Download our 2012 Annual Report here - St. Andrews Golf Club

TABLE OF CONTENTSMission & Vision 5Notice of Annual General Meeting 6Corporate Information 7Message from The Honourable Minister of Tourism— Stephen Cadiz 10President’s Report 11General Manager’s Report 14Messages from the Committees 23Matters of the House 24On Course...On the Greens & the Fairways 25Corporate Tournament 2012 26Finding Alternative and Creative Ways to Earn Revenue 27Promoting the Team Spirit and Camaraderie of Golf 28Inspiring Women to Play the Game 29The Future of Golf 30Teamwork and Dedication 31Vision in Action 32Hackers... Good Food, Great View 34Organisational Chart 35SEPARATE FINANCIAL STATEMENTSfor the Year Ended December 2012Independent Auditor’s Report 1Separate Statement of Financial Position 2Separate Statement of Comprehensive Income 3Separate Statement of Changes in Fund 4Separate Statement of Cash Flows 5Accounting Policies for the Year Ended 31 December 2012 7Notes to the Separate Financial Statements 8Supplementary Financial and Non- Financial Information 12

Our Vision And MissionVisionTo be the leading golf clubin the region through exceedingthe expectations of allour stakeholdersMissionTo provide a high quality golf coursewith superior facilities and excellent servicewhile encouraging a vibrantmembership and maintainingfinancial viability.5

Notice of MeetingNotice is hereby given that the Annual General Meeting will be held at the Clubhouse, Moka,Maraval on Monday 25th March, 2013 at 5:00 pm for the following purposes:Agenda1. To confirm the minutes of the Mid Year Meeting held on ThursdayNovember 8th, 2012.2. To discuss matters arising from the minutes.3. To receive and consider the reports of the President and the General Manager.4. To receive and consider:• The Audited Financial Statements for the Financial Year ended December 31st, 2012.• The 2013 Budget.5. To elect Officers and Members of the Board Of Management for the ensuing year.6. To appoint auditors for the ensuing year.7. To discuss any other business.Dated at Moka, Maraval, this 8th day of March, 2013.Helen Logan AlcalaGeneral Manager/Secretary60

Our Drive keeps us focused on the vision. We’re on the ball.ST. ANDREWS GOLF CLUBADDRESS BYTHE HONOURABLE STEPHEN CADIZMINISTER OF TOURISMPRESIDENT’S REPORTGENERAL MANAGER’S REPORT9

Message from The Honourable Stephen Cadiz, Minister Of TourismIt is indeed a pleasure to have been invitedto offer my reflections in light of the presentationof the St Andrews Golf Club’s AnnualReport for 2012. The selected theme of “A Visionfor Golf” clearly embraces my Ministry’s concept ofsport as it relates to the growth and development ofcritical niche markets within the Tourism Sector.The game of Golf and particularly the superb, scenic andwell appointed facilities of the St Andrews eighteen (18)hole championship golf course represent a key opportunityfor collaboration and strategic partnershipsbetween and amongst hospitality and travel professionals,including airlines, hotels, guest houses, tourguides, taxi services, restaurants, the retail and servicesector. These niche or non-traditional windowsoffer a wealth of diverse investment opportunities tobe explored and harnessed towards the promotion ofTrinidad and Tobago, Our People, Our Spirit.International VisitorsImagine if visitors were to be given an All InclusiveGolf Vacation in the tropics which included the taste,color and vibrancy of our cuisine, culture, music,nightlife and unique eco-treasures. We could easilyclaim a place on the world map for such an exclusiveproduct, specifically tailored to the golfing enthusiast.Furthermore, there are the added benefits ofspecial tournaments and feature events which wouldattract international visitors to our shores.The Honourable Stephen Cadiz – Minister of TourismYes, certainly it takes vision, planning and effectiveimplementation to secure and sustain these opportunitiesand the Board of Management and its staff areto be congratulated for all the innovative initiativesand projects they continue to pursue, towards thecontinued upliftment of the sport and, more importantly,its propagation through future generations.As you host your Annual General Meeting for 2013,I wish the entire organization and its dedicatedmembers a prosperous 2013.Thank you.n010

President’s ReportRaoul John, President of St Andrews Golf Club‘Our vision is that St. Andrews Golf Club willbe one of the leading private members golf clubsin the region by exceeding the expectations of allstakeholders. In this regard, 2012 was a year ofconservation and restoration preparing for a yearof upgrading of our facilities. ’After an exhaustive search, we started ourfinancial year with a new General Manager,Mrs. Helen Logan Alcala who commencedher appointment on March 26th, 2012.Mrs. Alcala, who has tremendous managerial experiencein the hospitality industry, quickly got down tothe business of managing the Golf Club. Some of hermany important accomplishments, especially in thearea of human resources, are Employment Contractsfor all our employees, an Employee PerformanceAppraisal System, an Employee Handbook, Policiesand Procedures related to important performancecriteria, regular staff meetings, comprehensive monthlyreports to the Board of Management and a caddytraining program. This, et al, will be addressed in herreport to the membership of her stewardship.We were again challenged by mother nature thisyear. In late May, heavy rain and subsequent floodingdevastatingly changed the landscape of our golfcourse in some key areas. Severe damage anderosion occurred at the back of the 11th green, inand around the bridge on the 14th fairway and thebridge on the 16th fairway was completely washedaway. On the front nine besides the debris on the3rd, 4th and 6th fairways, the river banks on the 6thand the 8th fairways were also forcefully eroded andwidened. Calls for assistance to the Ministry wereresponded to by the Drainage Department two dayslater. They promptly dispatched the heavy equipment,vehicles, manpower and supervisory staff needed tode-silt and clear the river course and truck the materialaway. They constructed 120 metres of retaining wallin the vicinity of the 6th and 8th fairways and a newbridge to cross on the 8th fairway. As we go to pressthe old bridge on the 8th fairway is being relocatedto the 16th fairway. Other works were discussed withthe Drainage Department including the constructionof a silt trap upstream of the 14th Bridge, check wallsdownstream of the 14th Bridge, a possible site fora retention pond to the left of the 11th fairway, theconstruction of a retaining wall left of the 10th fairwayand the Saddle Road project which is responsiblefor the deposits of debris on the 3rd fairway whenit floods. The usual tendering process commenced.However, in late June the Prime Minister announced aCabinet reshuffle and the Drainage Department wasmoved to a newly created Ministry of the Environmentand Water Resources with no allocated budget.Progress has been made since then and we are hopefulthat works on the projects will commence duringthe 2013 dry season. I publicly thank the DrainageDepartment for its assistance and trust that much workwould be completed in the coming months to alleviatemuch of the perennial flooding in Maraval.Although we had a deficit budget for 2012, I amhappy to report we ended the year with a surplus.I am also happy to report, as a consequence of severalof our initiatives we have introduced this year, this isthe first year in recent times that we could announce11

President’s Report Continuedmembers. Thus, to manage world class programs andservices and to provide the leadership we hiredRobbie Llanos to direct and manage all golf activities.Robbie was one of our Star juniors and in the interimhas completed a 3 year Professional Golf Managementwith honours at Humber College in Toronto,Canada. He is a member of the PGA of Canadaand apprenticed at the Georgian Bay club for 4years. I welcome Robbie to the St. Andrews family.I wish to record my thanks and appreciation to ourmembers for affording me the honour and privilege tohave served them for another year and to contribute tothe vision and strategic direction of St. Andrews.I thank all our members of staff who worked assiduouslyto advance our Club and keep our golf coursein pristine condition. Our golf course is truly our prideand joy.Special thanks to all our volunteers. Special heartfeltthanks to all our sponsors. Without volunteers andsponsors we truly could not survive. I thank all themembers of the Board for rallying and contributingunselfishly to this great Club. We really worked as ateam this year, accomplished much and I am proud tobe the leader of such a distinguished team.As I said in the beginning of this report 2012 was ayear of conservation and restoration. We welcomeda new Food and Beverage Concession and as Imentioned last year once the worry of the river hasbeen put to rest, we need to begin a regular annualprogramme of refurbishment of our golf course. Wealso need to upgrade our Club House facilities. Weshould have a gym and fine dining facilities to namebut two requirements. This year, through the kindcourtesy of Dr. Auliana Poon, we temporarily outfittedfurniture and fixtures at Poolside. But the Poolside needsto be upgraded and the facade of the Clubhouse.Perhaps we could make a concerted start this year.Raoul JohnPresidentn000

