ANNUALREPORT SINGAPORE RECREATION CLUB

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ANNUALREPORT SINGAPORE RECREATION CLUB
ANNUALREPORT
SINGAPORE RECREATION CLUB

        2018
ANNUALREPORT SINGAPORE RECREATION CLUB
CONTENTS
1 President’s Message

4 Management Information

6 Sub-Committees and Section Committees

19 Finance Member’s Message

21 Financial Statements
ANNUALREPORT SINGAPORE RECREATION CLUB
PRESIDENT’S
MESSAGE
Dear Members

Land Lease Extension Negotiations

The time has come for us to commence our negotiations with the
Singapore Land Authority (SLA) over the extension of our lease.

Questions have been raised by many members and potential members
over our continued existence on this historical ground.

The Urban Redevelopment Authority’s 2014 Master Plan for the
Downtown Core/City Hall planning area shows the land area occupied
by the Singapore Recreation Club as under “sports and recreation” use. A
real estate advisory company will be hired to assist the Club in land and
building valuation for the lease negotiations.

Our intent is to show SLA that we deserve to continue to exist on the
Padang and that we will be able to finance the lease.

This is why there has been a consistent effort over the past five years to
maintain and upgrade the Clubhouse, a push towards making sports
accessible for members, and sharing our grounds with the community
through projects with partners such as SportSG and the Central Singapore
Community Development Council. The Club also accepted a partnership
invitation from the People’s Association to field a contingent for the
Chingay Parade 2019.

More than ever, with our sports and social section committees and other
sub-committees, the Club has been on a path to rejuvenate itself in terms
of facilities and inject vibrancy through programming in all areas, be they
in sports, social or F&B.

A task force has been working behind the scenes to put together
documents for our lease extension bid, and a business plan for raising
capital when the lease extension is approved.

The Management Committee and I are optimistic that we will be able to
give an answer to members before the end of 2019.

                                                       ANNUAL REPORT 2018   |1
ANNUALREPORT SINGAPORE RECREATION CLUB
Banquet Sales for FY2018

  In 2018, the Club continued to prioritise maximising banquet revenue to compensate for the reduced takings
  from the jackpot room due to regulatory changes.

  Our Banquet sales for the year stood at $1,570,248 inclusive of banqueting events at Lounge 1883 and on the 3rd
  storey.

  For the six-month operating period from July to December 2018, the banqueting events on the third storey
  generated sales of $561,591 and a gross profit of $347,034 (62%). With the halal kitchen, we have been able
  to fulfil government events and other events with halal requirements. Clients have been giving our new
  facilities a stamp of approval – there have been a fair share of meetings, seminars, weddings, parties and
  functions held to date.

  The focus on banquet sales will continue in 2019, especially with the anticipated drop in Padang rental income.
  The National Day Parade will be held at the Padang in conjunction with the Singapore Bicentennial celebrations,
  with our grounds ceded to the National Day Parade organising committee from March to August. This is followed
  by Singapore GP’s use of the grounds for the Formula 1 Singapore Airlines Singapore Grand Prix.

  3rd Storey Additions and Alterations & 1st Storey Regularisation Works

  We completed our additions and alterations (A&A) to the 3rd storey of the Clubhouse and regularisation works for
  Padang Terrace located on the 1st storey of the Clubhouse and formally commenced operations from July.

  The resolution passed at the 128th Annual General Meeting authorised the Management Committee to expend
  funds up to a maximum sum of $2,700,000 ($2.7mil). A report will be given in due course on the expenses incurred
  for this project.

2|ANNUAL REPORT 2018
ANNUALREPORT SINGAPORE RECREATION CLUB
DHL Asia Cup 2018

Our corporate client, DHL Asia returned to the Padang to hold its Asia Cup from August 4 to August 5, an event that
catered for over 1,200 attendees. The hard work of the F&B department yielded even better results than in FY2017:

                   FY2018                  FY2017
Total Sales        $333,800                $252,300
Cost of Sales      $88,200 (26%)           $92,600 (37%)
Gross Profit       $245,600 (74%)          $159,700 (63%)

Padang rental rates remained the same at $88,000.

