RAFFLES COUNTRY CLUB ANNUAL REPORT 2012-2013 by Raffles Country Club

Silver Years! RAFFLES COUNTRY CLUB ANNUAL REPORT 2012-2013

OUR VISION To be the best golf and country club in Asia, renowned for its immaculate golf courses and excellent facilities where staff are passionate and professional in providing outstanding service for our gracious members and guests.

MisSion As a premier golf and country club, we provide outstanding service and value for the enjoyment of all.

CONTENTS General Committee

Presidentâ&#x20AC;&#x2122;s Report

Golfing Sub-Committee Report

Palm Course Redevelopment Sub-Committee Report Food & Beverage Sub-Committee Report

Disciplinary Committee Report Corporate Relations, Marketing & Membership Sub-Committee Report Establishment & Finance Sub-Committee Report

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Audit Committee Report

Lifestyle Sub-Committee Report

Financial Statements

Estate & Facilities Sub-Committee Report

Membership Strength

ANNUAL REPORT 2012-2013

Raffles Country Club Just a 25 minute drive from Singapore’s bustling central business district lies one of the last bastions of unspoilt nature in this largely urban nation. An idyllic setting endowed with a visual treat of graceful Chinese egrets and brilliantly coloured Kingfishes, flora and fauna, the Raffles Country Club set amongst lush green fields and forested hills is a sprawling sportman’s paradise. Bearing the name of Singapore’s founder and offering spectacular views of the Tengeh reservoir and adjacent jungle environment, Raffles Country Club is situated amidst 146 hectares of luscious land and home to two of the most picturesque courses in Singapore; the Palm Course and Lake Course. Both 18-hole championship courses designed by Robert Trent Jones II, have provided our members, their guests, visiting professionals, dignitaries and even celebrities; with immense golfing pleasure over the years. The newly built clubhouse feature the finest facilities available, manned by our experienced and dedicated

team of hospitality professionals who specialises in providing superior service to all. To ensure that our scenic golf courses continue to offer a myriad of challenges that can be enjoyed by golfers of varied skill levels and ability, every care is taken to ensure that both courses are well-maintained and immaculatelyconditioned throughout the year. It’s little wonder then that the courses are popular with local players and foreign visitors alike. Both 18-hole championship golf courses have tifdwarf turf for the green and Bermuda/zoysia for the tees and fairways. The club is also one of the first all-buggy golf courses in the region. To take the exhaustion out of your game, the club has an inexhaustible supply of over 200 golf buggies on hand each day... revved up and ready to serve. Over the years, the club has hosted several reputable corporate and private golf tournaments organized by MNCs, SMEs, statutory boards, charitable organizations, illustrious alumni and other social and welfare organizations.

RAFFLES COUNTRY CLUB

general committee

ANNUAL REPORT 2012-2013

Attendance at Meetings

Back row from left Mr Peter Tan Secretary Mr Kevin Scully Mr Ho Chye Hoi Front row from left Mr Hoong Bee Lok Ms Shirley Tan Mr Simon Yuen President

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Mr David Soh Captain Mr Wong Toon Suan Vice-President Mr Bernard Lim Treasurer Not in picture Mr Steve Tai

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president’s report annual Interclub Competition with Jurong Country Club at their newly redeveloped golf course. A new reciprocal arrangement was finalized with Kelab Golf Sultan Abdul Aziz Shah (KGSAAS) and we hosted their members who came to witness the reciprocal signing ceremony. Agreements were reached with some six new reciprocal clubs in China; namely Shanghai Sun Island International Club, Kunshan Sun Resort & Club; Suzhou SunIsland International Club; Nanjing SunIsland Leisure & Resort Club Co. Ltd; and Yangzhou Prime International Vacation Club Co. Ltd. Additionally the Avondale Golf Club in Sydney Australia joined the ever-growing list of prestigious overseas reciprocal clubs.

The close of the Financial Year 2012/13 saw the consolidation of some of the Club’s key initiatives and developments as fundamental to achieving the cherished vision to develop Raffles Country Club into one of the best golf and country club in Asia. Early this year, a Corporate Relations, Marketing and Membership SubCommittee (CRMMS) was formed. In developing corporate relations with other prestigious golf clubs, we held five interclub golf games, with The Gunung Guelis Country Club in Bogor, Indonesia; the Kuala Lumpur Golf & Country Club, Glenmarie Golf & Country Club, Tropicana Golf & Country Club and Kelab Golf Negara Subang, all situated in the Klang Valley in Malaysia. Locally, there was also the

The revenues from the food & beverage department continued to grow, in part due to the constant evolution of delicious new food offerings in the Golfers’ Terrace and Atrium. The Club is in talks with F&B operators on a new outlet at the poolside LakeFront Café. If the deal is successfully concluded, it will provide a most pleasant surprise to members with menu choices of international cuisine from three nationalities. The F&B Sub-Committee is also exploring the possibility of the Raffles Lounge as a suitable venue for a Japanese Sashimi, Sushi and Maki outlet. On the lifestyle front, the Club has continued to improve the range of activities offered for our members with activities planned by the Lifestyle Sub-committee reaching new heights. It has organized two overseas trips – to Vietnam and Malaysia, as well as a Peranakan “Stylo Milo” evening that was both cultural and entertaining. All these were supplementary events planned on top of the usual popular activities of fishing and Zumba (dance classes) amongst others. The Club will also hold the annual Mahjong and karaoke competitions later in the year. The upcoming trip to Siem Reap in mid December this year has also been fully booked. It is heartwarming to note that the Albatross Lounge is being used more by members for private functions as it offers

a special ambience for members and their guests. The Shanshui Palace Restaurant has been renovated and presents a far better atmosphere in which members, their families and guests can enjoy themselves. There are also two rooms where members can host and enjoy dining in an exclusive and private setting. The Golfing Sub-Committee continues to work closely with our new Course Superintendent to improve both the Lake and Palm Courses. The Lake Course was put through a thorough audit and radical cultural practices, including verti-slice cutting and coring of its fairways. We needed to take a step or two back, in order to advance quite a few steps ahead. In the coming weeks, members will see significant improvements in the Lake Course. The Palm course however, presents a different challenge. With its infrastructure breaking down with monotonous regularity, it is arduous on the Club’s resources and the ability of the maintenance staff to attend to all the breakdowns simultaneously. With some 40 leaking points and unbridled intrusion of local grasses into the fairways and greens, the maintenance department is expending more than half its resources to keep disaster at bay. There are insufficient resources to maintain and improve the course condition. Notwithstanding this, our Course Superintendent has managed to improve the condition of the greens and green speed actually attained 9.5 on a few occasions. But a fast green is not representative of Palm Course’s degenerating poor health. In the meantime, members of the Golfing Sub-Committee are working closely with our Golf Superintendent to prioritise which work is to be carried out between the conflicting needs of repairs and maintenance. On the surface, the Club appears to be in a reasonably healthy condition. But below the surface, I have to draw members’ attention to a number of warning signs: Less Revenue from Private Competitions, Guests and Visitors There is a significant slowdown in revenue from private competitions. Some organizers

ANNUAL REPORT 2012-2013

also prefer to hold their tournament on the Lake course instead of Palm, so only one course is available. The new courses at Jurong and Sembawang are attracting these competitions even though the green fees there are higher. The poor playing condition of the Palm course has resulted in less guest and visitors’ green fees. It is linked to the fact that even our members are avoiding the Palm course. Less Revenue from transfer fees Additionally, the revenue from transfer fees is also gradually decreasing. There are more members queuing to sell their membership than there are prospective buyers. As our membership price continues to be eroded, the transfer fee will represent a bigger percentage of the sale price. Some members are holding back from offering their membership for sale because of this. JCC, an 18-hole course, has attracted a higher price than RCC after the renovation of their course. More Expenditure on Course Maintenance Where previously, expenditure was expended principally on course maintenance with a small fraction on ad hoc repairs, the situation is reversed today. Repair expenses will continue to increase. We are also paying more for electricity and have to pay the PUB for water even though we have 19 ponds. General Inflationary Pressure With the National Wages Council recommending higher increases for low income earners, the Club is faced with staff-cost increases that are higher than the general rate of inflation. In addition, electricity costs, which are quite substantial, are expected to increase in tandem with increases in crude oil prices. If we fail to keep up with the market rate for staff, we risk losing experienced staff and the level of service provided for members may be affected. Aging of our social wing Our social wing has not been refurnished or renovated for a long time. It looks its age. Members are not, and will not be drawn to use these facilities unless a drastic upgrade is done. Hopefully a new outlet at the LakeFront Café will change some of the dynamics. An increase in low “self-esteem” There is little to generate self-esteem in a club that some people have dubbed the “Repair Country Club”. We have no outstanding golf course to boast

