Annual report 2015 by The British Club

Annual Report 2014/2015

THE BRITISH CLUB SINGAPORE

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Contents

Notice of Annual General Meeting

Main Committee 2014/2015

President’s Report

Honorary Treasurer’s Report

Development and Health & Safety Committee Report

Human Resource Committee Report

Infocomm Committee Report

Marketing and Communications Committee Report

Membership and Rules Committee Report

Member Services Committee Report

Sports Committee Report

Ways & Means Committee Report

Club Sponsors & Volunteers 2014/2015

Club Management

General Manager’s Report

Highlights of the Year

Statement by the Main Committee to the Members of The British Club

Independent Auditor’s Report to the Members of The British Club

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Accumulated Fund and Reserves

Statement of Cash Flows

Notes to the Financial Statements

Notice is hereby given that the 33rd ANNUAL GENERAL MEETING of The British Club will be held as follows:

Date: Thursday, 26 November 2015 Time: 7.30pm (Registration starts at 7.00pm) Venue: The Elizabeth Suite, 2nd Level, The British Club MEETING AGENDA 1. Address by the President

THE BRITISH CLUB

NOTICE OF MEETING

ANNUAL REPORT 2014/2015

Notice of Annual General Meeting

2. To confirm the minutes of the 32nd Annual General Meeting held on 27 November 2014 3. To receive and adopt the Report of the Main Committee on the general affairs of the Club in respect of the year 2014/2015 4. To receive the accounts in respect of the FY 2014/2015 5. To elect up to ten (10) Members of the Main Committee as per Club Rule 23(a) 6. To appoint the Clubâ&#x20AC;&#x2122;s auditors for the ensuing year as per Club Rule 42 7. To deal with any other business duly brought before the Meeting as per Club Rule 35 (c)

BY ORDER OF THE COMMITTEE

Sean Boyle

General Manager/Club Secretary 2 November 2015

Notes: Nominations for Main Committee must be completed on the prescribed form (available at Reception) and must be received by the Club Secretary no later than 7.00pm on Thursday, 19 November 2015, in accordance with Rule 25(e). Members may appoint a proxy to vote for them by completing the prescribed form (available at Reception). All completed forms must be received by the Club Secretary no later than 5.00pm on Tuesday, 24 November 2015, in accordance with Rule 40 (d). A spouse shall be entitled to vote as a Proxy without lodging advance notice with the Club Secretary. Members desirous of moving any Resolution may do so by giving written notice with the Club Secretary no later than 7.00pm on Thursday, 19 November 2015 in accordance with Rule 35(c). Voting Members must produce a valid Membership Card when they register to attend the AGM.

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Main Committee

Back row, from left: Shaun Matheson , Damian Hills, Adrian Waterton Front row, from left: Patrick Hyde, Frank Wong, Steve Settle, Tony Quek, Stephen Fulton Not in picture:

Eric Rogers

Steve Settle President Damian Hills Vice President Honorary Treasurer Chairman of Finance Committee Adrian Waterton Vice President Chairman of Human Resource Committee Frank Wong Honorary Secretary Chairman of Membership and Rules Committee Shaun Matheson Chairman of Ways & Means Committee Co-Chairman of Development and Health & Safety Committee

Tony Quek Chairman of Disciplinary Committee Co-Chairman of Member Services (F&B and A&E) Committee Andrew Moore

(Nov 2014 to Jul 2015)

Co-Chairman of Member Services (F&B and A&E) Committee Stephen Fulton Chairman of Sports Committee Co-Chairman of Development and Health & Safety Committee Patrick Hyde Chairman of Marketing and Communications Committee Eric Rogers Chairman of Infocomm Committee

STEVE SETTLE President

This year has not been an easy one financially. As you may know, the Club does not target to make a profit but rather aims to generate enough cash for a sensible and managed repair and refurbishment program, in order that we can continue to provide members with the level of services and facilities that they expect and deserve. At the mid year point, the cash generated was negligible and we were faced with declining F&B revenues and had the quiet summer months to come. Thanks to the combined efforts of the Main Committee, the GM and his staff, measures were taken to address the situation and we have ended the year with an improved cash position and an operating loss at its lowest level for many years. Amongst other things, we put extra focus on F&B quality, consistency and processes (an area highlighted in the last survey) and launched a new membership drive aligned with SG50. This past year, I believe that we have made progress in many areas of the club: increased membership levels

(particularly Singaporean) - very low staff turnover - improved operational efficiency - high levels of member satisfaction - greater awareness of the Club amongst the wider community, corporates and associations - higher levels of sponsorship - increased charity donations - improved sports facilities and member participation - a stronger web presence and more active online engagement - a clearer picture of where we are heading - the list goes on. We have made small improvements in the kitchens and outlets (major overhaul will require significant investment) and the only area that has possibly been neglected over the years is our back office systems - we are now starting to address that. There will always be work to do, but we have come a long way. I would like to thank; a) the Main Committee, for their time, hard work and support; b) the GM, for his energy, enthusiasm and push for perfection; c) the department heads that support him so tirelessly and professionally; and d) last but by no means least, all the staff at the Club who give their all to be of service to all of us, the members. It seems like only yesterday that I was weighing up whether I was able to commit the time and energy required

ANNUAL REPORT 2014/2015

In the pages that follow, you will read reports from the members of the Main Committee on their respective portfolios and will see the results of their hard work. As you know, all members involved in the Main Committee and the Sub Committees are unpaid volunteers and each and every one of them deserve our heartfelt thanks and recognition for giving up their personal time to benefit the members and Club they love.

THE BRITISH CLUB

Presidentâ&#x20AC;&#x2122;s Report

to serve as President of The British Club. When I look back over the last 3 years - and boy, it has gone quickly - I am happy to reflect that we continue to move in the right direction. I have thoroughly enjoyed my time as President and am proud of what has been achieved by all involved. It is not a job that can be done without support and I owe a huge Thank You to my wife, Nikki who has backed me up all the way - as she always has with everything. It is now time for a fresh start, new ideas and for someone else to take the reins. I am sure the Club will be in good hands and I will remain on the committee for one more year to support the transition.

Steve Settle President

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Honorary Treasurer’s Report DAMIAN HILLS Chairman, Finance Committee

Food and beverage cost of sales were in line with budget and slightly improved in percentage terms over last year. A greater focus on cost controls led to this improvement in food and beverage gross margin, producing a gross profit of $3.811 million in comparison to $3.557 million last year.

This report marks the end of my three year term as Chair of the Finance Committee. Over the three years there have been nine different members who have served the Finance Committee and I thank them all for their input and advice, a contribution to the Club given selflessly and without reward. All committees need continuous regeneration and any Members that have the desire and commitment to make a difference are most welcome to make themselves known. The Management and staff have my appreciation for their dedication to, and focus on, the Club and the interests of all its Members. The current members of the Finance Committee and I fully understand the importance of our role in safeguarding the assets and securing the longevity of our Club and I am pleased to report that we have once again engaged in much healthy and constructive analysis and debate over the last twelve months. Over that period the Club’s overall financial performance showed another improvement; a trend that we hope to see continue. Operating performance As shown in note 4 to the audited Financial Statements, operating revenue for 2014/2015 was $13.76 million, up 4.6% from $13.15 million the previous year. Of this $13.76 million revenue, $4.50 million (2014: $4.41 million) came from monthly subscriptions with the majority of the balance being derived from food and beverage sales, $5.75 million (2014: $5.44 million), and sports lessons and sports facilities usage, $1.55 million (2014: $1.49 million). Sales from the retail shop grew from approximately $547,000 to approximately $634,000. Other revenue streams were in line with expectations and with prior years.

Staff costs were $7.44 million in comparison to $7.20 million last year. An across the board pay rise of 4% was slightly mitigated by a small movement in head count to produce an overall increase of 3.3%, significantly lower than the rate of increase in staff costs in recent years. This reduction in the rate of increase was the result of a deliberate strategy and careful management of human resources pursued by the Club’s Management. As Members will no doubt be aware, the labour market in Singapore is tight, particularly in the hospitality sector, but this is an area that your Committee will continue to monitor closely. Other operating expenses, as set out in detail in Note 13 to the Financial Statements, were consistent in profile but slightly reduced in aggregate in comparison to the prior year. It should be noted that in addition to day-today cost control, the management team have taken the opportunity of the renewal of various service contracts, such as energy supply, to negotiate reduced rates to help deliver that pleasing result. Sales and transfers of Memberships and other significant cash flows The Club welcomed 170 (2014: 140) new Members this year, once again demonstrating the attraction of our unique environment and atmosphere. After all directly related costs, the influx of new Members generated $1.72 million (2014: $1.56 million) towards the Club’s funds. As noted in the report of the Membership Committee, the volume of membership sales started the year a little slowly but improved significantly with the SG50 promotion held over the summer months. Membership sales trends are carefully monitored given the significance of the associated income to our overall cash generation. Capital Expenditure during the year was approximately $333,000 compared with $2.23 million in 2014. Investment in 2015 has been spread over a number of relatively minor items compared to the much more significant investment of $1.86 million related to the redevelopment of the pool and surrounding area in 2014.

Subsequent to the 2015 financial year end the Club contracted for costs to repair and renovate the gymnasium and to undertake some limited improvements in the Verandah restaurant, which will be accounted for in the Financial Statements for the year ending 31st July 2016. As a consequence of the modest levels of capital expenditure over the last twelve months, coupled with all other cash flows, the Club’s total cash and fixed deposits increased from $4.40 million at 31st July 2014 to $5.52 million at 31st July 2015. Conclusion As I have noted in prior years, Members will appreciate the Club does not aim to make a profit. Whilst the Club has again achieved lower operating losses (before sale of memberships) during 2014/2015, the current Main Committee continues to work with the Management of the Club to set objectives and identify actions with the intention of increasing revenues, making efficiency gains and managing costs to ensure that operating losses continue to be controlled or even reduced. This year’s result benefited, in particular, from such actions with regard to control of labour costs and other significant expenses. Continued improvement at the operating level would reduce the degree to which the Club relies on the sale of new Memberships to generate cash. This is important in managing risk, increasing stability and in order to ensure the availability of cash reserves that could support any investment in the improvement of the Club’s facilities. I believe that the Main Committee and Management are aligned in their objective to carefully manage and balance operations with investment in the Club’s facilities to ensure that the longevity of the Club is not compromised, whilst continually seeking to improve the Members’ experience of the Club. The commitment to this long term strategy is clear in the results of this year, particularly in the generation of cash, following the significant investment in facilities incurred in the prior year. I wish my successor and his or her fellow committee members good fortune!

