Annual Report 2018/19

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Year ended 30 June 2019

2019

2018

Operating fund $

Capital fund $

Operating fund $

Capital fund $

Total $

Total $

Note

Income

Food and beverage

7,115,713

-

7,115,713 7,009,719

-

7,009,719

Member activities

3,342,254

-

3,342,254 3,093,109

-

3,093,109

Club services

4,500,866

-

4,500,866 4,405,102

-

4,405,102

Membership dues

14 7,676,169

-

7,676,169 7,731,956

-

7,731,956

Entrance fees

-

2,854,536 2,854,536

-

4,131,787

4,131,787

Net investment gain 15

-

553,420 553,420

-

759,512

759,512

Allocation from Capital Fund

1,600,000 (1,600,000)

-

1,600,000 (1,600,000)

-

Other income

16 1,556,184

-

1,556,184 1,730,528

-

1,730,528

Total Income

25,791,186 1,807,956 27,599,142 25,570,414 3,291,299 28,861,713

Expenditure

17

Food and beverage

12,064,385 1,073,293 13,137,678 10,762,187

911,238 11,673,425

Member activities

4,640,655

1,791,923 6,432,578 4,528,557

1,167,227 5,695,784

Club services

4,254,157

214,948 4,469,105 4,203,773

548,253 4,752,026

Facilities, front office and

11,833,872

1,403,811

13,237,683 10,406,336 1,419,818 11,826,154

administration

Membership and marketing

1,277,206

11,854 1,289,060 1,158,031

7,083

1,165,114

Total expenditure

34,070,275 4,495,829 38,566,104 31,058,884 4,053,619 35,112,503,

Loss before tax

(8,279,089) (2,687,873) (10,966,962) (5,488,470)

(762,320) (6,250,790)

Income tax expense 18

-

-

-

(110,267)

-

(110,267)

Loss net of tax

(8,279,089) (2,687,873) (10,966,962) (5,598,737)

(762,320) (6,361,057)

See accompanying notes to financial statements.

31

The American Club 2018/19 ANNUAL REPORT