of, and from which we can generate additional income from private and other tournaments. Our social wing is aging and we have insufficient funds to refurbish it to attract activity. Many members are proud of the Club because they have been members for a long time, or because it is the only club which they are a member of, or because of the many friends they have made within the Club. This is for the good. But what can we boast about our beloved “Raffles Country Club”? Are we prepared to do something to break this perceived negative mood? The Positives All is not doom and gloom. There are several positives. I need to remind members of these, so that we can unite to build on these strengths. Members to Holes Ratio We have the second lowest member-tohole ratio (2600 members to 36 holes). Only Sentosa Golf Club has a lower ratio. Translated into real terms, it means there are more available golf slots for our members particularly at weekends. Many members hold this dear in their hearts and will make some financial sacrifice to enshrine this. Lease Period Our lease will not expire till November 2028. Only Laguna (which renewed its lease to 2040) and Jurong (2035) have longer leases. Most of the other golf clubs have 10 years or less of lease left. A golf course lease is for 30 years or less. We have to decide what we want the Club to be for the next 15 years. It is possible that the future golf course lease extensions will be for less than 30 years. In fastchanging Singapore, a “long time” means 10 years. Best golf course ambience Our members, guests and visitors alike wax lyrical about the ambience of our golf courses, particularly the Lake course. But while the scenery is great, the main purpose is to enjoy golf. And in this regard, the course condition of Palm, a course which should be the Club’s main attraction, is currently a let-down. Reputation as a Golf Club When RCC opened in 1988, it had two of the most exciting (and newest) golf courses in Singapore. Palm was respected and even feared by some tournament professionals. Several Championship tournaments were played there and our course record of 66 is higher than either Sentosa’s Serapong or Tanah Merah Country Club’s Garden course. It is still a challenging golf course, but its current condition is woeful in the eyes of most knowledgeable golfers. Let us not lose this reputation by default, apathy and inaction.

F&B Hospitality Many guests and visitors commend the Club for its food, pricing and hospitality service. While far from being perfect, they say that it is better than other clubs in Singapore, including even their own Clubs. Friendliness of Members Very friendly is an apt description of our members. So much so that dignitaries such as Emeritus Senior Minister Goh Chok Tong and Professor S. Jayakumar play here regularly because they enjoy the friendliness of our members and staff.

Where do we go from here? Even as we celebrate the Club’s 25th Anniversary, we should ask ourselves what we want for the Club in the next 15 years. How do we position ourselves to meet our desired objectives for the Club? We need to ask ourselves whether we want the Club to go on “cruise control”. Should we be hesitant about making decisions? The courses still have their charms and are, after all, playable despite being somewhat battered, soggy and overrun in places. Or do we want Raffles to be a top-tier Golf Club, up there with the best golf courses in Singapore; healthy finances to support non-golf activities, including the refurbishment of the social wing; loads of activities, including club-organised overseas golf trips; and a plethora of overseas reciprocal clubs to choose from. One choice requires nothing more than passivity. The other requires a commitment to act. Having said the above, I am glad that many of you attended our Extraordinary General Meeting in August on the Palm Course Redevelopment. Although a decision was taken not to proceed with the plans as outlined, there were positive suggestions and useful ideas put forward which I believe we can, and should, build on. I will be holding monthly dialogues with members to ascertain what your concerns and wishes are and where we want the Club to go. This is a Member’s Club and you, as members, will have the final say. Let us work on this together.

Simon Yuen President

RAFFLES COUNTRY CLUB

Golfing Sub-committee Report

Attendance at Meetings

Standing from left Mr Steve Tai Mr Mark Higgs Ms Mary Yang Mr Albert Tan Seated from left Mr Loh Kum Chuen Vice-Captain Mr David Soh Captain Mr Patrick Low Not in picture Mr John Yam Ms ST Yeo Lady Captain Mr Kevin Scully Mr Roger Tay

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Over the past year, the Golfing Sub-Committee has been working tirelessly with the Club’s Golfing staff to explore new avenues to improve the Club’s golf operations and services to meet and exceed our members’ expectations.

I am glad that everyone is united and bound by this passion, and contributing positively towards the betterment of the Club. Through our collective and constructive efforts, there has been vast improvements in the level of service provided by the Golfing staff and the Golf Course Maintenance team. Golf Course Maintenance Steve Burton joined the Club as Course Superintendent in May 2013. Under his leadership, many areas have been enhanced, particularly the greens’ playability and the consistency of both courses. We have also received positive feedback from members as well as guests. Together, we are committed to work towards realizing our vision of becoming one of the best golf courses in the region. On that note, we seek members’ co-operation and feedback to help us advance further. Since we spend a lot of time on the golf course, it would make each game more pleasant if members can proactively repair divots and ball marks. This would be beneficial for everyone and especially for yourself since it is upsetting to see a good shot landing onto an unfilled divot. The task only takes a few seconds, but makes a big difference to your enjoyment of the game. A big Thank You to some of you who have been conscientiously repairing divots and balls marks. Reciprocal Clubs and Friendly Matches For members who enjoy traveling to play at different courses, we have good news for you. In 2012/13 we have forged reciprocal partnerships with the Avondale Golf Club in Sydney, Shanghai Sun Island International in Shanghai; Ashinoko Country Club in Japan and last but not least, Kelab Golf Sultan Abdul Aziz Shah in Kuala Lumpur.

ANNUAL REPORT 2012-2013

We have since enjoyed the friendship and goodwill with our reciprocal club’s members. In March and April 2013, we hosted the Glenmarie GCC and KLGCC Inter-Club matches respectively. Members from the two clubs were very happy and impressed with the welcome reception on arrival and the hospitality provided by the Club’s Officials. During the prize presentation, the Captains of both clubs complimented the Club for its hospitality and pledged to reciprocate when we visit them in the subsequent years. I thank our members for attending and supporting these inter-club events. Besides hosting the home game, we organized an away game for our players at the Gunung Geulis Country Club as well as the Tropicana Golf & Country Resort. The trip to Gunung Geulis Country Club located in Bogor, Indonesia offered our members the opportunity to play at a mountainous course. Many had fond memories of the service rendered by the very friendly and helpful caddies of the club. The intermittent rain on the typical mountain course of Gunung Geulis was also a much talked about topic, as the participants recalled their experience of being soaked unprepared. In addition to the inter-club games, our members also had the opportunity to golf at the Rainbow Hills Country Club. The Indonesian and Sudanese food, the traffic jams and also the rainy condition of the mountain course have now became talking points and recollections for members who went on this trip. The Tropicana Golf & Country Resort InterClub trip led by our Vice-Captain, K C Loh, was just as exciting. Besides playing at the Tropicana Golf & Country Resort, members also golf at the newly signed reciprocal club, Kelab Golf Sultan Abdul Aziz Shah (KGSAAS). Due to the fond memories from the four-day trip, many members have requested for the Club to organize more overseas trips.

Raffles Charity Day 2013 At this year Annual Raffles Charity Day, more than $225,000 was raised for eight charitable organizations and 150 Scholarships and Bursaries will go to benefit primary and secondary school students in the Jurong and Pioneer precincts. This event has always been an integral part of the Club’s community outreach, to do our part as a good corporate citizen and give back to the less privileged in society. We appreciate our sponsors, supporters and friends for their contributions which have made the Raffles Charity Day 2013, a meaningful and successful event again. Singapore National Senior Amateur Championship 2013 On 21st to 23rd May 2013, the Club was honored to host the Singapore National Senior Amateur Championship on the Palm Course. Our Lady Captain, ST Yeo, has recently revived the Club’s junior training programme after a near one-year hiatus; due to insufficient enrollment. There are plans to open the enrollment to include students from the neighborhood schools to boost the programme’s intake. USGA Handicapping System Over the last year, members have shown vast improvement in the submission of their scorecards. The Touchscreen Handicapping system that was made available at various locations of the Club seems effective in encouraging members to submit their scorecards electronically as soon as they finished their golfing rounds. The Handicap Sub-Committee also meet monthly to monitor, administer and ensure that the non-complying members abide by the handicapping rule. With constant reminders via letters and eblast to members, we have managed to improve the submission of scorecards from 82% to 89% within a year. The Handicap SubCommittee is also working on introducing a web based scorecards submission system and once implemented, members can submit their scores at the convenience of their own home.

SGA Inter-Club League 2013 During the last SGA Inter-Club League 2013, I applauded the SGA Inter-Club League representatives from the Club for their unwavering attitude, tenacity and team spirit. Faced with the ever challenging condition of the field among twelve other clubs, especially the Premier Division, our team members remain unfazed despite the challenging game ahead. The various exchange of emails amongst the players to encourage each other and the sharing of tips and strategies of playing each course showed their eagerness and dedication to bring glory to the Club. This is a display of the alliance and strong bonding amongst our members. I share the members’ sentiments that the camaraderie and sense of togetherness developed through this game far outweighs the outcome of the game. I thank our Vice Captain and Lady Captain for leading the charge and for the team’s relentless effort to compete with a true sportsmanship spirit. A big Thank You to the management and staff of Raffles Country Club who have been constantly under pressure to serve the needs of our members. I would also like to thank the Golfing Sub Committee members for contributing their valuable time and effort. It is through their tireless pursuit to introduce new changes that resulted in many positive enhancements. In addition, I thank members for your constructive feedbacks, co-operation and support over the past year.

