here - Serangoon Gardens Country Club

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Serangoon Gardens Country Club
Annual Report 2012 / 2013
22 Kensington Park Road, Singapore 557271
www.sgcc.com.sg
Vision
To be Singapore’s best family club for recreational and social activities
Mission
Exceed members’ expectations with a wide range of activities
and excellent service, offering members and their families and
guests a satisfying experience at the Club
CONTENTS
General Committee
2
Patrons, Trustees and Convenors
3
President’s Message
4
Food & Beverage
6
Sports & Recreation
9
Membership Relations
16
Security22
Maintenance & Housekeeping
24
Finance27
Human Resource
32
Minutes of the 55th Annual General Meeting
36
Financial Statements
45
3
General Committee
Mr Anthony Lim Seng Chye
President
Chairperson – Projects
Mr Jimmy Ng Hwee Khoon
Vice-President
Chairperson – Food & Beverage
Chairperson – Tender
Mr Alvin Ong Siau Wah
Honorary Secretary
Chairperson – Human
Resources
Ms Genie Sugene Gan
Honorary Treasurer
Chairperson – Finance
Deputy Chairperson – Service
Excellence
Mr Teng Leng Hock
Assistant Honorary Secretary
Mr Kevin Kwek Chok Yen
Assistant Honorary Treasurer
Chairperson – Membership &
Disciplinary
Deputy Chairperson – Sports
& Recreation (Youth)
Mr Peter Chia Kwang Hai
Chairperson – Security
Mr Chiam Toon Jiak
Ms Serena Goh
Mr Andy Lau Kian Koon
Chairperson – Sports &
Recreation
Deputy Chairperson –
Maintenance & Safety
Mr Bob Mong Tiang Seng
Chairperson – Maintenance
& Safety
Deputy Chairperson – Food &
Beverage (Entertainment)
Mr Randy Sng Yong Hoe
Chairperson – Service
Excellence
Deputy Chairperson – Security
2
Mr Benjamin Leo Wong Van Tse
Deputy Chairperson – Sports &
Recreation
PATRONS, TRUSTEES and CONVENORS
Patrons
Mr Goh Chok Tong
Patron-In-Chief
Emeritus Senior
Minister
Mrs Lim Hwee Hua
Patron
Mr George Yeo
Patron
Ms Sylvia Lim
Patron
Trustees
Mr Michael Khor
PPA PBM BBM FIET
FIES JP
Mr Hendrick Koh
PPA PBM BBM
Mr Anthony Tan
Convenors
Mr George Lim
Billiard Convenor
Mr Fredrick Kang
Darts Convenor
Mr Stephen Chan
Squash Convenor
Mr Francis Teo
Bowling Convenor
Mr Eddie Ng
Fitness Convenor
Mr Lim Tow Boon
Swimming Convenor
Mr Ansband Tan
Chess Convenor
Mr Leow Pee Lip
Golf Convenor
Mr Steven Lee
Tennis Convenor
3
Dear Members
In the year ahead, we will be embarking on
the expansion of the pool deck area to increase its
seating capacity. The Aerobics Room will be enlarged
to cater to a larger number of participants for our
fitness classes, which are growing in demand. These
improvements will not only benefit the current
membership but will also cater to the increased
demand from new members in future.
Since I took over as President in late June last year,
one of my first key projects was to enhance the
Club’s status as “The Best Family Club” in Singapore
by having facilities for every single member of the
family. Feedback from members at that time was
that the Club lacks a place for kids and youths. As
such, the former Sports Bar was open to them before
9pm. However, I felt that the bar should rightfully
be a place for drinkers and adults, while the children
should have a place of their own.
We also started looking at areas to boost Club’s
revenue. Banquet business did relatively well, with
revenue growing by 50%, from $1.4m in financial
year (FY) 11/12, to almost $2.2m in FY 12/13. There is
still good potential for growth and we will continue
to focus efforts to fill up spare capacity and identify
new business segments for future growth. On the
whole, the F&B deficit reduced by $67k from $440k
to $373k in FY 12/13.
With this in mind, I started to work with the General
Committee and Management team to deliberate on
ideas to achieve this plan. Renovation works started in
October 2012 with the relocation of the Darts area in
the former Sports Bar to the 2nd level of the New Wing,
freeing up space to create separate facilities for the
children and adults. The Hangout is now a dedicated
place for youths and kids, while the Crossroads Lounge
now caters to adults, with a cosy ambience for drinks
and live performances on certain evenings.
We continued to generate more interest in our
membership, targeting those with younger families
as part of the rejuvenation of the membership base.
We had a successful Open House event in March 2013,
after the completion of the renovation works to the
Main Lobby. With the enlarged membership base,
subscription income increased by $153k to $3.214m,
while transfer fees and entrance fees for FY 12/13
amounted to about $2.23m.
We also started works to transform the Main
Lobby and this was completed just before the Chinese
New Year. We had our Official Opening ceremony of
the new outlets on the 23 February 2013 with our
Club Patron, Ms Sylvia Lim gracing the occasion. I am
pleased to say that many members had given positive
feedback about the new outlets, especially the new
Lobby Lounge which is now abuzz with activities.
Contribution from jackpot was marginally lower at
$1.113m - a reduction of $66k from the previous year.
As jackpot is still one of the key revenue streams for
the Club, we need to do more to maintain or improve
the contribution from jackpot in the year ahead.
Other revenue sources saw a slight increase of about
$71k, resulting in total Club revenue to increase by
$72k in FY 12/13.
Over the year, we introduced a host of initiatives
to improve members’ experience. In December 2012,
we brought forward the opening hours of the gym
and swimming pool to cater to the early users and
also to ease the demand for these facilities during the
peak hours. We also improved our Wi-Fi network to
encourage members to spend more time in the Club,
as one of the ways to boost patronage. We introduced
new menus in our F&B outlets to offer members a
better dining experience.
Sometime in late 2012, the Club was informed by
Inland Revenue Authority of Singapore (IRAS) of the
property tax re-assessment backdating to year 2007.
4
This had resulted in incremental property tax of a
whopping $629k covering the period 1 January 2007
– 31 March 2013, being reported in FY 12/13.
As such, this had adversely affected the Club’s net
surplus before depreciation and tax, from $1.724m in
FY 11/12 to $822k in FY 12/13 - a decrease of $902k.
The net deficit after depreciation and tax is $718k in
FY 12/13 versus net surplus after depreciation and
tax of $116k in the previous year. The cash reserves
saw a slight increase of about $0.5m from $4.728m to
$5.235m as at 31 March 2013.
In the last year, we also started looking at better
cost management in key areas of the Club operations.
Contracts with vendors were reviewed and renegotiated for better cost savings. We looked into
more efficient deployment of staff especially at the
various F&B outlets. We are currently studying the
possibility of changing the air-con system in the lobby
to a new and more efficient system, and at the same
time, installing a shade to reduce the heat. We believe
that these investments will lead to better savings in
electricity costs in the long-run.
and passion towards promoting your respective
sports and making our Club proud in all the recent
sports achievements. I would also like to thank
the management team for their hard work in
implementing all the new initiatives in the last year.
Lastly, to my fellow members and friends, I thank you
for your support and encouragement. I will continue
to serve you with dedication.
There is certainly much work ahead for me and
my General Committee. We need to continue to look
for innovative ways to increase our revenue streams,
maintain good cost management practices, further
boost staff productivity, trim down excesses and
wastages to improve the Club’s financial performance
in the coming year. We will continue to work hard for
the betterment of the Club.
Yours Sincerely
I would like to take this opportunity to thank
our Club Patrons and Trustees for their support of
the Club’s activities and programmes. To my team
of General Committee members, I thank you for
your dedication and contribution in your respective
portfolios. To the Sports Convenors and their SubCommittees, I thank you for your commitment
Anthony Lim
President
5
Food and Beverage
6
FOOD AND BEVERAGE
T
In October 2012, we launched the Connoisseur
Circle – a club for wine enthusiasts and spirit lovers.
At a nominal subscription fee, Connoisseur Circle
members enjoy discounts on beverages and to wine
events as well as a host of other privileges.
he F&B team aims to offer members
and their guests the best place to wine
and dine and be entertained with
quality food, good service and exciting
programmes and promotions.
Over the last year, we introduced a new a la carte
menu for Garden Grill and also launched regular
promotions featuring premium items like steak and
lobster to cater to the discerning palate of members.
The a la carte menu for Atrium Café and Coffee
Deli were also updated with new items in April
2013. Value-for-money local food items were also
introduced at the Atrium Café and Coffee Deli during
weekends and public holidays.
The Club’s entertainment scene continues to be
vibrant especially with the opening of the Crossroads
Lounge, replacing the previous Sports Bar. Since its
opening in December 2012, the Crossroads Lounge
features live performances on Thursday and Friday
evenings and Open Mic Jamming session on Tuesdays
for members to sing along with the accompaniment
of a professional musician. The Dance & Music Lounge
continues to be popular with the dancers, with live
band and DJ music on most days of the week. Dance
practice nights and special programmes such as wine
sampling have also been introduced to the Dance &
Music Lounge over the last year.
BANQUET
Over the last year, the banquet team embarked on
more intensive sales and marketing efforts such
as advertising in external magazines, sales calls to
companies as well as participating in bridal shows
and expos. Banquet sales have increased significantly
Highlights of the F&B Performance for the Past 5 Years
Total Sales
FY 12/13
$
5,111,416 FY 11/12
$
4,148,104 FY 10/11
$
3,988,735 FY 09/10
$
2,818,249
FY 08/09
$
2,423,530
Total Food & Beverage Costs
2,070,196 1,541,495 1,502,284 1,132,321
1,072,884
0.41 0.37 0.38 0.40
0.44
2,479,277 2,270,535 2,041,624 1,560,178
1,558,501
2.06 1.83 1.95 1.81
1.56
Ratio: Total F & B Cost per Sales $
Total Manpower Costs
Ratio: Total Sales per Manpower $
Ratio: Manpower Costs per Sales $
Other Overheads Costs
Ratio: Other Overheads per Sales $
Total Operating Costs
Ratio: Total Operating Costs per Sales $
Net Loss Ratio: Net Loss per Sales $
0.49 0.55 0.51 0.55
0.64
935,327 776,155 734,735 577,305
521,444
0.18 0.19 0.18 0.20 0.22
5,484,800 4,588,185 4,278,643 3,269,804 3,152,829
1.07 1.11 1.07 1.16 1.30
(373,384)
(440,081)
(289,908)
(451,555)
(729,299)
(0.07)
(0.11)
(0.07)
(0.16)
(0.30)
NOTE: All figures exclude inter-departmental sales
7
FOOD AND BEVERAGE
by about 50.4%, from $1,447,741 in financial year
11/12, to $2,177,677 in financial year 12/13. Banquet
now contributes about 42.6% of total F&B sales.
OVERVIEW OF F&B FINANCIAL RESULTS
Total F&B sales (including banquet) for FY 12/13
increased by 23% to $5.1m. Costs also went up in
tandem, although slightly lesser by about 20%.
THE YEAR AHEAD
Overall, the financial year ended much better with
F&B net loss of $373,384 compared to $440,081 in the
previous year – a healthy improvement of 15%.
We are pleased with the progress and achievements
made over the past year. To improve members’ dining
experience, we have plans to upgrade and expand
the outdoor area of Garden Grill to cater to private
gatherings under the stars and also to renovate the
Coffee Deli and Atrium Café in the near future. We
will also be exploring the possibility of a poolside
tavern to cater to the increased patronage on
weekends. The F&B team will continue to organize
exciting entertainment and dining programmes to
boost patronage, and to focus on expanding the
banquet business to improve overall bottom line. NOTE OF APPRECIATION
We would like to thank members for their
support, especially for our new outlets which
have enjoyed good patronage since opening. My
appreciation also goes to the F&B team led by
Senior Food & Beverage Manager, Adrian Chew
and Executive Chef, William Lum, for their
dedication and hard work in making the F&B
scene an enjoyable one for our members.
8
JIMMY NG HWEE KHOON
Chairman, Food & Beverage
Sports & Recreation
9
SPORTS & RECREATION
G
TEAM GLORIES
lories and triumph have again made
this year yet another gratifying and
eventful one for the Sports & Recreation
department. Great achievements
especially in bowling, swimming &
tennis this past year have given our Club something
to be proud of.
TEAM
POSITION
EVENT
Youth Bowling
Champion
13th Youth Inter-Club Bowling
Mixed League 2012
Adult Bowling
Champion
18th Adult Inter-Club Bowling
Mixed League 2012
Tennis Men’s Team
(D Division)
Swimming
Champion
Singapore Tennis Association
(STA) Inter-Club Doubles League
Champion
STA Inter-Club Singles League
Champion
Annual Inter-Club Meet
Swimming (AIMS)
SPORTS & GAMES HIGHLIGHTS
BILLIARDS
Billiards and pool continued to gain more interest
among members, young and old. Two teams were
fielded to take part in the National Snooker League
organized by Cuesports Singapore, and one team was
sent to participate in the 1st National Pool League. A
total of 8 snooker & pool tournaments and friendly
games were organized over the year to give members
avenues to battle among themselves and to improve
their playing skills. The Billiard Sub-Committee, led
by Convenor, George Lim, would like to thank the
Billiard fraternity for the great support rendered to
him & his Sub-Committee.
Club Bowling Mixed League 2012. The last time we
won this title was in 2005, and as such, the win was
an extremely significant one for the Club. The team
also won the Team High Game and High Series and
our team bowler, Amanda Tan finished as runner up
in the Ladies’ Masters.
This year, despite the high standard for the 13th
Milo International Bowling Championships 2012, our
young rookie Justin Yeo qualified for Under 12 and
came in 7th at the Masters and Tan Gion Yion qualified
for the Under 15 and came in 4th at the Masters. In the
Open Boys division, Tay Hui Chiang did not manage
to defend the title, but managed to win the Singles
Championship title.
BOWLING
The Bowling fraternity shone in 2012, with SGCC
being the first Club in Singapore to win the Adult
as well as Youth Inter-Club Bowling Mixed League
in the same year. Our youth team defeated 10 other
participating clubs and clinched the Championship
title for the 13th Youth Inter-Club Bowling Mixed
League for the third consecutive year, bringing home
the Challenge Trophy. Chong Tai Wei, won the high
game of 288 pinfalls while Tay Hui Chiang won the
Boy’s Master Championship title.
