1. health and fitness
2. disease
3. cancer

About Children’s Cancer Foundation
Patron’s Message
Chairperson’s Message
Management Committee
CCF Integrated Service Model
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2
3
4
5
Hospital
Casework & Counselling
6
Therapeutic Play
7
Caregiver’s Support Programme
8
Hospital-based Social Recreation
9
Home
Palliative & Bereavement Care
Community
Very Important Brothers & Sisters (VIBS)
Survivorship Programme
Back-to-School Support
Social & Recreational Activities
Volunteer Engagement
CCF is a non-profit charitable organisation solely funded by public and corporate
donations. Since 1992, CCF has helped more than 2,000 children and their families,
providing them the much-needed support in their battle against cancer. In a year,
CCF walks alongside more than 550 children and their families, helping them cope
with the various stages of the illness.
To improve the quality of life of children with cancer and their families through
enhancing their emotional, social and medical well-being.
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11
12
13
14
15
COMMUNITY PARTNERSHIPS
Fundraising & Sponsorship
Hair for Hope
Public Education
Major Donors & Sponsors
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17
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19
2011 in Review
20 – 21
financial Report
22 – 44
1
2011 has been a rewarding and fruitful year for CCF, as we persevered in our efforts to provide
a holistic continuum of care for our children and families under our integrated communityhospital-home service model.
As I reflect on my 19 years of serving as Patron of Children’s Cancer Foundation
(CCF), I am gratified that many have stepped forward to make a difference
to the lives of our children and their families impacted by childhood cancer.
Thank you, one and all!
The good work of CCF would not have been possible without the support and
generous contributions from corporate partners, individuals and the community
at large. The growing community support over the years bears testimony to CCF’s
continuous engagement with the various stakeholders.
In 2011 alone, CCF’s outreach and public education efforts reached out to more
than 200,000 individuals in the workplaces, schools and the community. As a
result, many came onboard to give of their time, efforts, talents and resources
to help raise awareness about the challenges of childhood cancer and extend a
helping hand to our children and families.
On behalf of all our beneficiaries, let me convey my personal thanks and
appreciation to all of you- CCF partners, donors, volunteers, supporters and staff
- for your sustained involvement, passion and commitment in bringing hope to
children with cancer.
Because life is more than just receiving, may your giving inspire others around
you to embark on a meaningful journey to reach out to those who are in need.
Let us press on together to win the battle against childhood cancer!
In 2011, a pilot music therapy project, a collaboration between CCF and KK Women’s and
Children’s Hospital benefited 47 of our children at the hospital. To support the growing number
of teenage patients, ‘Cancer Courage: A guidebook for teenagers with cancer’ was launched to
help adolescents cope with cancer and navigate them through the cancer journey.
At CCF, we are committed to helping our children realise their potential and enjoy quality of life
beyond cancer. I am pleased to report that for the second year running, our Back-to-School
awards scheme saw 44 beneficiaries receive $16,050 in scholarships and bursaries as a form of
encouragement and recognition of their academic efforts after completion of cancer treatment.
To promote learning and development and enrich the lives of survivors, $12,614 were disbursed
under the Opportunity Fund to four recipients for self-development and vocational pursuits.
Hair for Hope, CCF’s annual signature event, achieved a record 4,238 shavees, garnering
$2.3 million in donations. In addition to the main event, 28 satellite events were held in
15 corporate offices, 12 schools and at one grassroots event. On behalf of our beneficiaries,
I would like to express my heartfelt thanks for the community of support behind this worthy cause.
Moving ahead, our immediate plan is to start a transitional school to cater to the educational
needs of our children who are unable to attend mainstream schools due to compromised
immunity as a result of treatment. The school will provide an infection-controlled and nurturing
environment for the children to continue with their academic studies and at the same time
enjoy the offerings of creative therapies such as art and music therapies.
We are grateful for the unstinting support from corporate partners,
individuals and the community at large, which makes it possible for
us to continuously enhance the breadth and depth of our services to
improve the well-being of our beneficiaries. Your support has also
been a great source of encouragement to our children and families as
they journey on with courage and determination. Thank you for your
belief in the work that we do!
Associate Professor Ho Peng Kee
Patron
Dr Tay Miah Hiang
Chairperson
Management Committee 2011
2
3
Patron
Associate Professor Ho Peng Kee
Advisors
Associate Professor Quah Thuan Chong
Associate Professor Tan Ah Moy
Associate Professor Allen Yeoh Eng Juh
Dr Rosaleen Ow
Management Committee
Chairperson
Dr Tay Miah Hiang
Vice-Chairperson
Ms Bernardette Ng Chai Hia
Vice-Chairperson
Mr Ravi Sivalingam
Honorary Secretary
Mr Ho Cheng Huat
Honorary Treasurer
Ms Quak See Ten
Committee Members
Dr Chong Tsung Wen
Mr Wong Yue Jeen
Ms Choo Shiu Ling
Ms Emily Sim
Ms Michelle Koh
4
CCF adopts an integ
rated hospital-hom
e-community service
spectrum of critical
model to offer a
services to our bene
ficiaries.
