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SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022
14. MEMBERSHIP FEES RECEIVED IN ADVANCE
15.
Membership fees received in advance primarily relates to the Chamber’s obligation to transfer services to the customers for which the Chamber has received consideration for membership period beyond the balance sheet date.
Provision for reinstatement cost refers to the estimated cost of restoring the office premises to its original condition upon expiry of lease. The estimate has been on the basis of quotation obtained from external contractor.
16. CAPITAL RESERVE
In 1997, the properties at 21-31 Telok Ayer Street (odd numbers), or Lot 569L were transferred to Chinese Chamber Realty Pte Ltd at a consideration of $145 million in exchange for 145 million shares in Chinese Chamber Realty Pte Ltd.