Sporting Achievements in 2018

Our 8 sports sections continued to fly our flag high in the areas of snooker, bowling, cricket, golf, hockey, netball
and softball.

Notably, we were the runners-up for the 19th Youth Bowling Inter-Club 2018. In cricket, we were the 1st runner-
up for Singapore Cricket Association League 2018 Premier Division and Division 1 and champions for Division 3.
The men’s hockey team were the Singapore Hockey National Hockey League 2018 Junior Division 2 and League 2
champions, and runner-up for League 3. Our ladies were the 1st runner-up for the Singapore Baseball and Softball
Association Women’s Fastpitch League.

Congratulations to all participants donning Club colours for the various competitions.

Our Workforce

We are moving towards streamlining operations and containing our labour costs due to service quota cuts and
a reduction in wage rebates from the Government. We will continue to invest in staff programs and training
to enhance service delivery to our members. We are also looking into automation wherever possible without
compromising service standards. Grants will also help to defray some automation costs.

The Excellent Service Award (EXSA) is a national award that recognises individuals who have delivered outstanding
service. This year, we had a total of 23 winners: 3 Gold and 20 Silver.

We are proud of all our staff who have received EXSA awards.

Number of Management Committee Meetings

For the year 2018, the MC held a total of 14 meetings.

We thank you for your continued support of the Club and look forward to seeing you at the Club’s Annual General
Meeting on April 13, 2019.

Dr Sarbjit Singh
President
Singapore Recreation Club

                                                                                                      ANNUAL REPORT 2018   |3
ANNUALREPORT SINGAPORE RECREATION CLUB
MANAGEMENTINFORMATION
                  President
                  Dr Sarbjit Singh                Honorary Members
                                                  Dr Tony Tan, former President, Republic of Singapore
                  Vice-President                  The Late Dr B H Sheares
                  Mr Ronnie Chua Poh Teck         The Late Dr Wee Kim Wee
                                                  The Late Mr Edwin Clement Tessensohn
                  Finance Member                  The Late Mr E W Barker
                  Mr Derrick Charles D’Souza      The Late Mr Lee Kuan Yew
                                                  The Late Mr S R Nathan
                  Games Control Board Chairman    The Late Prof E S Monteiro
                  Mr Albert Teo Heng Kiat
                                                  Life Presidents
                  Management Committee Members    The Late Mr F A Milne
                  Dr Christopher Chong Yew Luen   The Late Mr Reggie John Tessensohn
                  Mr Robin Tan Boon Yong
                  Mr Steven Yeo Peng Keng         Patron Members
                  Mr William Loh Heng Hong        The Late Mr Kumar Lal
                  Mr Allan Goh Eng Kim            The Late Mr Kantilal J Shah
                  Mr Anil Murkoth Changaroth      The Late Mr Rajabali Jumabhoy
                  Mr Ryan Chin Kean Onn           The Late Mr Ronald Hubert Barth
                  Mr Steven Goh Kim Soon
                                                  Auditor
                  General Manager / Secretary     HLB Atrede LLP
                  Mr Shareef Jaffar               20 Peck Seah Street
                                                  #05-00
                  Registered Office               Singapore 079312
                  B Connaught Drive
                  Singapore 179682                Principal Bankers
                  Tel: 6595 0500                  CIMB Bank Berhad
                  Fax: 6339 6563                  DBS Bank Ltd
                  src1883@src.org.sg              Maybank Singapore Limited
                  www.src.org.sg                  Standard Chartered Bank

4|ANNUAL REPORT 2018
ANNUALREPORT SINGAPORE RECREATION CLUB
MANAGEMENT COMMITTEE 2018 - 2020

         DR SARBJIT SINGH             MR RONNIE CHUA POH TECK          MR DERRICK D’SOUZA
             President                      Vice-President               Finance Member

