FINANCIAL STATEMENTS ANNUAL REPORT AND REPORT FINANCIAL AR0910 Financials.pdf · ·...
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ANNUAL REPORT 2009/2010 38 MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPORE UEN NO. S62SS0075C FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 FINANCIAL STATEMENTS REPORT AND FINANCIAL STATEMENTS
Transcript of FINANCIAL STATEMENTS ANNUAL REPORT AND REPORT FINANCIAL AR0910 Financials.pdf · ·...
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO. S62SS0075C
FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED31 MARCH 2010
FINANCIAL STATEMENTS
REPORT AND FINANCIAL STATEMENTS
CONTENTS PAGE STATEMENT BY EXECUTIVE COMMITTEE 40 INDEPENDENT AUDITORS’ REPORT 41 STATEMENT OF FINANCIAL POSITION 43 STATEMENT OF FINANCIAL ACTIVITIES 44 - 45 STATEMENT OF CHANGES IN FUNDS 46 STATEMENT OF CASH FLOWS 47 NOTES TO THE FINANCIAL STATEMENTS 48
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
REPORT AND FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO. S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT BY EXECUTIVE COMMITTEEFor the fi nancial year ended 31 March 2010
The Executive Committee (EXCO) and Conduct of its Affairs
EXCO oversees and directs the overall management of Movement for the Intellectually Disabled of Singapore (MINDS), approves its broad policies and strategies and governs its fi nancial affairs. It conducts regular scheduled meetings. Ad hoc meetings are also convened when circumstances require. Eleven (11) meetings were held in the fi nancial year 2009/2010.
Specialised Committees provide support to EXCO. Members of these committees are appointed by EXCO itself. The Finance and Investment Committee (FIC) provides support in governing the fi nancial affairs of MINDS.
Accountability and Audit
The Audit Committee oversees internal controls and the results of internal audit work.
EXCO has adopted the policy of declaration by EXCO members and senior management staff of any personal interests that may affect the integrity, fairness and accountability to MINDS.
Opinion
EXCO is of the view that MINDS currently has adequate internal controls to authorise and approve transactions and to safeguard its assets and investments. It is satisfi ed with the organisation’s compliance to the relevant Codes of Governance and fi nancial disclosure requirements.
In its opinion, the fi nancial statements set out on pages 43 to 87, are properly drawn up so as to give a true and fair presentation of the state of affairs of MINDS at 31 March 2010 in accordance with the provisions of the Singapore Financial Reporting Standards and Recommended Accounting Practice 6, the results of its operations and changes in funds and cash fl ows for the fi nancial year then ended.
On behalf of the Executive Committee
……………………………….. …………………………………Mr Conrad Campos Mr Ong Wee GeePresident Honorary Treasurer
Date: 28 July 2010
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On behalf of the Executive Committee
……………………………….. …………………………………Mr Conrad Campos Mr Ong Wee GeePresident Honorary Treasurer
INDEPENDENT AUDITORS’ REPORT TO THE EXECUTIVE COMMITTEE OF MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPORE
We have audited the accompanying fi nancial statements of MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPORE (MINDS), which comprise the statement of fi nancial position as at 31 March 2010 and the statement of fi nancial activities, statement of changes in funds and statement of cash fl ows for the fi nancial year then ended, and a summary of signifi cant accounting policies and other explanatory notes.
Executive’s Committee Responsibility for the Financial Statements
Executive Committee is responsible for the preparation and fair presentation of these fi nancial statements in accordance with the provisions of the Singapore Financial Reporting Standards and Recommended Accounting Practice 6. This responsibility includes:
(a) devising and maintaining a system of internal accounting controls suffi cient 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 statement of fi nancial activities and statement of fi nancial position to maintain accountability of assets;
(b) selecting and applying appropriate accounting policies; and
(c) making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to MINDS’ preparation and fair presentation of the fi nancial 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 MINDS’ 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 fi nancial statements.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
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We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion:
i) the accompanying fi nancial statements are properly drawn up in accordance with the provisions of the Singapore Financial Reporting Standards and Recommended Accounting Practice 6 so as to give a true and fair view of the state of affairs of MINDS as at 31 March 2010, its results, changes in funds and cash fl ows for the fi nancial year ended on that date;
ii) the accounting and other records required by the regulations enacted under Societies Act Cap. 311 to be kept by MINDS have been properly kept in accordance with those regulations.
Report on other legal and regulatory requirements
MINDS did not hold any public fund raising appeals during the fi nancial year.
___________________________Helmi Talib & CoPublic Accountants andCertifi ed Public Accountants
Singapore
Date: 28 July 2010
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT OF FINANCIAL POSITIONFor the fi nancial year ended 31 March 2010
NOTES 2010 2009
$ $
6 45,649,600 46,601,257
7 3,134,400 2,599,000
48,784,000 49,200,257
7 1,528,800 500,000
Trade and other receivables 8 791,153 1,006,788
9 25,291,341 21,670,351
27,611,294 23,177,139
76,395,294 72,377,396
10 45,342,573 46,321,470
11 264,744 207,626
12 1,699 - 45,609,016 46,529,096
Trade and other payables 13 1,475,279 2,201,519
12 1,073 - 1,476,352 2,201,519
47,085,368 48,730,615
8,973,994 6,993,559
- 9,314,953 6,204,731
- 488,240 478,488
- SIA/SATS Contract Fund 48,319 197,429
- 91,592 103,274
18,917,098 13,977,481
479,875 533,397
155,064 73,601
3,920,842 3,620,082
91,533 64,016
443,005 381,905
1,119,353 1,119,353
564,020 438,080
13,864 5,514
445,425 388,093
MINDS AFID fund 59,957 38,184
4,004 21,207
52,794 43,884
180,064 - 52,719 58,473
173,587 74,822
235 340
25,528 36,636
117 117
EDC Adhoc Project 711 2,741
31,337
19,111 22,535
Building Project Funds
1,052,963 1,048,089
240,984 319,153
519,216 601,243
746,520 777,835
10,392,828 9,669,300
TOTAL FUNDS 14 29,309,926 23,646,781
76,395,294 72,377,396
Held-to-maturity investments
ASSETS
Current assets
Non-Current assets
Property, plant and equipment
Held-to-maturity investments
Tampines Home Residents' Fund
Deferred Capital Grants - Other assets
TOTAL LIABILITIES
FUNDS
Unrestricted Funds
General Fund
Designated Funds
Current liabilities
Obligation under Finance Lease
Obligation under Finance Lease
MOE Grant Retained Fund
Programme Development Fund
Cash and Cash equivalents
Deferred Capital Grants - Buildings
TOTAL ASSETS
LIABILITIES AND FUNDS
Non-Current liabilities
Restricted Funds
Art & Craft Project Fund
Car Wash Project Fund
Other Miscellaneous Restricted Funds
Central Relief Fund
Creative MINDS Thrift Shop Project Fund
Designated Donation Fund
Edusave Grant Fund
Performing Arts Fund
TOTAL LIABILITIES AND FUNDS
SAORI Project Fund
School Pocket Money Fund
Building Maintenance Fund
Fernvale Building Project Fund
WGS Building Project Fund
Trailblazer-Chan Chiew Ping Special School
WDC Building Project Fund
EDS Empowerment Fund
MINDS Food Project Fund
MINDS Medicare Project Fund
MINDS - SIA Community Project Fund
MINDS Special Project Fund
MOE Grant Training Fund
Opportunity Fund
MINDS Good-as-New Thrift Shop Fund
Curriculum Enhancement Fund
The accompanying notes form an integral part of these financial statements
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT OF FINANCIAL ACTIVITIESFor the fi nancial year ended 31 March 2010
The accompanying notes form an integral part of these financial statements
2010 NOTES Unrestricted Restricted
INCOMING RESOURCES Funds Funds Grand Total
$ $ $
Incoming resources from generated fundsVoluntary income
Tax Deductible Donations 88,480 279,651 368,131
Non Tax Deductible Donations 4,621 402,020 406,641
Miscellaneous Income 5,294 - 5,294
98,395 681,671 780,066
Investment Income
Interest Income 746 7,418 8,164
Investment Income 255,878 - 255,878
256,624 7,418 264,042
355,019 689,089 1,044,108
Incoming resources from charitable activitiesGovernment Subvention 29,978,707 1,587,382 31,566,089
Programme Fee Income 803,888 - 803,888
Contract work and other income 1,191,875 978,980 2,170,855
15 31,974,470 2,566,362 34,540,832
TOTAL INCOMING RESOURCES 32,329,489 3,255,451 35,584,940
RESOURCES EXPENDED
Resources expended for charitable activitiesContract work cost (1,352,707) (885,570) (2,238,277)
Amortisation of Deferred Capital Grants -Other assets 206,669 - 206,669
Amortisation of Deferred Capital Grants - Buildings 1,919,517 - 1,919,517
Depreciation (2,236,347) - (2,236,347)
Facilities Costs
Land and Buildings (407,668) (68,952) (476,620)
Equipment (81,266) - (81,266)
Vehicles (22,679) - (22,679)
Land and building rental (2,335,921) - (2,335,921)
Equipment Rental (51,572) - (51,572)
Other Operating Expenses
Utilities and telecomunication charges (751,220) - (751,220)
Transportation expense (58,650) - (58,650)
Professional Services (301,575) - (301,575)
Gain/(Loss) on disposal of property, plant and equipment 3,625 - 3,625
Miscellaneous (114,575) - (114,575)
Programme Costs
Supplies and materials (694,937) (60,261) (755,198)
Specific assistance to clients (223,109) (26,288) (249,397)
Clients' functions & activities (223,258) (48,886) (272,144)
Staff costs 16 (20,422,601) (298,436) (20,721,037)
(27,148,274) (1,388,393) (28,536,667)
Finance Cost HP Interest (504) - (504)
(504) - (504)
Resources expended for governanceOther Operating Expenses
Audit fees (67,903) - (67,903)
Staff costs 16 (66,749) - (66,749)
(134,652) - (134,652)
TOTAL RESOURCES EXPENDED (27,283,430) (1,388,393) (28,671,823)
5,046,059 1,867,058 6,913,117
Less : Returned to MOE - (20,219) (20,219)
Less : Recoverable amount from NCSS / MCYS 12,501 - 12,501
5,058,560 1,846,839 6,905,399
BEFORE TRANSFER
Less : Transfer to Deferred Capital Grants - Buildings - (940,620) (940,620)
Less : Transfer to Deferred Capital Grants - Other assets (81,096) (182,691) (263,787)
Write-back of under/(over) provision on amount due to NCSS (37,847) - (37,847)
Less :Transfer (to) / from funds 17 - - -
4,939,617 723,528 5,663,145
FOR THE YEAR
NET INCOMING / (OUTGOING ) RESOURCES
NET INCOMING / (OUTGOING ) RESOURCES
NET INCOMING / (OUTGOING ) RESOURCES
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT OF FINANCIAL ACTIVITIESFor the fi nancial year ended 31 March 2010
The accompanying notes form an integral part of these financial statements
2009 NOTES Unrestricted Restricted
INCOMING RESOURCES Funds Funds Grand Total
$ $ $
Incoming resources from generated fundsVoluntary income
Tax Deductible Donations 60,321 414,351 474,672
Non Tax Deductible Donations 19,120 640,311 659,431
Miscellaneous Income 31,977 39,127 71,104
111,418 1,093,789 1,205,207
Investment Income
Interest Income 6,653 14,344 20,997
Investment Income 250,702 - 250,702
257,355 14,344 271,699
368,773 1,108,133 1,476,906
Incoming resources from charitable activitiesGovernment Subvention 28,358,729 4,424,290 32,783,019
Programme Fee Income 737,127 - 737,127
Contract work and other income 2,466,178 494,397 2,960,575
15 31,562,034 4,918,687 36,480,721
TOTAL INCOMING RESOURCES 31,930,807 6,026,820 37,957,627
RESOURCES EXPENDED
Resources expended for charitable activitiesContract work cost (2,638,430) (595,023) (3,233,453)
Amortisation of Deferred Capital Grants -Other assets 224,091 - 224,091
Amortisation of Deferred Capital Grants - Buildings 1,841,382 - 1,841,382
Depreciation (2,126,890) - (2,126,890)
Facilities Costs
Land and Buildings (856,411) (330,907) (1,187,318)
Equipment (114,971) - (114,971)
Vehicles (38,507) - (38,507)
Land and building rental (2,785,905) - (2,785,905)
Equipment Rental (55,740) - (55,740)
Other Operating Expenses
Utilities and telecomunication charges (806,321) - (806,321)
Transportation expense (56,136) - (56,136)
Professional Services (309,086) - (309,086)
Gain/(Loss) on disposal of property, plant and equipment (15,810) - (15,810)
Miscellaneous (107,302) - (107,302)
Programme Costs -
