SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY

NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022

9. LEASES (cont’d) As a lessee (cont’d)

Set out below are the carrying amounts of lease liabilities and the movements during the period:

The following are the amounts recognised in profit or loss:

The Chamber had total cash outflows for leases of $805,152 in 2022 (2021: $910,531).

As lessor

The Chamber has entered into commercial property sub-leases on TA Hub’s office units. These non-cancellable leases have remaining terms of between 3 – 72 months (2021: 3 – 23 months).

The sublease of certain office units is classified as operating lease. The Chamber continues to recognise the right-of-use asset resulting from the head lease. Future minimum rentals receivables under non-cancelling operating leases as at 31 December are as follows: