The American Club 2023/2024 Annual Report

PAGE 57

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME YEAR ENDED 30 JUNE 2024

2024

2023

Operating fund

Capital fund

Operating fund

Capital fund

Total

Total

Note

$

$

$

$

$

$

Income

Food and beverage

11,803,534

-

11,803,534 11,547,761

-

11,547,761

Member activities

A

5,454,470

-

5,454,470 4,999,190

-

4,999,190

Club services

B 6,741,104

-

6,741,104 7,072,032

-

7,072,032

Membership dues

18 8,754,698

-

8,754,698 8,669,198

-

8,669,198

Entrance fees

-

8,002,949 8,002,949

-

7,498,362

7,498,362

Net investment gain

19

-

535,026 535,026

-

262,360

262,360

Allocation from Capital Fund

2,000,000 (2,000,000)

-

1,800,000 (1,800,000)

-

Other income

20 2,207,354

-

2,207,354 2,282,570

-

2,282,570

Total Income

36,961,160 6,537,975 43,499,135 36,370,751

5,960,722

42,331,473

Expenditure

21

Food and beverage

14,212,180 1,193,658 15,405,838 13,746,701

1,266,561

15,013,262

Member activities

A

6,416,081

1,977,591

8,393,672 5,564,789

2,065,211

7,630,000

Club services

B 6,060,983

180,231

6,241,214 6,260,842

191,132

6,451,974

Facilities, front office and administration

12,791,478 1,236,988 14,028,466 12,626,387

1,319,442

13,945,829

Membership and marketing

1,251,117

8,776 1,259,893 1,236,482

58,947

1,295,429

Total expenditure

40,731,839 4,597,244 45,329,083 39,435,201

4,901,293 44,336,494

(Loss) Profit before tax

(3,770,679)

1,940,731 (1,829,948) (3,064,450)

1,059,429 (2,005,021)

Income tax credit (expense)

22

117,694

-

117,694 (102,394)

-

(102,394)

(Loss) Profit net of tax

(3,652,985)

1,940,731 (1,712,254) (3,166,844)

1,059,429 (2,107,415)

Note A: Member activities consist of Fitness & Leisure, Club Event, Thinkspace, and Youth & Bowling. Note B: Club services consist of Sen spa, Gourmet Pantry and Essentials.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024