David Soh Captain

RAFFLES COUNTRY CLUB

Palm course Redevelopment sub-committee Report

Attendance at Meetings

From left Mr David Soh Mr Simon Yuen Vice-Chairman Mr Wong Toon Suan Chairman Not in picture Mr Joseph Loh

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As the Club enters its twenty fifth year since its inauguration in 1988, The Palm Course Redevelopment Sub-Committee was tasked to look into the various options to revitalize and redevelop the Palm Course, and to return it to its former glory.

The Sub-Committee comprises experienced engineers, contractors and key office bearers of the General Committee. We had industriously reviewed all the possible options such as ongoing ad hoc repairs; patch up and renovation without redesign and/or complete redevelopment. The Sub-Committee reached a unanimous decision that major works need to be carried out on the Palm Course for the following reason; 1. Loss of income arising out of high maintenance cost of the Palm. 2. Irrigation and drainage are falling apart and must be replaced immediately. 3. Poor quality of turf condition. 4. Turf mutation on the greens and fairway. 5. Poor health of the 19 ponds. My Sub-Committee has worked passionately to get this redevelopment underway and in December 2012, invited a large number of reputable regional and international golf course designers to submit their conceptual plans. To maximize the usage of our property, we also included the open areas of the current nursery and area beside hole 14 and the Mindef fencing area as part of the possible layout. In all, there was a total of 15 proposals from 10 different companies. After many rounds of evaluation, debate and elimination, the Sub-Committee selected Mr. Beau Welling‘s proposal based on the key elements of his design that incorporated: • Memorability • Playability • Variety • Shot values • Efficient use of existing land • Innovative design • Comprehensive practice range for the enjoyment of all • A desire to work with the Club to materialize our vision of an outstanding Palm course

ANNUAL REPORT 2012-2013

The Sub-Committee also took the opportunity to re-site the old Driving Range which is located at least 2 km away from the Clubhouse. With the new design, the Club will have in place, a great new practice range designed by Beau that is located near the Clubhouse (at the site of the present 1 & 9 holes) and it will be double ended. One of the Clubhouse end will be used primarily as a warm up area and the opposite end will allow golfers to drive and practice their short game. More importantly, it will serve as an additional networking spot where members can mingle and network conveniently. Earlier this year, we welcomed Beau Welling to the Club for a presentation to our members at the dialogue session entitled “ An Evening with Beau Welling”. The 73 members who attended the presentation were given the opportunity to critique the design and query his design philosophy. The feedback from members was encouraging and enabled Beau to ‘tweak’ certain aspects of his original design. Some members felt that the original design was too short for the white and red tee players. Beau’s revised design also included two additional tees that cater for novice and junior golfers. Palm will now have six tee boxes per hole for different levels of play. The Club appointed a Quantity Surveyor through a competitive tender in May 2013. At the preliminary screening, the Palm Course Redevelopment SubCommittee identified three companies (with critical relevant experience) out of seven tenders received,. Following the rigorous examination of each bid by the Sub-Committee and Management, WT Partnership was eventually chosen as the preferred Quantity Surveyor based on the following criterias; 1. Past experience of renovation and remodeling of golf courses. 2. WT Partnership Personnel and Management structure of the project. 3. A concise and clear articulation at the presentation

The decision to appoint WT Partnership will allow the Committee to gauge a good estimate of the project timeline, with the likelihood of the project schedule to commence in November 2013. The Committee will work closely with the appointed professionals to deliberate the options of closing the entire Palm course for the 18 hole redevelopment or close one 9-hole at a time. In both options, the committee estimates a construction time frame of 20 – 24 months before the Palm can reopen for play. Under the proposed campaign theme; “Raffles Reborn”, the Palm Course Redevelopment Sub-Committee (PCRSC) has been working closely with the Corporate Relations, Marketing and Membership Sub-Committee (CRMMSC) as well as the Fundraising Sub-Committee (FSC) to plan the corporate branding and marketing needs and funding strategies for the Palm Course Redevelopment project. Over the past 15 months, the General Committee and PCRSC together with the relevant Sub-Committees; CRMMSC and FSC had worked industriously to explore funding options so that the development amount levied on members will be kept to a minimum sum. These options include the use of some of the Club’s reserves, sale of new membership (capped at 8% of current membership) and a partnership with a regional bank to offer easy financing for the aspiring, affluent and younger golfers. At present, the Club has 2,595 members and an average course utilization of 60%. On that note, members can be assured that you will still enjoy easy access to both courses and book golfing rounds online for weekend play. Last but not least, I would like to thank members of the Palm Course Redevelopment Sub-Committee (PCRSC) for their unwavering support and dedication on the journey so far and I look forward, with renewed vigor, to the unfolding of further progress on the Palm in the coming months.

wong toon suan Chairman Palm course Redevelopment sub-committee

“I would like to thank members of the Palm Course Redevelopment Sub-Committee (PCRSC) for their unwavering support and dedication on the journey so far and I look forward, with renewed vigor, to the unfolding of further progress on the Palm in the coming months. ”

RAFFLES COUNTRY CLUB

Food & Beverage Sub-Committee Report

Attendance at Meetings

Standing from left Dr Tan Kok Kheng Mr John Goh Mr Simon Yuen Mr Tony Jiang Seated from left Ms Shirley Tan Chairman Ms Nelly Soh Not in picture Mr James Fu

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“We would like to thank all Club members for your support through the first half of 2013 and we will keep working to make your dining experiences at Raffles Country Club a pleasant and enjoyable one.”

ANNUAL REPORT 2012-2013

“Keeping a positive attitude & maintaining the service standards” These were the directives the Food & Beverage SubCommittee (FBSC) had set for itself right from the start, when the present team first took over. Working hand in hand with the management, the FBSC has seen a marked improvement not just in the variety of dishes served at the Golfers’ Terrace (GT) but also upholding the quality of the food served by conducting consistent checks regularly. Having received positive feedbacks and encouragement from members, we announce, with pride and joy that our Food & Beverage Department is now truly an asset to the Club.

“Having received positive feedbacks and encouragement from members, we announce, with pride and joy that our Food & Beverage Department is truly an asset to the Club.” In the spirit of good food and service, we have over the years, witnessed the growth of our GT from a simple café to what it is today, offering diners a selection of more than 25 daily specials weekly. From Taiwan Porridge Buffet for members who want to enjoy an Oriental Sunday Brunch to evening specials like single portions to set dinners for 4, the Committee continually innovates and re-invents the menu to offer fresh and exciting choices. Several members had ask if we have a signature dish at the Club? The answer is YES! The Laksa See Hum dish was once a hot favourite on the daily specials menu but is now available 7 days a week on the a la carte menu. From a simple choice of vanilla, chocolate and strawberry ice cream, the GT now offers 11 flavours in total. Now you can order your favourite “Chendol” with a single scoop of durian ice cream to make your day in the Club a perfect one.

When the Lakefront Café ceased operation, GT picked up from there and created an extra selection of 12 western dishes. We also introduced the “GT Big Breakfast” with a combination of chicken or beef patties, sunny side up eggs, hash browns, toast and baked beans; a delectable breakfast set that is constantly getting a big thumbs up from members and guests alike. To date, Albatross remains a favourite among members for karaoke sessions, birthday parties, corporate luncheons and even wedding anniversary receptions. From this year onwards, members can also have their Hole-InOne Celebrations at the Albatross. The Shanshui Palace Restaurant, a top choice venue for members, guests, private tournaments, year-end parties and numerous weddings have undergone a 3-month renovation period. On 6th May 2013, Shanshui re-opened its doors and unveiled the new and modern ambience, with the addition of private rooms for members to enjoy their favourite Teochew cuisine. Going forward, FBSC has been exploring the possibilities of improving the Lakefront Café with simple Italian cuisine, Japanese Sushi, healthy golf themed Western delights or Thai and Indian fusion food. We look forward to our member’s patronage in helping us to create and sustain yet another great dining experience. We would like to thank all Club members for your support through the first half of 2013 and we will keep working to make your dining experiences at Raffles Country Club a pleasant and enjoyable one.

shirley tan Chairman food & beverage sub-committee

RAFFLES COUNTRY CLUB

Lifestyle Sub-Committee Report All That Glitters Turns to Gold was the adage adopted by both the Lifestyle and Golfing departments, with the aim to bring members and their families together at the Club. Attendance at Meetings

