge. At the time of writing, this work is now nearing completion and the best estimate of the handover date by the contractor is sometime towards the end of June or early July 2013. Final fitting work for the mock-up room is now in progress. When completed, the new wing will give us 28 additional rooms and suites. As reported in our RSYC Magazine early this year, five rooms have been earmarked for members’ exclusive use, and this includes the new mahjong room

and a room for children’s activities. We have yet to hear from members as to how they wish to utilize the rooftop space of the enlarged Marina Lodge, and the RSYC Committee will be glad to consider any suggestions from members.

finger in the wet berth and finally the construction of a suitable breakwater to make the boat berths at our marina as comfortable as possible. This hinges on our financial situation and efforts in raising the necessary funds.

With the new accommodation rooms coming up, the existing rooms will also be refurbished in the coming months. We look forward to the opportunities ahead and are quietly optimistic that Marina Lodge will have a good financial year ahead.

It remains for me to thank all members of the Sub-Committee who gave so generously of their time and expertise in carrying out the work during this past year. I must also thank members of RSYC for their continuing support that made all the achievements possible.

On the dry berth that was completed in May 2012, we are encouraged to note that to date a substantial number of berths have been taken by members.

TAN KAY TOH Chairman

With these two big projects completed, it is now the time for us to tackle the remaining challenges of completing the incomplete

DEVELOPMENT SUB-COMMITTEE MEMBERS • Tan Kay Toh (Chairman) • Wee Keng Hwee (Vice Chairman) • Low Teo Ping • Balakrishnan B • Kjetil W. Gulliksen • David Cronin • Joseph Kwok Wei Woon • Tan Ann Kiong • Inez Wei • John McGugan • Chan Weng Yew

ANNUA L R E P O R T 201 2 / 201 3

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MARINA FACILITIES REPORT

The new Dry Stack fully operational since opening in May 2012.

The major event in Marina was the completion of the Dry Stack building for boats, the latest and most up-todate facilities that boaters can find in Singapore. The five-storey Dry Stack building was declared open by our Patron, former President of Singapore Mr S.R. Nathan on 18 May 2012.

The Marine Department also aims to optimize the storage space of the Dry Stack. Several adjustments would be implemented so that boats are stored into the Dry Stack according to design criteria. This is to ensure that more boating members can enjoy the benefits of the Dry Stack.

Since then, the Dry Stack has been operating in full swing for nine months. The Dry Stack now has state-of-the-art berthing capacity for 220 boats. Before the opening, the Club acquired two brand new forklifts, the “Marina Bull” from the Wiggins Company in the USA, well-known manufacturers of forklifts for boats. The second forklift was delivered and commissioned in February 2012.

Furthermore, a veteran in the industry also joined us as marina and sea sports manager at RSYC earlier this year. Mr Foo Say Juan leads a team of 13 in our Marine Department. With his vast experience and skills, this would definitely improve and maximize the efficiency of the Marina operations. This can be seen by some of the new procedures that have been implemented to improve the Marina services offered to boating members.

Over at the pontoon in the wet berth, we are able to offer 128 berths, for boats up to110 feet in length. Hence, the main focus of the Marine Department now is to maximize the efficiency of the Dry Stack operations and to minimize incident rate during launching and recovery operation. Standard Operation Procedures of the Marine Department including the Dry Stack have been implemented. Operation issues, incidents and feedback have been reviewed and discussed in the monthly Marina Facilities Sub-Committee meetings. The Sub-Committee has completed revision of Chapter Six in the By-Law with regard to Marine and it would be put up to RSYC Committee for approval.

Two such examples are the ‘Launching and Recovery through SMS’ programme

and the regular Boaters’ Night meetings. The ‘Launching & Recovery through SMS’ programme gives greater convenience to boating members when they plan to utilise their boats. Boaters are only required to send an SMS to the Marine Department to inform about their boat usage dates 24 hours prior to their intended departure. The Marine Department will then make the necessary arrangements for the member to go off for a splendid day of fun and enjoyment straightaway after arriving at the Marina. The first Boaters’ Night on Friday, 25 January 2013 drew a large crowd of boating members including quite a few young boating enthusiasts. They listened attentively to Mr Foo outlining his plan to transform RSYC into a worldclass marina. Besides great food and free flow of beer, we witnessed many views exchanged and members voicing

The ‘Marina Bull’ forklift launching a boat.

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MARINA FACILITIES REPORT

their opinions and concerns to the management in an informal way. The Sub-Committee will certainly support more regular boaters’ nights in the upcoming year. We believe through these regular meetings, it would strengthen relationships between the management and members so as to further improve the operations of the Marina. The RSYC Boat Show 2013 was organized on three weekends from 13 to 28 April this year. Twenty boats, new and old, were on display with more than 10 booths taken up by exhibitors which were vendors for boat engines and accessories, water leisure products, and boat dealers. The main purpose of the show was to promote the boating lifestyle and to attract boat owners to take up storage at our dry stack space. The show added vibrancy in the club and attracted public attention and awareness of RSYC.

Marina Manager Foo Say Juan outlining his plans at Boaters’ Night.

We foresee an exciting time ahead in the upcoming year as the operation of the Dry Stack is in full swing. The management of the Marine Department is expected to continue to improve under the leadership of Mr Foo. Members can also look forward to new Marina services that would be implemented to serve their needs so as to build a Marina with high service standards. In conclusion, I would like to thank my fellow sub-committee members for their support as well as their commitment to the Marina by taking time off their busy schedules in order to attend the monthly meetings. Also, I would like to thank all staff in the Marine Department for their hard work to make RSYC the best marina in Singapore for its boating and sailing activities.

The inaugural RSYC Boat Show in April 2013.

WEE KENG HWEE Chairman

MARINA FACILITIES SUB-COMMITTEE MEMBERS • Wee Keng Hwee (Chairman) • John McGugan (Vice Chairman) • Christopher Nunns • Felip Sim • Simon Tay • Daniel Ang • Spencer Kang

Showcasing the boats at the wet berths.

