The American Club 2022/2023 Annual Report

PAGE 77

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2023

7. DUE FROM MEMBERS (cont’d)

Loss allowance for due from members has been measured at an amount equal to lifetime expected credit losses (ECL). The ECL on due from members are estimated using a provision matrix by reference to past default experience of the member and an analysis of the member’s current financial position, adjusted for factors that are specific to the members.

There has been no change in the estimation techniques or significant assumptions made during the current reporting period.

Amount due from members are written off when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.

The following table details the risk profile of amount due from members based on the Club’s provision matrix. As the Club’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Club’s different customer base.

Due from members - past due date

Not past due

< 30 days

31 - 90 days

91 - 180 days

> 180 days

Total

$

$

$

$

$

$

2023

Expected credit loss rate

1%

6% 33% 52% 100%

Estimated total gross carrying amount at default

2,341,843 272,351

56,297 61,375 28,920 2,760,786

Lifetime ECL

(13,179) (16,630) (18,636) (31,859) (28,920) (109,224) 2,328,664 255,721 37,661 29,516 - 2,651,562

2022

Expected credit loss rate

1% 11% 41% 87% 100%

Estimated total gross carrying amount at default

2,162,444 231,679 61,179 32,607 25,234 2,513,143

Lifetime ECL

(9,135) (25,870) (25,047) (28,422) (25,234) (113,708) 2,153,309 205,809 36,132 4,185 - 2,399,435

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023