In the Hospitals
CCF helps children
who are newly dia
gnosed with cancer
active treatment wi
and undergoing
th their hospital ex
perience. We offer
and social support,
em
ot
ional, financial
with a focus on th
erapeutic play for
support activities for
th
e
children and
their caregivers. Ou
r caseworkers and
sited in KK Women’s
co
un
sellors are
and Children’s Hosp
ital (KKH) and Natio
Hospital (NUH) to
nal University
work alongside ou
r medical partners
oncology wards.
in the paediatric
In the Commun
ity
With more child
ren surviving
childhood
cancer, the CCF
Community Team
provides
continual care to
help enhance th
e
quality
of life of survivo
rs. We help child
ren return
to school and su
pport siblings of
children
with cancer. In co
llaboration with
co
rporate
partners, we of
fer social and re
cr
ea
tional
activities for the
children and thei
r families.
In the Homes of
the Children
When a child is
at the end stage
of his/her
life, it is a tremen
dously challengin
g
time for
the child and the
family members
.
Pa
lliative
and bereavemen
t support are criti
cal services
provided by CCF
professionals to im
prove the
quality of life of
the affected fam
ilies.
5
The experience of hospitalisation and cancer treatment following diagnosis
of cancer often overwhelms a child with fear, uncertainty, anxiety and pain.
Caseworkers and counsellors use therapeutic play and developmental
interventions to help the child and his/her family understand the hospital
environment and medical condition, and assist them to develop ways to
cope with associated feelings. Therapeutic play is also used to enhance
the child’s emotional, social and cognitive growth during hospitalisation,
giving special consideration to the child’s stage of development.
When a referral is made to CCF that a child
has been newly diagnosed with cancer, a
caseworker will be assigned to support the
child and his/her family. The caseworker will
then extend CCF resources and services to the
family to help them navigate the treatment
journey.
Support provided is multi-faceted and unique
to each family, depending on diagnosis,
developmental needs of the child and the
family situation as well as their ability to cope.
Families supported
522
Newly diagnosed
150
Relapsed
16
Bereaved
28
Casework & Counselling involves:
• A comprehensive psychosocial assessment to
determine the strengths and needs of the patient
and family with regard to coping effectively
with cancer diagnosis, treatment and follow up care requirements
• Development of a multi-disciplinary intervention
plan with inputs from patient, caregiver and
medical personnel
214
148
353
• On-going follow-up and update of the intervention
plan
180
• Direct assistance to meet financial, transportation,
lodging and educational needs of family members
and patients
94
27
6
7
Childhood cancer affects not only the child, but also his/her parents and those in the caregiving role.
This programme recognises that caregivers need emotional support in coping with the child’s ordeal.
The goal is to enhance the well-being and coping abilities of caregivers, through mutual support and
acquisition of relevant knowledge. Activities are designed to achieve the objectives of promoting self-care
among caregivers and empowering them to assume their caregiving duties with confidence.
Caregiver Buddy Scheme
Matches caregivers whose children have
completed treatment to provide support
to caregivers of children who are newly
diagnosed, through offering of first-hand
knowledge and caregiving tips
Chill-Out Massage Services @ NUH
Enhances the well-being of caregivers and
acknowledges their caregiving efforts by
offering them massage services and light
refreshments
Time for a Caring Chat (TCC) @
NUH & KKH
10 successful
matches
Social and recreational activities in the wards help to
dispel boredom, brighten up the children’s stay in
the hospital, and serve as a distraction from medical
procedures. Driven by volunteers, the activities allow
children to indulge in play and festive cheers despite
their medical conditions. These activities bring love,
hope and joy to the children.
Supervised Play
395
Weekend Resource Centre
72
Birthday Parties
19
Treat Train
14
Festive Celebrations
22
24 sessions
190 participants
15 sessions
133 participants
7,555 loans of books, toys, media equipment
and other resources to children and caregivers
A monthly event for caregivers of inpatients
to come together to share their experiences
and knowledge; address caregiving concerns
and get to know one another. It is an informal
support group for caregivers to rest and
relax through expressive media such as
scrap-booking, craft-making or group sharing.
8
9
As part of CCF’s integrated hospital-home-community
service model, the Home Team was started in 2009
to better assist children and families when treatment
has poor outcome and cure is less plausible. Palliative
and bereavement care focuses on the unique needs
of these children and families as they cope with
medical, emotional, social and financial challenges.
Siblings of children with cancer often experience
neglect as parents do get overwhelmed with
caregiving responsibilities for the sick child. Many
a times, the lack of accurate and appropriate
information also lead to siblings developing their
own ideas to make sense of the illness and situation.
This may result in erroneous views and feelings of
guilt and self-blame.
VIBS aims to help siblings cope with the impact
of a childhood cancer diagnosis within the family.
The programme provides siblings with:
Wishlink
A programme to fulfil the wishes
of children with poor prognosis
6 wishes fulfilled
ADORE
(A Day of Remembrance)
Memorial service to remember
children for whom we had the honour
of caring, and to commemorate their
well-lived lives
Attended by
17 bereaved
family members
• A VIBS pack containing a gift and fact sheet to
minimise their feelings of being left out and
educate them about childhood cancer
•
Opportunities to work through difficult feelings,
experiences and find coping skills through
counselling and therapeutic play provided by
CCF caseworkers
30 siblings from 24 families benefited from
casework and counselling
22 beneficiaries and siblings attended Sibling’s Day
on 12 March 2011
10
11
CCF recognises survivors of childhood cancer as unique and
resilient individuals. It is important for them to know how
their experience with cancer had shaped them and how
they would want to move forward in life after cancer. Our
Survivorship Programme aims to enhance the well-being and
personal growth of childhood cancer survivors by providing
them a platform to share and support one another, and
opportunities to realise their full potential.
12
Volunteering Opportunities
In enabling survivors to increase
their self-confidence, uncover
their talents and maximise their
strengths, survivors are given
opportunities to contribute back
to CCF and the community at
large through sharing their
cancer experience with members
of the public and volunteering at
CCF-related events.
23 youth survivors
took part in
13 CCF-related
events
Opportunity Fund
A fund set up to provide subsidies
for survivors to engage in special
projects and service learning
trips or attend courses to realise
their full potential.
$12,614.61 disbursed
to 4 recipients
When a child completes cancer treatment, returning to
school can be a challenge. The child may require exemption
from certain school activities, shorter school days,
special diet and additional coaching or time to catch up with
his/her work.
Survivor volunteers at Hair for Hope 2011
Ezra Lim performs the erhu
at EpiCentre Charity Run
Jonathan Chan sings Miley
Cyrus’ The Climb at CCF
Annual General Meeting
The Back-to-School (BTS) programme offers children with
cancer a range of support services for reintegrating back to
school. CCF caseworkers will conduct school visits, classroom
talks, as well as network meetings with caregivers and
school personnel to enhance understanding of childhood
cancer and the needs of the child. The caseworkers will
also work directly with the child to ease his/her anxieties of
returning to school after a period of prolonged absence. In
regular consultation with the caregiver, the child’s academic,
social and emotional well-being will be monitored to ensure
that he/she is settling well in school.
Received school-based support
45
Returned to school
25
Classroom talks conducted
20
Sessions with school personnel
76
Volunteer tutors deployed
12
In 2010, CCF introduced a BTS bursary
and scholarship awards scheme, with
the aim to help and encourage children
who have completed cancer treatment to
return to school.
BTS Awards Scheme in 2011
27 scholarships
17 bursaries
Total disbursement
$11,600
$4,450
$16,050
13
CCF organises a variety of annual events for our beneficiaries
and their families. The objectives of these events are threefold:
• To enhance the emotional and social interaction skills
of children
• To enhance bonding between the children and their families
• To bridge and strengthen ties among families coping
with childhood cancer
Volunteers play an essential
role in enabling CCF to carry
out services and programmes
for children and families
impacted by childhood cancer.
A strong and dedicated pool
of volunteers allows the
effective integration of their
contributions with existing
in-house resources to achieve
the mission of CCF.
Orientation sessions conducted
93
26
23
229
1,558
14
5
New volunteers deployed
67
Play Personnel
Engages children in structured play
activities at the hospital ward, outpatient
clinic or CCF’s Family Resource Centre
at NUH and KKH
68
Befriender
Provides support and friendship to
children who are confined at home due
to cancer treatment and who longs for a
friend or playmate
5
Tutor
Provides tuition to children with cancer
or their siblings who come from lowincome families, by assisting them with
school work and academic demands
29
15
Into its 9th consecutive year in 2011,
Hair for Hope continued to receive
overwhelming support. People from
all walks of life stepped forward
to shave, pledge donations and
volunteer for this worthy cause.
As a self-funded charitable organisation solely dependent on
corporate and individual donations, CCF works in close collaboration
with various partners and supporters to garner resources needed to
facilitate the provision and improvement of various programmes and
services for our beneficiaries and their families.
In 2011, the unwavering support of individuals, educational
institutions, corporates and community partners translated into
74 fundraising events and sponsorship of 30 social and recreational
events for CCF beneficiaries and their families.
Roche 2011 Children’s Walk
by Roche Singapore Technical Operations
21 June
Project Infinity
by Anglo-Chinese School (Independent)
30 April
Dr Balaji Sadasivan’s Book Launch
by Institute of Southeast Asian Studies
22 July
Semakau Run 2011
by National Environment Agency
and Mediacorp
8 October
16
Held on 23 and 24 July at VivoCity, the main event
saw 2,380 like-minded individuals parting with their
locks as a symbolic gesture to create awareness of
childhood cancer in Singapore, and to show children
with cancer that it is OK to be bald. Minister for
Health, Mr Gan Kim Yong graced the event as Guestof-Honour, and played barber to one of our survivors,
Jatin A. Khemlani during the ceremonial shave.
In addition to the main event, Hair for Hope satellite
events were held at 15 corporate offices, 12 schools
and one grassroots event during the months of June
to August. Through the ardent support of the satellite
event partners, another 1,858 individuals had their
heads shaved, bringing the number of shavees for
Hair for Hope 2011 to a record-breaking total of 4,238.
Be a Chef @ Palate Sensation
by Royal Skandia
6 August
17
Public education is an essential part of CCF’s
strategy to build a community of support for
children and families impacted by childhood
cancer. We raise awareness about childhood
cancer and the work of CCF through talks,
workshops, exhibitions and events and by
working closely with community stakeholders
such as corporate partners, educational
institutions and government bodies.
International Childhood Cancer Day (ICCD)
In commemoration of International Childhood
Cancer Day 2011, CCF leveraged on the power of
youth and social media to share one simple message:
Children with cancer are ordinary kids faced with
an extraordinary life challenge. Attention-grabbing
flash mobs were held on 12 and 13 February along
Orchard Road and at VivoCity, where 170 childhood
cancer ambassadors from two secondary schools
distributed ZoCards to members of the public to
spread the awareness of childhood cancer.
Outreach @ Suntec City
From July to December 2011, CCF occupied a retail
space at My Playground on Level 3 of Suntec City
Mall to conduct fundraising and public engagement
activities. Corporate and student volunteers
came onboard to help man the stall and conduct
activities for members of the public. Mall-goers
were encouraged to make donations through
purchasing CCF merchandise, as well as make cards
to encourage the children and their families in their
cancer journey.
18
CCF would like to extend our appreciation and thanks to all donors and sponsors for your commitment and
generous support. Donors and sponsors listed below (in alphabetical order) have donated or help organised
events that raised $10,000 and above. Whilst we have taken great care to ensure accuracy
of the list, we seek your kind understanding for any omission or oversight on our part.
Corporate
Asian Buddhist Film Festival Pte Ltd
Bakerzin Holdings Pte Ltd
Bank of America Merrill Lynch
BGC Partners Singapore Limited
Cargill Int’l Trading Pte Ltd
DBS Finance Ltd
Defence Science and Technology Agency
Deloitte Touche LLP Pte Ltd
Edward Whistler International
EpiCentre Pte Ltd
Focus Pilates Pte Ltd
Hitachi Data Systems Pte Ltd
Hong Seh Motors Pte Ltd
Institute of Southeast Asian Studies
Issac Manasseh Meyer Trust Fund
Jollibean Foods Pte Ltd
Keppel Corporation Limited
Keppel FELS Limited
KhattarWong LLP
Li Teck Chuan Cin Tong
Modesto’s Singapore
MSD Technology Singapore Pte Ltd
National Environment Agency
Network for Electronic Transfers (Singapore) Pte Ltd
ParexDavco (Singapore) Pte Ltd
PricewaterhouseCoopers Services LLP
PropertyGuru
PropNex Realty Pte Ltd
Qualcomm CDMA Technologies Asia Pacific Pte Ltd
Roche Singapore Technical Operations Pte Ltd
Rolls-Royce Singapore Pte Ltd
S M Jaleel Foundation Limited
Singapore Technologies Kinetics Ltd
Subordinate Courts of Singapore
Tan Chin Tuan Foundation
Vishay Intertechnology Asia Private Limited
Yahoo! Southeast Asia Pte Ltd
school
Anglo-Chinese School (Independent)
Montfort Junior and Secondary School
Raffles Institution
Republic Polytechnic
Saint Patrick’s School
Saint Joseph’s Institution
Temasek Polytechnic
Club/Association
American Association of Singapore
Changi Simei Citizens’ Consultative Committee (CCC)
Sir Stamford Raffles Lodge
The American Club
Individual
Apelles Poh Hong Pang
Dick Kwek Jin Fang
Kwan Yew Loon
Lim Sze Liang
Sadhika & Sugan Shegar
19
2011 IN REVIEW
Programmes and Services
Level of Activity
2011 IN REVIEW
% of Total
Programme
Expenditure
In the Hospitals - CCF@KKH & CCF@NUH
Casework & Counselling
522 families supported
14.3%
Therapeutic Play
243 beneficiaries benefited from 1,016
therapeutic play sessions
11.8%
Caregiver’s Support Programme
39 sessions conducted with average of
8 participants per session
3.2%
Financial Assistance
28 new families and 32 current families assisted
under CCF financial assistance schemes
8.7%
Resource Centre
7,555 loans of books, toys, media equipment
and other resources to children and caregivers
7.0%
Hospital-based Social Recreation
546 sessions attracted 2,048 counts of
attendance
4.1%
Costs of generating
voluntary income
2%
Governance costs and
administration expenses
12%
Fundraising expenses
5%
Costs of generating voluntary income
Fundraising expenses
Charitable activities expenses
81%
Charitable activities expenses
Governance costs and administration expenses
Expenditure for Programmes & Services in 2011
Outside of the Hospitals
Palliative & Bereavement
28 families supported
5.4%
Siblings (VIBS) Programme
30 siblings supported
0.9%
Survivorship Programme
4 survivors supported through
Opportunity Fund
2.4%
Back-to-School Support
45 beneficiaries supported, of which
25 returned to school
5.8%
Community-based Social and
Recreational Activities
5 CCF-organised events attended by
428 participants; coordinated 30 events
sponsored by individual and corporate partners
8.7%
Volunteer Engagement
1929 volunteers mobilised
4.7%
Public Education
55 sessions of school talks/workshops
conducted, with 47 follow-up activities
4.2%
Funding to Singapore Cord Blood Bank and for
Training and Research
18.8%
Funding to Partners
for Programmes & Services in 2011
Review
2011 inExpenditure
Siblings (VIBS) Programme
0.9%
Survivorship Programme
2.4%
Caregiver’s Support Programme
3.2%
Hospital-based Social Recreation
4.1%
Public Education
4.2%
Volunteer Engagement
4.7%
5.4%
Palliative & Bereavement
5.8%
Back-to-School Support
Resource Centre
7.0%
Financial Assistance (including BMT)
8.7%
Community-based Social and
Recreational Activities
8.7%
Therapeutic Play
11.8%
Casework & Counselling
14.3%
Funding to Partners
20
0.0%
18.8%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
21
Statement By Board of
Management Committee Members
Financial report
content
Statement By Board of Management Committee Members
PAGE
23
Independent Auditors’ Report 24
Statement of Financial Activities 26
Statement of Financial Position 27
Statement of Changes in Accumulated Fund
28
In the opinion of the Board of Management Committee Members,
a) the accompanying statement of financial activities, statement of financial position, statement of changes in
funds, statement of cash flows and notes thereon are drawn up so as to give a true and fair view of the state
of affairs of Children’s Cancer Foundation (the “Foundation”) as at 31 December 2011 and the results, changes
in funds and cash flows of the Foundation for the reporting year then ended; and
b) at the date of this statement, there are reasonable grounds to believe that the Foundation will be able to pay its debts as and when they fall due.
The Board of Management has authorised these financial statements for issue.
On Behalf of the Board,
Statement of Cash Flows 29
Notes to the Financial Statements
30
Tay Miah Hiang
Chairman
Quak See Ten
Honorary Treasurer
14 May 2012
22
23
Independent Auditors’ Report to the Members of
CHILDREN’S CANCER FOUNDATION
Independent Auditors’ Report to the Members of
CHILDREN’S CANCER FOUNDATION
Report on the Financial Statements
We have audited the accompanying financial statements of Children’s Cancer Foundation (the “Foundation”),
which comprise the statement of financial position as at 31 December 2011, and the statement of financial
activities, statement of changes in fund and statement of cash flows for the reporting year then ended, and a
summary of significant accounting policies and other explanatory notes.
Opinion
In our opinion, the financial statements are properly drawn up in accordance with the Singapore Financial
Reporting Standards so as to present fairly, in all material respects, the state of affairs of the Foundation as at
31 December 2011 and the results, changes in funds and cash flows of the Foundation for the reporting year
ended on that date.
Management Committee Members’ Responsibility for the Financial Statements
The Committee Members of the Foundation is responsible for the preparation and fair presentation of these
financial statements in accordance with the Singapore Financial Reporting Standards and the Societies Act,
Chapter 311 (the Societies Act), and the Singapore Charities Act, Chapter 37 (the “Charities Act”), 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.
Report on Other Legal and Regulatory Requirements
In our opinion: (a) the accounting and other records required by the regulations enacted under the Societies
Act to be kept by the Foundation have been properly kept in accordance with those regulations; and (b) the
fund-raising appeals held during the reporting year have 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements
that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
During the course of our audit, nothing has come to our attention that causes us to believe that during the year:
(a) The use of the donation monies was not in accordance with the objectives of the Foundation as required
under regulation 16 of the Charities (Institutions of a Public Character) Regulations; and
(b)The Foundation has not complied with the requirements of regulation 15 (Fund-raising expenses) of the
Charities (Institutions of a Public Character) Regulations.
Other Matters
The financial statements for the reporting year ended 31 December 2010 were audited by other independent
auditors (other than RSM Chio Lim LLP) whose report dated 7 April 2011 expressed an unqualified opinion on
those financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
RSM Chio Lim LLP
Public Accountants and
Certified Public Accountants
Singapore
14 May 2012
Partner in charge of audit: Woo E-Sah
24
25
Statement of Financial Activities
Year Ended 31 December 2011
Statement of Financial Position
As at 31 December 2011
Notes
2011
$
2010
$
6
114,350
100,687
114,350
100,687
7
64,237
41,662
Other Assets
8
170,599
25,104
Cash and Cash Equivalents
9
15,757,698
12,753,248
Total current assets
15,992,534
12,820,014
Total Assets
16,106,884
12,920,701
15,782,982
12,700,401
15,782,982
12,700,401
323,902
220,300
323,902
220,300
16,106,884
12,920,701
Unrestricted
Funds 2011
$
Unrestricted
Funds 2010
$
3,795,514
1,911,929
152,769
4,165
2,297,349
2,490,794
Interest Income
67,959
85,749
Other Receivables
Other Incoming Resources
28,118
47,835
6,341,709
4,540,472
Incoming Resources
Donations
Gifts in Kind
Income from Fundraising Activities
Total Incoming Resources
Less: Resources Expended
Costs of Generating Voluntary Income
72,570
105,800
163,148
127,184
2,627,767
2,429,838
15,872
2,938
379,771
365,404
Total Resources Expended
3,259,128
3,031,164
Net Surplus for the Year
3,082,581
1,509,308
Fundraising Expenses
Charitable Activities Expenses
Governance Costs
Other Operating and Administration Expenses
The accompanying notes form an integral part of these financial statements.
ASSETS
Non-current assets
Plant and Equipment
Total non-current assets
Current assets
FUND AND LIABILITIES
Fund
Unrestricted Fund
Accumulated Fund
10
Total Fund
Current liabilities
Other Payables
Total current liabilities
Total Fund and Liabilities
11
The accompanying notes form an integral part of these financial statements.
26
27
Statement of Changes in Accumulated Fund
Year Ended 31 December 2011
Statement of Cash Flows
Year Ended 31 December 2011
Accumulated Fund
$
Net Surplus for the Year
Closing Balance at 31 December 2011
12,700,401
3,082,581
15,782,982
Net Surplus for the Year
Closing Balance at 31 December 2010
The accompanying notes form an integral part of these financial statements.
3,082,581
1,509,308
Depreciation of Plant and Equipment
107,173
105,567
Interest Income
(67,959)
(85,749)
3,121,795
1,529,126
Net Surplus for the Year
Adjustments for:
Operating Surplus before Changes in Working Capital
Previous Year:
Opening Balance at 1 January 2010
2010
$
Cash Flows From Operating Activities
Current Year:
Opening Balance at 1 January 2011
2011
$
11,191,093
1,509,308
12,700,401
Other Receivables
(17,816)
18,330
(145,495)
–
103,602
98,687
Cash Restricted in Use
(127,860)
(64,671)
Net Cash Flows From Operating Activities
2,934,226
1,581,472
(120,836)
(24,905)
63,200
56,591
(57,636)
31,686
Other Assets
Other Payables
Cash Flows From Investing Activities
Purchase of Plant and Equipment
Interest Received
Net Cash Flows (Used in) From Investing Activities
Net Increase in Cash and Cash Equivalents
2,876,590
1,613,158
Cash and Cash Equivalents, Beginning balance
12,682,855
11,069,697
Cash and Cash Equivalents, Ending balance (Note 9A)
15,559,445
12,682,855
The accompanying notes form an integral part of these financial statements.
28
29
Notes to the Financial Statements
31 December 2011
1.General
The Children’s Cancer Foundation (the “Foundation”) is a
charity established in Singapore under the Societies Act,
Chapter 311 and Charities Act, Chapter 37. The financial
statements are presented in Singapore dollar.
The principal activities of the Foundation are to provide
social, emotional support through casework and counselling
to cancer children and their families, to provide therapeutic
play to cancer children, to provide financial assistance to
needy families and referral of social resources, to conduct
parent support groups, to organise social activities for
cancer children and their families, to support training
and research efforts on childhood cancer, to organise
educational talks or workshops to parents and to promote
public awareness on the illness.
The financial statements of the Foundation for the year
ended 31 December 2011 are authorised for issue in
accordance with a resolution of the Management Committee
Members on 14 May 2012.
The registered office and principal place of operation
of the Foundation is located at 298 Tiong Bahru Road,
#03-05 Central Plaza, Singapore 168730. The Foundation
is situated in Singapore.
2.Summary of Significant Accounting Policies
Accounting Convention
The financial statements have been prepared in accordance
with the Singapore Financial Reporting Standards (“FRS”)
as issued by the Singapore Accounting Standards Council as
well as all related Interpretations to FRS (“INT FRS”). The
Foundation is also subject to the provisions of the Charities
Act, Chapter 37. The financial statements are prepared on
a going concern basis under the historical cost convention
except where an FRS requires an alternative treatment
(such as fair values) as disclosed where appropriate in
these financial statements.
30
Basis of Preparation of Financial Statements
The preparation of financial statements in conformity
with generally accepted accounting principles requires the
management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of
revenues and expenses during the reporting year. Actual
results could differ from those estimates. The estimates
and assumptions are reviewed on an ongoing basis.
Apart from those involving estimations, management has
made judgements in the process of applying the entity’s
accounting policies. The areas requiring management’s
most difficult, subjective or complex judgements, or
areas where assumptions and estimates are significant to
the financial statements, are disclosed at the end of this
footnote, where applicable.
Income Recognition
The revenue amount is the fair value of the consideration
received or receivable from the gross inflow of economic
benefits during the reporting year arising from the course
of the ordinary activities of the Foundation and it is shown
net of related tax and subsidies.
(i) Donations
Cash donations are recognised as income as and when
received.
(ii) Fund raising
Revenue from special event is recognised when the
event takes place.
(iii) Interest income
Interest revenue is recognised on a time-proportion
basis using the effective interest rate that takes into
account the effective yield on the asset.
Gifts In Kind
A gift in kind is included in the statement of financial
activities based on an estimate of the fair value at the
date of the receipt of the gift of the non-monetary asset
or the grant of a right to the monetary asset. The gift
is recognised if the amount of the gift can be measured
reliably and there is no uncertainty that it will be received.
No value is ascribed to volunteer services.
Employee Benefits
Contributions to defined contribution retirement benefit plans
are recorded as an expense as they fall due. The entity’s
legal or constructive obligation is limited to the amount that
it agrees to contribute to an independently administered
fund which is the Central Provident Fund in Singapore
(a government managed retirement benefit plan). For
employee leave entitlement the expected cost of short-term
Notes to the Financial Statements
31 December 2011
employee benefits in the form of compensated absences
is recognised in the case of accumulating compensated
absences, when the employees render service that increases
their entitlement to future compensated absences; and in
the case of non-accumulating compensated absences, when
the absences occur. A liability for bonuses is recognised
where the entity is contractually obliged or where there is
constructive obligation based on past practice.
Income Tax
As a charity, the Foundation is exempt from tax on income
and gains falling within section 13U(1) of the Income Tax
Act to the extent that these are applied to its charitable
objects. No tax charges have arisen in the Foundation.
Foreign Currency Transactions
The functional currency is the Singapore dollar as it reflects
the primary economic environment in which the entity
operates. Transactions in foreign currencies are recorded
in the functional currency at the rates ruling at the dates
of the transactions. At each end of the reporting year,
recorded monetary balances and balances measured at fair
value that are denominated in non-functional currencies
are reported at the rates ruling at the end of the reporting
year and fair value dates respectively. All realised and
unrealised exchange adjustment gains and losses are
dealt with in profit or loss except when recognised in other
comprehensive income and if applicable deferred in equity
such as for qualifying cash flow hedges. The presentation
is in the functional currency.
Plant and Equipment
Depreciation is provided on a straight-line basis to allocate
the gross carrying amounts less their residual values over
their estimated useful lives of each part of an item of these
assets. The estimated useful lives are as follows:
Office equipment
2 to 3 years
Renovation
2 to 3 years
Computer equipment
2 years
Office furniture
3 years
An asset is depreciated when it is available for use until
it is derecognised even if during that period the item is
idle. Fully depreciated assets still in use are retained in the
financial statements.
Plant and equipment are carried at cost on initial recognition
and after initial recognition at cost less any accumulated
depreciation and any accumulated impairment losses.
The gain or loss arising from the derecognition of an item
of property, plant and equipment is determined as the
difference between the net disposal proceeds, if any, and
the carrying amount of the item and is recognised in profit
or loss. The residual value and the useful life of an asset
is reviewed at least at each end of the reporting year and,
if expectations differ significantly from previous estimates,
the changes are accounted for as a change in an accounting
estimate, and the depreciation charge for the current and
future periods are adjusted.
Cost also includes acquisition cost, borrowing cost
capitalised and any cost directly attributable to bringing the
asset or component to the location and condition necessary
for it to be capable of operating in the manner intended
by management. Subsequent costs are recognised as an
asset only when it is probable that future economic benefits
associated with the item will flow to the entity and the
cost of the item can be measured reliably. All other repairs
and maintenance are charged to profit or loss when they
are incurred.
Impairment of Non-Financial Assets
Irrespective of whether there is any indication of
impairment, an annual impairment test is performed at
the same time every year on an intangible asset with an
indefinite useful life or an intangible asset not yet available
for use. The carrying amount of other non-financial assets
is reviewed at each end of the reporting year for indications
of impairment and where an asset is impaired, it is written
down through profit or loss to its estimated recoverable
amount. The impairment loss is the excess of the carrying
amount over the recoverable amount and is recognised
in profit or loss. The recoverable amount of an asset or
a cash-generating unit is the higher of its fair value less
costs to sell and its value in use. In assessing value in
use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
current market assessments of the time value of money
and the risks specific to the asset. For the purposes of
assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows
(cash-generating units). At each end of the reporting year
non-financial assets other than goodwill with impairment
loss recognised in prior periods are assessed for possible
31
Notes to the Financial Statements
31 December 2011
reversal of the impairment. An impairment loss is reversed
only to the extent that the asset’s carrying amount does
not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
Financial Assets
Initial recognition, measurement and derecognition:
A financial asset is recognised on the statement of financial
position when, and only when, the entity becomes a party
to the contractual provisions of the instrument. The initial
recognition of financial assets is at fair value normally
represented by the transaction price. The transaction price
for financial asset not classified at fair value through profit
or loss includes the transaction costs that are directly
attributable to the acquisition or issue of the financial asset.
Transaction costs incurred on the acquisition or issue of
financial assets classified at fair value through profit or loss
are expensed immediately. The transactions are recorded
at the trade date.
Irrespective of the legal form of the transactions
performed, financial assets are derecognised when they
pass the “substance over form” based on the derecognition
test prescribed by FRS 39 relating to the transfer of risks
and rewards of ownership and the transfer of control.
Subsequent measurement:
Subsequent measurement based on the classification of
the financial assets in one of the following four categories
under FRS 39 is as follows:
1.Financial assets at fair value through profit or loss:
As at end of the reporting year date there were no
financial assets classified in this category.
2.Loans and receivables: Loans and receivables are non derivative financial assets with fixed or determinable
payments that are not quoted in an active market.
Assets that are for sale immediately or in the near term
are not classified in this category. These assets are
carried at amortised costs using the effective
interest method (except that short-duration receivables
with no stated interest rate are normally measured
at original invoice amount unless the effect of imputing
interest would be significant) minus any reduction
(directly or through the use of an allowance account)
32
for impairment or uncollectibility. Impairment charges
are provided only when there is objective evidence
that an impairment loss has been incurred as a result
of one or more events that occurred after the initial
recognition of the asset (a ‘loss event’) and that loss
event (or events) has an impact on the estimated
future cash flows of the financial asset or group of
financial assets that can be reliably estimated. The
methodology ensures that an impairment loss is not
recognised on the initial recognition of an asset.
