The American Club 2016/2017 Annual Report

THE AMERICAN CLUB

NOTES TO FINANCIAL STATEMENTS 30 June 2017

5. RELATED PARTY TRANSACTIONS (cont’d)

Compensation of key management personnel

Key management personnel of the Club are those persons having the authority and responsibility for planning, directing and controlling the activities of the Club. The General Committee members and senior managers of the Club are considered as key management personnel of the Club.

2017

2016

$

$

Short-term benefits

2,493,980 2,152,427

The General Committee members do not receive any remuneration for their services to the Club.

6. CASH AND CASH EQUIVALENTS

2017

2016

$

$

Cash on hand and in banks

7,203,479 4,578,342 78,409,025 73,234,477 - 20,074,691 85,612,504 97,887,510

Short term deposits

Investment portfolio cash and liquid investments held by investment advisor

Cash and cash equivalents in the statement of cash flows comprise:

2017

2016

$

$

Cash and bank balances (as above) Less: Deposits in banks and held by investment advisor Less: Pledged deposits (Note A)

85,612,504 97,887,510

(77,409,025) (92,303,007) (1,000,000) (1,000,000) 7,203,479 4,584,503

50 2016/17 ANNUAL REPORT