The American Club 2023/2024 Annual Report

PAGE 75

NOTES TO FINANCIAL STATEMENTS 30 JUNE 2024

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

(i) Foreign exchange risk management

Foreign exchange risk sensitivity analysis

The following table details the sensitivity to a 3% increase or decrease in the foreign currency against the functional currency of the Club. 3% is the sensitivity rate used when reporting foreign currency risks internally to key management personnel and represents managements’ assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 3% change in foreign currency rates.

Liabilities

Assets

$

$

2024 United states dollar

6,689,144

13,012,998

Hongkong dollar

- - - - - - -

759,286

British pound Japanese yen

357,124

316,364 379,325 193,705 185,889

Euro

Australian dollar

Swiss franc

Chinese yuan

3,063

Liabilities

Assets

$

$

2023 United states dollar

5,880,503

11,789,152

Hongkong dollar

- - - - - - -

815,661

British pound Japanese yen

356,442 283,096 203,459

Euro

Australian dollar

185,847

Swiss franc

130,814

Chinese yuan

3,069

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024