Sree Narayana Mission (Singapore) 2017 Annual Report€¦ · Sree Narayana Mission (Singapore) 2017...

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Sree Narayana Mission (Singapore) 2017 Annual Report

Transcript of Sree Narayana Mission (Singapore) 2017 Annual Report€¦ · Sree Narayana Mission (Singapore) 2017...

Sree Narayana Mission (Singapore)

2017 Annual Report

Service to The Community Through Sharing and Giving

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President’s Message

Dear Members,

On behalf of the Executive Committee,

It is my pleasure to hereby convene the 67th Annual General Meeting of Sree Narayana Mission (Singapore) (SNM) and present for your approval the Annual Report and the Statement of Accounts.

In the financial year 2017, SNM has continued to work towards further refining our organisational structure. In March 2017, we officially closed the Sree Narayana Mission Welfare Services, having successfully subsumed all programmes and services into the main Sree Narayana Mission umbrella. All of our various facilities, programmes and institutions now fall under a single UEN and IPC. With this, we have been able to implement a shared services management model, with corporate services common to the various service units being centrally managed. This model has given us significant benefits, in terms of economies of scale and a more flexible, scalable method of management that allows us to better adapt to changes in operational requirements. A review of the constitution was initiated to incorporate the new organisational structure.

Good governance is essential for charities to maintain transparency and accountability and to give donors the assurance that funds are well managed. To this end, we appointed an external audit firm to review our governance structures, processes and policies and risk assessment.

Providing quality person-centred care continues to be our primary focus for the 450 residents and clients at the SNM Home, Meranti Home and senior care centres in Yishun and Woodlands. Innovative activities and programmes have been introduced to engage and stimulate the physical and emotional senses of our clients. As part of continuous improvement, we organised and participated in best practice sharing sessions and joint studies with partners, all with the view to improve the quality of care for our clients.

“All of our various facilities, programmes, and institutions now

fall under a single UEN and IPC.”

“Collaborative initiatives which bring

together partners, service providers andcivic-minded parties

have helped to develop a community-

based approach...”

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To deepen our strategic partnerships within the communities where we have presence, a new Community Engagement and Outreach team was formed. The first eldercare networking session co-organised with the Yishun SSO, saw 30 organisations coming together to share, learn and discuss new programmes and initiatives for seniors living in Yishun. Mind Matters, the very first forum on mental health issues among the Indian community in Singapore was held in partnership with the Agency for Integrated Care to create awareness of mental health problems affecting the Indian community. These collaborative initiatives which bring together partners, service providers and civic-minded parties have helped to develop a community-based approach to better serve the complex and varied needs of the underprivileged in our society. With the new SNM Care Centre at 394 Race Course Road, we will now be able further extend our outreach to the central part of Singapore, by integrating with the existing social service ecosystem to deliver quality and impactful services.

Our employees are our most valuable assets and vital to our success. In July 2017, a salary benchmarking exercise was carried out for all our employees. We also put in place a robust framework to manage training and development opportunities, talent retention as well as employee welfare initiatives, which will motivate our staff to continue to stay and be with the SNM family. This year, we are proud to have three of our nursing staff win awards for their excellent work in caring for our residents.

On behalf of SNM, I would like to thank all who have been instrumental in our journey to uplift the lives of the less-privileged in our society, over the past year. I would also like to acknowledge the steadfast contribution of the SNM “family” - my fellow SNM Board members, the management team and our dedicated staff who have worked tirelessly to help build an organisation that we can all be proud of.

Shanavas Vijayan President Sree Narayana Mission (Singapore)

Launch of the Educational Financial Assistance Programme

Interfaith Dialogue Session with IRO Singapore

Collaboration with Project Smile

Second tenure for Welfare Home

Learning Journey Visit by Singapore Prisons

Music Classes

Yoga Classes

SNMWS subsumed under the main SNM UEN

Implementation of the SNM Shared Services Model

Purchase of the SNM Care Centre @ 394 Race Course Road

Sree Narayana Mission

(Singapore)

Launch of the SNM Dementia Go-To Point

SNM staff win silver in the Singapore Health Quality Services Awards 2018

SNM staff wins silver in Courage Fund Healthcare Humanity Awards 2018

Sree Narayana Mission Nursing Home

Charity Bazaar by Evergreen Secondary School

Senior Care Centre Audit Exercises

SNM Senior Care Centres

Community Programmes

Meranti Home

Chathayam 2017

Dance Classes

Mission Activities

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Highlights of the Year

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Sree Narayana Mission (singapore)Sree Narayana Mission (Singapore), or SNM, is a charitable organisation founded in 1948 by followers of Sree Narayana Guru - a philosopher and social reformer from Kerala, South India. SNM is a registered, secular charity with IPC status that provides programmes, services and interventions for the disadvantaged, regardless of race, language or religion.

SNM operates the Sree Narayana Mission Nursing Home, the Meranti Home @ Pelangi Village (a psychiatric welfare home), and two senior care centres in Yishun and Woodlands. SNM also runs several programmes for the community at large, and social-cultural activities for both members and non-members.

Our MissionTo serve with care and

compassion, regardless of race, language

or religion.

Our Vision

Keeping faith with the philosophy and teachings

of Sree Narayana Guru; to provide social and community services.

Shared Services Under One IPCIn 2017, SNM restructured to consolidate all of its services under a single IPC and UEN. As at 31 March 2017, all programmes previously under the SNM Welfare Services have been subsumed under ‘Sree Narayana Mission (Singapore)’ and are now centrally supported through a shared services model. Under this model, corporate services common to all of SNM’s programmes and institutions are centrally provided, allowing for significant cost savings through economies of scale and greater oversight, control and consistency in the quality of services provided.

SREE NARAYANA MISSION (SINGAPORE) SNM

SHARED SERVICES

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Governance/OpsConstitutional Review With the consolidation of the activities of the SNM Welfare Services and recent enhancements to the Charities Code of Governance, a comprehensive review of the constitution was conducted to ensure full compliance with all regulatory governance requirements.

Centralised Operations SNM implemented a centralised procurement system for all of its facilities and institutions to streamline the procurement process and strengthen governance oversight for all procurement activities.

In addition to centralised procurement, SNM has also completed the first phase of centralising its catering services, including the provision of meals for SNM Senior Care Centres and tea-breaks for SNMNH residents (both previously outsourced). SNM is currently working towards attaining halal certification for the Meranti Home kitchen, to cater to the needs of Muslim residents and clients.

Capstone Projects with Singapore University of Technology & Design (SUTD) SNM is collaborating with SUTD on two capstone projects to improve the design, functionality and privacy of residents’ wards and staff dormitories at SNMNH. The design phase of these projects is targeted for completion by end October 2018. The subsequent renovation projects are targeted to be completed by December 2019.

Emergency Preparedness As part of emergency preparedness, SNM Nursing Home

upgraded its Level 3 meeting room to function as a command centre during major emergencies such as pandemic outbreaks.

Human Resources

In 2017, the strategic focus of the Human Resource Department was on employee engagement to better engage staff and to build a high performance culture through effective leadership skills. SNM participated in the NCSS ‘Growing with People’ consultancy project to scale up its HR capabilities, enhance its performance management practices and put in place career development opportunities. The first two phases of the project have been completed and the enhanced Performance Management System, endorsed by the SNM Admin Committee has been implemented with effect from FY2018. The new system includes a revised Staff Merit Increment Matrix and remuneration incentives pegged to performance.

A Staff Welfare Committee has also been formed to organise recreational activities for staff. These include sports activities such as badminton, soccer, cricket, Zumba dancing and festive celebrations such as Nurses Day and Christmas Celebrations.

Finance

The finance department in conjunction with the IT department upgraded its accounting software to adopt a chart of accounts – deployed on 1 April 2018. The department also implemented CorpPass, facilitating online transactions with government agencies.

• Governance/Ops• HR/Admin• IT• Finance

• Community Engagement• Corporate Affairs• Catering• Social Work

224-Bed Nursing Home @ Yishun

Day Care/ Dementia Day Care Centres@ Yishun & Woodlands

• Home Medical• Home Nursing• Home Personal

Care • Care Giver

Training

200-Bed Psychiatric Welfare Home for Male Destitutes@ Pelangi Village

• Dementia Go-To-Point

• Diabetic Eye/Foot Screening

• Share-A-Pot• Helping Hands• Caregiver Training• Academic Financial

Assistance • Lend-A-Hand• 100 = 50 Programme

• Chathayam• Yoga Classes• Dance Classes• Music Classes• Paid Seminars• SNM Membership

Nursing Home Senior Care Centres

Home Care Meranti Home Community Programmes

Mission Social & Culture

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Sree Narayana Mission Nursing Home (SNMNH) is a residential nursing home that provides long-term nursing care for the elderly. Located in Yishun, the SNMNH can accommodate up to 224 residents.

Sree Narayana Mission Nursing Home

Championing Dementia Care

First Nursing Home Designated as a 24x7 Dementia Go-to-Point As a designated 24-Hour Dementia Go-to-Point for Yishun, SNMNH provides a safe haven for elders with dementia, helping lost seniors find their way home and also serving as a dementia resource centre for the community.

Developing a Dementia Ward at the SNMNHSNM has embarked on the first stages of its plan to build a dementia ward on the 4th floor of SNMNH. This new ward will further enhance the nursing home’s dementia care capabilities, and is expected to be completed by end 2020.

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Collaborative Studies In collaboration with NUHS/KTPH GERI, SNMH undertook an in-depth study into dementia care. This study sought to benchmark the standards of dementia care at the Home, and was carried out in four phases, involving staff training, resident surveys, and data analysis. Through this study, SNMH has been able to further raise staff competencies, and its standards of dementia care.

Information Hub for the CommunityAs an information hub for the community, SNMH collaborates with agencies such as Agency for Integrated Care (AIC) to provide the community with the latest information on dementia care. As part of this, SNM is also revamping its website to serve as a digital platform to seamlessly provide the community with access to dementia care resources.

Process Improvement In January 2018, SNM participated in two AIC-led projects, aimed at improving nursing care processes at SNMNH. These projects, involving both nurses and health attendants, sought to streamline the work flow for the resident showering and nasogastric tube feeding processes.

Both projects were completed in June 2018, and have resulted in improved productivity and optimised manpower costs for SNMNH.

Using Technology to Improve Quality of Life SNM continually seeks ways to leverage technology to enhance the quality of life of its residents. To this end, last year, SNMNH piloted the use of iPads for bedbound residents, to provide them with visual and cognitive stimulation. The pilot was carried out with batches of 10 residents a month using loaned equipment. As the outcome of the pilot was positive SNMNH will be acquiring iPads.

Adaptive Sports (CareMasters) ProgrammeIn March 2018, SNMNH rolled out the Adaptive Sports for Elderly (CareMasters) programme, in partnership with SportsSG and AIC.

In this twice monthly programme, residents engage in sports activities that have been adapted for easier participation by the elderly.

The first volley-balloon championships for residents was held in March 2018.

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A Slice of Family Life, Delivered with Heart

The physical and emotional wellbeing of residents is of paramount importance to SNMNH. Our aim is to foster a caring nursing home, where residents are comfortable and live life with dignity.

