RSYC Annual Report 2012

annual report 2011/2012republic of singapore yacht club

C

M

Y

CM

MY

CY

CMY

K

AR2012_Cover.pdf 1 5/25/12 12:40 PM

our missionTo build upon our rich tradition as Singapore’s premier yacht club,

member-owned and affordable, and providing the best sea sports facilities

with excellent club amenities.

C

M

Y

CM

MY

CY

CMY

K

AR2012_Cover.pdf 4 5/25/12 12:40 PM

Annual Report 2011 / 2012 1

Notice of Meeting

4 June 2012

Dear Members

Notice is hereby given that the 87th Annual General Meeting of the Members of the Republic of Singapore Yacht Club will be held at theNautica Ballroom on Friday, 22 June 2012 at 1900 hours to transact the following business:

1. Commodore’s Address

2. ToconfirmMinutesoftheAnnualGeneralMeetingheldon24June2011

3. Matters Arising

4. To consider the Annual Report of the Club

5. To consider and if approved, adopt the Audited Accounts for the Year ended 31 December 2011

6. ToelectFlagOfficersandCommitteeMembersfortheyear2012/2013

7. To elect Auditors for the Club

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

TheelectionofFlagOfficersandCommitteeMemberswillbebysecretballotandsupervisedbyapanelofScrutineerscomprisingarepresentative 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 than1700 hours on 15 June 2012.

AR2012_InsidePages_1 15.indd 1 5/25/1212:51PM

Republic Of Singapore Yacht Club2

Contents

Notice of Meeting page 1

RSYC Committee & Patron page 3

Commodore’s Message page 4

Secretary’s Report page 5

Treasurer’s Report page 7

Five-Year Comparison page 10

Development Report page 11

Marina Facilities Report page 12

Food & Beverage Report page 14

Membership Report page 15

Rooms Report page 16

Events & Sea Sports Report page 17

Club Administration & Supporting Departments Report page 21

Independent Auditors’ Report page 24

Financial Statements page 25

Reciprocal Clubs page 44

Past Commodores page 48



RSYC Committee & Patron

PATRONMr S.R. Nathan

Former President of the Republic of Singapore

RSYC COMMITTEE 2011/12COMMODORE

Tan Kay Toh

VICE COMMODORELow Teo Ping

REAR COMMODOREChow Theng Kai

HONORARY SECRETARYBalakrishnan B.

TREASURERKjetil W Gulliksen

COMMITTEE MEMBERSDavid Cronin

Joseph Kwok Wei WoonTan Ann Kiong

Wee Keng HweeInez Wei

Photo above (from left)Tan Ann Kiong, David Cronin, Chow Theng Kai, Balakrishnan B, Tan Kay Toh, Kjetil Gulliksen,Inez Wei and Wee Keng Hwee.

Absent in group photoLow Teo Ping (extreme left) and Joseph Kwok Wei Woon.



On behalf of the RSYC Committee, it is my duty to present to members the Annual Report for the period January to December 2011.

Fortheyear2011,weendedwithadeficitof $536,000, as compared with the previous year’sdeficitof$870,000,andagainstourexpected budget surplus of $799,000. This can principally be attributed to the shortfall of the income expected from the membership department.Detailsofthefinancialreportand numbers can be obtained in the Treasurer’s Report and the Statement of Accounts on pages 25 to 43.

This is the second year that the number of sub-committees have been capped. This is in line with opinions expressed by members at past AGMs. We continued with three sub-committees, namely the Finance, Development and subsequently the Marine Facilities sub-committees. The functions of thelifestyle/membershipsub-committeewereleft to the management with the employment of a senior position to head this department.

We decided to reinstate the Marine Facilities sub-committee in August 2011 as the RSYC Committee felt that this is a key function, now that we have invested almost $3 million in this area of operation. The reports inside will give you more details on the workings of the various departments. Our General Manager, Mr. Werner Trachsel, has now been with us for 12 months and I trust that he is working hard on making our Club a better place for us members.

We pushed ahead with our development plans and after much delay, we completed the stacker building recently on 16 May 2012 with TOP issued. The Dry Stack Building was officiallydeclaredopenbyourpatron,formerPresident of Singapore Mr. S.R. Nathan, at a commemorative ceremony on 18 May 2012. We can expect to start receiving income from our investment hereon. As for the extension works to the accommodation wing, this is

expected to be completed by the end of the year 2012.

With bold expansion plans well in progress, the RSYC is poised to retain its position as the region’s premier boating and leisure facility. We continue to maintain our market presence by our participation in industry-related events and promotion of sea-sports activities to the community.

The RSYC is a members-owned club, and as such, the club can only be as good as we make it. It takes passionately committed members with diverse skill sets to help steer the club. I sincerely look forward to more participation from members to avail themselves for election to the RSYC Committee. Please approach me or any of the RSYC Committee Members if you need an introduction to serve.

I would like to take this opportunity to record my sincere appreciation to all my fellow RSYC Committee Members and the management and staff for all their effort and support given to me and to all of you members who have given me the honour and privilege to serve you.

See you at the 87th AGM on Friday, 22 June 2012.

TAN KAY TOHCommodore

Commodore’s Message

TAN KAY TOHCommodore

Former President S.R. Nathan

opening the Dry Stack Building.



Secretary’s Report

ThecurrentRSYCCommitteetookofficeimmediately after the Annual General Meeting in June 2011. We held monthly meetings during the past year and many other ad hoc meetings as Club affairs dictated. It was a busy year for all of us.

The most important accomplishment was the completion of the dry stacker building, with the Accommodation Wing still work in progress. The extension to the Marina Lodge should be completed sometime in the 4th Quarter of 2012.

The three sub-committees formed this

past year are Finance, Development and Marine Facilities, headed by Mr Kjetil Gulliksen, Mr Tan Kay Toh and Mr Wee Keng Hwee respectively. These sub-committee meetings are usually attended by other Main Committee members as well, whenever they are not travelling abroad on business. A few other RSYC members also sit on some sub-committees and we are grateful to them for their expertise and time given freely for the well-being of the Club. I should like to thank the sub-committee members for their valuable contributions.

During the year under review, we were

fortunate to have the President of the Republic of Singapore, Mr S.R.Nathan, as our Patron. Although Mr Nathan had stepped down as President when his second term ended in August 2011, he has graciously consented to continue as our Patron and wearegratefultohimforalsoofficiatingtheopening of the Dry Stacker on the 18th May 2012.

Among the many events that took place at the Club, I just want to highlight a few that wereparticularlysignificant.Chiefamongthese were the two traditional regattas, the 18th Singapore Straits Regatta held in January 2012 which RSYC had the honour to organize on a rotational basis with other sailing clubs, and the 12th annual RSYC Regatta held last July 2011. Both regattas were chaired by Mr Karl Nilssen, our former Rear Commodore, and we thank him for his contribution.

We also wish to acknowledge the participation of some of our yachters, and the staff and management, particularly our General Manager, Mr Werner Trachsel, who shouldered much of the responsibility to ensure the success of these two signature sailing events. I wish to appeal for a few dedicated RSYC members to step forward to guide and lead the regatta organising committees in the coming year.

OthersignificantfuneventsincludedtheNewYear’s Eve party that was well attended, the Oktoberfest celebration, and the series of “Kids love cooking” sessions and talks and demonstrations on a wide variety of topics like jewellery making, health or wellness

The RSYC Committee withformer President Nathanand Dr Tan Cheng Bock.

Viewing the brand new facilities.



talks, and family-oriented events that help parent-child bonding, especially through sea sports.

Our charity cruise last year was held in OctoberandbenefittedthechildrenfromtheJamiyah Children’s Home and Children’s AidSociety.Thekidshadaterrifictimepicnicking and having games on Pulau Hantu for a day. Some 20 members participated with their boats and jet-skis, always a big hit with the disadvantage children.

I must also acknowledge members’ participation with their sponsorships of about two dozen children and adults with disabilities when we hosted them at the Sailability races during the Corum-RSYC Regatta last July.

Onthedownside,wehadaratherdifficultyear with regards to the high turnover of staff, symptomatic of the general situation in Singapore. We had replacements in the key positions of Head of Membership Sales & Marketing, F&B Manager, and a few lesser positions.

These changes unfortunately had a negative impact on the efforts to increase our membershipbasesignificantly.Theplannedmembership drive continues without any let up and we hope our members can do their share in helping us achieve our targets.

Over the past year, we had a number of visits from members of overseas yacht clubs which exchanged burgees with RSYC. Among them were Sandringham Yacht Club of Victoria, Australia, Alamitos Bay Yacht Club of Long Beach, California, Antigua Yacht Club in the British Virgin Islands, Pass Christian Yacht Club of Mississippi, and Lahaina Yacht Club of Hawaii.

In conclusion, I wish to thank all our members for their support this past year. I also want to thank the management and staff for their dedication and loyal service and look forward to another good year ahead.

BALAKRISHNAN B.Honorary Secretary

Secretary’s Report

New Year’s Eve Party

Oktoberfest 2011

Commodore Tan Kay Toh exchanging burgeeswith Mr Philip Eynon of Antigua Yacht Club.



Treasurer’s Report

OVERALL RESULTS OF CLUB FINANCIAL YEAR ENDED 2011Theclubendedthe2011financialyearwithanOperatingIncomeof$2.1 million, an increase of $600,000 (39%) in comparison with last year 2010 of $1.5 million.

TheyearNetDeficitafterdepreciationandtaxof$536Khasimprovedby$334,000(38%)incomparisonwithlastyear2010NetDeficitof$870,000.

This was achieved with increased revenues in Food and Beverage, Room and Jackpot and reduced operation costs in most of the department.However,nonoperatingemployeeexpenses&benefithaveincreased.(2010deficitincluded$161,000HeritageBookexpenses.)

Theincreaseinnonoperatingemployeeexpensesandbenefitwasmainlyduetothereclassificationofstaffmealcostsof$216,000thatwas apportioned to respective department payroll cost in prior years.

Thedepartmentalfinancialperformancesincomparisonwithlastyear2010 were as follows:

A. F&B - Surplus Contribution of $16K:

F&Bturnedaroundannualdeficitssince2007toasurpluswith increased revenue by $187,000 at 6% and well controlled direct cost. Even though the payroll cost reduction was mainly attributed bythereclassificationofthestaffmeals,therespectiveoutlet managers have managed their respective department’s labor cost reasonably well.

B. Rooms - Surplus Contribution of $938K:

Marina lodge and Housekeeping achieved another year of good revenue with $103,000, 7% increase over last year’s $1.57 million revenue. The construction of the additional rooms, which was scheduled to commence in April 2011 and was then delayed to September 2011, has not affected the room occupancy.

C. Jackpot - Surplus Contribution of $256K:

Jackpot managed to improve the net collection to $519,000 in 2011, an improvement of $96,000 (23%) after the plunge in 2010 to $423,000 due to the opening of the IR. Since 4th April 2011, Jackpot revenue was higher due to a change in the basis of turnover recognition as per IRAS new reporting structure.

D. Marina - Surplus Contribution of $897K:

Marina total revenue slightly declined by $55,000 (3%) in comparison with last year’s $919,000. The revenue from dry berth declined by 16% and fuel sales declined by 4%. Nevertheless, wet berth revenue improved by 10% due increased visiting yachts.

The direct costs remained constant, while payroll cost decreased due to high marina staff turnover in 2011, which lead to positions being temporarily vacant.

E. Activities-DeficitContributionof$75K:

The club activities refer to the Events and Sea sport departments. Event revenue declined mainly due to the cessation of Tombola night since May 2011 and Sea sports revenue declined due to the reduction of MOE student’s CCA sailing courses in 2011 after the relocation of the sailing classes to Pandan Reservoir.

Payroll cost for Events was higher with the employment of an Event Manager in 2011 compared to an Events Executive in

2010 while Sea sport payroll cost was reduced with the Sea sport consultant’s contract ending in Jan 2011. The replacement of the Head of Sea sport was on board only in November 2011.

F. Membership - Entrance Fee Net Contribution of $412K: 2011 Membership net income, after direct marketing expenses, of $412,000, was the second year of unsuccessful membership marketing initiatives aimed at increasing the club membership in conjunction with the development of the Dry Stack building and the addition of Rooms.

The total entrance and transfer fees increased to $535,000 in 2011 from $468,000 in 2010. However, there was additional $74,000 marketing expenses, inclusive of the six months engagement of a PR & media’s company to support the media coverage and the Membership launch in March 2011. The result of this launch was much below expectation with only 23 prospects attending and 7 taking up membership.

The payroll costs increased with the additional headcount of a PR Manager in 2011. Other membership direct costs were constant, except an increase to $33,000 expenses for Boat Asia 2011 in support of the membership launch, compared to $19,000 spent in 2010.

G. Non Operating Employee Expenses of $1.67M: NonoperatingemployeeexpensesthatincludedExecutiveoffice, Finance & Admin (HR, IT & Purchasing), Maintenance and Security departments were higher by $400,000 compared to $1.3million in 2010. This was mainly due to the monthly staff meal costof$18,000havingbeenreclassifiedtoAdmincostsinstead of the respective operating department. 2011 payroll cost was higher, due to annual increases and the General Manager’s payroll cost of nine months as opposed to six months in 2010.

Security service expenses also increased with the engagement of a part time Fire Safety Manager and a WHS Consultant in 2011 in compliance with statutory requirements.

H. Other Club Overhead Expenses of $1.63M:

2011 total club other overhead expenses were well controlled, however, there was an increase in electricity costs of $61,000 (10%) due to increased electricity rates. Pleaserefertotheauditedfinancialstatementsfordetailsof departmentalincomesandexpenses.

Overalltheclubhasfinanciallyperformedbetterin2011withmostofthe operating departments contributing better results than last year. Theclubrecordedanincreasedpositivecashflowoverthelastyear.

However, the Net Cash position decreased to $4.1M, after payment of $3M in Purchases of Fixed Assets, including development and constructioncosts.(Pleaserefertothestatementofcashflowintheauditedfinancialstatement).

Going forward, the club must increase revenues from membership sales.Thisisthesinglemostimportantfactorforfinancialstability.The traditional means of recruiting members have not been successful and the club may have to look at new, innovative ways to attractasignificantnumberofnewmembers.Themanagementshallcontinue to keep operating costs under control.

With completion of the dry berth stacker in early 2012 and the additional rooms by the end of the year, the club will be in a favourable position to increase the membership base and improve the netcashflowposition.


Republic Of Singapore Yacht Club

Treasurer’s Report

Lastly, I would like to thank all the members of the Finance Sub-Committee who contributed their valuable time and input during the monthly Finance Sub-committee meetings. I also thank the Finance team, especially Ms Zhu Xian Lian, our accountant who worked doubly hard in the absence and transition of the Finance Manager for ensuringthatthemonthlyfinancemanagementreportswereaccurateand on time for review and decision making. Kjetil W. GulliksenTreasurer

FINANCE SUB-COMMITTEEKjetil W. Gulliksen (Chairman)Tan Kay TohLow Teo PingBalakrishnan BDavid CroninTan Ann Kiong

CAPEX FOR 2011 $GMOffice 1,450

Finance & Admin 15,545

Project Manager’s 3,360

Gym Room 1,680

Mahjong Room 3,280

F&B 6,904

FrontOffice 950

IT 6,579

Jackpot 7,522

Membership 1,150

Security 2,790

51,210

8

2011 OPERATING DEPT NET GROSS FINANCIAL REVIEW

F&BROOMS /

HOUSEKEEPING JACKPOT EVENT SEA SPORTS MARINA MEMBERSHIP

2011

2010

$16$938 $256 $897 $412$788 $95 $919 $419

($257)

($56) ($60)

($19) ($27)

Valu

e in

S$’

000


Annual Report 2011 / 2012

NET OPERATING DEFICIT - FIVE YEAR COMPARISON

Valu

e in

S$’

000

($536)

2011 2010 2009 2008 2007

($870)

($673)

($753)

($352)

2011 TOTAL REVENUE

Sea Sports2%

Events1%

Membership5%

F&B32%

Rooms16%

Marina18%

Subscription20%

Jackpot5%

Club Misc Others Income1%

2011 TOTAL OPERATING / NON OPERATING COSTS

F&B29%

Depreciation18%

Rooms7%

Marina9%

Membership5% Club Admin

22%

Jackpot2%

Sea Sports2%

Security3%

Maintenance2%

Events1%

9



Five-Year Comparison

2007 2008 2009 2010 2011F&BREVENUE 3,567 4,416 3,434 3,032 3,219COST OF SALES (1,356) (1,794) (1,439) (1,178) (1,221)PAYROLL & RELATED COSTS (1,753) (2,063) (1,769) (1,790) (1,686)OTHER DIRECT COSTS (592) (569) (551) (351) (296)

(2,345) (2,632) (2,320) (2,141) (1,982)DEPARTMENTAL CONTRIBUTION BEFORE MINIMUM SPENDING (134) (10) (325) (287) 16MINIMUM SPENDING LEVY 88 94DEPARTMENTAL CONTRIBUTION AFTER MINIMUM SPENDING (46) 84 (325) (287) 16

ROOMS REVENUE 1,284 1,583 1,578 1,578 1,681COST OF SALESPAYROLL & RELATED COSTS (568) (627) (618) (625) (565)OTHER DIRECT COSTS (367) (235) (197) (165) (178)

(935) (862) (815) (790) (743)DEPARTMENTAL CONTRIBUTION 349 721 763 788 938

JACKPOTREVENUE (w.e.f Apr11 - change in rev recog by meter reading) 4,842 4,219 4,352 3,029 8,008#(2008onwardJackpotrevenuereflectedinNetafter (1,861) (1,755) (1,276) (1,055)duty tax and GST payable) (1,585) (1,914) (1,330) (6,434)

773 683 423 519COST OF SALESPAYROLL & RELATED COSTS (171) (172) (194) (182) (151)OTHER DIRECT COSTS # (4,084) (200) (179) (146) (112)

(4,255) (372) (373) (328) (263)DEPARTMENTAL CONTRIBUTION 587 401 310 95 256

MARINAREVENUE 1,439 1,773 1,739 1,874 1,819COST OF FUEL SALES (242) (399) (296) (418) (409)PAYROLL & RELATED COSTS (452) (367) (327) (370) (342)OTHER DIRECT COSTS (255) (175) (170) (167) (171)

(707) (542) (497) (537) (513)DEPARTMENTAL CONTRIBUTION 490 832 946 919 897

ACTIVITIESREVENUE 101 99 166 306 253COST OF SALESPAYROLL & RELATED COSTS (101) (163) (183) (108) (142)OTHER DIRECT COSTS (24) (42) (66) (285) (186)

(125) (205) (249) (393) (328)DEPARTMENTAL CONTRIBUTION (24) (106) (83) (87) (75)

TOTAL REVENUE 11,321 12,184 11,357 9,916 15,072TOTAL OPERATING PAYROLL COSTS (3,045) (3,392) (3,091) (3,076) (2,886)TOTAL COST OF SALES (6,920) (6,860) (6,567) (5,316) (10,062)

TOTAL OPERATING INCOME 1,356 1,932 1,611 1,427 2,032

SUBSCRIPTION & OTHER INCOME 2,107 2,216 2,188 2,201 2,162FINANCE INCOME- INTEREST INCOME FR BANKS 39 27 11 12 13OTHER INCOME - JOB CREDITS & PROPERTY TAX SAVING 232 36 2MINIMUM SPENDING LEVY (RELOCATED IN 2009) 88 97 92

EXPENSESCHANGE IN INVENTORIES 4 (34) 10 9 (15)DEPRECIATION (1,848) (1,890) (1,939) (1,950) (1,941)MISCWRITEBACK/(OFF)&PROVFORDOUBTFULDEBT 100 (71) (210) 13 25NON OPERATING EMPLOYEES EXP & STAFF BENEFITS (1,201) (1,729) (1,608) (1,347) (1,673)OTHER EXPENSES (1,286) (1,634) (1,482) (1,618) (1,639)

OPERATING DEFICIT AFTER DEPRECIATION (729) (1,183) (1,099) (1,120) (942)

HERITAGE BOOK (NET COST LESS MBRS FUNDS) (161)

ENTRANCE AND TRANSFER FEE 418 441 434 419 412FINANCE EXPENSES & BANK TERM LOAN (26) (4)INCOME TAX (15) (7) (8) (8) (6)

NET DEFICIT AFTER TAX (352) (753) (673) (870) (536)



Development Report

After the Development Sub-committee had spent a great many hours in establishing the best arrangement for the dry stacker and the accommodation wing, the contract with the main contractor, WY Steel Construction PteLtd,wasfinallysignedon3March2011.The site was handed over to the contractor on14Apriland,finally,workwasunderway.The expected completion date for the dry stacker was November 2011 and for the accommodation wing July 2012. However, this proved not to be.

Work started with the demolition of the old boat shed in staggered phases so as to minimise the inconvenience to Members. This was followed by the demolition of part of the building adjoining the hotel wing to make room for piling works.

Itwasatthisstage,thatwefacedthefirstofseveral delays. The construction of the dry stacker was delayed when the foundations laid during the construction of the clubhouse were not in accordance with the design of the stacker. This lead to additional hacking works being required that were not scheduled. Meanwhile at the accommodation wing, the certificationofthetestpilestookmuchlongerthan expected.

However, once the foundation of the stacker was corrected, the actual erection of the steel structure and the installation of Lysaght material moved very quickly. The contractor wasabletohandoverthefirstbuildingtothe club in December. This was followed by moving as many boats as possible to the completed stacker to make space to commence construction of the second

building (Stacker C). Again, the foundation had to be worked on, but by that stage all materials were on site and the stacker was erected in record time and completed in early May. The Temporary Occupation Permit (TOP) was obtained on 16 May 2012.

In September 2011 and February 2012, the Club took delivery of one Wiggins Marina Bullforklifteach.Thefirstforkliftwastospecificationsasoriginallyordered,whilewedecided to upgrade the second lift to take heavier boats.

Over at the accommodation wing however, progress was slow. As mentioned, test pile certificationtookalongtime.Diversionworksfor existing underground facilities were also unexpectedly complicated and took a lot longer than scheduled. However, we are now at a stage where most underground work is done and almost all 59 piles have been completed.

Oncethesegroundworksarefinished,wewill see much faster progress in this part of the site. The contractor has committed to catch up as much time as possible to complete the project by year end.

At present the Development Sub-committee and the Main Committee are heavily engaged in determining the interior design of the new rooms. At the same time, we are also looking into giving a facelift to the Nautica Rooms and repairing The Bridge Terraceteakfloor.Bothshowsignsofwearand tear. A bit further down the time line is the renovation of the Quarterdeck that is currently used as a store room.

I, on behalf of the Development Sub Committee, wish to thank all Members for their understanding and patience during this period. While there are surely more hurdles to be overcome, with your gracious cooperation, the Club will end this year on a new footing and ready to face the future optimistically.

I do not wish to end this report without expressing my deep appreciation and thanks to all the Sub-committee Members who gave so generously of their time and advice. We would not be where we are without their support.

TAN KAY TOHChairmanDevelopment Sub-Committee

DEVELOPMENT SUB-COMMITTEETan Kay Toh (Chairman)Low Teo PingChow Theng KaiBalakrishnan BKjetil W. GulliksenDavid CroninJoseph Kwok Wei WoonTan Ann KiongWee Keng HweeInez WeiJohn McGuganChan Weng YewKarl Nilssen

The special forklift putting a boat in place.



Marina Facilities Report

The Marine Department recorded slightly lower revenues of $1,819K in 2011 compared to $1,875 in 2010. The reduction in revenues were in Fuel Sales (-$19K), Dry Berth Charges (-$61K), Concessionaire Rentals (-$25K) and Other Marina Charges (-$13K). Wet Berth Charges saw a healthy increase of $62K in revenues. Marina ended the year with a surplus of $897K compared to the surplus of $919K in 2010.

The main focus in the Marine Department in 2011 was the construction, completion and operation of the dry stack building.

During the dry stack planning stage, the purchase of two Wiggins Marina Bull forkliftswasconfirmed.Thefirstforkliftarrived in September and was assembled and commissioned by the manufacturer’s engineer.Whiletestingthefirstforklift,thedecision was taken to upgrade the second forklift lifting capacity for larger and heavier boats. The second forklift was delivered and commissioned in February 2012.

While the construction of the dry stack was ongoing and the forklifts were being manufactured, four marine staffs were sent forcertifiedforkliftoperatortrainingcourses.All of them passed the tests and were issued licenses to operate forklift of above 7 tons.

After the marine staffs had obtained their licences, they were sent to Marina Country Club, better known as Punggol Marina, for hands on training for a period of 1 week. In addition, the management of RSYC engaged the services of two experienced Marina Bull forklift operators from Australia to give

our staff practical training for 2 weeks at thefirstdrystack.Thepurposeofallthesetraining was to prepare and upgrade our staff capabilities in order to operate the forklift and move the boats in and out the dry stack safelyandefficiently.

As operating the new dry stack buildings is a completely new experience for the Marine Department, a marina consultant from Australia was engaged to work with our Marina Manager to establish a safety manual and an operating manual for the dry stack operation.

They have been implemented and practiced bythemarinestaffsincethefirstdrystack was completed. By having standard operating procedures and safety rules and regulations, the marine department is looking

forward to providing good service to the boating members.

A new dry stack policy for members was discussed and drafted by the subcommittee and was approved by the main committee. It will be made available to members when the drystackbecomesofficiallyoperational.

At the end of December 2011, a total of 95 boatswerealreadyonthefirstdrystack.There were some minor incidents where a few members’ boats were slightly damaged during launching or recovery in the initial stage. However the forklift operators had learned from the mistakes and they are now moreconfidentandskillfulinhandlingtheboats.

Theinitialallocationofboatsinthefirst

Inspecting the new facilitieson 18 May 2012.

The wet berths are well utilised.



stacker was temporary. Upon completion of the second dry stack, all boats will be allocated based on their length, height and weight.

Theconfigurationoftheseconddrystackwas revised to accommodate bigger boats with a maximum weight and length of 10 tons and 40 ft respectively.

The sub-committee had reviewed the rates for the dry berths and proposed a simple method of computing the rates based on the size and weight of the boats. When working on the new rates, the subcommittee has taken consideration of the support that existing boaters have extended to the club over the years and at the same time tried to keep the rates competitive in order to attract additional boat owners

The marine department was faced with the departure of two administrative staff in mid 2011. When the new admin staff joined the department, the management took the opportunity to tidy up and update all records, filesanddocumentswhicharebeingkeptbythe Marine Department. We urge members to submit the latest documents such as contact details, harbor craft license, insurance etc. as soon as possible upon receiving request from our admin staff.

The sub-committee also proposed renewal of fenders on the pontoon at the lay-by area which was completed in March 2012. We are working on several marina improvement projects and are submitting them to Main Committee for approval.

We foresee an exciting time ahead when the dry stack commences operation in the second half of 2012. Management of Marine Department is expected to continue to improve its operation by maintaining sufficientnumberofcompetentstafftoensure a high level of service standard.

In conclusion, I would like to thank all my fellow Sub-committee Members for their valuable contributions and for taking their time off from their busy work schedule to attend the monthly meetings. I also wish to thank all staffs in Marine Department for their hard work and hope they would continue to work diligently and competently to make RSYC the best marina in Singapore for boating and sailing activities.

WEE KENG HWEEChairmanMarina Facilities Sub-committee

MARINA FACILITIES SUB-COMMITTEEWee Keng Hwee (Chairman)Felip SimSimon TayDaniel AngRaymond NgJohn McGugan

One of the two new Wiggins forklifts at work.



Food & Beverage Report

The key objective of the F&B department is to deliver good service standards and food quality at reasonable prices, so that Members will want to make RSYC their second home.

The year 2011 has been challenging in many of these aspects. Cost increases in ingredients added increased expenses that we did not want to pass on to members, and shortages and turnover of staff made the maintenance of service and food quality standardsdifficultattimes.

The focus this year has been on getting member to use the various outlets more often. To this extent, the Club undertook to change menus more regularly, taking into

consideration menu item sales history and members’ suggestions.

Unfortunately, we had limited success in keeping the outlets busy, due to the Club’s low membership base.Financially, the F&B Department did show better results. However, these must be read in the context of the member discount of 10% having been discontinued at the end of the previous year. We thank Members for their

gracious acceptance of this waiver of the discount.

In 2011, F&B generated revenue of $3,219K and a surplus of $16,000. This compares to $3,032Krevenueandadeficitof$287Kin2010. The revenue contributions were from:

The Wharf $1,421 KBanqueting $ 852 KThe Bridge $ 549 KThe Mess $ 164 KThe Beacon $ 121 KKTV $ 112 K

Overall cost of sales stood at 37.9%, a slight improvement over 2010 with 38.9%. Payroll

and related expenses were reduced from $1,790K in 2010 to $1,686 in 2011. Other direct cost were also well controlled and were reduced by $55K from $351K in 2010 to $296K in 2011.

While we are pleased with the overall financialimprovementin2011,wehavetostrive to further increase the patronage of Members.

To that end, the F&B team must continue to come up with creative and innovative ideas for promotions and activities to attract more Members to visit the Club. In the near future, the emphasis must continue to be on volume rather than margin to make the club a lively and attractive place to come to.

Lastly, it remains for us to thank all Members for their patronage and valuable feedback. Please continue to support the Club’s outlets, including the banqueting facilities, in the coming year.

Our thanks also go to all the staff for their dedication and hard work in providing their services to our Members.

The Bridge offers a good view of the marina.

You can enjoy a gameof pool at The Mess.



Membership Report

Ending the year 2011 with 79 new members, this was an improvement of 16 new members as compared to the year 2010. Total Entrance Fees and Transfer Fees collected were $535,000 in 2011, an increase from $468,000 in 2011.

Nevertheless, the year 2011 was a disappointing year for the Membership Department. The number of new Members was far below target and did not realise the vision of adding 500 members over the next few years.

Early in 2011 the Club embarked on the

development of the dry stack buildings and the extension of the Marina Lodge. In conjunction with this, we also launched a membership recruitment drive. Unfortunately, the results of this drive fell far below expectations and were not satisfactory at all.

For the remainder of the year, we conducted various targeted membership sales activities, but also with little success.

The revenue results may be attributed to the staff turnover in 2011, where we saw a total of 3 sales executives leave. The Head of Sales & Marketing left in May 2011 and the

vacancywasnotfilledtilllateOct2011.

Only towards end of 2011 did we see an increase in the number of membership enquiries. This was due to the expected completionofthefirstdrystackinearly2012.This may be observed from the increase in membership revenue from October 2011 onwards, where the department yielded results which were 24% higher than the averageofthefirst3quartersoftheyear.

Looking forward, with the completion of both drystackbuildingsin2012,weareconfidentthat we will see increases in the number of new members. But realistically, these will not be in the numbers that club aims to matriculate. Therefore, the Club may have to explore more unconventional means to recruit large number of members. Entering into a strategic alliance with a major property developer or other industry player that will benefittheClubinmembershipnumbersthrough collaborative marketing efforts is a possibility that we need to evaluate.

Answering enquiries from visitorsat Boat Asia show.

Dry Stack Opening Party



Rooms Report

This year 2011, Rooms Department saw record revenue and contribution of 1,681K and $938K respectively. This compares favourably with revenues of 1,578K and a surplus of $788K in 2010. It is the best result since opening of the clubhouse.

These outstanding results were driven by a very high occupancy rate of 95% over the year and an average room rate of $156. At the same time, payroll and related costs were reduced from $625K last year to $565K in 2011. While these numbers in staff cost are very impressive, we need to recognise that they are on the back of serious staff shortages during the year, leading to the negative effect of staff having to work overtime almost daily and as a result to more staff considering leaving. The current labour

crunch in Singapore does have a direct effect on our operations.

On the positive side, the collaborative efforts from housekeeping and front officestaffhashelpedtoalleviatesomeof these staff shortages and went a long way towards maintaining a helpful and friendly ambience, clean environment and homeliness that make Members and guests return to book accommodation with us. Our very competitive room rates of course alsocontributedsignificantlytothehighoccupancy.

We do from time to time receive feedback from Members that you are unable to book a room at the Marina Lodge. We do practice the policy of reserving 60% of our rooms for

Members until one month before a current date. Only then, are these rooms released for bookings by Non-Members. This is necessary to ensure that we can maximise our occupancy and revenues and return a surplusforthebenefitoftheClub.Inviewofthis, we encourage you to book your rooms early to avoid disappointment.

In conjunction with the addition of more rooms by the end of 2012, we will also be reviewing the room facilities with a view to possibly bring the comfortable accommodation more in line with this techno age by introducing auto lighting systems, fiberopticcablesandsuch.Wewillalsotake this opportunity to use, where possible, environmental friendly and energy saving appliances and technologies that will not only help preserve our planet, but will in the long term reduce our expenses.

We look forward to the end of 2012, when we will have some sixty rooms and, with these, be able to contribute even higher surpluses to the good of the Club.

A spacious suite at Marina Lodge.



SOCIAL EVENTS2011 commenced with the traditional Chinese New Year festivities that include the lion and dragon dances as well as the annual Mahjong tournament.

Inmid-year,forthefirsttime,theCluborganised a week-long programme in conjunction with the annual RSYC Regatta. The aim was to provide non-sailors options to partake in the regatta week. Among the programmes were activities for families as well as wine related events for adults.

The next highlight in the social calendar was

the Oktoberfest. This was revived after a year’s absence from the club. It proved to be a great evening of very entertaining music by the Swiss Alpine Lions. Fun games such as sausage eating or beer drinking contests added to the success of the evening. The entertainment was accompanied by excellent German food and, of course, plenty of beer. The Club received very encouraging feedback and plans to make this an annual affair.

Soon after that it was time for the Charity Cruise. The cruise was held at Pulau Hantu on 16 October for children from Jamiyah

Children’s Home and Children Aid Society. The children were delighted with the cruise, the food and games, but most of all with the opportunity to ride on jet skis. There is no doubt that they will think of that day for a long time.

The Club received an over-whelming response from our generous Members who participated with their boats and jet skis to make that event possible. The Charity Cruise would not have been possible without these volunteers. The event was also generously sponsored by DBS, F A Express, RAVE productions and RSYC 7th Month Committee.

Very quickly, it was Christmas and year-end. Santa Claus made a visit to the club during Christmas and made many children happy by distributing goodies. The New Year’s Eve Party was very successful with more than 260 members, their families and friends attending. Interactive games with music and entertainment by the deejay and emcee got everyone dancing until the countdown to the new year.

Activities and workshops had been organised regularly throughout the year, with the aim of keeping Members entertained, updated and engaged in various hobbies. Some of these activities included Kids Love Cooking Series, Underwater World Camp, Will Writing, Mahjong Competition and Jewellery Making workshop.

However, we had experienced challenges formanyeventstogetsufficientMemberstoparticipate and this lead to a too high number

Events & Sea Sports Report

Having fun at Oktoberfest 2011.

Charity Cruise 2011 treat for the kids.



of events being cancelled.

Going forward, the Club plans to continue providing a rich programme of social events and activities that are of interest to Members. To succeed however, we need to know what activities you would like to see at the club.

We seek your feedback on what type of events you would like to participate in. We also encourage you to come forward to assist management in organising an activity that is of interest to you.

SEA SPORTS ACTIVITIES2011/2012issignificantforRSYCasinthatperiod the Club organised two regattas within seven months; the RSYC Regatta in July 2011 and the 18th Singapore Straits Regatta in January 2012.

The former is the highlight in the annual sailingcalendaroftheClub.Afleetof18boats with about 140 skippers and sailors participated in the Corum RSYC Regatta 2011. The boats were racing in four classes; IRC A, IRC B, One Design-J24 and PY Class.

Forthefirsttimeever,twoadditionalcategories participated to make the regatta more inclusive. These were Radio Control (RC) sailing and Sailability, which is sailing for disabled. The cost for all sailors of Sailability was borne by Members who came forward to sponsor a sailor. We thank all members who so generously supported these sailors.

The main regatta was held over three days on 17, 23 and 24 July. At the end of the grueling three hot days of sailing in light wind condition, near the Southern Islands of PulauPawaiandattheRafflesLighthouse,

winners of each class were presented with their ‘tumbler trophy’ at the prize presentation dinner. The winners for each class were:

IRC A – Windsikher, Sarab Jeet SinghIRC B – SMUve, Gregory HoOne Design-J24 – Angel, Vladimir BorstnarPY – Velera Linda, Christopher NunnsSailability – Jovin TanRC Sailing – Team Columbia, Colin Ng

The biggest challenge in organising the annual regatta is the securing of sponsorship. We thank all sponsors who came forward to support this event in 2011 and hope that we may count on your support again in 2012. We also extend our gratitude to the members of the RSYC Regatta Committee under the chairmanship of Mr. Karl Nilssen. Thank you for your time, contributions and dedication.

The 18th Singapore Straits Regatta 2012 is organized by eight stakeholders; Singapore Sailing Federation, Changi Sailing Club, NongsaPointMarinaClub,RafflesMarinaLimited, SAF Yacht Club, Marina at Keppel Bay,ONE˚15MarinaClubandRSYC.

As is tradition, each year one club takes on the role as the organising club and this year it was the RSYC’s turn. RSYC also hosted theOpeningCocktail,whereasONE˚15Marina Club hosted the boats and the Singapore leg prize giving cocktail.

The SSR race format stretched over two legs andtwodifferentlocations.Thefirstlegwasheld in Singapore on 27 and 28 January with thefleetof28boatsalongtheEastCoastPark.Thefleetconsistedofsixclasses;IRCA, IRC B, J24, Corsair, PY and invitational. Fortwodays,thefleettookadvantageofthe good wind for the passage race along

East Coast Park beach towards the Frontier BeaconandtofinishstrongattheApproachBuoy.

On29January,thefleetsailedtoNongsaPoint Marina Resort in Batam, Indonesia to prepare for the second leg on 30 and 31 January.Alltheboatsinthefleet,exceptCorsair and Invitational, were racing for the overall winner and contending for the coveted perpetual Lipton Challenge Cup.

Goodwindsandweathertrailedthefleetfrom Singapore to Batam. By the end of the entire leg, winners were presented with their plaques at the closing dinner. The overall winners were as follows:

IRC A – Wala Wala 2Overall leg – Steve ManningIRC B – Shoon Fung TooOverall leg – Gordon MaxtedJ24 – AngelOverall leg – Vladimir BorstnarPY – Todak 2Overall leg – Leslie FungCorsair – SingalocSingapore leg only – Nicolas GillierInvitational – Magic Dragon 2Singapore leg only – Ng Ser Miang

At the dinner, SSR Chairman Mr. Karl Nilssen handed over the ‘helm’s wheel’ to MissLisaJourisofONE˚15MarinaClub,asa symbolic gesture of handing over the role of the organising club for the SSR in 2013.