From left Mr Peter Tan Chairman Ms Denise Seow Ms Cheong Yoke Keng Ms Elvina Wong Mr Yong Kah Teck

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Besides golfing, there was also a Christmas Bazaar at the Club’s atrium to enhance the festive ambience. A young group of pitch perfect singers carolled their way to our hearts and the Santa Claus surprise visit delighted children of all ages! A well attended Christmas dinner that evening in the Stamford Suite showed that our members appreciated family bonding as much as golf! The Lifestyle Sub-Committee also wanted to reach out to the future generation of Club members and hence the idea of celebrating Easter at Universal Studios was perfect for the young and the ‘forever young’ at heart. At this outing, we became proud ambassadors of the Club with participants holding a huge banner that reads “Going Places with Lifestyle 2013!” during the group photo shoot. The Quarterly Fishing and Mid Autumn Festival celebrations are some of the well received family-oriented activities of the Club. Zumba! - A well attended Latin based fun-filled dance class that made us realized we do have ladies in our club who are not only good golfers but also

“Zumbaliciously Great Dancers!” Upon completing three months of Zumba, the group of vivacious ladies rope in more fellow members to join the upcoming new class. Our female members certainly love to keep fit on and off the golf course! We also recently organized the first ever Karaoke Contest to be held in October to offer closet “Sinatras” and “Doris Days” a platform to sing their hearts out and to showcase their musical talents. Early this year, we started a travel series for members who love golfing vacations. The trip to Danang, Vietnam was well received and members have buzzed us with excitement of where to go next. Besides recent trips to Kuala Lumpur and Ipoh, we are pleased to share that the Year End Siem Reap Trip is next on the list. There will be more trips planned for you throughout the year and travel details will be published via the Club’s e-blast, notice boards and our newsletter “Raffles Connection”. At the “Parti Peranakan Stylo Mylo 2013”, many ladies who attended look gorgeous in their kebaya and the men looked very “baba” in their smart batik shirts. Besides the mesmerising Peranakan Voices, members enjoyed the delicious Peranakan dinner from Blue Ginger and celebrated Singapore’s 48th birthday in a special and memorable way. Come Year End, members can look forward to “Swing into A Colourful 2014!” New Year’s Eve Party in the company of family, loved ones and friends enveloped in the warmth and hospitality of the Club! Be there; be a part of this family party as emcee Bernard Lau and Main Wayang accompanies us into the brand new year. Share your views with us as we work hand in hand with the management team to bring you more golf activities and fun filled family events. Your participation is the key that motivates us to organize more activities for you. Thank you.

PETER TAN Chairman LIFESTYLE SUB-COMMITTEE

ANNUAL REPORT 2012-2013

estate & facilities sub-committee report

Attendance at Meetings

From left Mr Lau See Kiat Mr Hoong Bee Lok Chairman Mr Ho Seow Hui Mr Wong Toon Suan

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The Estates and Facilities SubCommittee (EFSC) reports to the General Committee (GC) on the development and management of the Club’s assets and maintains a regular liaison with the Club’s management staff to ensure that the Club’s estates and facilities are administered and maintained properly.

In the past year, there was no major upgrading works to the Clubhouse facilities except the refurbishment of the Shanshui Palace Restaurant. With the restaurant looking dated, it was decided that an image enhancement of the ShanShui Palace, together with the Raffles Lounge and Par 3, was necessary. Two private dining rooms were also added to cater to patrons who prefer a more exclusive dining ambience. The refurbishment cost was kept at a low of $246,620 as sustained efforts were made in minimising expenditure. Nonetheless, the rental charge of the restaurant was increased by 70% as a result of the upgraded dining and lounge facilities. The current and impending challenges of the EFSC are to replace the old distribution boards; equipments and achieving lower electricity consumption through sustained and concerted energy conservation efforts. Whilst replacing the old distribution boards, it is also timely to review the metering electricity at various buildings and the installation of seven day timers in various circuits to reduce electricity consumption. Besides the above improvement works, additional projects in the pipeline includes the installation of new projectors and the improvement of the sound system for the Banquet halls. This will reduce the labour intensive job of setting up the banquet halls for various functions; thereby improving productivity and efficiency. The other capital projects being considered are the installation of Heat Pump systems (the use of air conditioning system to make hot water) at the club house, to save energy on the hot water system and the renewing of air conditioning systems in the building. In the coming year, the EFSC would continue to carry out capital intensive projects in phases so as to optimize the funding available and to focus on energy conservation measures.

Hoong Bee Lok Chairman estate & facilities sub-committee

RAFFLES COUNTRY CLUB

DISCIPLINARY COMMITTEE REPORT In last year’s annual report, I have urged fellow Club members to treat the course with respect and to adhere to the rules while enjoying your game. Over the past year, the Disciplinary Committee had to deal with a total of seven disciplinary cases, of which six were complaints of dangerous play and one on the breach of golf etiquette. It appears that the number of complaints seemed to be trending upwards. Whilst this report is written, there is one case pending for the disciplinary hearing to be held. In light of this, we would like to stress to members that it is of paramount importance to exercise caution

whilst on the golf course, as any ‘misjudgement’ may endanger the lives of other golfers. We all have a common objective, which is, to enjoy a round of golf with our friends and family members. Let’s all do our part to keep the atmosphere at the Club friendly, as it is and will always be.

Seng Kwang Boon Chairman Disciplinary Committee

“Let’s all do our part to keep the atmosphere at the Club friendly, as it is and will always be.” Attendance at Meetings

Seated from left Mr Kay Kong Swan Mr Seng Kwang Boon Chairman Ms Rose Tan Not in picture Mr Ven Sreenivasan Mr Steve Tai

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ANNUAL REPORT 2012-2013

corporate relations, marketing & membership sub-committee Report The (CRMMS) was formed in the first quarter of 2013 to review and strengthen the Club’s branding and marketing through integrated marketing and communications strategies in support of the Club’s growth. Attendance at Meetings

Seated from left Mr David Soh Co-Chairman Mr Simon Yuen Chairman Mr Alex Eow Ms Cheong Yoke Keng Not in picture Mr Paul Jacob

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As the name suggests, CRMMS spearheads key initiatives such as developing a strong brand for the Club, sustaining membership intake, generating private tournaments income as well as print and digital publicity. One of its main objectives was to plan and execute the marketing blueprint for the prospective Palm Course Redevelopment Project. From funding the project via a new membership drive, attaining new market segment; proposing referral incentives for members to tactical communications and promotion for members; the CRMMS has been industrious in exploring various marketing options to raise funds for the project and working concurrently with the Club’s management to elevate RCC brand equity through soliciting positive publicity and media coverage. In the recent months, the Club was featured in various newspapers and magazines like Golf Digest and Golf Asia, owing to the management’s efforts in engaging the media to highlight our activities and developments. In addition, the CRMMS has also been working closely with the management staff to beef up the various communications

platform such as the content enhancement of the Raffles Connection (our in-house bimonthly newsletter) and the Club’s corporate website. Since quite recently, members might have noticed that the Raffles Connection has been revamped with an easy-to-read font type and presentation. In the recent issues, it has become more informative with articles on lifestyle, new products as well as travel and overseas escapades. It also features articles and photos of the activities organized by both the Golfing and Lifestyle Sub-Committees. The Club has continued to produce the Raffles Weekly, a weekly reader friendly email blast that provides a succinct roundup of the latest golfing activities, food & beverage promotions and updates on lifestyle events organized by the club. In an effort to make booking a breeze for our members, the Club is also looking to invest in a major upgrading project for its IT system. With the availability of online booking, our members can look forward to a quicker and more convenient registration for golfing rounds. Through new reciprocal agreements like Avondale Golf Club and Shanghai Sun Island International, members can now enjoy fellowship, networking and collaborative opportunities with the members and individuals of our reciprocal clubs. The CRMMS, together with the Club’s management is also tenaciously pursuing the development of corporate partnerships; in a bid to reach out to younger members; and generating new leads from collaboration with well established organizations whose brand and image is aligned with RCC’s brand positioning objectives. It has been an eventful year and I would like to thank my Sub-Committee members Captain David Soh, Alex Eow, Paul Jacob and Cheong Yoke Keng for their valuable contributions and RCC management and staff for their commitment, hard work and support. SIMON YUEN PRESIDENT

RAFFLES COUNTRY CLUB

Establishment & Finance Sub-Committee Report

Attendance at Meetings

From left Mr Gan Chir Seng Mr Tan Poh Kee Mr Cheong Poh Yan Mr Kevin Scully Mr Bernard Lim Chairman Not in picture Mr Simon Yuen Vice-Chairman

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The Club ended the year 2012/2013 with a net surplus of $0.36 million as compared to a net surplus of $0.03 million in the previous year, an improvement of $0.33 million.