To this end, SNMNH runs care programmes covering a range of daily activities, such as stimulating therapies, outdoor trips, social engagements and community interactions. SNMNH’s staff, volunteers and partners come together to support these activities

The table below highlights some of the many programmes delivered in 2017. It personifies the synergy within SNMNH’s ecosystem, embodying a symbiotic relationship.

Courage Fund Healthcare Humanity Awards 2018

SNMNH Senior Staff Nurse Ko Ko Myint received a Silver Award at the 2018 Courage Fund Healthcare Humanity Awards.

The award was in recognition of his exemplary dedication in providing care and comfort to the sick and infirmed.

SNMNH congratulates Ko Ko Myint.

Singapore Health Quality Service Awards 2018

Three SNMNH nurses received awards at the Singapore Health Quality Service Awards 2018, held on 30 January 2018. Senior Staff Nurse Mr. Ko Ko Myint, Staff Nurse Ms. Moe Moe Aye, and Nursing Aide Ms. Krishna Priya each received Silver Awards for their excellent work in the healthcare sector. The awards, organised by SingHealth Duke-NUS Academic Medical Centre honours healthcare professionals who deliver quality care and excellent services to those in their care.

Awards Won

Brisk Walking Programme

Twice a month, SNMNH residents take part in an evening brisk walking programme, conducted at the neighbouring Yishun Neighbourhood Park. These sessions are fun-filled outings that reinforce the importance of leading a healthy lifestyle.

SNM Flag Day 2017

On 5 August 2017, staff, members and volunteers took to the streets for SNM’s Flag Day 2017. A total of 532 volunteers from more than 76 schools and 10 corporate organisations participated. They raised $40,000.00 in donations for the SNM Nursing Home and Senior Care Centres.

Type of Activity Number of Sessions Held

Intergenerational Cross Programme 90

Community Engagement Sessions 81

Outings 86

Hawker Food Day 18

Visits to places of worship 6

Festive Celebrations 10

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Located in Yishun and Woodlands, SNM’s Senior Care Centres (SCCs) provide day care services for seniors in the community, allowing them to receive care closer to their homes and to age in place. Both centres offer maintenance day care (MDC) services, which include activities to improve the physical condition of clients while also keeping them mentally engaged. The Woodlands Centre also offers specialised dementia day care (DDC) services, such as therapy and activities aimed at slowing the progress of dementia in clients.

The SCCs’ activities are aimed at promoting active ageing amongst clients, helping them stay connected with their family, friends, and the community. Activities include birthday celebrations, movie screenings, group outings, games, arts & crafts, and many more. Besides providing physical therapy and mental stimulation, these activities are also designed to provide opportunities for social interaction amongst clients.

Through frequent collaboration with community partners such as schools, community clubs and grassroots organisations, SNM’s SCCs are able to come up with new and innovative activities for clients; a key focus is activities to promote intergenerational interaction between children, youth and the elderly.

SNM Senior Care Centres

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Intergenerational Activities for Clients

Movie Session with a Kacang Putih Stall

Monthly Birthday

Celebrations Morning Outdoor

Strolls and Exercise

SessionsGrooming and Relaxation Therapy sessions

Reminiscence Therapy Activities

Touching Base

with the Community

Audit exerciseIn March 2018, the SNM SCCs underwent a number of routine audits. This included the annual service audit and an ‘accreditation renewal’ audit (for both MDC and DDC programmes). SNM was one of six senior care centres selected to trial MOH’s Revised Service Audit Framework. SNM’s SCCs passed all audits.

As part of its rehabilitation goals, the Meranti Home organises a variety of recreational and leisure activities for its residents all year round. These include activities such as karaoke, movie screenings, outings, holidays, and birthday celebrations. Through these activities, the Home is able provide for residents an environment that promotes positivity, as well as mental and emotional wellbeing.

Exercise and fitness activities are proven to be beneficial to a person’s physical and psychological wellbeing. As such, Meranti Home makes physical fitness and recreation a key part of its residents’ lives. Residents can choose from a wide range of interest clubs to join and activities to take part in, such as cycling, calisthenics, tai-chi and brisk walking.

In addition to physical activities, the Home also has a range of other social and recreational clubs, including the Divine Club, which provides interested residents with access to pastoral care.

Activities and Programmes for Residents

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Meranti Home @ Pelangi Village (Welfare Home)Towards Productive Reintegration The Meranti Home @ Pelangi Village is a psychiatric welfare home for destitute males. Established in 2002, the Home provides residential and institutional care for up to 179 residents, and works towards rehabilitating them for eventual reintegration into society.

Residents of the Home range in age from 29 to 93 years of age, and are mostly Category 1 and 2 i.e. able-bodied individuals capable of independently carrying out activities of daily living.

Reappointment as Managing AgentIn February 2018, Sree Narayana Mission (Singapore) was reappointed as Managing Agent of Meranti Home for a further three years (February 2018 to February 2021) by the Ministry of Social and Family Development (MSF).

In March 2018, MSF officials visited Meranti Home to better understand its service innovations and operations. During the visit, Meranti Home showcased its medication packaging machine. MSF officials have requested Meranti Home to explore providing medication packaging services to the other welfare homes located in Pelangi Village.

Meranti Home was lauded by the MSF officials for effectively using technology to improve its operations and enhance productivity, as well as its administrative and nursing excellence.

Meranti Home will continue its mission to provide quality, holistic care for its residents.

Work Schemes for Residents

The Home offers a number of schemes for residents to earn a supplementary income. The schemes comprise activities which improve functional skills and abilities which is an important step in helping residents become self-reliant and prepare them for reintegration into the community.

Home earning scheme The home earning scheme consists of simple tasks such as housekeeping, gardening and laundry which are carried out at the Meranti Home.

Resident earning scheme Under the resident earning scheme (RES), eligible residents are attached to supervised workshops where they carry out general activities and tasks such as housekeeping and gardening.

Day release scheme Some of the more self-reliant residents have an option to participate in the day release scheme, where they will be attached with external employers for vocational rehabilitation training. This scheme is a vital stepping stone for residents who are in the final stages of rehabilitation/reintegration into the community.

Developmental progress In 2017, an average of 25 activities and programmes were organised per month by the Home, in collaboration with the Activity Hub and our volunteer groups with a participation rate of 98%.

Safety and Emergency Preparedness

This year, the Home took part in a number of safety and emergency preparedness exercises, aimed at improving its response rate during an emergency. Fire drills were conducted on 10 August 2017 and 15 November 2017.

.Learning Journeys

The Home collaborates with MSF to host learning journeys for external agencies from time to time. On 8 June 2017, the Home hosted a visit from the Singapore Prison Service comprising staff officers, managers, as well as the Director of the Programme Management, Rehabilitation & Criminal Law branch. The purpose of the visit was to share Meranti Home’s programmes, activities and services tailored to residents’ individual needs.

Meranti Home also organises visits to other agencies to learn about their best practices. On 19 September 2017, six staff visited the Institute of Mental Health to learn about its rehabilitation programmes, with a view to enhancing its own rehabilitation programmes.

Community Programmes

Partners in uplifting the underprivilegedIn addition to health and eldercare services, SNM also provides community programmes in support of the less-privileged. Further, SNM understands that the key to providing meaningful and sustainable interventions for our clients and beneficiaries is to collaborate with partners in the community, to put in place a care network to uplift the lives of those in need.

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The SNM Care CentreSree Narayana Mission (Singapore) has acquired a property located at 394 Race Course Road to extend the outreach of its community programmes. A key handover ceremony was held on 3 December 2017, marking the beginning of a new journey in the Mission’s 70-year history. This new property, to be called the SNM Care Centre, will offer a variety of community programmes.

While SNM is currently working towards converting this conversation zone property into a smart building with multi-functional usage capabilities, community programmes have already commenced in the premises such as weekly classes for Project Smile and training sessions for Volunteer Befrienders.

Share-A-PotThe SNM Share-A-Pot Programme is a community outreach project launched in March 2015, in collaboration with Khoo Teck Puat Hospital. The programme aims to promote active and healthy living amongst seniors, providing them with opportunities to interact, socialise, and bond with one another. At these sessions, seniors enjoy a healthy and nutritious meal and also take part in physical exercise in a fun and relaxed environment that promotes social interaction. Since its launch, the programme has become a great success, due in no small part to the tireless efforts of SNM volunteers. In 2017, a total of 32 sessions were conducted, benefiting 89 seniors in the community.

100 = 50/ Lend-A-Hand SNM, in collaboration with the Heartwarmers volunteer group and Sheng Siong Supermarket launched a social assistance initiative for less-privileged families, where they are able to purchase $100 worth of essential provisions for just $50. For SNM beneficiaries enrolled in this programme who are unable to pay the $50, SNM uses its charity dollars to subsidise them. In addition, SNM volunteers interact with the beneficiaries, providing counselling support and an empathetic ear.

Helping Hands The SNM Helping Hands Project is a collaborative community outreach initiative jointly developed with the Agency for Integrated Care (AIC). The aim of this project is to raise community awareness about mental health and wellness issues. In 2017, SNM surveyed a total of 238 people, with nine clients being screened and a further two identified for befriending services.

SNM provided volunteers with specialised training in identifying and addressing common mental health concerns, such as depression, anxiety, and dementia.

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201789 SENIORS

2017238

SENIORS

201637 SENIORS

201637 SENIORS

2017

13 SINGLE PARENTS 2016

13 SINGLE PARENTS

Community Engagement and OutreachSNM Community Forum On 20 May 2017, SNM organised the forum “Mind Matters in the Indian Community” in collaboration with the Agency for Integrated Care. The forum was attended by over 200 participants from the Indian Community.

Palliative Care Talk In September 2017, SNM organised a talk by Dr Suresh Kumar, the Founder-Director of the Institute of Palliative Medicine in Kerala. Dr Kumar spoke about the community-based approach to palliative care, which advocates services by medical institutions and hospitals to be brought to neighbourhoods and homes.

Eldercare Networking Session On 26 September 2017, SNM co-organised an Eldercare Networking Session with Social Service Office (SSO) Yishun. A total of 69 participants from 30 different organisations attended the session, which served as a platform to discuss new programmes and initiatives for seniors.

Participation in Community Events SNM residents are encouraged to actively participate in various community events and programmes in order to build a cohesive community and create strong safety nets that help all in need.

Ten residents, together with students from Republic Polytechnic and staff from SNMNH performed at the Festival of Lights UTSAV 2017 Celebrations. It was the first time that wheelchair bound senior citizens performed at UTSAV. The oldest participant in the performance was 92 years old, Madam Lim Mou Tan. Other residents who performed were all above 70 years of age.

Educational Financial Assistance The Educational Financial Assistance initiative was introduced in 2017 for students pursuing healthcare-related courses in polytechnic and ITEs. This programme is fully funded by donations and will financially support two students per year from 2018 to 2028. Currently two students are being supported under this initiative.

Project SmileIn February 2018, SNM and Project Smile came together to collaborate on a programme to provide single mothers with professional-grade arts and crafts training. The aim is to equip beneficiaries with marketable skills. The programme was launched in May 2018 with over 20 enrolees, and the number is expected to grow in the months to come. Several of the training sessions are conducted at the SNM Care Centre.

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People’s Association’s Service Learning Festival 2017 Agency for Integrated Care A total of 30 SNMNH residents joined the People’s Association Youth Movement’s (PAYM) Service Learning Festival held at the Singapore University of Social Sciences (SUSS) on 27 August, 2017. The residents engaged in various activities, with students from Nan Hua High School and Millennia Institute.

