The American Club 2017/2018 Annual Report

THE AMERICAN CLUB STATEMENT OF CHANGES IN CLUB FUNDS (cont’d) Year ended 30 June 2018

Operating Fund

Capital Fund

Total Funds

Net investment Renewal in property, and

Total plant and replacement Security Legacy capital equipment fund fund fund fund $ $ $ $ $ $ $

2017

(Note 13)

Balance at 1 July 2016 3,223,084 15,861,870 71,023,011 3,600,000 19,322,060 109,806,941 113,030,025

Legacy Fund drawn down for topping up of Operating Fund for prior years Legacy Fund drawn down for current year income tax expense Legacy Fund drawn down for topping up of Operating Fund Legacy Fund drawn down for advisory fee relating to customised forecasting and planning tool

49,667

-

-

-

(49,667)

(49,667)

-

162,930

-

-

-

(162,930)

(162,930)

-

5,049,061

-

-

- (5,049,061)

(5,049,061)

-

(72,746)

-

-

-

72,746

72,746

-

(Loss) Income net of tax, before net investment gain (5,211,991) (3,548,463)

1,680,611

-

-

(1,867,852)

(7,079,843)

Net investment gain

-

-

4,327,746

-

-

4,327,746 4,327,746

Other comprehensive loss for the year

-

-

-

- (3,288,091)

(3,288,091)

(3,288,091)

Total comprehensive (loss) income for the year

(23,079) (3,548,463)

6,008,357

- (8,477,003)

(6,017,109)

(6,040,188)

Amount transferred for capital expenditure

-

12,933,700 (12,933,700)

-

-

-

-

Balance at 30 June 2017 3,200,005 25,247,107 64,097,668 3,600,000 10,845,057 103,789,832 106,989,837

See accompanying notes to financial statements.

31 2017/18 ANNUAL REPORT