BUKIT TIMAH SADDLE Club Tel: 6466 2264 Email:
[email protected]
BUKIT TIMAH SADDLE Club ANNUAL REPORT 2013
Contents
2
Chairman’s Message
14
Treasurer’s Report
4
Club Captain’s Report
16
Auditor’s Report
8
Riding School Report
41
Committee & Officials
BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 1
CHAIRMAN’S MESSAGE The anticipated future became reality! As I look back over 2013, it was a great year for the Club. We won the SLA tender for the land currently occupied by the Saddle Club, albeit with a substantial increase in rental, but with the heath track formally included, as well as the arenas and paddocks. We successfully stood our ground such that the increased rental did not start until 1st July 2013. We formally accepted and signed the lease papers with SLA, allowing us to occupy the land at 51 Fairways Drive for a 3-year lease with the option for renewal. Having won an extended lease, compared with the previous year-by-year agreement, we were able to take a longer term view of the Club operations and make substantial investments to improve and update the facilities. Those improvements were started in earnest following the AGM in October 2013 at which time the members voted to proceed with the Management Committee’s capital spending proposal. Those improvements became visible in many areas around the Club. Notable projects included a greatly improved arena surface with proper machinery and equipment to maintain it, renovation of the “Sentosa” stable block, the renovation of the toilets, the planned installation of the horse walker and the clearing of the heath track. The overall condition and appearance of the stables and yard, and the general look of the Club, really improved. Furthermore, there were a number of developments behind the scenes such as electrical upgrades, internet and communication upgrades, as well as the purchase of fresh ponies and horses for the riding school. The Riders Café tenancy agreement was awarded to the same operators, but with an increase in rental and also with an increase in the lease duration. The operators renovated the facility, enlarged the kitchen and acquired some of the space in the lower floor allowing for easier operation of the restaurant. The Club also re-arranged its offices and made use of the old rolling box in the upper yard which was converted to an office for the Finance team. This brought our team in closer working proximity to each other, as well as positioning them to be more accessible to members. Unfortunately, the increased rental requirements for the Club made it necessary to increase the livery charges, riding school fees, etc. While it was recognized that increased charges and fees would be a burden to the members, it was the prudent thing to do in order to ensure the Club was on a sound financial footing. The increased availability of stables allows both the riding school and livery horse population to increase which further enhances the ongoing sustainability of the Club. As the Club’s financial results are analyzed for underlying trends indicating the net profitability of the Club as compared to the budgeted results, other changes may be necessary. As stated in previous correspondence, I want to ensure you that the Club does not put through any price increases without healthy debate at both the Management and Committee level, with a view toward balancing the services that the Club provides and the prices associated to such services. Financial controls and transparency continued to be a priority for the Club. To address the audit points raised for the FY 2012, significant changes were made to the Club’s processes. I am happy to report that the improvements have resulted in a clean, unqualified audit opinion for 2013. For more information, please read the Treasurer’s report. As always, serving as Chairman or as an MC member, as with all volunteer positions, is no easy task. The assistance of other Club members helps to lessen this load and I therefore invite all members who feel they can contribute constructively to the Club, to volunteer to serve on the sub committees, a number of which have been established and are currently operating. The subcommittees, by the Constitution, are the feeder route for the Management Committee. The larger the pool of experience, knowledge and wisdom that we can tap into, the better it will be for the Club in filling the roles required, as well as in progressing the general state of the Club. This in particular became apparent in the requirement for an EGM in 2013 to allow for the election of a Club Secretary who did not have prior experience on a subcommittee. Again, I feel particularly blessed to have worked with an incredible Management Committee and Club management team, who put in an inordinate amount of time and effort to make our future a reality and to improve our Club in all aspects. The motivation and personal sacrifices of the committee members and management team, the commitment to seeing the process through to the end, to stand up and take responsibility for some requirement or need, truly exceeded all expectations. In particular, as the Club constitution requirement makes this my last term as Chairman, my heartfelt thanks to all of the management committee and staff of BTSC. Sincerely yours
Doug Harrison Chairman, Bukit Timah Saddle Club 23 March 2014
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BTSC is now an approved BHS Riding centre, Livery Centre, Facility Centre and Training Facility
Club Captain’s REPORT 2013 has been a whirlwind of activities! The start of the year saw the preparation for SLA’s public land tender for 51 Fairways Drive. Many hours were spent working on the plans and documentation for the final submission of our tender in January. On the 1st of February, SLA announced the award of the tender to BTSC. Now, with a more secure future guaranteed, we were able to spend the rest of the year planning and initiating many projects to upgrade the Clubs facilities knowing that we were here to stay! Operations Overseeing all of our projects whether large or small was our General Manager, Anthony Lowry. With his leadership, a few of our major upgrading projects were planned and set in motion. With the help of Kate Murphy, the Riding School Manager, the Riding School acquired additional horses to cope with our increasing ridership. All of these horses have been integrated successfully into the riding school, helping to share the workload from our current aging and hardworking population. New equipment was purchased to help our Stable Managers, Dominador Canas and Mandor Kamis work more effectively, by saving time and being more productive in the workplace. The largest projects were started which included the resurfacing of the Terra Arena, the creation of a new storage shed for equipment and jumps, the installation of a new horse walker and the rebuilding of Sentosa stable block. These projects could not have been done without the support of our Livery Manager, Predrag Marjanovic and Head of Estate, Saddam. 4 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
The hard work continually put in by all staff has now placed BTSC as an internationally recognised yard, able to attract top level riding instructors and trainers.