Deepavali Nite 2017 SNMNH residents were invited to the Singapore Indian Chamber of Commerce & Industry’s “Bollywood” Deepavali Nite 2017 at One Farrer Hotel & Spa. The event was graced by Her Excellency President Halimah Yacob.

AIC’s Global Conference on Integrated Care 2018 SNM residents participated in the opening of the Global Conference on Integrated Care 2018 organised by the Agency for Integrated Care (AIC) in February 2018. Residents from seven nursing homes were selected to perform in the opening play ‘Flight to Remember’.

AICare Link Art Exhibition In January 2018, five SNM residents exhibited their beautiful artwork at the Agency for Integrated Care exhibition at the AICare link @maxwell. All of the art pieces produced by SNMNH residents were sold.

People’s Association’s Project Harmony Under the People’s Association’s Project Harmony, the Malay Activity Executive Committees Council Youth Group, together with students from ITE Central, engaged residents of SNMNH in various activities including Kolam and clay lamp painting during the Deepavali season.

Pongal Celebrations 2018 In January 2018, 10 residents joined in the annual Pongal Sharing Celebrations at Campbell Lane. The event was officiated by Tanjong Pagar GRC MP Melvin Yong.

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SNM has been meaningfully engaging the community to foster relationships as well as raise awareness about community needs.

Volunteer ManagementVolunteers are a vital link between our residents and the community and a source of support and encouragement to SNM. We are pleased that our volunteer pool continues to grow and strengthen. In 2017, 225 volunteers were involved in a long haul volunteer assisted programme conducted by the SNM programme department. A total of 83 partner organisations (corporates, religious organisations and educational institutions) have supported us in the residents’ activities. A total of 778 individual volunteers were involved in non-episodic activities and events such as Flag Day, Pasar Malam, social & educational outings and recreational activities.

Enhancing Technology

To improve and boost operational and administrative efficiency, Volunteer Management (VM) implemented a Volunteer Management System (VMS). The new system will optimise the use of resources for managing volunteers.

Toolkit for Volunteer Orientation

VM is one of the non-profit organisations (NPOs) to contribute insights into the development of the NVPC Volunteer Orientation initiative 2017 for all NPOs. It serves as a quick reference for NPOs for understanding the importance and best practices of Volunteer Orientation. The toolkit will be launched this year.

Northwest CDC Volunteer Awards 2018

We are proud to announce that the SN Volunteer group who have been with us for the past 25 years have received the North West WeCare Volunteers’ Award 2018. The award is to appreciate partners and volunteers of North West CDC for their valuable contributions in helping to build a caring community.

Key Media Engagements

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Total Membership as at end of March 2018

Sree Narayana Mission ActivitiesSree Narayana Mission (Singapore) regularly conducts cultural, social and recreational activities, such as yoga, music, and dance classes. These activities are open to members and non-members.

Life Members 453

Ordinary Members 8

Associate Members 13

474

Chathayam Celebrations Every year, in conjunction with the Malayalee festival of Onam, SNM hosts the Chathayam Celebrations, in honour of the birthday of Sree Narayana Guru. The two-day celebrations include performances, variety shows, spiritual discourses, and a special vegetarian lunch.

Chathayam 2017, held on 9 and 10 September, was celebrated on a grand scale, with Nominated Member of Parliament Mr Ganesh Rajaram gracing the first day of the event as Guest-of-Honour. On the second day, special guest President Halimah Yacob graced us and gave our merit awards, while Guest-of-Honour Senior Minister of State for Health & Communications and Information Mr Chee Hong Tat launched SNM Nursing Home as a 24x7 Dementia Go-to-Point.

Chinmayam 2017 Singapore-based arts production company Nimali Creations organised a musical event “Chinmayam” at SNM. The musical featured a dance recital by noted South Indian actor and dance artiste, Vineeth Radhakrishnan as well as performances from the popular Indian musical band “PaattuKada”.

Proceeds from the ticket sales were donated to SNM (Singapore).

International Day of Yoga 2017 On 18 June 2017, SNM joined 69 other centres across the island as a venue partner for International Day of Yoga 2017. With support from the SNM Youth Committee, the event saw over 190 participants taking part in some refreshing yoga exercises.

Interfaith Dialogue Session On 10 December 2017, SNM hosted the inaugural interfaith dialogue session organized by the Inter-Religious Organisation (IRO) in collaboration with Nee Soon Central Inter-Racial and Religious Confidence Circle (IRCC).

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Acknowledgements

Sree Narayana Mission (Singapore) would like to take this opportunity to thank all our volunteers for their support in our journey. Associations and Volunteer Group, Corporate Entities, Community Centres & Schools, Religious Organizations & Hospitals.

TestimonialA friend introduced me to SNM. I jumped at the opportunity - it was payback time. I signed up to help seniors like myself and enjoyed leading them in exercise classes and befriend them, to ensure that they are able to age gracefully. I would have never predicted how amazing the result of my visit to the nursing home would be. I have been visiting Sree Narayana Mission (Singapore) Nursing Home past 8 months and have been visiting the elderly almost every other day helping and encouraging them to participate in the morning therapy. I am also involved with befriending the residents having one to one chat with the residents and be part of the external residents outings group too. I am astonished by how appreciative the residents were of my visitation to the Mission. Perhaps they felt lonely or left out before but now more and more elderly are more responsive to morning therapy exercises and many of them have opened up to me. The best thing in the world is seeing people smile because of you. After each visit, it brings me a lot of satisfaction when I see the patient’s face light up. I do feel grateful upon the resident’s request for me to visit again as it gives me greater satisfaction to continue the visits. At the moment, I do not volunteer with other organisations. SNM alone provides a lot of volunteering opportunities to empower senior volunteers. Volunteering is a two-way process. You will be surprised how much you get back... a new perspective in life and a warm smile from the elderly... It's indeed truly fulfilling. - Ms Jenny Tan

S$50,000 to S$100,000 Kwan Im Thong Hood Cho

Temple Chang Meng Kiat Shirdi Sai Worship Centre Ltd S$10,000 to S$49,999 Straits Law Practice LLC Orthopaedic Sports Medicine Sanjay Prabhakaran Agilent Technologies

Singapore (Sales) Pte LtdGovindan s/o Samy Chandra Das s/o Rajagopal

Sitaram Estate of Chia Suan Sim Grace Shua, Jacob Ballas II

Charitable TrustLee Foundation Pavilion Foundation Limited Pulak Prasad Tan Chin Tuan Foundation Corporate Travel Services

Pte LtdChristopher Anand DanielS$1,000 to S$9,999 Datuk VT Thiyagarajan Yap Chin Kok Jothinathan Manickavachagam Alexandra Health Pte Ltd UK Online Giving Foundation Chandra Kishinchand Ramnani Indranee Nadisen Urmila Ramanathan Evergreen Secondary School Haniffa Pte Ltd Paul Lawrence Vincent Lawrence Lim Teow Jin Kanta Ravi Jagasia

Palaniappan s/o Karuppan Chettiar

Mediacorp TV Singapore Pte Ltd

Complete Services Pte Ltd Kalra RishiPAP Community FoundationRina BhasiUrgen Dorjee Choling Buddhist

CenterPeck Brothers Construction

Pte LtdRaman BalajeeAkshay Maliwal Ashwin ChariNimali CreationsCripton Environmental

Engineering (S) Pte Ltd Ooi Boon Kian Singapore NRI Forum Ltd Sunilkumar S.A. PillahVeerasingam Prem KumarYap Guan TeckHoly Innocent’s Primary

SchoolAlagappan Annamalai @

GanesanAnil Das s/o HaridasDavandaran s/o ChellappanGanesanPalaniappan s/o PalaniappanSanmugam SanthaSubramaniamVejarani ElankovanAnbarasi W/O GunasekaranBrickwork Veteran FC Mayavan ElumalaiR SaravananRajamani D/o Avadai

Raveendran RakeshSigamani c/o Sigma Security &

HR Consultants Pte Ltd. Sugumaran KannusawyTilagavadhi KaruppiahVijayakumar s/o MayalaguBina DamodaranHendry QuekKrishnan IndraniPrabhakar Reddy NithilaSentill AnanthanBala Global Indian Foundation Ltd Tampines Chinese TempleK RajaintharanHema SubramanianJayanthiAsia Pacific Heart Rhythm

SocietyLoh Whye ChinPrasad KK ViswambharanJaya Pradeep Tewani Sanjeev Kumar Madambikattil Ravindran Unni Ho Kah Leng Jayalaleshimi D/o Arumugam Eric Emmanuel TanGurusamy L Jegathisvari Leela d/o Velayuthan Muthupandian s/o

ShuamugiahNirmala Thanapal Anpolakam Kolanthai Ravi Chandran s/o Thiagarajah Uniroyal Communication Pte

LtdInpavally d/o Murosamy Sridhar Krishnan

Amit Gupta Lee Siew Koon Poobalan Kannan Logapriya d/o Baloo Aravinthan s/o A Karuppiah Chia Siew Cheng Heng Hong Tian J Y PillayKV Vanu Gopala Menon s/o

Ambalapatt Bhaskaran Menon

K. PremmananthK K SurendranKombur Narayanan

RaghuramanLow Teck SoonMangala Vihara Buddhist

TempleMoeez Hatim NakhodaOh Tiong BengOng Zheng Cong Parvathi Annanth Poh Ah Wee Prakalathan Kelaver Qian WenbingSerangoon Catholic Church

St. Joseph Dying Aid Association

Sitaraman ManiStraits Times Co-Operative Ltd Sunflower Presschool @ NSE

Pte Ltd Suresh NaiduSuresh Surendran T Shree Devi ThamaraichelviV Kalaiselvan Velayuthan and FamilyJeyakumar Menon

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EXCO Members

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The Executive Committee

Sree Narayana Mission (Singapore) is managed by the Executive Committee (EXCO) made up of 17 members comprising 6 principal officers and 11 committee members. The composition, powers and functions of the EXCO are governed by the SNM Constitution (revised June 2015).

Committee members are elected to serve for a term of two years, after which they are eligible for re-election (except for the Treasurer and Assistant Treasurer, who cannot be re-elected to the same or related office for a consecutive term). The terms for the President and General Secretary are restricted to two consecutive terms (totalling 4 years) at any one time on a continuous basis. The EXCO meets at least once a month (minimum of 11 times yearly) with a quorum of a simple majority. No staff member sits on the EXCO.

