The American Club 2017/2018 Annual Report

THE AMERICAN CLUB

NOTES TO FINANCIAL STATEMENTS 30 June 2018

5. RELATED PARTY TRANSACTIONS

Related parties consist of members of the General Committee and key management personnel. Parties are considered to be related if one party has the ability to control the Club or exercise significant influence over the Club in making financial and operating decision. These related party transactions occurred at market related prices and the General Committee and key management personnel declared their potential conflict of interest. The General Committee Members were not involved in the Club’s assessments and decision making process for these contracts.

2018

2017

$

$

Rental of premises to General Committee member - related organisations (American Association of Singapore (“AAS”) and American Women’s Association of Singapore (“AWA”))

19,083 140,487

Food and beverages income - related organisations (AAS and AWA)

33,142 37,089

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.

2018

2017

$

$

Short-term benefits

2,601,410 2,493,980

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

6. CASH AND CASH EQUIVALENTS

2018

2017

$

$

Cash on hand and in banks

6,414,036 7,203,479 48,400,000 78,409,025 54,814,036 85,612,504

Short term deposits

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

2018

2017

$

$

Cash and bank balances (as above)

54,814,036 85,612,504 (47,400,000) (77,409,025) (1,000,000) (1,000,000) 6,414,036 7,203,479

Less: Deposits in banks and held by investment advisor

Less: Pledged deposits (Note A)

50 2017/18 ANNUAL REPORT