The American Club 2021/2022 Annual Report

PAGE 6 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

Alex Elkies Treasurer of The American Club Singapore

MESSAGE FROM THE TREASURER

On behalf of the Executive and General Committees, I am delighted to present the Club’s Annual Report for the Financial Year 2022. PANDEMIC AFTERMATH With much of the world ravaged by the aftermath of COVID-19, Singapore’s prudent management of the pandemic ensured that we were able to enter a phase of endemic living fairly quickly. FY2022 is the second year of the pandemic and it brought about its own unique set of challenges. On a global level, threats such as inflation, supply chain disruption, climate change, geopolitical tensions and the war in Ukraine came into play. Locally, businesses had to grapple with energy price hikes, manpower shortages, changes in work pass regulations and rising cost of materials. UNITED WE STAND Strategic planning, continuous innovation, and a culture of collaboration proved essential to our ability to be nimble and adapt to a rapidly shifting environment. The Club achieved an improved gross operating profit of $1.08M before bonuses, compared to $0.34M in FY2021 and added underlying operating cash flow of $3M. At the end of FY2022, the total reserves were at over $30M. Instrumental to this success has been the team’s consistent effort in the areas of food cost control, payroll management, introduction of new

revenue streams while maintaining a high quality of hospitality and service that The American Club Members know and appreciate. The Club’s Management, Team Members, volunteers and partners, stood united in tackling challenges as well as seizing opportunities and this inspired this year’s Annual Report theme - One Club, One Team. RISING TO THE OCCASION Membership led the way towards financial resilience. With a strong brand equity and stellar reputation, the Club continued to attract new Members locally and from abroad, specifically Hong Kong. 515 new Members joined our community, contributing to an overall Membership strength of 3,509. This total is 60 more than the 455 new Members who joined in FY2021 and 151 more than those who joined in FY2015, pre- redevelopment. This increase in new Members helped to generate entrance fees of $5.75 million in FY2022. In June 2021, the Club successfully converted the remaining 12 Members under the Associate Family Transfer Program. In November 2021, the Club admitted 15 slots of Non-transferable Associate Members through an astutely-crafted referral program, resulting in a total entrance fee of $7.45 million for FY2022.