While the above are highlights in the annual sea sports calendar, the club conducts activities throughout the year. Among these are the Power Pleasure Craft Driving License (PPCDL) courses, the Dinghy Sailing classes and the Competent Crew Courses. Newly added to these in 2012 is the Modular Sailing Scheme Programme.

PPCDL courses were ever so popular and in great demand. Many of the participants enrolled at RSYC for the course because the marina provides the ideal and actual situation for the PPCDL practical test. The monthly theory courses were mostly fully booked to the maximum of 24 participants

Basic Optimist Courses, Topper Sailing Courses and Dinghy Sailing Practices are conducted at Pandan Reservoir. This provides an ideal location for beginners who usethesetogainconfidence.

However, it does lack the excitement and environment of open waters for sailors who wish to progress in their sailing experience.

This disadvantage proofed a challenge to enroll schools for their CCA Sailing courses at the Club. We need to strive to convince more schools to take up this programme with the RSYC in order to ensure a continuous stream of new sailors.


One for the album! Skipper of “Windsikher” Sarab Jeet Singh (with trophy) and his winning crew with supporters and friends at the RSYC Regatta 2011 prize-giving dinner.






A cold beer goes well withbriefinginTheMessbar.

At the Singapore Straits Regatta 2012.

A new class of boats at SSR 2012.Sailing is a piece of cake!

Mr Richard Seow, Chairman of Singapore Sports Council receiving a Club memento from RSYC Commodore Tan Kay Toh.



As was expected with the very tight labour market, the Human Resources Department was again kept busy with recruitment to replace departing staff. 2010 ended with a headcount of 135 full time staff. This was slightly reduced to 133 as at the end of 2011. Duetothedifficultiesofhiringfulltimestaff,the Club again worked with trainees in the F&B and Housekeeping Departments.

Amongthesignificantstaffchangeswerethehiring of a General Manager, replacement of the F&B Manager, Head of Sales and Marketing, Events Manager and twice of the Finance and Administration Manager.

Total turnover was 36%, which is high, but in line with the hospitality industry Singapore wide. It is obvious that such a high staff turnover is not only costly in terms of recruitment and training, but also adds challenges to maintain services standards throughout the club.

The Club has and will continue to invest in training to improve the skills of staff with a view of enlarging their roles to better cope with staff shortages. Most administration functions in the club are now electronically processed. The job of the IT department is to ensure that the computer infrastructure of the

club is running smoothly, is well maintained and there is little downtime. This was largely achieved.

However, the life span of computer systems is rather short and the following equipment and software has been replaced or upgraded to keep up with the time:

• SoftwareupgradedtoAdobeCS5 Design Premium Suite on the iMac for our Senior Graphics Designer who produces all internal collateral and the bi-monthly magazine.• ReplacefileserverHPProliant DL320G6.• Addedanewsub-moduleintheclub accounting software, allowing transactions to be recorded from Micros POS system.• ReplacedanewMicrosPOSinWharf• Replacedserverfortheclub accounting/membershipsystemas wellasthefirewallserverprotecting the accounting server

The next challenge for IT is to improve the internet access in the club and the marinainordertomakesurethatsufficientbandwidth is available to ensure a reliable and fast access to the net. This is even more important with the additional rooms by year-end. We are presently evaluating possible solutions, including the use of Open-Net.

Equally important as the proper functioning of the administration is the maintenance of the clubhouse and all facilities. In 2011 the following major repair and replacement were carried out.

Club Administration &Supporting Departments Report

All staff present took partinthefireevacuationdrill.

General Manager Werner Trachseldebriefingthestaffatafireevacuationdrill.



• Cablesatmarinarequiredreplacement. This is due to cables being shorted due to movement of the pontoons.• Roomsairconditioningcompressors. Two sets of inverter compressor had to be replaced due to overheating• Replacementoftimberflooratforeshore deck due to wear and tear

Looking ahead, we plan to:• RepairtheteakflooratBridgeTerrace• Replace/improvetheairconditioningto The Mess bar, The Bridge wine seller (due to refrigerant pipe insulation condensation that cause ceiling water stain at chart room and mess bar) and theJackpotRoom.AlltheseA/Csystems are in precarious condition.

The Security Department was directed to ensure that all club operations comply with Fire and with Workplace Health and Safety Regulations.

This was achieved by the club having established Risk Assessments for all departments, by appointing a Fire Safety Manager and a Workplace Health & Safety Consultant and by increased training of all staffintheeventofafireintheclub.

On 29 December 2011, an emergency evacuation exercise was successfully conductedinfulfilmentoffiresafetyrequirements.Everyyear,twofireevacuationexercises must be conducted in order to prepare the staff of the building for emergencies. All club staff participated in this exercise. While the evacuation is a success, the General Manager noted that there are areas which needed to be improved further.

In developing our emergency preparedness capabilities, our safety and security department is in the process of equipping our staff with emergency preparedness skills and knowledge. In March and April 2012, the management has sent nine of their staff forcertificationinstandardfirstaidattheSt. John’s Ambulance training centre. In addition,nineofoursecurityofficershaveundergone Fire Fighting and Hazmat for ERT training in March and April 2012, which was conductedbyexternalfiresafetytrainers.

They are trained in dealing with cases of incipientfiresandthemethodsofoperatingfirefightingequipmentsuchashosesandnozzles.Thefirefightingtrainingisasteptaken by the club to establish the Company Emergency Response Team (CERT). The CERT members will be tasked with handling emergencies and executing the necessary procedures in case of emergencies.

Aside of the safety and health aspects of the department, stricter access controls were implemented to ensure that only persons who are authorised to enter the club premises are able to do so.

Security staff at a training session.


Annual Report 2011 / 2012

Financial Statements

CONTENTS

Independent Auditors’ Report 24

Statement of Comprehensive Income 25

Balance Sheet 26

Statement of Changes in Accumulated Fund 27

Statement of Cash Flows 28

Notes to the Financial Statements 29




Independent Auditors’ ReportTo the members of Republic of Singapore Yacht Club(Registered under the Societies Act, Cap 311)

REPORT ON THE FINANCIAL STATEMENTSWehaveauditedtheaccompanyingfinancialstatementsofRepublicofSingaporeYachtClub(“theClub’’),whichcomprisethebalancesheetasat31December2011,andstatementofcomprehensiveincome,statementofchangesinaccumulatedfundandstatementofcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS ManagementisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewiththeSocietiesAct,Cap311(“the Act”) and Singapore Financial Reporting Standards, and for such internal controls as management determines is necessary to enable the preparationoffinancialstatementsthatarefreefrommaterialmisstatements,whethertofraudorerror.

AUDITOR’S RESPONSIBILITY Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithSingapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,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 overallpresentationofthefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

OPINION Inouropinion,thefinancialstatementsareproperlydrawnupinaccordancewiththeSingaporeFinancialReportingStandardssoastopresentfairly,inallmaterialrespects,thestateofaffairsoftheClubasat31December2011andtheresults,changesinfundandcashflowsoftheClubfor 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&PARTNERSPublic Accountants and CertifiedPublicAccountants

Singapore, 26 April 2012



Statement of Comprehensive IncomeFor the Financial Year ended 31 December 2011

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

NOTE 2011 2010

S$’000 S$’000

OPERATING REVENUE

Departmental revenue 4 6,972 6,790

Jackpot revenue (net of tax and payout) 5 519 423

Subscriptions and other income 2,162 2,201

Finance income - interest income from banks 13 12

Government grant - Jobs credit - 36

Government grant - Special employment credit 2 -

Minimum spending levy 92 97

9,760 9,559

EXPENSES

Materials and services consumed 4 (2,461) (2,564)

Jackpot expenses 5 (263) (328)

Changes in inventories 13 (15) 9

Depreciation of property, plant and equipment 10 (1,941) (1,950)

Employeespayrollandbenefits 6 (4,408) (4,240)

Bad debts recovered 3 6

Doubtful debts 12 22 (31)

Write-off of credit balances from trade debtors - 37

Other expenses 7 (1,639) (1,779)

OPERATING DEFICITS (942) (1,281)

NON-OPERATING INCOME

Entrance and transfer fees (net of expenses) 8 412 419

NET DEFICIT BEFORE INCOME TAX (530) (862)

Income tax 9 (6) (8)

NET DEFICIT AFTER TAX (536) (870)

DEFICIT FOR THE YEAR REPRESENTING TOTAL

COMPREHENSIVE LOSS FOR THE YEAR (536) (870)

Tan Kay TohCommodore

Kjetil W GulliksenTreasurer



Balance SheetFor the Financial Year ended 31 December 2011




NOTE 2011 2010

S$’000 S$’000

NON-CURRENT ASSETS

Property, plant and equipment 10 29,077 28,016

Trophies at cost 15 17

29,092 28,033

CURRENT ASSETS

Cash and cash equivalents 11 4,099 5,478

Due from members 12 1,055 1,150

Inventories 13 161 143

Other current assets 14 248 330

5,563 7,101

CURRENT LIABILITIES

Trade payables 15 377 350

Other payables and accruals 16 801 736

Members’ deposits 17 799 788

1,977 1,874

NET CURRENT ASSETS 3,586 5,227

NON-CURRENT LIABILITIES

Deferred income from long-term berths 18 463 509

463 509

NET ASSETS 32,215 32,751

FUND

Accumulated fund 19 32,215 32,751



Statements of Changes in Accumulated FundFor the Financial Year ended 31 December 2011




2011 S$’000

Balance at 1 January 2010 33,621

Total comprehensive loss for the year (870)

Balance at 31 December 2010 32,751

Total comprehensive loss for the year (536)

Balance at 31 December 2011 32,215



Statements of Cash FlowsFor the Financial Year ended 31 December 2011




NOTE 2011 2010 S$’000 S$’000CASH FLOWS FROM OPERATING ACTIVITIES Netdeficitbeforetax (530) (862)Adjustments for : Depreciation 10 1,941 1,950Doubtful debts 12 (22) 31Entrance and transfer fees 8 (535) (468)Long-term berth license fees (46) (46)Loss on disposal of property, plant and equipment - 5Interest income (13) (12)

Write-off of credit balances from accounts receivables 23 - (37)Inventories written off 23 - 3Operatingcashflowbeforeworkingcapitalchanges 795 564

Changes in operating assets and liabilities:- Due from members 117 (37)Other current assets 82 189Inventories (18) 9Members’ deposits 11 20Trade and other payables 94 (372)Cash generated from operations 1,081 373Income tax paid (8) (8)NET CASH GENERATED FROM OPERATING ACTIVITIES 1,073 365 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (3,002) (281)Sales of trophies 2 1Interest received 13 12NET CASH USED IN INVESTING ACTIVITIES (2,987) (268) CASH FLOWS FROM FINANCING ACTIVITIES Entrance and transfer fees 535 468NET CASH GENERATED FROM FINANCING ACTIVITIES 535 468 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1,379) 565Cash and cash equivalents at beginning of the year 5,478 4,913CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 11) 4,099 5,478



Notes to the Financial StatementsFor the Financial Year ended 31 December 2011

Thesenotesformanintegralpartofandshouldbereadinconjunctionwiththeaccompanyingfinancialstatements.

1. GENERAL The Republic of Singapore Yacht Club (“the Club”) is registered and domiciled in Singapore. TheregisteredofficeoftheClubisasfollows:

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 activitiesforthebenefitofmembers.

2. SIGNIFICANT ACCOUNTING POLICIES

(A) BASIS OF PREPARATION ThefinancialstatementshavebeenpreparedinaccordancewithSingaporeFinancialReportingStandards(“FRS”).The financialstatementshavebeenpreparedunderthehistoricalcostconvention.

ThepreparationoffinancialstatementsinconformitywithFRSrequiresmanagementtoexerciseitsjudgementintheprocess of applying the Club’s accounting policies. It also requires the use of accounting estimates and assumptions that affect the reportedamountsofassetsandliabilitiesanddisclosureofcontingentassetsandliabilitiesatthedateofthefinancial statements,andthereportedamountsofrevenuesandexpensesduringthefinancialyear.Althoughtheseestimatesarebased on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. There arenocriticalaccountingestimatesandassumptionsusedthataresignificanttothefinancialstatements,andareasinvolvinga higher degree of judgement or complexity, except as disclosed in Note 24.

Inthecurrentfinancialyear,theClubhasadoptedallthenewandrevisedFRSsandinterpretationsofFRS(“INTFRS”)thatare relevanttoitsoperationsandeffectiveforannualperiodsbeginningonorafter1January2011.Theadoptionofthesenew/ 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.




(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 5 - 10 years Furniture,fittingsandequipment 3-6years

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 carryingamountoftheassetonlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflow to the Club, and the cost of the item can be measured reliably. Other subsequent expenditure is recognised as an expenseduringthefinancialyearinwhichitisincurred.

(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 unlesstheassetdoesnotgeneratecashflowsthatarelargelyindependentofthosefromotherassets.Ifthisisthe case, recoverable amount is determined for the CGU to which the asset belongs to.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the Statement of Comprehensive income unless the asset is carried at revalue amount, in which case, such impairment loss is treated as a revaluation decrease.