Staffing To support Anthony and Kate in the day-to-day running of BTSC, we were able to hire a few outstanding professionals throughout the year. With their knowledge and experience, these individuals were able to streamline our processes and keep our Club moving forward. In the administrative area, we were fortunate to have Peter Koon join our management team in the capacity of Finance Manager in July 2013, following the departure of our previous manager. In the Riding School, we welcomed Nina Wiegandt as our Riding School Office Manager. She started as a part-time employee in May and in October took on a full-time position. To complete our new and improved Management Team, Predrag Marjanovic joined in October to provide much needed
support for our Livery and Estate teams, through his leadership and experience. Another valued employee who joined our team in April 2013 was Patrick Barry. Originally from Ireland, he took on the role of full-time instructor in our Riding School. We were also delighted when our other instructor, Keith Choi, took on a full-time position, having supported us for many years as a parttimer. Both instructors have been invaluable to BTSC and are key players on our Riding School team. With tight restrictions on foreign manpower, BTSC like many other companies and establishments in Singapore faces tough challenges in the human resources department. From grooms and instructors to managers, we are constantly working to create the best team possible to serve our members at BTSC. Horse Population and Welfare There were some fluctuations in the BTSC livery section in 2013. We saw 11 horses depart from the Club due to the uncertainty of BTSC’s future with respect to the land tender. However, since our lease confirmation, 11 horses have arrived. With the completion of our facilities upgrading in 2014, I am confident that even more livery horses will arrive to enjoy our new arena, new stables, new horse walker, and our unique position of offering the charm of a “country estate” within the City. The BTSC riding school saw 6 horses depart in 2013. Some were sold and others were rehomed. We were saddened BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 5
to see our old and reliable servant ‘We are On’ pass away from natural causes. To counteract the aging population of the school horses and the ever-increasing demand for lessons, the Riding School acquired 7 additional horses (6 horses from Ireland and 1 ex-racehorse) increasing us to a total of 36 horses as at 31st December 2013. Our school horses are all hard working and we appreciate all the support and love that BTSC members give to them.
to uncertainty however, since the signing of the tender, membership has been increasing steadily and BTSC has acquired 44 new memberships in 2013. BTSC has converted a number of our Public Riders who have decided to take on membership to participate in our programs such as private lessons, competitions and leasing.
We continue to work with veterinarian professionals such as Fernanda Sepulveda, Roshni Selvam, and Phylis Yew for the health and welfare of our horses. BTSC Livery Owners, from time to time, have also engaged the expertise of veterinarians from the Singapore Turf Club. Equine health professionals from other countries for dentistry, chiropractic, acupuncture, massage, etc are also engaged for the health of their horses.
BTSC has reinstated several sub-committees such as Finance, Marketing and Communication, Riding School and Livery. BTSC wishes to thank all that have and continue to volunteer their time and energy in serving our Club. If you are interested in sitting on a committee, please do let us know as we encourage all our Members to get involved in our community.
Our in-house farrier services are still performed by Rommel Llamelo for the majority of our horses, and for those that require specialized shoeing, we do engage outside farriers from time to time. Rommel continues to be a key employee by providing a much needed service with diligence and care.
BTSC has also seen an increase in the number of volunteers! The Riding School is always grateful to our Members that help us to run lessons, pony club, pony camps, school programs and community projects. We are always looking for help so if you have time, do come into the Riding School Office to let us know how you can help.
The third annual BTSC Country Fair has come and gone! Thanks to the army of volunteers who planned and executed another exciting day for the community at large! In spite of the rain and mud, volunteers, participants, family, friends, and the general public all had fun! One of the main purposes of this event is to introduce to the community the sport of equestrian.
Food and Beverage Outlet and Tack Shop
Administration, Marketing and Communication
The new lease saw BTSC’s continued partnership with both Rider’s Café and Bits and Boots tack shop. Riders Café took over some extra space in the BTSC clubhouse, in return for a higher rental and going forward, the space constraints of the tack shop will be addressed by relocating to a larger building with improved accessibility and income.
Our Administration team consisting of Peter Koon, Mylene Barrett and Gerard Sivilingam have been working hard in their new office, located next to the Riding School Office in the converted rolling box. You can find them there for all your needs regarding finance, membership and general enquires. The Riding School Office covers the scheduling of lessons and
The Cancer Kid’s Foundation was a community project spearheaded by a BTSC Member and supported by other Members both financially and with their time (pony ride walkers!). BTSC Riding School ponies and horses were out doing their part in creating an unforgettable
other programs such as pony club, leasing, BHS courses, competitions and general queries. The office is managed by Nina Wiegandt with the help of a Riding School Secretary and the Instructors. BTSC continues to send out news bulletins via email to keep Members abreast with current information and news within the Club. We also have a Members’ Notice Board on the balcony for news and information, upcoming events and clinics, show invites and results. Membership information is also published here, so please do check the boards from time to time. Community Projects
and exciting day for the children and their families. They enjoyed pony rides, horseshoe painting and a delicious lunch on our terrace. We hope to make this type of event annual and offer additional events to other nonprofit organizations, but this cannot happen without the generosity and support of our Members and Sponsors. Another offering to the local community is our School Program. This program offers groups of children through their school, the opportunity to learn about horses including grooming, washing a pony and having a pony ride. BTSC hopes that we can continue to reach out to an even wider community to help educate people and share our love for horses throughout 2014!
Membership and Volunteer Opportunities With our medium term future secured at 51 Fairways Drive, BTSC saw an overall increase of Membership in the latter half of 2013. We did see a slight decline in membership during the first quarter, once again due
6 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 7
IN FOCUS Riding School REPORT It was a very successful and busy year for the BTSC Riding School as we witnessed riding lesson income increase from $774K in 2012 to 1,005K in 2013.
To date there has been very successful integration of public riding into the school without affecting the quality of lessons for members. This is an important milestone for BTSC and a great step forward for equestrian sport in Singapore.
We saw the arrival of six new horses from Ireland named Porter, Enzo, Casper, Samson, Jill and Gemma. These horses were carefully selected by our General Manager and Riding School Manager for their quiet temperament and ability to work in the Riding School environment. These horses have been a great success and one of the main reasons for such a big increase in the lesson income figures. Sadly, ‘We are On’ who was one of the “old reliables” in the BTSC Riding School passed away from natural causes and the Danish pony, Primus was rehomed to Noah’s Ark in Malaysia as he was unsuitable for use in the Riding School. The YOG horses continue to be a great asset to the BTSC Riding School and provide a higher quality of horse to our young riders as they graduate from the riding school ponies. Leasing income decreased in 2013 from $156K to $122K but this was due mainly to the extra demand and uptake in lessons and the need to have our good horses available for a wider range of riders. Competition and clinic income increased in 2013 from $56K to $70K. This is a continuing trend as our competition entries are getting bigger and bigger each month.
