4 minute read
Management Committee
Reported by: MR EDWIN LEE Club President
INTRODUCTION
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2020 was an unprecedented and challenging year as the global COVID-19 pandemic not only affected the economy but also altered the way we live. With the circuit breaker, from 7 April to 18 June 2020, the Club had to shutdown for more than two months. For the first time in Chinese Swimming Club’s history, operation of the Club was put to a halt and it only resumed progressively from 19 June 2020.
As members were unable to utilise Club facilities, Management Committee urgently put together a comprehensive package that waived subscription fees and food & beverage (F&B) levies for two months. Expiry of F&B levies was extended to December 2020 to allow members a longer use period. Section fees for all activities were also suspended.
HIGHLIGHTS OF THE YEAR
Despite the loss of revenue from waiver of fees, decline in rental income and a drop in fruit machine contributions, the Club managed to achieve Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of $2.48M, a 27% decline from 2019. After accounting for Fair Value gains from our Bond investment, the Club ended the year with a total comprehensive net loss of $669k for the financial year. Free cashflow remained positive at $2.1M.
The Club’s F&B outlets, which includes the newly created Mingle@ Amber, saw a 25% decline in revenue. This was of course due to the temporary closure of the Club as well as the reduction in seating capacity at the outlets following the implementation of the safe management and distancing measures.
The main F&B highlight of the year was the opening of Mingle@Amber on 1 February 2020. Conveniently located at the Arrival Pavilion, Mingle@Amber provides an alternative dining venue and experience for members to meet, relax and chill, and has received much positive feedback from members.
Major events such as the yearly Open House, Family Day and Cinema Alfresco had to be shelved due to strict safe management restrictions by the authorities. However, with the continued support from members in referring friends and associates via the MemberGet-Member scheme, the Club managed to attract a total of 151 new members through transfers and achieved a net income of $703,500. The membership promotion drive which extended $1,000 worth of spending credits and F&B vouchers to newly joined Ordinary and Associate Members greatly helped market Club memberships despite the economic downturn.
For Sports, members and trainees continued to be actively engaged through online activities, training sessions and social media platforms. Once Phase 2 commenced and facilities were opened progressively, training sessions resumed seamlessly with safe management and distancing measures in place. Credit must be given to the sports administrative team and service staff for all their hard work in ensuring a smooth transition.
There has been a surge for the year-end training programmes as members postponed all travel plans in view of global travel restrictions. The respective Sub-Committees and the management team have lined up the calendar with exciting events to be rolled out once the authorities ease the safety measures for swimming meets and other sporting events.
Swimming Camps for A, B, C1 Squads from 30 November to 16 December 2020
Taekwondo In-House Game 2020 on 27 December 2020 3-Day Basketball Holiday Camp during December 2020 school holidays Tennis Junior Training Camp from November to December 2020
LOOKING AHEAD
The pandemic is expected to remain dynamic in 2021 and it is foreseeable that safe management measures will need to continue until a high level of population immunity is achieved.
The Club therefore will need to stay prudent in her expenditure, not loose opportunities to create new sources of revenue and by God’s Grace, the Club will emerge stronger from this awful crisis.
On the renewal of the land lease for the Sports Complex which expires on 28 October 2031, the Club has been liaising with Singapore Land Authority since end of 2019. The Land Lease Renewal Committee has been formed with Colliers International Consultancy & Valuation (Singapore) Pte Ltd appointed as the Club’s consultant.
The pandemic has not deterred the planning of the Vision 2030 Committee as they continue to strategise and chart the transformation of the Club. One part of their plan to optimise is to transform a previously tenanted space in the Recreation Complex into a co-working space. The Committee is also working closely with various Standing Committees to gather information and data to come up with a master plan for the Club’s holistic transformation to stay relevant and also elevate the offerings of the Club.
Last but not least, I would like to express my gratitude to members for their unwavering support to the Club during these challenging times, to my fellow members of the Management Committee, Standing Committees and Sub-Committees for their invaluable contribution and dedication to help the Club brace through these turbulent times.
