annual report 2019 - tmcc · ronald ong gillian sim siu lin tan kah han wee jim hock daniel yeo...

ANNUAL REPORT

OUR FUTURE

2019

REINVENTING

FY2019 was a year of excitement and anticipation for TMCC. Operations at Tampines Course went back into full swing, and the Club was busy preparing to welcome the reconfigured Garden Course. During the year, we worked closely with our stakeholders, staff and members to grasp exciting new opportunities and manage the transformation smoothly. The theme for this year’s annual report, REINVENTING OUR FUTURE befits the Club which has journeyed through much change and uncertainty to rise stronger, better, and ready for the future. With upgraded facilities and amenities, coveted events plus the renewed and growing interest in TMCC, we are seeing great promise in uplifting our stature as a premier club. The theme also reflects our resolve to be a beacon of change not just within the Club, but also beyond. We aim to set new standards by way of initiatives such as record-breaking charity efforts and green practices for others to follow so that together, we can experience a brighter day.

With our members, we look forward to raising our Club’s status as among the most coveted memberships in the region, with leaders and members that are united to achieve great things.

cONTENTs

04 General Committee 2019 – 2020

05 Committees & Subcommittee 2019 – 2020

06 Message from the President

10 Management’s Report

14 Captain’s Report

18 Treasurer’s Report

20 Food & Beverage Convenor’s Report

24 House & Recreation Convenor’s Report

28 Marketing Convenor’s Report

32 Notice of Annual General Meeting

33 Statement by the General Committee

34 Independent Auditor’s Report

36 Statement of Financial Position

37 Statement of Revenue or Expenditure

and Other Comprehensive Income

38 Statement of Movements in Funds

39 Statement of Cash Flows

40 Notes to Financial Statements

64 Committee Attendance Records

66 Membership Strength

67 Club Officials

68 Mission Statement

TANAH MERAH COUNTRY CLUB ANNUAL REPORT 20194 5TANAH MERAH COUNTRY CLUB ANNUAL REPORT 2019

STANDING (Left to Right):David Soh Sai Sim (Vice Captain), Dr Goh Hoon Pur, Ronald Ong, Benny Tay Yew Lim (Convenor, Food & Beverage), Kazuo Sugino (Convenor, House & Recreation), Wee Jim Hock, Gillian Sim Siu Lin, Joey Chang (Convenor, Marketing), Tan Kah HanDaniel Yeo Chin Tuan

SEATED (Left to Right):Victor Liew Cheng San (Treasurer), Lee Kwong Weng (Vice President), Ho Beng Huat (President), Ng Kee Choe (Chairman), Choo Chiau Beng (Deputy Chairman) & Lee Lian Hong (Captain)

GENERALcOMMITTEE 2019 2020

GENERAL COMMITTEE Chairman Ng Kee ChoeDeputy Chairman Niam Chiang Meng (From 1 Jan 2020)

Choo Chiau Beng (Till 31 Dec 2019)

President Ho Beng HuatVice President Lee Kwong WengCaptain Lee Lian HongTreasurer Victor Liew Cheng SanConvenor, Benny Tay Yew Lim Food & Beverage Convenor, Kazuo Sugino House & RecreationConvenor, Marketing Joey ChangVice Captain David Soh Sai SimMembers Goh Hoon Pur Ronald Ong Gillian Sim Siu Lin Tan Kah Han Wee Jim Hock Daniel Yeo Chin Tuan EXCOPresident Ho Beng HuatVice President Lee Kwong WengCaptain Lee Lian HongTreasurer Victor Liew Cheng SanConvenor, F&B Benny Tay Yew LimConvenor, H&R Kazuo Sugino

AUDIT COMMITTEECommittee Chairman Choo Chiau BengMembers Chris Liew Peng Fook Ernest Seow Teng Peng Peter Sim Swee Yam Po’ad Bin Shaik Abu Bakar Mattar Teoh Tee Hooi

MARkETING COMMITTEEConvenor Joey Chang (Newly formed on November 2018)

FINANCE COMMITTEETreasurer Victor Liew Cheng SanMembers Lee Kwong Weng Wilfred Goh Teck Yew Ronald Ong Tan T Kiang Wee Jim Hock Daniel Yeo Chin Tuan

FOOD & BEVERAGE COMMITTEEConvenor Benny Tay Yew LimMembers Chan Wing Leong Charles Quek Frankie Chua

HOUSE & RECREATION COMMITTEEConvenor Kazuo SuginoMembers Joseph Cheang Eng Cheng Lim Kong Wee Gary Ong Kian Heng David Ong Kim Huat May Schooling Tan Boon Huat

GREENS COMMITTEECaptain Lee Lian HongVice Captain David Soh Sai SimLady Captain Gillian Sim Siu LinMembers Harry Chua Chin Nam Joey Chang Hia Hui Kim Jerome Ng En Yong Francis George Remedios Tan Boon Hoo

GARDEN REDEVELOpMENTCommittee Chairman Ho Beng HuatMembers Dr Goh Hoon Pur Hia Hui Kim Lee Lian Hong David Soh Sai Sim

TAMpINES REDEVELOpMENTCommittee Chairman Ho Beng HuatMembers Chan Thiam Seng Dr Goh Hoon Pur Goh Hup Chor Lee Kwong Weng Lee Lian Hong David Soh Sai Sim

DISCIpLINARy pANEL Committee Chairman Lee Kwong WengMembers Chris Liew Peng Fook Dr Goh Hoon Pur Ler Seng Ann Dr Neo Eak Chan Gillian Sim Siu Lin L Shekaran

LADIES GOLF SUB-COMMITTEELady Captain Gillian Sim Siu LinMembers Lynnette Yeo Ee Lyn Sarah Tan Yeo Su Lynn

cOMMITTEEs 2019 2020


The new Tampines Course saw its first full year of operation in 2019 and was officially opened by Club Patron Emeritus Senior Minister Goh Chok Tong on 23 February 2019. The Charity event on the official opening day raised $570,000 for the Mediacorp Enable Fund, Down Syndrome Association and Stroke Support Station to the credit of our Marketing team. Tampines has quickly established itself as a favourite for holding corporate events with its challenging championship layout and a beautiful banquet hall and clubhouse overlooking the golf course.

March 2019 also marked the closure of the Garden Course and Garden Golfers’ Terrace as the Club embarked on the redevelopment of the Garden Course inside a smaller site area after a further 10 hectares of land was acquired by the Land Transport Authority for road expansion. To retain an 18-hole golf course inside an area of 44 hectares is a challenge. The Club engaged the services of renowned golf course architects, Robert Trent Jones II (RTJ II), to take on this task. We were not disappointed as RTJ II sculpted a beautiful Par 71 golf course out of the truncated old Garden Course which may be described as “shortish” but not easy and incorporating five intriguing Par 3 holes, one of which may well qualify to be the most challenging Par 3 hole in Singapore. The design style of the new Garden Course is purposely a contrast to the Tampines Course to offer members the choice of two distinct golfing experiences at TMCC.

The closure of Garden from March 2019 was an inconvenience we reluctantly imposed on members, conscious that Tampines reopened only in April 2018 after a 16-month closure. Members again had to queue up at unearthly hours to make sure they get their favourite time slots for weekend bookings. Knowing this, the Garden Development Committee pushed for the shortest possible construction time to redevelop the Garden Course. I must commend the contractor, TEHC International,

and the Garden Project Team for completing the whole project within a period of just eleven and a half months.

Garden reopened for play on 10 February 2020 with an enthusiastic response from members. I am heartened to hear so much positive feedbacks. Yes, we will improve on some of the safety issues brought up. Action has also been taken to tweak some tee box positions and put in additional plantings as screens. We will do more finetuning as we get more feedback. But the overwhelming initial reaction is that members really enjoy the new Garden Course with its ingenious use of space in a tight layout. With both golf courses fully opened, slot bookings are back to normal and easily available, even during weekends, if members are flexible with their time slots. Slot availability is a key attraction of TMCC.

The completion of the redevelopment of both Tampines and Garden marks the completion of all the necessary “hardware” of the Club after the renewal of our land lease until 2035 for Garden and 2040 for Tampines. The next steps would be to raise the level of our service and the quality of activities in the Club to match our two new golf courses and ample facilities. Working on “software” improvements will require upgrading the skills of our staff and establishing a new mindset to deliver better service and create new interesting activities.

PREsIDENT

You have our commitment we will work to uphold our heritage of excellence.

HO BENG HUAT

MEssAGE FROM THE


FOOD & BEVERAGE

In FY2019 F&B suffered an operating deficit of $641,332 which is higher than the deficit of $558,325 in FY2018. Much of the poor performance is attributed to the closure of the Garden Course for much of 2019 and the consequent reduction in the number of banquet events. We expect performance to improve from 2020 with full operations at both locations.

Our Garden View Restaurant continues to be popular with members praising the food quality and good service. The Tampines Golfers’ Terrace is now expanded in the new clubhouse and strategically located with a panoramic view of the golf course. As for the Tampines Clubhouse, it comes with a large beautiful banquet hall ideal for private events and corporate parties. The Garden Golfers’ Terrace has also been upgraded but retains its old charm in an intimate setting. TMCC will endeavour to achieve more banquet sales and make good use of our new facilities.

HOUSE & RECREATION

While golf is the main activity at the Club, we also strive to take care of the needs of our non-golfing members and guests. Kudos to the Marketing team and the House & Recreation Committee for organizing many social, sports and recreation activities, such as social dancing nights, tennis, swimming and active lifestyle courses. Cooking and kitchen workshops remain popular. Children’s events such as Sports Camp, Christmas Party, Adventure Camp as well as Family Day were well attended, thanks to our Sports team.

One new initiative is our Go-Green campaign with a Go Green Kit for members containing a stainless-steel water bottle and reusable laundry bag to support the worldwide environment campaign to reduce the use of plastic bottles, cups, bags and food packaging. The Club would like to increase the level of non-golfing activities to feature more variety and better serve members. While the staff will try their best to promote new activities

or renew existing programmes, one issue is often the lack of response from members. I understand that perhaps the activities may not be appealing enough. But it is something the Committee would like to ponder over further and see how we can organize more activities which are popular with members.

ACkNOWLEDGEMENTS

The last few years were critical years for the Club as we went through a major development phase. We came through it smoothly delivering two new golf courses, a new Tampines Clubhouse and a refurbished Garden Terrace and changing rooms. This task would not have been possible without the hard work of the Management and staff and Development Committee members as well as the support from our Chairman, Deputy Chairman and General Committee members with the budget and swift endorsement of proposals.

To our members, thank you for putting up with the inconveniences and standing by your Committee patiently the last few years. You have our commitment we will work to uphold our heritage of excellence.

I look forward to even better years ahead with our completed new facilities.

MEssAGE FROM THE PREsIDENT

HO BENG HUAT

I am pleased to report that, to leverage on our championship golf course at Tampines, we will be hosting two high profile international events, namely, the World Amateur Team Championship in October 2020 and the inaugural Singapore Women’s Open in November 2020. With our two new courses completed, the Club is ready to return to staging premier top events in international golf and position TMCC as one of the top golf clubs in Asia.

FINANCE

The closure of the Garden Course for much of FY2019 put a strain on our finances. We tried to manage cost where possible by minimising casual labour and overtime expenses as well as keeping the various departments under a tight budget.

FY2019 saw an operating deficit of $2.78 million, which was slightly better than the deficit of $2.98 million in FY2018. With full facilities at both locations operating from mid-February 2020, we look forward to returning to an operating surplus in FY2020 although we are realistic about the cost increases we face every year.

Non-operating results was boosted by a one-time severance claim payment of $2.9 million by the Singapore Land Authority as final settlement for their earlier acquisition of land at Garden Course for the expansion of Changi

Airport. Hence, the non-operating deficit for FY2019 was much reduced at $3.80 million compared to $13.85 million in FY2018. Overall, we incurred a net deficit of $6.58 million compared to a net deficit of $16.83 million the year before.

Our cash and cash equivalent continued to be depleted as we spent substantially on the redevelopment of the Garden Course in FY2019 which resulted in a balance of $29.87 million as at 31 December 2019, down from $57.95 million as at 31 December 2018. The Club, going forward, will have to slowly build up its cash reserves to bring us back to a more robust financial position.

GOLF

Members had to endure the closure of the Garden Course for much of 2019. I expect members to be well pleased with the timely reopening of the Garden Course in February 2020 and to enjoy the RTJ II style and design of the golf course.