ANNUA L R E P O R T 201 2 / 201 3

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HOUSE REPORT

The House Sub-Committee, after an absence of two years, was revived in August 2012. It has the responsibility of looking after several facilities and activities of the Club, including food and beverage, maintenance, security and safety. Several Club members came forward to serve on this important subcommittee and I am grateful to all of them for the valuable advice and feedback they bring to assist management in the running of the Club. FOOD AND BEVERAGE The F&B Department had a challenging year in 2012. Total revenue recorded was $2,998K and the deficit was $211K. Overall cost of sales was 38.9%, compared to 37.9% in 2011. The higher cost of sales was due to increase in ingredients added to daily expenses to maintain the quality of food at reasonable prices. The Banquet Department, although still operating and accepting booking orders, has been downsized from the 3rd Quarter of 2012. The situation will be reviewed by the incoming House Sub-Committee after the AGM. With the completion of the new accommodation wing due soon, the performance of the F&B Department should improve in the months ahead. Our focus for 2013 is to get more members to come back more often to the Club and

experience the new offerings from a team led by a new F&B Manager, Dave Chiang, who has much experience in various other organisations before joining us in December 2012. The current revenue from Food and Beverage operation is below expectation and we would appreciate more feedback and support from members as we move forward. MAINTENANCE The objective of the Maintenance Department is to inspect and maintain all services and ensure that breakdowns are kept to the minimum, and equipment and facilities do function normally. During the 3rd Quarter 2012, part of the teak floor of the Bridge Terrace had been replaced due to the rotting of the wood. Also, the teak parquet floor of the Wharf serving pantry was replaced by slated tiles. The Club spent almost $100K for repairs and replacements for both jobs. In the coming months, it is anticipated that repair or replacement work needs to be done for the main teak deck. Repair work is also needed for the uneven surface of the interlocking pavers to the main entrance driveway and the car park. We will also look into the water efficiency and management plan. With the completion of the new accommodation wing, the Maintenance

Department plans to work on three rotating shifts. The reason for the three shifts is not only to attend to room guests, but also to undertake preventive measures for kitchen equipment during non-peak hours. SECURITY AND SAFETY We will be installing an additional 50 CCTV cameras, to cover more areas, from the Dry Stacker to the Admin Office, and Levels 1 and 2 corridors, the walkway behind the Wharf restaurant, and also the corridors and rooftop of the Accommodation Wing. In 2012 the clocking system was not implemented, and this was carried out in early 2013. The Club spent $1,200 in installing the clocking device to improve the safety and security system in the premises. In the months ahead, the Club also plans to upgrade the equipment in the guardhouse. BALAKRISHNAN B Chairman

HOUSE SUB-COMMITTEE MEMBERS • Balakrishnan B. (Chairman) • David Cronin (Vice Chairman) • Jimmy Khoo • James Tan • John McGugan • Richard Peh

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MEMBERSHIP REPORT

RSYC REGATTA The RSYC Regatta continued to be an important feature on the Club’s calendar. As we continued the tradition, the 13th consecutive annual regatta in July 2012 was a creditable success; with 21 participating yachts, an increase from the previous year.

MEMBERSHIP SALES Ending the year 2012 with 89 new members, this was an increase of 10 members as compared to 2011. Total entrance fees and transfers collected in 2012 was $572,000, which was an increase from $535,000 in 2011. Though these figures were an improvement from 2012, the number of new members was still below target. Our strategies for 2013 are to continue generating new memberships from various market segments. Having identified our key sources and prospects from both corporates and direct consumer markets, we will now actively cross sell Membership, Marina, Rooms, and Banqueting. Efforts from the Membership Sales team should generate some positive results in the coming term. MEMBERS RELATIONS Besides providing prompt response and personalised service to diverse requests from our members, we are also committed to making more effort to engage our members through regular face-to-face interactions on a daily basis, especially during “Duty Manager” time slot. We will continue to communicate with all members through the bi-monthly RSYC magazine as well as the bi-weekly e-newsletter. In addition, the Membership team will work closely with Events and Sea Sports to improve and increase the number of activities for existing members and to attract new members. PR & MEDIA RELATIONS To further leverage on brand-building

opportunities, media relations will remain an on-going exercise for the Marketing team. Marketing Department will maintain good rapport with selected local media for publicity opportunities. This will be done through regular update to relevant media on what is happening in and around the club / yachting scene and pitching newsworthy stories. We will also take the opportunity to highlight some of the major Club’s events and activities that could raise the profile of RSYC in the media. To reach out to select audiences, we plan to now look into regular advertisement placements in magazines such as Expat Living, and other special interest or leisure publications. We will also explore the possibility of collaborating with other trade organisations to barter advertisements in each other’s magazine. SPONSORSHIP The department will continue to work on identifying potential corporate partners as well as companies whose brand has a similar customer profile as RSYC’s. We believe that co-branding exercises for some of the Club’s major events like the RSYC Regatta or for the Sea Sports Academy will pay off for both parties in the long term. DRY STACK The dry stack facility was officially opened by our Patron, former President of Singapore Mr S.R. Nathan, on 18 May 2012. This latest addition gave the Club a boost in strengthening its presence in the boating industry. The dry stack is now approximately two-thirds full and we are confident of filling most of the remaining berths later this year.

BOAT ASIA To enhance the Club’s brand image, and to publicise the newly built dry stack, RSYC took a larger booth in Boat Asia 2012. This drew much interest among boaters in Singapore. A number of them signed up for ordinary and term memberships during the event and many good leads were obtained. To maintain the Club’s presence in the boating industry, we continued to have a booth at Boat Asia in 2013. Though we had a smaller booth, the size is still of a comfortable size and we had a much simpler, minimalist design. The focus for this year was on selling the dry berth. The number of visitors to the RSYC booth was less than the previous year but nonetheless quite a few showed some interest and Membership Sales will follow up. RSYC BOAT SHOW Sailing, boating and sea sports have always been the heart of RSYC, and to demonstrate our commitment to the promotion of the boating lifestyle, the Club organised its very own boat show this year, for the first time. Held from 18 – 28 April 2013, there was a special preview for RSYC members and invited guests the week before. The inaugural RSYC Boat Show showcased a variety of new and preowned pleasure crafts, with a total of 20 boats on display, eight on the wet and 12 on the dry. Other exhibitors included those showcasing marine equipment, boating gears and fishing accessories. INEZ WEI Chairman

MEMBERSHIP, MARKETING & PR SUB-COMMITTEE MEMBERS • Inez Wei (Chairman) • Joseph Kwok (Vice Chairman) • Tan Ann Kiong

ANNUA L R E P O R T 201 2 / 201 3

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EVENTS & SEA SPORTS REPORT

RSYC Regatta 2012

FY 2012/2013 has been another challenging year for the club and this department did not escape some of the adverse effects on operations. Faced with very intense and growing competitions from outside and with our limited internal resources compounding, the challenges are high for our department to be able to attract more members to participate in our events and to deliver better quality events each time to satisfy the expectations of all our members. Notwithstanding, we are satisfied that our dedicated and committed staff had worked very hard to deliver their best to serve our members and we are most grateful for their efforts. EVENTS We are pleased to inform that our team did manage to plan and execute some rather successful events for our members for the year. Oktoberfest was one that we did very well with the numbers of participants two times of the previous year and many had after attending indicated that they would like to come back again. Members and their guests had a fun filled evening where they enjoyed and celebrated Oktoberfest with fine and excellent traditional German buffet and beer with the very popular Swiss Alpine Lions Band entertaining the evening. Members can expect higher turnout again for this year. Members’ Nite cum Mid-Autumn in September was one event to mention especially for one of our fellow members’

son who will not forget. Not only that with his family and guests they enjoyed the evening with a good spread of festive Chinese dinner choices there was also a Chinese orchestra in attendance and some Chinese riddle games for the night. Some 30 children were led on a lantern trail at our nearby West Coast park and many of them were thrilled. That member’s son Brendan had walked away home with a lovely new Apple iPad won from a lucky draw and for some others they won other prizes that evening. A week -long Deepavali celebrations was another successful event. During the week long preparations to Deepavali celebrations members were treated to some spectacular Rangoli Indian art pieces on display and sale at the club with nearly all items on display prior sold well even before the eve of 13 Nov