SGCC also came in 1st place in the 18th Adult Inter-
10
SPORTS & RECREATION
Open held on 29 March 2013. This event attracted
some 230 participants from all walks of life and of all
ages from across the country including numerous top
notch players. Entertainment was arranged for the
participants and their parents throughout the day
and the Club was commended for a well organized
event. Since March 2013, the Chess fraternity meets for
a chess sparring session every Friday, at the Clover
Room (formerly known as Lavender Room). A new
rosewood chess table and set was also added to the
new Lobby Lounge for members to enjoy a game
of chess in a casual setting. Chess events that were
organized throughout the year were well supported
by members. Chess Convenor, Ansband Tan and his
Sub-Committee will continue to explore new ideas to
interest members in chess.
Over the year, we organized 10 in-house
competitions and 2 Inter-Team Bowling Mixed
Leagues which were all well supported by members.
Bowling Convenor, Francis Teo and his Sub-Committee
would like to thank bowlers for their great support
and keen participation in the bowling events.
BRIDGE
The small and closely bonded fraternity continues
to meet every Tuesday for their bridge sessions. The
Bridge fraternity also participated in the Annual InterClub Bridge League held at Singapore Swimming
Club. Bridge classes were also organized for members
to learn the art of bridge and this has helped garner
more interest in the game. The Club will continue to
increase the awareness of bridge and hopes to see
more interest and participation.
DARTS
The Darts fraternity had a reasonably good year
with 6 tournaments and an in-house Electronic Darts
league organized. These events were not only well
supported by the regular darters, but also attracted
some new youth darters.
On 17 November 2012, the new Darts Lounge was
officially declared opened by Club President, Anthony
Lim, S&R Chairman, Andy Lau and Darts Convenor,
Fredrick Kang, after its relocation from the former
Sports Bar. To commemorate the opening, a friendly
match was held with Seletar Country Club. The new
Darts Lounge now houses an interesting display of old
photographs “A trip down memory lane” showing
various darts activities held in the club over the years.
Darts Convenor, Fredrick Kang and his SubCommittee hope to build more interest in darts and
encourage members to drop by the Darts Lounge for
a game or two.
CHESS
The Chess fraternity had yet another exciting year
as we celebrated our tenth year of TCA Chess by
organizing the TCA 10th Anniversary Mega Chess
11
SPORTS & RECREATION
GOLF
The Golf calendar was once again packed with events
throughout the year. Besides the 4 major golf events
and monthly section games, a 2-day 1-night golf trip
to Batam was also organized in conjunction with the
Recreation Chairman Cup.
A total of 4 matches were held for the InterSocial Clubs Golf Tournament (ISCGT) with 7 clubs
participating, including SGCC. The format of the
ISCGT was further enhanced to ensure fair play. We
also participated in the yearly golf friendly with
Singapore Recreation Club in June 2012. With SGCC
as the host club for 2013, our golfers will go all out to
bring honour to our Club.
Golf Convenor, Philip Leow and his Sub-Committee
will continue to plan various golf events, including
some overseas trip in the coming year and look
forward to members’ support and participation.
FITNESS
In the past year, many new activities were organized
by the Fitness fraternity. In August 2012, the inaugural
SGCC Family Runz 2012 attracted over 300 members,
families and friends who had a great workout at the
newly-opened Punggol Promenade Park.
In December 2012, a cycling trip to Desaru,
Malaysia was organized. The group had the privilege
of having the President Anthony Lim and past
presidents Thomas Tan and Moses Tan joining them
for the trip. In March 2013, another cycling event, this
time to Pulau Ubin was organized. Both events were
well received by cycling enthusiasts.
This year has seen a sharp increase in the number
of gym users, especially in the early mornings and
evenings, with users averaging about 170 daily. In
December 2012, the Club also brought forward the
opening time for the gym to 5.30am instead of 7am
to cater to early gym users. In November 2012, a new
model of the popular cross trainer was added to the
gym.
The Fitness Sub-Committee led by new Convenor,
Eddie Ng, hopes to constantly upgrade the gym to
serve members better and will continue to organize
interesting fitness activities for members.
12
SPORTS & RECREATION
participate in the meet.
In the Annual Inter-Club Meet, Swimming (AIMS),
SGCC once again clinched the championship title and
brought back the new Challenge trophy. Nicholas
Rachmadi did the Club proud by clinching the Best
Boy Award.
The Novice / Intermediate Swim Meet was
renamed to SGCC Invitational Swim Meet in 2013
and the format was changed to be in line with the
Annual Inter-Club Meet, Swimming (AIMS). This
change allows invited guests from AIMS participating
clubs and Aquatic Masters Swim Club to join in, which
increased the competitive level of the meet. A total
of 125 swimmers participated in the meet, including
some invited guests from Aquatic Masters Swim Club
and Keppel Club.
SQUASH
The Squash fraternity did reasonably well this past
year in in-house tournaments and external leagues.
The Singapore Squash Rackets Association (SSRA)
Squash League, for Men’s Veterans was held from
2 March to 1 June 2012. Team SGCC emerged in
3rd position out of a total of 10 clubs participating.
SGCC organized its first collaboration with
Raffles Institution to host the Annual Squash Junior
Tournament, sanctioned by the SSRA, during the
September school holidays from 1 – 8 September
2012. The tournament took on a circuit-style format,
which ensured that all participants had ample play
time.
This year, the Cosmopolitan Inter-Club Squash
League 2012 was held at The Tanglin Club with a
total of 7 Clubs, including SGCC competing over an
intensive 14-week period. Our players fought very
hard but did not manage to clinch the top 3 positions.
The league ended with a celebratory dinner on 1
December 2012. The dedication of the Squash Sub-Committee led
by Convenor, Stephen Chan to promote squash has
shown great results as evident in the overall increase
in the participation rate for squash events and also
the strong participation among youth and expatriate
members in our in-house events.
The Swimming Sub-Committee, led by Convenor,
Lim Tow Boon, look forward to the continued support
and participation from members.
TENNIS
The Tennis fraternity created history by clinching the
championship title for the Tennis Men’s Singles and
Men’s Doubles Tournaments organized by Singapore
Tennis Association (STA) in March and October 2012
respectively. This year, due to the overwhelming
interest in tennis, a total of 4 teams represented SGCC
in the recent Men’s and Ladies’ Doubles Leagues in
March 2013, in which the Ladies’ team emerged as
runners-up.
The yearly in-house Tennis Open was again a
huge success, with 105 participants in seven different
categories. All participants and prize winners were
SWIMMING
The Annual Age-Group Swimming Meet held on
29 July 2012 saw over 110 participants and 15 new
records set. To increase the competitive level, three
other clubs - Warren Golf & Country Club, Jurong
Country Club and Keppel Club were also invited to
13
SPORTS & RECREATION
Tokens of appreciation were presented to all
outgoing Convenors and Sub-Committee members.
The outgoing Convenors also thanked their SubCommittee members for their service rendered and
took the opportunity to introduce their successors.
treated to a grand dinner and dance event which
celebrates the achievements of the tennis fraternity.
Besides friendly games and in-house tournaments,
team players were invited for coaching sessions every
Thursday night to improve their skill level and excel
in Club competitions. These sessions are subsidised by
the Tennis sponsorship fund.
The Tennis Convenor, Steven Lee and SubCommittee are heartened to see the strong bond
within the tennis fraternity and hope that the
fraternity continues to enjoy and have fun in the
game.
SPORTS APPRECIATION NITE
YOUTH
In the last year, introduction clinics for various sports
were organized for the youth. This initiative received
good response and resulted in better participation of
youths in sports activities. Our young sports talents
continue to do the Club proud in various sports, with
some receiving recognitions at both national and
international levels.
A new outlet, The Hangout was created
predominantly for youth as a place for them to relax
and chill out. The Hangout houses games such as
Nintendo WII, X-box, a pool table and a touch screen
game machine. Since it started operations in late
December 2012, youth and members of all ages have
given the thumbs up for The Hangout.
The Sports Appreciation Nite 2013, held at the
Kensington Ballroom on 8 March 2013 was attended
by over 200 attendees. The theme for this year was
Extreme Sports. The night kicked-off with the grand
entrance of the S&R Chairman and his two Deputies
donning cycling gear, riding in in style, accompanied
by 3 BMX bikers. In line with the theme, performances
for the night included BMX stunts and a cheerleading
performance, as well as games relating to extreme
sports. In the usual tradition, the Sports Merit Awards,
recognizing outstanding sportsmen and sportswomen
in SGCC were presented to all the winners.
THE YEAR AHEAD
It has been another fruitful year for the sports
fraternities as our athletes made commendable
progress in competitive sports at both club and
national levels. The Sports & Recreation department
will continue to organize events to maintain the
standard of competitiveness and to offer enriching
sporting activities for recreational purposes.
SPORTS COMMITTEE APPRECIATION NITE
In appreciation of the Sports Convenors and their
Sub-Committee members who have completed their
2-year term serving the Club in their respective sports,
a Sports Committee Appreciation Nite was organized
on 28 September 2012.
14
SPORTS & RECREATION
Sports Merit Awards Winners
WINNERS
SPORTS
WINNERS
SPORTS
Tan Gian Yion
Bowling
Lau Wei Ting
Swimming
Benjamin Quek
Bowling
Wong Jun Han
Swimming
Chong Tai Wei
Bowling
Peter Hong
Swimming
Gregory Yeo
Bowling
Philip Koh
Golf
Nicholas Rachmadi
Swimming
Andre Jerome Eng
Chess
Nicole Kua
Swimming
Benedict Chua
Tennis
NOTE OF APPRECIATION
I would like to thank my two Deputies, Benjamin Wong
and Kevin Kwek for their support, the Sports and Games
Convenors together with their Sub-committees, for
their dedication and contribution towards promoting
their respective sports, and not forgetting the Sports
& Recreation team for their commitment. My sincere
appreciation also goes out to our valuable sponsors and all
members who have contributed in making the sports and
games in the Club a success.
15
Andy Lau
Chairman, Sports & Recreation
16
T
he Membership Relations team had
yet another fruitful year. Following
the revamp of the Lobby, we have a
new reception counter which is more
welcoming to members and alongside
that, we have also expanded our list of services
available at the new reception. An Open House event
was organized to showcase the Club to prospective
members, new social activities were introduced and
new communication channels were launched to
better engage members.
Membership Age Profile
Junior 17
285
21 – 30 years
561
31 – 40 years
851
41 – 50 years
1,173
51 – 60 years
789
61 – 70 years
200
71 – 80 years
81 years and
above
MEMBERSHIP PROFILE
As at 31 March 2013, the Club membership stood at
3,977 - an increase of 2.8% from the year before,
with total number of members with voting rights
at 3,303. The age range 51-60 forms the majority of
the membership base (29.9%) followed by age 41-50
(21.7%).
38
The numbers reflected in the Membership Age Profile chart do not include
Corporate Membership (43) or memberships held in abeyance (20).
ORDINARY MEMBERSHIP
A total of 31 new Ordinary Memberships were sold in
the year ended 31 March 2013 – the highest number
sold in a year since its launch in 2008. For the year ended
31 March 2013, we had 51 new Ordinary members
due to new Ordinary Membership sales (31), Junior
membership conversion (13), NTOM conversion (4)
and the remainder were from membership transfers
from Founder or Life to Ordinary membership. In the
year ended 31 March 2013, the transfer market was
very active with 61 transfers completed – about 30%
more than the previous year - with transaction prices
ranging between $15,500 and $16,500.
No. of Members
as at 31 March
2013
No. of Members
as at 31 March
2012
Honorary
6
6
Life
8
9
Founder
9
12
Associate
1
1
Corporate
43
43
Ordinary
3,243
3,192
Junior
17
30
TERM MEMBERSHIP
Term
223
213
Non-Transferable Ordinary
375
321
Grand
52
42
TOTAL
3,977
3,869
The demand for Term Membership continued to be on
a steady rise. As at 31 March 2013, there were 223 Term
Members as compared to 213 a year before. Foreigners
make up 92% of the Term Membership base.
Types of Membership
MEMBERSHIP DRIVE INITIATIVES
NON-TRANSFERABLE ORDINARY
MEMBERSHIP (NTOM)
Over the last year, we launched a series of marketing
campaigns to promote the Club, with a major
Open House event held on 9 March 2013 - after the
upgrading works to the Main Lobby and the opening
of the Crossroads Lounge and The Hangout. These
initiatives had generated more interest in our Club
among prospective members and boosted new
membership sales and transfers in the open market.
In November 2012, we launched the NTOM at an
entrance fee of $9,000 and 64 memberships were
taken up as at 31 March 2013. This is the 3rd launch
since the NTOM’s first introduction in 2009.
In October 2012, we ran a promotion to encourage
existing NTOM members to convert their membership
to Ordinary Membership and 4 members took up the
offer, bringing the total conversions to 24 since the
17
Open Market Transaction Prices
April 2010 to March 2013 (3-year data)
Highest
$20,000
Average
Lowest
$18,000
$16,000
$14,000
$12,000
Apr
10
Jun
10
Aug
10
Oct
10
Dec
10
Feb
11
Apr
11
Jun
11
Aug
11
Oct
11
Dec
11
Feb
12
Apr
12
Jun
12
Aug
12
Oct
12
Dec
12
Feb
13
Term Members by Nationality
American
4%
Australian
18%
Others
16%
Singaporean
8%
British
7%
SUPPLEMENTARY MEMBERSHIP SCHEME
French
47%
Since the scheme was launched in September 2011,
numbers have continued to grow and we now have
124 Supplementary members as at 31 March 2013. The
Supplementary Membership is an opt-in scheme where
children of Ordinary Members who are unmarried
and between the age 21 and 26 can continue to be
members of the Club under the parents’ membership
by paying a monthly subscription of $60.
NTOM was launched in 2009. The total number of
NTOM as at 31 March 2013 is 375.
GRAND MEMBERSHIP
SOCIAL ACTIVITIES
Over the last year, more eligible members converted
to be Grand Members. To qualify for Grand
Membership, Ordinary members must be 70 years old
and above and be a member for 25 consecutive years.
Grand Members pay half of the monthly subscription
of an Ordinary Member. As at 31 March 2013, we
have a total of 52 Grand Members, a 24% increase
from a year before.
In the last year, the Membership Relations team
hosted 3 New Members’ Gatherings to welcome new
members as well as to introduce them to the Club and
the various activities offered.
Following feedback from members, more outings
were organized over the last year such as a day trip to
Batam, a durian and shopping trip to Johor Bahru as
well as outings to local attractions such as Marina Bay
18
2012 in a fun-filled event with highlights
such as a pirate ship bouncy castle, mini
race track, magic and balloon sculpting
show, airbrush tattoo and free flow of
popcorn and candy floss.
Sands Sky Park and Labrador Park. To
encourage better interaction between
our local and French members, we
started a new English-French Language
Exchange workshop in March 2013.