Supplies and materials (670,889) - (670,889)
Specific assistance to clients (289,596) (69,924) (359,520)
Clients ' functions & activities (189,927) (60,988) (250,915)
Staff costs 16 (20,373,748) (220,236) (20,593,984)
(29,370,196) (1,277,078) (30,647,274)
Finance Cost HP Interest - - -
- - -
Resources expended for governanceOther Operating Expenses
Audit fees (48,200) - (48,200)
Staff costs 16 (3,769) - (3,769)
(51,969) - (51,969)
TOTAL RESOURCES EXPENDED (29,422,165) (1,277,078) (30,699,243)
2,508,642 4,749,742 7,258,384
Less : Returned to MOE - (53,377) (53,377)
Less : Refundable amount due to NCSS / MCYS (51,913) - (51,913)
2,456,729 4,696,365 7,153,094
BEFORE TRANSFER
Less : Transfer to Deferred Capital Grants - Buildings - (3,640,313) (3,640,313)
Less : Transfer to Deferred Capital Grants - Other assets - (323,455) (323,455)
Write-back of under/(over) provision on amount due to NCSS 3,656,139 - 3,656,139
Less :Transfer (to) / from funds 17 254,523 (254,523) -
6,367,391 478,074 6,845,465
FOR THE YEAR
NET INCOMING / (OUTGOING ) RESOURCES
NET INCOMING / (OUTGOING ) RESOURCES
NET INCOMING / (OUTGOING ) RESOURCES
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT OF CHANGES IN FUNDSFor the fi nancial year ended 31 March 2010
Unrest ricted RestrictedNOTES Funds Funds Total Funds
$$ $
At 1 April 2008 7,610,090 9,191,226 1 6,801,316
Net incoming resources for the year 6,367,391 478,074 6,845,465
At 31 March 2009 14 13,977,481 9,669,3002 3,646,781
Net incoming resources for the year 4,939,6177 23,528 5,663,145
At 31 March 2010 14 18,917,098 10,392,828 29,309,926
The accompanying notes form an integral part of these financial statements
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
STATEMENT OF CASH FLOWSFor the fi nancial year ended 31 March 2010
Notes 2010 2009
$ $
5,663,145 6,845,465
2,236,347 2,126,890
- Deferred Capital Grants - Buildings (1,919,517) (1,841,382)
- Deferred Capital Grants - Other assets (206,669) (224,091)
(3,625) 15,810
Investment income (264,042) (271,699)
Operating cash flow before working capital changes 5,505,639 6,650,993
Changes in operating assets and liabilities:
Increase in Trade and other receivables 215,635 4,961,825
Decrease in Trade and other payables (726,240) (10,258,160)
Cash generated from operations 4,995,034 1,354,658
Deferred Capital Grants - Other Assets 263,787 323,455
Building Maintenance Fund 5,200 -
Fernvale Building Fund 350,169 1,479,248
WGS Building Project Fund 272,627 731,525
WDC Building Project Fund 312,624 1,429,540
Net cash generated from operating activities 6,199,441 5,318,426
Cash flows from investing activities
Purchase of property, plant and equipment (1,285,757) (3,980,523)
Proceeds on disposal of property, plant and equipment 4,692 1,181
Investment income received 264,042 271,699
Placement of fixed deposit (7,118) (238,605)
Purchases of Investment securities (2,064,200) (100,000)
Proceeds from matured held-to-maturity investment 500,000 500,000
Obligations under finance lease 2,772 -
Net cash used in investing activities (2,585,569) (3,546,248)
Net increase in cash and cash equivalents 3,613,872 1,772,178
Cash and cash equivalents at the beginning of the
financial year
financial year
20,899,682 19,127,504
Cash and cash equivalents at the end of the
9 24,513,554 20,899,682
Amortisation:-
(Gain) Loss from disposal of property, plant and equipment
Cash flows from operating activities
Net incoming resources for the year
Adjustments for:
Depreciation
The accompanying notes form an integral part of the financial statements
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
These notes form an integral part of and should be read in conjunction with the financial statements.
1 GENERAL
The Movement for the Intellectually Disabled of Singapore (MINDS) is registered and domiciled in Singapore under the Societies Act, Cap. 311. The principal place of activities of MINDS’ headquarters is: 800 Margaret Drive Singapore 149310 The principal activity of MINDS is to operate Special Education Schools, Employment Development Centres (EDC), Training and Development Centres (TDC) and Residential Services in order to maximise the development, well-being and aspirations of persons with intellectually disability. These financial statements represent the financial statements of MINDS headquarters, the Special Education Schools (Schools), Employment Development Centres (EDCs), Training Development Centres (TDCs) and Residential Services, administered by MINDS. The Schools, EDCs, TDCs and Residential Services are:
Schools Woodlands Gardens School (WGS) Lee Kong Chian Gardens School (LGS) Towner Gardens School (TGS) Fernvale Gardens School (Fernvale) EDCs SIA – MINDS Employment Development Centre (SIA – MINDS) IDEA Employment Development Centre Woodlands Employment Development Centre (WDC) TDCs Ang Mo Kio Training Development Centre Clementi Training Development Centre Napiri Training Development Centre Residential Services MINDSVille@Napiri – Home MINDSVille@Napiri – Hostel MINDSVille@Napiri – Children’s Wing
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
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1 GENERAL (CONTINUED)
MINDS is registered as a charity under the Charities Act, Chapter 37 and is also approved as an institution of public character (IPC) under the provisions of the Income Tax Act. MINDS’ tax exempt status will expire on 30 September 2012.
2 AUTHORISATION OF FINANCIAL STATEMENTS
The financial statements of MINDS for the financial year ended 31 March 2010 were authorised for issue in accordance with a resolution of Executive Committee on 28 July 2010.
3 SIGNIFICANT ACCOUNTING POLICIES
3.1 Basis of preparation
The financial statements have been prepared in accordance with the provisions of the Singapore Financial Reporting Standards (FRS) and Recommended Accounting Practice 6 (RAP 6).
MINDS has applied RAP 6 for the presentation of the Statement of Financial Activities which differs from FRS 1 presentation of Statement of Comprehensive Income. The financial statements are prepared under the historical cost basis except as disclosed in the accounting policies below.
The preparation of financial statements requires the Executive Committee to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Although these judgements, estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, actual results may ultimately differ from those estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The significant accounting policy that requires management’s judgement in its application that has the most significant effect on the financial statements is in respect of management’s decision on the estimated useful lives of property, plant and equipment which is disclosed in Note 3.6. The financial statements are expressed in Singapore dollars (SGD or $). The accounting policies have been consistently applied by MINDS and are consistent with those used in the previous financial year.
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.2 Changes in accounting policies
On 1 April 2009, MINDS adopted the new or amended FRS and Interpretations to FRS (INT FRS) that are mandatory for application from that date. Changes to MINDS accounting policies have been made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.
The following are the new or revised FRS and INT FRS that are relevant to MINDS: FRS 1 Presentation of Financial Statement – Revised presentation
The revised standard requires the entity to present a statement of financial position at the beginning of the earliest comparative period following a change in accounting policy, the correction of an error or reclassification of items in the financial statements, FRS 1 (revised 2009) does not have any impact on MINDS financial position or results.
Amendments to FRS 107 Financial Instruments: Disclosures The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires the disclosure of fair value measurements by level of a fair value measurement hierarchy. The adoption of the amendment results in additional disclosures but does not have an impact on the accounting policies and measurement bases adopted by MINDS.
3.3 New or revised accounting standards and interpretations MINDS has not early adopted certain new standards, amendments and interpretations to
existing standards which have been published and are mandatory for MINDS’s accounting policies beginning 1 April 2010 or later periods.
The Executive Committee expects that the adoption of the new or revised accounting
standards and interpretations will have no material impact on the financial statements in the period of initial applications.
3.4 Critical judgment in applying significant accounting policies Estimates and judgements 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. In the process of applying MINDS’ accounting policies, which are described in Note 3, the Executive Committee has made the following assumptions/judgements that have the most significant effect on the amounts recognised in the financial statements.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.4 Critical judgment in applying significant accounting policies (continued)
Depreciation of buildings and amortisation of Deferred Capital Grants - Buildings
The buildings on leasehold land have been built with substantial grants from Ministry of Community Development, Youth and Sports (MCYS) and Ministry of Education (MOE) (90% to 95% of Capital Costs). The buildings house Special Education Schools, Employment Development Centres, Training Development Centres to train, educate, develop and employ persons with intellectual disabilities; as well as Residential Services. MINDS with the substantial backing from MCYS and MOE, is of the view that the special education, training, development and employment of our clients are in the interest of MINDS and for the long term.
The building grants from MCYS and MOE are capitalised as Deferred Capital Grants – Buildings and these are amortised over the useful lives of the buildings as mentioned in Note 3.6, which the Executive Committee has assessed to be thirty years. Although the land lease is on a three-year and renewable basis, the Executive Committee believes that the Singapore Land Authority, the landlord, will continue to renew the leases into the distant future.
3.5 Functional currency
The Executive Committee has determined the currency of the primary economic environment in which MINDS operate i.e. functional currency, to be SGD. Donation received, sales prices and major costs of providing goods and services including major operating expenses are primarily influenced by fluctuations in SGD.
3.6 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment initially recognised includes its purchase price and any directly attributable costs of bringing the property, plant and equipment to working condition for its intended use. Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to MINDS and the cost of the item can be measured reliably. All other expenses are recognised in the statement of financial activities when incurred. The property, plant and equipment received by way of donation in kind are included in the property, plant and equipment at fair value. Property, plant and equipment which cost less than $500 individually is charged to the statement of financial activities in the year of purchase.
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MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.6 Property, plant and equipment (continued)
Depreciation is calculated on a straight line basis to allocate the cost of the property, plant and equipment less residual values over their estimated useful lives. The estimated useful lives are as follows: Buildings - 30 years Furniture and fittings - 5 years Office equipment - 1 to 3 years Kitchen equipment - 3 years Outdoor equipment - 3 years Audio-visual equipment - 3 years Musical equipment - 3 years Motor vehicles - 5 years Assets under construction, stated at cost are included in capital work in progress. Expenditure relating to assets under construction (including interest expense) are capitalised when incurred. Depreciation will commence when the development is completed. The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful life and depreciation method are reviewed at each financial year end to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the property, plant and equipment is included in the statement of financial activities in the period the property, plant and equipment is derecognised.
