NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 16. GRANTS RECEIVED IN ADVANCE 2024 2023 $’000 $’000 Other operating grants received in advance Government (Note 10(ii)) 18,490 18,021 Sinking fund received in advance (Note 10(ii)) 49,114 23,891 Other research grants received in advance – Government (Note 10(iii)) 39,213 36,867 Research grants received in advance – Government agencies and others (Note 10(iii)) 19,238 17,243 Other grants received in advance 304 363 126,359 96,385 Current 77,245 72,494 Non-current 49,114 23,891 126,359 96,385 The balances in these accounts represent grants received but not utilised at the end of the financial year. 17. CONTRACT LIABILITIES This relates to the consideration received in advance for tuition and housing services. Services are paid upfront as part of the initial sales transaction whereas revenue is recognised over the period when services are provided to the customer. A contract liability is recognised for revenue relating to tuition and housing services at the time of the initial sales transaction and is recognised to the profit or loss over the service period. There were no significant changes in the contract liability balances during the reporting period. As at 1 April 2022, contract liabilities amounted to $4,191,000. The amount of revenue recognised in the current reporting period which relates to brought forward contract liabilities is $4,278,000 (2023 : $4,191,000). 18. OTHER PAYABLES 2024 2023 $’000 $’000 Other payables 7,637 7,417 Payables for capital expenditure – 805 Accruals for: – Operating expenses 21,983 22,159 – Capital expenditure 703 791 30,323 31,172 p. 82 SINGAPORE UNIVERSITY OF TECHNOLOGY AND DESIGN
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