The American Club 2022/2023 Annual Report

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MESSAGE FROM THE TREASURER

Alex Elkies Treasurer of The American Club Singapore

GOING FROM STRENGTH TO STRENGTH In February 2023, Membership level reached a peak strength of 3,602. Singapore remains to be a preferred expat destination in Asia with its low taxes, adept handling of the pandemic and high quality of life. China remained closed at the beginning of FY2023 and was still grappling with a series of pandemic lockdowns. Because of this, among other factors, Singapore saw a robust number of expat relocations from Hong Kong, fueling a roaring demand for all types of memberships. Leading the way in the top revenue contributors were the food & beverage outlets that generated strong revenue with usage of 76%. Together with The Gourmet Pantry, Food & Beverage generated a total revenue of $15.77 million, an improvement of 20% over $13.19 million in FY2022. Membership comes in as the second highest revenue contributor with 450 new Members joining during the year. The Club also successfully admitted the remaining Members under the limited release of 15 Non-transferrable Associate Members, bringing in a total of $7.5 million in entrance fees.

On behalf of the Executive and General Committees, I am pleased to present the Annual Report for the Financial Year 2023 (FY2023).

RECOVERY JOURNEY Shortly after FY2023 started, COVID-19 restrictions were finally lifted and as a result, the Club quickly recovered through increased usage, higher covers, continuous demand for membership and an overall vigorous appetite for Club offerings. Riding the wave of recovery, the Club achieved a record number of covers, 718,420, surpassing the 682,282 in FY2015 pre-redevelopment. The same trend was evident in monthly spend, resulting in 7.4% improvement in Total Income versus FY2022. The underlying operating profit improvement was offset by the loss of Jobs Support Scheme (JSS) government support of $1.6 million, as well as the energy rate spike which increased costs by a further $1.6 million. The loss of income and significant increase in utility costs resulted in an operating loss for the year of $1.08 million before bonuses.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023