ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 VISION, MISSION, VALUES & STRATEGY
02 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 To be a sophisticated, vibrant and prestigious club with polo at its core, catering to the VISION needs of the riding community, setting market benchmarks in quality while retaining its relaxed family-inclusive atmosphere and being the preferred choice of its members for lifestyle activities.
To be a pre-eminent polo club by creating tangible value for all members as well as MISSION other stakeholders, be they employees, commercial partners and the national sports effort, through professional management of our polo, riding and social activities by focusing on equestrian quality and the superior delivery of our objectives, projects and activities.
VALUES In all aspects of our activities, Singapore Polo Club is committed to core values of: Sportsmanship People We believe that high standards of We value teamwork at all levels in the sportsmanship must govern every aspect pursuit of our vision. We seek to create of our polo and equestrian activities, a club environment where members and demonstrating fairness, good conduct and staff respect one another. We believe in respect for the sport, fellow competitors, a structure where staff are motivated, and officials. achievements are recognised and the opportunity exists for personal development. Polo and Equestrian Performance We believe in setting high standards in Integrity all our polo and equestrian activities and We believe that the management of the strive continuously to improve all aspects Club is guided by principles of fairness, of these pursuits, including performance, openness and honesty. instruction, horse training and stable management. We will endeavour to excel Satisfaction at international events. We listen to our members, as well as other stakeholders and strive to exceed their Excellence collective expectations and aspirations in We search for excellence in each and fulfilment of the Club’s Vision. every service we provide and believe in new ideas and creative solutions for continuous improvement.
STRATEGY Singapore Polo Club will: • Deploy resources to improve polo and • Strive to create an exclusive members’ equestrian standards through better Club, while not compromising the friendly instruction, innovative competitions, relaxed environment we currently enjoy better facilities, improved planning and participation in international competitions, • Improve the efficiency of our human both at Club and National levels resources and nurture these through job enrichment, training and overall • Provide a meaningful set of lifestyle better HR management options to our members, thereby building up value in membership at the Club Through this strategy, Singapore Polo and attracting new members Club will build a solid platform for sustainability and achieve our goal of • Build financial stability in the Club e.g. being the “Premier Polo Members Club diversifying our sources of revenue in the World”.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 03 74TH ANNUAL GENERAL MEETING
Notice is hereby given that the 74th Annual General Meeting of the Singapore Polo Club will be held at the Clubhouse on (Thursday), 25 March 2021 at 7.00pm (Registration commences at 6.30pm).
Due to Covid-19 restriction imposed, the Meeting held is a Hybrid Meeting. Members can either opt to attend the meeting physically at the Club or virtually online. Please see below.
BUSINESS
1. To confirm the minutes of the 73rd Annual General Meeting held on 24 March 2020.
2. To receive the Reports of the Committee.
3. To receive and approve the Audited Financial Statements for the financial year ending 31 December 2020.
4. To appoint Auditors for the year 2021.
5. (a) In accordance with Rule 37a(iii) of the Constitution, to elect a Committee to hold office till the conclusion of the next Annual General Meeting; (b) In accordance with Rule 33a of the Constitution, to elect a Trustee Group to hold office till the conclusion of the next Annual General Meeting.
6. (a) In accordance with Rule 40a of the Constitution, to consider and vote upon any resolution relating to alterations or additions to the Constitution of the Club for which due notice of not less than 14 clear days’ notice of such alterations and additions have been given to members; (b) In accordance with Rule 37a (v) of the Constitution to consider and vote upon any resolution (excepting an alteration and/or addition to the Constitution, in which case Rule 40 is applicable) for which notice has been given in writing to the Secretary not less than seven clear days before the date of such meeting, provided that such resolution is not inconsistent with this Constitution.
7. In accordance with Rule 11, to consider and vote upon any nominations for Charter Polo Playing Members.
RICKARD HOGBERG Honorary Secretary BY ORDER OF THE COMMITTEE
ATTENDANCE registration will be based on a first-come-first-served registered basis. The first 50 registered members will be allowed to attend the AGM physically at the Clubhouse while the rest of the registered members will attend the AGM virtually online. This is in accordance with the safe distancing measures mandated by the relevant authorities.
Kindly PRE-REGISTER your attendance online for the AGM, together with any submissions and questions, if any, in relation to the proposed resolution to be addressed to the Honorary Secretary not later than 7.00pm on 18 March 2021 using the following weblink: https://agm.conveneagm.org/singaporepoloclubagm2021 Questions from members and answers from the Committee will be posted on the Club noticeboard from 22 March 2021.
Members who do not pre-register their attendance for the AGM will not be entitled to attend nor will they be allowed to cast their votes.
RULE 39 - PROXIES Rule 39 of the Club’s Constitution allow Charter Polo Playing Members (CPPM) absent from Singapore to appoint another voting member as his/her proxy to attend the AGM physically on their behalf. Proxy Forms, duly signed, must be submitted at the Club Office (Clubhouse basement)not later than 7.00pm on 24 March 2021.
04 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 CONTENTS
02 - 03 Vision, Mission, Values & Strategy
04 74th Annual General Meeting
06 Committee Members 2020/2021
07 President’s Report
08 Polo Captain’s Report
09 Honorary Treasurer’s Report
10 Riding Academy Report
12 Statement by Committee
13 - 16 Auditor’s Report
17 Balance Sheet as at 31 December 2020
18 Statement of Comprehensive Income for The Financial Year Ended 31 December 2020
19 Statement of Changes in Funds for The Financial Year Ended 31 December 2020
20 Cash Flow Statement for The Financial Year Ended 31 December 2020
21 - 62 Notes to The Financial Statements, 31 December 2020
63 - 70 Membership List
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 05 COMMITTEE MEMBERS 2020/2021
Patrons Mr Derek G Mitchell
Mr Loh Kim Chah
President Mrs Stephanie Masefield
Vice President Mr Lawrence Khong
Polo Captain Mr Satinder Garcha
Honorary Secretary Mr Rickard Hogberg
Honorary Treasurer Mr Timothy Zee
Committee Members Mr Tan Hock
Ms Peggy Yeo
Mr Daniel Chua
Ms Koh Pei Bei
Ms Jane Drummond
06 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 PRESIDENT’S REPORT
My first term as Club President has been an incredibly challenging year and still continues to be so. However, with a strong Committee and our members behind me and a good management team led by our GM, we have navigated these uncharted waters together.
Whilst the Committee has taken on a more advisory role and set the direction and objectives for the Club we have taken a more hands off approach in the daily running of the Club as we trust in management to run the Club under the direction of our GM. We have strived to do the best we can given the current Covid 19 pandemic which has caused chaos all over the World. Whilst the Club has not been spared, we have faired better than expected and our finances are very sound. Every section within our Club activities has contributed well despite the current economic climate. We have also been very prudent with managing our costs and we continue to strive and improve the financial standing of the Club.
On a positive note the Club’s investments of our reserves are currently at an unrealised gain of $813,973. Also, despite the Club’s closure due to the circuit breaker where we suffered our biggest loss of revenue, many sections are now back on track with some at record earnings. In particular the recently launched Atoms Polo Academy generating the first surplus of $125,000 in the polo hire section in many years, even whilst only launching at the end of 2020. The Riding Academy has also hit a surplus of $596,159 for the year 2020. Despite all the challenges, the Club has ended 2020 on a high note financially with a net operating surplus of $863,382.
After many months of delay due to Covid 19, we have finally completed Phase 1 of the Club’s upgrading and renovation works. I am sure most members will agree the Club looks amazing and I wish to thank members once again for their patience and understanding during the completion of Phase 1. I hope you join me in my sentiment that it has been well worth it.
We now move towards the commencement of Phase 2 which is to renovate our sports block with 15 Club rooms and to renovate & relocate the gym and jackpot room to downstairs in the sports block. We once again ask members for their patience during the construction period from March to end of 2021. These Club rooms will be a big asset to the Club as we look to create new revenue streams, as jackpot revenue has been in decline every year due to more Government gaming restrictions. With the popularity of Staycations and our plans for polo and riding holidays we know this will be a great addition to the Club and help lead us to achieve our goals of becoming one of the best Polo & Riding members Clubs in the world with top class facilities and Club Rooms.
We have also welcomed 163 new members this year and as both our Riding and Polo academies have both evolved into popular lifestyle choices, we know this number will grow year on year as the Club finishes Phase 2 of our renovations and upgrading. We truly shall be a Premier lifestyle Club we can all be proud of in Singapore.
Our Lifestyle Sub-committee have been busy planning exciting events in 2021 to help celebrate our significant milestone, our 135th anniversary this year. Depending on Government restrictions, we hope we can celebrate this anniversary with a big event and a few smaller events to celebrate our long history and heritage.
Our Polo Calendar will have a new format of two seasons split, with the first running from March - May and the second from September to November. The calendar promises to bring some fun Club and higher level polo tournaments at varying levels so all players have a chance to participate in the excitement, obviously subject to Singapore’s Covid 19 progress.
It truly has been an honour and privilege to serve my first term as the first female President. I had some pretty big boots to fill and even more so to start my new role in the midst of a Global Pandemic. Whilst extremely challenging at times it has been a pleasure to work with my Committee and SPC management and I wish to thank my Committee, the various Sub- committees, our GM Sylvan Braberry and his management team, our trustees, all volunteers, and every single one of our members for their support and understanding during the past year. Thank you and here’s to a positive and healthy 2021.
Sincerely yours, Stephanie Masefield
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 07 POLO CAPTAIN’S REPORT
“We kicked ass! Well on our way to be the number 1 polo club in the world. To continued success……….”
Satinder Garcha Polo Captain
08 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 HONORARY TREASURER’S REPORT
Taking up the Honorary Treasurer’s role was a daunting task, especially in the midst of Covid-19, with greater downside risk than upside potential.
Nevertheless, I took up the mantle, perhaps not knowing any better, as both a new Committee Member and newly minted Honorary Treasurer on March 24, only to have the Club shut down on April 7 as the Government of Singapore introduced its Circuit Breaker measures to keep us all safe. This set back, of course, meant uncertainty and more specifically a loss of income for the Club. We immediately exercised both prudence and caution, especially to shore up cash. Thankfully, the Club re-opened about two months later on June 19 at the end of Phase 1 of the Circuit Breaker.
Despite this and the challenges of a global pandemic, it gives me great pleasure to report that we have managed to perform well above expectations and ended the year on more solid footing than even before Covid-19. Overall, we have a net surplus of $863,382 at the end of 2020, which remarkably is 10 times better than our budget of $85,294 by $778,088 and approximately 2.5 times better than our 2019 net surplus of $352,927 by $510,455.
In the interest of providing greater transparency for our members, the key areas contributing to these results include:
• Polo, which was up by ~$326k compared to budget due to lower stable management costs of ~$248k and receipt of ~$111k for foreign worker levy rebate and Jobs Scheme Support (JSS). More excitingly, the newly formed Atoms Polo Academy exceeded budget by ~$138k; • Riding, which was, however, below budget by 11% due primarily to restrictions on competitions and relocation of livery owners, but recovered well with a net surplus of ~$596k; • Jackpot, which was 42% lower with a net surplus of ~$158k due to the suspension of operations in compliance with the Ministry of Health’s advisory for Covid-19; • Investment Income from both our Club Reserve and General Fund, which was up approximately 1.5 times resulting in an income of ~$635k vs. last year’s income of ~$436k. We took time this year to re-assess and re-balance our investment portfolio, which we had to adhere to a very strict set of investment guidelines that limited our investments principally to Singapore bonds and REITS and precluded us from investing in higher growth shares and higher yielding instruments, but we still delivered dividend yields close to 6% and an unrealized capital gain close to 8%; and • Overhead Expenses have been kept low by management resulting in a savings of ~$446k.
Overall, we are in a good financial position as we enter 2021 and will approach this new year with continued prudence and caution as we face similar uncertainty and challenges. Going forward, we will see the completion of Phase 1 renovations imminently, which members have already been enjoying the newly created buzz and excitement around the Club from some of the renovation work already completed. Members should be equally excited about Phase 2 renovations, which we have the necessary cash in hand on reserve. Our aim is to make our little club, which is a “home away from home” for many of us, and our Little Red Dot the epicenter of polo in the region.
I would like to take this opportunity to express my great appreciation to the Honorary Secretary Rickard Hogberg for helping me navigate the intricacies of the Club’s finances, especially through my first year as Honorary Treasurer, our General Manager Sylvan Braberry and his team for their contributions to the Club’s operations and to our Finance Manager Chong Hion Kean for all his support.
It has been an absolute privilege and pleasure to serve the Club in my capacity as both a Committee Member and Honorary Treasurer.
See you on the field!
Timothy Zee Honorary Treasure
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 09 RIDING ACADEMY REPORT
Despite the challenges of the Covid-19 pandemic, the Riding Academy had a challenging but yet exciting 2020 and we saw a higher demand for lessons once the Circuit Breaker period was over.
Less travel and partial work from home for the next few years makes it essential that the Club renew its string of school horses to cater to more rides to meet the various needs and levels of our school riders. The Committee had previously approved to purchase new school horses for year 2020 but this was delayed due to travel restrictions caused by Covid-19. Despite the challenges, our Riding Instructors worked really hard to ensure our horses’ good health during the Circuit Breaker period so that our riders could safely have lessons on them.
The Riding Academy had organised graded weekend invitational lessons, and adapted to a simulation of Dressage and Show-jump training shows that ensured that our livery and school riders could continue to stay competitive. We would like to thank our members who had given their tremendous support and exhibited incredible patience, as we adhered to strict Covid-19 and in-house measures to prevent overcrowding, minimise social interaction to ensure the safety and well-being of our members.
There were exciting moments for our school horses during the Circuit Breaker period as our horses had free use of our facilities and could be seen frolicking and rolling at the Top School arena. This was captured on video and provided magical moments for members during the bleak Circuit Breaker period.
During the course of the year, the Club had adopted two retired ex race horses from the Singapore Turf Club, giving them a change of environment and a new lease of life. In an amazing short span of less than two months, these horses were retrained and reconditioned from horse racing to Showjumping and Dressage school horses. Thanks to the efforts of our Riding Instructors it was made possible for us to welcome Archie and Teremana as the Academy’s new additions.
The Club would also wish to express our heartfelt thanks to members who had graciously adopted our long serving retired school horses Joey, Ollie and Delmonte. 2020 also saw active movement at our Riding livery yard as Covid-19 restrictions kicked in; with some horses being retired and new liveries coming on board.
Despite a challenging year and the closure of the Club for three months from April to June 2020 during Circuit Breaker, the Riding Academy managed to achieve a healthy financial performance. The Financial year 2020 ended with a net surplus of $596,159 which was better than the budget of $574,985. This was achieved through higher demand for lessons due to travel restrictions, the JSS government scheme and cost saving measures throughout the year.
I am proud that the Riding Academy has also achieved its fundamental objectives to promote healthy interest in equestrian sports amongst members for both their enjoyment and improvement towards sports excellence. The Academy also played a major role in reaching out effectively to the community by introducing the equestrian lifestyle to the general public through its various programs that also saw a record 43 new Regular members joining the Club.
I would like to take this opportunity to thank the Main Committee members, Peggy Yeo, Deputy Riding Convenor and Kenneth Li, Riding Sub-committee member for their directives and diligence this year; the fantastic and dedicated Riding Academy team encompassing management, instructors and grooms who have looked after our stables, horses’ welfare and provided quality service to our members for all their support and understanding during this pandemic. Last but not least, a thank you to all our amazing horses and ponies! We look forward to riding into year 2021 with big strides.
Rickard Hogberg Riding Convenor
10 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 AUDITOR’S REPORT AND FINANCIAL STATEMENTS
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 11
Singapore Polo Club Independent Auditor’s Report to the members of Singapore Polo Club Statement by Committee
In accordance with a resolution of the Committee and in the opinion of the Committee, Report on the Audit of the Financial Statements
(a) the accompanying balance sheet, statement of comprehensive income, statement of changes in Opinion
funds and cash flow statement together with notes thereto are drawn up so as to give a true and We have audited the financial statements of Singapore Polo Club (the “Club”), which comprise the fair view of the financial position of Singapore Polo Club (the “Club”) as at 31 December 2020 balance sheet as at 31 December 2020, and the statement of comprehensive income, statement of changes in funds and cash flow statement for the year then ended, notes to the financial statements, and the financial performance, changes in funds and cash flows of the Club for the year ended including a summary of significant accounting policies. on that date; and In our opinion, the financial statements are properly drawn up in accordance with the provisions of
Societies Act, Chapter 311 (the “Act”) and Singapore Financial Reporting Standards so as to give a (b) at the date of this statement, there are reasonable grounds to believe that the Club will be able true and fair view of the financial position of the Club as at 31 December 2020 and of the financial to pay its debts as and when they fall due. performance, changes in equity and cash flows of the Club for the year ended on that date.
Basis for Opinion
On behalf of the Committee, 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 (ACRA) 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.
Other Information
Committee is responsible for the other information. The other information comprises the Statement by
Committee but does not include the financial statements and our auditor’s report thereon.
Stephanie Masefield Frances Timothy Yuen Cheng Zee Our opinion on the financial statements does not cover the other information and we do not and will President Honorary Treasurer not express any form of assurance conclusion thereon.
