CHINESE SWIMMING CLUB

Notes To The Financial Statements For The Financial Year Ended 31 December 2022

7. TRADE AND OTHER RECEIVABLES (CONT’D)

Movements in the allowance for expected credit losses are as follows: for expected credit

Members’ accounts in debit that are individually determined to be impaired at the end of the reporting period relate to accounts that are in significant financial difficulties or have defaulted on payments. These accounts are not secured by any collateral or credit enhancements.

In determining the recoverability of a member’s account in debit, the Club considers the change in credit quality of the member at the end of the reporting period. The concentration of credit risk is limited due to the member base being large and unrelated. Accordingly, management believes that no further credit allowance is required in excess of the allowance for expected credit losses.

8. INVENTORIES

The cost of inventories recognised as an expense and included in the operating expenses amounted to $1,618,041 (2021: $1,129,597).