Annual Report 2018/19

NOTES TO FINANCIAL STATEMENTS 30 June 2019

13. CLUB FUNDS (cont’d)

Operating Fund

Total Funds

Capital Fund

Net investment in property, plant and equipment $

Renewal and replacement fund $

2018

Total Capital fund $

Security fund $

Legacy fund $

$

$

(Note 13)

Balance at 1 July 2017 3,200,005 25,247,107 64,097,668 3,600,000 10,845,057 103,789,832 106,989,837

Legacy Fund drawn down for current year income tax expense Legacy Fund drawn down for topping up of Operating Fund (Loss) Income net of tax, before net investment gain

110,267

-

-

-

(110,267)

(110,267)

-

5,488,470

-

-

- (5,488,470) (5,488,470)

-

(5,598,737) (4,084,722)

2,562,890

-

- (1,521,832)

(7,120,569)

Net investment gain

-

-

759,512

-

-

759,512

759,512

Other comprehensive loss for the year

-

-

-

-

(1,407)

(1,407)

(1,407)

Total comprehensive (loss) income for the year Amount transferred for capital expenditure

- (4,084,722)

3,322,402

- (5,600,144) (6,362,464) (6,362,464)

-

31,462,507 (31,462,507)

-

-

-

-

3,200,005 52,624,892 35,957,563 3,600,000 5,244,913 97,427,368 100,627,373

Balanceat 30June2018

65

The American Club 2018/19 ANNUAL REPORT