8 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
Proud of our Achievements
Public Riding The offering of public riding at BTSC is one of the key requirements in our lease agreement with SLA. Public riding was introduced to BTSC on 1st January 2012 and since then, it has expanded significantly which can be shown by the Public Riding income of $71K in 2012 compared with $183K in 2013. The number of people participating in beginner courses remained relatively consistent with income of $43K in 2012 compared with $46K in 2013. Riding School Staff The Riding School continued to focus on recruiting well qualified and experienced staff. As at December 31st 2013, the staff of the Riding section included: • Anthony Lowry – Head Instructor • Predrag Marjanovic – Head Instructor • Kate Murphy – Riding School Manager (resigned in January 2014) • Nina Wiegandt – Office Manager • Dominador Canas – Stable Manager • Patrick Barry – Instructor • Keith Choi - Instructor • Samantha Wong – Part Time Instructor • Sarah Finley – Part Time Instructor
BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 9
Competitions There were 20 Interclub competitions held in Singapore during 2013 of which BTSC hosted 8, SPC 9 and NEC 3. STCRC also become a recognised member of the Equestrian Federation and started to hold EFS registered shows in 2013. BTSC also increased the number of training shows both in dressage and jumping during the year to help prepare our riders and simulate the pressure of a competition environment. In the EFS Annual Equestrian League 2012 / 2013, which culminates with the National Dressage and Jumping Championships in June, BTSC riders achieved many of the top placings in the following levels: 2012 / 2013 EFS Annual Equestrian League Awards - DRESSAGE Level
Position
BTSC Rider
Horse
Prix St Georges
1st
Cynthia Ee
Hamilton
Medium
2nd
Audrey Njoto
Weltana
CSIY – B – International Borrowed Horse Competition
Country Fair 2013
Elementary
2nd
Audrey Njoto
Good Life
Novice
1st
Tanis Mc Grath
Belcam Hinnerk
3rd
Christina Yang
Weltana
1st
Elana Sterley
Datchet House
Crowds came in their thousands despite the rainy conditions for BTSC’s annual country fair and horse show. This unique event which has become one of the highlights on the BTSC calendar welcomed members of the public and their families and gave them a taste of ‘country life’ and equestrian activities.
2nd
Isobel Wallace
Escondida
Tanis Mc Grath represented BTSC and Singapore in the CSIY – B 2013 and Team Singapore took 2nd place in the International Team event. BTSC horse, Belcam Hinnerk ridden by Hong Kong rider, Kendall Kruger was on the winning team for the International Team event and Hinnerk was also the winning horse in the International Individual event with Hong Kong rider, Patricia Chan on board.
3rd
Elizabeth Bolliger Harael
Preliminary (Open)
School Rider of the Year 2nd
Tanis Mc Grath
Belcam Hinnerk
3rd
Isobel Wallace
Escondida
2nd
Isobel Wallace
Escondida
3rd
Elizabeth Bolliger Harael
1st
Audrey Njoto
3rd
Cynthia Ee
Junior Rider of the Year
Dressage Rider of Year
Freelance Instructors and Visiting Clinicians Our Freelance Instructors (Amanda Harvey, Audrey Njoto and Cynthia Ee) contributed greatly to the success of our BTSC competition riders throughout the year. The Freelance Instructors are a valuable asset to the Club and nicely complement our team of BTSC Riding School Instructors. BTSC also hosted numerous visiting international coaches including Volker Eubel (Germany), Wolfgang Kutting (Germany), Clive Reed (Australia), Sean Hope (Australia), Jillie Rogers (UK), Jo Winfield (UK), Andrea Landy-Siling (Austria) and Syed Omar (Malaysia). BHS Stable Management Courses, Pony Club, Pony Camp
2012 / 2013 EFS Annual Equestrian League Awards – SHOW JUMPING Level
Position
BTSC Rider
Horse
100cm
1st
Kenza David
Whiskey
2nd
Bethan Withers
Indi
1st
Bethan Withers
Indi
2nd
Kenza David
Whiskey
School Rider of the Year
2nd
Caroline White
Butterfly Kisses
Junior Rider of the Year
3rd
Bethan Withers
Indi
90cm
10 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
The heath track played host to spectacular marquees hosting vendors selling jewellery, riding gear, children’s clothing, toys, candy floss, ice cream and other food and beverages. The day was filled with fun activities such as Pony Rides, Tractor Rides, Zorbing, Penalty Shoot-out, Bouncy castle and lots more. The pony rides and tractor rides once again proved to be very popular with the crowds who also enjoyed pony races, high jumping demonstrations, dog jumping, human showjumping and a German Shepard dog demonstration. Although the rain dampened the day, this did not stop the kids having a great time in events like the Fancy Dress for horses, Gymkhana games and ‘Best Turned Out’. We would like to thank all our participants, volunteers and sponsors that helped us at the Country Fair and who continued to help us throughout 2013!