Damian Hills Chairman, Finance Committee

FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 $’000 $’000 $’000 $’000 $’000

Operating Revenue

Food & Beverage

5,051

5,380

5,249

5,441

5,746

Subscriptions

3,340

3,568

4,136

4,405

4,497

Jackpot

248

285

197

196

177

Sports & Lessons

1,173

1,309

1,311

1,488

1,554

Others

1,003

1,309

1,408

1,623

1,786

Total Operating Income

10,815

11,851

12,302

13,154

13,759

Operating Expenses

Food & Beverage

1,779

1,882

1,810

1,884

1,935

Staff costs

5,572

6,133

6,626

7,203

7,443

Maintenance

887

1,037

993

1,001

939

Others

3,322

3,646

3,686

3,789

3,836

Total Operating Expenses

11,559

12,699

13,115

13,878

14,153

(724)

(394)

THE BRITISH CLUB

FINANCIAL Performance - 5 YEARS COMPARISON

ANNUAL REPORT 2014/2015

Honorary Treasurer’s Report

Operating Surplus/(Deficit)

(743)

(848)

(813)

Entrance fees

Transfer & registration fees

1,643

1,898

1,769

1,315

1,568

179

195

273

359

323

Expenses relating to sale of m’ships

(182)

(181)

(284)

(110)

(175)

Total Membership Sales

1,640

1,911

1,757

1,564

1,717

840

1,323

Income Before Depn, Int & Tax

896

1,064

945

Interest income on fixed deposits

Depreciation

Assets written off

*Under-provision of property tax

Total Other Costs

(1,132) (1,230) (1,360) (1,340) (1,419) 0

(2)

(238)

(14)

(48)

(32)

(43)

(1,153)

(1,267)

(1,590)

(1,347)

(1,451)

Surplus/(Deficit) before taxation

(257) (203) (645) (506) (128)

Income tax

(1)

(2)

(507)

(130)

Surplus/(Deficit) for the year

(256)

(204)

(645)

*Adjusted to re-allocate Property Tax of $184,895 charged in the audited statement of comprehensive income for the year ended 31 July 2013 but relating to prior periods.

NUMBER OF MEMBERS / OPERATING REVENUE / CASH & BANK BALANCES Number of Members Millions

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Honorary Treasurerâ&#x20AC;&#x2122;s Report

Operating Revenue

Cash & Bank Balances

14 13

13.759

13.154

Members 2,600

12.302

12 11.851

2,550

10.815

2,500

9 8

2,450

7 6

5.051

5.652

5.346

5,520 4.399

5 4

2,400

2,350

3 2

2,300

1 0

2,377

2,490

2,542

2,543

2,560

FY10/11

FY11/12

FY12/13

FY13/14

FY14/15

2,250

Operating Revenue Other 12.34%

Other 12.98% Food & Beverage 41.37%

Sports & Lessons 11.32% Jackpot 1.49%

Food & Beverage 41.76%

Sports & Lessons 11.29% Jackpot 1.29%

Subscriptions 33.49%

Subscriptions 32.68%

FY 13/14

FY 14/15 Operating Expenses

Food & Beverage 13.58% Others 27.30%

Food & Beverage 13.67% Others 27.10%

Maintenance 7.21%

Maintenance 6.63% Staff costs 51.90%

FY 13/14 8

Staff costs 52.59%

FY 14/15

Stephen Fulton Co-Chairman, Development and Health & Safety Committee

This will be the final report that I write as the Chairman of the Development and Health & Safety Committee as the chairman of this committee is limited to three terms and this is my third term. This has been a relatively quiet year for the Committee compared to other years as there were no major projects undertaken and we very much went into a maintenance and review period. The summer saw us undertake on trying to resolve the ever increasing amount of water that was penetrating the retaining wall of the gym and damaging the floor as well as replacing the air conditioning that was becoming increasingly temperamental. The good news is that the air conditioning has been fully replaced and now incorporates a backup solution as well. The jury is still out on the water penetration but the early signs are very positive and the new drainage appears to be functioning well and draining the

water efficiently. The gym also had a new flooring installed and a sun repellent film applied to the windows to keep the glare and temperature down.

ANNUAL REPORT 2014/2015

The Development and Health & Safety Committee covers the area of general maintenance and upkeep of the Club property as well as new projects that will add to Members’ enjoyment of the Club’s facilities. The Committee’s concurrent role of Health & Safety reinforces the importance the Club places on being compliant with all regulatory requirements regarding health and safety at the workplace and recreation. This Committee does everything possible to make the Club a safe place for employees, members and their families while continually striving to improve the facilities on offer to our members.

In November, the new gym equipment will arrive and this will complete the renovation of the gym and will give members access to one of the most modern and up-to-date gyms in Singapore. The new equipment has the ability to be accessed on members smartphones and members individual plans can be used all over the world as long as the gym has the same brand of equipment as we use in the British Club. The club has also now installed an additional service duct pipe between the main clubhouse and the sports centre. The service duct facilitates an additional fibre optic cable and fire alarm cable so that the main club, sports centre and guard house fire panels are all connected. This enables the entire club’s fire control system to be linked and monitored from the main clubhouse and guardhouse. Before this, the sports centre and guardhouse were standalone facilities from a fire monitoring procedure. During the summer break, the Club also took the opportunity to resurface the tennis courts and replace the floodlight poles which were over 30 years old and were now showing signs of metal fatigue. The replacement of the floodlight poles was a complicated and difficult task that required the use of large cranes to lift the floodlight poles into place. I

THE BRITISH CLUB

Development and Health & Safety Committee Report

hope the new poles last us as long as the old poles did! I am also pleased to report that in June the Main Committee approved the purchase of new furniture for the Verandah Café and that this furniture will be delivered in November. I hope the new furniture will modernise the Verandah café and increase members’ enjoyment. I have been a member for 10 years now and the furniture is still the same as it was the first time I visited the club. On recurring maintenance, the Club has in place a well-documented 10-year maintenance plan that takes into account the continuous maintenance regime that ensures wear and tear replacements are constantly kept up with and the Club remains operational and safe at all times. The Clubhouse and some of our facilities are now entering their third decade (e.g. the tennis courts’

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Development and Health & Safety Committee Report floodlight poles) and this requires us to be ever vigilant on wear and tear and ensuring the maintenance regime is maintained. I am also pleased to say that this year we did not have any recurrence of the numerous tree issues we experienced in the previous year and that our enhanced maintenance program appears to be paying dividends. As part of the recurring maintenance program the Club continued with its program of replacing all nonenergy efficient light bulbs with LED energy efficient lights, replaced the roof awning on the front of the Windsor terrace, carried out external building cleaning and completed the refurbishment of the activity hub. These are just a few items I have decided to highlight out of a long list of maintenance items. The maintenance document ensures we keep up to date with our planned maintenance at the Club including both big and small items. This plan is reviewed annually as part of the annual investment process and is updated regularly. Health & Safety is something that is not always visible to the Members but is something that I know that the General Manager and his team

take very seriously. Throughout the year, training on Health & Safety has been conducted and the ongoing monthly inspections have continued. The inspections which are both announced and unannounced keep the staff thinking about safety which helps create a safer working environment. I am also pleased to report that during these inspections no serious issues were noted. The Committee was also very pleased to see that the staffâ&#x20AC;&#x2122;s attitude towards Health and Safety has continually improved throughout the year. The Club also appointed a full time Health & Safety Manager who has worked tirelessly updating our health and safety procedure and ensuring that we comply with all the everchanging workplace health and safety regulations. During my tenor as the Chairman of Development and Health & Safety, the Club has completed the refurbishment of the main pool, decking and changing rooms and installation of the lap pool as well as resurfacing both the tennis and squash courts and completely refurbished the gym. These items were approved by the Main Committee to provide the members of The British Club with the best facilities that we

could afford and I hope that these meet or exceed with the memberâ&#x20AC;&#x2122;s expectations and helps the Club to achieve its aspiration of being the best Club in Singapore! I know that the above items have certainly made maintaining these areas easier for the hardworking maintenance team. I thank the General Manager, Sean Boyle, the Facilities Manager Sundaram and the Workplace Health and Safety Manger Philip and the entire maintenance team for all their support over the past year. To Fiona, Emma, Rachel and Jessica, thanks for putting up with me and the time I spend at the Club. Finally, to my colleagues on the Development and Health & Safety Committee I wish to record my appreciation to you all. You are such an important team of professionals who volunteer your time, selflessly spending hours at the Development and Health & Safety Committee with the sole aim of making The British Club the premier and safest club in Singapore.

Stephen Fulton Co-Chairman, Development and Health & Safety Committee

Adrian Waterton Chairman, Human Resource Committee

The HR Committee is in place to help support management to look after this team and to consistently review how we can improve things to ensure that all our staff who work in a challenging environment must also find it rewarding, motivating and enjoyable. Our business challenges continue to maintain a level of revenue to support the high standards of quality and service against increased competition and to keep and support the talented staff we have and want to attract whilst meeting the various levies and taxes on employers and government restrictions on hiring. All of which make the HR department led by our HR Manager, Alice Wong, an

obvious and crucial function of The British Club and much appreciated throughout the club. We continue to try and increase the training required to improve our capabilities and individual career progression for all our employees. Team members have gone through schemes which focus on abilities required and business needs to serve the membership and also aspects which can and will benefit them as individuals. The British Club held its annual staff Dinner & Dance on 19 October 2015 at the Fullerton Hotel. During the evening (and besides ensuring the team had a wonderful experience) staff awards and acknowledgements were presented by our President and attending members of the Main Committee. This event acknowledges and thanks the staff for their hard work during the year. The GM’s report covers many of the club Improvements and efforts linked with our team and the focus will continue to support and develop all the employees as best as we can. We encourage an ‘open door’ policy to help achieve this and fully support relevant feedback whether it is positive or negative - all are welcome!

ANNUAL REPORT 2014/2015

We continue to have the best club in Singapore with great facilities offered to our membership but very importantly, we have a team who make it function and work exceptionally well every day of the year. This challenge is met by the Management team, the chefs, all the general serving staff, those in the back office and those who make sure the facilities are up to the standard and expectations of all our Members. We are very fortunate to have a hardworking and dedicated team of employees striving to make that happen.

THE BRITISH CLUB

Human Resource Committee Report

On behalf of myself, the Main Committee and the general membership, I would like to give a sincere vote of thanks and appreciation to our General Manager, the Management team and every one of our employees for their efforts and continued service to our Members. It is a pleasure to come to the club and this is down to each and every single one of them. Thank you all very much.