3.7 Impairment of non-financial assets
The carrying amounts of MINDS’ assets are reviewed at each financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. All impairment losses are recognised in the statement of financial activities whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount.
An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. All reversals of impairment are recognised in the statement of financial activities.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
53
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.8 Financial assets
Financial assets are recognised on the financial position when, and only when, MINDS becomes a party to the contractual provisions of the financial instrument.
When financial assets are recognised initially, they are measured at fair value, plus transaction
costs. All regular purchases and sales of financial assets are recognised or derecognised on the trade date i.e. the date that MINDS commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the market place concerned.
Loans and receivables
Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Such assets are carried at amortised cost using the effective interest method, less impairment losses. Gains and losses are recognised in the statement of financial activities when the loans and receivables are derecognised or impaired, and through the amortisation process. MINDS classifies the following financial assets as loans and receivables:
cash and cash equivalents trade and other receivables
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that MINDS has the positive intention and ability to hold to
maturity. MINDS’ held-to-maturity investments include investments in fixed rate corporate
bonds.
Subsequent to initial recognition, held-to-maturity investments are carried at amortised
cost using the effective interest method. Gains and losses are recognised in the statement of
financial activities when the held-to-maturity investments are derecognised or impaired and
through the amortisation process.
3.9 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and bank balances. Cash carried in the
financial position is classified and accounted for as loans and receivables under FRS 39.
54
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.10 Impairment of financial assets
MINDS assesses at each financial position date whether there is any objective evidence that a financial asset or group of financial assets is impaired.
If there is objective evidence that an impairment loss on financial assets carried at amortised cost has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in the statement of financial activities. When the financial asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has occurred, MINDS considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is recognised in the statement of financial activities, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.
3.11 Derecognition of financial assets
A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired.
On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that has been recognised directly in equity is recognised in the statement of financial activities.
3.12 Financial liabilities
Financial liabilities include trade payables, which are normally settled on 30-90 day terms and payables to related parties. Financial liabilities are recognised on the statement of financial position when, MINDS becomes a party to the contractual provisions of the financial instrument. Financial liabilities are initially recognised at fair value of consideration received less attributable transaction costs and subsequently measured at amortised cost using the effective interest method.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.12 Financial liabilities (continued)
Gains and losses are recognised in the statement of financial activities when the liabilities are derecognised and through the amortisation process. The liabilities are derecognised when the obligation under the liability is discharged, cancelled or expired.
3.13 Provisions
Provisions are recognised when MINDS has a present legal or constructive obligation as a result of a past event where it is probable that it will result in an outflow of economic benefits to settle the obligation and the amount of the obligation can be estimated reliably.
Provisions are reviewed at each financial position date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specified to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
3.14 Leases
Operating Leases Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased assets, are classified as operating leases. Operating lease payments are charged to the statement of financial activities on a straight line basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place.
Finance Leases
Where assets are financed by lease agreements including hire purchase agreements that give
right approximating to ownership, the assets are capitalised as if they had been purchased
outright at the value equivalent to the present value of total rental payable during the periods
of the lease and the corresponding lease commitments are included under liabilities.
The excess of the lease payments over the recorded lease obligation is treated as finance
charges which are charged to the statement of financial activities in equal instalments over the period of lease or hire purchase.
Capitalised leased assets are depreciated over transfer of the estimated useful life of the
assets.
55
56
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.15 Employee benefits (a) Defined contribution plan
As required by law, MINDS makes contributions to the state pension scheme, the Central Provident Fund (CPF). CPF contributions are recognised as compensation expenses in the same period as the employment that gives rise to the contribution.
(b) 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 financial position date.
3.16 Incoming resources recognition
(a) Donations Donations and income from fund-raising projects are recognised as and when received.
(b) Subventions and Grants
Subventions and grants from government organisations are recognised only when there is reasonable assurance that MINDS has complied with the conditions of the subvention and grants. Such subventions and grants are recognised on an accrual basis. Subventions and grants recognised in the statement of financial activities are calculated based on the funding principles of the relevant government organisations. Subsequent adjustments to the subventions and grants, upon finalisation by the relevant government organisations, are recognised in the statement of financial activities.
(c) Membership fees
Membership subscriptions are recognised on a receipt basis.
(d) Rendering of services Income from providing services such as contract work income, programme fees and
other income is recognised when the services are rendered. (e) Interest income and Investment income
Interest income on bank current accounts, fixed deposits placed with banks and bonds are recognised on a time-proportion basis using the effective interest method.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.17 Resources expended
All expenditures are accounted for an accrual basis, aggregated under the respective areas. Direct costs are attributed to the activity where possible. Where costs cannot be wholly attributable to an activity, they have been apportioned on a basis consistent with the use of resources. (a) Allocation of HQ corporate services and IT expenses
HQ corporate services comprise staff costs relating to general management, human resource and administration, finance and IT costs which have been allocated to charitable activities on a fair basis.
(b) Costs of generating funds from fund-raising activities
These costs are directly attributable to the fund-raising activities, separate from those costs incurred in undertaking charitable activities. These costs are fully met by contributions in the form of cash sponsorships and grants.
(c) Charitable activities
Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of MINDS. The total costs of charitable expenditure include an apportionment of overhead and shared costs.
3.18 Deferred Capital Grants – Other assets
Donations and government grants for capital expenditure (other than for buildings) are taken to the respective fund accounts. On utilisation of these funds for capital expenditure, an equivalent amount is transferred to Deferred Capital Grants – Other assets. The Deferred Capital Grants –Other assets is amortised to the statement of financial activities over the useful lives of the related assets to offset the depreciation charge on these assets. Capitalisation is required when the expenditure is incurred on the plant and equipment which cost more than $500 individually.
57
58
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3.19 Deferred Capital Grants - Buildings
Government grants for the buildings are taken to the respective Building Project Accounts. When the expenditure is incurred on the specific building for which the specific building project accounts were set up, an equivalent amount is transferred to Deferred Capital Grants - Building Account. The Deferred Capital Grants –Building is released to the statement of financial activities over the useful lives of the buildings to match their depreciation.
Donations other than government grants for capital expenditure on buildings are taken to the respective Building Project Accounts. Donations are recognised as income when expenditure is incurred on specific buildings.
3.20 Funds
Fund balances restricted by outside sources are so indicated and are distinguished from unrestricted funds allocated to specific purposes if any by action of the Executive Committee. Externally restricted funds may only be utilised in accordance with the purposes established by the source of such funds and are in contrast with unrestricted funds over which MINDS’ Executive Committee retains full control to use in achieving any of its institutional purposes.
Restricted funds Other Miscellaneous Restricted Funds Donations and grants received to meet the current year’s specific expenses are recognised as income in the current year. Donations and grants received but not utilised are included in the respective unutilised funds account except for unutilised NCSS grants which is classified under liabilities in the statement of financial position.
4 RELATED PARTY TRANSACTIONS
A related party includes the trustees/office bearers and key management of the MINDS. It also includes an entity or person that directly or indirectly controls, is controlled by, or is under common or joint control with these persons. It also includes members of the key management personnel or close members of the family of any individual referred to herein and others who have the ability to control, jointly control or significantly influence by or for which significant voting power in such entity resides with, directly or indirectly, any such individual.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
59
This portion was intentionally left blank.
4 RELATED PARTY TRANSACTIONS (CONTINUED)
Remuneration of key management staff
Included in staff cost remuneration paid to key management staff are as follows: 2010 2009 $ $ - Salaries 1,344,041 1,499,854 - CPF 132,831 151,407 ----------------- ----------------- 1,476,872 1,651,261
The top 3 executives are in remuneration bands of $100,001 to $200,000 (2009:$100,001 to $200,000)
2010 2009 From $150,001 to $200,000 1 1 From $100,001 to $150,000 2 2 ------------------ ----------------
========== ==========
60
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(47,002)
(1,352,707)
(1,352,7
07)
Am
ortis
atio
n o
f D
eferred C
ap
ital G
ran
ts -
Other a
ssets
206,6
69
-
-
-
-
-
-
206,6
69
Am
ortis
atio
n o
f D
eferred C
ap
ital G
ran
ts -
Building
1,919,5
17
-
-
-
-
-
-
1,919,517
Dep
recia
tio
n(2,236,3
47)
-
-
-
-
-
-
(2,236,3
47)
Facilit
ies C
osts
L
and
and B
uildings
(407,6
68)
-
-
-
-
-
-
(407,6
68)
E
qu
ipm
ent
(81,2
66)
-
-
-
-
-
-
(81,2
66)
V
eh
icle
s(22,6
79)
-
-
-
-
-
-
(22,6
79)
L
and
and b
uildin
g r
ental
(2,335,9
21)
-
-
-
-
-
-
(2,335,9
21)
E
qu
ipm
ent R
en
tal
(51,5
72)
-
-
-
-
-
-
(51,5
72)
Other O
peratin
g E
xp
enses
U
til
itie
s a
nd t
ele
co
mu
nic
atio
n c
harges
(751,2
20)
-
-
-
-
-
-
(751,2
20)
T
ransp
ortatio
n e
xp
ense
(58,6
50)
-
-
-
-
-
-
(58,6
50)
P
rofessio
nal Servic
es
(301,5
75)
-
-
-
-
-
-
(301,5
75)
G
ain
/(L
oss) o
n d
isp
osal o
f p
ro
perty
, p
lan
t a
nd
eq
uip
men
t3,6
25
-
-
-
-
-
-
3,6
25
M
iscellaneous
(114,5
75)
-
-
-
-
-
-
(114,5
75)
Program
me C
osts
Sup
plies a
nd m
ateria
ls(694,9
37)
-
-
-
-
-
-
(694,9
37)
Sp
ecif
ic a
