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COMING TOGETHER

SINDA FINANCIAL STATEMENTS

2008

CONTENTS

01

GENERAL INFORMATION

02

INCOME AT A GLANCE

03

EXPENDITURE AT A GLANCE

04

STATEMENT BY THE PRESIDENT, CHIEF EXECUTIVE OFFICER AND THE TREASURER

05

INDEPENDENT AUDITORS' REPORT

07

BALANCE SHEET

08

STATEMENT OF FINANCIAL ACTIVITIES

16

STATEMENT OF CHANGES IN FUNDS

18

CASH FLOW STATEMENT

19

NOTES TO THE FINANCIAL STATEMENTS

VISION

TO BUILD A STRONG AND VIBRANT SINGAPOREAN INDIAN COMMUNITY TOGETHER

MISSION

TO BUILD A WELL-EDUCATED, RESILIENT AND CONFIDENT COMMUNITY OF INDIANS THAT STANDS TOGETHER WITH OTHER COMMUNITIES IN CONTRIBUTING TO THE PROGRESS OF MULTI-RACIAL SINGAPORE

VALUES

RESPECT, OUR CULTURE INTERGRITY, OUR FOUNDATION SERVICE, OUR PROMISE EXCELLENCE, OUR PURSUIT

GENERAL INFORMATION

Patron Prime Minister Lee Hsien Loong Life trustees Mr Tharman Shanmugaratnam Chairman (w.e.f. 14 July 2008) Professor S. Jayakumar

(Stepped down as Chairman w.e.f. 14 July 2008)

Mr V.V. Giri Member Dr Chitra Rajaram Member Mr Ajay Bhalla Member Mr Kirpa Ram Vij Member Mrs Leela Pinsler Member(Stepped down in September 2008) Mr S. Vivakanandan Member (Stepped down in May 2008) resource PaneL members Mr V. M. Karmegam Major (Retd) Thanaseelan Mr Amarjit Singh s/o Narajan Singh Mr P. Thirunal Karasu Dr Joshua V. M. Kuma Mr K. V. Rao Ms M. Nirmala Dr Joseph Thambiah chief executive officer Mr S. Manogaran audit committee members Mr Haider M Sithawalla Chairman Ms Indranee T. Rajah Mr K. V. Rao address No. 1 Beatty Road Singapore 209943 auditors KPMG LLP

Mr S. Dhanabalan Mr S. Chandra Das Mr J. Y. Pillay Mr Sat Pal Khattar term trustees Mr K. Shanmugam Dr N. Varaprasad Mr R. Sinnakaruppan Mr Bobby Chin Yoke Choong Mr M. Rajaram Mr Deepak Sharma Mr Haider M Sithawalla Mr Ravi Menon Mr Inderjit Singh Mr V. Shankar advisors Dr Vivian Balakrishnan Dr Balaji Sadasivan Ms Indranee T. Rajah Mr Hri Kumar Nair executive committee Mr K. Shanmugam President Mr S. Iswaran Vice-President Mr Viswa Sadasivan Secretary Mr Shabbir Hassanbhai Treasurer

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00/0

INCOME AT A GLANCE

2008

0.24% 3.56% 6.08%

2007

0.35% 3.38% 3.33%

5.80%

55.07%

7.32%

54.82%

9.25%

0.80%

DonationsCPF Scheme

Donations/ Sponsorship

Government Subvention

MCYS/NCSS/ STB Grant

Tuition Programme Fee

Interest Income

2008 $ Donations ­ CPF Scheme Donations/Sponsorship Government Subvention MCYS/NCSS/STB Grant Tution Programme Fees Interest Income total income 5,926,303 995,501 1,700,000 1,730,065 383,188 25,596 10,760,653 % 55.07 9.25 15.80 16.08 3.56 0.24 100 $

2007 % 54.82 10.80 17.32 13.33 3.38 0.35 100

5,380,019 1,059,474 1,700,000 1,308,412 331,979 33,477 9,813,361

EXPENDITURE AT A GLANCE

2008

2007

9.83%

0.68%

8.07% 54.82% 7.28%

6.5% 56.90% 6.27%

Education Programmes

Family and Youth Service Programme

Community Outreach and Volunteer Programmes

Administrative expenses

2008 $ Education Programmes Family and Youth Services Programmes Community Outreach and Volunteer Programmes Administrative Expenses total expenditure 5,635,413 1,775,774 1,857,213 1,010,169 10,278,569 % 54.82 17.28 18.07 9.83 100 $

2007 % 56.90 16.27 16.15 10.68 100

4,886,692 1,397,122 1,386,822 917,426 8,588,062

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02/03

STATEMENT by PRESIDENT, ChIEF EXECUTIvE OFFICER AND ThE TREASURER

We, K. Shanmugam, S. Manogaran and Shabbir Hassanbhai, do hereby state that in our opinion: (a) the financial statements of the Singapore Indian Development Association (`Association') set out on pages 7 to 40 are properly drawn up in accordance with the Singapore Financial Reporting Standards to present fairly in all material respects, the state of affairs of the Association as at 31 December 2008, and the income and expenditure, changes in funds and cash flows of the Association for the year ended on that date; and at the date of this statement, the Association will be able to pay its debts as and when they fall due.

(b)

The Executive Committee has, on the date of this statement, authorised these financial statements for issue.

On behalf of the Executive Committee

K. Shanmugam President

S. Manogaran ChiefExecutiveOfficer

Shabbir Hassanbhai Treasurer 10 February 2009

INDEPENDENT AUDITORS' REPORT

members of singaPore indian deveLoPment association (registered under the societies act, chaPter 311) We have audited the financial statements of Singapore Indian Development Association (the Association), which comprise the balance sheet as at 31 December 2008, statement of financial activities/income and expenditure, statement of changes in funds and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 7 to 40. ExecutiveCommittee'sresponsibilityforthefinancialstatements The Executive Committee is responsible for the preparation and fair presentation of these financial statements in accordance with the Singapore Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 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 the Executive Committee, 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.

