SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY

NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022

8. PROPERTY, PLANT AND EQUIPMENT (cont’d)

The leasehold land at Hill Street and the freehold property at 12 Tai Gin Road are held by The Financial Board of the Singapore Chinese Chamber of Commerce in trust for the Chamber.

As the Chamber did not incur any cost on the acquisition of the 999-year leasehold land at Hill Street (approximately 2,300 sq m) on which the Chamber building is erected and on the freehold property at 12 Tai Gin Road (approximately 2,800 sq m), no value has been included in the financial statements in respect of these properties.

The freehold land is a plot of State Land Resurvey Lot 7652p Mukim 17 (previously known as Lot 5788pt Mukim 17) acquired for the extension of Sun Yat Sen Nanyang Memorial Hall. Prior consent must be obtained from the Minister before the sale, transfer, or mortgage of the land.

During the year, the Chamber acquired property, plant and equipment with an aggregate cost of $10,788,447 (2021: $10,585,687) of which cash payments of $9,673,507 ($10,585,697) were made to purchase the property, plant and equipment. The outstanding amounts of $1,114,940 (2021: $Nil) were included in payables.

9. LEASES As a lessee

(a) The Chamber has entered into commercial property leases for office units in TA Hub and Peninsula Plaza. These non-cancellable leases have remaining lease terms of between 3 months to 39 months.

(b) The Chamber has entered into lease contracts for photocopiers and printers. The noncancellable leases have remaining lease terms of 35 months.

The Chamber also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value. The Chamber applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: