ANNUAL GENERAL MEETING NOTICE Notice is hereby ...

ANNUAL GENERAL MEETING

NOTICE

Notice is hereby given that an Annual General Meeting of the Ladies' Recreation Club (the “LRC”) will be held in the Function Room of the LRC at 10 Old Peak Road, Mid-levels, Hong Kong, at 7:00pm on Monday, 7 June 2021 for the purposes set out in the following Agenda.

AGENDA

Item Resolution (if required) Description 1. Ordinary Resolution: To approve Minutes of the Annual General Meeting held on 1

June 2020 (see Note 2 on the overleaf). 2. Ordinary Resolution: To receive, consider and adopt the audited financial statements

for the year ended 31 December 2020 together with the report of the General Committee and the report of the Auditors for the year ended 31 December 2020 therein.

3. Ordinary Resolution: To re-appoint PricewaterhouseCoopers as Auditors. 4. Ordinary Resolution: To elect Paul Cherry as a Member of the General Committee

(see Notes 3 and 4 on the overleaf). 5. Ordinary Resolution: To elect Alexander Cheung as a Member of the General

Committee (see Notes 3 and 4 on the overleaf). 6. Ordinary Resolution: To elect Simon Copley as a Member of the General Committee

(see Notes 3 and 4 on the overleaf). 7. Ordinary Resolution: To elect Michael Davies as a Member of the General

Committee (see Notes 3 and 4 on the overleaf). 8. Ordinary Resolution: To elect Laura Eckerman as a Member of the General

Committee (see Notes 3 and 4 on the overleaf). 9. Ordinary Resolution: To elect Donald Hess as a Member of the General Committee

(see Notes 3 and 4 on the overleaf). 10. Ordinary Resolution: To elect Gerald Lau as a Member of the General Committee

(see Notes 3 and 4 on the overleaf). 11. Ordinary Resolution: To elect Vance Lee as a Member of the General Committee (see

Notes 3 and 4 on the overleaf). 12. Ordinary Resolution: To elect Kirsti McLean as a Member of the General Committee

(see Notes 3 and 4 on the overleaf).

13. Ordinary Resolution: To elect Nancy Neumann as a Member of the General

Committee (see Notes 3 and 4 on the overleaf). 14. Ordinary Resolution: To elect Jonathan Pyne as a Member of the General Committee

(see Notes 3 and 4 on the overleaf). 15. Ordinary Resolution: To elect Stephen Weatherseed as a Member of the General

Committee (see Notes 3 and 4 on the overleaf). 16. To elect Members of the Balloting Committee (see Notes 3 and

5 on the overleaf). 17. Ordinary Resolution: To approve increases in monthly subscriptions as specified in

the Explanatory Notes, with effect from 1 July 2021 (see Note 6 on the overleaf).

18. Ordinary Resolution: To consider, and if thought fit, to pass a resolution that the

General Committee be authorised to do all things necessary to amend the terms and conditions of any new debentures issued under the current series of 200 depreciating HK$1,000,000 10-year debentures after the adoption of this resolution to include additional conditions applicable to debenture holders who are natural persons on such terms and conditions as the General Committee considers appropriate (see Notes 6 on the overleaf).

19. Ordinary Resolution: To consider, and if thought fit, to pass a resolution that

Members endorse the establishment of LRC Charitable Foundation Limited which is a company limited by guarantee and wholly-owned by the LRC and authorise the General Committee of the Club to do all things as specified in the Explanatory Notes (see Notes 6 on the overleaf).

20. To consider any other business that the General Committee

considers appropriate. By Order of the General Committee

Kirsti McLean Honorary Secretary 3 May 2021

Notes: 1. An Ordinary Resolution with more than 50% of the votes respectively will be treated as passed

and valid. 2. Copies of Minutes of the Annual General Meeting held on 1 June 2020 are available for review

in the Accounts Office. 3. A full list of nominations received has been sent to members electronically, and posted on the

LRC’s notice board and website. 4. The General Committee shall comprise not more than eleven (11) nor less than seven (7)

members of the General Committee. There are twelve (12) candidates standing for election at the forthcoming Annual General Meeting. Accordingly, Members shall elect at least seven (7) but up to eleven (11) members of the General Committee at the forthcoming Annual General Meeting. As there are more than eleven (11) candidates, the eleven (11) candidates who receive the highest number of “In Favour” votes shall be declared elected, and in the case of two (2) or more candidates receiving an equal number of “In Favour” votes, the Chairman of the Annual General Meeting shall have a second or casting vote. In order to comply with the Companies Ordinance, each candidate standing for election will need to be voted on individually at the forthcoming Annual General Meeting by a separate resolution.

5. The Balloting Committee shall comprise at least two (2) and not more than four (4) members

of the Balloting Committee. There are only four (4) candidates standing for election at the forthcoming Annual General Meeting. Members may vote for one (1) or more candidate(s) up to four (4) to the Balloting Committee.

6. An Explanatory Note addressing Agenda Items 17 to 19 in further detail has been enclosed

together with this Notice. 7. A Member who is entitled to attend and vote at the Annual General Meeting is entitled to

appoint another person as a proxy to exercise all or any of his or her rights to attend and to speak and vote at the Annual General Meeting on his or her behalf by completing the attached proxy form. A proxy need not be a Member of the LRC.

8. The instrument of appointment of proxy must be deposited at the Reception Desk or Accounts

Office of the LRC not less than 48 hours before the commencement of the Annual General Meeting, and in default, the instrument of appointment of proxy shall not be treated as valid.

9. The instrument of appointment of proxy may be revoked by a written notice signed by the

appointer of the proxy, to be forwarded to the Honorary Secretary of the LRC (by depositing it at the Reception Desk or Accounts Office of the LRC) not less than 48 hours before the commencement of the Annual General Meeting, and in default, the revocation shall not be treated as valid.

10. Members and proxies must sign in before the start of the Annual General Meeting.

LADIES’ RECREATION CLUB

2021 Annual General Meeting

Explanatory Notes to Agenda Items 17 to 19 Item 17 of the Agenda Ordinary Resolution - To consider, and if thought fit, to pass the resolution to increase the monthly subscriptions as follows, with effect from 1 July 2021:

Membership Category

Current Fee HK$

Proposed Fee HK$

Ordinary

Married Couples (with or without

children aged under 25) / Single

with children aged under 25 $2,110 $2,240

Single $1,510 $1,600

Debenture




Single $1,510 $1,600

Sponsored Temporary (6 months)




Single $3,020 $3,200

5-Day

(2 years)




Single $1,250 $1,330 Sports – Junior

(Aged 14 – 18)

Single $500 $530

Sports – Premier

(4 years)



with children aged under 25

$2,110 $2,240

Single $1,510 $1,600

Sports – Adult

(4 years)




Single $1,510 $1,600

Rationale To cover rising operating costs, an increase in monthly subscription fees is required to maintain current service levels. Short term, increasing monthly subscription fees will cover:

- Rising salary costs – pay rise of LRC staff in line with the market (6 - 7% increase for 2019 and 2020)

- Rising repair and maintenance costs – 19% increase 2018 - 2019 - Rising utilities costs – 9% increase 2018 – 2019

- To mitigate the impact of rising general inflation CPI-A - 6% increase 2018 - 2019

Longer term, monthly subscription fees will allow us to protect our current cash balances and provide us with a healthy cushion for financial flexibility and provision for unforeseen future liabilities. The last increment of subscription fees was in July 2018 (3 years ago). This 6% increase represents an equivalent to a 1.96% increase per year, on the subscription fees and is still in line with LRC’s comparable peer group in Hong Kong.

Other Comparable Clubs in Hong Kong 2021 Monthly Subscription Fees (Family Account)

HK$

The American Club $2,815

Aberdeen Marina Club $2,780

The Hong Kong Country Club $2,600

Hong Kong Football Club $1,850

Hong Kong Cricket Club $1,770

Royal Hong Kong Yacht Club $1,524

If passed, this resolution will raise approximately $3 million for the Club on an annual basis.

Item 18 of the Agenda Ordinary Resolution: To consider, and if thought fit, to pass a resolution that the General Committee be authorized to do all things necessary to amend the terms and conditions of any new debentures issued under the current series of 200 depreciating HK$1,000,000 10-year debentures after the adoption of this resolution to include additional conditions applicable to Debenture Holders who are natural persons on such terms and conditions as the General Committee considers appropriate. Summary of Key Terms Applicable to Debentures held by Natural Persons (“individual debentures”)

1. An individual debenture may be issued to a natural person aged at least 18 years who is ordinarily resident in Hong Kong or to a natural person aged at least 18 years who is ordinarily resident in Hong Kong plus his or her spouse or domestic partner (regardless of gender) aged at least 18 years who is also ordinarily resident in Hong Kong.

2. All applicants for individual debentures will be subject to balloting, including any spouse or domestic partner proposed under items 5, 6 or 7 below.

3. Individual debentures will be non-transferable. 4. Both Members named on the debenture register will have voting rights. 5. A single individual will be entitled to add a spouse or domestic partner at a later date. No fee

will be payable to do so. 6. Upon the death of one of the holders of an individual debenture, the other Debenture Holder

named on the debenture register will continue as a Member (with the right to add a new spouse or domestic partner upon payment of a fee to be fixed by the General Committee from time to time. It is currently anticipated that the fee would be 10% of the entrance fee for Ordinary Family Membership). Upon the death of both individual debenture Members, the debenture will expire in accordance with Article 11(c) of the Club’s Articles of Association.

7. Upon divorce or formal separation, or upon dissolution or termination of a domestic partnership, the first named Debenture Holder on the debenture register will, unless both holders of such debenture agree otherwise and notify the Club in writing of such agreement, continue to be a Member and the membership of the divorced or separated spouse or domestic partner will cease. The continuing Member will have the right to add a new spouse or domestic partner upon payment of a fee to be fixed by the General Committee from time to time. It is currently anticipated that the fee would be 10% of the entrance fee for Ordinary Family Membership.

8. Holders of individual debentures will pay the same monthly subscription fee and will have the same minimum spend as nominees under corporate debentures.

9. Individual debentures will be included in the 15% cap on the number of debentures (i.e., all active debenture accounts (corporate + individual) will comprise no more than 15% of Full Membership Accounts (Ordinary + Debenture)). There will be no net increase in the number of debenture accounts above the 15% cap as a percentage of Full Membership accounts.

Background and Rationale: The LRC has relied on the debenture program for many years to finance the Club’s capital expenditure programs. The first debentures were issued in 1973. Each series of debentures was issued subject to different terms depending on the Club’s circumstances at the time. Initially, debentures issued by the LRC were perpetual but, since 2005, the Club has only issued 10-year depreciating debentures. This type of debenture is desirable from the Club’s standpoint as the indebtedness of the Club decreases over the life of the debenture and is eventually eliminated altogether. The intention of issuing depreciating debentures was to enable the Club to raise capital on a cost-effective basis while providing a substantial measure of flexibility in managing membership numbers. As at 31 December 2020, the Club had 215 debentures outstanding, with an aggregate debenture liability of HK$108 million. Of the 215 outstanding debentures as at 31 December 2020, 21 do not

currently have a nominee (i.e., they are dormant, but monthly subscription fees are still payable). 143 are depreciating debentures and 51 are perpetual debentures. Collectively, as at 31 December 2020, the number of debenture members represented 10.5% of the total number of Full (Ordinary and Debenture) Members and the total number of debentures (including dormant debentures) represented 11.5% of all Full (Ordinary and Debenture) Membership accounts. The current series of redeemable debentures was approved at the 2014 Annual General Meeting, when Members authorised the General Committee to do all things necessary to issue a series of up to 200 depreciating debentures of HK$1,000,000 each with a term of 10 years and to determine such other terms and conditions as the General Committee believes appropriate. Each debenture depreciates by HK$100,000 per year, and thus has a zero repayment value on maturity. It is important to note that, although the outstanding debentures are reported as a liability in the Club’s financial statements, the current series of depreciating HK$1,000,000 10-year debentures are redeemable in the sole discretion of the Club. The Debenture Holders may request redemption by notice to the Club five years or more after the date of issue, but redemption is at the sole and final discretion of the General Committee. Thus, the General Committee has the sole discretion to determine whether holders of these debentures will be entitled to redemption or to claim any payment out of the Club’s assets. In the event of winding up of the Club, the principal amount of the debentures is extinguished. Of the 200 HK$1,000,000 depreciating debentures currently authorized for issuance, as at 31 December 2020 95 have been issued. Although it is not required by the Club’s Articles of Association, Rules, the terms on which Members approved the issuance of depreciating debentures, or the terms on which the debentures were issued, since 2011 the Club’s practice has been to restrict the issue of debentures to companies of substantial means and strict financial and other eligibility criteria are applied. In the early years of the Club’s debenture program, the majority of debentures were issued to major Hong Kong and multinational companies and the implicit assumption was that the Club would be able to continue with this practice, although this was never explicitly stated. However, in recent years, it has become increasingly difficult to sell debentures to major corporations. This is believed to be due to several factors, not least of which is the decline in availability of “expatriate packages”, even to senior management employees. The difficulties have been exacerbated in recent years by economic uncertainty arising from the global political tensions, civil disturbances in Hong Kong and, more recently, the COVID-19 pandemic. In recognition of this trend, a proposal was put to Members at an EGM in February 2018 seeking approval for the issuance of depreciating debentures to individuals in addition to corporations. The proposal was narrowly defeated. While the General Committee respects the decision of the Members at that time, it believes that circumstances have changed significantly since then and further consideration of this issue by the Members is warranted. The proposal that was put to Members in 2018 sought approval for a new series of individual debentures. Under Article 82 of the Club’s Articles of Association, issue of debentures with a liability in excess of HK$10,000,000 requires approval of the Members by special resolution (i.e., >75% of the Members who vote). Under the current proposal, approval of Members is requested by Ordinary Resolution to authorize the General Committee to do all things necessary to amend the terms and conditions of any new debentures issued under the current series of 200 depreciating HK$1,000,000 10-year debentures after the adoption of this resolution to include additional conditions applicable to Debenture Holders who are natural persons on such terms and conditions as the General Committee considers appropriate. This is in accordance with the terms on which the current series of 200 depreciating HK$1,000,000 10-year debentures was approved. An Ordinary Resolution (i.e., >50% of the Members who vote) is sufficient for this purpose. The issuance of new depreciating debentures to replace maturing depreciating debentures has been an important part of the Club’s ability to finance future capital expenditures. However, as noted above, in recent years it has become increasingly difficult to sell debentures to major corporations. Of

the 18 HK$500,000 corporate debentures which matured in 2020, only 2 were replaced with HK$1,000,000 debentures. The Club has approached the holders of 25 debentures with maturity dates during 2021, and 23 (92%) indicated that they do not intend to renew their debentures. The General Committee believes there is still strong demand for LRC membership, as evidenced by the most recent rounds of balloting for Ordinary Members, but the source of that demand is changing. At the same time, the demand from existing Members on the Club’s facilities and resources during the COVID-19 restrictions has sharply confirmed the need to maintain controls on the total number of Members. The General Committee is still of the view that debentures will continue to be important to the financial well-being of the Club. The flexibility to regulate the future level of debenture issuance means that depreciating debentures will continue to be a useful tool in financing capital improvements in the short to medium term and to help build up the Club’s financial reserves as we approach our lease renewal in 2033, while maintaining the ability to manage membership numbers. The effect of this proposal, if approved by Members, will not be to increase the size of the membership; nor will it materially increase the number of debenture members as a proportion of the existing membership. On the contrary, for every HK$1,000,000 of capital raised through membership entrance fees, it would add 2.5 Ordinary membership accounts, compared to just one (1) debenture membership account. Assuming an average of 1.6 persons per membership account, for every HK$1,000,000 of capital raised by the Club it would take, on average, 4 new adult Ordinary Members compared to just 1.6 adult debenture members. The General Committee recognizes that access to membership through debentures needs to be carefully managed. Accordingly, the Club will continue to operate under the current guideline which requires that active debenture accounts should comprise no more than 15% of Full (Ordinary and Debenture) Membership accounts. Currently the level is 11.5%. This cap will continue to apply, regardless of whether the debentures are issued to corporations or individuals. In addition, debentures issued to individuals will be non-transferable and the issue of debentures to individuals will be subject to balloting in the same way as applications for Ordinary Membership. It is believed that this proposal, if approved by Members, will provide the Club with an additional tool to help meet its projected future needs for capital while ensuring the ability to manage future membership numbers and ensure that the Club will continue to exercise control and vetting of new Members. Specifically, if the Club is able to sell the remaining 105 debentures available for issue under the current series, it could raise HK$105 million in capital without materially increasing the number of debenture accounts over and above the level approved by Members in 2014. The Finance Subcommittee, Membership Subcommittee and the General Committee have each unanimously endorsed this proposal.

Item 19 of the Agenda

Ordinary Resolution – To consider and, if though fit, to pass the resolution that

“THAT the Members endorse the establishment of LRC Charitable Foundation Limited (“the

Foundation”) which is a company limited by guarantee and wholly-owned by the Club and

authorise the General Committee of the Club to:

(i) nominate persons to be appointed as directors of the Foundation;

(ii) provide general directions to the Foundation to ensure that the Foundation adopts a

Charitable Objectives Mission Statement and Charitable Funding Guidelines so as to

provide a firm foundation on which the day to day operations of the Foundation can be

based;

(iii) Provide funding to the Foundation in accordance with such policies as the General

Committee may from time to time determine and allow the Foundation to make appeals

for funding directly to Members;

(iv) apply to the Commissioner of Inland Revenue to seek recognition of the Foundation as

a charity exempt from tax under section 88 of the Inland Revenue Ordinance; and

(v) such other acts as are necessary or desirable in relation to the establishment and running

of the Foundation.

Rationale for the Establishment of the LRC Charitable Foundation Limited

Over the last few months, the Community Engagement Sub-Committee has been working with

Management and the General Committee to have in place – with Members’ blessing at this

Annual General Meeting – a newly constituted LRC Charitable Foundation Limited. A

charitable foundation is a registered charity which makes grants to Charities. The funds from

the Foundation go in the form of grants to carefully vetted worthwhile local causes.

LRC Charitable Foundation Limited was incorporated on 26 March 2021, the Club having

earlier received approval from the Registrar of Companies to incorporate a subsidiary. The

Foundation will enable the Club to be more active in supporting worthy causes and allow

Members, should they wish, an opportunity to directly participate by visiting and supporting

local community organisations throughout Hong Kong and to continue to assist in charity

events within our premises.

The model which has been adopted follows closely other Charitable Foundations which have

been set up by our peer group Clubs, such as Hong Kong Club, Royal Hong Kong Yacht Club

and American Club.

Nomination of the initial directors of the Foundation

The LRC itself will be the sole founding member and will always maintain control but the

Foundation’s activities will be undertaken by a separate board. The first directors of the

Foundation are currently Simeon Piasecki and Jonathan Pyne, respectively President and

Community Engagement Convenor of the LRC. Shortly after the Annual General Meeting has

concluded, the General Committee will appoint directors for the Foundation which will come

mainly from the Community Engagement Sub-Committee and who have experience of the

work of charitable foundations so that there can be an effective lift-off. There will be room for

other Members who want to contribute to join the Board of the Foundation or participate in

other ways.

The Foundation will develop its own governance structure including consideration of, inter

alia

Size and membership of the board

Selection criteria for board member and term of office

Frequency of board meetings and agenda items

Selection and approval criteria for beneficiaries

Mission Statement and Objectives

The Charitable Objectives Mission Statement which will be formally adopted by the

Foundation’s Board is broadly aligned with the LRC’s current Community Engagement

programme. The broad objectives of the Foundation are to provide assistance in the form of

grants to the disadvantaged in Hong Kong through Charities/Local Community Organisations

operating primarily in these areas:

Education and Training

Improving education & youth training opportunities

Focus on disabilities, Special Needs and women.

Healthcare

Help for Mother and child / Help for Disabled and Healthcare for the elderly

Social

Ethnic or Gender discrimination - Support for migrants / helpers

Sports & Recreation

Assisting other local community organisations to improve sports opportunities for

disadvantaged groups.

Funding of the Foundation

In order to be able to make grants to Charities/Local Community Organisations, the Foundation

needs its own funds.

It is intended that the LRC will make direct donations to the Foundation including its receipts

from Charity events, levied fines and guest fees. In addition, the LRC will absorb certain

running administrative and staffing costs of the Foundation. Another source of funding will

come from direct donations from Members in the form of a bi-annual voluntary contribution

by way of an “opt-out” arrangement similar to the method used for the voluntary staff donations

of Chinese New Year Lai See. The plan is to seek an annual sum of HK$1,000 per Member

account in two semi-annual instalments (i.e. HK$500 each half year) but Members can always

contribute more. In addition, there may be direct “funding drives” to members on particular

projects.

These funds are then used to finance grants to Charities/Local Community Organisations

(“Grantees”). and the Foundation board will be responsible for raising funds and for allocating

and monitoring donations. Before grants are given the Foundation will carefully vet the grantee

and will then monitor the activities of the grantee and the specific project for which the grant

has been given. Typically, a grant may be given over a period of 2-3 years but no longer so

that the Foundation can have funds for other grantees. The intention is to fund projects where

a modest amount with the right Grantee can go a very long way and perhaps set up that charity

to enable it to obtain larger grants from other organisations in the future. Furthermore, the

Foundation can partner with other Clubs on certain projects.

The Foundation board will also be responsible for the preparation of an annual report including

audited financial statements. The Foundation may also with to communicate with Club

members via the Club’s website and newsletter. The Foundation will use the words “Ladies

Recreation Club” and its related logo under a license agreement with the Club.

Applying for tax exempt status for the Foundation

The directors of the Foundation will apply to the Commissioner of Inland Revenue to seek

recognition of the Foundation as a charity exempt from tax under section 88 of the Inland

Revenue Ordinance. This will allow Members to obtain some tax credits depending on their

individual circumstances. However, the application process is a lengthy one and is not

expected to be in place ahead of the first bi-annual request for contributions.

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PRESIDENT’S REPORT On behalf of the General Committee, I am presenting this report for the fiscal year ending 31 December 2020. FINANCE In 2020, the Club experienced a decrease in total operating revenue of 9%, from $132.9M in 2019 to $121.1M. This was mainly due to the closure of some facilities and social distancing requirements imposed by the Government due to COVID-19 pandemic during 2020. Net profit increased by 29% from $32.7M to $42.3M mainly due to an reduction in operating profit, offset by higher entrance fees from ordinary members and 5-Day members and the Government Employment Support Subsidy. The Club’s cash reserves increased from $181.9M to $226.8M. This increase comprised positive operating cash flow of $23.5M, entrance fees/ debenture sales of $53.3M offset by capital expenditure of $31.8M, mainly due to construction work for the Indoor Pool, Baby Pool and Sundeck refurbishment. More details are provided in the Honorary Treasurer’s Finance Report. MEMBERSHIP Total Membership income (monthly subscription and entrance fee) at the year-end 2020 stood at $113.3M, which is ahead of budget (2020) by 7% (+$7.2M) and exceeded prior year (2019) by 8% (+$8.7M). Entrance fees generated $47.2M, exceeding budget (2020) by 23% (+$9M) and ahead of prior year (2019) by 24% (+$9.1M). We recruited 62 Ordinary Members, sold 6 Corporate Debentures and 106 new 5-Day Memberships. We also enrolled 7 Sports Members (1 Premier Tennis, 3 Swimming, 1 Tennis, 1 Bowling and 1 Squash). 62 new Ordinary Membership (59 family & 3 single memberships) were admitted, which was more aggressive than in previous years but will assist with our financial plans to make the necessary improvements to keep the club up-to-date and well maintained for our members. We will continue to monitor member number that the Club is not over-crowded and that the facilities run at an optimal pace to guarantee a great member experience. We collected $24M in joining fees in total. It was our target for 2020 to sell 12 Corporate Debentures (3 renewals and 9 new debentures). However, due to COVID and economic downturn, we achieved 6

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Debenture Sales only (including 2 for renewal), total revenue at $6M. Debenture Income (including Amortization of Term Debentures) is $14.9M behind budget (2020) by -3% (-$516K), which represents a shortfall of -6% (-$987K) over 2019. In order to maintain 302 5-Day member accounts, we must recruit 93 new 5-Day member accounts in order to replace 136 accounts that expire (50% expected renewals) and 25 accounts selected for Ordinary Membership. In result, 106 new 5-Day members accounts (70 family and 23 single) generated a total of $9.9M in joining fees. With the help from various departments, the Membership team made best use of the COVID-19 downtime by “cleaning-up” the “ever-growing” Life Absent Membership (LAM) list. All LAMs were contacted via letter or email to find out whether they are still interested in the LAM. During this process, this list was reduced from 3,651 membership accounts to 1,532 by December 31, 2020. Administration Fee for Life Absent Members (paid every 5 years) 42 letters were sent out to our Life Absent Members in 2020 (this fee was paid by 37 membership accounts, 3 membership account resigned and 2 membership accounts were suspended). Awarded Programme for Top Spender Our top 10 spenders of 2020 were awarded with gift hampers and cash vouchers. Their average spending ranged from $217K-$420K per year. Enquiries and Club Tours The Club received 594 enquires for LRC memberships. The Membership Office organised 50 club tours for new and potential members. Video Created members’ testimonials and a Club Tour video for new or potential members. These can be accessed via our website. Standard Operating Procedure SOP for Membership & Reception were completed. COVID-19 SOP for Membership & Reception was established to ensure that Covid-related questions are handled in a professional and uniform manner. Due to Covid, all members are required to bring their membership card for tapping-in Issued 1,261 replacement cards in 2020. Member Referral Programme In 2020, 86 members were awarded an incentive for successfully referring LRC Memberships to new members. 79% of new applications were referred by existing members. More details are provided in the Membership Report.

