The American Club 2021/2022 Annual Report

PAGE 84 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2022

10. INVESTMENT IN FINANCIAL ASSETS (cont’d)

There has been no change in the estimation technique or significant assumptions made during the current reporting period in assessing the loss allowance of these financial assets.

11. TRADE PAYABLES AND ACCRUALS

2022

2021

$

$

Trade payables

1,485,381

1,113,787

Variable bonus, annual wage supplement and CPF contributions accruals

2,293,922

1,943,034

GST payable Other accruals

417,372 97,734

437,305 109,523

4,294,409

3,603,649

The average credit period for purchase of goods is 30 to 60 days (2021 : 30 to 60 days). No interest is charged on outstanding balances.

12. OTHER PAYABLES

2022

2021

$

$

CPF payable

303,754 228,361

256,075 193,857 54,802

Provision for unutilised leave

Deposits received

55,113

Other accrued operating expenses

2,821,900 3,409,128

2,598,602 3,103,336

As at end of the reporting period, other accrued operating expenses include the accrued capital expenditure of $631,587 (2021 : $482,363).

13. DERIVATIVE FINANCIAL LIABILITIES

2022

2021

$

$

Forward foreign exchange contracts

29,705

10,116

The Club utilises currency derivatives to hedge significant future transactions and cash flows. The Club is a party to foreign exchange contracts in the management of its foreign exchange rates exposure. The instruments purchased are primarily denominated in the currencies of the Club’s investment securities.