Translational and Clinical Research (TCR) Flagship Programme Application--Requirements and Guidelines

Applicants are required to submit:
a. On-line through RITAS website (https://rita.nrf.gov.sg/BiomedicalScience/default.aspx)
b. Completed NMRC Application Form as softcopy attachment through RITA website.

The hardcopy package to be submitted to NMRC includes :
a. RITA Online Application form (with original signatures)
b. NMRC Application form (attachment) including the 2-page summary

The 2-page summary of the TCR programme proposal should include details on how the entire
TCR programme will be structured and how the host institution will partner with the recommended
institutions to carry out the TCR programme.

To summarise: Complete (i) on-line RITA application form for the flagship TCR programme and
(ii) attach softcopy of NMRC application form through the RITAS website. Forward 1 X
hardcopy of both (i) and (ii) to NMRC. Incomplete submissions will be rejected.
RITA Online Application Form:

Follow the instructions closely in every section.

Please note that for RITA Application Form Section 4 “Proposed Budget”:

o
Justifications are needed for all budget cost
o
For Section 4A “Expenditure on Manpower”, please complete this section (4A)
under “Add New EOM”, as the salary is not customized to institutions under
section 4A (i.e. Lab Officer, Research Fellow, Visiting Professor, etc)
o
Note that Section 4C “Other Operating Expenditure” should include the cost for 3
separate categories: (i) Materials & Supplies, (ii) Miscellaneous and (iii) Indirect
Research Costs
The Lead PI & Institution Director (Institutional Support) original signatures are required.
The Co-PIs/Collaborators’ signatures can be photostated/ faxed copies.
NMRC Application Form:

Complete all sections in the application. Indicate “NA” where a particular section is not applicable.

Use Arial font size 10 for all text. Softcopy to be submitted as 1 file including all the pictures,
tables, charts and various attachments either in Word DOC or PDF format. Where limited by file
size, the pictures and charts may be attached as a separate Appendix.

Adhere to the number of characters/space provided in each field and the number of pages where
specified. Reformat softcopy such that all blank or irrelevant pages are removed.

There should be one lead PI for the entire TCR flagship programme proposal who will be the
responsible for overseeing and coordinating the implementation of the entire proposal. The lead
PI shall be the contact person for NMRC, with the stated Department and Institution as the
contact institution. Applicants with multiple appointments at different institutions are to
select only one contact institution for the application. There is no limit to the number of CoPIs or collaborators.

The period of support should not be more than 5 years.
1

Provide a breakdown for all categories with justifications. Tally and provide both a subtotal
amount for each category and the total amount budgeted. Please refer to Annex 2 for the
budgeting requirements and expenditures supported by the TCR grant. The information can
also be found in the NMRC Admin Guidelines (available on the NMRC website).

Include a 2-page CV for each of the PI, Co-PI(s) and all collaborator(s) with the email addresses
and contact information clearly stated.

The Lead PI & Institution Director (Institutional Support) original signatures are required.
The Co-PIs/Collaborators’ signatures can be photostated/ faxed copies