The workshop, held on a monthly basis
was very well received with over 20
participants each time. Zumba classes,
started in April 2012 gained much
popularity and we now have 4 classes
a week.
Youth
In October 2012, we extended the
youth F&B offer (for ages 12- 26) from
Thursdays only to all weekdays (except
public holidays) and increased the
discount from 20% to 30% plus included
new items to the offer. Youth members
now enjoy 30% on selected items when they flash
their membership card at Coffee Deli.
In January 2013, we introduced Ukulele lessons
every Sunday afternoon for youth members. Our
Night Owl overnight study facility continued to be
popular with our youth members studying for their
year-end exams. This programme was extended to
year-long but due to the low take-up rate, we have
now confined it to the major examination period
which is from August to December.
We continued to engage youths through the
YouthSpirit quarterly newsletter, which was changed
to an electronic version in January 2013, and also via
our SGCC Facebook page which has proven to be a
popular communication platform amongst youth.
Kids
In the past year, we organized more kids’ activities to
cater to the growing number of children in the Club.
The most popular activities were the educational and
the arts and crafts workshops. We also introduced
new lesson programmes such as modern dance and
little pianist lessons for kids.
We expanded our range of new toys and play
equipment in our children’s playroom Kiddieland, to
constantly keep the place exciting and fun. We have
also expanded our kids’ book collection with more
titles catering to a wider age group and these books
are now available at the Main Lobby for the kids’
browsing and reading pleasure. Kids can also bring
the books back home on loan should they wish to.
The Young Ones (TYO) Club for kids aged 4 - 12
years saw a higher enrolment this year of about 254
kids, an increase of 32.2% from the year before. The
total number of kids in TYO constitutes almost 23% of
the total kids population in that age group. The TYO
Club celebrated its 11th Anniversary on 1 September
Senior Members
The monthly Senior Members’ Gathering, launched
5 years ago continues to be one of the key social
activities for our senior members. The group meets
on the first Saturday of each month for breakfast and
socialising. The Musical Afternoon held every Tuesday,
where the seniors gather for some music and dancing
at the Dance & Music Lounge is also another one of
the regular activities for them. On 22 November 2013,
19
we had our annual Senior Members’ Social Night.
Over the last year, special workshops on Feng Shui,
Fire Prevention and First Aid were also organized for
the seniors of the Club.
MAJOR SOCIAL EVENTS
Countdown to National Day 2012 was held at the
Kensington Ballroom as a dinner and dance event
for the first time, unlike past years where it was held
at the Dance & Music Lounge. Our Club Patron, Ms
Sylvia Lim, graced the occasion and even sang a few
songs to entertain our members. The evening ended
with a mass sing-along of national songs to celebrate
the nation’s birthday.
Christmas Light-Up 2012 – This event featured the
annual festive decorating of all outlets, building up to
the light-up event which was held on 1 December 2012
at the Main Lobby. The programme for the evening
included a special dance performance by the children
from Cambridge Child Development Centre, a choral
performance, a magician and a very entertaining
Christmas Mascot musical, featuring Frosty the
Snowman, Elfy the Christmas Elf and Santa Claus.
also had a surprise visit by 3 Gods of Fortune, who
distributed goodies and angpows to the audience.
Grand Opening of the Lobby Lounge, Crossroads
Lounge and The Hangout – We had the pleasure
of our Club Patron, Ms Sylvia Lim to officiate the
opening ceremony of the Lobby Lounge, Crossroads
Lounge and The Hangout on 23 February 2013, which
fell on the 14th day of the Lunar New Year. The event
began with the ribbon cutting ceremony, followed by
the unveiling of the signage of the new outlets and
lion dance performance. The traditional Lo-hei was
also carried out for good luck. The evening carried on
with fun games and live band performances.
CHARITY INITIATIVES
Countdown to 2013 – Hollywood Glitz &
Glamour held at the Kensington Ballroom saw over
360 members and guests dressed to the nines and
enjoying a night of dance and entertainment as they
welcomed the new year. The glamorous evening
included entertainment such as an illusionist, a
costume changing act from Guangzhou, China and
live band performances.
Lunar New Year Lion and Dragon Dance is
a favourite amongst members of all ages and
nationalities. It is held every year on the second day
of the Lunar New Year. Besides the significant ritual
of “dotting the dragon’s eye” as the highlight, we
Every year, the Club reaches out to communities in
need. We hosted senior citizens from Sunlove Home
for the Intellectually Infirmed for an afternoon of
music and food at the Dance & Music Lounge to
celebrate National Day and Easter. In 2012, as part
of our yearly charity project, we held our inaugural
Charity Dinner on 28 November 2012 to raise funds
for our beneficiary – Infant Jesus Homes & Children’s
Centres (IJHCC). Nett proceeds from table sales and
the charity auction conducted during the event plus
cash collected via donation boxes amounted to an
unprecedented $31,504.83. We would like to thank
20
members a peek into the daily duties of the staff.
We have also hopped on to social media and
launched our official SGCC Facebook fanpage in July
2012. To date, we have about 866 fans who are kept
updated with Club happenings and pictures of events
and activities in the Club through regular Facebook
posts.
The 2013 Member Satisfaction Survey – in its 3rd
instalment, saw more members opting to submit
their surveys online. Data from the survey is gathered
to form the Club’s Member Satisfaction Index (MSI)
– a measure of members’ satisfaction level in all the
key service areas. The MSI for 2012 was 70.2, slightly
higher than the year before, which was 68.4. We
hope that we will be able continue to improve the
index every year as part of our commitment to deliver
higher members’ satisfaction in the Club.
partners, sponsors and members who donated in cash
or in-kind or who had supported in one way or another
to the charity drive.
REACHING OUT TO MEMBERS
Over the last year, we focused on enhancing our
electronic communications to better engage
members. We revamped our website with a more
modern look. We added more content especially on
Club promotions, lessons and activities, introduced
e-forms and improved the organization of information
on the website. Since its launch in September 2012,
about 90% of those who took our online poll to
date indicated that the website had either “met or
exceeded” their expectations and that the new site is
easy to navigate.
We have also revamped our monthly e-newsletter
Happenings! with a new look and feel, in line with
the new website design. We have received positive
feedback on the Happenings! and over the last year,
we had about 50% increase in number of members
receiving this e-newsletter.
The ClubSpirit Magazine and Supplement continue
to be the most important channels of communication
with members. In the last year, we have introduced
new columns to engage readers: “Moments of
Excellence” features members’ positive experiences
at the Club while “Behind the Scenes” aims to give
THE YEAR AHEAD
In the year ahead, the Membership Relations team
will continue to focus on promoting the Club and
its various membership schemes. We hope to attract
more younger families to join the Club as part of
our efforts to rejuvenate the Club membership base.
We will constantly explore and introduce new social
activities to engage members, and also new ways
to reach out to members via our communication
platforms.
I would like to thank members for their support in referring
their friends and families to join the Club through our various
membership schemes. We will continue to look at enhancing
the Club and its facilities for the benefit and enjoyment of all
members. We welcome your feedback and suggestions on how
we can improve your Club experience. I would also like to
express my appreciation for the Membership Relations team for
their hard work especially in promoting membership sales and
organizing the various social events and activities for members.
21
KEVIN KWEK
Chairman, Membership Relations
Security
22
SECURITY
T
between the Heliconia Wing and the Main Building.
In light of the growing number of cyclists in the
Club, we have also created bicycle lanes for cyclists
exiting the Club from Car Park B to ensure safer
traffic flow.
he role of the Security team is to ensure
the safety of members, uphold the
security of the Club, enforce rules and
regulations as well as manage the car
park operations.
Security, Surveillance and Compliance
Emergency Response
The Security team conducts regular patrols around
the Club as well as random surprise checks. During
weekends, patrolling around the pool area is stepped
up to ensure better compliance of pool rules and
regulations. In early 2013, we enhanced our closedcircuit TV (CCTV) surveillance system with additional
CCTV cameras covering a wider area of the Club.
The Security team continues to work with other
departments in handling emergencies such as during
flood, although over the last year, this problem has
been greatly alleviated.
Training
Over the year, we conducted training courses for
Security officers in Cardiopulmonary Resuscitation
(CPR) and Automated External Defibrillator (AED)
procedures, fire and safety and on customer service
skills as well. Our Security officers are usually the
Club’s first point of contact for members and guests
and as such, it is important that our Security officers
communicate and interact effectively with members
and guests in their course of work.
Car Park Management
With the increase in Club activities and banquet events
in the recent years, the Security team’s role has been
crucial in ensuring that the car park requirements of
members and guests are well managed, especially
during peak period. To further streamline the car
park operations, a barcode paper ticket system for
complimentary parking was introduced in March
2013. This new system not only increases efficiency in
the work process but also reduces overall cost.
The Way Ahead
The Security team has performed reasonably well in
the past year and will continue to improve productivity
and service standards as well as maintain their
situational awareness to cope with any emergencies.
We hope to continue to serve members, their guests
and fellow staff with utmost excellence.
Traffic Safety
In February 2013, we enhanced traffic safety in the
Club by putting in place a zebra crossing at the
entrance of the Club to facilitate pedestrians walking
I would like to commend the Security team for carrying
out their duties conscientiously and sometimes even going
beyond the call of duty to help other departments in areas
which are beyond their purview. I would also like to express
my gratitude to members who have given us constructive
suggestions and feedback. I look forward to your continued
support and we hope to serve you with dedication.
23
Peter Chia
Chairman, Security
Maintenance &
Housekeeping
24
MAINTENANCE & HOUSEKEEPING
T
drinks and live music. The lounge is fitted with a small
stage for live performances, lush seating and tables with
a built-in light source for a modern and cozy flavour.
The Hangout offers a casual and relaxed
environment and equipped with the latest games like
Nintendo Wii, X-box, a pool table, TV and electronic
game machine for youngsters and members of all
ages to enjoy with friends and family.
The Main Lobby was transformed into a modern
looking hotel-like lobby with new sofas and lounge
chairs in a cosy seating arrangement. The Main
Reception was also upgraded along with the lobby
upgrade and now sports a more professional looking
counter like some hotels.
Since the upgrade work, the lobby is now a hive
of activities with members gathering at the sofa areas
with their families, reading books and enjoying a
drink or two with friends.
Over the last year, the Reading Room, popular
with our youth members, was upgraded with new
table tops, additional power sockets and new lighting
for a more conducive study environment.
The Maintenance & Housekeeping team has in
the last year reviewed and renegotiated its service
agreements with various vendors and with that,
managed to achieve some cost savings.
he Maintenance & Housekeeping team
is responsible for maintaining and
upkeeping the Club’s facilities as well as
upgrading them to ensure that the Club
continues to be a pleasant place for our
members and their guests.
Upgrading of Facilities
The most significant project undertaken in the last
year was the upgrading of the Main Lobby as well as
the construction of the Crossroads Lounge and The
Hangout.
To facilitate the upgrade project, the Darts area
(formerly in the Sports Bar) was relocated to the 2nd
level of the New Wing, taking over KTV Room 3 and
part of the Smoking Room. The new Darts Lounge
was officially opened in November 2012.
The area in the former Sports Bar was then converted
into 2 separate facilities: The Crossroads Lounge - a place
for adult drinkers, and The Hangout – a recreational
place for youngsters. The construction works took place
over a period of about 3 weeks and the two outlets
were completed just before Christmas 2012.
The Crossroads Lounge is a different concept from
the previous Sports Bar. The lounge is aimed at adult
drinkers who want a place to relax and unwind over
25
MAINTENANCE & HOUSEKEEPING
Safety Awareness
Over the last year, we installed 3 Automated External
Defibrillators (AED), one in each building, for
preparedness in the event of medical emergencies.
Staff were also sent for refresher courses on how to
use the AED effectively and to administer first aid.
Selected staff also attended bizSAFE Safety Courses
to increase work safety awareness. bizSAFE is a
programme aimed at assisting companies to build
their safety and health standards at the workplace. We
will also be installing a lightning detector system to
forewarn members at the pool area of any potential
lightning strikes.
The Year Ahead
In the coming year, we will be focusing on upgrading
the swimming pool area with new furniture and
more seating areas, and exploring the possibility of
a poolside tavern in the near future. The expansion
of the Aerobics Room is also in the plans. On the
safety front, the Club will continue to conduct fire
and safety drills regularly to heighten the awareness
and importance of workplace safety practices among
staff members. We will also continue our efforts on
implementing more cost saving measures.
The Maintenance & Housekeeping department has
performed well in discharging its duties of ensuring the
safety, orderliness and cleanliness of the Club and also
managing upgrading projects. I would like to express
my sincere appreciation to members for their patience
and understanding during the renovation period at
the lobby. I would like to extend my appreciation to
Charles Ling, Maintenance & Safety Manager for his
dedication in ensuring that projects are completed on
time and within budget.
26
Bob Mong Tiang Seng
Chairman, Maintenance & Safety
FINANCE
27
FINANCE
T
2012 retroactively to 2007, resulting in incremental
property tax of $629k covering the period 1 January
2007 – 31 March 2013 being reported. The said
property tax re-assessment exercise was not unique
to our Club as it was also carried out for other clubs
in Singapore. If this extraordinary item were to be
factored out, the net surplus before depreciation and
tax in FY 2012/2013 would have been $1,451k.
he financial year (FY) 2012/2013 ended
with net surplus of $822k before
depreciation and tax, compared to
$1,724k in the previous year – a decrease
of $902k. It should be pointed out
that included in the FY 2012/2013 results was an
exceptional property tax re-assessment made by IRAS
(Inland Revenue Authority of Singapore) in December
Highlights Of Financial Results Before Depreciation And Tax For The Past Five Years
Variance
Fav/(Unfavorable)
FY 08/09
FY 09/10
FY 10/11
FY 11/12
FY 12/13
FY 12/13 vs FY 11/12
$’000
$’000
$’000
$’000
$’000
$’000
Fruit Machines
Collections
12,671 13,385 8,180 8,621 10,662 2,041
Less: Payouts and taxes
(10,345)
(10,839)
(6,549)
(7,086)
(9,147)
(2,061)
Gross Contribution
2,326 2,546 1,631 1,535
1,515 (20)
Less: Operating Expenses
(580)
(603)
(474)
(356)
(402)
(46)
Contribution from Fruit Machines (a) 1,746 1,943 1,157 1,179 1,113 (66)
Food & Beverage
Sales
2,424 2,818 3,989 4,148 5,111
963
Less: Cost of Sales
(1,073)
(1,132)
(1,502)
(1,541)
(2,070)
(529)
Gross Contribution
1,351 1,686 2,487 2,607 3,041 434
Less: Operating Expenses
(2,080)
(2,138)
(2,777)
(3,047)
(3,414)
(367)
Deficit from Food & Beverage
(b)
(729)
(452)
(290)
(440)
(373)
67
Other Departments
Subscriptions
2,219 2,641 2,936 3,061 3,214 153
Transfer Fees
352 421 414 409 517 108
Entrance Fees
543 2,114 764 1,960 1,713 (247)
Interest income - fixed deposits
67 22 10 10 9
(1)
EPS Fees
- 7 108 108 117 9
Miscellaneous income
190 122 42 27 30 3
Lease rental income
308 364 463 462 471 9
Others
132 170 156 175 212 37
Income from Other Departments (c )
3,811 5,861
4,893 6,212 6,283
71
Total Income
(a+b+c)
4,828 7,352 5,760 6,951 7,023 72
Less: Expenditure
Operating and administrative
(3,655)
(3,292)
(3,724)
(3,906)
(4,760)
(854)
Repairs, maintenance & housekeeping
(401)
(393)
(385)
(398)
(478)
(80)
Water and electricity
(774)
(821)
(873)
(923)
(963)
(40)
Total Expenditure
(4,830)
(4,506)
(4,982)
(5,227)
(6,201)
(974)
Net Surplus/(Deficit) before depreciation & tax
(2)
2,846 778
1,724 822 NB: *Included in FY 12/13 Operating and administrative expenses of $4,760k was IRAS property tax re-assessment retroactive to 2007, resulting in
incremental property tax of $629k covering the period from 1 January 2007 – 31 March 2013 being reported.