General Manager’s Report 2012 Continuedits members for many more years to come.Finance:2012 was a challenging year for the Club. Revenuesincreased by 7% while costs increased by11%, thereby eroding much of the profit earned inthe prior year. In spite of this, we were able to growthe balance sheet modestly to the point where totalassets crossed the $7million threshold. We closedthe year with a very healthy cash balance bolsteredby increased fees collected in the last month of theyear. In fact, our cash balance represented aboutthree (3) months cover of operating expenses. Deferredrevenue increased by 23% due in large partto the success of our marketing efforts to attract morefull playing members to the Club. The trending in thisrespect augurs well for 2013.It is safe to say that 2012 was not a particularlyspectacular year; it was more one of consolidation.Certain initiatives have been implemented which arealready beginning to bear fruit and it is anticipatedthat the Club may be entering a phase of growthand development which can be sustained withpositive cash flows into the future.Revenue GenerationA revenue generation committee, chaired by BoardMember, Christopher Camacho and comprisingRamesh Rampersad, House Chairman and BoardMember, Robert Alleyne, Treasurer, Helen LoganAlcala, General Manager and Marissa Seijas,Club Administrator was formed in May 2012.This committee identifying the need to operate theClub as a business entity fuelled by an effective salesand marketing program, immediately got to work onan aggressive plan to attract new members, retainthe existing members, to optimize bookings for theuse of the Club’s special events and entertainmentfacilities and to diversify and expand the avenuesfor revenue generation.These are some of the initiatives and promotionswhich were implemented;• The review and the redesign of the Websitetowards providing more relevant information,stimulate interest and appeal and to be more userfriendly.• The development and distribution of Brochures toa wide cross section of corporations, professionalorganizations and associations, tourism agenciesinclusive of the Tourism Development Company, theCruise Ship Industry, Tour Operating Companiesand major Hotels. Focus on the tourism agenciesis intended to shift the Club’s heavy reliance onresident golfers to golf tourism.• The development and marketing of special golfpackages for visitors and hotel guests.• Periodic offers of green fee specials to TTGAMembers designed to increase the number ofrounds played during the slow periods andconsequently add extra revenue.• The Waiver of entrance fees during select periods.A considered method of encouraging newmembers to join by minimizing the initial hurdle ofjoining the Cub.• Site Visits and Meetings with well known EventManagers/ Organizers who subsequently gavetheir commitment to promote and utilize the venuefor company and social events.• The launch of other promotional deals including;The Pay and Play Conversion to Full Playing Membership,the Bring your Buddy Back Promotion, theFlexible Term Membership for the Expatriate Community,The Tee It Up and Learn to Play Promotions.• A series of press ads in an attempt to engage alarger golfing audience and attract new members.• Invitations to our members and their companies toadvertise at our Halfway houses at competitive rates.• Discussions with other Clubs regarding reciprocityand inter Club Membership discounts.In conclusion, with little or no marketing funds available,the tangible rewards of the various initiativestaken reflect a total of eighty (80) new memberswho joined our Club in 2012 while seventeen (17)members converted from Pay and Play members toFull Playing members. We warmly welcome ournew members.The intangible benefits of equivalent value are not to15

General Manager’s Report 2012 Continuedbe downplayed as there is a renewed interest in StAndrews Golf Club and its activities by individuals,the private business sector, charitable organizationsand governmental agencies including the Ministry ofTourism to name a few. There is also a more heightenedbrand awareness of our product and services.The revenue generation efforts are continuing andwe are looking forward to commencing the physicalupgrade of the poolside which is earmarked to attractadditional revenue via the hosting of an increasedvolume of corporate and other special events.Special EventsNotable on our Special Events and TournamentCalendar, 2012 were the annual Corporate Tournamentand the annual Carnival Fete, Moka Sunday.The Corporate Tournament chaired by Anthony Hosang,Club Member, was held on May 5th, 2012.This year the tournament surpassed all previous yearswith seventy six (76) sponsored two player teamsregistering for what can simply be described as akeenly contested golf tournament for a worthy cause.The event generated over two hundred and fifty thousanddollars ($250,000) and part of the proceedswas donated to the Tallman Foundation.The popular Carnival Sunday Fete was led by EdwardAyin, Past President and Member who, with his team,once again staged a successful event.The financial contributions made to the Club by thecommittees of the Corporate Golf Tournament and theCarnival Fete are significant and greatly appreciated.Sponsorship AgreementsRecognition and appreciation must be extended toour valued sponsors who have facilitated variouscourse and club house improvements and specialactivities for our members.For their ongoing sponsorship, we salute JohnnieWalker Halfway House on the 5th, and B Mobile forthe Halfway House on the 14th, as well as the rainshelters and the water tank on the 12th.We thank Brydens for the donation of the new aircondition units for our Ladies and Gents Locker/Restrooms.Having been successful in obtaining a two yearsponsorship agreement for our Club’s Monthly MedalTournament, special acknowledgement must be affordedto First Citizens, our proud sponsor, for havingthe vision and insight to drive this prestigious clubtournament. We are looking forward to a very longterm relationship with this strong financial institution.We are already seeing the benefits of their involvementas participation in the Monthly Medal Tournamentis growing. We anticipate that First Citizens willcontinue to be the Platinum Sponsor of our annualCorporate Tournament, 2013.Single Seat Golf CartsRecognizing the growing complement of seniormembers, the Board of Management agreed as apilot project, to introduce the use of Single Seat GolfCarts by approved users, on the Course. A policyand procedure document was developed and theowners of the golf carts have formally agreed to theterms and conditions therein.Golf OperationsGolf Usage Statistics: The number of rounds playedat our course continues to be tracked as it providespertinent information and trends which inform managementdecisions. This year, 2012, the number ofrounds played totaled twenty eight thousand, threehundred and forty five (28,345) with March capturingthe highest number of rounds at two thousand, twohundred and eighty eight (2,288) and Saturdays beingthe most popular day for play. Interesting to note thata press release from KPMG, in 2010 indicated thatthe average number of rounds played annually atCaribbean Golf Courses is 18,450.Tournament Highlights:Overall it was a very satisfying and busy year interms of tournament golf, notwithstanding the heavyand prolonged rainfall which made it challengingto get off to a great start. St Andrews Golf Clubhosted thirty three (33) tournaments this year, totalingthree thousand three hundred and thirty five (3,335)tournament rounds. It is noteworthy that eleven (11)of the tournaments played were for various charities.16 0