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04/05

INDEPENDENT AUDITORS' REPORT

In our opinion: (a) the financial statements of the Association are properly drawn up in accordance with Singapore Financial Reporting Standards to present fairly, in all material respects, the state of affairs of the Association as at 31 December 2008, and the income and expenditure, changes in funds and cash flows of the Association for the year ended on that date; (b) the accounting and other records required by the regulations enacted under the Societies Act to be kept by the Association have been properly kept in accordance with those regulations; and (c) the fund-raising appeal held during the year ended 31 December 2008 has been carried out in accordance with Regulation 6 of the Societies Regulations issued under the Societies Act, Chapter 311 and proper accounts and other records have been kept of the fund-raising appeal. RepoRt on otHeR legal and RegulatoRy RequiReMentS During the course of our audit, nothing has come to our attention to cause us to believe that the Association did not comply with Regulation 15 of the Charities (Institutions of a Public Character) Regulations 2007.

KpMg llp Public Accountants and Certified Public Accountants Singapore 10 February 2009

bALANCE ShEET

As at 3 December 2008

note

2008 $

2007 $

non-current asset Property, plant and equipment current assets Government Subvention receivable Donations receivable - Central Provident Fund Board Scheme Donations receivable ­ Singapore Totalisator Board Training and other grants receivable Deposits, prepayments and other receivables Investments Cash and cash equivalents

3

336,382

190,107

11

4 5 6

1,700,000 511,226 525,000 ­ 799,265 14,851,081 6,551,428 24,938,000 25,274,382

1,700,000 467,314 500,000 2,720 536,567 21,970,630 5,448,502 30,625,733 30,815,840

total assets Representing: funds unrestricted funds Accumulated fund Sinking fund

8 9

6,541,654 1,266,295 7,807,949 16,080,000 23,887,949

5,788,033 1,030,503 6,818,536 22,984,520 29,803,056

endowment funds total funds current liabilities Other payables and accrued expenses Unutilised specific grants/ donations total liabilities total liabilities and funds

7

10

552,230 834,203 1,386,433 25,274,382

595,626 417,158 1,012,784 30,815,840

The accompanying notes form an integral part of these financial statements.

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06/07

STATEMENT OF FINANCIAL ACTIvITIES

year ended 3 December 2008

<-------- unrestricted funds --------> accumulated fund $ sinking fund $

note

income and expenditure incoming resources Incoming resources from generated funds (i) Voluntary income: Donation ­ Central Provident Fund (CPF) Contribution Donation from Singapore Totalisator Board (STB) Donation sponsorships Other donations Income from School Pocket Money Fund (SPMF) (ii) Investment income Dividend income Interest income ­ debt securities ­ fixed deposits and bank balances Incoming resources from charitable activities (i) Income from approved projects: Tuition programme fees (ii) Government Grants: Ministry of Community Development, Youth and Sports (MCYS), Temporary Occupation Licence (TOL) Fee Grant Government Subvention GST Offset Package Grant National Council of Social Service ­ STB Funding Grant from Central Singapore Community Development Council (CSCDC) MCYS Family Services (FS) Funding other incoming resources Investments gain/ (loss) Net loss on disposal of trading securities Exchange loss Unrealised loss on trading securities total incoming resources

5,926,303 525,000 245,491 225,010 499,532 ­ ­ 25,596

­ ­ ­ ­ ­ ­ ­ 7,329

383,188

­

12 11

433,581 1,700,000 139,500 294,176 307,373 55,903

­ ­ ­ ­ ­ ­

­ ­ ­ 10,760,653

­ ­ ­ 7,329

The accompanying notes form an integral part of these financial statements.

<---------------------------- endowment funds ----------------------------> general Padma and hari endowment vijay and amar harilela fund trust fund scholarship fund $ $ $

2008 total $

­ ­ ­ 2,000 ­ 195,373 77,188 ­

­ ­ ­ ­ ­ ­ ­ 7,483

­ ­ ­ 250,000 ­ ­ ­ 1,745

5,926,303 525,000 245,491 477,010 499,532 195,373 77,188 42,153

­

­

­

383,188

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­

433,581 1,700,000 139,500 294,176 307,373 55,903

(522,882) (390,082) (6,025,345) (6,663,748)

­ ­ ­ 7,483

­ ­ ­ 251,745

(522,882) (390,082) (6,025,345)

4,363,462

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08/09

STATEMENT OF FINANCIAL ACTIvITIES

year ended 3 December 2008

<-------- unrestricted funds --------> accumulated fund $ sinking fund $

note

Resources expended Cost of generating funds Cost of generating voluntary income: CPF Agency Charges Charitable activities Education programmes Family and Youth services programmes Community Outreach and Volunteer programmes School Pocket Money Fund (SPMF) programme Governance costs Administrative expenses total resources expended net surplus/(deficit) of income over expenditure

96,879

­

12 12 12

5,194,873 1,775,774 1,857,213 440,540

­ ­ ­ ­

12 14

913,290 10,278,569 482,084

­ ­ 7,329

The accompanying notes form an integral part of these financial statements.

