HONORARY TREASURER FINANCIAL REPORT

INTRODUCTION

Financial Year 21/22 proved to be yet another challenging year for the Club due to the continuing impact brought about by the ongoing COVID-19 pandemic. With the operationalization of the new Clubhouse facilities and amenities, we have indeed seen upticks in our revenue streams from higher membership sign-ups, full tenancy capacity and higher take-up rates for our seasports courses. However, there was a drop in sponsorship/advertisement revenue in FY21/22 as the continuing COVID-19 pandemic had dampened the economic outlook somewhat; suppliers had withheld their sponsorship/advertising dollars to the Club. Despite the challenging circumstances, for Financial Year 21/22, the Club registered an increase of S$628k in income and achieved a net cash profit of S$545k (after tax) before depreciation and amortization.

Finance Sub-Committee :

Chairman Mr. Willis Tarn Rui Seng Ms. Luanne Tan Siok Choo Mr. Ian Chua Cheng Yong

Members

Mr. Teo Wee Chin Mr. Au Wing Hong

FINANCIAL PERFORMANCE FY 21/22

For the financial year ending on 31 Mar 2022, the Club’s gross income and expenditure were S$3,398,331 and S$2,828,974 respectively. Considering depreciation and amortization, the Club registered a net operating surplus of S$258,262

The Club saw an increase in revenue by 23% over the last FY. The breakdown of the changes in the Club’s key revenue items are as follows: • Memberships and Events increased by 31% • Marina and Boat Storage increased by 27% • Tenants’ Income increased by 30% • Sea-sports & activities increased by 32%

For expenditure, there was an increase of 8% over last FY due to the higher operating cost in tandem with the increased activities. Operating cost increases came mainly from Sea Sport related expenses, Marina related expenses (predominantly petrol and diesel), Event cost and Utilities.

LOOKING AHEAD

In the year ahead, the Club will continue to face challenging business conditions due to the impact of COVID-19, bleak economic outlook, evergreen competition from the other yacht clubs and social service clubs as well as rising business costs. However, the Club will continue to evolve by tapping into new channels and resources to improve our existing business models and enhance our revenue streams, while continually operating our businesses in a cost-effective manner. The Club will also continue to embark on capital investments in the Club facilities from time to time to ensure that Members enjoy high-quality facilities and services at reasonable rates. To illustrate, the Club has invested in the wet berth expansion works and our Members can look forward to a rejuvenated Marina by early 2023. Moving forward, it is vital that the Management Team and Members of the Club continue to strengthen our symbiotic relationship and cooperate to promote the Club, attract new members and participate actively in the Club’s activities. Together, we can continue to project the SAF Yacht Club as a quality sailing and yachting club in Singapore.

Willis Tarn Rui Seng Honorary Treasurer