    MR ALBERT TEO HENG KIAT       DR CHRISTOPHER CHONG YEW LUEN     MR ROBIN TAN BOON YONG
   Games Control Board Chairman     Management Committee Member    Management Committee Member

    MR STEVEN YEO PENG KENG          MR WILLIAM LOH HENG HONG        MR ALLAN GOH ENG KIM
   Management Committee Member       Management Committee Member   Management Committee Member

 MR ANIL MURKOTH CHANGAROTH            MR RYAN CHIN KEAN ONN          STEVEN GOH KIM SOON
  Management Committee Member        Management Committee Member   Management Committee Member

                                                                                  ANNUAL REPORT 2018   |5
ANNUALREPORT SINGAPORE RECREATION CLUB
SUB-COMMITTEES

                                               CHAIRMAN
                                      MR ANIL MURKOTH CHANGAROTH

            COMMITTEE MEMBER                                            COMMITTEE MEMBER
            MS IRENE TAY KIAN LIAN      ENTERTAINMENT              MR MAXWELL NORBERT FERNANDO

           COMMITTEE MEMBER                                           COMMITTEE MEMBER
              MS JOAN YEE                                            MR ROGER TEO HOE BENG
                                           VICE-CHAIRMAN
                                       MR ROBIN TAN BOON YONG

                                               CHAIRMAN
                                        MR STEVEN YEO PENG KENG

            COMMITTEE MEMBER                                          COMMITTEE MEMBER
         MR BENJAMIN ONG KOK CHYE         FACILITIES &              MR RONNIE CHUA POH TECK
                                         MAINTENANCE

           COMMITTEE MEMBER                                            COMMITTEE MEMBER
             MR LEE AH POY                                               MR VICTOR LYE
                                           VICE-CHAIRMAN
                                           MR LIM FATT SENG

6 |ANNUAL REPORT 2018
ANNUALREPORT SINGAPORE RECREATION CLUB
SUB-COMMITTEES

                          CHAIRMAN                    VICE-CHAIRMAN
                        DR SARBJIT SINGH          MR STEVEN YEO PENG KENG

                                    FOOD & BEVERAGE
COMMITTEE MEMBER                                                            COMMITTEE MEMBER
MR ALLAN GOH ENG KIM                                                   MR RAYMOND LIM TIAM TENG (PBM)

       COMMITTEE MEMBER               COMMITTEE MEMBER              COMMITTEE MEMBER
         MS JANET CHAN                  MS NORAINI LOI            MR SUNDER RAMCHANDANI

                                          CHAIRMAN
                                  MR DERRICK CHARLES D’SOUZA

         COMMITTEE MEMBER                                          COMMITTEE MEMBER
      MR BENJAMIN ONG KOK CHYE             FINANCE                  MR SALEEM AKHTAR

        COMMITTEE MEMBER                                            COMMITTEE MEMBER
      MR DAVID TONG HOW HENG                                        MR SURESH AGARWAL
                                        VICE-CHAIRMAN
                                   MR WILLIAM LOH HENG HONG

                                                                               ANNUAL REPORT 2018 |7
ANNUALREPORT SINGAPORE RECREATION CLUB
SUB-COMMITTEES

                                           CHAIRMAN
                                     MR ALBERT TEO HENG KIAT

                                       VICE-CHAIRMAN
                                   MR RONNIE CHUA POH TECK
            BILLIARDS CONVENOR                                 SOCIAL SOCCER CONVENOR
              DR HAN KIT KWONG                                      MR RANJIT SINGH

                                    GAMES CONTROL
                                       BOARD

                                                                  SOFTBALL CONVENOR
             BOWLING CONVENOR                                  MR MARCUS LEW CHENG CHYE
              MRS TANG WHAI YIH

                                        GOLF CONVENOR
                                    MR NELSON YEO KIAN PENG

                                                                  TENNIS CONVENOR
             CRICKET CONVENOR                                   MR PETER FOO SAY TUANG
               MR PAUL JOSEPH