Adrian Waterton Chairman, Human Resource Committee

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Infocomm Committee Report ERIC ROGERS Chairman, Infocomm Committee

Server Hardware Upgrade As part of a rationalisation and efficiency exercise that started in the early part of 2015, the IT department has now completed the upgrading of the entire Club’s main server hardware. Performing these complex and lengthy tasks while managing our normal operational activities can be likened to performing open heart surgery while the patient is still conscious! Despite the risks, all the activities were completed on time and within budget. 13 servers were reduced to 5 and we achieved our objectives of simplification, cost reduction and increased performance. As in previous years, the Committee has continued in the vein of working on IT projects that enhance the operational efficiencies of the Club, while adding value to the Membership through the effective and innovative use of technology. Key highlights for 2015: Information Security Club membership data is of the utmost importance. It is essential that we keep pace with the ever changing requirements in terms of regulation and protection of our data. This year has again seen continued further improvements to the security of our membership database and associated systems. Tighter network access, management and administration have been put in place along with a new antivirus platform to ensure that Club information remains safe and secure.

A New Club Membership System In conjunction with the server upgrades, we have recently completed the planning stage of a project to completely overhaul the Club’s membership systems and management software. Currently we have disparate systems linked together that have served us well for many years. However the time has now come to review our overall strategy and direction and simplify and consolidate wherever we can. Three vendors were engaged as for a project of this size it was essential that we carried out our due diligence effectively. After a rigorous selection process we are now finalising our partner for the project. We look forward to the next nine months to a year by which time we would have delivered a best in class system that meets our end to end management and membership requirements for the next 5-7 years.

Next Year and the Future The focus of the next twelve months will be the execution of the initiatives that will improve the efficiency of the Club while continuing to provide cost savings and better services to our members. It is important for us to recognise that while we are similar to a hotel or restaurant and can use lessons learnt from those businesses, we are primarily a members’ club and do not want to lose the personal touch through strides in operational efficiency. In Conclusion The Committee would like to express its thanks and gratitude for the help, assistance and professionalism of all involved, and the ongoing dedication of the Club’s Management and Technology teams in ensuring yet another busy and successful year for this Committee.

Eric Rogers Chairman, Infocomm Committee

Patrick Hyde Chairman, Marketing and Communications Committee

Our efforts and emphasis has been to promote and communicate The British Club brand and image both externally, to potential new members as well as sponsors, and internally to our existing members. The team has been extremely busy with non-stop events at the Club. From Halloween and Guy Fawkes Night to the parties of the festive season, Best of British, SG50 promotions, to the Mexican Fiesta and Peranakan Night. All these, on top of the daily work of the Club collaterals and magazine production, digital platform maintenance and communications, securing and renewing Hotel Affiliate partners, sponsors, advertisers, membership benefit partners, managing the media, vendors, printers, and the list goes on. There is never a quiet moment with the team. This year, we have secured several new sponsors and partners such as: Berkeley

Group, Classic Moving and Storage, Cognita, Singapore Turf Club, Atkinsons perfumes, Penhaligons, Cold Storage; and Cherie Thum Couture Jewelry. Our new hotel affiliates partners are: Peppers Seminyak, Shangri-Laâ&#x20AC;&#x2122;s Tanjung Aru and Spa, and Banyan Tree Bintan. Up to the end of July for FY2014/15, our sponsorship revenue is over $260K and our advertising revenue is almost $80K.

ANNUAL REPORT 2014/2015

This is my first year serving the Main Committee and I have had the pleasure to chair the newly formed Marketing and Communications Committee. It was spun off from the Activities, Events and Marketing Committee, as directed by our President, so that we could focus our efforts on such activities and allow the newly formed Member Service Committee, a merger of the Food & Beverage Committee and the Activities & Events Committee, to focus on membership value.

As you may have seen, we have recently released a survey to solicit memberâ&#x20AC;&#x2122;s view of the Magazine. We plan to refresh the Magazine to have it better reflect what the members would like to see. I hope you have taken the time to give us your feedback. We have also been working on a potential website update that will be even more informative and user friendly to be able to book events, make reservations, access your account and make purchases. We are working closely with our InfoComm Committee to coordinate the website development in tandem with our new IT system. I must acknowledge the Marketing and Communications team at the Club as they are not only talented but, they are focused and work hard too. Thank you!

THE BRITISH CLUB

Marketing and Communications Committee Report

Communications Committee: Kate Jeffrey, Cynthia Zorlutuna, Caroline Underhill, and Sarah McNee whom have been invaluable with their extensive knowledge and background in the Marketing industry. Steve Settle challenged us in the beginning of the year to get more female members involved and the Marketing and Communications Committee has delivered!

Patrick Hyde Chairman, Marketing and Communications Committee

Finally, I would like to thank all the members of the Marketing and

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Membership and Rules Committee Report FRANK WONG Chairman, Membership and Rules Committee

The decline in new membership sales continued through the first quarter of this financial year, and by the halfway mark the numbers became alarming. A bold decision was then made to take advantage of the ongoing SG50 celebrations by offering Transferable Individual Memberships (TIMs) at half the posted price, applicable to Singaporeans only while the Ordinary Memberships (OMs) was also significantly discounted for applicants of British nationality. The promotion began around June and was scheduled to end soon after the National Day celebrations in August. It was billed as a once-in-a-lifetime opportunity. The response was tremendous and the original target for the TIM promotion has exceeded beyond expectations. The results for the OMs, though improved from the normal, was more subdued. The SG50 promotions helped turned the sluggish fiscal performance around, improving on the results of the previous financial year.

The SG50 exercise showed that there is still considerable interest in a British Club membership, albeit at a price. Over the past 5 years the management team has worked hard to steadily elevate the image and positioning of the Club to be among the top membersâ&#x20AC;&#x2122; Club in Singapore. But we have yet to see the impact of this uplift on the value of our Club memberships in the market. It is in the interest of our members that the value of their memberships is sustained or even appreciate with time, although market reality suggests otherwise. The Club comprise a high proportion of members who are not permanent residents in Singapore. They have to leave Singapore when their employment here ceases, often at short notice. This results in a high attrition rate which impacts on subscriptions as well as the value of TIMs when members try to make a quick sale before they depart. Membership Department has tried various means to mitigate this such as increasing transfer fees and minimum prices that brokers are permitted to transact at. Without resolving the negative effect of the secondary TIM market, it would be difficult to drive up the price of a new TIM for prospective applicants. The Membership & Rules committee is contemplating Rule changes which would put in place a Buy-Back process which allows departing TIMs to sell their memberships back to the Club at a small premium rather than dump it in the secondary market. Obviously there are many other factors to be considered to make such a scheme workable. The Membership Sales Team has been strengthened by the appointment of

a Head of Sales with a professional sales and marketing background. The team is also currently undergoing a Sales and Marketing program conducted by Schiffman Morrison Asia, a firm of consultants who are specialists in this field. The British Club has differentiated itself from the rest of the competition, but going forward, our sales team needs to be up to the mark to succeed in a competitive environment. Growing our membership is only part of the challenge. To ensure our members remain happy and engaged with the Club is the responsibility of the Membersâ&#x20AC;&#x2122; Relations team as well as Membership Services and the Sports committees. In fact it is the entire Club management and committees that need to work as a team to keep achieving the results that we have been seeing in recent years. I am pleased to report that this has been happily the case at our Club. It has been a rather challenging year with a satisfactory ending. I look forward to the year ahead with renewed optimism and a deep appreciation for the Membership team and my supportive colleagues in the Main Committee.

Frank Wong Chairman, Membership and Rules Committee

Associate Transferable & Associate Life (NV)

Life (V) 23

Term (NV) 11 Other (NV) 14

323

Ordinary (V) 664

Transferable Individual (V) 1270

2014-2015

2013-2014

Gross Operating Revenue

$4.496M

$4.405M

Operating Expenditure

$0.792M

$0.675M

Net Operating Revenue (A)

$3.704M

$3.729M

Gross Non-Operating Revenue

$1.891M

$1.674M

Non-Operating Expenditure

$0.174M

$0.105M

Net Non-Operating Revenue (B)

$1.717M

$1.570M

TOTAL NET CONTRIBUTION (A+B)

$5.421M $5.299M

SG50 SIGN UPS Membership type breakdown

Transferable Corporate (V) 255

Transferable Individual

Ordinary 27 Associate Lifetime

NUMBER

1 Year Term

Transferable Individual (V)

1270

49.61

2 Years Term

Transferable Corporate (V)

255

9.96

Total 131

Ordinary (V)

664

25.93

Associate Transferable & Associate Life (NV)

323

12.62

Life (V)

0.9

Term (NV)

0.43

British

Others (NV)

0.55

Indian 10

Total

2560 100

Australian 4

Absent Members

502

American 2

CATEGORY OF MEMBERSHIP

THE BRITISH CLUB

PERFORMANCE INDICATORS

TOTAL MEMBERSHIP BY CATEGORIES (as at 31 July 2015)

ANNUAL REPORT 2014/2015

Membership and Rules Committee Report

19.61

Nationality breakdown Singaporean 65 41

Canadian 2

PERCENTAGE OF VOTING MEMBERS (as at 31 July 2015)

New Zealand

Chinese 1 Egyptian 1

Others 22.85%

German 1 Irish 1 British 54.02%

South Korean

Total 131

Singaporean 23.13%

2014-2015 2013-2014

TOTAL NEW MEMBERS

170

140

TOTAL TERMINATIONS

NETT NEW MEMBERS (A)

NEW MEMBERS THROUGH TRANSFER (B)

TOTAL NEW MEMBERS (A) + (B)

155

154

THE BRITISH CLUB ANNUAL REPORT 2014/2015

MEMBER SERVICES Committee Report TONY QUEK Chairman, Member Services Committee

I am happy to write this very first report of the Member Services Committee which was formed this 2014/2015 committee year. This was the result of the amalgamation of two very member-centric long standing committees, the Activities & Events Committee (A&E Committee) and the Food & Beverage Committee (F&B Committee). The aim of the move was to facilitate closer coordination between two very busy departments of the Club, the A&E department and the F&B department, who separately, are already very ably and professionally providing members excellent weekly, monthly and annual events that we have all become accustomed to. What comes to mind are the weekly Bingo and Quiz nights, the popular monthly Wine Dinners, the once a month Comedy Night, the traditional Chinese New Year acrobatic performances and lion dance, Halloween & Guy Fawkes night, Family Day, the annual Super Brains Quiz Night, our well-publicised Best of British in June, Peranakan Night in October, and of course, the New Year’s Eve Ball.