The Tampines Course has been maturing well with green speed up to 10 or more. Members have got used to the unique greens of Tampines and taken the undulations as a challenge and test of skills. I am happy that Tampines will be the venue for two major international events in late 2020 - the World Amateur Team Championship and Singapore Women’s Open. We will see how some of the best amateur and professional golfers in the world take on the challenges at Tampines. These high-profile events will enhance the reputation and prestige of our Club.

We continue to explore opportunities for our members to play at reciprocal and affiliate clubs overseas. In March 2019 we signed a reciprocal agreement with Saujana Golf and Country Club in Kuala Lumpur. We are also working on an affiliation agreement with the Shinwa Golf Group in Japan which will cover partnership with the Group’s six high-end private golf clubs around the Osaka-Kyoto area.


FY2019 was an eventful year for everyone at TMCC. As we took on the first full year of operations for our redeveloped Tampines Course, we also rallied together to ready our Garden Course for its reopening in February 2020 after eleven and a half months of closure for upgrading works.

I am glad to report that Tampines is running smoothly. The greens are maturing nicely, giving members a superb golfing experience on the championship course. Members now have an easier time booking weekend golfing slots with half of the slots made available for online booking, compared to 20% previously. This arrangement saves our members precious time as it reduces the need for them to do walk-in bookings.

Having been closed for almost a year, the Garden Course re-opened for play on 10 February 2020. While we celebrate the rebirth of our beloved Garden Course, we continue to focus on enhancing our operations, course conditions, and facilities. We have outsourced the Golf Course Maintenance at Garden Course to an experienced vendor, as the Club continue to face manpower issues in tackling this important but arduous task. This outsourcing model also enables us to address long term issues in relation to reducing the ratio of foreign manpower to locals. As our revitalised Garden is still very new, there may be areas that are still a little rough around the edges and we welcome feedback on any areas of improvement. Your support will go a long way in helping us enhance the quality of your experience and enjoyment in the Club.

MEMBERSHIp STRENGTH AND REVENUE

Membership strength has decreased by 27 from last year’s 2,920 to 2,893 due to expiring Term memberships and resignations from Subscribing A and B members. Our Membership department has been working closely with the Marketing team to attract new Term members with more aggressive marketing means through social media, media publicity and events.

On the revenue front, we generated $1,085,508 from corporate golf events, compared to $590,340 in FY2018. This performance was largely due to the reopening of the new Tampines Course which attracted many Corporate clients to host their golf events in TMCC; with a total of 41 event days throughout 2019.

GROOMING AND ATTRACTING TALENTS

TMCC recognises that our people are a key driving force behind our success and achievements. During the year, we worked on strengthening our workforce. We held a two-day team building workshop for our executives and Heads of Departments at the beginning of 2020, in addition to rewarding our staff for their efforts and contributions to the Club. In FY2019, 18 staff received Long Service Awards, 10 won Best Employee Awards in Service Excellence, and 1 team received Best Team for Work Improvement & Productivity. Staying true to our belief in building a happy workforce, we hosted a Staff Day that took place on 18 Nov 2019 in appreciation of our hardworking employees and would like to take the opportunity to acknowledge their efforts made to the Club.

In FY2019, we welcomed new additions to the TMCC family. During the year, we filled new roles in business development as part of our strategy to boost sales and revenue for the Club. We appointed our new Director of Business Development, Mr Kevin Khoo, in December 2018. Kevin oversees the Sales & Marketing as well as the F&B departments, with the

MANAGEMENT’s

TMCC’s success on our journey of reinvention is the result of the

combined contributions of the whole team at all levels.

KOK MIN YEE

REPORT


MANAGEMENT’s REPORT

key responsibility of driving more revenue opportunities for the Club. Also new on board is Sales & Marketing Manager, Ms Sally Chua, who will be responsible for maximising sales from corporate golf events and other potential income-generating prospects, plus managing the overall marketing communications and public relations for the Club. Our new F&B Manager, Mr Glenn Lee, is overall in charge of F&B, managing the daily operations for all outlets as well as our banquet business. I am confident that their knowledge and expertise will help build a better and stronger TMCC.

We also looked into measures to better ensure the well-being of our security staff. Previously, we had to call our in-house security officers back from their off-days when we were short-handed. We have now sought the services of ad-hoc officers, so that our in-house officers can get adequate rest, and consequently, be at their best when on the job.

IN TOUCH WITH MEMBERS

TMCC regularly engages our members to keep them in touch with happenings at the Club and also to maintain an open line of communication with the view to enhancing members’ experience. We communicate with our members in various ways - posters, monthly printed newsletters, our website, our e-newsmagazine, as well as our social media channels such as Facebook and Instagram. We also continue to conduct our annual Member Satisfaction Survey to gather feedback from members. We now have a social media presence, which enables us to better reach out to our members, the golfing fraternity, as well as corporate partners. Since we started our social media journey in October 2019, updates

on the Garden Redevelopment works have been especially popular, garnering an organic reach of about 1,330 as at 12 December 2019. More avenues of communication, both digital and physical, can be expected. For example, we are looking into using WhatsApp groups to send timely updates to our members when they are on the go. Buggy notices are another option, as members and guests can easily spot them while playing golf.

Last year, I mentioned that we were targeting to roll out a Club Management System (CMS) in 2019. This system includes features such as enhanced and mobile applications to ease members’ efforts in personal administration matters, as well as a feedback channel. It will also facilitate better flow of information amongst our departments so that tasks can be performed more efficiently. Unfortunately, this project met with some unexpected delays. We have since appointed a new vendor with a good track record of building CMS for other established clubs and we look forward to its completion in mid to late 2020.

MORE THAN JUST GOLF

The Club continued to organise social events to bring members and guests – both golfers and non-golfers – together in good cheer.

Particularly memorable was TMCC’s signature event, the New Year’s Eve Countdown Party. The celebration saw members and guests coming together at our beautiful Tampines Banquet Room to welcome 2020. Another event that brought our members together in a celebratory mood was the Lunar New Year Celebration 2020, which saw members golfing at the new Tampines Course earlier in the day, prior to the spectacular lion and dragon dance performances followed by a scrumptious dinner including a mandatory lo hei prosperity toss to ring in the year of the Rat. Our marquee family event – the TMCC Family Day – saw a record turnout of almost 400 participants, held for the first time at the new Tampines Clubhouse. There was something for everyone including Karaoke contests, colouring contests, carnival games, foot massages, and a delectable food spread. Prize presentations and a lucky draw added to the fun and cheer.

Our two social dancing nights – ‘Let’s Dance, Rumba and Cha Cha’ and ‘Golden Oldies Night’ – had 164 participants where members enthusiastically showed off their dance moves. We also continued to hold cooking workshops, as well as dance and fitness classes, which were well-received as always.

GASTRONOMIC FEASTS

Great spreads have always been a highlight in many of our events, thanks to the F&B Department, which always goes all out to prepare sumptuous feasts for our members and guests. Besides supporting our festive celebrations, social events and gatherings, the team also served up tantalising delights for our corporate clients. The annual Oktoberfest is another highlight of ours that is well-received by our members and we look forward to hosting it again this year.

kEEpING THE CLUB IN TIp-TOp CONDITION

Raising standards of excellence is more about just maintaining world-class courses and providing impeccable service. It is also about keeping our amenities and facilities in pristine condition and creating a safe environment for all. On our regular site inspections, we identified various locations around the Club that need upgrading. As a result, in FY2019, the Garden Halfway House and Rain Shelters were retrofitted, and deteriorated granite floor tiles at the Garden Golfers’ Terrace were replaced. Some parts of the Club, such as the Main Lobby, Buggy Charging Station and Garden Course Maintenance Workshop, have been given fresh coats of paint.

TMCC prides itself on keeping all on our premises safe, and we constantly review our operations and facility to ensure high levels of safety on our premises. On our regular risk assessment exercises, we identify and address potential safety hazards around the Club. The glass doors at the Tampines Clubhouse were potentially accident prone. Members were struggling to hold these doors during windy conditions. One of the glass doors was actually shattered when a strong gust of wind swung the door open violently. Five sets of the glass doors at Tampines Clubhouse have since been

replaced with automatic sliding ones. Other safety enhancements include new handrails at ramps and staircases and coloured nosing on staircases and entrance kerbs. Measures have also been implemented to ensure that these areas are adequately lit.

CARING MORE, GREENING MORE

TMCC has always believed in reducing our impact on the environment. In FY2019, we stepped up our green initiatives across the Club. We have stopped giving out plastic straws at our F&B outlets. We have also replaced our plastic takeaway boxes with more environmentally friendly options such as paper alternatives. We are phasing out our disposable laundry bags and we are giving all members a TMCC personalized re-useable laundry bag. Moving forward, we will be focusing on implementing even more eco-friendly alternatives across the Club.

HEARTFELT AppRECIATION

TMCC’s success on our journey of reinvention is the result of the combined contributions of the whole team at all levels. My sincere gratitude goes out to Club President Mr Ho Beng Huat, Chairman Mr Ng Kee Choe and Deputy Chairman Mr Choo Chiau Beng, members of the General Committee and Subcommittees, for their guidance and wise counsel.

Credit also goes to TMCC staff for their verve in helping the Club achieve excellent standards. It is this dedication that has seen the Club through our challenges over the years. Equally important, I thank our members for their consistent support, as well as their generous feedback and suggestions that have helped us in scaling up our service quality.

It has been quite the journey for TMCC, and I look forward to an exciting new year. Cheers to 2020!

KOK MIN YEE


TMCC’s 2018-2020 term was a hive of redevelopment activities. The new Phil Jacobs-designed Tampines Course was opened for play in April 2018 after a 16-month redevelopment period. Owing to the planned East Coast Parkway expressway expansion project that will result in some 10 hectares of land being taken back by the Land Transport Authority, preparation work for the new Garden Course was stepped up to finalise the necessary selection of the Course Designer, various professionals and contractor for the redevelopment works to start in March 2019.

TMCC is now complete again – operations at the new Tampines Course are in full swing, and the new Garden Course was reopened on 10 February 2020. It has been a period of rejuvenation for the Club, not just in terms of raising the quality of our renowned golf courses, but also in re-establishing the premier status of TMCC and enhancing the value of the Club for our members. GOOD RECEpTION FOR TAMpINES Since the Tampines Course and Clubhouse officially opened on 23 February 2019, we have generally received positive feedback from members, guests and clients. Many enjoy the new and unique experience of playing on the versatile 18-hole course that challenges golfers of various levels. They also find the undulating greens and length of the course challenging and aesthetically pleasing, which make their rounds of golf more memorable.

Enhancements at the practice areas have been made as part of our ongoing efforts to improve the golfing experience. To sharpen the short game, the two chipping and putting green complexes have been set up to simulate actual course playing conditions closely. Centre-line coloured poles have been installed to help golfers better judge how far they are hitting their balls down the driving range. The range facility now also includes a 20-seater training room which can be used for purposes such as rules and etiquette sessions, junior coaching programmes, seminars, corporate golf events and golf equipment launches.

2020 is going to be an especially exciting year for the Tampines Course. Firstly, we will be a venue partner alongside Sentosa Golf Club for the prestigious World Amateur Team Championship (Espírito Santo and Eisenhower Trophy) from 12 to 24 October 2020, which will bring together the top men and ladies amateur players from 72 countries. We will also be hosting the inaugural Singapore Women’s Open 2020 at the Course. To be held from 6 to 8 November, the event will see some of Asia’s best lady golfers battling for the KRW 1,000,000,000 (US$ 864,000) purse. TMCC is honoured to be selected to be part of these prestigious championship events.

EXCITING TIMES AHEAD FOR THE GARDEN COURSE

After members played the last round on 24 February 2019 at the “Memories of Garden & Celebrating 36 Years event”, redevelopment works started immediately with the target to complete the course in 11 months.

The Robert Trent Jones II-designed Garden Course has proven to be a quality 18-hole par 71 course, spanning over 5,700 metres long despite a reduced land size of 44 hectares. Styled very differently from the Tampines Course, it provides members and guests with a refreshing alternative experience. It will be an interesting course, especially for social and corporate golfers as the greens are designed for a more relaxing play. Golfers can look forward to a refreshed aesthetic experience as well, with specially curated trees and shrubs,

cAPTAIN’s

TMCC has always been proactive in grooming the

next generation of golfers.

LEE LIAN HONG

REPORT


GOLFING ABROAD

As much as our members and guests like playing on our greens, we understand that they also enjoy opportunities to play on other reputable overseas courses. In March 2019, we sealed a reciprocal agreement with the Saujana Golf & Country Club, Kuala Lumpur. The Club has been popular with TMCC members, with many favouring it for its two challenging courses and proximity to Singapore.

