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Published by nina kwong, 2019-10-22 03:32:44

CWB_AR_2017-18

CWB_AR_2017-18

CLUB ACCOLADES

Asian Golf Monthly 2002
Best Course in Hong Kong 2003
Best 24 Holes Across Asia

Golf Digest 2003 The Clearwater Bay Golf & Country Club
China 18 Signature Holes – Hole 14 2003
The Best Services Golf Club 2005
Best Culinary Golf Club 2005
China 18 Signature Holes – Hole 3 2006-2007
The Best Golf Award 2016
Best Golf Courses in 206 Countries

George Peper & the Editors of Golf Magazine

500 Best Holes in the World 2003

Hong Kong Tennis Association 2004
Best Hospitality Club

The Yacht Harbour Association 2007-2013
Five Gold Anchors Award

Magnum Opus 2008
Annual Report and Financial Statements 2006/2007

The Rolex World’s Top Golf Courses 2010
Top 1,000 Golf Courses

Wastewi$e Hong Kong Awards for Environmental Excellence 2017/2018

Class of Good 2009

Class of Excellence 2010-2017

Caring Company by The Hong Kong Council of Social Service

Caring Company 2005-2008

5 Years Plus 2009-2013

10 Years Plus Since 2014

Bless HK 2014
Supporting Organisation

Partner Employer Award 2013-2016 Annual Report & Financial Statements

2017-2018 ANNUAL REPORT & FINANCIAL STATEMENTS 年 報 及 財 務 報 告





MISSION STATEMENT

本會使命

To provide premier golf, yachting,
recreation and dining services in
a friendly manner that exceeds

the expectations of members,
guests and visitors always

我們以親切友善地提供傲視同儕的

高爾夫球、遊艇、康樂以及飲食設施和服務

為己任,務求令會員、來賓及訪客

無時無刻都倍感喜出望外

CONTENTS 50 Golf Committee 69 Independent The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
高爾夫球會委員會 Auditor’s Report
目錄 獨立核數師報告 02
52 Marina Committee 03
02 Contents 遊艇會委員會 72 Statement of
目錄 Comprehensive Income
54 Country Club Committee 收益表
04 Chairman’s Message 鄉村俱樂部委員會
主席的話 73 Statement of
56 Membership Committee Financial Position
28 Community Outreach Programme 會籍委員會 財務狀況報表
清水灣•走入社群」計劃
58 Food & Beverage Committee 74 Statement of
40 General Committee 飲食及餐務委員會 Changes in Funds
值理委員會 資金變動表
60 Planning & Development
42 Members’ Council Committee 75 Cash Flow Statement
會員委員會 籌劃及發展委員會 現金流量表

44 Sub-Committee 62 Finance Committee 76 Notes to
委員會 財務委員會 Financial Statements
財務報表附註
46 Management 65 General Committee Report
管理層 值理委員會報告

47 Patrons, Honorary Members, General Committee,
Members’ Council & Advisors
贊助人、榮譽會員、值理委員會、會員委員會及顧問

CHAIRMAN’S MESSAGE

主席的話

The Club has always shown its true colours in making a positive aim of supporting elite athletes and encouraging active The Club has always shown The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
difference in its neighbouring communities, resonated by the participation in sports among students at local schools its true colours in making
passion of my fellow Committee members, Management, such as during the Golf Introduction & Trial Days. a positive difference in its 04
and members in giving their time, commitment and financial 05
assistance to help less fortunate members of society. The Club is also colouring the lives of talented neighbouring communities.
youngsters through the Junior Sportsmanship Scheme
Among the numerous events and activities we organised that has provided them with a path towards success, as Mr. Wyman Li 李維文先生
throughout the year, the initiatives of the Community four more top juniors were recommended for the scheme
Outreach Programme (COP) are close to our hearts, which by the Hong Kong Golf Association this year. In similar Club Chairman
have coloured the lives of people at the Club and beyond fashion, enrolment fees from the Ladies’ Doubles Challenge 主席
its surroundings. The COP once again reached out to help during the Hong Kong Tennis Champions Cup yet again
more people than ever, breaking its own record by raising went towards the Hong Kong Tennis Association Junior 十 年前。當時,我們 對高 球 場 進 行 大 規 模 翻 新,希望 向 全 球 觀 眾 展示香 港 擁 有
more than $16 million for 18 charity partners this past year. Development Fund to nurture promising tennis players. 如此優 美 的高 球 場。賽 事 取得 圓 滿 成 功,而我們亦 獲 邀再 度 於2 0 2 2 年 舉 辦此 
錦標賽。
Turnout again was strong for events supporting Our improvements extended to the Marina, where
our long-standing charity partners such as the Lifeline the new drystack is almost complete with the installation 9月,超 級 颱 風山竹 吹 襲 香 港,在各 區造 成 嚴 重破壞。在 清水灣,較 當風 的 
Express Hong Kong Foundation, Mother’s Choice and of the roof section remaining, while work has begun on 地 方 亦 遭 到 摧 毀。幸而,我們 向來有修 剪及 維 修 場內 樹 木,加 上 馬上 啟 動應 變 
Haven of Hope Christian Service. We also welcomed a plan to upgrade the entire docking system over the 措施,故能於颱風遠離後短時間內重開高球場。感謝所有員工的群策群力。
the addition of two new charity partners Yan Chai next two years. BreeZes also upgraded its food and
Hospital and the Children’s Medical Foundation. beverage selections, including the purchase of a new 我們通過不同途徑走入社群,包括開放本會運動設施給年輕運動員使用進行 
manual coffee machine. The Marina Lawn completed its 訓 練,藉此 培育體 壇 新力軍。我們亦透 過 與 本 地 學 校 攜 手舉 辦 高爾夫 體 驗日, 
As our pristine golf course plays host to our numerous upgrade to an all-weather surface in October 2017. 鼓勵學生認識及參與高球運動。
charity events, we strive to keep it in tip-top shape at all times.
In this light, it has undergone several upgrades in the past Finally, the Club has been busy working on minimising 「青少年運動發展計劃」提攜才華出眾的青年運動員邁向成功。今年,香港 
year such as the extension, addition and relocation of tees, the impact of the ongoing Policy Review of Private 高 爾 夫 球 協 會 推 薦了四 名年 輕 體 壇 精 英 參加 該 計 劃。此 外,香 港 網 球 冠 軍 盃 
while the Driving Range received a much-needed revamp. Recreational Leases on its other long-term plans. Amidst 女子雙打挑戰賽的收益亦撥捐香港網球總會的青少年體育發展基金,作支持本地 
this process, we are moving forward with the Country Club 青少年網球發展之用。
All these enhancements added another dimension of Redevelopment Plan, which primarily focuses on upgrades
challenge to the second edition of the PGA TOUR Series - China to the fabric of the building and will not be affected by the 遊艇會進行多項翻新及升級工程,全新的陸上快艇存放區將近竣工,只剩下
“Clearwater Bay Open”, which provided a fitting encore to the review. The design schemes are in the good hands of our 安裝頂部結構,並計劃未來兩年提升整個泊位引橋系統。BreeZes亦提供更豐富 
successful hosting of the inaugural edition in 2016. The Club appointed architectural firm, who will work closely with 的餐飲 選擇,同時購 置 全 新手動 咖 啡 機。去年 1 0月,遊 艇 會 的 草 坪已全 部 鋪 上 
was honoured to serve as title sponsor of the tournament us to continue building a better Club for all and enable 人造草,效果令人滿意。
with RMB1.2 million in total prize money contested by 120 top us to bring colour to even more lives in the future.
players, out of which James Marchesani of Australia emerged 鑑於私人遊樂場地契約政策檢討正在進行中,我們一直努力降低對其他長期 
as the champion. This year, we will be hosting the concluding 本會藉著舉辦不同形式的活動,為社區及有需要的人士注入正能量。各委員會 計劃造成的影響。現時,我們正推展重建鄉村俱樂部的計劃,主要集中研究強化
tournament on the PGA TOUR China Series, with the top five 的成員和會員萬眾一心,投入時間和金錢,身體力行積極參與,為弱勢社群帶來  建築結構,預期不會受到政策檢討的影響。我們已委任信譽昭著的建築師樓提交
highest ranked players earning spots on the Web.com TOUR. 新希望。 設計方案,務必使會所設施更臻完善,為會員帶來更稱心滿意的享受。

Back in 2015, we hosted the Asia-Pacific Amateur 透過「清水灣‧走入社群」計劃,我們致力履行回饋社會的使命,將「取諸 
Championship (APAC). Prior to that, it had been more than 社會,用諸社會」的信念化為行動。今年籌募所得更打破歷年紀錄,為18間慈善 
10 years since we hosted the Asian Tour Championship. 合作夥伴籌得超過港幣1,600萬元善款,以支援有需要的人士。
During that time, our course underwent extensive renovation
and the APAC showcased to the world that Hong Kong 我們與多個慈善合作夥伴建立長久合作關係,一如以往繼續為健康快車香港 
has such an incredible golf course. As a result, we have 基金有限公司、母親的抉擇及基督教靈實協會等慈善機構舉行籌款活動。今年 
also been asked to host the APAC again in 2022. 更新增兩間慈善合作夥伴,分別為仁濟醫院和兒童醫學基金會。

In September, Super Typhoon Mangkhut dealt serious 許 多慈 善活動 均 在 綠 草如 茵的高 球 場 舉 行。所以,我們 時刻 關 注 高 球 場 的 
damage to Hong Kong. In particular, Clearwater Bay is 狀 況,加強 維 修 保 養,確 保把 高 球 場維 持 在 最 佳 狀 態。去年便 完 成了多項 提 升 
a vulnerable location that bore the brunt of the powerful 工程,包括延長、增加及調整發球區,練習場亦進行了必需的修葺。
winds. Fortunately, we had been trimming our trees for
such an eventuality and as a result of our contingency 提升後的高球場為第二屆美巡中國系列賽  —  清水灣公開賽帶來更多挑戰
plans, we were ultimately able to re-open the golf course 性。本會於2016年首辦這項賽事,取得空前成功,今年再度躬逢其盛,亦作為 
in just a short time, thanks to the hard work of our staff. 公開賽的冠名贊助。共有120名頂尖球員雲集清水灣一較高下,爭奪冠軍寶座。總
獎金高達人民幣120萬元。結果由澳洲球手詹士馬山奇尼(James Marchesani)
On the communications front, a primary focus of the 以超群技藝勇摘皇者桂冠。今年的清水灣公開賽更成為美巡中國系列賽的收官
Club has been promoting the different ways in which it 之戰,得分最高的五強將晉身韋伯網(Web.com)巡迴賽。
has opened up its facilities to junior sportsmen, with the
我們 於2 0 1 5 年 舉 辦了亞 太 業 餘 錦 標 賽,距 離 對上一次舉 辦此 項 盛事已 是 



COLOURING The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
LIVES
AT THE CLUB 08
09
Making a positive difference in our neighbouring communities starts at the Club,
which is home to a wide range of facilities and activities that enrich the lives
of the underprivileged.

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

10
11

Underprivileged children are invited to play at the Club’s colourful children’s The Club regularly invites kids from
playroom and experience a new world of joy and entertainment that brings wide less privileged families to use the
smiles to their faces. Children’s Playroom and Playground.
During his visit, a young boy’s eyes were
opened to a vibrant world of joy and could
not wait to try out all the activities that
the facilities offered. He was excited to
play with other children on the multi-
coloured equipment and shared
hours of fun and laughter

together on the day.

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

12
13

From the swimming pool inflatables to the children’s playground and the playroom,
the Club’s colourful facilities offer hours of fun for the little ones.

The Club spreads the festive joy and invites the less fortunate to enjoy a savoury
festive meal at the Club’s restaurants where they are treated to sumptuous
specialties and colourful festivities.

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

14
15

On Father’s Day, the Club’s
restaurants hosted low income
families for a hearty meal to help
honour their dedicated dads. One
particular celebrant stood out on the day -
a father who was also celebrating his 102nd
birthday. With the delicious selection
of dishes and in the company of
his loved ones, it all made for an
unforgettable heartwarming
day for him and his family.

Junior players are given access to the Club’s tennis and golf facilities as well as The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
training programmes which put them in a better position to develop their games and
excel in tournaments.

16
17

The Club shares its passion
for golf with students from local
secondary schools through its
Golf Introduction & Trial Days.
In particular, a female student’s
only prior experience with golf was
watching golfers on the television.
Through this initiative, she was
enthused with the opportunity to swing
a golf club herself at the Clearwater Bay
Academy and learn the finer points
of the sport from the Club’s golf

professionals.

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

18
19

The Club helps children to discover their interest and harness their potential in golf
by hosting practical golf clinics, which also helps to develop their character and
self-discipline.

Donations from the Club have The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
touched the hearts of recipients
over the years, particularly elderly

residents at a home for the aged
during winter. Through members’
efforts in raising funds, the elderly
appreciated their generosity as they
received thick quilts and other essential
items to keep them warm and
comfortable throughout the season.

20
21

Donating various essential items to the needy has brought them warmth and colour
as they are able to put these items to better use.

COLOURING The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
LIVES
BEYOND 22
THE CLUB 23

Charity golf tournaments bring out the best in members and their generous
donations transcend the golf course by helping fund essential services of
non-profit organisations for the benefit of the underprivileged.

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

24
25

Hosting charity golf tournaments on the golf course amidst its During a charity golf day,
verdant natural surroundings raises essential funds to help fund a visually impaired golfer was
the services of numerous charitable organisations. invited to a golf clinic at the Club
where he learned to improve his
game under the guidance of seasoned
coaches. The close mentoring and
nurturing helped him to not only
appreciate his achievements on the
course, but also more importantly,

taught him how to overcome
obstacles and enabled him to see

life in a whole new perspective.

Funds raised through charitable events have helped to finance indispensable services The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
such as providing free cataract treatment to patients residing in remote rural areas,
caring for the elderly, and assisting young women facing crisis pregnancies.

