NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2022

10. INCOME RECEIVED IN ADVANCE

Membership

Income received in advance from membership represents the company’s obligation to transfer membership services to members and is recognised when a customer pays consideration, or when the company recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the company has transferred the services to the member.

Customer loyalty program

The company operates a loyalty reward program where customers accumulated points for dollars spent. The reward points are recognised as a separately identifiable component of the initial sale transaction, by allocating the fair value of the consideration received between the reward points and the other components of the sale, such that the reward points are recognised at their fair value. Revenue from the reward points is recognised when the points are redeemed. The amount of revenue is based on the number of points redeemed relative to the total number expected to be redeemed.

11. COMMITMENTS

Capital Expenditure Commitments

Buildings

Contracted but not provided for and payable: Within one year

$

Capital expenditure commitments are comprised of ongoing contracted projects pertaining to refurbishments to the Main Club and site plans for the Hubertus Country Club.