An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the assets’ recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statement of Comprehensive income, unless the asset is carried at revalue amount, in which case, such reversal is treated as a revaluation increase.



(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 provisionsofthefinancialinstrument.TheClubdeterminestheclassificationofitsfinancialassetsatinitialrecognition.

Whenfinancialassetsarerecognisedinitially,theyaremeasuredasfairvalue,plus,inthecaseoffinancialassetsnot atfairvaluethroughprofitorloss,directlyattributabletransactioncosts.

(ii) Subsequent Measurement Thesubsequentmeasurementoffinancialassetsdependsontheirclassificationasfollows:

(i) FinancialAssetsAtFairValueThroughProfitOrLoss Financialassetsatfairvaluethroughprofitorlossincludefinancialassetsheldfortradingandfinancialassets designateduponinitialrecognitionatfairvaluethroughprofitorloss.Financialassetsareclassifiedasheldfor trading if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivativefinancialinstrumentsenteredintobytheClubthatarenotdesignatedashedginginstrumentsinhedge relationshipsasdefinedbyFRS39.Derivatives,includingseparatedembeddedderivativesarealsoclassifiedas held for trading unless they are designated as effective hedging instruments.

TheClubhasnotdesignatedanyfinancialassetsuponinitialrecognitionatfairvaluethroughprofitorloss.

Subsequenttoinitialrecognition,financialassetsatfairvaluethroughprofitorlossaremeasuredatfairvalue. Anygainsorlossesarisingfromchangesinfairvalueofthefinancialassetsarerecognisedinprofitorloss.Net gainsornetlossesonfinancialassetsatfairvaluethroughprofitorlossincludeexchangedifferences,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 contractsarenotheldfortradingordesignatedatfairvaluethroughprofitorloss.Theseembeddedderivatives aremeasuredatfairvaluewithchangesinfairvaluerecognisedinprofitorloss.Reassessmentonlyoccursif thereisachangeinthetermsofthecontractthatsignificantlymodifiesthecashflowsthatwouldotherwisebe required.

(ii) Loans And Receivables Non-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarketare classifiedasloansandreceivables.Subsequenttoinitialrecognition,loansandreceivablesaremeasuredat amortisedcostusingtheeffectiveinterestmethod,lessimpairment.Gainsandlossesarerecognisedinprofitor loss when the loans and receivables are derecognised or impaired, and through the amortisation process.

(iii) Held-To-Maturity Investments Non-derivativefinancialassetswithfixedordeterminablepaymentsandfixedmaturityareclassifiedasheld-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,lessimpairment.Gainsandlossesarerecognisedinprofitorlosswhentheheld-to-maturityinvestments are derecognised or impaired, and through the amortisation process.

(iv) Available-For-Sale Financial Assets Availablefor-salefinancialassetsincludeequityanddebtssecurities.Equityinvestmentsclassifiedasavailable- for-salearethose,whichareneitherclassifiedasheldfortradingnordesignatedatfairvaluethroughprofitor loss.Debtsecuritiesinthiscategoryarethosewhichareintendedtobeheldforanindefiniteperiodoftimeand which may be sold in response to needs for liquidity or in response to changes in the market conditions.

Afterinitialrecognition,available-for-salefinancialassetsaresubsequentlymeasuredatfairvalue.Anygainsor lossesfromchangesinfairvalueofthefinancialassetarerecognisedinothercomprehensiveincome,except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using theeffectiveinterestmethodarerecognisedinprofitorloss.Thecumulativegainorlosspreviouslyrecognised inothercomprehensiveincomeisreclassifiedfromequitytoprofitorlossasareclassificationadjustmentwhen thefinancialassetisderecognised.

Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss.




(iii) Derecognition Afinancialassetisderecognisedwherethecontractualrighttoreceivecashflowsfromtheassethasexpired.On derecognitionofafinancialassetinitsentirety,thedifferencebetweenthecarryingamountandthesumofthe consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognisedinprofitorloss.

Allregularwaypurchasesandsalesoffinancialassetsarerecognisedorderecognisedonthetradedatei.e.,thedate thattheClubcommitstopurchaseorselltheasset.Regularwaypurchasesorsalesarepurchasesorsalesoffinancial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned.

(G) IMPAIRMENT OF FINANCIAL ASSETS TheClubassessesateachendofthereportingperiodwhetherthereisanyobjectiveevidencethatafinancialassetisimpaired.

(i) Financial Assets Carried At Amortised Cost Forfinancialassetscarriedatamortisedcost,theClubfirstassessesindividuallywhetherobjectiveevidenceof impairmentexistsindividuallyforfinancialassetsthatareindividuallysignificant,orcollectivelyforfinancialassetsthat arenotindividuallysignificant.IftheClubdeterminesthatnoobjectiveevidenceofimpairmentexistsforanindividually assessedfinancialasset,whethersignificantornot,itincludestheassetinagroupoffinancialassetswithsimilar 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.

Ifthereisobjectiveevidencethatanimpairmentlossonfinancialassetscarriedatamortisedcosthasincurred,the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimatedfuturecashflowsdiscountedatthefinancialasset’soriginaleffectiveinterestrate.Ifaloanhasavariable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amountoftheassetisreducedthroughtheuseofanallowanceaccount.Theimpairmentlossisrecognisedinprofit or loss.

Whentheassetbecomesuncollectible,thecarryingamountofimpairedfinancialassetsisreduceddirectlyorifan amount was charged to the allowance account, the amounts charged to the allowance account are written off against thecarryingvalueofthefinancialasset.

Todeterminewhetherthereisobjectiveevidencethatanimpairmentlossonfinancialassetshasincurred,the Clubconsidersfactorssuchastheprobabilityofinsolvencyorsignificantfinancialdifficultiesofthedebtoranddefault orsignificantdelayinpayments.

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 costatthereversaldate.Theamountofreversalisrecognisedinprofitorloss.

(ii) Financial Assets Carried At Cost Ifthereisobjectiveevidence(suchassignificantadversechangesinthebusinessenvironmentwheretheissuer operates,probabilityofinsolvencyorsignificantfinancialdifficultiesoftheissuer)thatanimpairmentlossonfinancial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carryingamountandthepresentvalueofestimatedfuturecashflowsdiscountedatthecurrentmarketrateofreturnfor asimilarfinancialasset.Suchimpairmentlossesarenotreversedinsubsequentperiods.

(iii) Available-For-Sale Financial Assets Inthecaseofequityinvestmentsclassifiedasavailable-for-sale,objectiveevidenceofimpairmentinclude (i) significantfinancialdifficultyoftheissuerorobligor, (ii) informationaboutsignificantchangeswithanadverseeffectthathavetakenplaceinthetechnological,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) asignificantorprolongeddeclineinthefairvalueoftheinvestmentbelowitscosts.‘Significant’istobeevaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost.

Ifanavailable-for-salefinancialassetisimpaired,anamountcomprisingthedifferencebetweenitsacquisitioncost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognisedinprofitorlossistransferredfromothercomprehensiveincomeandrecognisedinprofitorloss.Reversals ofimpairmentlossesinrespectofequityinstrumentsarenotrecognisedinprofitorloss;increaseintheirfairvalueafter impairment are recognised directly in other comprehensive income.



Inthecaseofdebtinstrumentsclassifiedasavailable-for-sale,impairmentisassessedbasedonthesamecriteriaas financialassetscarriedatamortisedcost.However,theamountrecordedforimpairmentisthecumulativeloss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investmentpreviouslyrecognisedinprofitorloss.Futureinterestincomecontinuestobeaccruedbasedonthereduced carryingamountoftheassetandisaccruedusingtherateofinterestusedtodiscountthefuturecashflowsforthe purposeofmeasuringtheimpairmentloss.Theinterestincomeisrecordedaspartoffinanceincome.If,ina subsequent year, the fair value of a debt instrument increases and the increases can be objectively related to an event occurringaftertheimpairmentlosswasrecognisedinprofitorloss,theimpairmentlossisreversedinprofitorloss.

(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 contractualprovisionsofthefinancialinstrument.TheClubdeterminestheclassificationofitsfinancialliabilitiesatinitial recognition.

Allfinancialliabilitiesarerecognisedinitiallyatfairvalueandinthecaseofotherfinancialliabilities,plusdirectly attributable transaction costs.

(ii) Subsequent Measurement Themeasurementoffinancialliabilitiesdependsontheirclassificationasfollows:

(i) FinancialLiabilitiesAtFairValueThroughProfitOrLoss Financialliabilitiesatfairvaluethroughprofitorlossincludesfinancialliabilitiesheldfortradingandfinancial liabilitiesdesignateduponinitialrecognitionasatfairvalue.Financialliabilitiesareclassifiedasheldfortradingif theyareacquiredforthepurposeofsellinginthenearterm.Thiscategoryincludesderivativefinancial instruments entered into by the Club that are not designated as hedging instruments in hedge relationships. Separatedembeddedderivativesarealsoclassifiedasheldfortradingunlesstheyaredesignatedaseffective hedginginstruments.Subsequenttoinitialrecognition,financialliabilitiesatfairvaluethroughprofitorlossare measuredatfairvalue.Anygainsorlossesarisingfromchangesinfairvalueofthefinancialliabilitiesare recognisedinprofitorloss.

TheClubhasnotdesignatedanyfinancialliabilitiesuponinitialrecognitionatfairvaluethroughprofitorloss.

(ii) Other Financial Liabilities Afterinitialrecognition,otherfinancialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheeffective interestratemethod.Gainsandlossesarerecognisedinprofitorlosswhentheliabilitiesarederecognised,and through the amortization process.

(iii) Derecognition Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelledorexpires. Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,or thetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasa derecognition of the original liability and the recognition of a new liability, and the difference in the respective carryingamountsisrecognisedinprofitorloss.

(I) FAIR VALUE ESTIMATION Thefairvaluesoffinancialinstrumentstradedinactivemarketsarebasedonquotedmarketpricesatthebalancesheetdate. ThequotedmarketpricesusedforfinancialassetsheldbytheClubarethecurrentbidprices;theappropriatequotedmarket pricesforfinancialliabilitiesarethecurrentaskprices.

Thefairvaluesoffinancialinstrumentsthatarenottradedinanactivemarketaredeterminedbyusingvaluationtechniques. 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 asestimateddiscountedcashflows,arealsousedtodeterminethefairvaluesofthefinancialinstruments.

The carrying amounts of current receivables and payables are assumed to approximate their fair values. The fair values of non- currentreceivablesfordisclosurepurposesareestimatedbydiscountingthefuturecontractualcashflowsatthecurrentmarket interestratesthatareavailabletotheClubforsimilarfinancialinstruments.

(J) INVENTORIES Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costisdeterminedonafirst-in-first-outbasisandincludes 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 probablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliable 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.

Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingacurrentpre-taxratethatreflects,where appropriate,therisksspecifictotheliability.Wherediscountingisused,theincreaseintheprovisionduetothepassageoftime isrecognisedasfinancecosts.

Provisionsarereviewedateachbalancesheetdateandadjustedtoreflectthecurrentbest estimate.Ifitisnolongerprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettlethe obligation, the provision is reversed.

(M) EMPLOYEE BENEFITS

(i) DefinedContributionPlans Definedcontributionplansarepost-employmentbenefitplansunderwhichtheClubpaysfixedcontributionsinto separate entities such as the Central Provident Fund, and will have no legal or constructive obligation to pay further contributionsifanyofthefundsdoesnotholdsufficientassetstopayallemployeebenefitsrelatingtoemployeeservice inthecurrentandprecedingfinancialyears.TheClub’scontributionstodefinedcontributionplansarerecognisedinthe financialyeartowhichtheyrelate.

(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 ItemsincludedinthefinancialstatementsoftheClubaremeasuredusingthecurrencyoftheprimaryeconomic environmentinwhichtheCluboperates(the“functionalcurrency”).ThefinancialstatementsarepresentedinSingapore 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 whicharesubjecttoaninsignificantriskofchangesinvalue.

(P) TROPHIES AT COST Trophiesatcostaretrophiesmemorabiliaforsaleandwhicharesubjecttoaninsignificantriskofchangesinvalue.



(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 recognisedinthemonthofpaymentonlyascertainconditionshavetobefulfilledbeforepayment.

3. MEMBERSHIP The number of members in each category of membership as at balance sheet date is as follows:

No Type of membership Membershipas at 31 December 2011

Membershipas at 31 December 2010

1 Honorary 4 4

2 VIP 3 3

3 Life 8 8

4 Life – Absent 1 1

5 Ordinary (Non-Transferable) 15 16

6 Ordinary (Non-Transferable) – Suspended 0 1

7 Ordinary(Non-Transferable)–PAM/Suspended 8 8

8 Ordinary (Non-Transferable) – PAM 29 34

9 Ordinary (Non-Transferable) – TAM 0 1

10 Ordinary (Transferable) 1,494 1,499

11 Ordinary (Transferable) – Suspended 12 14

12 Ordinary(Transferable)–PAM/Suspended 0 1

13 Ordinary (Transferable) – PAM 203 219

14 Ordinary (Transferable) – TAM 16 15

15 Corporate (Transferable) Number of Nominees 56 54

16 Country 8 7

17 Group 2 2

18 Lady 8 7

19 Social (Non-Transferable) 148 150

20 Term 40 43

21 Temporary (Lifestyle – 1 Year Membership) 3 8

Total 2,058 2,095

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.