2012. The renowned Rangoli artist Ms Vijaya was a winner of a World Heritage Acclaims for one of her art works. On the eve of Deepavali at the club members enjoyed fine Indian vegetarian and non vegetarian dinner specially arranged for the occasion. Diners were also treated to a fascinating performance of Indian Classical dances by 3 performing artists from a not-for-profit social organisation. That organisation helps to promote Indian heritage and arts, and that evening’s event recorded one of the highest numbers of member turnouts for a single event for the year at about 250 head counts. Other festive events included Hari Raya Celebrations, Christmas, End Year Celebration Party and Chinese Lunar New Year celebrations, and as well Chinese New Year Annual Mahjong

Deepavali Celebrations 2012

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EVENTS & SEA SPORTS REPORT competition where members and their guests participated and enjoyed during the periods at the club. Not forgetting the less privileged and disadvantaged RSYC did our part again with our annual Social Contributions to the society for a good cause. A weekend Charity Cruise and Picnic at Pulau Hantu Island treat was organised on November 17th for 30 children from The Salvation Army’s Haven Children’s Home and The Cannosaville Children’s Home with their chaperons accompanying. The event was generously supported by fellow members who donated monetary, presents and their time contributions for the event. The very popular boat cruise to the island and jet-ski rides sponsored by fellow members were again most exciting and all of the children enjoyed. There was also generous BBQ and picnic treats for the participants and finally ice-cream to end the day. In addition the children were treated to free rides on the Singapore Flyer on another day. The beneficiaries were so grateful and we received letters of appreciations to club for organising the event. For this occasion our hearty thanks to all fellow members and staff who had contributed very generously for their time and gifts to make the event a very worthy and memorable one for everyone. SEASPORTS 1st RSYC Boatshow for sales of preowned pleasure crafts at the club around the period of Asia Boat Show and Luxury Yacht events was organised by the club. The period was timed to attract new boaters and others who might not want to invest on new crafts initially during that period. We are not very satisfied with the turnouts and responses but we have gained many invaluable learning experience and knowledge to help us plan for better ones in the future. The Club renewed for another one year term a MOA with NTU Yacht Club to cooperate in promoting sea sports activities, particularly sailing, and environmental consciousness in the West Coast Area for the benefit of members

of both RSYC and NTUYC. Under this agreement RSYC provides our facilities to support NTU to train and develop their under-graduates to be our future new champions for sailing and as interest group. At time of this report there are 2 major Seasports events in our calendar, a 3 days’ Vesak Day Flotilla Trip on 24 to 26 May 2013 to Nongsa Marina in Batam and RSYC’s Annual Sailing Regatta scheduled for 27 Jul to 3 Aug 2013. We hope many members can participate and enjoy. LIFESTYLES Travels and visiting, a very popular pastime for many of us were organised for our members. A getaway trip to Ipoh town & Sungkai Hot-Spring in Perak had 21 members joining to visit a natural hot springs at Sg. Sungkai and then to savour the infamous Ipoh Chicken Rice with bean sprouts and some other popular traditional ‘smalleats’ there. Another trip to enjoy the adventures of Legoland Park at neighbouring Iskandar Development Zone & Johor Premium Outlet stores was also very well attended by members with their families and friends. The numbers of participants were overwhelming and exceeded our target count resulting that another coach has to be brought in quickly. There is a host of Lifestyles and enrichment programs available throughout the year to suit different interest’s groups from improving children’s learning and development training to general health and well-being for adults, grooming for female members and others for general participations. Training workshops, talks, display and demonstration are arranged regularly and available for interested members to sign up. Each event must have minimum number of participants to proceed.

GOING FORWARD The department will continue to strive to deliver more enriching and enjoyable programs for all members and their guests. To ensure that our valuable resources are optimally deployed for the benefits of all members we seek and look forward to hearing from all members what activities and programs that we all want. And further with the growing choices of more activities and program that many members may want and the club may not have all the expertise and resources to arrange, we welcome the participations of all fellow members to join us as Task Group Members to arrange and organize such activities together. This could be a good opportunity as well especially for our young and youth members to take part and gain experiences organizing events and activities. With our new accommodation wing soon to complete more areas will soon be made available for the club to carry out some leisure activities including those that have to be conducted in-door and here again we invite ideas and feedback from members such as what we can and should do. Indoor facilities to suit the various different age groups, some electronics IT and board games are some options that we are all studying. TAN ANN KIONG Chairman

EVENTS & SEA SPORTS SUB-COMMITTEE MEMBERS • Tan Ann Kiong (Chairman) • Balakrishnan B (Vice Chairman) • Inez Wei • Simon Tay • Eric Lee • Susan Choy • Jack Ang • Eugene Quek

Swimming, Tae Kwon Do and Personal Fitness trainings are the other ongoing regular programs at the club for members. Other activities may be added on subject to demand and requests. ANNUA L R E P O R T 201 2 / 201 3

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EVENTS & SEA SPORTS REPORT

Trip to Legoland Malaysia and Johor Premium Outlets

Trip to Ipoh and Sungkai Hot Springs

Lantern Walk during Mid-Autumn Festival

Charity Cruise 2012

Oktoberfest 2012

Chinese New Year Lion Dance Performance

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FINANCIAL STATEMENTS

Independent Auditorsâ&#x20AC;&#x2122; Report

Statement of Comprehensive Income

Balance Sheet

Statement of Changes in Accumulated Fund

Statement of Cash Flows

Notes to the Financial Statements

ANNUA L R E P O R T 201 2 / 201 3

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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 2012, 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 2012 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, 25 April 2013

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STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2012

NOTE

2012

2011

S$’000

OPERATING REVENUE Departmental revenue

6,718

6,972

Jackpot revenue (net of tax and payout)

545

519

Subscriptions and other income

2,165

2,162

Finance income - interest income from banks

Government grant - Special employment credit

Minimum spending levy

9,552

9,760

(2,563)

(2,461)

Jackpot expenses

(241)

(263)

Changes in inventories

(15)

Depreciation of property, plant and equipment

(2,145)

(1,941)

Employees payroll and benefits

(4,435)