If we factor out the $629k extraordinary item, net surplus before depreciation and tax would be $1,451k instead of $822k.
28
(902)
FINANCE
The net deficit after depreciation and tax in
FY 2012/2013 was $718k, versus net surplus after
depreciation and tax of $116k in FY 2011/2012. Again,
if the above-mentioned $629k extraordinary item on
property tax re-assessment were discounted, then the
net deficit after depreciation and tax in FY 2012/2013
would have been $89k.
The Club has appointed a Property Tax Consultant,
Savills Valuation and Professional Services (S) Pte Ltd
to lodge an objection against the IRAS’s property
revaluation amounts. This process is ongoing and
consequent property tax reduction in future, if any,
will be reported as a credit adjustment in the FY
when it materializes. The Club has requested for
and is granted the maximum installment payment
period of 36 months (April 2013 – March 2016) to
pay for the incremental property tax on an interestfree basis.
Net Surplus / (Deficit) for Years
Ended 31 March ($’000)
4,000
2,846
3,000
2,000
1,724
1,744
1,000
778
0
116
822
-2
-678
-1,000
-718
-1,311
-2,000
-2,682
FY 08/09
-3,000
FY 09/10
FY 10/11
FY 11/12
FY 12/13
Before depreciation & tax
After depreciation & tax
After depreciation, tax & loss on write-off of old wing
Note: FY 12/13 Net Surplus before depreciation and tax ($822k) has included
$629k additional property tax due to IRAS’s re-assessment covering period 1
January 2007 – 31 March 2013. If this extraordinary item is factored out, then
the said Net Surplus would be $1,451k instead of $822k, and Net Deficit after
depreciation and tax would be $89k instead of $718k.
INCOME AND EXPENDITURE
The decrease of $902k in net surplus before
depreciation and tax mentioned above was attributed
to the following:
Income Contribution for FY 12/13 ($’000)
Subscriptions
3,214
Entrance Fees
1,713
Fruit Machines
Transfer Fees
•
1,113
517
F&B -373
839
Other Income
Total Income: $7,023
Total income increased by $72k or 1% from
$6,951k in FY 2011/2012 to $7,023k in FY
2012/2013, derived mainly from increase in
subscription income ($153k), transfer fees
($108k), contribution from food and beverage
($67k) and from others ($37k – facility bookings
and other activities), partially offset by decrease
in entrance fees ($247k) and contribution from
fruit machines ($66k). The decrease in entrance
Net Operating Income / (Expenses) By Department for FY 12/13 vs FY 11/12 ($’000)
4,000
3,000
2,000
1,000
3, 061 3,214
FY 11/12
1,179 1,113
0
-236 -251
-1,000
-820 -896
-548 -584
-440 -373
-1,325 -1,354
-2,000
-3,000
FY 12/13
Subscriptions
Jackpot
Membership
Security
Relations
Sports &
Recreation
29
Food &
Beverage
-1,868 -2,016
Finance &
Maintenance &
Human Resource Housekeeping
FINANCE
fees was primarily due to the lesser number
of Non-transferable Ordinary Memberships
(NTOM) sold in FY 2012 / 2013 (64 memberships)
compared to FY 2011 / 2012 (90 memberships).
Cash Reserve for past 5 Years ($’000)
FY 08/09
FY 09/10
•
Total expenditure went up by $974k or 19%
from $5,227k in FY 2011/2012 to $6,201k in FY
2012/2013. The main reasons for the increase
were as follows:
»»
»»
FY 10/11
FY 11/12
FY 12/13
6,466
4,524
4,192
4,728
5,235
increase in property tax ($629k) as explained
above;
increase on staff payroll ($182k), repair
and maintenance ($80k), and water and
electricity costs ($40k)
Expenditure Mix for FY 12/13
Members’
Introduction
Expenses 2%
Others 10%
Property tax 13%
Repairs &
Maintenance 8%
Water & Electricity
16%
Staff Salaries &
Related Costs 51%
•
The Singapore economic restructuring and
foreign labour tightening will result in even
greater manpower crunch and cost, particularly
in the retail, cleaning and security sectors;
•
Prices of imported food items are generally
on the uptrend due to global warming,
change in weather conditions and other
factors adversely affecting farming and food
production in many producing countries;
•
Property tax installment payments as mentioned
above; and
•
Future requirements for the Club to continue to
upkeep and upgrade its facilities.
CASH RESERVES
Total cash reserves as at 31 March 2013 was $5,235k,
which is an increase of $507k over the previous year’s
level of $4,728k.
The Club needs to continue to strengthen its cash
reserves so that it will be better positioned to weather
through current and future challenges including the
following:
•
The substantial drop in fruit machines’
contribution following the introduction of the
two integrated resorts’ casinos in 2010, and the
unlikely possibility of the contribution returning
to the levels of pre-casino days;
THE YEAR AHEAD
The Club is fortunate to have started its expanded
banquet business in 2010 with the introduction of
the Kensington Ballroom to give the Club a chance to
30
FINANCE
mitigate to some measure, the drop in fruit machines
contribution. The banquet business has done well in
FY 2012/2013 compared to FY 2011/2012, with sales
increased to $2,178k from $1,448k and contribution
increased to $191k from $84k. With proper planning,
initiatives and hard work, the banquet business will
continue to provide a good prospect for further
improvement.
Looking at the immediate year ahead, the Club
is ever more determined to probe all avenues to
improve its financial performance and to meet and
rise above the challenges mentioned above. For the
year ahead, more emphasis will be placed in key
areas including but not limited to the following:
•
•
Further improving on our banquet business and
its financial returns;
Expanding further the scope of food and
beverage services and contribution;
•
Continued efforts towards Service Excellence
to increase positive experiences for members
and their guests and to increase overall Club
patronage and income;
•
Continued emphasis and promotion on staff and
work productivity;
•
Continued emphasis and
effective cost management;
•
Finding ways to boost fruit machines business;
•
Finding ways to further improve on energy
savings; and
•
Pursuing membership sales while weighing
suitably on members’ exclusivity and impact on
facilities usage and service level.
My sincere thanks go to Members, the General
Committee, the Management team and
staff from all departments and in particular
the Finance Department, for their excellent
and tireless support and assistance rendered
throughout the year.
GENIE SUGENE GAN
Honorary Treasurer
31
optimization
of
Human Resource
32
HUMAN RESOURCE
A
Performance Appraisal System
t SGCC, we believe that a dedicated and
motivated team of staff is important
in our vision to be the best family
Club in Singapore. We endeavour to
provide our staff with a conducive and
supportive environment where they are motivated to
provide their best service and excel in their job and at
the same time, achieve personal fulfillment.
The revamped performance appraisal system which
we introduced in January 2012 has produced positive
results. The Key Performance Indicators (KPI) which
form an integral part of the performance appraisal
system, have aligned staff’s focus and efforts to
important organizational goals. We will be reviewing
the performance appraisal system for junior staff
with a view to simplifying it.
STAFF STRENGTH
As at 31 March 2013, the Club had a staff strength of
135. If all positions were filled, the total staff strength
would have been 141. This represents an increase of
one headcount over the previous year.
As at 31 March As at 31 March
20132012
Managers (Heads of Department)
8
8
Managers & Assistant Managers
11
10
Executives
2629
Officers
119
Junior Grades
79
80
135*
136**
TOTAL TeamSpirit
In our effort to boost readership of TeamSpirit – our
staff bulletin, we conducted a mini-survey amongst
staff to gather feedback. Following the survey, we
introduced more light-hearted columns such as “Upclose and Personal” where staff get to read about
their colleagues’ hobbies and interesting aspects of
life outside of work, and “Behind the Scenes” where
they get to learn more about their fellow colleague’s
duties on the job. We also have translated certain
sections of the bulletin into Mandarin, for staff who
are less proficient in English.
*If all positions were filled, the full staff strength as at 31 March 2013 would
be 141.
**If all positions were filled, the full staff strength as at 31 March 2012
would be 140.
TRAINING AND DEVELOPMENT
In our efforts to develop a high-performance and
customer-focused workforce, we identify suitable
training programmes to equip staff, not only with
technical and functional knowledge, but also
with the desirable soft skills especially in customer
service. Over the last year, we had initiated a series
of customer service courses for frontline staff from
various departments. We believe that staff with
upgraded skills, knowledge and attitude will be able
to drive service excellence to new heights.
We have also recently reviewed our training policy
to encourage more staff to upgrade themselves,
especially for self-development and career
advancement purposes. With the new policy, staff
can attend training courses, sponsored by the Club
but with a shorter bond duration or even no bond in
some cases.
Meet the staff bonding sessions
Since November 2012, we have embarked on a
new initiative where our General Manager meets a
small group of staff from various departments every
alternate Tuesday in a casual setting, to get to know
the staff and bond with them. During the session,
staff are also encouraged to voice out any feedback
and suggestions they may have to help them to
improve their work processes and culture.
STAFF ANNUAL DINNER & DANCE
The staff Annual Dinner & Dance was held at SAFRA
33
HUMAN RESOURCE
STAFF PROMOTIONS
In the year 2012/2013, 13 staff members from various
departments were recognized for their performance
and promoted.
LONG SERVICE AWARD
This year, SGCC presented 15 staff with the Long
Service Award at the Staff Annual Dinner & Dance
2013 in appreciation for their loyalty and dedication
to the Club. In another initiative to make the award
Toa Payoh on 25 March 2013. Themed “Black
Society” this year, many spontaneous staff members
showed up in “Gangsters” and “Mafia” attire. Spirits
were soaring high and coupled with the amazing
atmosphere and fun entertainment, everyone had a
fantastic time. It was indeed a night to remember.
Staff Promotions
NAME
PREVIOUS DESIGNATION
CURRENT DESIGNATION
Avelyn Tam
Assistant Finance Manager
Deputy Finance Manager
Tey Kheng Huat
Cost Officer
Cost Executive
Adrian Chew
F&B Manager
Senior F&B Manager
Santra Segar Naranasamy
Assistant Banquet Manager
Banquet Operations Manager
Joe Marie Walican Cabagua
Assistant Supervisor
Supervisor
Alicia Vaneza Valdez Batin
Guest Relations Officer
Assistant Supervisor
Mok Siew Ping
Chef-De-Partie
Junior Sous Chef
Lim Chien Boon
Demi Chef
Leading Cook
Technician
Senior Technician
Membership Manager
Senior Manager (Membership)
Catherine Tan
Senior S&R Manager
Deputy General Manager
Casey Chang
Assistant S&R Manager
Deputy S&R Manager
Senior Security Supervisor
Security Operations Executive
Finance
Food & Beverage
Tamilarasu Vjaykumar
Lee Kim Pei
Sports & Recreation
Security
Sritharan A/L Linggam
34
HUMAN RESOURCE
more personal and memorable, from 2013 onwards,
staff who qualify for the Long Service Award would
be given a memento in addition to cash award.
decoupling HR from the Finance & HR Department
so that it can be more focused on HR issues and
organizational development. We will also be
focusing on grooming new leaders by identifying
key staff in respective departments and providing
them with opportunities for bigger roles. To upkeep
a motivated workforce, we will be looking into
enhancing staff benefits and performance-linked
rewards in the year ahead.
THE YEAR AHEAD
We will continue to upkeep the Club’s unique service
culture through on-going training progammes,
especially on customer service and leadership
skills. We will be strengthening the HR function by
Long Service Award
LENGTH OF SERVICE
NAMES
DEPARTMENT
20 Years
Supramaniam K Maniam
Security
15 Years
Nargarajan A/L Kuppusamy
Mohd Shakir Shanker Bin Abdul Rahman @ Subramaniam
Security
Albert S/O Johnson
Security
10 Years
Tey Kheng Huat
Finance
Koh Lian
Chang Chan Kam
Sports & Recreation
5 Years
Tan Min Chung Damien
Purchasing
Raja Segkar Vijayahnmarar
Security
Ng Moong Tee Raymond
Jackpot
Mohammed Rafi bin Abdul Rahim
Loo Soh Tin
Jackpot
Lim Suh Fang Clare
Finance
Haslinda binte Mohamed Shariff
Sports & Recreation
Dansam Bujya
Sports & Recreation
I would like to thank the Management, Finance & HR
Department and staff for their commitment and dedication
in delivering a great Club experience for Members and their
guests. I would also like to thank the General Committee,
HR Committee and Members for their encouragement
and support and more importantly, for their generous
compliments for the staff which is a source of strength and
motivation for them.