Singapore 3 March 2021
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12 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 1 -
Independent Auditor’s Report to the members of Singapore Polo Club
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Singapore Polo Club (the “Club”), which comprise the balance sheet as at 31 December 2020, and the statement of comprehensive income, statement of changes in funds and cash flow statement for the year then ended, notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements are properly drawn up in accordance with the provisions of Societies Act, Chapter 311 (the “Act”) and Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the Club as at 31 December 2020 and of the financial performance, changes in equity 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 (ACRA) 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.
Other Information
Committee is responsible for the other information. The other information comprises the Statement by Committee but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.
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ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 13
Independent Auditor’s Report to the members of Singapore Polo Club – continued
Other Information (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information 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, 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.
Responsibilities of Committee for the Financial Statements
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, 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 the going concern basis of accounting unless Committee either intends to dissolve the Club or to cease operations, or has no realistic alternative but to do so.
The Committee’s 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.
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14 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020
Independent Auditor’s Report to the members of Singapore Polo Club – continued
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
▪ 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.
▪ 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.
▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Committee.
▪ Conclude on the appropriateness of 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.
▪ 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 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.
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ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 15
Independent Auditor’s Report Singapore Polo Club to the members of Singapore Polo Club – continued Balance Sheet as at 31 December 2020
Note 2020 2019 Report on Other Legal and Regulatory Requirements $ $ ASSETS In our opinion, the accounting and other records required by the Act to be kept by the Club have been properly kept in accordance with the provisions of the Act. Non-current Property, plant, equipment and ponies 4 12,765,533 11,315,945 Right-of-use assets 5 34,451 22,724 Investment securities 6 12,113,207 10,351,095 Deferred rent 7 194,102 280,370 Loan receivable 8 553,575 786,196 25,660,868 22,756,330
HLB Atrede LLP Current Public Accountants and Loan receivable 8 327,618 238,159 Chartered Accountants Inventories 9 36,838 36,334 Members’ receivables 10 1,496,289 1,069,570 Singapore Other receivables 11 527,968 607,300 3 March 2021 Deferred rent 7 86,268 86,268 Fixed deposits 12 – 2,042,888 Cash and cash equivalents 13 5,224,393 5,164,284 7,699,374 9,244,803
Total assets 33,360,242 32,001,133
FUNDS AND LIABILITIES
Funds Club reserve 14 8,103,616 7,613,619 General fund 15 3,960,540 4,347,758 Facilities improvement fund 16 16,660,787 16,397,764 Allocated stable deposit fund 17 742,500 544,500 Fair value reserve 18 813,973 359,066 30,281,416 29,262,707
Liabilities Non-current Contract liabilities 19 12,401 21,219 Lease liabilities 20 27,094 13,875 39,495 35,094
Current Trade payables 574,482 402,157 Other payables 21 1,224,070 1,192,789 Refundable deposits 22 630,636 589,109 Contract liabilities 19 532,855 434,065 Lease liabilities 20 8,605 9,224 Tax payable 23 68,683 75,988 3,039,331 2,703,332
- 5 - Total funds and liabilities 33,360,242 32,001,133
The accompanying accounting policies and explanatory notes form an integral part of financial statements.
16 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 6 - Singapore Polo Club
Balance Sheet as at 31 December 2020
Note 2020 2019 $ $ ASSETS
Non-current Property, plant, equipment and ponies 4 12,765,533 11,315,945 Right-of-use assets 5 34,451 22,724 Investment securities 6 12,113,207 10,351,095 Deferred rent 7 194,102 280,370 Loan receivable 8 553,575 786,196 25,660,868 22,756,330
Current Loan receivable 8 327,618 238,159 Inventories 9 36,838 36,334 Members’ receivables 10 1,496,289 1,069,570 Other receivables 11 527,968 607,300 Deferred rent 7 86,268 86,268 Fixed deposits 12 – 2,042,888 Cash and cash equivalents 13 5,224,393 5,164,284 7,699,374 9,244,803
Total assets 33,360,242 32,001,133
FUNDS AND LIABILITIES
Funds Club reserve 14 8,103,616 7,613,619 General fund 15 3,960,540 4,347,758 Facilities improvement fund 16 16,660,787 16,397,764 Allocated stable deposit fund 17 742,500 544,500 Fair value reserve 18 813,973 359,066 30,281,416 29,262,707
Liabilities Non-current Contract liabilities 19 12,401 21,219 Lease liabilities 20 27,094 13,875 39,495 35,094
Current Trade payables 574,482 402,157 Other payables 21 1,224,070 1,192,789 Refundable deposits 22 630,636 589,109 Contract liabilities 19 532,855 434,065 Lease liabilities 20 8,605 9,224 Tax payable 23 68,683 75,988 3,039,331 2,703,332
Total funds and liabilities 33,360,242 32,001,133
The accompanying accounting policies and explanatory notes form an integral part of financial statements.
- 6 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 17 Singapore Polo Club
Statement of Comprehensive Income for the financial year ended 31 December 2020
– – – –
$ 869,493 820,709 198,000 198,000 Note 2020 2019 Total
$ $ 28,195,214 29,262,707 30,281,416 INCOME
Subscription fees 2,320,690 2,384,731
– – – Transfer fees 218,250 153,500 – –
Entrance fees 136,442 15,500 $ (42,673) 516,566 359,066 813,973 497,580
Late payment charges 44,239 47,755 (157,500) reserve reserve
Retail shop (net surplus) 24 13,486 6,457 Fair value Polo activities (net surplus) 25 442,761 247,324
Riding activities (net surplus) 26 596,159 628,758
00 National Equestrian Park (net deficit) 27 (336,222) (230,654) – – – – – –
Tournaments and events (net deficit) 28 (93,442) (150,672) $ 346,5 198,000 544,500 198,000 742,500 Contributions from fruit machines (net surplus) 29 157,931 216,738 stable
Other activities (net surplus) 30 64,500 41,295 Allocated Carpark income 7,439 20,927 fund deposit part of financial statements. financial of part
Interest income 212,402 228,278
License fee income 126,695 220,128 – – – – – –
Miscellaneous income 267,721 88,370 $ fund
Dividend income 443,030 219,187 208,488 263,023
Gain on disposal of debt instrument – 21,500 Facilities 16,189,276 16,397,764 16,660,787 Total income 4,622,081 4,159,122 improvement
s form an integral an s form
e t EXPENDITURE
– – no
Building, ground and utilities 31 (973,905) (1,117,160) - 20 $
ry
8
Administrative expenses 32 (1,497,082) (1,354,947) fund 352,927 157,500 863,382
(352,927) (753,020) (497,580) - General Membership expenditure 33 (567,715) (559,167) 4,190,258 4,347,758 3,960,540 (3,038,702) (3,031,274)
Surplus before depreciation 1,583,379 1,127,848 – – – – – –
$ 31 December 20 December 31 Club Depreciation of property, plant, equipment and ponies (701,729) (723,058) 144,439 489,997 reserve reserve Depreciation of right-of-use assets (6,161) (5,435) 7,469,180 7,613,619 8,103,616 Surplus before tax 875,489 399,355 Income tax expense 34 (12,107) (46,428) Surplus after tax 863,382 352,927 Other comprehensive income: Items that will not be reclassified to profit or loss
– Net fair value (loss)/gain on equity instruments at ended year nancial
fair value through other comprehensive income (122,724) 498,541 Items that may be reclassified subsequently to profit her comprehensive comprehensive her or loss: instruments uity e year – Net fair value gain on debt instruments at fair value
through other comprehensive income 80,051 18,025
Other comprehensive (loss)/income for the year, net of tax (42,673) 516,566 explanato and policies accounting The accompanying Total comprehensive income for the year 820,709 869,493 in Funds for the fi the for Funds in
Surplus attributable to: Club reserve 489,997 144,439 General fund 110,362 – Facilities improvement fund 263,023 208,488 Fair value reserve (42,673) 516,566 820,709 869,493
designated at fair value through other comprehensive comprehensive other through value fair at designated derecognition upon income ot through value fair at designated derecognition upon income Singapore Polo Club Polo Singapore Changes of Statement 2019 1 January at Balance the year for income comprehensive Total of funds Contribution Transfer of funds eq of reserves fair value of Transfer 2019 31 December at Balance th for income comprehensive Total of funds Contribution Transfer of funds instruments equity of reserves fair value of Transfer 2020 31 December at Balance The accompanying accounting policies and explanatory notes form an integral part of financial statements.
18 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 7 -
– – – –
$ 869,493 820,709 198,000 198,000 Total 28,195,214 29,262,707 30,281,416
– – – – –
$ (42,673) 516,566 359,066 813,973 497,580 (157,500) reserve reserve Fair value Fair value
00 – – – – – –
$ 346,5 198,000 544,500 198,000 742,500 stable stable Allocated Allocated deposit fund deposit
– – – – – –
$ fund 208,488 263,023 Facilities Facilities 16,189,276 16,397,764 16,660,787 improvement improvement
– –
notes form an integral part of financial statements. financial of part integral an form notes
- $
ry
8 fund 352,927 157,500 863,382
(352,927) (753,020) (497,580) - General General 4,190,258 4,347,758 3,960,540
– – – – – –
$ Club 144,439 489,997 reserve reserve 7,469,180 7,613,619 8,103,616
her comprehensive comprehensive her e year
The accompanying accounting policies and explanato and policies accounting The accompanying
income upon derecognition derecognition upon income derecognition upon income designated at fair value through other comprehensive comprehensive other through value fair at designated ot through value fair at designated Singapore Polo Club Club Polo Singapore 2020 December ended 31 year financial the for Funds in Changes of Statement 2019 1 January at Balance the year for income comprehensive Total of funds Contribution Transfer of funds equity instruments of reserves fair value of Transfer 2019 31 December at Balance th for income comprehensive Total of funds Contribution Transfer of funds instruments equity of reserves fair value of Transfer 2020 31 December at Balance
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 19 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) Cash Flow Statement for the financial year ended 31 December 2020 Notes to the Financial Statements – 31 December 2020
2020 2019 $ $ These notes are an integral part of and should be read in conjunction with the accompanying financial statements. CASH FLOWS FROM OPERATING ACTIVITIES Surplus before tax 875,489 399,355 1. GENERAL INFORMATION Adjustments for: Allowance for expected credit losses 35,582 8,505 The Club is registered under the Societies Act, Chapter 311 and domiciled in Singapore. Amortisation of deferred rent 86,268 86,266 Depreciation of property, plant, equipment and ponies 1,210,445 1,284,004 The registered office of the Club is located at 80 Mount Pleasant Road, Singapore 298334. Depreciation of right-of-use assets 10,030 9,304 Dividend income (443,030) (219,187) The principal activities of the Club are to promote polo and other sporting and social recreation. Gain on disposal of right-of-use assets (76) – Gain on disposal of debt instrument – (21,500) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Gain on disposal of property, plant, equipment and ponies (1) (103,599) Interest expenses 645 887 (a) Basis of preparation Interest income (212,402) (228,278) Loss on fixed assets written off 35,499 12,297 The financial statements have been prepared in accordance with the Societies Act and Surplus before working capital changes 1,598,449 1,228,054 Singapore Financial Reporting Standards (FRS). (Increase)/decrease in members’ receivables (462,301) 114,358 Decrease/(Increase) in other receivables 109,977 (220,722) The financial statements have been prepared on the historical cost basis except where (Increase)/decrease in inventories (504) 12,480 otherwise described in the accounting policies below. Increase in trade and other payables 203,606 266,085 Increase in refundable deposits 41,527 14,091 The financial statements are presented in Singapore Dollars (SGD or $) and all values are Increase/(decrease) in contract liabilities 89,972 (32,272) rounded to the nearest one-dollar unless otherwise stated. Cash generated from operations 1,580,726 1,382,074 Income tax paid (19,412) (18,440) The accounting policies adopted are consistent with those used in the previous financial year Net cash flows from operating activities 1,561,314 1,363,634 except in current financial year; the Club has adopted all applicable new and amended standards that are relevant to its operations and effective for the current financial year. The CASH FLOWS FROM INVESTING ACTIVITIES adoption of these standards did not have any material effect on the financial position or Purchase of property, plant, equipment and ponies (2,695,532) (772,553) performance of the Club for the current or prior financial years. Proceeds from disposal of property, plant, equipment and ponies 1 217,798 Decrease in fixed deposits 2,042,888 3,763,648 Standards issued but not yet effective Interest received 161,595 190,609 Repayment of lease liabilities (9,726) (9,816) The Club has not adopted the following standards and interpretations that are potentially Purchase of investment securities (3,840,204) (11,669,029) relevant to the Club that has been issued but not yet effective: Proceeds from disposal of investment securities 2,035,419 1,856,000 Dividend received 443,030 219,187 Effective date Net cash flows used in investing activities (1,862,529) (6,204,156) (Annual periods beginning on or after) CASH FLOWS FROM FINANCING ACTIVITIES Contributions to allocated stable deposit fund 198,000 198,000 Amendment to FRS 116: Covid-19-Related Rent Concession 1 June 2020 Repayment of loan receivables 163,324 244,991 Amendments to FRS109, FRS 39, FRS 107, FRS104, FRS 116: Net cash flows from financing activities 361,324 442,991 Interest rate benchmark reform- phase 2 1 January 2021 Amendments to FRS 103: Reference to the Conceptual Framework 1 January 2022 Net increase/(decrease) in cash and cash equivalents 60,109 (4,397,531) Amendments to FRS 16: Property, Plant and Equipment Cash and cash equivalents at beginning of year 5,164,284 9,561,815 Proceeds before Intended Use 1 January 2022 Cash and cash equivalents at end of year 5,224,393 5,164,284 Amendments to FRS 37: Onerous Contracts Cost of Fulfilling a Contract 1 January 2022
The accompanying accounting policies and explanatory notes form an integral part of financial statements.
20 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 9 - - 10 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
These notes are an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL INFORMATION
The Club is registered under the Societies Act, Chapter 311 and domiciled in Singapore.
The registered office of the Club is located at 80 Mount Pleasant Road, Singapore 298334.
The principal activities of the Club are to promote polo and other sporting and social recreation.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared in accordance with the Societies Act and Singapore Financial Reporting Standards (FRS).
The financial statements have been prepared on the historical cost basis except where otherwise described in the accounting policies below.
The financial statements are presented in Singapore Dollars (SGD or $) and all values are rounded to the nearest one-dollar unless otherwise stated.
The accounting policies adopted are consistent with those used in the previous financial year except in current financial year; the Club has adopted all applicable new and amended standards that are relevant to its operations and effective for the current financial year. The adoption of these standards did not have any material effect on the financial position or performance of the Club for the current or prior financial years.
Standards issued but not yet effective
The Club has not adopted the following standards and interpretations that are potentially relevant to the Club that has been issued but not yet effective:
Effective date (Annual periods beginning on or after)
Amendment to FRS 116: Covid-19-Related Rent Concession 1 June 2020 Amendments to FRS109, FRS 39, FRS 107, FRS104, FRS 116: Interest rate benchmark reform- phase 2 1 January 2021 Amendments to FRS 103: Reference to the Conceptual Framework 1 January 2022 Amendments to FRS 16: Property, Plant and Equipment Proceeds before Intended Use 1 January 2022 Amendments to FRS 37: Onerous Contracts Cost of Fulfilling a Contract 1 January 2022
- 10 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 21 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(a) Basis of preparation (continued) (b) Functional and foreign currency (continued)
Standards issued but not yet effective (continued) Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss. Effective date (Annual periods (c) Property, plant, equipment and ponies beginning on or after) All items of property, plant, equipment and ponies are initially recorded at cost. Subsequent Annual Improvements to FRSs 2018 – 2020 1 January 2022 to recognition, property, plant, equipment and ponies other than leasehold land are measured – FRS 101: First-time Adoption of Financial Reporting Standards at cost less accumulated depreciation and any accumulated impairment losses. The cost – FRS 109: Financial Instruments Illustrative Examples includes the cost of replacing part of the property, plant, equipment and ponies that are accompanying FRS 116 Leases directly attributable to the acquisition, construction or production of a qualifying property, – FRS 41: Agriculture plant, equipment and ponies. The cost of an item of property, plant, equipment and ponies is recognised as an asset if, and only if, it is probable that future economic benefits associated FRS 117: Insurance Contracts 1 January 2023 with the item will flow to the Club and the cost of the item can be measured reliably. Amendment to FRS 1: Classification of Liabilities as Current or Non-current 1 January 2023 When significant parts of property, plant, equipment and ponies are required to be replaced in intervals, the Club recognise such parts as individual assets with specific useful lives and The Committee expect that the adoption of the standards and interpretations above will have depreciation, respectively. Likewise, when a major inspection is performed, its cost is no material impact on the financial statements in the period of initial application. recognised in the carrying amount of the property, plant, equipment and ponies as a
replacement if the recognition criteria are satisfied. All other repair and maintenance costs are Amendments to FRS 116: Covid-19 Related Rent Concessions recognised in profit or loss as incurred.
