Annual Report 2022 181 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Notes to the Financial Statements for the Financial Year Ended 31 March 2022 (Cont’d) 47. FINANCIAL INSTRUMENTS (CONT’D) 47.4 FAIR VALUE INFORMATION (CONT’D) (a) Fair Value of Financial Instruments Carried at Fair Value (i) The fair values above have been determined using the following basis:- (aa) The fair value of the club membership is estimated based on its market price. (bb) The fair values of short-term investments are measured at their quoted closing bid prices at the end of the financial year. (ii) There were no transfer between level 1 and level 2 during the financial year. (b) Fair Value of Financial Instruments not Carried at Fair Value The fair values, which are for disclosure purposes, have been determined using the following basis:- (i) The fair values of trade receivables (non-current) are determined using discounted cash flows based on risk-free rates ranging from 3.00% to 3.88% (2021 - 3.00% to 3.88%). (ii) The fair values of term financing and term loans are determined by discounting the relevant cash flows using current market interest rates for similar instruments at the end of the financial year. The interest rates used to discount the estimated cash flows are as follows:- Group Company 2022 2021 2022 2021 % % % % Term financing 3.20 3.20 3.20 3.20 Term loans 3.05 to 3.20 3.05 to 4.30 - -
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