Then there are the very active social sections such as the Mahjong, Craft Ladies, Balut and Live Music Sections. My report would therefore not be complete without an acknowledgement of the unsung heroes of the club, the many volunteers who contribute their valuable time serving on the committee to organize programmes for fellow members’ enjoyment. The Mahjong Section meets weekly to enjoy a friendly game. Fiona Corbett leads this section. The Balut section headed by David Quinn, meets every month for a fun social evening over the interesting dice game at The Windsor Arms. We also have a very committed Ladies Craft Section who has made their interest in creating wonderful quilts a meaningful hobby by putting up the products they produce at charity bazaars. The sales proceeds collected go to the club’s chosen charities. Maggie Ashman heads this very active section. The Live Music Section holds practice sessions each week on a Tuesday evening, perfecting their repertoire of songs to perform at our own club events. Andy Sullivan is the section convenor. Not to be overlooked are weekly Bingo and Quiz nights that have a large following, ably conducted by our own official club Master of Ceremony, Tony Melero. Thank you all. Indeed, all of the club’s section activities and events invariably involve our culinary teams, whose hard work in delivering consistently high quality food items to complement every occasion, is always appreciated. It is therefore easy to understand why it makes good logic that the two previous committees that handled Activities & Events and Food & Beverage is merged into one called Members Services. Thank you, Executive Chef Sunny Sia and his culinary team.

It is also with this in mind that in the last quarter of this committee year, a special F&B task force was put together, to provide even greater focus on the important goal of getting all our F&B outlets to adopt best practice in kitchen procedures, aimed at maintaining excellence in service and quality. The Task Force completed a thorough review of the kitchen processes, complete with detailed documentation for cooking methods, and including a review of staffing levels at the kitchens of the various F&B outlets. A significant outcome was the addition of an Asian wok and Indian tandoori oven to the British pub kitchen at the Windsor Arms, staffed by a permanent Indian tandoori chef and a local wok chef assigned to the Windsor Arms kitchen. These new measures now allow for freshly prepared Indian and Asian dishes right at the Windsor Arms kitchen itself. A larger choice of Indian and Asian menu items at the Windsor Arms has been what members had asked for and is now a reality. New menu items were also introduced at the Mountbatten and the Verandah restaurants. The poolside Splash and sports centre Scores kitchens are next to be scheduled for a review. It has been another very busy year in activities, events and food and beverage at the club. I believe the Member Services Committee has begun on an important journey to provide focus on members’ feedback and wishes in a well coordinate manner. There is more to be done. The first year of any new committee obviously needs time for adjustment and refinement. I would like to record my thanks to my CoChairman of the committee, Andrew Moore, who has since returned to the UK. My thanks and appreciation also goes to the General Manager, Sean Boyle, and his hardworking team.

I must also thank my fellow committee members, Maggie Ashman, Jeffery Chua, Fiona Corbett, Patricia Forrester, Michelle Kuek, Mark Thng, Steve Walker, and David Wong, for their time and active participation in the committee meetings. I am particularly pleased that we have a good cross section of interests in the committee. We hope to do more to address the needs of members in all age groups and to provide programmes that meets the lifestyle and preferences of a diverse membership base. We will also continue our work to deliver value in activities, events and food and beverage to members. Most importantly, I ask that you continue to provide feedback and views. As a membersâ&#x20AC;&#x2122; club, we are totally dependent on the support and participation of members. My special thanks to you, our members, for the support you have shown, without which, we would not be the leading social club that we are.

THE BRITISH CLUB ANNUAL REPORT 2014/2015

MEMBER SERVICES Committee Report

Tony Quek Chairman, Member Services Committee

THE BRITISH CLUB ANNUAL REPORT 2014/2015

SPORTS Committee Report Stephen Fulton Chairman, Sports Committee

During the summer, the Gym was completely refurbished with new flooring, air conditioning and window tinting. I am also pleased to say that all the equipment will be replaced in November with state of the art equipment that can be linked to your individual smartphone to enable you to track your progress, even I won’t have an excuse after this! I would like to acknowledge and thank each of the Section’s Convenor or Convenors without whom none of this would be possible. Thanks for all your support and I hope you will all continue to serve next year.

The Sports Committee is probably one of the most popular committees in the club. It is always well attended and rarely is there a harsh word spoken or voice raised, this does not mean that this committee does not get through a power of work, it is just a different committee. The year 2014/2015 has been a great year for all our sports sections regardless if you were in the pool, sea, cricket pitch, tennis court, squash court, football field, golf course or sparing in the arena. This year we benefited from resurfacing all of the tennis courts and also replaced the floodlight poles which after 30 years were becoming difficult to maintain. We signed a new 3 year deal with the Tanglin Rugby Club for use of their field, home to The British Club football and crickets teams. The tennis and swimming sections continue to attract over 400 members between them and standards continue to improve.

I now would like to run through the individual Sports Sections, highlighting how much has taken place at the Club and some of the achievements and highlights experienced throughout the year. Tennis The tennis section continues to be one of the biggest and highly active sections. The desire to play good tennis alongside having a great social time has led to many additional activities in the section such as The Wimbledon Social in June and the showing of the upcoming Davis Cup final in November to name just a couple. On court there is a continuous schedule of weekly socials for ladies, men & mixed doubles and new this year a teen social for players age 12-17. Alongside this there is training for all ages including a vibrant junior section. We have competitive teams in the JTTL KLM league in U10, U12, U14 & U17 age groups.

The 13 strong tennis committee with its Women’s Convenor, Sally Morris, Men’s Convenor, Joel Krueger and Junior Convenors, Liza Rowan and Kim Das, have a busy time running Open, Masters & Junior tournaments alongside these weekly socials. On top of this the annual tennis section event was sold-out, and the frequent weekend socials also have waiting lists! The ladies’ & men’s sections are highly active with ladders & box matches, as well as 5 WITs ladies teams, and both a premier STA men’s and STA ladies team. All these teams can proudly wear the new British Club team tennis kit launched for the first time this year. The section has four fantastic coaches, led excellently by Darren Moore, Director of Tennis. The coaches are all at full capacity, with a member always ready to snap up a coaching slot that comes available. The comprehensive coaching program has led to the continuous growth in tennis revenues and a regular buzz to the Sports Centre. The tennis section is a family section promoting all ages and levels of tennis from beginners to the advanced players. It has the excellent support of the coaches and a committee that is dedicated to making the tennis section an exciting and lively place to be. Swimming Swimming at The British Club has gone from strength to strength over the past year due to a number of reasons.

In addition to all the new furniture and great utilisation of the new pool, numbers for the swimming section have continued to rise which has enabled even more events and additional activities to take place.

veteran’s tournaments and interclub North vs South friendly games. This year twenty plus members also had the opportunity to ply their trade overseas with tours to Bangkok and Bali.

The credibility of the BC swimming team is at an all-time high due to the great results performed at the Merlion and Neptune leagues. This has been in part thanks to the diving blocks that are now used at every squad lesson and the results are there to see. The committed team of coaches have dedicated more of their time to enable the swimmers to have theoretical lessons which has improved technique. All swimmers feel part of a team with their additional activities including trips to FINA international swimming, British Club bags and kit and club parties which pulls everyone together. The appointment of swimming captains enables young adults to have a role of responsibility and the younger swimmers an aspirational element to their Club.

Most games kick off at 5pm on Saturday afternoons at the Cage Sports Complex and Tanglin Rugby pitches at Turf City. Scores Bar remains a popular venue to rehydrate after the games on Saturday where we reminisce what could and should have been. All new members are always welcome to dust the cobwebs off their boots and join in.

With the swimming leaflet that is currently being finalised it should mean that every club member will have the opportunity and the know how to participate in a lesson that will suit them whatever their age or ability. For swimmers that are purely at the Club for leisure and recreation the surroundings and pool facilities are now second to none.

We are delighted to have the Fry Group as the football section’s new sponsor and we look forward to another successful set of League and Cup campaigns during the 2015/2016. Squash The Squash Section at The British Club includes about 50 squash players playing on the Club’s excellent four squash courts. The standard ranges from A grade competitive players to F grade weekend social players. We have three drop-in socials per week, Tuesday and Thursday evenings

and Saturday afternoons. We also participate in friendly matches during the year such as: The Ashes against the Singapore Cricket Club, The Ryder Cup against the American Club and The War of the Roses against the Tanglin Club.

THE BRITISH CLUB ANNUAL REPORT 2014/2015

SPORTS Committee Report

We participate in two national squash leagues in Singapore, the National Squash league in the spring and the COSMO squash league in the fall. For COSMO, 2014 was the year where The British Club squash section took our ‘once in 7 year turn’ to host the entire league. A squash section ‘magic moment’ was having 120 squash players from all over Singapore drinking champagne on the treetop lounge followed by a lavish Elizabeth Suite banquet. The many comments that our COSMO banquet was perhaps the best ever in the 20 year history of COSMO were a reflection of a great club and a proud squash section. For anyone at all interested to play squash, please drop in to one of our squash socials and give it a try. Cricket The BC Cricket Section in 2014 put in place the building blocks for a more sustainable and enjoyable cricket

On a serious note, I would like to remind everyone that we take safety in and around the pool extremely serious and would like to remind you that children should never be left unattended and are your responsibility at all times. Football The Football Section continues to offer the chance to play football 52 weeks of the year in a combination of four competitive leagues,

THE BRITISH CLUB ANNUAL REPORT 2014/2015

SPORTS Committee Report Join us and you also have the chance of winning a sleeve of our Titleist ProV1 golf balls, emblazoned with The British Club logo. And if all that was not enough, our inter-club golf goes from strength to strength as 2015 saw us retain the Ryder Cup (vs. American Club) and the Colonial Cup (versus Tanglin and American Clubs.) We look forward to a great year ahead as we host these two matches and the first match of the Inter-Social Club Golf Tournament 2016. There is plenty of golf to play regardless of your level of interest or ability, and yes, we can manage and vouch for your handicap too, so come and join us. playing experience, through securing access to a new pitch at Turf City and forming a playing alliance with Misfits Cricket Club. In 2015 we have continued to build on the great work in 2014 with further upgrades to the playing field and pitch at Turf City. This has resulted in a field that is now playable year round – wet and dry - and of a quality that allows league matches to be played at the facility. Our membership base has had a bit of a refresh following the departure from Singapore of some long-time members and other members now taking up the more “age appropriate” game of golf. These members have been replaced with some new faces who have brought enthusiasm and energy to the section. The Cricket section has again played the game in a social league for the majority of 2015 recording more wins than losses and will participate again in the fiercely fought our Veteran’s league in the latter part of 2015. One tour match to Johor Bahru was made in 2015 and whilst the result was not to our favour, playing on a full size turn pitch was a treat. The Section now has three signature trophy challenges with Singapore Cricket Club (SCC), Cargill and ANZA. These matches are hard fought so the team can get their name etches on the perpetual trophies. In true tradition, the player’s performances are analysed in great detail back at the Sports Bar at the BC. The Section had continued to keep its books in the black and has reinvested some funds into playing equipment and upgrading the

“pavilion” at Turf City. Through the alliance with Tanglin Rugby Club, the ground was further upgraded with more improvements planned for 2016. We look forward to a 2016 playing calendar with a section both healthy in terms of members and financials Golf Golf at The British Club continues to attract sportsmen, women and up and coming golfers alike. Indeed, 13 year old Tommy Lamb put us all to shame with his low scoring round at Sentosa’s Serapong Golf Course to emerge Club Champion from a field of 36. Our monthly Medal competitions continue to reward commitment and enthusiasm too, with points accumulated throughout the year to count towards the Golf Section’s Order of Merit. We go to some lengths to select courses in Singapore, Malaysia and Indonesia that offer value as well as a great golfing experience including members’ Clubs which are generally not open to the public.

