Page 91 - Demo

Financial Statement9. Other operating expensesThe major components and other selected components include the following:2024 2023$ $Advertising and promotion 48,264 36,532Investor education expenses 100,816 65,501Research charges (a) 135,600 208,800Professional fees 72,700 103,288Overseas expenses (b) 14,114 3,712(a) Research charges expenses incurred relating to the collaboration with Singapore Exchange Limited (%u201cSGX%u201d) and MAS on the Project AAR amounting to $135,600 (2023: $208,800).Project AAR is partially funded by SGX and MAS. The total funding of $149,750 (2023: $232,600) was recorded under sponsorship revenue of $115,850 (2023: $180,400) and government grant of $33,900 (2023: $52,200).(b) The overseas expenses incurred in current reporting year are expenses related to staff retreat in Taiwan amounting to $13,578 and the OECD-Asia Roundtable on Corporate Governance in Malaysia amounting to $536.In 2023, the association incurred overseas expenses related to staff bonding day in Malaysia amounting to $1,902 and the OECD-Southeast Asia Ministerial Forum in Vietnam amounting to $1,810.10. Income taxThe association is registered as a charity with effect from 8 May 2015. Consequently, the association is exempt from tax on income and gains falling within section 13(1)(zm) of the Income Tax Act 1947 to the extent that these are applied to its charitable objects. No tax charges have arisen on the association.91 25TH ANNUAL REPORT | 2023 - 2024