Annual Report 2020-2021

28 PAGE

Total Payroll & Bonuses

PAYROLL & BONUSES PER EFTE and PAYROLL & BONUSES AS % OF TOTAL INCOME

140,000

90%

80%

84%

120,000

114,992

111,284

76%

70%

67%

72%

99,864

99,020

100,000

63%

91,891

60%

88,174

59%

80,000

53%

74,512

50%

72,069

66,552

65,973 66,934

62,699

58,977 59,254

40%

60,000

30%

40,000

20%

20,000

10%

-

0%

FY15

FY16

FY17

FY18

FY19

FY20

FY21

Total Income per EFTE

Payroll & Bonuses per EFTE

Payroll & Bonuses as % of Total income

Management has been actively managing the headcount and payroll costs during the financial year.

Management also undertook a re-organization exercise to improve operational efficiency, which resulted in seven team members from the Management team leaving the Club. The payroll savings from this re-organization will be realized in FY2022.

The General Committee approved an aggregate bonus of $1.5 million payable to all levels of staff in September 2021. Total payroll and bonuses of 63% in FY2021 was lower than FY2020 of 67%.

Total Operating Expenses

Management reviewed all discretionary expenses before approvals were given. With the ongoing COVID-19 pandemic, the Club also enjoyed rebates with our vendors and managed to re-negotiate contracts at the same or better renewal terms.

The delay in the completion of the redevelopment project allowed the Club to enjoy maintenance savings as the defects liability period was extended from February/March to June 2021.

THE AMERICAN CLUB SINGAPORE