Roles and Responsibilities

The EXCO oversees decisions relating to policy, strategic issues and governance. Daily management and operations of SNM are delegated to the Management, under the leadership of the Chief Executive Officer. The responsibilities of the EXCO include:

• Providing strategic direction for SNM• Ensuring plans are aligned to SNM’s mission and vision • Holding fiscal responsibility, including approval of

budgets, investments and the procurement of other resources

• Maintaining SNM’s legal and ethical integrity• Ensuring the quality performance of SNM’s various

institutions

Corporate Governance

Name Designation Term Meeting Attendance(July 2017 – March 2018*)

Mr Shanavas Vijayan President 2017 -2019 8/8

Mr Chandran Nair Vice President 2017 -2019 7/8

Ms Bina Damodaran General Secretary 2017 -2019 8/8

Mr Suraj Senan Assistant Secretary 2017 -2019 6/8

Ms Lathika K Lakshmanan Treasurer 2017 -2019 7/8

Ms K S Sharmila Assistant Treasurer 2017 -2019 7/8

Mr N Jayakumar Committee Member 2017 -2019 5/8

Mrs Sunanda Senan Committee Member 2017 -2019 4/8

Ms Swapna Dayanandan Committee Member 2017 -2019 6/8

Mr Prakash Sadasivan Committee Member 2017 -2019 4/8

Dr Karthikeyan Adappattu Raman Committee Member 2017 -2019 4/8

Mr K Jagadas Committee Member 2017 -2019 8/8

Mr Ravi Kunjukuttan Committee Member 2017 -2019 7/8

Mr Divakaran Sabu Committee Member 2017 -2019 7/8

Ms Anusha Senan Committee Member 2017 -2019 6/8

Mr Syam Lal Sadanandan Committee Member 2017 -2019 4/8

Mr Sanil Kumar Committee Member 2017 -2019 5/8

* No EXCO meetings are held in the month of December.

EXCO Members

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Administrative Committee

Mr Shanavas VijayanPresident

Mr Chandran NairVice PresidentMs Bina

DamodaranGeneral Secretary

Mr Suraj SenanAssistant Secretary

Ms Lathika K Lakshmanan

TreasurerMs K S Sharmila

Assistant Treasurer

Mr Shanavas VijayanPresident

Ms Bina DamodaranGeneral Secretary

Mr Ravi KunjukuttanCommittee Member

Mr Divakaran SabuCommittee Member

Ms Anusha SenanCommittee Member

Mr Syam Lal SadanandanCommittee Member

Mr Sanil KumarCommittee Member

Mr N JayakumarCommittee Member

Mrs Sunanda SenanCommittee Member

Ms Swapna Dayanandan

Committee Member

Mr Prakash SadasivanCommittee Member

Dr Karthikeyan Adappattu RamanCommittee Member

Mr K JagadasCommittee Member

Mr Suraj SenanAssistant Secretary

Ms Lathika K LakshmananTreasurer

Ms K S SharmilaAssistant Treasurer

Mr Chandran NairVice President

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Ms Ravethi AchutanHead of Community

ProgrammesAppointed on 20 February 2017

Mr Jaganathan VijendranSenior Manager, Community

Engagement & Donor RelationsAppointed on 27 March 2017

Mr S DevendranChief Executive Officer

Appointed on 3 June 2016

Ms Khirrtana MAKSenior Manager, Human

Resource & AdministrationAppointed on 8 May 2017

Mr Michael Gabriel PillaiSuperintendent, Meranti HomeAppointed on 6 February 2012

Mr Kim Yap Senior Manager, Corporate Governance & OperationsAppointed on 1 July 2013

Mr Sunil KumarSenior Manager, Finance

Appointed on 3 September 2014

BG Dinesh Vasu Dash Mr Jayadev Unnithan Dr Gopalan Raman

Ms Cecilia TeoHead, SNM Nursing Home

Appointed on 12 August 2015

Mr Quek Ngee MengCentre Manager,

Senior Care CentresAppointed on 5 February 2018

Mr Manu Bhaskaran Mr Viswa Sadasivan Mr P K Koshy Mr Rajesh Sreenivasan

Key Management Executives

Board of Trustees

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Sub-Committees

Audit Sub-Committee The Audit Sub-Committee is tasked with assisting the EXCO in ensuring a high standard of corporate governance in SNM. They conduct an independent review of the effectiveness of SNM’s internal controls, authorisation controls, procurement policies, financial reporting processes, operational processes, compliance controls, risk management policies, systems control, risk management policies, systems control, security and safety management.

The Audit Sub-Committee meets minimally twice a year, and comprises SNM’s appointed Internal Auditors, EXCO members, and any external member with the relevant skillsets and experience.

Finance Sub-Committees The Finance Sub-Committee assists the EXCO in overseeing SNM’s financial matters, advising Management on key areas such as budget and financial policies & procedures.

Conflict of Interest Policy

As part of its efforts to ensure good governance and accountability in all its operations, SNM has in place a comprehensive Conflict of Interest Policy to govern the actions of the EXCO, Sub-Committees and Management. All committee members and staff are required to sign a declaration form upon commencement of their terms/contract, where they must disclose any dealings or relationships with other charities, businesses, vendors or other such parties. Any EXCO or Management member that has potential conflict of interests in any particular transaction will recuse themselves and not be involved in any further said transaction.

Whistleblowing Policy

As an IPC, SNM is subject to the highest levels of governance, transparency and corporate ethics. The SNM Whistleblowing Policy provides an avenue for both members and Management to raise any concerns they may have on possible wrongdoings or lapses in

governance on the part of the organisation. The policy ensures that any persons who raise such concerns are protected from unfair treatment or other such reprisals.

Financial Management and Internal Control

Internal Control Systems There is a Standard Operating Procedure for purchase requisition, and appropriate financial approving authority limits for expenditure.

An independent Internal Auditor (IA) has been appointed by the Audit Committee to ensure that a robust system of internal controls are in place, and that financial policies are adhered to. The scope of IA extends to fundraising activities, as well as Human Resource Management policies and procedures, and funding checks.

All our Centres are overseen by a Governance Committee which helps to provide effective governance at the Centre level, and ensure the proper usage of funds and compliance with regulatory requirements.

Budget Planning and Financial Information The Finance Committee scrutinises yearly budgets to ensure that expenses and incoming funds are prudently projected. Audited financial statements are made available on our website to provide full disclosure for the benefit of all our stakeholders.

Reviews of Processes Reviews of financial policies and procedures are conducted by the Internal Auditors. The Board determines the areas of focus for the purposes of internal audit in any given year. The Audit Committee will work with internal auditors to share its report and recommendations for the Board’s endorsement. Recommendations to improve processes will be executed.

Board Opinion of Internal Controls The Board is satisfied with the system of internal controls at SNM, and notes that control procedures are designed and implemented to address the financial, operational and compliance risks exposure.

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No Committee NameMembersS/N Name

1 Eldercare Management Committee

1 Mr. Shanavas Vijayan Chairperson2 Mr. Chandran Nair3 Ms. Bina Damodaran4 Mr. Suraj Senan5 Ms. Lathika Lakshmanan6 Ms. K. S. Sharmila7 Dr. Pauline Tan8 Mr. V.P. Jothi9 Mr. Lau Wing Chew10 Mr. Chandra Mohan Nair11 Ms. Lalitha Subramony12 Dr. Ajith Damodaran

2 Meranti Management Committee

1 Mr. Shanavas Vijayan Chairperson2 Mr. Chandran Nair3 Ms. Bina Damodaran4 Mr. Suraj Senan5 Ms. Lathika Lakshmanan6 Ms. K. S. Sharmila7 Mr. Kamaldin Ibrahim8 Dr. Raja Sathyvelloo

3 Finance Sub-Committee

1 Ms. Lalitha Subramony Chairperson2 Mr. Abuthahir Abdul Gafoor3 Ms. Lathika Lakshmanan     4 Ms. K. S. Sharmila5 Mrs. Syamala Senan6 Ms. Latha Mathew

4 Audit Sub-Committee

1 K.V. Miyapan Chairperson2 Mr. Chandran Nair3 Mr. T.G. Sajir4 Ms. Dhanya Nair

5Community Programmes Sub-Committee

1 Ms. S. Sunitha Chairperson2 Ms. Swapna Dayanandan3 Ms. K. S. Sharmila 4 Mr. K.K. Ravi 5 Ms. Suchitra Bhaskaran

6 SNM Building Fund Sub-Committee

1 Assoc. Prof. Dr Muhammad Faishal Ibrahim Patron2 Ms. Swapna Dayanandan (Chairperson) Chairperson3 Dr. T. Chandroo (Vice-Chair) Vice-Chairperson4 Mr. V Chandranathan (Secretary) Secretary5 Mr. Foo Say Thye (Treasurer: 2014 – 2015) Treasurer (2014 – 2015)6 Mr. Manokaran Chakrapani (Treasurer) Treasurer (2015 – 2018)7 Mr. Shanavas Vijayan8 Mr. Chandra Mohan Nair9 Mr. Prakash Sadasivan10 Mr. Adam Ng11 Mr. V.P. Jothi12 Mr. N. Jayakumar13 Mr. V. Anilan14 Mr. R. Raveendran15 Mr. Mohd Anuar16 Mr. Edwin Lee

7Constitution Review Sub-Committee

1 Mr. Chandra Mohan Nair Chairperson2 Mr. Shanavas Vijayan3 Mr. Bhaskaran Sivasamy4 Mr. R. Raveendran5 Ms. Swapna Dayanandan

SNM (Singapore)’s Committees & Sub-Committees

Code of Governance Evaluation Checklist (FY16/17)S/N Code Description Compliance

1 Induction and orientation are provided to incoming Board Members on joining the Board. In Compliance

2 Are there Board members holding staff appointments? In Compliance

3 There is a maximum term limit of four consecutive years for the Treasurer position (or equivalent, e.g. Finance Committee Chairman).

In Compliance

4 There are Board committees (or designated Board members) with documented terms of reference. In Compliance

5 The Board meets regularly with a quorum of at least one-third or at least three members, whichever is greater (or as required by the governing instrument).

In Compliance

6 There are documented procedures for Board members and staff to declare actual or potential conflicts of interest to the Board.

In Compliance

7 Board members do not vote or participate in decision-making on matters where they have a conflict of interest.

In Compliance

8 The Board reviews and approves the vision and mission of the charity. They are documented and communicated to its members and the public.

In Compliance

9 The Board approves and reviews a strategic plan for the charity to ensure that the activities are in line with its objectives.

In Compliance

10 The Board approves documented human resource policies for staff. In Compliance

11 There are systems for regular supervision, appraisal and professional development of staff. In Compliance

12 The Board ensures internal control systems for financial matters are in place with documented procedures. In Compliance

13 The Board ensures reviews on the charity’s controls, processes, key programmes and events. In Compliance

14 The Board approves an annual budget for the charity’s plans and regularly monitors its expenditure. In Compliance

15 The charity discloses its reserves policy in the annual report. In Compliance

16 Does the charity invest its reserves? No

17 The Charity has a documented investment policy approved by the Board. In Compliance

18 Donations collected are properly recorded and promptly deposited by the charity. In Compliance

19 The charity makes available to its stakeholders an annual report that includes information on its programmes, activities, audited financial statements, Board members and executive management.

In Compliance

20 Are Board members remunerated for their Board services? No

21 Does the charity employ paid staff? Yes

22 No staff is involved in setting his or her own remuneration. Yes

23 The charity discloses in its annual report the annual remuneration of its three highest paid staff who each receive remuneration exceeding $100,000, in bands of $100,000. If none of its top three highest paid staff receive more than $100,000 in annual remuneration each, the charity discloses this fact.

In Compliance

24 The charity accurately portrays its image to its members, donors and the public. In Compliance

25 Did the charity receive cash donations (solicited or unsolicited) during the year? Yes

26 All collections received (solicited or unsolicited) are properly accounted for and promptly deposited by the charity .