35
Alvin Ong
Chairman, Human Resource
AGM MINUTES
Serangoon Gardens
Country Club
MINUTES OF 55TH ANNUAL GENERAL MEETING HELD ON 24 JUNE 2012
GENERAL COMMITTEE (GC)
President
Vice-President
Honorary Secretary
Honorary Treasurer
Asst Honorary Secretary
Asst Honorary Treasurer
Committee Members
Trustees
Mr Leong Keng Thai (Chairman)
Mr Anthony Lim Seng Chye
Mr Pao Kiew Tee
Ms Emily Wong
Mr Teng Leng Hock
Mr Spencer Chan
Mr Chiam Toon Jiak
Ms Genie Sugene Gan
Ms Serena Goh
Mr Randy Sng
Mr Raymond Tan
Auditors
Mr Andrew Tan
Ms Angela Lee
Mr Ooi Pei Hui
B H Tan & Associates
Certified Public Accountants
Mr Michael Khor
Mr Hendrick Koh
Mr Anthony Tan
IN ATTENDANCE
General Manager
Deputy General Manager
Mr N K Hazra
Mr Michael Lie
Total Number of Voting Members Present: 177
36
AGM MINUTES
1.0PRELIMINARIES
With a quorum present as confirmed by the General Manager, the Chairman called the meeting to order
at 1.05 pm and extended a warm welcome to all members to the 55th Annual General Meeting.
2.0
PRESENTATION OF TOKENS OF APPRECIATION
Before proceeding with Agenda item one – Election of the General Committee (GC) – the General Manager
called upon Club Trustee, Mr Michael Khor, to present tokens of appreciation to the outgoing GC members
who have completed their terms of office from June 2010 to June 2012. They are:-
3.0
Leong Keng Thai
President
Chairman of Major Projects
Chairman of Human Resource
Anthony Lim Seng Chye
Vice-President
Chairman of Sports & Recreation
Pao Kiew Tee
Honorary Secretary
Chairman of Membership
Deputy Chairman of Service Excellence (General Services)
Emily Wong
Honorary Treasurer
Chairman of Finance
Deputy Chairman of Food & Beverage (Banquet)
Spencer Chan
Chairman of Service Excellence
Raymond Tan
Committee Member
Chairman of Security
Deputy Chairman of Sports & Recreation
Bob Mong Tiang Seng
Committee Member
Deputy Chairman of Membership (Communications)
Deputy Chairman of Food & Beverage (Entertainment)
Andy Lau Kian Koon
Committee Member
Chairman of Disciplinary
Deputy Chairman of Sports & Recreation
Deputy Chairman of Service Excellence (S&R)
Genie Sugene Gan
Committee Member
Chairman of Tender
Deputy Chairman of Sports & Recreation (Youth)
PRESIDENT’S ADDRESS
Introduction
In his opening address, the President thanked members for their encouragement and requests for him to
reconsider his decision not to run for a second term. He appreciated their confidence in him. However,
due to his heavy work and travel commitments, he decided that it was better for someone else to take
on the responsibility of being President.
37
AGM MINUTES
The President said that when he first ran for President two years ago, he set out to achieve three goals
that he termed “Priorities”. The first priority was to address the financial challenges facing the Club,
largely due to the Integrated Resorts, which were affecting the jackpot revenue. The second priority was
to start a service excellence programme for the Club. The third was to increase vibrancy of the Club and
entrench its position as Singapore’s best family country club.
Financial Highlights
The President said that overall, the Club did reasonably well in FY 2011 / 2012. Income before depreciation
and tax rose by 20.7% to $6.95 million. While expenditure went up by about $245,000, the year ended with
a net surplus of $1.72 million before depreciation and tax, which is 122% more than the last financial year.
Taking depreciation – which alone accounts for about $1.52 million – and taxes into account, the Club’s
net surplus was about $116,000, compared to a net deficit of about $678,000 in the previous financial year.
Hence, the Club is above water in this financial year.
The Club has also done well in terms of its cash reserves. It has topped up the reserves by more than $0.5
million. This brings the Club’s reserves to $4.73 million, which is slightly above the level of $4.52 million in
FY 2009 / 2010, when he first took over as President. He is glad that he has achieved his first priority which
is to strengthen the Club’s reserves.
Service Excellence
On his second priority, the President thanked Mr Spencer Chan who has dedicated a significant amount
of his time to champion and train the Club’s staff towards service excellence. He strongly believed that
service excellence would be a differentiating factor for the Club and that the Club should continue on this
journey. He thanked members for their valuable feedback that has helped improve service quality and also
for their encouragement and support to the staff.
President mentioned that since last year, member satisfaction surveys have been conducted and the data
from the surveys were used to derive a Member Satisfaction Index (MSI). The index serves as a benchmark
to measure the Club’s service level against the Customer Satisfaction Index of Singapore (CSISG) which
measures the service level of the service industries in Singapore. The President was proud to announce
that the Club achieved an index of 70.2 this year, which is an improvement of 1.8 points, as compared
to previous year. The Club is also above the national CSISG average of 69.1. The President extended his
congratulations to the management and staff. He felt personally satisfied to have started this programme
and see this encouraging outcome.
Club Vibrancy
President mentioned that while it is difficult to measure vibrancy, he acknowledged that the Club has
increased its number of activities across the board and that members and non-members alike have
commented that SGCC is always full of buzz, unlike any other country club in Singapore. Members and
guests patronise the Club for social, sports and family activities with the busiest periods being weekends
and holidays. Dinner and dance functions were organised to celebrate various events, with the highlight
being the National Day Party and New Year’s Eve Countdown Party. The flea markets have also been very
successful. He said that in short, there is never a lack of things to do and enjoy in the Club.
On the sporting front, the President congratulated sportsmen who have been doing SGCC proud. He
commented that the Club has talents in a variety of sports, some even at the national level. He enjoyed
the camaraderie and team spirit whenever he had the opportunity to join the various sporting groups.
38
AGM MINUTES
General Manager
The President said that while he has set out to work on the three priorities over his two-year term, he
wanted to do one more important thing – to plan for succession, especially for the General Manager’s
position. In his opinion, every organization needs a renewal process to keep itself energised and relevant.
The current General Manager, Mr N K Hazra, will be retiring soon after the 55th Annual General Meeting.
Mr Hazra has served the Club for six years and is the longest serving General Manager for the Club in
recent times. He commented that he has deep respect for Mr Hazra as someone who is dependable
and wise. As a former civil servant, Mr Hazra is an efficient administrator and his experience has often
provided a balance to differing views. He added that Mr Hazra has served the Club well and will certainly
be missed. On behalf of the Club, the President acknowledged Mr Hazra’s tremendous contributions and
wished him well as he embarks on a more relaxing pace of life.
After almost a year of searching, a new General Manager was finally found in Mr Michael Lie. He is
a dynamic young man with innovative ideas and enthusiasm. Since he came on board in mid-May as
Deputy General Manager and General Manager-designate, Mr Lie has been learning the ropes and
meeting members. The President then introduced Mr Lie formally to the members present at the AGM
and welcomed him to the family.
Note of Thanks
The President said that he is fortunate to have a team of GC members who are passionate, understanding
and always supportive of the majority view and stood behind decisions made. The time and effort that
each of them has dedicated to various portfolios have been crucial to the Club’s success. He went on to
acknowledge each Committee Member’s roles and contributions.
He thanked the EXCO – which consisted of Vice-President, Mr Anthony Lim, Honorary Secretary, Mr
Pao Kiew Tee, and Honorary Treasurer, Ms Emily Wong – who have given him tremendous support and
advice. As his deputy, Mr Anthony Lim has been very supportive and pro-active, often giving valuable
views and perspectives as a successful entrepreneur. Mr Lim is a capable leader who will take the Club to
greater heights, and the President urged the Club members to give Mr Lim and his team their support. He
also thanked Mr Pao and Ms Wong, who were not seeking re-election, for their valuable contributions.
Assistant Honorary Secretary, Mr Teng Leng Hock, will continue to serve on the General Committee. The
President commented that Mr Teng was his trusted Food & Beverage man, and has been responsible for
the good food and drinks that members enjoy at the various Food & Beverage outlets. Assistant Honorary
Treasurer, Mr Spencer Chan, will also be leaving office. The President thanked him once again for the
Club’s achievement in service excellence.
Among the current committee members, only Mr Raymond Tan will be leaving office after serving the
Club for many years. In addition, the President was appreciative of the good work done by the rest of
the committee members in making the Club a better place. Appreciation was extended to Mr Bob Mong,
who has been instrumental in organising many entertainment activities, especially for the Dance & Music
Lounge and Kensington Ballroom. Mr Andy Lau acted as the Chairman of the Disciplinary Committee – an
unpleasant but necessary role. He was also the Deputy Chairman for Sports and Recreation and has been
very active among the sports fraternities. Ms Sugene Gan, with her accounting and legal background, will
take on the role of Honorary Treasurer. Mr Chiam Toon Jiak, Mr Randy Sng and Ms Serena Goh will embark
on another year of their term and remain in the General Committee.
39
AGM MINUTES
The President also expressed his deep appreciation to the management and staff for their dedication and
hard work in making a difference for members on a daily basis. He is confident that they will continue to
show their strong support for the next President and his team.
Last but not least, the President extended his special thanks to the Club Trustees, who as custodians of the
Club, had given him many words of wisdom and encouragement which have been a source of strength
for him.
Closing
The President commented that he feels a sense of achievement as he passes the baton to the next President.
He has worked on his three priorities and has largely accomplished his mission. More importantly, he has
made great friends and enjoyed working with the GC members as a team. Coming from the corporate
world, working in a volunteer environment has been a unique experience for him because in a volunteer
work environment, success depends not only on leadership but also on fellowship. Building trust and
engaging each other with mutual respect are key factors in making things work. All in all, he has learnt a
lot on this journey.
In closing, the President added that it has been a great honour and privilege to serve the members and
the Club and he thanked everyone for giving him the opportunity.
4.0
TO ELECT MEMBERS OF THE GENERAL COMMITTEE
4.1
The President announced that ten nominations were received for election to the nine seats at the close of
nominations on 16 June 2012.
Five nominations for the five office-bearer positions were received unopposed. The nominees were,
therefore, duly elected to their respective offices. They are:
President
Vice-President
Jimmy Ng Hwee Khoon
Honorary Secretary
Alvin Ong Siau Wah
Honorary Treasurer
Genie Sugene Gan
Kevin Kwek Chok Yen
40
AGM MINUTES
4.2
Five nominations were received for the four positions of Committee Member. They are:
Mr Puah Neo Peng Chiew
Before the commencement of the voting process, the President called upon all the nominees to introduce
themselves.
5.0
INCOMING PRESIDENT’S ADDRESS
Introduction
In his inaugural address as the new President, Mr Anthony Lim acknowledged the contributions of many
selfless members who have made Serangoon Gardens Country Club a great Club. In addition, he took the
opportunity to share his vision on how to make the Club an even better place.
He thanked members for their confidence and trust in returning the Executive Committee unopposed and
said that he has done his part in selecting the best candidates to run for the position of Committee Member.
He urged members to give him a good start as President so that his team could work even harder for the
betterment of the Club.
Mr Lim gave a short introduction of himself. The 55-year-old joined the Club in 1993. For 25 years, he has
helmed his own information technology company and will go into semi-retirement in 2013.
Having been with the General Committee as Vice-President for the past six years and seeing several major
projects through, Mr Lim felt a deep sense of responsibility to see to the continuing success of the Club and
to take it to the next level. He felt that assembling a team was the easy part; the challenge comes in working
together as a team henceforth. However, he was confident that the Committee would rise to the challenge
to make the Club a better place. He emphasized that GC Members work on a voluntary basis out of passion
and not for personal gain. He hoped that all the Committee Members would work for the right reasons.
Note of Thanks
Mr Lim said the Club must not forget the contributions of the GC Members who have served diligently and
have stepped down to make way for new blood. He was very appreciative and grateful to Mr Pao Kiew
Tee, Ms Emily Wong, Mr Spencer Chan and Mr Raymond Tan who have stepped down after serving and
contributing to the Club for many years. He assured them that his team would continue to work hard and
make the Club a better place for the members.
Mr Lim added that as Vice-President of the Club for the past six years, it was an honour to have been
involved in many of the major decisions of the Club and to learn from his two predecessors, Mr Thomas
Tan and Mr Leong Keng Thai, who are both highly capable, outstanding and dedicated men. Through
their leadership and hard work, they brought the Club to its excellent state of affairs today.
Vision for the Club
Mr Lim decided to take up the challenge of leading the Club two months ago, when Mr Leong Keng Thai
informed him that he would not be running for the position of the President in the next term. Sparing
41
AGM MINUTES
no effort, Mr Lim began to form a strong team of capable individuals who cared for the Club. At the same
time, he began formulating his vision for the Club, which comprises the following three thrusts:
a. To ensure the long term financial viability of the Club
b. To enhance the Club’s status as the “Best Family Club” in Singapore
c. To upgrade the existing Old Wing with further expansion of the premises that currently house the
Atrium Cafe and Garden Grill
First Thrust
Mr Lim’s top priority is to continue to build up the Club’s reserves from $4.9 million to over $8 million as
they were in 1999 to 2003. He felt that it was important to keep enhancing the surplus base so that the
Club can be financially secure to meet any unforeseen circumstances and also for the future enhancement
of facilities, as renewal is critical in making the Club attractive over time. One area of great potential is
the banquet business, which has contributed about $1.3 million to the Club’s gross contributions over the
past two years.
A significant amount of money was spent to build the Kensington Ballroom but the utilisation rate is
only 50 per cent of capacity. Mr Lim hoped to grow this banquet business significantly by tapping on the
experience of the incoming General Manager, Mr Michael Lie, who has more than 20 years of experience
in the F & B industry.
Like all other social clubs, the Club has been reliant on traditional revenue streams such as jackpot, for
its financial well-being. However, jackpot takings have dipped with the opening of the two integrated
resort casinos. The Club must then be prepared to try out innovative ideas and find new revenue sources.
Mr Lim felt that the Club was fortunate that the adverse impact was partially cushioned by the expanded
banquet business. However, more must be done. He commented that the Club will not rush into changes
without considering the pros and cons. He also urged members to provide suggestions on how to improve
the Club’s financial position.
Second Thrust
Mr Lim’s next priority is to build a true family club culture, in order to enhance the Club’s status as “The Best
Family Club” in Singapore. He felt that the Club must provide a place for everyone in the family, from the
very young to the senior members. Since the opening of the New Wing in 2009, the vibrancy and buzz in the
Club have been revived but the Club needs to stay focused to create a more vibrant family club environment.
Mr Lim will be looking into improving the Main Lobby to better reflect the Club’s image. He said that
weekend buffets held at the Main Lobby are good but it makes the lobby unsightly and leaves a strong,
lingering food smell. He will be looking into moving the weekend buffet to other areas, such as the
ballroom or the Coffee Deli area. He also intends to make better use of the Main Lobby by incorporating
an area for children and youth as members had given feedback that the Club lacks such a place. Although
the Sports Bar has some activities for children and youth but the bar is predominantly a place for drinkers
and that the children should have a place of their own. The GC will put some thought into this and will do
its best to use the Main Lobby to serve members better. Mr Lim believed that the Club would truly become
“The Best Family Cub” when the needs of all tiers of the family are met.
