The American Club 2021/2022 Annual Report

PAGE 79 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2022

6. CASH AND BANK BALANCES

2022

2021

$

$

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

5,456,328 12,000,000

8,004,800 10,400,000

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

1,809,214 19,265,542

7,676,095 26,080,895

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

2022

2021

$

$

Cash and bank balances (as above)

19,265,542 (13,209,214) (600,000)

26,080,895 (17,076,095) (1,000,000) 8,004,800

Less: Deposits in banks and held by investment advisor

Less: Pledged deposit (Note C)

5,456,328

Note A: Short term deposits bear average effective interest rate at ranges of 0.10% to 0.66% (2021 : 0.06% to 0.18%) per annum and for a tenure of approximately 1 to 3 months (2021 : 1 to 3 months). Note B: 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 C: A short term deposit amounting to $600,000 (2021 : $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 $208,700 (2021 : $217,600). The bank overdraft facility of $580,000 (2021 : $580,000) remains unutilised.

7. DUE FROM MEMBERS

2022

2021

$

$

Amounts receivable from members

2,513,143 (113,708) 2,399,435

1,842,227 (49,713) 1,792,514

Loss allowance

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