NO late submission or revision to the submitted application will be entertained after the closing
date.
2
NMRC APPLICATION FORM - TRANSLATIONAL AND
CLINICAL RESEARCH (TCR) FLAGSHIP PROGRAMME
STRICTLY CONFIDENTIAL
All information is treated with confidence. The information is furnished to National Medical Research Council with the
understanding that it shall be used or disclosed for evaluation, reference and reporting purposes .
Please complete the form using Arial, Font 10 and submit 1 original hardcopy duly
signed to:
National Medical Research Council
11 Biopolis Way #09-10/11 Helios
Singapore 138667
Closing Date: 30 November 2007
1 Title of research
(a) Host Institution: ________________
Applicant
Role
Position
Department
Institution
Lead
PI
Collab
Collab
Collab
Collab
Collab
Collab
Collab
Collab
Collab
Collab
(Attach additional sheet if required)
3
(b) Total amount of funds applied for SGD
(c) Proposed start and end dates
Start date
End date
(mm/yy)
(mm/yy)
2 Area of Research (Please tick):
a) Cardiovascular/ Metabolic Diseases
b) Infectious Diseases
3 Key words (Please provide maximum 6 key words)
4 Ethical considerations and containment
Fund disbursement is subjected to ethics approval if the project involves any of the below.
Please declare the
participating institutions
where study requiring
ethics approval is
conducted:
Please tick accordingly if project involves any of the following:
a) Human Subject
Yes
No
b) Use of Human Tissues or Cells
Yes
No
c) Animal Experimentation
Yes
No
d) Requirement for Containment
Yes
No
e) Multi-centre project(s) or trial(s)
Yes
No
(If yes, please state all participating institutions/centres :
)
4
5
Two Page Summary
The 2-page summary of the TCR programme proposal should include details on how the entire TCR programme
will be structured and how the host institution will partner with the recommended institutions to carry out the TCR
programme
5
6
Abstract
Scientific abstract
In no more than 300 words, concisely describe the specific aims, hypotheses, methodology and approach of the
research module including its importance and significance to the whole TCR programme. The abstract must be
self-contained so that it can serve as a succinct and accurate description of the research module.
6
7 Research proposal
In no more than 20 pages (Sections 7.1 to 7.5), organize the details of the research module under the following
headings: 7.1 Specific aims, 7.2 Clinical significance and contribution to the TCR programme, 7.3 Potential
Application/ Exploitation, 7.4Preliminary studies/Findings, 7.5 Methods. 7.6 References may be attached as a
separate Annex.
7.1 Specific Aims
State concisely and realistically what the module intends to accomplish and/or what hypotheses are to be tested.
7.2 Clinical Significance, especially with respect to the ways the module can
contribute to the selected TCR programme
Briefly sketch the background of the research proposed, critically evaluate existing knowledge and specifically
identify the gaps which the project is intended to fill. State concisely the importance of the research described by
relating the specific aims to possible longer term objectives. State the significance of the research to clinical
application and tangible improvements in healthcare that may result from the study. Relevant references should
be appended.
7.3 Potential Application/Exploitation of the project
In no more than 100 words, please state the potential application and/or exploitation of the project.
7.4 Preliminary Studies/Findings (if any)
State the preliminary studies and/or findings that have been made by the applicants and how the proposed
module can add on to the existing knowledge.
7.5 Methods
Discuss in detail the experimental design and the procedure to be used to accomplish the specific aims of the
module. Describe the protocols to be used and the tentative sequence of the investigation. Include statistical
justification and the means by which data will be analysed and interpreted. Describe any new methodology and
its advantage over existing methodologies. Discuss the potential difficulties and limitations of the proposed
procedures and alternative approaches to achieve the aims. Point out any procedures, situations or materials
that may be hazardous to personnel and the precautions to be exercised. Make every attempt to be succinct.
7.6 References
Please list in chronological order the titles and complete references to recent representative publications
pertinent to this research proposal (especially TCR-related publications) and the applicants’ publications and
patents held related to this research proposal. Highlight Scientific Award(s), if any, of the applicant(s).
7
8
Biographical Sketch
In not more than 2 pages per applicant, please use the format below to provide the required information on the
Principal Investigator (PI), co-PI(s) and all Collaborator(s) involved in the proposed research module.