General Manager’s Report 2012 ContinuedThe participants in this tournament maintained a fantasticpace of play of less than five (5) hours. It was one of thebetter organized tournaments on our golfing calendar.Other major tournaments this year, included the Countryfinals of the Audi Quattro Cup hosted by Southern Salesand Services Company Limited, the Port of Spain WestRotary Club’s Charity Fundraiser, The Amcham Citi Golfingfor Life Tournament and the Maple Leaf Golf Tournamentand Family Day (a new addition to the lineup oftournaments). Not to be forgotten was The Scotia BankWomen against Breast Cancer Tournament which wasplayed in May 2012.St Andrews Golf Club also played host to other prestigioustournaments which were organized by the Trinidadand Tobago Golf Association (TTGA), a residentof our Club. The tournaments included the TATIL/AMBLInvitational, The Trinidad and Tobago Open ChampionshipTournament and the Stephen Ames Cup. Thesetournaments were all keenly contested by national,regional and international golfers.Monthly Medal Winners were:JANUARY – Wayne RostantFEBRUARY – Trevor RamcharanMARCH – Adrian IssacAPRIL– John GomezMAY– Oswald SchauerJUNE – Stephane Le JeuneJULY– Trevor RamcharanAUGUST – Sabrina MitchellSEPTEMBER – Adele SpringerOCTOBER – Jason CollierNOVEMBER – Kitty MurphyDECEMBER – Steven HaleOur Medal Points Accumulator Winners who receiveddebit cards valued at $2,500 from First Citizens were:Net – Ramesh RampersadGross – John HolleyCongratulations to all of our medal winners!As the year drew to a close in December, the Club saidthank you to its membership by successfully hosting theMen’s, Ladies’ and Juniors’ Christmas Hamper Tournaments.Winning the Men’s Hamper were:Michael Bryden and Andrew AleongWinning the Ladies’ Hamper were:Christine Barclay and Elizabeth LawrenceAlso carded in December was the Caddies Christmashamper, an event much anticipated by our Caddies.Winning in the first, second and third flight categoriesthis year were Shawn Edgar, Kevyn Pierre andPeter Connelly respectively.Finally, our major tournaments would not be the successthey are without the help of our willing volunteers,so a big “THANK YOU” to all of you.Ladies SectionOur vibrant Ladies Section led by Angela Hodgkinson,continues to provide competitive opportunities andsocial gatherings for our ladies members. The Tuesdaytournaments which take varying formats continueto be popular and a strategy designed to increasemember participation. We were also happy to seethe addition of six (6) new members through our membershipdrive this year.Junior GolfThe St Andrews Golf Club once again played hostto the successful staging of the Republic Bank JuniorOpen with sixty (60) juniors teeing up in four categories.With this tournament contributing points to thenational team selection, the juniors were anxious toperform. In the end the overall boys’ champion wasRobert Boocock while Christina Ferreira won the overallGirls Championship.The re-introduction of the monthly junior medal tournamentshas provided the platform for our youngergolfers to experience tournament play in a friendly andencouraging environment. This year we commencedthese tournaments in May. Emerging as winners withthe best net scores (18 holes) were Jonathan Mitchell,Ryan Peters, Liam Bryden, Sam Avey, Ross Cabral andKarina Matabadal. We are very optimistic about thegrowing success of our junior monthly medal tourna-18

General Manager’s Report 2012 Continuedments. Valuable sponsors of these tournaments includedEl Pecos Grill, Goldmine Pictures Ltd, Nestle, Texas deBrazil and Neal & Massy Foundation.The established Friday Junior Clinic, whose purposeis to provide an opportunity for our youth to learn thefundamentals of the game of golf in a fun filled environment,was extended to include Mondays where thejunior golfers who quickly grasped the techniques areaccommodated and trained at a higher level. It is encouragingto see a number of our graduates from bothclinics compete and win in our Junior Monthly MedalTournaments. A growing pool of talented junior golfersis taking shape in our midst.The Juniors’ Christmas Hamper, the final junior tournamentfor the year was a great success, the juniorsperformed admirably. The tournament was staged oversix, nine and eighteen holes. Emerging victorious withthe best net score was Karina Matabadal (18holes).All participants, however, received hampers as theydeserved to be recognized for their dedicated efforts.Our heartfelt thanks go out to Mrs. Marilyn Ameswhose unswerving support has greatly contributed tothe successful outcome and high standard of our juniormonthly medal tournaments.TTGASt Andrews Golf Club continues to play an active rolein the Trinidad and Tobago Golf Association. Sitting onTTGA’s Executive Committee as the Ladies Coordinatoris our own Pauline Raynor while, Deryck Gonsalves,Board Member of St Andrews Golf Club and ChristopherHendriques, Board Member and Captain of St AndrewsGolf Club, are our representatives in the TTGA.A few comments were shared by TTGA’s Director ofGolf, Chris Harries as follows;The many foreigners who have had the privilege ofplaying the St Andrews Golf Course in the prestigiousTrinidad and Tobago Open always go home with storiesof how difficult the Back Nine is and how exceptionalis the camaraderie, shown in the Club house.This is sure to continue in 2013.The Trinidad and Tobago Golf Association looksforward to continuing this special relationship andwould like to wish St Andrews Golf Club, its staff andmembers’ great golf for 2013-2014.Golf in Schools:In May 2012, the concept of coaching/teaching golfin schools was presented to the Maraval RC Schoolwhich enthusiastically and gratefully accepted ouroffer. The program was conscientiously taught by ourresident golf professionals, twice weekly to two standardfour classes comprising thirty students.The students who will be writing the SEA examinationin May 2013 undertook at the commencement ofthe program and with the permission of the School’sPrincipal and Ministry of Education, to be examinedin the sport of Golf as part of their Physical EducationCurriculum. However, they were advised at the end ofthe year that the Ministry of Education decided to postponethe examination in this subject area, to 2014. StAndrews Golf Club nevertheless, will organize its owntesting and assessment of the students who participatedin 2012-2013.All classes held at the Club are supervised by theschool teachers and taught by our resident golfprofessionals who have given freely, their time andexpertise. We look forward to the SEA studentsenrolling in the 2013-2014 programs which onceagain will be geared towards the SEA Examination.Special RelationshipThe Trinidad and Tobago Golf Association over theyears has had and continues to enjoy an excellentrelationship with St Andrews Golf Club.Many of Trinidad and Tobago’s top golfers haveemerged through this close relationship. With theactive junior program now in place, we are surethat this will continue.000

General Manager’s Report 2012 Continuedcourse works for 2012 unattended and undone. Theplanned installation of drainage tiles around many ofthe greens and the re-construction of some of our teeboxes were two such examples.The maintenance team, however, was able to rebuildthe 17th Tee Box and re-direct it towards the middleof the fairway. Underground drainage was installedsimultaneously giving relief from the customary unplayablewet conditions in the back half of this area.Landscaping was also done around the 14th greenwhere the collar was reduced, new drainagewas installed and the slope to the left of the greenminimized. The left side of this green is more “golffriendly” and favorably accessible for maintenanceactivities.A fair amount of work was accomplished with thepruning and trimming of trees throughout the course;• The tree which was leaning dangerously across the16th fairway was removed.• The sandbox tree left of the 14th green was removed.• The rubber trees above the 10th green wereremoved.• The copper pods behind the 6th tee were pruned.• The copper pods behind the 3rd tee were pruned.• The sandbox trees around the 5th tee box and the5th fairway were pruned.• The cedar tree just right of the 6th tee boxwas pruned.More pruning and trimming are planned for 2013.Tree replacement/ re planting will also take place aswe have lost many trees over the years and since thecourse was built, some trees have matured and are intheir declining stages.Adhering to our comprehensive agronomic plan, soilsamples were taken from all 18 greens and sent to acertified golf lab in Ohio. The results were forwarded toan agronomist for interpretation and recommendation.It was reported that our greens were improving steadilyin their nutritional balance and physical structure.We were advised on the continued implementationof different additives and cultural practices for furtherimprovements. The instructions are being followed aswe continue with regular venting and minor aerificationof the greens and the annual major aerification.Other accomplishments include:• The pruning and reshaping of the bamboo stoolsalong the 9th fairway and the St Andrews WyndRoad enhanced the beauty of the course and thesafety of our members.• The widening of the concrete surface on the drivingrange.• The re-fitting of a 40 ft container for the storageand re-charging of members’ single seat golf cartsalong with the creation of a wash bay area.• The clearing of the underbrush around the 14thand 15th greens and along the golf course road.• Aerification of the fairways.• Repairs and servicing of the irrigation pumps.• The creation of sorely needed space behind theeighteenth green.Equipment Maintenance :A welcome and much needed addition to our fleetof equipment was a new rough mower. A secondmower is required and hopefully this can be purchasedin 2013 along with a shredder/chipperand new utility carts. Each of these purchases willimprove the efficiency of our operation, the appearanceand playability of the course. An expandedcovered area within the maintenance facility is alsoneeded to accommodate our full operation.Clubhouse Improvements:Our efforts to control our expenditures limited clubhouseimprovements to the following activities• The installation of a new water softener andwater pump.• The installation of an appropriately sized greasetrap for the Kitchen.• The installation of three sponsored air conditionunits for our Ladies and Gents restrooms.• The rewiring and tidying of electric wires.• Repainting of specific areas.• General cleaning of the entire surroundings.21 0