The change was largely attributed to an increase in transfer fee collection of $0.45 million and minimum spending levy amounting to $0.17 million. With revenue stalling and cost rising due mainly to inflation, the General Committee had to find some means of mitigating the expected shortfall and the imposition of minimum spending level was deemed to be the most palatable. Operating Revenue The operating revenue for the year ended 30 June 2013 was lowered to $10.22 million compared to the prior year amount of $10.86 million. Golfing income amounted to $5.04 million and made up about 49.0% of the total operating revenue. This was 10.8% lower than last year’s income of $5.65 million, mainly due to the decrease in the number of private tournaments held at the Club and a reduction in the number of non-member golfers during the year. The reduction in golfing rounds was more prevalent at the Palm course. The utilisation of Palm course during week days was 34% compared to 56% at the Lake Course. Despite the reduction of tournaments, F&B income improved by 11.1%, from $0.55 million to $0.61 million. Business at the Golfers’ Terrace had also improved when it was open to non-member patrons at lunch on weekdays. The increase in F&B income offers some encouragement to the Club to further explore means to increase this stream of revenue. However, the Jackpot machines’ income remains dismal. Operating Expenses Operating expenses decreased by 3.1%, from $8.88 million to $8.66 million. Staff costs of $5.09 million accounted for 58.8% of the Club’s operating expenses. This was 1.3% lower than

ANNUAL REPORT 2012-2013

Financial Highlights (In $’000): Year ended Revenue Net Operating Income / (Deficit) Add: Non-Operating Income Transfer & Entrance Fee Income Net surplus before tax Taxation Net surplus after tax

30th June, 2013 $10,221 $(2,421) 345 2,391 467 (109) $358

30th June, 2012 $10,864 $(2,057) 217 1,937 139 (111) $27

last year’s amount of $5.16 million, due mainly to the unfilled vacancies in the establishment.

taken to improve the Club’s facilities and services, the value of RCC Membership will appreciate.

However, the expenditure on golf course upkeep and the maintenance of turf equipment and buggies was reduced to $1.43 million, compared with the previous year’s $1.55 million. The 7.7% decrease was mainly due to the reduction in the use of chemicals and fertilisers and the savings achieved from more productive use of contract workers.

Cash Reserves During the year, we generated a net operating cash inflow of $2.67 million. As of 30 June 2013, our total cash stands at $18.74 million.

The Clubhouse maintenance rose by 6.6% from $750,502 to $800,068, due mainly to higher term contractual rates for services such as cleaning. Electricity expenditure declined by 4.8% from $575,324 to $547,907, due to the reduction in electrical tariff rates. We will continue to be vigilant in monitoring and exploring ways to save energy cost; such as implementing more efficient means as well as cutting down wastages without compromising the safety and comfort of our staff, members and visitors. Non-Operating Revenue and Expenditure The Club had collected $2.39 million from membership transfer fee income, an increase of $445,000 from previous year. The current transfer fee for individual membership is $20,000. This is a substantial sum relative to the current market transfer price. There is no current plan to revise the transfer fee as we envision that when approval is given to redevelop the Palm Course in addition to other means being

Collective Agreement As the Collective Agreement expired last year, the Management and SubCommittee worked hand in hand to review its employees’ benefits and salary ranges vis-à-vis the Union’s proposals and the industry’s practice. The SubCommittee appreciates the Union’s, employees’ and Management’s efforts in arriving at the final agreement. Finally, I would like to extend my sincere appreciation to my Vice Chair, Mr Simon Yuen and fellow Committee members, Mr Cheong Poh Yan, Mr Gan Chir Seng, Mr Kevin Scully and Mr Tan Poh Kee for contributing their time and expertise, and to the management and staff for their efforts and hard work. Last but not least, a special word of thanks to Ms. Woo Lee Choo for her 25 years of dedicated service to the Club’s Finance and Administration Department. Ms. Woo’s has decided to take on new challenges in another organisation and her last day of employment at the Club was 10th August, 2103.

BERNARD LIM TREASURER

“We will continue to be vigilant in monitoring and exploring ways to save energy cost; such as implementing more efficient means as well as cutting down wastages without compromising the safety and comfort of our staff, members and visitors.”

RAFFLES COUNTRY CLUB

AUDIT COMMITTEE REPORT

Attendance at Meetings

From left Mr Charles Lim Mr Ho Chye Hoi Chairman Mr Tan Hong Bak Mr Hey Bong Koi

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This Audit Committee (AC) was constituted after the September 2012 AGM. It comprises Charles Lim Aeng Cheng, Tan Hong Bak, Hey Bong Koi and I as members. This is a mixture of old and new committee members.

This combination provides for continuity as well as access to new expertise brought in by new committee member Bong Koi. These brought to bear a good spectrum of experience and insights from different professions and contributed to the depth of deliberation. AC operates pursuant to a set of terms of reference, which was first established in January 2007 and was reviewed in subsequent year. The terms of reference were reviewed again at the beginning of this new term. The main objectives of the AC, which were to monitor the integrity of the financial statements, ensure the establishment and maintenance of a sound system of internal controls, recommend improvements to the Club’s operations and monitor adherence to the Club’s Standard Operating Procedures, remain unchanged. This year’s review helped to more clearly defined the AC’s roles and responsibilities. The AC reports to the General Committee (GC), assisting GC in its corporate governance oversight and internal controls, compliance with statutory requirements of the financial and other related requirements, liaison with internal and external auditors, review of external audit findings and annual financial statements and as well as implementation of the whistle blowing policy. The management is primary responsible for the preparation, presentation, the integrity of the financial statements in accordance

ANNUAL REPORT 2012-2013

with the adopted accounting and the financial reporting principles. During the year, AC recommended to GC measures to further strengthen the corporate governance of the Club. The major recommendations included the setting up of ad hoc tender evaluation committee to evaluate tender submissions for high value projects and staff ethical policy for compulsory declaration of interest with contractors and suppliers. The AC is responsible for the supervision and oversight of the internal audit function, which currently is staffed by one internal audit (IA) manager. To avoid conflict of interest IA works independently and does not get involved directly with the operational management. At the beginning of the term the committee approved a two-year work plan structured to cover a cycle of review focused on key risks areas. These include areas such as major expenditures and revenue streams, risk management, tender and quotation procurement and cash management processes. The AC deliberated on the audit reports submitted by the IA, discussed the risks involved in the issues raised and examined management action plans, before submitting its recommendations and comments to GC at the monthly GC meeting. The AC also put in place a follow-up procedure to monitor the progress of identified shortcomings and rectification actions. During the year, AC also received reports from the external auditors from Paul Wan & Co on the conduct of their audit, their review of the accounts, accounting policies and comments on risk management and control matters. AC

met up with the external auditors twice during the year: in May after their interim audit and August after their final audit. The auditors did not raise any significant issues of concern with the AC nor reported any major control breakdown or non-compliance with financial reporting requirements. The AC also invited key management personnel and other GC members to its meetings to promote better liaison and understanding. Member of GC, Kevin Scully who is also member of Finance committee had an interactive session with the AC. New key staff members, General Manager Adam Roberson, Course Superintendent Steve Bruton and Finance Manager Richard Lee also attended dialogue sessions. These allowed AC to better understand their respective functional issues and how they are managing control weaknesses identified. Conversely these interactions allow the staff to better understand ACâ&#x20AC;&#x2122;s concerns. AC would like to thank GC for its support given to the work of the committee during the year, and to management for their assistance and co-operation rendered to the committee and IA. I am very thankful for the generous sharing of the precious time and energy and the invaluable insights contributed by Charles, Hong Bak and Bong Koi to the committee.

HO CHYE HOI CHAIRMAN AUDIT COMMITTEE

â&#x20AC;&#x153;AC would like to thank GC for its support given to the work of the committee during the year, and to management for their assistance and co-operation rendered to the committee and IA.â&#x20AC;?

RAFFLES COUNTRY CLUB

FINANCIAL STATEMENTS Financial Year Ended 30 June 2013

INDEX Statement by The President and Treasurer

Independent Auditorâ&#x20AC;&#x2122;s Report

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Accumulated and Other Funds Income

Statement of Cash Flows

Notes to the Financial Statements

RAFFLES COUNTRY CLUB

(Registered in the Republic of Singapore) Registration Number (UEN): T01SS0075F

ANNUAL REPORT 2012-2013

STATEMENT BY THE PRESIDENT AND TREASURER We, Simon Yuen and Bernard Lim Kay Yi, being the President and Treasurer respectively, of the Raffles Country Club, do hereby state that in our opinion, the financial statements set out on page 24 to 42 are drawn up so as to give a true and fair view of the state of affairs of the Club as at 30 June 2013 and of its results, changes in funds and cash flows of the Club for the financial year ended on that date.