On 28 May 2020, the Accounting Standards Council Singapore issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: The amendments provide relief to lessees from applying FRS 116 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 Leasehold land, sewers and building – 5 years & remaining lease term pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 Riding school and stables – 5 years & remaining lease term related rent concession from a lessor is a lease modification. A lessee that makes this election Plant and machinery – 5 years accounts for any change in lease payments resulting from the Covid-19 related rent Saddles and riding equipment – 3 years concession the same way it would account for the change under FRS 116, if the change were Ponies – 5 to 8 years not a lease modification. Crockery, cutlery and kitchen equipment – 3 years Furniture, fixture and equipment – 3 to 5 years (b) Functional and foreign currency Fully depreciated assets are retained in the financial statements until they are no longer in use. The Committee has determined the currency of the primary economic environment in which the Club operates i.e. functional currency, to be SGD. Assets under construction included in property, plant, equipment and ponies are not depreciated as these assets are not yet available for use. Foreign currency transactions For acquisition and disposals of property, plant, equipment and ponies, depreciation is Transactions in foreign currencies are measured in the functional currency and are recorded provided in the month of acquisition and no depreciation is provided in the month of disposal. on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are Property, plant, equipment and ponies with individual cost of S$1,000 or below with useful translated to the functional currency at the rate of exchange ruling at the end of the reporting life of less than 3 years are expensed in the profit or loss in the year of purchase. period. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of initial transactions. The carrying values of property, plant, equipment and ponies are reviewed for impairment Non-monetary items measured at fair value in a foreign currency are translated using the when events or changes in circumstances indicate that the carrying value may not be exchange rates at the date when the fair value was measured. recoverable.
22 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 11 - - 12 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Functional and foreign currency (continued)
Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss.
(c) Property, plant, equipment and ponies
All items of property, plant, equipment and ponies are initially recorded at cost. Subsequent to recognition, property, plant, equipment and ponies other than leasehold land are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost includes the cost of replacing part of the property, plant, equipment and ponies that are directly attributable to the acquisition, construction or production of a qualifying property, plant, equipment and ponies. The cost of an item of property, plant, equipment and ponies is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Club and the cost of the item can be measured reliably.
When significant parts of property, plant, equipment and ponies are required to be replaced in intervals, the Club recognise such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant, equipment and ponies as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Leasehold land, sewers and building – 5 years & remaining lease term Riding school and stables – 5 years & remaining lease term Plant and machinery – 5 years Saddles and riding equipment – 3 years Ponies – 5 to 8 years Crockery, cutlery and kitchen equipment – 3 years Furniture, fixture and equipment – 3 to 5 years
Fully depreciated assets are retained in the financial statements until they are no longer in use.
Assets under construction included in property, plant, equipment and ponies are not depreciated as these assets are not yet available for use.
For acquisition and disposals of property, plant, equipment and ponies, depreciation is provided in the month of acquisition and no depreciation is provided in the month of disposal.
Property, plant, equipment and ponies with individual cost of S$1,000 or below with useful life of less than 3 years are expensed in the profit or loss in the year of purchase.
The carrying values of property, plant, equipment and ponies are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
- 12 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 23 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(c) Property, plant, equipment and ponies (continued) (e) Financial instruments (continued)
The residual value, useful life and depreciation method are reviewed at the end of each (i) Financial assets (continued) reporting period, and adjusted prospectively, if appropriate. Subsequent measurement An item of property, plant, equipment and ponies is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on Investments in debt instruments derecognition of the asset is included in the profit or loss in the year the asset is derecognised. Subsequent measurement of debt instruments depends on the business model for (d) Deferred rent managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortised cost, fair In connection with the arrangements with Equestrian Federation of Singapore (EFS) for the value through other comprehensive income (FVOCI) and FVPL. The three measurement purpose of development of a National Equestrian Park (“NEP”), situated on a plot of land categories for classification of debt instruments are: leased by EFS for a period of 15 years commencing 23 April 2009 (the “Lease Period”). The Club is appointed to develop the NEP facilities and will provide up to 40 stables for EFS use ▪ Amortised cost at no consideration payable by EFS to the Club. The Club was irrevocably appointed as the operator and manager of NEP except for the 40 stables which are allocated for EFS use, for Financial assets that are held for the collection of contractual cash flows where an initial period of 15 years. Based on the substance of the arrangement, the Club is given the those cash flows represent solely payments of principal and interest are measured at right to use the land leased by EFS and in October 2011, the Club completed the development amortised cost. Financial assets are measured at amortised cost using the effective of the 40 stables for EFS use at a cost of S$1,077,464. The development cost of S$1,077,464 interest method, less impairment. Gains and losses are recognised in profit or loss for the 40 stables is recognised as a “Deferred Rent” over the use of the land leased by EFS. when the assets are derecognised or impaired, and through amortisation process.
Deferred rent is stated at cost less accumulated amortisation and any impairment losses. ▪ Fair value through other comprehensive income (FVOCI) Deferred rent is amortised over the lease term of the land for 15 years using the straight-line method. Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of The estimated useful life, residual value and amortisation are reviewed at the end of each principal and interest, are measured at FVOCI. Financial assets measured at FVOCI reporting period, with the effect of any changes in estimate accounted for on a prospective are subsequently measured at fair value. Any gains or losses from changes in fair basis. value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated (e) Financial instruments using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified (i) Financial assets from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. Initial recognition and measurement ▪ Fair value through profit or loss (FVPL) Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt instruments that is subsequently measured at FVPL At initial recognition, the Club measures a financial asset at its fair value plus, in the and is not part of a hedging relationship is recognised in profit or loss in the period case of a financial asset not at fair value through profit or loss (FVPL), transaction costs in which it arises. that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL fair are expensed in profit or loss.
Trade receivables are measured at the amount of consideration to which the Club expects to be entitled in exchange for transferring promised goods or services to a member, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition.
24 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 13 - - 14 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(e) Financial instruments (continued)
(i) Financial assets (continued)
Subsequent measurement
Investments in debt instruments
Subsequent measurement of debt instruments depends on the business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortised cost, fair value through other comprehensive income (FVOCI) and FVPL. The three measurement categories for classification of debt instruments are:
▪ Amortised cost
Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through amortisation process.
▪ Fair value through other comprehensive income (FVOCI)
Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised.
▪ Fair value through profit or loss (FVPL)
Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt instruments that is subsequently measured at FVPL and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises.
- 14 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 25 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(e) Financial instruments (continued) (e) Financial instruments (continued)
(i) Financial assets (continued) (iii) Offsetting of financial instruments
Subsequent measurement (continued) Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right Investments in equity instruments to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. On initial recognition of an investment in equity instrument that is not held for trading, the Club may irrevocably elect to present subsequent changes in FVOCI which will not (f) Impairment of financial assets be reclassified subsequently to profit or loss. Dividends from such investments are to be recognised in profit or loss when the right to receive payments is established. For The Club recognises an allowance for expected credit losses (ECLs) for all debt instruments investments in equity instruments which the Club has not elected to present subsequent not held at fair value through profit or loss and financial guarantee contracts. ECLs are based changes in FVOCI, changes in fair value are recognised in profit or loss. on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Club expects to receive, discounted at an approximation of the Derecognition original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference ECLs are recognised in two stages. For credit exposures for which there has not been a between the carrying amount and the sum of the consideration received and any significant increase in credit risk since initial recognition, ECLs are provided for credit losses cumulative gain or loss that had been recognised in other comprehensive income for debt that result from default events that are possible within the next 12-months (a 12-month ECL). instruments is recognised in profit or loss. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining (ii) Financial liabilities life of the exposure, irrespective of the timing of the default (a lifetime ECL).
Initial recognition and measurement For trade receivables and contract assets, the Club applies a simplified approach in calculating ECLs. Therefore, the Club does not track changes in credit risk, but instead Financial liabilities are recognised when, and only when, the Club becomes a party to the recognises a loss allowance based on lifetime ECLs at each reporting date. The Club has contractual provisions of the financial instrument. The Club determines the classification established a provision matrix that is based on its historical credit loss experience, adjusted of its financial liabilities at initial recognition. for forward-looking factors specific to the debtors and the economic environment which could affect debtors’ ability to pay. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at FVPL, directly attributable transaction costs. For debt instruments at fair value through other comprehensive income, the Club applies the low credit risk simplification. At every reporting date, the Club evaluates whether the debt Subsequent measurement instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Club After initial recognition, financial liabilities that are not carried at FVPL are reassesses the internal credit rating of the debt instrument. In addition, the Club considers that subsequently measured at amortised cost using the effective interest method. Gains and there has been a significant increase in credit risk when contractual payments are more than losses are recognised in profit or loss when the liabilities are derecognised, and through 30 days past due. the amortisation process. The Club considers a financial asset in default when contractual payments are 90 days past Derecognition due. However, in certain cases, the Club may also consider a financial asset to be in default when internal or external information indicates that the Club is unlikely to receive the A financial liability is de-recognised when the obligation under the liability is discharged outstanding contractual amounts in full before taking into account any credit enhancements or cancelled or expires. On derecognition, the difference between the carrying amounts held by the Club. A financial asset is written off when there is no reasonable expectation of and the consideration paid is recognised in profit or loss. recovering the contractual cash flows.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 26 - 15 - - 16 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(e) Financial instruments (continued)
(iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
(f) Impairment of financial assets
The Club recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Club expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Club applies a simplified approach in calculating ECLs. Therefore, the Club does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Club has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors’ ability to pay.
For debt instruments at fair value through other comprehensive income, the Club applies the low credit risk simplification. At every reporting date, the Club evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Club reassesses the internal credit rating of the debt instrument. In addition, the Club considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.
The Club considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Club may also consider a financial asset to be in default when internal or external information indicates that the Club is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Club. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 27 - 16 - Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(g) Contract balances (j) Inventories (continued)
Contract liabilities Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A contract liability is the obligation to transfer goods or services to a member for which the Club has received consideration (or an amount of consideration is due) from the member. If a (j) Cash and cash equivalents member pays consideration before the Club transfers goods or services to the member, a contract liability is recognised when the payment is made or the payment is due (whichever is Cash and cash equivalents comprise cash on hand and at bank and fixed deposits. earlier). Contract liabilities are recognised as revenue when the Club performs under the contract. (k) Trade and other payables
(h) Impairment of non-financial assets Trade and other payables are non-interest bearing and trade payables are normally settled on 30 to 60 days’ terms while other payables have an average term of 30 days. The Club assesses at each reporting date whether there is an indication that a non-financial asset, other than investment property accounted for at fair value and inventories may be (l) Provisions impaired. If any such an indication exists, or when an annual impairment testing for an asset is required, the Club makes an estimate of the asset’s recoverable amount. Provisions are recognised when the Club has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair economic benefits will be required to settle the obligation and the amount of the obligation value less cost to sell and the value-in-use) is determined on an individual asset basis unless can be estimated reliably. the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the cash generation unit to Provisions are reviewed at the end of each reporting period and adjusted to reflect the current which the asset belongs. best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss, unless the asset is carried at revalued amount, in which case, If the effect of the time value of money is material, provisions are discounted using a current such impairment loss is treated as a revaluation decrease. pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a (i) Inventories finance cost.
Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing (m) Employee benefits the inventories to their present location and condition are accounted for as follows: (i) Defined contribution plans Merchandise – first-in-first-out basis. Defined contribution plans are post-employment benefit plans under which the Club Where necessary, allowance is provided for damaged, obsolete and slow moving items to pays fixed contributions into a separate entity (a fund) and will have no legal or adjust the carrying value of inventories to the lower of cost and net realisable value. constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior The amount of any write-down of inventories to net realisable value and all losses of periods. inventories shall be recognised as an expense in the period the write-down or loss occurs. The Club makes contributions to the Central Provident Fund (“CPF”) scheme in The amount of any reversal of any write-down of inventories, arising from an increase in net Singapore, a defined contribution pension scheme. These contributions are recognised as realisable value, shall be recognised as a reduction in the amount of inventories recognised as an expense in the period in which the related service is performed. an expense in the period in which the reversal occurred.
When inventories are sold, the carrying amounts of those inventories are recognised as an expense in the period in which the related revenue is recognised.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 28 - 17 - - 18 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(j) Inventories (continued)
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
(j) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank and fixed deposits.
(k) Trade and other payables
Trade and other payables are non-interest bearing and trade payables are normally settled on 30 to 60 days’ terms while other payables have an average term of 30 days.
(l) Provisions
Provisions are recognised when the Club has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed.
If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
(m) Employee benefits
(i) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Club pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.
The Club makes contributions to the Central Provident Fund (“CPF”) scheme in Singapore, a defined contribution pension scheme. These contributions are recognised as an expense in the period in which the related service is performed.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 18 - 29 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(m) Employee benefits (continued) (n) Leases (continued)
(ii) Employee leave entitlement (i) As lessee (continued)
Employee entitlements to annual leave are recognised as a liability when they accrue to ▪ Lease liabilities employees. The estimated liability for leave is recognised for services rendered by employees up to the end of the reporting period. At the commencement date of the lease, the Club recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The (n) Leases lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or The Club assesses at contract inception whether a contract is, or contains, a lease. That is, if a rate, and amounts expected to be paid under residual value guarantees. The lease the contract conveys the right to control the use of an identified asset for a period of time in payments also include the exercise price of a purchase option reasonably certain to exchange for consideration. Reassessment is only required when the terms and conditions of be exercised by the Club and payments of penalties for terminating the lease, if the the contract are changed. lease term reflects the Club exercising the option to terminate.
(i) As lessee Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the The Club applies a single recognition and measurement approach for all leases, except event or condition that triggers the payment occurs.
for short-term leases and leases of low-value assets. The Club recognises lease liabilities The initial measurement of lease liability is measured at the present value of the representing the obligations to make lease payments and right-of-use assets representing lease payments discounted using the implicit rate in the lease, if the rate can be the right to use the underlying leased assets. readily determined. If that rate cannot be readily determined, the Club shall use its
incremental borrowing rate. ▪ Right-of-use assets
After the commencement date, the amount of lease liabilities is increased to reflect The Club recognises right-of-use assets at the commencement date of the lease (i.e. the accretion of interest and reduced for the lease payments made. In addition, the the date the underlying asset is available for use). Right-of-use assets are measured carrying amount of lease liabilities is remeasured if there is a modification, a change at cost, less any accumulated depreciation and impairment losses, and adjusted for in the lease term, a change in the lease payments (e.g. changes to future payments any remeasurement of lease liabilities. The cost of right-of use assets includes the resulting from a change in an index or rate used to determine such lease payments) amount of lease liabilities recognised, initial direct costs incurred, and lease or a change in the assessment of an option to purchase the underlying asset. payments made at or before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line basis over the shorter ▪ Short term and low value leases of the lease term and the estimated useful lives of the assets, as follows:
The Club applies the short-term lease recognition exemption to its short-term leases Plant and machinery – 5 years of machinery and equipment (i.e. those leases that have a lease term of 12 months or If ownership of the leased asset transfers to the Club at the end of the lease term or less from the commencement date and do not contain a purchase option). It also the cost reflects the exercise of a purchase option, depreciation is calculated using applies the lease of low-value assets recognition exemption to leases of office the estimated useful life of the asset. The right-of-use assets are also subject to equipment that are considered to be low value. Lease payments on short-term leases impairment. and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
30 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 19 - - 20 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n) Leases (continued)
(i) As lessee (continued)
▪ Lease liabilities
At the commencement date of the lease, the Club recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Club and payments of penalties for terminating the lease, if the lease term reflects the Club exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
The initial measurement of lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Club shall use its incremental borrowing rate.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
▪ Short term and low value leases
The Club applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
- 20 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 31 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n) Leases (continued) (q) Revenue
(ii) As lessor Revenue is measured based on the consideration to which the Club expects to be entitled in exchange for transferring promised goods or services to a member, excluding amounts Leases in which the Club does not transfer substantially all the risks and rewards collected on behalf of third parties. incidental to ownership of an asset are classified as operating leases. Rental income arising from operating leases on the Club’s investment properties is accounted for on a Revenue is recognised when the Club satisfies a performance obligation by transferring a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and promised good or service to the member, which is when the member obtains control of the arranging an operating lease are added to the carrying amount of the leased asset and good or service. A performance obligation may be satisfied at a point in time or over time. recognised over the lease term on the same basis as rental income. Contingent rents are The amount of revenue recognised is the amount allocated to the satisfied performance recognised as revenue in the period in which they are earned. obligation.
(o) Government grants (i) Members’ subscription
Government grants are recognised when there is reasonable assurance that the grant will be Revenue from subscriptions are recognised on accrual basis over time. received and all attaching conditions will be complied with. Where the grant relates to an asset, the fair value is recognised as deferred capital grant on the balance sheet and is (ii) Activities income amortised to profit or loss over the expected useful life of the relevant asset by equal annual instalments. Revenue from Polo, Riding and NEP activities are recognised when the services have been rendered over time. Government grant shall be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended (iii) Retail shop income to compensate. Grants related to income may be presented as a credit in profit or loss, either separately or under a general heading such as “Other income”. Alternatively, they are The Club supplies merchandises for its members and customers. deducted in reporting the related expenses Revenue is recognised when the goods are delivered to the customer and all criteria for (p) Contingencies acceptance have been satisfied.