<---------------------------- endowment funds ----------------------------> general Padma and hari endowment vijay and amar harilela fund trust fund scholarship fund $ $ $

2008 total $

­

­

­

96,879

­ ­ ­ ­

­ ­ ­ ­

­ ­ ­ ­

5,194,873 1,775,774 1,857,213 440,540

­ ­ (6,663,748)

­ ­ 7,483

­ ­ 251,745

913,290 10,278,569

(5,915,107)

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0/

STATEMENT OF FINANCIAL ACTIvITIES

year ended 3 December 2007

<-------- unrestricted funds --------> accumulated fund $ sinking fund $

note

income and expenditure incoming resources Incoming resources from generated funds (i) Voluntary income: Donation ­ Central Provident Fund (CPF) Contribution Donation from Singapore Totalisator Board (STB) Donation sponsorships Other donations Income from School Pocket Money Fund (SPMF) (ii) Proceeds from fund-raising events Project Give (iii) Investment income Dividend income Interest income ­ debt securities ­ fixed deposits and bank balances Incoming resources from charitable activities (i) Income from approved projects: Tuition programme fees (ii) Government Grants: Ministry of Community Development, Youth and Sports (MCYS), Temporary Occupation Licence (TOL) Fee Grant Government Subvention GST Offset Package Grant National Council of Social Service ­ STB Funding Grant from Central Singapore Community Development Council (CSCDC) MCYS Family Services (FS) Funding Other incoming resources Investment gain/ (loss): Net gain on disposal of trading securities Exchange gain Unrealised loss on trading securities total incoming resources The accompanying notes form an integral part of these financial statements.

5,380,019 500,000 230,670 216,649 46,235 112,155 ­ ­ 33,477

­ ­ ­ ­ ­ ­ ­ ­ 11,391

331,979

­

12 11

428,671 1,700,000 36,000 508,739 277,509 11,258

­ ­ ­ ­ ­ ­

­ ­ ­ 9,813,361

­ ­ ­ 11,391

<-------------------------- endowment funds ---------------------------> general Padma and hari endowment vijay and amar harilela fund trust fund scholarship fund $ $ $

2007 total $

­ ­ ­ 2,000 ­ ­ 293,184 82,944 ­

­ ­ ­ ­ ­ ­ ­ ­ 13,219

­ ­ ­ ­ ­ ­ ­ ­ ­

5,380,019 500,000 230,670 218,649 46,235 112,155 293,184 82,944 58,087

­

­

­

331,979

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­

428,671 1,700,000 36,000 508,739 277,509 11,258

2,590,703 32,679 (1,260,523) 1,740,987

­ ­ ­ 13,219

­ ­ ­ ­

2,590,703 32,679 (1,260,523) 11,578,958

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2/3

STATEMENT OF FINANCIAL ACTIvITIES

year ended 3 December 2007

<-------- unrestricted funds --------> accumulated fund $ sinking fund $

note

Resources expended Cost of generating funds Cost of generating voluntary income: CPF Agency Charges Cost of Fund raising activities: Project Give Expenses Charitable activities Education programmes Family and Youth services programmes Community Outreach and Volunteer programmes School Pocket Money Fund (SPMF) programme Governance costs Administrative expenses total resources expended net surplus/(deficit) of income over expenditure

88,273

­

19,236

­

12 12 12

4,840,457 1,397,122 1,386,822 46,235

­ ­ ­ ­

12 14

809,917 8,588,062 1,225,299

­ ­ 11,391

The accompanying notes form an integral part of these financial statements.

<-------------------------- endowment funds ---------------------------> general Padma and hari endowment vijay and amar harilela fund trust fund scholarship fund $ $ $

2007 total $

­

­

­

88,273

­

­

­

19,236

­ ­ ­ ­

­ ­ ­ ­

­ ­ ­ ­

4,840,457 1,397,122 1,386,822 46,235

­ ­ 1,740,987

­ ­ 13,219

­ ­ ­

809,917 8,588,062 2,990,896

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4/5

STATEMENT OF ChANGES IN FUNDS

year ended 3 December 2008

<-------- unrestricted funds --------> accumulated fund $ At 1 January 2007 Surplus of income over expenditure Total recognised surplus of income over expenditure Transfer from Endowment Fund to Accumulated Fund* Transfer from Sinking Fund to Accumulated Fund# Transfer from Accumulated Fund to Sinking Fund** At 31 December 2007 At 1 January 2008 Surplus/(deficit) of income over expenditure Total recognised surplus/(deficit) of income over expenditure Transfer from Endowment Fund to Accumulated Fund* Transfer from Sinking Fund to Accumulated Fund# Transfer from Accumulated Fund to Sinking Fund** At 31 December 2008 4,117,224 1,225,299 1,225,299 500,000 245,510 (300,000) 5,788,033 5,788,033 482,084 482,084 500,000 71,537 (300,000) 6,541,654 sinking fund $ 964,622 11,391 11,391 ­ (245,510) 300,000 1,030,503 1,030,503 7,329 7,329 ­ (71,537) 300,000 1,266,295

*Transfer of $500,000 (2007: $500,000) from the Endowment Fund to the Accumulated Fund was approved by the trustees. #Transfer of $71,537 (2007: $245,510) from the Sinking Fund to the Accumulated Fund was approved by the Executive Committee. **Transfer of $300,000 (2007: $300,000) from the Accumulated Fund to the Sinking Fund was approved by the Executive Committee.

The accompanying notes form an integral part of these financial statements.