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SPORTS & RECREATION In 2020, the Sports & Recreation operations were significantly affected by the COVID-19 pandemic. There were approximately 17.5 weeks where we were fully closed all the S&R facilities. Although some of the weeks we were able to open the facilities, we had to be flexible by keeping adjusting the classes by limiting the attendance and the venues to adhere to the social distancing policy from the Government. Please see the report for each section as follows: Tennis We continue to have over 800 members who play tennis from occasionally to regularly, with over 300 individual players registered to play in the day and evening, men’s and ladies’ teams that represent the Club. Despite 10 events being cancelled due to Covid, we saw increased participation from Members in all those events which were held, and once again were lucky to see some first class club tennis from our current and past Sports Members in our marquee club championship events. Our coaching programmes are run by an experienced and culturally diverse team of 7 full time and 5 part time coaches from Australia, France, Latvia, Madagascar, Malaysia, New Zealand, Philippines, Spain, Slovenia and the USA. Programmes are offered to all ages and levels of players from 3 year old tots to veterans, and beginner to elite players. Adult Tennis 2020 was still a busy year for the adult tennis section, with an extensive variety of both social & competitive events, in addition to the Club’s popular coaching programmes. In 2020, we held a total of 8 adult social & competitive events, including the Mixed Progressive series, one Grand Slam Social and some club championship events, with overall participation from 375 players. The LRC Club Championships (singles & mixed doubles) and Veterans Club Championships (singles, doubles & mixed doubles) were again highlights of the year, with 315 players taking part. Record entries were received in each of the following events - The Singles Champs (106 players), Doubles Champs (150 signed up – but cancelled due to Covid), Mixed Doubles (90 players), Veteran’s Singles (52 players), Veteran’s Doubles (83 players) and Veteran’s Mixed Doubles (74 players), Over 460 players representing 33 LRC teams usually take part in leagues organised by the Hong Kong Tennis Association (“HKTA”) (evening) and Hong Kong Ladies Tennis

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League (“HKLTL”) (Morning) and the Club is one of Hong Kong’s leading clubs in participation and competition. However all leagues ended up being cancelled or unfinished due to Covid. 2020 HKTA Winter League: (LRC fields 11 teams) 250+ players

2020 HKTA Summer League: (LRC fields 11 teams) 250+ players

2020 HKTA Veterans League: (Men’s 80+, 100+ & Ladies 80+) 78+ players

2020 HKTA Mixed Doubles League: (Div. II, III) 72+ players

HKLTL 2019/2020 Morning League: (Div. Prem, 1 (x2), 4 (x2), 5) 65+ players

The men’s A+ Team finished in top position in the Summer League remaining undefeated in all their matches. Our adult coaching programmes continue to excel and offer private, group, league training and clinic programmes for over 450 members in total on a weekly basis. Junior Tennis The Junior Tennis Programme started the year with a record 415 children enrolled at all levels from 4-18 years of age, and ended the year at capacity of 440 juniors. The programme follows a clear structure with detailed progression and continues to be well received by parents and juniors alike. All juniors receive a twice yearly written assessment on their progress (June & December). Each month, an outstanding junior is awarded the Junior Player of the Month award, and featured on the Club’s notice boards and Junior Tennis website. This year we launched a Junior Mentor Programme. In this programme, the older junior players are selected to assist with “mentoring” our younger players. The Junior Mentors assist the coaches supervising the younger juniors during mini tennis events, leagues and tournaments. Our Junior Mentors are provided with a special t-shirt and hoodie with their Junior Mentor title clearly displayed. The programme has been very well received. The Club entered three teams (38 players – 1 x A, 1xB & 1xC teams) in the 2020 HKTA junior league, which ran two seasons, namely Spring and Autumn. The Spring season was cancelled after one match and the Autumn season got in 2 months of competition. In the Autumn season the club’s A team finished in 4th place, B team 9th, and the C team 4th. In addition to the external events the Club’s juniors were involved in, there were various in-house events, namely the Junior Doubles Championships in January (98 players – up from 74 players in 2019) and the Junior Singles Championships in November (134 players – down from 137 players in 2019). The Green Ball In-House League competition which was launched in 2018 on Saturday evenings continued to be a success in 2020 with a full-house of teams

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competing over 3 seasons (89 juniors). This league targets juniors who are one level below those in the HKTA Inter-Club league. A red ball league for the 8U juniors was launched in 2019 and continued in 2020. 24 juniors took part over 3 seasons. A bi-monthly 8U Mini-Tennis Social continues to be held generally on the last Sunday of the month and the 5 events held in 2020 attracted a total of 55 of our youngest juniors, with many parents also assisting. The Junior Tennis Programme has its own website and this is a great source of information on our coaches, programme pathway, links to all programme promotions and applications, as well as results and photos from all events. Swimming 2020 was a very challenging year for the programme as a whole due to the interruptions by COVID-19 and the planned refurbishment of the Indoor Pool. As of November 2020 (the nearest date before programme shut down) there were 380 registered members across the LRC Swim Programme. LTS (all levels) 209 Private lessons 25 Squads 81 Masters 65 Total 380

We currently have a staff of 1 Head Swim Coach, an Assistant Head Swim Coach and 3 full time Swim coaches supporting the programme. We cancelled all of our part time teachers during the reduction in pool time. Learn to Swim Due to the planned major refurbishment, the indoor pool where the majority of the Learn to swim lessons are conducted was closed from September 2020.

LTS(Group classes)

No. of swimmers No. of classes No. of Cancellation

Jan-20 271 67 27

Oct-20 209 56 57

With the great input of our learn to swim teachers, the formats of all classes and the timetable was adjusted meaning we were then able to continue teaching the children, all be it, in a more constrictive environment, in the outdoor pool. This transition however proved to be very successful; our Learn to Swim classes and our Summer camps were extremely well attended with most of our classes full, as were our junior and masters squads, and members were pleased to see the buzz of activity around the pool on Saturday mornings.

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Members also responded well to the new progression pathway for the LTS classes as we introduced a very simple ‘tick’ chart update that can be shared with parents to understand what their child needs to do to progress to the next level. The new ‘e-certificates’ were also well received. Unfortunately, the dreaded COVID-19 then took hold and all lessons were conducted whenever it was deemed safe to do so working in groups of less than 4 as per government guidelines, until we were finally told to shut down completely in July and then again in December. Events We were unable to hold any of our key events, including the cup and pennant galas and the annual charity swim-a-thon for the Hong Kong Downs Syndrome Swimming Team, and the majority of the HKASA swim galas and other international competitions that the squad swimmers would participate in were also cancelled or postponed. The masters team attended their last meet of the year on January 20, and with a team of 12 secured two national records and 24 Personal Bests across 33 individual entries. There were no events for Squad swimmers, however, we have a number who are heading to University

- A swimmer was successful in his application to join NYU swim team from September 2021.

- 3 swimmers are waiting for replies from colleges around the US.

Sports Members

- We currently have 8 Sports Members. We have our first premier Sports Member who joined us in December 2020.

Staying in touch with Swimmers The teachers and coaches have also been adapting and during pool closures have

- Conducted a zoom session with squad swimmers so they can stay connected with team mates

- Organised dry-land sessions with a professional instructor - Shared video of simple exercises with all LTS parents

Professional Development Our swim team staff showed true team spirit and assisted in other departments whenever they were requested. They also took the opportunity to undertake online development courses to keep up to date with world best practices in Learn to Swim and swim coaching. Indoor Pool The work on the indoor pool has progressed without too much inconvenience to the members and I am sure that all members will be very pleased with the job that has been done with the new Myrtha Pool system.

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Fitness Centre The fitness centre has undergone a complete overhaul and resumed usage in 2019. The premise was redesigned to include added features that allow members to achieve their own fitness goal, and our club personal trainers to provide more dynamic training programmes for each individual. On top of following the government’s operation guidelines, clear acrylic screens were placed between each cardio machine as an additional Covid precaution feature. With such, more percentage of cardio machines can be in used under the Government’s social distancing guidelines. Bowling Every year, the LRC Dragons Bowling team represents the Club in the Hong Kong Inter-Club Tenpin Bowling League. However, most of the league matches were suspended in the 2019-20 season and the season 2020-21 was cancelled. The LRC hosted the Adult Singles and Adult Doubles Club Championships, which were annual events. There were 11 and 10 participants respectively, consisted of 5-day, ordinary members, sports members and some new players. To encourage more members to play, the new social game Spring Challenge was planned. Badminton & Sports Hall The Sports Hall was under renovation and reopened in January. There were good feedbacks from members. There was a new feature of six wall-mounted basketball frames equipped in the new Sports Hall. The basketball frames can adjust the height for juniors and adults use and have been well received by members and we had run an adult basketball social. The new sport pickleball was also introduced and it was very popular. We were planned to provide the Sports Hall to organise the first LRC Hong Kong Pickleball Open as a CSR event in December but was deferred due to the social distancing and the Sports Hall closure. All the children & adult classes and social badminton on Tuesdays night have resumed, by following the social distancing from the Government and thus we limited the classes’ size. For badminton lessons, approximately 630 hours were coaching on average. The annual Badminton Club Championship was organised and 32 headcount participations by starting different categories at a different times to adhere to the social distancing.

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Squash In the HK Squash league for the 2019-2020 season, the LRC submitted three teams, i.e. Division 5, Masters 1 and Masters 3 teams, consists of a total of 31 registered players, including sports members, two guest players, three women, 5-days and ordinary members. Division 5 ranked 4th, while Masters 1 team ranked 1st and Masters 3 ranked 2nd. For the 2020-2021 season, the LRC submitted three teams, i.e. Division 8 in the main league, and the Masters 1 and Masters 3 were remained. However, the league matches were suspended since the season commenced in October. Between all three teams, we have a total of 29 registered players, some of the sports members registered in two teams. Our professional coach Peter Hill is ever-present to teach the playing members and their children the technical aspects of the game and he is an emblematic representation of the Club’s squash pedigree. Peter has approximately 480 hours of coaching on average. Social squash has been added on Tuesday evening together on Saturday afternoon are always well attended. The annual squash club championship was held for men’s, ladies and junior’s categories (except the master category has deferred to 2021). There were 30 participants. Golf In 2020, the Golf Subcommittee planned a total of 10 outings in the year but at the end only 5 outings took place in several venues including Kau Sai Chau, Deep Water Bay and Fanling. There were 69 members and 35 guests participated in these outings. Eight players represented the LRC at the Clearwater Bay Golf and Country Club’s Inaugural HK Golf Societies Par-3 Cup on 30 October. Our two teams had a great time and met players from many other societies. The Golf Subcommittee also organised the friendly outings with the Wednesday Afternoon Golf Society (WAGS), Kellet Golf Society and the Hong Kong Golf Club. In November, the fourth edition of the LRC Golf Club Championships was organised and a total of 24 players participated in this event. The Golf Simulator was used 975 hours this year compared to 984 last year but in 2020 the simulator was closed for 18 weeks. Our Golf Pro Martin Halliday retired after working at the Club since the simulator installation. The new coach, Shawn Morley, has been well received and is introducing Golf Camps for juniors.

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In December the Golf Sub Committee launched the LRC Golf Society with the goal of expanding our events and grow the game at the Club. The benefits to be part of the society includes: 10 hours of golf simulator time, 5% discount in Golf lessons with our Pro priority booking our golf outings, reduced fee for the outings and access to the LRC Golf Genius app. Bridge The Bridge Subcommittee was established in 2012 and is part of the Mind Sports Family. This year Beginner level lessons were held in February with 10 enrolments and October with 16 enrolments. However, the October class only ran for 5 weeks and ceased due to COVID-19 restrictions. Intermediate level lessons were held in January with 10 enrolments. Youth Bridge Camps that were planned for Easter, Summer and Christmas did not take place due to COVID-19 as well. Our weekly activities included Wednesday morning Chicago Bridge, Thursday afternoon Duplicate for Members and their guests as well as Friday morning duplicate bridge which is open to guests. The Bridge Subcommittee will continue to support the Hong Kong Association for Cleft Lip & Palate as the beneficiary of our annual charity. The Charity Bridge Dinner evening planned for March 2021 will be postponed to October, contingent upon Government permission to allow mass gathering. The Chinese New Year Dinner Bridge for Members and their guests was held on 15 January and it was a very successful event with 45 players. As in the past, we organised 2 events in collaboration with the Hong Kong Contract Bridge Association this year: The Hong Kong Mixed Pair was held on 2 November with 76 participants and The Hong Kong Ladies’ Open on the 16 November with 46 participants. On 6 November, we organised the first Diwali Bridge Lunch event which was a great success with 36 members and their guests attending. LRC is one of 12 Hong Kong recreation clubs that participated in the Inter-Club Bridge League in 2020. Due to COVID-19, the matches could not be completed within the calendar year and the Interclub League Committee decided to extend the deadline of play to June 2021. So far LRC played 3 matches only. Our current data base has a record of 147 members and 267 guests who attend these regular bridge activities and events. In addition, there are 19 youth players. Mahjong The COVID-19 regulations the government implemented during the pandemic has meant that access and usage of the Mahjong room has been greatly restricted.

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And as a result of this, sadly we had to decide not to proceed with our Annual Pink Ribbon Mahjong charity event which was scheduled on 13 October. And even more disappointing was that this event was ‘sold out’ with a long waitlist. However, the Chinese New Year Mahjong & Lunch for Members and their guests went ahead on 21 January and it was a very cozy event with 16 participation. Despite having to cancel our major event for the year, our mahjong community at the LRC continues to grow and grow. Players maybe playing at home and however, they do continue to ask when they can return to the social sessions. Leading up to the long-term closure of the Mahjong Room, the Sub Committee were able to execute a series of free 4 weekly beginner Taiwanese Mahjong classes for LRC Members. Each week members of the Sub Committee would teach LRC Members how to play Taiwanese Mahjong. It was truly wonderful to see everyone who signed up return each week. As an indication of the success our first series of lessons run by the Sub Committee, we planned to do another series held in the evenings, to allow those who work to join us. Another outcome from the series of Beginner’s Mahjong classes, was the demand by members/players to create a third Weekly Social Session that is now held on Wednesdays. Junior Activities With the flexibility of adhering the social distancing, we managed to run the classes in the smaller groups and changed the venues. We were able to offer more than 37 hours of regular classes each week and approximately 31 weeks in 2020. More than 211 headcounts participated in these classes (excluding the swimming and tennis classes). A total of 11 Junior Activities events and camps were organised in 2020, including our seasonal camp programme during the Summer and Mid-term breaks were successful, despite we were only able to run two weeks of the Summer camps due to the S&R facilities closure. Moreover, we are pleased to introduce the new young adventure camp from an external contractor for our tweens (9-13 years old). The camp was popular with full capacity of 20 participants. The tweens learnt different outdoor skills such as rock climbing techniques, survival skills and more. We had received positive feedbacks from parents, and the children had a splendid time.

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SPA In 2020, the LRC Spa contributed a profit of $614K compared to the budget of $1.42M. It was decreased by 57% due to the pandemic. The Sanctuary Spa has been closed for 111 days and we have missed $1.7M revenue ($15K average per day based on the days we closed). In order to promote Spa services, during the time that we were open, we sent out Ad Hoc promotions such as discounted facial and massage. We also have promotions for new members and member’s birthday. For these two promotions we have been flexible to extended for 2 months and let members enjoy. A total of 2,602 massages, 903 facials and 1,308 nail treatments were provided in 2020. The hair salon contributed a profit of $250K compared to the budget of $294K, It decreased by 15% due to the Hair Salon being closed in March. We have missed $59K revenue ($1.9K average per day based on the days we closed). Five Senses gift hamper was a success in 2020 during Christmas period, we have sold 102 hampers in December 2020. FOOD & BEVERAGE Food & Beverage 2020

Following a disturbed 2019, 2020 brought on new challenges of which the Food & Beverage department has lead the market by example, creating flexible services and extended operations to serve our membership following new legal requirements set by our government for Covid safety measures. Flexibility and commitment was displayed throughout the year with spontaneous decisions forced upon us. At the same time the department has continued to move in a more sustainable and eco-friendly direction both on the menu planning and back of house operations. Healthier dishes with local produce have been included in all of the monthly themed promotions as well the quarterly rotation of menu offerings. Food waste management systems have been included in upcoming project designs as well the continued elimination of plastic packaged products. Family Clubhouse & Lotus Bistro

The Family Clubhouse had challenges throughout the year with the swimming pool and tennis courts being closed at different times. With no classes, tournaments or social sports permitted, covers were also reduced by seating capacity and social distance measures. Our dining area for most could not allow families to sit together due to seating capacity laws alongside the closed children’s play area. The downtime however was managed correctly for cross training exercises as well the clearance of outstanding leave. We are proud to say that no staff have been released due to Covid downtimes.

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Lotus Bistro maintained a continuous flow of promotions and set up a WhatsApp ordering line for easier purchasing and created daily incentives to use this system. A ‘drive through’ was introduced which became so popular, further investment was made for a more permanent set up still being used today with high demand on our main entrance. Monthly themed promotions have included Diwali and Thai New Year, which have kept all of our members satisfied with regular menu rotation. The monthly burger promotion has been another example in providing a more sustainable and healthier option to the usual. Gourmet 10

G10 has grown from strength to strength with extended services, a growing product range and deliveries, key to the success. The festive promotions, be it the Mid-Autumn festival, Thanksgiving or Christmas, have all offered our members a fun shopping experience as well great home dining packages for all of their friends and family to enjoy. This venue space has been a fantastic asset to the club with continued growth in revenues expected in 2021. Dining Room & Cocktail Lounge

The Dining Room offered a new service period being Saturday lunchtimes with the dim-sum menu. This helped cover losses in other areas and reduce the gaps caused by Covid. At the same time the Cocktail Lounge successfully launched a Champagne and Oyster pairing with a great response to enhance this area with the baby grand piano and was again restricted with new bar laws and social distancing. The Dining Room invested in partitions to bring families back together on one table over the festive period which again worked to reduced losses and take larger reservations whenever possible. As well, with LRC not being just a green logo, the Dining Room also introduced vegan set lunches and dinners on top of the a la carte menus. Sports Bar & Rooftop ‘Bao’ Bar The ‘Sports Bar’, an outlet without its own kitchen, was held back by government guidelines for a number of months this year. On top of this, major sports events overseas where cancelled reducing the great event crowds normally seen in this bar area. Live music was also restricted for the majority of the year which eliminated our Friday Night Live sessions. The Rooftop was upgraded with a new range of furniture and being alongside our clubs dim-sum kitchen has been a great alternative venue space now being recognized as the new ‘sundowners’ place to be.

Pizzeria & Bowling Alley The annual plan to use this venue space in conjunction with our Community Engagement responsibilities was again halted with closure and lane restrictions. The Pizzeria has operated with extended operation hours over the year and catered well for all take away and delivery requests. The feedback on quality of our pizzas over the

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past 5 years is also a reason on why we will now bring the pizzas closer to our members serving from three ovens on the new Sundeck design. The bowling lanes remain a great venue space for private events and sure will be under great demand once again soon.

Banqueting & Events

Banquet services have been the most affected having to follow public gathering guidelines and social distancing measures. We have always aimed to maintain our events programme with our wine dinners being moved to lunches as one successful example. Live sport events have also been screened in the Dining Room and Function Rooms with the Super Bowl and Tennis Finals being now regular examples to create a stadium experience. The sales team in the Food and Beverage office have been working on new revenue streams with equipment rental, office deliveries and cooperate meeting room packages offering the ZOOM technology now in high demand. The Private Dining Room and Function Room both perfect venues for this set up. The Rooftop Bar and upcoming Sundeck Pizza & Grill remain the top request from members for casual gatherings in fresh, open air environments. Sundeck Pizza & Grill The new concept was presented and approved to proceed creating a new casual dining venue space for our members comfort and enjoyment. The idea to create a new food and beverage outlet originated from an extensive Membership survey that was conducted a few years ago and the bottleneck that occurs weekly at the Family Clubhouse, especially on Saturday and Sundays. The new venue will be able to seat ninety members with its own menu plans and identity thus free space and comfort in the Family Clubhouse service area. COMMUNICATIONS & MARKETING Mobile App There are increments in facilities and services bookings via the App. Sport facilities booking continues to be one of the most popular features on the App. Highlights:

Number of mobile app downloads: 2,048 (Average 171 downloads per month) Number of sports bookings: 12,674 (Average 1,056 bookings per month) Number of spa enquiries and bookings: 368 (Average 31 bookings per month) Number of event bookings: 80 (Average 7 bookings per month) Number of function enquiries: 39 (Average 3 enquires per month) Number of library books reserved: 122 (Average 10 books per month)

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Social Media We have started to produce and post video clips on our various social media channels in 2020 in view of video being one of the best performing digital content types. Highlights:

Instagram: 44% increase in the number of followers Facebook: 13% increase in the number of followers Number of Instagram followers (as of 31 December 2020): 575 Number of Facebook followers (as of 31 December 2020): 954

SOP The Club’s COVID-19 SOP and Crisis Management SOP were consolidated by the Marcom Department with a new design. Template and user guidelines were developed for all departments to adapt to for other SOPs. Club Social Responsibility (CSR) The Club continued to reach out new charity organisations and collaborate with existing NGO partners. CSR service hours fell short in 2020 since many scheduled NGO visits to the Club had to be cancelled due to mandatory closure of club facilities and social distancing measures caused by COVID-19 pandemic. To find other ways to give back to the community, we have launched new CSR initiatives – face mask fundraising campaign and Christmas gifts donation to Society for Community Organisation’s (SoCO). Highlights:

Number of charity projects: 13 Number of beneficiary NGOs: 12 Number of service hours (usage of club facilities by NGOs): 130 hours Fundraising campaign for SoCO to purchase children masks with total raised fund

$20,500. LRC’s Christmas visit to SoCO’s community centre and donated $40,000 book

vouchers to SoCO children as Christmas gifts.

NGO Partners in 2020:

Mother's Choice St. James’ Settlement Continuing Care C&W District Elderly Community Centre Enrich HK WWF Society for Community Organization (SoCO) Gay and Lesbian Tennis Alliance (GLTA) The Royal British Legion Cookie Smiles Two Presents Amber Foundation Envision Hong Kong Down Syndrome Association

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HUMAN RESOURCES Because our employees are key to LRC’s success, we strive to create a diverse and inclusive environment where people can speak up, build their skills and develop their careers. We want employees to feel that they can contribute to the Club’s mission, while at the same time, reaching their own personal goals and reaching their full potential. As of December 2020, LRC has 181 full-time employees, of which 54% was male and 46% was female. There are 10+ ethnics. Employees age distribution as follows: Age 30 or below (9.3%) Age 31-40 (26.5%) Age 41-50 (31.4%) Age 51- 60+ (25.4%) Age 61+ (7.2%) In December 2020, the Hong Kong unemployment rate was listed at a high of 6.6% which interpreted as a record high unemployment rate compared to that of December 2019 at 3.3%. This high unemployment rate was due to the development of Covid pandemic and poor economic situations. Among all industries in Hong Kong, we are fortunate that the club industry is least influenced by the poor economic situations. Staff remain employed and their remuneration is unaffected. Full employment is provided to our team. The staff turnover rate in 2020 ended at 14.8%, decreased by 6%, in comparison of year 2019. During 2020, our team consistently demonstrated highest level of flexibility and team work in running day to day operations in order to cope with the government social distancing measures and mandatory closure of certain club facilities. Temporary job positions were created e.g, temperature checkers, club patrol officers, Covid Ambassadors. Affected staff were arranged to support other departments. For example, swim coaches helped in material department; sports desk staff helped in membership department. Mutual support and synergy were enhanced. Meanwhile, the Club has implemented a series of measures to keep our team safe including outbound travel history report, temperature check prior to start of work, providing face masks at work, staff quarantine policy, work from home policy, Covid test reimbursement. Most importantly, we have devised a set of Covid standard operating procedures to outline how to handle different scenario so that everyone follows the guidelines. 2020 Highlights In 2020, many of our planned staff training and activities were put on hold. All focuses were related to combating Covid and managing staff and members’ expectation during this challenging period. The greatest achievements we made were no single Covid case among staff and team cohesiveness was significantly improved.