ssis
tance t
o c
lients
(223,1
09)
-
-
-
-
-
-
(223,1
09)
C
lients' fun
ctions &
activ
itie
s(223,2
58)
-
-
-
-
-
-
(223,2
58)
Staff c
osts
(20,422,6
01)
-
-
-
-
-
-
(20,422,6
01)
(25,795,5
67)
-
(1,305,7
05)
-
-
(47,002)
(1,352,707)
(27,148,2
74)
Fin
an
ce
Co
sts
HP
Interest
(504)
-
-
-
-
-
-
(504)
(504)
-
-
-
-
-
-
(504)
Re
so
urc
es e
xp
en
de
d fo
r g
ove
rna
nce
Other O
peratin
g E
xp
enses
A
udit
fees
(64,2
00)
-
-
(3,703)
-
-
(3,703)
(67,9
03)
Staff c
osts
(66,7
49)
-
-
-
-
-
-
(66,7
49)
(130,9
49)
-
-
(3,703)
-
-
(3,703)
(134,6
52)
TO
TA
L R
ES
OU
RC
ES
E
XP
EN
DE
D(25,927,0
20)
-
(1,305,7
05)
(3,703)
-
(47,002)
(1,356,410)
(27,283,4
30)
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
2
,049,0
30
-
(149,1
10)
3,148,069
9,752
(11,682)
2,997,029
5,046,059
Less : R
eturned t
o M
OE
-
-
-
-
-
-
-
-
Less : R
eco
verab
le a
mo
un
t f
ro
m N
CS
S /
MC
YS
12,5
01
-
-
-
-
-
-
12,5
01
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
BE
FO
RE
T
RA
NS
FE
R2,061,5
31
-
(149,1
10)
3,148,069
9,752
(11,682)
2,997,029
5,058,560
Less : T
ransfer t
o D
eferred C
ap
ital
Grants -
Bu
ildings
-
-
-
-
-
-
-
-
Less : T
ransfer t
o D
eferred C
ap
ital
Grants -
Oth
er a
ssets
(81,0
96)
-
-
-
-
-
-
(81,0
96)
Writ
e-back o
f u
nder/(
over) p
rovisio
n o
n a
mount d
ue t
o (
from
) N
CS
S-
-
-
(37,847)
-
-
(37,847)
(37,8
47)
Less :T
ran
sfer (
to
) /
from
fund
s-
-
-
-
-
-
-
-
F
OR
T
HE
Y
EA
R1,980,4
35
-
(149,1
10)
3,110,222
9,752
(11,682)
2,959,182
4,939,617
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
Un
re
stricte
d
De
sig
nated F
un
ds
63
MO
VEM
ENT
FOR
TH
E IN
TELL
ECTU
ALL
Y D
ISA
BLED
OF
SIN
GA
POR
EU
EN N
O S
62SS
0075
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tere
d un
der t
he S
ocie
ties A
ct, C
hapt
er 3
11 a
nd C
hari
ties A
ct 3
7, S
inga
pore
)
NO
TES
TO T
HE
FIN
AN
CIA
L ST
ATEM
ENTS
For t
he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
5
ST
AT
EM
EN
T O
F F
IN
AN
CIA
L A
CT
IV
IT
IE
S -
DE
TA
IL
S (
CO
NT
IN
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d
20
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Total
Total
RE
SO
UR
CE
S E
XP
EN
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DC
reative M
inds
MIN
DS
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MIN
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MO
EM
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Oth
er
Fern
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SW
DC
Cen
tral
Th
rift
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Desig
nate
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Com
mu
nity
Special
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ood-as-N
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Reli
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on
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ran
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ct
ES
EP
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Train
in
gO
pp
ortu
nit
yT
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op
AF
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ten
an
ce
Project
Project
Project
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nds
Fu
nd
Fu
nd
Fu
nd
Fu
nd
$$
$$
$$
$$
$$
$$
$$
$$
$$
Re
sou
rce
s e
xpe
nd
ed
for
cha
rita
ble
act
iviti
es
Co
ntr
act
wo
rk c
ost
(102,1
71)
(62,8
11)
(61,8
82)
-
(747)
-
-
-
-
-
(146,5
40)
(511,4
19)
-
-
-
-
(885,5
70)
(2,2
38,2
77)
Am
ort
isati
on
of
Defe
rred
Cap
ital
Gra
nts
- O
ther
assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
206,6
69
Am
ort
isati
on
of
Defe
rred
Cap
ital
Gra
nts
- B
uil
din
g-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,9
19,5
17
Dep
recia
tio
n-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,2
36,3
47)
Facil
itie
s C
osts
L
and
an
d B
uil
din
gs
-
-
-
-
-
-
-
-
-
-
-
-
(355)
(22,2
31)
(18,6
00)
(27,7
66)
(68,9
52)
(476,6
20)
E
qu
ipm
en
t-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(81,2
66)
V
eh
icle
s-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(22,6
79)
L
and
an
d b
uil
din
g r
en
tal
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,3
35,9
21)
E
qu
ipm
en
t R
enta
l-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(51,5
72)
Oth
er
Op
era
tin
g E
xp
en
ses
U
tili
ties a
nd
tele
com
un
icati
on c
harg
es
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(751,2
20)
T
ran
sp
ort
ati
on
exp
en
se
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(58,6
50)
P
rofe
ssio
nal S
erv
ices
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(301,5
75)
G
ain
/(L
oss)
on
dis
po
sal o
f p
rop
ert
y, p
lan
t an
d e
qu
ipm
en
t-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,6
25
M
iscell
an
eo
us
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(114,5
75)
Pro
gra
mm
e C
osts
S
up
pli
es a
nd m
ate
rials
-
-
-
-
-
-
-
-
-
-
-
(60,2
61)
-
-
-
-
(60,2
61)
(755,1
98)
S
pecif
ic a
ssis
tance t
o c
lien
ts-
-
-
-
-
-
-
-
(468)
-
-
(25,8
20)
-
-
-
-
(26,2
88)
(249,3
97)
C
lien
ts' fu
ncti
ons &
acti
vit
ies
-
-
-
(48,8
86)
-
-
-
-
-
-
-
-
-
-
-
-
(48,8
86)
(272,1
44)
Sta
ff c
osts
-
-
(38,7
58)
-
-
-
-
(166,3
85)
-
-
-
(93,2
93)
-
-
-
-
(298,4
36)
(20,7
21,0
37)
(102,1
71)
(62,8
11)
(100,6
40)
(48,8
86)
(747)
-
-
(166,3
85)
(468)
-
(146,5
40)
(690,7
93)
(355)
(22,2
31)
(18,6
00)
(27,7
66)
(1,3
88,3
93)
(28,5
36,6
67)
Fin
an
ce C
ost
sH
P I
nte
rest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(504)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(504)
Re
sou
rce
s e
xpe
nd
ed
for
go
vern
an
ceO
ther
Op
era
tin
g E
xp
en
ses
A
ud
it f
ees
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(67,9
03)
Sta
ff c
osts
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(66
,74
9)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(134,6
52)
TO
TA
L R
ES
OU
RC
ES
EX
PE
ND
ED
(102,1
71)
(62,8
11)
(100,6
40)
(48,8
86)
(747)
-
-
(166,3
85)
(468)
-
(146,5
40)
(690,7
93)
(355)
(22,2
31)
(18,6
00)
(27,7
66)
(1,3
88,3
93)
(28,6
71,8
23)
(53,5
22)
81,9
77
403,5
53
30,4
05
61,1
00
-
-
125,9
40
28,5
69
57,3
32
21,7
73
279,4
52
10,0
74
324,8
64
192,2
63
303,2
78
1,8
67,0
58
6,9
13,1
17
Less :
Retu
rned
to
MO
E-
-
-
-
-
-
-
-
(20,2
19)
-
-
-
-
-
-
-
(20,2
19)
(20,2
19)
Less : R
eco
vera
ble
am
ou
nt
fro
m N
CS
S /
MC
YS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,5
01
B
EF
OR
E T
RA
NS
FE
R(5
3,5
22)
81,9
77
403,5
53
30,4
05
61,1
00
-
-
125,9
40
8,3
50
57,3
32
21,7
73
279,4
52
10,0
74
324,8
64
192,2
63
303,2
78
1,8
46,8
39
6,9
05,3
99
Less :
Tra
nsfe
r to
Defe
rred
Cap
ital
Gra
nts
- B
uild
ings
-
-
-
-
-
-
-
-
-
-
-
-
(5,2
00)
(350,1
69)
(272,6
27)
(312,6
24)
(940,6
20)
(940,6
20)
Less :
Tra
nsfe
r to
Defe
rred
Cap
ital
Gra
nts
- O
ther
assets
-
(514)
(102,7
93)
(2,8
88)
-
-
-
-
-
-
-
-
-
(52,8
64)
(1,6
63)
(21,9
69)
(182,6
91)
(263,7
87)
Wri
te-b
ack
of
und
er/
(ov
er)
pro
vis
ion o
n a
mo
un
t d
ue t
o (
fro
m)
NC
SS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(37,8
47)
Less :
Tra
nsfe
r (t
o)
/ fr
om
fu
nd
s-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
FO
R T
HE
YE
AR
(53,5
22)
81,4
63
300,7
60
27,5
17
61,1
00
-
-
125,9
40
8,3
50
57,3
32
21,7
73
279,4
52
4,8
74
(78,1
69)
(82,0
27)
(31,3
15)
723,5
28
5,6
63,1
45
NE
T I
NC
OM
IN
G /
(O
UT
GO
IN
G )
RE
SO
UR
CE
S
NE
T I
NC
OM
IN
G /
(O
UT
GO
IN
G )
RE
SO
UR
CE
S
NE
T I
NC
OM
IN
G /
(O
UT
GO
IN
G )
RE
SO
UR
CE
S
Re
stricte
d
Oth
er R
estricte
d F
un
ds
Bu
ildin
g P
roject F
un
ds
64
MO
VEM
ENT
FOR
TH
E IN
TELL
ECTU
ALL
Y D
ISA
BLED
OF
SIN
GA
POR
EU
EN N
O S
62SS
0075
C(R
egis
tere
d un
der t
he S
ocie
ties A
ct, C
hapt
er 3
11 a
nd C
hari
ties A
ct 3
7, S
inga
pore
)
NO
TES
TO T
HE
FIN
AN
CIA
L ST
ATEM
ENTS
For t
he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
5
ST
AT
EM
EN
T O
F F
IN
AN
CIA
L A
CT
IV
IT
IE
S -
DE
TA
IL
S (
CO
NT
IN
UE
D)
2009
Gen
eral
Tota
l
INC
OM
ING
RE
SO
UR
CE
SF
un
dS
IA/S
AT
SE
DC
Train
ees
MO
E G
ran
tP
rog
ram
me
Dev
elo
pm
en
t
Tam
pin
es
Tota
l
Paym
en
tC
on
tract
Reta
ined
Hom
es R
esid
en
ts'
Desig
nate
d
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nds
$$
$$
$$
$$
Inco
min
g re
sour
ces
from
gen
erat
ed fu
nds
Volu
nta
ry i
nco
me
Tax
Ded
uct
ible
Donat
ions
48,1
58
-
-
-
12,1
63
-
12,1
63
60,3
21
Non T
ax D
educt
ible
Donat
ions
17,3
43
-
-
-
1,7
77
-
1,7
77
19,1
20
Mis
cell
aneo
us
Inco
me
29,4
83
-
-
-
-
2,4
94
2,4
94
31,9
77
94,9
84
-
-
-
13,9
40
2,4
94
16,4
34
111,4
18
Inv
estm
ent
Inco
me
Inte
rest
Inco
me
6,5
39
-
-
-
-
114
114
6,6
53
Inv
estm
ent
Inco
me
250,7
02
-
-
-
-
-
-
250,7
02
257,2
41
-
-
-
-
114
114
257,3
55
352,2
25
-
-
-
13,9
40
2,6
08
16,5
48
368,7
73
Inco
min
g re
sour
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ritab
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ctiv
ities
Gover
nm
ent
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tion
26,3
16,7
67
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2,0
41,9
62
-
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41,9
62
28,3
58,7
29
Pro
gram
me
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me
737,1
27
-
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737,1
27
Co
ntr
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oth
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me
860,8
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45
-
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40,8
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1,6
05,3
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66,1
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27,9
14,6
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843,7
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41,9
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40,8
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3,6
47,3
36
31,5
62,0
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TO
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ING
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66,9
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41,9
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13,9
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43,4
57
3,6
63,8
84
31,9
30,8
07
Desig
nate
d F
un
d
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re
str
icte
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5
ST
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F F
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DE
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CO
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pin
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tract
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nate
d
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min
g re
sour
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from
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ed fu
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Volu
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ry i
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me
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uct
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48,1
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-
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12,1
63
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63
60,3
21
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ax D
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17,3
43
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1,7
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29,4
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-
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2,4
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2,4
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31,9
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16,4
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111,4
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6,5
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114
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53
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250,7
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257,2
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114
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257,3
55
352,2
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-
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13,9
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16,5
48
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26,3
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-
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2,0
41,9
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2,0
41,9
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28,3
58,7
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737,1
27
-
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737,1
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Co
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860,8
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843,7
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45
-
-
40,8
49
1,6
05,3
74
2,4
66,1
78
27,9
14,6
98
843,7
80
720,7
45
2,0
41,9
62
-
40,8
49
3,6
47,3
36
31,5
62,0
34
TO
TA
L I
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RE
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S28,2
66,9
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843,7
80
720,7
45
2,0
41,9
62
13,9
40
43,4
57
3,6
63,8
84
31,9
30,8
07
Desig
nate
d F
un
d
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re
str
icte
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FOR
TH
E IN
TELL
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7, S
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)
NO
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TO T
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he fi
nanc
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ear e
nded
31
Mar
ch 2
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65
5
ST
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F F
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20
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INC
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30,3
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89
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37,6
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49,5
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S81
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66
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NO
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he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
5
ST
AT
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F F
IN
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L A
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DE
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S (
CO
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20
09
Gen
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Total
RE
SO
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S E
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DF
un
dE
DC
T
rain
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SIA
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SM
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G
ran
tP
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me
Tam
pin
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Total
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on
tract
Retain
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Developm
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t
Hom
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esiden
ts'
Desig
nated
Fu
nd
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nd
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nd
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nd
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nd
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$$
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$$
Re
so
urc
es e
xp
en
de
d fo
r ch
ari
tab
le a
ctivitie
s
Co
ntract w
ork c
ost
(860,804)
(956,9
61)
(785,796)
-
-
(34,869)
(1,777,626)
(2,638,430)
Am
ortis
atio
n o
f D
eferred C
ap
ital G
rants -
Other a
ssets
224,091
-
-
-
-
-
-
224,091
Am
ortis
atio
n o
f D
eferred C
ap
ital G
rants -
Buil
din
gs
1,8
41,382
-
-
-
-
-
-
1,841,382
Dep
recia
tio
n(2,1
26,890)
-
-
-
-
-
-
(2,126,890)
Facilit
ies C
osts
L
and
and
Buildin
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(856,411)
-
-
-
-
-
-
(856,411)
E
qu
ipm
en
t(114,971)
-
-
-
-
-
-
(114,971)
V
eh
icle
s(38,507)
-
-
-
-
-
-
(38,507)
L
and
and
bu
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g r
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(2,7
85,905)
-
-
-
-
-
-
(2,785,905)
E
qu
ipm
en
t R
ental
(55,740)
-
-
-
-
-
-
(55,740)
Other O
peratin
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xp
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U
til
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s a
nd
tele
com
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atio
n c
harges
(806,321)
-
-
-
-
-
-
(806,321)
T
ransp
ortatio
n e
xp
ense
(56,136)
-
-
-
-
-
-
(56,136)
P
rofessio
nal Servic
es
(309,086)
-
-
-
-
-
-
(309,086)
G
ain
/(L
oss) o
n d
isp
osal o
f p
ro
perty
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lan
t a
nd
eq
uip
men
t(15,810)
-
-
-
-
-
-
(15,810)
M
iscellaneou
s(107,302)
-
-
-
-
-
-
(107,302)
Program
me C
osts
Sup
plies a
nd m
ateria
ls(670,889)
-
-
-
-
-
-
(670,889)
Sp
ecif
ic a
ssis
tan
ce t
o c
lients
(289,596)
-
-
-
-
-
-
(289,596)
C
lients' fu
nctio
ns &
activ
itie
s(189,927)
-
-
-
-
-
-
(189,927)
Staff c
osts
(20,3
73,748)
-
-
-
-
-
-
(20,373,748)
(27,5
92,570)
(956,9
61)
(785,796)
-
-
(34,869)
(1,777,626)
(29,370,196)
Fin
an
ce
Co
sts
HP
Interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Re
so
urc
es e
xp
en
de
d fo
r g
ove
rna
nce
Other O
peratin
g E
xp
enses
A
udit
fees
(48,200)
-
-
-
-
-
-
(48,200)
Staff c
osts
(3,769)
-
-
-
-
-
-
(3,769)
(51,969)
-
-
-
-
-
-
(51,969)
TO
TA
L R
ES
OU
RC
ES
E
XP
EN
DE
D(27,6
44,539)
(956,9
61)
(785,796)
-
-
(34,869)
(1,777,626)
(29,422,165)
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
622,384
(113,1
81)
(113,1
81)
(65,051)
(65,051)
2,0
41,9
62
2,0
41,9
62
13,940
13,940
8,588
8,588
1,886,258
1,886,258
2,508,642
Less : R
eturned
to M
OE
-
-
-
-
-
-
-
-
Less : R
efu
nd
ab
le a
mo
un
t d
ue t
o N
CS
S /
MC
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(51,913)
-
-
-
-
-
-
(51,913)
Less : T
ransfer t
o D
eferred C
ap
ital
Grants -
Buildin
gs
-
-
-
-
-
-
-
-
Less : T
ransfer t
o D
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ital
Grants -
Other a
ssets
-
-
-
-
-
-
-
-
Writ
e-back o
f u
nder/(
over) p
rovis
ion o
n a
mou
nt d
ue t
o (
from
) N
CSS
3,3
00,000
-
-
356,139
-
-
356,139
3,656,139
Less :T
ransfer (
to) / f
rom
fun
ds
-
104,5
23
150,000
-
-
-
254,523
254,523
F
OR
T
HE
Y
EA
R3,8
70,471
(8,6
58)
84,949
2,3
98,1
01
13,940
8,588
2,496,920
6,367,391
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
BE
FO
RE
T
RA
NS
FE
R
Un
re
stricte
d
Desig
nated F
un
d
NE
T IN
CO
MIN
G / (O
UT
GO
IN
G ) R
ES
OU
RC
ES
570,471
2,456,729
67
MO
VEM
ENT
FOR
TH
E IN
TELL
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ALL
Y D
ISA
BLED
OF
SIN
GA
POR
EU
EN N
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62SS
0075
C(R
egis
tere
d un
der t
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ocie
ties A
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hapt
er 3
11 a
nd C
hari
ties A
ct 3
7, S
inga
pore
)
NO
TES
TO T
HE
FIN
AN
CIA
L ST
ATEM
ENTS
For t
he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
5
ST
AT
EM
EN
T O
F F
IN
AN
CIA
L A
CT
IV
IT
IE
S -
DE
TA
IL
S (
CO
NT
IN
UE
D)
G
ran
d
20
09
Total
Total
RE
SO
UR
CE
S E
XP
EN
DE
DC
reativ
e M
in
ds
MIN
DS
SIA
MIN
DS
MO
EM
IN
DS
Oth
er
Fern
vale
WG
SW
DC
Cen
tral
Th
rift S
hop
Desig
nated
Edu
save
Com
mu
nity
Special
Gran
tG
ood-as-N
ew
MIN
DS
Miscell
an
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sB
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gB
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gB
uil
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in
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pportu
nity
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rift
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op
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in
ten
an
ce
Project
Project
Project
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nds
Fu
nd
Fu
nd
Fu
nd
Fu
nd
$$
$$
$$
$$
$$
$$
$$
$$
$$
Re
sou
rce
s e
xpe
nd
ed
for
cha
rita
ble
act
iviti
es
Co
ntr
act
wo
rk c
ost
(35,0
46)
(30,5
84)
(143,8
68)
-
-
(1,4
88)
-
-
-
-
(17,8
69)
(366,1
68)
-
-
-
-
(595,0
23)
(3,2
33
,45
3)
Am
ort
isati
on
of
Defe
rred C
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ital G
rants
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ther
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-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
224
,09
1
Am
ort
isati
on
of
Defe
rred C
ap
ital G
rants
- B
uild
ings
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,8
41
,38
2
Dep
recia
tio
n-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,1
26
,89
0)
Facil
itie
s C
osts
L
and
an
d B
uil
din
gs
-
-
-
-
-
-
-
-
-
-
-
-
(822)
(117,9
53)
(114,8
39)
(97,2
93)
(330,9
07)
(1,1
87
,31
8)
E
qu
ipm
en
t-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(114
,97
1)
V
eh
icle
s-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(38
,50
7)
L
and
an
d b
uil
din
g r
en
tal
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,7
85
,90
5)
E
qu
ipm
en
t R
en
tal
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(55
,74
0)
Oth
er
Op
era
ting E
xp
en
ses
U
tiliti
es a
nd t
ele
co
mun
icati
on
charg
es
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(806
,32
1)
T
ran
sp
ort
ati
on
exp
en
se
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(56
,13
6)
P
rofe
ssio
nal
Serv
ices
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(309
,08
6)
G
ain
/(L
oss)
on
dis
po
sal o
f p
rop
ert
y, p
lan
t an
d e
qu
ipm
en
t-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(15
,81
0)
M
iscell
an
eo
us
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(107
,30
2)
Pro
gra
mm
e C
osts
S
up
pli
es a
nd
mate
rials
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(670
,88
9)
S
pecif
ic a
ssis
tance t
o c
lien
ts-
-
-
-
-
-
-
-
(51,1
14)
-
-
(18,8
10)
-
-
-
-
(69,9
24)
(359
,52
0)
C
lien
ts' fu
ncti
ons &
acti
vit
ies
-
-
-
(60,9
88)
-
-
-
-
-
-
-
-
-
-
-
-
(60,9
88)
(250
,91
5)
Sta
ff c
osts
-
-
(43,9
33)
-
-
-
-
(139,1
80)
-
-
-
(37,1
23)
-
-
-
-
(220,2
36)
(20,5
93
,98
4)
(35,0
46)
(30,5
84)
(187,8
01)
(60,9
88)
-
(1,4
88)
-
(139,1
80)
(51,1
14)
-
(17,8
69)
(422,1
01)
(822)
(117,9
53)
(114,8
39)
(97,2
93)
(1,2
77,0
78)
(30,6
47,2
74)
Fin
an
ce C
ost
sH
P I
nte
rest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Re
sou
rce
s e
xpe
nd
ed
for
go
vern
an
ceO
ther
Op
era
ting E
xp
en
ses
A
ud
it f
ees
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(48
,20
0)
Sta
ff c
osts
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3,7
69
)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(51,9
69)
TO
TA
L R
ES
OU
RC
ES
EX
PE
ND
ED
(35,0
46)
(30,5
84)
(187,8
01)
(60,9
88)
-
(1,4
88)
-
(139,1
80)
(51,1
14)
-
(17,8
69)
(422,1
01)
(822)
(117,9
53)
(114,8
39)
(97,2
93)
(1,2
77,0
78)
(30,6
99,2
43)
45,9
58
45,9
58
19,1
39
19,1
39
570,3
99
570,3
99
(2,5
62)
90,9
29
90,9
29
(1,4
88)
(1,4
88)
2,7
25
2,7
25
156,7
20
156,7
20
(45,6
00)
62,5
07
62,5
07
28,1
84
28,1
84
63,7
60
20,8
18
20,8
18
1,5
68,4
02
1,5
68,4
02
724,9
91
724,9
91
1,4
44,8
60
1,4
44,8
60
4,7
49,7
42
7,2
58,3
84
Less : R
etu
rned
to
MO
E-
-
-
(12,9
68)
-
-
-
-
(34,4
60)
-
-
(5,9
50)
-
-
-
-
(53,3
77)
(53,3
77)
Less : R
efu
nd
ab
le a
mo
un
t d
ue t
o N
CS
S /
MC
YS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(51,9
13)
-
Less : T
ran
sfe
r to
Defe
rred
Cap
ital
Gra
nts
- B
uil
din
gs
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,4
79,2
48)
(731,5
25)
(1,4
29,5
40)
(3,6
40,3
13)
(3,6
40,3
13)
Less : T
ran
sfe
r to
Defe
rred
Cap
ital
Gra
nts
- O
ther
assets
-
-
(63,2
33)
-
-
(1,1
80)
-
-
-
-
-
-
(2,9
05)
(108,5
72)
(51,6
56)
(95,9
09)
(323,4
55)
(323,4
55)
Wri
te-b
ack
of
un
der/
(over)
pro
vis
ion
on
am
ou
nt
due t
o (
from
) N
CSS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,6
56,1
39
Less :T
ran
sfe
r (t
o)
/ fr
om
fun
ds
-
-
1,0
04,5
36
-
-
(117,1
40)
(1,4
50,0
00)
-
-
-
10,0
00
48,0
81
-
250,0
00
-
-
(254,5
23)
-
FO
R T
HE
YE
AR
45,9
58
19,1
39
1,5
11,7
02
(15,5
30)
90,9
29
(119,8
08)
(1,4
47,2
75)
156,7
20
(80,0
60)
62,5
07
38,1
84
105,8
91
17,9
13
230,5
83
(58,1
90)
(80,5
89)
478,0
74
6,8
45,4
65
NE
T I
NC
OM
ING
/ (
OU
TG
OIN
G )
RE
SO
UR
CE
S
Bu
ildin
g P
roject F
un
ds
Re
stric
te
d
Oth
er R
estricted F
un
ds
NE
T I
NC
OM
ING
/ (
OU
TG
OIN
G )
RE
SO
UR
CE
S
NE
T I
NC
OM
ING
/ (
OU
TG
OIN
G )
RE
SO
UR
CE
S
BE
FO
RE
T
RA
NS
FE
R
(15,5
30)
(80,0
60)
57,8
10
4,6
96,3
65
7,1
53,0
94
68
MO
VEM
ENT
FOR
TH
E IN
TELL
ECTU
ALL
Y D
ISA
BLED
OF
SIN
GA
POR
EU
EN N
O S
62SS
0075
C(R
egis
tere
d un
der t
he S
ocie
ties A
ct, C
hapt
er 3
11 a
nd C
hari
ties A
ct 3
7, S
inga
pore
)
NO
TES
TO T
HE
FIN
AN
CIA
L ST
ATEM
ENTS
For t
he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
6
PR
OP
ER
TY
, P
LA
NT
& E
QU
IP
ME
NT
Buil
din
gs o
f net
bo
ok v
alu
e o
f $
20
,418
,989
(2
009:$
20
,69
5,9
14)
were
desig
nate
d b
y M
OE
fo
r use a
s p
urp
ose b
uil
t specia
l edu
cati
on s
cho
ols
.