In Compliance

27 Did the charity receive donations-in-kind during the year? Yes

28 All donations-in-kind received are properly accounted for by the charity. In Compliance

29 The charity discloses in its annual report, the number of Board meetings in the year and the individual Board member’s attendance.

In Compliance

30 Are Board members remunerated for their Board services? No

31 No Board member is involved in setting his or her own remuneration. In Compliance

32 Does Charity employ paid staff? Yes

33 No staff is involved in setting his or her own remuneration. In Compliance

34 The charity has a documented communication policy on the release of information about the charity and its activities across all media platforms.

In Compliance

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Income FY2017 FY2016

Donations $ 58,159 $ 120,995

Government Funding $ 759,786 $ 862,639

Programme Fees $ 385,382 $ 488,788

SAE from MOH $ 67,571 $ 55,602

Other Income $ 14,818 $ 110,841

Total $ 1,285,716 $ 1,638,865

Income FY2017 FY2016

Donations $ 683,347 $ 684,922

Government Funding $ 5,073,205 $ 4,716,435

Programme Fees $ 1,568,904 $ 1,410,689

SAE from MOH $ 722,835 $ 368,214

Other Income $ 607,345 $ 526,333

Total $ 8,655,636 $ 7,706,593

Expenditure FY2017 FY2016

Transport (Caring Fleet / Own Vehicle)

$ 273,475 $ 203,706

Manpower $ 674,545 $ 903,139

Depreciation $ 41,631 $ 42,500

Other Expenses $ 231,605 $ 251,951

Total $ 1,221,256 $ 1,401,296

Expenditure FY2017 FY2016

Utility costs $ 301,839 $ 291,768

Maintenance Costs $ 173,353 $ 147,942

Manpower $ 4,813,297 $ 4,357,874

Food/Medical Supplies $ 1,261,616 $ 1,219,932

Depreciation $ 329,481 $ 308,831

Other Expenses $ 1,430,724 $ 834,437

Total $ 8,310,310 $ 7,160,784

Financial Report

Sree Narayana Mission Senior Care Centre (Income)

Sree Narayana Mission Nursing Home (Income)

Sree Narayana Mission Senior Care Centre (Expenditure)

Sree Narayana Mission Nursing Home (Expenditure)FY2017

FY2017

FY2017

FY2016

FY2016

FY2016

FY2017 FY2016

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Income FY2017 FY2016

Government Funding $ 3,051,630 $ 2,968,418

Other Income $ 84,832 $ 82,384

Total $ 3,136,462 $ 3,050,802

Income FY2017 FY2016

Donations $249,927 $ 221,474

Grant I Remember SG Fund $ -

Matching Grant from Care & Share

$ 227,724 $ -

Music/Dance/Yoga Fees and other income

$ 32,073 $ 64,001

Fund Raising Building Fund $ 6,000 $ 333,550

Guru Birthday & Guru Pooja Income

$ 68,941 $ 43,953

Total $ 584,666 $ 662,978

Expenditure FY2017 FY2016

Utility Costs $173,104 $156,282

Maintenance Costs $53,490 $61,629

Manpower $2,155,291 $2,119,910

Depreciation $209,611 $63,922

Supplies and Materials $603,801 $504,595

Other Expenses $276,812 $263,129

Total $3,472,109 $3,169,467

Expenditure FY2017 FY2016

Manpower $ 59,736 $ 87,277

Other Welfare Programmes $ 34,905 $ 67,477

Fundraising Expenses - $ 22,912

Bursary Financial Assistance $- $ 75,125

Guru birthday & Guru pooja Expenses

$ 57,408 $ 47,729

Music and Dance Tutor Fee $8,758 $ 11,700

Other Expenses $ 206,323 $ 34,668

Total $ 367,129 $ 346,888

Meranti Home @ Pelangi Village (Income)

Sree Narayana Mission (Income)

Meranti Home @ Pelangi Village (Expenditure)

Sree Narayana Mission (Expenditure)

FY2017 FY2016

FY2017 FY2016

FY2017 FY2016

FY2017 FY2016

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Audited Consolidated Financial Statements

SREE NARAYANA MISSION (SINGAPORE)(Registered under the Societies Act, Cap 311)

UEN No.: S48SS0016D

31 MARCH 2018

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SREE NARAYANA MISSION (SINGAPORE)

GENERAL INFORMATION____________________________________________________________________________________

CHARITY TRUSTEES

Jayadev UnnithanViswa SadasivanManu BhaskaranPuthenpurakal Kuruvilla KosyDinesh Vasu DashGopalan RamanRajesh Sreenivasan

MANAGEMENT COMMITTEE

President Shanavas VijayanHonorary General Secretary Bina DamodaranHonorary Treasurer Lathika Lakshmanan

REGISTERED OFFICE

12 Yishun Avenue 5Singapore 768992

AUDIT COMMITTEE

K V MiyapanChandran NairDhanya Nair (Elected Internal Auditor)T G Sajir (Elected Internal Auditor)

AUDITORS

TKNP InternationalPublic Accountants andChartered AccountantsSingapore

PRINCIPAL BANKER

DBS Bank Ltd

INDEXPAGE

Statement by the Management Committee 29

Independent auditors’ report 30 - 32

Consolidated statement of financial position 33

Consolidated statement of financial activities 34

Consolidated statement of cash flows 35

Notes to the consolidated financial statements 36 - 54

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SREE NARAYANA MISSION (SINGAPORE)

GENERAL INFORMATION____________________________________________________________________________________

CHARITY TRUSTEES

Jayadev UnnithanViswa SadasivanManu BhaskaranPuthenpurakal Kuruvilla KosyDinesh Vasu DashGopalan RamanRajesh Sreenivasan

MANAGEMENT COMMITTEE

President Shanavas VijayanHonorary General Secretary Bina DamodaranHonorary Treasurer Lathika Lakshmanan

REGISTERED OFFICE

12 Yishun Avenue 5Singapore 768992

AUDIT COMMITTEE

K V MiyapanChandran NairDhanya Nair (Elected Internal Auditor)T G Sajir (Elected Internal Auditor)

AUDITORS

TKNP InternationalPublic Accountants andChartered AccountantsSingapore

PRINCIPAL BANKER

DBS Bank Ltd

INDEXPAGE

Statement by the Management Committee 29

Independent auditors’ report 30 - 32

Consolidated statement of financial position 33

Consolidated statement of financial activities 34

Consolidated statement of cash flows 35

Notes to the consolidated financial statements 36 - 54

SREE NARAYANA MISSION (SINGAPORE) STATEMENT BY THE MANAGEMENT COMMITTEE ______________________________________________________________________________________

1

We, Shanavas Vijayan, Bina Damodaran and Lathika Lakshmanan, being members of the Management Committee of Sree Narayana Mission (Singapore) (the “Mission”) hereby state that, in our opinion, (i) the consolidated financial statements of the Mission are drawn up so as to give a true and fair

view of the financial position of the Mission as at 31 March 2018 and of the financial performance and cash flows of the Mission for the year then ended; and

(ii) at the date of this statement, there is reasonable ground to believe that the Mission will be able

to pay its debts as and when they fall due. On behalf of the Management Committee, _______________________ Shanavas Vijayan President ________________________ Bina Damodaran Honorary General Secretary ________________________ Lathika Lakshmanan Honorary Treasurer Singapore Date:

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SREE NARAYANA MISSION (SINGAPORE) INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 ______________________________________________________________________________________

2

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SREE NARAYANA MISSION (SINGAPORE) Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Sree Narayana Mission (Singapore) (“the Mission”), which comprise the consolidated statement of financial position of the Mission as at 31 March 2018, the consolidated statement of financial activities and consolidated statement of cash flows for the year then ended, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements are properly drawn up in accordance with the provisions of the Societies Act, Chapter 311 (the Societies Act), the Charities Act, Chapter 37 and other relevant regulation (the Charities Act and Regulations) and Financial Reporting Standards in Singapore (FRSs) so as to present fairly, in all material respects, the state of affairs of the Mission as at 31 March 2018 and the results, and cash flows of the Mission for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Mission in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with the provisions of the Societies Act, the Charities Act and Regulations and FRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Mission’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Mission or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Mission’s financial reporting process. Sr

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SREE NARAYANA MISSION (SINGAPORE) INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SREE NARAYANA MISSION (SINGAPORE) (CONT’D) Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors ’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Mission’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Mission’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Mission to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion: a) the accounting and other records required to be kept by the Mission have been properly kept in accordance

with the provisions of the Societies Regulations enacted under the Societies Act, the Charities Act and Regulations; and

b) the fund-raising appeal held during the period of August 2017 has been carried out in accordance with

Regulation 6 of the Societies Regulations issued under the Societies Act and proper accounts and other records have been kept of the fund-raising appeal.

SREE NARAYANA MISSION (SINGAPORE) INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 ______________________________________________________________________________________

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SREE NARAYANA MISSION (SINGAPORE) Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Sree Narayana Mission (Singapore) (“the Mission”), which comprise the consolidated statement of financial position of the Mission as at 31 March 2018, the consolidated statement of financial activities and consolidated statement of cash flows for the year then ended, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements are properly drawn up in accordance with the provisions of the Societies Act, Chapter 311 (the Societies Act), the Charities Act, Chapter 37 and other relevant regulation (the Charities Act and Regulations) and Financial Reporting Standards in Singapore (FRSs) so as to present fairly, in all material respects, the state of affairs of the Mission as at 31 March 2018 and the results, and cash flows of the Mission for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Mission in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with the provisions of the Societies Act, the Charities Act and Regulations and FRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Mission’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Mission or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Mission’s financial reporting process. Sr

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SREE NARAYANA MISSION (SINGAPORE) (CONT’D) Report on Other Legal and Regulatory Requirements (Cont’d) During the course of our audit, nothing has come to our attention that causes us to believe that during the year: a) the Mission has not used the donation moneys in accordance with its objectives as required under Regulation

11 of the Charities (Institutions of a Public Character) Regulations; and b) the Mission has not complied with the requirements of Regulation 15 of the Charities (Institutions of a Public

Character) Regulations. The engagement partner on the audit resulting in this independent auditors’ report is Kong Sik Chuen. TKNP International Public Accountants and Chartered Accountants Singapore Date:

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SREE NARAYANA MISSION (SINGAPORE) INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 ______________________________________________________________________________________

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SREE NARAYANA MISSION (SINGAPORE) (CONT’D) Report on Other Legal and Regulatory Requirements (Cont’d) During the course of our audit, nothing has come to our attention that causes us to believe that during the year: a) the Mission has not used the donation moneys in accordance with its objectives as required under Regulation

11 of the Charities (Institutions of a Public Character) Regulations; and b) the Mission has not complied with the requirements of Regulation 15 of the Charities (Institutions of a Public

Character) Regulations. The engagement partner on the audit resulting in this independent auditors’ report is Kong Sik Chuen. TKNP International Public Accountants and Chartered Accountants Singapore Date:

SREE NARAYANA MISSION (SINGAPORE) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2018