4. DEPARTMENTAL REVENUE AND COSTS 2011 S$’000 F&B Rooms Marina Activities Total Revenue 3,219 1,681 1,819 253 6,972 Cost of sales (Note 13) (1,221) - (409) - (1,630) Payroll and related costs (Note 6) (1,686) (565) (342) (142) (2,735) Other direct costs (296) (178) (171) (186) (831) (1,982) (743) (513) (328) (3,566) Departmental contribution before minimum spending levy 16 938 897 (75) 1,776

Materials and services consumed: Cost of sales (1,221) - (409) - (1,630) Other direct costs (296) (178) (171) (186) (831) (1,517) (178) (580) (186) (2,461)

2010 S$’000 Revenue 3,032 1,578 1,874 306 6,790 Cost of sales (Note 13) (1,178) - (418) - (1,596) Payroll and related costs (Note 6) (1,790) (625) (370) (108) (2,893) Other direct costs (351) (165) (167) (285) (968) (2,141) (790) (537) (393) (3,861) Departmental contribution before minimum spending levy (287) 788 919 (87) 1,333 Materials and services consumed: Cost of sales (1,178) - (418) - (1,596) Other direct costs (351) (165) (167) (285) (968) (1,529) (165) (585) (285) (2,564)

Included in other direct costs for Marina is loss on disposal of property, plant and equipment S$ Nil (2010: S$5,400).

Departmental payroll and related costs and other direct costs include housekeeping payroll expenses and housekeeping expenses amounting to S$337,979 (2010: S$351,338) and S$109,858 (2010: S$95,055) respectively.

Cost of sales include an amount of S$ Nil (2010: S$125,000) relating to the write-off of inventory.

5 JACKPOT REVENUE AND COSTS 2011 2010 S$’000 S$’000 Revenue 8,008 3,029 Less: Government duties and taxes (1,055) (1,276) Payoutandrefills (6,434) (1,330) 519 423 Less Expenses: Payroll and related costs (Note 6) (151) (182) Jackpot night (77) (108) Auditor’s remuneration (6) (13) Other direct costs (29) (25) (263) (328) 256 95

During the year, the Club conducted 3 tombola sessions (2010: 11) and 14 jackpot collections (2010: 25). There were no private lotteries accrued to individual for the year 2011 and 2010. During the year, no commission either in money or money’s worth including by way of free tickets or chances was paid in respect of the sales of tickets or chances.

With effect from 1 April 2011, the club recognises its jackpot revenue based on turnover readings from the jackpot machines. In prior years, the jackpot revenue was recognised on receipt basis. This change is required under the new Private Lotteries Act 2011 which came into effect on 1 April 2011.

Since 1 April 2011, private lotteries duty (“Government duties and taxes”) has been computed based on 9.5% of turnover. Prior to 1 April 2011, private lotteries duty was computed based on 30% of gross receipts.



6. EMPLOYEES PAYROLL AND BENEFITS

2011 2010 S$’000 S$’000 Wages and salaries 3,853 3,718 Contributions to Central Provident Fund 456 388 Staffbenefits 250 316 Totalemployeepayrollandbenefits 4,559 4,422 Less: Amount included in Jackpot revenue and costs (Note 5) (151) (182) 4,408 4,240 Includedintotalemployeepayrollandbenefits: Departmental revenue and costs (Note 4) 2,735 2,893

StaffbenefitsincludedaprovisionforannualleaveofS$67,601(2010:S$99,297). 2011 2010 S$’000 S$’000 Includedinemployeepayrollandbenefitsareremunerationsofkeymanagement 187 161

7. OTHER EXPENSES

2011 2010 S$’000 S$’000 Auditors’ remuneration 24 21 Bank charges 88 80 Computer maintenance 39 33 General maintenance 62 77 Heritage project expenses - 161 Insurance 146 159 License fees and subscriptions 15 20 Membership related and promotional expenses 94 91 Miscellaneous expenses 180 204 Postage, printing and stationery 41 45 Professional fees 7 8 Property tax 269 265 Recruitment fees 5 9 Telephone and fax 15 14 Water and electricity 654 592 1,639 1,779

Included in miscellaneous expenses was S$Nil (2010: S$ 6,909) attributable to write-back of accruals and write-off of other debtors and deposits.

8. ENTRANCE AND TRANSFER FEES

2011 2010 S$’000 S$’000 Entrance fees 373 354 Transfer fees 162 114 535 468 Less: Marketing expenses (123) (49) 412 419

9. INCOME TAX

(a) Income Tax Expense The following income of the Club is subjected to income tax: 2011 2010 S$’000 S$’000 Concessionaire rental income (net of attributable expenses*) 65 85 Bank interest income 13 12 78 97

* Attributable expenses comprised of deductible portion of electricity charge of S$13,300 (2010: S$13,000) and 5% of concessionaire rental income allowable as deductions amounting to S$1,900 (2010: S$2,000).




The tax expense on the above income differs from the amount that would arise using the Singapore standard rate of income tax due to the following: 2011 2010 S$’000 S$’000 Tax calculated at a tax rate of 17% 13 17 Effect of Singapore statutory income exemption and tax rebate (7) (9) 6 8

(b) Movements In Current Income Tax Liability 2011 2010 S$’000 S$’000 Atthebeginningofthefinancialyear 8 8 Income tax paid (8) (8) Currentfinancialyear’staxexpense 6 8 Attheendofthefinancialyear(Note16) 6 8

10. PROPERTY, PLANT AND EQUIPMENT Leasehold Furniture Development landand Plantand fittingsand -in- buildings equipment equipment progress Total 2011 S$‘000 S$’000 S$’000 S$’000 S$’000 Cost At 1 January 2011 46,407 2,023 1,865 357 50,652 Additions - 22 29 2,951 3,002 Disposals - (11) - - (11) At 31 December 2011 46,407 2,034 1,894 3,308 53,643 Accumulated depreciation At 1 January 2011 19,343 1,605 1,688 - 22,636 Depreciation charge 1,712 161 68 - 1,941 Disposals - (11) - - (11) At 31 December 2011 21,055 1,755 1,756 - 24,566 Carrying amount At 31 December 2011 25,352 279 138 3,308 29,077

2010 Cost At 1 January 2010 46,407 1,989 1,789 196 50,381 Additions - 35 85 161 281 Disposals - (1) (9) - (10) At 31 December 2010 46,407 2,023 1,865 357 50,652 Accumulated depreciation At 1 January 2010 17,631 1,441 1,619 - 20,691 Depreciation charge 1,712 165 73 - 1,950 Disposals - (1) (4) - (5) At 31 December 2010 19,343 1,605 1,688 - 22,636 Carrying amount At 31 December 2010 27,064 418 177 357 28,016

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

The leasehold land and buildings were mortgaged to secure bank facilities for the Club (See Note 21 and Note 22).

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 andforthebenefitofthemembers,thereisnoreasontobelievethatthecarryingamountisinappropriate.



11. CASH AND CASH EQUIVALENTS 2011 2010 S$’000 S$’000 Cash at bank and in hand 3,948 2,975 Fixed deposits 151 2,503 4,099 5,478

Fixeddepositsatthebalancesheetdatehaveanaveragematurityof1month(2010:1.5months)fromtheendofthefinancialyearwith the weighted average effective interest rates of 0.1% (2010: 0.18%) respectively.

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

12. DUE FROM MEMBERS 2011 2010 S$’000 S$’000 Members’ debit balances 1,150 1,213 Entrance fees - instalments receivable 111 172 1,261 1,385 Less: Impairment allowance for doubtful debts Balance at beginning of year (235) (245) Allowance made during the year - (31) Amount written off during the year 7 41 Amount written back during the year 22 - Balance at end of year (206) (235) 1,055 1,150

The amounts due from members are non - interest bearing and are generally on 30 days’ term. They are recognised at their original invoice amount which represents fair value on initial recognition.

The maximum exposure of credit risk for amount due from members at the reporting date is S$1,055,000 (2010: S$1,150,000).

The aging of amount due from members at the reporting date is: Impairment Impairment Gross losses Gross losses 2011 2011 2010 2010 S$’000 S$’000 S$’000 S$’000 Not past due 877 - 887 - Past due 31 - 60 days 125 - 182 - Past due 61 - 90 days 40 - 50 - More than 90 days 219 206 266 235 1,261 206 1,385 235

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

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

13. INVENTORIES 2011 2010 S$’000 S$’000 At cost Fuel 31 15 Souvenirs 16 16 Food supplies and tobacco 97 98 144 129 Car park discs & others 14 13 Staff uniforms 3 1 161 143

Inventories recognised as an expense in cost of sales (departmental revenue and costs) (Note 4) 1,630 1,596




14. OTHER CURRENT ASSETS 2011 2010 S$’000 S$’000 Sundry debtors 128 111 Refundable deposits 16 109 Prepayments 48 13 Accrued income - jackpot 56 97 248 330

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

15. TRADE PAYABLES The amounts are non - interest bearing. Trade payables are normally settled on 30 days terms. The carrying amounts of trade payables approximate their fair values and are denominated in Singapore Dollar.

16. OTHER PAYABLES AND ACCRUALS 2011 2010 S$’000 S$’000 Other payables 225 150 Jackpot duty payable 73 73 Accrued operating expenses 408 425 Credit balance from trade debtors 43 34 Deferred income from long-term berths (current) 46 46 Income tax payable (Note 9) 6 8 801 736

Other payables are non - interest bearing and have an average term of 60 days.

Included in accrued operating expenses is accrual for bonus and leave amounting to S$87,000 (2010: S$124,792).

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

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

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

19. ACCUMULATED FUND In accordance with the Club Rule 31.2, in the event of the Club’s winding up, all the debts and liabilities incurred on behalf of the Club shallbefullydischargedandtheremainingfundsshallbedonatedtooneormorecharitableornon-profitentities,preferablyinvolvedin the promotion and encouragement of sea sports in Singapore as determined by the general meeting of members.

20. FINANCIAL INSTRUMENTS

Categories of Financial Instruments Thecarryingamountspresentedinthebalancesheetrelatetothefollowingcategoriesoffinancialassetsandfinancial liabilities: 2011 2010 Financial Assets S$’000 S$’000 Loans and receivables: Due from members 1,055 1,150 Other current assets 200 317 Cash and cash equivalents 4,099 5,478 5,354 6,945

2011 2010 Financial Liabilities S$’000 S$’000 Financial liabilities measured at amortised cost: Trade payables 377 350 Other payables and accruals 393 311 Members’ deposits 799 788 1,569 1,449



Financial Risk Management Objectives And Policies ThemainrisksarisingfromtheClub’sfinancialinstrumentsarecredit,foreigncurrency,interestrateandliquidityrisks.Thepoliciesof 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.

TheClubhasnosignificantconcentrationofcreditrisk.ThecarryingamountofitsfinancialassetsrepresentstheClub’s maximum exposure to credit risk.

Cashandbankbalancesareplacedwithreputablelocalfinancialinstitutions.Therefore,creditriskarisesmainlyfromthe 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.

InformationregardingfinancialassetsthatareeitherpastdueorimpairedisdisclosedinNote12(DuefromMembers).

(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 Interestrateriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesin market interest rates.

Cashflowinterestrateriskistheriskthatthefuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchanges inmarketinterestrates.Fairvalueinterestrateriskistheriskthatthevalueofafinancialinstrumentwillfluctuatedueto changesinmarketinterestrates.TheClubhasnosignificantinterest-bearingassetsexceptasdisclosedinNote11.However, theClub’sincomeandoperatingcashflowsaresubstantiallyindependentofchangesinmarketinterestrates.

(iv) Liquidity Risk LiquidityriskreferstotheriskthattheClubisunabletomeetitsobligationswhenfalldue.TheClubmonitorsitscashflowand its collections on a regular basis as a means of managing liquidity risk.

Thefollowingaretheexpectedcontractualundiscountedcashoutflowsoffinancialliabilities,includinginterestpaymentsand excluding the impact of netting agreements:

Carrying Cashflows amount Non-derivative Contractual Within Within More than financialliabilities CashFlows 1year 2to5years 5years S$’000 S$’000 S$’000 S$’000 S$’000 2011 Trade payables 377 377 377 - - Other payables and accruals 801 801 801 - - Members’ deposits 799 799 799 - - Deferred income from long-term berths 463 463 - 463 - 2,440 2,440 1,977 463 -

2010 Trade payables 350 350 350 - - Other payables and accruals 736 736 736 - - Members’ deposits 788 788 788 - - Deferred income from long-term berths 509 509 - 509 - 2,383 2,383 1,874 509 -

(v) Fair Value Of Financial Instruments Asattheendofthefinancialyear,theClubhasnofinancialassetsorfinancialliabilitiesthatarecarriedatfairvalue measurements.

ThecarryingamountsoffinancialassetsandfinancialliabilitiesoftheClubrecordedatamortisedcostinthefinancial statements approximate their fair values due to their short term nature.




21. CONTINGENT LIABILITIES 2011 2010 S$’000 S$’000 Performance guarantees (secured) 197 196 Litigation for wrongful dismissal* - 11 Litigation for damages to vehicle** - 2 197 209

The above performance guarantees in favour of suppliers are secured by a mortgage over the Club’s leasehold land and buildings (Note 10).

* In 2010, an ex-employee initiated legal proceedings against the Club for alleged wrongful dismissal. The Club had agreed to pay a mediated settlement for the sum of $10,590 as advised by the Ministry of Manpower (MOM) Commissioner for Labour. The amount was fully settled during the year.

** In 2010, a member initiated legal proceedings against the Club for damages to the member’s vehicle. The Club had agreed to the claims and the cost of the legal fees amounting to S$2,420 was fully settled during the year by the Club’s Insurer.

22. CAPITAL COMMITMENTS

2011 2010 S$’000 S$’000 Amount authorised and contracted for 8,100 - Amount authorised but not contracted for - 8,100

The Club has embarked on a development project that is estimated to cost S$8.3 million. The expenditures to be incurred are for the development of dry stack, new rooms and break water.

During the Club’s annual general meeting on 25 June 2010, the members agreed to proceed with two of the projects, namely the boat stacker and room wing extension. Contracts for the approved projects were awarded on 3 March 2011 at S$8.1 million.

During the year, the Club had incurred costs amounting to S$2,951,783 (2010: S$160,716) on the initial expenditure for the project (Note 10 – Development-in-progress).

On23November2010theClubenteredintoaloanagreementwithDBSBanktohelpfinancethedevelopmentproject.Theloan 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.

Theaboveloanissecuredbyfirstlegalmortgageovertheproperty,theconstructionofwhichisfinancedbytheloan(Note10). The property to be constructed includes 31 new rooms and a multi-storey dry stacker.

The interest rate for the term loan is the prevailing 3-month SIBOR plus 1.75% per annum and for overdraft the interest is the prevailing prime rate. As at balance sheet date, the prevailing prime rate is 4.25%.

The term loan shall be repaid in 5 equal instalments of S$500,000 semi-annually after expiry of deferment period. The deferment period ends on 31 July 2011.

23. ADJUSTMENTS NOT AFFECTING CASH FLOW Duringthefinancialyear2010,thefollowingnetamountstotallingS$34,000thathadnocashfloweffectwerecreditedto the statement of comprehensive income:

S$’000 Inventories written off 3 Write-off of credit balances from trade debtors (37)

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 makes adjustments to it, in light of changes in the working capital requirements, business performance and economic conditions. To maintain or adjust the capital structure, the Club may issue new memberships. No changes were made in the objectives, policies or processes during the years ended 31 December 2011 and 31 December 2010.



25 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT Estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

TheClubmakesestimatesandassumptionsconcerningthefuture.Theresultingaccountingestimateswill,bydefinition,seldomequal therelatedactualresults.Theestimatesandassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarrying amountsofassetsandliabilitieswithinthenextfinancialyeararediscussedbelow.

ESTIMATED USEFUL LIFE FOR PROPERTY, PLANT AND EQUIPMENT Estimated useful life for property, plant and equipment is based on the Club’s assessment of the expected usage of the asset and expect wear and tear of the asset. The depreciation is charged against property, plant and equipment to show utilisation of the assets. The estimation of depreciation and useful life requires use of judgement and estimates. Where the expected outcome is different from the original estimate, such difference will impact carrying value of property, plant and equipment and depreciation expenses in the period in which such estimate has been changed.

ALLOWANCE FOR BAD AND DOUBTFUL DEBTS Allowance for bad and doubtful debts are based on an assessment of the recoverability of receivables. Allowances are applied to receivables where events or changes in circumstances indicate that the balances may not be collectible. The indication of bad and doubtful debts requires the use of judgement and estimates. Management’s judgement is required in assessing the ultimate realisation of these receivables including the current creditworthiness and past collection history of each member. Where the expected outcome is different from the original estimate, such difference will impact carrying value of the members account and other debtors and doubtful debts expenses in the period in which such estimate has been changed.

26 SUBSEQUENT EVENTS On8February2012,theClubenteredintoanewloanagreementwithDBSBanktohelpfinancethedevelopmentproject.Thereare nosignificantchangesfromtheagreementsignedon23November2010(Note22)whilethisnewloanagreementsupersedes,except thatthetermloanisavailableforfirstdrawdownupto23May2012.

27 AUTHORISATION OF FINANCIAL STATEMENTS ThesefinancialstatementswereauthorisedforissuebytheClubCommitteeon26April2012.



Reciprocal Clubs

AUSTRALIACAIRNS CRUISING YACHT SQUADRON42-48 Tingira Street, Portsmith Cairns, Queensland 4870T : 617-40351881F : 617-40351458E : [email protected] : www.ccys.com.au

CAPRICORNIA CRUISING YACHT CLUBP O Box 1576, Yeppoon, 4703 QueenslandT : 617-9275997W : www.ccyc.org.au

FREMANTLE SAILING CLUB INCPO Box 860, Fremantle, 6160 Western AustraliaT : 618-93358800F : 618-94305396E : [email protected] : www.fsc.com.au

HERVEY BAY SAILING CLUB INCPO Box 406, Pialba, Queensland 4655W : www.herveybaysailingclub.org.au

KEPPEL BAY SAILING CLUBPO Box 32, Yeppoon, Queensland 4703T : 617-49399500F : 617-49399555E : [email protected] : www.kbsc.com.au

MIDDLE HARBOUR YACHT CLUB LTDPO Box 106, Seaforth, NSW Australia 2092T : 612-99691244F : 612-99693326E : [email protected] : www.mhyc.com.au

NOOSA YACHT & ROWING CLUBPO Box 49, Tewantin 4565, QueenslandT : 617-74498602F : 617-74741109W : www.nyrc.com.au

PORT CURTIS SAILING CLUB INCPO Box 1010, Gladstone, Queensland 4680T : 07-49722294F : 07-49727872E : [email protected] : www.gyc.com.au

PORT DOUGLAS YACHT CLUB INCPort Douglas Queensland 4871T : 617-0994386 F : 617-0995675W : www.portdouglasyachtclub.com.au

QUEENSLAND CRUISING YACHT CLUBPO Box 399, Sandgate, Queensland 4017T : 617-32694588F : 617-32690818W : www.qcyc.com.au

ROYAL MELBOURNE YACHT SQUADRONPO Box 2001, St Kilda West, Victoria 3182T : 03 9534 0227F : 03 9534 4478E : [email protected] : www.rmys.com.au

ROYAL BRIGHTON YACHT CLUB253 The Esplanade, Middle Brighton,Victoria 3186T : 613-9592 3092F : 613-9592 9633E : [email protected] : www.rbyc.org.au

ROYAL PERTH YACHT CLUB OF WESTERN AUSTRALIAPO Box 5, Nedlands 6909, Western AustraliaT : 608-93891555F : 608-93891459E : [email protected] : www.rpyc.com.au

ROYAL PRINCE ALFRED YACHT CLUBPO Box 99 Newport Beach, NSW 2106T : 612 9997 1022F : 612 9997 8620E : [email protected] : www.rpayc.com.au

ROYAL QUEENSLAND YACHT SQUADRONA.C.N. 053 989 272, P O Box 5021, Manly Queensland 4179T : 617-33968666 F : 617-33934100

ROYAL YACHT CLUB OF VICTORIAPO Box 51 Williamstown, Victoria 3016T : (03) 9397 1277F : (03) 9397 8160E : [email protected] : www.rycv.yachting.org.au

GOLD COAST YACHT & GAME FISH CLUB245 Bayview Street, Runaway Bay,Gold Coast, QLD 4216T : 07 5577 3344F : 07 5577 4491W : www.qldyachting.org.au

SANDRINGHAM YACHT CLUBPO Box 66, Sandringham, Victoria 3191T : 613-95987444F : 613-95988109 E : [email protected] : www.syc.org.au

SOUTHPORT YACHT CLUB INCMacarthur Parade, Main Beach,Gold Coast, Queensland 4217T : 617-55913500F : 617-55327507E : [email protected] : www.southportyachtclub.com.au

TIN CAN BAY YACHT CLUB INCP O Box 170, Tin Can Bay,Queensland 4580T : 617-54862142F : 617-54864308W : www.tcbyc.yachting.org.au

THE DARWIN SAILING CLUB INCVesteys Beach, Fannie Bay, DarwinT : 618-89811700F : 618-89410580W : www.dwnsail.com.au

THE ROYAL YACHT CLUB OF TASMANIAMarieville Esplanade, Sandy Bay,Tasmania 7005T : 613-62234599F : 613-62231308E : [email protected] : www.ryct.org.au

TOWNSVILLE YACHT CLUBPO Box 484, South Townsville, QLD 4810T : 07 4772 1192F : 07 4772 7363W : www.townsvilleyachtclub.com.au

TOWNSVILLE SAILING CLUBPO Box 5642, Townsville, QLD 4810T : 07 4772 1105W : www.tsvsailingclub.com.au

WHITSUNDAY SAILING CLUB LTDPO Box 495, Airlie Beach, Queensland 4802T : 617-49466138F : 617-49467573W : www.whitsundaysailingclub.com.au

WYNNUM MANLY YACHT CLUBPO Box 5112, Manly, Queensland 4178T: 617-33935708

YORKEYS KNOB BOATING CLUB INCPO Box 100 Yorkeys Knob,Queensland 4878T : 617-70557944F : 617-70557074W : www.marina.yorkeysknob.com

BAHRAINBAHRAIN YACHT CLUBPO Box 5390, Manama-BahraiN. Arbian Gulf, State Of BahrainT : 700677F : 701797E : [email protected] W : www.thebahrainyachtclub.com



BELGIUMROYAL BELGIAN SAILING CLUBJschrantstraat No 3, B.9000 Gent. EuropeT : 09-2278109F : 09-2276712W : www.rbsc.be

BRUXELLES ROYAL YACHT CLUB1, Chaussee De Vilvorde 1020 BruxellesT : 02 216 48 28F : 02 245 62 22E : [email protected] : www.bryc.be

BRUNEIROYAL BRUNEI YACHT CLUBPO Box 272, Bandar Seri Begawan 1902Negara Brunei DarussalamT : 02-786267F : 02-786139W : www.therbyc.com

KUALA BELAIT BOAT CLUBBrunei Shell Petroleum Co Sdn Bhd, Seria KB 3534, Negara Brunei DarussalamW : www.panagaclub.com

CANADADEEP COVE YACHT CLUB4420 Gallant Ave, North Vancouver,British Columbia V76 1L2T : 604-9291009

FALSE CREEK YACHT CLUB1661 Granville Street, Vancouver,British Columbia V6Z 1N3, CanadaT : 604-6823292F : 604-6823614E : [email protected] : www.fcyc.com

ROYAL CANADIAN YACHT CLUB141 St George Street Toronto OntarioM5R 2L8T : 416-9677245F : 416-9675710E : [email protected] : www.rcyc.ca

ROYAL NOVA SCOTIA YACHT SQUADRON376 Purcells's Cove Rd, HalifaxNova Scotia, B3P 1C7T : 902-477-5653F : 902-477-6298E : [email protected] : www.rnsys.com

CHINAAMBASSY CLUB1500 Central Huaihai Rd, Shanghai, 200031T : 86-2164312728F : 86-2134010814E : [email protected]

SUzHOU TAIHU MERCURY CLUB & MARINA81 Lakeside Rd, Taihu National Tourism Vacation Zone, Suzhou, Jiangsu 215164T : 86-5126515099F : 86-5126515122W : www.mercurymarine.com.cn

GERMANYAUGSBURGER SEGLER-CLUBE.V., Ed.-Thöny-Str 26, 86919 UttingT : (0 88 06) 76 34F : (0 88 06) 77 20E : [email protected] : www.asc-utting.de

NORDDEUTSCHER REGATTA VEREINSchöne Aussicht 37, 22085Hamburg, EuropeT : 040-2290815/2290753F : 040-2290572E : [email protected] GUAMMARIANAS YACHT CLUBPO Box 2297, Agana 96910T : 671-4773533/4W : www.marianasyachtclub.org

HONG KONGABERDEEN BOAT CLUB LIMITED20 Shum Wan Road, AberdeenT : 852-25528182F : 852-28732945E : [email protected] : www.abclubhk.com

ROYAL HONG KONG YACHT CLUBKellett Island, Causeway BayT : 852-28322817F : 852-25725399E : [email protected] : www.rhkyc.org.hk

INDIAMADRAS BOAT CLUBNo. 2, 3rd Avenue,Boat Club Road, Raja Annamalaipuram, Chennai 60 0028T : 24353190/24354751E : [email protected] [email protected]

IRELANDROYAL CORK YACHT CLUBCrosshaven Co. CorkT : 353 21 4831023F : 353 21 4831586 E : [email protected] : www.royalcork.Com

ITALYCLUB NAUTICO RIMINIP.Le Boscovich, 12, 47900 RiminiT : 0541 26520F : 0541 56878E : [email protected] : www.yachtclubitaliano.it