                                       HOCKEY CONVENOR
                                    MR KELVIN LIM YONG SHENG

8 |ANNUAL REPORT 2018
SUB-COMMITTEES

                                         CHAIRMAN
                               DR CHRISTOPHER CHONG YEW LUEN

                                 HUMAN RESOURCE

COMMITTEE MEMBER                                                         COMMITTEE MEMBER
MR CHRIS GAY TEO POH                                                  MR VINCENT YUEN KOK WENG

                                      VICE-CHAIRMAN
                                  MR RONNIE CHUA POH TECK

       COMMITTEE MEMBER                                           COMMITTEE MEMBER
   MR MANIMARAN PUSHPANATAN                                    MR STEPHEN YEE FOOK KEONG

                                   COMMITTEE MEMBER
                                  MR NICHOLAS TEO EU JIN

                                                                            ANNUAL REPORT 2018   |9
SUB-COMMITTEES

                                  CHAIRMAN                    VICE-CHAIRMAN
                            MR RYAN CHIN KEAN ONN             DR SARBJIT SINGH

                                             INFORMATION
                                             TECHNOLOGY

               COMMITTEE MEMBER                                           COMMITTEE MEMBER
                DR LAU CHIEW TONG                                         MR SURESH AGARWAL

                                             COMMITTEE MEMBER
                                         DR FREDDIE LOW HOONG YUEN

                                               CHAIRMAN
                                          MR ALLAN GOH ENG KIM

             COMMITTEE MEMBER                                            COMMITTEE MEMBER
             MR ERIC TAN HUAT LIM          PUBLICATIONS                 MR NELSON YEO KIAN PENG

           COMMITTEE MEMBER                                               COMMITTEE MEMBER
        MR MICHAEL LIEW SOON FOOK                                    MR RAYMOND LIM TIAM TENG (PBM)
                                            VICE-CHAIRMAN
                                       MR DERRICK CHARLES D’SOUZA

10 |ANNUAL REPORT 2018
SUB-COMMITTEES

                                          CHAIRMAN
                                  MR WILLIAM LOH HENG HONG

                                       VICE-CHAIRMAN
                                MR ANIL MURKOTH CHANGAROTH
   COMMITTEE MEMBER                                                 COMMITTEE MEMBER
    MR AMARJEET SINGH                                        MR KULDIP SINGH S/O LATCHIMAN SINGH

                                       RULES &
                                     MEMBERSHIP

                                                                    COMMITTEE MEMBER
     COMMITTEE MEMBER                                                MR NG HOON HWEE
MS CONSTANCE MARGREAT PAGLAR

                                     COMMITTEE MEMBER
                                      MR JAGINDAR SINGH

                                                                    COMMITTEE MEMBER
     COMMITTEE MEMBER                                               MDM SHIRLEY LOURDES
 DR FREDDIE LOW HOONG YUEN

                                     COMMITTEE MEMBER
                               MR KERTAR SINGH S/O GULJAR SINGH

                                                                                ANNUAL REPORT 2017|11
SUB-COMMITTEES

                                               CHAIRMAN
                                         MR RYAN CHIN KEAN ONN

                                             SECURITY

     COMMITTEE MEMBER                                                      COMMITTEE MEMBER
 CAPT FRANCIS KOH KHENG SENG                                                MR R PRABU MENON

                                            VICE-CHAIRMAN
                                        MR STEVEN GOH KIM SOON

             COMMITTEE MEMBER                                       COMMITTEE MEMBER
         MR KENNETH MAH CHERN FENG                                MR ROY S RAMACHANDARAN

                                          COMMITTEE MEMBER
                                      DR MATTHEW YAP CHOON PIAN

12 |ANNUAL REPORT 2017
SUB-COMMITTEES

                                     CHAIRMAN
                               MR ROBIN TAN BOON YONG

                                  VICE-CHAIRMAN
                               MR ALLAN GOH ENG KIM

   BALUT CONVENOR &                                      LINE DANCE CONVENOR
WOMEN’S WING CHAIRPERSON                                   MR KOH CHOON HWA
 MS YVONNE MARIE PEREIRA
                                     SOCIAL