A contingent liability is: (iv) Entrance and transfer fees
(a) a possible obligation or asset that arises from past events and whose existence will be Entrance and transfer fees are recognised in full in the financial year in which members confirmed only by the occurrence or non-occurrence of uncertain future event or events are admitted or transferred. not wholly within the control of the Club, or (v) Fruit machines income
(b) a present obligation that arises from past events but is not recognised because: Gross taking from fruit machines are recognised on receipt basis.
(i) it is not probable that an outflow of resources embodying economic benefits will be (vi) Interest income required to settle the obligations; or Interest income is recognised using the effective interest method. (ii) the amount of the obligation cannot be measured with sufficient reliability. (vii) License fee income A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events License fee income is recognised over the period where it is leased. not wholly within the control of the Club.
32 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 21 - - 22 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(q) Revenue
Revenue is measured based on the consideration to which the Club expects to be entitled in exchange for transferring promised goods or services to a member, excluding amounts collected on behalf of third parties.
Revenue is recognised when the Club satisfies a performance obligation by transferring a promised good or service to the member, which is when the member obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.
(i) Members’ subscription
Revenue from subscriptions are recognised on accrual basis over time.
(ii) Activities income
Revenue from Polo, Riding and NEP activities are recognised when the services have been rendered over time.
(iii) Retail shop income
The Club supplies merchandises for its members and customers.
Revenue is recognised when the goods are delivered to the customer and all criteria for acceptance have been satisfied.
(iv) Entrance and transfer fees
Entrance and transfer fees are recognised in full in the financial year in which members are admitted or transferred.
(v) Fruit machines income
Gross taking from fruit machines are recognised on receipt basis.
(vi) Interest income
Interest income is recognised using the effective interest method.
(vii) License fee income
License fee income is recognised over the period where it is leased.
- 22 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 33 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(q) Revenue (continued) (s) Related parties
(viii) Dividend income A related party is defined as follows:
Dividend income is recognised when the Club’s right to receive the payment is (a) A person or a close member of that person’s family is related to the Club if that person: established. (i) Has control or joint control over the Club; (ii) Has significant influence over the Club; or (r) Taxes (iii) Is a member of the key management personnel of the Club or of a parent of the Club. (i) Current income tax (b) An entity is related to the Club if any of the following conditions applies: The Club’s income tax is subject to provision of section 11(1) of the Singapore Income (i) The entity and the Club are members of the same group (which means that each Tax Act. It is deemed not to carry on business if at least half of its gross receipts in parent, subsidiary and fellow subsidiary is related to the others); revenue account are from its members, and such revenue is not subject to tax. (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); Any other sources of income derived from dealing with non-members are taxable. (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity and the other entity is an associate of The income tax rate applicable is on the effective rate in Part B of Second Schedules of the third entity; the Act, which is limited to corporate income tax of 17%. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Club or an entity related to the Club. If the Club is itself such a plan, the (ii) Goods and services tax sponsoring employers are also related to the Club; (vi) The entity is controlled or jointly controlled by a person identified in (a); Revenue, expenses and assets are recognised net of the amount of goods and services tax (vii) A person identified in (a) (i) has significant influence over the entity or is a (“GST”) except: member of the key management personnel of the entity (or of a parent of the entity). ▪ Where the goods and services tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the goods and services tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
▪ Receivables and payables that are stated with the amount of goods and services tax included.
The net amount of goods and services tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 34 - 23 - - 24 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(s) Related parties
A related party is defined as follows:
(a) A person or a close member of that person’s family is related to the Club if that person: (i) Has control or joint control over the Club; (ii) Has significant influence over the Club; or (iii) Is a member of the key management personnel of the Club or of a parent of the Club.
(b) An entity is related to the Club if any of the following conditions applies: (i) The entity and the Club are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) The entity is a post-employment benefit plan for the benefit of employees of either the Club or an entity related to the Club. If the Club is itself such a plan, the sponsoring employers are also related to the Club; (vi) The entity is controlled or jointly controlled by a person identified in (a); (vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 24 - 35 Singapore Polo Club
(UEN S61SS0095H)
– –
$ (18,456) (18,456) Notes to the Financial Statements – 31 December 2020 772,553 Total (173,631) (385,217) (826,279) (161,334) (271,018) (790,780) 2,695,532 1,284,004 1,210,445
28,089,519 28,303,224 30,154,021 16,135,627 16,987,279 17,388,488 11,315,945 12,765,533
3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
– – – – – – – – – – – –
$ The preparation of the Club’s financial statements requires Committee to make judgements, (4,050) 272,427 617,638 774,465 774,465 (111,550) (655,658)
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, liabilities, 2,299,919 2,418,726 2,418,726 construction and disclosure of contingent liabilities at the end of each reporting period. However, uncertainty under Assets
about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of the asset or liability affected in the future periods. – – – –
$ 80,190 39,377 (66,321) (65,199) 113,952 655,658 178,933 162,238 325,182 911,253
(i) Judgement made in applying accounting policies (735,731) (714,430) 3,577,096 3,630,342 3,664,221 3,191,426 3,305,160 2,752,968 Furniture, Furniture, equipment
and fixtures
There were no material judgements made by Committee in the process of applying the Club’s
accounting policies that have the most significant effect on the amounts recognised in the – – – –
financial statements. 3,500 $ (38,750) (18,456) (38,752) (18,456)
271,201 978,685 172,358 880,025 146,736 969,553 472,705 597,172 (381,167) (271,018) Ponies (ii) Estimates and assumptions 1,730,397 1,352,730 1,566,725
The key assumptions concerning the future and other key sources of estimation uncertainty at 9
the reporting date, that have a significant risk of causing a material adjustment to the carrying – – – – – – – – – – –
1,89 5,949 $
amounts of assets and liabilities within the next financial year, are described below. The Club 16,474 12,908 18,857 138,258 140,157 140,157 104,826 121,300 134,208 riding riding based its assumptions and estimates on parameters available when the financial statements and ddles equipment
Sa were prepared. Existing circumstances and assumptions about future developments, however, -
may change due to market changes or circumstances arising that are beyond the control of the 26
Club. Such changes are reflected in the assumptions when they occur. - – – – – – –
9,400 $ 18,500 78,340 52,610 92,787 49,577 (12,917) (96,135) (12,917) ▪ 979,626 890,816 887,299 815,824 798,029 837,722
Useful lives of property, plant, equipment and ponies (107,310) Plant and and Plant machinery The cost of property, plant, equipment and ponies is depreciated on a straight-line basis
over the property, plant, equipment and ponies’ estimated economic useful lives.
Committee estimates the useful lives of these property, plant, equipment and ponies to – – – – – – – – –
1,060
$ be within 3 to 63 years. These are common life expectancies applied in the industry. 35,160 18,773 59,818 59,058 581,376 523,378 stables Riding Riding Changes in the expected level of usage and technological developments could impact the 2,391,379 2,445,312 2,446,372 1,804,118 1,863,936 1,922,994 economic useful lives of these assets, therefore, future depreciation charges could be and school
revised. The carrying amount of the property, plant, equipment and ponies at the end of
AND PONIES – – – – – – – – each reporting period is disclosed in Note 4 to the financial statements.
$ 15,666 53,400 (38,881) (24,681) and ▪ Impairment of members’ receivables 778,081 776,895 9,240,748 9,050,573 8,259,478 31 December 2020 31 December buildings
Leasehold Leasehold 19,000,336 19,069,402 19,030,521 10,018,829 10,771,043 land, sewers sewers land, – The Club assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective
ion: evidence of impairment, the Club considers factors such as the probability of insolvency
or significant financial difficulties of the debtor and default or significant delay in eciat
payments. 2019
ial Statements Statements ial EQUIPMENT PLANT, Where there is objective evidence of impairment, the amount and timing of future cash mber mber
flows are estimated based on historical loss experience for assets with similar credit risk off
als
characteristics. The carrying amount of the Club’s loans and receivable at the end of osals
each reporting period is disclosed in Note 10 to the financial statements. itten ispos and 1 January 2020 and 1 January 2020 and 1 January PROPERTY, PROPERTY, Cost: 2019 1 January At Additions off Written Disposals Transfer/reclassification At 31 Dece Additions off Written Disp Transfer/reclassification 2020 December 31 At depr Accumulated 2019 1 January At year the for Charge off Written D 2019 December 31 At year the for Charge Wr Disposals 2020 December 31 At amount: Net carrying 2019 December 31 At 2020 December 31 At
Singapore Polo Club Polo Singapore S61SS0095H) (UEN Financ to the Notes 4.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 36 - 25 -
– –
$ (18,456) (18,456) 772,553 Total Total (173,631) (385,217) (826,279) (161,334) (271,018) (790,780) 2,695,532 1,284,004 1,210,445 28,089,519 28,303,224 30,154,021 16,135,627 16,987,279 17,388,488 11,315,945 12,765,533
– – – – – – – – – – – –
$ (4,050) 272,427 617,638 774,465 774,465 (111,550) (655,658) 2,299,919 2,418,726 2,418,726 construction construction Assets under under Assets
– – – –
$ 80,190 39,377 (66,321) (65,199) 113,952 655,658 178,933 162,238 325,182 911,253 (735,731) (714,430) 3,577,096 3,630,342 3,664,221 3,191,426 3,305,160 2,752,968 Furniture, Furniture, equipment equipment fixtures and fixtures
– – – –
3,500 $ (38,750) (18,456) (38,752) (18,456) 271,201 978,685 172,358 880,025 146,736 969,553 472,705 597,172 (381,167) (271,018) Ponies Ponies 1,730,397 1,352,730 1,566,725
9
– – – – – – – – – – –
1,89 5,949 $ 16,474 12,908 18,857 138,258 140,157 140,157 104,826 121,300 134,208 riding riding ddles and and ddles equipment equipment
Sa -
26
- – – – – – –
9,400 $ 18,500 78,340 52,610 92,787 49,577 (12,917) (96,135) (12,917) 979,626 890,816 887,299 815,824 798,029 837,722 (107,310) Plant and and Plant machinery
– – – – – – – – –
1,060
$ 35,160 18,773 59,818 59,058 581,376 523,378 stables stables Riding Riding 2,391,379 2,445,312 2,446,372 1,804,118 1,863,936 1,922,994 school and and school
– – – – – – – –
$ 15,666 53,400 (38,881) (24,681) and 778,081 776,895 9,240,748 9,050,573 8,259,478 31 December 2020 31 December buildings buildings Leasehold Leasehold 19,000,336 19,069,402 19,030,521 10,018,829 10,771,043 land, sewers sewers land, –
ion:
eciat
2019 mber mber
off
als
osals itten ispos and 1 January 2020 and 1 January 2020 and 1 January PROPERTY, PLANT, EQUIPMENT AND PONIES EQUIPMENT PLANT, PROPERTY,
Cost: 2019 1 January At Additions off Written Disposals Transfer/reclassification At 31 Dece Additions off Written Disp Transfer/reclassification 2020 December 31 At depr Accumulated 2019 1 January At year the for Charge off Written D 2019 December 31 At year the for Charge Wr Disposals 2020 December 31 At amount: Net carrying 2019 December 31 At 2020 December 31 At
Singapore Polo Club Club Polo Singapore S61SS0095H) (UEN Statements Financial to the Notes 4.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 37 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
4. PROPERTY, PLANT, EQUIPMENT AND PONIES (continued) 5. RIGHT-OF–USE ASSETS (continued)
Depreciation Depreciation
The depreciation charge for the year is arrived as follows: The depreciation charge for the year is arrived as follows:
2020 2019 2020 2019 $ $ $ $
Polo activities (Note 25) 91,552 111,441 Riding activities (Note 26) 3,869 3,869 Riding activities (Note 26) 96,706 111,351 Other depreciation charge 6,161 5,435 National Equestrian Park (Note 27) 296,910 295,602 10,030 9,304 Tournament and events (Note 28) 619 – Fruit machine (Note 29) 22,929 42,552 The Club leases several copiers with average lease term of 5 years (2019: 5 years). Other depreciation charge 701,729 723,058 1,210,445 1,284,004 The maturity analysis of lease liabilities is presented in Note 20.
Leasehold land held in trust 2020 2019 $ $ The Club properties are constructed on leasehold land with a tenure of 99 years (commencing (i) Amounts recognised in profit and loss 1 January 1940), registered in the name of the trustee of the Club, ZICO Trust (S) Ltd.. Depreciation of right-of-use assets 10,030 9,304 Leasehold properties for NEP project Interest expense on lease liabilities 645 887 10,675 10,191 Included in leasehold land, sewers and buildings are leasehold properties for the NEP project with carrying amount of $945,599 (2019: $1,228,689) at the end of the reporting period. (ii) Lease expense not capitalised in the lease liabilities
5. RIGHT-OF–USE ASSETS Expense relating to short-term leases – 303
Leases (as a lessee) (iii) Total cash outflow
Office The Club had total cash flow for all the leases of $9,726 (2019: $9,816) in 2020. equipment $ 6. INVESTMENT SECURITIES Cost: At 1 January 2019 12,683 2020 2019 Additions 19,345 $ $ At 31 December 2019 32,028 Additions 24,476 At fair value through other comprehensive income (FVOCI): Disposal (12,683) (i) Debt instruments (quoted) 5,494,951 3,619,775 At 31 December 2020 43,821 (ii) Equity instruments (quoted) 6,618,256 6,731,320 12,113,207 10,351,095 Accumulated depreciation: At 1 January 2019 – Charge for the year 9,304 (i) Investments in debt instruments At 31 December 2019 9,304 Charge for the year 10,030 The investments in debt instruments relates to bonds which are held by the Club within a Disposal (9,964) business model whose objective is both to collect their contractual cash flows which are At 31 December 2020 9,370 solely payments of principal and interest on the principal amount outstanding and to sell these financial assets. Hence, the debt instruments are classified as at FVOCI. Net carrying amount: At 31 December 2019 22,724 For purpose of impairment assessment, the debt instruments are considered to have low credit risk as they are held with counterparties with an average credit rating of A-. The Club holds no collateral over these balances. Accordingly, for the purpose of impairment assessment for At 31 December 2020 34,451 these debts instruments, the loss allowance is measured at an amount equal to 12-month expected credit losses (ECL).
38 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 27 - - 28 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
5. RIGHT-OF–USE ASSETS (continued)
Depreciation
The depreciation charge for the year is arrived as follows:
2020 2019 $ $
Riding activities (Note 26) 3,869 3,869 Other depreciation charge 6,161 5,435 10,030 9,304
The Club leases several copiers with average lease term of 5 years (2019: 5 years).
The maturity analysis of lease liabilities is presented in Note 20.
2020 2019 $ $ (i) Amounts recognised in profit and loss
Depreciation of right-of-use assets 10,030 9,304 Interest expense on lease liabilities 645 887 10,675 10,191
(ii) Lease expense not capitalised in the lease liabilities
Expense relating to short-term leases – 303
(iii) Total cash outflow
The Club had total cash flow for all the leases of $9,726 (2019: $9,816) in 2020.
6. INVESTMENT SECURITIES
2020 2019 $ $
At fair value through other comprehensive income (FVOCI): (i) Debt instruments (quoted) 5,494,951 3,619,775 (ii) Equity instruments (quoted) 6,618,256 6,731,320 12,113,207 10,351,095
(i) Investments in debt instruments
The investments in debt instruments relates to bonds which are held by the Club within a business model whose objective is both to collect their contractual cash flows which are solely payments of principal and interest on the principal amount outstanding and to sell these financial assets. Hence, the debt instruments are classified as at FVOCI.
For purpose of impairment assessment, the debt instruments are considered to have low credit risk as they are held with counterparties with an average credit rating of A-. The Club holds no collateral over these balances. Accordingly, for the purpose of impairment assessment for these debts instruments, the loss allowance is measured at an amount equal to 12-month expected credit losses (ECL).
- 28 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 39 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
6. INVESTMENTS (continued) 7. DEFERRED RENT
(i) Investments in debt instruments (continued) 2020 2019 $ $ In determining the ECL, the Club has taken into account the historical default experience, the financial position of the counterparties, as well as the future prospects of the industries in Balance at beginning of year 366,638 452,904 which the issuers of these debt instruments obtained from economic expert reports, financial Less: Charge for the year (86,268) (86,266) analyst reports and considering various external sources of actual and forecast economic Balance at end of year 280,370 366,638 information, as appropriate, 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 Presented as: default in each case. Current assets 86,268 86,268 Non-current assets 194,102 280,370 There has been no change in the estimation techniques or significant assumptions made 280,370 366,638 during the current reporting period in assessing the loss allowance for these financial assets. The Club had entered into agreements with Equestrian Federation of Singapore (EFS) in 2009 for Any loss allowance for debt instruments measured at FVOCI is recognised in other the purpose of development of a National Equestrian Park (“NEP”), situated on a plot of land comprehensive income. leased by EFS for a period of 15 years commencing 23 April 2009 (the “Lease Period”).
