The American Club 2023/2024 Annual Report

PAGE 60

STATEMENT OF CASH FLOWS YEAR ENDED 30 JUNE 2024

2024

2023

$

$

Operating activities Loss before tax

(1,829,948)

(2,005,021)

Adjustments for: Depreciation of property, plant and equipment (Note 9)

4,544,651

4,841,060

Depreciation of right-of-use asset (Note 10)

19,385

-

Loss on disposal of property, plant and equipment (Note 21)

33,208

60,234

Write back of allowance for due from members (Note 7)

(8,422)

(215,885)

(Reversal of) Loss allowance for due from members (Note 7)

(149,752) (477,932)

240,948

Interest income - Fixed deposit (Note 19)

(331,478)

Interest income - Investment

(31,963)

(18,095)

Dividend income

(98,453)

(137,800) (217,446)

Coupon income

(294,418)

Interest expense – lease liability

1,948

-

Realised loss on investment

532,119

224,826

Unrealised (gain) loss on derivatives

(35,965)

16,592

Unrealised exchange (gain) loss on listed bond

(13,899)

126,792

Investment management fees

79,897

74,249

Operating cash flows before movements in working capital

2,270,456

2,658,976

Due from members

535,351

(277,190)

Other receivables and prepayments

702,809

12,794

Consumable stocks

3,965

(31,582)

Trade and other payables and accruals

(117,550) (422,970)

518,479

Fees paid in advance from potential members

(1,154,410) (48,775) 208,052 1,886,344

Members’ deposits

267,680

Contract liabilities

(3,093)

Cash generated from operations

3,236,649

Interest received

477,932

331,478

Net cash from operating activities

3,714,581

2,217,822

Investing activities Purchase of property, plant, and equipment (Note A) Proceeds from disposal of property, plant, and equipment

(2,721,849)

(1,772,081)

1,829

1,528

Dividend income

(1,000,000)

(2,000,000)

Coupon income

98,453

137,800 217,446

Interest income - Investment

294,418

Proceeds from sale of investments

31,963

18,095

Purchase of investments

18,067,761

5,927,748

Net cash used in investing activities

(18,600,314)

(6,392,619)

(3,827,739)

(3,862,083)

Financing activity Repayment of lease liability, representing net cash used in financing activity

(20,640)

-

Net decrease in cash and cash equivalents

(133,798)

(1,644,261) 5,456,328 3,812,067

Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year (Note 6)

3,812,067

3,678,269

See accompanying notes to financial statements.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024