                                                         TOASTMASTERS PRESIDENT
      BRIDGE CONVENOR                                        MS ROSALIND YIP
  MR CHUGH VIJAY THAKURDAS
                                   CHESS CONVENOR
                               MR SUNDER RAMCHANDANI

                               DANCESPORT CONVENOR
                                MR GILBERT HU TOH TECK

                                                                    ANNUAL REPORT 2018   |13
SECTION COMMITEES
                     BALUT SECTION
                     CONVENOR		          YVONNE MARIE PEREIRA
                     VICE-CONVENOR		     GERARD LEE LEONG JIN
                     SECRETARY		         IRENE QUEK POH SUAN

                     BILLIARDS SECTION
                     CONVENOR 		         DR HAN KIT KWONG
                     VICE-CONVENOR       RONNIE WONG POH KOON
                     CAPTAIN             SEAN KERWIN MATHEWS
                     MEMBER		            IKHLAQUE SHAIKH
                     MEMBER              BRADLEY SCULLY GERARD

                     BOWLING SECTION
                     CONVENOR		       TANG WHAI YIH
                     VICE-CONVENOR		  SUSAN TAN S I
                     MEMBERS 		       LEE AH POY
                     			DUDLEY OLSEN
                     			ROGER TEO HOE BENG
                     			              WINNIE LOO SOU LEONG

                     BRIDGE SECTION
                     CONVENOR		      CHUGH VIJAY THAKURDAS
                     VICE-CONVENOR		 KRISHNAN VIJAYAN
                     TREASURER		     INDRU LACHMANDAS KHEMANY
                     SECRETARY		     MICHAEL CHEN
                     MEMBER		        TIMOTHY TAY CHIN HEAN

                     CHESS SECTION
                     CONVENOR		      SUNDER RAMCHANDANI
                     CAPTAIN		       ANDREW EE CHONG NAM
                     MEMBERS		       INDUBHAI BALUBHAI PATEL
                     			MATHAVAN KUNDAN
                     			THADHANI SHIVANDAS RAMCHAND
                     			VIJAYAKUMAR

                     CRICKET SECTION
                     CONVENOR
                        PAUL JOSEPH
                     VICE-CONVENOR
                        ALPHESH PUNA
                     MEMBERS
                        ANUJ BEHL
                     			MITHILA CHATHURANGA SENEWIRATHNE RAJAPAK
                        REZZA GAZNAVI
                     			IRFAN MADAKIA
                     			SANDEEP PURI

14 |ANNUAL REPORT 2018
SECTION COMMITEES
DANCESPORT SECTION
CONVENOR		         GILBERT HU HOH TECK
VICE-CONVENOR		    ANTHONY HOE GIM WAH
TREASURER		        WAN KOK LEONG (VICTOR)
MEMBERS		          HO CHENG TOON (PAUL)
			LOH KWAN BOH
			                LOW CHIN SING (LAURENCE)
			PAULINE WONG

GOLF SECTION
CONVENOR		      NELSON YEO KIAN PENG
VICE-CONVENOR		 RAYMOND LIM TIAM TENG (PBM)
MEMBERS		       ERIC TAN HUAT LIM
			DAYAL KHEMLANI
			             JANSSEN HO SENG FATT
			             IRENE LYE KIM HUA
                FRED TAY KAM KIANG
			JONATHAN TAN KHENG MENG
			MARTIN CHUA SOOK WHEE
			RONNIE TAN KIM CHENG

LINE DANCE SECTION
CONVENOR		         KOH CHOON HWA
VICE-CONVENOR		    HILDA TAN BENG HUAY
TREASURER		        MAGDALENE SOO MEI HENG
SECRETARY		        LIM AH WAN (LILIAN YAP)
MEMBERS 		         JANET CHAN
			JOAN YEE
			LILIAN LEE
			                HELEN LOY CHEE HUAN
			AMY TAN KHOON WAH
			                TEO EAN EAN DIANA @ MRS HENG KEOW

