The American Club 2020/2021 Annual Report

58 PAGE

NOTES TO FINANCIAL STATEMENTS 30 June 2021

6. CASH AND CASH EQUIVALENTS

2021 $

2020 $

Cash on hand and in bank

8,004,800 6,343,675 10,400,000 16,400,000

Short term deposits

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

7,676,095 - 26,080,895 22,743,675

2021 $

2020 $

Cash and bank balances (as above)

26,080,895 22,743,675

Less: Deposits in banks and held by investment advisor Less: Pledged deposit (Note B)

(17,076,095) (1,000,000)

(15,400,000) (1,000,000)

8,004,800 6,343,675

Note A: Investment portfolio cash and liquid investment held by investment advisor as at end of the reporting period was held by the Club’s investment manager, Bank of Singapore.

Note B: A short term deposit amounting to $1,000,000 (2020: $1,000,000) is pledged to a bank for an overdraft facility and a performance guarantee facility. As at the end of the reporting period, the performance guarantees issued amounted to $217,600 (2020: $249,680). The bank overdraft facility remains unutilised. Fixed deposits bear average effective interest rate of 0.16% (2020 : 1.49%) per annum and for a tenure of approximately 1 to 4 months (2020 : 1 to 4 months).

7. DUE FROM MEMBERS

2021 $

2020 $

Amounts receivable from members

1,842,227

1,304,419

Loss allowance

(49,713)

(38,157)

1,792, 514

1,266,262

The average credit period is 30 days. No interest is charged on the outstanding balance.

THE AMERICAN CLUB SINGAPORE