(4,408)

(Allowance)/Reversal of doubtful debts

(35)

Other expenses

(1,910)

(1,639)

(1,759)

(942)

EXPENSES Materials and services consumed

Bad debts recovered

OPERATING DEFICITS NON-OPERATING INCOME Entrance and transfer fees (net of expenses)

519

412

(1,240)

(530)

(6)

NET DEFICIT AFTER TAX

(1,246)

(536)

DEFICIT FOR THE YEAR REPRESENTING TOTAL

(1,246)

(536)

NET DEFICIT BEFORE INCOME TAX Income tax

COMPREHENSIVE LOSS FOR THE YEAR

Tan Kay Toh Commodore

Kjetil W Gulliksen Treasurer

The accompanying notes form an integral part of these financial statements. ANNUA L R E P O R T 201 2 / 201 3

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BALANCE SHEET

For the financial year ended 31 December 2012

NOTE

2012

2011

S$’000

29,892

29,077

29,907

29,092

NON-CURRENT ASSETS Property, plant and equipment

Trophies at cost

CURRENT ASSETS Cash and cash equivalents

2,107

4,099

Due from members

963

1,055

Inventories

147

161

Other current assets

207

248

3,424

5,563

CURRENT LIABILITIES Trade payables

323

377

Other payables and accruals

778

801

Members’ deposits

NET CURRENT ASSETS

844

799

1,945

1,977

1,479

3,586

NON-CURRENT LIABILITIES Deferred income from long-term berths

NET ASSETS

417

463

417

463

30,969

32,215

30,969

32,215

FUND Accumulated fund

Tan Kay Toh Commodore

Kjetil W Gulliksen Treasurer

The accompanying notes form an integral part of these financial statements. R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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STATEMENT OF CHANGES IN ACCUMULATED FUND For the financial year ended 31 December 2012

2012 S$â&#x20AC;&#x2122;000 Balance at 1 January 2011

32,751

Total comprehensive loss for the year

(536)

Balance at 31 December 2011

32,215

Total comprehensive loss for the year

(1,246)

Balance at 31 December 2012

30,969

Tan Kay Toh Commodore

Kjetil W Gulliksen Treasurer

The accompanying notes form an integral part of these financial statements. ANNUA L R E P O R T 201 2 / 201 3

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STATEMENT OF CASH FLOWS For the financial year ended 31 December 2012

NOTE

2012

2011

S$’000

(1,240)

(530)

2,145

1,941

CASH FLOWS FROM OPERATING ACTIVITIES Net deficit before tax Adjustments for : Depreciation

Reversal/(Allowance) of doubtful debts

(22)

Entrance and transfer fees

(572)

(535)

(46)

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

(11)

(13)

Operating cash flow before working capital changes

381

795

Due from members

117

Other current assets

Inventories

(18)

Members’ deposits

Changes in operating assets and liabilities:-

Trade and other payables

(77)

Cash generated from operations

461

1,081

Income tax paid NET CASH GENERATED FROM OPERATING ACTIVITIES

(6)

(8)

455

1,073

(3,030)

(3,002)

CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment Sales of trophies Interest received NET CASH USED IN INVESTING ACTIVITIES

(3,019)

(2,987)

CASH FLOWS FROM FINANCING ACTIVITIES Entrance and transfer fees

572

535

NET CASH GENERATED FROM FINANCING ACTIVITIES

572

535

(1,992)

(1,379)

NET DECREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of the year CASH AND CASH EQUIVALENTS AT END OF THE YEAR

(Note 12)

Tan Kay Toh Commodore

4,099

5,478

2,107

4,099

Kjetil W Gulliksen Treasurer

The accompanying notes form an integral part of these financial statements. R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. GENERAL The Republic of Singapore Yacht Club (“the Club”) is registered and domiciled in Singapore. The registered office of the Club is as follows:

52 West Coast Ferry Road, Singapore 126887.

The principal activities of the Club are those of sailing, power-boating, other sea-sports and social and recreational activities for the benefit of members.

SIGNIFICANT ACCOUNTING POLICIES

(A) BASIS OF PREPARATION The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). 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 25.

In the current financial year, the Club has adopted all the new and revised FRSs and interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for annual periods beginning on or after 1 January 2012. 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.

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

(D) PROPERTY, PLANT AND EQUIPMENT (i) Measurement Property, plant and equipment All property, plant and equipment are stated at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment loss. Component of costs The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management .The projected cost of dismantlement, removal or restoration is also included as part of the cost of plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a concequence of acquiring or using the asset. (ii) Depreciation Leasehold land and buildings are depreciated over the period of the lease which expires on 25 July 2027. Depreciation is provided on the straight-line basis so as to write off the cost of assets over their estimated useful lives as follows:

Plant and equipment Furniture, fittings and equipment

5 - 10 years 3 - 6 years

Development-in-progress is not depreciated as the asset is not yet available for use.

The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date.

(iii)

Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Club, and the cost of the item can be measured reliably. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred.

(iv) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amounts is taken to the statement of comprehensive income. Any amount in revaluation reserve relating to that asset is transferred to the accumulated fund directly. (E) IMPAIRMENT OF NON-FINANCIAL ASSETS (i) Property, Plant And Equipment Property plant and equipment are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss.

For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to which the asset belongs to.

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 assetsâ&#x20AC;&#x2122; recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statement of Comprehensive income, unless the asset is carried at revalue amount, in which case, such reversal is treated as a revaluation increase.

(F) FINANCIAL ASSETS (i) Initial recognition and measurement Financial assets are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial assets at initial recognition.

When financial assets are recognised initially, they are measured as fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.

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(ii) Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows:

(i)

Financial Assets At Fair Value Through Profit Or Loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships as defined by FRS 39. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

The Club has not designated any financial assets upon initial recognition at fair value through profit or loss.

Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial assets are recognised in profit or loss. Net gains or net losses on financial assets at fair value through profit or loss include exchange differences, interest and dividend income. Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. (ii) Loans And Receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process. (iii) Held-To-Maturity Investments Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-] to-maturity when the Club has the positive intention and ability to hold the investment to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the held-to-maturity investments are derecognised or impaired, and through the amortisation process. (iv) Available-For-Sale Financial Assets Available for-sale financial assets include equity and debts securities. Equity investments classified as available-for-sale are those, which are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions.

After initial recognition, available-for-sale financial assets are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognised.

Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss. (iii) Derecognition A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss.

All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e., the date that the Club commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.

(G) IMPAIRMENT OF FINANCIAL ASSETS The Club assesses at each end of the reporting period whether there is any objective evidence that a financial asset is impaired. ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

(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.

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.

(ii)

(iii) Available-For-Sale Financial Assets In the case of equity investments classified as available-for-sale, objective evidence of impairment include (i) significant financial difficulty of the issuer or obligor, (ii) information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair value of the investment below its costs. ‘Significant’ is to be evaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost.