<-------------------------- endowment funds ---------------------------> general Padma and hari endowment vijay and amar harilela fund trust fund scholarship fund $ $ $ 20,775,841 1,740,987 1,740,987 (500,000) ­ ­ 22,016,828 22,016,828 (6,663,748) (6,663,748) (500,000) ­ ­ 14,853,080 954,473 13,219 13,219 ­ ­ ­ 967,692 967,692 7,483 7,483 ­ ­ ­ 975,175 ­ ­ ­ ­ ­ ­ ­ ­ 251,745 251,745 ­ ­ ­ 251,745

total $ 26,812,160 2,990,896 2,990,896 ­ ­ ­ 29,803,056 29,803,056 (5,915,107) (5,915,107) ­ ­ ­ 23,887,949

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CASh FLOw STATEMENT

year ended 3 December 2008

note

2008 $

2007 $

operating activities (Deficit)/surplus of income over expenditure for the year Adjustments for: Dividend income Loss/(Gain) on disposal of trading investment securities Unrealised loss/(gain) on trading investment securities Depreciation Interest income ­ debt securities ­ fixed deposits and bank balances

(5,915,107) (195,373) 522,882 6,025,345 122,068 (77,188) (42,153) 440,474

2,990,896 (293,184) (2,590,703) 1,260,523 49,729 (82,944) (58,087) 1,276,230

3

Changes in working capital: Donations, grants and subventions receivables Deposits, prepayments and other receivables Other payables, accrued expenses and unutilised grants Cash flows from operating activities investing activities Purchase of property, plant and equipment Purchase of investments Proceeds from sale of investments Interest received ­ debt securities ­ fixed deposits and bank balances Dividend received Cash flows from investing activities net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

(66,192) (262,698) 373,649 485,233

(32,094) 248,719 619,535 2,112,390

(268,343) (14,452,429) 11,832,050 77,188 42,153 195,373 (2,574,008) (2,088,775) 9,884,946 7,796,171

(203,998) (12,403,792) 14,926,536 82,944 58,087 293,184 2,752,961 4,865,351 5,019,595 9,884,946

6

The accompanying notes form an integral part of these financial statements.

NOTES TO ThE FINANCIAL STATEMENTS

These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Executive Committee on 10 February 2009. 1 doMiCile and aCtivitieS Singapore Indian Development Association (`Association') is a Society registered with the Registrar of Societies under the Societies Act, Chapter 311. Its registered office is located at No. 1 Beatty Road, Singapore 209943. The Association's aim is to build a well educated, strong and vibrant Indian Singaporean community that stands together with the other communities in contributing to the progress of multi-racial Singapore. The principal activities of the Association are to achieve parity in educational attainment with the national average at every landmark examination by the year 2010, to strengthen the family unit as the foundation of a socially resilient community, to build a cohesive, caring and socially responsible community, to foster understanding of and cooperation with the other communities in the pursuit of national aspirations. The Association has been approved as an Institution of Public Character under the provisions of Income Tax Act for a period of 5 years with effect from 16 December 2006. The Association is also registered as a charity under the Charities Act, Chapter 37. 2 SuMMaRy of SignifiCant aCCounting poliCieS 2.1 Basisofpreparation The financial statements are prepared in accordance with Singapore Financial Reporting Standards (FRS). The financial statements have been prepared on the historical cost basis except for certain financial assets, which are measured at fair value. The financial statements are presented in Singapore dollars which is the Association's functional currency. All financial information is presented in Singapore dollars, unless otherwise stated. The preparation of financial statements in conformity with FRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. The accounting policies set out below have been applied consistently by the Association. The accounting policies used by the Association have been applied consistently to all periods presented in these financial statements.

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NOTES TO ThE FINANCIAL STATEMENTS

2 SuMMaRy of SignifiCant aCCounting poliCieS (CONT'D) 2.2 Foreigncurrencytransactions Transactions in foreign currencies are translated into Singapore dollars at foreign exchange rates ruling at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated into Singapore dollars at foreign exchange rate ruling at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to Singapore dollars at the exchange rate at the date on which the fair value is determined. Foreign currency differences arising from retranslation are recognised in the income and expenditure statement. 2.3 Property,plantandequipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Association and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income and expenditure statement as incurred. Depreciation is provided on a straight-line basis so as to write off items of property, plant and equipment, over their estimated useful lives as follows: Computer equipment Furniture and fittings Office equipment Office renovation 3 years 5 years 5 years 3 years

Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each reporting date.

NOTES TO ThE FINANCIAL STATEMENTS

2 SuMMaRy of SignifiCant aCCounting poliCieS (CONT'D) 2.4 Financialinstruments Non-derivative financial instruments Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, donation receivables, government subvention receivables, cash and cash equivalents, other payables and accrued operating expenses. Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through income and expenditure statement, any directly attributable transaction costs. Subsequent to initial recognition, non-derivative financial instruments are measured as described below. A financial instrument is recognised if the Association becomes a party to the contractual provisions of the instrument. Financial assets are derecognised if the Association's contractual rights to the cash flows from the financial assets expire or if the Association transfers the financial asset to another party without retaining control or transfers substantially all the risks and rewards of the asset. Regular way purchases and sales of financial assets are accounted for at trade date, i.e., the date that the Association commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Association's obligations specified in the contract expire or are discharged or cancelled. Cash and cash equivalents comprise cash balances and bank deposits. Investmentsatfairvaluethroughincomeandexpenditure(EndowmentFund) An instrument is classified as at fair value through income and expenditure statement if it is held for trading or is designated as such upon initial recognition. Financial instruments are designated as fair value through income and expenditure statement (Endowment Fund) if the Association manages such investments and makes purchase and sale decisions based on their fair value. Upon initial recognition, attributable transaction costs are recognised in the income and expenditure statement (Endowment Fund) when incurred. The Association's investment which are classified as financial instruments at fair value through income and expenditure statement (Endowment Fund) are measured at fair value, and changes therein are recognised in the income and expenditure statement (Endowment Fund). Other Other non-derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment losses.