Third Thrust
42
AGM MINUTES
Mr Lim’s aspiration is to further upgrade the Club’s facilities by extending the Old Wing at the Main
Lobby, if the reserves allow. The present design, with the open glass rooftop, is aesthetically pleasing
but impractical, as the Clubhouse becomes very hot and humid during the day. It is also becoming very
expensive to maintain as the roof had started to leak over the years. The upgrade of the Old Wing will
also create more space in the area occupied by the Atrium Café and Garden Grill, presenting a more
balanced look to the interior of the Clubhouse. The additional space can be enjoyed by members and
generate additional revenue for the Club in the years to come.
Mr Lim acknowledged that the Third Thrust is a bold vision and it requires strong reserves and members’
support. The Third Thrust may not be achieved during his tenure but he assured members that he will put
the plans on a blueprint so that his successor can continue the good work.
Conclusion
In conclusion, Mr Lim assured members that he will try to fill the big shoes left for him. He was confident that
he and his team together with Club members can continue to make SGCC the “Best Family Club” in Singapore.
6.0
COMMENCEMENT OF VOTING
6.1
Following the introduction of all nominees and the incoming President’s address, the President then invited
the Trustees, Mr Michael Khor, Mr Hendrick Koh and Mr Anthony Tan and two other members, Mr Lim
Cheng Hoe (L1298), and Mr Joel A Morais (M0012) to inspect the ballot boxes in the voting room, and to
witness the counting of the votes.
6.2
The President then called for a half-hour interval to allow members to cast their votes.
7.0
TO CONFIRM THE MINUTES OF THE 54TH ANNUAL GENERAL MEETING ON 26 JUNE 2011
The minutes of the 54th Annual General Meeting held on 26 June 2011, which were circulated as part of
the Annual Report, were duly confirmed as proposed by Mr Puah Neo Peng Chiew (P0313) and seconded
by Mrs Katherine Han (H2611).
8.0
TO RECEIVE THE ANNUAL REPORT AND ADOPT THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2012
The President requested members to correct a printing error on page 47 of the Annual Report. Under the
designation, Assistant Honorary Treasurer, the name should be Spencer Chan Kum Ee, and not Kee. He
apologized for the printing error.
There being no comments or questions from the floor, the Annual Report and Accounts for the year
ended 31 March 2012 were received and passed as proposed by Ms Lily Goh (G1307) and seconded by Mr
Balbir Singh (S0539).
9.0
TO APPOINT AUDITORS FOR THE ENSUING YEAR
Ms Emily Wong (Honorary Treasurer) reported that the General Committee was satisfied with the services
of the present auditors, B H Tan & Associates who had been the Club auditors for the past four years. She
proposed that B H Tan & Associates be appointed as the Club’s auditors for the ensuing financial year. This
was seconded by Mr Patrick Lim Hong Liam (L3819).
43
AGM MINUTES
10.0 TO TRANSACT ANY OTHER BUSINESS OF WHICH 7 CLEAR DAY’S NOTICE HAS BEEN GIVEN
IN WRITING TO THE HONORARY SECRETARY
10.1 The President informed the house that no notice has been received under item 7 of the Agenda. So the
AGM will conclude after the results of the votes are announced.
10.2 While waiting for the results of the votes, a dialogue session which would not be part of the AGM was
held with members, in the usual tradition.
11.0 RESULTS OF THE VOTES – ELECTION TO THE GENERAL COMMITTEE
The President announced the results of the election. A total of 155 members voted. The breakdown of
votes is as follows:
For the Position of Committee Member
Name of Nominees
Mr Puah Neo Peng Chiew
No. of Votes
99
102
114
82
105
The President declared the following four members duly elected as Committee Members. They are:
12.0 VOTE OF THANKS
Mr Anthony Lim proposed a vote of thanks to Mr Leong Keng Thai for his stewardship during his two-year
tenure as President. He also extended his thanks to members for their support in electing him and his team
to the Committee.
13.0ADJOURNMENT
There being no other matters, the President thanked members for their attendance and adjourned the
meeting at 3.20pm.
A CORRECT RECORD
PAO KIEW TEE
Honorary Secretary
44
Serangoon Gardens
Country Club
(Reg. No. UEN S55SS0010E)
31 March 2013
General Committee’s Report and
Audited Financial Statements
General Committee members
President
Vice President
Honorary Secretary
Honorary Treasurer
Assistant Honorary Secretary
Committee Member
Committee Member
Committee Member
Committee Member
Committee Member
Committee Member
Committee Member
:
:
:
:
:
:
:
:
:
:
:
:
:
Jimmy Ng Hwee Khoon
Alvin Ong Siau Wah
Genie Sugene Gan
Teng Leng Hock
Kevin Kwek Chok Yen
Chiam Toon Jiak
Peter Chia Kwang Hai
Serena Goh Mui Hoon
Andy Lau Kian Koon
Randy Sng Yong Hoe
Bob Mong Tiang Seng
Benjamin Leo Wong Van Tse
Independent Auditor
Contents
Statement by General Committee
Independent Auditor’s Report
Balance Sheet
Statement of Comprehensive Income
Statement of Changes in Funds
Cash Flow Statement
Notes to the Financial Statements
45
46
47
49
50
51
52
53
Statement by General Committee
In the opinion of the General Committee,
(a)
the accompanying balance sheet, statement of comprehensive income, statement of changes in funds and
cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the
state of affairs of Serangoon Gardens Country Club (the “Club”) as at 31 March 2013 and the results of the
operations, changes in funds and cash flows of the Club for the year ended on that date; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Club will be able to pay its
debts as and when they fall due.
On behalf of the General Committee,
President
Genie Sugene Gan
Honorary Treasurer
Singapore
21 May 2013
46
to the Members of Serangoon Gardens Country Club
Report on the Financial Statements
We have audited the accompanying financial statements of Serangoon Gardens Country Club (the “Club”),
which comprise the balance sheet as at 31 March 2013, and the statement of comprehensive income, statement
of changes in funds and cash flow statement for the year then ended, and a summary of significant accounting
policies and other explanatory information.
General Committee’s Responsibility for the Financial Statements
The General Committee is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of Societies Act Cap 311 (the “Act”) and Singapore Financial Reporting Standards,
and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable
assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are
properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and
loss accounts and balance sheet and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements
that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
47
to the Members of Serangoon Gardens Country Club – continued
Opinion
In our opinion, the financial statements of the Club are properly drawn up in accordance with the provisions of
the Societies Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of
affairs of the Club as at 31 March 2013 and the results, changes in funds and cash flows of the Club for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Club have been properly
kept in accordance with the provisions of the Act.
Public Accountants and
Certified Public Accountants
Singapore
21 May 2013
48
Balance Sheet as at 31 March 2013
Note
2013
$
2012
$
3
5
25,206,574
233,910
25,440,484
26,103,976
256,680
26,360,656
4
5
6
145,133
1,425,666
557,632
3,763
2,652,011
2,582,783
7,366,988
123,646
1,269,333
398,313
4,395
2,642,852
2,085,053
6,523,592
32,807,472
32,884,248
8
29,137,575
29,137,575
29,855,398
29,855,398
9
1,942,594
274,260
740,350
587,123
125,570
3,669,897
1,850,058
261,880
696,545
–
220,367
3,028,850
32,807,472
32,884,248
Assets
Non-current
Property, plant and equipment
Members’ receivables
Current
Inventories
Sundry receivables, deposits and prepayment
Interest receivables
Fixed deposits
Cash and cash equivalents
7
7
Total assets
Funds
Accumulated funds
Liabilities
Current
Creditors and accruals
Subscriptions charged in advance
Members’ credit balances and deposits
Property tax payable
Tax payable
Total funds and liabilities
The accompanying notes form an integral part of the financial statements.
49
Statement of Comprehensive Income for the financial year ended
31 March 2013
Note
2013
$
2012
$
INCOME
Subscriptions
Transfer fees
Entrance fees
Interest income – fixed deposits
Miscellaneous income
10
Lease rental income
Contributions / (deficits) from:
Fruit machines
Facilities booking
Other activities
Food and beverage
11
12
13
14
3,214,223
516,845
1,712,959
9,376
146,826
3,061,361
408,600
1,959,630
10,113
135,157
470,798
461,860
1,113,050
268,662
(56,669)
(373,267)
1,179,064
251,718
(76,030)
(440,055)
7,022,803
6,951,418
4,759,921
477,629
962,969
3,905,971
398,271
923,362
6,200,519
5,227,604
822,284
1,723,814
Less:
EXPENDITURE
Operating and administrative
Repairs, maintenance and housekeeping
Water and electricity
15
16
NET SURPLUS BEFORE DEPRECIATION
Depreciation of property, plant and equipment
Loss on disposal of property, plant and equipment
NET (DEFICIT)/SURPLUS BEFORE TAX
Income tax credit/(expenses)
17
NET (DEFICIT)/SURPLUS AFTER TAX
(1,584,664)
(7,008)
(1,517,760)
(20,560)
(769,388)
51,565
185,494
(69,000)
(717,823)
116,494
–
Other comprehensive income
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE YEAR
(717,823)
50
–
116,494
Statement of Changes in Funds for the financial year ended 31 March 2013
Total
accumulated
funds
$
29,738,904
116,494
29,855,398
(717,823)
29,137,575
Balance at 1 April 2011
Total comprehensive income for the year
Balance at 31 March 2012
Total comprehensive loss for the year
Balance at 31 March 2013
51
Cash Flow Statement for the financial year ended 31 March 2013
2013
$
2012
$
(769,388)
185,494
CASH FLOWS FROM OPERATING ACTIVITIES
Net surplus/(deficit) before tax
Adjustments for:
Depreciation of property, plant and equipment
Loss on disposal of property, plant and equipment
Interest income
1,584,664
1,517,760
7,008
20,560
(9,376)
(10,113)
Surplus before working capital changes
812,908
(Increase)/decrease in inventories
(21,487)
(15,911)
(292,250)
(467,776)
735,844
200,556
1,235,015
1,430,570
(Increase)/decrease in operating receivables
Increase/(decrease) in operating payables
Cash generated from operations
(43,232)
Income tax (paid)/refund
Net cash flow from operating activities
1,191,783
1,713,701
(43,417)
1,387,153
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(696,270)
Proceeds from disposal of property, plant and equipment
Increase in fixed deposits
Interest received
Net cash flow used in investing activities
2,000
8,235
(9,159)
(309,518)
9,376
10,113
(694,053)
Net increase in cash and cash equivalents
(869,676)
(1,160,846)
497,730
226,307
Cash and cash equivalents at beginning of year
2,085,053
1,858,746
Cash and cash equivalents at end of year (Note 7)
2,582,783
2,085,053
52
Notes to the Financial Statements - 31 March 2013
These notes are an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL INFORMATION
The Club is registered under the Societies Act Cap 311 and domiciled in Singapore.
The registered office and principal place of activities is located at 22, Kensington Park Road, Singapore
557271.
The principal activities of the Club are to promote the interest of the Club members, provide recreational
activities and other activities for the welfare and well-being of its members.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared in accordance with the Societies Act and Singapore Financial
Reporting Standards (FRS).
The financial statements have been prepared on the historical cost basis except where otherwise described
in the accounting policies below.
The financial statements are presented in Singapore Dollars (SGD or $) and all values are rounded to the
nearest one-dollar unless otherwise stated.
The accounting policies have been consistently applied by the Club and are consistent with those used in the
previous financial year except that in the current financial year, the Club has adopted all applicable new and
revised FRS and interpretations of FRS (“INT FRS”) that are relevant to its operations that are effective for
annual period beginning on or after 1 April 2012. The adoption of these new and revised FRS and INT FRS
does not result in any changes to the Club’s accounting policies and have no material effect on the amounts
reported for the current or prior financial years.
Standards issued but not yet effective
The Club has not adopted the following standards and interpretations which are potentially relevant to the
Club that have been issued but not yet effective:
Effective date
(Annual periods beginning on or after)
Amendment to FRS 1
– Presentations of Items of Other Comprehensive Income
FRS 19 Employee Benefits
FRS 113 Fair Value Measurement
53
1 July 2012
1 January 2013
1 January 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(a) Basis of preparation (continued)
Standards issued but not yet effective (continued)
Effective date
(Annual periods beginning on or after)
Improvements to FRSs issued in 2012:
Amendment to FRS 1 Presentation of Financial Statements
Amendment to FRS 16 Property, Plant and Equipment
Amendment to FRS 32 Financial Instruments: Presentation
1 January 2013
1 January 2013
1 January 2013
The Committee expect that the adoption of the standards and interpretations above will have no material
impact on the financial statements in the period of initial application. The nature of the impending changes
in accounting policy on adoption of the Amendments to FRS is described below.
Amendment to FRS 1 Presentation of Items of Other Comprehensive Income
The amendment to FRS 1 Presentation of Items of Other Comprehensive Income requires entities to
group items presented in other comprehensive income (OCI) on the basis of whether they are potentially
reclassifiable to profit or loss. It is effective for annual periods beginning on or after 1 July 2012. As this is
a disclosure standard, it will not have any impact on the financial performance or the financial position of
the Club when implemented.
FRS 113 Fair Value Measurement
FRS 113 Fair Value Measurement provides guidance on how to measure fair values including those for
financial and non-financial items and introduces significantly enhanced disclosures about fair values. It does
not address or change the requirements on when fair values should be used. When measuring fair value,
an entity is required to use valuation techniques that maximise the use of relevant observable inputs and
minimise the use of unobservable inputs. It establishes a fair value hierarchy for doing this. This FRS is to
be applied for annual periods beginning on or after 1 January 2013. The Club is in the process of assessing
the impact on the financial statements. As for the disclosures, it will not have any impact on the financial
performance or the financial position of Club when implemented.
54
(b)
Significant accounting estimates and judgements
The preparation of the Club’s financial statements requires Management to make judgements, estimates
and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities, and disclosure
of contingent liabilities at the end of each reporting period. Although these estimates are based on
Management’s best knowledge of current events and actions, actual results may differ from those
estimates.
(i) Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the
end of each reporting period, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are discussed below. The
Club based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however,
may change due to market changes or circumstances arising beyond the control of the Club. Such
changes are reflected in the assumptions when they occur.