Scuba Diving Karo De Beul is the hard working Scuba Diving Convenor who spends a considerable amount of her time underwater! The section now has an increasing number of club members who are actively participating in dive and training activities. The section is run in conjunction with “Free Flow Divers”. The section offers a comprehensive dive trip programme throughout the year, including day trips, weekend live aboard trips and longer overseas member trips. Singapore is an ideal hub for dive activities in the region. The section also has monthly pool training sessions, all levels of BSAC certification and social meetings. There is an informal group of technical divers as well. As a BSAC (British Sub Aqua Club) club, we put diver safety at the centre of all our activities. We ensure that our trips are safe and enjoyable for all levels of dive experience by following BSAC guidelines, carefully matching buddy pairs, and by training our members to become competent and independent

THE BRITISH CLUB ANNUAL REPORT 2014/2015

SPORTS Committee Report

decades or more but also have experience with other Martial Arts as well. I would encourage you to go along for a FOC trial session, but please contact Adam first.

divers. We run an extensive training program, including the BSAC Ocean Diver (for everyone 12+ years) which is the entry level dive certification. We have a growing number of families (parents + children) who are taking up dive training, making it an exciting and enjoyable family experience. If you have any interest in joining us on one of our trips or just want to enquire about the section, please do not hesitate to contact Karo. Pool sessions are every first Wednesday of the month and the dry meetings with guest speakers, trip reports, quizzes etc. are every third Monday of the month. Sign up if you want to find out why South East Asia is called the epicentre of scuba diving. Martial Arts Taekwondo, Karate and Muay Thai (kickboxing) lessons are being offered at The British Club. Only the Taekwondo section, however, falls under the Clubâ&#x20AC;&#x2122;s direct management. The Taekwondo Section is run by Adam Slater. It is a thankless task as not only is Adam always travelling outside of Singapore

for his commitments at work, but he is also a busy family man. Given that he is a British Club member as well as a dedicated black belt practitioner and a qualified coach, he is the only person trained and qualified to run the Section for the past 8 years. The section students meet at the neighbouring German European School Singapore (GESS) which is opposite the main entrance to The British Club. There are no prerequisites for training, prior experience is not essential and is suitable for children from 6 to 18 years old. Over the last year, however, we have had many adults join the Section as well which has helped to raise the standard of the class and the training. The coaching staff has been offering FOC additional training on Wednesday nights to Section Members at the Aerobics Room (next to the Gym) when there is sufficient number of participants who are able to join.

This has been yet another busy and fruitful year in the Sports Department of The British Club. I want to thank all of the Sports Department staff for all their hard work, you are a great group of people and we are lucky to have you. I would also like to thank all the Convenors of the various Sports Sections for your continual focus, energy, vision and support, especially at the monthly Sports Committee Meetings on a Saturday morning. It has been my privilege to serve as the Sports Chairman over the last year and like I said earlier, this is by far the most popular meeting I attend at the club. Thank you all and hereâ&#x20AC;&#x2122;s to another year of sporting excellence, regardless of your ability!

Stephen Fulton Chairman, Sports Committee

The section has a very experienced head coach with more than 30 years of experience who often brings with him additional visiting Taekwondo coaches who not only have been part of the Singapore Taekwondo Federation for more than two-three

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Ways & Means Committee Report Shaun Matheson Chairman, Ways & Means Committee

Last year the President tasked this Committee to take a good look at the various Food and Beverage outlets we have and come up with ideas for an overhaul, both on concepts and design, if desirable. Due to financial constraints, at least in the beginning of the financial year, we were ‘forced’ to change focus slightly. We kept our dialogues with the Interior architects, and we have worked out plans for certain changes in our various outlets which will be put in force once the financials are in place! To be honest they are quite exciting and members have a good reason to be excited when the time comes to implement them. No money has been wasted as we have secured the drawings etc., at a cost, but ensured they are ours for the future. We were instead tasked to go deep into the concept of food offerings

at the Club as a whole, and then the various outlets, one by one. We also were asked to look into why members seemingly prefer to pay for the minimum spend (subs) rather than actually come up to the club and enjoy a meal or two.

chefs the tools they so badly need to improve on quality, consistency and preparation. This has to be priority number 1 going forward. There has been no change in the kitchens since the Clubhouse was built, and that is now some 30/35 years ago!!

We felt the variety our restaurants are offering to be good and exciting albeit maybe too many items on some of the menus. Furthermore we felt that menus should (and could) be changed more frequently than today. Consistency in preparation from the kitchens throughout the club could be improved together with trying to speed up the delivery of the food. We also agreed our promotions could be improved!

So what have we done so far?

Members will have to remember that all the food is made from fresh ingredients in the various kitchens and it takes time to prepare, as it does in your own home. However, we have members who have had a tendency to ‘cross-order’ items from one kitchen/menu in a different outlet, and expect it served hot and on same time as in the outlet they are dining. This has proved to say the least a very big challenge both for the chefs and the various service staffs which has been acting as ‘runners’. The latter has resulted at busy times to be a real problem for the consistency of the food. Our further findings has revealed, obvious for the informed (and longtime) member that our kitchens are in a real need for a thorough refurbishing and in some cases a total revamp. In order to get up to speed and into the modern world of cooking, we need to give our

We have been working very closely with the Management and Chef Sunny to first of all look into the offerings in all outlets. We have added new items, but also removed the ‘non sellers’ or items rarely ordered. We have brought back signature dishes missed by a number of members! Members will now by the time the magazine has reach your homes be able to come and dine at the club and experience a New Look in all menus (by mid-October). New delicious and exciting tasteful dishes will be offered. Regular changes to the menu will occur. In addition, some exciting offers yet to be revealed will be coming your way. We have added equipment in particular the Windsor kitchen to enable us to offer both Indian and Asian dishes previously ‘cross ordered’ from the Veranda. We have employed an English chef who will improve the ‘English’ pub offerings and western dishes. In doing so we have decided to discontinue the possibility of cross-ordering from other kitchens! A new F & B Manager has been employed to strengthen and assist the team. The staff in the kitchens have under the supervision of Chef Sunny undergone

Lastly, and with a great deal of thought, the Club will be offering on a daily basis promotions in all outlets at affordable prices for groups, singles and couples.

THE BRITISH CLUB

a strict training programme to get them up to standard on the various dishes when it comes to quality and consistency. The same has been done with the service staff under the watchful eyes and guidance of Vinoth. They will know how the food is prepared and what it contains in order to be able to reply to questions if asked by members.

ANNUAL REPORT 2014/2015

Ways & Means Committee Report

In addition we will be offering mid week TODAYS SPECIAL in all outlets at prices which will blow your socks off! You will however have to come up to the Club to experience what these special offers are, as they will only be announced on the day, at the Club. We cannot please all and there will always be room for improvements which the management will have to strive after. However we can truly say considerable efforts and work has been spent by all involved. The enthusiasm in which every staff from the admin, the kitchens and service has met this challenge has been unprecedented and we want to thank each and every one of them for this. The GM and Chef Sunny has thrown all principals and pride over board. They have, together with the rest of staff, tirelessly come up with ideas, solutions and shown a cooperation without which we would not have come so far. I would like to thank my fellow Members of the committee, Mr Andrew Moore and Mr Steve Walker for their contributions, Bon appetit

Shaun Matheson Chairman, Ways & Means Committee

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Club Sponsors and Volunteers 2014/2015 We are very grateful for the contributions made by all our Member volunteers, without whom we would not have such a thriving and exciting Club. To all our corporate partners, a big thank you for your participation and support.

Committees

Club Activities

Development and Health & Safety Committee Co-Chairman – Shaun Matheson Stephen Fulton Malcom Skipp, Darshan Mehta, Christopher Walden

Balut

– David Quinn

Book Club

– Angela Ryan & Martin White

Bridge Group

– Rajesh Chhabara

Disciplinary Committee Chairman – Tony Quek Andrew Vine, Eric Clements, Russell Shield

Craft Ladies

– Maggie Ashman

Mahjong

– Fiona Corbett

Music Section

– Andy Sullivan

Pitter Chatter

– Elaine Dutton

Finance Committee Chairman – Damian Hills Stephen Fulton, Yip Wai Hun, Andrew Dawson, Ashley Nicholas Human Resource Committee Chairman – Adrian Waterton Tony Quek, Shaun Matherson, Eugene Heng Infocomm Committee Chairman – Eric Rogers David Griffiths, Michael Leaver Marketing and Communications Committee Chairman – Patrick Hyde Kate Jeffrey, Caroline Underhill, Sarah McNee, Cynthia Zorlutuna Member Services Committee Co-Chairman – Tony Quek Andrew Moore (Nov 2014 - Jul 2015) Maggie Ashman, Fiona Corbett, Patricia Forrester, David Wong, Michelle Kuek, Stephen Walker, Jeffery Chua, Marc Thng Membership and Rules Committee Chairman – Frank Wong Jeffrey Chua, Antony Melero, Robin Nayak, Don Wang, David Wong Sports Committee Chairman – Stephen Fulton Cricket – Todd Buck Golf – Nicholas Merrow Smith Football – James Morris Martial Arts – Adam Slater Swimming – Emma Thomas, Tory Morris, Helen Tynan Squash – Craig Telmer Scuba – Karo De Beul Men’s Tennis – Joel Krueger Ladies’ Tennis – Sally Morris Ways & Means Committee Chairman – Shaun Matheson Stephen Fulton