No ECL has been recognised for debt instruments measured at FVOCI. Hence, no table for Pursuant to the agreements, the Club will provide the funds for the development of NEP. In movement in ECL is prepared. addition, the Club was appointed to develop the NEP facilities which comprises of open arena, stables, a veterinary and a quarantine facility. Quoted bonds earn fixed interest at rates ranging from 3.59% to 5.00% (2019: 3.59% to 3.90%) per annum. They are held to provide an investment return to the Club. In consideration, the Club was irrevocably appointed as the operator and manager of the NEP and all facilities except for the 40 stables which are allocated for EFS’ use, for an initial period of 15 (ii) Investments in equity instruments designated at FVOCI years commencing 4 November 2009 (the “Management Period”). The Club will have the right of first refusal to manage the NEP after the Initial Period on terms to be agreed between both parties. The Club has elected to measure its equity instruments at FVOCI due to the intention to hold these equity instruments for long-term appreciation. As part of the agreements, the Club will provide up to 40 stables for EFS use at no consideration payable by EFS to the Club. Based on the substance of the arrangement, the Club is given the right Investments in equity instruments designated as at FVOCI are not subject to impairment, and to use the land leased by EFS. In October 2011, the Club completed the development of the 40 their cumulative fair value loss included in the fair value reserve is not subsequently stables for EFS use at a cost of S$1,077,464. reclassified to profit or loss. The Club is entitled to all revenue generated from the NEP (excluding the operations from the 40 During the year, the Club disposed off certain investment in equity instruments. The fair stables) and will apply the revenue in the following order of priority: (i) reimbursement of the value at the date of derecognition amounted to $2,035,419. The cumulative loss arising from costs of operating, managing and maintaining the NEP; (ii) reimbursement of the development the derecognition amounted to $497,580 was transferred from fair value reserve to general costs of the NEP (excluding S$1,077,464); and (iii) satisfaction of the Loan. Once the costs of fund. development and the Loan have been paid, the Club and EFS will share the net profit of the NEP in a proportion to be agreed. NEP shall not dispose of or encumber its interest or rights in the The Club recognised a dividend of $26,763 (2019: $16,170) prior to the disposal of the equity stable and part with possession of such stables except on leases or licences. instrument during the year. The Club has recorded the development cost of S$1,077,464 for the 40 stables as a “Deferred 2020 2019 Rent” over the use of the land leased by EFS. The Deferred Rent is amortised for the period from $ $ completion of the 40 stables to the end of the Lease Period.
Dividends from equity investments designated as at FVOCI: Relating to investment derecognised during the year 26,763 16,170 Relating to investments held at the end of the reporting period 416,267 203,017 443,030 219,187
40 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 29 - - 30 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
7. DEFERRED RENT
2020 2019 $ $
Balance at beginning of year 366,638 452,904 Less: Charge for the year (86,268) (86,266) Balance at end of year 280,370 366,638
Presented as: Current assets 86,268 86,268 Non-current assets 194,102 280,370 280,370 366,638
The Club had entered into agreements with Equestrian Federation of Singapore (EFS) in 2009 for the purpose of development of a National Equestrian Park (“NEP”), situated on a plot of land leased by EFS for a period of 15 years commencing 23 April 2009 (the “Lease Period”).
Pursuant to the agreements, the Club will provide the funds for the development of NEP. In addition, the Club was appointed to develop the NEP facilities which comprises of open arena, stables, a veterinary and a quarantine facility.
In consideration, the Club was irrevocably appointed as the operator and manager of the NEP and all facilities except for the 40 stables which are allocated for EFS’ use, for an initial period of 15 years commencing 4 November 2009 (the “Management Period”). The Club will have the right of first refusal to manage the NEP after the Initial Period on terms to be agreed between both parties.
As part of the agreements, the Club will provide up to 40 stables for EFS use at no consideration payable by EFS to the Club. Based on the substance of the arrangement, the Club is given the right to use the land leased by EFS. In October 2011, the Club completed the development of the 40 stables for EFS use at a cost of S$1,077,464.
The Club is entitled to all revenue generated from the NEP (excluding the operations from the 40 stables) and will apply the revenue in the following order of priority: (i) reimbursement of the costs of operating, managing and maintaining the NEP; (ii) reimbursement of the development costs of the NEP (excluding S$1,077,464); and (iii) satisfaction of the Loan. Once the costs of development and the Loan have been paid, the Club and EFS will share the net profit of the NEP in a proportion to be agreed. NEP shall not dispose of or encumber its interest or rights in the stable and part with possession of such stables except on leases or licences.
The Club has recorded the development cost of S$1,077,464 for the 40 stables as a “Deferred Rent” over the use of the land leased by EFS. The Deferred Rent is amortised for the period from completion of the 40 stables to the end of the Lease Period.
- 30 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 41 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
8. LOAN RECEIVABLE 10. MEMBERS’ RECEIVABLES (continued)
2020 2019 Receivables that are impaired $ $ The table below shows the movement in lifetime ECL that has been recognised for members’ Face value 979,939 1,143,264 receivables in accordance with the simplified approach.
Balance at beginning of year 1,024,355 1,236,754 Lifetime Repayment (163,324) (244,991) ECL Interest accretion 20,162 32,592 credit Balance at end of year 881,193 1,024,355 impaired $ Presented as: Current assets 327,618 238,159 Balance as at 1 January 2019 30,119 Non-current assets 553,575 786,196 Amounts recovered (5,097) 881,193 1,024,355 Allowance of expected credit loss 8,505 Balance as at 31 December 2019 33,527 The loan to a third party is interest free, unsecured, and repayable by 80 monthly instalment with Amounts recovered (731) effect from 15 December 2017. Amounts written off (24,103) Allowance of expected credit loss 35,582 9. INVENTORIES Balance as at 31 December 2020 44,275
2020 2019 The Club uses an allowance matrix to measure the ECLs of members’ receivables. $ $ The following table provides information about the exposure to credit risk and ECLs for members’ Merchandise 36,383 36,334 receivables as at 31 December 2020:
Statement of comprehensive income: Expected Gross Inventories recognised as an expense in retail shop activities 8,007 12,479 credit loss carrying Lifetime Credit rate amount ECL impaired
% $ $ 10. MEMBERS’ RECEIVABLES 2020
Current (not past due) – 1,173,276 – No 2020 2019 1 to 30 days past due – 220,604 – No $ $ 31 to 60 days past due – 66,952 – No
61 to 90 days past due – 22,470 – No Members’ receivables 1,540,564 1,103,097 More than 91 days past due 77.32 57,262 44,275 Yes Less: Allowance for expected credit losses (44,275) (33,527) 1,540,564 44,275 1,496,289 1,069,570
2019 Members’ receivables are non-interest bearing and are generally on 30 days payment terms. They Current (not past due) – 758,500 – No are recognised at their original invoiced amounts which represent their fair values on initial 1 to 30 days past due – 166,507 – No recognition. 31 to 60 days past due – 80,535 – No
61 to 90 days past due – 31,297 – No More than 91 days past due 50.60 66,258 33,527 Yes 1,103,097 33,527
42 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 31 - - 32 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
10. MEMBERS’ RECEIVABLES (continued)
Receivables that are impaired
The table below shows the movement in lifetime ECL that has been recognised for members’ receivables in accordance with the simplified approach.
Lifetime ECL credit impaired $
Balance as at 1 January 2019 30,119 Amounts recovered (5,097) Allowance of expected credit loss 8,505 Balance as at 31 December 2019 33,527 Amounts recovered (731) Amounts written off (24,103) Allowance of expected credit loss 35,582 Balance as at 31 December 2020 44,275
The Club uses an allowance matrix to measure the ECLs of members’ receivables.
The following table provides information about the exposure to credit risk and ECLs for members’ receivables as at 31 December 2020:
Expected Gross credit loss carrying Lifetime Credit rate amount ECL impaired % $ $ 2020 Current (not past due) – 1,173,276 – No 1 to 30 days past due – 220,604 – No 31 to 60 days past due – 66,952 – No 61 to 90 days past due – 22,470 – No More than 91 days past due 77.32 57,262 44,275 Yes 1,540,564 44,275
2019 Current (not past due) – 758,500 – No 1 to 30 days past due – 166,507 – No 31 to 60 days past due – 80,535 – No 61 to 90 days past due – 31,297 – No More than 91 days past due 50.60 66,258 33,527 Yes 1,103,097 33,527
- 32 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 43 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
11. OTHER RECEIVABLES 15. GENERAL FUND
2020 2019 General fund comprises income and expenditure of the Club that is not set aside for Club reserve $ $ fund and Facilities improvement fund.
Accrued income 74,175 19,510 16. FACILITIES IMPROVEMENT FUND Deposits 61,767 60,672 Interest receivables 75,322 44,676 Facilities improvement fund is used to finance costs incurred for maintaining, improving and Sundry receivables 165,796 176,467 developing Club facilities and is funded from the aggregate of 15% of the surplus from fruit Prepayment 150,908 305,975 machines, and the surplus from transfer fees, minimum spending levy, members’ conversion fees, 527,968 607,300 carpark charges and 10% of the members’ entrance fees.
Included in prepayment is an amount of $21,820 relating to prepaid expenses on the renovations 17. ALLOCATED STABLE DEPOSIT FUND of the Club. Allocated stable deposit fund was implemented with effect from 1 April 2017, whereby the 12. FIXED DEPOSITS monies deposited into this fund (“monies”) are held on trust for the holder of allocated stable (“holder”) for the sole purpose of being treated as the holder’s contribution towards payment of Fixed deposits are placed for varying periods of between Nil months to Nil months (2019: 6 the premium for the renewal of the land lease or procuring a new lease. In the event that the said months to 12 months) depending on the immediate cash requirements of the Club, and earn purpose is not fulfilled, the monies shall be released to the holder, free of interest. interests at the respective deposit rates. The interest rates of fixed deposits range from Nil% (2019: 1.30% to 1.65%) per annum. 18. FAIR VALUE RESERVE
13. CASH AND CASH EQUIVALENTS This represents the cumulative net change in fair value of investments designated at fair value through other comprehensive income (FVOCI) until they are derecognised or reclassified. This Cash at bank earns interest at floating rates based on daily bank deposits rate. amount is reduced by the amount of loss allowance on debt instruments.
Included in cash and bank balances is an amount of $74,592 (2019: $50,400) earmarked for the 2020 2019 purpose of the reinstatement costs of the land lease where the National Equestrian Park is situated $ $ on. Balance at beginning of year 359,066 – 14. CLUB RESERVE Fair value gain on debt instruments classified as at FVOCI 80,051 39,525 Cumulative gain on debt instrument classified as at FVOCI Club reserve fund was created to protect and further the primary objects of the Club and to ensure reclassified to profit or loss upon derecognition – (21,500) the future well-being of the Club as governed by the rules as set by the Constitution of the Club. Fair value (loss)/gain on equity instruments designated at FVOCI (122,724) 498,541 In order to build financial reserves and to pay for the renewal of the lease for the Club when the Cumulative loss/(gain) on equity instruments designated at land lease expires in 2038, the Club has started to impute rental of $300 per stable per month at FVOCI transferred to general fund upon derecognition 497,580 (157,500) Mount Pleasant and Gunner Stables with effect from 1 August 2014. In addition, the Club has set Balance at end of year 813,973 359,066 aside 90% of the gross revenue from membership sales for the same purpose. The imputed rental and 90% of the gross revenue from membership are transferred to the Club reserve fund.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 44 - 33 - - 34 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
15. GENERAL FUND
General fund comprises income and expenditure of the Club that is not set aside for Club reserve fund and Facilities improvement fund.
16. FACILITIES IMPROVEMENT FUND
Facilities improvement fund is used to finance costs incurred for maintaining, improving and developing Club facilities and is funded from the aggregate of 15% of the surplus from fruit machines, and the surplus from transfer fees, minimum spending levy, members’ conversion fees, carpark charges and 10% of the members’ entrance fees.
17. ALLOCATED STABLE DEPOSIT FUND
Allocated stable deposit fund was implemented with effect from 1 April 2017, whereby the monies deposited into this fund (“monies”) are held on trust for the holder of allocated stable (“holder”) for the sole purpose of being treated as the holder’s contribution towards payment of the premium for the renewal of the land lease or procuring a new lease. In the event that the said purpose is not fulfilled, the monies shall be released to the holder, free of interest.
18. FAIR VALUE RESERVE
This represents the cumulative net change in fair value of investments designated at fair value through other comprehensive income (FVOCI) until they are derecognised or reclassified. This amount is reduced by the amount of loss allowance on debt instruments.
2020 2019 $ $
Balance at beginning of year 359,066 – Fair value gain on debt instruments classified as at FVOCI 80,051 39,525 Cumulative gain on debt instrument classified as at FVOCI reclassified to profit or loss upon derecognition – (21,500) Fair value (loss)/gain on equity instruments designated at FVOCI (122,724) 498,541 Cumulative loss/(gain) on equity instruments designated at FVOCI transferred to general fund upon derecognition 497,580 (157,500) Balance at end of year 813,973 359,066
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 34 - 45 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
19. CONTRACT LIABILITIES 20. LEASE LIABILITIES (continued)
2020 2019 A reconciliation of liabilities arising from financing activities is as follows: $ $ 2019 Cash flows Non-cash changes 2020 Amounts received in advance of livery charges (i) 2,466 22,589 New lease Amounts received in advance of absent fee (ii) 56,170 58,605 liabilities Interest Disposal Other advance billings (iii) 200,633 136,273 $ $ $ $ $ $ Subscription fee billed in advance (iv) 285,987 237,817 545,256 455,284 Lease liabilities 23,099 (9,726) 24,476 645 (2,795) 35,699 Analysed as: Current 532,855 434,065 21. OTHER PAYABLES Non-current 12,401 21,219 545,256 455,284 2020 2019 $ $
(i) Revenue relating to advance of livery charges is recognised over time although the member Accrued liabilities 456,156 620,081 pays up-front in full for the livery. A contract liability is recognised for revenue relating to the Accrued salaries and related costs 276,220 259,692 livery at the time of the initial sales transaction and is released over the livery period. Deferred grant income 124,715 –
GST payables 100,395 129,495 (ii) Revenue relating to advance of absent fee is recognised over the period of absence. A contract Outreach Program Fund 22,826 23,498 liability is recognised when the up-front fee is received and it is released over the absence Ponies Retirement Fund 7,648 7,648 period. Retention payable 100,207 41,777
Staff welfare fund 52,310 55,316 (iii) Other advance billings relate to billings in advance for income of National Equestrian Park Sundry creditors 83,593 55,282 activities, tournament activities, entrance fee and transfer fee. 1,224,070 1,192,789
(iv) Revenue is recognised when subscription fees are due for payment. The membership subscription fee billed one month in advance by the Club is recognised as contract liability until Included in the accrued liabilities is an amount of $99,267 (2019: $272,659) relating to the Club’s the subscription fee are due. renovation costs in progress.
Retention payable relates to the Club’s renovation costs in progress. 20. LEASE LIABILITIES
2020 2019 Included in sundry creditors is an amount of $66,304 (2019: $44,800) relating to contribution from $ $ the Equestrian Federation of Singapore (EFS) held on behalf by the Club. The contributions are Analysed as: held for the purpose of reinstatement cost of the land lease where the National Equestrian Park is situated on. Current 8,605 9,224 Non-current 27,094 13,875 22. REFUNDABLE DEPOSITS 35,699 23,099 2020 2019
$ $ Maturity analysis:
2020 – 9,224 Deposits from members 540,136 494,109 2021 8,605 5,726 Deposits from tenants 90,500 95,000 2022 8,811 3,983 630,636 589,109 2023 9,074 4,166 2024 4,989 – 2025 4,220 – 35,699 23,099
The Club does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored by the finance manager. - 35 - - 36 - 46 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
20. LEASE LIABILITIES (continued)
A reconciliation of liabilities arising from financing activities is as follows:
2019 Cash flows Non-cash changes 2020 New lease liabilities Interest Disposal $ $ $ $ $ $
Lease liabilities 23,099 (9,726) 24,476 645 (2,795) 35,699
21. OTHER PAYABLES
2020 2019 $ $
Accrued liabilities 456,156 620,081 Accrued salaries and related costs 276,220 259,692 Deferred grant income 124,715 – GST payables 100,395 129,495 Outreach Program Fund 22,826 23,498 Ponies Retirement Fund 7,648 7,648 Retention payable 100,207 41,777 Staff welfare fund 52,310 55,316 Sundry creditors 83,593 55,282 1,224,070 1,192,789
Included in the accrued liabilities is an amount of $99,267 (2019: $272,659) relating to the Club’s renovation costs in progress.
Retention payable relates to the Club’s renovation costs in progress.
Included in sundry creditors is an amount of $66,304 (2019: $44,800) relating to contribution from the Equestrian Federation of Singapore (EFS) held on behalf by the Club. The contributions are held for the purpose of reinstatement cost of the land lease where the National Equestrian Park is situated on.
22. REFUNDABLE DEPOSITS
2020 2019 $ $
Deposits from members 540,136 494,109 Deposits from tenants 90,500 95,000 630,636 589,109
- 36 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 47 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
23. TAX PAYABLE 26. RIDING ACTIVITIES NET SURPLUS
2020 2019 2020 2019 $ $ $ $
Balance at beginning of year 75,988 48,000 Income Current year’s tax expense on profit 68,683 75,988 Government grant – JSS 101,188 – Income tax paid (19,412) (18,440) Over-provision in of prior years (56,576) (29,560) Livery and lessons 1,782,404 1,910,959 Balance at end of year 68,683 75,988 Sundry income 33,869 40,681 1,917,461 1,951,640 24. RETAIL SHOP NET SURPLUS Less: Expenditure 2020 2019 Competitions 5,203 36,259 $ $ Depreciation of property, plant, equipment and ponies 96,706 111,351 Income Depreciation of right-of-use assets 3,869 3,869 Sales 53,132 18,936 Donations 13,000 11,000 Farrier 67,192 73,054 Less: Expenditure Fodder 177,905 162,277 Retail purchases (8,007) (12,479) Gain on disposal of property, plant, equipment and ponies (1) (12,749) Consigned purchases (30,162) – Instructor expenses 36,360 48,789 Sundries (1,477) – Interest expenses on lease liabilities 444 569
Maintenance 45,895 50,550 Surplus 13,486 6,457 Payroll and related costs 690,223 628,971
Professional fees and stable management 47,811 47,915 25. POLO ACTIVITIES NET SURPLUS Sawdust 60,625 75,488
2020 2019 Sundries 21,767 32,954 $ $ Utilities 20,102 17,660 Income Veterinarian expenses 34,201 34,925 Farrier 267,210 282,796 1,321,302 1,322,882 Government grant – Jobs support scheme (JSS) 70,682 – Polo hire 921,746 669,538 Surplus 596,159 628,758 Polo livery 1,510,183 1,487,427 Sundry income 207,197 195,079 2,977,018 2,634,840
Less: Expenditure Depreciation of property, plant, equipment and ponies 91,552 111,441 Farrier 220,558 192,447 Fodder 270,129 286,060 Gain on disposal of property, plant, equipment and ponies – (94,900) Instructor expenses 169,866 304,866 Maintenance 119,737 121,905 Payroll and related costs 1,128,981 1,150,777 Polo professional fees 25 9 Retainer fees 178,813 – Sawdust 179,237 153,172 Sundries 121,803 110,655 Utilities 44,830 45,026 Veterinarian expenses 8,726 6,058 2,534,257 2,387,516
Surplus 442,761 247,324
48 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 37 - - 38 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
26. RIDING ACTIVITIES NET SURPLUS
2020 2019 $ $
Income Government grant – JSS 101,188 – Livery and lessons 1,782,404 1,910,959 Sundry income 33,869 40,681 1,917,461 1,951,640
Less: Expenditure Competitions 5,203 36,259 Depreciation of property, plant, equipment and ponies 96,706 111,351 Depreciation of right-of-use assets 3,869 3,869 Donations 13,000 11,000 Farrier 67,192 73,054 Fodder 177,905 162,277 Gain on disposal of property, plant, equipment and ponies (1) (12,749) Instructor expenses 36,360 48,789 Interest expenses on lease liabilities 444 569 Maintenance 45,895 50,550 Payroll and related costs 690,223 628,971 Professional fees and stable management 47,811 47,915 Sawdust 60,625 75,488 Sundries 21,767 32,954 Utilities 20,102 17,660 Veterinarian expenses 34,201 34,925 1,321,302 1,322,882
Surplus 596,159 628,758
- 38 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 49 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
27. NATIONAL EQUESTRIAN PARK NET DEFICIT 29. FRUIT MACHINE NET SURPLUS
2020 2019 2020 2019 $ $ $ $
Income Income Government grant – JSS 32,526 – Fruit machine income 2,871,833 4,651,983 Livery 834,667 963,431 Government grant – JSS 33,208 – Sundry income 173,480 166,860 2,905,041 4,651,983 1,040,673 1,130,291 Less: Expenditure Less: Expenditure Audit certification fees 7,460 11,030 Amortisation of deferred rent 86,268 86,266 Depreciation of property, plant, equipment and ponies 22,929 42,552 Depreciation of property, plant, equipment and ponies 296,910 295,602 Entertainment 14,859 47,720 Fodder 134,548 144,218 Fruit machine payout 1,793,921 3,027,906 Maintenance 80,121 72,323 Government tax 599,885 944,943 Payroll and related costs 479,551 460,161 GST absorbed 70,300 105,850 Professional fees 5 – Loss on fixed assets written off – 11,175 Property tax and land rent 48,314 27,506 Maintenance 14,139 19,427 Sawdust 129,725 151,421 Payroll and related costs 216,258 219,418 Stable management 27,472 29,347 Sundries 7,359 5,224 Sundry expenses 59,318 57,458 2,747,110 4,435,245 Utilities 34,617 29,273 Veterinarian expenses 46 7,370 Surplus 157,931 216,738 1,376,895 1,360,945 85% of surplus from fruit machine is utilised on general overheads. Deficit (336,222) (230,654) 30. OTHER ACTIVITIES NET SURPLUS 28. TOURNAMENTS AND EVENTS NET DEFICIT 2020 2019 2020 2019 $ $ $ $ Income Income Sports and recreation activities income 384,884 285,207 Government grant – JSS 16,501 – Tournament and event activities and sponsorship 6,753 216,017 Less: Expenditure 23,254 216,017 Loss on fixed assets written off – 1,002 Sports and recreation activities expenditure 320,384 242,910 Less: Expenditure 320,384 243,912 Depreciation of property, plant and equipment and ponies 619 – Payroll and related costs 83,797 88,536 Surplus 64,500 41,295 Tournament and event activities 32,280 278,153 116,696 366,689 Sports and recreation activities includes swimming, tennis, aquaspin and others.
Deficit (93,442) (150,672)
50 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 39 - - 40 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
29. FRUIT MACHINE NET SURPLUS
2020 2019 $ $
Income Fruit machine income 2,871,833 4,651,983 Government grant – JSS 33,208 – 2,905,041 4,651,983
Less: Expenditure Audit certification fees 7,460 11,030 Depreciation of property, plant, equipment and ponies 22,929 42,552 Entertainment 14,859 47,720 Fruit machine payout 1,793,921 3,027,906 Government tax 599,885 944,943 GST absorbed 70,300 105,850 Loss on fixed assets written off – 11,175 Maintenance 14,139 19,427 Payroll and related costs 216,258 219,418 Sundries 7,359 5,224 2,747,110 4,435,245
Surplus 157,931 216,738
85% of surplus from fruit machine is utilised on general overheads.
30. OTHER ACTIVITIES NET SURPLUS
2020 2019 $ $
Income Sports and recreation activities income 384,884 285,207
Less: Expenditure Loss on fixed assets written off – 1,002 Sports and recreation activities expenditure 320,384 242,910 320,384 243,912
Surplus 64,500 41,295
Sports and recreation activities includes swimming, tennis, aquaspin and others.
- 40 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 51 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
31. BUILDING, GROUND AND UTILITIES 33. MEMBERSHIP EXPENDITURE
2020 2019 2020 2019 $ $ $ $
Building repairs 40,155 57,102 Bank charges 3,598 4,583 Contract services 82,115 78,266 Events and membership 90,833 101,655 Ground and roads 18,585 22,380 Payroll and related cost 450,065 432,558 Housekeeping expenses 11,405 17,721 Subscription 1,057 1,213 Payroll and related costs 480,671 486,377 Sundry expenses 22,162 19,153 Property tax and land rent 73,488 181,899 Telecommunication – 5 Sundry expenses 162,498 158,577 567,715 559,167 Utilities 104,988 114,838 973,905 1,117,160 34. INCOME TAX EXPENSE
32. ADMINISTRATIVE EXPENSES (i) Major components of income tax expense
2020 2019 The major components of income tax expense for the years ended 31 December 2020 and $ $ 2019 are:
Annual general meeting expenses 22,417 12,642 2020 2019 Auditor’s remuneration 26,101 23,904 $ $ Bank charges 12,545 22,530 Statement of comprehensive income: Donation 100,000 100,000 Entertainment 1,847 2,627 Current tax 68,683 75,988 Insurance 162,152 156,360 Over-provision in prior year (56,576) (29,560) Interest expenses on lease liabilities 202 318 12,107 46,428 IT support and expenses 49,159 39,950 Loss on fixed assets written off 35,422 120 (ii) Relationship between tax expense and accounting profit Meeting expenses 4,573 3,772 Office equipment maintenance 2,500 2,890 The reconciliation between the tax expense and the product of accounting profit multiplied by Payroll and related costs 942,654 887,117 the applicable tax rate for the years ended 31 December 2020 and 2019 are as follows: Printing and stationery 9,286 7,122 Professional fees 22,504 12,953 2020 2019 Sundry expenses 80,313 57,764 $ $ Telephone and postage 25,407 24,878 1,497,082 1,354,947 Surplus before tax 875,489 399,355
Tax expense on surplus before tax at 17% 148,833 67,890 Adjustments: Non-deductible expenses 2,079,089 2,390,187 Non-taxable income (2,093,789) (2,317,489) Donations (48,025) (47,175) Tax exemptions (17,425) (17,425) Over-provision in prior year (56,576) (29,560) Total tax expense 12,107 46,428
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 52 - 41 - - 42 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
33. MEMBERSHIP EXPENDITURE
2020 2019 $ $
Bank charges 3,598 4,583 Events and membership 90,833 101,655 Payroll and related cost 450,065 432,558 Subscription 1,057 1,213 Sundry expenses 22,162 19,153 Telecommunication – 5 567,715 559,167
34. INCOME TAX EXPENSE
(i) Major components of income tax expense
The major components of income tax expense for the years ended 31 December 2020 and 2019 are:
2020 2019 $ $ Statement of comprehensive income:
Current tax 68,683 75,988 Over-provision in prior year (56,576) (29,560) 12,107 46,428
(ii) Relationship between tax expense and accounting profit
The reconciliation between the tax expense and the product of accounting profit multiplied by the applicable tax rate for the years ended 31 December 2020 and 2019 are as follows:
2020 2019 $ $
Surplus before tax 875,489 399,355
Tax expense on surplus before tax at 17% 148,833 67,890 Adjustments: Non-deductible expenses 2,079,089 2,390,187 Non-taxable income (2,093,789) (2,317,489) Donations (48,025) (47,175) Tax exemptions (17,425) (17,425) Over-provision in prior year (56,576) (29,560) Total tax expense 12,107 46,428
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 53 - 42 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
35. EMPLOYEE BENEFITS
2020 2019 $ $
Employee benefits expenses: Salaries and bonuses 3,916,926 3,794,125 Central provident fund contributions 369,072 371,963 Other staff costs 113,189 106,896 4,399,187 4,272,984
36. RELATED PARTY DISCLOSURES
In addition to those related party information disclosed elsewhere in the financial statements, the following significant transactions between the Club and related parties that took place at terms agreed between the parties during the financial year:
Key management personnel of the Club are those persons having the authority and responsibility for planning, directing and controlling the activities, directly or indirectly, of the Club. The Head of Departments of the Club and the general management of the Club are considered as key management personnel of the Club.
2020 2019 $ $
Short-term employee benefits 627,784 738,962
37. COMMITMENTS
(i) Operating lease commitments
As lessor
The Club has entered into commercial property leases on part of its premises. These non- cancellable leases have lease terms of 0.5 to 5 years. Leases include a clause to enable upward revision of the rental charge on an annual basis based on prevailing market conditions.
On 1 January 2019, the Club has adopted FRS 116 and the undiscounted lease payments from the operating leases to be received after 31 December 2020 is as follows:
2020 2019 $ $
Not later than one year 234,454 193,330 Later than one year but not later than five years 1,086,000 1,084,000 Later than five years 69,000 92,000 1,389,454 1,369,330
Minimum lease payments recognised as an income in profit or loss for the financial year ended 31 December 2020 amounted to $126,695 (2019: $220,128).
54 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 43 - two
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 55 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) 39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(ii) Credit risk (ii) Credit risk (continued)
Credit risk is the risk of loss that may arise on outstanding financial instruments should a The tables below detail the credit quality of the Club’s financial assets, as well as maximum counterparty default on its obligations. The Club’s exposure to credit risk arises primarily exposure to credit risk by credit risk rating grades: from members, loan and other receivables. Guidelines on credit terms provided to members are established and continually monitored. For other financial assets including investment External Internal Gross Net securities, cash and short-term deposits and fixed deposits, the Club minimises credit risk by credit credit 12-month or carrying Loss carrying Note rating rating lifetime ECL amount allowance amount dealing exclusively with reputable and well-established local and foreign banks, and $ $ $ companies with high credit ratings and no history of defaults. 2020 Members’ 10 N.A. (a) Lifetime ECL 1,540,564 (44,275) 1,496,289 The Club’s objective is to seek continual revenue growth while minimising losses incurred receivables (simplified due to increased credit risk exposures. Credit policies with guidelines on credit terms and approach) Other receivables 11 N.A. Performing 12m ECL 302,885 – 302,885 limits set the basis for risk control. New members are subject to credit evaluation while the Loan receivables 8 N.A. Performing 12m ECL 881,193 – 881,193 Club continues to monitor existing members, especially those with repayment issues. In Debt instruments 6 A- Performing 12m ECL 5,494,951 – 5,494,951 addition, appropriate allowances are made for probable losses when necessary for identified (44,275) debtors. 2019 Members’ 10 N.A. (a) Lifetime ECL 1,103,097 (33,527) 1,069,570 The Club does not hold any collateral or other credit enhancements to cover its credit risks receivables (simplified associated with its financial assets. approach) Other receivables 11 N.A. Performing 12m ECL 281,815 – 281,815 In order to minimise credit risk, the Club has developed and maintain the Club’s credit risk Loan receivables 8 N.A. Performing 12m ECL 1,024,355 – 1,024,355 gradings to categorise exposures according to their degree of risk of default. The credit rating Debt instruments 6 A- Performing 12m ECL 3,619,775 – 3,619,775 (33,527) information is applied by independent rating agencies where available and if not, the Club
uses other publicly available financial information. The Club uses available financial (a) For members’ receivables and loan receivables, the Club has applied the simplified information and its own internal records to rate its major members and other receivables. The approach in FRS 109 to measure the loss allowance at lifetime ECL. The Club Club’s exposure and the credit ratings of its counterparties are continuously monitored. determines the expected credit losses on these items by using a provision matrix,
estimated based on historical credit loss experience analysed in accordance to the past The Club’s current credit risk grading framework comprises the following categories: due status of its members, adjusted as appropriate to reflect current conditions and
estimates of future economic conditions. Accordingly, the credit risk profile of these Basis for recognising assets is presented based on their past due status in terms of the provision matrix Category Description expected credit losses (ECL) (Note 10). Performing The counterparty has a low risk of default 12-month ECL and does not have any past-due amounts. Exposure to credit risk
Doubtful Amount is >30 days past due or there has Lifetime ECL – not credit- At the end of the reporting period, the Club’s maximum exposure to credit risk is represented been a significant increase in credit risk impaired by the carrying amount of each class of financial assets recognised in the balance sheet. No since initial recognition. other financial assets carry a significant exposure to credit risk except a net carrying amount of $2,377,482 (2019: $2,093,925) relating to the receivables from members and loan In default Amount is >90 days past due or there is Lifetime ECL – credit- receivables. evidence indicating the asset is credit- impaired impaired. Financial assets that are neither past due nor impaired
Write-off There is evidence indicating that the Amount is written off Members’ receivables and other receivables that are neither past due nor impaired are member is in severe financial difficulty creditworthy debtors with good payment record with the Club. Cash and fixed deposits are and has no realistic prospect of recovery. neither past due nor impaired are placed with or entered into with reputable financial institutions or companies with high credit ratings and no history of default.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 56 - 45 - - 46 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(ii) Credit risk (continued)
The tables below detail the credit quality of the Club’s financial assets, as well as maximum exposure to credit risk by credit risk rating grades:
External Internal Gross Net credit credit 12-month or carrying Loss carrying Note rating rating lifetime ECL amount allowance amount $ $ $ 2020 Members’ 10 N.A. (a) Lifetime ECL 1,540,564 (44,275) 1,496,289 receivables (simplified approach) Other receivables 11 N.A. Performing 12m ECL 302,885 – 302,885 Loan receivables 8 N.A. Performing 12m ECL 881,193 – 881,193 Debt instruments 6 A- Performing 12m ECL 5,494,951 – 5,494,951 (44,275)
2019 Members’ 10 N.A. (a) Lifetime ECL 1,103,097 (33,527) 1,069,570 receivables (simplified approach) Other receivables 11 N.A. Performing 12m ECL 281,815 – 281,815 Loan receivables 8 N.A. Performing 12m ECL 1,024,355 – 1,024,355 Debt instruments 6 A- Performing 12m ECL 3,619,775 – 3,619,775 (33,527)
(a) For members’ receivables and loan receivables, the Club has applied the simplified approach in FRS 109 to measure the loss allowance at lifetime ECL. The Club determines the expected credit losses on these items by using a provision matrix, estimated based on historical credit loss experience analysed in accordance to the past due status of its members, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix (Note 10).
Exposure to credit risk
At the end of the reporting period, the Club’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the balance sheet. No other financial assets carry a significant exposure to credit risk except a net carrying amount of $2,377,482 (2019: $2,093,925) relating to the receivables from members and loan receivables.