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Cost control was an important element during Covid. Due to the closure of certain club facilities, the manpower demand needed to be closely monitored. Delaying recruitment and saving on staff cost were carefully executed. In addition, the inflow of government Employment Support Subsidy relieves the club’s financial responsibilities. FACILITIES & MAINTENANCE Environmental Initiative Recognition by the Government To develop a greener LRC, we have been working on a number of very exciting initiatives over the past year. First and foremost, we are extremely proud to be the recipients of the “Hong Kong Award for Environmental Excellent”. To receive the Silver Award was a great honor, especially since we have competed with all hotels and private clubs in Hong Kong. The recognition of all the hard works that we have dedicated to reducing the LRC’s carbon footprint, should primarily go to our Green Committee with full support from our General Manager and Management Team. In addition, LRC received the following certificates in recognition from relevant Government Departments in 2020: Energy Management Class of Excellence – Energywi$e Certificate, Environmental Campaign Committee. Waste Management Class of Excellence – Wastewi$e Certificate, Environmental Campaign Committee. Indoor Air Quality Management Good Class Certificate – May Road Building and Sports Clubhouse, Environmental Protection Department Excellent Certificate – Main Clubhouse, Environmental Protection Department Hong Kong Green Organisation Certification LRC has fulfilled the requirements for being the Hong Kong Green Organisation (HKGO) and is allowed to use the title of HKGO until 30 June 2021. Charter on External Lighting We have received a Platinum and Gold Award of Charter on External Lighting at the May Road Building and Main Clubhouse/Sports Clubhouse from Environmental Bureau to recognize our continuous efforts on the reduction of light nuisance to nearby residents and energy wastage since 2018. Capital Projects A number of capital projects were completed in 2020: Indoor Swimming Pool/Sundeck/Baby Pool Areas Renovation: The site work commenced on 1 September 2020 and the indoor pool renovation was completed and handed over to us in early March 2021. The baby pool and sundeck renovation to be completed tentatively in early of April and May 2021 respectively. The main features of

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this upgrade is the integration of a new, state-of-the-art swimming pool system by “Myrtha”, the extension of the pool length to 25 meters, a new skimmer system as well as improved ventilation and humidity levels among many other improvements. The renovation of sundeck and baby pool to be completed and re-opened in the second quarter of 2021. Family Clubhouse Restaurant Renovation: In order for our members to enjoy the club for a while without any inconveniences and construction noise, we have decided to start the Family Clubhouse renovation works only in April 2022. A number of upgrades to our Facilities and Development were completed in 2020 Installation of Solar Panels for Carpark Lighting: To develop a greener LRC, we support the development of renewable energy and help combat climate change. We have installed 12 solar panels at the planter areas below Tennis Court 6 which provide sufficient power supply to all carpark lighting.

Green Cleaning: The Club is trying to adopt the green cleaning concept which is the process of choosing cleaning products that are better for both people and the planet. Switching to green cleaning products is good for the health and well-being of the people, and it also prevents unnecessary chemicals from being released into the environment. We have recently applied two cleaning products which are made from pure natural raw materials for floor cleaning and general cleaning including glass. Annual Tree Assessment and Trimming: The tree assessment for all the large trees within the Club has been completed by our appointed Arborist. Those trees with dead branches and overweight crown have been trimmed to maintain their stability and health as well as a safe environment around the Club. Replacement of Artificial Turf on Sundeck: The replacement work has been completed, which provides a new fresh appearance and comfort. Function Room Event Lighting Enhancement: Two new event lamps with pan/tilt moving head have been installed in the Function Room, which can provide powerful light output and is energy saving. It also integrates powerful beam and wash functions to create different wonderful entertainment lighting effects. Function Room Wall Panel Replacement: The replacement work has been completed, which provides a new fresh appearance and noise absorption improvement. Bowling Scoring System Upgrade: The bowling scoring system has been upgraded to a new model, which is designed to maximise every aspect of what makes bowling appealing to members by delivering more fun, more ways to socialise and more competitive excitement, while making it easier, more comfortable and more relaxing for people of all ages. Nano Photocatalytic Long-Acting Disinfectant for F&B Outlets: In order to step up our precautionary measures for the prevention of coronavirus and boost members’

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confidence towards the hygiene of our F&B outlets, we have applied the Nano Photocatalytic Long-Acting Disinfectant to the facilities at the outlets every 3 months. The Nano photocatalytic product is a state-of-the-art technology developed by a local innovation technology company. It is internationally recognised for its ability to eliminate up to 99.9% of viruses and bacteria, with effects lasting as long as three months. Function Room Ceiling Improvement: The four old chandeliers have been removed for boosting the ceiling height of the Function Room and six LED downlights with dimming function have been installed for providing powerful light output with entertainment lighting effects. Installation of Occupancy Sensors in Toilets and at Corridors: The installation of sensors for automatic controlling the operation of lighting at corridors and in toilets of the May Road Building has been completed. The sensors do not only save energy when the facilities and areas are not in use, and also reduce the maintenance cost of the lighting. Heater Installation outside Family Clubhouse: We have recently completed the installation of HEATSTRIP outdoor electric heaters outside the Family Clubhouse. With HEATSTRIP’s innovative heating solutions, there is no need to abandon the outdoor area in cold winter or to compromise the ambiance with bulky, unpleasant heaters. It is an energy-efficient and cost-effective heating solution that can provide a gentle warmth during the fall and winter seasons. Tall Flower Pots: We have placed elegant, tall flower pots with seasonal flowers all around the verandas, terraces and corridors to beautify the environment and create a pleasant atmosphere in the Club. Staff Green Committee In 2020, the Staff Green Committee proposed various green initiatives and the achievements were as follows: A cross audit for energy saving measures was carried out every month; Installation of 12 solar panels at the planter areas below Tennis Court 6 which

provide sufficient power supply to all carpark lighting. Installation of occupancy sensors for control of the lighting at all toilets and

corridors in the May Road Building; The Club has adopted the green cleaning concept by choosing cleaning products that

are better for both people and the planet. Switching to green cleaning products is good for the health and well-being of the people, and it also prevents unnecessary chemicals from being released into the environment.

Improvement of indoor air quality in the Main Clubhouse, Sports Clubhouse and May Road Building. An Excellent Certificate and Good Class Certificate were awarded from the Environmental Protection Department for the Main Clubhouse, Sports Clubhouse and May Road Building respectively;

Energy saving (Energywi$e) and waste management (Wastewi$e) Excellent

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Certificates were awarded by the Environmental Campaign Committee; Reduced paper consumption by 5%; Reduced electricity consumption by 12%;

Increased collection of rechargeable batteries for recycling by 3%; Increased collection of old uniforms for reuse by 18%;

Increased collection of glass bottles for recycling by 35%; Increased collection of plastic bottles for recycling by 164% and

Increased collection of aluminum cans for recycling by 19% For 2021, installation of an addition of 66 solar panels at the planter areas below Tennis Court 6 as part of our support in the Feed-in Tariff scheme of the Hong Kong Government has been planned for commencement in May and be tentatively completed before July 2021. In addition, solar lights to be installed at the planter or landscape areas to further develop the renewable energy and the Carbon Audit has been adopted to find out the amount of GHG released to the atmosphere arising from the operation of the Club and to take appropriate actions to reduce such emissions. SUMMARY Of course 2020 will be remembered as the year of the pandemic, a year that was dominated by decisions and actions responding to changing Government directives combined with our drive to maintain the Club as a healthy and safe haven for members and their families. The virus defined our year in many ways; we have had to implement social distancing and capped numbers in our food and beverage outlets, sporting facilities have gone from being closed to being oversubscribed whilst Members have been unable to travel, and there has been the additional burden of establishing and controlling new check in procedures. Management have done a first-class job in handing all these challenges and members should be applauded for their patience and forbearance during these challenging times. The financial impact of the reduction in revenues has been offset by the Clubs successful application for the Governments financial subsidy scheme. These funds have been, and will continue to be, deployed in retaining, developing and remunerating our staff. We have continued to invest in the improvement of our facilities, the upgraded indoor pool is already in operation and the new sundeck dining space will be opened in May adding 90 covers and new food options to the Family Club House. The renovation of the FCH has been postponed to 2022 to give Members a gap between projects. We continue to monitor the situation pertaining to lease renewals of private clubs in Hong Kong. As yet there is no precedent on which to make any assumptions, our lease renewal is not until 2033 and much may change in the meantime however one consistent theme for other clubs is the granting of access to non-members for use of sporting facilities. This may be something that we have to consider in the coming years.

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In the meantime the further development of our CSR program and our environmental initiatives are both areas that are not only socially responsible but also show the Club to be a good member of the Hong Kong community. On a personal note it’s been a great privilege to be your President for a second year, representing Members and working with Club Management. I have been fortunate to have benefited from the support, experience, commitment and, when required, sense of humour, of my fellow General Committee Members. Special mention must be made to my Vice President, Enrico Mattoli who stands down after 4 years of service to the Committee. We are also sad to be losing Margurite Hess, Tennis Convenor, and Ruth Barnes, Swim Convenor. Looking ahead I wish the new General Committee every success in working with Members as their representatives in guiding the future direction of Hong Kong’s premier club.

Simeon Piasecki President 3 May 2021

FINANCE REPORT The financial performance of the Club in 2020 was significantly affected by the COVID-19 pandemic. For ease of explanation in describing the Club finances, this can be divided into two distinct areas (referred to as ‘buckets’ at previous AGMs) to explain the financial performance and health of the Club.

(1) The ‘first bucket’ is the Profit & Loss of the Club (e.g. subscription fee income, performance of operational units and operating costs), and whether we make an Operating profit.

(2) The ‘second bucket’ (e.g. entrance fee income, sales of debentures and investment income) is the finance available for the Club’s capital expenditure and the funds available for investment in major projects at the Club.

The 2020 Operational Income and Expenditure: financial highlights (first bucket) F&B It was a very difficult year for Food & Beverage with the following major COVID-19 related Government restrictions imposed at various points in the year:

maximum number of people per table seating capacity cap for outlets and banquet events

shortened operating hours takeaways only after 6pm for certain number of days

closure of the Sports Bar The 2020 operating profit was a deficit of HK$8.1M:

The total number of covers experienced a decrease of 19% compared to 2019

The gross margin (the difference between the selling price of dishes and the ingredients used to prepare them) fell from 56% to 54%.

Members’ unused minimum spend was deferred as a result of COVID-19 and this also resulted in decreased revenues.

Gourmet 10 performed well as it was open for business and contributed HK$2.6M to F&B, up 52% on 2019.

Overall, the F&B operation finished the year with a loss of HK$8.1M, an unfavourable movement of HK$3.8M over 2019.

F&B remains an essential service of the Club, both to attract new members and to serve the existing membership community, and efforts are ongoing to continue to improve this financial performance while maintaining service levels to members.

Sports and Recreation The Sports and Recreation operation was also negatively affected this year. It finished with a loss of HK$3.4M, HK$2.9M worse than 2019, mainly due to cancellation of classes caused by the closure of swimming pools and sports hall.

Spa The Spa’s net profit was HK$0.6M in 2020, a HK$0.6M decrease compared to 2019 mainly due to a reduction of number of operation days resulting from COVID-19. Overall Performance The Operating profit / (loss) from 2016 to 2020 were as follows:

Year 2016 2017 2018 2019 2020 Profit / (Loss) –

HK$ ($2.1M) $0.9M ($1.9M) $0.6M ($4.8M)

The Club experienced an operating deficit in 2020 mainly caused by the decrease of revenues due to the impact of COVID-19 as described above but also due to the deferral of the planned membership subscription fees increase in July 2020. During this difficult period, the Club did not lay off any of its staff and as a result were provided with a subsidy by the Hong Kong Government Employee Support Subsidy (ESS) of approximately HK$8.9M. The Club has chosen not to present this amount under Staff Costs in the first bucket and it is shown in other income such that comparison of figures in future years will be easier. It should be noted that had the ESS amounts been offset against the employees’ salaries that it subsidized, operating profit would have been a positive result of HK$4.2M. It is the Club’s aim to breakeven at the operating level. The General Committee and Management will work towards this target via revenue growth, operating cost improvement and management efficiency. Capital Income and Expenditure (second bucket) Entrance fees increased by over HK$9.1M to $47.3M this year with 5-Day memberships proving popular. Membership numbers at year end were 3,056 compared to 3,052 in 2019. Only six debenture were sold during the year due to a variety of uncertainties on the buying market and a number of measures are being taken to address this. The year 2020 was again a relatively ‘heavy’ year for Capex (HK$31.8M) at the Club. The average Capex for the last five years was HK$21.2M. The main work has been the Indoor Pool, Baby Pool and Sundeck Refurbishment. The Club has the finances to manage reasonable (and unforeseen) capital projects. However, major works required or desired by the Club will require significant Capex funding. Hence the sale of Debentures and Entrance Fees etc. are important to finance these projects. Cash at Bank and Funds under Management Our cash at Bank and Funds under Management (Total Funds) has improved since 2014, after the completion of the Main Clubhouse. It is now over HK$226M. This is sufficient for the Club to operate and meet normal facilities’ upkeep and minor renovations in adverse conditions. Total Funds would be diminished with future major project works, and the Club will need to consider priorities based on need, feasibility, cost and membership feedback.