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NOTES TO ThE FINANCIAL STATEMENTS

2 SuMMaRy of SignifiCant aCCounting poliCieS (CONT'D) 2.5 Impairment Impairment ­ financial assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. All impairment losses are recognised in the income and expenditure statement. Impairment losses in respect of financial assets measured at amortised cost and available-for-sale debt securities are reversed if the subsequent increase in fair value can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost and available-forsale debt securities the reversal is recognised in the income and expenditure statement. Impairment ­ non-financial assets The carrying amounts of the Association's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets' recoverable amounts are estimated. The impairment loss is charged to the income and expenditure statement. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

NOTES TO ThE FINANCIAL STATEMENTS

2 SuMMaRy of SignifiCant aCCounting poliCieS (CONT'D) 2.6 Provisions Provisions are recognised if, as a result of past events the Association has a present legal or constructive obligation that can be estimated reliably, and, it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. 2.7 Employeebenefits Defined contribution plan Obligations for contributions to defined contribution plans are recognised as an expense in the income and expenditure statement as incurred. Short-term accumulating compensated absences Short-term accumulating compensated absences are recognised when employees render services that increase their entitlement to future compensated absences. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Association has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. 2.8 Incomerecognition Donations from Central Provident Fund scheme and Singapore Totalisator Board are recognised on accrual basis. All other donations are recognised on a receipt basis. Tuition programme fees income is recognised on accrual basis. Grants for specific purposes are recognised to the extent the related expenditure has been incurred and the grant is receivable. Government Subvention is recognised on accrual basis.

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NOTES TO ThE FINANCIAL STATEMENTS

2 SuMMaRy of SignifiCant aCCounting poliCieS (CONT'D) 2.9 Resourcesexpendedoncharitableactivities The costs of these activities comprise direct expenditure including, direct staff costs attributable to the activities. In addition, it also includes support cost (costs relating to central functions) and other costs that have been allocated on the basis consistent with the use of the resources. Governancecosts Governancecostscompriseallcostsattributabletothegeneralrunningoftheassociation,inprovidingthe governanceinfrastructureandinensuringpublicaccountability.

2.10Financeincomeandexpenses Finance income comprises interest income on funds invested, dividend income, gains on the disposal of investments, net foreign currency gains and changes in the fair value of investments at fair value through income and expenditure statement. Dividend income from equity investments is recognised when the dividends are received. Interest income is recognised on the accrual basis using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, net foreign currency losses, changes in the fair value of financial assets at fair value through income and expenditure statement and impairment losses recognised on financial assets that are recognised in the income and expenditure statement.

2.11Leases When the association is a lessee of an operating lease Where the Association has the use of assets under operating leases, payments made under the leases are recognised in the income and expenditure statement on the straight-line basis over the term of the lease. Lease incentives received are recognised in the income and expenditure statement as an integral part of the total operating expenses.

NOTES TO ThE FINANCIAL STATEMENTS

3 pRopeRty, plant and equipMent computer equipment $ Cost At 1 January 2007 Additions At 31 December 2007 and 1 January 2008 Additions At 31 December 2008 534,873 36,337 571,210 120,112 691,322 396,594 87,823 484,417 93,507 577,924 251,740 1,485 253,225 25,337 278,562 305,799 78,353 384,152 29,387 413,539 1,489,006 203,998 1,693,004 268,343 1,961,347 furniture and fittings $ office equipment $ office renovation $

total $

accumulated depreciation At 1 January 2007 Depreciation charge for the year At 31 December 2007 and 1 January 2008 Depreciation charge for the year At 31 December 2008 520,091 13,708 533,799 47,816 581,615 396,594 7,699 404,293 28,780 433,073 251,740 99 251,839 1,962 253,801 284,743 28,223 312,966 43,510 356,476 1,453,168 49,729 1,502,897 122,068 1,624,965

Carrying amount At 1 January 2007 At 31 December 2007 At 31 December 2008 14,782 37,411 109,707 ­ 80,124 144,851 ­ 1,386 24,761 21,056 71,186 57,063 35,838 190,107 336,382

PG

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NOTES TO ThE FINANCIAL STATEMENTS

4 depoSitS, pRepayMentS and otHeR ReCeivableS 2008 $ Deposits Prepayments Receivable from Straits Times School Pocket Money Fund through National Council for Social Service GST Offset Package grant receivable from Ministry of Community Development, Youth and Sports (MCYS) Other receivables 121,781 38,865 158,702 139,500 340,417 799,265 2007 $ 124,084 19,123 ­ 36,000 357,360 536,567

5 inveStMentS 2008 $ Held for trading: ­ Quoted equity securities ­ Quoted debt securities ­ Mutual funds ­ REITS ­ Cash at bank investment account held with fund manager/custodian 2007 $

7,254,117 2,639,481 3,404,740 308,000 1,244,743 14,851,081

10,762,904 704,831 5,269,191 797,260 4,436,444 21,970,630

The market value of trading investments in quoted securities and funds are determined by reference to their quoted bid prices at the reporting date.

NOTES TO ThE FINANCIAL STATEMENTS

5 inveStMentS (CONT'D) Investments, including the cash at bank which are denominated in currencies other than the Singapore dollar are as follows: 2008 $ United States Dollar Euro Japanese Yen Korean Won Australian Dollar New Taiwan Dollar Hong Kong Dollar Malaysian Ringgit Thai Baht Philippines Peso Others The investments are held in the General Endowment Fund. 6 CaSH and CaSH equivalentS note 2008 $ 1,659,853 4,891,575 6,551,428 1,244,743 7,796,171 2007 $ 1,757,141 3,691,361 5,448,502 4,436,444 9,884,946 9,533,403 750,633 1,065,035 129,768 140,584 93,557 359,264 46,720 30,167 ­ 149,539 2007 $ 11,608,407 2,335,419 1,174,818 777,599 369,454 551,937 121,502 252,278 310,967 94,165 656,535

Cash in hand and at bank Fixed deposits Cash at bank investment account Cash and cash equivalents for cash flow statement 5

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NOTES TO ThE FINANCIAL STATEMENTS

7 endowMent fund Endowment fund is represented by the following assets: 2008 $ General Endowment Fund ­ Investments ­ Other receivables Vijay and Amar Trust Fund ­ Fixed deposits ­ Cash at bank Padma and Hari Harilela Scholarship Fund ­ Fixed deposits 2007 $

14,851,081 2,000 892,329 82,845 251,745 16,080,000

21,970,630 46,198 887,135 80,557 ­ 22,984,520

The general endowment fund is a form of restricted fund, held in Association's trust where the capital is required to be invested, or retained for approved purposes. From time to time the Association will transfer the income of the general endowment fund to the accumulated fund for the Association's general activities. Transfers in and out of the fund are subject to the approval of the trustees. The Vijay and Amar Trust Fund was set up with the intention of providing assistance and support to children from disadvantaged and dysfunctional families. The Padma and Hari Harilela Scholarship Fund was set up in 2008 with the intention to provide scholarships for students.