General Manager’s Report 2012 ContinuedLand Survey:A survey was commissioned at the end of the year inorder to provide a comprehensive plan our propertyboundary from the North Eastern corner adjacent tothe San Patricio Estate and Hester Timothy along theNorthern Boundary through the Coco then to theconcrete road adjacent to the Perseverance Estate. Thiswill allow us to also address the squatting problem.EtiquetteA very disappointing trend has been the degenerationin our fairways and greens caused by thenegligence and non cooperation of certain playerswho fail to replace their divots on the course and torepair their ball marks on the greens. We urge allplayers to pay more attention to these hallmarks ofgood golfing etiquette and behavior. Please do yourpart to assist in maintaining your golf course as thepremier golfing facility In T&T and the envy of manyof our visitors.ConclusionAs we continue to welcome 2013, it is with optimismand steadfast determination towards fulfilling thegoals set out in our mission and vision statements.Mindful of building a solid financial platform witha reduced reliance on any single entity or incomestream, our decisions and actions are based onrelevancy.We encourage our members to actively join usin ensuring that our revenue generating initiativesredound to the most positive results. We are hopefulthat our attempts to acquire financial and otherforms of support will be met with ready and positiveresponses.Our focus will be also to engender greater camaraderieamong our members via social and familyrelated activities including our First Citizens MonthlyMedal Tournaments.We urge our longstanding and dedicated membersto warmly welcome and embrace our new membersso that they can carry the tidings of our superlativeestablishment as far and as widely as possible.Finally, our sincere thanks to members for theirsupport throughout 2012. It is you, the members whoare the backbone of this Club and it is your valuedpatronage that allows our esteemed Club to growand to improve. To our many volunteers, work donevoluntarily is invaluable and allows our limited staffresources to concentrate on other important projects.And again we must acknowledge with our gratitudeand appreciation. To the several sponsors withoutwhommany projects would be left undone, we thankyou for your generosity as we can now look forwardto a bigger and brighter 2013.Helen Logan-AlcalaGeneral ManagerVision for Golf:‘The More Golf... The Better –Golf is an ideal investment for one’s healthand well being. It offers the best of many worlds –enjoying the scenic outdoors, walking whilekeeping fit; visual, auditory, physical and mentalstimulation, muscle strengthening and buildingmental toughness and self confidence.’n0

Putting the game in perspective for future generations.MESSAGES FROMTHE COMMITTEE CHAIRSVISION QUOTESTHE CONCESSIONAIRES23

Matters of the HouseMr. Ramesh Rampersad – House ChairAs House Chair 2012/2013 Ramesh Rampersad isbusy keeping the Club House facilities at their best andis dedicated to working with the Board of Managementto implement infrastructural and related building andupgrade functions which serve to enhance the overallenvironment and golfing experience at St Andrews.As House Chair Mr Rampersad also interfaces with theRevenue Generation Committee and serves on the Captain’sHandicap and Carnival Fundraising Committees.In 2012 Projects undertaken included:• Construction of walls and drains backed by the 18thGreen (to accomodate the Executive Toilet facilitiesutilised for patrons of the Annual Carnival party).• Paving of the Caddy Master area over asix (6) week period.• Club House electricals was upgraded• One (1) new electrical panel was installedfor the water heaters.• The commencement of the Lighting Tower projectconsisting of two (2) 1500 watt lights besides the18th Green to improve lighting in this area for players.• A forty (40) foot container was purchased and refurbished to faciltate parking of golf carts.The convenience was placed between the upperlevel playground and the eighteenth (18th) fairway.• The House Chair interfaced and served on theCarnival Committee to co-ordinate and implementinfrastructure,electricals, plumbing and liaise withrelevant contractors for the 2012 Carnival event– Moka Sunday.Future projects to be rolled out include Lighting andupgrade of:• Practice Putting Green• Practice Sand Bunker• Practice Chipping GreenThe area just outside the Guard Booth and mainentrance to the Club will also be lighted for theadded security of vehicles parked outside theperimeters of the Golf Club.Vision for Golf:‘My vision would be to see the continuousimprovement of the golf club’s facilities and playersalso improving in every aspect of the gameand rising to international standards ’.024

On Course...On the Greens and the Fairways...Steven Hale, Green Chairman“We are conscious of the importance of ourGreen spaces, picturesque and serene.”Steven Hale, Green Chairman works with a team offifteen (15) who are responsible for the maintenanceof the pristine and picturesque landscape, that hasbecome synonymous with St Andrews Golf Club and isan intrinsic and unique feature of our course offerings,especially recognised by visitors to our facilities at Moka.Over 7,000 yards of green, grace the undulatingnatural landscape, embraced by hills, trees, foliage andforest. Our Back Nine, in close proximity to picture postcard views, has “wowed” many visiting pros from as faras North America and Europe.Evolving Plan For RehabilitationIn 2012 there were no critical changes to the coursenow forty (40) years old. However there are plansunderway for addressing ongoing course maintenancechallenges including negotiations for the stabilisationof the river banks with the national Green Fundmanagement team. Concrete walls, Stress beds andauxilary rehabilitative works are some of the immediatemeasures required to ensure the integrity of the course.The vision for keeping the Greens at their peakcondition, consists of an evolving plan for rehabilitationand upgrade over the next five (5) years, including:• Relaying six (6) Tee boxes• Drainage works• Six (6) to seven (7) Greens to be lifted andlandscaped in keeping with internationaly recognisedstandards.• Trees – Our aging population requires ongoingpruning,cutting and planting of new species suitableto the landscape e.g the non-flowering Tantaki whosebranches and roots and do not spread widely. If youhave ever lost a golf ball in the fallen petals of thepretty pink or yellow pouis, you will understand theneed for a strategic tree re-planting exercise.• On the Back Nine dense Bamboo Off-shoots, to bereplaced by flowering plants and small Trees.• Increase team and technical capacity to coincidewith new projects. A full time landscape crew of three(3) to be hired, to ensure project completion on timeand consistent maintenace and quality control of theenvirons.• Driving Range Upgrade – The range was constructedwith the mountainous, hard rock backdrop. Ideally thiswill be trimmed and upgraded to improve the capacityand quality of the surface for practice. This project isestimated to take six (6) months.The unpredictable rainy season and sporadic rainfallcontinues to challenge the course. As we seek toimplement these modular projects, continuous planningand proactive project implementation determine our wayfoward to maintain premier playing conditions formembers and their guests.Vision for golf:‘To offer our members and their guests optimumconditions on a premier course that consistently meetsinternationally recognised standards.n’25 0