Financial assets that are neither past due nor impaired
Members’ receivables and other receivables that are neither past due nor impaired are creditworthy debtors with good payment record with the Club. Cash and fixed deposits are neither past due nor impaired are placed with or entered into with reputable financial institutions or companies with high credit ratings and no history of default.
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 57 - 46 - Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) 39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(ii) Credit risk (continued) (iv) Liquidity risk (continued)
Financial assets that are either past due or impaired Analysis of financial instruments by remaining contractual maturities
Information regarding financial assets that are either past due or impaired is disclosed in The table below analyses the maturity profile of the Club’s financial assets and liabilities at Note 10 (Members’ receivables). the end of reporting period, based on contractual undiscounted repayment obligations.
(iii) Market risk Within Within two Total one year to five years Market price risk is the risk that the fair value or future cash flows of the Club’s financial $ $ $ instruments will fluctuate because of changes in market prices (other than interest or 2020 exchange rates). The Club is exposed to price risk arising from its investments in equity Financial assets instruments quoted in the SGX-ST in Singapore and interest rate risk on its debt instruments. Investment securities 12,113,207 12,113,207 – The Club does not have exposure to commodity price risk. Loan receivables 979,939 347,064 632,875 Member’s receivables 1,496,289 1,496,289 – Sensitivity analysis for equity price risk and interest rate risk Other receivables 302,885 302,885 – Cash and cash equivalents 5,224,393 5,224,393 – The sensitivity analysis below is based on the assumption that a change of market prices by 20,116,713 19,483,838 632,875 5.48% (2019: 19%) in the underlying quoted equities and bonds/fixed income investment at the reporting date would increase/decrease surplus before tax by the following amounts. This Financial liabilities analysis assumes that all other variables remain constant. Trade payables 574,482 574,482 – Other payables 1,224,070 1,224,070 – Fair value reserve Refundable deposits 630,636 630,636 – 5.48% 5.48% Lease liabilities 37,178 9,276 27,902 increase decrease 2,466,366 2,438,464 27,902 $ $ Equity price risk Total net discounted financial assets 17,650,347 17,045,374 604,973 2020 362,614 (362,614) 2019 1,278,951 (1,278,951) 2019 Financial assets 4.02% 4.02% Investment securities 10,351,095 10,351,095 – Increase Decrease Loan receivables 1,143,264 244,986 898,278 $ $ Member’s receivables 1,069,570 1,069,570 – Interest rate risk Other receivables 281,815 281,815 – 2020 $ $ Fixed deposit 2,042,888 2,042,888 – 2019 220,897 (220,897) Cash and cash equivalents 5,164,284 5,164,284 – 135,018 (135,018) 20,052,916 19,154,638 898,278
(iv) Liquidity risk Financial liabilities Trade payables 402,157 402,157 – Liquidity risk is the risk that the Club will encounter difficulty in meeting financial Other payables 1,192,789 1,192,789 – obligations due to shortage of funds. The Club’s exposure to liquidity risk arises primarily Refundable deposits 589,109 589,109 – from possible mismatches of the maturities of financial assets and liabilities. Lease liabilities 24,224 9,816 14,408
2,208,279 2,193,871 14,408 To manage liquidity risk, the Club monitors its net operating cash flow and maintains an
adequate level of cash and cash equivalents. Committee believes that liquidity risk is minimal as the Club is able to fund its operations from its accumulated surplus. Total net discounted financial assets 17,844,637 16,960,767 883,870
58 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 47 - - 48 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(iv) Liquidity risk (continued)
Analysis of financial instruments by remaining contractual maturities
The table below analyses the maturity profile of the Club’s financial assets and liabilities at the end of reporting period, based on contractual undiscounted repayment obligations.
Within Within two Total one year to five years $ $ $ 2020 Financial assets Investment securities 12,113,207 12,113,207 – Loan receivables 979,939 347,064 632,875 Member’s receivables 1,496,289 1,496,289 – Other receivables 302,885 302,885 – Cash and cash equivalents 5,224,393 5,224,393 – 20,116,713 19,483,838 632,875
Financial liabilities Trade payables 574,482 574,482 – Other payables 1,224,070 1,224,070 – Refundable deposits 630,636 630,636 – Lease liabilities 37,178 9,276 27,902 2,466,366 2,438,464 27,902
Total net discounted financial assets 17,650,347 17,045,374 604,973
2019 Financial assets Investment securities 10,351,095 10,351,095 – Loan receivables 1,143,264 244,986 898,278 Member’s receivables 1,069,570 1,069,570 – Other receivables 281,815 281,815 – Fixed deposit 2,042,888 2,042,888 – Cash and cash equivalents 5,164,284 5,164,284 – 20,052,916 19,154,638 898,278
Financial liabilities Trade payables 402,157 402,157 – Other payables 1,192,789 1,192,789 – Refundable deposits 589,109 589,109 – Lease liabilities 24,224 9,816 14,408 2,208,279 2,193,871 14,408
Total net discounted financial assets 17,844,637 16,960,767 883,870
- 48 - ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 59 Singapore Polo Club Singapore Polo Club (UEN S61SS0095H) (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020 Notes to the Financial Statements – 31 December 2020
40. FAIR VALUE OF ASSETS AND LIABILITIES 40. FAIR VALUE OF ASSETS AND LIABILITIES (continued)
The fair value of assets and liabilities are the price that would be received to sell an asset or paid (2) Fair value of financial instruments by classes that are not carried at fair value and whose to transfer a liability in an orderly transaction between market participants at the measurement carrying amounts are reasonable approximation of fair value date. Loan receivable, members’ receivables, other receivables, fixed deposits, cash and cash The Club categorises fair value measurements using a fair value hierarchy that is dependent on the equivalents, trade payables, other payables and refundable deposits valuation inputs used as follows: The carrying amounts of these financial assets and liabilities are reasonable approximation of – Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities that fair values, either due to their short-term nature or that they are floating rate instruments that the Club can access at the measurement date, are re-priced to market interest rates on or near the end of the reporting period. – Level 2 – Inputs other that quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, and 41. FUND MANAGEMENT – Level 3 – Unobservable inputs for the asset or liability. The primary objective of the Club’s fund management is to ensure that it maintains a strong credit Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety rating and healthy working ratios in order to support its activities. The Club manages its funds by in the same level of the fair value hierarchy as the lowest level input that is significant to the entire regularly monitoring its current and expected liquidity requirements. The Club is not subjected to measurement. either internally or externally imposed capital requirement.
(1) Fair value of financial instruments that are carried at fair value In accordance with rule 42(b) of the Constitution, in the event of the Club being dissolved, all debts and liabilities incurred on behalf of the Club shall be fully discharge and the remaining The following table shows an analysis of financial instruments carried at fair value by level of funds and all proceeds of the properties shall be donated to charitable institution to be decided by fair value hierarchy: the members at the meeting.
Quoted prices in active markets 42. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES for identical instruments (Level 1) The following table summarises the carrying amount of financial instrument recorded at the end of 2020 2019 the reporting period by FRS 109 categories. $ $ Recurring fair value measurements 2020 2019 $ $ Financial assets: At fair value through other comprehensive income Fair value through other comprehensive income (FVOCI) (Note 6) Investment securities 12,113,207 10,351,095 – Debt instruments (quoted) 5,494,951 3,619,775 – Equity instruments (quoted) 6,618,256 6,731,320 Financial assets at amortised cost Total investment instruments 12,113,207 10,351,095 Loan receivable 881,193 1,024,355 Members’ receivables 1,469,289 1,069,570 The fair value of investments classified as fair value through other comprehensive income Other receivables 302,885 281,815 financial asset is determined by reference to the quoted bid prices at the reporting date. Fixed deposits – 2,042,888 Cash and cash equivalents 5,244,393 5,164,284 There have been no transfers between level 1 and level 2 for the financial years ended 2020 7,897,760 9,582,912 and 2019. Financial liabilities at amortised cost Trade payables 574,482 402,157 Other payables 1,224,070 1,192,789 Refundable deposits 630,636 589,109 2,429,188 2,184,055
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 60 - 49 - - 50 - Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
40. FAIR VALUE OF ASSETS AND LIABILITIES (continued)
(2) Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value
Loan receivable, members’ receivables, other receivables, fixed deposits, cash and cash equivalents, trade payables, other payables and refundable deposits
The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values, either due to their short-term nature or that they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.
41. FUND MANAGEMENT
The primary objective of the Club’s fund management is to ensure that it maintains a strong credit rating and healthy working ratios in order to support its activities. The Club manages its funds by regularly monitoring its current and expected liquidity requirements. The Club is not subjected to either internally or externally imposed capital requirement.
In accordance with rule 42(b) of the Constitution, in the event of the Club being dissolved, all debts and liabilities incurred on behalf of the Club shall be fully discharge and the remaining funds and all proceeds of the properties shall be donated to charitable institution to be decided by the members at the meeting.
42. CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES
The following table summarises the carrying amount of financial instrument recorded at the end of the reporting period by FRS 109 categories.
2020 2019 $ $
Fair value through other comprehensive income (FVOCI) Investment securities 12,113,207 10,351,095
Financial assets at amortised cost Loan receivable 881,193 1,024,355 Members’ receivables 1,469,289 1,069,570 Other receivables 302,885 281,815 Fixed deposits – 2,042,888 Cash and cash equivalents 5,244,393 5,164,284 7,897,760 9,582,912
Financial liabilities at amortised cost Trade payables 574,482 402,157 Other payables 1,224,070 1,192,789 Refundable deposits 630,636 589,109 2,429,188 2,184,055
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 50 - 61 Singapore Polo Club (UEN S61SS0095H)
Notes to the Financial Statements – 31 December 2020
43. AUTHORISATION OF FINANCIAL STATEMENTS
The financial statements of the Club for the financial year ended 31 December 2020 were authorised for issuance by the Club’s Committee on 3 March 2021.
62 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 - 51 - MEMBERSHIP LIST
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 63 THE NUMBER OF MEMBERS BY CATEGORIES AS OF 31 DECEMBER 2020
Patron 2 Honorary Life 8 Honorary 17 Charter Polo Playing 28 Charter Corporate 5 Regular Corporate 4 Charter 520 Regular Individual 525 Term 28 Clubhouse 77 Absent (Charter Polo Playing) 3 Absent (Charter Corporate) 2 Absent (Charter) 124 Absent (Regular Individual) 29
64 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 Patrons
Derek G Mitchell Loh Kim Chah
Honorary Life Members
His Royal Highness Sultan Ibrahim Ibni Almarhum Sultan Iskandar Sultan of Johor
Duli Yang Maha Mulia Paduka Seri Baginda Sultan Dan Yang Dipertuan Sir Muda Hassanol Bolkiah Mu’izzadin Waddaulah Ibni Duli Yang Teramat Mulia Paduka Seri Bengawa Sultan Sir Muda Ali Saifuddin Sa’aadul Khairi Waddin
H.R.H The Prince of Wales, K.G., K.T., G.C.B., P.K., K.A.
H.R.H Prince Henry of Wales, KCVO
H.R.H Prince Philip, Duke of Edinburgh, K.G., K.T.O.M, G.B.E., Q.S.O. (NZ)
Mr S.S. Dhillon
Mr Jeremy C. G. Ramsey
Mr Philip Gavin Johnston