Title Sponsors (Best of British) Australian International School Stamford American International School

Official Carrier British Airways

Diamond Sponsors Berkeley Group Classic Moving & Storage Cognita COURTS InsiderTV Resorts World Sentosa Robinsons Rolls-Royce Motor Cars Royal Plaza on Scotts Singapore Shangri-La Hotel at the Shard London Singapore Turf Club StarHub The Body Shop The Fry Group

Supporting Partners Atkinsons Bremont British Theatre Playhouse Cold Storage Expat Living Kenwood Tiger

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Club Management

Standing, from left: S. Sundaram, Philip Yeoh, Ronnie Ng, Sunny Sia, Melati Binti Zainal Abidin, Cynthia Setho, Kurt Tan, Aileen Ong Sitting, from left: Cassie Wong, Michelle Chua, Sean Boyle, Chrisse Olayres, Alice Wong

General Manager Sean Boyle Head of Finance & Facilities Michelle Chua

Housekeeping Manager Melati Binti Zainal Abidin

Executive Chef Sunny Sia

Member Relations Manager Cassie Wong

Head of Activities & Events, Marketing and Member Relations Chrisse Olayres

Marketing Communications Manager Cynthia Setho

Head of Sales Ronnie Ng Catering Sales Manager Kurt Tan Facilities Manager S. Sundaram

Workplace & Safety Manager Philip Yeoh Human Resource Manager Alice Wong Executive Assistant/Office Manager Aileen Ong

THE BRITISH CLUB ANNUAL REPORT 2014/2015

General manager’s Report SEAN BOYLE General Manager

Another year has passed and I am pleased to report that this past year 2014/2015 was a historical and eventful year for the Club. I would like to take this opportunity to thank the Main Committee under the leadership of our President, Steve Settle, for their continued support to the Management. Without this support, we would not have achieved what we have to date. This year has seen an increase of net Members after attrition of 91 and over the past four years, the Club has seen after attrition Membership growth of 380 Members. This is certainly the best the Club has achieved for many years.

This year saw the 3rd Best of British celebrations which were held from 5 – 13 June 2015. These celebrations showcased the very best of British culture in terms of food, sports, entertainment, fashion and the arts. The overall response from our Membership was extremely positive, so much so that we are now with the support of the President and the Main Committee Members, making this an annual event. So, please put the dates in your diary, 3 – 11 June 2016, with the Grand Finale Dinner and Show taking place at the prestigious Shangri–La Hotel Singapore. I look forward to seeing you all during these festivities which are going to be even bigger and better. As we constantly grow our Membership base, we must also keep an eye on our overall service delivery throughout the Club. So, to that end, the Human Resource Department continually conducts the 3 Steps of Service training, mandatory for all employees, including myself. The concept of a Warm Welcome, creating a Magic Moment and a Fond Farewell is now part of the Club’s mantra and is instilled in each and every team member. With the direction and support of the Main Committee, we have upgraded some of our Food &

Beverage outlets, kitchens and sporting facilities to be more in line with our Members’ expectations and in keeping with today’s culinary trends. You would have noticed the new menus at the restaurants and the brand new Children’s Buffet at the Verandah Café. New furniture for Verandah is targeted to arrive by December. Over at sports, the tennis courts had new flooring, the gym was refurbished and is expecting new equipment by year’s end. The festive season will be upon us soon. This year, we have lined up many exciting activities for every member of the family. Kicking off the numerous events will be the Pre-Christmas Ladies Luncheon on Wednesday 11 November, followed by our annual Wine Affair on Friday, 13 November. The Club’s Christmas Bazaar will be held on Tuesday and Wednesday, 17 & 18 November. The Tree Lighting Ceremony has been fixed on Monday, 23 November. Catch Santa and share your Christmas List with him on Saturdays, 5 & 12 December and our very popular Christmas Pantomime – Sleeping Beauty on Sunday 6 December. Decorate your very own Gingerbread House on 12 December and bring your children to our fun-filled Children’s Christmas Party on Sunday 13 December. Finally, watch out for handbells performance as we

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General manager’s Report

have the Festive Bell Ringers drop by the Club on Christmas Eve and Christmas Day. There are also many specially prepared lunches, dinners and buffets from 4 December at Mountbatten Room, The Windsor Arms, Verandah Café & Terrace and SCORES. Be sure to check them out and book early to avoid any disappointment. Our black tie New Year’s Eve Gala 2016, Sailing the High Seas on Board HMS Queen Victoria, is an event not to be missed. Not forgetting the families, we have the overwhelmingly popular New Year’s Eve Family Countdown Party as well at the Verandah Café. To keep our Members connected, we continue our Members Connect Night where the newly joined Members are welcomed to meet existing Members in a relaxed social setting and increasing networking

opportunities. This takes place on the first Thursday of the designated months and is open to all Members; it is a great way to make new friends so please do join us. I have now been at The British Club for some five years and the time has really flown by. I feel very much a part of the BC family. I would like to thank all of the various Committee Members, Section Convenors and supporters for all of their hard work and commitment to the Club for the past one year. This of course is very much appreciated. On a personal note, I must take this opportunity to thank our outgoing President, Steve Settle and Mrs Nikki Settle for their support and friendship which I have cherished over the last 3 years. Steve, it has been an absolute pleasure and privilege to have worked with you and I look forward to the future. As General Manager, it is my great pleasure to

be of service to you all. Please do not hesitate to contact me if I can be of assistance to you at any time. It really just leaves me to thank my team for their ever enduring support. I have to say that as far as I am concerned, we have the best staff in Singapore and what a privilege it is for me to serve with them. They are all so very committed to The British Club’s values every day. I take this opportunity to wish each and every one of you, all the very best for Christmas and 2016 and hope that the New Year ahead brings you all good health and everlasting friendships. Take care and thank you once again for your continued support.

Sean Boyle General Manager

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Highlights of The Year Peranakan Night 2014

Halloween & Guy Fawkes 2014

Christmas Bazaar 2014

ANNUAL REPORT 2014/2015

Christmas Festive 2014

THE BRITISH CLUB

Highlights of The Year

New Year’s Eve Gala: Masquerade Dinner & Ball 2014

New Year’s Eve 2014 Family Countdown Party: Pirates

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Highlights of The Year Lunar New Year Celebrations 2015

Pool Party

Sports

THE BRITISH CLUB

Best of British 2015

ANNUAL REPORT 2014/2015

Highlights of The Year

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Statement by the Main Committee to the Members of The British Club In the opinion of the Main Committee members and in accordance with a resolution of the Main Committee, the financial statements are drawn up so as to give a true and fair view of the state of affairs of the Club at 31 July 2015, and of the results of the business, changes in accumulated fund and reserves, and cash flows for the financial year then ended, and 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 Main Committee

STEPHEN SETTLE President

DAMIAN HILLS Honorary Treasurer Dated: 26 October 2015

We have audited the accompanying financial statements of The British Club (“the Club”), which comprise the statement of financial position as at 31 July 2015, the statement of comprehensive income, statement of changes in accumulated fund and reserves, and statement of cash flows for the financial year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements The Management is responsible for the preparation and fair presentation of these financial statements in accordance with The British Club’s Rules, Societies Act, Cap. 311 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 financial statements and to maintain accountability of assets.

THE BRITISH CLUB

Report on the financial statements

ANNUAL REPORT 2014/2015

Independent auditor’s report to the members of The British Club

Independent 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 Club’s preparation and fair presentation of the financial statements 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 Club’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the 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. Opinion In our opinion, the financial statements are properly drawn up in accordance with the Club’s Rules, Societies Act, Cap. 311 and Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the Club as at 31 July 2015 and the financial performance, changes in accumulated fund and reserves, and cash flows of the Club for the financial year ended on that date.

Foo Kon Tan LLP Public Accountants and Chartered Accountants Singapore, 26 October 2015

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Statement of comprehensive income for the financial year ended 31 July 2015

Note

Year ended Year ended 31 July 2015 31 July 2014 $ $

Operating revenue 4 Staff costs 12 Cost of food, beverage and tobacco Other operating expenses 13

13,759,345 (7,443,398) (2,409,447) (4,300,356)

13,153,835 (7,203,350) (2,293,535) (4,381,016)

Loss before sale of memberships, depreciation, interest and tax (393,856) (724,066) Sale of memberships Transfer and registration fees Expenses relating to sale of memberships

1,567,796 323,427 (174,579)

1,315,307 358,799 (109,694)

Net income from sale of memberships and transfer fees 1,716,644 1,564,412 Profit from operations

1,322,788

840,346

15,597 (1,418,791) (47,947)

6,734 (1,339,574) (13,730)

(128,353)

(506,224)

(1,688)

(1,276)

(130,041)

(507,500)

Interest income on fixed deposits Depreciation of property, plant and equipment 5 Property, plant and equipment written off Deficit before taxation Income tax Deficit for the year

The annexed notes form an integral part of and should be read in conjunction with these financial statements. 34

Note

31 July 2015 31 July 2014 $ $

Assets Non-Current Property, plant and equipment 5 31,646,756 32,780,849 Current Membersâ&#x20AC;&#x2122; accounts receivables 6 998,746 1,023,802 Consumable stocks and stores 222,821 248,379 Other receivables and prepayments 7 215,665 174,987 Cash and bank balances 8 5,520,315 4,398,618 Total assets

6,957,547

THE BRITISH CLUB

as at 31 July 2015

ANNUAL REPORT 2014/2015

Statement of financial position

5,845,786

38,604,303 38,626,635

Accumulated Fund and Reserves Accumulated fund 22,154,869 22,284,910 Asset revaluation reserve 10,678,353 10,678,353 Club contingency reserve 9 2,000,000 2,000,000

34,833,222 34,963,263

Liabilities Current Accounts payables 10 807,233 825,104 Membersâ&#x20AC;&#x2122; deposits and prepaid subscriptions 11 1,765,999 1,656,006 Accrued operating expenses 1,194,874 1,180,975 Income tax payable 2,975 1,287 Total accumulated fund, reserves and liabilities

3,771,081

3,663,372

38,604,303 38,626,635

The annexed notes form an integral part of and should be read in conjunction with these financial statements. 35

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Statement of changes in accumulated fund and reserves for the financial year ended 31 July 2015

Accumulated Asset Club fund revaluation contingency reserve reserve $ $ $

Total $

Balance at 1 August 2013 Transfer to Club contingency reserve Net deficit for the year

23,192,410 (400,000) (507,500)