On behalf of the General Committee

Simon Yuen President

Bernard Lim Kay Yi Treasurer SINGAPORE 15 August 2013

RAFFLES COUNTRY CLUB

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RAFFLES COUNTRY CLUB (Registered in the Republic of Singapore)

Report on the Financial Statements We have audited the accompanying financial statements of Raffles Country Club set out on page 24 to 42, which comprise the statement of financial position as at 30 June 2013, statement of comprehensive income, statement of changes in accumulated fund and other funds, and statement of cash flows for the financial year ended 30 June 2013, 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 the 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 sheets 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 judgment, 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 the 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 General Committee, as well as evaluating the overall presentation of the financial statements.

ANNUAL REPORT 2012-2013

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RAFFLES COUNTRY CLUB (Cont’d) (Registered in the Republic of Singapore)

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are properly drawn up in accordance with the provisions of the Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Club as at 30 June 2013 and the results, changes in accumulated fund and other funds, and cash flows of the Club for the financial year ended on that date. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by regulations enacted under the Societies Act to be kept by the Club have been properly kept in accordance with those regulations. During the course of audit, nothing has come to our attention to indicate: (i)

that any profit from the private lotteries were accrued to any individuals; and

(ii) that any commission either in money or money’s-worth including by way of free tickets or chances was paid in respect of the sales of tickets or chances.

PAUL WAN & CO Public Accountants and Chartered Accountants, Singapore SINGAPORE 15 August 2013

RAFFLES COUNTRY CLUB

STATEMENT OF COMPREHENSIVE INCOME For the Financial Year Ended 30 June 2013

2013 S$

2012 S$

4,135,776 3,223,995 1,815,087 708,865 63,281 65,864 4,916 202,867

4,134,305 3,734,498 1,912,619 652,610 78,233 72,395 6,273 273,008

10,220,651 (8,658,561)

10,863,941 (8,798,097)

1,562,090

2,065,844

(3,019,874) (962,900)

(3,057,237) (1,066,000)

(2,420,684)

(2,057,393)

2,391,625 166,150 96,472 54,338 178,969

1,936,750 171,022 40,636 47,735

466,870 (108,945)

138,750 (111,499)

NET SURPLUS AFTER TAX

357,925

27,251

OTHER COMPREHENSIVE INCOME, NET OF TAX Fair value gain/(loss) on available for sale financial assets

117,600

(20,800)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

475,525

6,451

Note

OPERATING REVENUE Membersâ&#x20AC;&#x2122; subscriptions Green fee Buggy fee Rental of restaurants and shop Fruit machines less tax Booking fee Recreation income Miscellaneous income

Less : Operating expenses

OPERATING SURPLUS LESS: OTHER OPERATING EXPENDITURE Depreciation of property, plant and equipment Property tax

NON-OPERATING REVENUE Revenue from membership transfer fee Bank interest income Compensation income Gain on disposal of property, plant and equipment Minimum spending levy NET SURPLUS BEFORE TAX Income tax expense

The accompanying notes form an integral part of these financial statements.

ANNUAL REPORT 2012-2013

STATEMENT OF financial position As at 30 June 2013

Note

2013 S$

2012 S$

Non-current asset Property, plant and equipment

22,570,142

24,568,904

Current assets Available-for-sale financial assets Inventories Membersâ&#x20AC;&#x2122; balances Sundry receivables Cash and cash equivalents

9 10 11 12 13

203,264 893,889 662,906 18,745,065

1,882,400 242,931 958,895 509,353 14,873,129

20,505,124

18,466,708

43,075,266

43,035,612

1,370,901 1,951,027 211,586

1,467,854 2,398,890 102,641

3,533,514

3,969,385

Net assets

39,541,752

39,066,227

Reserves Accumulated fund Asset revaluation reserve Capital reserve Sinking fund Fair value reserve

13,282,652 16,491,104 8,548,220 1,219,776 -

3,776,614 16,491,104 8,548,220 10,367,889 (117,600)

39,541,752

39,066,227

TOTAL ASSETS Current liabilities Membersâ&#x20AC;&#x2122; balances Sundry payables Provision for taxation

The accompanying notes form an integral part of these financial statements.

14 15

16 17 18

RAFFLES COUNTRY CLUB

STATEMENT OF Changes in accumulated and other funds INCOME For the Financial Year Ended 30 June 2013

Accumulated Note fund S$ Balance as at 1 July 2011 Transfer to sinking fund

3,762,989 17

Total comprehensive (loss)/income for the year Balance as at 30 June 2012

Asset revaluation reserve S$

Capital reserve S$

16,491,104

8,548,220

(13,626)

27,251

3,776,614

16,491,104

8,548,220

Sinking fund S$

Fair value reserve S$

10,354,263

(96,800)

13,626

10,367,889

Total S$ 39,059,776

(20,800)

6,451

(117,600)

39,066,227

Transfer to sinking fund

(178,963)

178,963

Utilisation of sinking fund

9,327,076

(9,327,076)

357,925

Total comprehensive income for the year Balance as at 30 June 2013

13,282,652

16,491,104

8,548,220

The accompanying notes form an integral part of these financial statements.

1,219,776

117,600 -

475,525 39,541,752

ANNUAL REPORT 2012-2013

STATEMENT OF Cash flows For the Financial Year Ended 30 June 2013

Note

2013 S$

2012 S$

CASH FLOWS FROM OPERATING ACTIVITIES Net surplus before tax

466,870

138,750

3,019,874 (166,150) (54,338)

3,057,237 (171,022) (40,636)

3,266,256

2,984,329

39,667 (88,547) (544,816)

(128,630) (66,586) (754,615)

Cash generated from operations Income tax paid

2,672,560 -

2,034,498 (91,438)

Net cash generated from operating activities

2,672,560

1,943,060

CASH FLOWS FROM INVESTING ACTIVITIES Interest received Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment Redemption of available-for-sale financial asset

166,150 62,220 (1,028,994) 2,000,000

171,022 44,477 (1,125,516) -

Net cash generated from/(used in) investing activities

1,199,376

(910,017)

NET INCREASE IN CASH AND CASH EQUIVALENTS

3,871,936

1,033,043

14,873,129

13,840,086

18,745,065

14,873,129

Adjustments for: Depreciation of property, plant and equipment Interest income Gain on disposal of property, plant and equipment

Operating surplus before working capital changes In inventories In receivables In payables

8 9

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR The accompanying notes form an integral part of these financial statements.

RAFFLES COUNTRY CLUB

notes to the financial statements For the Financial Year Ended 30 June 2013

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. GENERAL The Club is registered in the Republic of Singapore under the Societies Act. The address of the Club’s registered office is at 450 Jalan Ahmad Ibrahim, Singapore 639932. The Club is established principally to provide facilities for golf and other social activities for its members.

SIGNIFICANT ACCOUNTING POLICIES (a)

Basis of Preparation The financial statements expressed in Singapore dollars have been prepared in accordance with the historical cost convention, except as disclosed in accounting policies below and have been prepared in accordance with the Singapore Financial Reporting Standards (“FRS”). On 1 July 2012, the Club has adopted all the new and revised FRS and Interpretations of FRS (“INT FRS”) that are mandatory for application from that date and applicable to the Club. The adoption of the above FRS and INT FRS has no material effect on the financial statements. The Club has not applied the new/revised FRS or interpretations that have been issued as of the end of the reporting period but are not yet effective.

(b)

Financial Instruments Financial assets and financial liabilities are recognised on the Club’s statement of financial position when the Club becomes a party to the contractual provisions of the instrument.

(i) Effective interest method The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period. Income and expense is recognised on an effective interest basis for debt instruments other than those financial instruments “at fair value through profit or loss”. (ii)

Members’ balances and other receivables Members’ balances and other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.

(iii)

Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

(iv)

Financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability. The accounting policies adopted for specific financial liabilities are set out below.

ANNUAL REPORT 2012-2013

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

SIGNIFICANT ACCOUNTING POLICIES (cont’d) (b)

Financial Instruments (cont’d) (v)

Sundry payables Sundry payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest method.

(vi)

Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment or they mature within 12 months after the end of the reporting period. Available-for-sale financial assets are initially recognised at fair value plus transaction costs. They are subsequently carried at fair value. Unrealised gains and losses arising from changes in the fair value of financial assets classified as available-for-sale are recognised in the fair value reserve within reserve. When financial assets classified as available-for-sale are sold or impaired, the accumulated fair value adjustments in the fair value reserve within reserve are included in the other comprehensive income. The fair values of quoted financial assets are based on current bid prices. If the market for a financial asset is not active, the Club establishes fair value by using valuation techniques. These included the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.