We are currently working with the Shinwa Golf Group in Kyoto, Japan on a special reciprocal agreement. It will involve the partnership with the Group’s six high-end private golf clubs, the majority of which are designed by Robert Trent Jones. They are Golden Valley Golf Club, Cherry Hills Golf Club, Shigaraki Country Club, Shiga Country Club, Japan Classic Country Club and Zuiryo Golf Club. Sugino San, Convenor of House & Recreation, had kindly organised two groups of members to play at their courses.

Currently, we have two reciprocal relationships (Saujana GCC/KL and The Lakes GC/ Sydney) and 22 affiliations, spanning over 10 countries in Asia Pacific. New suitable overseas clubs will be added to the list for members’ benefits.

NURTURING yOUNG GOLFERS

TMCC has always been proactive in grooming the next generation of golfers. The Junior Golf Programme has been well conducted for our members’ children by coaches Daren Lim and Justin Tang. 14 juniors who took the PC1 (passing their Driving Range Assessment) and the Courtesy Round assessment passed, compared to the cumulative total of 19 all these years. This year saw 48 signups for the development and intermediate levels and 20 juniors are receiving private tuition from Daren.Thanks also to the Lady Captain and Ladies’ Golf Sub-Committee for overseeing the good progress of the Junior Golf Programme.

HARMONy ON OUR COURSES

For all to enjoy their round of golf, good etiquette and mutual respect are key. Members and guests can make a difference in the quality of our two newly redeveloped Tampines and Garden Courses by diligently filling up the fairway divots with the sand provided, raking

the bunker sand and repairing the ball marks on the greens.

Video cameras have been installed on the Golf Marshals’ buggies to assist the Golf Operations team in enforcing golf etiquette on the Course.

AppRECIATION

I thank Chairman Mr Ng Kee Choe, Deputy Chairman Mr Choo Chiau Beng and Club President Mr Ho Beng Huat for their invaluable contributions during the redevelopment of the two golf courses, and members of the General Committee, Greens Committee, Tampines Redevelopment Committee, Garden Redevelopment Committee and Ladies Golf Sub-Committee for their support.

The Management and staff of TMCC deserve credit for their commitment in helping to uphold the Club’s reputation as a premier club in the region. A big thank you to our members for being with us throughout our journey of reinvention.

Let’s welcome a rejuvenated TMCC together this 2020.

an enhanced waterfall and RTJ II-signature ribbon tees. The renovated buggy staging area will allow all golf buggies to be set up from one location to support major club and corporate events.

GOLF OpERATIONS In FY2019, the Tampines Course recorded 64,316 rounds (an average of 5,360 per month), compared to 22,048 rounds (an average of 3,150 per month) in FY2018 when it was available for only part of the year. In total, we hosted 41 days of corporate golf events at Tampines. The total golfing revenue was $4.4 million, and corporate golf contributed almost $1.1 million.

Members can now book their flights via a new weekend booking system. Launched in February 2020, this system streamlines weekend and public holiday bookings. Instead of booking their weekend games previously at the respective golf offices, members can now make walk-in bookings for either course from one location – the Tampines Golf Office. With the two courses now in operation, 50% of the flights have been allocated for walk-in and 50% for online booking. Booking online saves time for our members.

From the booking statistics, we are pleased to note that flights are readily available to members since the reopening of the Garden Course on 10 February, even on weekends.

GOLF MAINTENANCE

Faced with an ageing maintenance team and the difficulties in recruiting younger replacements, the General Committee approved the recommendation to outsource the maintenance of the Garden Course in February 2020. The appointed contractor will be monitored by our Superintendent and

supervisors, and their performance will be judged against specified Key Performance Indicators. It is a new learning experience for the Club. The Tampines Course will continue to be maintained by our in-house maintenance team.

GOLF EVENTS AND COMpETITIONS FY2019 was another eventful year for the golfing fraternity at TMCC.

One particularly notable event was the staging of the BMW Golf Cup International 2019 Singapore Finals, held from 22 to 23 October 2019. TMCC hosted about 250 players at Tampines, who vied for the chance to compete at the World Finals in South Africa. We were encouraged to have received good feedback from BMW. Such an event raises the profile and prestige of our Club, and we look forward to more opportunities like this.

Eight major club events were hosted at the new Tampines Course – the Ladies Medal of Medals, Men’s Medal of Medals, Ladies Matchplay Championship, Men’s Club Matchplay Championship, Men’s Strokeplay Championship, Intermediate Championship, Ladies Club Championship and Ladies Intermediate Championship. Congratulations to all the winners who received their awards at the Combined Captains’ Day and Annual Prize Presentation on 6 October 2019.

Other successful events held at the Club were the Chairman’s Prize, Guns & Roses Matchplay, Men & Ladies Medals, National Day Competition and the 2020 Medal of Medals Individual Nett Stroke Competition.

We also participated in friendly competition with golfers from other clubs. Firstly, kudos to the TMCC team which won the championship title at the annual Rolex Golf Challenge for the third time on 31 May 2019.

There was also the 2019 SGA Inter-Club League from April to August where we hosted games on our greens as well as played at other clubs. Cheers to Team TMCC for finishing overall second runner-up in the round-robin matches. Thanks to the team sponsors Columbia Threadneedles, Asian Tigers and Bank of Singapore for their support. LEE LIAN HONG

cAPTAIN’s REPORT


VIcTOR LIEw

FY2019 was another challenging year for the Club with closure of Garden Course, Garden Golfers’ Terrace and Clubhouse for major upgrading and operated at just the Tampines location. The Club managed to contain and reduce operating costs compared with FY2018.

FINANCIAL pERFORMANCE In FY2019, the Club recorded an operating deficit of $2,778,355 compared with an operating deficit of $2,980,179 in the previous year. Operating Revenue at $15.3 million was about the same as FY2018.

Operating expenditure at $18.1 million was $190,086 or 1% lower than in FY2018. This was due mainly to savings on golf course maintenance expenses, as only one course was opened for play, which off-set the increase in Facilities and F&B expenses due to the bigger clubhouse in Tampines.

Non-operating revenue at $7.08 million was $3,001,844 higher than in FY2018 mainly because of the one-off severance claim compensation from Singapore Land Authority, as a result of the Loss of Business due to the compulsory acquisition of the Club’s land for Changi Airport’s infrastructure works.

Non-operating expenditure at $10.89 million was $7,046,637 lower than in FY2018, due to the normalisation of the depreciation charge for the golf courses and facilities.

As a result of the above factors, the Club recorded a net deficit before income tax of $6.58 million for the year, compared with FY2018’s deficit of $16.8 million.

CApITAL EXpENDITURE The Club incurred capital expenditure of $24.5 million in FY2019 compared with $24.5 million in FY2018. These expenditures were in respect of the payment for the redevelopment of the Garden Course and Clubhouse, progress payment to the Tampines Course Redevelopment Project, construction of the Driving Range at Tampines Course, and the procurement of machinery and equipment, general equipment and other movable assets. During the year, the Club extended the Lease of Garden Course with a lease extension payment of $17.8 million.

INVESTMENTS

As at 31 December 2019, the Club’s total cash and fixed deposits stood at $29.8 million compared with $57.9 million in FY2018.

GOING FORWARD

Although the Club’s financial position remains strong, the Club has to be vigilant and spend prudently. With two newly redeveloped golf courses and clubhouses, the focus will be on enhancing revenue and cost containment initiatives, to ensure the Club is financially sustainable.

pERSONAL THANkS

I wish to extend my sincere gratitude to the Chairman Mr Ng Kee Choe, Deputy Chairman Mr Choo Chiau Beng, President Mr Ho Beng Huat, members of the General Committee, the Finance Committee and its advisors for their contributions, Management and staff for their excellent work and service, and all members and friends for their invaluable support.

TREAsURER’s

Going forward the Club will focus on

enhancing revenue

VIcTOR LIEw

REPORT


HERE’S TO HEALTHy AppETITES

It could be an energising meal after an exhilarating game of golf. A hearty feast at a celebratory event. Or a casual meal at one of our lounges overlooking our spectacular golf course. The F&B team takes pride in exciting the tastebuds of all we serve at the Club. Beyond this, we are also responsible for attaining financial targets, as our restaurants, cafes and lounges contribute significantly to the revenue of our Club.

We recorded a total revenue of $4,324,424 in FY2019, an increase from FY2018’s $4,318,827. Our popular Garden View Restaurant saw takings of $2,094,517, up from FY2018’s $2,006,998. The Poolside Cafeteria experienced an increase in sales as well, raking in $31,430, up from the previous year’s $13,483. The Garden Golfers’ Terrace (GGT) was closed for the year due to the Garden Course’s temporary closure. The Tampines Golfer’s Lounge rang in $1,923,203, compared to $356,715 in FY2018.

With the closure of Garden Course and also the GGT, F&B continued to be in a deficit position. In FY2019, our deficit was $641,332, about 15% higher than the FY2018 deficit of $558,325. The rise in the deficit can be attributed to the Club retaining GGT staff despite the closure of the outlet, and the lower-than-expected revenue from banquet sales.

Moving on, F&B is optimistic about our financial performance for the coming years. Now that operations on both courses are in full swing and our banquet facilities are gaining traction amongst the golfing fraternity and corporate organisers in the region, we can expect more revenue coming in on the corporate sales front.

pAMpERING GOLFERS’ pALATES

Fine cuisine is the perfect complement to a good game of golf. In FY2019, the Club’s kitchens bustled with life as we whipped up feasts for golfers after their rounds.

On the corporate golf front, we brought in banquet sales of $731,980, compared to our $348,782 from events last year.

Major Club golfing events we supported included the Chairman’s Prize, Combined Captains’ Day Annual Prize Presentation, Golf Yuletide Challenge, and Lunar New Year Golf.Fun Gatherings At TMCC, no social gathering is complete without great food. We kicked off the year with signature events such as our New Year’s Eve Countdown Party and Lunar New Year Celebration, where we lavished members and guests with festive fare.

Our annual Oktoberfest event, another TMCC signature event, was once again well-received. A total of 126 members and guests came together to enjoy an evening of free-flowing

F&B cONVENOR’s

Throughout the year, we ensure that there is

something special on the menu at all our outlets.

BENNY TAY

REPORT


and also helped to pull in revenue for the Club such as our Remy Martin Night, Chivas Night and Oktoberfest.

FESTIVE TREATS Special days of the year are often celebrated with wonderful company, and of course, sumptuous food. To help members mark such occasions with their loved ones in good spirit and minimal hassle, we created various menus for various festive occasions.

For Mother’s Day, we offered five menus for gatherings of four to 10 people, with a price range of $148 to $828. As a salute to fathers, we recreated five Fathers’ Day menus, also for four to 10 people with a price range of $138 to $788.

In celebration of the Year of the Rat, our Garden View Restaurant created a series of delectable set menus. The sets ranged in price from a six-course meal for one diner at $83, to an eight-course extravaganza for 10 at $1,388. Mouth-watering highlights included dishes such as BBQ Suckling Pig, Sautéed Fresh Scallop with Truffle & Macadamia Nuts, and the Double Boiled Bird’s Nest with Chicken and Abalone Yu Sheng.

Our regular Christmas takeaway offering had our chefs creating festive treats for our guests and loved ones to enjoy at home. Response was encouraging, and we recorded sales of $7,352.

SERVING Up THANkS

It has been a great year of gatherings, and the F&B team is happy to be a part of it all. With Garden’s reopening and greater awareness of Tampines’ banquet facilities, the F&B team will have to work harder to bring up our numbers.I would like to thank Club President Mr Ho Beng Huat, Chairman Mr Ng Kee Choe, Deputy Chairman Mr Choo Chiau Beng and members of the General Committee as well as the F&B Committee for your continued guidance, feedback and support.

To all our staff, thank you for your dedication, as well as exceptional attitude in serving our members, guests and clients. Keep up the good work.

And to our dear members, we value your patronage and feedback as we strive to up the ante in our offerings and service levels. The F&B department will work even harder to surpass your expectations.

Here’s to another great year ahead!

BENNY TAY

Erdinger beer, complemented with a hearty buffet line-up of popular Bavarian delights such as juicy pork knuckles, buttery potato salad and savoury German sausages.

Social dancing nights, sporting events such as the Club’s monthly Tennis Nights, as well as various children’s camp were also well-received, with our chefs making sure everyone was well fed. To meet the needs of members and guests looking to chill out in cosy settings, the Club held events such as Grill & Chill @ Tampines Golfers’ Terrace and Jamming Night @ Garden Lounge which F&B was also proud to support.

