The American Club 2017/2018 Annual Report

THE AMERICAN CLUB

STATEMENT OF CASH FLOWS Year ended 30 June 2018

2018

2017

$

$

Operating activities Loss before tax

(6,250,790)

(2,589,167)

Adjustments for: Depreciation of property, plant and equipment Loss on sale of property, plant and equipment Write back of allowance for doubtful debt

2,722,793 2,491,117 1,330,826 1,002,222

(27,372) 44,652 (759,512)

(35,642) 91,871 (927,328) (12,462) (3,394,010)

Allowance for doubtful debt

Interest income Coupon income

- - - -

Realised gain on investment securities Unrealised gain on financial derivatives

(547) 6,601

Investment management fees

Operating cash flows before movements in working capital

(2,939,403)

(3,367,345)

Due from members Other receivables Consumable stocks

276,878 383,648 229,464

327,034 (387,270) 223,983 604,840 (283,067)

Trade and other payables and accruals Fees paid in advance from potential members

1,903,222

146,924

Members’ deposits

35,303

(6,500)

Cash from (used in) operations

36,036 (2,888,325)

Income taxes paid Interest received

(162,612)

(159,205)

759,512 927,328 632,936 (2,120,202)

Net cash from (used in) operating activities

Investing activities Purchase of property, plant and equipment

(31,462,507)

(12,933,700)

Proceeds from sale of property, plant and equipment

31,103

55,124

Proceeds from redemption of investments Proceeds from redemption of deposit

-

2,711,310

30,009,025 14,893,982

Coupon income received

-

12,462

Net cash (used in) from investing activities

(1,422,379) 4,739,178

Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of financial year Cash and cash equivalents at the end of financial year

(789,443)

2,618,976

7,203,479 4,584,503 6,414,036 7,203,479

See accompanying notes to financial statements.

32 2017/18 ANNUAL REPORT