BHS training courses for members ran throughout the year at various times in 2013. These courses provided a great benefit to members who were wanting to gain a better knowledge and understanding of horse management. Approximately 12 BTSC staff and members took and passed their BHS exams in 2013 which were held in November 2013. BTSC Pony Club continues every second week and the number of participants is steadily increasing. The rallies are held every other Saturday and are open to anyone (members and public) aged 7 – 21. BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 11
12 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 13
• Members’ entrance fees increased by $61K to $150K compared with $89K in 2012 mainly due to 34 new members joining the Club, primarily after the lease had been secured;
TREASURER’S REPORT I am pleased to report that the Club turned in a profit of $71K for the year ended 2013, reversing the loss of $65K in the previous year, with operating income up 19% to $2.91M. 2013 was a challenging year for the Club. In March, we secured the SLA tender to extend our lease to Jun 2016 with an option to extend for a further term not exceeding three (3) years, till December 2018. However, under the new lease, our monthly rental increases from $18K to $69K. To ensure the long term financial health of the Club, we have implemented several measures including the revision of livery and riding lesson fees, changing the billing cycle to collect subscriptions & dues in advance (vs in arrears), and requesting members to top-up their (refundable) deposits. The MC would like to thank all members and staff of the Club for their patience and support during this period as we worked to identify and implement the above initiatives. Highlighting some of the factors contributing to the positive year-end position:
• Riding income increased by $231K to $1,006K compared with $775K in 2012 mainly due to the revision of riding lesson fees and the acquisition of 6 Irish horses in October 2013, allowing more lessons to be given, and hence more income generated, by the Riding School; • Riding income from non-members showed an increase of $116K to $274K (2012: $158K), a 73% increase. Not only is this a very pleasing financial result, it fulfills our obligation under the lease to provide public riding and can also be an excellent source of attracting future members; • In July 2013, the Club signed a new lease with Riders Café, significantly increasing our rental income by 150%; • Members’ deposits and aged debtor lists were cleaned up resulting in a small net write-back of excess provision to the profit & loss account. More importantly, we now have a more robust procedure for identifying and chasing aged debtors. While the profit in 2013 is a key metric of the performance of the Club, it is worth looking at the amount of cash generated (see Statement of Cash flows on page 6 of the Financial Statements). The Club generated positive cash of $317K from normal operating activities (before capital expenditures and transfer to the building fund), a significant and pleasing turnaround to the net decrease of $181K in 2012. General Operations of the Club Regular maintenance of the premises is essential due to the age of many of our facilities. However, materials and labour costs continued to creep upwards during the year. Overall we spent $255K on repairs and maintenance, up 27% on 2012. A credit card machine was installed in the Riding School office to offer members another payment method and to allow the Accounts team improved visibility of revenues. This also simplified the accounting operations and strengthened our overall control environment by no longer accepting cash payments from Members. Currently, the Club will only accept payment by cheque, NETS, Credit Cards or interbank transfer. Cash payments are restricted to public riding and pony ride fees. The 2013 Country Fair was another huge success contributing a profit of $22K (2012: $6K). The Country Fair continues to evolve and improve year on year and is now a highlight in the Club’s events calendar.
14 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
Staff Salaries and Bonuses The Club met its contractual obligation under the Collective Agreement for the unionised employees to be paid an Annual Wage Supplement (“AWS”). In addition, a variable bonus was declared to all employees for their effort and contribution towards the Club. Overall this resulted in a total bonus payment of $71K (2012: $35K, representing only the contractual obligations to unionised employees). Capital Expenditure Total spending on capital expenditure in 2013 was $172K (2012: $8K), mainly from the acquisition of 6 ponies/ horses at a total cost of $102K and $70K for machinery & equipment.
Finance Manager, Peter Koon, who immediately began addressing the audit points raised and implemented a thorough review of our procedures and controls. As a result, I am very pleased to present to Members the 2013 Financial Statements with a clean, unqualified audit opinion.
Mark Nelligan Treasurer
Of the $920K capital spend that was approved by Members at the 2012 AGM to be deployed into the various projects, nearly 70% has either been committed/ spent as at the end of February 2014, with the total spend forecast to come within budget. Building Fund The building fund (formerly known as the sinking fund) collected contributions of $157K and has a balance of $626K. It is a critical asset of the Club’s future. Audit FY2013 The errors and omissions mentioned in the 2012 Financial Statements were rectified in 2013. In July, we hired a new BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 15
BUKIT TIMAH SADDLE CLUB Reg. No. (UEN) S61SS0105J
FINANCIAL STATEMENTS 31 DECEMBER 2013
BUKIT TIMAH SADDLE CLUB FINANCIAL STATEMENTS - 31 DECEMBER 2013
CONTENTS
Page Statement by the Management Committee
1
Independent Auditors’ Report
2
Statement of Financial Position
3
Statement of Comprehensive Income
4
Statement of Changes in Funds
5
Statement of Cash Flows
6
Notes to the Financial Statements
7 -17
18 MARCH 2014
1
18 MARCH 2014
BUKIT TIMAH SADDLE CLUB STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013
2013 S$
2012 S$
4
276,992
235,195
5
880,512 2,807,420
634,527 2,499,158
3,687,932
3,133,685
970,086 12,234
606,882 7,766
982,320
614,648
Net current assets
2,705,612
2,519,037
Net assets
2,982,604
2,754,232
2,356,654 625,950
2,285,432 468,800
2,982,604
2,754,232
Note Non-current assets Property, plant and equipment Current assets Due from members and other receivables Cash and bank balances Current liabilities Members’ deposits and trade and other payables Taxation
Equity Accumulated fund Building fund
6 12
7
The accompanying notes form an integral part of these financial statements.
3
BUKIT TIMAH SADDLE CLUB STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013
Note
2013 S$
2012 S$
Operating income
8
2,906,931
2,448,199
Other income
9
19,481
16,847
2,926,412
2,465,046
1,122,080 113,581 490,201 1,116,143
1,130,335 120,230 217,179 1,054,326
2,842,005
2,522,070
Operating expenditure Staff costs Depreciation expense Rental and other operating lease expenses Other operating expenditure
10 4 11
Surplus/(deficit) before tax Income tax expense
12
Surplus/(deficit) for the year Other comprehensive income, net of tax Total comprehensive income/(loss) for the year
84,407
(57,024)
(13,185)
(7,762)
71,222
(64,786)
71,222
(64,786)
The accompanying notes form an integral part of these financial statements.