(c)

(vii)

Derecognition of financial assets The Club derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Club neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Club recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Club retains substantially all the risks and rewards of ownership of a transferred financial asset, the Club continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

(viii)

Derecognition of financial liabilities The Club derecognises financial liabilities when, and only when, the Club’s obligations are discharged, cancelled or they expire.

Property, Plant and Equipment and Depreciation Property, plant and equipment are stated at cost or at revalued amount less accumulated depreciation and accumulated impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to profit or loss. Certain property, plant and equipment are revalued whenever their carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the assets.

RAFFLES COUNTRY CLUB

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

SIGNIFICANT ACCOUNTING POLICIES (cont’d) (c)

Property, Plant and Equipment and Depreciation (cont’d) Increases in carrying amount arising from revaluation, including currency translation difference, is recognised in the asset revaluation reserve, unless it offset previous decreases in the carrying amount of the same asset, in which case, it is recognised in profit or loss. Decreases in carrying amount that offset previous increases of the same asset is recognised against the asset revaluation reserve. All other decreases in carrying amount is recognised as a loss in the profit or loss. The estimated useful lives of the property, plant and equipment are as follows: Years Buggies - 5 Course equipment - 3 to 8 Computer and office equipment - 3 to 5 Fruit machines - 3 Furniture and fittings - 3 to 8 Motor vehicles - 8 Leasehold land and building - Remaining lease life (30 year lease from 2 November 1998) Leasehold improvements - 8 to 15 No depreciation is provided on renovation work-in-progress until the work is completed. Fully depreciated assets still in use are retained in the financial statements, until they are no longer in use. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimates accounted for on a prospective basis. The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amounts of the assets and is recognised in the profit or loss.

(d)

Impairment Loss (i)

Non-financial assets The carrying amounts of the Club’s assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated in order to determine the extent of the impairment loss (if any). An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit or loss.

ANNUAL REPORT 2012-2013

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

SIGNIFICANT ACCOUNTING POLICIES (cont’d) (d)

Impairment Loss (cont’d) (ii)

Financial assets The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. When the assets become uncollectible, it is written off against the allowance account. Subsequent recoveries previously written off are recognised against the same line item in the statement of comprehensive income. The allowance for impairment loss account is reduced through the profit or loss in a subsequent period when the amount of impairment loss decreases and the related decrease can be objectively measured.

(e)

Inventories Inventories, comprising housekeeping and maintenance consumables and spare parts, are stated at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method.

(f)

Operating Lease – as lessor Leases where the Club retains substantially all risks and rewards incidental to ownership are classified as operating leases. Rental income from operating lease (net of any incentives given to the lessee) is recognised in profit or loss on a straight-line basis over the lease term.

(g)

Employees’ Benefits Defined contribution plans The Club makes contributions to the state pension scheme, the Central Provident Fund (CPF). CPF contributions are recognised as compensation expense in the same period as the employment that gives rise to the contributions. Employee leave entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for leave as a result of services rendered by employees up to the end of the reporting period.

(h)

Income Tax The Club’s revenue from its principal activities is exempt from income tax under Section 11(1) of the Income Tax Act because more than half of its gross revenue is received from members. Current tax is the expected tax payable on the Club’s rental income net of property tax, and interest income for the year, using tax rates enacted or substantially enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Income tax is recognised in the profit or loss except to the extent that it relates to items credited or debited outside profit or loss (either in other comprehensive income or directly in equity), in which case the tax is also recognised outside profit or loss (either in other comprehensive income or directly in equity).

RAFFLES COUNTRY CLUB

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

SIGNIFICANT ACCOUNTING POLICIES (cont’d) (i)

Revenue Recognition All revenue is accounted for on an accrual basis except for entrance fee, transfer fee and conversion fee which are accounted for on a cash basis. 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.

(j)

(i)

Membership entrance fee is recognised upon approval or election of the member by the Executive Committee.

(ii)

Membership subscription, green fees and buggy fees are recognised when services are rendered.

(iii)

Jackpot collections is recognised on cash basis.

(iv)

Interest income is recognised as interest accrues unless collectability is in doubt.

(v)

Rental income is recognised over the period of the lease.

Provisions Provisions are recognised when the Club has a present obligation as a result of a past event, and it is probable that the Club will be required to settle that obligation. Provisions are measured at the General Committee’s best estimate of the expenditure required to settle the obligation at the end of the reporting period, and are discounted to present value where the effect is material.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The presentation of financial statements in conformity with FRS requires the use of certain critical accounting estimates and judgements in applying the accounting policies. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The following are the significant accounting estimates and judgements for preparation of the financial statements: Depreciation of property, plant and equipment The Club management determines the estimated useful lives and residual values for the Club’s property, plant and equipment. Management will revise the depreciation charge where useful lives and residual values are different from previously estimated, or it will write off or write down technically obsolete or non-strategy assets that have been abandoned or sold.

ANNUAL REPORT 2012-2013

notes to the financial statements (Contâ&#x20AC;&#x2122;d) For the Financial Year Ended 30 June 2013

FRUIT MACHINES LESS TAX

Fruit machine collections Less: Lottery duty payable GST paid Jackpot claims

2013 S$

2012 S$

421,321

417,203

(158,367) (15,442) (184,231)

(163,220) (16,981) (158,769)

63,281

78,233

2013 S$

2012 S$

21,421 55,200 36,000 12,000 78,246

14,470 55,200 58,333 48,000 57,360 39,645

202,867

273,008

MISCELLANEOUS INCOME

Wine bars income Base rental income Facilities access fee Turf income Sponsorship income Other income

RAFFLES COUNTRY CLUB

notes to the financial statements (Contâ&#x20AC;&#x2122;d) For the Financial Year Ended 30 June 2013

OPERATING EXPENSES 2013 S$ Audit fee Affiliation fees Club activities expenses Course upkeep Central Provident Fund contributions Electricity Water Insurance and security services Legal and professional fees Maintenance and conservancy of clubhouse Maintenance of computers and office equipment Maintenance of motor vehicles, field equipment and buggies Fruit machine expenses - Club auditorsâ&#x20AC;&#x2122; fee - Other expenses Medical expenses Miscellaneous expenses Postages and telephone Printing and stationery Publicity and entertainment Staff costs Travelling and transport Uniforms

2012 S$

10,000 44,000 149,739 931,930 553,812 547,907 94,897 106,385 21,617 800,068 57,636 502,683

9,000 49,333 143,494 1,149,479 550,625 575,324 78,949 127,226 2,510 750,502 70,622 402,469

7,800 12,972 58,199 50,115 62,053 67,530 100,604 4,330,882 111,422 36,310

7,680 11,707 44,621 61,878 59,378 60,104 79,757 4,405,253 116,355 41,831

8,658,561

8,798,097

ANNUAL REPORT 2012-2013

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

INCOME TAX EXPENSE

Tax expense Current year’s provision (Over)/Under provision in previous year

2013 S$

2012 S$

128,541 (19,596)

102,641 8,858

108,945

111,499

A reconciliation between the current year tax expense and the accounting income and expenses by the applicable tax rate is as follows:

Taxable income Interest income Rental income Compensation income

Less: effective deductible expenses Less: exempted income

Applicable tax rate at 17% (2012: 17%)

2013 S$

2012 S$

166,150 800,064 96,472

171,022 755,810 -

1,062,686

926,832

(154,064) (152,500)

(170,560) (152,500)

756,122

603,772

128,541

102,641

The provision for tax for current year of S$128,541 (2012: S$102,641) is made for rental income net of property tax and interest income. The Club’s revenue from its principal activities is exempt from income tax under Section 11(1) of the Income Tax Act.

