SCCCI CHINESE ENTREPRENEURIAL CULTURE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022

5. CASH AND BANK BALANCES

For the purpose of the statement of cash flows, cash and bank balances comprise the following at the end of the financial year: comprise the following:

The fixed deposits are placed at varying terms ranging for one year and earned average effective interest rate of 2.01% (2021: 0.25%) per annum.

Restricted cash (Cultural Matching Fund)

On 20 November 2019, the Foundation entered into an agreement with the Ministry of Culture, Community and Youth (“MCCY”) and National Arts Council (“NAC”) for the Cultural Matching Fund (CMF) grant. The grant is to provide the Foundation subsidies for approved arts and heritage expenses (collectively, the “heritage expenses”). The Foundation is required to maintain a separate interest-bearing account for depositing the grant under the programme.

6. GRANT RECEIVED IN ADVANCE

The CMF grant is to provide the Foundation subsidies for approved arts and heritage expenses (collectively, the “heritage expenses”).