Recognising that our members and guests enjoy nice drinks as much as they appreciate good food, the Club organised various events that paired premium beverages with their meals. At the Remy Martin Night, for example, we served up a hearty Chinese dinner sponsored by Remy Martin for 40 members and guests. Other events included Chivas Night @ Garden Lounge, as well as the Champagne and Food Pairing with La Maison Penet.

yEAR-ROUND DELIGHTS

Throughout the year, we ensure that there is something special on the menu at all our

outlets. The Garden View Restaurant presented an array of specialty Chinese-style dishes such as Lobster’s Tail Mee Pok, Pan Fried Japanese Wagyu Beef with Black Truffle, and Stewed Oxtail with Red Wine served in Claypot.

At our Tampines Golfers’ Terrace, we continued to whip up lunch specials. Popular dishes included Sweet & Spicy Pork Chop with Lychee, Ayam Pangang Kunyit Set, and Herbal Mixed Mutton Soup in Claypot. Following our promise to expand our food offerings, we launched a new terrace menu in January 2020 featuring Thai Green Curry Prawns, Korean Kimchi Fried Rice, Japanese Katsu Don, Roasted Duck Rice, Truffles Fries and more.

During the year, special promotions for beer and other alcoholic drinks enabled members and guests to indulge in their own Happy Hours,

FOOD & BEVERAGE cONVENOR’s REPORT


FY2019 was especially exciting for TMCC. We saw operations at Tampines Course getting back into full swing and prepared to welcome the new Garden Course. As the Club looked towards this time of reinvention for our future, the H&R team continued to ensure that our Club facilities work well, and that our members and guests could enjoy the best recreational experiences.

EVENTS GALOREIn the area of events, paying attention to the details made all the difference. We bade farewell to 2019 with our highly anticipated New Year’s Eve Countdown Party, themed “Kaleidoscope”, on 31 December 2019 with a bang. Pre-event specials such as bubbly, a red carpet, magic card tricks and photobooths set everyone in the mood to party the night away at the magnificent Tampines Banquet Room. The merrymaking then went into full swing with the well-loved live band Jive Talkin’ taking the stage and performing favourites like “What a Wonderful World” with kaleidoscopic visuals on a gigantic LED screen in the background. Members and guests hit the dance floor enthusiastically and bonded over fun games and a lavish dinner prepared by our F&B team. The night ended on a heartwarming note with our tradition of a Teochew porridge supper before everyone went home in high spirits, energised for a colourful year ahead.

Our two Social Dancing Nights saw members and guests taking a trip down memory lane with our nostalgic themes – “Let’s Dance, Rumba and Cha Cha”, and “Golden Oldies Night”. In total, the events saw 164 participants grooving just like in the good old days. Kitchen workshops remained popular, with 96 participants channelling their inner MasterChefs as they learnt to whip up delights such as Italian macarons, local hawker favourites, Chinese restaurant cuisine and Thai food. Throughout the year, we continued to encourage active lifestyles with our regular activities such as Tennis Club Nights, Pilates for Golfers, Power Yoga and Total Body Conditioning sessions.

BEyOND SINGApORE’S SHORES

Our members love overseas golfing and leisure experiences. So, during the year, the H&R team continued to organise golfing, gastronomic and sightseeing opportunities beyond Singapore.

For the fifth time, since I came on board TMCC as H&R Convenor, I had the privilege of arranging and leading members on a golfing and social trip to Kobe and Kyoto. This 8-Day 6-Night Japan Golf & Gourmet Tour 2019 took place from 14 to 21 April 2019, with my friends in Japan helping me with some of our travel arrangements. We brought the group of 19 to play on established courses – Cherry Hills Golf Club, Golden Valley Golf Club and Japan Classic Country Club. Some of these courses have hosted numerous major tournaments, specifically Cherry Hills Golf Club, where the 2019 Japan LPGA Championship was held. Members relished the delightful cool weather and breathtaking sights of the Sakura season. Food was another highlight of the trip, with the group savouring fine course meals in the region’s cosy Japanese restaurants – with plenty of sake to complement their meals. The group also went sightseeing at Tenryu-ji Temple, Arashimaya Bamboo Grove, Togetsukyu Bridge and a Zen temple named Kinkaju-ji.

Another trip the Club organised was a 6-day 5-night trip to Kyoto, from 15 November to 20 November 2019. Captain Lee Lian Hong, Lady Captain Ms Gillian Sim and I, along with 14 of our members enjoyed a respite from

H&R cONVENOR’s

With operations at Tampines now in full swing,

and together with the now redeveloped Garden Course,

TMCC is complete again.

KAZUO sUGINO

REPORT


kEEpING yOU SAFE The well-being of our members, guests and staff is our priority, and we spare no effort in reviewing our operations and facilities to ensure high safety standards on our grounds. We installed 17 new cameras at both the Tampines and Garden Courses to monitor blind spots. The cameras now cover high-risk areas such as the kitchen to facilitate investigations in areas such as insurance claims, thefts and trespassing.

During our regular site inspections, we noticed a safety concern with our swinging glass doors, which could potentially result in injuries. When the glass doors of two of our rooms were smashed, we reviewed footage from our surveillance cameras and observed that exceptionally strong wind conditions were the likely cause of the incidents. We then replaced the swinging glass doors at various locations with automatic sliding glass doors. This move came with a plus – our F&B staff can now move around easily even when their hands are fully occupied!

To prevent slips and falls in areas in accident-prone areas, we installed hand railings at ramps and staircases, and ensured that the areas are sufficiently lit. You may also have noticed new prominently coloured nosing on our staircases and entrance kerbs, which we have installed to make it easier for all to watch their step. I am happy to report that there have been zero accidents involving injuries this year on our premises.

GREEN INITIATIVES Staying true to our promise to minimise our impact on the environment, we ramped up our green efforts in FY2019 – all without compromising the comfort, convenience and safety of members and guests. For instance, temperature of our air-conditioning in all our changing rooms have been set to 25°C, providing optimal thermal comfort while reducing our carbon output. Keeping the fans turned on during peak hours has also helped enhance the efficiency of our air conditioning system to keep our rooms cool. Despite our efforts, we have received feedback that some

members are still finding the golf changing rooms to be too warm. We are monitoring the situation and will make the necessary changes.

At our Tampines Golfers’ Terrace kitchen, we reduced our air-conditioning electricity consumption by segregating areas used by the kitchen and banquet operations. Doing this enables us to shorten the operating hours of the air-con compressor serving the kitchen.

High-energy consumption lightbulbs at the Staff Changing Rooms and Garden Golfers’ Terrace kitchen have been replaced with LED lights, cutting down our electricity consumption, saving us almost $1,900 per annum. The Clubhouse entrance has also been fitted with solar panels that provide additional security the eco-friendly way.

HEARTFELT THANkS

Our achievements and progress made this year is the result of the guidance and support of many. Firstly, I thank the General Committee, the H&R Committee, Club President Mr Ho Beng Huat, Chairman Mr Ng Kee Choe and Deputy Chairman Mr Choo Chiau Beng who provided keen advisory and feedback in all housekeeping- and recreation-related activities over the year.

My appreciation also goes out to my teams. From upkeeping the Club’s facilities to organising exciting events, upholding high safety and security standards and intensifying our green journey, the team has fulfilled its duties with professionalism and great dedication.

To our members, thank you for your support and feedback, as well as the faith you have in us. With operations at Tampines now in full swing, and together with the now redeveloped Garden Course, TMCC is complete again. The future is ours to reinvent and enjoy!

KAZUO sUGINO

Singapore’s tropical weather, and soaked in the wondrous beauty of Autumn in Japan. True to our TMCC social trip tradition, everyone enjoyed great golf, the fine food and wonderful sights.

Members enjoyed themselves on the courses and even suggested that the Club made reciprocal arrangement with Shinwa Golf Group, which owns the courses they played on – Cherry Hills Golf Club, Golden Valley Golf Club, Japan Classic Country Club, Shigaraki Country Club, and Shiga Country Club. After consulting Club Captain Mr Lee Lian Hong and upon approval of the Greens Committee, I initiated discussions with the Group for a special reciprocal agreement. I am glad to report that the agreement has been finalised with effect from 1 March 2020.

Closer to home, 41 members and guests came together for the 2-Day 1-Night Melaka Lunar New Year Shopping Trip on 20 January 2019. Besides stocking up on New Year Goodies, they also immersed themselves in the rich culture of Melaka and indulged in shopping sprees, revitalising massages and delicious street food.

FOR THE LITTLE ONES

TMCC is well known for our championship greens and golfing activities, but we also believe in creating fun activities for little ones. Throughout the year, we organised activities for our members’ children with popular events such as the Children’s Sports Camp, Children’s Christmas Party and Children’s Adventure Camp, as well as Family Day, which saw a record-breaking turnout of almost 400 members and guests.

FY2019 saw us planning more events for the lively little ones. For instance, responding to the positive reception of our bi-monthly Kids’ Carnivals in past years, we have made such gatherings a weekly affair. We also organised new events to enable children to learn, the fun way. There was the Carrom Quest Tournament and Sudoku Challenge, where the children pit their skills and wit against each other. And just before Halloween, some little ones gathered at the Club for the Face Mask Creation Workshop, where they let their creative juices flow as they dressed up in their favourite character costumes for the spooktacular season!

This year, we organised our Club’s first Teens Adventure Camp. Held from 17 to 18 June 2019, the event gave energetic teenagers well-deserved break from textbooks and exams with activities such as art jamming, Muay Thai, Archery Tag, and a thrilling time at Sentosa’s Fort Siloso and Luge & Skyride station.

BETTER FACILITIES, ENHANCED SERVICES

During the year, we carried out various maintenance and upgrading works to ensure that our facilities stay in tip-top condition. Through regular inspections, we found that certain areas could be spruced up even more. These resulted in the retrofitting of the Garden Halfway and Rain Shelters, replacing the tensile canopy at the Golf Lobby and Garden Golfers’ Terrace’s Patio Green, as well as replacing deteriorated granite floor tiles at the Garden Golfers’ Terrace. We also completed quite a few repainting jobs; our Admin Building, Main Lobby and Car Porch, the Buggy Charging Station and Garden Course Maintenance Workshop now sport fresh coats of paint.

More improvement works were made. For example, the Garden Golfers’ Changing Rooms and Garden Golfers’ Terrace were renovated, and the Admin Block’s Staff Changing Rooms were refurbished.

As part of our ongoing efforts to ensure the effective utilisation of club facilities, H&R carried out a feasibility study to move the karaoke and mahjong rooms to the Sports Complex and proposed the move to the General Committee. With the GC’s approval, renovation work is slated to start in March 2020.

HOUsE & REcREATION cONVENOR’s REPORT


This is the first year that TMCC has created a new position, to look into the Club’s various commercial aspects, as well as its overall communication and publicity needs. As Marketing Convenor, one of my key objectives is to manage existing revenue for the Club. With our new golf courses and facilities, my team and I were also tasked not only to develop new opportunities, but also to make the Club experience memorable for all.

One other mission placed upon this role was to source for opportunities to host and organise professional golf tournaments in TMCC. I was also tasked to oversee the official opening of Tampines in 2019.

TAMpINES COURSE & CLUBHOUSE OFFICIAL OpENING AND CHARITy GOLF

The Tampines Course & Clubhouse Official Opening and Charity Golf event was held on 23 February 2019. As the Chairman of the Organising Committee, I was very fortunate to be supported by Lady Captain Ms Gillian Sim and GC Member Mr Tan Kah Han. They were pivotal to the success of this event, which I am very grateful for. Special praise goes to our Director of Business Development Mr Kevin Khoo, who just joined TMCC at the start of this, and Ms Margaret Soh who rallied much support for us.

One of the biggest challenges in organising any charity event is to look for the main sponsors, and we were very blessed to have Konica Minolta and BMW as the Main Sponsor ($100,000) and Platinum Sponsor ($50,000) respectively. BMW was also the event’s Hole-in-One sponsor with the recently launched BMW X5.

I am happy to share that we were able to raise $470,000 for our three beneficiaries, namely the MediaCorp Enable Fund (administered by SG Enable), Down Syndrome Association and Stroke Support Station. This was helped with a grant of $100,000 from the Tote Board, bringing the total to $570,000.

My heartful appreciation goes to all the sponsors and the staff and management team working tirelessly to ensure the smooth running of the event. And my deepest gratitude goes out to our Guest-of-Honour Emeritus Senior Minister Goh Chok Tong for taking time off his busy schedule to grace our event. His support was an important part of our success.

SINGApORE WOMEN’S OpEN 2020

I am pleased to report the TMCC will be hosting the inaugural Hana Financial Group Singapore Women’s Open (SWO). Co-sanctioned by the Singapore Golf Association (SGA) and the Korean Ladies Professional Golf Association (KLPGA), the event will be held at our Tampines Course from 6 to 8 November 2020.

