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Financial StatementSeminars and conferenceRevenue from rendering of services that are of short duration is recognised when the services are completed.SponsorshipSponsorship income is recognised upon the association performing an act or service where the promise under the contract is for a specified services that meets the over time criteria and revenue is recognised at the amount that the entity has the right to recognise the service provided.Membership feesMembership fees for activities held are recognised over the period when the services are rendered. Membership fees paid by sponsors for associate sponsored members are recognised over the period when the services are rendered.DonationsDonations - Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Recognition of donations subject to conditions is deferred until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the reporting entity and there is unconditional entitlement to the receipts.Other incomeInterest income is recognised using the effective interest method.Government grantsGovernment grants are recognised at fair value when there is reasonable assurance that the conditions attaching to them will be complied with and that the grants will be received. Grants in recognition of specific expenses are recognised in profit or loss on a systematic basis over the periods necessary to match them with the related costs that they are intended to compensate. The grant related to assets is presented in the statement of financial position by recognising the grant as deferred income that is recognised in profit or loss on a systematic basis over the useful life of the asset and in the proportions in which depreciation expense on those assets is recognised.Employee benefitsContributions to a defined contribution retirement benefit plan are recorded as an expense as they fall due. The entity%u2019s legal or constructive obligation is limited to the amount that it agrees to contribute to an independently administered fund (such as the Central Provident Fund in Singapore, a government managed defined contribution retirement benefit plan). For employee leave entitlement the expected cost of short-term employee benefits in the form of compensated absences is recognised in the case of accumulating compensated absences, when the employees render service that increases their entitlement to future compensated absences; and in the case of non-accumulating compensated absences, when the absences occur. A liability for bonuses is recognised where the entity is contractually obliged or where there is constructive obligation based on past practice.Income taxAs an approved charity under the Charities Act 1994, the Company is exempted from income tax under Section 13(1)(zm) of the Income Tax Act 1947.85 25TH ANNUAL REPORT | 2023 - 2024