Looking ahead: 2021 and beyond 2020 was a challenging year with a focus on dealing with the COVID-19 impact; the operating result moved from a small operating profit in 2019 to an operating deficit of $4.8M before ESS in 2020. However, the Club is in good financial health, but we need to closely monitor financial performance in 2021 under the expected continuation of COVID-19 restrictions and uncertainty over the level of recovery in the second half of the year. Management and Operating Committees will continue to streamline operations and closely monitor running costs to improve the financial performance of the Club. A Town Hall for the Master Plan was held in November 2018, followed by a member survey in March 2019. The information collected from the survey has been analyzed and options for the next phase of the Club’s development have been formulated. However, all major capital works need to be assessed and planned, in terms of feasibility and finance and approved by members. Approved capital works will be financed by Capital Expenditure from the ‘second’ bucket; our Capex base, funded primarily through Debenture Sales and Entrance Fees. Finally I would like to thank the members of the Finance Committee, who have provided support, insight and critical advice for the past year, which has a direct benefit to the Club’s performance. These are, David Campbell, Paul Cherry, Cara Li, Chris Marschall, Enrico Mattoli, Rupert McCowan, Stuart Mowbray and Bill Stacey. I also wish to thank Raymond Cheung and Fiona Cheng in Finance for their tireless effort on behalf of the Club.

Simon Copley Honorary Treasurer 3 May 2021

Ladies' Recreation Club

$'000

CASH FLOW 2020 2019

Net Profit before Entrance Fees (4,953) (5,424)

Adjusted for non-cash items:

Depreciation & Disposal of Assets 28,568 26,070

Debenture Amortization (14,869) (15,756)

Working Capital Movement 14,774 (1,480)

Operating Cash Flow 23,520 3,410

Entrance Fees 47,257 38,128

Capital Expenditures (31,849) (33,139)

Debentures Issued 6,000 14,000

Debentures Redeemed 0 (4,863)

Cash & Investments Increase / (Decrease) 44,928 17,536

Cash on Hand 75 79

Cash at Banks 34,639 26,118

Cash at Financial Institution 2,313 2,844

Short-term Bank Deposits 93,953 61,262

Short-term Deposits at Financial Institution 0 2,180

Bonds 95,806 89,374

Total Funds, Including Investments, Available at Year End 226,786 181,857

Net incoming cash was $44.9M, an increase of $27.4M over last year due to a high positive Working

Capital Movement mainly caused by an increase in Accounts Payable for the Capital Projects and higher

Entrance Fees in 2020.

Total funds available at year end were $226.8M, $44.9M higher than last year mainly due to net cash

inflow from operation, contribution of Entrance Fees income and sales of 6 debentures partially offset by

the capital project payments in 2020.


$'000

PROFIT & LOSS 2020 2019

Total Operating Revenues by Segment

Subscription Fees 50,467 50,167

F&B 45,850 50,951

Recreation 20,040 25,656

Spa 4,708 6,147

Library 18 22

121,083 132,943

Net Contribution by Segment


F&B (8,067) (4,245)

Recreation (3,430) (580)

Spa 615 1,174

Library (749) (786)

38,836 45,730

Operating Expenses (47,173) (47,727)

Miscellaneous Income 3,512 2,624

Net Operating Profit / (Loss) (4,825) 627

Other Income (mainly Government ESS) 9,005 0

Operating Profit / (Loss) before Depreciation

/ Other Income and after ESS 4,180 627

Less:

Depreciation - Equipment (10,196) (10,504)

Depreciation - Land & Buildings (18,378) (15,566)

Plus:


Debenture Amortization Income 14,869 15,856

Investment Income 4,572 4,163

38,124 32,077

Net Profit 42,304 32,704

Net profit increased by $9.6M. The increase was mainly contributed by the Government

Employment Support Subsidy (ESS) and higher entrance fees income partially offset by decrease

of net contribution. The decrease of net contribution was mainly caused by the closure of

some facilities and other social distancing requirements imposed by the Government during

2020 due to COVID-19 pandemic.


$'000

MEMBERSHIP 2020 2019

Total Revenues


Miscellaneous Income 1,047 587

51,514 50,754


98,771 88,882

Number of Members 3,056 3,052

Turnover - Ordinary Members 216 174

Number of Debentures Sold 6 14

Value Received 6,000 14,000

Debentures Redeemed 0 (4,863)

Debenture Amortization 14,869 15,756

Investment Income 4,572 4,163

The entrance fee increase was mainly due to a higher fee income from Ordinary Members and 5-Day Members.


$'000

F&B 2020 2019

Total Revenues 44,360 48,809

Expenses:

Costs of Goods Sold (20,580) (21,298)

Direct Labour (13,200) (13,866)

Operating Contribution 10,580 13,645

Operating Expenses (20,137) (20,032)

Net Operating Contribution (9,557) (6,387)

Plus:

Unused Minimum Spend 1,490 2,142

Net Contribution (8,067) (4,245)

Operating Contribution:

Main Dining Room 613 1,054

Family Club House 1,572 3,022

Bistro and Verandah 5,401 4,687

The Deck 874 993

Pizzeria 477 667

Sports Bar (194) 179

Outside Catering 22 285

Banquets & Parties (741) 1,071

Takeaway 0 0

Gourmet 10 - Wine 1,029 882

Gourmet 10 - Deli 1,527 805

10,580 13,645

Total Covers 259,927 320,782

Average Cheques ($) 171 152

Gross Margin % 53.6% 56.4%

Total Revenues decreased by $4.4M over last year due to social distancing measures imposed by the

Government.

F&B operation reported a net loss of $8.1M, a deterioration of $3.8M which was a net result of lower

revenues, extension of time to members for fulfilling their F&B Minimum Spend requirement, lower Cost

of Goods Sold and Labour Costs. Gross Margin decreased from 56.4% to 53.6%.


$'000

RECREATION 2020 2019


Coaching & Other Costs (19,208) (21,993)

Costs Of Goods Sold (362) (552)

Operating Contribution 470 3,111

Recreation Overheads (3,900) (3,691)

Net Operating Contribution (3,430) (580)

Operating Contribution:

Tennis 1,925 1,795

Swimming * (2,515) (11)

Squash 91 73

Badminton 124 64

Bowling (84) (62)

Fitness (62) 89

Fees from all other recreation activities

(such as other sports, junior activities, etc.)908 1,066

Sports Shop 83 97

470 3,111

Note *

Swimming

Swimming Program Contribution (215) 3,079

Fixed Costs (2,300) (3,090)

Net Swimming Contribution (2,515) (11)

The Net Operating Contribution recorded a loss of $3.4M, a decrease of $2,9M over last year mainly

due to cancellation of classes caused by closure of swimming pools and sports hall under

Government's COVID-19 restrictions.


$'000

SPA 2020 2019


Expenses:

Cost Of Goods Sold (973) (1,140)

Staff Costs (2,962) (3,615)

Operating Contribution 773 1,392

Operating Expenses (158) (218)

Net Operating Contribution 615 1,174

LIBRARY 2020 2019

Total Revenues 18 22Expenses:

Cost Of Goods Sold (166) (191)Staff Costs (601) (617)

Operating Contribution (749) (786)

The revenues recorded a decrease of $1.4M over last year, mainly due to the reduction

of number of operation days under Government's COVID-19 restrictions in 2020. As a

result of a lower Cost of Golds Sold and Staff Cost improvements, the Net Operating

Contribution decreased by $0.6M to $0.6M.


$'000

OPERATING EXPENSES 2020 2019

(For Administration and Maintenance & Housekeeping Departments)

Salary & Benefits 29,331 29,318

Administration Expenses 9,332 9,055

Utilities 5,252 5,875

Repairs & Maintenance 3,258 3,479

47,173 47,727

HR DATA

Total Permanent Headcount as at 31 Dec 180 179

Employee Turnover 22% 25%

All Permanent Employees Salaries & Benefits 66,300 66,414

All Casual Employees Salaries & Benefits 2,513 3,910

Total Salaries & Benefits Expenses 68,813 70,324

Operating Expense stayed at a similar level of 2019.

Ladies' Recreation Club$'000

CAPITAL EXPENDITURES 2020 2019

General Capital Expenditures 7,224 5,552Sports Hall and Fitness Centre Refurbishment 5,087 23,946Junior Activities Floor Refurbishment (28) 3,917Sports Bar Refurbishment 50 111Indoor Pool and Baby Pool Refurbishment 16,509 0FCH Restaurant Refurbishment 2,230 0Other Projects 794 301

31,866 33,827Cost AdjustmentWine Shop & Deli 0 (210)FCH - 1/F Kitchen 0 (451)General Capital Expenditures (17) (27)

31,849 33,139

Depreciation - Land & Buildings 18,378 15,566Depreciation - Equipment 10,196 10,504

28,574 26,070

Add: (Profit)/Loss on Disposal of Fixed Assets (7) (0)28,567 26,070

DEBENTURES & GENERAL FUND 2020 2019

Number of Notes

Outstanding 31 Dec '20

Value Redeemed

in 2020$'000

Perpetual debenturesPrincipal amount per note:Issued from 1974 to 1977 30,000$ 90 90 3Issued from 1977 to 1983 50,000$ 100 100 2Issued from 1995 to 2005 800,000$ 40,800 40,800 51

40,990 40,990 56

37.8% 35.0%

10 year term debenturesAmortized Balance

Amortized Balance

Principal amount per note:Issued from 2005 to 2011 500,000$ 13 696 3Issued from 2011 to 2014 750,000$ 8,093 13,312 67Issued from 2014 to 2019 1,000,000$ 59,308 62,275 94

Total Debentures Outstanding 108,404 117,273 220

11.5% 12.3%

General Fund 299,588 257,284

Debentures:Redeemed 0 (4,863)

Issued 6,000 14,000

Debenture Amortization 14,715 14,750Debenture Transfer Fee 0 100Gain on Redemption of Term Debenture 154 1,006Gain on Redemption of Perpetual Debenture 0 0

14,869 15,856

The 10 Years Term Debentures $500,000 Series Expired in 2020

$500,000 notes expired (18)$1,000,000 notes issued as replacement 2Net positive cash flow 2,000

$'000

Perpetual Debentures as a % of Total Debentures Outstanding

Debenture members as a % of total membership

MEMBERSHIP REPORT As at 31 December 2020, the Club had a total of 3,056 active members with Ordinary or Debenture Memberships representing 1,843 accounts. Temporary Members increased slightly by 10 membership accounts. We sold 6 corporate debentures and 106 new “5-Day” member accounts have been recruited. This is exceptional given the current market under COVID. Number of members/member accounts Category Members /

Member Accounts

Year

Ended

2016

Year

Ended

2017

Year

Ended

2018

Year

Ended

2019

Year

Ended

2020

Full

Members

Ordinary Member Accounts 1,586 1,590 1,619 1,629 1,649

Members 2,586 2,599 2,644 2,675 2,702

Debenture Member Accounts 203 194 198 208 194

Members 367 347 353 377 354

Total : Member Accounts 1,789 1784 1,817 1,837 1,843

Members 2,953 2946 2,997 3,052 3,056

Temporary

Members

Sponsored

Temporary

Member Accounts 24 10 8 3 3

Members* 44 19 15 6 6

Sports Member Accounts 21 25 25 24 25

Members 35 43 42 42 44

Preferred Member Accounts 5 3 2 3 1

Members 10 6 4 5 2

5-Day Member Accounts 137 214 277 305 316

Members 235 365 480 526 542

Total : Member Accounts 187 252 312 335 345

Members 324 433 541 579 594

( Married couples = two members)

Full Members Year Ended 2016 2017 2018 2019 2020

Member Accounts 1,789 1,784 1,817 1,837 1,843

Members 2,953 2,946 2,997 3,052 3,056

( Married couples = two members)

Membership Distribution by Member Types Accounts Members Single 565 565

Single with children 65 65

Married Couples 508 1016

Married Couples with children 705 1410

Total : 1,843 3,056

Accounts

Members

Membership Distribution by Membership Categories Accounts Members Honorary Members 2 4 Ordinary Members 1,647 2,698 Debenture Members 194 354

Total : 1,843 3,056 Diversity of Membership The LRC attracts people from many backgrounds and we are proud of the rich diversity of nationalities (over 50) reflected in our membership. The Club applies the principles of equality in respect of religion, gender, race, disability and family status in its membership policy. Debentures As at 31 December 2020, a total of 215 debentures were outstanding (228 in 2019), of which 194 memberships were used by debenture nominees. 6 of the series of $1,000,000 Depreciating Debenture were sold this year. The value of this series depreciates over 10 years to zero. Total debenture redemption in the year was $0. 18 of the series of $500,000 were depreciated to zero over 10 years. This resulted in a net reduction of debentures outstanding but a net cash gain to the Club of $6,000,000. Life Absent Members Due to COVID, the Membership team managed contacted the majority of LAMs and clarified with LAMs to see whether they are still interested in retaining the LRC Life Absent Membership. This will reduce the possibility of LAMs reverting to Ordinary Membership by half. The number of Life Absent Members was reduced to 2,115 in 2020 (4,440 as at 31 December 2019). During the year, 43 LAMs returned permanently to resume Ordinary membership (24 in 2019) while 191 returned briefly for visits (349 in 2019).

