The American Club 2018/2019 Annual Report

NOTES TO FINANCIAL STATEMENTS 30 June 2019

13. CLUB FUNDS (cont’d)

Operating Fund

Total Funds

Capital Fund

Net investment in property, plant and equipment $

Renewal and replacement fund $

2019

Total Capital fund $

Security fund $

Legacy fund $

$

$

Balance at 1 July 2018 3,200,005 52,624,892 35,957,563 3,600,000 5,244,913 97,427,368 100,627,373

Legacy Fund drawn down for topping up of Operating Fund (Loss) Income net of tax, before net investment gain

8,279,089

-

-

- (8,279,089) (8,279,089)

-

(8,279,089) (4,509,765)

1,268,472

-

- (3,241,293) (11,520,382)

Net investment gain

-

-

553,420

-

-

553,420 553,420

Other comprehensive loss for the year

-

-

-

-

(1,985)

(1,985)

(1,985)

Total comprehensive (loss) income for the year Amount transferred for capital expenditure

- (4,509,765)

1,821,892

- (8,281,074) (10,968,947) (10,968,947)

- 19,440,003 (19,440,003)

-

-

-

-

3,200,005 67,555,130 18,339,452 3,600,000 (3,036,161) 86,458,421

89,658,426

Balanceat 30June2019

64

The American Club 2018/19 ANNUAL REPORT