26
27

OCOUMT MR EUNAICTHY

PROGRAMME

COMMUNITY OUTREACH
PROGRAMME

The Community Outreach Programme (COP) initiatives Club’s restaurants. The Junior Sportsmanship Scheme cancer care; the HK Anti-Cancer Society Charity Golf Day 藉著向公眾開放設施,我們與眾同樂,例如邀請弱勢家庭的兒童來到遊戲室  The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
have always had a special place in the hearts of members, paints talented youngsters’ lives the colour of success, in April raised about $1.08 million; and the United Christian 度 過 充 滿 歡 樂 的 時光。在喜慶 節日,長者 獲 邀 在 本會 餐 廳 享用應 節 饗 宴,一 起 
which positively colours the lives of people both at the Club, providing them with facilities to hone their skills and Hospital Charity Golf Day in December and the Lifeline Express 分享佳節的喜悅。「青少年運動發展計劃」扶植才華出眾的年輕運動員茁壯成長, 30
where it gives numerous deserving groups access to its many elevate their games. Golf clinics throughout the year at Charity Golf Day in March raised about $1 million each. 讓他們使用本會設施進行訓練,提高運動技能和增進實力。清水灣高爾夫球訓練 31
facilities, and outside the Club, where it contributes to projects the Clearwater Bay Academy course introduce youngsters 學院全年舉辦高球課程,讓不同階層的青少年有機會認識及接觸高球運動。
that bring hope and happiness to people in neighbouring from all backgrounds to the rewards of the game. There were also two new golf days this year, benefiting
communities. This year the COP again broke its own record, a pair of new charity partners. The Yan Chai Hospital 我們為善不甘後人,去年繼續舉辦多項慈善活動,惠澤社群。而去年錄得最高 
raising more than $16 million for 18 charity partners under The Club also continues to colour lives beyond its gates, Charity Golf Day in January raised $720,000 for the 善款金額的大型慈善活動,是在11月舉行的「健康快車  —  中國建設銀行(亞洲) 
the Club’s two key themes of family and neighbourhood. with charity events throughout the year that bring happiness hospital, which serves the Tsuen Wan area; while the 慈善跑步行」,吸引約3,000名參加者參與,籌得高達港幣300萬港元,悉數撥捐 
That record haul brings the total raised since the programme to numerous people. By far the most successful event of the Children’s Medical Foundation Charity Golf Day in May 健康快車香港基金為內地偏遠地區的貧困人士提供醫療服務。去年亦舉辦多次慈善
was formalised 16 years ago to more than $100 million. past year financially was the Lifeline Express Charity Run & raised $1 million for the organisation, which aims to 高爾夫日,獲得會員一呼百應,踴躍支持,籌得可觀善款。於1月舉行的明愛慈善高爾
Walk in November, which attracted about 3,000 participants bring accessible health care to rural communities in Asia, 夫日,為明愛機構籌募超過港幣140萬元﹔2月為銘琪癌症關顧中心舉行慈善高爾夫
The Club uses its numerous facilities to colour the and raised about $3 million for the charity, which provides with a particular focus on underprivileged children. 日,籌得港幣110萬元,用於支持該中心提供更完善的癌病護理;4月與香港癌症基
lives of the people who visit it in many different ways. Its medical services in rural areas throughout China. The Club’s 金會攜手舉辦慈善高爾夫球日,籌集約港幣108萬元;12月舉辦聯合醫院慈善高爾
playroom is a haven of fun and laughter for the many charity golf days throughout the year also continue to be major 「清水灣‧走入社群」計劃一直在會員心中別具意義,以不同方式帶動會員回饋  夫球日,以及於今年3月舉行健康快車慈善高爾夫日,活動各籌得約港幣100萬元。
less fortunate children who are invited to play there. The fundraisers for good causes: the Caritas Charity Golf Day in 社會,為有需要的人士燃點希望。本會開放設施供外界團體和市民使用,並支持 
most important dates in the calendar are given some January raised more than $1.4 million for the social welfare 多項 慈 善活動,實 踐 服 務「家 庭 」和「鄰舍」的助人 理 念。去 年,該 計 劃 更 創 下  今年更為兩家新慈善合作夥伴舉 辦高爾夫日,分別在 1月舉行 仁濟醫院 
extra joy and sparkle for elderly members of society organisation; the Maggie’s Cancer Caring Centre Charity Golf 歷年籌款紀錄,為18間慈善合作夥伴籌得合共超過港幣1,600萬元善款。計劃  慈善高爾夫球日,為位於荃灣的仁濟醫院籌得港幣72萬元善款。隨後於5月舉行 
who are invited to enjoy special festive meals at the Day in February raised $1.1 million to provide high-quality 自成立以來已累積善款超過港幣1億元。 「兒童醫健基金會慈善高爾夫日」,為該基金籌得港幣100萬元善款,以支援該 
基金在亞洲農村地區為當地居民及貧困兒童提供護理服務。

ANNUAL REPORT 2017/2018 - 30 Haven of Hope
SUMMARY OF COP Sep Christian Service

2017 Annual Committee Dinner

fundraiser

EVENT DATE EVENT PARTICIPANTS BENEFICIARY TOTAL AMOUNT
RAISED
30 Sep 2017 Annual Committee Dinner 51 Haven of Hope Christian
13 Oct 2017 Service HK$157,600
21 Oct 2017 Clearwater Bay Mother’s Choice 135 The Club’s annual committee dinner always goes beyond charity sale was held during the event that saw it raise $157,600
25 Nov 2017 Charity Pro-Am Golf Tournament 750 Mother’s Choice HK$800,000 celebrating its achievements and the hard work of its dedicated for Haven of Hope Christian Service’s Food Pack with More
29 Nov 2017 3,000 HK$530,000 staff over the past year. More importantly, the event helps to Love Charity Programme. The programme provides preventive
9&10 Dec 2017 Clearwater Bay Open Charity Walk 140 World Vision Hong Kong HK$3,000,000 raise funds to support charities caring for the underprivileged care of acute and chronic diseases to the underprivileged
12 Dec 2017 52 Lifeline Express residing in its neighbouring communities. elderly such as providing them with nutritious meals for a more
5 Jan 2018 Lifeline Express Charity 108 HK Foundation HK$650,000 balanced diet.
7 Jan 2018 Run & Walk 106 Haven of Hope Christian The annual dinner in September 2017 was no exception as a
26 Jan 2018 600 Service HK$35,100
2 Feb 2018 Clearwater Bay Haven of Hope 84 HK Tennis Association 13 Mother’s Choice The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
24 Feb 2018 Charity Pro-Am Golf Tournament 108 Junior Development Fund HK$1,000,000 Oct
16 Mar 2018 1,000 HK$720,000 Charity Golf Tournament
17 Mar 2018 HKTCC (Ladies Doubles enrollment 32 United Christian Hospital HK$281,838 2017
22 Mar 2018 fees) 400
13 Apr 2018 111 Yan Chai Hospital HK$1,428,000 The Mother’s Choice Charity Pro-Am Golf Tournament hit all the the indispensable services of Mother’s Choice that assist
20 Apr 2018 United Christian Hospital Charity 101 Breakthrough HK$1,100,000 right notes in October 2017 as members were more than happy children without families and young women facing crisis
4 May 2018 Golf Day 92 Caritas HK to support one of the Club’s long-standing charity partners. pregnancies. These services received a boost of $800,000 to
25 May 2018 76 Maggie’s Cancer HK$700,700 help the non-profit organisation take even better care of its
16 Aug 2018 Yan Chai Hospital Charity Golf Day 96 Caring Centre Not only did some 135 avid golfers relish a friendly and patients so as to provide them with brighter futures.
21 Aug 2018 108 HK$552,028 competitive round of golf, but they were also happy to support
Clearwater Bay Chase 104 World Vision Hong Kong
HK$500,000 21 World Vision Hong Kong 32
Caritas Charity Golf Day Apple Daily Oct 33
Charitable Foundation HK$1,000,000 Peace for Every Child
Maggie’s Cancer Caring Centre 2017
Charity Golf Day Christian Action HK$1,078,500 Charity Walk

World Vision Spring Charity Lifeline Express HK$680,000 It was a walk to remember as over 750 participants trekked bring clarity to the plight of its beneficiaries.
Barefoot Walk for Children HK Foundation for a brighter future for Syrian refugee children during the In 1982, World Vision set up a fundraising office and has
The HK Anti-Cancer HK$500,000 Peace for Every Child Charity Walk in October 2017. The event
Apple Daily Charitable Foundation Society helped to set the stage for the much-anticipated PGA TOUR since expanded its mission to promote public education,
Charity Golf Day HK$1,000,000 Series – China “Clearwater Bay Open” and raised $530,000 involving raising public awareness on significant issues
Sowers Action for humanitarian aid organisation World Vision, which aims to concerning poverty, hunger, health and child rights.
Christian Action 3-legged Charity HK$500,000
Walk Children’s Thalassaemia HK$600,000
Foundation
Lifeline Express Children’s Medical
Charity Golf Day Foundation
HK Impaired Golfers
HK Anti-Cancer Society Charity Association
Golf Day St. James’ Settlement

Sowers Action Charity
Golf Day (Golf Coaching)

Children’s Thalassaemia
Foundation Charity Golf Day

Children’s Medical Foundation
Charity Golf Day

HK Impaired Golfers
Charity Golf Day

St. James’ Cup Charity Golf Day

Through the efforts of our members, the Club has played a small part in aiding our charity partners and raised HK$16,813,766
from 2017 to 2018 (until 21 Aug 2018).

25 Lifeline Express Hong 12 United Christian
Nov Kong Foundation Dec Hospital

2017 Charity Run/Walk 2017 Charity Golf Day

Over the years, the Lifeline Express Hong Kong Foundation has Club’s hosting of the Lifeline Express Charity Run/Walk that A charity golf day co-organised by the Club and United event surpassed expectations to bring in $1 million which
been running steadily on the tracks in its mission to provide drew the overwhelming support of some 3,000 participants. Christian Hospital brought out the best in some 108 of the Club’s provided a healthy boost to the services and expansion project
essential cataract treatment to patients living in inaccessible By the end of the event, over $3 million was contributed to the keen golfers as they displayed their enthusiasm for not only of the hospital. The contributions in turn have facilitated the
areas throughout China. non-profit organisation’s worthwhile cause. their favourite sport, but also in giving back to society. swifter recovery of United Christian Hospital’s patients.

This initiative has been given a welcome boost through the United Christian Hospital’s patients were all smiles as the

29 Haven of Hope Sister 5 Yan Chai Hospital The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Nov Annie Skau Holistic Jan
Care Centre Charity Golf Day
2017 2018
Charity Golf Tournament

Members headed to the links in high spirits to compete in an finance its Relief & Charity Bed Programme. Over the years, the It has long been the mission of Yan Chai Hospital to deliver True to its core principles, the organisation worked closely
afternoon of showcasing powerful drives and precise putts programme has been proactively shining rays of hope to the medical, social and education services particularly to young with the Club in January 2018 to host a charity golf tournament
during an exciting charity golf tournament in November 2017. non-profit organisation’s underprivileged patients who have and elderly patients since its establishment in 1962. Today, its supported by some 106 golfers. Everyone walked away winners
benefited from its wide range of vital medical and residential services range from rehabilitation and hemodialysis to youth on the day as the event raised a handsome $720,000 to further
In addition to posting outstanding golf scores, the efforts care services. and child care. assist Yan Chai Hospital’s noble mission.
of 135 golfers to bring in $650,000 were well-received by the
Haven of Hope Sister Annie Skau Holistic Care Centre to help 34
35
7
9 & 10 Hong Kong Tennis Jan Breakthrough
Dec Association Junior
Development Fund 2018 Clearwater Bay Chase
2017
HKTCC 2017 – Ladies

Doubles Challenge

The year-ending Hong Kong Tennis Champions Cup sporting Throughout the years, a number of promising tennis players Over 600 members took off from the starting line of 2018 on a Breakthrough is known for providing educational, cultural
spectacle also did its part by going beyond the international tennis have been nurtured by the HKTA Junior Development Fund to healthy note during the always popular Clearwater Bay Chase and counselling services to enrich the lives of talented
action on the court to support the development of the local sporting help them harness their full potential as they engage in various in January. Participants once again put their best feet forward youngsters in Hong Kong through this project, which has
scene. Following the action-packed tournament, funds raised from training programmes and acquire invaluable experience in to complete a range of distances and raised over $280,000 for subsequently fostered a positive attitude in them.
the enrolment fees of the Ladies’ Doubles Challenge were donated overseas tournaments. Breakthrough’s Liberal Studies Project.
to the Hong Kong Tennis Association Junior Development Fund.

26 Caritas 16 Apple Daily
Jan Mar Charitable Foundation
Charity Golf Day
2018 2018 Charity Golf Day

Caritas has come a long way since its establishment in 1953, The past year saw Caritas work hand-in-hand with the Club The past year saw the Club continue its ongoing partnership underprivileged local residents.
where it embarked on its mission to offer relief and rehabilitation to host the Caritas Charity Golf Day in January 2018 where a with the Apple Daily Charitable Foundation as they The Apple Daily Charitable Foundation has been
services to the underprivileged. These days Caritas has taken on total of 84 golfers swung away for an afternoon of competition collaborated to stage a charity golf tournament in March
a more expanded role that encompasses social work, education, that brought in over $1.4 million in donations. 2018. A group of 32 golfers were above par in their charitable proactive in contributing to a number of social service
medical care, community development and hospitality. spirit as they raised just over $550,000 that was allocated organisations and charitable events to address the needs of
to the foundation’s medical and hospice care services for different communities.

2 Maggie’s Cancer 17 Christian Action The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Feb Caring Centre Mar
Three-legged Charity Walk
2018 Charity Golf Day 2018

A cool day greeted 108 golfers to the second running of been committed to offering free practical, emotional and Some 400 participants paired up to overcome a tricky but underprivileged families in Hong Kong, as well as orphans and
this charity golf day hosted by the Club in partnership with psychosocial support to cancer patients at the centre. This fun challenge during the Christian Action 3-Legged Charity disabled children in Qinghai, China.
Maggie’s Cancer Caring Centre. They were handsomely in turn has created a pleasant environment for them to take Walk in March 2018. Actions spoke louder than words as the
rewarded for their efforts as the event generated $1.1 million. comfort in and which helps to relieve their stress. fun-filled event successfully brought in $500,000 which was Over the years, Christian Action has been focused on
donated to Christian Action’s services that aid children from offering indispensable advice, rescue and advocacy services
Over the years, Maggie’s Cancer Caring Centre has that have benefited a wide spectrum of disadvantaged groups.

World Vision 22 Lifeline Express 36
Hong Kong Mar Hong Kong Foundation 37

24 Spring Charity Barefoot 2018 Charity Golf Day
Feb
Walk for Children
2018

Members and guests braved a cold day in February 2018 to brought in more than $700,000 in donations. After commencing operations in 1997, the Lifeline Express Hong In March 2018, 111 avid golfers were keen to bring their
bring love and warmth to displaced families in South Sudan Their efforts contributed to support World Vision’s health Kong Foundation has raised funds to support the operation of best games during the Lifeline Express Charity Golf Day
through the World Vision Spring Charity Barefoot Walk for its purpose-built Eye-Trains. They travel to poverty-stricken to help further advance the organisation in assisting less-
Children. Over 1,000 participants embarked on a meaningful and water, sanitation and hygiene projects that assist needy areas of rural China to provide free cataract operations to privileged people who would otherwise not have access to
trek, and as a result, the event was a resounding success that children and families in the conflict-ridden country. patients in need. medical services.

13 Hong Kong Anti-Cancer 25 Children’s Medical
Apr Society May Foundation

2018 Charity Golf Day 2018 Charity Golf Day

Showing the Club spirit of camaraderie and charity, 101 golfers Since its inception in 1963, the Hong Kong Anti-Cancer Over the past year, the Club has played a key role in the thanks to the 96 golfers who showcased their top games
gave their full support to the Hong Kong Anti-Cancer Society Society has been at the forefront of providing vital treatment, Children’s Medical Foundation’s ongoing mission of developing and generosity on the day. The funds are helping to finance
Charity Golf Day in April 2018. There were winners all around rehabilitation, palliative care and holistic support to cancer and implementing sustainable health care solutions for children the organisation’s Save-a-Baby programme as part of its
as the event successfully raised over $1 million to help fund the patients and their families. in Asia, with a focus on helping underprivileged children. Lingshan and Guangxi Comprehensive Neonatal Healthcare
services of the non-profit organisation. Project Expansion.
A case in point is the hosting of an exciting charity golf
tournament in May 2018 that successfully brought in $1 million,

20 Sowers Action 16 Hong Kong Impaired The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Apr Aug Golfers Association
Charity Golf Day
2018 2018 Charity Golf Day

Sowers Action traces its roots back to 1992, when it began Staged on the Club’s verdant golf course in April 2018, the The Hong Kong Impaired Golfers Association was established their self-confidence.
its work of promoting educational aid in rural China by Sowers Action Charity Golf Day witnessed a solid group of 92 in 2012 and has since been lending a helping hand to visually- The Club shares a similar view of assisting people with
helping disadvantaged students complete their education, golfers swing their way towards raising $600,000 for the non- impaired individuals who are interested in playing golf. The
reconstructing schools and facilities, and enhancing the quality profit organisation. close mentoring has not only helped them enhance their disabilities, and collaborated with the HKIGA to host a charity
of training programmes for teachers. technical competence, but also worked wonders for boosting golf day in August 2018. The event saw a strong turnout of 108
golfers who all contributed to raising over $500,000.