NOTES TO ThE FINANCIAL STATEMENTS

8 aCCuMulated fund The accumulated fund is represented by the following assets and liabilities: note 2008 $ 336,382 1,700,000 511,226 525,000 ­ 799,265 2,779,207 1,577,007 (552,230) (834,203) (300,000) 6,541,654 2007 $ 190,107 1,700,000 467,314 500,000 2,720 490,440 2,073,652 1,676,584 (595,626) (417,158) (300,000) 5,788,033

Property, plant and equipment Government subvention receivable Donations receivable ­ Central Provident Fund Board scheme Donation receivable ­ Singapore Totalisator Board Training grant receivable Deposits and prepayments, other receivables Fixed deposits Cash at bank and in hand Accrued operating expenses Unutilised specific grants Payable for transfer of surplus to Sinking Fund

10

The accumulated fund is the Association's general operating fund and can be used for any of the Association's activities.

9 SinKing fund The sinking fund is represented by the following assets: 2008 $ Fixed deposits Receivable from Accumulated Fund for transfer of surplus to Sinking Fund Other payable 966,295 300,000 ­ 1,266,295 2007 $ 730,574 300,000 (71) 1,030,503

The sinking fund is designated to fund the upkeep and maintenance of the premises. There has been a drawdown of $71,537 (2007: $245,510) from the sinking fund during the financial year mainly to defray the cost of the renovation and other works undertaken.

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NOTES TO ThE FINANCIAL STATEMENTS

10 unutiliSed SpeCifiC gRantS / donationS These comprise specific grants/donations for: 2008 $ (i) (ii) (iii) (iv) Tamil Language Learning and Promotion Committee (TLLPC) School Pocket Money Fund (SPMF) Project Give Donations Single Parent Programme 472,712 ­ 290,381 71,110 834,203 2007 $ 315,043 102,115 ­ ­ 417,158

(i) Tamil Language Learning and Promotion Committee (TLLPC) Tamil Language Learning and Promotion Committee (TLLPC) is a committee set up by the Ministry of Education (MOE) to promote the learning and use of the Tamil language. The Association provides support to TLLPC in the administration of the TLLPC grant. Grants and donations are the main sources of income with MOE providing a matching grant for funds raised by the TLLPC. (ii) School Pocket Money Fund (SPMF) The Association receives yearly grant from the National Council of Social Service (NCSS) pertaining to SPMF. All bursary payments made under this service will be paid out from SPMF based on criteria set out by NCSS. (iii) Project Give donations Project Give is a campaign, carried out annually during the Deepavali Fair at Campbell Lane to get the community to donate for the needy families, particularly in the area of bursaries. (iv) Single Parent programme Single Parent programme provides holistic assistance to the parent and the children. Children of single parent would receive assistance from all SINDA's programmes including Tuition, Neu PC, Enrichment while parents receive assistance on skills upgrading, Financial Planning and Family Support to help build their self esteem and become self sufficient. The balance shown above represents grants/donations that were unutilised as at the end of the financial year.

11 goveRnMent Subvention This represents the annual "dollar for dollar" matching grant receivable, subject to a maximum of $1,700,000 (2007: $1,700,000), from the Ministry of Community Development, Youth and Sports. 12 ReSouRCeS expended on CHaRitable aCtivitieS and goveRnanCe CoStS note 2008 $ 2007 $

(i) Charitable activities Education programmes Tuitionprogrammes: ­ STEP programme ­ Project Teach Othereducationprogrammes: ­ Modular/Enrichment Programmes ­ Careerlink/Workers Training Project ­ Bursary/Scholarships ­ Other educational programmes ­ Education staff costs ­ Support costs

2,034,843 816,443 53,121 27,399 547,861 140,962 746,971 827,273 5,194,873

1,713,434 719,525 54,848 350 855,921 95,895 592,394 808,090 4,840,457

13

Family and Youth services programmes ­ Project Life & Information Referral Services ­ Financial assistance scheme ­ Children and Youth Programmes ­ Family and Youth services staff costs ­ Support costs

13

51,673 422,163 194,272 675,685 431,981 1,775,774

112,450 182,225 114,366 683,668 304,413 1,397,122

Community Outreach and Volunteer programmes CommunityOutreachprogramme ­ Publicity ­ Community relations and events ­ Community outreach staff costs ­ Support costs VolunteerRelationsprogrammes ­ Volunteer operating costs ­ Volunteer staff costs ­ Support costs

13

688,759 93,950 528,204 116,317 169,992 185,328 74,663 1,857,213

601,230 58,342 330,196 140,354 33,978 167,586 55,136 1,386,822

13

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NOTES TO ThE FINANCIAL STATEMENTS

12 ReSouRCeS expended on CHaRitable aCtivitieS and goveRnanCe CoStS (CONT'D) note 2008 $ 2007 $

(ii) administrative and governance costs ­ Temporary Occupation Licence (TOL) Fee ­ Support costs