Corporate Tournament 2012The St Andrews Corporate One DayTournament is the second largest fundraisingevent hosted by the Club. Now in itsseventeenth consecutive year, the event attracts playersthe length and breadth of the region and someinternational Pros who join 75 teams for a superbexperience on the picturesque course. The cost ofgolf in T&T outweighs the actual subscriptions paidto partake of the game. Special tournaments like thisone, assist in the day to day operations of the Cluband help a good civic cause.Each year a charitable organisation or projectis identified, which will benefit from part proceedsof the tournament. Past Non GovernmentalOrganisations(NGO) and Community BasedOrganisations (CBO) recipients include the Coalitionfor Domestic Violence and Tall Man Foundation.TheCorporate Social Responsibility (CSR) component ofthe tournament is an important feature, embraced byall players who ultimately play for the good cause.Corporate Sponsors have included First Citizens,Angostura, PROCOM, Climate Control andAS Bryden.Registration has commmenced at theAdminstration offices of the Club for theAnnual Corporate Tournament 2013.Members are encouraged to participate,assist and support by inviting nonmembersto play.Anthony Hosang,Corporate TournamentChairVision fo Golf:‘Golf is a gentleman’s and ladies’ sport. I would liketo see postive growth with the preservation of traditionalvalues associated with the game.This is the most humblinggame. There is no one to blame. ’nSt Andrew’s Golf Club Corporate Winning Team 2012L-R: Damien Cooper (Marketing Manager, First Citizens), Rasheed Ali (winner), Raoul John (President ofSt Andrews Golf Club), Robert Alleyne (winner and Treasurer of St Andrews Golf Club), Anthony Hosang(Chairman of Corporate Tournament)26

Finding alternative and creative ways to earn revenuespecial family oriented events• Collaborating with the tourism sector to explorenon-traditional market opportunities/creation ofall-inclusive packages.• Regular membership outreach and drives toencourage new players.• Training and Develpoment workshop events/sessions.Presently steered by Chair Christopher Camacho thecommittee is planning a Fun Family Day event tentativelycarded for June 2013. We intend to motivate ourmembers to bring their friends and prospective membersto spend an unforgettable day with us. There will be golfrelated activities for the children, interactive games, food,beverages and entertainment. The two tiered approachwill seek to build our relationships with our fellowmembers and to encourage new members to join us.Revenue Generation Sub Committee ChairChristopher CamachoThe Revenue Generating Committee is thenewest addition to our active mix of teamoriented, driven and enthusiastic membersworking together for the purpose of developingand susutaining key club initiatives andrevenue growth areas. The RG Committee is asub-committee of the Board of Management specificallygeared to:• Looking at ways meet overall club Objectivesand goals• Creating relaible and Sustainable streams forbusiness growth• Maximising revenue earned to support infrastructuraland operational needs of the Club.• Supporting the broader mandates of the Board ofManagement.Other initiatives being pursued include:• Introduction of additional golf carts for rental• Attracting the golf tourist through the creation of uniqueday packages for executives and business travellers.Vision for golf:‘Golf is a wonderful game. I wish to share the joy ofthe game with new members. Improving the facilitiesat St Andrews gracefully over time through the gainfulengagement of our membership and key stakeholderswould be the focus of our committee in the year 2013.n’In this regard the RG Committee has setas its initial task:• Increasing membership• Harnessing the fullest revenue earning potentialof the current facilities• Formulating Advertising and Sponsorship Opportunities• Establishing additional Golf tournaments and0

Promoting the team spirit and camaraderie of golfMedal‘ whereby every second tournament participantsare required to play with another partner.Thishelps to strengthen our teamwork while building newfriendships. The Annual Christmas Hamper tournamentremains a fixed and highly subscribed eventon the calendar. Other calendar events include theNAGICO Club Match Play, The TATIL Open hostedby the T&T Golf Association and the Laughlin &De Gannes Open Tournament.Christopher Henriques, Men’s CaptainMen’s Captain Chris Henriques, has hishands full with the Annual Calendar of tournamentswhich are not limited to the Menonly. Over the years the trend of mixed pairs andteam games has been the order of the day and lendsto the teamwork and camraderie that are evident atSt Andrews Golf Club.Supporting Junior Golf is critical says Chris as we arelooking at ways to encourage new Junior players tothe game of Golf. The new Director of GolfRobbie Llanos a former Junior Pro has joined theranks to assist with this mandate. The implementationof additional team and ‘fun’ based tournaments isalso underway including the Better Ball, StablefordPoint structured tournament, and the First Citizenssponsored Monthly Medal. The Monthly Medalcomes with its own innovations, like the ‘SecondWe have also implemented regular Introductorysessions and Coaching programmes to the gameof golf. For a nominal fee of $350TTD interestedpersons can learn the game in just 6 lessons.Registration is co-ordinated by the AdministrationDepartment of the Club.Charity tournaments are hosted annually by theRotary Club, The Cotton Tree Foundation andthe Trinidad & Tobago Masonic CharitableOrganisation. All proceeds from these muchanticipated tournaments go to assist worthycommunity and national civic projects gearedat helping young persons in need.Vision for Golf:‘Understand the game of golf as a fun game, whichbuilds our personal and people skills and informs ourlife experiences. ’nWinners at the GTM/Nagico Insurance Match Play 2012Carlyle Russel Hosein, Deryck Gonsalves, Kristian Govia, and Sam Avey28 0

Inspiring women to play the gameLadies Captain Angie Hodgkinson, isfocussed on encouraging women to takeup the game of golf. The ladies’ arm of the Club“looks after the ladies” while we are able to lend ahelping hand with various community or civic basedprojects. Through a tightly knit organisation, the ladieshave attracted over 61 local players and 20 overseasplayers from as far as Canada, England and regionallyfrom Barbados, St Kitts and Guyana to play in theirsignature Nestle 3 day golf tournament held in earlyFebruary annuallly. The tournament package includesan Opening Cocktail event, Sponsors Closing ceremonyand an afternoon Down the Islands Tour especiallyfor visiting overseas players.October and November respectively. When askedabout her personal vision for golf Angie is adamantabout increasing the present 10% comprise of thefemale membership versus the male membership.Vision for Golf:need to fill the gaps that exist when our youngplayers go away to University or migrate and to findinnovative ways to network with prospective newenthusiasts. ’‘WenVolunteerismEvery week the Ladies grace the course for the regularTuesday competitions with token prizes as part of thekitty. The weekly games are geared to attract newplayers to the game as members are encouraged tobring a friend along for the day.Volunteerism is at the core of the Ladies activities asthey readily assist with the feature annual Menstournaments and Charity tournaments hosted bythe Living Water Community and the ImmortelleChildren’s Centre Golf Charity in the months ofElizabeth Lawrence receives the Bennett Trophy,Tuesday 15th May 2012 from Caroline Maingotof the Ladies Committee.Elizabeth Lawrence receives the Bennett Trophy from Caroline Maingot of the Ladies CommitteeResults of the Bennett Trophy - 18 hole stroke-play net - played on Tuesday 15 May 2012:1st place Elizabeth Lawrence - 682nd Leonita Wilson - 723rd Amoy Chang Fong - 73Winners of the Nestle Svelty Ladies Open 2012:From left Marc Clarke (Nestle), Serena Mackenzie,Judy Ann Stewart, Raoul John, (President –St Andrews Golf Club), Renee Ayoung andAmos Charles of Nestle.Weekly hamper winnersare all smiles with second from leftLadies Captain Angie Hodgkinson.29

