The American Club 2022/2023 Annual Report

PAGE 76

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2023

6. CASH AND BANK BALANCES

2023

2022

$

$

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

3,812,067

5,456,328 12,000,000

14,000,000

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

2,563,665 20,375,732

1,809,214 19,265,542

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

2023

2022

$

$

Cash and bank balances (as above)

20,375,732 (15,963,665) (600,000)

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

Less: Deposits in banks and held by investment advisor

Less: Pledged deposit (Note C)

3,812,067

5,456,328

Note A:

Short term deposits bear average effective interest rate at ranges of 0.10% to 3.75% (2022 : 0.10% to 0.66%) per annum and for a tenure of approximately 1 to 3 months (2022 : 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 (2022 : $600,000) 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 $665,000 (2022 : $208,700). The bank overdraft facility of $580,000 (2022 : $580,000) remains unutilised.

7. DUE FROM MEMBERS

2023

2022

$

$

Amounts receivable from members

2,760,786 (109,224) 2,651,562

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

Loss allowance

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

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023