Name
NRIC/Passport No.
Office Mailing Address
Email
Contact No
Fax No
Current Position (Please provide full details, e.g. joint appointments)
Academic qualifications (Indicate institution’s name and year degree awarded)
Selected publications (not more than 2 pages of relevant publications)
Research interests
Recent awards
8
9
Budget
You are advised to prepare the budget carefully under each category and provide the justifications for all
categories in Item 9.6. Refer to Annex 2 (Budgeting Requirements) to complete this section.
9.1 Manpower
Please budget for all the manpower required for the project including part-time personnel and those to be shared
with other projects. State whether they are existing personnel in your institution or new staff to be recruited.
Please use salary scales provided by the Bursar’s Office, Hospital Administration or the Ministry of Health as a
reference. The cost should include annual increments, National Service increment, staff welfare, medical and
other related benefits as per the Human Resource policies of your institution.
Staff Category
Existing/New
Visiting
professor
New
Postdoctoral
Fellow
New
Research
fellow
New
Research
Associate
New
Research Officer
New
Research
Assistant
New
Technologist
New
Others:
(please specify)
New
No
Remarks
Sub-Total
$0.00
Total
9.2 Equipment
Please budget for all scientific equipment you need to purchase to carry out the project. Indicate sharing of
equipment with other projects, if any.
Qty
Equipment
Unit Cost
Sub-Total
Total
$0.00
9
9.3
Materials & Supplies
Please budget for all materials and supplies required specifically for the project such as experimental animals,
consumables, drug costs and medical procedures.
Item Description
Sub-Total
Animals
Consumables
Others:
(please specify)
Total
9.4
$0.00
Miscellaneous
This category covers other expenses directly related to the project such as the purchase of laboratory manuals,
literature search, and maintenance of equipment. Conference travel will be funded only if a presentation or if an
article is presented. The presentation or article must be directly related to the project.
Item Description
Total
Sub-Total
$0.00
10
9.5
Indirect (IRC)
Indirect research costs are capped at 20% (less exceptional items). Please refer to Annex 2 for details.
Item Description
Total
Sub-Total
$0.00
Grand Total: SGD$0.00
11
9.6
Details and Justifications of Financial Assistance Requested
Please provide breakdown for all categories if this is not indicated in the tables.
9.6.1 Manpower
Justifications
9.6.2 Equipment
Justifications
9.6.3 Materials & Supplies
Justifications
9.6.4
Miscellaneous
Justifications
12
9.6.5
Indirect Costs
Justifications
10 Cash flow Projection
Please project the cash flow in accordance with your proposed start and end dates
Category
FY2008
FY2009
FY2010
FY2011
(1 Apr 200831 Mar 2009)
(1 Apr 200931 Mar 2010)
(1 Apr 201031 Mar 2011)
(1 Apr 2011- (1 Apr 201231 Mar 2012) 31 Mar 2013)
FY2012
Total
Manpower
0
Equipment
0
Materials & Supplies
0
Miscellaneous
0
Total costs by year
0
0
0
0
0
0
11 Milestones
Please propose Milestones for assessment of the progress of the study. The progress of the project will be taken
into consideration for continued disbursements of funds.
Milestones
Targeted Duration/Date of
Fulfillment
13
12 Performance Indicators
Please indicate the key outputs and parameters that can be used to assess the success of the proposed
programme.
13 Suggested names of Reviewers (optional)
S/N
Title
Names of Reviewers
Details
(tel, fax number and e-mail add)
Relationship to
Principal
Investigator
1
2
3
Proposals should not be sent to (optional)
(a)
(b)
(c)
14
14 Institutional Support (if any)
Provide details on how the host institution will support the proposed project, ie. through co-funding
15 Institutional support
In signing the Grant Application, the Institution UNDERTAKES, on any Grant Award, to:





Ensure that the proposed research could be conducted in the host institution
Provide appropriate support during the grant period
Ensure that the funds provided are used for the stated purposes in the proposal
Ensure that the research complies with all laws, rules and regulations pertaining to national and the
institution's research operating procedures and guidelines
Adhere to NMRC’s & National Research Foundation’s (NRF's) general guidelines on competitive funding
*Institution Director:
_____________________
___
Date: __________________
Name, Designation & Signature
*If the Institution Director is involved in this proposal, please seek support from immediate supervisor:
Comments:
15
16 Signatories
In signing the Grant Application, the Principal Investigator and all Co-Investigator(s) UNDERTAKE, on any Grant
Award, to:









Declare that all information is accurate and true.
Not send similar versions or part(s) of this proposal to other agencies for funding.
For Biomedical Science proposal, submit supporting documents of ethics approval obtained from the
relevant Institutional Review Board (IRB) and Animal Ethics Committee for studies involving human
subjects/human tissues or cells, and animal/animal tissues or cells respectively.
For Biomedical Science proposal, be actively engaged in the execution of the research and comply with all
laws, rules and regulations pertaining to animal and human ethics, including the Singapore Good Clinical
Practice guidelines.
Ensure that National Research Foundation’s (NRF) funding is acknowledged in all publications.
Ensure that all publications arising from research wholly or partly funded by NRF will be forwarded to NRF
through NMRC.
Ensure that the requested equipment/resources are not funded by another agency or research proposal.
Ensure that there was a reasonable effort in accessing available equipment/resources within the host
institution or elsewhere within Singapore.
Adhere to NMRC’s and NRF's general guidelines on competitive funding
_______________
Principal Investigator
Name:
Date:
_______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
_______________
Collaborator
Name:
Date:
______________
Collaborator
Name:
Date:
16
Annex 1 ---Funding source
Please provide the following details for the grants currently held or being applied for by the Principal Investigator,
and Co-PIs. Please attach the scientific abstract of each grant listed below (a) – (c) for our reference.
(a) Grants currently held
Please indicate the NMRC grant number for all NMRC-funded research projects.
Title of Research
Funding
Agency
Amount of Fund
Approved/
Received ($)
Balance
Available ($)
Support
Period
(Year)
Expiry
Date of the
grant
(b) List all applied grants (e.g. NRF, A*STAR, MOE, MOH Clusters, etc) where outcome is
pending
For all NMRC grant applications, please indicate application ID.
Title of Research
Application
ID
Funding
Agency
Amount of
fund applied
for ($)
Support
Period (Year)
(c) Support not related to specific research projects
Provide below details of ALL other support which are not derived from funds provided for specific research
projects, such as departmental technicians, grants from private foundations, start-up funds, donations from
charitable organizations and collaborations with industry. You may also attach correspondences showing
commitments by other parties in support of your work.
Types of resources
Funding
Organisations
Duration of
support
Expiry date, if any
17
(d) Potential overlap of support/ funding
Please explain how any potential overlap of funding will be dealt with.
18
Annex 2 ---Budgeting Requirements
The budget for the TCR programme is capped at $25 million, inclusive of Indirect Research
Cost (IRC). Indirect Research Cost (IRC) is provided to PIs and Host Institutions, up to a
maximum of 20% of the direct cost (less exceptional items).
Type of Expenses
Description
EOM Related Expenses
Salaries, CPF and fringe
benefits including
medical, dental,
contribution to welfare
fund, etc.
Allowable as part of overall compensation to employees provided such
costs are incurred under formal established and consistently applied
policies of the host Institution.
The manpower funded as part of the direct cost should be directly involved
in the research work of the project.
The salaries offered to staffs should be reasonable, in line with local
market benchmarks and comply with formal established pay scale of the
host Institution that is consistently applied regardless of the source of
funds.
Core manpower fundable under the direct cost only:
- Research fellow,
- Research engineer/scientist,
- Research assistant/associate,
- Specialist laboratory technician,
- Biostatisticians,
- Nurses, and
- Technical officer.
All other manpower will fall under IRC.
Case by case consideration will be given if the PI can justify that the
required manpower should be funded under the direct manpower cost.
Annual leave
Allowable for employees. The number of days of leave accorded to staff
must be in accordance with formal policies of the host Institution that is
consistently applied regardless of the source of funds.
Bonus / Incentive
payments,
Allowable as part of a total compensation package, provided such
payments are reasonable and are made according to a formal policy of the
host Institution that is consistently applied regardless of the source of
funds.
Staff insurance
Allowable as part of overall compensation to employees provided such
costs are incurred under formal established and consistently applied
policies of the host Institution.
19
Type of Expenses
Description
Participation of overseas
experts
Allowable.
Expenses incurred for overseas experts invited to participate in the project
and staying in Singapore for at least 6 months per year must be budgeted
separately in the project budget under the category for Visiting
Professor/Expert.
For other overseas experts staying for less than 6 months per year, the
cost of his/her stay is allowable if the costs are specifically provided for
and approved in the project grant.
Examples of such costs are honoraria, salaries, staff relocation, settling-in
allowances and other related cost