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Note 2018 2017 $ $ ASSETS Non-current assets Property, plant and equipment 4 6,084,830 2,017,503 Current assets Grant receivables 5 981,909 2,279,847 Other receivables 6 739,279 719,217 Deposits and prepayments 7 167,214 270,418 Cash and cash equivalents 8 20,408,764 22,155,926 22,297,166 25,425,408 Total assets 28,381,996 27,442,911 LIABILITIES AND FUNDS Current liabilities Payables and accrued operating expenses 9 3,502,810 2,855,404 Funds General funds - restricted 10 6,432,368 6,214,831 General funds - unrestricted 10 18,242,601 18,168,459 Designated funds - restricted for milk powder 10 122,000 122,000 Designated funds - restricted for home nursing 10 71,905 71,905 Residents funds - restricted 10 10,312 10,312 24,879,186 24,587,507 Total liabilities and funds 28,381,996 27,442,911

See accompanying notes to the consolidated financial statements

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SREE NARAYANA MISSION (SINGAPORE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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Restricted Unrestricted Total Note Funds Funds 2018 2017

Incoming resources $ $ $ $ Incoming resources from generated funds

- Voluntary income 11 3,769,900 6,339,378 10,109,278 9,772,180 - Income from fund-raising activities 12 20,739 20,739 41,478 333,550 - Interest income 53,471 124 53,595 51,984 Incoming resources from charitable activities - Fees from residents 1,569,679 385,382 1,955,061 1,899,477 Other incoming resources - Miscellaneous income 13 1,260,284 82,265 1,342,549 1,002,046 Total incoming resources 6,674,073 6,827,888 13,501,961 13,059,237 Resources expended Costs of generating funds - Costs of generating voluntary funds 14 43,433 - 43,433 27,853 - Fund raising expenses 15 452 8,894 9,346 23,337 Costs of charitable activities 16 3,020,484 6,417,098 9,437,582 9,427,614 Governance costs 17 3,305,656 337,435 3,643,091 2,528,318 Other resources expended 18 76,830 - 76,830 71,313 Total resources expended 6,446,855 6,763,427 13,210,282 12,078,435 Net incoming resources 227,218 64,461 291,679 980,802 Surplus of income over expenditure transferred to funds 227,218 64,461 291,679 980,802 Total funds brought forward 24,223,053 364,454 24,587,507 23,606,705 Total funds carried forward 24,450,271 428,915 24,879,186 24,587,507 See accompanying notes to the consolidated financial statements

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SREE NARAYANA MISSION (SINGAPORE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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Restricted Unrestricted Total Note Funds Funds 2018 2017

Incoming resources $ $ $ $ Incoming resources from generated funds

- Voluntary income 11 3,769,900 6,339,378 10,109,278 9,772,180 - Income from fund-raising activities 12 20,739 20,739 41,478 333,550 - Interest income 53,471 124 53,595 51,984 Incoming resources from charitable activities - Fees from residents 1,569,679 385,382 1,955,061 1,899,477 Other incoming resources - Miscellaneous income 13 1,260,284 82,265 1,342,549 1,002,046 Total incoming resources 6,674,073 6,827,888 13,501,961 13,059,237 Resources expended Costs of generating funds - Costs of generating voluntary funds 14 43,433 - 43,433 27,853 - Fund raising expenses 15 452 8,894 9,346 23,337 Costs of charitable activities 16 3,020,484 6,417,098 9,437,582 9,427,614 Governance costs 17 3,305,656 337,435 3,643,091 2,528,318 Other resources expended 18 76,830 - 76,830 71,313 Total resources expended 6,446,855 6,763,427 13,210,282 12,078,435 Net incoming resources 227,218 64,461 291,679 980,802 Surplus of income over expenditure transferred to funds 227,218 64,461 291,679 980,802 Total funds brought forward 24,223,053 364,454 24,587,507 23,606,705 Total funds carried forward 24,450,271 428,915 24,879,186 24,587,507 See accompanying notes to the consolidated financial statements

SREE NARAYANA MISSION (SINGAPORE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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Note 2018 2017 $ $ Cash flows from operating activities: Surplus for the year transferred to funds 291,679 980,802 Adjustments for: Recognition of deferred capital grant - (1,054,358) Interest income (53,595) (51,984) Depreciation of property, plant and equipment 4 764,370 417,554 Amortisation of deferred capital grant - 1,054,358 Finance lease discharged - 5,396 Property, plant and equipment written off - 16,705 Operating surplus before working capital changes 1,002,454 1,368,473 Decrease/(increase) in grant and other receivables 1,277,876 (254,239) Decrease/(increase) in deposits and prepayments 103,204 (183,369) Increase in payables and accrued operating expenses 647,406 133,693 Net cash generated from operating activities 3,030,940 1,064,558 Cash flows from investing activities Purchase of property, plant and equipment 4 (4,831,697) (971,191) (Placement) of fixed deposits (50,847) (49,453) Interest received 53,595 51,984 Net cash (used in) investing activities (4,828,949) (968,660) Net (decrease)/increase in cash and cash equivalents (1,798,009) 95,898 Cash and cash equivalents at beginning of year 11,009,028 10,913,130 Cash and cash equivalents at end of year 8 9,211,019 11,009,028 See accompanying notes to the consolidated financial statements

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SREE NARAYANA MISSION (SINGAPORE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 _____________________________________________________________________________________

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These notes form an integral part and should be read in conjunction with the accompanying consolidated financial statements. 1. GENERAL INFORMATION

Sree Narayana Mission (Singapore) (the “Mission”) is a society registered with the Registry of Societies under the Societies Act, Chapter 311. The Mission has its office at Sree Narayana Mission Building No.12 Yishun Avenue 5, Singapore 768992. The Mission is also registered with the Commissioner of Charities as a charity since 6 August 1987 with registration number of S48SS0016D. The principal activity of the Mission are those relating to providing social care services to the community and the running of the Sree Narayana Mission Nursing Home, which provides residential and institutional care for elderly in Singapore. In addition, the Mission administers the Sree Narayana Mission Nursing Home - Building Funds, Sree Narayana Mission Nursing Home - Residents Funds, Sree Narayana Mission Senior Care Centres and Meranti Home at Pelangi Village. The Mission’s objectives are to propagate the Guru’s teachings, to promote unity and friendship among people through cultural and recreational activities, observes Guru’s Samadhi Day and celebrate Birthday of the Guru and other days of significance, as the Committee may deem fit and appropriate. Sree Narayana Mission (Singapore) have been conferred with the Institutions of a Public Character (“IPC”) status by the Ministry of Social and Family Development (“MSF”) for the period from 1 March 2018 to 28 February 2021. The consolidated financial statements for the Mission include mainly the financial statements of Sree Narayana Mission, Sree Narayana Mission Senior Care Centres, Sree Narayana Mission Nursing Home, Meranti Home at Pelangi Village, Sree Narayana Mission Nursing Home - Building Funds and Residents Funds.

Structure, Governance and Management Management Committee The governing instruments of the Mission are the Constitution of Sree Narayana Mission (Singapore).

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These notes form an integral part and should be read in conjunction with the accompanying consolidated financial statements. 1. GENERAL INFORMATION

Sree Narayana Mission (Singapore) (the “Mission”) is a society registered with the Registry of Societies under the Societies Act, Chapter 311. The Mission has its office at Sree Narayana Mission Building No.12 Yishun Avenue 5, Singapore 768992. The Mission is also registered with the Commissioner of Charities as a charity since 6 August 1987 with registration number of S48SS0016D. The principal activity of the Mission are those relating to providing social care services to the community and the running of the Sree Narayana Mission Nursing Home, which provides residential and institutional care for elderly in Singapore. In addition, the Mission administers the Sree Narayana Mission Nursing Home - Building Funds, Sree Narayana Mission Nursing Home - Residents Funds, Sree Narayana Mission Senior Care Centres and Meranti Home at Pelangi Village. The Mission’s objectives are to propagate the Guru’s teachings, to promote unity and friendship among people through cultural and recreational activities, observes Guru’s Samadhi Day and celebrate Birthday of the Guru and other days of significance, as the Committee may deem fit and appropriate. Sree Narayana Mission (Singapore) have been conferred with the Institutions of a Public Character (“IPC”) status by the Ministry of Social and Family Development (“MSF”) for the period from 1 March 2018 to 28 February 2021. The consolidated financial statements for the Mission include mainly the financial statements of Sree Narayana Mission, Sree Narayana Mission Senior Care Centres, Sree Narayana Mission Nursing Home, Meranti Home at Pelangi Village, Sree Narayana Mission Nursing Home - Building Funds and Residents Funds.

Structure, Governance and Management Management Committee The governing instruments of the Mission are the Constitution of Sree Narayana Mission (Singapore).

SREE NARAYANA MISSION (SINGAPORE)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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1. GENERAL INFORMATION (CONT’D)

The Mission is governed by a Management Committee appointed by the members. TheManagement Committee is made up of:

Designation Date of appointmentPresident 16 July 2017Vice-President 16 July 2017Hon General Secretary 16 July 2017Hon Assistant Secretary 16 July 2017Hon Treasurer 16 July 2017Hon Assistant Treasurer 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017Committee Member 16 July 2017

NamesShanavas Vijayan Chandran Nair Bina DamodaranSuraj SenanLathika Lakshmanan K S Sharmila Swapna Dayanandan Ravi Kunjukuttan K Jagadas Anusha Senan Sunanda Devi SenanSyam Lal SadanandanNarayanan Jayakumar Divakaran Sabu Prakash Sadasivan Karthikeyan Adappattu Raman Sanil Kumar Committee Member 16 July 2017

The Management Committee meets at least once a month. The General Secretary may call a Management Committee meeting at any time by giving 3 days’ notice. At least one half of the Management Committee members must be present to constitute a quorum. A copy of the minutes of all Committee meetings and monthly statements of account should be forwarded tothe Executive Committee of Sree Narayana Mission (Singapore).

Trustees

The Mission has seven trustees elected from its members at the Annual General Meeting for two consecutive terms.

Audit Committee

The Audit Committee meets twice a year. Audit Committee reviews financial policies and procedures and recommend improvement to internal control, internal audit programme and receives reports on internal audit findings. The elected internal auditors are committee members of the Audit Committee.

Custodian Trustee

Money which belongs to the residents are kept in the bank and managed by the Management Committee.

Investment policies

The investment policies of the Mission are conservative. Cash is placed as fixed deposit withbanks of acceptable credit ratings and denominated in Singapore dollar.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1) BASIS OF PREPARATION

The consolidated financial statements of the Mission have been drawn up in accordance with Singapore Financial Reporting Standards (“FRS”), the provisions of the Societies Act, Chapter 311 (the Societies Act), and the Charities Act, Chapter 37 and other relevant regulations (the Charities Act and Regulations). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The consolidated financial statements are presented in Singapore dollar (“$”), which is the Mission’s functional currency.

2.2) PROPERTY, PLANT AND EQUIPMENT

All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows: Useful lives

Leasehold land and building 24 years Furniture and fittings 8 years Office and sundry equipment 5 years Motor vehicles 5 years Medical equipment 5 years Kitchen equipment 5 years Electrical installation 10 years Renovation 3 - 5 years

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 value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

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 de-recognition of the asset is included in profit or loss in the year the asset is derecognised.

2.3) CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and on hand which are subject to an insignificant risk of changes in value.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1) BASIS OF PREPARATION

The consolidated financial statements of the Mission have been drawn up in accordance with Singapore Financial Reporting Standards (“FRS”), the provisions of the Societies Act, Chapter 311 (the Societies Act), and the Charities Act, Chapter 37 and other relevant regulations (the Charities Act and Regulations). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The consolidated financial statements are presented in Singapore dollar (“$”), which is the Mission’s functional currency.