Long-Standing Memberships as at 31 December 2020

We are pleased to have many long-standing members, and congratulate those current accounts who have reached the following milestone memberships: 50th year Mrs Amanda Beraha and Mr Monis Beraha

Mrs Jacqueline Claire Davreux Gregory and Mr Philip Cyril Matthew Gregory

Mrs Mirriam Bloch

45th year Mrs Judith Carline and Mr Christopher George Carline

Ms Jennifer M Hodgson

Mr Charles Steven Monat

Mrs Nancy Neumann

Mrs Barbara Park

Mr Ian Polson

Mrs Lucy Elizabeth Scholz and Mr Siegfried Scholz

40th year Mrs Marijke Elzelina Amador Mrs Joyce Abram and Mr Ronald Abram

Mrs Veryan Bradshaw and Mr Daniel Rochfort Bradshaw

Mrs Gail Buttifant and Dr Barry John Buttifant

Ms Ruby Cook

Mr Giuseppe Cammareri and Mrs Jamaliyah Pawiro Cammareri

Mr Timothy George Freshwater

Mr George Forrai and Mrs Maria Sofia Forrai

Mrs Alice King and Mr Roger King

Mr Shane Kelly and Mrs Susan Kelly

Mrs Penny Li and Dr David Kwok Po Li

Mrs Kathleen Anne Malone and Dr Andrew Malone

Mr Roger Hugh Osborne and Mrs Isabel Lai Kwan Osborne

Mr Beat Ernst Runser

Mr Peter Sherwood

Mr Pierre Steynberg

Mr Uwe Schneider and Mrs Vivian Wai Wan Schneider

Dr Kieran Singer

Ms Wai Him Priscilla Mok and Mr Yat Hung Edward Wong

Mrs Erna Zint

35th year Mrs Alison Geraldine Barlow and Mr Barrie George John Barlow

Mrs Amy S. L. Cheung and Mr Sut Loi Cheung

Mr Noel David Campbell

Mrs Rashida Ebrahim and Mr Taha J Ebrahim

Mrs Wong Mee Chun Gibson

Mr G P H Glaeser

Mr Roland F Guettler

Mrs Paula Lazar (De Lisle) and Mr Stephen J Lazar

Mrs Tin Chun Wong (Nowak-Solinska) and Mr Witold Andrew

Nowak-Solinski

Mrs Gisele Stones and Mr Ian James Stones

Ms Theodora Thunder

30th year Mrs Shakun Assomull and Mr Haresh Assomull

Ms Jaritlak Asvaintra

Mrs Sarah Ann Bent and Mr Ritchie Bent

Mrs Elizabeth M. Bosher and Mr Colin Bosher

Ms So Yin Chau (Chik) and Mr Kwok-Woon Chau

Ms Gemma W. H. Choi

Mrs Katherine Chau

Mrs Jenny Deli

Mrs June Lesley Eno and Mr Stephen R. Eno

Mrs Carol K Heo

Mrs Nora Hui Kalkhurst and Mr Eric Kalkhurst

Mr George Koh and Mrs Diana Shek Koh

Ms Fiona Loughrey

Mrs Helen June Moss and Mr Brian Moss

Mrs Catherine Mayo

Ms Mariana May and Mr Johnson K.C Kong

Mr Christopher Moore

Mrs Anisa Nasser and Mr Riyaz Nasser

Mrs Alice Pong

Ms Vivien Pong

Ms Kate Richdale and Mr Suzher Yan

Mr David M Reid

Mrs Joyce Soeryadjaya-Kerr and Mr Bradley Kerr

Ms Katherine King Suen Tsang

Ms Hing Chun Wong

Ms Alma Wing Yun Wong

Mr Patrick Yeung and Ms Brigi Yeung

25th year Mr Andy Brothers

Ms Laura A. Chiu

Mrs Vinita Prakash Daryanani and Mr Prakash Daryanani

Ms Carolyn W L Fong

Mrs Lena Harilela and Mr Luke Harilela

Ms Janice Henderson

Mrs Angela (Wang) Kung and Mr Gabriel Kung

Mrs Shobha Khemlani and Mr Bhagwan Kishinchand Khemlani

Mrs Gauri B. Khemaney and Mr Bhagwan Khemaney

Mr Charles Kwok and Ms Emily Tang

Mrs Nicola Gillian Knox and Mr John Douglas Stebbing Knox

Dr Lau Wai Fong Lee and Dr Joseph Man Ho Lee

Mrs Alice Sau Mei Leung and Dr Tze Ming Leung

Mrs Lilian Sui Fook Lai (Chiang) and Dr Raymond Bing Man Lai

Mrs Margaret (Lam) Lau and Mr Wing Keung Lau

Ms Shiu Ling Sheila Ma and Mr Chun Yu Lee

Ms Eileen Pik Kuen Ling

Mrs Lisa Lin Chi (Kung) Ma and Mr Patrick C H Ma

Mrs Agneta Medin and Mr Per Nils Staffan Medin

Mr Alexander Robert Medd

Ms Karen Chan

Mrs Margaret Kwan Pang and Mr Charles Pang

Mrs Renu Petersohn (Bhatia) and Mr Steven Petersohn

Mrs Lucia Aryanti San and Mr Samuel Hoei Tjhiang San

Mrs Teresa Siu Mei Tsang and Mr Anthony H. T. Tsang

Mrs Lucie Wong (Chan) and Mr Vincent Wong

Mrs Margaret S.M. Yuen and Dr Cheung-Hang Yuen

Reciprocal Clubs The Club has reciprocal arrangements with 130 overseas clubs. No new clubs is added during COVID. The number of members that visited reciprocal clubs during 2020 numbered 120. Our reciprocal clubs are as follows: Asia

China, Beijing Capital Club

China, Shanghai Shanghai Racquet Club

India, Mumbai Golden Swan Country Club

Japan, Kobe The Kobe Club

Japan, Tokyo Tokyo American Club

Korea, Seoul Seoul Club

Malaysia, Penang Penang Swimming Club

Philippines Manila Polo Club

Singapore The Tanglin Club

Singapore The British Club

Singapore Tower Club Singapore

Singapore Raffles Marina Ltd, Singapore

Sri Lanka, Colombo Colombo Swimming Club

Taiwan, Taipei American Club Taipei

Thailand, Bangkok The British Club Bangkok

Thailand, Bangkok Pacific City Club

Australia

Sydney, NSW Tattersalls Club - Hyde Park, Sydney

Sydney, NSW Royal Automobile Club of Australia

Frankston, Victoria Peninsula Kingswood Country Golf Club

Kooyong, Victoria Kooyong Lawn Tennis Club

Toorak, Victoria Royal South Yarra Lawn Tennis Club

Europe

Italy, Roma Tennis Club Parioli

Italy, Roma Reale Circolo Canottieri Tevere Remo

Italy, Milan Aspria Harbour Club Milan

United Kingdom, London The Hurlingham Club

http://www.thecapitalclub.com/

http://www.src.com.cn/

http://www.goldenswan.com/

http://www.kobeclub.org/

http://www.tokyoamericanclub.org/

http://www.seoulclub.org/

http://www.penangswimclub.com/

http://www.manilapolo.com.ph/

http://www.tanglinclub.org.sg/

http://www.britishclub.org.sg/

http://www.tower-club.com.sg/home.php

https://www.rafflesmarina.com.sg/

http://www.colomboswimmingclub.org/

http://www.americanclub.org.tw/

http://britishclubbangkok.org/

http://www.pacificcityclub.com/

http://www.tattersallsclub.org/

http://www.raca.com.au/

http://www.peninsulagolf.com.au/

http://www.kooyong.com.au/

http://www.rsyltc.org.au/

http://www.tcparioli.it/

http://www.tcparioli.it/

http://www.rcctevereremo.it/

http://www.aspria.com/en/clubs/aspria-harbour-club-milan/

http://www.hurlinghamclub.org.uk/

United Kingdom, London Oxford and Cambridge Club

United Kingdom, London The University Women's Club

United Kingdom, London The Sloane Club

France, Paris Lagardère Paris Racing

Germany, Berlin Aspria Berlin Ku'damm

Germany, Hamburg Aspria Hamburg Alstertal

Germany, Hamburg Aspria Hamburg Uhlenhorst

Germany, Hannover Aspria Hannover Maschsee

Belgium, Brussels Aspria Brussels Royal La Rasante

Belgium, Brussels Aspria Brussels Arts-Loi

Belgium, Brussels Aspria Brussels Avenue Louise

North America

Canada

West Vancouver, BC Hollyburn Country Club

Vancouver, BC Vancouver Lawn Tennis & Badminton Club

Victoria, BC The Union Club of British Columbia

Calgary, Alberta The Glencoe Club

Toronto, Ontario Toronto Cricket Skating & Curling Club

Toronto, Ontario The National Club

USA

Chestnut Hill, Massachusetts Longwood Cricket Club

Los Angeles, California Los Angeles Athletic Club

Los Angeles, California California Yacht Club (in association with Los Angeles Athletic Club)

Chicago, Illinios Union League Club of Chicago

Chicago, Illinios Woman's Athletic Club of Chicago

New York The Cosmopolitan Club

http://www.oxfordandcambridgeclub.co.uk/

https://www.universitywomensclub.com/

http://www.sloaneclub.co.uk/

http://www.lagardereparisracing.com/

http://www.aspria.com/en/clubs/aspria-berlin-ku-damm/

http://www.aspria.com/en/clubs/aspria-hamburg-alstertal/

http://www.aspria.com/en/clubs/aspria-hamburg-uhlenhorst/

http://www.aspria.com/en/clubs/aspria-hannover-maschsee/

http://www.aspria.com/en/clubs/aspria-brussels-royal-la-rasante/

http://www.aspria.com/en/clubs/aspria-brussels-arts-loi/

http://www.aspria.com/en/clubs/aspria-brussels-avenue-louise/

http://www.hollyburn.org/

http://www.vanlawn.com/

https://www.unionclub.com/

http://www.glencoe.org/

http://www.torontocricketclub.com/

https://thenationalclub.com/

http://www.longwoodcricket.com/

http://www.laac.com/

http://www.calyachtclub.com/

http://www.calyachtclub.com/

http://www.ulcc.org/

http://www.wacchicago.com/

http://www.cosclub.com/

A Word of Thanks I would like to take this opportunity to thank members of the Membership Subcommittee, Donald Hess, Simon Reid-Kay, Ronald Kwok and Jeannie Park for their significant contribution. Thanks also to Helena Chan and her fantastic membership team for all their hard work throughout the difficult year.

Kirsti McLean Honorary Secretary 3 May 2021

LIST OF COMMITTEES General Committee Simeon Piasecki (President) Enrico Mattoli (Vice President) Simon Copley (Honorary Treasurer) Kirsti McLean (Honorary Secretary) Paul Cherry (Facilities & Development Convenor) Margurite Hess (Tennis Convenor) Ruth Barnes (Swimming Convenor) Jonathan Pyne (Community Engagement Convenor) Vance Lee (Junior Activities Convenor / Golf Convenor) Nancy Neumann (Mind Sports Convenor) Balloting Committee Donald Hess Jeannie Cho Ronald Kwok Simon Reid-Kay Community Engagement Subcommittee Convenor – Jonathan Pyne Katherine Au Christopher Lavender Nancy Liu Roger Osborne Facilities & Development Subcommittee Convenor - Paul Cherry Andrew Nowak-Solinski Matthew O'Neill Michael Davies Nicholas Burns David Leung (Resigned in April 2021) Finance Subcommittee Convenor – Simon Copley Youjia Li Christof Marschall David Campbell Enrico Mattoli Paul Cherry Rupert McCowan Stuart Mowbray William Stacey

Golf Subcommittee Convenor - Vance Lee Brian Moss Chad Stasky Daniel Hayden David Law Nicola Button Richard Wilmot Indoor Sports Subcommittee Convenor – Gerald Lau Charles Brantly Jennifer Pollock Mei Ni Yang Pravin Ramchandani Pu Zhai Sven Olsen Junior Activities Subcommittee Convenor – Vance Lee Anju Brantly Gareth Lewis Levina Li Maria Yuen Natalie Cheung Nicole McMahon Severine Barry Simon Barnes Sofia Suarez Nathalie James (Joined in November 2020) Emily Duncan (Resigned in September 2020) Magazine Proof-Reading Subcommittee Chairperson - Brenda Scofield George Grose Janet Spence Kathleen Malone Rosalind Beczak Diana Duncan (Resigned in December 2020)

Mind Sports Subcommittee Bridge Convenor - Nancy Neumann Bhagwanti Mohan Elizabeth Golamco Kathleen Malone Roma Chulani Mahjong Chairperson - Alexandra Green Eimhear Lowry Janette Flynn Julie Lim Nita Sakhrani Pearl Lam Sonia Vaswani Membership Subcommittee Convenor - Kirsti McLean Jeannie Cho Donald Hess Ronald Kwok Simon Reid-Kay Swimming Subcommittee Convenor – Ruth Barnes Chang Lim Jane Dudok Van Heel June Wehl Kwok Lulu Yeoh Matthieu Barry Nicole McMahon Roberta Ma Alexander Cheung (Joined in April 2021) Tennis Subcommittee Convenor - Margurite Hess Alisha Ma Amie Moriarty Anuj Jasani Charles Tang Laura Egloff Lenny Kwan Sophie Mensdorff Stephen Weatherseed

Mr Paul Cherry has subsequently withdrawn his nomination so there are now only 11 candidates standing for election to the General Committee at the forthcoming Annual General Meeting.