Cap
ital w
ork
Fu
rnit
ure
Off
ice
Kit
ch
en
Ou
tdo
or
Au
dio
-vis
ual
Mu
sic
al
Mo
tor
in p
rog
ress
Bu
ild
ing
s&
fit
tin
gs
eq
uip
men
teq
uip
men
teq
uip
men
teq
uip
men
teq
uip
men
tv
eh
icle
sT
ota
l
$$
$$
$$
$$
$$
18,5
86,4
96
33,4
61,8
56
229,7
98
553,3
61
73,9
14
175,9
34
248,0
73
25,7
93
285,2
20
53,6
40,4
45
-
3,6
40,3
13
56,5
62
125,1
19
12,8
86
31,4
05
108,3
13
5,9
25
-
3,9
80,5
23
Tra
nsfe
rred
(18,5
86,4
96)
18,5
86,4
96
-
-
-
-
-
-
-
-
-
-
(92,0
44)
(105,1
89)
(14,3
21)
(91,7
65)
(63,7
83)
(4,5
43)
(60,5
60)
(432,2
05)
-
55,6
88,6
65
194,3
16
573,2
91
72,4
79
115,5
74
292,6
03
27,1
75
224,6
60
57,1
88,7
63
-
940,6
20
16,8
29
119,0
31
18,6
99
4,3
66
83,5
70
500
102,1
42
1,2
85,7
57
-
-
(1,6
30)
(35,2
05)
(6,9
32)
(1,4
77)
(26,3
48)
-
-
(71,5
92)
-
56,6
29,2
85
209,5
15
657,1
17
84,2
46
118,4
63
349,8
25
27,6
75
326,8
02
58,4
02,9
28
-
7,5
25,8
13
192,5
36
533,9
72
67,8
53
166,2
40
196,2
99
22,4
16
164,2
44
8,8
69,3
73
-
1,8
41,3
82
26,7
64
127,5
71
8,3
16
18,7
14
54,0
35
5,1
76
44,9
32
2,1
26,8
90
-
-
(92,0
43)
(102,7
08)
(14,3
21)
(91,5
95)
(42,9
87)
(4,5
43)
(60,5
60)
(408,7
57)
-
9,3
67,1
95
127,2
57
558,8
35
61,8
48
93,3
59
207,3
47
23,0
49
148,6
16
10,5
87,5
06
-
1,9
19,5
17
28,2
81
125,3
58
12,5
68
13,2
01
76,6
54
2,3
18
58,4
50
2,2
36,3
47
-
-
(1,6
30)
(35,2
05)
(6,9
32)
(1,4
77)
(25,2
81)
-
-
(70,5
25)
-
11,2
86,7
12
153,9
08
648,9
88
67,4
84
105,0
83
258,7
20
25,3
67
207,0
66
12,7
53,3
28
-
45,3
42,5
73
55,6
07
8,1
29
16,7
62
13,3
80
91,1
05
2,3
08
119,7
36
45,6
49,6
00
-
46,3
21,4
70
67,0
59
14,4
56
10,6
31
22,2
15
85,2
56
4,1
26
76,0
44
46,6
01,2
57
At
31 M
arc
h 2
010
At
31 M
arc
h 2
009
Ad
dit
ion
s
Dis
po
sals
Ch
arg
e f
or
the f
inan
cia
l y
ear
Dis
po
sals
At
31 M
arc
h 2
010
Dis
po
sals
Accu
mu
lated d
epreciation
At
1 A
pri
l 2008
Net b
ook
valu
e
Ch
arg
e f
or
the f
inan
cia
l y
ear
At
31 M
arc
h 2
010
Ad
dit
ion
s
Dis
po
sals
Cost
At
31 M
arc
h 2
009
At
31 M
arc
h 2
009
At
1 A
pri
l 2008
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
69
6 PROPERTY, PLANT & EQUIPMENT (CONTINUED)
Assets held under finance leases
The carrying amounts of photocopier machines held under finance leases at the statement of financial position date were NIL (2009: NIL). The leased assets are pledged as security for the related finance lease liabilities (Note 12). The cash outflow on acquisition of property, plant and equipment amounted to $1,285,757 (2009: $3,980,523).
7 HELD-TO-MATURITY INVESTMENTS
2010 2009 $ $ At Cost Current: Bonds investment (quoted) 500,000 500,000 Bonds investment (non-quoted) 1,028,800 - --------------- -------------- 1,528,800 500,000 ========= ========= Non-current: Bonds investment (quoted) 1,999,000 2,499,000 Bonds investment (non-quoted) 1,035,400 - Other investment (quoted) 100,000 100,000 --------------- -------------- 3,134,400 2,599,000 ========= =========
The quoted bonds have fair values amounting to $2,523,000 (2009: $3,021,500), with coupon rates ranging from 3.13% to 4.95% (2009: 3% to 4.95%) per annum and maturity dates ranging from 2010 to 2016. The unquoted bonds have fair values amounting to $2,064,200 (2009: NIL), with coupon rates ranging from 2.80% to 4.60% (2009: NIL) per annum and maturity dates ranging from 2010 to 2013.
Other investment has a fair value amounting to $104,800 (2009: $92,660). The interest rate of this investment as at 31 March 2010 was 5.1 % (2009: 5.1%) per annum and redeemable in 2013. No impairment is regarded as necessary for other investment as the management intends to hold this investment to maturity and believe the value of the investment will continue to increase. The held-to-maturity investments are denominated in Singapore Dollars.
70
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
8 TRADE AND OTHER RECEIVABLES
2010 2009 $ $ Trade receivables Receivables from contract work 232,025 323,320 --------------- ------------------ Other receivables Deposits 81,181 153,579 Prepayments 134,065 113,796 Other receivables - outside parties 316,478 282,394 Grant receivables 27,404 133,699 --------------- ------------------- 559,128 683,468 --------------- ------------------- 791,153 1,006,788 ========= ===========
Total trade and other receivables (excluding prepayments) 657,088 892,992 Add: Cash and cash equivalents (Note 9) 25,291,341 21,670,351 --------------- ------------------ Total loans and receivables 25,948,429 22,563,343
========= =========== Trade receivables are non-interest bearing. They are recognised at their original invoiced amounts which represents their fair values on initial recognition.
Receivables that are past due but not impaired
MINDS has trade receivables amounting to $116,197 (2009: $213,906) that are past due at the financial position date but not impaired. These receivables are unsecured and the analysis of their ageing at the financial position date is as follows:
2010 2009 $ $ Trade receivables past due: Less than 30 days 115,589 212,295 30 to 60 days 424 477 More than 60 days 184 1,134 ---------------- ---------------- 116,197 213,906 ========== ========== Receivables that are impaired
MINDS has no (2009: NIL) trade receivables that are impaired at the financial position date.
Trade and other receivables are denominated in Singapore Dollars.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
71
9 CASH AND CASH EQUIVALENTS
2010 2009 $ $ Cash on hand 12,680 10,483 Cash at banks 8,661,796 9,753,252 Fixed deposits 16,616,865 11,906,616 ---------------- ---------------- 25,291,341 21,670,351 ========= ==========
Cash at banks are held in interest bearing accounts at an average rate of 0.07% (2009: 0.17%) per annum.
The bank fixed deposits of $777,787 (2009: $770,669) are pledged with a bank for issuance of letters of guarantees to the Commissioner of Lands.
The fixed deposits mature on varying dates within 12 months (2009:12 months) from the financial year end. MINDS’ fixed deposits have interest rates ranging from 0.25% to 0.74% (2009: 0.64% to 1.74%) per annum.
For the purpose of the statement of cash flows, cash and cash equivalents is comprised of the
balances as shown below:
2010 2009 $ $ Total Cash and cash equivalents 25,291,341 21,670,351 Less : Fixed deposits pledged (777,787) (770,669) ---------------- ----------------- 24,513,554 20,899,682 ========= ========== Cash and cash equivalents are denominated in the following currencies:
2010 2009 $ $ Singapore Dollar 25,269,130 21,668,829 United States Dollar 22,211 1,522 ---------------- ----------------- 25,291,341 21,670,351 ========= ==========
72
MO
VEM
ENT
FOR
TH
E IN
TELL
ECTU
ALL
Y D
ISA
BLED
OF
SIN
GA
POR
EU
EN N
O S
62SS
0075
C(R
egis
tere
d un
der t
he S
ocie
ties A
ct, C
hapt
er 3
11 a
nd C
hari
ties A
ct 3
7, S
inga
pore
)
NO
TES
TO T
HE
FIN
AN
CIA
L ST
ATEM
ENTS
For t
he fi
nanc
ial y
ear e
nded
31
Mar
ch 2
010
10
DE
FE
RR
ED
CA
PIT
AL
GR
AN
TS
- B
UIL
DIN
GS
SIA
-MIN
DS
LG
ST
GS
Bu
ild
ing
Fern
vale
WG
SW
DC
Bu
ild
ing
Bu
ild
ing
Bu
ild
ing
Main
ten
an
ce
Bu
ild
ing
Bu
ild
ing
Bu
ild
ing
Pro
ject
Fu
nd
Pro
ject
Fu
nd
Pro
ject
Fu
nd
Fu
nd
Pro
ject
Fu
nd
Pro
ject
Fu
nd
Pro
ject
Fu
nd
To
tal
$$
$$
$$
$$
Cost
At
1 A
pri
l 2008
7,6
30,9
07
5,7
11,7
33
7,2
78,5
47
12,8
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12 OBLIGATION UNDER FINANCE LEASES
but provides MINDS with the options to purchase the leased assets at nominal values at the end of the lease term. Future minimum lease payments under finance leases together with the present value of the net minimum lease payment are as follows:
2010 2009 $ $ Within one financial year 1,296 - Within two to five financial years 2,052 - ----------------- --------------- Total minimum lease payments 3,348 - Finance charges allocated to future periods (576) - ----------------- ---------------
Present value of minimum lease payment 2,772 - Present value within one year (1,073) - ----------------- ---------------
Present value after one year 1,699 - ========== =========
13 TRADE AND OTHER PAYABLES
2010 2009 $ $ Trade payables Contract works payable 11,564 9,314 ----------------- -------------- Other payables Accrued operating expenses 1,337,810 2,016,633 Amounts due to NCSS / MCYS 125,905 169,976 Other payables – outside parties - 5,596 ----------------- --------------- 1,463,715 2,192,205 ----------------- --------------- 1,475,279 2,201,519 ============ ===========
MINDS has a finance lease for a photocopier. The lease agreement does not have renewal clauses
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
75
13 TRADE AND OTHER PAYABLES (CONTINUED)
2010 2009 $ $
Total Trade and other payables 1,475,279 2,201,519 Add: Obligations under finance lease (Note 12) 1,073 -
============ =========== Total financial liabilities carried at amortised cost 1,476,352 2,201,519
Amounts due to National Council of Social Service (NCSS) / M CYS are unsecured, interest-free and repayable on demand. These amounts are to be settled in cash. Trade and other payables are denominated in Singapore Dollars.
This portion was intentionally left blank.
========== ==========
76
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
14 FUNDS ACCOUNTS BALANCES
Net incoming /
Balance at (outgoing) resources Balance at
NOTES 1 April 2009 for the financial year 31 March 2010
6,993,559 1,980,435 8,973,994
14(a) - - - 14(b) 197,429 (149,110) 48,319
14(c) 6,204,731 3,110,222 9,314,953
14(d) 478,488 9,752 488,240
14(e) 103,274 (11,682) 91,592
14(f) 533,397 (53,522) 479,87514(g) 73,601 81,463 155,064
14(h) 3,620,082 300,760 3,920,842
14(i) 64,016 27,517 91,53314(j) 381,905 61,100 443,005
14(k) - - - 14(l) 1,119,353 - 1,119,353
14(m) 438,080 125,940 564,02014(n) 5,514 8,350 13,864
14(o) 388,093 57,332 445,425
MINDS AFID Fund 14(p) 38,184 21,773 59,957
Other Miscellaneous Restricted Funds
14(q) 21,207 (17,203) 4,00414(r) 43,884 8,910 52,794
14(s) - 180,064 180,064
14(t) 58,473 (5,754) 52,71914(u) 74,822 98,765 173,587
14(v) 340 (105) 235
14(w) 36,636 (11,108) 25,52814(x) 117 - 117
EDC Adhoc Project 14(y) 2,741 (2,030) 711
14(z) 22,535 (3,424) 19,11114(aa) - 31,337 31,337
Building Project Funds14(bb) 1,048,089 4,874 1,052,963
14(cc) 319,153 (78,169) 240,984
14(dd) 601,243 (82,027) 519,216
14(ee) 777,835 (31,315) 746,520
23,646,781 5,663,145 29,309,926
2010
Unrestricted funds
General Fund
Designated Funds
EDC Trainees Payment Fund
Programme Development Fund
MOE Grant Retained Fund
SIA/SATS Contract Fund
Tampines Home Residents' Fund
Restricted Funds
SAORI Project Fund
Performing Arts Fund
MINDS - SIA Community Project Fund
Curriculum Enhancement Fund
ESEP Fund
EDS Empowerment Fund
MINDS Medicare Project Fund
MINDS Special Project Fund
MOE Grant Training Fund
Opportunity Fund
MINDS Good-as-New Thrift Shop Fund
Central Relief Fund
Creative MINDS Thrift Shop Project Fund
Designated Donation Fund
Edusave Grant Fund
Art & Craft Project Fund
Total
School Pocket Money Fund
Building Maintenance Fund
Fernvale Building Project Fund
WGS Building Project Fund
Trailblazer -Chan Chiew Ping Special
WDC Building Project Fund
MINDS Food Project Fund
Car Wash Project Fund
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
77
14 FUNDS ACCOUNTS BALANCES (CONTINUED)
Net incoming /
Balance at (outgoing) resources Balance at
NOTES 1 April 2008 for the financial year 31 March 2009
3,123,088 3,870,471 6,993,559
14(a) 8,658 (8,658) - 14(b) 112,480 84,949 197,429
14(c) 3,806,630 2,398,101 6,204,731
14(d) 464,548 13,940 478,488
14(e) 94,686 8,588 103,274
14(f) 487,439 45,958 533,397
14(g) 54,462 19,139 73,601
14(h) 2,108,380 1,511,702 3,620,08214(i) 79,546 (15,530) 64,016
14(j) 290,976 90,929 381,905
14(k) 119,808 (119,808) - 14(l) 2,566,628 (1,447,275) 1,119,353
14(m) 281,360 156,720 438,080
14(n) 85,574 (80,060) 5,51414(o) 325,586 62,507 388,093
MINDS AFID Fund 14(p) - 38,184 38,184
Other Miscellaneous Restricted Funds
14(q) 10,494 10,713 21,207
14(r) 35,948 7,936 43,88414(s) - - - 14(t) 43,767 14,706 58,473
14(u) 32,809 42,013 74,82214(v) 3,928 (3,588) 340
14(w) 5,796 30,840 36,636
14(x) 117 - 117
EDC Adhoc Project 14(y) 0 2,741 2,741
14(z) 22,005 530 22,535
14(aa) - - -
Building Project Funds
14(bb) 1,030,176 17,913 1,048,08914(cc) 88,570 230,583 319,153
14(dd) 659,433 (58,190) 601,243
14(ee) 858,424 (80,589) 777,835
16,801,316 6,845,465 23,646,781
SAORI Project Fund
School Pocket Money Fund
Fernvale Building Project Fund
WGS Building Project Fund
WDC Building Project Fund
Total
Trailblazer -Chan Chiew Ping Special
Building Maintenance Fund
Performing Arts Fund
MINDS Good-as-New Thrift Shop Fund
Art & Craft Project Fund
Car Wash Project Fund
Curriculum Enhancement Fund
Opportunity Fund
EDS Empowerment Fund
MINDS Food Project Fund
MINDS Medicare Project Fund
Central Relief Fund
Creative MINDS Thrift Shop Project Fund
Designated Donation Fund
Edusave Grant Fund
MINDS - SIA Community Project Fund
ESEP Fund
EDC Trainees Payment Fund
MOE Grant Retained Fund
MINDS Special Project Fund
MOE Grant Training Fund
SIA/SATS Contract Fund
Programme Development Fund
Tampines Home Residents' Fund
Restricted Funds
2009
Unrestricted funds
General Fund
Designated Funds
78
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
14 FUNDS ACCOUNTS BALANCES (CONTINUED)
(a) EDC Trainees Payment Fund
The EDC Trainees Payment Fund represents earnings retained from sub-contract
works which are set aside for monthly allowance payment to trainees, for start-up
capital, for future social enterprise projects and trainees’ welfare needs.
(b) SIA/SATS Contract Fund
The SIA/SATS Contract Fund represents earnings from sub-contract works which are set aside for payment of allowances to trainees, trainees’ welfare activities, upgrading and purchase of equipment.
(c) MOE Grant Retained Fund
The MOE Grant Retained Fund represents the allowable funds retained from MOE’s share of operating grant for MINDS’ Schools.
(d) Programme Development Fund
Programmes receiving NCSS’s grant under ‘Per Capita’ funding policy are permitted to maintain a Programme Development Fund. The Programme Development Fund was set up to allow MINDS to retain 50% of eligible unsolicited donations up to a cap of $500,000 to cater for future use in NCSS funded programmes.
(e) Tampines Home Residents’ Fund
The Tampines Home Residents’ Fund is used for the residents’ welfare at the Mindsville @ Napiri.
(f) Central Relief Fund
The Central Relief Fund is utilised for the provision of supplementary income in the form of food rations and financial grants to families, particularly those with intellectually disabled children, who are living mainly at subsistence level and are dependent on assistance from welfare agencies.
(g) Creative Minds Thrift Shop Project Fund The Creative Minds Thrift Shop Project Fund represents contributions towards all the MINDS Thrift Shops.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
79
14 FUNDS ACCOUNTS BALANCES (CONTINUED)
(h) Designated Donation Fund
The Designated Donation Fund relates to contributions/donations received for specific purposes.
(i) Edusave Grant Fund Special Education Schools receive an annual Edusave grant from the MOE pegged at
$50 per pupil. The objective of the grant is to enable schools to conduct enrichment programmes and procure additional equipment and resource materials to enhance the quality of teaching and learning.
(j) MINDS-SIA Community Project Fund
This represents donations received from SIA for the welfare needs of the clients and the purchase of equipments to enhance Employment Development Centre training.
(k) Enhanced Sheltered Employment Programme (ESEP)Fund
ESEP Fund represents NCSS VWO Capability Fund (VCF) pilot grant towards the enhanced sheltered employment for people with intellectually disability. The funding is for 5 existing EDC social enterprise projects covering one Cafeteria, three Thrift shops and one Car Wash unit.
(l) MINDS Special Project Fund
The MINDS Special Project Fund was set up to undertake the development of purpose– built facilities and/or other approved projects.
(m) MOE Grant Training Fund
This represents the allowable funds retained from MOE’s staff training grant for MINDS’ Schools.
(n) Opportunity Fund
The opportunity fund represents grants received from MOE for the welfare of needy students.
(o) MINDS Good-as-New Thrift Shop Fund
The fund represents proceeds from a thrift shop which is set up and managed by volunteer helpers comprising expatriate wives selling second hand goods at a shop within MINDS headquarters. The objects of the fund are to enhance the quality of life of persons with intellectual disabilities.
80
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
14 FUNDS ACCOUNTS BALANCES (CONTINUED)
(p) MINDS AFID Fund
The Asian Federation on Intellectual Disabilities (AFID) was established in 1973 to promote, coordinate and sponsor activities related to intellectual disabilities in Asia. The Executive Board of Directors meets every year and the Federation holds a biennial Conference in the country of the elected President. Singapore holds the current Presidency (2008 and 2009). The MINDS – AFID account was set up to receive donations and Conference fees that will go towards supporting the Executive Board Meetings in 2008 and 2009 and the AFID Conference in November 2009.
(q) Art & Craft Project Fund
The Art & Craft Project Fund is utilised to purchase materials in relation to the art & craft project.
(r) Car Wash Project Fund
The Car Wash Project Fund is utilised for the upgrade and purchase of equipment for the car wash project.
(s) Curriculum Enhancement Fund
This represents grants from MOE-NCSS to promote and sustain school-based initiatives in enhancing the quality of the school curricula and co – curricula.
