The American Club 2019/2020 Annual Report

THE AMERICAN CLUB ANNUAL REPORT 2019/2020

40 PAGE

STATEMENT OF CASH FLOWS Year ended 30 June 2020

2020 $

2019 $

Operating activities Loss before tax

(5,677,444)

(10,966,962)

Adjustments for:

Depreciation of property, plant and equipment

5,350,499

4,496,447

Loss (Gain) on sale of property, plant and equipment

11,596

(618)

Write back of allowance for due from members

(18,633)

(18,793)

Loss allowance for due from members

46,989

13,016

Interest income

(285,449)

(553,420)

Operating cash flows before movements in working capital

(572,442)

(7,030,330)

Due from members

810,676

(337,795)

Other receivables and prepayments

(926,199)

(112,014)

Consumable stocks

(153,496)

(46,168)

Trade and other payables and accruals

(4,164,615)

1,025,073

Fees paid in advance from potential members

(182,222)

(117,166)

Members’ deposits

(14,510)

(375,855)

Contract liabilities

1,080,066

434,373

Cash (used in) operations

(4,122,742)

(6,559,882)

Income taxes paid

(103,591)

(6,832)

Interest received

285,449

553,420

Net cash (used in) operating activities

(3,940,884)

(6,013,294)

Investing activities

Purchase of property, plant and equipment

(2,704,330)

(19,440,003)

Proceeds from sale of property, plant and equipment

14 , 2 14

13,936

Proceeds from redemption of short term deposits

6,000,000

26,000,000

Net cash from investing activities

3,309,884

6,573,933

Net (decrease) increase in cash and cash equivalents

(631,000)

560,639

Cash and cash equivalents at beginning of financial year

6,974,675

6,414,036

Cash and cash equivalents at end of financial year (Note 6)

6,343,675

6,974,675

See accompanying notes to financial statements.