If an available-for-sale financial asset is impaired, an amount comprising the difference between its acquisition cost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognised in profit or loss is transferred from other comprehensive income and recognised in profit or loss. Reversals of impairment losses in respect of equity instruments are not recognised in profit or loss; increase in their fair value after impairment are recognised directly in other comprehensive income.

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. (H) FINANCIAL LIABILITIES (i) Initial Recognition And Measurement Financial liabilities are recognised on the balance sheet when, and only when, the Club becomes a party to the contractual provisions of the financial instrument. The Club determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value and in the case of other financial liabilities, plus directly attributable transaction costs. R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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(ii) Subsequent Measurement The measurement of financial liabilities depends on their classification as follows:

(i) Financial Liabilities At Fair Value Through Profit Or Loss Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial liabilities are recognised in profit or loss.

The Club has not designated any financial liabilities upon initial recognition at fair value through profit or loss.

(ii)

Other Financial Liabilities After initial recognition, other financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortization process.

(iii)

Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

(I)

FAIR VALUE ESTIMATION The fair values of financial instruments traded in active markets are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets held by the Club are the current bid prices; the appropriate quoted market prices for financial liabilities are the current ask prices.

The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Club uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used where appropriate. Other techniques, such as estimated discounted cash flows, are also used to determine the fair values of the financial instruments.

The carrying amounts of current receivables and payables are assumed to approximate their fair values. The fair values of non-current receivables for disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rates that are available to the Club for similar financial instruments.

(J) INVENTORIES Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in-first-out basis and includes freight, transport and handling charges. Net realisable value represents the estimated selling price less anticipated cost of disposal and after making allowance for damages, obsoletes and slows moving items. (K) BORROWINGS AND BORROWING COSTS Borrowings are recognised initially at fair value, net of transaction costs incurred.

Borrowing costs are taken to the income and expenditure account over the period of borrowing using the effective interest method.

(L)

PROVISIONS FOR OTHER LIABILITIES AND CHARGES Provisions are recognised when the Club has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Where the Club expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current 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.

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

(M) EMPLOYEE BENEFITS (i) Defined Contribution Plans Defined contribution plans are post-employment benefit plans under which the Club pays fixed contributions into separate entities such as the Central Provident Fund, and will have no legal or constructive obligation to pay further contributions if any of the funds does not hold sufficient assets to pay all employee benefits relating to employee service in the current and preceding financial years. The Club’s contributions to defined contribution plans are recognised in the financial year to which they relate. (ii) Employee Leaves Entitlements Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. (N) FOREIGN CURRENCIES (i) Functional And Presentation Currency Items included in the financial statements of the Club are measured using the currency of the primary economic environment in which the Club operates (the “functional currency”). The financial statements are presented in Singapore Dollar, which is the Club’s functional and presentation currency. (ii) Foreign Currencies Transactions Foreign currency transactions during the year are translated into recording currencies at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Singapore Dollar at the exchange rates ruling at the balance sheet date. Exchange gains and losses are dealt with in the Statement of Comprehensive income (O) CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash in hand, bank deposits which are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

(P) TROPHIES AT COST Trophies at cost are trophies memorabilia for sale and which are subject to an insignificant risk of changes in value.

(Q) GOVERNMENT GRANTS Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Club will comply with all the attached conditions.

Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.

Government grants relating to assets are deducted against the carrying amount of the assets.

Jobs credit and special 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.

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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31 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 2012

as at 31 December 2011

Honorary

VIP

Life

Life (Absent)

Ordinary (Non-Transferable)

Ordinary (Non-Transferable) – Suspended

Ordinary (Non-Transferable) – PAM / Suspended

Ordinary (Non-Transferable) – PAM

Ordinary (Non-Transferable) – TAM

Ordinary (Transferable)

1,499

1,494

11 12

Ordinary (Transferable) – Suspended

Ordinary (Transferable) – PAM / Suspended

Ordinary (Transferable) – PAM

196

203

Ordinary (Transferable) – TAM

Corporate (Transferable) – Number of Nominees

Country

Group

Lady

Social (Non-Transferable)

146

148

Term

Temporary (Lifestyle – 1 Year Membership) TOTAL

2,053

2,058

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.

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

DEPARTMENTAL REVENUE AND COSTS

Revenue Cost of sales (Note 14) Payroll and related costs (Note 7) Other direct costs Departmental contribution before minimum spending levy Materials and services consumed: Cost of sales Other direct costs

Rooms

Departmental contribution before minimum spending levy

Marina

Activities

Total

1,566 (545) (211) (756) 810

2,000 (437) (334) (289) (623) 940

258 (184) (197) (381) (123)

6,718 (1,537) (2,739) (1,026) (3,765) 1,416

(211) (211)

(437) (289) (726)

(197) (197)

(1,537) (1,026) (2,563)

3,219 (1,221) (1,686) (296) (1,982) 16

1,681 (565) (178) (743) 938

2011 S$’000 1,819 (409) (342) (171) (513) 897

253 (142) (186) (328) (75)

6,972 (1,630) (2,735) (831) (3,566) 1,776

(1,221) (296) (1,517)

(178) (178)

(409) (171) (580)

(186) (186)

(1,630) (831) (2,461)

(1,100) (329) (1,429)

Revenue Cost of sales (Note 14) Payroll and related costs (Note 7) Other direct costs

Materials and services consumed: Cost of sales Other direct costs

Food & Beverage 2,894 (1,100) (1,676) (329) (2,005) (211)

2012 S$’000

Included in other direct costs for Marina is loss on disposal of property, plant and equipment amounting to S$70,000 (2011: S$ Nil).

Departmental payroll and related costs and other direct costs include housekeeping payroll expenses and housekeeping expenses amounting to S$318,387 (2011: S$337,979) and S$100,266 (2011: S$109,858) respectively.

JACKPOT REVENUE AND COSTS

Revenue Less: Government duties and taxes Payout and refills Less Expenses: Payroll and related costs (Note 7) Jackpot night Auditor’s remuneration Other direct costs

2012 S$’000 8,356

2011 S$’000 8,008

(878) (6,933) 545

(1,055) (6,434) 519

(155) (75) (4) (7) (241) 304

(151) (77) (6) (29) (263) 256

During the year, the Club conducted zero tombola sessions (2011: 3) and 12 jackpot collections (2011: 14). There were no private lotteries accrued to individual for the year 2012 and 2011. 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 2012 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. R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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33 6.

SUBSCRIPTIONS AND OTHER INCOME

Car park collection Other income Rental income Subscription

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$65,295 (2011: S$67,601).

Included in employee payroll and benefits are remunerations of key management

Key management personnel comprise of the direct reporting senior officers.

