Tuesday, June 8, 2010

New Creation Church's Business Entities

New Creation Church's Deacon Jack Ho addressed the congregation on Sunday, 6 June 2010 regarding each of the five business entities owned by NCC (watch the video here).

I reproduce below a special announcement regarding its business entities by New Creation Church on its website :

In light of the recent media reports on police investigations into individuals and companies related to City Harvest Church, we would like to provide clarity to our members regarding New Creation Church’s (NCC) business entities and how they are run. We trust that our reiteration of these pertinent facts will give assurance and peace of heart to our members that our practices are transparent and aboveboard.

  1. Daystar Child Development Centre
  2. BrightStar Child Development Centre Pte Ltd
  3. Rock Productions Pte Ltd
  4. Rock Gifts & Book Centre
  5. Omega Tours & Travel Pte Ltd 

1. Daystar Child Development Centre

Daystar Child Development Centre (Daystar) is a Voluntary Welfare Organisation (VWO) under NCC. It was started as an initiative to help the community in the areas of childcare and early childhood education. It has two branches: Daystar Holland opened in 1996 at Holland Avenue, and Daystar Jurong in 2004 at Jurong West Street 61.

As a VWO, Daystar has no shareholders or directors. The two centres are run by management committees whose members do not receive any remuneration.

Management Committee — Daystar Holland
  1. Pastor Jeannie Yeo
  2. Pastor Joshua Lee
  3. Deacon Jack Ho
Management Committee — Daystar Jurong
  1. Pastor Jeannie Yeo
  2. Deacon Jack Ho
  3. Deacon Matthew Kang

 

2. BrightStar Child Development Centre Pte Ltd

BrightStar Child Development Centre Pte Ltd (BrightStar) was incorporated in 2004 to provide childcare services in Suntec City Mall. BrightStar has an added advantage as its facilities can also be used on Sundays as part of the nursery care services that our children’s ministry provides for our members. The company’s shares are held in trust for NCC by four registered shareholders. None of the shareholders and directors are paid any salary, bonus, fee or dividend.

Registered Shareholders
No. Name of Registered Shareholder No. of Shares
(held in trust for NCC)
1 Pastor Jeannie Yeo
Deed of Nomineeship dated 26 October 2005
Deed of Declaration of Trust dated 15 June 2008
10
2 Pastor Joshua Lee
Deed of Nomineeship dated 26 October 2005
Deed of Declaration of Trust dated 15 June 2008
283,330
3 Deacon Matthew Kang
Deed of Nomineeship dated 26 October 2005
Deed of Declaration of Trust dated 15 June 2008
283,330
4 Deacon Koh Ching Hong
Deed Of Appointment and Declaration of Trust dated 23 May 2010
(supplemental to the Deed of Nomineeship dated 26 October 2005
and the Deed of Declaration of Trust dated 15 June 2008)
283,330
Total no. of Shares850,000

Directors
  1. Pastor Jeannie Yeo
  2. Deacon Matthew Kang
  3. Deacon Jack Ho

 

3. Rock Productions Pte Ltd

Rock Productions Pte Ltd (Rock Productions) was established in 1998 at Suntec City Mall as a venue provider. Rock Auditorium is available for secular bookings throughout the week but is reserved for NCC as its anchor tenant on Sundays. It has a capacity of 1,400 seats.

Prior to the establishment of Rock Auditorium, NCC used to move from hotel to hotel for its church services. In addition to providing the church with stability, the use of Rock Auditorium provided significant logistical benefits as we were able to do away with the weekly setting up, tearing down and storage of technical and operational equipment.

Marine Cove was a venture birthed from NCC’s continued search for a venue bigger than Rock Auditorium as we continued to grow in attendance. In 2001, the centre’s previous owners obtained an in-principle approval from the National Parks Board to build an auditorium at its premises along the East Coast Parkway. The property had approximately 10 years’ lease remaining, out of the tenure of 30 years then.

After doing due diligence on the property, NCC obtained an option to purchase the centre with a clause that allowed us to back out of the deal if proper building approvals from all necessary authorities were not obtained. The Urban Redevelopment Authority subsequently rejected our application because the zone was designated for food and recreational purposes under its master plan. We then informed the previous owners that we would not be exercising the option to purchase.

The owners, being highly motivated, persuaded us to consider purchasing the centre as an investment. After extensive negotiations, NCC made an offer to purchase the centre at S$10m, which was eventually accepted by the owners. The final price was S$4m below the initially agreed-upon purchase and valuation price of S$14m.

Marine Cove has since proven to be profitable and a source of financial blessing to the church. Our lease will expire in March 2011 if no extension is granted by the Singapore Land Authority.

Our new meeting venue at one-north, which will include a 5,000-seat auditorium, has been addressed extensively when the project was first launched in 2007. The details of this endeavour are available at Rock Productions’ website at www.rockproductions.com.

Rock Productions’ shares are held in trust for NCC by four registered shareholders. None of the shareholders and directors are paid any salary, bonus, fee or dividend.

Registered Shareholders
No. Name of Registered Shareholder No. of Shares
(held in trust for NCC)
1 Pastor Jeannie Yeo
Deed Of Appointment and Declaration of Trust dated 6 June 2002
1
2
3
4
Pastor Joshua Lee
Deacon Matthew Kang
Deacon Koh Ching Hong

Deed Of Appointment and Declaration of Trust dated 23 May 2010
(supplemental to the Deeds of Declaration of Trust dated 6 June 2002,
26 October 2007 and 25 June 2009)
137,999,999
(jointly held)
Total no. of Shares138,000,000

Directors
  1. Pastor Jeannie Yeo
  2. Pastor Joshua Lee
  3. Deacon Matthew Kang
  4. Deacon Yong Chee Ram

 

4. Rock Gifts & Book Centre

Rock Gifts & Book Centre (RGBC) was established in 1998 at Suntec City Mall at the landlord’s request to have a retail frontage for Rock Auditorium, in line with other shops operating in the mall. RGBC retails Christian books, music, sermon resources and gifts. It is a business wholly-owned by Rock Productions.

 

5. Omega Tours & Travel Pte Ltd

Omega Tours & Travel Pte Ltd (Omega Tours) was established in 2004 as a travel agency wholly-owned by Rock Productions. Out of our love for Israel, NCC organises tours for our members to visit the land of the Bible. After years of booking tours via external travel agencies, a decision was made to start a travel agency of our own. This allowed us to charge our members cheaper rates, as well as to direct any profits generated back to the church through Rock Productions.

The shares of Omega Tours are held by Rock Productions. None of the directors are paid any salary, bonus, fee or dividend.

Directors
  1. Pastor Jeannie Yeo
  2. Deacon Matthew Kang
  3. Deacon Jack Ho
  4. Trevor Fong 

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