The American Club 2022/2023 Annual Report

PAGE 44

FITNESS & LEISURE All activities within the Fitness & Leisure departments were operating under normal circumstances. Gym & Recreation classes and Aquatics performed 10% better than in FY2022. Tennis showed an improvement of 39%, generating revenue of $1.09 million in FY2023.

MANAGING COST & EXPENSES Supply chain and logistic disruptions continued to be challenging throughout FY2023, with inflation elevated to 5.5%. Amid these challenges, Management remained focused and prudent in its efforts to optimize costs across cost of goods, payroll, and operating expenses in order to keep the cost and expense ratios within the performance expectations. CLUB SERVICES AND YOUTH & BOWLING With the lifting of safety measures, sên Spa re-introduced all Spa services, which helped improve the total revenue by 15% to 20%. Overall, Spa revenue reached $1.93 million, an improvement of 10% from the previous year. Youth & Bowling revenue improved marginally in FY2023, mainly due to the cancellation of camp activities as the Youth team started to rebuild its resources post-pandemic. Overall, Youth & Bowling showed an increase of 3% in revenue from FY2022.

Actual

FY2015

FY2016

FY2017

FY2018

FY2020 FY2019

FY2021

FY2022

FY2023

36,501

36,371

Total Income (Operating Fund) (S$’000)

34,064

27,754

25,570

25,791

28,965

32,041

33,867

9,218

8,305

Total Cost of Goods Sold (S$’000) COGS as % of Total Income

8,155

5,592

4,695

4,751

5,163

6,419

7,433

25.3%

22.8%

23.9%

20.1%

18.4%

18.4%

17.8%

20.0%

21.9%

303 19,344

279 21,851

317 20,211

277 19,926

280 19,411

252 19,755

Number of Full Time Headcount Total Payroll & Bonuses (S$’000) Payroll Costs as % of Total Income

316 21,702

291 19,468

270 20,081

53.0%

60.1%

59.3%

71.8%

75.9%

84.1%

67.2%

62.7%

58.3%

8,084 22.1%

9,279 25.5%

Operating Expenses (S$’000) Opex as % of Total Income

8,109 23.8%

7,285 26.2%

6,953 27.2%

7,617 29.5%

7,953 27.5%

6,702 20.9%

7,410 21.9%

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023