The Future of GolfWinners of the Republic Bank Limited, Caribbean Junior Open 2012. Overall winners were Robert Boocock andChrstina Ferreira (holding their trophies)The Juniors Committee chaired by Nigel Aqui in 2012introduced Juniors to the game of golf and helpedthem develop life skills as a result. As it pertains to theGolf Club’s activities the program encouraged theJuniors to participate in the Club’s training camps. Thereintroduction of the Junior Medal has been especiallysuccessful due to the commitment not only of the Juniorplayers, but also the dedication and cooperation oftheir parents, who provided constructive feedback onareas that needed improvement.Development of the sport can only be achieved bycontinuous and targeted means. In Trinidad andTobago greater emphasis needs to be placed on ourJunior golfers such as more tournaments, providingopportunities for exposure for the youths and takingthe game out to the schools. Juniors need to interactwith their peers, from club to club through friendlycompetition. In this regard, the various clubs withinTrinidad and Tobago should come together at aNational level to promote the game, support and trainour coaches and provide better facilities for practice.Vision for Golf:‘As with any vision, it is always the hope that wewill produce another world class golfer like StephenAmes. Golf is a game which teaches us patience,fairness and honesty and having been involved inthe Junior program for many years, I have had somevery profound moments with the Juniors and I havelearned from them ’n30 0

Teamwork and DedicationThe Moka Carnival fundraiser is not onlya signature event on the National Carnivalcalendar of Trinidad and Tobago but alsorepresents one of the integral revenueearners for the Club. As a longstandingCommittee member and Chair, Eddie Ayin and hisable and dedicated team are challenged annually,to plan and implement a memorable entertainmentline up, secure and welcoming ambiance, delectablemenu and premium Bar with International flair.The All-Inclusive package always comes with addedvalue from year to year as the Carnival Committeeteams up to deliver excellence and quality to well over3,500 patrons who support the event. In 2012 theCommittee added a VVIP section especially tailored fordiplomats and overseas visitors who wished to enjoy thefestivities from the comfort of the Poolside Balcony. Thisinnovation was further enhanced in 2013.The Committee wishes to thank and acknowledgethe valuable committment of our Corporate Sponsorsand Suppliers who help to make Moka Sunday aresounding success.Vision for Golf:‘That our membership recognise the power ofteamwork and participation at all levels of our Club’sactivities. I encourage members to volunteer to serveon our committees and to lend their skill sets wherethey are most needed to the ultimate benefit of ourfuture generation of golfers . ’n000

Vision in ActionMy vision would certainly be that St Andrews Golf‘Club become the premier Golfing venue of the SouthernCaribbean, for both our members and their guests, toenjoy an unforgettable experience on a world classcourse, noted for its camaraderie and keeping this visionconsistent with growing our membership, revenuesand infrastructural improvements.We are making stridesin this positive direction. ’Deryck Gonsalves, Board Member‘My main focus as a committee member and avidcompetitive player, is involved with amateur competitiongolf at the club, inter-club and national level. To this endI pay a lot of attention to the actual playing conditionsthat would affect play in tournaments especially at the advancedlevel. I assess the presentation of the various teeshots and speak with the Greens Chairman about pruningor removal of trees that are encroaching into tee shotlines , I monitor the ground conditions in our fairwaysand fringes a lot because these have a big effect on theplayability of the various approach and green-side shots.I also speak up if there arises a need to invoke local rulesthat would facilitate fair and enjoyable play for membersand visitors alike. One of the major features of play atSt. Andrews is our putting greens which present quite achallenge due to their speed and undulation, particularlyon the back nine. I try my best to guide the persons involvedto select appropriate pin positions given the speedand condition of the putting surface.I represent our club on the TTGA Board and with myesteemed colleagues have been moving to reassert theproper influence that St. Andrews should have in theoperations of our governing body. ’Troy Alcantara, Junior Chair 2013‘To stimulate the mind of the youths throughthe enjoyment, knowledge and appreciation of thegame of golf. ’Bruce Mouttet, Board MemberRobert Alleyne, Treasurer‘When each and everyone of us became membersof St. Andrews Golf Club, Moka, Trinidad we becamesignatories to one of the finest pieces of real estate inthe Caribbean. The challenges we face to maintain andimprove this, “our” club, are and will be forever ongoing.Good ideas, help and pride are what is needed.Let’s all “chip” in. ’32

Hackers ... Good Food ..Great View...A Hacker refers to the golf amateur whoplows his club into the course destroyingthe turf. It is the type of course behaviourshunned upon and least tolerated by golfenthusiasts.The name, quite ironically has been selected by newconcessionaire for the Golf Club’s Restaurant and Bar-Jesse Boocock, who has his hands full designing amenu of unique proportions to please the patrons.Jesse, an ardent golfer and former junior national teamplayer knows his way around the course and is ablychallenged by his new venture in gastronomie. TheClub’s signature event hosted on Carnival Sunday(2013) provided a great launch pad for Hackers asthe Restaurant served up delicious and memorableauthentic Louisiana Craw Fish and Chicken Caesarwraps.A Grand Slam BreakfastJesse and his team are planning for a diverse weeklymenu with weekend surprises including a BBQ Night,A Grand Slam Breakfast selection of Pancakes, EggsSausages and Hash Browns.Patrons can expect healthier menu choices in therestaurant’s quick and easy meal selection Grilledfish steaks, salads and soups and fresh deli sandwichesare just some of the new additionsto the menu.Notable Finger FoodsHackers notable finger food favourites include ShrimpTempura, BBQ Pork ribs, Pot Stickers, Wantons,Meatballs and Kibbys. It appears that there is avariable cornucopia of taste and choice at thenew concession.Thumbs up for the good start to a great menu!Vision for Golf:‘I have high hopes for the future of golf in this country.It’s no secret there is a huge pool of upcoming talentfrom our young adults as well as growing interest fromthe local golf associations and sponsors alike! Withcontinued guidance from parents and coaches as wellas a good financial support system, the sky is the limitfor these kids! Remember; don’t forget tokeep your eye on the ball. ’Hole In One Pro Shop Celebrates 23 YearsOf Service.Bob Delaney, has managed the Pro Shop Concessionat St Andrews Golf Club for the past 23 years. Thereis undoubetedly the challenge of the retail trade tobe up to date with the gear, equipment and weardemanded by our customers and the store meets thisadequately.There are golf clubs, shoes and accessories in apleasing selection for Pros and amateurs now startingthe game. Imported brands such as Taylor Made,Adidas, Titleist and Ping are favoured and sought after.Through long term business relationships with reputableinternational brands “Hole in One” is able to matchinternational prices and to provide personalisedattention to players needs, on a consistent basis.Our customers and colleagues are like family, weget to know their preferences and to satisfy thesein quick time.Vision for Golf:‘More Visitors to experience the serene andunique landscape of St Andrews Golf Club. ’ n34Healthier eating at Hackers

St Andrews Golf Club Organisational ChartBoard of ManagementPresidentHouseChairmanGreensCommitteeLadiesCommitteeCaptain’sCommitteeRevenue GenerationCommitteeCarnivalCommitteeJuniorCommitteeSpecial EventsCommitteeGeneral ManagerFood & BeverageConcessionClub Administrator/Administrative SecretarySecurityFinance & AdministrationManagerDirector of GolfGolf CourseSuperintendentPro ShopConcessionAccounts &Administration StaffGolf OperationsCoordinatorGolf ProfessionalsHead MechanicDriver/MessengerStarters/Caddy Masters/Housekeeping/Janitorial Services35ForemanStorekeeperAssistant MechanicCourse Workers

