Annual Report 2018/19

MESSAGE FROM THE PRESIDENT & TREASURER

On behalf of the Executive and General Committees, it is our privilege to present the annual report for the financial year ending June 30, 2019 (FY19). This report highlights some of the achievements and progress we’ve made in key areas as well as measures taken to address challenges and capitalize on opportunities that emerged over the past year.

Rejuvenation and Rebuilding

The Club began its redevelopment project in the summer of 2016. Construction has been ongoing for the past three years and during the phased openings of new outlets we’ve seen renewed energy, gains in operating efficiencies, and increased sustainability in the Clubhouse—all of which were overarching goals of the redevelopment. With our enhanced facilities, trademark American service, and vibrant community, The Club is positioned to continue its long tradition as one of Singapore’s premier social clubs well into the future. FY19 was difficult due to the staged closure of much of the Clubhouse. As the year progressed, we began to open more redeveloped outlets, with The Bowling Alley, the much-loved Union Bar, The Galbraith Ballroom, and our catering and banqueting services all welcoming Members in Q4 2018. Phase Four of the project, which completed in Q1 2019, saw The Quad, our dedicated children’s play space, quickly filled with our youngest Members. The Lobby followed in Q2, with the highly anticipated Tradewinds all-day dining restaurant opening in July. Finally, with the projected completion of The Gourmet Pantry, management offices, Tennis social area, and Gym in Q4, the redevelopment will be complete. As with all projects of this size, continuing to enhance the spaces will be ongoing work. The General Committee and Member committees in partnership with management will continue to oversee and drive improvements as suggested by Members, so our outlets meet our Members’ needs and continue to offer a true home away from home.

Financial Model

Cumulative Variance (Actual vs. Model)

FY2019 FY2018 FY2017 FY2016 Cumulative Cumulative

Number of New Memberships Entrance Fees (S$'000) Redevelopment Progress

1,269 2188%

259

422

337 309

1,327

58

$13,575 1566%

$2,855 $4,132 $3,225 $4,230

$14,442

$867

-5%

$17,509 $29,917 $12,005 $1,422

$60,853

$63,937

$(3,084)

Payments (S$'000)

4

The American Club 2018/19 ANNUAL REPORT