4 Children’s Thalassaemia 21 38
May Foundation Aug 39

2018 Charity Golf Day 2018 St. James’ Settlement

Charity Golf Day

The Children’s Thalassaemia Foundation has throughout the challenging course, the non-profit organisation was able to Tracing its roots to 1949, St. James’ Settlement has flourished tournament that delivered a strong turnout of 101 golfers. The
years been steadfast in improving Thalassaemia-suffering raise $500,000 which went towards purchasing iron-removal into a thriving organisation that is at the forefront of providing a $600,000 raised through the event exceeded expectations and
children’s lives and aiding them to grow up healthy. equipment and accessories to provide effective treatment to wide range of services particularly to the youth and the elderly, has been subsequently allocated to provide underprivileged
children with thalassaemia. including residential care and rehabilitation. children with diversified learning opportunities and free
On the heels of a charity golf day held on the Club’s stationery items.
In August 2018, the Club worked hand-in-hand with its
long-standing charity partner to co-organise a charity golf

GENERAL COMMITTEE

值理委員會

The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

40
41

Left to right 由左至右 Left to right 由左至右

Mr. Wyman Li (Club Chairman) 李維文先生(主席) Mr. Huen Wong, BBS, JP 王桂壎先生
Mr. Herbert Wong (Advisor) 黃允湛先生(顧問) Dr. Jack W K Wong 黃偉光醫生
Mr. David Hui 許震宇先生 Mr. Siu-wai Lam 林少偉先生
Mr. Mark Chan 陳文傑先生 Mr. Simon Cheung 張業文先生
Dr. Ryan Li (Advisor) 李維仁醫生(顧問) Mr. Vincent Poon 潘德安先生

MEMBERS’ COUNCIL

會員委員會

(Left to right) (由左至右) (Left to right) (由左至右) The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

Mr. Nelson Chan 陳增榮先生 Mr. Paul Tse 謝思訓先生 42
Mr. Andrew Lawson Andrew Lawson先生 Dr. Danny Tsoi 蔡智華醫生 43
Mr. Thomas Muldowney Thomas Muldowney先生 Mr. Robert Whiting Robert Whiting先生
Mr. Eugene Pak 白浩天先生 Mr. Glenn Yee 余灼強先生
Mr. David Poon 潘仲豪先生 Mr. Roger Yip 葉榮坤先生

(Absentee) (缺席委員)

Mr. Stuart Young Stuart Young先生

SUB-COMMITTEE

委員會

(Opposite page, (This page, (對頁, (本頁, The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
由左至右,由上至下) 由左至右,由上至下)
left to right, top to bottom) left to right, top to bottom)
陳文傑先生 徐守然女士
Mr. Mark Chan Ms. Vivian Tsui 陳增榮先生 Todd Turney先生 44
Mr. Nelson Chan Mr. Todd Turney 陳晉駒先生 Robert Whiting先生 45
Mr. Tsun-kui Chan Mr. Robert Whiting 張愷先生 王桂壎先生
Mr. Canny Cheung Mr. Huen Wong, BBS, JP 張業文先生 黃偉光醫生
Mr. Simon Cheung Dr. Jack W K Wong
張玉堂先生 Kerilee Woodthorpe女士
Mr. Yuk-tong Cheung Mrs. Kerilee Woodthorpe 蔡錦怡醫生 胡國強先生
Dr. Samuel Choi Mr. Andrew Wu 周博軒先生 余灼強先生
Mr. Felix Chow Mr. Glenn Yee Susan Denham女士 葉榮坤先生
Mrs. Susan Denham Mr. Roger Yip 何榮照先生 余國賢先生
Mr. Peter Ho Mr. Edmond Yue
Jan Bjorn Hojgaard先生 (缺席委員)
Mr. Jan Bjorn Hojgaard (Absentees) 許震宇先生
Mr. David Hui 林少偉先生 馮明光先生
Mr. Siu-wai Lam Mr. Gabriel Fong Alexandra Lawson女士 何世滿先生
Mrs. Alexandra Lawson Mr. Freddy Ho Andrew Lawson先生 江焯贊先生
Mr. Andrew Lawson Mr. James Kong 呂禮恆先生
Mr. Kennic Lui 李玉娟女士 Oscar Poelmann先生
Ms. Anna Lee Mr. Oscar Poelmann 梁偉基先生 鄭志雄先生
Mr. George Leung Mr. Clement Tay 廖慈輝先生 唐業銓先生
Mr. Daniel Liu Mr. Eric Tong Lodewijk Meens先生 Stuart Young先生
Mr. Lodewijk Meens Mr. Stuart Young Thomas Muldowney先生
Mr. Thomas Muldowney
白浩天先生
Mr. Eugene Pak 潘仲豪先生
Mr. David Poon 潘德安先生
Mr. Vincent Poon Thiyagarajah Rajah先生
Mr. Thiyagarajah Rajah 蕭金山先生
Mr. Simon Siu
譚旭生先生
Mr. Sammy Tam 鄧偉業先生
Mr. Leslie Tang Michael Tsang先生
Mr. Michael Tsang 謝思訓先生
Mr. Paul Tse 蔡智華醫生
Dr. Danny Tsoi

MANAGEMENT PATRONS & HONORARY MEMBERS

管理層 贊助人及榮譽會員

Club Patrons 贊助人 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

Mr. George Sze-kwong Chao (1940-2016) 趙世光先生
Dr. George Wing-sien Choa (1921-2013) 蔡永善醫生
Sir K enneth Ping-fan Fung (1911-2002) 馮秉芬爵士
Mr. Fa-kuang Hu, GBS, CBE, JP 胡法光先生
Mr. Pei-chung Lee (1920-2012) 李伯忠先生
Dr. Dak-sum Li, JP 李達三博士
Mr. David Tseng-van Lieu 呂政範先生
Mr. Jee-chen Lieu (1918-2011) 呂建成先生
Sir Run Run Shaw (1907-2014) 邵逸夫爵士
The Hon. Chee-hwa Tung, GBM 董建華先生

Honorary Members 榮譽會員

Mr. Yim-kwong Chan 陳炎光先生
Mr. John Crawford, JP 高來福先生
Mr. Michael Fiske Michael Fiske先生
Mr. Edward Ko 高一峰先生
Mr. Wilf Timso Wilf Timso先生
Mr. Herbert Wong 黃允湛先生
Mr. Benny Yam 任耀庭先生

GENERAL COMMITTEE,
MEMBERS’ COUNCIL & ADVISORS

值理委員會、會員委員會及顧問

46
47

(Left to right) (由左至右) Club Chairman Council Members 主席 會員委員會

Mr. Mark Halvorsen – Marina Manager Mark Halvorsen先生 — 遊艇會經理 Mr. Wyman Li Mr. Nelson Chan 李維文先生 陳增榮先生
Ms. Florence Kong – Personal Assistant to GM 江淑芬小姐 — 總經理私人助理 Mr. Andrew Lawson Andrew Lawson先生
Mr. Peter Downie – General Manager / Director of Golf Peter Downie先生 — 總經理 / 高爾夫球部總監 Committee Chairmen Mr. Thomas Muldowney 委員會主席 Thomas Muldowney先生
Mr. Jerry Mo – Deputy General Manager 毛翔明先生 — 副總經理 Mr. Eugene Pak 白浩天先生
Mr. Gary Lam – Engineering & Project Manager 林俊君先生 — 工程及項目經理 Mr. Mark Chan Mr. David Poon 陳文傑先生 潘仲豪先生
Mr. Damian McManamon – Executive Chef Damian McManamon先生 — 行政總廚 Mr. Simon Cheung Mr. Paul Tse 張業文先生 謝思訓先生
Mr. Billy Ng – Country Club Manager 吳天生先生 — 鄉村俱樂部經理 Mr. David Hui Dr. Danny Tsoi 許震宇先生 蔡智華醫生
Mr. Christopher Chase – Golf Course Superintendent Christopher Chase先生 — 高爾夫球場監督 Mr. Siu-wai Lam Mr. Robert Whiting 林少偉先生 Robert Whiting先生
Ms. Sanda Chan – Director of Human Resources 陳碧華小姐 — 人力資源部總監 Mr. Vincent Poon Mr. Glenn Yee 潘德安先生 余灼強先生
Mr. Raymond Pun – Financial Controller 潘健文先生 — 財務部總監 Mr. Huen Wong, BBS, JP Mr. Roger Yip 王桂壎先生 葉榮坤先生
Mr. Frankie So – Director of Food & Beverage 蘇國彬先生 — 飲食及餐飲部總監 Dr. Jack W K Wong Mr. Stuart Young 黃偉光醫生 Stuart Young先生

(Absentee) (缺席) Advisors General Manager / 顧問 總經理 / 高爾夫球部總監
Director of Golf
Mr. Grant Gibson – Head Golf Professional / Deputy Director of Golf Grant Gibson先生 — 高球總教練 / 副高球總監 Dr. Ryan Li 李維仁醫生 Peter Downie先生
Mr. Herbert Wong Mr. Peter Downie 黃允湛先生



GOLF COMMITTEE

高爾夫球會委員會

The second edition of the
PGA TOUR China - Clearwater
Bay Open was as resounding

a success as the first.

There have been numerous upgrades to the golf course been raised to RMB2 million. As with the previous year’s event, Mr. Mark Chan 陳文傑先生 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
over the past year. The most important have been the the Clearwater Bay Open was accompanied by the World
extensions to the tee areas of holes 13 and 15, making Vision Walk for Syria, which raised funds for the humanitarian Committee Chairman and Golf Captain
each of them about 20 yards longer. Additionally, the aid organisation’s Syrian Refugee Response programme. 委員會主席及高球隊長
mounding between the 12th green and the 15th tee has
been reconfigured and contoured to give it a more The Club is set to host another prestigious golf tournament Mr. Tsun-kui Chan 陳晉駒先生
pleasing appearance. The turf grass nursery has been in 2020, with the visit of the Eisenhower Trophy, the Mr. Andrew Lawson
relocated to hole 8, while a seating area for audiences biennial world amateur team men’s golf championship. Mr. George Leung 梁偉基先生
at major tournaments has been added at hole 18. Featuring about 400 players, this year’s edition of the event Mr. Eugene Pak 白浩天先生
is taking place at Carton House Golf Club in Ireland. Mr. Thiyagarajah Rajah
Furthermore, the Driving Range has been totally Mr. Leslie Tang 鄧偉業先生
revamped, with the new facility due to open in October. The Demonstrating its continued commitment to supporting Mr. Paul Tse 謝思訓先生
new-look range will feature seven target greens made of local golf development, this year the Club co-sponsored
the same state-of-the-art, all-weather material used for the Hong Kong Professional Golfers’ Association 高 爾 夫 球 場已完 成 多項 升 級 工程,主 要 是 將第 1 3 洞 和 第 1 5洞 的 發 球 區 延 長 約  磋商延長三年,賽事獎金更增加至人民幣200萬元。一如以往,賽事舉行之前,本 50
the tees and greens at the Clearwater Bay Academy, with Order of Merit Series with Hong Kong Golf Club. 20碼。此外,第12洞果嶺與第15洞果嶺之間的土丘已重置,並重新設計以美化  會聯同香港世界宣明會舉辦「伴敘利亞步出生天」步行籌款活動,寓慈善於比賽, 51
a completely safe washed silica sand infill; a water hazard 外觀。草坪苗圃已遷至第8洞,並在18洞後方加置座位,方便觀眾觀賞賽事。 所得善款撥捐該會的救援敘利亞難民行動。
meandering through the range; and an upgraded hitting A popular innovation with members has been
area with new rubber flooring and new safety nets. the introduction of online booking of tee times. The 練習場已全面重塑,增添更多設施,並已於10月啟用,為會員帶來煥然一新 我們將於2020年舉辦另一場享負盛名的高爾夫錦標賽  —  Eisenhower
system was launched in February with 50 per cent 的揮桿體驗。全新面貌的練習場設有七個練習果嶺,鋪了可供全天候使用的人造 Trophy。這是兩年一度的世界級業餘男子高爾夫球錦標賽。今年賽事於愛爾蘭
The second edition of the PGA TOUR China – Clearwater of tee times available for online booking, a figure 草坪。人造草的填充物料以經窯乾及沖洗後的硅砂組成,符合安全標準。清水灣  的Carton House Golf Club舉行,約有400名選手參加,競逐冠軍寶座。
Bay Open was as resounding a success as the first. The that has now been increased to 80 per cent. 高爾夫球訓練學院的發球區、果嶺及四周的草地亦採用相同的物料,效果理想。 
tournament, of which the Club is also headline sponsor, is 練習場亦加置蜿蜒曲折的水障礙,提升擊球區,包括換上新橡膠地板,以及更換 本會持續推動本地高爾夫球的發展,今年更與香港哥爾夫球會攜手贊助香港
worth RMB1.2 million (about HK$1.37 million) in total prize The Clearwater Bay Academy has also proved a hit with 新圍網。 職業高爾夫球協會的排名賽,支持培育高球新力軍。
money, and this year again involved 120 top players, including golfing and non-golfing members alike. The six-hole short
10 from a qualifying event that gives local players a chance golf course has quickly become such an invaluable teaching 第二屆美巡中國賽  —  清水灣公開賽承襲去年聲勢完美落幕。比賽總獎金  2月推出網上預訂高球場服務,有一半的時段可供預訂,獲得會員熱烈回響。
to take part. The eventual winner was James Marchesani of resource that it now has its own dedicated professional, 高達人民幣120萬元(折合約港幣137萬元),而本會亦是賽事的冠名贊助。今年  現時可供預訂的時段已增至八成。
Australia, with Callum Tarren of England taking second place. who is mostly busy providing coaching to juniors, for 共 有 1 2 0 名頂 尖球員雲 集 清 水 灣,展 開 連 場激 戰,當中包括 通 過 資格 賽 入圍的 
three days of each week to juniors from outside the Club. 10名香港球員。最終由澳洲的詹士馬山奇尼(James Marchesani)力壓群雄, 重塑後的清水灣高爾夫球訓練學院在高爾夫球會員和非高爾夫球會員之間 
The tournament received extensive media coverage. The 勇奪冠軍,英格蘭的卡勒姆塔倫(Callum Tarren)則獲得亞軍。 備受讚賞。全新的六洞高球場已迅速成為寶貴的教學資源,現時駐有專業教練,
PGA TOUR China offers leading players the reward of places The Junior Sportsmanship Scheme continues to provide 教授少年會員揮桿技巧,同時亦為外界提供每週三天的高爾夫球培訓班。
on the Web.com TOUR, a route into the main PGA TOUR, and the most talented youngsters with a pathway to success, 是 次 賽 事 獲 廣 泛報 道,令本會 的知 名度 大 增。美 巡中國 賽為 國 際 一級 
the stakes will be particularly high for this year’s Clearwater with four more top juniors recommended for the scheme by 球員 提 供 晉身 韋伯 網 巡 迴 賽 的 路 徑,由此 獲 得 參加 美 巡 賽 的 資格,踏 上 國 際  「青少 年 運 動 發 展 計 劃」繼 續 扶 植 具備 優 厚 潛 質的 年 輕 運 動員 踏 上 成 功 
Bay Open, which for the first time will be the final leg of the the Hong Kong Golf Association this year. Meanwhile, young 舞台。今 年,清 水 灣 公 開 賽 更首次 成 為全 年 賽 季 的 收 官之 站,比賽 的重 要性和  之路。今年香港高爾夫球總會推薦四名青年精英運動員參加該計劃。與此同時,
TOUR’s season. The Club originally hosted the tournament sportspeople supported by the Club in the past continue 受關注度不言而喻。本會原初與美巡賽主辦機構簽署了三年的主辦權協議,現正 本會支持的年輕運動員憑著努力不懈和出色表現,獲得美國常春藤聯盟大學頒發
under a three-year agreement with the TOUR, which has now to thrive, with several awarded sporting scholarships to 體育獎學金,包括目前就讀耶魯大學的高球手Gabrielle DeSombre和普林斯
been provisionally extended for three years and the purse has Ivy League universities in the US, such as golfer Gabrielle 頓大學的Max Ting。
DeSombre, who is at Yale, and Max Ting at Princeton.

