The American Club 2022/2023 Annual Report

PAGE 75

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2023

4. FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d)

(c) Capital risk management policies and objectives

The Club strives to maintain positive accumulated funds to ensure that the Club will be able to continue as a going concern. The Club’s overall strategy remains unchanged from prior year. The Club is not subject to any externally imposed regulatory reserve requirement.

5. RELATED PARTY TRANSACTIONS

Related parties consist of members of the General Committee and key management personnel. Parties are considered to be related if one party has the ability to control the Club or exercise significant influence over the Club in making financial and operating decision. These related party transactions occurred at market related prices and the General Committee and key management personnel declared their potential conflict of interest. The General Committee Members were not involved in the Club’s assessment and decision-making process for these contracts.

2023

2022

$

$

Food and beverages income: Related organisations: - American Association of Singapore

4,313

10,334

10,760

- -

- American Women’s Association

333

- Canadian Association

Compensation of key management personnel

Key management personnel of the Club are those persons having the authority and responsibility for planning, directing and controlling the activities of the Club. The General Committee members and senior managers of the Club are considered as key management personnel of the Club.

2023

2022

$

$

Short-term benefits

2,170,458

2,258,668

Short–term benefits comprise salaries, wages, bonuses, statutory contributions, and other related expenses.

In 2023 - the total cost of $2,170,458 includes two personnel who left the Club during the year. The cost for these two people was $454,827. The cost of $1,715,631 was short-term benefits for key management personnel as disclosed in the Annual Report, including two who joined the Club during the year as well as an internal promotion to the key management team.

The General Committee members do not receive any remuneration for their services to the Club.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023