2.2) PROPERTY, PLANT AND EQUIPMENT

All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows: Useful lives

Leasehold land and building 24 years Furniture and fittings 8 years Office and sundry equipment 5 years Motor vehicles 5 years Medical equipment 5 years Kitchen equipment 5 years Electrical installation 10 years Renovation 3 - 5 years

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 value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

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 de-recognition of the asset is included in profit or loss in the year the asset is derecognised.

2.3) CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and on hand which are subject to an insignificant risk of changes in value.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.4) FINANCIAL ASSETS

Initial recognition and measurement Financial assets are recognised when, and only when, the Mission becomes a party to the contractual provisions of the financial instrument. The Mission determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement 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. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process. Loans and receivables comprise other receivables and cash and cash equivalents. De-recognition A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired. On de-recognition 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 in other comprehensive income is recognised in profit or loss.

2.5) FINANCIAL LIABILITIES

Initial recognition and measurement

Financial liabilities are recognised when, and only when, the Mission becomes a party to the contractual provisions of the financial instrument. The Mission determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement

After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.5) FINANCIAL LIABILITIES (CONT’D)

Such financial liabilities comprise payables and accrued operating expenses. De-recognition

A financial liability is de-recognised when the obligation under the liability is

discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

2.6) PROVISIONS

Provisions for other liabilities and charges are recognised when the Mission has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.

2.7) IMPAIRMENT OF FINANCIAL ASSETS

The Mission assesses at each reporting date whether there is any objective evidence

that a financial asset is impaired.

Financial assets carried at amortised cost For financial assets carried at amortised cost, the Mission first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Mission determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, 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 discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss.

When the asset becomes uncollectible, the carrying amount of impaired financial asset 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 amount of the financial asset.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Mission considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.5) FINANCIAL LIABILITIES (CONT’D)

Such financial liabilities comprise payables and accrued operating expenses. De-recognition

A financial liability is de-recognised when the obligation under the liability is

discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.

2.6) PROVISIONS

Provisions for other liabilities and charges are recognised when the Mission has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.

2.7) IMPAIRMENT OF FINANCIAL ASSETS

The Mission assesses at each reporting date whether there is any objective evidence

that a financial asset is impaired.

Financial assets carried at amortised cost For financial assets carried at amortised cost, the Mission first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Mission determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, 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 discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss.

When the asset becomes uncollectible, the carrying amount of impaired financial asset 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 amount of the financial asset.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Mission considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

SREE NARAYANA MISSION (SINGAPORE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.7) IMPAIRMENT OF FINANCIAL ASSETS (CONT’D)

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 to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.

2.8) EMPLOYEE BENEFITS

Defined contribution plans

The Mission makes contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in the period in which the related service is performed. The Mission has no further payment obligation once the contributions have been paid.

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Mission has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

2.9) OPERATING LEASE

Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.

2.10) RELATED PARTIES

A related party includes the trustees/office bearers and key management of the committee. 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 of close members of the family of any individual referred to herein and others who have ability to control, jointly control or significantly influence by or for which voting powers in such entity resides with, directly or indirectly, any such individual.

2.11) INCOMING RESOURCES FROM GENERATING FUNDS

All incoming resources are included in the consolidated statement of financial activities to the extent that it is probable that the economic benefits will flow to the Mission and the amount can be reliably measured. No amounts are included for services rendered by volunteers. Incoming resources from generated funds comprise:

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.11) INCOMING RESOURCES FROM GENERATING FUNDS (CONT’D)

(a) Voluntary income

(i) Donations

Donations are accounted for on an accrual basis when monies are received or pledged and collection is certain. Donations in kinds are taken up as income at their estimated values on the date of receipt.

(ii) Grants

Grants to fund operating expenses are recognised as income on an

accrual basis. Based on the funding principles, accruals are made for any potential over / under funding payable to / recoverable from the Ministry of Health (“MOH”) and National Council of Social Service (“NCSS”).

(iii) Donations in kind

Donations in kind are recognised based on an estimate of the fair value at the date of the receipt of the donation of the non-monetary asset or the grant of right to a monetary asset. The donation is recognised if the amount of the gift can be measured reliably and there is no uncertainty that it will be received.

(b) Interest income Interest income from bank deposits is accrued on a time apportion basis using the effective interest method.

(c) Fees from residents

Fees from residents are recognised at the date of commencement when services are rendered/ consumed.

(d) Fund raising event

Donations for fund raising events are accounted for on a cash basis.

(e) Miscellaneous income Miscellaneous income are recognised on accrual basis when monies are received or pledged and collection is certain.

2.12) RESOURCES EXPENDED

Expenditure is accounted for on an accrual basis. (a) Costs of generating voluntary income

The costs of generating voluntary income are those costs attributable to generating income for the Mission, includes salaries and directly attributable overheads.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.11) INCOMING RESOURCES FROM GENERATING FUNDS (CONT’D)

(a) Voluntary income

(i) Donations

Donations are accounted for on an accrual basis when monies are received or pledged and collection is certain. Donations in kinds are taken up as income at their estimated values on the date of receipt.

(ii) Grants

Grants to fund operating expenses are recognised as income on an

accrual basis. Based on the funding principles, accruals are made for any potential over / under funding payable to / recoverable from the Ministry of Health (“MOH”) and National Council of Social Service (“NCSS”).

(iii) Donations in kind

Donations in kind are recognised based on an estimate of the fair value at the date of the receipt of the donation of the non-monetary asset or the grant of right to a monetary asset. The donation is recognised if the amount of the gift can be measured reliably and there is no uncertainty that it will be received.

(b) Interest income Interest income from bank deposits is accrued on a time apportion basis using the effective interest method.

(c) Fees from residents

Fees from residents are recognised at the date of commencement when services are rendered/ consumed.

(d) Fund raising event

Donations for fund raising events are accounted for on a cash basis.

(e) Miscellaneous income Miscellaneous income are recognised on accrual basis when monies are received or pledged and collection is certain.

2.12) RESOURCES EXPENDED

Expenditure is accounted for on an accrual basis. (a) Costs of generating voluntary income

The costs of generating voluntary income are those costs attributable to generating income for the Mission, includes salaries and directly attributable overheads.

SREE NARAYANA MISSION (SINGAPORE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.12) RESOURCES EXPENDED (CONT’D)

(b) Costs of charitable activities

The charitable activities of the Mission flow from its vision and purpose. The primary charitable activities are care services provided to the destitute elderly.

(c) Costs of governance

Governance costs are those incurred in compliance with constitutional and statutory requirement including related professional fees.

2.13) FOREIGN CURRENCY TRANSLATION

Transactions and balances

Transactions in foreign currencies are measured in the functional currency of the Mission and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.

Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognised in profit or loss.

2.14) FUNDS

Monies received for specific purposes, including transfers from the general funds, are credited directly to the respective funds in the consolidated financial statements. These include restricted funds and unrestricted funds. Restricted funds are funds held by the Mission that can only be applied for specific purposes. These funds are subject to specific trusts which may be declared by the donors or with their authority or created through legal process but are still within the wider objects of the Mission. Unrestricted funds are expendable at the discretion of the Mission’s Management Committee in furtherance of the Mission objects. Designated funds are part of the unrestricted funds earmarked for a particular project. The designation is for administrative purpose only and does not restrict the Mission’s discretion to apply the funds.

Income and expenditure relating to specific funds are accounted for directly in the funds to which they relate. Common expenses, if any, are allocated on a reasonable basis to the funds based on a method suitable to this common expense. Assets and liabilities of the specific funds are pooled in the consolidated statement of financial position.

Funds received for the specific purposes such as purchase of depreciable assets are taken to relevant designated funds account. The relevant funds will be reduced over the useful life of the asset in line with its depreciation. Depreciation is charged to the relevant designated funds where the asset is held.

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3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Estimates, assumptions concerning the future and judgements are made in the preparation of the consolidated financial statements. They affect the application of the Mission’s accounting policies, reported amounts of assets, liabilities, income and expenses, and disclosures made. They are assessed on an ongoing basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.1) JUDGEMENTS MADE IN APPLYING ACCOUNTING POLICIES

The management is of the opinion that there are no significant judgements made in applying accounting estimates and policies that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3.2) KEY SOURCES OF ESTIMATION UNCERTAINTY

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below.

Impairment of receivables

The impairment of other receivables is based on management’s continuous evaluation of the recoverability of the outstanding receivables. In assessing the ultimate realisation of these receivables, management considers, among other factors, the creditworthiness and the past collection history of each patient. If the financial conditions of these patients were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The carrying amount of the Mission’s other receivables as at 31 March 2018 were $739,279 (2017: $719,217).

Useful life of property, plant and equipment

The useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical experience with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than anticipated or the asset experiences unexpected level of wear and tear, the useful life will be adjusted accordingly. The carrying amount of property, plant and equipment and the depreciation charges for the year are disclosed in Note 4 to the financial statements. Impairment of non-financial assets The Mission assesses whether there are any indications of impairment for all non-financial assets at each reporting date. Property, plant and equipment are tested for impairment annually and at other times when such indicators exist. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows. As at financial year end, the carrying amount of property, plant and equipment is disclosed in Note 4.

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3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

Estimates, assumptions concerning the future and judgements are made in the preparation of the consolidated financial statements. They affect the application of the Mission’s accounting policies, reported amounts of assets, liabilities, income and expenses, and disclosures made. They are assessed on an ongoing basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.1) JUDGEMENTS MADE IN APPLYING ACCOUNTING POLICIES

The management is of the opinion that there are no significant judgements made in applying accounting estimates and policies that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3.2) KEY SOURCES OF ESTIMATION UNCERTAINTY

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below.

Impairment of receivables

The impairment of other receivables is based on management’s continuous evaluation of the recoverability of the outstanding receivables. In assessing the ultimate realisation of these receivables, management considers, among other factors, the creditworthiness and the past collection history of each patient. If the financial conditions of these patients were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The carrying amount of the Mission’s other receivables as at 31 March 2018 were $739,279 (2017: $719,217).

Useful life of property, plant and equipment

The useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical experience with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than anticipated or the asset experiences unexpected level of wear and tear, the useful life will be adjusted accordingly. The carrying amount of property, plant and equipment and the depreciation charges for the year are disclosed in Note 4 to the financial statements. Impairment of non-financial assets The Mission assesses whether there are any indications of impairment for all non-financial assets at each reporting date. Property, plant and equipment are tested for impairment annually and at other times when such indicators exist. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows. As at financial year end, the carrying amount of property, plant and equipment is disclosed in Note 4.

