The American Club 2017/2018 Annual Report

THE AMERICAN CLUB STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Year ended 30 June 2018

2018

2017

Operating Capital Note fund fund

Operating Capital

Total fund fund Total

$

$

$

$

$

$

Income Food and beverage

7,009,719

- - - - -

7,009,719 8,217,329

- - - - -

8,217,329 258,189 3,175,807 4,703,427 7,827,887

Jackpot room*

-

-

258,189

Member activities

3,093,109 4,405,102

3,093,109 3,175,807 4,405,102 4,703,427 7,731,956 7,827,887

Club services

Membership dues

14 7,731,956

Entrance fees

- 4,131,787 4,131,787

- -

3,225,487 3,225,487

Net investment gain

15

-

759,512

759,512

4,327,746

4,327,746

Allocation from capital fund

1,600,000 (1,600,000)

-

1,600,000 (1,600,000)

-

Other income

16 1,730,528

- 1,730,528 1,971,823

- 1,971,823

Total income

25,570,414 3,291,299 28,861,713 27,754,462 5,953,233 33,707,695

Expenditure

17

Food and beverage

10,762,187

911,238 11,673,425 11,792,690

869,925 12,662,615 69,731 323,381

Jackpot room*

-

-

-

253,650

Member activities

4,528,557 1,167,227 5,695,784 4,848,649 1,241,610 6,090,259

Club services

4,203,773

548,253

4,752,026 4,374,440 126,667 4,501,107

Facilities, front office and administration

10,406,336 1,158,031

1,419,818 11,826,154 10,527,097 1,160,432 11,687,529

Membership and marketing

7,083 1,165,114 1,006,997

24,974 1,031,971

Total expenditure

31,058,884 4,053,619 35,112,503 32,803,523 3,493,339 36,296,862

(Loss) Profit before tax

(5,488,470)

(762,320) (6,250,790) (5,049,061) 2,459,894 (2,589,167)

Income tax expense

18 (110,267)

- (110,267) (162,930)

- (162,930)

(Loss) Profit net of tax

(5,598,737) (762,320) (6,361,057) (5,211,991) 2,459,894 (2,752,097)

*The Jackpot Room’s last day of operation was on 31 August 2016.

See accompanying notes to financial statements.

28 2017/18 ANNUAL REPORT