The American Club 2019/2020 Annual Report

37 PAGE

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Year ended 30 June 2020

2020

2019

Operating fund $

Capital fund $

Operating fund $

Capital fund $

Total $

Total $

Note

Income

Food and beverage

7,750,068

-

7,750,068 7,115,7 13

-

7,1 1 5 ,713

Member activities

2,990,580

-

2,990,580 3,342,254

-

3,342,254

Club services

4,598,3 1 7

-

4,598,317 4,500,866

-

4,500,866

Membership dues

14 7, 801,2 6 1

-

7,801,261

7,676,169

-

7,676,169

Entrance fees

-

4,618,031

4,618,031

-

2,854,536 2,854,536

Net investment gain 15

-

285,449

285,449

-

553,420

553,420

Allocation from Capital Fund

1,600,000 (1,600,000)

-

1,600,000 (1,600,000)

-

Other income

16 4, 225,009

-

4,225,009 1,556,184

-

1,556,184

Total Income

28,965,235 3,303,480 32,268,715 25,791,186 1,807,956 27,599,142

Expenditure

17

Food and beverage

11,415,447

1,382,514 12,797,961

12,064,385 1,073,293 13,137,678

Member activities

4,327,901

2,333,344 6,661,245 4,640,655 1,791,923 6,432,578

Club services

4,325,612

212,371

4,537,983 4,254,1 57

214,948 4,469,105

Facilities, front office and

11,370,652

1,422,601

12,793,253 11,833,872 1,403, 8 1 1

13,237,683

administration

Membership and marketing

1,144,452

1 1 ,265

1,155,717 1,277,206

1 1 ,854 1,289,060

Total expenditure

32,584,064 5,362,095 37,946,159 34,070,275 4,495,829 38,566,104

Loss before tax

(3,618,829)

(2,058,615)

(5,677,444) (8,279,089) (2,687,873) (10,966,962)

Income tax expense 18

-

-

-

-

-

-

Loss net of tax

(3,618,829)

(2,058,615)

(5,677,444) (8,279,089) (2,687,873) (10,966,962)

See accompanying notes to financial statements.