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SREE NARAYANA MISSION (SINGAPORE) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

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5. GRANT RECEIVABLES

2018 2017 $ $ Receivable from MOH - rental subsidy 676,582 618,831 Receivable from AIC (Tote Board) 57,554 79,981 Receivable matching grant from MSF (Administered by NCSS)

247,773

1,581,035

981,909 2,279,847

Grant receivables are denominated in Singapore dollar. 6. OTHER RECEIVABLES

2018 2017 $ $ Programmes fee receivable from residents 847,767 673,985 Impairment for doubtful debts (354,568) (134,449) 493,199 539,536 Interest receivables 13,764 21,489 Sundry receivables 232,316 158,192 246,080 179,681 739,279 719,217

Movement in the impairment for doubtful debts:

2018 2017 $ $ Allowances for doubtful debts: Balance at beginning of the year 134,449 134,449 Charged to income and expenditure 220,119 - Bad debts (written off) and written back to income and expenditure

- -

Balance at end of the year 354,568 134,449

Other receivables are denominated in Singapore dollar. 7. DEPOSITS AND PREPAYMENTS

2018 2017 $ $ Deposits 155,316 166,146 Prepayments 11,898 104,272 167,214 270,418

Deposits and prepayments are denominated in Singapore dollar.

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8. CASH AND CASH EQUIVALENTS

2018 2017 $ $ Fixed deposits 11,197,745 11,146,898 Cash at bank 9,206,865 11,004,808 Cash on hand 4,154 4,220 Total cash and cash equivalents 20,408,764 22,155,926

Attributable to: Sree Narayana Mission Senior Care Centres 3,210,406 2,146,241 Sree Narayana Mission Nursing Home 11,429,730 10,666,966 Sree Narayana Mission Nursing Home - Residents account

359,211

360,193

Meranti Home at Pelangi Village 2,566,095 3,012,039 Sree Narayana Mission (Singapore) 801,270 1,908,390 Sree Narayana Mission (Singapore) - Community Programmes

451,212

232,032

Sree Narayana Mission (Singapore) - Building Fund

1,532,133

3,784,005

Guru Birthday Celebration Funds 58,707 46,060 20,408,764 22,155,926

For the purpose of presenting the consolidated statement of cash flows, the cash and cash equivalents comprise the following: 2018 2017 $ $ Cash and cash equivalents (as above) 20,408,764 22,155,926 Fixed deposits (11,197,745) (11,146,898) Cash and cash equivalents as per consolidated statement of cash flows

9,211,019

11,009,028

Cash and cash equivalents are denominated in Singapore dollar.

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9. PAYABLES AND ACCRUED OPERATING EXPENSES

2018 2017 $ $ Residents' personal funds 290,999 350,396 Residents' medical expenses 129,754 117,655 Other payables 46,672 55,754 Rental deposit for Rangoon Road Apartment * 5,200 5,200 Trade creditors 249,630 264,041 Deferred payment - salary adjustment scheme (SAE)

700,516

1,007,093

CST matching grant unutilised 1,638,852 534,071 Payable to CPF Board 85,202 18,377 Gratuity to foreign staff 203,721 263,090 Accrual for unutilised leave 158,795 198,047 Accrued bonus - 32,962 Accrued operating expenses 7,422 8,718 Sundry creditor (13,953) - 3,502,810 2,855,404

Payables and accrued operating expenses are denominated in Singapore dollar.

* When the apartment was vacated on 31 March 2013 the state of the property was in dilapidated

condition. Mission has to renovate the apartment in June 2013 with a cost of $37,745.32. This cost could not be recovered from the tenant and hence the rental deposit was not refunded. The rental deposit will be taken to income in FY2019.

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10. FUNDS

2018 2017 $ $ Balance at beginning of year 24,587,507 23,606,705 Surplus for the year 291,679 980,802 Balance at end of year 24,879,186 24,587,507

Which is made up of: Increase /

(Decrease) General funds Senior Care Centre* 1,706,238 1,641,777 4% General funds Nursing Home* 13,101,983 12,756,656 3% General funds Sree Narayana Mission (Singapore) - Restricted 6,432,368

6,214,831 4%

General funds Meranti Home - Unrestricted* 3,069,926 3,405,572 (8%) 24,310,515 24,018,836 General funds Sree Narayana Mission (Singapore) - Mission Social & Cultural Unrestricted ^* 364,454

364,454 - Designated funds Sree Narayana Mission Nursing Home - Restricted for milk powder 122,000

122,000 -

Designated funds Sree Narayana Mission Senior Care Centres - Restricted for Home Nursing 71,905

71,905 - Residents funds - Restricted 10,312 10,312 - Balance at end of year 24,879,186 24,587,507 1% Ratio of reserve to annual operating expenditure 1.86:1

2.03:1

Reserve policy General funds are set aside to provide for future operating expenses and expenses related to the principal activities of the Mission directed by the Management Committee. The Mission targets to maintain its reserve up to 2 years of operating expenses. The Management Committee reviews the adequacy of this reserve on an annual basis. Note ^ Other special funds which is made up mainly of Guru Birthday Celebration Fund is used to provide for Guru’s events. * Unrestricted Funds total = $18,242,601.

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11. VOLUNTARY INCOME

2018 2017 $ $ Donations in cash - tax deductible receipt 870,383 780,967 Donations in cash - ordinary receipt (non-tax deductible receipt)

110,126

242,874

Donations in kind 239,310 200,847 Government grant for Meranti Home 3,897,942 2,968,418 Government grant for SCC project 536,963 531,982 Rental subsidy - 73,674 AIC - funding for SSC operating cost 222,823 332,498 Recurrent funding ^ 4,231,731 4,640,920 10,109,278 9,772,180

Usage of donation money is in accordance with the objectives of IPC.

^ Recurrent funding is a government subvention receipts in recognition of the costs of charitable

activities as disclosed in Note 12 and are recognised as income over the periods necessary to match them with related costs that they are intended to compensate, on a systematic basis.

12. INCOME FROM FUND-RAISING ACTIVITIES

2018 2017 $ $ Flag day fund raising donations for Sree Narayana Mission (Singapore)

41,478

-

Community Walk - 220,406 Tote board funding - 113,144 41,478 333,550 41,478 333,550

13. MISCELLANEOUS INCOME

2018 2017 $ $ Special employment credit 20,912 75,731 Wage Credit Scheme payout 60,629 47,325 Temporary employment credit 23,095 38,229 ILTC salary adjustment from MOH 722,835 423,815 VCF funding for engaging consultant 7,250 - GeriCare@ North service funding from Alexandra Health

40,875

98,100

Community silver trust grant - 65,751 Membership subscription - 1,050 Collection from dance/ music/ yoga classes and other income

31,952

42,496

Guru birthday celebration income 64,462 43,953 Other income 370,539 165,596 1,342,549 1,002,046

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14. COSTS OF GENERATING VOLUNTARY FUNDS

2018 2017 $ $ Cost of meals by sponsors 43,433 27,853

15. FUND RAISING EXPENSES

2018 2017 $ $ Flag day expenses 4,006 - Charity Dinner - 81 Community Walk - 21,374 Other fundraising expenses 5,340 1,882 9,346 23,337

16. COSTS OF CHARITABLE ACTIVITIES

2018 2017 $ $ Direct costs Staff salaries 3,541,823 3,676,326 Staff costs 453,548 439,372 Bonus 317,518 328,511 Foreign worker levy 685,896 409,131 Gratuity to foreign staff 146,228 181,019 Skill Development levy 6,425 5,327 CPF 286,636 462,647 Supplies and materials 1,455,538 1,417,484 Medicine and consumables 485,975 455,688 Physiotherapy/Occupational Therapy service 50,220 61,341 Professional fees/ charges 270,659 257,485 Utilities - electricity, water and refuse removal 232,088 228,431 Transport 331,117 243,046 Other direct costs 528,265 687,792 8,791,936 8,853,600 Support costs Kitchen staff costs 384,716 319,869 CPF and SDF 101,197 107,087 Utilities and others 159,733 147,058 645,646 574,014 9,437,582 9,427,614

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17. GOVERNANCE COSTS

2018 2017 $ $ Direct costs Staff salaries 1,277,874 1,153,637 Staff costs 56,040 27,446 Bonus 186,347 168,793 Skill Development levy 4,862 2,156 CPF 187,566 177,583 1,712,689 1,529,615 Other costs Printing, stationery and supplies 27,026 22,474 Maintenance costs 173,564 147,942 Utilities - electricity and water 19,390 19,630 Depreciation of property, plant and equipment 764,368 417,554 Rental 513,438 104,798 Management agent fee - 43,531 Property, plant and equipment written off - 16,705 Professional /legal fee 4,082 10,007 Other expenses 428,534 216,062 1,930,402 998,703 3,643,091 2,528,318

18. OTHER RESOURCES EXPENDED

2018 2017 $ $ Guru birthday celebration expenses 56,201 47,729 Expenses related to dance/ music/ yoga classes and other expenses

8,758

11,700

Loss on write off of property, plant and equipment - - Other expenses 11,871 11,884 76,830 71,313

19. INCOME TAX EXPENSE

The Mission is exempt from income tax under Section 13(1) (zm) of the Charities Act, Chapter 37.

20. EMPLOYEE BENEFITS

2018 2017 $ $ Compensation of key management personnel - Salaries, bonuses and other benefits-in-kind 1,185,621 1,049,848 - Contribution to CPF 151,751 129,052 Total employee benefits 1,337,372 1,178,900

During the financial year, the Mission employed an average of 220 (2017: 230) staff.

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20. EMPLOYEE BENEFITS (CONT’D)

Number of employees within the following emolument bands: 2018 2017 $50,000 to $100,000 4 9 Above $100,000 8 6 12 15 Key management personnel comprise the Chief Executive Officer (CEO) and the direct reporting senior officers. The Management Committee did not receive any compensation during the year. There were no transaction with a corporation in which the above key management personnel have an interest.

21. RELATED PARTY TRANSACTIONS

A related party includes the Management Committee and key management of the Mission. 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. Key management personnel include the Chief Executive Officer (CEO) and the direct reporting senior officers.

The Management Committee, or people connected with them, has not received remuneration, or other benefits, from the Mission for which they are responsible, or from institutions connected with the Mission.

There is no claim by the Management Committee for services provided to the Mission, either by reimbursement to the Management Committee or by providing the Management Committee with an allowance or by direct payment to third party.

Conflict of interest

All Management Committees and staff members of the Mission are required to read and understand the conflict of interest policy in place and make full disclosure of interests, relationships and holding that could potentially result in conflict of interests. When a conflict of interest situation arises, the members or staffs shall abstain from participating in the discussion, decision making and voting on the matter.

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22. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of financial instrument is the amount at which the instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Other receivables, cash and cash equivalents, payables and accrued operating expenses.

The carrying amounts approximate their fair values due to short-term nature of these balances.

23. CLASSIFICATION OF FINANCIAL INSTRUMENTS

Loans and receivables:

2018 2017 $ $ Other receivables 739,279 719,217 Cash and cash equivalents 20,408,764 22,155,926 21,148,043 22,875,143

Financial liabilities measured at amortised cost:

2018 2017 $ $ Payables and accrued operating expenses 3,502,810 2,855,404

24. COMMITMENTS

Operating Lease Commitments As at 31 March 2018, the Mission had obligations under non-cancellable operating lease that are repayable as follows:

2018 2017 $ $ Repayable within 1 year 3,711 3,711 Repayable after 1 year within 5 years 11,785 14,877 15,496 18,588

25. AUTHORISATION OF CONSOLIDATED FINANCIAL STATEMENTS FOR ISSUE

The consolidated financial statements of the Mission for the financial year ended 31 March 2018 were authorised for issue in accordance with a resolution of the Management Committee as at the date of the Statement by the Management Committee.

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NOTES

NOTES