It will be headlined by prominent golfers like Australian Minjee Lee and New Zealand’s Lydia Ko as well as other rising players like American Yealimi Noh, Thai Paphangkorn Tavatanakit, China’s Sui Xiang and Philippine’s Yuka Saso; KLPGA’s top golfers will be playing as well.

MARKETINGcONVENOR’s

With our new golf courses and facilities, there is

potential to explore.

JOEY cHANG

REPORT

30 TANAH MERAH COUNTRY CLUB ANNUAL REPORT 2019

TMCC has a longstanding tradition of supporting women’s golf. We have hosted events such as Kosaido Asahi Ladies Championship, Lexus Cup, HSBC Women’s World Championships (formerly named HSBC Women‘s Champions) and Queen Sirikit Cup. We are pleased to continue this tradition with the SWO in 2020.

CORpORATE GOLF AT THE NEW TAMpINES COURSE

Despite having only one golf course in operations during 2019, and with parameters of only one corporate golf event allowed per week, the Marketing Department managed to bring in over $1 million in corporate golf revenue, exceeding its target by 9%, whilst showcasing the new Tampines golf course and Clubhouse to many new and existing clients. Some key corporate clients were DBS Bank which organised a total of five days of golf across their different private banking clients; BMW which did a four-day event consisting of a media launch, a two-day golf tournament and a one-day private sales event; charities such as Singapore Heart Foundation, Focus on the Family and Tsao Foundation; and competitive events like the Macallan M Masters 2019 and the annual Business Times Corporate Golf League 2019. I am glad that the feedback from most of our corporate clients has been very positive; some clients have even reserved 2020 event dates shortly after their 2019 events.

pROMISING TIMES AHEAD

With the opening of Garden, we are back to full operating capacity, and are thoroughly equipped to grasp the many opportunities that await us. In fact, we are seeing increasing interest in corporate sales, especially for golf events and banquets. The Marketing Department’s 2020 Sales Plan was well received by the General Committee and the management team is resolved to work towards meeting our sales targets and business development goals.

pERSONAL THANkS

It would not have been possible without the help and support of many.

Firstly, I thank President Mr Ho Beng Huat, Chairman Mr Ng Kee Choe and Deputy Chairman Mr Choo Chiau Beng for their faith in me, as well as for their invaluable advice and guidance.

Special thanks to General Manager Mr Kok Min Yee and the Marketing Department for their help during my transition into my new duties. I am also grateful to the TMCC staff for their dedication and efforts throughout the year. I look forward to working with you in taking TMCC into this exciting new chapter.

To our members, thank you for giving me the privilege to serve TMCC.

MARKETING cONVENOR’s REPORT

JOEY cHANG

TANAH MERAH COUNTRy CLUB

REPORT AND FINANcIAL sTATEMENTsyEAR ENDED DECEMBER 31, 2019


In accordance with a resolution of the General Committee and in the opinion of the General Committee

members, the financial statements set out on pages 36 to 63 are drawn up so as to give a true and fair view

of the financial position of the Club as at December 31, 2019, and the financial performance, movements in

fund 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 when they fall due.

ON BEHALF OF THE GENERAL COMMITTEE

HO BENG HUATPresident

VICTOR LIEWTreasurer

March 4, 2020

AGENDA 1) Confirmation of Minutes of the last AGM held on Thursday, 18 April 2019; 2) To receive the Annual Report and pass the Accounts for the Financial Year ended 31 December 2019; 3) To elect Members of the General Committee, subject to Rule 32;

4) To appoint Auditors for the ensuing year; and 5) To transact any other business of which seven clear days’ notice has to be given in writing to the General Manager/Secretary (deadline: Wednesday, 15 April 2020). By order of the General Committee.

KOK MIN YEEGeneral Manager / Secretary

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 37th Annual General Meeting of the

Tanah Merah Country Club will be held on Thursday, 23 April 2020 at

6.00 pm at the Garden Banquet Room.

STATEMENT BY THE GENERAL COMMITTEE TO THE MEMBERS OF TANAH MERAH COUNTRY CLUB


the going concern basis of accounting unless the General Committee either intends to liquidate the Club or to cease operations, or has no realistic alternative but to do so.

The General Committee’ responsibilities include overseeing the Club’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b) Obtain an understanding of internal control relevant to the audit 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.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the General Committee.

d) Conclude on the appropriateness of the General Committee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Club’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Club to cease to continue as a going concern.

e) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the General Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In our opinion, the accounting and other records required by the regulations enacted by the Act to be kept by the Club have been properly kept in accordance with those regulations.

Public Accountants andChartered AccountantsSingapore

March 4, 2020

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TANAH MERAH COUNTRY CLUB

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying financial statements of Tanah Merah Country Club (the “Club”) which comprise the statement of financial position as at December 31, 2019, and the statement of revenue or expenditure and comprehensive income, statement of movements in funds and statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 36 to 63.

In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the Societies Act (“the Act”) and Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view of the financial position of the Club as at December 31, 2019 and of the financial performance, movements in funds and cash flows of the Club for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Club in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

The General Committee is responsible for the other information. The other information comprises the

Statement by the General Committee which we obtained prior to the date of the auditor’s report and the Annual Report which is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Annual Report which is expected to be made available to us after the date of this auditor’s report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions in accordance with SSAs.

RESPONSIBILITIES OF THE GENERAL COMMITTEE FOR THE FINANCIAL STATEMENTS

The General Committee is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, 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.

In preparing the financial statements, the General Committee is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using


Note 2019 2018 $ $ASSETS

Current assets Cash and bank balances 20 11,987,836 32,872,043 Fixed deposits 6, 20 17,886,722 25,078,767 Due from members 7 1,689,319 3,303,076 Other receivables 8 303,218 441,749 Inventories 9 943,215 1,140,585

Total current assets 32,810,310 62,836,220

Non-current assets Due from members 7 - 122,264 Property, plant and equipment 10 82,124,797 101,835,286 Right-of-use assets 11 53,628,920 -

Total assets 135,753,717 101,957,550

Total assets 168,564,027 164,793,770

LIABILITIES

Current liabilities Creditors and accrued expenses 12 8,720,147 6,183,088 Members’ deposits 801,800 809,600 Contract liabilities 13 206,000 252,000 Provision for retrenchment benefits 321,212 - Income tax payable 50,000 51,300

Total current liabilities 10,099,159 7,295,988

Non-current liabilities Contract liabilities 13 45,038,176 37,439,138 EQUITY

Accumulated funds 113,426,692 120,058,644

Total liabilities and equity 168,564,027 164,793,770

STATEMENT OF FINANCIAL POSITIONDECEMBER 31, 2019

Note 2019 2018 $ $OPERATING REVENUE: 15,341,279 15,329,539 Green fees and cart rentals 14 4,407,532 4,189,237 Subscriptions 14 5,310,189 5,341,307 Term membership fees 14 582,804 721,800 F&B sales 14 4,324,424 4,318,827 Jackpot collections 14 161,806 155,823 Rental income 14 95,000 100,065 Miscellaneous 14 459,524 502,480

LESS: OPERATING EXPENDITURE: 18,119,632 18,309,718 F&B direct consumables 1,608,596 1,647,740 Staff and related costs 15 10,570,614 10,611,830 Other operating costs 16 5,441,542 5,495,458 Water and electricity 498,880 554,690

OPERATING LOSS (2,778,355) (2,980,179)

ADD: NON-OPERATING REVENUE: 7,088,099 4,086,255 Memberships transfer and nomination fees 3,777,000 2,943,000 Entrance and conversion fees 5,600 68,800 Interest and dividend income 17 405,499 929,088 Gain on disposal of property, plant and equipment - 13,166 Gain on disposal of investment in financial assets - 132,201 Compensation of Compulsory Land Acquisition* 2,900,000 -

LESS: NON-OPERATING EXPENDITURE: 10,891,659 17,938,296 Property tax and licence 18 1,421,209 1,401,219 Depreciation of movable assets 10 1,217,245 1,214,202 Depreciation of golf course and club facilities** 10 4,659,904 12,540,989 Depreciation of leasehold land 10 - 2,161,049 Depreciation of right-of-use assets 11 2,756,773 - Loss on disposal of property, plant and equipment 15,802 - Retrenchment expenses 321,212 - Finance costs 13 499,514 620,837

DEFICIT FOR THE YEAR BEFORE INCOME TAX (6,581,915) (16,832,220)

Less: Income tax expense 19 (50,037) (54,629)

DEFICIT FOR THE YEAR (6,631,952) (16,886,849)Items that may be reclassified subsequently to revenue or expenditureReclassification to profit or loss from equity on disposal of investments in financial assets, representing total other comprehensive loss for the year, net of tax - (477,201)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR (6,631,952) (17,364,050)

STATEMENT OF REVENUE OR EXPENDITURE AND OTHER COMPREHENSIVE INCOMEYEAR ENDED DECEMBER 31, 2019

* The Club received an amount of $2,900,000 which relates to the compensation of compulsory land acquisition by the Government in 2015.

** In 2018, the amount includes the accelerated depreciation of certain property, plant and equipment amounting of $7,608,426 which relates to redevelopment of the Garden Course.

HO BENG HUAT VICTOR LIEWPresident Treasurer

March 4, 2020 March 4, 2020


Development Fair value Accumulated fund reserve funds $ $ $

Balance at January 1, 2018 136,945,493 477,201 137,422,694 Total comprehensive income for the year: Deficit for the year (16,886,849) - (16,886,849) Other comprehensive income for the year - (477,201) (477,201)

(16,886,849) (477,201) (17,364,050)

Balance at December 31, 2018 120,058,644 - 120,058,644 Deficit for the year, representing comprehensive income for the year (6,631,952) - (6,631,952)

Balance at December 31, 2019 113,426,692 - 113,426,692

STATEMENT OF MOVEMENTS IN FUNDSYEAR ENDED DECEMBER 31, 2019

See accompanying notes to financial statements. See accompanying notes to financial statements.

STATEMENT OF CASH FLOWSYEAR ENDED DECEMBER 31, 2019

2019 2018 $ $Operating activities Deficit for the year before income tax (6,581,915) (16,832,220) Adjustments for items: Depreciation expense: 8,633,922 15,916,240 Finance costs 499,514 620,837 Interest income (405,499) (458,047) Dividend income - (471,041) Compensation of compulsory land acquisition (2,900,000) - Gain on disposal of investment in financial assets - (132,201) Loss/(Gain) on disposal of property, plant and equipment 15,802 (13,166) Capital work in progress written off 214,123 - Provision for retrenchment benefits 321,212 -

Operating cash flows before movements in working capital (202,841) (1,369, 598)

Working capital changes: Due from members 1,736,021 1,138,427 Other receivables 89,311 (169,848) Inventories 197,370 64,579 Members’ deposits (7,800) (9,000) Contract liabilities/Creditors and accrued expenses (Note A) 9,160,709 5,808,780 Cash generated from operations 10,972,770 5,463,340

Income tax paid (51,337) (50,329)Net cash from operating activities 10,921,433 5,413,011

Investing activities Fixed deposits with original maturity of more than 3 months (Note 20) 7,192,045 14,244,237 Fixed deposits pledged (Note 20) (1,611) (1,516) Interest received 454,719 439,335 Dividend received - 626,577 Proceeds from compensation of compulsary land acquisition 2,900,000 - Proceeds from disposal of property, plant and equipment 103,819 65,047 Purchase of property, plant and equipment (Note A) (24,510,956) (24,481,135) Payment for right-of-use assets (17,945,267) Proceeds from disposal of investments - 14,000,000

Net cash from (used in)/from investing activities (31,807,251) 4,892,545

(Decrease)/Increase in cash and cash equivalents (20,885,818) 10,305,556Cash and cash equivalents at beginning of year 32,127,826 21,822,270 Cash and cash equivalents at end of year (Note 20) 11,242,008 32,127,826

Note A: In 2019, the Club acquired property, plant and equipment of $25,118,866 of which $607,910 remained unpaid at the end of the reporting period.


NOTES TO FINANCIAL STATEMENTSDECEMBER 31, 2019

1 GENERAL

The Club was registered under the Societies Act on March 19, 1980, with its principal place of business and registered office at 1 Tanah Merah Coast Road, Singapore 498722. The financial statements are expressed in Singapore dollars.

The principal activities of the Club are to provide golfing and other recreational activities for members.

The financial statements of the Club for the year ended December 31, 2019, were authorised for issue by the General Committee on March 4, 2020.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING - The financial statements have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below, and are drawn up in accordance with Financial Reporting Standards in Singapore (“FRSs”).