4
BUKIT TIMAH SADDLE CLUB STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31 DECEMBER 2013
Accumulated fund S$ Balance at 1.1.13
Building fund S$
Total S$
2,285,432
468,800
2,754,232
Contributions to building fund
-
157,150
157,150
71,222
-
71,222
Balance at 31.12.13
2,356,654
625,950
2,982,604
Balance at 1.1.12
2,350,218
305,310
2,655,528
-
163,490
163,490
Total comprehensive income for the year
Contributions to building fund Total comprehensive loss for the year Balance at 31.12.12
(64,786) 2,285,432
468,800
(64,786) 2,754,232
The accompanying notes form an integral part of these financial statements.
5
BUKIT TIMAH SADDLE CLUB STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013
Note Cash flows from operating activities Net surplus/(deficit) before tax Adjustments for: Depreciation expense Inventory written-off Bad debts written-off Allowance for doubtful debts Allowance for doubtful debts written-back Sundry debtors and bar recoverable from members written-off Loss on disposal of property, plant and equipment Interest income
2013 S$
2012 S$
84,407
(57,024)
113,581 889 10,256 (15,111) 14,864 (4,195)
120,230 5,353 4,366 12,580 5,457 (5,453)
204,691 (242,018)
85,509 (159,047)
363,204
(99,617)
Cash generated from/(used in) operations Income tax paid
325,877 (8,717)
(173,155) (7,766)
Net cash from/(used in) operating activities
317,160
(180,921)
Increase in members’ account and other receivables Increase/(decrease) in members’ deposits and trade and other payables
Cash flows from investing activities Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Interest received
(171,745) 1,502 4,195
(7,988) 5,453
Net cash used in investing activities
(166,048)
(2,535)
Cash flows from financing activities Proceeds from building fund collections Amount transferred to designated building fund bank account
157,150 (281,271)
163,490 (72,400)
Net cash (used in)/from financing activities
(124,121)
91,090
Net increase/(decrease) in cash & cash equivalents
26,991
Cash & cash equivalents at beginning of year Cash & cash equivalents at end of year
13
(92,366)
2,193,465
2,285,831
2,220,456
2,193,465
The accompanying notes form an integral part of these financial statements.
6
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
These notes form an integral part of the financial statements. 1.
CORPORATE INFORMATION The Club is registered with the Registry of Societies under the Societies Act, Cap 311 and its principal place of business is at 51 Fairways Drive, Singapore 286965. The principal activities of the Club are those relating to the provision of equestrian sporting activities for its members.
2.
SIGNIFICANT ACCOUNTING POLICIES
a)
Basis of preparation The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (FRS). The financial statements, which are presented in Singapore dollars (S$), have been prepared on a historical cost basis, except as disclosed in the accounting policies below. The accounting policies adopted are consistent with those of the previous year except in the current financial year, the Club has adopted all new and revised FRSs and Interpretations of FRS (INT FRS) that are relevant to its operations and effective for the current financial year. The adoption of these new and revised FRS and INT FRS did not result in significant changes to the Club’s accounting policies and did not have a material effect on the amounts reported for the current or prior years. The preparation of financial statements in conformity with FRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses, and disclosures made. Although these estimates and underlying assumptions are based on historical experience and other factors, including expectations of future events are believed to be reasonable under the circumstances, actual results could ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects on that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Judgements made by management in the application of FRS that have a significant effect on the financial statements and in arriving at estimates with a significant risk of material adjustment in the next financial year are discussed in note 3.
b) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. All items of property, plant and equipment are initially recorded at cost. The initial cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if there is such an obligation when acquiring or using the asset. Subsequent expenditure relating to an item of property, plant and equipment that has already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the originally assessed standard of performance of the existing asset, will flow to the Club. All other subsequent expenditure is recognised as an expense in the period in which it is incurred.
7
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
2.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
b) Property, plant and equipment (continued) Depreciation of the property, plant and equipment is calculated on the straight-line method to allocate their depreciable amounts (costs less residual values) over their estimated useful lives as follows: Leasehold improvements Machinery, computers and office equipment Motor vehicles Furniture and fittings Ponies Saddles Gutters Show jumping equipment Stables
5 years 3 - 5 years 5 years 5 years 5 years 5 years 5 years 2 years 5 years
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate at each reporting date. Fully depreciated property, plant and equipment still in use are retained in the financial statements and no further charge for depreciation is made in respect of these assets. On disposal or retirement of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is taken to profit or loss. Any amount in the asset revaluation reserve relating to that asset is transferred directly to accumulated earnings. c)
Trade and other receivables Trade and other receivables, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less accumulated impairment losses.
d) Trade and other payables Trade and other payables are initially measured at fair value, and subsequently measured at amortised cost, using the effective interest rate method. e)
Building fund The Building Fund is for the purpose of establishment of new premises should the Club need to move from its present location.
f)
Provisions Provisions are recognised when the Club has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at management’s best estimate of the expenditure required to settle the present obligation at the reporting date, and are discounted to present value when the effect is material. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured reliably.
g) Leases Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risk and rewards of ownership of the lease. All other leases are classified as operating leases. As lessee Lease payments under operating leases are charged as rental expenses in profit or loss on a straight line basis over the term of the lease. Contingent rents are recognised as expenses in the period in which they are incurred.
8
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
2.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
g) Leases (continued) As lessor Rental income from operating leases is recognised on a straight-line basis in profit or loss over the term of the lease. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. h) Employee benefits Employee entitlements to annual leave are recognised when they accrue to employees as a result of services rendered by them up to the reporting date. A provision is made for the estimated liability for annual leave accrued and not yet taken by the reporting date. For qualifying employees, the Club makes mandatory contributions to the Central Provident Fund scheme, a defined state contribution plan. These contributions are recognised as staff costs in the period in which the related service is performed. i)
Impairment of assets The Club assesses at each end of the reporting period whether there is any objective evidence that an asset is impaired as follows: Financial assets carried at amortised cost For financial assets carried at amortised cost, the Club first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Club determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has incurred, the Club considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. Impairment of non-financial assets Property, plant and equipment and intangible assets are reviewed for impairment whenever there is indication that these assets may be impaired If any such indication exists, the recoverable amount of the asset is estimated and an impairment loss is recognised as an expense in profit or loss whenever the carrying amount of the asset exceeds its estimated recoverable amount.