MARINA COMMITTEE

遊艇會委員會

The past year has been a busy
one for the Marina, with several
projects completed or currently

underway.

The past year has been a busy one for the Marina. Several The upgrade to the Marina Lawn was completed in Mr. Vincent Poon 潘德安先生 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
major projects have finished, or are currently underway, one October 2017, with an all-weather surface featuring safe
of them being the repair and replacement works to the Dry and environmentally friendly washed silica sand infill Committee Chairman
Stack structure. The installation of the structure’s roof section material – the same material used on the tees and greens
representing the final stage of the works is in progress. To at the Clearwater Bay Academy. The new Marina Lawn 委員會主席
complement this, several additional boatyard infrastructure played host to a variety of notable events over the past year,
works are also underway, including the completion of including the Clearwater Bay Chase charity run, the World Mr. Jan Bjorn Hojgaard
essential concreting of gravel road areas and the addition Vision Spring Charity Barefoot Walk for Children, the Christian Mr. James Kong 江焯贊先生
of a dedicated access path with gate to redirect members Action Three-legged Charity Walk, the Inter Club Soccer Mr. Daniel Liu 廖慈輝先生
and boat boys away from the lift and launch zone. Tournament and the Easter Family Carnival, while the Marina Mr. Thomas Muldowney
also hosted students from the Young Artists Foundation. Mr. Todd Turney
The initial plan to replace all floating docks with an Mr. Roger Yip 葉榮坤先生
aluminium structure has since been changed due to the Hong The Marina continued with its beautification programme
Kong Government not approving the Club’s applications. The of planting more than 200 trees and shrubs over the same 遊艇會在去年非常忙碌,相繼開展一個又一個的工程項目。多個主要項目已陸續  填 充 物 料以 沖 洗後的 硅 砂 組 成,符 合環保 原則 之 餘,也合 乎 安 全標 準。清水灣  52
various Committees have therefore decided to undertake a period, while all excavated earth material from the Marina 竣工,尚有部分仍在施工中,包括陸上快艇存放區的維修及翻新工程。該工程已  高爾夫球 訓練學院的發 球區和果 嶺的草 地也採 用相同的物料,效 果 理想。  53
repair and replacement of the entire floating dock system Lawn conversion works was reused to create a brand 踏入 最後 階段,正安 裝 存 放 區 頂部 的結 構。此 外,船 塢亦正 進 行多項 基 建 設 施  去年,我們 便在 遊 艇 會 新草 坪 舉 辦了多項 精 彩 活動,包括 清 水 灣 長 跑 賽、 
utilising timber material which is being imported from new natural grass upper lawn area, covering the original 工程,例如在碎石路面鋪上混凝土,以及新增一條行人專用通道,供會員和船員  香 港 世界宣明會新 春童 樂赤腳行、基督教 勵 行 會二人三足 勵同行慈善步行 
the US to meet the Club’s original specifications. Under service road used in the construction of the breakwater. 使用離開升降機和下水區。 籌款、Inter Club Soccer Tournament和復活節親子嘉年華。此外, 
these works, all the electrical, mechanical and fire service 遊艇會亦接待了青年藝術家基金會的學生進行寫生活動。
components will also be replaced. These works are well Improvements have continued at BreeZes with 我們原初向香港政府提交將所有木造泊位引橋系統更換為鋁材結構的計劃
underway on Dock B with all the other docks to follow; the a further upgrade to the food selection and the 未獲屋宇署批准,因此需要對該計劃作出調整和修改。委員會決定採用美國進口 我們繼續在遊艇會範圍種植200多株樹木和灌木,以美化四周環境。升級 
Club is aiming to complete all the works within 2-3 years. purchase of a new manual coffee machine for 木材維修及更換整個泊位引橋系統,以符合本會的原初建築規定。同時亦會更換  工程中挖掘出來的泥土和棄置材料亦予以循環再用,貫徹本會愛惜環境的理念。
members to taste the delights of real bean flavour. 所有電機和消防零件及設備。預期將首先在碼頭B開展工程,隨後陸續在其他  該等泥土和材料用於鋪設遊艇會的全新天然草坪。該草坪用來覆蓋興建防波堤
The new docks will also employ the very latest back- 碼頭進行,計劃在未來2至3年內全部竣工。 時使用的道路。
to-base utility management system, which connects This year also saw the Fire Services Department conduct
each power pedestal to the main Marina office and a fire drill at the Marina to evaluate their level of readiness. 新碼頭將採用最先進具備傳輸數據功能的管理系統,可將每個電源基座連接 B r e e Z e s 繼 續 進 行 優 化,不 僅 增加 食 品 選 擇,亦 購 置 新 的 手動 咖 啡 機, 
allows staff to take accurate readings remotely, isolating It was a well-attended and successful affair, featuring 到遊艇會辦事處,當值同事便能遙距讀取準確數據,掌握每個泊位各自的耗水量 讓會員在消閒時間享受片刻香濃。
each berth’s water and electricity consumption, and two fire trucks, a fireboat, portable fire pumps and 70 和耗電量,有助提高管理效率。
allowing for greater efficiency in management. fire crews, all under the watchful eye of the FS District 今 年,消 防處 在 遊 艇 會 進 行消 防演習,藉 此 評 估 消 防 隊的應 變 能力。是 次 
Commander. It gave the Department an opportunity to 其他大型設備升級工程包括將於2018年12月安裝75噸全液壓船升降機和  演習模擬發生海上火警,共有70名消防員參與,出動兩輛消防車、一艘消防船和 
Other major equipment upgrades are to come and evaluate the performance of their crews under a simulated 9噸鏟車。 便 攜 式 消 防 泵,在 消 防 安 全 總 區指 揮官的 調 度 下,演習順 利 完 成。我們已邀 請 
include the arrival of a 75-tonne all-hydraulic boat marine fire scenario. The Fire Services Department has 消防處明年再次在遊艇會進行類似演習。
lift and a 9-tonne forklift truck in December 2018. been invited back for a similar exercise next year. 遊 艇 會草 坪 的 優 化 升級工程已於 去年 1 0月竣工。草 坪 採 用人 造草,其中的 

COUNTRY CLUB COMMITTEE

鄉村俱樂部委員會

Redevelopment works on
facilities have brought significant

upgrades to the fabric of the
Country Club.

As part of the ongoing redevelopment project for the Among the upgrades to the fabric of the Country Club, Mr. Siu-wai Lam 林少偉先生 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Country Club, the results of the Members’ Opinion Survey the Indoor Tennis Courts and Badminton Courts have new
clarified what members’ priorities were when it comes to LED lighting: Cree LED sport lights for the Badminton Courts, Committee Chairman
renovating the Country Club’s facilities. After more than 80 and MUSCO LED sport lights for the Tennis Courts, also used 委員會主席
per cent of members surveyed said they would like to see the at Wimbledon and the US Open. The resurfacing work on
swimming pool upgraded, the Club has proceeded to work both the Indoor and Outdoor Tennis Courts is now complete; Mrs. Susan Denham
on and review conceptual designs of the swimming pool. made from Rebound Ace Air Cushion, the same material as Mr. Sammy Tam 譚旭生先生
before, it has already attracted numerous positive comments Mr. Michael Tsang
The new Clearwater Bay Academy has proved a great hit from members. The netting surrounding Outdoor Tennis Mr. Robert Whiting
among Golf and Country Club members alike. The course was Courts 1 to 5 has been reinforced, while those courts have Mrs. Kerilee Woodthorpe
specially designed for training, and hosts numerous training also been given a new waterproof coating that will make Mr. Stuart Young
courses and events for juniors, including the Clearwater Bay them more resistant to weather and humidity. The Outdoor Mr. Edmond Yue 余國賢先生
Academy Cup, held four times a year. The Academy now has Tennis Courts are also looking refreshed, with their ceilings
its own dedicated golf professional, Nathan Goulding, who has and side walls having been freshly painted. Resurfacing 籌 劃 鄉 村俱 樂 部重 建 計 劃 時,我們 進 行了會員問 卷 調 查,了解大 家 對改善本會  在提升設施方面,本會的室內網球場及羽毛球場安裝了新的LED燈,羽毛球 54
developed many of the Club’s junior classes and tournaments. works over the past year have taken in the Spa and Studio, 設 施 的意 見。結果 顯示,超 過 八 成的 會員希望 翻 新 游泳 池,因此我們 開 展有關  場採用的是Cree LED燈,而網球場則安裝了溫布頓網球場及美國網球公開賽場 55
General Office and Function Rooms 1-3 and 6, the Ocean 工作,並審核游泳池的概念設計圖。 地均使用的MUSCO LED燈。至於室內及室外網球場己完成重鋪地面的工程,
Also encouraging the development of junior golf, the Golf View and Oasis kitchens, the barbecue terrace, Oasis’ 物料Rebound Ace Air Cushion與從前的一樣,會員表示十分滿意。1號至 
Induction Programme for Juniors in June became a bigger event outdoor area and the upper and lower lobbies; while an 全新成立的清水灣高爾夫球訓練學院,為會員帶來更富趣味的揮桿之樂。 5 號 室 外 網 球 場 的 圍 網已更 新,而地 面亦 塗 上 全 新 的 防 水層,更有 效 應付 潮 濕 
this year, and was renamed the Jason Hak Cup and Junior Golf air conditioning overhaul began with the replacement of 學院的球道設計專為練訓而建,並為青少年會員舉行多個訓練課程和活動,其中 天氣及雨水對場地的影響。室內網球場的天花及牆身已重新用油漆粉飾,煥然 
Clinic. Coaching was given to 39 kids by the Club’s Ambassador one of the Country Club chillers, with the others to follow. 包括每年舉辦四次的清水灣高爾夫球訓練學院盃等。目前,學院由職業高球手 一 新。過 去 一 年,我們 為 水 療 中心、辦 公室、1 - 3 號 及6 號 多用 途 活動室、 
Jason Hak, while 30 of them took part in a tournament. Nathan Goulding統籌訓練,過去一年安排了不少青少年訓練班和賽事。 觀瀾樓、Oasis餐廳廚房、燒烤露台、戶外範圍、上層及下層大堂重鋪地板,同時
This year’s Clearwater Bay Chase in January attracted 736 亦更換了其中一組冷卻系統以及冷氣設備,並將於不久將來更換其他冷氣機。
The Hong Kong Tennis Champions Cup (HKTCC) in people to the traditional 10km run and 1km parents’ and kids’ 此外,為培養青少年對高爾夫球的興趣,本會於6月份舉行的青少年高爾夫球
December 2017 was won by Ze Zhang and Mao-xin Gong run, as well as a new 3.5km run. A new route for the event takes 發展計劃今年改名為Jason Hak Cup and Junior Golf Clinic,規模更大,由 今年1月舉行的清水灣長跑賽,吸引了736人參加,賽事包括傳統10公里賽, 
of mainland China, who scored a three-set victory in a in the new Clearwater Bay Academy golf course, making for a 本會的高球大使黑純一為39位兒童進行指導,而其中30位更參加了高球賽事。 親子1公里賽及新設的3.5公里賽。新的跑徑更途經清水灣高爾夫球訓練學院,
closely contested final over Saketh Myneni of India and hillier challenge for the runners. This year’s Chase succeeded in 為賽事增添難度。賽事圓滿結束,成功為突破機構籌得超逾港幣25萬元,成績 
Christopher Rungkat of Indonesia. It was the best attended raising more than HK$250,000 for youth charity Breakthrough. 另一方面,香港網球冠軍盃 於2017年12月圓滿舉行,由中國球手張擇及  理想。
edition of the event ever, with the stands full for the finals; 公 茂 鑫 勇奪 冠 軍,擊敗 來自印度的 S a k e t h   M y n e n i及印尼 C h r i s t o p h e r
and also the most viewed ever, with close to half a million Among other Country Club events this year, the World Rungkat男雙組合。比賽當天座無虛席,而我們亦與香港01合作安排現場直播, 本會今年與環保團體為會員安排一系列活動,第一項就是於乘坐世界自然 
people watching it, thanks to a broadcasting partnership Wildlife Fund Hoi Ha glass-bottomed boat trip in September, 錄得近50萬人次收看,出席人士及觀眾人數均創新紀錄。除賽事外,我們更為來 基金會的玻璃底船,探索海下的自然海洋生態及珊瑚礁,共有約30名會員參加。
with HK01. The event was accompanied by a tennis clinic the first in a series of planned events in collaboration with 自弱勢社群的兒童舉辦了網球班,並為香港網球總會的青少年發展基金籌款。 此外,4月舉行的水上嘉年華,我們特別放置大型吹氣裝置、漿板及獨木舟等, 
for underprivileged children, and raised funds for the the environmental group, attracted about 30 members to 各會員樂而忘返。3月份,本會亦於遊艇會草坪舉行聯會足球賽,邀請約120名 
Hong Kong Tennis Association Junior Development Fund. observe Hoi Ha’s unique coral and marine life. The Water Fun 今屆香港網球冠軍盃將於2018年12月舉行,獎 金倍增至港幣48萬元,  來自不同私人會所及本地社區團體、年齡介乎5至17歲的青少年參加。
Day in April put the Club’s new inflatables, stand-up paddle 雲集世界頂級雙打球手及大滿貫得主競技。今年,本會將擴大設觀眾席至可容納 
In December 2018, the prize money available at the boards and kayaks to good use. And, for the Inter-club Soccer 多達600人於現場觀看,亦會於Oasis及草坪擺放大型屏幕直播賽事。
HKTCC will double to HK$480,000, with the world’s top- Tournament on the new Marina Lawn in March, the Club
ranked doubles players and grand slam winners coming to played host to about 120 participants aged between five and
compete. This year’s edition will feature an additional stand, 17 from various private clubs and local community groups.
allowing up to 600 people to watch the action live, as well as
big screens on both the Oasis lawn and the downstairs lawn.

MEMBERSHIP COMMITTEE

會籍委員會

Membership was again one of
the Club’s strongest performing

departments this year.

The Club’s membership still remains at the target its charity efforts such as the World Vision Peace for Every Dr. Jack W K Wong 黃偉光醫生 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
level. This year, the Surrender-and-Re-issue Scheme Child Charity Walk, Lifeline Express Charity Run and Walk,
generated a total revenue of $71 million, and it will and the Sowers Action Charity Golf Tournament. Committee Chairman
continue to recruit new quality members with the aim 委員會主席
of keeping the membership at a stable level. Hosting these events have helped to resonate the
Club’s core values and promoted sports development Mr. Yuk-tong Cheung 張玉堂先生
The Club’s main communications focus over the past in its neighbouring communities. Over the coming Dr. Samuel Choi 蔡錦怡醫生
year has been on promoting the many ways in which it year, the Club will also be boosting its communications Mr. Peter Ho 何榮照先生
opens its facilities to junior sportsmen, with the aim of efforts related to the upgraded Hong Kong Tennis Mr. David Poon 潘仲豪先生
promoting both elite athletes and active participation in Champions Cup and the Clearwater Bay Open, both of Dr. Danny Tsoi 蔡智華醫生
tennis and golf among students at local schools in its area. which continue to attract more big-name players and Mr. Huen Wong, BBS, JP 王桂壎先生
elevate the level of excitement at these tournaments. Mr. Roger Yip 葉榮坤先生
Among the events it publicises during the year, the
Clearwater Bay Open continues to be the most important, The focus of the Club’s internal communications 會籍數目仍然維持於目標水平。今年,贖回及 重新發行會籍計劃帶來總收益  「清水灣公開賽」、香港網球冠軍盃、與本港中小學合辦的網球體驗日和清水灣 56
helping position the Club as a top-level international venue. efforts over the year has been on promoting the new 港幣7,100萬元。未來將繼續吸納更多高質素的新會員,冀盼會員數目持續保持 高爾夫球訓練學院高爾夫體驗日、35週年「Above and Beyond」慶祝活動、  57
The Club took a wide range of approaches to promoting online booking service for golfers. The service now 穩定。 以及Jason Hak Cup and Junior Golf Clinic。我們亦投放廣告宣傳慈善 
this year’s tournament: as well as using outdoor advertising allows 80 per cent of tee times to be booked online, 活動,例如香港世界宣明會「童享和平步行籌款」、「健康快車  —  中國建設銀行 
media including buses and trams, it also signed up leading and has proved a big hit with golfing members. 我 們 矢 志 加 強 社 區 鄰 里 關 係,以不 同 途 徑 支 援 各 階 層人 士,包 括 讓 年 輕  (亞洲)慈善跑步行」,以及「苗圃行動高爾夫球慈善賽」。
publication Golf Digest as its media partner, and placed 運動員使用本會運動設施進行訓練,為培育本地精英運動員出一分力,同時亦在
banner advertising on the Google homepage, resulting in a The Club’s major internal communications priority 本地學校積極推廣高球及網球運動。 舉辦這些活動充分反映本會的核心價值,有助推動社區體育發展。在未來 
high clickthrough rate. It expanded the Clearwater Bay Open’s over the coming year will be on the Home Affairs 一年,我們將加強宣傳香港網球冠軍盃和清水灣公開賽。隨著兩項賽事的規模 
exposure to the public even further by promoting the event Bureau’s Policy Review of Private Recreational Leases 去 年相 繼 舉 行多項 大 型體 育活 動,我們 借 助 不 同 的 宣傳方 式,吸引國內 外  不斷擴大,勢將繼續吸引更多頂尖球員參加,掀起更激烈的龍爭虎鬥。
on the Hong Kong Tourism Board’s leaflets and calendar. public consultation, both encouraging members to 觀眾和媒體的關注。清水灣公開賽乃高球盛事,備受矚目,有助奠定本會作為國際
give their views and communicating the progress of 比賽主辦場地的地位。因此,我們展開廣泛的宣傳攻勢,除了利用戶外廣告媒體,  為方便 高 球 會員預 訂 高 球 設 施,我們 鼓 勵 會員善用網 上 預 訂服務。該 系 統 
The communications department also placed advertorials the ongoing review to members. It is being prioritised 例如設置巴士及電車車身廣告,亦與著名高球雜誌《Golf Digest高球文摘》  現時涵蓋八成的使用時段可供預訂,深受會員歡迎。
in several publications to spotlight major Club events due to the review’s far-reaching effects and influence 締結媒體合作關係,並在Google主頁放置橫幅廣告,吸引相當高的點擊率,宣傳 
including the PGA TOUR Series – China “Clearwater Bay on the Club. Doing so will not only ensure that the Club 成效理想。我們更在香港旅遊發展局的宣傳單張和節日盛事活動年曆宣傳該項  鑑於民政事務局已就私人遊樂場地契約政策檢討展開公眾諮詢,我們將密切
Open”, the Hong Kong Tennis Champions Cup, Tennis & conforms to the government’s requirements but it is 賽事,進一步提高各界對清水灣公開賽的關注。 留意檢討的進展,並加強與會員的溝通,定期提供最新資訊,並鼓勵會員發表意見,
Golf Academy Experiential Day with local primary and also important in its future development for the benefit 以確保本會符合政府的要求,同時亦有助我們構思未來發展計劃時能顧及會員的 
secondary schools, 35th Anniversary “Above and Beyond” of members. To that end, the Club has also newly 宣傳部亦在多份刊物放置廣告介紹本會的重要活動,包括美巡中國系列賽 — 需要。因此,我們已委任新的公關公司,專責代表本會就該事宜與政府進行磋商。
celebrations, and the Jason Hak Cup & Junior Golf Clinic. appointed a PR company with a specific remit to focus on
Similarly, the Club made use of advertorials to promote representations to and negotiations with the government.

FOOD & BEVERAGE COMMITTEE

飲食及餐務委員會

With improvements to both its wine and tea offerings, a range still in the barrel. Offering members a chance to invest in Improvements have been made The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
of food upgrades and further measures to reduce waste, it has wines of the future at low prices, en primeur sales already to the Club’s food, wine and
been a busy year for the Food and Beverage department. amount to more than 30 per cent of Wine Cellar sales during tea offerings to suit members’
the first year the service has been introduced. The service is preferences.
The new monthly Dim Sum Buffet in Ocean View restaurant set to continue, with 2016 en primeur wines available in the
has proved extremely popular with members, as have the summer of 2019. The Club also continues to send members Mr. David Hui 許震宇先生
improved seafood selection and new kids’ buffet at Oasis. of its waiting staff on sommelier courses, so they are able
The range of food on offer at the F&B Booth also continues to provide members with wine recommendations. Committee Chairman
to grow, many of them organic and sustainable, with the 委員會主席
rotisserie and bakery at weekends proving particular hits. The regular wine dinners continue to be one of the Club’s
most popular activities. Particularly successful over the past Mr. Felix Chow 周博軒先生
Over the past year the Club has revamped its tea year were a Burgundy night in April, and one hosted by chef Mr. Gabriel Fong 馮明光先生
and coffee selection, including the introduction of Sheldon Fonseca, a protege of Gordon Ramsay, in January. Mrs. Alexandra Lawson
its own tea blend, a robust black tea with a flavour Mr. Lodewijk Meens
lightened by the inclusion of rose petals, created specially A key element of the Club’s ongoing commitment to caring Mr. Oscar Poelmann
for the Club for its tea partner company TeaCha. for the environment is the reduction of waste, in particular Mr. Simon Siu 蕭金山先生
The Club is looking into the possibility of developing plastic. To that end, it has taken the decision over the past Mr. Paul Tse 謝思訓先生
other branded food and beverage products. year to stop using plastic straws, replacing them with an Ms. Vivian Tsui 徐守然女士
environmentally friendly, biodegradable, paper-based
For several years the selection on offer at the Wine Cellar alternative. The Club has also introduced its own recyclable 飲 食 及餐 務 部 不 斷推 陳 出新,多 款優 質 美 食 選 擇 呈 獻 耳目一 新 的 餐 饗 體 驗,  尚未裝瓶時,本會率先購入,為會員提供以低價投資未來葡萄酒的機會。在推出  58
has been improving, with a broader range of high-quality paper bags, and offers a $4 incentive to members who bring 更 推 出自家 品 牌 的 茶 葉,入口細 滑,茶 味 濃 郁。此 外,我 們 一直 以 環 境 保 護 為  第一年,期酒銷售額已佔酒窖整體銷售額三成以上。我們計劃繼續推出此服務, 59
wines, available to members at very competitive prices. This their own bags to the F&B Booth. Members can expect further 己任,進一步落實多項減廢措施,與會員一起為環保出一分力。 預期於2019年夏季推出2016年期酒供會員選購。此外,為提升服務質素,我們 
year the Cellar has taken another big step forward with the measures to reduce waste to be introduced in the future. 繼續差派員工接受調酒師訓練,日後便能以專業知識為會員介紹葡萄酒和美食 
introduction of en primeur sales, bought while the wine is 中餐 廳 觀 瀾 樓每月推出點 心自助 餐,精 緻可口,大 受歡 迎。O a s i s 亦更 新  配搭。
海鮮類菜單,並特意為小會員設計兒童自助餐。F&B Booth提供的食物種類 
更見廣泛,大部分均是有機及可持續的食物,既健康又富營養。每逢週末推出的 定期舉行的葡萄酒晚宴仍然是本會最受歡 迎的活動之一。去年4月舉辦
特色烤肉和麵包備受會員喜愛,讚不絕口。 了勃艮 第紅 酒晚宴,今 年1月份 邀 請了G o r d o n   R a m s a y 的 徒 弟 S h e l d o n
Fonseca大廚親自主持品酒晚會,反應非常熱烈。
茶和咖啡的選擇再添新猷。我們與茶葉公司TeaCha合作推出自家品牌的 
混合茶葉。這款香濃紅茶散發著玫瑰花瓣的香氣,味道清新怡人,芳香撲鼻。我們 本會 對保 護 環 境不 遺 餘力,致 力減 少 塑 膠廢 料。去年已決 定停止 使 用塑 膠 
現正研究與其他品牌生產商聯乘生產自家飲料和食品的可行性。 飲管,並以可生物分解的紙製環保飲管取代。我們亦推出可循環再用紙袋,鼓勵 
會員自備購物袋到F&B Booth購物,可獲港幣4元的獎勵。未來將進一步實施
酒窖(Wine Cellar)近年的藏酒種類持續增加,以非常相宜的價格供會員  更多減廢措施,盼望會員齊響應。
選 購。今 年更 邁 出一大 步,創 新 地 推出期 酒 銷 售,即 是當 酒 仍 在 酒 桶內 陳 釀, 

PLANNING & DEVELOPMENT
COMMITTEE

籌劃及發展委員會

There have been numerous
improvements at the Country Club
to enhance members’ experience.

The Club has continued to improve its facilities to provide terrace, Oasis outdoor area and the upper and lower lobbies Mr. Simon Cheung 張業文先生 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
the best recreation club for its members. There have have all been resurfaced. The Country Club air conditioning
been upgrades and repairs throughout the Club, many system has also been upgraded with the replacement of Committee Chairman
of which I am certain the members are aware of. We are one chiller plant and the repair of other units. We intend 委員會主席
also preparing for a major refurbishment of the Country to upgrade the entire system over the coming year.
Club which is now well into its preparation stage. Mr. Nelson Chan 陳增榮先生
At the Marina, the new drystack is almost complete Mr. Canny Cheung 張愷先生
For the Country Club refurbishment, two consultants with the roof currently being added. Work also begun Mr. Peter Ho 何榮照先生
have been appointed to prepare the architectural studies with the upgrading of the entire docking system over Ms. Anna Lee 李玉娟女士
including architect P&T Architects & Engineers and quantity the next two years by replacing the existing wooden Mr. Thomas Muldowney
surveyor RLB. Both were selected from the design competition docks with cedar wood. The Marina lawn was also Mr. Glenn Yee 余灼強先生
that was organised last year where the members had a replaced by synthetic grass in October 2017 to allow
chance to view and comment on their vision of the Club. the use of the lawn throughout the entire year. 本會秉承持續發展的方向,不斷優化升級設施,務求成為頂級一流的會所。相信  觀瀾樓和Oasis kitchens、燒烤露台、Oasis戶外區及上層和下層大堂相繼  60
The initial focus of the consultants will be on the swimming 會員亦留意到,去年整個會所都進行翻新及升級工程。現正準備對鄉村俱樂部  翻 新。鄉 村 俱 樂 部 的 冷 氣 系 統 亦 已升 級,也 更 換了一 個 製 冷 機 組 和 維 修 其 他  61
pool and lawn area which is an area where over 80% of the The ongoing upgrading of the golf course has 進行大規模修葺。 設備。我們打算在未來一年對整個系統進行全面升級。
respondents from the Members’ Opinion Survey suggested continued with extensions of the tee areas at holes 13 and
should be upgraded. The consultants are currently working 15 and the newly contoured mounding between the 12th 在這方面,我們已委任了兩家顧問公司,分別是建築師樓P&T Architects 遊艇會的全新陸上快艇存放區將近落成,目前正在加建頂部。計劃未來兩年
on the design schemes to provide new swimming pools green and the 15th tee. The Driving Range is also in the & Engineers和測量師行RLB,提交建築設計方案。這兩間公司是根據去年  將逐步提升整個泊位系統,以雪松木更換現時的木造碼頭。去年10月,遊艇會 
and enlarged lawn areas with the intention to minimise process of upgrading which features seven all-weather 芸芸建築師樓提交的概念方案中挑選出來,而我們亦已將他們對會所的未來設計 草坪亦完成鋪設人造草工程,可供全年使用。
disturbance to the members and costs to the Club. practice greens, a water hazard and upgraded hitting 構思展示給會員參詳。年前完成的會員問卷調查,八成受訪會員均認為游泳池和
area. It is anticipated to be opened in October 2018. 草坪有改善的需要。因此,顧問公司初步把重點放在提升游泳池和草坪的狀況, 高球場的升級工程持續進行,擴大了第13洞和第15洞的發球區,以及在第12洞 
There have been numerous improvements at the Country 目前正著手設計全新泳池和擴大草坪範圍,在設計之時並會顧及盡量減少工程對 果嶺與第15洞發球區之間加添一個土丘。練習場亦正在翻新,將升級為七個不受 
Club over the past year. New LED lighting were installed in the Other plans over the next year include upgrading of the 會員造成的不便以及本會須承擔的建築費用。 任何天氣影響的練習果嶺,加置水障礙和提升擊球區,預計將於2018年10月啟用。
indoor tennis and badminton courts; the indoor and outdoor Reverse Osmosis plant to generate more water for irrigation.
tennis courts have been resurfaced, nettings improved, new Our security system will also be improved with a new CCTV 去年,鄉村俱樂部進行多項修繕工程。室內網球場和羽毛球場安裝了LED 計 劃 在 明 年 進 行 的 其他 項目包 括 將 逆 滲 透 技 術 廠 升 級,以 提 供 更 多灌 溉 
waterproofing applied and refreshed ceiling and wall paint. system which is more durable and with higher definition. Other 泛 光 燈﹔室內 和室 外 網 球 場 重 新 鋪 設 地 面、更 換了分 隔 網、採 用 防 水 天花 板,  用水。保 安系 統 亦 會 提 升,安 裝 較 耐用及 更 清 晰的 閉 路電 視 系 統。此 外,來年 
The Spa and Studio, General Office and Function Rooms safety surveys including installations and slope inspections 並 重 新 粉 刷 牆 壁。水 療 室 和 影 音室、會 所 辦 事 處 和 宴 會 廳 1 - 3 和 6 號、中餐 廳  亦會進行多項安全檢測,例如巡查各項裝置和斜坡狀況,以確保為會員提供舒適
1-3 and 6, Ocean View and Oasis kitchens, the barbecue will be undertaken in the coming year to ensure the safety 及安全的環境。
of our members and the safe operation of our Club.

FINANCE COMMITTEE

財務委員會

The Club once again ends the year in a strong financial Club’s operating and administration expenses rose by about The Club’s solid financial The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
position reporting a surplus of $18 million. Operating losses 7% including these extra professional fees but only 5% excluding position allows it to proceed with
of about $10 million were compensated by the debenture them. Staff costs rose by 5% which included a 4% pay rise in numerous redevelopment works
redemption income of $71 million. However, it should be line with the cost of living. The remaining 1% represented the
noted that this income was $10 million less than that of the cost of casual labour in coping with special club activities, such for the years to come.
previous year. In addition, the new Country Club debentures as banquets. In order to prepare the golf course and to keep
have also raised $4.5 million as capital income this year. it in its best condition for various golf competitions as well as Mr. Huen Wong, BBS, JP
international golf tournament such as the Clearwater Bay
Overall revenues over the past financial year rose by $6.6 Open, there was also an increase in the costs of golf course 王桂壎先生
million. Food and Beverage income grew by $1.2 million due to repairs this year. Projects and events expenditure was about Committee Chairman
an increase of banqueting income making a big contribution $34 million which included the costs of the PGA TOUR Series
to the growth. Golf revenue remained steady with a slight – China i.e. the “Clearwater Bay Open” royalties, expenses 委員會主席
drop in the revenue of the Golf Pro Shop and an increase in connected with the Club’s 35th anniversary celebrations, the
the green fee. As for the Country Club, there was a decrease Hong Kong Tennis Champions Cup, Country Club external Mr. Freddy Ho 何世滿先生
in tennis coaching revenue partly due to the renovation of the resurfacing and the upgrading of the tennis courts. Due to Mr. Kennic Lui 呂禮恆先生
courts. This was offset by a rise in revenue of the Spa, Country the large number of major projects being completed this Mr. Eugene Pak 白浩天先生
Store and coaching fee at the new Clearwater Bay Academy. year, there was a higher depreciation charge in the sum of Mr. Clement Tay 鄭志雄先生
Membership income was up by 5% or $4.5 million, making it $14 million which was $4 million more than the previous year. Mr. Eric Tong 唐業銓先生
among the Club’s strongest performing departments along With the completion of more major projects in the coming Dr. Jack W K Wong 黃偉光醫生
with the Marina, which reported an increase of revenue by 5% year, this upward trend of depreciation will likely continue. Mr. Andrew Wu 胡國強先生
resulting from the strong performance of Marina Fuel Station.
Despite the increase in various heads of expenditure, the 本會於本財政年度的財務表現保持穩健,淨盈餘達到港幣1,800萬元。雖然本年度  諮 詢,加 上 重 新 發 行 會 籍 債 券 時 遇 上 難 題,須 支付 額 外法律費 用,令本會 整 體 62
With several substantial projects on going, the Club Club ended the financial year in a strong position with no need 的營運虧損為港幣1,000萬元,但由於會員贖回債券的收益達港幣7,100萬元,  的營運及行政 成本上升7 %,若撇除有關法律費用開支,增長幅度則為5%。  63
required extra professional support in consultancy work and for any subscription increase. The solid financial position will 足以抵銷有關虧損,惟必須留意贖回債券之收益較去年減少港幣1,000萬元。  員工成本亦有上調,整體上升了5%,其中4%為員工加薪以應付通脹,另外之1%
legal advice in liaising with different government departments. allow the Club to proceed with its many necessary ongoing 此外,本會亦於年內發行了新的鄉村俱樂部會籍債券,集資共港幣450萬元。 則 是 用作 聘 請 臨 時工 以 應 付 會 所 的 特別 活 動 如 酒 席 宴 會 等。為 確 保 高 球 場 能 
In order to deal with a number of difficult issues relating with redevelopment and refurbishment works for the years to come. 保持最佳狀態,以舉辦不同的高球賽事及大型國際比賽如清水灣公開賽等,亦令 
debenture re-issues, extra legal fees had also been spent. The 本財政年度的營運收益較去年增加了港幣660萬元,當中飲食及餐飲的營業 高 球 場 的 保 養 費 用上 升。活動及 大 型 維 修工程 開支為 港 幣3 , 4 0 0 萬 元,活動 
額因受惠於酒席宴會的收入增長,增長達港幣120萬元,令本會總體收益增加。 包括舉辦美巡中國系列賽  —「清水灣公開賽」、本會35週年慶祝活動、香港 
高爾夫球會的收益則維持穩定,其中Pro Shop收入錄得輕微下降,果嶺費收入 網球冠軍盃,鄉村俱樂部部分外牆翻新工程及網球場翻新等。由於多項工程於
則有所上升。鄉村俱樂部方面,網球會的教練費收入下降,部分原因是受到網球 本財政年度內竣工,相關折舊支出大幅提高至港幣1,400萬元,耗費較去年增加 
場進行維修工程所影響,但由於Spa、鄉村商店及清水灣高爾夫球訓練學院的  港幣400萬元。隨著其他主要工程項目將於未來一年完成,可預期折舊支出將 
教 練費 等 的 收 入 增加,足 以 彌 補 有 關 虧 損。會 籍 收 入 按 年上 升 5 %,帶 來 港 幣  繼續有上升趨勢。
450萬元額外收入,而遊艇會因受惠於燃料站的可觀收益,全年錄得5%的收入
增長,雙雙成為本會經濟表現最理想的兩個部門。 縱使多項開支增加,但本財政年度的財政仍然穩健,毋須提高會費。憑著雄厚
的財政實力,本會將於未來繼續優化各項設施及服務。
由於本會正進行多個工程項目,與各政府部門蹉商時須尋求合規意見和法律 

2% GENERAL
COMMITTEE REPORT

REVENUES MIX 2018 6%

Membership 59% 10%
8%
Food & beverage sales 15% The General Committee submits herewith its annual report together with the audited financial statements of
15% the Club for the year ended 30 June 2018.

Marina income 8%

Golf operations 10% PRINCIPAL ACTIVITIES

Country Club operations 6% The principal activities of the Club have not changed during the year and consisted of the provision of a
recreational club, sporting and other facilities to its members.
Interest income 2% 59%

100% MEMBERS OF THE GENERAL COMMITTEE

The members of the General Committee of the Club during the year and up to the date of approval of the The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
financial statements are as follows:

Club Chairman Mr. Wyman Li

Committee Chairmen Dr. Jack W K Wong (re-elected on 26 November 2017)
Mr. Mark Chan (re-elected on 26 November 2017)
Mr. Simon Cheung (re-elected on 26 November 2017)
Mr. David Hui (re-elected on 26 November 2017)
Mr. Siu-wai Lam (re-elected on 26 November 2017)
Mr. Vincent Poon (re-elected on 26 November 2017)
Mr. Huen Wong, BBS, JP

EXPENDITURE MIX 2018 At the Club’s annual general meeting held on 26 November 2017, Mr. Mark Chan, Mr. Simon Cheung,
Mr. David Hui, Mr. Siu-wai Lam, Mr. Vincent Poon, and Mr. Huen Wong retired from the Members’ Council,
Golf Club 28% pursuant to article 62 of the Club’s Articles of Association. They all offered themselves for re-election and
were subsequently re-elected to the Members’ Council, which is a pre-requisite qualification making them
Marina Club 8% eligible for election to the General Committee. 64
65
Country Club 14% 10% 9% At a meeting of the Members’ Council held on the same day, Mr. Mark Chan, Mr. Simon Cheung, Mr. David
5% Hui, Mr. Siu-wai Lam, Mr. Vincent Poon, and Mr. Huen Wong were re-elected as Committee Chairmen.

Food & Beverage 26% 28%

Membership 5% In accordance with the Club’s Articles of Association, Mr. Wyman Li and Dr. Jack WK Wong will retire and,
being eligible, may offer themselves for re-election at the forthcoming annual general meeting.
A&G 10%

Operation 9% MEMBERSHIP DEBENTURES

100% Details of movements in the membership debentures of the Club, which were issued for the purposes of
increasing the Club’s membership and raising new capital during the year, are set out in note 11 to the
8% financial statements.
14%
26%

GENERAL GENERAL
COMMITTEE REPORT COMMITTEE REPORT

INDEMNITY OF GENERAL COMMITTEE MEMBERS EMPLOYEE RELATIONS The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for Hong Kong’s unemployment rate remained low, with nearly full employment, and a high staff turnover rate 66
the benefit of the General Committee member of the Club is currently in force and was in force throughout persists in the club industry, exerting pressure on the Club’s staff turnover. The Club’s staff turnover rate has 67
this year. grown in recent years to 22.8% in the financial year 2017/18. The Club still retains the loyalty of many of its
staff, however, with 54.2% of them having served over five years including 38.9% of the Club’s staff having
GENERAL COMMITTEE MEMBERS’ INTERESTS served over 10 years to the end of the financial year 2018, reflecting the Club’s continued attractiveness as
an employer.
No General Committee member had a material interest, either directly or indirectly, in any transaction,
arrangement or contract of significance to the business of the Club to which the Club was a party at the end Key strategies to retain our staff include:
of the reporting period or at any time during the year. • A more communicative culture and a stable environment in these times of change
• The Club’s hiring strategy has been revitalised to ensure that everyone we hire really wants to be part of
There were no arrangements in force during the year or existed at the end of the year which would enable
the General Committee members to acquire benefits by means of the acquisition of debentures of the Club or our team.
by means of the acquisition of shares in, or debentures of, any other body corporate. • U pskilling and developing our staff, with each individual undertaking 6-9 hours of training every year
• E stablishing a career path through promotion from within
BUSINESS REVIEW • Encouraging a good work-life balance
• Welcoming staff feedback
The Chairman’s message and sub-committees’ reports form part of this review. • Building trust between staff and managers
• Investing in staff wellbeing and regularly reviewing benefits packages
The Clearwater Bay Golf and Country Club is a non-profit-making, member-owned Club. It provides golf,
country club and marina memberships, as well as dining and other recreational facilities. KEY PERFORMANCE INDICATORS

CORPORATE SOCIAL RESPONSIBILITY In its pursuit of providing premier golf, yachting, recreation and dining services to members, guests and
visitors, the principal measures of financial performance is to maintain a healthy financial result and working
The Club’s Community Outreach Programme continues to be the cornerstone of its corporate social capital position, allowing the Club to finance the continuous development of its facilities.
responsibility activities. Since it was formalised 16 years ago, the programme has become a key focus for the
Club and its members, with numerous fundraising events throughout the year helping more than 18 charity COMPLIANCE WITH THE RELEVANT LAWS AND REGULATIONS
partners, focusing on the three key areas of family, neighbourhood and the environment. This year it raised
a record sum of more than $16 million, bringing the cumulative total since the programme was established to There were no reports of non-compliance during the year. Appropriate policies and guidelines are in place,
more than $100 million. and compliance with relevant laws and regulations is monitored regularly.

Among the many charity partners to benefit from the programme’s activities over the past year were ENVIRONMENTAL POLICY
organisations working in areas including humanitarian aid for children, medical services for inaccessible rural
areas and care for children with rare medical conditions. Through the commitment and generosity of Club We comply fully with all applicable environmental laws and regulations. We also encourage and promote
members and staff, the work on the Community Outreach Programme continues to make an immeasurable green practices to members and staff, including recycling, waste reduction and energy and water saving.
impact on the lives of some of the less fortunate members of society.
BUSINESS CHALLENGES AND RISKS

Like many other businesses in Hong Kong, the Club faces the possibility of a downturn in demand for its
services should there be an economic downturn in the city. It also faces the issue of growing negative
sentiment in Hong Kong towards private clubs. This is manifested most clearly in the government’s Policy
Review of Private Recreational Leases, a six-month consultation announced by the Home Affairs Bureau in
March that proposes increasing private club’s land lease fees and mandating generous public use of their
facilities. Albeit these unfavourable impact, the Club is highly confident of sustaining the growth under the
leadership of a strong committee and management team along with a constant upgrade of facilities and the
provision of an impeccable service to our members and guests alike.

GENERAL INDEPENDENT
COMMITTEE REPORT AUDITOR’S REPORT

FUTURE PLANS TO THE MEMBERS OF THE CLEARWATER BAY GOLF & COUNTRY CLUB The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Chief among the Club’s plans continues to be the Country Club Redevelopment Project; work is moving ahead (Incorporated in Hong Kong under the Hong Kong Companies Ordinance as a Company Limited by Guarantee)
with the appointment of an architect and a quantity surveyor, and a decision to make the swimming pool the 68
initial focus of the redevelopment works. The Club will also continue to host top-quality international sporting OPINION 69
events, with the return of golf’s PGA TOUR Series – China Clearwater Bay Open in October 2018 and a far
larger, more ambitious Hong Kong Tennis Champions Cup with double the prize money and some A-list We have audited the financial statements of The Clearwater Bay Golf & Country Club (“the Club”) set out
playing talent in December 2018. Engage the surrounding community and strengthening its ties with them on pages 72 to 92, which comprise the statement of financial position as at 30 June 2018, the statement of
remains a priority, as the Club strives to be a good corporate citizen. Financial prudence will remain the Club’s comprehensive income, the statement of changes in funds and the cash flow statement for the year then
watchword, safeguarding the Club for the future. It will also liaise with the relevant government departments ended and notes to the financial statements, including a summary of significant accounting policies.
to ensure its sustainability, protect the interests of members and continue to play a responsible role in society.
AUDITORS In our opinion, the financial statements give a true and fair view of the financial position of the Club as at 30
KPMG shall retire as the Club’s auditor and, being eligible, offer itself for re-appointment. The forthcoming June 2018 and of its financial performance and its cash flows for the year then ended in accordance with Hong
annual general meeting will consider a resolution concerning the firm’s re-appointment. Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.
ON BEHALF OF THE GENERAL COMMITTEE
BASIS FOR OPINION
MR. WYMAN LI
Club Chairman We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the
HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for
MR. HUEN WONG, BBS, JP the audit of the financial statements section of our reports. We are independent of the Club in accordance
General Committee Member with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other
ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is
DR. JACK W K WONG sufficient and appropriate to provide a basis for our opinion.
General Committee Member
Hong Kong, 23 September 2018 INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

The General Committee is responsible for the other information. The other information comprises all the
information included in the annual report, other than the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

INDEPENDENT INDEPENDENT
AUDITOR’S REPORT AUDITOR’S REPORT

RESPONSIBILITIES OF THE GENERAL COMMITTEE FOR THE FINANCIAL STATEMENTS AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

The General Committee is responsible for the preparation of the financial statements that give a true and As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional
fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for scepticism throughout the audit. We also:
such internal control as the General Committee determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
In preparing the financial statements, the General Committee is responsible for assessing the Club’s ability to that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
concern basis of accounting unless the General Committee either intend to liquidate the Club or to cease forgery, intentional omissions, misrepresentations or the override of internal controls.
operations, or have no realistic alternative but to do so.
• O btain an understanding of internal control relevant to the audit in order to design audit procedures that
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness
of the Club’s internal control.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong and related disclosures made by the General Committee.
Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability
to any other person for the contents of this report. • C onclude on the appropriateness of the General Committee’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in conditions that may cast significant doubt on the Club’s ability to continue as a going concern. If we
accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
expected to influence the economic decisions of users taken on the basis of these financial statements. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Club to cease to continue as a going concern.
70
• E valuate the overall presentation, structure and content of the financial statements, including the disclosures, 71
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with the General Committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.