ST. ANDREW’S GOLF CLUBSEPARATE FINANCIAL STATEMENTS31 DECEMBER 2012

Independent Auditor’s ReportTo the members of St. Andrew’s Golf ClubReport On The Financial StatementsWe have audited the accompanying financial statementsof St. Andrew’s Golf Club which comprisesthe Separate Statement of Financial Position as at 31December 2012, the Separate Statement of ComprehensiveIncome, the Separate Statement of Changes inFund and the Separate Statement of Cash Flows for theyear then ended and a summary of significant accountingpolicies and other explanatory notes.Management’s ResponsibilityFor The Financial StatementsManagement is responsible for the preparation and fairpresentation of the financial statements in accordancewith the accounting policies set out in pages 6 to 11.This responsibility includes: designing, implementingand maintaining internal control relevant to the preparationand fair presentation of financial statements that arefree from material misstatement, whether due to fraudor error; selecting and applying appropriate accountingpolicies; and making accounting estimates that arereasonable in the circumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on thesefinancial statements based on our audit. We conductedour audit in accordance with International Standards onAuditing. Those standards require that we comply withethical requirements and plan and perform the auditto obtain reasonable assurance whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected dependon the auditor’s judgment, including the assessment ofthe risks of material misstatement of the financial statements,whether due to fraud or error. In making thoserisk assessments, the auditor considers internal controlrelevant to the entity’s preparation and fair presentationof the financial statements in order to design auditprocedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accountingpolicies used and the reasonableness of accountingestimates made by management, as well as evaluatingthe overall presentation of the financial statements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the accompanying financial statementspresent fairly, in all material respects, the financialposition of St. Andrew’s Golf Club as at 31 December2012, and its financial performance and its cash flowsfor the year then ended in accordance with the accountingpolicies set out on pages 6 to 11.Emphasis of MatterWithout modifying our report, we emphasize that theaccompanying financial statements are prepared inaccordance with the adopted accounting policies ofthe Club and is not intended to present the financialposition and results of the operations and cash flowsin accordance with International Financial ReportingStandards.Port of SpainTrinidad and Tobago12 March 20131

Separate Statement of Financial Position as at 31 December 2012AssetsNotes 2012 2011$ $Non-current assetsProperty, plant and equipment 2 2,667,127 2,864,429Capital work in progress 3 140,761 140,761Investments in subsidiaries 4 753,566 753,566Due from subsidiaries 5 826,575 670,4484,388,029 4,429,204Current assetsInventories 6 489,357 384,274Trade and other receivables 7 523,995 542,908Cash at bank and in hand 8 1,822,620 1,294,5572,835,972 2,221,739Total Assets 7,224,001 6,650,943Liabilities and Accumulated FundReservesLife membership fund 895,250 895,250Accumulated fund 1,615,561 1,534,148Non-current liabilities2,510,811 2,429,398Due to subsidiary 9 526,266 533,588Provision for severance 741,905 715,760Current liabilities1,268,171 1,249,348Trade and other payables 10 3,445,019 2,422,197Short term borrowings — 550,0003,445,019 2,972,197Total Liabilities and Accumulated Fund 7,224,001 6,650,943The accounting policies on pages 6 and 7 and the notes on pages 8 to 11 form an integral partof these financial statements.On 12 March 2013, the management of St Andrew’s Golf Club authorised these financial statements for issue.President00 2Treasurer

Separate Statement of Comprehensive Income for the year ended 31 December 2012Income2012 2011$ $Playing fees 2,420,244 2,388,765Clubhouse activities (Schedule 1) 1,843,344 1,367,280Subscriptions 1,043,043 1,177,652Green fees 861,194 712,688Competitions 434,065 554,570Golf course rental 373,508 341,728Golf course advertising 277,692 233,853Sundries 97,904 84,855Maintenance fees 75,000 60,000Bank interest — 227,425,994 6,921,413ExpenditureCourse (Schedule 2) 4,417,809 3,773,938Administration (Schedule 3) 1,620,420 1,511,961Club operations (Schedule 4) 946,757 903,823Competitions (Schedule 5) 359,595 402,7447,344,581 6,592,466Total comprehensive income 81,413 328,94700 3

Separate Statement of Changes in Fund for the year ended 31 December 2012LifeMembershipfundAccumulatedfundTotal$ $ $Balance at 31 December 2010 895,250 1,205,201 2,100,451Total comprehensive income — 328,947 328,947Balance at 31 December 2011 895,250 1,534,148 2,429,398Total comprehensive income — 81,413 81,413Balance at 31 December 2012 895,250 1,615,561 2,510,811The accounting policies on pages 6 and 7 and the notes on pages 8 to 11 form an integral partof these financial statements.00 4

Separate Statement of Cash Flows for the year ended 31 December 2012Cash flows from operating activities2012 2011$ $Total comprehensive income for the year 81,413 328,947Adjustments for:Depreciation 927,5 38 835,480Loss on disposal of property, plant and equipment 16,080 10,058Operating surplus before working capital changes 1,025,031 1,174,485Increase in inventory (105,083) (115,946)Decrease/(increase) in trade and other receivables 18,913 (168,244)Increase in provision for severance 26,145 77,743Increase/(decrease) in trade and other payables 1,022,822 (814,982)Net cash from operating activities 1,987,828 153,056Cash flows from investing activitiesPurchase of property, plant and equipment (746,316) (1,059,805)Decrease to capital work in progress — 117,806Net cash used in investing activities (746,316) (941,999)Cash flows from financing activitiesIncrease in due from subsidiaries (156,127) (6,008)Decrease in due to subsidiary (7,322) (21,906)Proceeds from short term borowings — 550,000Payment of short term borowings (550,000) —Net cash (used in)/from financing activities (713,449) 522,086Net increase/(decrease) in cash at bank and in hand 528,063 (266,857)Cash at bank and in hand at 31 December 2011 1,294,557 1,561,414Cash at bank and in hand at 31 December 2012 1,822,620 1,294,557The accounting policies on pages 6 and 7 and the notes on pages 8 to 11 form an integral partof these financial statements.00 5

Accounting Policies for the year ended 31 December 2012The principal accounting policies adopted in the preparation of these financial statements are set out below:ABasis of preparationThese financial statements have been prepared under the historical cost convention.The preparation of financial statements in conformity with the outlined policies requires management to makejudgements, estimates and assumptions that affect the application of policies and reported amounts of assets andliabilities, income and expenses. The estimates and associated assumptions are based on historical experienceand various other factors that are believed to be reasonable under the circumstances, the results of which formthe basis of making the judgements about carrying values of the assets and liabilities that are not readily apparentfrom other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in theperiod of the revision and future periods if the revision affects both current and future periods.Estimates were made for the following:i) Rates of depreciation - refer to accounting policy G, Property, plant and equipment.ii) Provision for severence pay - refer to note 11, Contingent liability.BCDEForeign currenciesTransactions denominated in foreign currencies are recorded in Trinidad and Tobago dollars at theaverage exchange rate in effect on the date of the transaction. Monetary assets and liabilities denominatedin foreign currency are translated into Trinidad and Tobago dollars at the average exchange rate at thebalance sheet date. The resulting gains and losses are included in the income and expenditure account.Financial instrumentsFinancial instruments carried on the balance sheet include cash at bank and in hand, trade andother receivables and trade and other payables. The particular recognition methods adopted are disclosed inthe individual policy statements associated with each item.Functional and presentation currencyThese financial statements are presented in Trinidad and Tobago dollars, which is the Club’s functional currency.InventoriesInventories are stated at cost. Cost is determined by the first-in, first-out basis.6

Accounting Policies for the year ended 31 December 2012F. Investment in subsidiariesThe investments in subsidiaries are accounted for at cost.G. Property, Plant And EquipmentProperty, plant and equipment are initially recorded at cost and are stated at historical cost less depreciation.Depreciation is calculated at the following rates to write off the cost of the assets to their residual values overtheir estimated useful lives.Clubhouse furniture and equipment 25% reducing balanceMotor vehicles and course equipment33.3% reducing balanceCourse buildings and drainage 10% straight lineSign boards 50% straight lineClubhouse Improvements 10% straight lineGains and losses on disposal of property, plant and equipment are determined by reference to their carryingamounts and are taken into account in determining the deficit for the year.H. Revenue RecognitionRevenue comprises the fair value of the consideration received for services in the ordinary course of the Club’sactivities. Revenue is shown net of value-added tax, returns, rebates and discounts.The Club recognises revenue when the amount of revenue can be reliably measured, it is probable thatfuture economic benefits will flow to the entity and specific criteria have been met for each of the Club’sactivities as described below. The amount of revenue is not considered to be reliably measurable until allcontingencies relating to the sale have been resolved. The Club bases its estimates on historical results,taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.Income recognised on a cash basis are as follows:Green feesCompetitionsClubhouse activitiesGolf course rentalIncome recognised on an accrual basis are as follows:Dividend income included in sundriesGolf course advertisingMaintenance feesPro Shop / TTGA rentalBank interest - recognised on a time proportioned basis.Income recognised on a modified cash basis in the year of income being reported on are as follows:Playing feesSubscriptions7