9
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
2. i)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Impairment of assets (continued) Impairment of non-financial assets (continued) When an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimated recoverable amount, but not exceeding the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.
j)
Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Club and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. More specifically: Members’ subscription fees and livery income Revenue from members’ subscription fees are recognised in the period to which they relate. Membership entrance and transfer fees Membership entrance fees are receivable and recognised upon membership acceptance. transfer fees are receivable and recognised upon transfer of membership.
Membership
Riding, shoeing, freelance instructors fees income Riding, shoeing and freelance instructors fees income are recognised when services are rendered. Rental and leasing income Rental and leasing income from operating leases are recognised on a straight-line basis over the lease term. Interest income Revenue from interest on deposits with banks are recognised using the effective interest method. Sundry income Sundry income, arising mainly from anniversary celebrations, competitions, clinics and ad-hoc events, are recognised when the services are rendered. k)
Income tax Current tax is the amount of income tax payable or recoverable in respect of the taxable profit or tax loss for the period. It is measured using tax rates enacted or substantively enacted by the reporting date. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognised for all deductible temporary differences and carry forward of unabsorbed capital allowances and unused tax losses, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets and liabilities are offsetted when there is a legally enforceable right to set off current tax assets and current tax liabilities and when they relate to income taxes levied by the same tax authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the tax rates that have been enacted or substantively enacted by the reporting date. Current and deferred tax are recognised as income or an expense and included in profit or loss for the period except when it relates to items charged or credited directly to equity, in which case the tax is also dealt with in equity.
10
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
2. l)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Foreign currencies Management has determined the Club’s functional currency, being the currency of the primary economic environment in which it operates, to be the Singapore dollar. The financial statements are presented in Singapore dollars. Transactions in foreign currencies are recorded in Singapore dollars by applying the exchange rates at the date of the transactions. At each reporting date, foreign currency monetary items are translated using the closing exchange rate. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at the reporting date are recognised in profit or loss for the period in which they arise. When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised directly in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised in profit or loss.
m) Related parties Entities and individuals that directly or indirectly, through one or more intermediaries, control, or are controlled by, or are under common control with, the Club, are related parties of the Club. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Club that gives them significant influence over the entity, key management personnel, including directors and officers of the Club and close members of the family of these individuals and companies associated with these individuals, also constitute related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. n) Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances and deposits less bank overdrafts and other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 3.
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the Club’s financial statements requires management to make judgments, estimates and assumptions that have a significant effect on the financial statements. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. Key source of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of each reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Useful Lives of property, plant and equipment Property, plant and equipment are depreciated on a straight line basis over their estimated useful lives. Management estimates their useful lives to be within 2 years to 5 years. Changes in the expected level of usage and technological advancements could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. The carrying amount of the Club’s property, plant and equipment at the reporting date is disclosed in Note 4 to the financial statements.
11
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
4.
PROPERTY, PLANT AND EQUIPMENT
2013 Cost At beginning of year Additions in the year Disposals in the year
Leasehold improvements S$
Machinery, computers and office equipment S$
Motor vehicle S$
Furniture and fittings S$
Ponies S$
Saddles S$
Gutters S$
Show jumping equipment S$
Stables S$
Total S$
177,275 1,377 -
147,076 68,559 (64,987)
31,521 -
102,378 (52,538)
464,625 101,809 (106,430)
89,379 (58,928)
26,480 -
83,980 -
47,178 -
1,169,892 171,745 (282,883)
At end of year
178,652
150,648
31,521
49,840
460,004
30,451
26,480
83,980
47,178
1,058,754
Depreciation At beginning of year Depreciation for the year Disposals in the year
164,665 6,560 -
144,350 8,131 (64,987)
24,691 6,830 -
93,400 4,565 (52,292)
282,781 78,306 (90,694)
71,710 7,066 (58,543)
26,480 -
83,330 607 -
43,290 1,516 -
934,697 113,581 (266,516)
At end of year
171,225
87,494
31,521
45,673
270,393
20,233
26,480
83,937
44,806
781,762
Carrying value 2013
7,427
63,154
-
4,167
189,611
10,218
-
43
2,372
276,992
2012 Cost At beginning of year Additions in the year Disposals in the year
177,275 -
147,076 -
34,446 (2,925)
102,378 -
479,572 4,860 (19,807)
86,901 2,478 -
26,480 -
83,330 650 -
47,178 -
1,184,636 7,988 (22,732)
At end of year
177,275
147,076
31,521
102,378
464,625
89,379
26,480
83,980
47,178
1,169,892
Depreciation At beginning of year Depreciation for the year Disposals in the year
155,811 8,854 -
133,609 10,741 -
21,312 6,304 (2,925)
87,744 5,656 -
223,452 79,136 (19,807)
65,337 6,373 -
26,480 -
81,681 1,649 -
41,773 1,517 -
837,199 120,230 (22,732)
At end of year
164,665
144,350
24,691
93,400
282,781
71,710
26,480
83,330
43,290
934,697
12,610
2,726
6,830
8,978
181,844
17,669
-
650
3,888
235,195
Carrying value 2012
12
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
5.
MEMBERS’ ACCOUNTS AND OTHER RECEIVABLES 2013 S$
2012 S$
Members’ accounts Less: allowance for doubtful debts
420,051 (16,847)
492,181 (38,000)
Other receivables Deposits Prepayments
403,204 179,471 220,930 76,907
454,181 22,101 137,345 20,900
880,512
634,527
38,000 10,256 (18,521) (12,888)
50,727 12,580 (25,307)
16,847
38,000
Movements in allowance for doubtful debts: At beginning of year Allowance made during the year Recovered during the year Written-off during the year At end of year
Members’ accounts and other receivables are denominated in Singapore dollars and their carrying amounts approximate their fair values. 6.