KPMG
Certified Public Accountants

8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
23 September 2018

STATEMENT OF STATEMENT OF
COMPREHENSIVE INCOME FINANCIAL POSITION

YEAR ENDED 30 JUNE 2018 30 JUNE 2018

NOTE 2018 2017 NOTE 2018 2017
HK$ HK$ HK$ HK$
6
REVENUE 89,093,882 84,559,552 NON-CURRENT ASSETS 9 130,258,708 99,435,750
Membership fees 39,632,163 38,419,977 Property, plant and equipment 157,000,000 153,840,000
Food and beverage sales 11,392,917 10,811,591 Restricted reserve fund deposits
Marina income 42,713,399 42,461,877 287,258,708 253,275,750
Club operations 182,832,361 176,252,997 Total non-current assets
7 6,942,894 7,602,433 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
COST OF SALES 16,289,900 15,975,452 CURRENT ASSETS
Food and beverages 5,914,300 5,496,281 Inventories 8 6,066,829 6,018,281
Marina Debtors
Club operations 16,165,157 17,366,090 Prepayments, deposits and other receivables 6,675,775 2,335,297
Interest receivables
GROSS SURPLUS 144,463,004 137,415,174 Cash and bank deposits 2,604,835 1,681,114

OPERATING AND ADMINISTRATIVE EXPENSES Total current assets 9 218,543,950 236,165,022
Staff costs
Energy costs CURRENT LIABILITIES 240,834,283 253,802,147
Cleaning expenses Trade and other payables
Legal and other professional fees 105,690,828 100,781,557 Accrued liabilities 10 10,692,422 12,597,812
Government rent and rates 8,983,447 8,630,482 Member deposits and receipts in advance
Repair and maintenance 2,561,436 2,564,953 20,503,162 19,933,462
Golf course improvement and supplies 4,226,770 1,636,655 Total current liabilities
Reverse osmosis plant expenses 4,485,400 4,310,800 NET CURRENT ASSETS 1,198,784 1,501,215
Members’ supplies 9,290,398 8,914,451
Vehicle expenses 5,757,669 5,232,364 NET ASSETS 32,394,368 34,032,489 72
Other operating expenses 1,566,142 1,543,820 208,439,915 219,769,658 73
OPERATING DEFICIT FOR THE YEAR 1,604,424 1,377,706 FUNDS
1,039,120 816,128 Membership debentures 495,698,623 473,045,408
INTEREST INCOME 9,462,203 8,839,803 Accumulated deficit
11 684,195,700 679,725,700
DEBENTURE REDEMPTION INCOME (10,204,833) (7,233,545) TOTAL FUNDS
(188,497,077) (206,680,292)
DEPRECIATION OF PROPERTY, PLANT 5,307,687 4,710,686
AND EQUIPMENT
11 (i) 71,019,150 81,492,550 495,698,623 473,045,408
PROJECTS AND EVENTS EXPENDITURE 6
(14,359,140) (10,690,260)
SURPLUS FOR THE YEAR 4 (b)
4 (a) (33,579,649) (30,102,440) MR. WYMAN LI MR. HUEN WONG, BBS, JP DR. JACK W K WONG
Club Chairman General Committee Member General Committee Member

18,183,215 38,176,991

STATEMENT OF CASH FLOW STATEMENT
CHANGES IN FUNDS
YEAR ENDED 30 JUNE 2018
YEAR ENDED 30 JUNE 2018

NOTE MEMBERSHIP ACCUMULATED TOTAL FUNDS NOTE 2018 2017
DEBENTURES DEFICIT HK$ HK$
HK$
HK$ HK$ 417,138,417

At 1 July 2016 661,995,700 (244,857,283) OPERATING ACTIVITIES
Issue of membership debentures
Redemption of full membership SURPLUS FOR THE YEAR 18,183,215 38,176,991
Surplus for the year ADJUSTMENTS FOR:
At 30 June 2017 and 1 July 2017 11 17,820,000 - 17,820,000 Interest income
Issue of membership debentures Depreciation
Surplus for the year (Gain)/loss on disposal of items of property, (5,307,687) (4,710,686)
At 30 June 2018
(90,000) - (90,000) plant and equipment 6 14,359,140 10,690,260

- 38,176,991 38,176,991 (Increase)/decrease in debtors 4 (92,600) 78,980 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Decrease/(increase) in inventories
679,725,700 (206,680,292) 473,045,408 Increase in prepayments, deposits and other receivables 27,142,068 44,235,545
(Decrease)/increase in trade payables (48,548) 105,634
11 4,470,000 - 4,470,000 Increase/(decrease) in accrued liabilities 659,539 (18,502)
(Decrease)/increase in member deposits and
- 18,183,215 18,183,215 (4,340,478) (365,463)
receipts in advance (1,905,390) 1,025,049
684,195,700 (188,497,077) 495,698,623 (1,879,332)
NET CASH GENERATED FROM OPERATING ACTIVITIES 569,700
427,926
INVESTING ACTIVITIES (302,431)
(Increase)/decrease in unrestricted deposits with original
maturity of more than three months when acquired 21,774,460 43,530,857
Increase in restricted reserve fund deposits
Interest received (24,109,745) 13,636,463 74
Purchases of items of property, plant and equipment (3,160,000) (3,840,000) 75
Proceeds from disposal of items of property, 4,383,966
plant and equipment 4,546,514
(45,182,098) (38,844,226)
NET CASH USED IN INVESTING ACTIVITIES 92,600
115,000
FINANCING ACTIVITIES (67,975,277)
Redemption of membership (24,386,249)
Net proceeds from issue of membership debentures
11 (iii) - (90,000)
NET CASH GENERATED FROM FINANCING ACTIVITIES 4,470,000 17,820,000
17,730,000
NET (DECREASE)/INCREASE IN CASH AND 4,470,000
CASH EQUIVALENTS 36,874,608
Cash and cash equivalents at 1 July (41,730,817) 14,142,724
51,017,332 51,017,332
CASH AND CASH EQUIVALENTS AT 30 JUNE
9 9,286,515

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

1. THE CLUB’S STATUS 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Clearwater Bay Golf & Country Club (“the Club”) was incorporated under the laws of Hong Kong on 11 Property, plant and equipment
November 1977 as a company limited by guarantee in the amount of HK$5,000 by each Club member and Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The
is authorised under Section 21 of the Hong Kong Companies Ordinance to omit the word “Limited” from its cost of an item of property, plant and equipment comprises its purchase price and any directly attributable
name. costs of bringing the asset to its working condition and location for its intended use.

The registered office of the Club is situated at 139 Tai Au Mun Road, Clearwater Bay, New Territories, Expenditure incurred after items of property, plant and equipment have been put into operation, such as The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Hong Kong. repairs and maintenance, is normally charged to the statement of comprehensive income in the period in
which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an
During the year, the Club was involved in the provision of a recreational club, sporting and other facilities to increase in the future economic benefits expected to be obtained from the use of an item of property, plant
its members. and equipment, and where the cost of the item can be measured reliably, the expenditure is capitalised as an
additional cost of that asset or as a replacement.
2.1 STATEMENT OF COMPLIANCE
Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated
These financial statements have been prepared in accordance with all applicable Hong Kong Financial residual value, if any, using straight line method over their estimated useful lives as follows:
Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial
Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Site formation Over the shorter of the estimated useful life and
Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong
Kong and the requirements of the Hong Kong Companies Ordinance. Significant accounting policies adopted unexpired lease term
by the Club are disclosed below.
B uildings, swimming pool, Over the shorter of the estimated useful life and
The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption
for the current accounting period of the Club. None of these developments have had a material effect on how tennis courts and other leisure facilities unexpired lease term
the Club’s results and financial position for the current or prior periods have been prepared or presented.
Capital expenditure on golf courses Over the shorter of the estimated useful life and
The Club has not applied any amendment, new standard or interpretation that is not yet effective for the
current accounting period. unexpired lease term

2.2 BASIS OF PREPARATION Furniture and equipment 20%

The measurement basis used in the preparation of the financial statements is the historical cost basis. Motor vehicles 25%

The preparation of financial statements in conformity with HKFRSs requires management to make Computer equipment 25%
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical Golf course equipment 25%
experience and various other factors that are believed to be reasonable under the circumstances, the results
of which form the basis of making the judgements about carrying values of assets and liabilities that are not Marina equipment 15%
readily apparent from other sources. Actual results may differ from these estimates.
Marina floating dock systems Over the shorter of the estimated useful life and 76
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 77
estimates are recognised in the period in which the estimates is revised if the revision affects only that period, unexpired lease term
or in the period of the revision and future periods if the revision affects both current and future periods.
Both the useful life of an asset and its residual value, if any, are reviewed annually.

The carrying amounts of property, plant and equipment are reviewed for indications of impairment at the
end of each reporting period. An impairment loss is recognised in statement of comprehensive income if the
carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount.
The recoverable amount of an asset, or of the cash generating unit to which it belongs, is the greater of its
fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. An impairment loss is reversed if there has been a
favourable change in the estimates used to determine the recoverable amount.

Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are
determined as the difference between the net disposal proceeds and the carrying amount of the item and
are recognised in statement of comprehensive income on the date of retirement or disposal.

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Clearwater Bay Golf & Country Club | Annual Report 2017/2018

Operating lease charges Trade and other payables 78
Where the Club has the use of other assets held under operating leases, payments made under the leases Trade and other payables are initially recognised at fair value and subsequently stated at amortised cost 79
are charged to statement of comprehensive income in equal instalments over the accounting periods covered unless the effect of discounting would be immaterial, in which case they are stated at cost.
by the lease term, except where an alternative basis is more representative of the pattern of benefits to be
derived from the leased asset. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period financial institutions, and short-term, highly liquid investments that are readily convertible into known
of the lease term. amounts of cash and which are subject to an insignificant risk of changes in value, having been within three
months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral
Inventories part of the Club’s cash management are also included as a component of cash and cash equivalents for the
Inventories comprise merchandise, food, beverages, machinery spare parts and general supplies on hand. purpose of the cash flow statement.
Inventories are carried at the lower of cost and net realisable value. Cost is calculated using the first-in, first-
out basis and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the Employee benefits
inventories to their present location and condition. Net realisable value is the estimated selling price in the Salaries, annual bonuses, paid annual leave, leave passage, contributions to defined contribution retirement
ordinary course of business less the estimated costs of completion and the estimated costs necessary to make plans and the cost of non-monetary benefits are accrued in the year in which the associated services are
the sale. rendered by employees. Where payment or settlement is deferred and the effect would be material, these
amounts are stated at their present values.
When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period
in which the related revenue is recognised. The amount of any write-down of inventories to net realisable Provisions and contingent liabilities
value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. Provisions are recognised for liabilities of uncertain timing or amount when the Club has a legal or
The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits
inventories recognised as an expense in the period in which the reversal occurs. will be required to settle the obligation and a reliable estimate can be made. Where the time value of money
is material, provisions are stated at the present value of the expenditure expected to settle the obligation.
Debtors and other receivables
Debtors and other receivables are initially recognised at fair value and thereafter stated at amortised cost Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be
using the effective interest method, less allowance for impairment of doubtful debts, except where the estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of
receivables are interest-free loans made to related parties without any fixed repayment terms or the effect economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence
of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the
impairment of doubtful debts. probability of outflow of economic benefits is remote.

Impairment losses for bad and doubtful debts are recognised when there is objective evidence of impairment
and are measured as the difference between the carrying amount of the financial asset and the estimated
future cash flows, discounted at the asset’s original effective interest rate where the effect of discounting is
material. Objective evidence of impairment includes observable data that comes to the attention of the Club
about events that have an impact on the asset’s estimated future cash flows such as significant financial
difficulty of the debtor.

Impairment losses for debtors included within debtors and other receivables whose recovery is considered
doubtful but not remote are recorded using an allowance account. When the Club is satisfied that recovery
is remote, the amount considered irrecoverable is written off against debtors directly and any amounts held
in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously
charged to the allowance account are reversed against the allowance account. Other changes in the
allowance account and subsequent recoveries of amounts previously written off directly are recognised in
statement of comprehensive income.

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 4. SURPLUS FOR THE YEAR
(a) The Club’s surplus for the year is arrived at after charging/(crediting):
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that Cost of inventories sold and services provided 2018 2017 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
the economic benefits will flow to the Club and the revenue and costs, if applicable, can be measured reliably, Staff costs: HK$ HK$
revenue is recognised in statement of comprehensive income as follows: Wages, salaries and other related costs
Pension scheme contributions (defined contribution schemes) 38,369,357 38,837,823
(a) membership fees, on a time proportion basis;
(b) food and beverage sales, when the provision of food and beverage services is provided; Impairment of debtors (note 8) 100,374,791 95,657,717
(c) Club operations and marina income, when the related services are rendered; Write-down of inventories (included in cost of inventories sold) 5,316,037 5,123,840
(d) licence income, in equal instalments, over the periods covered by the lease term; Auditor’s remuneration
(e) interest income, on an accrual basis using the effective interest method; (Gain)/loss on disposal of items of property, plant and equipment 105,690,828 100,781,557
(f) debenture redemption income, when the debenture is redeemed and reissued. Minimum lease payments under operating leases in respect of land 102,676 20,116
Licence income included in club operations income
Related parties 1,035,968 1,001,128
(a) A person, or a close member of that person’s family, is related to the Club if that person: 259,100 250,400
(92,600) 78,980
(i) has control or joint control over the Club;
(ii) has significant influence over the Club; or 1,686,150 1,619,550
(iii) is a member of the key management personnel of the Club or the Club’s parent. (2,546,580) (2,546,580)
(b) An entity is related to the Club if any of the following conditions applies:
(i) The entity and the Club are members of the same group (which means that each parent, subsidiary (b) P rojects and events expenditure represents major repair and maintenance expenditures of HK$15,660,373
(2017: HK$15,635,900), Club event expenditures of HK$17,919,276 (2017: HK$14,446,540) and expenditures
and fellow subsidiary is related to the others). incurred in relation to lease renewal is nil (2017: HK$20,000), that have been determined by the General
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a Committee as necessary to maintain the branding and reputation of the Club, and the quality of facilities
and services rendered to the members.
member of a group of which the other entity is a member).
(iii) Both entities are joint ventures of the same third party. 5. REMUNERATION OF GENERAL COMMITTEE MEMBERS
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the Club or an No member of the General Committee received any fees or other remuneration in respect of their services 80
rendered to the Club during the year (2017: Nil). 81
entity related to the Club.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key

management personnel of the entity (or of a parent of the entity).
(viii) The entity, or any member of a group of which it is a part, provides key management personnel

services to the Club or to the Club’s parent.

Close members of the family of a person are those family members who may be expected to influence, or be
influenced by, that person in their dealings with the entity.

