The American Club 2021/2022 Annual Report

PAGE 42 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

These efforts helped to improve the Gross Operating Profit before bonuses from $0.34 million in FY2021 to $1.08 million in FY2022.

In July 2021, the Singapore government extended the enhanced Jobs Support Scheme to support wages paid to the local workforce when Singapore returned to Phase 2 (Heightened Alert) and announced the Rental Support Scheme. The Club received a total of $1.61 million worth of government subsidies in FY2022. As Singapore transitioned towards living with COVID-19 from March 29, 2022 and with the re-opening of borders with Malaysia, the Club faced tremendous challenges in the hiring of service staff to support our offerings and programs in food & beverage, fitness & leisure, sen spa and youth activities. In May 2022, the General Committee approved a special Appreciation Payment of $800 per eligible Team Member. This was paid out in June 2022.

In August 2022, the General Committee approved an aggregate bonus of $1.81 million for FY2022, payable to eligible Team Members of all levels, resulting in a GOP loss after bonuses of $0.73 million, compared to a loss of $1.16 million in FY2021 (an improvement of $0.43 million).

S$’000

FY2022

FY2021

Operating cash flow Gross Operating Loss after bonuses

(731) 5,746 1,699

(1,160) 5,240 2,470 (1,217) (1,576) 3,757

Entrance fees - New joiners

Entrance fees - Non-transferrable Associate promotion

Capex Others

(1,643) (2,045)

Total cash flow

3,027

Club reserves Cash Fixed deposits

5,456

8,005 10,400 10,012 28,416

12,000 13,228 30,685

Investments

Total

Entrance fee income from new joiners grew by 10% during the year which after offsetting capex spend of S$1.64 million and reduced operating loss of $0.73 million, generated underlying cash flow of $3.03 million for FY2022. This helped the Club maintained Total Reserves of $30.69 million at the end of FY2022, a healthy position this early in the building development cycle.