3.
Related party relationships and transactions (cont’d)
Significant related party transactions:
In addition to the transactions and balances disclosed elsewhere in the notes to the financial statements, this
item includes the following: –
Relatedparties
2015
$
2014
$
Annual funding toSingaporeCordBloodBank Limited inwhich a
Management Committeemember is a director
250,000
250,000
3A.
Keymanagement compensation:
2015
$
2014
$
Salaries andother short-term employeebenefits
367,849
367,232
The above amounts are included under employee benefits expense.
Keymanagement personnel comprise theExecutiveDirector and the direct reporting senior officers.
Theannual remuneration (comprisingbasicsalary, bonuses, allowancesandemployer’scontributions toCentral
Provident Fund) of the three highest paid staff classified by remuneration bands are as follows:
2015
2014
$100,001 – $200,000
3
3
4.
Tax exempt receipts
The Foundation enjoys a concessionary tax treatment whereby qualifying donors are granted tax deduction for
the donations made to the funds of the Foundation. The quantum of the tax deduction for each calendar year
may vary as announced in the Singapore Budget. The Institutions of a Public Character status granted to the
Foundation for donations is for the period from 5May 2015 to 4May 2016 under theMinistry of Health.
2015
$
2014
$
TheFoundation issued tax-exempt receipts for
donations collected
5,963,339
5,879,956
5.
Employee benefits expense
2015
$
2014
$
Employeebenefits expense
2,802,008
2,521,804
Contributions to defined contribution plan
432,940
377,808
Other benefits
90,777
137,419
Total employeebenefitsexpense
3,325,725
3,037,031
43