(30,850)

Disposals

At 30 June 2013

Net Book Value

188,610

1,593,550

160,550

At 30 June 2013

1,463,850

579,820

2,138,596

(279,050)

273,295

2,144,351

2,718,416

1,782,160

Depreciation

102,135

2,616,281

2,718,416

1,782,160

(279,050)

249,270

(30,850)

2,748,196

1,813,010

Buggies

At 1 July 2012

Accumulated Depreciation

At 30 June 2013

Valuation

Cost

Representing

At 30 June 2013

Disposals

Additions

At 1 July 2012

Cost/Valuation

2013

Course Equipment

PROPERTY, PLANT AND EQUIPMENT

For the Financial Year Ended 30 June 2013

notes to the financial statements (Contâ&#x20AC;&#x2122;d)

138,809

627,670

(4,362)

107,808

524,224

766,479

55,750

710,729

766,479

(5,537)

139,603

632,413

Computer and Office Equipment

117,293

6,293

111,000

117,293

Fruit Machines

394,941

1,141,140

(26,003)

164,024

1,003,119

1,536,081

140,831

1,395,250

1,536,081

(27,855)

106,381

1,457,555

Furniture and Fittings

43,943

526

43,417

43,943

41,310

2,633

43,943

Motor Vehicles

9,044,327

7,112,257

(3,338)

603,845

6,511,750

16,156,584

7,151,773

9,004,811

16,156,584

(8,193)

6,917

16,157,860

Leasehold Land and Building

12,077,330

12,535,607

1,709,826

10,825,781

24,612,937

143,997

24,468,940

24,612,937

421,324

24,191,613

Leasehold Improvements

146,305

105,499

40,806

Renovation Work In-progress

22,570,142

25,310,056

(343,603)

3,019,874

22,633,785

47,880,198

7,642,089

40,238,109

47,880,198

(351,485)

1,028,994

47,202,689

Total

36 RAFFLES COUNTRY CLUB

(133,970)

Disposals

At 30 June 2012

Net Book Value

349,160

1,463,850

274,406

At 30 June 2012

1,323,414

603,845

2,144,351

(102,791)

288,578

1,958,564

2,748,196

1,813,010

Depreciation

102,135

2,646,061

At 1 July 2011

Accumulated Depreciation

At 30 June 2012

Valuation

Cost

Representing

1,813,010

2,748,196

1,813,010

At 30 June 2012

(102,791)

(133,970)

Disposals

280,470

106,350

2,570,517

1,840,630

Buggies

Additions

At 1 July 2011

Cost/Valuation

2012

Course Equipment

108,189

524,224

(2,272)

71,072

455,424

632,413

56,126

576,287

632,413

(2,272)

78,790

555,895

Computer and Office Equipment

PROPERTY, PLANT AND EQUIPMENT (cont’d)

notes to the financial statements (Cont’d)

117,293

6,293

111,000

117,293

Fruit Machines

454,436

1,003,119

(16,348)

157,064

862,403

1,457,555

146,075

1,311,480

1,457,555

(20,189)

128,391

1,349,353

Furniture and Fittings

526

43,417

527

42,890

43,943

41,310

2,633

43,943

Motor Vehicles

9,646,110

6,511,750

603,686

5,908,064

16,157,860

7,151,773

9,006,087

16,157,860

206,087

15,951,773

Leasehold Land and Building

13,365,832

10,825,781

1,661,904

9,163,877

24,191,613

143,997

24,047,616

24,191,613

315,428

23,876,185

Leasehold Improvements

40,806

10,000

30,806

Renovation Work In-progress

24,568,904

22,633,785

(255,381)

3,057,237

19,831,929

47,202,689

7,647,709

39,554,980

47,202,689

(259,222)

1,125,516

46,336,395

Total

ANNUAL REPORT 2012-2013

RAFFLES COUNTRY CLUB

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

AVAILABLE-FOR-SALE FINANCIAL ASSETS Bond-linked Note 2013 S$ At beginning of the year Fair value adjustment (Note 18) Redemption of available-for-sale financial asset At end of year, at fair value

1,882,400 117,600 (2,000,000) -

2012 S$ 1,903,200 (20,800) 1,882,400

The bond-linked note earns interest of NIL (2012: 4.5%) per annum. On 20 March 2013, the bond-linked note has been redeemed with cash amounted to S$2,000,000.

10. INVENTORIES

Housekeeping and maintenance consumables and spare parts, at cost

2013 S$

2012 S$

203,264

242,931

The cost of inventories recognised as an expense and included in “operating expenses” amounts to S$567,040 (2012: S$469,641).

11.

MEMBERS’ BALANCES Members’ balances are non-interest bearing and credit terms are in accordance with the terms agreed with the members.

12.

SUNDRY RECEIVABLES

Sundry receivables Interest receivable Deposits Prepayment

2013 S$

2012 S$

363,112 67,541 147,470 84,783

210,017 45,736 149,715 103,885

662,906

509,353

ANNUAL REPORT 2012-2013

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

13.

CASH AND CASH EQUIVALENTS 2013 S$ Fixed deposits Cash at bank Cash on hand

2012 S$

11,632,462 7,033,797 78,806

8,010,494 6,800,909 61,726

18,745,065

14,873,129

The fixed deposits mature at varying dates within the next 12 months after the end of the reporting period, and earned interest at rates ranging between 0.05% to 1.05% (2012: 0.05% to 1.08%) per annum.

14.

MEMBERS’ BALANCES

Members’ credit balances Members’ deposits Subscriptions billed in advance

15.

2013 S$

2012 S$

206,133 774,000 390,768

304,478 776,400 386,976

1,370,901

1,467,854

SUNDRY PAYABLES 2013 S$ Sundry payables Provision for unutilised leave GST payable Rental and other deposits Accruals

16.

2012 S$

613,991 131,649 122,306 136,236 946,845

572,391 138,042 175,806 82,800 1,429,851

1,951,027

2,398,890

CAPITAL RESERVE The capital reserve is the net cash contribution from Jurong Town Corporation arising from the conversion of a proprietary club to the present members’ club.

RAFFLES COUNTRY CLUB

notes to the financial statements (Contâ&#x20AC;&#x2122;d) For the Financial Year Ended 30 June 2013

17.

SINKING FUND 2013 S$ At beginning of the year Transferred from accumulated fund Utilisation of sinking fund for clubhouse upgrading project At end of the year

2012 S$

10,367,889 178,963 (9,327,076)

10,354,263 13,626 -

1,219,776

10,367,889

The sinking fund is set up to be used for major improvements to the clubhouse and golf courses. The amount to be transferred to sinking fund each year is a minimum of 50% of the yearly surplus of the Club or such higher amount as may be recommended by the General Committee. During the financial year, the clubhouse upgrading project has been completed with total costs amounted to S$9,327,076. Accordingly, the sinking fund has been utilised for such upgrading costs.

18.

FAIR VALUE RESERVE

The reserve represents change in the fair value of available-for-sale financial assets (Note 9).

19. COMMITMENTS (a)

Capital commitments not provided for in the financial statements:

Approved by the General Committee but not contracted for (b)

2013 S$

2012 S$

225,000

97,300

Operating lease commitments â&#x20AC;&#x201C; as lessor Future minimum lease payments receivable under non-cancellable operating leases at the end of the reporting period are as follows:

Within one year Between two to five years

2013 S$

2012 S$

389,400 186,000

478,600 557,400

575,400

1,036,000

The Club has entered into various operating leases on its assets on lease. These non-cancellable leases have remaining non-cancellable lease terms of 1 to 3 years.

ANNUAL REPORT 2012-2013

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

20.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Club’s principal financial instruments comprise cash and cash equivalents. The main purpose of these financial instruments is to raise finance for the Club’s operations. The Club has various other financial assets and liabilities such as members’ balances and sundry receivables and payables, which arise directly from its operations. The main risks arising from the Club’s financial instruments are credit risk and liquidity risk. The club management reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The carrying amounts of members’ balances, sundry receivables, cash and cash equivalents represent the Club’s maximum exposure to credit risk. The Club has approved procedures in dealing with members who fail to pay their dues on time to monitor this risk. No other financial assets carry a significant exposure to credit risk. The quantitative data in respect of the Club’s exposure to credit risk arising from members’ balances are as follows:

Members’ balances past due but not impaired: 61 days to 90 days 91 days and above

2013

2012

4,149 30,118

6,137 29,928

34,267

36,065

Liquidity risk The management exercises prudent liquidity and cash flow risk management policies and aims at maintaining an adequate level of liquidity and cash flow at all times. The maturity profile of the Club’s financial liabilities as at the end of the reporting period, based on the contracted undiscounted payments, was as follows:

2013

Members’ balances Other payables and accruals

On demand S$

Within 1 year S$

Total S$

774,000 136,236

596,901 1,814,791

1,370,901 1,951,027

910,236

2,411,692

3,321,928

RAFFLES COUNTRY CLUB

notes to the financial statements (Cont’d) For the Financial Year Ended 30 June 2013

20.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) Liquidity risk (cont’d)

2012

Members’ balances Other payables and accruals

On demand S$

Within 1 year S$

Total S$

1,467,854 2,398,890

3,866,744

Fair value The carrying amounts of the financial assets and liabilities recorded in the financial statements of the Club approximate their fair values.

21.

AUTHORISATION OF FINANCIAL STATEMENTS The financial statements of the Club for the financial year ended 30 June 2013 were authorised for issue by the General Committee at their meeting held on 15 August 2013.

membership strength

as at 4 July 2013

Category Individual Transferable (Local) Individual Transferable (Foreign) Corporate Transferable

Voting

NonVoting

Total

2256

301

Term

Honorary

Nominated

Staff (Subscribing)

Contractor (Subscribing)

2593

Total

2573

Raffles Country Club 450 Jalan Ahmad Ibrahim Singapore 639932 Tel: 68617649 Fax: 68615293 www.rcc.org.sg

This annual report is published by Raffles Country Club. All information is correct at the time of printing. All rights reserved. No part of this publication may be reproduced in any form or by means without written permission of the publisher.