The American Club 2022/2023 Annual Report

PAGE 59

STATEMENT OF CASH FLOWS YEAR ENDED 30 JUNE 2023

Note

2023

2022

$

$

Operating activities Loss before tax

(2,005,021)

(224,033)

Adjustments for: Depreciation of property, plant and equipment

9

4,841,060

5,014,913

19

Loss on disposal of property, plant and equipment

60,234

8,004

7

Write back of allowance for due from members

(215,885)

(62,455)

7

Loss allowance for due from members

240,948

146,092

17

Interest income – Fixed deposit

(331,478)

(20,437)

Interest income – Investment

(18,095)

-

Dividend income

(137,800)

(102,992)

Coupon income

(217,446)

(161,289)

Realised loss on investment

224,826

435,608

Unrealised loss on derivatives

16,592

29,705

Unrealised exchange loss (gain) on listed bond

126,792

(129,353)

Investment management fees

74,249

63,930

4,997,693

Operating cash flows before movements in working capital

2,658,976

Due from members

(277,190)

(690,558)

Other receivables and prepayments

12,794

(597,853)

Consumable stocks

(31,582)

(9,464)

Trade and other payables and accruals

518,479

783,397

Fees paid in advance from potential members

(1,154,410)

1,034,969

Members’ deposits

(48,775)

11,595

Contract liabilities

208,052

(67,665)

Cash generated from operations

1,886,344

5,462,114

Interest received

331,478

20,437

Net cash from operating activities

2,217,822

5,482,551

Investing activities Purchase of property, plant, and equipment

(1,772,081)

(1,501,180)

Proceeds from disposal of property, plant, and equipment

1,528

14,378

Placement of short-term deposits

(2,000,000)

(2,000,000)

Dividend income

137,800

102,992

Coupon income

217,446

161,289

Interest income - Investment

18,095

-

Proceeds from sale of investments

5,927,748

-

Purchase of investments

(6,392,619)

(5,208,502)

Net cash used in investing activities

(3,862,083)

(8,431,023)

Financing activity Decrease in pledged deposit, representing net cash from financing activity

-

400,000

Net decrease in cash and cash equivalents

(1,644,261)

(2,548,472)

Cash and cash equivalents at beginning of financial year

5,456,328

8,004,800

Cash and cash equivalents at end of financial year

6

3,812,067

5,456,328

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023