Notes to the Separate Financial Statements for the year ended 31 December 20121. Registration and principal activityThe St. Andrew’s Golf Club (The Club) is a non profit members club instituted on October 12, 1891.The Club was formed to provide and maintain golfing facilities for its members.2. Property, plant and equipmentYear ended31 December 2012Clubhousefurniture Motor vehicle Courseand and course buildings Sign Clubhouseequipment equipment and drainage boards improvement Total$ $ $ $ $ $Opening net book value 168,414 2,001,171 269,720 – 425,124 2,864,429Additions 90,432 438,179 217,705 – – 746,316Disposal (15,858) (222) – – – (16,080)Depreciation charge (51,544) (721,560) (81,830) – (72,604) (927,538)Closing net book value 191,444 1,717,568 405,595 – 352,520 2,667,127At 31 December 2012Cost 735,878 7,416,200 1,133,014 40,618 726,042 10,051,752Accumulated depreciation (544,434) (5,698,632) (727,419) (40,618) (373,522) (7,384,625)Net book value 191,444 1,717,568 405,595 – 352,520 2,667,127Year ended31 December 2011Opening net book value 200,748 1,855,208 348,869 – 245,337 2,650,162Additions 31,508 783,442 – – 244,855 1,059,805Disposal (10,058) – – – – (10,058)Depreciation charge (53,784) (637,479) (79,149) – (65,068) (835,480)Closing net book value 168,414 2,001,171 269,720 – 425,124 2,864,429At 31 December 2011Cost 1,227,313 7,403,951 929,350 40,618 726,042 10,327,274Accumulated depreciation (1,058,899) (5,402,780) (659,630) (40,618) (300,918) (7,462,845)Net book value 168,414 2,001,171 269,720 – 425,124 2,864,42900 8

Notes to the Separate Financial Statements for the year ended 31 December 20123 Capital work in progress 2012 2011$ $Clubhouse improvements 140,761 140,7614 Investments in subsidiariesInvestment in Maraval Lands Limited7,479 ordinary shares at cost 744,566 744,566Investment in Moka Valley Limited9,000 ordinary shares at cost 9,000 9,000753,566 753,5665 Due from subsidiariesMaraval Lands Limited 826,575 670,448The balances due from subsidiaries are advances made from the Club. They are interest free and have nofixed repayment terms.6 InventoriesParts 415,717 384,274Sand 73,640 –489,357 384,2747 Trade and other receivablesPrepayments 91,733 88,201VAT refundable 350,675 348,897Other receivables 81,587 105,810523,995 542,90800 9

Notes to the Separate Financial Statements for the year ended 31 December 20128 Cash at bank and in hand 2012 2011$ $Cash in Hand 4,000 4,000Republic Bank Limited - Main Account 1,091,443 861,611Pro Shop Account 508,669 328,011Republic Bank Limited- Carnival Committee 130,738 82,945Republic Bank Limited- US$ Account 84,954 15,174Republic Bank Limited- Money Market Account 2,816 2,8161,822,620 1,294,557Included in Republic Bank Limited - Main Account is an amount of $140,654 (2011: $124,511) which isrestricted, as the cash belongs to the Junior Golf program.9 Due to subsidiaryMoka Valley Limited 526,266 533,588The balance represents advances from Moka Valley Limited. They are interest free and have no fixed repaymentterms. The movement for the year represents payments made on behalf of Moka Valley Limited.10 Trade and other payablesFees and subscriptions in advance 1,967,508 1,595,079Sundry creditors 980,454 411,245Accruals 35,441 116,385Trade creditors 320,962 174,977Junior golf program 140,654 124,51111 Contingent liability3,445,019 2,422,197The Club has a union agreement with the National Union of Government and Federated Workers whichprovides for payments to be made in the event of voluntary retirement of any employee of the Club whohas been employed for a minimum period of ten years. If and when an employee decides to retire voluntarily theClub shall compute the amount of the benefit in accordance with the union agreement. The estimated contingentliability as at 31 December 2012 was approximately $429,412 (2011: $379,238) for which no provision hasbeen made in these financial statements.Also included in the above union agreement are provisions in respect of employee severance pay. Themaximum potential liability under the terms of the union agreement as at 31 December 2012 was $741,904(2011: $715,760) which has been provided for in the financial statements.10

Notes to the Separate Financial Statements for the year ended 31 December 201212 Financial instrumentsThe carrying amount of the following financial assets and liabilities approximate to their cost because of theshort-term nature of the instruments: cash at bank and in hand, trade and other receivables, and trade andother payables.11

St Andrew’s Golf ClubSupplementary Financial andNon Financial Information31 December 2012

Supplementary Financial and Non-Financial InformationFor the year ended 31 December 2012Schedule 1Clubhouse activities 2012 2011$ $IncomeDances and special functions 1,637,989 1,235,243Clubhouse rentals 205,355 132,037Schedule 2CourseExpenditure1,843,344 1,367,280Salaries and wages 2,321,618 2,176,403Depreciation 801,101 713,195Equipment maintenance - parts 356,156 195,610Fertilizers and insecticides 219,253 233,363Course shelters, bridges, roads, river repairs and drainage 165,176 34,289Miscellaneous 110,981 36,337Shipping and handling 93,133 57,478Oil and fuel 88,447 89,084Top dress supplies 65,220 78,903Severance pay 61,221 77,743Irrigation maintenance - parts 42,902 11,995Utilities 34,758 31,143Equipment rental 21,870 4,155Education and training 21,304 19,062Uniforms 12,920 6,420Tools 1,749 8,7584,417,809 3,773,93812

Supplementary Financial and Non-Financial InformationFor the year ended 31 December 2012Schedule 3Administration ExpensesExpenditure2012 2011$ $Salaries 863,029 534,046National insurance 195,528 157,472Audit, legal and professional 159,579 441,224Bank interest charges 91,788 112,222Miscellaneous 84,748 101,083Postage and telephone 81,042 75,858Insurance 77,233 71,143Advertising 48,528 –Printing and stationery 18,945 11,463Bad debts – 7,4501,620,420 1,511,961Schedule 4Clubhouse OperationsExpenditureSecurity 352,552 349,459Wages 134,410 128,584Depreciation - furniture and fixtures & clubhouse improvements 124,148 118,852Clubhouse - repairs and maintenance 93,904 116,213Laundry and miscellaneous operating supplies 87,958 57,410Electricity 76,690 92,934Pool - repairs and maintenance 62,957 25,089Sundries 11,849 11,849Depreciation - motor vehicles 2,289 3,433946,757 903,823Schedule 5CompetitionsExpenditurePrizes 146,112 233,081Competition costs 137,817 112,224Miscellaneous 75,666 57,439359,595 402,74413

Supplementary Financial and Non-Financial InformationFor the year ended 31 December 2012Schedule 6Statement of Membership 2012 2011LifeMen 99 99Ladies 21 21PlayingPay and play 149 183Men 193 190Ladies 34 46Juniors 116 120Social 30 25Octogenarian 16 16Honorary 12 12670 71214