The syndicate will comprise four members, each registered and certified owners of 16/64ths of the boat, Iroko, with the MCA. This is not boat timeshare! In the Iroko Syndicate, each of the four owners really does own exactly the same rights, control, privileges, expenses and share of the boat and her equipment.
Each owner will enjoy the use of the boat for 12 weeks each year (Click here to see sample year planner):
These periods will be on a rota which, in turn, will rotate annually so that each owner will eventually enjoy the use of the boat for every week of the year (except maintenance weeks) across each four-year cycle.
It is expected that the boat will be based in Lorn (the Oban area) from early May to mid November and on the Clyde from December to late April. The cruising areas are limited only by sailing time and may even be extended, subject to insurance, by two conterminous owners. Transit between bases will be undertaken by one or more owners by mutual arrangement. However, Iroko's actual location (within the Clyde/West Highland area) may be changed from time to time as decided by the syndicate members on a majority decision.
One week in late April/early May is reserved for transit between the Clyde and Lorn and light, supplementary maintenance (this is two weeks in “53-week” years which occur every four or five years). Three weeks in late November and early December are reserved for transit between Lorn and the Clyde and for annual maintenance, servicing and repairs.
Annual costs are budgeted at £11,520 for 2021 and cover -
mooring leases and maintenance
change-over marina fees
maintenance marina fees
annual lift out, antifouling and hull cleaning
above waterline and deckhouse woodskin treatment
external and internal painting/decoration as required
repairs and replacements
unallocated electricity and fuel
transit expenses between the Clyde and Lorn
contingencies - with any surplus being placed in a contingency fund.
The monthly cost per owner in 2021/22 will be £240, payable by standing order and this will be adjusted annually according to a budget approved by all owners. Owners may be called upon to pay additional sums in the event of major or unplanned expenditure – subject to the prior approval of the expenditure by all the owners. New owners will be responsible for a pro rata proportion of costs attributable to their share during the first year of ownership.
Two owners will be appointed annually to manage the boat and administer the syndicate. These are non-remunerative positions.
Owners should provide their own sheets, duvet covers, pillow cases and towels (or bring sleeping bags). Basic supplies - salt, pepper, spices, sugar, etc - are part of the boat's inventory and owners are expected to top these up before leaving.
A 4G wifi router (with external antenna at top of mizzen mast) is installed. However, owners should bring their own micro-sim (all UK mobile networks supported but EE currently has the best coverage of our local cruising areas).