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Club takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purpose in these financial statements in determined on such a basis, except for leasing transactions that are within the scope of FRS 17 Leases, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in FRS 2 Inventories or value in use in FRS 36 Impairment of Assets.

In addition, for financial reporting purpose, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significant of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

• Level 2 inputs are inputs, other the quoted price include within Level 1, that are observable for the asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability.

ADOPTION OF NEW AND REVISED STANDARDS - On January 1, 2019, the Club adopted all the new and revised FRSs and Interpretations of FRS (“INT FRSs”) that are relevant to its operations and effective from that date. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Club’s accounting policies and has no material effect on the amounts reported for the current or prior years except as disclosed below.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

FRS 116 Leases

FRS 116 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets when such recognition exemptions are adopted. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of FRS 116 on the Club’s financial statements is described below.

The date of initial application of FRS 116 for the Club is January 1, 2019.

The Club has applied FRS 116 using the cumulative catch-up approach which:

• requires the Club to recognise the cumulative effect of initially applying FRS 116 as an adjustment to the opening balance of accumulated funds at the date of initial application; and

• does not permit restatement of comparatives, which continue to be presented under FRS 17 and INT FRS 104.

(a) Impact of the new definition of a lease

The Club has made use of the practical expedient available on transition to FRS 116 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with FRS 17 and INT FRS 104 will continue to be applied to those leases entered or changed before January 1, 2019.

The change in definition of a lease mainly relates to the concept of control. FRS 116 determines

whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. This is in contrast to the focus on ‘risks and rewards’ in FRS 17 and INT FRS 104.

The Club applies the definition of a lease and related guidance set out in FRS 116 to all lease contracts entered into or modified on or after January 1, 2019 (whether it is a lessor or a lessee in the lease contract). The new definition in FRS 116 does not significantly change the scope of contracts that meet the definition of a lease for the Club.

(b) Impact on lessee accounting

Former operating leases

FRS 116 changes how the Club accounts for leases previously classified as operating leases under FRS 17, which were off-balance-sheet.

Applying FRS 116, for all leases, the Club:

(a) Recognises right-of-use assets and lease liabilities in the statements of financial position, initially measured at the present value of the remaining lease payments, with the right-of-use asset adjusted by the amount of any prepaid or accrued lease payments in accordance with FRS 116.C8(b)(ii), except for the right-of-use asset for property leases which were measured on a retrospective basis as if the Standard had been applied since the commencement date;



(b) Recognises depreciation of right-of-use assets and interest on lease liabilities in the statement of profit or loss; and

(c) Separates the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within operating activities) in the statement of cash flows.

Lease incentives (e.g. free rent period) are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under FRS 17 they resulted in the recognition of a lease incentive liability, amortised as a reduction of rental expense on a straight-line basis.

Under FRS 116, right-of-use assets are tested for impairment in accordance with FRS 36 Impairment of Assets.

For short-term leases (lease term of 12 months or less) and leases of low-value assets (which includes tablets and personal computers, small items of office furniture and telephones), the Club has opted to recognise a lease expense on a straight-line basis as permitted by FRS 116. This expense is presented within other operating expenses in the statement of profit or loss.

The Club has used the following practical expedients when applying the cumulative catch-up approach to leases previously classified as operating leases applying FRS 17.

• The Club has applied a single discount rate to a portfolio of leases with reasonably similar characteristics.

• The Club has adjusted the right-of-use asset at the date of initial application by the amount of provision for onerous leases recognised under FRS 37 in the statement of financial position immediately before the date of initial application as an alternative to performing an impairment review.

• The Club has elected not to recognise right-of-use assets and lease liabilities to leases for which the lease term ends within 12 months of the date of initial application.

• The Club has excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application.

• The Club has used hindsight when determining the lease term when the contract contains options to extend or terminate the lease.

Former finance leases

For leases that were classified as finance leases applying FRS 17, the carrying amount of the leased assets and obligations under finance leases measured applying FRS 17 immediately before the date of initial application is reclassified to right-of-use assets and lease liabilities respectively without any adjustments, except in cases where the Club has elected to apply the low-value lease recognition exemption.

The right-of-use asset and the lease liability are accounted for applying FRS 116 from January 1, 2019.

The effects of the initial application of FRS 116 are as follows:

• Reclassification of property, plant and equipment of $38,440,426 as of December 31, 2018 to right-of use assets on January 1, 2019 as disclosed in Notes 10 and 11 respectively.

• The Club also adjusted the useful lives of the right-of-use assets to the extended land lease period for both its Garden and Tampines Courses. Accordingly, an additional depreciation of $595,724 has been recognised in profit or loss towards the right-of-use assets for the year ended December 31, 2019.

At the date of authorisation of these financial statements, there was no FRS that is relevant to the Club which was issued but not effective.

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

All financial assets are recognised and de-recognised on a trade date basis where the purchase or sale of financial assets is under a contract whose terms require delivery of assets within the time frame established by the market concerned.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Classification of financial assets

Debt instruments that meet the following conditions and are subsequently measured at amortised cost:

• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Amortised cost and effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.

For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortised cost of the debt instrument on initial recognition.

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.

Interest is recognised using the effective interest method for debt instruments measured subsequently at amortised cost, except for short-term balances when the effect of discounting is immaterial.

Impairment of financial assets

The Club recognises a loss allowance for expected credit losses (“ECL”) on trade and other receivables and contract assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.




The Club always recognises lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Club’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

For all other financial instruments, the Club recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Club measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Club compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Club considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the corporate and individual members.

The Club presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Club has reasonable and supportable information that demonstrates otherwise.

Despite the aforegoing, the Club assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.

The Club regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

Definition of default

The Club considers the following as constituting an event of default for internal credit risk General Committee purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:

• when the member enters bankruptcy; or • information developed internally or obtained from external sources indicates that the debtor is unlikely

to pay its creditors, including the Club, in full (without taking into account any collaterals held by the Club

The Club considers that default has occurred when a financial asset is more than 90 days past due unless the Club has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

Credit-impaired financial assets

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

a) significant financial difficulty of the issuer or the borrower; or

b) a breach of contract, such as a default or past due event; or

c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; or

d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or

e) the disappearance of an active market for that financial asset because of financial difficulties.

Write-off policy

The Club writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Club’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.

Measurement and recognition of expected credit losses

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date.

For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Club in accordance with the contract and all the cash flows that the Club expects to receive, discounted at the original effective interest rate.

Where lifetime ECL is measured on a collective basis to cater for cases where evidence of significant increases in credit risk at the individual instrument level may not yet be available, the financial instruments are grouped on the following basis:

• Nature of financial instruments (i.e. the Club’s due from customers and other receivables are assessed as a separate group);

• Past-due status; • Nature, size and industry of debtors; and • External credit ratings where available.




The grouping is regularly reviewed by General Committee to ensure the constituents of each group continue to share similar credit risk characteristics.

If the Club has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Club measures the loss allowance at an amount equal to 12-month ECL at the current reporting date.

The Club recognises an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognised in other comprehensive income and accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial position.

Derecognition of financial assets

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

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

Financial liabilities

Members’ deposits and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest method, with interest expense recognised on an effective yield basis.

Derecognition of financial liabilities The Club derecognises financial liabilities when, and only when, the Club’s obligations are discharged,

cancelled or they expire.

Offsetting arrangements

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Club has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

A right to set-off must be available today rather than being contingent on a future event and must be exercisable by any of the counterparties, both in the normal course of business and in the event of default, insolvency or bankruptcy.

INVENTORIES - Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

PROPERTY, PLANT AND EQUIPMENT - Property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets except for construction-in-progress, over their estimated useful lives, using the straight-line method, on the following bases:

Facilities

Leasehold land Between 31/3% and 41/4% or over the remaining lease period Golf course 62/3%, or remaining period of the lease if shorter Clubhouse 5% Recreation building and swimming pool 5%

Movable assets

Plant, machinery and equipment 20% to 331/3% Furniture and fittings 20% to 331/3% Office, kitchen and general equipment 20% to 331/3% Motor vehicles 20%

Depreciation on the facilities commences from the month in which these facilities are commissioned. A full year’s depreciation is provided on the movable assets in the year of acquisition and no depreciation is provided in the year of disposal. Property, plant and equipment with unit cost of $200 or less are written off in the year of purchase.

Construction-in-progress are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised (if any) in accordance with the Club’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are available for use.

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.

Fully depreciated assets still in use are retained in the financial statements.

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 amounts of the asset and is recognised in profit or loss.

IMPAIRMENT OF NON-FINANCIAL ASSETS - At the end of each reporting period, the Club reviews the carrying amounts of its non-financial 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). Where 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 is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.




Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

LEASES (before January 1, 2019) - Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

LEASES (from January 1, 2019) - The Club assesses whether a contract is or contains a lease, at inception of the contract. The Club recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Club recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

DEVELOPMENT FUND - The amount transferred from statement of revenue or expenditure to the development fund is the aggregate of the entrance fees and membership transfer fees for the year or the net surplus for the year, whichever is lower. The transfer from the development fund to statement of revenue or expenditure will be equal to the amount of deficit for the year.

REVENUE RECOGNITION - The Club recognises revenue from the following major sources: • Entrance and conversion fees, membership transfer and nomination fees • Subscription fees and term membership fees • Green fees and cart rentals, F&B sales • Rental income and Jackpot collections • Interest income • Dividend income

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Club recognises revenue when it transfers control of a product or service to a customer.

Entrance and conversion fees, membership transfer and nomination fees

Subscribing members can access the Club and its facilities upon the payment of monthly entrance fees. Such revenue is recognised at the point in time, generally upon receipt from the member.

Conversion fees is recognised at the point in time when the Club approves the subscribing members’ request to convert their membership to ordinary membership.

Membership transfer and nomination fees are recognised at the point in time when the Club approves the membership transfer.

Subscription fees and term membership fees

All Club members are entitled to enjoy the Club’s facilities upon receipt of monthly subscription fee by the Club. Such revenue is recognised on a straight line basis over the subscription period.

The Club allows non-members to subscribe to term memberships for a period of 12 or 24 months in order to use the Club’s facilities and such fees are recognised on a straight line basis over the membership period.

Green fees and cart rentals

The Club provides access to its golf courses to its customers as well as rentals of its carts. Revenue is recognised at the point in time when members register for the golf course, generally upon the usage of the golf courses for green fees and usage of carts for cart rentals.

F&B sales

Revenue is recognised at the point in time when control of the goods has transferred to the customer, being at the point the customer makes F&B purchases at the club. Payment of the transaction price is due immediately at the point the customer purchases the goods.

Rental income

Rental income is earned from pro-shops and driving range from the customer. Such revenue is recognised over the rental period.

Jackpot collections

Gaming revenue represents net house takings, which is the aggregate of wins and losses arising from gaming play. Revenue is recognised at the point in time upon receipt from player.

Interest income

Interest income is accrued on a time proportionate basis, by reference to the principal outstanding and at the interest rate applicable, on an effective yield basis.

Dividend income

Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.




RETIREMENT BENEFIT COSTS - Payments to defined contribution retirement benefit plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, are dealt with as payments to defined contribution plans where the Club’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

EMPLOYEE LEAVE ENTITLEMENT - Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.

INCOME TAX - Income tax for the year comprises current and deferred.

The tax currently payable based on taxable profit for the year. Taxable profit differs from profit as reported in revenue or expenditure because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are taxable or tax deductible. The Club’s liability for current tax is calculated using tax rates (and tax laws) that have been enacted of substantively enacted by the end of the reporting period.

Deferred tax is recognised on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that tax profit will be available against which deductible temporary differences can be utilised.

The carrying amount of the deferred tax assets is reviewed at the end of each reporting period and reduced

to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or when the asset is realised based on the tax rates and tax laws that have been or substantively enacted by the end of the reporting period.

Current and deferred tax are recognised as an expense or income in revenue or expenses, except when they relate to items credited or debited outside revenue or expenditure (either in other comprehensive income or directly in equity), in which case the tax is also recognised either in other comprehensive income or directly in equity.

FOREIGN CURRENCY TRANSACTIONS - The Club’s financial statements are measured and presented in Singapore dollars, which is the currency of the primary economic environment in which the Club operates (its functional currency).

In preparing the financial statements, transactions in currencies other than the Club’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in revenue or expenditure for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in revenue or expenditure for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in other comprehensive income.

CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS - Cash and cash equivalents in the statement of cash flows comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical judgements in applying the Club’s accounting policies

In the process of applying the Club’s accounting policies, which are described in Note 2, the General Committee is of the opinion that any instances of application of judgements are not expected to have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty The key assumption concerning the future, and other key sources of estimation uncertainty at the end of

the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is described below.

(i) Useful lives of property, plant and equipment

The current lease of the Club’s leasehold land for the Garden Course and the Tampines Course will expire on December 31, 2035 and December 31, 2040, respectively. Certain property, plant and equipment associated with the 2 courses are depreciated on a straight-line basis over their estimated useful lives of 3 to 20 years. The General Committee is of the view that the useful lives are appropriate. The assumption regarding the useful lives are reviewed annually and if the estimated useful lives are revised, such difference will impact the depreciation prospectively in the year in which the estimated useful lives changes.

The carrying amount of the Club’s property, plant and equipment is disclosed in Note 10.

(ii) Discount rate used to determine contract liabilities

The Club has adjusted the value of its contract liabilities for the effects of the time value of money as the timing of the satisfaction of the performance obligation over the extended period provides the Club with a significant benefit of financing in the form of up-front cash payment from members. The time value of money calculation applied a discount rate of 1.22% per annum. The carrying amount of the contract liabilities at the end of the reporting period is disclosed in Note 13.

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT

(i) Overview of the Club’s exposure to credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Club. As at December 31, 2019, the Club’s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, which will cause a financial loss to the Club due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Club arises from the carrying amount of the respective recognised financial assets as stated in the statement of financial position.

In order to minimise credit risk, the Club has tasked its Finance Committee to develop and maintain the Club’s credit risk gradings to categorise exposures according to their degree of risk of default.






The credit rating information is supplied by independent rating agencies where available and, if not available, the Finance Committee uses other publicly available financial information and the Club’s own trading records to rate its major customers and other debtors. The Club’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.

The Club’s current credit risk grading framework comprises the following categories:

Category Description Basis for recognising expected credit losses (ECL)

Performing The counterparty has a low risk of default and does not have any past-due amounts.

12-month ECL

Doubtful Amount is 30 days past due or there has been a significant increase in credit risk since initial recognition.

Lifetime ECL – not credit-impaired

In default Amount is 90 days past due or there is evidence indicating the asset is credit-impaired.

Lifetime ECL – credit-impaired

Write-off There is evidence indicating that the debtor is in severe financial difficulty and the Club has no realistic prospect of recovery.

Amount is written off

The table below details the credit quality of the Club’s financial assets as well as maximum exposure to credit risk by credit risk rating grades:

Note Internal

credit rating12-month or lifetime ECL

Gross carrying amount

Loss allowance

Net carrying amount

$ $ $

December 31, 2019Due from members 7 (i) Lifetime ECL

(simplified approach)

1,689,319 - 1,689,319

Other receivables 8 (i) Lifetime ECL (simplified approach)

229,434 - 229,434

December 31, 2018Due from members 7 (i) Lifetime ECL

(simplified approach)

3,425,340 - 3,425,340

Other receivables 8 (i) Lifetime ECL (simplified approach)

386,327 - 386,327

(i) The Club has applied the simplified approach to measure the loss allowance at lifetime ECL and in determining, has taken into account the historical default experience and the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions, in estimating the probability of default of each of these financial assets occurring within their respective loss assessment time horizon, as well as the loss upon default in each case.

The carrying amount of financial assets recorded in the financial statements, grossed up for any allowances for losses, represents the Club’s maximum exposure to credit risk without taking into account of the value of any collateral obtained.

The credit risk on bank deposits and balances placed in banks are limited because the counterparties are banks with high credit ratings assigned by International credit rating agencies.

(ii) Interest rate risk management

The Club’s cash and bank balances, fixed deposits and investments are exposed to financial market risk due to fluctuations in interest rates, which may affect the Club’s interest income and the fair values of its debt securities recorded under investments.

The Club believes that interest rate risk is minimal as most of the financial assets carry interest at fixed rates.

No sensitivity analysis is prepared as the Club does not expect any material effect on the Club’s revenue or expenditure arising from the effects of reasonably possible changes to interest rates on interest bearing assets.

(iii) Liquidity risk management

Liquidity risk arises from the possibility that members may not be able to settle obligations to the Club within the normal terms of trade. The Club believes that liquidity risk is minimal as the Club is able to fund its operations from its accumulated funds.

The Club’s non-derivative financial liabilities are due within 12 months from the end of reporting period and/or non-interest bearing.

Non-derivative financial assets

The following table details the expected maturity for non-derivative financial assets, other than the Club’s available-for-sale financial assets. The inclusion of information on non-derivative financial assets is necessary in order to understand the Club’s liquidity risk management as the Club’s liquidity risk is managed on a net asset and liability basis. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Club anticipates that the cash flow will occur in a different period.


Effective interest rate at year end

Within 1year

Within 2 to5 years Adjustment Total

% p.a. $ $ $ $

2019

Non-interest bearing - 13,906,589 - - 13,906,589Fixed interest rate instruments 0.20 to 1.90 17,922,495 - (35,773) 17,886,722

31,829,084 - (35,773) 31,793,311

2018

Non-interest bearing - 36,561,445 122,264 - 36,683,709Fixed interest rate instruments 0.20 to 1.70 25,128,925 - (50,158) 25,078,767

61,690,370 122,264 (50,158) 61,762,476 (iv) Fair value of financial assets and financial liabilities

The carrying amounts of the Club’s financial assets and financial liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments.

(v) Categories of financial instruments

The following table sets out the financial instruments as at the end of the reporting period:

2019 2018$ $

Financial Assets

Amortised cost 31,793,311 61,762,476

Financial Liabilities

Members’ deposits 801,800 809,600Creditors and accrued expenses 8,720,147 6,183,088

9,521,947 6,992,688

(vi) Capital management policies and objectives

The Club reviews its capital structure at least annually to ensure that it will be able to continue as a going concern. The capital structure of the Club comprises only the Development Fund. The Club’s overall strategy remains unchanged from prior year.

5 RELATED PARTY TRANSACTIONS The General Committee members are related parties to the Club.

During the financial year, the Club has the following significant transactions with its related parties. The amount due from related parties is unsecured, interest-free, repayable on demand and expected to be settled in cash.

2019 2018$ $

Subscription fee income from General Committee members 32,640 32,640

6 FIXED DEPOSITS Fixed deposits bear interest at rates ranging from 0.2% to 1.9% (2018 : 0.2% to 1.70%) per annum and for

tenure ranging from 3 months to 12 months (2018 : 3 months to 12 months). Certain fixed deposits amounting to $745,828 (2018 : $744,217) are pledged to secure bank guarantees

granted to the Commissioner of Lands, SP Services Ltd, Senoko Energy Supply Pte Ltd and Public Utilities Board.

7 DUE FROM MEMBERS

Subscription fees receivableConversion fees receivable

Non-current portion (conversion fees receivable)Current portion

The average credit period of the subscription fees receivable is 30 days (2018 : 30 days). No interest is charged on the outstanding balance. The conversion fee receivable is interest-free and receivable in equal monthly instalments until January 31, 2020.

The aging of the amount due from members which are past due but not impaired are within 1 to 3 months overdue.

Loss allowance for trade receivables has always been measured at an amount equal to lifetime expected credit losses (ECL). The ECL on the amount due from members are estimated by reference to past default experience of the debtor, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. The Club has recognised a full loss allowance against all receivables over 90 days past due because historical experience has indicated that these receivables are generally not recoverable.

There has been no change in the estimation techniques or significant assumptions made during the current reporting period.

A receivable is written off when there is information indicating that the debtor is in severe financial

difficulty and there is no realistic prospect of recovery, e.g. when the debtor has entered into bankruptcy proceedings, or when the receivables are over two years past due, whichever occurs earlier. None of the receivables that have been written off is subject to enforcement activities.



2019$

1,567,055122,264

1,689,319-

1,689,319

2018$

1,876,4241,548,916

3,425,340(122,264)

3,303,076


8 OTHER RECEIVABLES

2019 2018$ $

Prepaid expenses 73,784 55,422Deposits 42,797 52,323Interest receivable 73,252 122,472Recoverable from golf functions 60,093 130,196Others 53,292 81,336Total 303,218 441,749

9 INVENTORIES

2019 2018$ $

Spare parts for ground equipment 299,082 365,252Fertilsers and insecticides 567,002 622,237Others 77,131 153,096

Total 943,215 1,140,585



10 PROPERTY, PLANT AND EQUIPMENT

Leasehold land

Golf course Clubhouse

Recreation buildings and

swimming pool

Plant, machinery

and equipment

Furniture and fittings

Office, kitchen and

general equipment

Motor vehicles

Constructionin-progress Total

$ $ $ $ $ $ $ $ $ $Cost:

At January 1, 2018 64,831,462 34,759,467 30,480,365 28,002,390 6,975,477 2,624,643 4,059,858 486,694 61,310,983 233,531,339 Additions - 4,905,738 15,183,882 63,618 2,783,148 74,349 207,226 12,206 1,250,968 24,481,135Transfers 31,957,281 22,468,746 6,738,991 141,786 - - - - (61,306,804) -Disposals - - - - (158,132) (9,885) (65,822) (7,100) - (240,939)

At December 31, 2018 96,788,743 62,133,951 52,403,238 28,207,794 9,600,493 2,689,107 4,201,262 491,800 1,255,147 257,771,535Additions - 1,935,525 833,229 1,024 853,759 78,420 341,377 - 21,075,532 25,118,866Adoption of FRS 116 (Note11) (96,788,743) - - - - - - - - (96,788,743)Transfer - - - 2,875,936 - - - - (2,875,936) -Disposals - (34,759,467) - (4,845,664) (3,302,625) (283,634) (256,096) (52,500) - (43,499,986)

At December 31, 2019 - 29,310,009 53,236,467 26,239,090 7,151,627 2,483,893 4,286,543 439,300 19,454,743 142,601,672

Accumulated depreciation:

At January 1, 2018 56,187,268 26,360,293 22,793,663 22,516,647 6,078,310 2,448,130 3,620,729 204,026 - 140,209,066 Depreciation 2,161,049 9,251,109 1,010,039 2,279,841 880,505 78,670 210,677 44,350 - 15,916,240Disposals - - - - (109,132) (9,885) (62,940) (7,100) - (189,057)

At December 31, 2018 58,348,317 35,611,402 23,803,702 24,796,488 6,849,683 2,516,915 3,768,466 241,276 - 155,936,249Adoption of FRS 116 (58,348,317) - - - - - - - - (58,348,317)Depreciation - 2,282,894 1,938,156 438,854 856,735 78,485 237,675 44,350 - 5,877,149Disposals - (34,759,467) - (4,845,664) (2,811,951) (266,578) (252,046) (52,500) - (42,988,206)

At December 31, 2019 - 3,134,829 25,741,858 20,389,678 4,894,467 2,328,822 3,754,095 233,126 - 60,476,875

Carrying amount:At December 31, 2019 - 26,175,180 27,494,609 5,849,412 2,257,160 155,071 532,451 206,174 19,454,743 82,124,797

At December 31, 2018 38,440,426 26,522,549 28,599,536 3,411,306 2,750,810 172,192 432,796 250,524 1,255,147 101,835,286


11 RIGHT-OF-USE ASSETS

LeaseholdLand

$

CostAt January 1, 2019 -Adoption of FRS 116 (Note 10) 96,788,743Additions 17,945,267At December 31, 2019 114,734,010

Accumulated depreciation:At January 1, 2019Adoption of FRS 116 (Note 10)DepreciationAt December 31, 2019

-58,348,317

2,756,773

61,105,090

Carrying amount:At December 31, 2019 53,628,920

12 CREDITORS AND ACCRUED EXPENSES

2019 2018$ $

Other payables 6,877,308 4,691,633Accrued expensesOther funds

1,349,772493,067

967,265524,190

8,720,147 6,183,088

The average credit period on purchases of goods and services is 30 days (2018 : 30 days).

13 CONTRACT LIABILITIES

2019 2018$ $

Term membership fees received in advance(i) 206,000 252,000Members’ top-up contribution received in advance(ii)

Non-current portion (Members’ top-up contribution received in advance)

Current portion

45,038,17645,244,176

45,038,176206,000

37,439,13837,691,138

37,439,138252,000



(i) Revenue relating to term membership fees is recognised over the membership period.

(ii) Members’ top-up contribution received in advance relates to the consideration received in advance from the Club’s Member’s in order to extend their membership period to December 31, 2040, which coincides with the expiry date of the renewed land lease period of the Tampines Course. This gave rise to a contract liability of $45,038,176 (2018: $37,439,138) as at December 31, 2019. As of the end of the reporting period, based on the payment plan, the Club is entitled to receive an additional $1,716,287 of members’ top-up contribution by March 2020.

