The syndicate will comprise four owners, each registered with MCA and certified as owning 16/64ths of the boat, Iroko. This is not boat timeshare - in the Iroko Syndicate, each of the four owners really owns 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:
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.
The boat will be based on the Clyde from October to mid-April and in Firth of Lorn from May to September. Transit between bases will be undertaken by one or more owners by mutual arrangement.
Three weeks in late April/early May are reserved for annual maintenance/repairs and transit between the Clyde and Lorn. One week (two weeks in “53-week” years) in late September or early October is reserved for transit between Lorn and the Clyde and supplementary maintenance/repairs.
Annual costs are budgeted at £12,000 for 2019 and cover -
antifouling and hull cleaning
above waterline and deckhouse varnishing
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 2019 will be £250, 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.
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/3G/2G telephone and internet 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).