CANDIDATES STANDING FOR ELECTION

TO THE GENERAL COMMITTEE 2021/2022

Paul Cherry - Withdrawn

Alexander Cheung Alex has been a member of the Club since his parents joined in 1979 and has served the Club in various roles over the years, including on the General Committee (2002-06) and subsequently on the Membership Sub-Committee. Alex has been an active Masters swimmer since 2008 and his two daughters who started in the learn-to-swim programme as babies are now competitive swimmers for the LRC. Alex’s proposed role will be as the Swimming Convenor. He hopes his extensive experience and participation in the swimming community can be of help to all LRC members who enjoy the Club’s swimming facilities. Together with the Swimming Sub-Committee, they look forward to building on the amazing legacy Head Swimming Coach, John Dempsey, is leaving the Club upon his retirement at the end of July and welcoming his successor in due course.

Simon Copley Simon has been a member of the LRC Finance Committee since November 2019 and the Honorary Treasurer since the last AGM. He was a partner at PwC in Hong Kong for 21 years where led PwC’s Asia insurance industry practice and held various management roles. He moved to Hong Kong from the UK in 1992 and has worked extensively around Europe and the Asia Pacific region. He currently holds several part time positions in addition to his role at the LRC:

Member of the Disciplinary Panel of the Hong Kong Institute of Certified Public Accountants (since 2012)

INED at Galileo Platforms, an insurance blockchain technology provider (since August 2019)

Director at St Paul Girls School International, the overseas business of the school (since January 2020)

Simon was the treasurer of Kellett School from 2002 to 2008 where he oversaw all financial aspects of the school including revamping the debenture system to finance the building of an extension of the school premises. He was also on the board of the Association for Sustainable and Responsible Investment in Asia, a not-for-profit think-tank, from 2014-2017. Simon is married to Ginette Blundell and they have been members of the LRC for >10 years.”

Michael Davies Mike’s wife, Ellen and he along with their three children have been members of the LRC as a family since 2016, prior to that he was a junior member from 1979 until 2001 and has lived within 500m of the club for close to 25 years. Having learned to swim and play tennis at the LRC, Mike’s children have followed in his footsteps. Mike and Ellen play tennis regularly both through arranged socials and with other members, living adjacent to the club means they are using the facilities most days. More recently Mike has served on the Facilities and Development sub committee for 2 years supporting projects including the kids pool, indoor pool and sun deck and proposed family clubhouse renovation. Mike currently works as an Executive Director for JLL, a large multi-national real estate service provider and is also founder and chairman of Teardrop Hotels, a luxury hotel company in Sri Lanka. If elected Mike would welcome the chance to join GenCom and support the ongoing vision for the club that has given so much over the years to him and his family.

Laura Eckerman Laura and her husband Markus have lived in Hong Kong for more than 15 years and have been members of the LRC since 2015. Laura worked across the US, UK and Asia as a financial strategist, including her last role as Chief Strategy Officer for Prudential Hong Kong before launching her successful global children’s fashion business. They have two children who are both active in many of the Club’s junior activities and the entire family is actively involved in the LRC Tennis Community including participation in Club Championships and Junior League. Markus currently represents the Club in Men’s Tennis and Laura serves on the Tennis Subcommittee. The LRC has become the center of the family’s social activities and has provided fond memories and milestones as the kids have grown up in the community. Laura would be honoured to be able to give back by serving on the General Committee.

Donald Hess Don and his wife Margurite have been resident in Hong Kong for almost 27 years and have been members of the LRC since 2010. They have two adult children: a married daughter who is now living in Hong Kong and a son currently living in London. They have two grandsons who are both in Hong Kong. Don retired as a partner of one of the world's largest law firms at the end of 2014. He has practised law in Australia, the United States and Hong Kong. He spent almost nine years as an Australian diplomat, serving in the former Yugoslavia, Germany, India and New York. He is currently Deputy Chairman of the Hong Kong chapter of Variety - the Children's Charity, having previously served 4 years as the founding Chairman. He is also a director of Variety - the Children's Charity International. Don and Margurite are active in the tennis community at LRC. Don is Captain of the Men's Tennis C Team. He is currently in his third term on the Balloting Committee and has previously served on the Member Engagement Subcommittee.


TO THE GENERAL COMMITTEE 2021/2022

Gerald Lau It all began when Gerald became part of the club bowling team soon after he joined the club in 2015. Gerald became the Chairman of the HK lnterclub Bowling League since 2016 where LRC has participated in the last 14 years and have earned major team and individual awards. He has been a member of the Indoor-Sport Subcommittee since September 2016 and was involved in the Sports Hall and Fitness Center overhaul project that took place in 2017/2018. He is currently serving as the Indoor-Sport Convener to oversee and promote all indoor-sport activities. Gerald runs his own family office which takes part in various investment activities. He is a member of a renowned Rotary Club in Hong Kong and will be the club President in 2021/2022. He and his family pay frequent visits to the LRC as they are conveniently living in the neighborhood. Gerald looks forward to the opportunity of continuing his contribution to the club as a member of the General Committee.

Vance Lee Since joining the LRC in 2007, Vance Lee has represented the Club in Tennis and Golf (Golf Club Champion, 2018), was named the Club’s first Golf Convenor, helped open the Golf Simulator in 2016 and launch the LRC Golf Society and has his 3 young sons involved in many of the Club’s activities. He’s been a professional musician for over 28 years and moved to Hong Kong in 2000 to join the Hong Kong Philharmonic Orchestra. He was Chairman of the HKPhil’s Player’s Committee and the first musician on the HKPhil’s Development Committee. He has performed and taught music around the world and hopes to bring his passion for his family, music and sports to continue making the LRC the best it can be.

Kirsti McLean The McLean family joined the LRC in 2006 as Ordinary Members. Kirsti and her husband John are involved in the LRC tennis and swimming programmes. Kirsti has been Captain of one of the LRC Division 1 tennis teams for many years. She first served on the Junior Activities Subcommittee (2009/2010) and later as the LRC's Honorary Secretary (2011-2015). She was elected to the Balloting Committee and served on the Membership Subcommittee from 2016 to 2019. In 2019, Kirsti was elected to the General Committee and currently serves as the LRC’s Honorary Secretary. Outside of the LRC, she served as a Governor of Kellett School from 2011-2019. For many years, Kirsti has been a member of the fundraising committee for Watchdog Early Education Centre and has volunteered at Ebeneezer School for the Blind. Kirsti attended university in Canada where she qualified as a barrister and solicitor. Kirsti welcomes the opportunity to continue to contribute to the LRC as a member of the General Committee.

Nancy Neumann Nancy is the Founder and Managing Partner of Hong Kong Executive Search (www.hkes.net). A graduate in Business Management from Hong Kong Polytechnic University, she takes an active interest in the human resources arena and is an Accredited Master Practioner of Thomas International. She was a Member of the Labour Advisory Board Committee on Employment Services, Hong Kong from 1994 to 1996. She served as the first Asia Director for NPA, a global recruitment network (www.npaworldwide.com) and received its Chairman’s Award in 2009. Nancy was a Council Member and Vice President with the Hong Kong Contract Bridge Association (www.hkcbaorg) for many years and represented Hong Kong as a member of the Ladies Team competing for the Venice Cup in year 2000 in Bermuda. Nancy currently serves as the Mind Sports Convenor and Chair of the LRC Bridge Subcommittee. Nancy was born in China, married to a Swiss with one daughter. She is fluent in English, Cantonese and Mandarin.

Jonathan Pyne Jonny Pyne is standing again for General Committee! Currently, Community Engagement Convenor and looking to take the Club forward in this field with a distinct vehicle, the LRC Charitable Foundation Limited, to foster greater engagement by the Club and Members with other sectors of Hong Kong society. For Club matters, some guiding principles: Sports: Never forget that we are first and foremost a Recreational Club. Staff: They have done a fantastic job in challenging times. Let them know it.

VOTE FOR A FREE SPIRIT. VOTE FOR JONNY PYNE

Stephen Weatherseed Stephen joined the LRC in 1990 and his main focus of activity at the club has been in the tennis section. He has played for the Men's and Mixed evening league teams, and still do so. In the early 2000's he was a member of the Tennis Subcommittee and he managed the organization of the Club's tennis tournaments, before responsibility was passed over to the coaching staff. Stephen has been a member of the more recent TSC since 2019. He was also a member of the Finance Subcommittee in the early 2000's. By profession Stephen is a chartered accountant and a partner in the accounting firm, Mazars, and has been in professional practice all his career. If elected, he sees his contribution to the Club in continuing the development of the tennis programme - acknowledged to be the best in Hong Kong - for all LRC members, as well as reinforcing the Club's core values in the General Committee


TO THE BALLOTING COMMITTEE 2021/2022

Jeannie Cho Jeannie and her husband Albert moved to Hong Kong from New York City at the beginning of 2009 and became members of the LRC that same year. Prior to moving to Hong Kong, Jeannie worked as a lawyer in New York and is an active member of the LRC and just completed her first term on the Balloting Committee. Prior to that she served on the Tennis Subcommittee from August 2018 to May 2020. She also sits on the Hong Kong Ladies Tennis League’s Committee as a Divisional Representative, a position she has held since 2018. When not on the LRC’s tennis courts, Jeannie can be found cheering Albert on at the squash courts, running around the club with her two children, Olivia (11) and Nicholas (8), or enjoying a glass of wine with other members. Jeannie is running for a seat on the Balloting Committee.

Sam Farrands Sam is running as a member of the Balloting Committee which he chaired for over 4 years before temporarily working in Beijing from 2019 to 2020. He has been a member of the LRC for over 20 years and has served on the Balloting Committee for around 8 years as a member or chair. He has also served on the Facilities Subcommittee. Sam is a father of 2 beautiful girls who have grown up with the LRC as their back garden. He is an avid (albeit hack) swimmer and has been a member of the LRC Master’s Program since its inception. He also plays tennis and regularly dines at the Club. Sam is a lawyer and runs the Projects Practice at King & Wood Mallesons.

Ronald Kwok Ronald has been a member of the LRC since 1995. He joined the club as a Junior Member when he moved to the neighbourhood with his family. He is a keen golfer and an opera singer. Ronald plays tennis and uses the golf simulator at the club. Ronald and his Wife Reggie are frequent hosts at the LRC. Their twins, Austin and Brandon, are active in table tennis at the club. Ronald is the Chairman of Opera Hong Kong and had been Chairman of its Membership Committee for 10 years. Ronald has lived in Hong Kong since graduating from university in the UK. He is qualified as a solicitor in England and Wales and in Hong Kong. Ronald is currently a banker at a leading private bank.

Simon Reid-Kay Simon has been a member of the LRC for around 30 years. The Reid-Kay family, including four boys have been involved particularly in the tennis and swimming programmes at the LRC all their lives in Hong Kong. Simon's wife Baba was an active tennis league player/captain and is a regular bridge player and Simon and she entertain regularly at the LRC. Simon and his family are British and have lived in Hong Kong since 1985. Simon is admitted as a solicitor in each of Hong Kong, England & Wales and Scotland. Simon has held and still holds a number of voluntary positions on committees in a variety of Hong Kong organisations. He is on the panel of the Law Society's Solicitors Disciplinary Tribunal and served as Secretary and Chairman of the HK Rugby Clubs Youth Association of the HK Rugby Union administering the rugby programme for 12-19 year old boys and girls in Hong Kong. Simon joined the Balloting Committee in 2019 and would be delighted to continue in that role if given the opportunity.

ANNUAL GENERAL MEETING NOTICE Notice is hereby ...

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