The Club has adjusted the value of its contract liabilities for the effects of the time value of money as the timing of the satisfaction of the performance obligation over the extended period provides the Club with a significant benefit of financing in the form of up-front cash payment from members. The time value of money calculation applied a discount rate of 1.22% per annum.

Accordingly, a finance cost of $499,514 (2018 : $620,837) has been recognised in profit or loss towards the contract liabilities as at December 31, 2019.

Revenue will be recognised against the contract liability over the renewed land lease period.

The contract liabilities have been increased during the year upon receipt of monthly instalment from members.

14 REVENUE

A disaggregation of the Club’s revenue for the year is as follows:

Timing of revenue recognitionAt a point in time Green fees and cart rentals F&B sales Jackpot collections Miscellaneous income

Over time: Subscription fees Term membership fees Rental income

2018$

4,189,2374,318,827

155,823502,480

9,166,367

5,341,307721,800100,065

6,163,173

15,329,539

2019$

4,407,5324,324,424

161,806459,524

9,353,286

5,310,189582,804

95,000

5,987,993

15,341,279


15 STAFF AND RELATED COSTS

2019 2018$ $

Cost of defined contribution plans included in staff costs 944,248 927,628

The General Committee of the Club is not entitled to any remuneration.

16 OTHER OPERATING COSTS

2019 2018$ $

Advertisements 9,006 11,191Club functions 225,894 233,385Clubhouse supplies 210,625 203,869Competitions 87,952 79,538Donations 23,342 27,303External audit fees 35,000 30,000Forecaddies/Runners Fees 45,670 57,674Golf course maintenance 1,486,332 1,847,120Internal audit fees 13,000 13,000Insurance 56,991 53,411Laundry and toiletries 150,214 119,825Legal fees 126,994 33,047Membership Assignment Charges - 55,321Miscellaneous 253,185 302,197Outsourced general cleaning of club facilities 582,075 517,534Outsourced kitchen cleaning and dishwashing service 269,573 252,590Publications 68,464 73,712Postage, phone and fax 154,723 129,970Printing and stationeries 95,919 94,399Repairs and maintenance 1,546,583 1,360,372

Total 5,441,542 5,495,458

17 INTEREST AND DIVIDEND INCOME

2019 2018$ $

Interest income on fixed deposits 405,499 458,046Dividend income from preference shares - 471,042

Total 405,499 929,088

18 PROPERTY TAX AND LICENCE

2019 2018$ $

Property tax 1,401,483 1,382,091Others 19,726 19,128

Total 1,421,209 1,401,219

19 INCOME TAX EXPENSE

2019 2018$ $

Current year 50,037 54,629

Section 11(1) of the Income Tax Act Chapter 134 states that if more than 50% of the Club’s gross takings are from its members, the Club is exempted from income tax. In 2018 and 2019, the Club received more than 50% of its gross takings from its members and is therefore exempted from income tax.

The income tax expense in 2018 and 2019 is related to the income tax payable on income received by the Club which is not related to the activities of the Club. Investment income, interest income and rental income are taxable at the statutory rate of 17% (2018 : 17%).




The total charge for the year can be reconciled to the accounting surplus as follows:

2019 2018$ $

Deficit before income tax (6,581,915) (16,832,220)

Income tax benefit at statutory rate of 17% (2018 : 17%) (1,118,926) (2,861,477)Effect of expenses that are not deductible in determining taxable profits

4,924,217 6,162,163

Effect of revenue that is exempt from taxation (3,727,909) (3,203,597)Effect of tax exemption (17,425) (25,925)Effect of tax concession (9,920) (16,535)

50,037 54,629

20 CASH AND CASH EQUIVALENTS

Cash and cash equivalents in the statement of cash flows consist of the following:

2019 2018$ $

Cash and bank balances 11,987,836 32,872,043Fixed deposits 17,886,722 25,078,767

29,874,558 57,950,810Fixed deposits with original maturity of more than 3 months (17,886,722) (25,078,767)Fixed deposits pledged (745,828) (744,217)

Total cash and cash equivalents 11,242,008 32,127,826



21 CAPITAL EXPENDITURE COMMITMENTS

2019 2018$ $

Estimated amounts committed for future capital expenditure but not provided for in the financial statements 3,606,141 2,937,602

22 OPERATING LEASE ARRANGEMENTS

The Club as a lessee

At December 31, 2019, the Club is committed to $116,401 for low-value leases.

Amount recognised in profit or loss relating to leases

2019$

Expense relating to leases of low-value leases 58,050

The Club as a lessor

The Club rents out its shop units under operating leases. Rental income earned during the year was $95,000 (2018 : $100,065).

At the end of the reporting period, the Club has contracted with tenants for the following future minimum lease receipts:

2019 2018

Within one yearIn the second to fifth year inclusive

$ $

156,00097,500

97,500-


MEMBERS 16 MAY 10 JUL 11 SEP 25 NOV

Ng Kee Choe √ √ √ √

Choo Chiau Beng √ √ √ √

Ho Beng Huat √ √ √ √

Lee Kwong Weng √ - √ -

Lee Lian Hong √ √ √ -

Victor Liew Cheng San √ √ √ -

Benny Tay Yew Lim √ √ √ √

Kazuo Sugino - √ - √

David Soh Sai Sim - √ √ √

Joey Chang √ - √ √

Dr Goh Hoon Pur - √ √ √

Ronald Ong √ √ - -

Gillian Sim - - - √

Tan Kah Han √ - - -

Wee Jim Hock √ √ √ √

Daniel Yeo Chin Tuan √ √ √ √

COMMITTEE ATTENDANCE RECORDS

MEMBERS 17 JAN 21 MAR

Ng Kee Choe √ -

Choo Chiau Beng - -

Ho Beng Huat √ √

Lee Kwong Weng √ √

Lee Lian Hong √ √

Victor Liew Cheng San √ √

Benny Tay Yew Lim √ √

Kazuo Sugino √ √

David Soh Sai Sim √ -

Joey Chang √ √

Dr Goh Hoon Pur - √

Ronald Ong √ -

Gillian Sim √ √

Tan Kah Han √ √

Wee Jim Hock √ √

Daniel Yeo Chin Tuan - √

MEMBERS 14 JAN

Ho Beng Huat √

Lee Kwong Weng √

Lee Lian Hong √

Victor Liew Cheng San -

Benny Tay Yew Lim √

Kazuo Sugino √

MEMBERS 28 FEB

Choo Chiau Beng √

Chris Liew Peng Fook √

Peter Sim Swee Yam √

Po’ad Bin Shaik Abu Bakar Mattar √

Teoh Tee Hooi √

Ernest Seow Teng Peng √

MEMBERS 26 FEB

Victor Liew Cheng San √

Lee Kwong Weng -

Wee Jim Hock √

Daniel Yeo Chin Tuan √

Ronald Ong √

Tan T Kiang -

Wilfred Goh Teck Yew √

GENERAL COMMITTEEFrom January 2019 to April 2019 From May 2019 to December 2019

EXCOFrom January 2019 to April 2019

8 NOV 4 DEC

√ √

- √

√ -

√ √

√ √

√ √

From May 2019 to December 2019

AUDIT COMMITTEEFrom January 2019 to April 2019

From May 2019 to December 2019FINANCE COMMITTEEFrom January 2019 to April 2019

MEMBERS 23 APR 28 JUN 30 AUG 31 OCT

Victor Liew Cheng San √ √ √ √

Lee Kwong Weng √ - √ -

Wee Jim Hock √ √ √ √

Daniel Yeo Chin Tuan - √ √ -

Ronald Ong - √ - √

Tan T Kiang - √ √ √

Wilfred Goh Teck Yew √ - √ -

MEMBERS 11 JUN 13 AUG 8 OCT 10 DEC

Benny Tay Yew Lim √ √ √ √

Chan Wing Leong √ √ - -

Charles Quek √ √ √ √

Frankie Chua - √ √ √

MEMBERS 12 FEB 9 APR

Benny Tay Yew Lim √ √

Chan Wing Leong √ -

Charles Quek √ √

Joey Chang - √

FOOD & BEVERAGE COMMITTEEFrom January 2019 to April 2019 From May 2019 to December 2019

MEMBERS 22 MAY 17 JUL 18 SEP 27 NOV

Lee Lian Hong √ √ √ √

David Soh Sai Sim √ √ √ √

Gillian Sim Siu Lin - √ - √

Harry Chua Chin Nam √ √ √ √

Joey Chang √ √ √ √

Hia Hui Kim √ - √ √

Jerome Ng En Yong - √ - √

Francis George Remedios - √ √ √

Tan Boon Hoo √ √ √ √

MEMBERS 23 JAN 27 MAR

Lee Lian Hong √ √

David Soh Sai Sim √ √

Gillian Sim Siu Lin √ √

Harry Chua Chin Nam √ √

Joey Chang √ √

Hia Hui Kim √ √

Jerome Ng En Yong √ √

Francis George Remedios √ √

Tan Boon Hoo √ √

GREENS COMMITTEEFrom January 2019 to April 2019 From May 2019 to December 2019

MEMBERS 20 FEB 10 APR

Kazuo Sugino √ √

Joseph Cheang Eng Cheng √ -

Lim Kong Wee - √

Gary Ong Kian Heng - √

David Ong Kim Huat - √

May Schooling √ -

Tan Boon Huat - -

From May 2019 to December 2019HOUSE & RECREATION COMMITTEEFrom January 2019 to April 2019

MEMBERS 12 JUN 14 AUG 16 OCT 11 DEC

Kazuo Sugino √ √ √ √

Joseph Cheang Eng Cheng - √ √ -

Lim Kong Wee - √ √ -

Gary Ong Kian Heng √ √ √ √

David Ong Kim Huat - √ √ √

May Schooling √ - √ √

Tan Boon Huat √ √ - √

MEMBERS 27 FEB

Gillian Sim Siu Lin √

Jasmine Chew √

Yeo Su Lynn √

Lynnette Yeo Ee Lyn √

From May 2019 to December 2019LADIES GOLF SUBC0MMITTEEFrom January 2019 to April 2019

MEMBERS 14 SEP 24 NOV

Gillian Sim Siu Lin √ √

Yeo Su Lynn √ √

Lynnette Yeo Ee Lyn √ √

Sarah Tan √ √


Membership Category

Patron 2

Honorary 9

Founder 0

Term 21

Ordinary 1,520

Corporate 708

Government Corporate 200 (18 nominate to-date)

Subscribing A 82

Subscribing B 351

Total 2,893

General Manager Kok Min YeePA to GM Lee Pei Wen

Director of Golf Ian Geoffrey RobertsSenior Golf Executive Samantha LeongGolf Executive William ChuaHorticulturist Sharon ChewCourse Superintendant Adrian TngCourse Superintendant Derrick TanSports & Recreation Executive Dean Singh

Director of Business Development Kevin KhooF&B Manager Glenn LeeExecutive Chef Daniel SngAssistant F&B Manager Kelvin TongAssistant F&B Manager Sharon LeeSales & Marketing Manager Sally ChuaMarketing & Sales Executive Wong Pei YingMarketing & Events Executive Dennis Tay

Director of Corporate Services Jeanie MilakovHR Manager Lee Choy FongHR Executive Shirley Siew HR & Admin Executive Dennis TongIT Project Manager Cha Chee SengIT Officer Mohamad KhairulAssistant Manager, Membership Services Eileen LinFacilities Manager Eddie LeeFacilities Executive Abdul Wahab Bin Mohamed NoorChief Security Officer Abdul Rahman Bin YacobHousekeeper Hassan Bin Ali

Chief Financial Officer Daniel JeeAccountant Thricia BooAssistant Manager, Purchasing Patrick PoonJackpot Executive Dino Lim

TMCC MEMBERSHIP STRENGTHAs at 31 December 2019

CLUB OFFICIALS

MIssION sTATEMENT

Tanah Merah Country Club

is a premier golf and country

club in Southeast Asia.

It aims to provide quality

services at reasonable

prices for its members and

their guests.

Besides its excellent

facilities, the Club strives

to provide its members

and guests with superior

customer service which

differentiates the Club

from others.

2019

TANAH MERAH COUNTRy CLUB 1 Tanah Merah Coast Road, Singapore 498722

T. +65 6542 3040 F. +65 6542 9294

www.tmcc.org.sg

TANA

HMERAH COUNTRY

CLUB

SINGAPORE

annual report 2019 - tmcc · ronald ong gillian sim siu lin tan kah han wee jim hock daniel yeo...

Documents