YES Yacht: Yachting Enterprises & Studies Ltd
Financial & Accounting Management

4.1 Setting of budget
The annual budget of the vessel is set by the managers taking into consideration the specific requests of the owners and the particularities of the areas of operation, crew necessities, e.t.c.

The budget therefore will be set on the basis of the specific requests and obligations of each individual year and there may be subjected to certain fluctuation.

The budget will incorporate running expenses and more specifically these regarding fuel, provisions and supplies during operational period, however, these costs will be directly associated to the owners’ request regarding the extent of use of the vessel.

Setting of budget will be effected in October of each year in respect to maintenance and in March in respect to operation.

4.2 Maintenance budget
Maintenance budget will include the expected and the standard expenses the vessel will have on annual basis. The budget will be issued every October of each year and will be divided into categories:
  • The budget for standard expenses and
  • the budget of the expected expenses.
The standard expenses for example will concern salaries, marina fees, insurance, managerial costs, e.t.c. and the expected those of technical maintenance, service and renewal of parts.

Similarly, those concerning statutory legal or accounting issues.

The budget will be discussed and agreed between the owners and the managers in case changes of works or services are to be made.

The budgeted amount will be deposited to managers’ account in installments proportional to the costs to be occurred on each individual month.

4.3 Operational budget
This budget will concern the operational costs as well as cost indirectly associated to vessel’s operational period.

The budget will mainly concern fuel, supplies, provisions, consumables, port dues and agency service charges occurred during voyages, the cost of which may fluctuate according the extent of use of the vessel.

All costs, therefore, will be evaluated on the basis of owners’ request for the period of use and secondarily to the number of passengers on board and the areas to be visited.

In view of the above, the budget may vary from year to year and its level will be estimated upon discussion of voyage schedule with the owners.

For practical purposes the operational costs and expenses will be released in proportional installments form managers to vessel account [accessible by the captain] as usually the vessel is expected to cruise outside her permanent berthing area.

4.4 Payment of financial obligations
Payment of vessel’s financial obligations towards third parties will be effected by the managers. Theses obligations will concern the standard expenses, maintenance and operational expenses not scheduled on annual basis. For all payments, receipts or invoices will be obtained where necessary and applicable.

4.5 Accounting services
Accounting services for vessel’s expenses may be provided in a fully official form, if necessary, in association with a collaborating accounting bureau specializing in yachting business or alternatively in a form of an “in house” analytical account per category of expenses on monthly basis depending on the extent of costs incurred.

In the second case of the “in house accounting” the service cost is included in the managerial cost while in the case of an official “book keeping account” an extra monthly cost will be applicable and will concern a standard expense.

4.6 Insurance Insurance cover for the vessel will be arranged by the managers. The underwriters should be of “first class” reputable in the market with an associated broker operating in Greece.

Payment of premium will be effected by managers or alternatively directly by the owners.


YES Ltd
Yachting Enterprises & Studies Ltd
70, Akti Moutsopoulou
Zea Marina
Piraeus, 185 36
Τel: +30 210 428 2824
+30 210 452 4833
Fax: +30 210 428 7669

YES Yacht: 24hrs/7days On-Call Surveyors   YES Yachting Enterprises & Studies: 25 years in business