HOCKEY SECTION
CONVENOR		     KELVIN LIM YONG SHENG
MEMBERS		      EDWIN TAN KWEE YONG
			NG WAN CHIANG (ROBIN)

SOFTBALL SECTION
CONVENOR          MARCUS LEW CHENG CHYE
MEMBERS           REGINA YEO LI IM
			ALVIN TAN WEI WEN
			ROYSTON TAN
			DANIEL HENG

                                                       ANNUAL REPORT 2018   |15
SECTION COMMITEES
                     SOCIAL SOCCER SECTION
                     CONVENOR            RANJIT SINGH
                     VICE-CONVENOR		     WAYNE CHAN WEI WEE
                     TREASURER           KRISHNA PARAMASIVAM
                     MEMBERS		           DAVID ONG BOON LAI
                     			STEVEN LEE SOO LIAP
                     			THOMAS TAY WHEE HONG
                     			ANG HOCK CHAI

                     TENNIS SECTION
                     CONVENOR		      PETER FOO SAY TUANG
                     MEMBERS		       DR BOK TECK SUN
                                     PETER FOO KOK CHEE
                                     TAKESHI YOSHIDA
                     			             ERNEST QUEK CHENG EN
                     			BRENDAN BOEY JEN YU

                     TOASTMASTERS SECTION
                     EXECUTIVE COMMITTEE
                     (1 JULY 2017 - 30 JUNE 2018)
                     PRESIDENT				THIA ELITA
                     VICE-PRESIDENT, EDUCATION		      ROSALIND YIP
                     VICE-PRESIDENT, MEMBERSHIP		     SHUI LI TING SERILYN
                     VICE-PRESIDENT, PUBLIC RELATIONS MARK DAVID WEINBERGER
                     TREASURER				JOSEPH MEYANA PRAGASAM
                     SECRETARY				                    JANSSEN HO SENG FATT
                     SERGEANT-AT-ARMS			SMITA SINGH

                     EXECUTIVE COMMITTEE (1 JULY 2018 - 30 JUNE 2019)
                     PRESIDENT				ROSALIND YIP
                     VICE-PRESIDENT, EDUCATION		             NGO AI LIN
                     VICE-PRESIDENT, MEMBERSHIP		            JESSIE KWEK
                     VICE-PRESIDENT, PUBLIC RELATIONS        JENNY NG
                     TREASURER				ANNE LEE
                     SECRETARY				                           JANSSEN HO SENG FATT
                     SERGEANT-AT-ARMS			ANNE CHONG

                     WOMEN’S WING SECTION
                     CHAIRPERSON		      YVONNE MARIE PEREIRA
                     VICE-CHAIRPERSON   CHEW LIAN NEO IRENE
                     MEMBERS		          AMELIA LYNNA V M JOHN
                     			                IRENE QUEK POH SUAN
                     			                MENON PAMELA CHARLES NEE PEREIRA
                     			ONG SEW CHENG (VERONICA)
                     			KATHARINE SYN OI KWAN
                     			DOROTHY BONNIE TESSENSOHN

16 |ANNUAL REPORT 2018
SPORTING ACHIEVEMENTS IN 2018
BILLIARDS
• Winner of Annual Interport Game 2018 with Royal Bangkok
    Sports Club

BOWLING
• 19th Youth Bowling Inter-Club 2018 - Runner-up

CRICKET
• Singapore Cricket Association League 2018
• Premier Division – 1st Runner-up
• Division 1 – 1st Runner-up
• Division 3 – Champion

GOLF
• Winner of the SRC-SGCC Annual Golf Tournament

HOCKEY (MEN’S)
• Singapore Hockey National Hockey Junior League Division
   2 - Champion
• Singapore Hockey National Hockey League 2 - Champion
• Singapore Hockey National Hockey League 3 - Runner-up

SOFTBALL
• Singapore Baseball and Softball Association Women’s
   Fastpitch League – 1st Runner-up

