NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 10. GRANTS AND OTHER RECEIVABLES (CONT’D) (iii) Movement in research grants received in advance 2024 2023 $’000 $’000 Balance as at 1 April (18,782) (26,349) Research grants received during the year (77,367) (60,869) Transferred to deferred capital grants (Note 21) 5,632 5,265 Transferred to profit or loss (Note 7) 65,157 63,171 Balance as at 31 March (25,360) (18,782) Comprising: Research grants receivable (as above) 33,091 35,328 Other research grants received in advance – Government (Note 16) (39,213) (36,867) Research grants received in advance – Government agencies and others (Note 16) (19,238) (17,243) (25,360) (18,782) (iv) Movement in debt grant receivable 2024 2023 $’000 $’000 Balance as at 1 April 300,817 320,982 Debt grant received during the year (27,969) (37,217) Transferred to deferred capital grants (Note 21) 7,808 5,096 Transferred to profit or loss (Note 7) 12,994 11,956 Balance as at 31 March 293,650 300,817 Current 21,045 20,518 Non-current 272,605 280,299 293,650 300,817 The debt grant receivable relates to funding from the Government to finance the bank loans utilised for land premium, construction cost of the East Coast Campus and the purchase of furniture and equipment, information technology equipment and systems that falls under the debt-grant framework initiated by the Government. The debt grant receivable earns additional grants at variable rates determined by Ministry of Education based on Ministry of Finance’s preferential rate, and the carrying value approximates to its fair value at the balance sheet date. 11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 2024 2023 $’000 $’000 Designated at fair value on initial recognition: Quoted debt securities 278,701 310,733 Quoted unit trusts 843,203 745,864 Quoted equity securities 34,434 38,055 Other investments 232,542 179,458 1,388,880 1,274,110 The Board of Trustees has an Investment Committee to assist in the oversight of the University’s investments. The Investment Committee approves the asset allocation, selection of fund managers and all other investment activities. The selected fund managers and internal investment office have to manage the investment portfolio within the prescribed individual mandates and investment guidelines. p. 78 SINGAPORE UNIVERSITY OF TECHNOLOGY AND DESIGN
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