Building Lifelong Relationships - NUSS

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nuss annual report 2006 Chairperson Johnny Tan Khoon Hui Deputy Chairperson Yee Woon Yim Members Edward Lee Jim Teck Lim Boon Kwong Marcus Lim Woon Chong Dennis Lin Wai Man Alvin Phua Chun Yen Siva S Retnam Tan Siang Chik Philip Toh Kee Poon Willy Wong Weng Kong <strong>NUSS</strong> closed the year 2006 with a set of very positive and encouraging financial results. The Society’s net surplus improved from $0.01 million in year 2005 to $1.16 million in year 2006. This was due mainly to an increase of over $0.56 million in entrance fee income from $0.53 million in 2005 to $1.09 million in 2006. A further $0.60 million came from a 13% higher fruit machine income and a 61% increase in interest income. This was offset by a one-time impairment loss of $0.47 million for the partial demolition of the Kent Ridge Guild House building to make way for the Alumni Complex. Overall, operating income recorded an increase of 6% from $16.5 million in 2005 to $17.5 million in 2006. The Super Deal and Member-Get-Member recruitment drive launched in October 2006 was a successful campaign. It contributed 68% of the total new members who joined the Society in the whole year. The Society’s net F&B sales for 2006 were maintained at the level of 2005 despite the disruption caused by the redevelopment of Kent Ridge Guild House. F&B expenditure was lower by 5% compared to the previous year and was largely achieved through more effective cost management. This resulted in an overall reduction of the F&B deficit by $0.35 million from 2005. Banquet sales at Kent Ridge and Suntec City Guild Houses together recorded an improvement to $1.71 million in 2006 from $1.62 million in 2005. Continued emphasis will be placed on further developing our banquet business in 2007. Aside from the one-time impact of the impairment loss, operating expenditure excluding F&B, was $0.40 million lower PG Finance Sub-Committee than that in year 2005. This was mainly due to lower costs incurred on repairs and maintenance expenses and donations. The Society has implemented a new club management system that offers integration of functions across the Society. The project is progressing satisfactorily with an estimated spending within the approved budget. The Society’s financial position remains healthy with cash reserves standing at $28.8 million or 5% higher than the previous year. This, together with a loan facility which NUS has agreed to provide the Society, will be more than adequate to meet the funding needs in relation to the development of the Alumni Complex and the new Guild House at Bukit Timah. Notwithstanding that, it is essential that the Society continues to build up its reserves. Bearing in mind the importance of corporate governance, the Finance Sub-Committee worked closely with the Secretariat finance team to streamline processes, tighten Standard Operating Procedures and improve inventory control. In line with current Financial Reporting Standards, the Society has also reviewed and changed the reporting of F&B operations and entrance fees. For more meaningful comparison, relevant reports relating to previous years have also been restated. Looking ahead, the future continues to look promising. The Society will stay focused and continue to reinforce our business strategies in the key areas of Members’ Satisfaction, Branding & Membership Marketing as well as Cost Efficiencies. We will continue to pursue ongoing enhancement projects to ensure that the Society remains the foremost graduate society in Singapore and beyond.
Income ($000s) 15,716 Net Operating Result ($000s) Income / Expenditure Distribution Other income 6.3% 2002 2003 2004 2005 (329) Fruit machines 15.9% (2,907) 15,070 Net members’ entrance fee 6.2% 278 Income for 2006 Food and Beverage 36.7% Subscriptions 34.9% 16,571 2002 2003 2004 2005 9 16,537 1,160 2006 17,496 2006 PG nuss annual report 2006 Net Operating Result Excluding Assets Write Offs ($000s) Others 8.6% (329) Depreciation and Assets Write offs 13.8% (707) 278 2002 2003 2004 2005 Club rental 4.1% Utilities 4.5% Club activities 3.7% Staff salaries 19.9% 9 Repairs and Maintenance 2.7% Expenditure for 2006 1,630 2006 Food and Beverage 42.7%
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Page 31 and 32: Report of Management Committee 1. M
Page 33 and 34: n Approved the disposal of old swim
Page 35 and 36: Initial illustrations of the redeve
Page 37 and 38: Upon the receipt of NParks’ in-pr
Page 39 and 40: Friendship between NUSS and Peking
Page 41 and 42: Teaching in Cambodia Gaining a deep
Page 43 and 44: Summary of Events for the Year Cate
Page 45 and 46: Chairperson Tan Siang Chik Deputy C
Page 47: A new reciprocal arrangement with t
Page 51 and 52: Host GT Lye explains the correct wa
Page 53 and 54: Event Management Booking of Events
Page 55 and 56: Promoting networking among members
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Page 59 and 60: Chairperson Siva S Retnam Deputy Ch
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Page 71 and 72: Cash flow statement PG 69 The annex
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Page 77 and 78: 3 Property and equipment Furniture,
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Page 87 and 88: NUSS Over the years PG 85 NUSS ANNU

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