OTHER EXPENSES

Auditors’ remuneration Bank charges* Club travelling expenses Computer maintenance General maintenance Insurance License fees and subscriptions Membership related and promotional expenses Miscellaneous expenses Postage, printing and stationery Professional fees Property tax Recruitment fees Security expense Telephone and fax Water and electricity

2012 S$’000 41 15 62 2,047 2,165

2011 S$’000 48 16 62 2.036 2,162

2012 S$’000 3,767 538 285 4,590 (155) 4,435 2,739

2011 S$’000 3,853 456 250 4,559 (151) 4,408 2,735

2012 S$’000 201

2011 S$’000 187

2012 S$’000 22 88 67 33 80 150 15 82 57 37 22 387 16 90 17 747 1,910

2011 S$’000 24 88 75 39 62 146 15 94 33 41 7 269 5 72 15 654 1,639

* Included in bank charges are credit card commission amounting to S$71,000 (2011: S$76,000) and bank charges amounting to S$17,000 (2011: S$12,000)

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

ENTRANCE AND TRANSFER FEES

Entrance fees Transfer fees Less: Marketing expenses

10. 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 are comprised of deductible portion of electricity charge of S$12,000 (2011: S$13,300) and 5% of concessionaire rental income allowable as deductions amounting to S$409 (2011: S$1,900). 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:

Tax calculated at a tax rate of 17% Effect of Singapore statutory income exemption and tax rebate

(b) Movements in current income tax liability

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

PROPERTY, PLANT AND EQUIPMENT

2011 S$’000 373 162 535 (123) 412

2012 S$’000 59 11 70

2011 S$’000 65 13 78

2012 S$’000 12 (6) 6

2011 S$’000 13 (7) 6

2012 S$’000 6 (6) 6 6

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 -in-progress S$‘000

Total S$’000

46,407 122 (132) 2,720 49,117

2,034 174 (435) 856 2,629

1,894 31 (377) 1,548

3,308 2,703 (3,576) 2,435

53,643 3,030 (944) 55,729

Accumulated depreciation At 1 January 2012 Depreciation charge Disposals At 31 December 2012

21,055 1,824 (63) 22,816

1,755 261 (436) 1,580

1,756 60 (375) 1,441

24,566 2,145 (874) 25,837

Carrying amount At 31 December 2012

26,301

1,049

107

2,435

29,892

2012 Cost At 1 January 2012 Additions Disposals Transfer (to)/from * At 31 December 2012

2012 S$’000 320 252 572 (53) 519

* During the year, due to the completion of the multi-tiered boat storage building, a forklift and dry stacker were reclassified from development-in-progress to plant and equipment and leasehold land and buildings respectively. Depreciation is provided over the useful lives of these assets.

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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35 Leasehold land and buildings S$‘000

Plant and equipment S$‘000

Furniture fittings and equipment S$‘000

Development -in-progress S$‘000

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

2011 Cost At 1 January 2011 Additions Disposals At 31 December 2011

The Club, being a registered society and incapable of holding any interest in land has appointed a Trust Company as its custodian trustee to take the sub-lease from the main lessor.

The leasehold land and buildings were mortgaged to secure bank facilities for the Club (See Note 22 and Note 23).

As mentioned in Note 2(d), leasehold land and buildings are being depreciated on a straight-line basis to write off the entire cost by 25 July 2027, when the lease will expire. Given its special-purpose use and the lack of comparable market prices it has not been possible to obtain a reliable open market valuation of the leasehold land and buildings. As the leasehold land and buildings are held for long-term and for the benefit of the members, there is no reason to believe that the carrying amount is inappropriate.

12.

CASH AND CASH EQUIVALENTS

2012 S$’000 1,956 151 2,107

Cash at bank and in hand Fixed deposits

2011 S$’000 3,948 151 4,099

Fixed deposits at the balance sheet date have an average maturity of 1 month (2011: 1 month) from the end of the financial year with the weighted average effective interest rates of 0.05% (2011: 0.1%) respectively.

The carrying amounts of cash and cash equivalents approximate their fair values and are denominated in Singapore Dollar.

13.

DUE FROM MEMBERS

Members’ debit balances 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

2012 S$’000 1,169 35 1,204

2011 S$’000 1,150 111 1,261

(206) (35) (241)

(235) 7 22 (206)

963

1,055

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

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$963,000 (2011: S$1,055,000).

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 2012 S$’000 755 146 43 260 1,204

Impairment losses 2012 S$’000 241 241

Gross 2011 S$’000 877 125 40 219 1,261

Impairment losses 2011 S$’000 206 206

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.

14.

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) 15.

OTHER CURRENT ASSETS

Sundry debtors Refundable deposits Prepayments Accrued income - jackpot

2012 S$’000

2011 S$’000

22 18 92 132 12 3 147

31 16 97 144 14 3 161

1,537

1,630

2012 S$’000 162 16 17 12 207

2011 S$’000 128 16 48 56 248

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

16.

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

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

R E P U B L I C O F S I NG AP O R E YAC H T C L U B

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37 17.

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 10)

2012 S$’000 170 68 446 42 46 6 778

2011 S$’000 225 73 408 43 46 6 801

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$70,000 (2011: S$87,000), provision for property tax amounting to S$120,000 (2011: S$ Nil), APB fund amounting to S$4,419 (2011: $369) and F&N fund amounting to S$9,000 (2011: S$ Nil)

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

18.

MEMBERS’ DEPOSITS The carrying amounts of members’ deposits approximate their fair values and are denominated in Singapore Dollar.

19.

DEFERRED INCOME FROM LONG-TERM BERTHS Deferred income relates to berth fees received in respect of long-term berth facilities.

20. 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. 21. 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: Financial assets Loans and receivables: Due from members Other current assets Cash and cash equivalents

Financial liabilities Financial liabilities measured at amortised cost: Trade payables Other payables and accruals Members’ deposits

2012 S$’000

2011 S$’000

963 190 2,107 3,260

1,055 200 4,099 5,354

2012 S$’000

2011 S$’000

323 772 844 1,939

377 795 799 1,971

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. ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

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 13 (Due from Members).

(ii) Foreign currency risk Foreign currency risk arises from changes in foreign exchange rates that may have an adverse effect on the Club in the current reporting period and in future years

The Club’s exposure to foreign currency risk is minimal as all transactions are dealt with in local currency.

(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.

(iv)

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Club has no significant interest-bearing assets except as disclosed in Note 12. However, the Club’s income and operating cash flows are substantially independent of changes in market interest rates. Liquidity risk Liquidity risk is the risk that the Club will encounter difficulty in meeting financial obligations due to shortage of funds. The Club’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Club’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities.

To manage liquidity risk, the Club monitors its net operating cash flow and maintains an adequate level of cash and cash equivalent.

