NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 27. FINANCIAL RISK MANAGEMENT (CONT’D) (e) Fair value measurement (cont’d) The following table presents the changes in Level 3 instruments: 2024 2023 $’000 $’000 Financial assets at fair value through profit or loss Balance as at 1 April 168,522 149,416 Purchases 41,500 32,548 Redemptions (3,238) (4,068) Fair value gains/(losses) recognised in profit or loss 17,317 (9,374) Balance as at 31 March 224,101 168,522 Total gains/(losses) recognised in profit or loss for assets held at the end of financial year 17,317 (9,374) The carrying amount of current grants and other receivables, deposits and other payables approximate their fair value. The fair values of non-current grant receivable and borrowings are disclosed in Notes 10(iv) and 20 respectively. (f) Financial instruments by category The carrying amounts of the different categories of financial instruments are as follows: 2024 2023 $’000 $’000 Financial assets at amortised cost 770,588 737,968 Financial assets at fair value through profit or loss 1,388,880 1,274,110 Financial liabilities at amortised cost 336,091 351,853 28. INVESTMENT IN SUBSIDIARY Name of subsidiary Country of incorporation Principal activities Proportion of ownership interest 2024 2023 % % SUTD Venture Holdings Pte Ltd Singapore Investment holding 100 100 The financial statements of SUTD Venture Holdings Pte Ltd with a paid-up capital of $2 (2023 : $2) have not been consolidated with the University’s financial statements as the University is of the view that the subsidiary is not material to the University. The balances and transactions of the University are not affected by the non-consolidation. 29. CHARITY ACT AND REGULATIONS As required for disclosure under Regulation 17 of the Charities (Institutions of a Public Character) Regulations, the University has received total tax deductible donations of $4,818,000 (2023 : $5,022,000) in the current financial year. p. 91 ANNUAL REPORT 2023/24
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