10,678,353 - -

1,600,000 400,000 -

35,470,763 (507,500)

Balance at 31 July 2014 Net deficit for the year

22,284,910 (130,041)

10,678,353 -

2,000,000 -

34,963,263 (130,041)

Balance at 31 July 2015 22,154,869 10,678,353 2,000,000 34,833,222

The annexed notes form an integral part of and should be read in conjunction with these financial statements. 36

Year ended Year ended 31 July 2015 31 July 2014 $ $

Cash Flows from Operating Activities Deficit before taxation (128,353) (506,224) Adjustments for: Depreciation of property, plant and equipment 1,418,791 1,339,574 Interest income (15,597) (6,734) Property, plant and equipment written off 23,700 13,730 Loss on sale of property, plant and equipment 24,247 Increase in Club contingency reserve - (400,000)

1,322,788 440,346

Decrease/(Increase) in membersâ&#x20AC;&#x2122; accounts receivables Decrease in consumable stocks and stores Increase in other receivables and prepayments (Decrease)/Increase in accounts payables Increase in membersâ&#x20AC;&#x2122; deposits and prepaid subscriptions Increase in accrued operating expenses Decrease in fixed deposits more than three months

25,056 (119,761) 25,558 20,934 (40,678) (18,132) (17,871) 98,814 109,993 71,665 13,899 80,825 124,289 396,562

Cash generated from operations

1,563,034 971,253

Operating profit before movements in working capital

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Statement of cash flows

Interest received Income tax paid

15,597 6,734 - (1,155)

Net cash generated from operating activities

1,578,631 976,832

Cash Flows from Investing Activities Purchase of property, plant and equipment (332,645) (2,233,171) Cash used in investing activities

(332,645) (2,233,171)

Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year

1,245,986 (1,256,339) 1,159,830 2,416,169

Cash and cash equivalents at end of year (Note 8)

2,405,816 1,159,830

The annexed notes form an integral part of and should be read in conjunction with these financial statements. 37

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015 1

General information

The financial statements of The British Club for the year ended 31 July 2015 were authorised for issue in accordance with a resolution of the Main Committee on 26 October 2015.

The British Club is registered in Singapore with its principal place of business and registered office at 73 Bukit Tinggi Road, Singapore 289761.

The principal activity of the Club is to provide social and recreational amenities for its members.

Significant accounting policies

2(a) Basis of preparation

The financial statements are prepared in accordance with Singapore Financial Reporting Standards (“FRS”) including related Interpretations promulgated by the Accounting Standards Council. The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The financial statements are presented in Singapore dollars which is the Club’s functional currency. All financial information is presented in Singapore dollars, unless otherwise stated.

2(b) Interpretations and amendments to published standards effective in 2014/2015 On 1 August 2014, the Club adopted the new or revised FRS and INT FRS that are mandatory for application on that date. These include the following FRS and INT FRS, which are relevant to the Club as a single entity: Reference Revised FRS 27 FRS 112 Amendments to FRS 32 FRS 24

Description Separate Financial Statements Disclosure of Interests in Other Entities Offsetting Financial Assets and Financial Liabilities Related Party Transaction

The adoption of these FRS and INT FRS, where relevant to the Club, did not result in substantial changes to the Club’s accounting policies nor any significant impact on these financial statements.

2(c) New or revised accounting standards and interpretations not effective

At the date of authorisation of these financial statements, the following FRS and INT FRS were issued but not yet effective and which the Club has not adopted early:

Reference Description Improvements to FRSs (February 2014) FRS 40 Investment Property FRS 109 Financial Instruments FRS 115 Revenue from Contracts with Customers

Effective date (Annual periods beginning on or after) 1.1.2016 1.1.2018 1.1.2017

The Main Committee does not anticipate that the adoption of the above FRS, INT FRS and amendments to FRS in future periods will have a material impact on the financial statements of the Club in the period of their initial adoption.

2(d) Summary of significant accounting policies 38

Financial instruments Financial assets and financial liabilities are recognised on the Club’s balance sheet when the Club becomes a party to the contractual provisions of the instrument.

2(d) Summary of significant accounting policies (Cont’d)

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 through the expected life of the financial instrument, or when appropriate, a shorter period.

Financial assets Cash and cash equivalents Cash and cash equivalents comprise cash on-hand and deposits held either at-call or on short fixed terms with banks, less fixed deposits determined as being allocated to the Club’s contingency reserve or deposits held by a bank as collateral for guarantees provided. These amounts are not subject to any significant risk of changes in value as they are denominated in Singapore dollars and are placed with reputable financial institutions.

Members’ accounts receivables and other receivables Members’ accounts receivables and other receivables are initially measured at fair value, and are subsequently measured at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement 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.

Financial liabilities Accounts payables Accounts payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Consumable stocks and stores Consumable stocks and stores comprising beverages, foodstuff, cigarettes and sporting accessories are stated at the lower of cost and net realisable value. Cost is determined on the last purchase price basis. Net realisable value is the estimate of the selling price in the ordinary course of business.

Property, plant and equipment Items of property, plant and equipment are carried at cost or valuation, less accumulated depreciation and any accumulated impairment loss where the recoverable amount of the asset is estimated to be lower than its carrying amount. Depreciation is calculated on a straight-line basis to write off the cost or revalued amount of items of property, plant and equipment over their expected useful lives. The estimated useful lives are as follows:

Leasehold land and buildings Leasehold improvements Office and other equipment Electrical equipment Furniture and fixtures Motor vehicles

The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the items. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.

Subsequent expenditure relating to property, plant and equipment that has been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the standard of performance of the asset before the expenditure was made, will flow to the Club and the cost can be reliably measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred.

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements

over unexpired term of lease which expires in 2081 3 to 15 years 1 to 5 years 10 years 5 years 6 years

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015

2(d) Summary of significant accounting policies (Contâ&#x20AC;&#x2122;d)

For acquisitions and disposals during the financial year, depreciation is provided from the month of acquisition and to the month before disposal respectively. Fully depreciated property, plant and equipment are retained in the books of accounts until they are no longer in use.

Leasehold land, buildings and improvements are carried at their revalued amounts, being the fair value on the basis of their existing use at the date of revaluation, less subsequent accumulated depreciation. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using the fair values at the balance sheet date.

Any revaluation surplus arising on the revaluation of leasehold land, buildings and improvements is credited to the asset revaluation reserve, except to the extent that it reverses a revaluation deficit for the same asset previously recognised as an expense, in which case the surplus is credited to the income statement to the extent of the deficit previously charged. A deficit in carrying amount arising on the revaluation of land and buildings is charged as an expense to the extent that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset. On disposal of a property which is carried at valuation, any revaluation surplus relating to that property is transferred directly to accumulated surplus.

The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.

Depreciation is not provided for work-in-progress.

The estimated useful lives and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

Property, plant and equipment costing $500 or less are not capitalised but expensed in the year of acquisition.

Impairment of tangible assets At each balance sheet date, the Club reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Club estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, such 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 (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Provisions Provisions are recognised when the Club has a present obligation (legal or constructive) as a result of a past event, it is probable that the Club will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Main Committeeâ&#x20AC;&#x2122;s best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. 40

2(d) Summary of significant accounting policies (Cont’d)

Club contingency reserve The Club contingency reserve, which consists of fixed deposits, was established in December 1993 by transferring part of the surplus for the year after taxation to this account. These deposits can only be increased or released with the approval of the Main Committee.

Revenue, fees and subscriptions Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and sales-related taxes. Sale of memberships is recognised as revenue at the time the member is admitted. For members that paid for memberships on an instalment basis, revenue is recognised as and when significant risks and rewards of ownership have been transferred to the members.

Members’ subscriptions are recognised as revenue at the time the subscriptions fall due.

Bar, restaurant and banquet revenue is recognised at the point of sale.

Fruit (Jackpot) machines revenue is recognised on a cash basis.

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements

Other income from rendering of services that are of a short duration is recognised when the services are completed.

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount.

Retirement benefit costs Payments to defined contribution retirement benefit plans (including state-managed retirement benefit schemes, such as the Singapore Central Provident Fund) are charged as an expense when incurred.

Key management personnel Key management personnel consist of the elected Main Committee members who are not remunerated by the Club.

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 Voting Members.

Interest on deposits with financial institutions and income from non-members are subject to tax.

Critical accounting judgements and key sources of estimation uncertainty

(i)

Critical judgements in applying the Club’s accounting policies

In the application of the Club’s accounting policies, which are described in Note 2, the Main Committee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. (ii)

Key sources of estimation uncertainty

The Club does not have any key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 41

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015

Operating revenue 2015 2014 $ $

Bar, restaurant and banquet revenue Membersâ&#x20AC;&#x2122; subscriptions Other income Fruit (Jackpot) machines revenue

5,745,701 5,441,323 4,496,532 4,405,177 3,340,256 3,111,339 176,856 195,996

13,759,345 13,153,835

Other income consists of: Income from lessons 1,207,128 1,112,863 Sales of retail shop items 634,284 547,191 Activities income 360,460 344,515 Income from sports facilities 255,366 264,799 Minimum food and beverage charges 203,512 226,121 Sponsorship income 260,456 204,204 Miscellaneous income 248,762 201,848 Sales of sports items 91,430 110,699 Income from advertisements 78,858 99,099 3,340,256 3,111,339

Property, plant and equipment

Leasehold land, buildings and improvements $

Office and Electrical Furniture Motor other equipment and vehicles equipment fixtures $ $ $ $

Work-in- progress $

Total $

At cost/valuation At 1 August 2013 Additions Disposals Transfers

32,629,664 75,023 (30,438) 1,707,770

At 31 July 2014 Additions Disposals Transfers

34,382,019 3,614,443 394,959 1,375,841 47,915 0,085 39,855,262 65,591 137,303 - 30,606 - 99,145 332,645 (13,074) (99,187) - (7,880) - (23,700) (143,841) - 37,780 - 3,620 - (41,400) -

At 31 July 2015

34,434,536

3,690,339

394,959

1,402,187

47,915

74,130

40,044,066

Accumulated depreciation At 1 August 2013 1,735,641 Depreciation 937,176 Disposals (19,106)

2,927,749 275,357 (129,439)

209,320 30,534 -

972,169 93,355 (1,530)

40,035 3,152 -

- - -

5,884,914 1,339,574 (150,075)

At 31 July 2014 Depreciation Disposals

2,653,711 3,073,667 1,028,460 253,182 (6,881) (81,195)

239,854 1,063,994 43,187 30,137 103,860 3,152 - (7,818) -

- 7,074,413 - 1,418,791 - (95,894)

At 31 July 2015

3,675,290

3,245,654

269,991

1,160,036

46,339

8,397,310

Net book value At 31 July 2015

30,759,246

444,685

124,968

242,151

1,576

74,130

31,646,756

At 31 July 2014

31,728,308

540,776

155,105

311,847

4,728

40,085

32,780,849

3,392,607 340,129 (129,933) 11,640

380,759 1,202,995 47,915 131,956 37,785,896 14,200 131,202 - 1,672,617 2,233,171 - (3,434) - - (163,805) - 45,078 - (1,764,488) -

Property, plant and equipment (Cont’d)

The leasehold land, buildings and improvements were valued at $32,000,000 by CB Richard Ellis (Pte) Ltd, a firm of independent professional valuers, on an open market value basis as at 14 September 2011. The net surplus of $5,880,712 (comprising revaluation increase in cost of $2,212,537 and elimination of accumulated depreciation on revaluation of $3,668,175) arising from the property revaluation had been credited to the Asset revaluation reserve in the financial year ended 31 July 2011.

