The American Club 2018/2019 Annual Report

NOTES TO FINANCIAL STATEMENTS 30 June 2019

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 assessment and decision making process for these contracts. 2019 $ 2018 $

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

-

19,083

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

42,416

33,142

Compensation of key management personnel Keymanagement 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.

2019 $

2018 $

Short-term benefits

2,782,049

2,601,410

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

2019 $

2018 $

6. CASH AND CASH EQUIVALENTS

Cash on hand and in banks

6,974,675

6,414,036

Short term deposits

22,400,000 48,400,000 29,374,675 54,814,036

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

2019 $

2018 $

Cash and bank balances (as above)

29,374,675 54,814,036 (21,400,000) (47,400,000)

Less: Deposits in banks and held by investment advisor

Less: Pledged deposits (Note A)

(1,000,000)

(1,000,000)

6,974,675

6,414,036

56

The American Club 2018/19 ANNUAL REPORT