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 65 MEMBERSHIP LIST Honorary Alexander Edwin March Phillipps Christopher David Martin Grotowski Bogusz Andrzej Andreas Goros De Lisle Chua Boon Kang Gunter Neumann Barttfeld Federico Alejandro Alexander Norman Maidment Chua Boon Lai Gustad Hormazdi Benjamin Francis Jean Dubertret Alexander William Wade Chua Hian Yong, Raymond Haell Camilla Margareta Harald Link Allison Hah Yee Chua Sheng Jie, Daniel Handojo Santosa @ Kang Kiem Ho Nai Yue Aman Gupta Chui Wai Cheng Han Istvan Szerdahelyi Amanda Louise Fischer Chung Wui Thye, Sheryl Hanif Moez Nomanbhoy John Christopher Wade Ameer Jumabhoy Clark Daniel James Hans Thomas Von Stegmann K B Clarke Ameerah Binte Po’ad Mattar Claudia Maria Charlotte Und Stein Landi Sandra Jensen Amelie Marguerite Noelle Fuchs-Klepek Haresh Gobindram Mirpuri Linda Maureen Maclean Villeneuve-Moore Clifford Ian Brown Heah Cheng Siew, Monique Lkhagvadorj George Tumur Anand Singh Coulton Benjamin James Heiril Amos Jr Nicholas John Vann Anders Zorn Cynthia Ee Henrik Matts Gustav Hartzell Olena Yalova Andrea Genevieve Eaton Cyrille Jannick Henri Francis Henry Edward Sowerby Lancaster Plinkert Geb. Bruckmoser Barbara Andrew Macdonald Saint Costes Henry Liew Robert Fitzgerald Mehm Andrew Robert Clark Daljeet Singh Sidhu Hitomi Udagawa The Honourable John Fischer Ang Chye Seng, Norman Danial Imran Bin Azmi Ho Ching Wah Vivien William Eric Cromby Ang Peng Chye Daniel Goh Ho Meng Onn, George Anne Elaine Hagarty Daniel Paul Cullen Ho Yew Sin Vivian Charter Polo Playing Anthony Foo Kok Boon Darshini Ramiah Ho Yue Kang Kevin Ali Reda Anthony Paul Luxmoore May Dave Alden Huang Yubin Ang Ban Tong Antonio Alberto Bruno Corbi David Cyrus Halpert Hugo Virag- Lappas Ang Siew Lian, Margaret Aparnath Raivatgiri Jeramgiri David Montillet Hussain Somjee April Louise Mckenna Arambulo Severine Marie H.L Miaja David Rasaiah Winslow Hwee Wai Cheng, Susan Asad Jumabhoy Aron Harilela David Robert Hufton Imran Hamid Khwaja Brian John Miller Ashish Thakorlal Raivadera Davison Christopher Imran Jumabhoy Fred Rickard Robin William Hogberg Ashutosh Choksi Deanie Leanne Sultana Ingham Sarah Nancy Frederick Charles Krygsman Ashwin Chidambaram Muthiah Debbie Brittany Lim Irshad Ahmed Mecca Goh Kian Swee, Dominic Aurelien Pichon Deborah Ann Thurley Isabel Summer Beinhorn Ian R Lander Bailey Richard Edmondson Dewi Kunti Setiowafi Njoto Ivan Chua Ying Ming Iqbal Jumabhoy Bajaj Karanveer Singh Diana The Hui Ling James Michael Dudley Rushworth Jeffrey Joseph Hardee Balakrishnan Patsy Dianne Maree Faulks James Patrick Greene-Kelly Justine Tan Balu Raja Dina Shahab James William Joseph Hyndes Kenneth Mcmillan Behnam Dehkordy Hamid Reza Ding Hock Chai James Yi Kevin Wilkinson Belinda Chan Hian Wun Dinneen Tamara Louise Jane Alexander Drummond Khong Kin Hoong, Lawrence Bella Ong Bee Lay Dirk Eduard Gustaaf Van Motman Jane Michele Colenso Leon Chu Ben Ralph Wilkin Dominique Marie Jooris Jason Whitcombe Low Yan Khin, Benny Benety Chang Douglas Iain Brown Jeanson De Damoiseau Cedric Mirza Mohammed Ali Namazie Benjamin Dupal Edward Abramowich Marie Joseph Arnaud Satinder Garcha Bennett-Baggs Lucy Annabel Elaine Christine Parnell Jen Cheng Yi, Adeline Stephanie Frances Masefield Bhavna Singh Elbert Jacobus Pattijn Jeremy Garrett Prendiville Stijn Welkers Brad Henley Sterley E-Len Fu Jessamine Annalena Ihrcke Tan Hock Brian Mccappin Elfversson Lars Olof Johan Jesudas Sajeev Tan Saik Hock Byron Antony Fiske Harrison Enriquez Luis Alberto Jeyaratnam Pancharatnam Wee Tiong Han Camille Crittenden Beinhorn Eric Emmanuel Simon Jitendra Kumar Sen Will Alston Beinhorn Caroline Goh Hui Ling Eric Rickard Robin Raziz Hogberg Joe Giovanni Sarjeet Singh Wong Teck Fong, John Carrie Cheong Esmond Choo Johanna Laetina Monange Yeo Kuo Lee Catrina Laird Evgeny Tugolukov Johannes Wouter Lagerwij Chan Lai Fong, Anita Ezazur Rahman John David Quarmby Chan Ming Chun Fahad Ali John Ng Pangilinan Charter Corporate Chan Yeow Hiang, Anka Farah Namazie John Philip Berven Fuji Xerox Asia Pacific Pte Ltd Chang Ziting Farhana Sharmeen John Thomas Island Horti-Tech Holdings Pte Ltd Chang-Wong Kit Leong, Sharon Finian Tan Seng Chin Jonathan Ian Paul J.P. Morgan Securities Singapore Charles Edward Grandison Brown Florence Protain Jonathan Paul Gabler Pte Ltd Chaw Chong Loong Fong Wai Yen Jong Min Hian, Paul Rhb Bank Berhad Cheah Cheng Poh Fragrance Khiew Kai Xing Jude Seah Rothschild & Co Singapore Limited Cheng Li Huei, Glenn Fu Ye-Lan, Felicia Julia Ann Walkinshaw Cheong Sim Lam Gamunu Bandare Samarakoon Julie Anne Ovidi Regular Corporate Cheong Su-Yen Gan Kian Koon, Gerry Justin John Ferrier Allianz Global Investors Asia Pacific Chew Cheng Keat Gary Tiernan Justin Martin Alexander Boyd Gmbh Chew Leong Chee Gemma Blasco Martinez K.V.S Subramanian Connex Pte Ltd Chia Cheng Sun George J Palathinkal Kalfus Natalie Simone Jgp Architecture (S) Pte Ltd Chia Ngiang Hong, Allan Gerard Malcolm Goon Kang Chul Min J.P. Morgan Securities Singapore Chia Shuen Li, Eleanor Goh Choon Wah Karan Narula Pte Ltd Chia Tek Yew Goh Eck Meng Karen Elizabeth Cariss Chin Siang Hui (Chen Xianghui) Goh Kia Seng Karen Elizabeth Sakrzewski Charter Chin Sze Heong Vincent Goh Yeok Wee Katherine Eleonore Braha Abigail Cheng Ning Xin Chonawut Prasatsak Gordon Emma Catriona Keith Charles Moore Iii Aditya Singh Chauhan Chong Sak Feng Gordon Robert Anderson Kenneth Benjamin Li Adsit Serena Kim Christian De Charnace Graham John Cox Ker Bock Chuan, Raymond Aftab Faizy Haider Christian Luke Luckett Greg Charles Clay Khoo Chun Leng, William Ahmad Shahab Christine Foong Yoke Kheng Gregory Lang Khoo Guan Chuan
66 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 Khoo Hock Yew, Steven Marcel Ivison Patrick Ledig Susan Dhanwant Kaur Khoo Jacqueline Marcus Sandstroem Patrick Saurini Svenja Downe Khoo Teng Cheong Margaret Chew Paul Theodore Hodes Swee Peng Wei Klaus Alfred Reginald Marianne Rehn Madsen Paulsen Dirk Sylvio De Andrade Coutinho Benno Holtzem Marie Godenir Pearl See-Thoe Tam Peng Kwan Koh Chye Hock Marie Leng Hesselman Pek Lian Guan Tan Beng Ee Koh Kek Jin Mark Bradley Fogle Phey Qi Xuan, Delia Tan Ching Ping, Shirley Koh Pei Bei Mark Garrett Prendiville Philippa Anne Duperouzel Tan Hee Leng Kong Hui Ling, Clara Mark Jeffrey Lewis Pierre-Jean Chalon Tan Kean Siew Kong Ing Ing Mark Stephen Guerrier Praveen Lingamneni Tan Keng Suan Krystina Danuta Lyon Markvoort Lucas Priscilla Khong Bao-En Tan Khee Nguang, Terence Kuah Su-In Martin Ricardo Arias Tinoco Priya Selvam Tan Kok Kuan Kuan Kok Siang, Terence Maruthamuthu Mohanavelu Purvish Chaitanya Shah Tan Kok Wee Kubo Yusuke Paramantham Rachel Louise Ellingford Tan Le Ching Kunal Narula Mascart Bruno Georges Michel Rachelle Ashleigh Yu Tan Li-Hsien, Georgette Kunnath Rajan Menon Masood Faizullah Rafael Daum Tan Mingfen Kwan Wai-Wah, Sylvia Mekada Ryusuke Rahul Bhargava Tan Pang Kheng Larry Lim Kheng Cheong Melanie Milovac Rajah Kannan Tan Siang Seng, Patrick Lau Qingyu, Sheryl Melissa Tan Rajendra Kumar Mishra Tan Siew Peng Lee Chung Sing Merry Christina Joslin-Kelly Rajvin Dave Singh Tan Sue-Anne Lee Joo Bae Michael Edward Brennan Ramesh C. Tiwary Tan Yang Howe, Alex Lee Kay Tuan, David Michael Ma Ranbir Singh Tang Sow Leng, Sally Lee Kwet Chee Michael Rudolf Paul Maria Rangabashyam Omprakash Tara Rhys Chang Lee Seng Wee, Francis Brenninkmeijer Regina Lois Wan Chow Chin Tay Guan Yong, Benjamin Lee Sing Chong Michiel Johan Muller Renee Zecha (Zheng Yuanyong, Benjamin) Lee Taylor Mielow Soeren Reza Nia Safavi Tay Thiam Song Leif Eskesen Mikael Lundman Rica Wirianata Teo Choo Eng Leighton Carey Matheson Mohamad Hafiz Bin Sayuti Richard Philip Matthew Armstrong Teo Ho Pin Leong Weng Chee Mohammad Ali Mirza Robert Tsang Teo Hock Chye Lerman Anna Mohd Anis Shahab Rodrigo Martin Monti Teo Hooi Peng, Cori Liam Daniel Mccance Morier Elizabeth Mae Roger Emanuel Karlsson Teo Kheng Soon, Davy Liauw Chiang Sioe, Nick Mostapha Bin Rahj Kamal Ronnie Neo Teo Noel Emil Liaw Tuan Mian Silvana Munni Ellwood Varalakshmi Vijayan Rosalind Khoo Teo Shao Wei Mavis Lie Ay Wen Myo Latt Roshni Selvam Teo Wan Lin (Zhang Wanlin) Liew Ee Tian Melissa Naazli Somjee Roxana Davies Terence Loh Ne-Wei Liew Soo Boon, Darren Nadia Chen Yu Xia Samantha Pek Siew Hong Tham Chung Yang Liew Soo Sin, Sherwin Nadine Gabrielle Keller Sandra Lim Teng Tiang Tham Kum Yuen Lim Ah Leng Nair Arun Sanjey Chandran Chandroo Tham Yuen-C Lim Boon Eng, Julie Nariyuki Maruyama Sarah Louise Schubert Tham Yun Yin Lim Chong Yang Arthur Naseem Somjee Sarimah Arsad Bonehill Thie Tjie Hoa @ Cheng Chih Hua Lim Ee Lee Eloise Natascha Fherzinah Rustom Sasha Young Thirumalai Chandran @ T Chandroo Lim Hsiu Chin Keith Ghadiali Satria Marcel Thitanon Nakasiri Lim Jek Khiang Ng Cheng Chang Seah Boon Hwa Thomas L. M. Young Lim Louisa Jean Ng Eng Kang Seem Hua Pheng Tiang Chong Lin Lim Mei Ping Ng Fung Ning, Melanie Seow Eng Soon Tie Boon Ping Lim Shu Ying, Grace Ng Mei Ming, Carolina Seow Yung Liang, Richard Timothy Zee Lim Siak Kiat, David Ng Soo Seng Shanice Ker Toh Jia Pei, April (Zhuo Jiapei, April) Lim Swee Hai, Ronnie Ng Swee Chin Evelyn Shanker S/O Raja Gopal Tong Ying, Lisa Shayne Lim Wei Min Nicholas Gary Winsor Sharmini April Winslow Uma Kumari Reade Lindsay Kiran Geekie Nicholas Kosmatos Sharp Iain Melcolm Valerie Ern Ai Oh Liong Ah Chye Nicki Steen Soerensen Shelley Margot Lexmond Vanjill Esteban Rivera Lisa Marie Cruz Joven Nicola Marshman Siddhartha Premkumar Vescovi Federico Liu Thai Ker Nicolas Jansen Calamita Sim Chen Min, Calvin Victor Daniel Sassoon Lo Jenn Hur, John Michael Ning You Nan Sim Miaoling, Kendra Gail Vikash Bahadur Bali Loh Boon Chye Nirumalan Kanapathi Pillay Siow Jia Yi, Andrea Vincent Rajiv Louis Loh Lay Leng Nitin Ahuja Sloane Penelope Louise Vinod Mohan Nair Loh Nee Sian Norhana Binte Haji Abdullah Sng Siew Lin Wan Kai Rui (Wen Kairui) Loh Yee Jim Nyam Ngian Kwong, Denis Sng Su Ying, Marian Wang Guo Zuan, Adrian Loh Yiu Keung Christopher Soh Wee Chee @ Soh Wei Chi Waqas Khan Loh Yu Ling, Daniel Olivier Michel Rene Duguet (Su Weiqi) Wee Guan Oei, Desmond Loh Zhi-Jun Ong Cheng Sim Melissa Soh Yan Lee Andy Wee Hong Bee, Victor Loi Siew Keng Ong Choo Soon Son Won Joon Wee Kim Lin, Evelyn Loke Weng Keong Ong Hui Wen, Daphne Soon Kian Lee William H.P. Bird Lotfi Abubaker Abdullah Lajam Ong Nee Ng, Angie Stefanie A. I. Hauger William Hugh Peacock Low Chin Kwee Ong Poi Hwa Stephanie Goh Giok Lie William Reedham John Berney Loy Ah Wei Ong-Goh Bee Hoon, Jenny Stephen John Miles Wong Chee Wei Loy Yi Syann Osman Kamarulzaman Bin Stephen Richard Wyatt Wong Hin Sun, Eugene Lu Yijia Mohammed Stephen Robert Monaghan Wong Hong Lit Ma Ruixue Otbert Eelke De Jong Steven Paul Mcbain Wong Jia Jia Clarissa Mahony-Paul Vivienne Kathryn Ow Song Chua Su Kim Hooi Wong Meng Swee, Peter Malcolm Ding Paras Dave Suri Sun Xiushun Wong Toon King Marc Eric Rickard Hogberg Patricio Furlong Surender Singh Wu Jiat Hui
ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 67 MEMBERSHIP LIST
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68 ANNUAL REPORT & STATEMENT OF ACCOUNTS 2020 Lee Seung Hee Michael Laurence Gilmore Ricardo Dinis Loureiro Marques Tan Meng Wei Lee Shin Ho Michele Ciola Richard George Michael Offer Tan Shok Yee Sally Lee William Slater Michelle Ong Poh Choo Richard James Sellers Tan Siew Huat, Stephen Lee Yaw Chyun Mirza Mohamad Reza Namazie Richard Yeong Tan Wan-Hui, Nikolle Leena Sankaran-Pinsler Mohit Sagar Ridland Robert James Tan Yan Huat Leoncio Jr Agudo Palanca Mok Hyun Ji Rita Srinivasan (Mrs Rita Aspen) Tang Siew Taeng, Denis Lew Yaw Fung Eric Mike Chuang Mollner Scott Bartlett Robert Alexander Hewitson Tariq Latif Salaria Lioong Mona Foo Robert Tsang Tay Chin Tong, Moses Liang Shu Ling Monty Greesh Ghai Rodney Gavin Edgerton Tee Lian Keung Liauw Chiang Hok Moore Jonathan Dean S Rajit Tee Ter Aun, Jonathan Liew Kuan Wye, Daron Morewood Richard Geoffrey S. Renganathan Sasi Kala Devi Teo Hwee Ping Lim Beng Hai Mumta Shahani Sain Sameer Sushil Teo Lee Kwang Lim Ching Ping Murugason Sandra Ann Sakai Yasumitsu Thomas Bruno Meier Lim Ghee Teik, Prudence Nadav N Lehavy Samantha Jane Field Thomas Philip Miu Lim Huey Ching Nana Wong Yuk Kit Samar Niazi Zahid Thorsten Neumann Lim Jew Long Naoko Harada Winther Samuel Sylvain Chauffaille Thyholdt Thomas Alexander Lim Loong Wah Narula Kanchan Sandra Margaret Sadek Tiago Alves Lim Sin Wan Nathan Shaifali Gurnani Sarah Yoko Mckensey Timothy Charles Judge Lim Siok Hui, Alan Neel Sinha Saur Margit Timothy Nepomuceno Tayag Lim Thiam Hwee, Evelyn Ng Chuen Guan Saw Mi Mi Kyaw Tobias Blake Durant Trotter Lim Yoke Lyn, Kathy Ng Heok Kwee Seah Chun Chong Tok Astrid May-Ling Lin Mingying Ng Kwan Chung, Kenneth Seaton Nicholas James Tom De Geytere Ling Ping Sheun, Arthur Ng Su Ling Sebastian James Mackinnon Tom Headley Meredith Linnie Maria Mackenzie Ngam Jiu Rong, Bruce See Sweh Yong, Jackson Tong King Kan, Kenny Lisa Fernandini Kurniawan Nicholas Charles Edwardes Heath Sen Shahid Trent Alexander Iliffe Liu Lijuan Nicholas David Wilkinson Severac-Huang Han Nee Troy William Doyle Lo Hung Chu Nicholas James Bailey Shailendra Jain Twine Iain Stuart Lobb Henry Hunter Nicholas James King Shailesh Singh Baidwan Ursula Maria Loblein Loke Gim Tay Nicholas John Tanner Shane Anthony Bracken Van Beeck Jozef Hubertina G. Loo Chee Tong Nigel Anthony Harwood Shannon Ker Vanessa Teo (Wei Lei) Loris Philippe Nold Nitin Mehndroo Shaoqin He Vanmolkot Tom Elisabeth G Lu Zhanqiang Noor Dhariwal Sharad Piushbhai Desai Vasanthi D/O Gunasekaran Luc Grimond Norra Binte Haji Salleh Sharon Tiong Ji Shuen Victoria Great Lynette Lee Olivia Lydie Marie Chavassieu Shaw Tiara Vijayluxmi Michele Naidu Maarten Albert Kelder Olyna Ong Sheran Anthony Gunasekera Vikram Prem Kumar Maartensson Pierre Bjarne Ong Geok Yen Sim Jin Hwee, Berlina Vimla D Mulchand Magnus Ong King Howe Sim Li-Ling, Linnet Vinayak Subramaniam Balakrishnan Mackay Ross Barrie Ong Lam Kheng Sim Puay Wah Vivian Rhamanan Mahajan Sachin Ong Poh Kheng, Patrick Sim Syn Ee, Joy Vladimir Francois Guy Blanckaert Mahendran V Reddy Ong Ser Huan Sim Syn Pin Samuel Wang Liangeng, Lincoln Mahine Noorali Rattonsey Pallav Peeyush Simran Bedi Wang Qing Mei Mahtani Anil Hiro Pan Xuemei Sivasakthi D/O Sivasubramaniam Ward Nicholas James Maisie Chong Patrick Lee Fook Yau Sng Delphine Wayne Christopher Farmer Manuel Bobillier Paul Antony Rathband Soh Annie Webster Michael Gordon Comyn Marcel Johan De Bruijckere Paul James Christopher Abrey Solon Neville Brown William John Castellas Margaret Ferte Paul Matthew Wiste Sri Noorhazleen Binte Ahmad William Padfield Marika Kylie Lind Pavitar Kaur Gill Stephen Ivor Griffiths Williams Richard James Mark Andrew Capogreco Peter Adam Kenealy Graham Stephen Thomas Panizza Williamson Nicholas John Mark Edward Kearney Peter Digby Andrew Warren Stuart Douglas Crow Wong Ling, Tamatha (Tammy Mark Erik Christensen Philip Christopher D’cruz Stuart Grant Fisher Wong) Mark Frederick Florance Phillips Christopher Peter Stuart James Robinson Wong Ted Min, Edward Mark John Meehan Pia Anna Dorothea Guilland Sopori Sujay Wasan Wong Wai Kay David Mark Nelligan Pius Gilbert Louis Su-Lyn Meyer Woo Heng Yun, Rebecca Mark Robert Hunter Polly Mei Yan Mak Suresh Kumar Wu Vivien Wenfang Mark Whatley Prakash S/O Somo Sundram Surindar Singh Xu Lei Massey Richard Robert Pramod Kumar Rauniyar Surinder Singh Dhillon Yap Fook Dung Mathew Alexander Ward Proteasa Delia Suzaina Bte Abd Kadir Yeap Leong Teik, Tony Mathew Kurian Quek Wei Ling, Adele Suzana Sarginin Vaessen Yeo Meng Choo, Simone Mathew Lamb Rahul Badhwar Swierczynska Ep. Beinert Mathilde Yim Wing Kuen, Jimmy Matthew Bird Rahul Guptan Syed Shane Savio Yin Jian Matthew Francis Love Rajakanth Raman Sylvia Soh Yip Sai Leng Matthew Stuart Read Rajan Menon Takuya Aiba Yoichiro Ushioda Maximilian Barry Joseph Cole Rajev Shukla Tamil Selvan S/O Renganatha Young Janet Ann Mcbride Jonathan Francis Raju Nair Tan Boon Kok Yu Su Ling Mcewan Shaun Daniel Rakhshanda Naseer Tan Chee Hau, James Yvonne Chua Meghan Elizabeth Sanders Ranjit Murugason Tan Jee Nah Zena Lim I-Linn Melanie Jane Temple-Smith Ravi Inder Singh Bedi Tan Ju Kuang Zhan Yuanting Mette Irene Abo Rebecca Joy Bisset Tan Juan Hou, Alan Nicholas Zhang Lin Mia Irene Kankaanpää-Monney Rebecca Simone Baker Tan Juan Jong, Alvin Aloysius Zhang Yu Michael Frazier Thompson Reka Tozsa Tan Kheng Ju Zhu You Liang, Denis Colin Michael James Mclaughlin Remy Klammers Tan Lian Choo Zoe Margaret Stevenson
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