The American Club 2023/2024 Annual Report

PAGE 82

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2024

5. RELATED PARTY TRANSACTIONS (cont’d)

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.

2024

2023

$

$

Short-term benefits

2,505,055

2,170,458

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

In 2024 - the total cost of $2,505,055 includes five personnel who left the Club during the year. The cost for these five people was $873,743. The cost of $1,631,311 was short-term benefits for key management personnel as disclosed in the Annual Report, including four who joined the Club and two who joined and left during the year.

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

6. CASH AND BANK BALANCES

2024

2023

$

$

Cash on hand and in banks Short term deposits (Note A)

3,678,269

3,812,067

15,000,000 14,000,000

Investment portfolio cash and liquid investment held by investment advisor (Note B)

2,607,350 2,563,665 21,285,619 20,375,732

Cash and cash equivalents in the statement of cash flows comprise:

2024

2023

$

$

Cash and bank balances (as above)

21,285,619 20,375,732 (17,007,350) (15,963,665)

Less: Deposits in banks and held by investment advisor

Less: Pledged deposit (Note C)

(600,000) 3,678,269

(600,000) 3,812,067

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024