• Useful lives of plant and equipment
The cost of plant and equipment is depreciated on a straight-line basis over the plant and
equipment’s estimated economic useful lives. Management estimates the useful lives of these
plant and equipment to be within 3 to 50 years. These are common life expectancies applied
in the industry. Changes in the expected level of usage and technological developments could
impact the economic useful lives of these assets, therefore, future depreciation charges could be
revised. The carrying amount of the plant and equipment at the end of each reporting period
is disclosed in Note 3 to the financial statements. A 1% difference in the expected useful lives
of these assets from Management’s estimates would result in approximately 1% (2012: 8%)
variance in the profit before tax.
(ii) Judgement made in applying accounting policies
There were no material judgements made by Management in the process of applying the Club’s
accounting policies that have the most significant effect on the amounts recognised in the financial
statements.
(c) Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. Such cost includes the cost of
replacing part of the property, plant and equipment and borrowing costs that are directly attributable
to the acquisition, construction or production of a qualifying property, plant and equipment. The cost
of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that
future economic benefits associated with the item will flow to the Club and the cost of the item can be
measured reliably.
55
(c) Property, plant and equipment (continued)
Subsequent to initial recognition, property, plant and equipment are stated at cost less accumulated
depreciation and any accumulated impairment losses. When significant parts of property, plant and
equipment are required to be replaced in intervals, the Club recognises such parts as individual assets with
specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its
cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.
The cost of an asset comprises its purchase price and any directly attributable cost of bringing the asset
to working condition for its intended use. Expenditure for additions, improvement and renewal are
capitalised and expenditure for maintenance and repairs are charged to profit or loss.
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
Clubhouse buildings and underpass
Furniture, fittings and office equipment
Pool, gymnasium and electrical equipment
Amusement equipment
Renovation
Computer
Motor vehicles
Container
Bowling equipment
Kitchenware, crockery and utensils
–
–
–
–
–
–
–
–
–
–
50 years
5 years
5 years
3 years
5 years
3 years
5 years
5 years
10 years
5 years
Fully depreciated assets are retained in the financial statements until they are no longer in use.
For acquisition and disposals of property, plant and equipment, depreciation is provided in the month
of acquisition and no depreciation is provided in the month of disposal.
Property, plant and equipment with individual cost of S$500 and below are expensed in the profit or loss
in the year of purchase.
The carrying values of property, plant and equipment are reviewed for impairment when events or
changes in circumstances indicate that the carrying value may not be recoverable.
The residual value, useful life and depreciation method are reviewed at each financial year-end, and
adjusted prospectively, if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is
included in the profit or loss in the year the asset is derecognised.
56
(d)Financial assets
Initial recognition and measurement
Financial assets are recognised when, and only when, the Club becomes a party to the contractual
provision of the financial instrument. The Club determines the classification of its financial assets at
initial recognition.
When a financial asset is recognised initially, the Club measures it at its fair value, plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable to
the acquisition or issue of financial asset.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification as follows:
(i)
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading and
financial assets designated upon initial recognition at fair value through profit or loss. Financial
assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. This category includes derivative financial instruments entered into by the Club
that are not designated as hedging instruments in hedge relationships as defined by FRS 39.
Derivatives including separated embedded derivatives are also classified as held for trading unless
they are designated as effective hedging instruments.
Subsequent to initial recognition, financial assets at fair value through profit or loss are measured
at fair value. Any gains or losses arising from changes in fair value of the financial assets are
recognised in profit or loss.
The Club has not designated any financial assets upon initial recognition at fair value through
profit or loss.
(ii) Held-to-maturity investment
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified
as held-to-maturity when the Club has the positive intention and ability to hold the investments
to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at
amortised cost using the effective interest method, less impairment. Gains and losses are recognised
in profit or loss when the held-to-maturity investments are derecognised or impaired, and through
the amortisation process.
57
(d)Financial assets (continued)
Subsequent measurement (continued)
(iii) Loans and receivables
Non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market are classified as loans and receivables. Subsequent to initial recognition, loans and
receivables are measured at amortised cost using the effective interest method, less impairment.
Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or
impaired, and through the amortisation process.
(iv) Available-for-sale financial assets
Available-for-sale financial assets include equity and debt securities. Equity investment classified as
available-for-sale are those, which are neither classified as held for trading nor designated at fair
value through profit or loss.
After initial recognition, available-for-sale financial assets are subsequently measured at fair value.
Any gains or losses in the fair value of the financial asset are recognised in other comprehensive
income, except that impairment losses, foreign exchange gains and losses on monetary instruments
and interest calculated using the effective interest method are recognised in profit or loss. The
cumulative gain or loss previously recognised in other comprehensive income is reclassified from
equity to profit or loss as a reclassification adjustment when the financial asset is derecognised.
Derecognition
A financial asset is derecognised when the contractual right to receive cash flows from the asset has
expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount
and the sum of the consideration received and any cumulative gain or loss that had been recognised in
other comprehensive income is recognised in profit or loss.
Regular way purchase and sale of a financial asset
All regular way purchases and sales of financial assets are recognised or derecognised on the trade
date i.e., the date that the Club commits to purchase or sell the asset. Regular way purchases or sales
are purchases or sales of financial assets that require delivery of assets within the period generally
established by regulation or convention in the marketplace concerned.
58
(e)Impairment of financial assets
The Club assesses at the end of each reporting period whether there is any objective evidence that a
financial asset is impaired.
(i) Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Club first assesses whether objective evidence of
impairment exists individually for financial assets that are individually significant, or collectively
for financial assets that are not individually significant. If the Club determines that no objective
evidence of impairment exists for an individually assessed financial asset, whether significant or
not, it includes the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for impairment and
for which an impairment loss is, or continues to be recognised are not included in a collective
assessment of impairment.
If there is objective evidence that an impairment loss on financial assets carried at amortised
cost has been incurred, the amount of the loss is measured as the difference between the asset’s
carrying amount and the present value of estimated future cash flows discounted at the financial
asset’s original effective interest rate. If a loan has variable interest rate, the discount rate for
measuring any impairment loss is the current effective interest rate. The carrying amount of the
asset is reduced through the use of an allowance account. The loss is recognised in the profit or loss.
When the asset becomes uncollectible, the carrying amount of impaired financial asset is reduced
directly or if an amount was charged to the allowance account, the amount charged to the
allowance account is written off against the carrying value of the financial asset.
To determine whether there is objective evidence that an impairment loss on financial assets has
been incurred, the Club considers factors such as the probability of insolvency or significant financial
difficulties of the debtor and default or significant delay in payments.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognised, the previously
recognised impairment loss is reversed to the extent that the carrying value of the asset does not
exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.
59
(e)Impairment of financial assets (continued)
(ii) Financial assets carried at cost
If there is objective evidence that an impairment loss on a financial asset carried at cost has been
incurred (such as significant adverse changes in the business environment where the issuer operates,
probability of insolvency or significant financial difficulties of the issuer) the impairment loss is
recognised and the amount of the loss is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash flows discounted at the current market
rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent
periods.
(iii) Available-for-sale financial assets
In the case of equity investments classified as available-for-sale, objective evidence of impairment
include (i) significant financial difficulty of the issuer or obligor, (ii) information about significant
changes with an adverse effect that have taken place in the technological, market economic or
legal environment in which the issuer operates, and indicates that the cost of the investment in
equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair
value of the investment below its cost. ‘Significant’ is to be evaluated against the original cost of
the investment and ‘prolonged’ against the period in which the fair value has been below its
original cost.
If an available-for-sale financial asset is impaired, an amount comprising the difference between its
cost (net of any principal payment and amortisation) and its current fair value, less any impairment
loss previously recognised in profit or loss, is transferred from other comprehensive income and
recognised in profit or loss. Reversals of impairment losses in respect of equity instruments are not
recognised in profit or loss; increase in their fair value after impairment are recognised directly in
other comprehensive income.
(f) Financial liabilities
Initial recognition and measurement
Financial liabilities are recognised when, and only when, the Club becomes a party to the contractual
provisions of the financial instrument. The Club determines the classification of its financial liabilities at
initial recognition.
When a financial liability is recognised initially, the Club measures it at its fair value plus, in the case of
a financial liability not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition or issue of financial liability.
60
(f) Financial liabilities (continued)
Subsequent measurement
The subsequent measurement of financial liabilities depends on their classification as follows:
(i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value. Financial liabilities are
classified as held for trading if they are acquired for the purpose of selling in the near term.
Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured
at fair value. Any gains or losses arising from changes in fair value of the financial liabilities are
recognised in profit or loss.
The Club has not designated any financial liabilities upon initial recognition at fair value through
profit or loss.
(ii) Other financial liabilities
After initial recognition, other financial liabilities are subsequently measured at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised, and through the amortisation process.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expired. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original liability and the recognition of a new liability,
and the difference in the respective carrying amounts is recognised in the profit or loss.
(g)Inventories
Inventories are stated at the lower of cost and net realisable value. The cost comprises all costs of
purchase, costs of conversion and other costs incurred in bringing the inventories to their present
location and condition. Trade discounts, rebates and other similar items are deducted in determining
the costs of purchase. Cost is accounted for as follows:
Consumable stocks and stores – weighted average basis
Where necessary, allowance is provided for damaged, obsolete and slow-moving items to adjust the
carrying value of inventories to the lower of cost and net realisable value.
61
(g) Inventories (continued)
The amount of any write-down of inventories to net realisable value and all losses of inventories shall be
recognised as an expense in the period the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net realisable
value, shall be recognised as a reduction in the amount of inventories recognised as an expense in the
period in which the reversal occurred.
When inventories are sold, the carrying amounts of those inventories are recognised as an expense in the
period in which the related revenue is recognised.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
(h) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank and fixed deposits.
(i) Trade and other payables
Trade and other payables are non-interest bearing and trade payables are normally settled on 30 to 60 days’
terms while other payables have varied payment terms depending on the nature of the payables.
(j)Provisions
Provisions are recognised when the Club has a present obligation (legal or constructive) as a result of a past
event, and when it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and the amount of the obligation can be estimated reliably.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
If it is no longer probable that an outflow of economic resources will be required to settle the obligation,
the provision is reversed. If the effect of the time value of money is material, provisions are discounted using
a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
62
(k)Employee benefits
(i) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Club pays fixed
contributions into a separate entity (a fund) and will have no legal or constructive obligation to
pay further contributions if the fund does not hold sufficient assets to pay all employee benefits
relating to employee service in the current and prior periods.
In particular, the Club makes contributions to the Central Provident Fund (“CPF”) scheme in
Singapore, a defined contribution pension scheme. These contributions are recognised as an
expense in the period in which the related service is performed.
(ii) Employee leave entitlement
Employee entitlements to annual leave are recognised as a liability when they accrue to employees.
The estimated liability for leave is recognised for services rendered by employees up to the end of
the reporting period.
(l)Leases
Leases where the Club retains substantially all the risks and rewards of ownership of the asset are
classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to
the carrying amount of the leased asset and recognised over the lease term on the same basis as rental
income. Contingent rents are recognised as revenue in the period in which they are earned.
(m)Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Club and the revenue can be reliably measured regardless of when the payment is made. Revenue is
measured at the fair value of consideration received or receivable, taking into account contractually
defined terms of payment and excluding sales taxes or duty. The following specific recognition criteria
must also be met before revenue is recognised:
(i) Revenue from food and beverage
Revenue from food and beverage operations is recognised upon the point of sale of food and
beverage to members and customers. Revenue represents the value of food and beverage, net of
discounts and goods and services tax.
(ii) Rental income
Rental income arising from the Club’s property is recognised on a straight-line basis over the lease
term on ongoing leases.
63
(m)Revenue (continued)
(iii) Interest income
Interest income is recognised using the effective interest method.
(iv) Subscription fees
Subscription fees are recognised when they are due for payment.
(v) Entrance and transfer fees
The entrance and transfer fees are recognised in full in the financial year in which new members
are admitted or transferred.
(vi) Fruit machines income
Fruit machines income is recognised on receipt basis.
(n)Taxes
(i) Current income tax
The Club’s income tax is subject to provision of section 11(1) of the Singapore Income Tax Act. It is
deemed not to carry on business if at least half of its gross receipts in revenue account are from its
members, and such revenue is not subject to tax.
Any other sources of income derived from dealing with non-members are taxable.
The income tax rate applicable is on the effective rate in Part B of Second Schedules of the Act,
which is limited to corporate income tax of 17%.
(ii) Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (“GST”)
except:
•
Where the goods and services tax incurred in a purchase of assets or services is not recoverable
from the taxation authority, in which case the goods and services tax is recognised as part of the
cost of acquisition of the asset or as part of the expense item as applicable; and
•
Receivables and payables that are stated with the amount of goods and services tax included.
The net amount of goods and services tax recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the balance sheet.
64
3. PROPERTY, PLANT AND EQUIPMENT
Clubhouse
buildings
and
underpass
$
Furniture,
fittings
and office
equipment
$
Pool,
gymnasium
and electrical Amusement
equipment equipment
$
$
33,900,427
2,088,299
3,663,584
199,121
119,381
(500)
Renovation
$
Computer
$
672,770
4,190,112
954,240
128,696
179,590
172,156
42,508
(19,975)
(40,032)
(82,800)
(5,568)
–
34,099,048
2,187,705
3,752,248
769,560
4,356,700
996,748
Additions
–
160,504
136,162
50,150
267,898
48,218
Disposal/written off
–
(8,356)
(36,976)
(26,400)
(4,496)
(6,406)
34,099,048
2,339,853
3,851,434
793,310
4,620,102
1,038,560
9,791,282
1,648,110
3,330,468
562,242
2,754,717
832,034
Charge for the year
689,715
143,529
117,140
69,046
369,353
70,963
(33)
(18,616)
(38,021)
(57,842)
(5,568)
–
10,480,964
1,773,023
3,409,587
573,446
3,118,502
902,997
Charge for the year
694,016
149,017
124,288
93,334
387,810
73,160
–
(4,393)
(35,003)
(26,400)
(1,424)
(6,406)
11,174,980
1,917,647
3,498,872
640,380
3,504,888
969,751
At 31 March 2012
23,618,084
414,682
342,661
196,114
1,238,198
93,751
At 31 March 2013
22,924,068
422,206
352,562
152,930
1,115,214
68,809
Cost:
At 1 April 2011
Additions
At 31 March 2012 and 1 April 2012
At 31 March 2013
Accumulated depreciation:
At 1 April 2011
At 31 March 2013
Net carrying amount:
65
3. PROPERTY, PLANT AND EQUIPMENT (continued)
Kitchenware,
crockery and
utensils
$
Motor
vehicles
$
Container
$
Bowling
equipment
$
Total
$
110,299
109,479
27,304
1,024,824
46,741,338
7,604
13,730
–
6,890
869,676
–
(10,410)
–
–
(159,285)
117,903
112,799
27,304
1,031,714
47,451,729
33,338
–
–
–
696,270
–
–
–
–
(82,634)
151,241
112,799
27,304
1,031,714
48,065,365
At 1 April 2011
14,707
68,431
27,304
931,188
19,960,483
Charge for the year
22,522
12,768
–
22,724
1,517,760
–
(10,410)
–
–
(130,490)
37,229
70,789
27,304
953,912
21,347,753
Charge for the year
27,400
13,226
–
22,413
1,584,664
–
–
–
–
(73,626)
64,629
84,015
27,304
976,325
22,858,791
At 31 March 2012
80,674
42,010
–
77,802
26,103,976
At 31 March 2013
86,612
28,784
–
55,389
25,206,574
Cost:
At 1 April 2011
Additions
Additions
At 31 March 2013
Accumulated depreciation:
At 31 March 2013
Net carrying amount:
66
3. PROPERTY, PLANT AND EQUIPMENT (continued)
The Club properties are constructed on a donated plot of leasehold land with tenure of 999 years registered
in the name of the trustees of the Club.