For staff relocation, settling-in allowances, etc, it will be allowable for
senior expatriate R&D staff if the costs are specifically provided for and
approved in the project grant.
However, superannuation contributions for such staff are not allowed
under both direct cost and IRC.
Staff recruitment and
related cost
Not allowable under direct cost.
Examples of such costs are
advertisement and recruitment agency cost.
These expenses can be claimed under IRC.
Stipends and course fees
of full-time and/or parttime graduate research
students
Not allowable under both direct cost and IRC.
PI’s & co-investigators’
EOM
Not allowable under both direct cost and IRC.
Only student attachment and top-up for research students are fundable
under IRC.
Equipment Related Expenses
New equipment
Allowable if needed specifically for the project.
Each equipment must be individually identified and its total cost inclusive
of bank charges, delivery and installation, etc estimated.
For equipment costing more than S$100,000, they will be classified under
“Exceptional Items” (see para 2.4 to 2.6 in the Administrative Guidelines).
For purchase of such equipment, 3 quotations must be provided in the
budget along with full justifications for the need to purchase the
equipment.
General purpose IT and
communication
equipment
Not allowable under direct cost. Examples of such costs are computers,
office productivity software, PDAs, mobile phones, etc.
The cost of such equipment can be claimed under IRC. The procurement
of such equipment must be reasonable and make according to the formal
established and consistently applied policies of the host Institution.
General furniture and
office equipment
Not allowable under direct cost. Examples of such costs are fax
machines, photocopier machines, workstations and printers, etc.
The cost of such items can be claimed under IRC. All procurement of
such items must be reasonable and make according to the formal
established and consistently applied policies of the host Institution.
20
Type of Expenses
Description
Consumables Related Expenses
Consumables
Allowable.
Examples of such costs are supplies and materials, laboratory
consumables, animals and drugs which are necessary for the successful
execution of the funded project.
All procurement of such items must be reasonable and are made
according to the formal established and consistently applied policies of the
host Institution.
Drug costs and medical
procedures for patients
and volunteers
Allowable.
OOE Related Expenses
Bank charges
Allowable as long as it is specifically related to the payments for
consumables and equipment used in the project.
Customs and import
duties
Allowable as long as it is specifically related to importation of consumables
and equipment used in the project.
Books and specialised
journals relevant to the
research
Allowable.
GST
Allowable for expenses incurred for the project.
Local & Overseas
conferences
Allowable, if conference is directly relevant to the research area or
necessary to accomplish the project objectives for PI, co-investigators,
collaborators, researchers and research students funded under the project
grant.
If the host Institution has a library, books and journals should be obtained
from the library and PI should refrain from purchasing the same books or
subscribing to such journals.
The expenses for such conferences may include registration fee for the
conference, air tickets, per diem and other allowances. Such payments
should be in accordance with the formal policies of the host Institution.
If the conferences are conducted overseas, the travel policy of the host
Institution must be consistently adhered to. However, total expenses for
travel per trip per person must not exceed $6,000.
The PI must submit a copy of the abstract when claiming reimbursement
for such expenses and append to their annual/ final report.
Photocopying and
printing charges
Allowable.
Publications
Allowable.
Page charges for publication of manuscript in professional journals are
allowable if they adhere to the formal established policy of the host
Institution, where applicable.
The costs of reprints and publishing in other media, such as books,
monographs and pamphlets are not allowable unless specific approval has
been obtained from the NMRC.
21
Type of Expenses
Description
Repairs and maintenance
of research equipment
Allowable if specifically budgeted for in the project and the equipment is
used extensively for the benefit of the research project.
Stationery & printer
consumables
Allowable.
Examples of such costs are printer cartridges, etc.
Training
Allowable.
Funding for training is allowable for the PI, co-PIs and the collaborators.
For funding of the research personnel, it should be restricted to the
personnel employed under the project grant and for training that is of direct
benefit and specific to the research project.
Transportation, postage &
courier services
Allowable.
This includes postage, courier and freight charges for bringing in
equipment and specialised research consumables and reimbursement for
staff transportation.
Use of services,
equipment rental or lab
spaces within the host
Institution’s central
facilities
Allowable.
The cost for the use of the services and central facilities owned by the host