13

433,581 479,709 913,290

428,671 381,246 809,917

The Association occupies government land at 1, Beatty Road, Singapore 209943 and pays a monthly Temporary Occupation Licence (TOL) fee. The Grant from the Ministry of Community Development, Youth and Sports (MCYS) of $433,581 (2007: $428,671) is for the full reimbursement of the TOL fee paid by the Association. The resources expended have been summarised as follows: <--------------- 2008 -------------> direct support costs costs (note 13) total $ $ $ (i) Charitable activities Education 4,367,600 Family and Youth services 1,343,793 Community Outreach/ Volunteer Relations 1,666,233 (ii) administrative and governance Costs <--------------- 2007 ---------------> direct support costs costs (note 13) total $ $ $

827,273 431,981 190,980

5,194,873 1,775,774 1,857,213

4,032,367 1,092,709 1,191,332

808,090 304,413 195,490

4,840,457 1,397,122 1,386,822

433,581

479,709

913,290

428,671

381,246

809,917

13 SuppoRt CoStS family community administrative and outreach and and Youth volunteer governance services relations costs $ $ $

education $

basis of allocation

Staff cost Maintenance and administrative expenses Depreciation expenses Total for 2008 Total for 2007

492,721 273,518 61,034 827,273 808,090

197,088 210,479 24,414 431,981 304,413

147,816 24,854 18,310 190,980 195,490

147,816 313,583 18,310 479,709 381,246

Based on time spent Floor area & usage Usage

14 total ReSouRCeS expended Total expenditure includes the following: 2008 $ Staff costs Central Provident Fund contributions (included in staff costs) Depreciation 15 taxation The Association is an approved charity organisation under the Charities Act, Chapter 37 and an Institution of Public Character under the Income Tax Act, Chapter 134. No provision for tax has been made in the financial statements as the Association is exempt from income tax. 3,121,629 321,943 122,068 2007 $ 2,523,091 251,885 49,729

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NOTES TO ThE FINANCIAL STATEMENTS

16 Key ManageMent peRSonnel 2008 $ Remuneration paid/payable to key management personnel ­ Short term employment benefits 2007 $

460,631

551,986

The key management personnel remuneration comprise remuneration paid to the top three key executives including Chief Executive Officer (CEO). The Trustees and Executive Committee members do not receive any remuneration. The current CEO is seconded from the MOE to the Association. The Association reimburses the MOE for services rendered by the CEO to the Association.

17 CoMpaRative infoRMation Certain changes have been made to the comparatives in the financial statements to more appropriately reflect the nature of the expenses and to be consistent with the current year's presentation. The significant changes are as follows: 2007 as restated $ Resources expended on charitable activities and governance costs Education programmes Family and Youth services programmes Community Outreach and Volunteer Relations programmes Administrative and Governance costs School Pocket Money Fund (SPMF) cost CPF Board agency charges Project Give expenses Bursary donation Family Services (FS) sponsorship 2007 as previously stated $

4,840,457 1,397,122 1,386,822 809,917 46,235 88,273 19,236 ­ ­ 8,588,062

4,240,950 1,246,625 1,258,985 1,564,597 46,235 ­ ­ 176,050 54,620 8,588,062

Bursary donation and FS sponsorship of $176,050 and $54,620 respectively, which were net off against expenses in the Education programmes and Family and Youth services programmes in the previous year, have been grossed up. In addition, there have been reclassifications of some of the expenses within each of the programmes expenses.

NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent The Association has exposure to the following risks from its use of financial instruments: Credit risk Liquidity risk Market risk This note presents information about the Association's exposure to each of the above risks, the Association's objectives, policies and processes for measuring and managing risks. Further quantitative disclosures are included in these financial statements. The Executive Committee has an overall responsibility for the establishment and oversight of the Association's risk management framework. Credit risk Credit risk is the risk of financial loss to the Association if the counter party to a financial instrument fails to meet its contractual obligations, and arises principally from the Association's receivables from various sources and investments. The Association's exposure to credit risk in receivables arises principally from donations through the Central Provident Fund (CPF) Board, Grants and other receivables from Ministry of Community Development, Youth and Sports (MCYS), Singapore Totalisator Board (STB), Central Singapore Community Development Council (CSCDC) grant. All receivables are in Singapore dollars as the Association's activities are confined primarily to Singapore. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. Most of the Association's donors, partners or agencies providing the grant have been operating for a number of years, and there have been no significant losses.

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NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent (CONT'D) Credit risk (cont'd) The Association establishes an allowance for impairment that represents its estimate of incurred losses in respect of its donations receivable. The main components of this allowance are a specific loss component that relates specifically to individually significant exposures. The aging of the Association's receivables is as follows: at 31/12/2008 allowance for gross impairment $ $ Not past due Past due 0-30 days Past due 31-120 days Past due more than 120 days Total 3,535,491 ­ ­ ­ 3,535,491 ­ ­ ­ ­ ­ at 31/12/2007 allowance for gross impairment $ $ 3,206,601 ­ ­ ­ 3,206,601 ­ ­ ­ ­ ­

The allowance accounts are used to record impairment losses unless the Association is satisfied that no recovery of the amount owing is possible; at that point, the amount considered irrecoverable is written off against the allowances directly. Similarly on investment operations, the Investment Committee adopts very stringent quantitative and qualitative criteria, including financial statement analysis, type of securities, credit ratings and quality of management in selecting issuers of financial instruments that the Association invests in. The table below summarises the types of debt securities held by the Association and the credit ratings which are based on Standard & Poor's financial strength rating or its equivalent. The debt securities comprise mainly government securities and corporate bonds. The Association strives to invest a portion of its funds in investment grade bonds of good credit quality, whenever possible. Fixed income investments are assessed using stringent investment criterion and this includes, but is not limited to, a thorough analysis of each debt security's terms and conditions, the availability and quality of the guarantor, as well as financial strength of the issuer. Cash and cash equivalents are placed with banks and financial institutions which are regulated.

NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent (CONT'D) Credit risk (cont'd) financial strength rating b to not bbb rated $ $

aaa $ 2008 debt securities: Government securities Corporate bonds

a to aa $

equities and funds $

total $

1,944,290 ­ 1,944,290 Cash and cash equivalents 1,244,743 equities and funds ­ 3,189,033

­ ­ ­ 6,551,428 ­ 6,551,428

­ 203,973 203,973 ­ ­ 203,973

­ ­ 491,218 ­ 491,218 ­ ­ ­ ­ 10,966,857 491,218 10,966,857

1,944,290 695,191 2,639,481 7,796,171 10,966,857 21,402,509

2007 debt securities: Government securities Corporate bonds

704,831 ­ 704,831 Cash and cash equivalents 4,436,444 equities and funds ­ 5,141,275 Liquidity risk

­ ­ ­ 5,448,502 ­ 5,448,502

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­ ­ ­ ­ 16,829,355 ­ 16,829,355

704,831 ­ 704,831 9,884,946 16,829,355 27,419,132

Liquidity risk is the risk that the Association will not be able to meet its financial obligations as they fall due. The Association's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Association's reputation. Typically, the Association ensures that it has sufficient cash on demand to meet expected operational demands excluding the potential impact of extreme circumstances that cannot reasonably be predicted.

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NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent (CONT'D) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Association's income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Currency risk Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Association is exposed to the effects of foreign currency exchange rate fluctuations, principally in currencies such as US Dollar and Japanese Yen. The Association does not use derivative financial instruments to hedge its foreign currency risks. The Association's foreign currency exposures are as follows: 2008 $ investments US dollar Japanese Yen Euro Other currencies Sensitivityanalysis A 10% strengthening or weakening of the Singapore dollar against the following currencies at the reporting date would decrease or increase amount in the income statement by the amounts shown below respectively. This analysis assumes that all other variables, in particular interest rates, remain constant. income statement/funds 2008 2007 $ $ US dollar Japanese Yen Euro 953,340 106,504 75,063 1,160,841 117,482 233,542 2007 $

9,533,403 1,065,035 750,633 949,599

11,608,407 1,174,818 2,335,419 3,134,437

NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent (CONT'D) Interest rate risk The Association's exposure to market risk for changes in interest rates relates to the interest-bearing cash and cash equivalents and debt securities. The weighted average effective rates at balance sheet date and the periods in which they reprice or mature are as follows: effective interest rate % 2008 Fixed deposits with banks Debt securities fixed interest rate maturing within in 1 to 5 after 1 year years 5 years $ $ $

total $

1.60 4.25

4,891,575 ­ 4,891,575

­ 2,639,481 2,639,481

­ ­ ­

4,891,575 2,639,481 7,531,056

2007 Fixed deposits with banks Debt securities

1.60 4.25

3,691,361 ­ 3,691,361

­ 704,831 704,831

­ ­ ­

3,691,361 704,831 4,396,192

Sensitivityanalysis At the balance sheet date, management assessed that an increase/(decrease) of 100 basis points in the interest rates would have no significant impact to the results of the Association. Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

Sensitivityanalysis The Association's investments are designated as held for trading investments. A 10% increase or decrease in the underlying equity prices at the reporting date with all other variables held constant would increase or decrease income by $1,360,634 (2007: $1,786,226) respectively.

PG

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NOTES TO ThE FINANCIAL STATEMENTS

18 finanCial RiSK ManageMent (CONT'D) Fair values Estimationoffairvalues Investments in quoted trading securities The fair value of investments in quoted trading securities is determined by reference to their quoted bid prices at the reporting date. Other financial assets and liabilities The carrying amounts of other financial assets and liabilities with a maturity of less than one year (including trade and other receivables, grant and donations receivables, cash and cash equivalents, trade payables, other payables and accrued expenses) are assumed to approximate their fair values because of the short period to maturity. 19 new accounting standards and interPretations not Yet adoPted The Association has not applied the following accounting standards (including its consequential amendments) and interpretations that have been issued as of the balance sheet date but are not yet effective: · FRS 1 (revised 2008) · FRS 23 (revised 2007) · Amendments to FRS 32 · Amendment to FRS 102 · FRS 108 · INT FRS 112 · INT FRS 113 · INT FRS 116 PresentationofFinancialStatements BorrowingCosts Financial Instruments: Presentation and FRS 1 Presentation of Financial Statements­PuttableFinancialInstrumentsandObligationsArisingonLiquidation Share-basedPayment­VestingConditionsandCancellations OperatingSegments ServiceConcessionArrangements CustomerLoyaltyProgrammes HedgesofaNetInvestmentinaForeignOperation

FRS 1 (revised 2008) will become effective for the Association's financial statements for the year ending 31 December 2009. The revised standard requires an entity to present, in a statement of changes in equity, all owner changes in equity. All non-owner changes in equity (i.e. comprehensive income) are required to be presented in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income are not permitted to be presented in the statement of changes in equity. In addition, a statement of financial position is required at the beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the reclassification of items in the financial statements. FRS 1 (revised 2008) does not have any impact on the Association's financial position or results. Other than the changes in disclosures relating to FRS 1 (revised 2008), the initial application of these standards (including their consequential amendments) and interpretations is not expected to have any material impact on the Association's financial statements. The Association has not considered the impact of accounting standards issued after the balance sheet date.

DESIGNED & PRODUCED BY RAINDANCE

Singapore Indian Development Association

No.1 Beatty Road, Singapore 209943 Tel: 1800 295 4554 Fax: 6392 4300 www.sinda.org.sg

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