(t) EDS Empowerment Fund
This represents the corporate partnership with Motorola Electronics (Singapore) working towards empowering our intellectually disabled clients through providing employment and raising funds to help needy clients’ families.
(u) MINDS Food Project Fund
This represents contributions towards the MINDS Food project at the three EDCs.
(v) MINDS Medicare Project Fund
This represents funds for the setting up of a Medicare Clinic under the MINDS Children’s Medical Fund project. The objective is to provide the basic medical screening and consultation to MINDS’ clients.
(w) Performing Arts Fund
This represents contributions towards the performing arts project.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
81
14 FUNDS ACCOUNTS BALANCES (CONTINUED)
(x) SAORI Project Fund The SAORI Project Fund is for the purchase materials in relation to the Saori project.
(y) EDC Adhoc Project Fund
This represents contribution towards miscellaneous social enterprise projects that are
of short duration and on a smaller scale basis and whose nature is different from
MINDS’ existing ongoing projects.
(z) School Pocket Money Fund
This represents grants received from NCSS for the welfare of needy students.
(aa) Trailblazer – Chan Chiew Ping special school fund
This represents grants from NCSS to provide financial assistance to SPED students affected by the economic downturn. The fund can be utilised to finance the students’ cost of transport, textbooks, uniforms, meals and medicine.
(bb) Building Maintenance Fund
This represents funds designated to finance the cyclical maintenance, addition and alteration and building maintenance works within MINDS. This fund has been re-designated with the approval of the Executive Committee from the Combined Service Centre (CSC) building project fund in 2010.
(cc) Fernvale Building Project Fund
This represents funds for the building of the new Fernvale Gardens School at Fernvale Road.
(dd) WGS Building Project Fund
This represents funds for the building of the new Woodlands Gardens School located at Woodlands Ring Road.
(ee) WDC Building Project Fund
This represents funds for the building of the new Woodlands Employment Development Centre located at Woodlands Ring Road.
Unless specifically indicated, fund balances are not represented by any specific accounts, but are represented by all assets and liabilities of MINDS.
82
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
2010
Unrestricted Restricted Unrestricted Restricted
Fund Fund Total Fund Fund Total
$ $ $ $ $ $
Government Subvention
Ministry of Community Development,
Youth & Sports 6,324,624 892,671 7,217,295 5,786,486 1,532,837 7,319,323
National Council of Social Service 8,269,602 53,733 8,323,335 8,452,302 25,290 8,477,592
Ministry of Education 12,976,032 640,978 13,617,010 13,694,970 2,810,793 16,505,763
Others 2,408,449 - 2,408,449 424,971 55,370 480,341
29,978,707 1,587,382 31,566,089 28,358,729 4,424,290 32,783,019
Programme Fee Income
Training & Development Fees 430,766 - 430,766 396,128 - 396,128
Maintenance Fees 194,212 - 194,212 180,141 - 180,141
Programme Fees 132,016 - 132,016 160,858 - 160,858
School Fees (Foreign) 46,894 - 46,894 - - -
803,888 - 803,888 737,127 - 737,127
Contract work and other income 1,191,875 978,980 2,170,855 2,466,178 494,397 2,960,575
31,974,470 2,566,362 34,540,832 31,562,034 4,918,687 36,480,721
2009
15 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
16 STAFF COSTS
Staff costs comprise salaries, allowances and bonuses, employer’s contribution to Central Provident Fund, recruitment expenses, staff training and development costs, other staff related benefits and staff retirement benefits as disclosed in the statement of financial activities.
2010 2009 $ $ - Salaries and related costs 17,919,462 17,749,316 - CPF 2,295,990 2,290,686 - Other short term benefits 572,334 557,751 ----------------- ----------------- 20,787,786 20,597,753 ========== ==========
17 TRANSFERS (TO) /FROM FUNDS
Transfers (to) / from funds were approved by the Executive Committee to meet the remaining obligations of each designated fund.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
83
18 COMMITMENTS
(a) Capital commitments
Commitments for the construction of the Fernvale, WGS and WDC Buildings authorised but not provided for in the financial statements are as follows: 2010 2009 $ $ Expenditure contracted for - 898,649
=========== ===========
(b) Operating lease commitments
MINDS have entered into operating leases on the premises and photocopier machines. These leases have an average tenure of 3 to 5 years with no contingent rent provision included in the contracts. The leases include a renewal clause for extending the lease period for a further 3 - 5 years at a rental rate to be agreed between the parties.
Rental expenses for premises and photocopier machines which is being recognised in
the statement of financial activities amounted to $2,335,921 and $34,450 (2009: $2,785,905 and $55,740) for the financial year ended 31 March 2010 and 31 March 2009 respectively.
(i) Future minimum lease payments payable under non-cancellable operating leases for premises as of 31 March are as follows:
2010 2009 $ $ Within one financial year 2,396,909 3,059,976 Within two to five financial years 714,272 3,782,604 ----------------- ------------- 3,111,181 6,842,580 ========== ========
(ii) Future minimum lease payments payable under non-cancellable operating
leases for photocopier machines as of 31 March are as follows:
2010 2009 $ $ Within one financial year 29,635 31,680 Within two to five financial years 52,185 84,298 ----------------- ------------- 81,820 115,978 ========== ========
84
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
19 INCOME TAX
MINDS has been granted tax exempt status as a charitable institution under the provisions of the Singapore Income Tax Act. No provision for income tax has been made in the financial statements.
20 TAX DEDUCTIBLE RECEIPTS
During the financial year, MINDS has issued tax-exempt receipts for donations collected from voluntary income, income for building project funds and income from fund-raising activities amounting to $368,131 (2009: $474,672).
21 FINANCIAL INSTRUMENTS
(a) Financial risk management objectives and policies The main risks arising from the MINDS’ financial instruments are credit risk, liquidity risk and interest rate risk. The Executive Committee’s policies for managing these risks are summarised below.
Credit risk
Credit risk is the risk of loss that may arise on outstanding financial instruments should a counter party default on its obligation. MINDS’ exposures to credit risk arise primarily from trade and other receivables. MINDS trades only with recognised and creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that MINDS’ exposure to bad debts is insignificant. For other financial assets, MINDS minimises credit risk by dealing exclusively with high credit rating counter parties.
Exposure to credit risk
The carrying amount of trade and other receivables, cash and cash equivalents and held-to-maturity investments represent MINDS’s maximum exposure to credit risk.
Credit risk concentration profile
MINDS has significant concentration of credit risk exposure in held-to-maturity financial assets in Note 7, However, these bonds were issued by large and reputable public listed corporations and a government body.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
85
21 FINANCIAL INSTRUMENTS (CONTINUED)
(a) Financial risk management objectives and policies (continued)
Credit risk (continued)
Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are receivables from government subvention, fundraising activities, deposits and prepayments. Cash and cash equivalents, held-to-maturity investments that are neither past due nor impaired are placed with or entered into with reputable financial institutions with high credit ratings and no history of default.
Financial assets that are either past due or impaired
MINDS has Nil (2009: Nil) financial assets that are either past due or impaired.
Liquidity risk Liquidity risk refers to the risk in which MINDS is unable to meet its short term obligations arising from shortage of funds.
The Executive Committee exercises prudent liquidity and cash flow risk management
policies and aims at maintaining a high level of liquidity and cash flow at all times.
The table below summarises the maturity profile of MINDS’s financial liabilities at the statement of financial position date based on contractual undiscounted payments. 2010 2009 1 year 2 to 5 1 year 2 to 5
or less years Total or less years Total $ $ $ $ $ $ Trade and other payable 1,475,279 - 1,475,279 2,201,519 - 2,201,519
Obligation under finance
lease 1,073 1,699 2,772 - - -
1,476,352 1,699 1,478,051 2,201,519 - 2,201,519
Interest rate risk
MINDS’ income and operating cash flows are, to a substantial extent, affected by changes in market interest rates as it has significant interest bearing assets in bonds (Note 7) and fixed deposits (Note 9). MINDS has no significant interest bearing liabilities. MINDS’ fixed deposits have interest rates ranging from 0.25% to 0.74% (2009: 0.64% to 1.74%) per annum.
86
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
21 FINANCIAL INSTRUMENTS (CONTINUED)
(a) Financial risk management objectives and policies (continued)
Interest rate risk (continued) The fixed deposit is exposed to market interest rate risk. MINDS’ has a policy which governs the investments of surplus funds including the placement of fixed deposits. Internal guidelines have been set on the minimum investment credit ratings of the financial institutions with which to place MINDS funds. A quotation process is also in place to obtain the best prevailing interest rates to place MINDS funds. Sensitivity analysis for interest rate risk At the statement of financial position date, if the interest rate risk had been 100 basis points lower / higher with all other variables held constant, MINDS (outgoing resources) / incoming resources would have been $166,169 (2009: $119,066) lower / higher arising mainly as a result of a lower / higher interest income on fixed deposits.
(b) Fair values of financial assets and financial liabilities
The fair value of financial assets and financial liabilities reported in the statement of financial position approximates the carrying amount of those assets and liabilities, as these are short term in nature except for held-to maturity investments and obligations under finance lease.
Held-to-maturity investments
Fair value information have been disclosed in Note 7. The fair values of quoted financial assets are based on quoted market prices. If the market for a financial asset is not active, MINDS establishes fair value by using valuation techniques.
Obligations under finance leases
The carrying amount of the obligations under finance leases approximates its fair value at the statement of financial position date as these obligations are obtained at current market interest rates.
During the financial year, no amount (2009: NIL) has been recognised in the statement of financial activities in relation to the change in fair value of financial assets or financial liabilities estimated using a valuation technique. MINDS has no fair value measurement recognised in the statement of financial position as at the date of statement of financial position.
MOVEMENT FOR THE INTELLECTUALLY DISABLED OF SINGAPOREUEN NO S62SS0075C(Registered under the Societies Act, Chapter 311 and Charities Act 37, Singapore)
NOTES TO THE FINANCIAL STATEMENTSFor the fi nancial year ended 31 March 2010
87
22 MANAGEMENT OF RESERVES
MINDS regards its unrestricted general fund as its reserves. MINDS’ reserve policy requires to maintain sufficient reserve to ensure long term financial sustainability and continuity for the purpose of operating effective programmes and in providing quality services wholly for the benefit of the intellectually disabled of Singapore. Reserves retained shall not be excessive in relation to its annual net operating expenditure and after budgeting for planned programmes and known future needs within a five year time frame. There were no changes in MINDS’ approach to reserve management during the year. MINDS is not subject to externally imposed capital reserve requirement.
23 COMPARATIVE FIGURES
(a) As at 31 March 2010, Held-to-Maturity Investments with net carrying amount of
$1,528,800 (2009: $500,000) which were previously classified as Held-to-MaturityInvestments – Non-current has been re-classified as Held-to-Maturity Investments Current due to the maturity date of the investments being less than 12 months from the date of statement of financial position.
(b) As at 31 March 2010, resources expended for charitable activities – CDU Services with
an amount of $248,495 (2009: $15,715) which were previously classified under Programme Cost – Supplies and Materials in prior year have been reclassified as Other Operating Expenses – Professional Services due to the nature of the expenditure.
(c) SIA contract fund and SATS contract fund are now being combined as SIA/SATS
contract fund due to the nature of the fund. Comparative figures for SIA contract fund and SATS contract fund amounted to $85,477 and $111,952 and have also been combined as SIA/SATS contract fund amounted to $197,429.
(d) As at 31 March 2010, staff costs with an amount of $66,749 (2009: $3,769) which were
previously classified under resources expended for charitable activities in prior year have been reclassified as resources expended for governance due to the nature of the expenditure.
