The American Club 2022/2023 Annual Report

PAGE 73

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2023

4. FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d)

(vi) Fair value of financial assets and liabilities

The carrying amounts of cash and cash equivalents, due from/to members and other receivables and payables, provisions and other liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments.

All investment securities are classified as financial assets at fair value through other comprehensive income (“FVTOCI”).

Except as detailed in the following table, the General Committee considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values:

Fair value of financial instruments that are carried at fair value

The following table shows an analysis of financial instruments carried at fair value by level of fair value hierarchy:

Quoted prices in active markets for identical instruments

Significant other observable inputs

Unobservable inputs

Total

(Level 1)

(Level 2)

(Level 3)

$

$

$

$

2023 Financial assets Quoted mutual funds

5,282,979 6,174,380

- - - -

- - - -

5,282,979 6,174,380

Fixed income

Alternative investments

106,406

106,406

11,563,765

11,563,765

Financial liabilities Derivative financial liabilities

-

(46,297)

-

(46,297)

2022 Financial assets Quoted mutual funds

4,922,800 6,423,079

- - - -

- - - -

4,922,800 6,423,079

Fixed income

Alternative investments

103,101

103,101

11,448,980

11,448,980

Financial liabilities Derivative financial liabilities

-

(29,705)

-

(29,705)

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023