                                                            ANNUAL REPORT 2018|17
PADANG EVENTS
    4 March 2018			           SRC-EA Crystal Cup 2018
    28 March 2018			          JP Morgan Corporate Challenge Singapore 2018
    28 to 30 April 2018		     JSSL Singapore International 7s 2018
    27 May 2018			            Families for Life Celebrations 2018
    28 to 29 July 2018		      GetActive! Singapore 2018
    3 to 5 August 2018		      DHL Asia Cup 2018
    26 August 2018			         SAFRA Singapore Bay Run / Army Half Marathon 2018
    15 to 17 September 2018   Formula 1 Singapore Grand Prix 2018
    4 November 2018		         MediaCorp SPOP! Sing 2018
    17 November 2018		        Padang Shield 2018 (Hosted by SRC)

18 |ANNUAL REPORT 2018
FINANCE MEMBER’S
MESSAGE
Dear Members

Once again, it is an honour and privilege to address you as Finance Member
in our Management Committee and to share salient matters of our Club’s
financials for 2018.

1. Balance Sheet as at December 31, 2018

1.1 As members may be aware, our largest long term assets are our fixed
    assets, at cost less accumulated depreciation, of $15,261,012 (2017
    $16,823,480). A significant change in the make-up of this item is that in
    2017, as reported, the guest rooms at Level 3 were disposed of. This year,
    we are proud to have in its place at Level 3, our completed Esplanade
    Ballroom. In Note 4 of our audited financial statements, this fixed asset
    has been disclosed as $782,653 being cost less depreciation and, as
    reported in Note 11, the Development Fund balance of $1,627,288 was
    utilised for part of the construction cost of the Esplanade Ballroom.

1.2 Our cash at banks comprises fixed deposits (long term and current)
    totalling $15,452,425 (2017 $17,795,325) and cash and cash equivalents
    $3,956,388 (2017 $6,560,118). These balances are with four banks,
    Standard Chartered Bank, CIMB Bank Berhad, Development Bank of
    Singapore and Maybank Singapore Limited.

1.3 Members’ receivables less allowance for expected credit losses
    (previously termed provision for impairment) total $1,249,637
    (2017 $1,344,226). Constant review of long-outstanding balances
    has resulted in a clearer image of such unpaid balances while the
    challenge of clarification of incomplete membership records has been
    significantly resolved.

                                                          ANNUAL REPORT 2018|19
2. Results for the year 2018

   Total comprehensive deficit for the year was $4,428,588 (2017 $4,728,220), a decrease of $299,632. The deficit
   of $4,428,588 was impacted chiefly by the reduction in contribution from fruit machines (net) of $1,118,793.
   Members may recall that the Ministry of Home Affairs, the regulator of fruit machines operations, tightened
   regulations in the second half of 2017 in an attempt to control problem gambling. As a result, members’ guests
   were no longer allowed to enter the fruit machine room. Furthermore, among other new regulations, entry by
   members was strictly controlled and clubs were not allowed to provide facilities to encash members’ cheques
   and credit cards.

   In comparison with the previous year’s results, members may recall that the deficit in 2017 was mainly due to an
   extraordinary loss of $1,356,765 on disposal of property, plant and equipment from the guest rooms fixed assets.

   Staff costs are a significant expense that management, present and future, must continue to be aware of, monitor
   and rationalise.

   3. Independent Auditor

   We are pleased to report that our independent auditor, HLB Atrede, has expressed its willingness to accept
   reappointment for 2019.

   4. Conclusion

   I take this opportunity to thank all concerned, especially members, the management committee, the Finance
   sub-committee and all staff for their kind and valuable support and advice on our financial matters. In particular,
   it is also imperative that all heads of departments and their staff continue to support our finance director and
   the finance department to ensure smooth flow of information and documentation to facilitate and improve the
   efficiency in all areas of financial matters especially in the area of budgetary control.

   Thank you.

   Derrick D’Souza
   Finance Member
   Singapore Recreation Club

20|ANNUAL REPORT 2018
B Connaught Drive Singapore 179682 | Tel: 6595 0500 | Fax: 6339 6563
                  src1883@src.org.sg | www.src.org.sg
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