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Signed copy of 2014 accts

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Foon Yew SG 2014

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Signed copy of 2014 accts

  1. 1. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171 D) AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 AUDIT TRUST PAC Chartered Accountants, Singapore
  2. 2. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) GENERAL INFORMATION Management Committee Ordinary Committee — Ng See Hou Members — Chan Kee Liang — Ho Ming Kiong — Joe Tai Chee Yung Secretary — Tee Eak Kee Assistant Secretary — Lee Loo Hay Treasurer — Leow Seow Liang Key Management Principal — Chang Chew Chin Deputy President - Yik Kuen Koon Address — 136, Hillview Avenue #06-O8 Merawoods Singapore 669598 Principal bankers — Overseas Chinese Banking Corporation Limited Independent Auditor — AUDIT TRUST PAC Certified Public Accountants Singapore Index Page Statement by the management committee 1 Independent auditors‘ report 2 - 3 Statement of financial position 4 Income and expenditure statements 5 Statement of changes in equity 6 Statement of cash flows 7 Notes to financial statements 8 - 14
  3. 3. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) STATEMENT BY THE MANAGEMENT COMMITTEE In the opinion of the Management Committee, the financial statements as set out on pages 4 to 14 are drawn up so as to give a true and fair view of the state of affairs of Foon Yew High School Alumni (Singapore) Association (the "Society") as at 31 December 2014 and of its results of financial activities, the changes in funds and cash flows of the Society for the period then ended; and At the date of this statement, there are reasonable grounds to believe that the Society will be able to pay its debts as and when they fail due. The Management Committee, comprising the following, authorised the issue of these financial statements on President Chang Chew Chin Deputy President Yik Kuen Koon Secretary Tee Eak Kee Assistant Secretary Lee Loo Hay Treasurer Leow Seow Liang Committee Member Ng See Hou Committee Member Chan Kee Liang Committee Member Ho Ming Kiong Committee Member Joe Tai Chee Yung For and on behalf of the Management Committee, Leow Seow Liang Treasurer Singapore, l 2 APR 2015 Page 1
  4. 4. 175A Bencoolen Street #08-O6/O7 Burlington Square Chartered Accountants 5'"9°P°’e]8%5° Co. Regn. No: 20lO268(>8W Tel : +65 6294 6223 Fax : +65 6336 6223 Email : into@audih‘rust. com. sg INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF Ordinary Committee Report on financial statements We have audited the accompanying financial statements of Foon Yew High School Alumni (Singapore) Association (the "Society"), which comprise of the statement of financial position of the Society as at 31 December 2014, the statement of comprehensive income, statement of changes in funds and statement of cash flows of the Society for the period then ended, and a summary of significant accounting policies and other explanatory notes. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Societies Act (Chapter 311) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 2
  5. 5. Opinion In our opinion, the financial statements are properly drawn up in accordance with the provisions of the Societies Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Charity as at 31 December 2014 and of the results, changes in funds and cash flows of the Charity for the period ended on that date. Report on legal and regulatory requirement In our opinion, the accounting and other records required by the Act to be kept by the Society have been properly kept in accordance with the provisions of the Act. AILJX/6 Yrwf AUDIT TRUST PAC Public Accountants and Chartered Accountants Singapore 1 2 APR 2015 l’b’(/ Page 3
  6. 6. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014 Note 2 4 $ ASSETS Current assets Cash and cash equivalents 5,847 Other receivables 4 6,976 Total assets 1 2,823 LIABILITIES Current liabilities Accruals 5 1 ,500 Total liabilities 1,500 NET ASSETS 11,323 FUNDS Accumulated general fund 6 11,323 The accompanying notes form an integral part of these financial statements Page 4
  7. 7. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) INCOME AND EXPENDITURE STATEMENTS FOR THE PERIOD FROM THE DATE OF INCORPORATION ON 18 OCTOBER 2013 TO 31 DECEMBER 2014 Note ‘N «S -B INCOME Activities income 19,803 Donation 9,585 Membership fees 5.620 Foreign exchange gain 60 35,068 LESS: EXPENDITURE Audit fee Dinner and event space rental Bank charges Donations General expenses Incorporation fee Printing and stationery Refreshment Secretarial fees Subscription fee Ticket cost for event activities Transportation for events Souvenirs Postage and courier 23,745 SURPLUS FOR THE PERIOD 11,323 Page 5
  8. 8. FOON YEW HIGH scHooL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) STATEMENT OF CHANGES IN FUND FOR THE PERIOD FROM THE DATE OF INCORPORATION ON 18 OCTOBER 2013 TO 31 DECEMBER 2014 General fund S Balance as at the date of incorporation - Surplus for the period 11,323 Balance as at 31 December 2014 11,323 The accompanying accounting policies and explanatory notes form an integral part of the financial statements Page 6
  9. 9. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) STATEMENT OF CASH FLOWS FOR THE PERIOD FROM THE DATE OF INCORPORATION ON 18 OCTOBER 2013 TO 31 DECEMBER 2014 2 4 Note $ Cash flows from operating activities Net surplus for the period 11,323 Operating cash flow before working capital changes 11,323 Changes in operating assets and liabilities: Other receivables (6,976) Other payables 1,500 Net cash generated from operating activities 5,847 Net increase in cash and cash equivalents 5,847 Cash and cash equivalents at end of the period 5,847 Page 7
  10. 10. FOON YEW HIGH SCHOOL ALUMNI (SINGAPORE) ASSOCIATION (Unique Entity No. T13SS0171D) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM THE DATE OF INCORPORATION ON 18 OCTOBER 2013 TO 31 DECEMBER 2014 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. GENERAL INFORMATION Foon Yew High School Alumni (Singapore) Association (the "Society") was registered on under the Societies Act (Cap. 311). The registered office and principal place of business is at 136, Hillview Avenue, #0608 Merawoods, Singapore 669598. The objectives of the Society consist of the following: 0 To promote friendship, understanding and co-operation amongst the members; To promote physical, cultural and general well-being of the members; To provide opportunity for the exchange of ideas and views amongst the members; To assist in every way possible the development of the Alma Mater. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements have been prepared in accordance with Singapore Financial Reporting Standards ("FRS") and the disclosure requirements of the Societies Act (Chapter 311). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollar, which is the Society's functional currency. The preparation of these financial statements in conformity with FRS requires management to exercise its judgment in the process of applying the Society's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3. The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Society has adopted all the new and revised standards and interpretations of FRS (“INT FRS") that are effective for annual periods beginning on or after 18 October 2013. The adoption of these standards and interpretations did not have any effect on financial performance or position of the Society. Page 8
  11. 11. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 2.2 2.3 2.4 Funds The Society maintains restricted and unrestricted funds. Funds set up for specific purposes are classified as restricted funds. All income and expenses other than those attributable to restricted funds and common overheads are recorded in the unrestricted fund's statement of financial activities. In order to ensure observance of limitations and restrictions placed on the use of resources available to the Society, the financial statements of the Society are maintained substantially in accordance with the principles of "fund accounting” whereby the resources for various purposes are classified for accounting and reporting purposes into specific funds that are in accordance with activities or objectives specified. Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the services rendered in the ordinary course of the Society's activities. Revenue is recognised as follows : (a) Donations Donations are taken up and accrued as and when they are committed. Those uncommitted donations, income from charity events and all income except listed below, are recognised on receipt basis. Donations-in-kind are recognised when the fair value of the assets received can be reasonably ascertained. (d) Other income Other income is recognized when received. Cost recognition All expenditure are accounted for on accrual basis, aggregated under the respective areas. Direct cost are attributed to the activity where possible. Where costs are not wholly attributable to an activity, they are apportioned on a basis consistent with the use of resources. (a) Cast of generating funds from fund-raising activities Cost that are directly attributable to the fund—raising activities are separated from those costs incurred in undertaking charitable activities. (b) Governance and administrative costs Governance costs include the costs of governance arrangement, which relate to the general running of the Society, providing governance infrastructure and ensuring public accountability. These costs include costs related to constitutional and statutory requirements and an apportionment of overhead and shared costs. Page 9
  12. 12. 2.5 2.6 Financial assets la) (b) (c) (d) Classification The Society classifies its financial assets as receivables. The classification depends on the purpose for which the assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date. Receivables are non—derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except those maturing later that 12 months after the reporting date, which are classified as non—current assets. Receivables are classified within " receivables" and "cash and cash equivalents" on the statement of financial position. Recognition and derecognition Usual purchases and sales of financial assets are recognised on trade-date — the date on which the Council commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Society has transferred substantially all risks and rewards of ownership. On disposal sale of a financial asset, the difference between the net sale proceeds and its carrying amount is taken to the statement of financial activities. Any amount in the fair value reserve relating to that asset is also taken to the statement of financial activities. Measurement Financial assets are initially recognised at fair value plus transaction costs. Receivables are subsequently carried at amortised cost using effective interest method. Impairment The Society assesses at each reporting date whether there is objective evidence that a financial asset or a group of financial assets is impaired. An allowance for impairment of receivables is recognised when there is objective evidence that the Society will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and, short-term and highly liquid investments that readily convertible to known amounts of cash which are subject to an insignificant risk of changes in value. Page 10
  13. 13. 2.7 Other payables Accruals and other payables are initially recognised at fair value, and subsequently carried at amortised cost, using the effective interest method. 2.8 Fair value estimation of financial assets and liabilities The carrying amounts of current financial assets and liabilities, carried at amortised cost, are assumed to approximate their fair values due to their short-term nature. 2.9 Provisions Provision for the other liabilities and charges are recognised when the Society has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. 2.10 Employee compensation Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Society pays fixed contributions into separate entities such as the Central Provident Fund ("CPF"), on a mandatory, contractual or voluntary basis. The Society has no further payment obligations once the contributions have been paid. The Society's contribution to defined contribution plans are recognised as employee compensation expense when they are due. Employee leave entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date. 2.11 Currency translation Transactions denominated in a currency other than Singapore Dollar ("foreign currency") are translated into Singapore Dollar using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at the closing rate at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of financial activities. 3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical judgments in applying the entity's accounting policies The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below Page 11
  14. 14. 3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (CONT'D) Estimated useful lives of property, plant and equipment The Society reviews annually the estimated useful lives of property, plant and equipment based on factors suck as operating plans and strategies, expected level of usage and future technological developments. It is possible that future results of operations could be materially affected by changes in these estimates brought about by changes in the factors mentioned. Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment whenever there is any indication that the assets are impaired. If any such indication exists, the recoverable amount (i. e. higher of the fair value less cost to sell and value in use) of the assets is estimated to determine the impairment loss. The key assumptions for the value in use calculation are those regarding the growth rates, and expected change to selling price and direct costs during the year and a suitable discount rate. Allowance for impairment of receivables The Society reviews the adequacy of allowance for impairment of receivables at each closing by reference to the ageing analysis of receivables, and evaluates the risks of collection according to the credit standing and collection history of individual client. If there are indications that the financial position of a client has deteriorated resulting in an adverse assessment of his risk profile, an appropriate amount of allowance will be provided. OTHER RECEIVABLES A33 3 Prepayments 6,976 ACCRUALS ZQ1_4 S Accruals - operating expenses I 1,500 At the reporting date, the carrying amounts of the accruals approximated their fair values. ACCUMULATED GENERAL FUND 2m 5 Surplus for the period 11,323 Balance at end of financial period . 11,323 The accumulated general fund represents accumulated surplus and is for the purpose of meeting the operating expenses incurred by the Society. Page 12
  15. 15. OTHERS 2014 5 Income Classroom donation 11,825 Yu Quan medical fees fund raising activities 51,150 62,975 Less: Expenditure Donations l62,975) FINANCIAL RISK MANAGEMENT The Society is primarily funded by grants from MSF and NCSS, donations and receipts from provision of counselling services and course fees. Liquidity risk The Society manages its liquidity risk by monitoring and maintaining a level of cash and bank balances deemed adequate by the Management Committee to fund the Society's operations. Credit risk The Society has minimal exposure to credit risks due to the nature of its activities. As at the date of this report, nearly all receivables have been collected. Currency risk The Society has minimal exposure to foreign exchange risk as most of its transactions are in Singapore Dollars. Interest rate risk The Society's income and operating cash flows are not substantially affected by changes in market interest rates as they do not have significant interest-bearing assets or liabilities as at the reporting date. The responsibility for managing the above risks is vested in the Management Committee. Fair value As at 31 December 2014, the carrying amounts of the financial assets and liabilities recorded in the financial statements of the Society approximate their fair values due to their short-term nature. Page 13
  16. 16. 10. 11. MANAGEMENT OF CONFLICT OF INTEREST There is no paid staff in the Society's Management Committee. Committee members are required to disclose any interest that they may have, whether directly or indirectly, that the Society may enter into or in any organisations that the Society has dealings with or is considering dealing with; and any personal interest accruing to him as one of the Society's supplier, user of services or beneficiary. Should there be any potential conflict of interest, the affected Management Committee member may not vote on the issue that was the subject matter of the disclosure. Detailed minutes will be taken on the disclosure as well as the basis for arriving at the final decision in relation to the issue at stake. AUTHORISATION OF FINANCIAL STATEMENTS These financial statements were authorised for issue in accordance with a resolution of the management Committee on COMPARATIVE FIGURES The financial statements for 2014 cover the financial period since incorporation on 18 October 2013 to 31 December 2014. This being the first set of financial statements, there are no comparative figures. Page 14

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