The American Club 2017/2018 Annual Report

THE AMERICAN CLUB

NOTES TO FINANCIAL STATEMENTS 30 June 2018

13. LEGACY FUND

Legacy Fund comprises:

Unrealised Other gain (loss) on legacy investment fund securities

Total

$

$

$

2018

At beginning of financial year

10,861,201

(16,144)

10,845,057

Legacy Fund drawn down for current year income tax expense Legacy Fund drawn for topping up of operating Fund Net change in unrealised investment loss

(110,267)

-

(110,267)

(5,488,470)

-

(5,488,470)

-

(1,407)

(1,407)

At end of financial year

5,262,464 (17,551)

5,244,913

2017

At beginning of financial year

16,050,113 3,271,947 19,322,060

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 for topping up of operating Fund Legacy Fund drawn down for advisory fee relating to customised forecasting and planning tool Net change in unrealised investment loss

(49,667)

-

(49,667)

(162,930)

-

(162,930)

(5,049,061)

-

(5,049,061)

72,746

-

72,746

-

(3,288,091)

(3,288,091) 10,845,057

At end of financial year

10,861,201 (16,144)

56 2017/18 ANNUAL REPORT