At 31 July 2015, had the leasehold land, buildings and improvements been carried at historical cost less accumulated depreciation, their aggregate carrying amount would have been $21,232,244 (2014 $22,037,309). 6

Members’ accounts receivables

2015 2014 $ $

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements

Members’ accounts receivables 1,018,331 1,058,828 Allowance for impairment of members’ accounts receivables Balance at beginning (35,026) Provision for the year (Note 14) (12,202) (35,026) Allowance written off 27,643 Balance at end

(19,585) (35,026)

Net members’ accounts receivables

998,746 1,023,802

Other receivables and prepayments

2015 2014 $ $

Other receivables Deposits Interest receivable Prepayments

90,963 97,932 15,005 19,471 4,058 2,834 105,639 54,750

215,665

Cash and bank balances

174,987

Cash in hand and at banks Fixed deposits - Club contingency reserve (see Note 2(d)) Other fixed deposits

2015 2014 $ $ 2,692,206 1,484,331 2,000,000 2,000,000 828,109 914,287 5,520,315

4,398,618

The fixed deposits with financial institutions mature on varying dates within 12 months (2014 – 6 months) from the financial year end. The weighted average effective interest rate of these deposits for the year ended 31 July 2015 is 0.52% (2014 - 0.21%) per annum.

Fixed deposits of $160,000 (2014 - $160,000) are held as collateral for the bank guarantees relating to the Club’s power supply (Note 16).

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015

Cash and bank balances (Cont’d)

Fixed deposits of $339,000 (2014 - $339,000) are held as collateral for the unutilised banking facilities.

For the purpose of the cash flow statement, the year-end cash and cash equivalents comprise the following:

Balance as above 5,520,315 4,398,618 Less: Deposits associated with Club contingency reserve (Note 9) (2,000,000) (2,000,000) Fixed deposits pledged (499,000) (499,000) Fixed deposits not pledged but more than 3 months (615,499) (739,788)

Cash and cash equivalents per cash flow statement

Club contingency reserve

2,405,816

1,159,830

2015 2014 $ $

Balance at beginning Increase in Club contingency reserve

2,000,000 1,600,000 - 400,000

Balance at end of year (Note 8)

2,000,000 2,000,000

On 2 June 2014, the Main Committee approved the increase of the Club contingency reserve from $1,600,000 to $2,000,000 in order to maintain adequate cash balances to safeguard the Club’s ability to continue as a going concern.

Accounts payables

Trade creditors Other creditors

2015 2014 $ $ 383,680 292,428 423,553 532,676 807,233

825,104

Members’ deposits and prepaid subscriptions

2015 2014 $ $

Members’ deposits Membership subscriptions received in advance

1,388,055 1,282,806 377,944 373,200

1,765,999 1,656,006

2015 2014 $ $

Staff costs

Wages and salaries Employer’s CPF contributions Other staff benefits

2015 2014 $ $ 6,378,648 6,165,215 519,069 434,898 545,681 603,237 7,443,398

7,203,350

Other operating expenses

Electricity and water Instructors’ fees Music, entertainment and complimentary Maintenance and housekeeping Restaurant and bar supplies Activities expenses Security services Property tax Fruit (Jackpot) machines operating expenses Fuel Laundry expenses Club bus expenses Printing, stationery and postages Miscellaneous Sports centre expenses Sports shop supplies Club magazine expenses Computer and related expenses Member benefits Membership expenses Retail shop supplies Bank charges Advertising and publicity expenses Auditor’s remuneration Operating assets expensed Insurance Communications Library books, magazines and newspapers Professional fees

2015 2014 $ $

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements

534,295 652,061 479,061 426,175 435,410 445,843 404,648 349,193 385,506 353,588 329,085 326,951 240,000 216,000 222,600 215,500 171,071 179,392 121,370 125,707 111,103 113,848 110,400 104,760 98,231 106,016 96,700 94,921 85,455 93,292 64,608 75,788 61,451 66,457 57,980 72,588 55,975 44,350 43,193 31,813 40,596 34,146 35,374 38,817 25,521 25,840 21,000 21,400 18,880 35,165 18,330 18,330 14,191 15,946 11,322 10,958 7,000 86,171 4,300,356 4,381,016

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015

Profit from operations

Profit from operations for the year has been arrived at after charging:

Auditor’s remuneration Other fees paid to auditor of the Club * Impairment of receivables (Note 6)

21,000 21,400 7,060 7,060 12,202 35,026

* Professional services rendered in connection with the reports to the authorities governing the Fruit (Jackpot) machines’ operations.

Income tax

2015 2014 $ $

1,688 1,287 - (11)

Current taxation Over provision of taxation in respect of prior years

1,688

1,276

Notwithstanding Section 11(1) of the Singapore Income Tax Act, under which the Club’s income is exempted from income tax, if more than 50% of its gross receipts come from its Voting Members, interest income remains taxable by reference to Section 10(1) (d) of the Singapore Income Tax Act.

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2014 - 17%) to deficit before income tax as a result of the following differences:

Deficit before taxation

Tax at statutory rate of 17% Overprovision of taxation in respect of prior years Tax effect on non-deductible expenses Others 16

Contingent liabilities

As at 31 July 2015, the following contingent liabilities existed:

2015 2014 $ $

2015 2014 $ $ (128,353) (506,224) (21,820) (86,058) - (11) 19,523 85,208 3,985 2,137 1,688 1,276

2015 2014 $ $ 64,400 109,000

Bank guarantees (secured)

Fixed deposits of $160,000 (2014 - $160,000) are held as collateral for the bank guarantees relating to the Club’s power supply (Note 8).

Operating lease commitments

Where the Club is the lessor At the balance sheet date, the Club has contracted with a tenant for the lease of certain of its premises with an original term of more than one year:

2015 2014 $ $

Leases which expire: Not later than one year 12,000 9,600 Later than one year and not later than five years 7,500 - Later than five years - -

19,500 9,600

The lease on the Clubâ&#x20AC;&#x2122;s premises on which rentals are receivable will expire on 14 March 2017. The current rent receivable on the lease includes a fixed rental of $800 per month and a contingent rental of 12% commission based on first $5,000 of revenue collected and 15% commission based on incremental revenue collection between $5,000 and $10,000 and 18% commission based on any incremental revenue collected above $10,000 in the respective month.

Where the Club is the lessee At the end of the reporting period, the Club was committed to making the following rental payments in respect of the use of facilities for football and cricket with an original term of more than one year:

Not later than one year Later than one year and not later than five years Later than five years

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements

2015 2014 $ $ 31,200 52,800 - 84,000 -

Future capital expenditure

Commitments for the acquisition of property, plant and equipment not provided for in the financial statements:

Expenditure approved and contracted for at year end

2015 2014 $ $ 311,967 -

THE BRITISH CLUB ANNUAL REPORT 2014/2015

Notes to the financial statements for the financial year ended 31 July 2015

Financial risk management objectives and policies

19.1 Credit risk

Credit risk refers primarily to the risk that members will default on their obligations to repay the amount owing to the Club, resulting in a loss to the Club. The Club has adopted procedures to monitor collections and default of payments from members.

The maximum exposure to credit risk in the event that the members fail to perform their obligations is the carrying amount of members’ accounts receivable as stated in the balance sheet less deposits, if any. The Club has no significant concentration of credit risk with any single member or group of members.

The Club places its cash with reputable institutions and manages its other credit risk by monitoring closely its outstanding balances with each of the counter parties.

The normal credit term is 30 days.

The ageing analysis of members’ accounts receivables past due but not impaired is as follows:

2015 2014 $ $

Past due 1 to 30 days Past due 31 to 60 days Past due over 61 days

69,260 90,254 14,103 11,306 20,857 17,722

104,220 119,282

Based on historical default rates and exclusive of balances included in the year end impairment provision, the Club believes that no impairment allowance is necessary in respect of trade receivables not past due or past due up to 3 months. These receivables are mainly arising by members that have a good credit record with the Club.

19.2 Interest rate risk

The Club’s cash and fixed deposits are exposed to financial market risk due to fluctuations in interest rates, which may affect the Club’s interest income.

19.3 Foreign currency risk

The Club is not exposed to foreign currency risk as its transactions are denominated in Singapore dollars, which is the Club’s functional currency.

19.4 Liquidity risk

Liquidity risk arises from the possibility that the Club may not be able to guarantee sufficient cash surplus or have sufficient accumulated cash surpluses to fund its ongoing operating activities. Management believes that liquidity risk is minimal as the Club maintains sufficient funds to meet its routine obligations. Additionally, deposits equivalent to the Club contingency reserve are maintained for any contingent needs subject to approval by the Main Committee of the Club.

Fair values of financial assets and liabilities

The carrying amounts of financial assets and financial liabilities reported in the balance sheet represent their respective net fair values determined in accordance with the accounting policies and methods adopted in respect of each financial asset and financial liability as disclosed in Note 2 to the financial statements.

Management of Club’s funds

The Club’s objectives when managing its capital, consisting of accumulated fund, are:

(a) to safeguard the Club’s ability to continue as a going concern;

(b) to support the Club’s stability and growth; and

The Club actively and regularly reviews, monitors and manages its funds to ensure optimal structure taking into consideration the future fund requirements of the Club, prevailing and projected probability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities.

There were no changes in the Club’s approach to fund management during the financial year.

The Club is not subject to externally imposed fund requirements.

THE BRITISH CLUB

for the financial year ended 31 July 2015

ANNUAL REPORT 2014/2015

Notes to the financial statements