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

6. PROPERTY, PLANT AND EQUIPMENT 6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

30 JUNE 2018 1 JULY 2017 ADDITIONS/ DISPOSALS/ 30 JUNE 2018 30 JUNE 2017 1 JULY 2016 ADDITIONS/ DISPOSALS/ 30 JUNE 2017
TRANSFER IN TRANSFER HK$ TRANSFER IN TRANSFER HK$
At cost: OUT At cost: OUT
Site formation HK$ HK$ Site formation HK$ HK$
Buildings, swimming pool, tennis HK$ Buildings, swimming pool, tennis HK$
courts and other leisure facilities courts and other leisure facilities
Capital expenditure on golf courses 178,533,290 - - 178,533,290 Capital expenditure on golf courses 178,533,290 - - 178,533,290 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Work in progress Work in progress
Furniture and equipment 314,641,322 8,928,413 - 323,569,735 Furniture and equipment 311,508,802 3,132,520 - 314,641,322
Motor vehicles 148,814,958 15,302,097 - 164,117,055 Motor vehicles 117,758,976 31,055,982 - 148,814,958
Computer equipment 21,987,467 (7,437,356) Computer equipment (11,643,171)
Golf course equipment 7,437,356 (850) 21,987,467 Golf course equipment 11,643,171 7,437,356 (792,365) 7,437,356
Marina equipment 63,146,090 2,984,580 (150,435) 66,129,820 Marina equipment 62,786,476 1,151,979 (4,717,303) 63,146,090
Marina floating dock systems 12,571,652 345,800 - 12,767,017 Marina floating dock systems 7,709,560 - 12,571,652
- (2,583,726) 9,579,395 (1,122,326)
2,762,677 - 2,762,677 2,762,677 - - 2,762,677
21,055,655 3,071,097 - 21,543,026 22,177,981 - - 21,055,655
- (10,172,367) 2,105,165 - (18,275,165)
2,105,165 - 2,105,165 45,879,957 - 2,105,165
45,879,957 45,879,957 764,735,890 50,487,397 45,879,957
796,948,122 52,619,454 839,395,209 796,948,122

Accumulated depreciation and impairment: 178,533,290 - - 178,533,290 Accumulated depreciation and impairment: 178,533,290 - - 178,533,290
Site formation Site formation
Buildings, swimming pool, tennis 274,556,052 4,358,254 - 278,914,306 Buildings, swimming pool, tennis 270,595,717 3,960,335 - 274,556,052 82
courts and other leisure facilities 113,549,561 3,804,759 - 117,354,320 courts and other leisure facilities 111,501,878 2,047,683 - 113,549,561 83
Capital expenditure on golf courses 2,415,236 (850) Capital expenditure on golf courses 2,248,521 (598,385)
Furniture and equipment 56,806,491 2,065,135 (150,435) 59,220,877 Furniture and equipment 55,156,355 (4,717,303) 56,806,491
Motor vehicles 4,993,821 - 6,908,521 Motor vehicles 9,225,727 485,397 - 4,993,821
Computer equipment 2,762,677 - (2,583,726) 2,762,677 Computer equipment 2,762,677 - (1,122,326) 2,762,677
Golf course equipment 1,715,756 - Golf course equipment -
Marina equipment 18,325,358 - 17,457,388 Marina equipment 17,499,360 1,948,324 - 18,325,358
Marina floating dock systems 2,105,165 - (2,735,011) 2,105,165 Marina floating dock systems 2,105,165 - (6,438,014) 2,105,165
- -
45,879,957 14,359,140 45,879,957 45,879,957 45,879,957
697,512,372 709,136,501 693,260,126 10,690,260 697,512,372

Net book value 99,435,750 130,258,708 Net book value 71,475,764 99,435,750

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) 8. DEBTORS

The land occupied by the Club on the Clearwater Bay Peninsula is held under a New Territories lease which, Debtors 2018 2017
following its original expiry in June 1997, was renewed in 1997 for a further 15 years up to June 2012. Then, Allowance for impairment of doubtful debts HK$ HK$
there had been a series of short term lease extensions granted to allow the Club to operate continuously. In
December 2015, a new lease was granted to the Club by the government, for it to use the land until June 2027. 6,196,972 6,058,353
(130,143) (40,072)
Work in progress included golf course upgrades, drystack reinstatement and dock system replacement in 6,066,829
Marina Club. 6,018,281

7. INVENTORIES The Club’s payment terms with its members are on credit. The credit period is generally one month. Each The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
member has a maximum credit limit. The Club seeks to maintain strict control over its outstanding receivables
2018 2017 and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by
HK$ HK$ management of the Club. In view of the aforementioned and the fact that the Club’s receivables relate to a
large number of diversified members, there is no significant concentration of credit risk.
2,805,418 2,553,096
Merchandise 1,266,010 1,581,989 Impairment losses in respect of debtors are recorded using an allowance account unless the Club is satisfied
Food and beverage 1,419,183 1,846,295 that recovery of the amount is remote, in which case the impairment loss is written off against trade debtors
Golf course chemicals and bills receivable directly. The movements in provision for impairment of debtors are as follows:
Other golf course supplies 317,153 244,314
Golf machinery spare parts 177,725 304,878 At 1 July 2018 2017
Fuels and lubricants 257,922 191,618 Impairment losses recognised (note 4) HK$ HK$
Other general supplies 699,483 880,243 Amount written off as uncollectible
6,942,894 7,602,433 40,072 76,403
102,676 20,116
(12,605) (56,447)
130,143 40,072

The above provision for impairment of debtors represents a full provision for individually impaired debtors. 84
Such provision was determined after taking into account the aging of individual debtors balances, their 85
repayment history and historical write-off experience. The Club does not hold any collateral or other credit
enhancements over these balances.

The aging analysis of debtors that are neither individually nor collectively considered to be impaired are as
follows:

Neither past due nor impaired 2018 2017
Less than 1 month past due HK$ HK$
1 to 3 months past due
5,870,354 5,809,626
166,019 200,042
30,456 8,613

6,066,829 6,018,281

Based on past experience, the General Committee of the Club is of the opinion that no provision for
impairment is necessary in respect of these balances as there has not been a significant change in credit
quality and the balances are still considered fully recoverable. The Club does not hold any collateral or other
credit enhancements over these balances.

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

9. CASH AND BANK DEPOSITS AND RESTRICTED RESERVE FUND DEPOSITS 11. MEMBERSHIP DEBENTURES

Unrestricted deposits with original maturity 2018 2017 Membership debentures represent the nominal value of the debentures issued to the members of the
of less than three months when acquired HK$ HK$ Club as determined by the General Committee in accordance with the Club’s Articles of Association.
6,600,000 50,296,602 Membership debentures issued to members are non-interest bearing and the Club is under no obligation
Cash and bank balances to redeem these debentures.
Cash and cash equivalents 2,686,515 720,730
Unrestricted deposits with original maturity 9,286,515 51,017,332 2018 2017
HK$ HK$
of more than three months when acquired 209,257,435 185,147,690
Cash and bank deposits 218,543,950 236,165,022 Founder members: 1,640,000 1,640,000 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
Group A 5,010,000 5,010,000
Restricted reserve fund deposits classified as a 157,000,000 153,840,000 Group B 2,250,000 2,250,000
non-current asset (see note below) Group C 50,472,000 50,472,000
380,984,000 380,984,000
Restricted reserve fund deposits are bank deposits with original maturity of more than three months, and Full members
designated by the General Committee as restricted reserve fund deposits pursuant to article 79 of the Club’s Company members 450,000 450,000
Articles of Association. The purpose of these restricted reserve fund deposits is to maintain the long term Spouse golfing members 100,000 100,000
financial stability of the Club and, accordingly, they are of a long-term nature and are not expected to be Group members 855,000 855,000
exchanged or used to settle liabilities in the Club’s normal operating cycle. Overseas members 104,460,500 99,990,500
Country club members (note iii) 61,800,000 61,800,000
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits Company country club members 270,000 270,000
are made for varying periods of between three days and two months depending on the immediate cash Overseas country club members 18,121,000 18,121,000
requirements of the Club, and earn interest at the respective short term time deposit rates. The carrying Marina members 38,081,200 38,081,200
amounts of the cash and cash equivalents and the deposits approximate to their fair values. Company marina members 664,493,700 660,023,700
19,702,000 19,702,000
Marina membership debentures to be issued (note ii) 684,195,700 679,725,700

10. TRADE AND OTHER PAYABLES 86
87
Trade and other payables are initially recognised at fair value. Included in trade and other payables are During the year, the movements in membership debentures were as follows:
unclaimed loan stocks of HK$2,836,065 (2017: HK$2,836,065), which were fully redeemed in 1994. Balances
of unclaimed loan stocks represent outstanding redemption entitlements that have not yet been claimed by (i) 63 (2017: 65) memberships were redeemed and reissued, thereby generating debenture redemption
certain loan stockholders. income for the Club of HK$71,019,150 (2017: HK$81,492,550) under the debenture redemption and reissue
provisions included in article 37(b) of the Club’s Articles of Association; and

(ii) As at 30 June 2018, the Club has commitment to issue further 132 (2017: 132) marina memberships pursuant
to a development agreement and its supplements at a pre-determined nominal value amounting to
HK$19,702,000 (2017: HK$19,702,000) as reflected in the financial statements.

(iii) There were 5 (2017: 22) new admission of country club membership, resulting in the issue of 5 additional
membership debenture units with an aggregate value of HK$4,470,000 (2017: HK$17,820,000).

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

12. OPERATING LEASE ARRANGEMENTS 13. COMMITMENTS
Capital commitments outstanding at 30 June 2018 not provided for in the financial statements were as follows:
(a) As lessor
The Club leases part of its roof tops under operating lease arrangements, with licence negotiated for original Contracted for 2018 2017
terms of three years. The terms of the licence generally also require the tenants to pay security deposits. Authorised but not contracted for HK$ HK$

At 30 June 2018, the Club had total future minimum licence receivables under non-cancellable operating 59,864,956 29,559,353
leases with its tenants falling due as follows: 76,951,740 17,586,646
136,816,696 47,145,999
2018 2017 The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
HK$ HK$ 14. PROFITS TAX

Within one year 1,984,080 1,446,060 The Club is exempt from Hong Kong Profits Tax pursuant to Section 24(1) of the Inland Revenue Ordinance.
After 1 year but within 5 years 1,642,640 737,500
3,626,720
2,183,560

15. FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

During the year, the Club recognised HK$2,546,580 (2017: HK$2,546,580) in the statement of comprehensive Exposure to credit, liquidity and interest rate risks arises in the normal course of the Club’s operations. The
income in respect of licence income receivable. Club’s exposure to these risks and the financial risk management policies and practices used by the Club to
manage these risks are described below.
(b) As lessee
At 30 June 2018, the Club had total future minimum lease payments under non-cancellable operating leases Credit risk
falling due as follows: The Club’s credit risk is primarily attributable to debtors, cash and bank deposits, and restricted reserve fund
deposits. The Club has a credit risk management policy in place and the exposures to these credit risks are
2018 2017 monitored on an ongoing basis.
HK$ HK$
Within one year Cash and bank deposits and restricted reserve fund deposits are placed with authorised and reputable 88
After 1 year but within 5 years 1,776,600 1,656,000 financial institutions with sound credit ratings to minimise credit risk exposure. Given their high credit rating, 89
After 5 years 7,106,400 6,624,000 the Club does not expect any counterparty will fail to meet its obligations.
7,106,400 8,280,000
15,989,400 16,560,000

The carrying amounts of member debtors included in the statement of financial position represent the Club’s
maximum exposure to credit risk in relation to its financial assets. Further disclosures in respect of the Club’s
exposure to credit risk arising from member debtors are set out in note 8.

NOTES TO FINANCIAL NOTES TO FINANCIAL
STATEMENTS STATEMENTS

30 JUNE 2018 30 JUNE 2018

15. FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED) 16. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS The Clearwater Bay Golf & Country Club | Annual Report 2017/2018
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 30 JUNE 2018 (CONTINUED)
Liquidity risk
The Club monitors and maintains a level of cash and bank balances deemed adequate by the management HKFRS 9, Financial instruments
to finance the Club’s operations and considers the risk of a shortage of funds is not significant. In addition, HKFRS 9 will replace the current standard on accounting for financial instruments, HKAS 39, Financial
restricted reserve fund deposits are maintained for the long term financial stability of the Club. instruments: Recognition and measurement. HKFRS 9 introduces new requirements for classification and
measurement of financial assets, including measurement of impairment for financial assets and hedge
Interest rate risk accounting. On the other hand, HKFRS 9 incorporates without substantive changes the requirements of HKAS
Interest rate risk of the Club is the risk that the future cash flows of a financial instrument will fluctuate 39 for recognition and derecognition of financial instrument and the classification of financial liabilities.
because of changes in market interest rates. HKFRS 9 is effective for annual periods beginning on or after 1 January 2018 on a retrospective basis. The
Club plans to use the exemption from restating comparative information and will recognise any transition
The Club is exposed to interest rate risk through the impact of rate changes on interest-bearing financial adjustments against the opening balance of equity at 1 July 2018. Expected impacts of the new requirements
assets. Restricted reserve fund deposits and cash and bank deposits earn interest at floating rates based on the Club’s financial statements are as follows:
on bank deposit rates. As the restricted reserve fund deposits and cash and bank deposits are generally
matured within one year when acquired, under the current interest environment, the Club’s exposure to Impairment
interest rate risk is not significant. The new impairment model in HKFRS 9 replaces the “incurred loss” model in HKAS 39 with an “expected
credit loss” model. Under the expected credit loss model, it will no longer be necessary for a loss event to
16. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS occur before an impairment loss is recognised. Instead, an entity is required to recognise and measure
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 30 JUNE 2018 either a 12-month expected credit loss or a lifetime expected credit losses, depending on the asset and
the facts and circumstances. This new impairment model may result in an earlier recognition of credit
Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments, new losses on the Club’s debtors and other financial assets. However, based on the assessment completed to
standards and interpretations which are not yet effective for the year ended 30 June 2018 and which have not date, this standard is not expected to have any material impact on the Club’s financial results.
been adopted in these financial statements. These includes the following which may be relevant to the Club.
HKFRS 15, Revenue from contracts with customers
HKFRS 9, Financial instruments Effective for accounting periods HKFRS 15 establishes a comprehensive framework for recognising revenue from contracts with customers. 90
HKFRS 15, Revenue from contracts with customers beginning on or after HKFRS 15 will replace the existing revenue standards, HKAS 18, Revenue, which covers revenue arising from 91
HKFRS 16, Leases 1 January 2018 sale of goods and rendering of services, and HKAS 11, Construction contracts, which specifies the accounting
1 January 2018 for revenue from construction contracts. The Club is currently assessing the impacts of adopting HKFRS 15 on
its financial statements. However, based on the assessment completed to date, this standard is not expected
1 January 2019 to have any material impact on the Club’s financial results.

The Club is in the process of making an assessment of what the impact of these amendments, new standards HKFRS 16, Leases
and interpretations is expected to be in the period of initial application. So far the Club has identified some As disclosed in note 3, currently the Club classifies leases into operating leases. The Club enters into some
aspects of the new standards which may have a significant impact on the financial statements. Further leases as the lessor and others as the lessee.
details of the expected impacts are discussed below. While the assessment has been substantially completed
for HKFRS 9 and HKFRS 15, the actual impacts upon the initial adoption of the standards may differ as the Once HKFRS 16 is adopted, the Club will no longer distinguish between finance leases and operating leases
assessment completed to date is based on the information currently available to the Club, and further when it is the lessee under the lease. Instead, subject to practical expedients, the Club will be required to
impacts may be identified before the standards are initially applied in the Club’s financial statements for the account for all leases of more than 12 months in a similar way to current finance lease accounting.
year ending 30 June 2019. The Club may also change its accounting policy elections, including the transition
options, until the standards are initially applied in the financial statements.

NOTES TO FINANCIAL
STATEMENTS

30 JUNE 2018

16. POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS
ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 30 JUNE 2018 (CONTINUED)

The application of the new accounting model is expected to lead to an increase in both assets and liabilities
and to impact on the timing of the expense recognition in the statement of comprehensive income over the
period of the lease. As disclosed in note 12(b), at 30 June 2018 the Club’s future minimum lease payments
under non-cancellable operating leases amount to HK$15,989,400 (2017: HK$16,560,000) for use of land,
the majority of which is payable after 1 year from the reporting date. Some of these amounts may therefore
need to be recognised as lease liabilities, with corresponding right-of-use assets, once HKFRS 16 is adopted.
The Club will need to perform a more detailed analysis to determine the amounts of new assets and liabilities
arising from operating lease commitments on adoption of HKFRS 16, after taking into account the applicability
of the practical expedient and adjusting for any leases entered into or terminated between now and the
adoption of HKFRS 16 and the effects of discounting.

HKFRS 16 is not expected to impact significantly on the way that the Club accounts for its rights and
obligations under a lease when it is the lessor under the lease.

17. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the General Committee on
23 September 2018.


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