MEMBERS’ DEPOSITS AND TRADE AND OTHER PAYABLES 2013 S$ Members’ deposits Trade payables Other payables Deferred income
2012 S$
407,855 194,319 351,345 16,567
403,543 102,867 86,725 13,747
970,086
606,882
Members’ deposits are non-interest bearing and refundable upon sale of membership or resignation. Trade payables are normally settled on 30 to 90 days terms. Members’ deposits and trade and other payables are denominated in Singapore dollars and their carrying amounts approximate their fair values. 7.
BUILDING FUND 2013 S$
2012 S$
Balance at beginning of year Contribution in the year
468,800 157,150
305,310 163,490
Balance at end of year
625,950
468,800
The Building Fund is for the purpose of establishment of new premises should the Club need to move from its present location.
13
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
8.
OPERATING INCOME 2013 S$ Members’ subscription fees Members’ entrance fees Transfer fees Riding income - Non members - Members Shoeing Freelance instructors fees income Livery income Rental income Leasing income Competition and clinics Miscellaneous income
9.
2012 S$
217,238 149,925 59,000
224,448 89,023 29,000
274,942 730,857 66,150 185,459 678,280 144,735 122,430 70,913 207,002
158,367 616,414 86,682 215,545 669,682 102,100 156,989 56,641 43,308
2,906,931
2,448,199
2013 S$
2012 S$
4,195 15,286
5,453 11,394
19,481
16,847
2013 S$
2012 S$
OTHER INCOME
Interest income Special employment credit
10. STAFF COSTS
Staff costs comprise: Salaries, allowances and bonuses CPF, FWL and SDL contributions Other employee benefits
1,020,849 100,247 984
993,746 95,785 40,804
1,122,080
1,130,335
2013 S$
2012 S$
11. OTHER OPERATING EXPENDITURE
Included in other operating expenditure are: Allowance for doubtful debts Allowance for doubtful debts written-back Audit fee Bad debts written-off Legal and professional fees Loss on disposal of property, plant and equipment Fodder Freelance instructors fees Repairs and maintenance Shaving and hay expenses
10,256 (18,521) 8,700 889 4,400 14,864 113,047 138,567 255,979 145,680
12,580 11,097 4,366 19,672 103,995 171,846 205,159 136,873
14
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
12. INCOME TAX 2013 S$ Income tax expense comprises: Current tax on results for the year Under provision for income tax in prior years
2012 S$
12,234 951
7,762 -
13,185
7,762
Surplus/(deficit) before tax
84,407
(57,024)
Tax expense/(notional tax credit) at domestic tax rate of 17%
14,349
(9,694)
10,969 (13,084) 951
27,974 (10,518) -
Income tax expense for the year
13,185
7,762
Movements in provision for current taxation: At beginning of year Income tax paid Current tax on results for the year Under provision for income tax in prior years
7,766 (8,717) 12,234 951
7,770 (7,766) 7,762 -
At end of year
12,234
7,766
Reconciliation of income tax expense and the product of accounting surplus/(deficit) multiplied by the applicable tax rate:
Tax effect of: Expenses not deductible for tax purposes Statutory stepped income exemption Under provision for income tax in prior years
13. CASH AND CASH EQUIVALENTS 2013 S$
2012 S$
Cash and bank balances Fixed deposits
1,443,303 1,364,117
796,574 1,702,584
Less: Designated building fund bank account
2,807,420 (586,964)
2,499,158 (305,693)
2,220,456
2,193,465
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at the end of the reporting period:
Fixed deposits bear effective interest at an average rate of 0.26% (2012: 0.22%) per annum and are for an average tenor of 7 months (2012: 6 months). Cash and cash equivalents are denominated in Singapore dollars. 14. CAPITAL COMMITMENTS At the reporting date there were the following commitment contracted for but not recognised in the financial statements: 2013 2012 S$ S$ Acquisition of property, plant and equipment
52,800
-
15
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
15. OPERATING LEASE COMMITMENTS Where the Club is the lessee Future lease payments in respect of non-cancellable operating leases as at reporting date and payable: Within 1 year Within 2 to 5 years
2013 S$ 830,232 1,251,380
Where the Club is the lessor Future lease income in respect of non-cancellable operating leases as at reporting date and receivable: Within 1 year Within 2 to 5 years
2013 S$
2012 S$ 110,094 7,712 2012 S$
186,000 192,000
-
16. FINANCIAL RISK MANAGEMENT The overall financial management of the Club is determined and carried out by management at their discretion and in the best interest of the Club. The Club is exposed to the following financial risks: Interest rate risk This is primarily due to fluctuations in interest rates relating to the Club’s deposits. The Club’s policy is to obtain the most favourable interest rates available. Information relating to the Club’s interest rate exposure is disclosed in the notes on its deposits with banks. A 1% increase or decrease in interest rate at the reporting date of each interest bearing financial asset and liability, assuming that all other variables remain constant, would not have a material effect on the Club’s results and equity. Liquidity risk This is primarily due to fluctuations in the requirement for funds for the Club’s operations and other activities. The Club manages liquidity risk by maintaining sufficient cash to enable it to meet its operational requirements. At the reporting date, there were no financial liabilities with a maturity date of more than 1 year based on expected contractual undiscounted cash flows. Credit risk This is primarily due to uncertainty in the recoverability of the carrying amounts of the Club’s financial assets. The carrying amounts of cash and cash equivalents and members’ account and other receivables represent the Club’s maximum credit risk exposure. No other financial assets carry a significant exposure to credit risk. The Club had no significant concentration of credit risk at the reporting date. Cash and fixed deposits are placed with banks and financial institutions which are regulated. The aged analysis of members’ accounts past due but not impaired is as follows: 2013 S$ Past due not more than 1 month Past due more than 1 month
2012 S$
186,102 7,641
167,752 87,329
193,743
255,081
16
BUKIT TIMAH SADDLE CLUB NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2013
17. CAPITAL MANAGEMENT The Club’s objectives when managing funds are to safeguard its ability to continue as a going concern and support club’s growth and on-going development. Management regularly reviews and manages its funds to ensure optimal structure taking into consideration the future funds requirement of the Club, projected operating cash flows and projected capital expenditures. The Club’s overall strategy remains unchanged from the previous financial year. The Club is not subject to externally imposed capital requirements. 18. RECLASSIFICATION OF COMPARATIVE FIGURES Management has decided to classify the Club’s operating expenditure by the nature of the expenditure instead of the prior year’s classification by function. This has resulted in the following reclassifications of the comparative figures.