Institution such as animal holding units, central laboratory services are
allowable and must be based on host Institution’s fee schedules which are
consistently applied regardless of source of funds.
Host Institution may be requested to certify that the fee structure is applied
consistently.
Payment to volunteers
and research patients
and other related cost
Allowable for payment to volunteers and research subjects provided this is
the scope of the research and has been provided for and approved in the
grant. Examples of such payments may include inconvenience fees,
transport and meal reimbursement, etc.
Press advertisements for patients are allowable under IRC only.
Audit fees
Not allowable under direct cost. This includes both internal and external
audit fees.
These expenses can be claimed under IRC.
Entertainment &
Refreshment
Not allowable under direct cost.
These expenses can be claimed under IRC.
Fines and penalties
Not allowable under both direct cost and IRC.
Insurance premiums
Not allowable under direct cost. Examples of such costs are for
equipment, workmen compensation, professional indemnity of researchers
funded under NMRC/NRF grants.
These expenses can be claimed under IRC.
The host Institution is responsible for the insurance of the equipment,
relevant workmen compensation and professional indemnity insurance
which are in line with the host Institution’s risk policies.
Legal fees
Not allowable under direct cost and IRC.
Outsourcing
Not allowable under direct cost unless specifically provided for and
approved in the grant.
22
Type of Expenses
Description
Overhead expenses rental, utilities, telephone
charges, facilities
management, repairs and
maintenance, etc
Not allowable under direct cost.
Patent-related expenses
Not allowable under direct cost and IRC.
These expenses can be claimed under IRC.
Such cost should be borne by the host Institution.
Professional fees
(including fees to
consultants)
Not allowable under direct cost.
Professional membership
fees of PIs /RFs /RAs
funded from the grant
Not allowable under direct cost.
Staff retreat
Not allowable under direct cost.
These expenses can be claimed under IRC.
These expenses can be claimed under IRC.
These expenses can be claimed under IRC.
Cost of capital works and
general infrastructure
Not allowable under direct cost unless specifically provided for and
approved in the grant.
23
Non-Fundable Items
EOM Related Expenses
1
2
3
PI’s & co-investigators’ EOM
Stipends and course fees of full-time and/or part-time graduate research students
Superannuation contributions for senior expatriate R&D staff
OOE Related Expenses
4
5
6
Fines and penalties
Legal fees
Patent-related expenses
Others
7
Non cash items such as depreciation cost, amortization cost, loss on revaluation, etc.
Exceptional Items (not taken into account for IRC computation):
i
ii
iii
iv
v
Major equipment costing more than S$100,000;
Intellectual property that is needed to carry out the proposed R&D work;
Subcontracting of non-research work (e.g., the development of tools for the
research);
Payment to volunteers and research patients; and
Infrastructural work that is approved (following strong justifications) as a direct cost of
the research grant.
24
Summary
Item
Direct Cost
Indirect
Research
Cost
Non
Fundable
Specifically
provided for and
approved in
grant
EOM Related Expenses
Salaries, CPF and fringe benefits
including medical, dental, contribution
to welfare fund, etc.
√
Annual leave / Bonus / Incentive
payments
√
Staff insurance
√
Participation of overseas experts
√
Student attachment and top-up for
research students
√
Staff recruitment and related cost
√
PI’s & co-investigators’ EOM
√
Stipends and course fees of full-time
and/or part-time graduate research
students
√
Superannuation contributions for senior
expatriate R&D staff
√
Equipment Related Expenses
New equipment
√
General purpose IT and
communication equipment
√
General furniture and office equipment
√
Consumables Related Expenses
Consumables (e.g. supplies and
materials, laboratory consumables,
animals and drugs)
√
OOE Related Expenses
Bank charges
√
Customs and import duties
√
25
Item
Direct Cost
Books and specialised journals
relevant to the research
√
GST
√
Local & overseas conferences
√
Indirect
Research
Cost
Non
Fundable
Outsourcing
√
Photocopying and printing charges
√
Publications
√
Repairs and maintenance of research
equipment
√
Stationery & printer consumables
√
Training
√
Transportation, postage & courier
services
√
Use of services, equipment rental or
lab spaces within the host Institution’s
central facilities
√
Volunteers and research patients and
other related cost
√
Press advertisements for patients
√
Audit fees
√
Entertainment & refreshment
√
Insurance premiums
√
Overhead expenses (eg. rental,
utilities, telephone charges, facilities
management, repairs and
maintenance, etc)
√
Professional fees (including fees to
consultants)
Professional membership fees of PIs
/RFs /RAs funded from the grant
Staff retreat
Fines and penalties
Specifically
provided for and
approved in
grant
√
√
√
√
26
Item
Direct Cost
Indirect
Research
Cost
Non
Fundable
Legal fees
√
Patent-related expenses
√
Cost of capital works and general
infrastructure
Specifically
provided for and
approved in
grant
√
Others
Non cash items such as depreciation
cost, amortization cost, loss on
revaluation, etc
√
27