The table below summarises the maturity profile of the Club’s financial assets and liabilities at the end of the reporting period based on contractual undiscounted repayment obligations. Within 1 year S$’000

Within 1 to 5 years S$’000

More than 5 years S$’000

Total S$’000

963 190 2,107 3,260

Financial liabilities Trade payables Other payables and accruals Members’ deposits Total undiscounted financial liabilities

323 772 844 1,939

Total net undiscounted financial assets

1,321

Within 1 year S$’000

Within 1 to 5 years S$’000

More than 5 years S$’000

Total S$’000

1,055 200 4,099 5,354

Financial liabilities Trade payables Other payables and accruals Members’ deposits Total undiscounted financial liabilities

377 795 799 1,971

Total net undiscounted financial assets

3,383

Liquidity Risk 2012 Financial Assets Due from members Other current assets Cash and cash equivalents Total undiscounted financial assets

Liquidity Risk 2011 Financial Assets Due from members Other current assets Cash and cash equivalents Total undiscounted financial assets

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39 (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. 22.

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.

CONTINGENT LIABILITIES

Performance guarantees (secured)

2012 S$’000

2011 S$’000

209

197

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

23.

CAPITAL COMMITMENTS

Amount authorised and contracted for but not recognised in the financial statements

2012 S$’000

2011 S$’000

5,400

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$2,703,644 (2011: S$2,951,783) on the initial expenditure for the project (Note 11 – 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 11). 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.

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 which this new loan agreement supersedes, except that the term loan is available for first drawdown up to 23 May 2012.

24.

CAPITAL MANAGEMENT The primary objective of the Club’s capital management is to maximize member’s value.

The Club manages its capital structure and make adjustments to it, in light of changes in the working capital requirements, business performance and economic conditions. To maintain or adjust the capital structure, the Club may issue new memberships. No changes were made in the objectives, policies or processes during the years ended 31 December 2012 and 31 December 2011.

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.

ANNUA L R E P O R T 201 2 / 201 3

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2012

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.

Allowance for inventories The Club reviews the carrying value of its inventories to ensure that they are stated at the lower of cost and net realisable value. In assessing the next realisable value and making appropriate allowances or writing off of these inventories, management identifies inventories that are slow moving or obsolete, considers physical conditions, market conditions and market price for similar items.

The carrying amount of inventories is disclosed in Note 14 to the financial statements.

Property, plant and equipment During the year, due to the completion of the multi-tiered boat storage building, the Club recognised the completion of the dry stacker and a purchased forklift used in the dry stacker as leasehold land and buildings plant and equipment and respectively. Some of the cost recognised as buildings are based on the percentage of the cost to complete the boat storage as compared to the cost of amount authorised and contracted.

The amount recognised during the year based on this estimate amounted to S$359,765 (2011: Nil)

OTHER MATTERS On 23 July 2012, a heavy work boat berthed to allow four personnel from West Squadron Marine Services Pte Ltd to load some plastic bags and to board the vessel. Immediately after the vessel’s departure, the pontoon was damaged.

The Club will engage a company to inspect all piles underwater in the vicinity to determine the structural integrity of the piles. The Club will also employ competent civil and structural engineer to carry out the study on the damage and to propose a recovery plan. As at balance sheet date, the inspection is still ongoing.

AUTHORISATION OF FINANCIAL STATEMENTS These financial statements were authorised for issue by the Club Committee on 25 April 2013.

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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

Queensland Cruising Yacht Club PO Box 399, Sandgate, Queensland 4017 T : 617-32694588 F : 617-32690818 W : www.qcyc.com.au Royal Melbourne Yacht Squadron PO Box 2001, St Kilda West, Victoria 3182 T : 03 9534 0227 F : 03 9534 4478 E : jan@rmys.com.au W : www.rmys.com.au Royal Brighton Yacht Club 253 The Esplanade, Middle Brighton, Victoria 3186 T : 613-9592 3092 F : 613-9592 9633 E : reception@rbyc.org.au W : www.rbyc.org.au 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

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

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

Yorkeys Knob Boating Club Inc PO Box 100 Yorkeys Knob, Queensland 4878 T : 617-70557944 F : 617-70557074 W : www.marina.yorkeysknob.com

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

Hillarys Yacht Club Northside Drive, PO Box 348, Hillarys Western Australia 6923 T : +61 8 9246 2833 F : +61 8 9448 9566 E : admin@hillarysyachtclub.com.au W : www.hillarysyachtclub.com.au

ANNUA L R E P O R T 201 2 / 201 3

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RECIPROCAL CLUBS BAHRAIN Bahrain Yacht Club PO Box 5390, Manama-Bahrai N. Arbian Gulf, State Of Bahrain T : 700677 F : 701797 E : bahyc@batelco.com.bh W : www.thebahrainyachtclub.com BELGIUM Royal Belgian Sailing Club Jschrantstraat No 3, B.9000 Gent. Europe T : 09-2278109 F : 09-2276712 W : www.rbsc.be Bruxelles Royal Yacht Club 1, Chaussee De Vilvorde 1020 Bruxelles T : 02 216 48 28 F : 02 245 62 22 E : info@bryc.be W : www.bryc.be BERMUDA Royal Bermuda Yacht Club 15 Point Pleasant Road, Hamilton HM11, Bermuda T : +1 (441) 295.2214 F : +1 (441) 295.6361 E : manager@rbyc.bm W : www.rbyc.bm 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

HONG KONG Aberdeen Boat Club Limited 20 Shum Wan Road, Aberdeen T : 852-25528182 F : 852-28732945 E : mbs@abclubhk.com W : www.abclubhk.com

Royal 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

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

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 CUBA Club Náutico Internacional Hemingway de Cuba 5ta Ave y 248, Santa Fe, Playa, La Habana, Cuba T : (537) 204 66 53 F : (537) 204 16 89 E : yachtclub@cnih.mh.tur.cu W : www.hemingwayyachtclub.org GERMANY Augsburger Segler-Club E.V., Ed.-Thöny-Str 26, 86919 Utting T : (0 88 06) 76 34 F : (0 88 06) 77 20 E : asc-utting@t-online.de W : www.asc-utting.de Norddeutscher Regatta Verein Schöne Aussicht 37, 22085 Hamburg, Europe T : 040-2290815/2290753 F : 040-2290572 E : secretariat@nrv.de GUAM Marianas Yacht Club PO Box 2297, Agana 96910 T : 671-4773533/4 W : www.marianasyachtclub.org