Statement of comprehensive income Operating expenditure Administrative expenses Staff costs Depreciation expense Rental and other operating lease expenses Other operating expenditures
As previously reported S$
Amount reclassified S$
As reclassified S$
2,342,649 179,421 -
(2,342,649) (179,421) 1,130,335 120,230 217,179 1,054,326
1,130,335 120,230 217,179 1,054,326
Statement of cash flows Cash flows from operating activities Interest received Net cash used in operating activities
5,453 (175,468)
Cash flow from investing activities Interest received Net cash used in investing activities
(7,988)
(5,453) (5,453)
5,453 5,453
(180,921)
5,453 (2,535)
19. FRS NOT YET EFFECTIVE At the reporting date, the following revised FRS and INT FRS and amendments thereto that are relevant to the Club’s operations were issued but not yet effective:
FRS No. FRS 32 (Amendments) FRS 36 (Amendments)
Description Offsetting Financial Assets and Financial Liabilities Recoverable Amount Disclosure for NonFinancial Assets
Effective for annual periods beginning on or after 1 January 2014 1 January 2014
Management expects that the adoption of the revised and amended standards listed above will not have a material impact to the financial position and financial performance of the Club in the period of initial application.
17
The annexed detailed profit or loss account does not form part of the audited financial statements and is therefore not covered by the auditors' report.
BUKIT TIMAH SADDLE CLUB DETAILED PROFIT OR LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013
Operating income Members’ subscription fees Members’ entrance fees Transfer fees Riding income - Non members - Members Shoeing Freelance instructors fees income Livery income Rental income Leasing income Competition and clinics Miscellaneous income
Other income Interest income Special employment credit Operating expenditure (appendix A)
Surplus/(deficit) before tax
2013 S$
2012 S$
217,238 149,925 59,000
224,448 89,023 29,000
274,942 730,857 66,150 185,459 678,280 144,735 122,430 70,913 207,002
158,367 616,414 86,682 215,545 669,682 102,100 156,989 56,641 43,308
2,906,931
2,448,199
4,195 15,286
5,453 11,394
2,926,412 (2,842,005) 84,407
2,465,046 (2,522,070) (57,024)
BUKIT TIMAH SADDLE CLUB DETAILED PROFIT OR LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013
APPENDIX A 2013 S$ Operating expenditure Advertising Allowance for doubtful debts Allowance for doubtful debts written-back Audit fee Bad debts written-off Bank charges CPF, FWL and SDL contributions Depreciation expense Entertainment Fodder Freelance instructors fees Garbage collection Horse show, competition and clinic expenses Insurance Inventory written-off Legal and professional fees Licence fee Loss on disposal of property, plant and equipment Medical expenses Miscellaneous expenses Part time instructors fees Penalty Pony camp Postage and courier Printing and stationery Refreshment Rental of office equipment Rental of premises Repairs and maintenance Salaries, allowances and bonuses Shaving and hay expenses Shoeing charges Staff recruitment Staff welfare Stamp duty Subscription fee Sundry debtors and bar recoverable from members written-off Telephone Travelling and transport Veterinary expenses Water and electricity
352 10,256 (18,521) 8,700 889 3,065 100,247 113,581 379 113,047 138,567 59,202 80,728 38,429 4,400 300 14,864 3,964 17,433 79,759 260 6,346 1,424 9,982 2,346 3,448 486,753 255,979 1,020,849 145,680 14,487 984 6,065 3,699 10,087 12,521 20,280 71,174 2,842,005
2012 S$
278 12,580 11,097 4,366 893 95,785 120,230 103,995 171,846 65,101 31,178 32,964 5,353 19,672 280 6,867 48,814 23,694 1 2,192 798 9,110 1,558 217,179 205,159 993,746 136,873 26,092 2,006 40,804 3,080 5,457 8,874 6,435 27,930 79,783 2,522,070
COMMITTEE & OFFICIALS Management Committee voted in at Annual General Meeting 9th May 2012 Mr Douglas Harrison Chairman Ms Beverley Smith Honorary Secretary (resigned September 2013) Ms Herman Elferink Honorary Treasurer (resigned October 2013) Ms Jane Currie Club Captain Mr Martin David Mr Mark Fogle (resigned 5th Dec 2012) Mr Mark Nelligan Ms Kathleen Urquhart Ms Jane Drummond Management Committee as at 1st January 2014 Mr Douglas Harrison Chairman Ms Sarah Finley Honorary Secretary (voted in at EGM on 13 November 2013) Mr Mark Nelligan Treasurer (voted in at AGM on 29 October 2013) Ms Jane Currie Club Captain Mr Martin David Ms Jane Drummond Mr Herman Elferink Ms Kathleen Urquhart Ms Elana Sterley Relocation Committee Ms Anne Hicks Mr Herman Elferink Mr Desmond Ong Ms Rosemary Ratcliffe Ms Mette Lowe
(dormant as of announcement of Public Land tender)
(resigned July 2012)
Building Fund Trustees as at 31st December 2013 Jane Drummond Desmond Ong Samantha Wong Suchi Ahmad Staff Management as at 31st December 2013 Anthony Lowry BA. BHSI. General Manager Kate Murphy BSC.BHSIL Riding School Manager Predrag Marjanovic BHSI. Livery Manager Mr Peter Koon BA (Hons) Finance Manager Ms Nina Wiegandt MBA. Riding School Office Manager We would like to thank Terence Tan and imgpixels for allowing us to use some of his amazing pictures. Thanks also to Danielle Baan and Sara Currie – our talented junior photographers.
40 - BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013
BUKIT TIMAH SADDLE CLUB ANNUAL REPORT 2013 - 41
