Annual Report 2020-2021

6 PAGE

MESSAGE FROM THE TREASURER

Wayne Farmer Treasurer of The American Club Singapore

On behalf of the Executive and General Committees, I am pleased to present the Club’s Annual Report for the financial year that ended on June 30, 2021 (FY21). Firstly, I hope that all Club Members, extended families, friends and staff remain healthy – both in body and mind – throughout the challenges the COVID-19 pandemic has created. If there is a silver lining, the past 18 months have hopefully made us all stop, think and reflect on our personal priorities and work-life balance. The disappearance of a hectic monthly travel schedule has permitted me significantly more time with my family, which is truly a blessing in disguise. Speaking of challenges in FY21, coming off the end of the redevelopment process, yet again was one of the most challenging years in the history of our Club. The pandemic has impacted the Club in a myriad of ways - on everything from reduced Club capacity, to outright closures, staff shortages and family separation, increasing supply chain costs for goods and goods shortages, to the unavailability of manpower and services. Despite going through this profound upheaval, the Club’s fundamental purpose never wavered – to deliver our members a North American home away from home experience. Total Income (Operating Fund) of $32.04 million

($28.97 million the prior year) saw the Club recorded its first gross operating profit (before bonus) of $340K in six years compared to a loss of $3.375 million in the previous year. The Club Reserves grew by approximately $6 million to $28.42 million, up from $22.75 million in the previous year. Therefore, it is appropriate that the theme for this year’s Annual Report is “Adapting and Evolving” . The Club responded to the economic impact, management restructuring and operational setbacks from COVID-19 with strong governance and oversight; the Executive and General Committees approved difficult but necessary financial decisions to maintain operating cash flow, preserve jobs, providing safe and improved services for Members and a safe work environment for our staff. Seizing Opportunities Where the opportunities came, the Club saw and took them. In thefirst quarter of FY21, F&B launchedanonline wine shop Bottles2Go!, introduced UNCORKED (an exclusive wine club) and transformed the wine program, resulting in a 82% increase in wine sales compared to the previous year. The General Committee approved the Membership Committee’s recommendation to launch the Transfer of Membership to Family Members and Family Transfer Scheme with the key objective of rebuilding capital reserves

THE AMERICAN CLUB SINGAPORE