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 IRELAND Royal Cork Yacht Club Crosshaven Co. Cork T : 353 21 4831023 F : 353 21 4831586 E : office@royalcork.com W : www.royalcork.Com ITALY Club Nautico Rimini P.Le Boscovich, 12, 47900 Rimini T : 0541 26520 F : 0541 56878 E : cnrimini@cnrimini.com W : www.yachtclubitaliano.it Yacht Club Italiano Porticciolo Duca Degli Abruzzi, 16126 Genova Italy T : 39-0102461206 F : 39-0102461193 E : info@yci.it W : www.yci.it MALAYSIA Kinabalu Yacht Club PO Box 10392, 88804 Kota Kinabalu, Sabah T : 6088-240070 / 6088-243070 F : 6088-243007 W : www.kinabaluyachtclub.com Perak Yacht Club Lot 678 Kg Lalang, K Baru, Karong Berkunci No 3, Ayer Tawar 32400 Ayer Tawar Perak Darul Ridzuan T : 05-935106

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RECIPROCAL CLUBS Piasau Boat Club Sarawak Shell Berhad, Locked Bag No. 1, 98100 Lutong, Sarawak, Malaysia T : 60-85-655313 F : 60-85-657249 E : pbc@po.jaring.my Royal Langkawi Yacht Club Jalan Dato Syed Omar, 07000 Kuah, Langkawi, Kedah Darul Aman T : 604-9664078 F : 604-9665078 E : info@langkawiyachtclub.com W : www.langkawiyachtclub.com Royal Selangor Yacht Club Jalan Limbongan, 42000 Port Kelang, Selangor T : 03-168 6964 F : 03-168 8650 E : info@rsyc.com.my W : www.rsyc.com.my 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 MALTA Royal Malta Yacht Club Couvre Porte, Fort Manoel, Manoel Island, Gzira - Malta G.C. Europe T : 333109 F : 331131 MEXICO Acapulco Yacht Club Apartado Postal 117, Acapulco, Guerrero T : 52 744 482-38-59 / 60/70 F : 52 744 482 2836 W : www.clubdeyatesaca.com.mx MONACO Yacht Club De Monaco 16, Quai Antoine Ier, MC 98000 Monaco T : 377 93 10 63 00 F : 377 93 50 80 88 E : accueil@ycm.org W : www.yacht-club-monaco.mc 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 PHILIPPINES The Manila Yacht Club PO Box 1085, Manila T : 632-526-7868 F : 632-523-7183 W : www.manilayachtclub.org The Puerto Galera Yacht Club PO Box 30450, Puerto Galera, Oriental Mindoro 5203, Philippine Islands T : 63 43 442 0136 F : 63 43 442 0136 E : office@pgyc.org W : www.pgyc.org Subic Bay Yacht Club Rizal Highway Cor., Burgos Street Subic Bay, Freeport Zone, Philippines 2222 T : 047 2525211 F : 0472526587 E : membership@sbyc.com.ph SEYCHELLES Seychelles Yacht Club PO Box 504, Victoria Mahe Seychelles, Indian Ocean T : 322362 / 323139

SOUTH AFRICA Royal Cape Yacht Club PO Box 772, Cape Town 8000 T : 27 21 421-1354 F : 27 21 421-6028 E : info@rcyc.co.za W : www.rcyc.co.za Victoria Lake Club PO Box 77, Germiston 1400 T : 825 3530 F : 8739609 E : ross@rri.co.za W : www.sailrsa.org.za 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

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RECIPROCAL CLUBS 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

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

Royal Fowey Yacht Club Whitford Yard, Fowey, Cornwall PL23 1BH T : 01726-832245 / 01726-833573

U.S.A. Balboa Yacht Club 1801 Bayside Drive, Corona Del Mar, California 92625 T : 949-6733515 F : 949-6738937 E : armite@pacbell.net

Royal Lymington Yacht Club Bath Road, Lymington, Hampshire S041 3SE T : 0590-672677 F : 0590-671642

Boca Raton Yacht Club 4001 North Ocean Blvd, Suite B201 Boca Raton, FL 33431 T : 561-392-6333 E : jwspechler@aol.com

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

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

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

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

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 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 E : john@gyc.com W : www.gyc.com R E P U B L I C O F S I NG AP O R E YAC H T C L U B

Annual Report 2012-2013 17.indd 44

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PAST COMMODORES

1919

W F Nutt, O.B.E W M Blake

1920

W F Nutt, O.B.E

1921

W F Nutt, O.B.E

1922

Sir Laurence Guillemard

1923

1952

E G Holiday

1983

C M Fairfield

1953

E G Holiday

1984

R G Urry

1954

E G Holiday

1985

Francis C H Lee

1955

J C Allan V C Bath

1986

Francis C H Lee

Sir Laurence Guillemard

1956

E G Holiday

1987

Francis C H Lee

1924

Sir Laurence Guillemard

1957

V C Bath

1988

Harry S H Ho

1925

Sir Laurence Guillemard

1958

Sir William Goode

1989

Harry S H Ho

1926

Sir Laurence Guillemard

1959

1990

Harry S H Ho

1927

Sir Laurence Guillemard C Boden Kloss Sir Hugh Clifford

Sir William Goode J H P Young

1991

Loo Soon Heng

1960

E G Holiday

1992

Kam Chai Heng

1928

Sir Hugh Clifford

1961

A W Scott

1993

Kam Chai Heng

1929

Sir Hugh Clifford R O Winstedt

1962

H Pfrunder

1994

Kam Chai Heng

1963

T G Cotterell

1995

Tan Kay Toh

1930

C Boden Kloss

1964

R A Sandford

1996

Tan Kay Toh

1931

C Boden Kloss

1965

F R Pitcher

1997

Tan Kay Toh

1932

F G Lundon

1966

F R Pitcher

1998

Lim Kwong Hoon, PBM

1933

F G Lundon

1967

J Snowden

1999

Lim Kwong Hoon, PBM

1934

F G Lundon

1968

J Snowden

2000

Lim Kwong Hoon, PBM

1935

F G Lundon

1969

R G Beale

2001

Tan Kay Toh

1936

M H Matheson

1970

K Smedley

2002

Khoo Ih Chu

1937

M H Matheson

1971

K Smedley

2003

Khoo Ih Chu

1938

M H Matheson

1972

J Snowden

2004

Khoo Ih Chu

1939

E W Slight

1973

J Snowden

2005

Tan Kay Toh

1940

E W Slight

1974

W H Henderson

2006

Tan Kay Toh

1941

E G Holiday

1975

W H Henderson

2007

B. Balakrishnan

1976

D F Roe

2008

B. Balakrishnan

1977

D F Roe

2009

B. Balakrishnan

1978

G W Chubb

2010

Tan Kay Toh

1979

Teo Eng Tat

2011

Tan Kay Toh

1980

Teo Eng Tat

2012

Tan Kay Toh

1981

Teo Eng Tat

1982

P F Phillips

CMY

1942 to Inactive during 1945 WWII 1946

E W Slight

1947

P A B McKerron

1948

P A B McKerron

1949

Sir Patrick McKerron

1950

H Worham

1951

H Worham

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CMY

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