4.INVENTORIES
Consumable stocks and stores
Statement of comprehensive income:
Inventories recognised as an expense in cost of sales
5. MEMBERS’ RECEIVABLES
Entrance fee receivables
Current:
Non-currents:
2013
$
2012
$
145,133
123,646
2,070,196
1,541,496
2013
$
2012
$
760,710
717,895
898,866
1,659,576
808,118
1,526,013
526,800
898,866
1,425,666
461,215
808,118
1,269,333
233,910
256,680
The amount for non-current portion of entrance fee receivables approximates to the amortised costs.
Members’ receivables are non-interest bearing and are generally on 30-day payment terms. They are
recognised at their original invoiced amounts which represent their fair values on initial recognition.
Receivables that are past due but not impaired
The Club has members’ receivables amounting to $132,077 (2012: $31,545) that are past due at the end of
the reporting period but not impaired. These receivables are unsecured and the analysis of their ageing at
the end of the reporting period is as follows:
2013
2012
$
$
Members’ receivables past due but not impaired:
Not more than 60 days
60 to 90 days
90 to 120 days
104,058
19,818
8,201
132,077
67
23,726
4,930
2,889
31,545
6. SUNDRY RECEIVABLES, DEPOSITS AND PREPAYMENT
Prepayment
Rental receivables
Staff advances – interest free
Sundry receivables
Sundry refundable deposits
7. CASH AND CASH EQUIVALENTS AND FIXED DEPOSITS
Cash and bank balances
Fixed deposits
Less: fixed deposits with maturity more than 3 months
Cash and cash equivalents as stated in cash flow
2013
$
50,896
18,198
363
286,536
201,639
557,632
2012
$
70,484
16,524
–
109,145
202,160
398,313
2013
$
2012
$
2,082,468
3,152,326
5,234,794
(2,652,011)
2,582,783
2,085,053
2,642,852
4,727,905
(2,642,852)
2,085,053
Short-term deposits are made for varying periods of between 3 months and 12 months (2012: 6 months and
12 months) depending on the immediate cash requirements of the Club, and earn interests at the respective
short term deposit rates. The interest rates of short-term deposits range from 0.25% to 0.37% (2012: 0.3%
to 0.45%) per annum.
8. ACCUMULATED FUNDS
Pursuant to Rule 39.2 of the Club’s Constitution, the accumulated funds derived from the operations of the
Club’s fruit machines and tombola must be distributed to approved charities in Singapore in the event of
dissolution of the Club.
As at 31 March 2013, included within accumulated funds is an amount totalling $46,955,579 (2012:
$45,935,864), which represents accumulated fruit machines and tombola income net of related expenditure
and depreciation.
9. CREDITORS AND ACCRUALS
Trade payables and accruals
Lottery duty on fruit machine
Unconsumed leave entitlement
Deferred revenue
GST payables
Deposits received
10. MISCELLANEOUS INCOME
Electronic parking systems
Sundry income
Advertisement
68
2013
$
1,099,839
–
187,611
70,643
209,434
375,067
1,942,594
2012
$
950,273
218,216
215,615
44,984
185,850
235,120
1,850,058
2013
$
116,511
27,335
2,980
146,826
2012
$
108,433
23,443
3,281
135,157
11. FRUIT MACHINES
Collections
Deduction:
Payment to winners
Government tax [including goods and services tax
of $276,117 (2012: $285,742)]
Maintenance of machines
General supplies
Direct staff costs
– salaries and wages
– Central Provident Fund contributions
Other operating expenses
Contribution from fruit machines
2013
$
10,661,530
2012
$
8,620,723
(6,439,323)
(4,253,179)
(2,707,562)
(2,832,435)
(26,458)
(19,469)
(8,219)
(9,499)
(171,161)
(17,260)
(178,497)
1,113,050
(163,962)
(14,700)
(148,415)
1,179,064
12. FACILITIES BOOKING
This relates mainly to the facilities booking of bowling lanes and lockers, swimming pool, lockers and towels,
billiard tables and lockers, mahjong tables, squash and tennis courts.
13. OTHER ACTIVITIES
Aerobics and fitness
Billiards
Bowling
Darts
Chess
Golf
Mahjong
Membership relations activities and classes
Squash / table-tennis
Swimming
Video games
Miscellaneous
Net deficit from other activities
14. FOOD AND BEVERAGE
Sales
Less:
Cost of sales
Gross contribution
Less:
Direct staff costs – salaries and wages
– Central Provident Fund contributions
Other operating expenses
Deficit from food and beverage
69
2013
$
61,260
(8,163)
(34,661)
(10,935)
(1,333)
(27,929)
(4,808)
(21,674)
(3,285)
13,916
4,500
(23,557)
(56,669)
2012
$
50,460
(6,043)
(32,786)
(4,942)
(2,306)
(25,183)
(3,758)
(40,089)
(6,943)
(3,750)
5,080
(5,770)
(76,030)
2013
$
5,111,416
2012
$
4,148,104
(2,070,196)
3,041,220
(1,541,495)
2,606,609
(2,148,258)
(193,153)
(1,073,076)
(373,267)
(2,109,958)
(160,577)
(776,129)
(440,055)
15. OPERATING AND ADMINISTRATIVE EXPENSES
2013
$
Audit fee – current
Bad debts
Decoration
Donations
General expenses
Insurance
Laundry
License fees
Medical
Meeting expenses
Members’ introduction expenses
Membership launch expenses
New members’ night expenses
Newsletter
Nets/cashcard commission
Payroll – salaries and wages
– Central provident fund contributions
– employee leave entitlements
Postage
Printing, stationery and magazines
Professional and legal fees
Promotional materials
Property tax
Recruitment
Refreshment
Staff benefits
Staff incentive
Staff training
Telephone
Transport
5,500
–
20,902
500
64,817
38,249
8,784
4,154
21,119
27,099
86,139
41,354
12,019
80,165
2,242
2,724,430
292,445
18,891
21,620
61,616
4,824
122,888
836,633
6,984
2,792
142,879
43,663
20,680
28,759
17,774
4,759,921
2012
$
5,500
412
15,348
–
45,583
40,300
7,385
3,547
21,526
27,119
75,663
20,358
8,892
82,685
2,064
2,577,425
251,247
25,083
22,011
69,615
27,179
102,353
207,600
24,704
3,759
146,740
41,641
6,434
27,113
16,685
3,905,971
Included in the property tax of $836,633 is additional property tax assessment made by the Inland Revenue
Authority of Singapore, totalling to $497,333 pertaining to the period from 1 January 2007 to 31 March
2012.
Included in payroll expenses are key management personnel costs as follows:
2013
$
Salaries and related costs
Central Provident Fund
784,481
61,767
846,248
70
2012
$
730,402
62,466
792,868
16. REPAIRS/MAINTENANCE AND HOUSEKEEPING
2013
$
Housekeeping and landscaping
Repairs and maintenance
– building
– equipment/furniture
– motor vehicle
– bowling alley
2012
$
189,246
177,527
83,262
167,910
7,098
30,113
477,629
61,666
134,125
7,463
17,490
398,271
17. INCOME TAX (CREDIT) / EXPENSE
(i) Major components of income tax expense
The major components of income tax expense for the years ended 31 March 2013 and 2012 are:
Current tax
Over provision in prior years
2013
$
62,581
(114,146)
2012
$
69,000
–
(51,565)
69,000
Revenue from members for the financial year is exempted from tax under Section 11(1) of the Singapore
Income tax Act. The income tax expenses in 2013 and 2012 relate to the income tax payable on rental
and interest income received from non-members.
The current income tax is determined by applying the statutory rate of income tax to all rental and
interest income for the financial year.
(ii) Relationship between tax expense and accounting profit
The reconciliation between the tax (credit)/expense and the product of accounting (loss)/profit multiplied
by the applicable tax rate for the years ended 31 March 2013 and 2012 are as follows:
(Deficit)/surplus before tax
Tax (benefit)/expenses on (deficit)/surplus
before tax at 17%
Adjustments:
Non-deductible expenses
Tax exempt income
Over provision in prior years
71
2013
$
(769,388)
2012
$
185,494
(130,796)
31,534
3,861,412
(3,668,035)
(114,146)
(51,565)
3,182,529
(3,145,063)
–
69,000
18. OPERATING LEASE COMMITMENT
The Club has entered into commercial property leases. These non-cancellable leases have remaining noncancellable lease terms of between about 1 to 9 years as at 31 March 2013. All leases include suitable clauses
to enable appropriate revision of the rental charges either upon renewal or based on pre-agreed rates
stated in the lease terms.
Future minimum rental receivable under non-cancellable operating leases as at the end of reporting period
are as follows:
2013
$
Not later than one year
Later than one year but not later than five years
Later than five years
388,079
1,238,602
744,226
2,370,907
2012
$
377,733
1,146,034
1,224,873
2,748,640
The leases on the Club’s leasehold properties on which rentals are receivable will expire earliest on 30
November 2014 and latest on 1 December 2021 and the current rents stand at $15,606 (2012: $15,606) and
$16,151 (2012: $14,683) per month respectively.
19. EMPLOYEE BENEFITS
2013
$
Salaries and bonus
Central Provident Fund [net of Special Employment credit
of $56,861 (2012: Jobs credit grant of $2,061)]
Others
2012
$
4,974,338
4,633,701
445,998
250,689
5,671,025
424,463
251,306
5,309,470
20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Club is exposed to financial risks arising from its operations and the use of financial instruments. The
key financial risks include interest rate risk, credit risk and liquidity risk. The Club’s risk management policies
focus on the unpredictability of financial markets and seek to, where appropriate, minimise potential
adverse effects on the financial performance of the Club. The Committee reviews and agrees policies and
procedures for the management of these risks in accordance to the Club’s Constitution guidelines. There
has been no change to the Club’s exposure to these financial risks or the manner in which it manages and
measures the risks.
The following sections provide details regarding the Club’s exposure to the financial risks associated with
financial instruments held in the ordinary course of business and the objectives, policies and processes for
the management of these risks.
72
20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of the Club’s financial instruments will
fluctuate because of changes in market interest rates.
The Club may only invest in fixed deposits with banks licensed under the Singapore Banking Act or any
other financial institutions approved by the Monetary Authority of Singapore.
The Club’s exposures to changes in interest rate relate primarily to the short term fixed deposits with
banks. However, the interest rate risk exposure to the Club is considered minimal.
Sensitivity analysis for interest rate risk
Movements in interest rates will have an impact on the Club’s fixed deposit. A change of 50 (2012: 50)
basis points (bp) in interest rates at the reporting date would change equity and profit before tax by
$15,762 (2012: $13,214). This analysis assumes that all other variables remain constant.
(ii) Credit risk
Credit risk is the risk that one party to a financial instrument may fail to discharge an obligation and
cause the other party to incur a financial loss. The Club’s exposure to credit risk arises primarily from its
receivables from members and financial assets. The cash and fixed deposits are placed with banks and
financial institutions, which are regulated.
The Club has no significant concentration of credit risk. The maximum exposure to credit risk in relation
to each class of recognised financial assets is represented by the carrying amount of each financial asset
as indicated in the balance sheet.
(iii)Liquidity risk
Liquidity risk is the risk that the Club will encounter difficulty in meeting financial obligations due to
shortage of funds. The Club’s exposure to liquidity risk arises primarily from possible mismatches of the
maturities of financial assets and liabilities.
To manage liquidity risk, the Club monitors its net operating cash flow and maintains an adequate level
of cash and cash equivalents. Management believes that liquidity risk is minimal as the Club is able to
fund its operations from its accumulated surplus.
The maturity profile of the Club’s financial liabilities based on contractual undiscounted cash flows is
less than one year.
73
21. FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of a financial instrument is the amount at which the instrument could be exchanged or
settled between knowledgeable and willing parties in an arm’s length transaction, other than in a forced
or liquidation sale.
The carrying amount of financial assets and liabilities are reasonable approximation of fair values, either
due to their short-term nature or that they are floating rate instruments that are re-priced to market
interest rates on or near the end of the reporting period.
However, the Club does not anticipate that the carrying amounts recorded at the end of the reporting
period would be significantly different from the values that would eventually be received or settled.
At the end of the reporting period, the Club does not have any other financial instruments carried at fair value.
22. FUND MANAGEMENT
The primary objective of the Club’s fund management is to ensure that it maintains a strong credit rating and
healthy working ratios in order to support its activities. The Club manages its funds by regularly monitoring
its current and expected liquidity requirements. The Club is not subjected to either internally or externally
imposed capital requirement.
23. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES
The following table summarises the carrying amount of financial assets and liabilities recorded at the end
of the reporting year by FRS 39 categories.
2013
$
Loans and receivables
Sundry receivables and deposits
Interest receivables
Fixed deposits
Cash and cash equivalents
1,659,576
506,736
3,763
2,652,011
2,582,783
7,404,869
2013
$
Financial liabilities at amortised cost
Creditors and accruals
Members’ credit balances and deposits
Property tax payable
1,684,340
740,350
587,123
3,011,813
2012
$
1,526,013
327,829
4,395
2,642,852
2,085,053
6,586,142
2012
$
1,589,459
696,545
–
2,286,004
24. AUTHORISATION OF FINANCIAL STATEMENTS
The financial statements of the Club for the financial year ended 31 March 2013 were authorised for issuance
by the Club’s General Committee on 21 May 2013.
74
NOTES
75
NOTES
76
Serangoon Gardens Country Club
Annual Report 2012 / 2013
22 Kensington Park Road, Singapore 557271
www.sgcc.com.sg

here - Serangoon Gardens Country Club

Transcription

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