YACHT CLUB ITALIANOPorticciolo Duca Degli Abruzzi,16126 Genova ItalyT : 39-0102461206 F : 39-0102461193 E : [email protected] W : www.yci.it

MALAYSIA KINABALU YACHT CLUBPO Box 10392, 88804 Kota Kinabalu, SabahT : 6088-240070/6088-243070F : 6088-243007W : www.kinabaluyachtclub.com

PERAK YACHT CLUBLot 678 Kg Lalang, K Baru, Karong Berkunci No 3, Ayer Tawar 32400 Ayer Tawar Perak Darul RidzuanT : 05-935106

PIASAU BOAT CLUBSarawak Shell Berhad, Locked Bag No. 1, 98100 Lutong, Sarawak, MalaysiaT : 60-85-655313F : 60-85-657249E : [email protected]

ROYAL LANGKAWI YACHT CLUBJalan Dato Syed Omar, 07000 Kuah, Langkawi, Kedah Darul AmanT : 604-9664078 F : 604-9665078E : [email protected] : www.langkawiyachtclub.com

ROYAL SELANGOR YACHT CLUBJalan Limbongan, 42000 Port Kelang, SelangorT : 03-168 6964F : 03-168 8650E : [email protected] : www.rsyc.com.my

SANDAKAN YACHT CLUBPO Box 476, 90705 Sandakan SabahT : 089-212518F : 089-215542 W : www.syc.org.my

TAWAU YACHT CLUBPO Box No.60125, SabahT : 771104F : 779194 W : www.etawau.com


Republic Of Singapore Yacht Club

MALTAROYAL MALTA YACHT CLUBCouvre Porte, Fort Manoel, Manoel Island, Gzira - Malta G.C. EuropeT : 333109F : 331131

MEXICOACAPULCO YACHT CLUBApartado Postal 117, Acapulco, GuerreroT : 52744482-38-59/60/70F : 52 744 482 2836W : www.clubdeyatesaca.com.mx

MONACOYACHT CLUB DE MONACO16, Quai Antoine Ier, MC 98000 MonacoT : 377 93 10 63 00F : 377 93 50 80 88E : [email protected] : www.yacht-club-monaco.mc

NETHERLANDSROYAL MAAS YACHT CLUBVeerdam 1, 3016 DD, Rotterdam, NetherlandsT : 010-4138514F : 010-4146963E : [email protected] : www.de-maas.nl

NEW zEALANDTHE ROYAL AKARANA YACHT CLUBPO Box 42-004, Orakei, Auckland,New ZealandT : 649-5249945F : 649-5201380E : [email protected] : www.rayc.org.nz

ROYAL NEW zEALAND YACHT SQUADRONPO Box 46182, Herne Bay, Auckland 1147T : 649-3606800F : 649-3606802E : [email protected] : www.rnzys.org.nz

ROYAL PORT NICHOLSON YACHT CLUBPO Box 9674, WellingtonT : 384 8700F : 385 1603E : [email protected] : www.rpnyc.org.nz

PAKISTANKARACHI YACHT CLUBStandard Chartered Bank, Main Branch (Compound), I.I. Chundrigar Road,PO Box 4408, Karachi 74000T : 241-2127E : [email protected] : www.karachiyachtclub.com

PHILIPPINESTHE MANILA YACHT CLUBPO Box 1085, ManilaT : 632-526-7868F : 632-523-7183W : www.manilayachtclub.org

THE PUERTO GALERA YACHT CLUBPO Box 30450, Puerto Galera, Oriental Mindoro 5203, Philippine IslandsT : 63 43 442 0136F : 63 43 442 0136E : [email protected] : www.pgyc.org

SUBIC BAY YACHT CLUBRizal Highway Cor., Burgos Street Subic Bay, Freeport Zone, Philippines 2222T : 047 2525211F : 0472526587E : [email protected]

SEYCHELLESSEYCHELLES YACHT CLUBPO Box 504, Victoria Mahe Seychelles, Indian OceanT : 322362/323139

SOUTH AFRICAROYAL CAPE YACHT CLUBPO Box 772, Cape Town 8000T : 27 21 421-1354F : 27 21 421-6028 E : [email protected] W : www.rcyc.co.za

VICTORIA LAKE CLUBPO Box 77, Germiston 1400T : 825 3530F : 8739609E : [email protected] : www.sailrsa.org.za

TANzANIADAR ES SALAAM YACHT CLUBP O Box 1280, Dar Es Salaam TanzaniaT : 40180/40185W: www.highlyvisual.com/dyc/

THAILANDROYAL VARUNA YACHT CLUB286 Pratamnak Road, Pattaya Chonburi, Thailand 20150T : 66 3825-0116F : 66 3825-0115E : [email protected] : www.varuna.org

UNITED KINGDOMCLYDE CRUISING CLUBSuite 101 Pentagon Centre, 36 Washington Street, Glasgow, G3 8AZ,ScotlandT : 0141-2212774F : 0141-2212775E : [email protected] : www.clyde.org

DEBEN YACHT CLUBJetty Lane, Woodbridge, Suffolk IP12 4BBT : 01394-384440E : [email protected]

LEANDER CLUBHenley-On-Thames, RG92LPT : 44-1491575782F : 44-1491410291E : [email protected] : www.leander.co.uk

POOLE HARBOUR YACHT CLUB38 Salterns Way, Lilliput Poole, Parkstone Dorset BH14 8JRT : 01202-707321F : 01202-707488W : www.salterns.co.uk

ROYAL CHANNEL ISLANDS YACHT CLUBQuay Steps, St Peter Port, GuernseyGY1 2NB, Channel IslandsT : 01481-723154/01481-725500F : 01481-712257 W : www.rciyc.com

ROYAL CORINTHIAN YACHT CLUBThe Parade Cowes, Isle Of Wight,PO31 7QUT : 01983-293581F : 01983-294385

ROYAL CORNWALL YACHT CLUBGreenbank Falmouth, Cornwall TR11 2SW, EnglandT : 01326-312126F : 01326-211614

ROYAL DART YACHT CLUBKingswear, Dartmouth, Devon TQ6 OAB, EnglandT : 01080-762496

ROYAL FOWEY YACHT CLUBWhitford Yard, Fowey, Cornwall PL23 1BHT : 01726-832245/01726-833573

ROYAL LYMINGTON YACHT CLUBBath Road, Lymington, Hampshire S041 3SET : 0590-672677F : 0590-671642

Reciprocal Clubs

46



ROYAL NORTHERN & CLYDE YACHT CLUB The Clubhouse, Rhu, Helensburgh,G84 8NG T : 01436 820322F : 01436 821296E : [email protected] : www.rncyc.com

ROYAL SOLENT YACHT CLUBYarmouth, Isle Of Wight PO41 ONST : 01983-760256F : 01983-761172W : www.royalsolent.org

ROYAL THAMES YACHT CLUB60 Knightsbridge, London SW1X 7LFT : 020 72352121F : 020 72355672E : [email protected] : www.royalthames.com

ST. HELIER YACHT CLUBSouth Pier St.Helier, Jersey JE2 3NB, Channel IslandsT : 01534-21307/01534-32229F : 01534-20842W : www.shyc.je

THE ROYAL MOTOR YACHT CLUB“Enchantress” Sandbanks, Poole, DorsetT : 01202-707227F : 01202-708775

THE ROYAL NAVAL CLUB & ROYAL ALBERT YACHT CLUB17 Pembroke Road, Old Portsmouth Hampshire, England PO1 2HWT : 02392-824491F : 02392-872009W : www.rnc-rayc.co.uk

ROYAL ULSTER YACHT CLUB101 Clifton Rd, Bangor, Co DownBT20 5HYT : 01247-270568F : 01247-273525E : [email protected] : www.ruyc.co.uk

U.S.A.BALBOA YACHT CLUB1801 Bayside Drive, Corona Del Mar, California 92625T : 949-6733515F : 949-6738937E : [email protected]

BOCA RATON YACHT CLUB4001 North Ocean Blvd, Suite B201Boca Raton, FL 33431T : 561-392-6333E : [email protected]

CORINTHIAN YACHT CLUB OF CAPE MAYPO Box 260, Cape May New Jersey 08204 DEL REY YACHT CLUB13900 W.Palawan Way, Marina Del Rey, California 90291T : 310-8234664F : 310-8211346

EPPING FOREST YACHT CLUB1830 Epping Forest Drive, Jacksonville, Florida 32217T : 904-739-7200F : 904-733-0054E : [email protected] : www.efyc.com

FORT WALTON YACHT CLUB180 Ferry Road N.E., Fort Walton Beach, Florida 32548T : 904-2437102W : www.fwyc.org

GUILFORD YACHT CLUB379WhitfieldStreet,Guilford,Connecticut 06437, USAT : (203) 415 3427W : www.gyc.com

HALIFAX RIVER YACHT CLUB331 South Beach Street, Daytona Beach, Florida, 132114-5089T : 904-2557459F : 904-2555377W : www.hryc.com

LAHAINA YACHT CLUB835 Front St. Lahaina Maui, Hawaii 96761T : 808-6610191F : 808-6672582W : www.lahainayachtclub.org

QUEEN CITY YACHT CLUB2608 Boyer Ave West, Seattle Washington 98102T : 206-7092000F : 206-7098924W : www.queencity.org

SAN DIEGO YACHT CLUB1011 Anchorage Lane, San Diego Ca 92106T : 619-2218400F : 619-2243059E : [email protected] www.sdyc.org

THE SAN FRANCISCO YACHT CLUBPO Box 379, Belvedere Ca 94920-0379T : 415-7895647F : 415-7895648

SEATTLE YACHT CLUB1807 East Hamlin Street, Seattle Washington 98112T : 206-3251000F : 206-3248784

WAIKIKI YACHT CLUB1599 Ala Moana Boulevard, Honolulu Hawaii 96814T : 808-9554405F : 808-9415026

WAUKEGAN YACHT CLUBPO Box 75, Illinois 60079T : 847-6234188F : 847-6230155



Past Commodores

1919 W F Nutt, O.B.E W M Blake1920 W F Nutt, O.B.E1921 W F Nutt, O.B.E1922 Sir Laurence Guillemard1923 Sir Laurence Guillemard1924 Sir Laurence Guillemard1925 Sir Laurence Guillemard1926 Sir Laurence Guillemard1927 Sir Laurence Guillemard C Boden Kloss Sir Hugh Clifford1928 Sir Hugh Clifford1929 Sir Hugh Clifford R O Winstedt1930 C Boden Kloss1931 C Boden Kloss1932 F G Lundon1933 F G Lundon1934 F G Lundon1935 F G Lundon1936 M H Matheson1937 M H Matheson1938 M H Matheson1939 E W Slight1940 E W Slight1941 E G Holiday1942 to 1945 Inactive during WWII1946 E W Slight1947 P A B McKerron1948 P A B McKerron1949 Sir Patrick McKerron1950 H Worham1951 H Worham1952 E G Holiday1953 E G Holiday1954 E G Holiday1955 J C Allan V C Bath1956 E G Holiday1957 V C Bath1958 Sir William Goode1959 Sir William Goode J H P Young1960 E G Holiday1961 A W Scott1962 H Pfrunder1963 T G Cotterell

1964 R A Sandford1965 F R Pitcher1966 F R Pitcher1967 J Snowden1968 J Snowden1969 R G Beale1970 K Smedley1971 K Smedley1972 J Snowden1973 J Snowden1974 W H Henderson1975 W H Henderson1976 D F Roe1977 D F Roe1978 G W Chubb1979 Teo Eng Tat1980 Teo Eng Tat1981 Teo Eng Tat1982 P F Phillips1983 CMFairfield1984 R G Urry1985 Francis C H Lee1986 Francis C H Lee1987 Francis C H Lee1988 Harry S H Ho1989 Harry S H Ho1990 Harry S H Ho1991 Loo Soon Heng1992 Kam Chai Heng1993 Kam Chai Heng1994 Kam Chai Heng1995 Tan Kay Toh1996 Tan Kay Toh1997 Tan Kay Toh1998 Lim Kwong Hoon, PBM1999 Lim Kwong Hoon, PBM2000 Lim Kwong Hoon, PBM2001 Tan Kay Toh2002 Khoo Ih Chu2003 Khoo Ih Chu2004 Khoo Ih Chu2005 Tan Kay Toh2006 Tan Kay Toh2007 B. Balakrishnan2008 B. Balakrishnan 2009 B. Balakrishnan2010 Tan Kay Toh2011 Tan Kay Toh


C

M

Y

CM

MY

CY

CMY

K

AR2012_Cover.pdf 5 5/25/12 12:40 PM

52 West Coast Ferry Road, Singapore 126887Tel: 6768 9288 • Fax: 6768 9280 • Email: [email protected] • Website: www.rsyc.org.sg

C

M

Y

CM

MY

CY

CMY

K

AR2012_Cover.pdf 6 5/25/12 12:40 PM

RSYC Annual Report 2012

Documents

development report page

treasurers report page

secretarys report page

departments report page

membership report page

marina facilities report

food beverage report

pmannual report