Losses expected as a result of future events, no matter
how likely, are not recognised. For impairment, the
carrying amount of the asset is reduced through use of
an allowance account. The amount of the loss is
recognised in profit or loss. An impairment loss is reversed
if the reversal can be related objectively to an event
occurring after the impairment loss was recognised.
Typically the trade and other receivables are classified in
this category.
3.Held-to-maturity financial assets: As at end of the
reporting year date there were no financial assets
classified in this category.
4.Available-for-sale financial assets: As at end of the
reporting year date there were no financial assets
classified in this category.
Cash and Cash Equivalents
Cash and cash equivalents include bank and cash balances,
on demand deposits. For the statement of cash flows the
item includes cash and cash equivalents less cash subject
to restriction and bank overdrafts payable on demand that
form an integral part of cash management.
Financial Liabilities
Initial recognition, measurement and derecognition:
A financial liability is recognised on the statement of
financial position when, and only when, the entity becomes
a party to the contractual provisions of the instrument.
The initial recognition of financial liability is at fair value
normally represented by the transaction price. The
transaction price for financial liability not classified at fair
value through profit or loss includes the transaction costs
that are directly attributable to the acquisition or issue
of the financial liability. Transaction costs incurred on the
acquisition or issue of financial liability classified at fair
Notes to the Financial Statements
31 December 2011
value through profit or loss are expensed immediately.
The transactions are recorded at the trade date. Financial
liabilities including bank and other borrowings are classified
as current liabilities unless there is an unconditional right
to defer settlement of the liability for at least 12 months
after the end of the reporting year.
Subsequent measurement:
Subsequent measurement based on the classification of
the financial liabilities in one of the following two categories
under FRS 39 is as follows:
1.Liabilities at fair value through profit or loss: As at end
of the reporting year date there were no financial
liabilities classified in this category.
2.Other financial liabilities: All liabilities, which have not
been classified as in the previous category fall into this
residual category. These liabilities are carried at amortised
cost using the effective interest method.Trade and other
payables and borrowings are usually classified in this
category. Items classified within current trade and other
payables are not usually re-measured, as the obligation is
usually known with a high degree of certainty and
settlement is short-term.
Fair Value of Financial Instruments
The carrying values of current financial instruments
approximate their fair values due to the short-term
maturity of these instruments. Disclosures of fair value are
not made when the carrying amount of current financial
instruments is a reasonable approximation of fair value.
The fair values of non-current financial instruments may
not be disclosed separately unless there are significant
differences at the end of the reporting year and in the
event the fair values are disclosed in the relevant notes.
The maximum exposure to credit risk is the fair value of the
financial instruments at the end of the reporting year. The
fair value of a financial instrument is derived from an active
market or by using an acceptable valuation technique.
The appropriate quoted market price for an asset held or
liability to be issued is usually the current bid price without
any deduction for transaction costs that may be incurred
on sale or other disposal and, for an asset to be acquired
or for liability held, the asking price. If there is no market,
or the markets available are not active, the fair value is
established by using an acceptable valuation technique.
The fair value measurements are classified using a fair
value hierarchy of 3 levels that reflects the significance
of the inputs used in making the measurements, that is,
Level 1 for the use of quoted prices (unadjusted) in active
markets for identical assets or liabilities; Level 2 for the use
of inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices); and
Level 3 for the use of inputs for the asset or liability that
are not based on observable market data (unobservable
inputs). The level is determined on the basis of the lowest
level input that is significant to the fair value measurement
in its entirety. Where observable inputs that require
significant adjustment based on unobservable inputs, that
measurement is a Level 3 measurement.
Leases
Leases where the lessor effectively retains substantially all
the risks and benefits of ownership of the leased assets
are classified as operating leases. For operating leases,
lease payments are recognised as an expense in income
and expenditure on a straight-line basis over the term
of the relevant lease unless another systematic basis is
representative of the time pattern of the user’s benefit,
even if the payments are not on that basis. Lease incentives
received are recognised in income and expenditure as an
integral part of the total lease expense.
Funds
Fund balances restricted by outside sources are so
indicated and are distinguished from unrestricted funds
allocated to specific purposes if any by action of the
management. Externally restricted funds may only be
utilised in accordance with the purposes established by the
source of such funds or through the terms of an appeal
and are in contrast with unrestricted funds over which
management retains full control to use in achieving any of
its institutional purposes. An expense resulting from the
operating activities of a fund that is directly attributable to
the fund is charged to that fund. Common expenses if any
are allocated on a reasonable basis to the funds based on
a method most suitable to that common expense unless
impractical to do so.
Provisions
A liability or provision is recognised when there is a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
33
Notes to the Financial Statements
31 December 2011
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation. Provisions are made using best estimates of the
amount required in settlement and where the effect of the
time value of money is material, the amount recognised
is the present value of the expenditures expected to be
required to settle the obligation using a pre-tax rate that
reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase
in the provision due to passage of time is recognised as
interest expense. Changes in estimates are reflected in
profit or loss in the reporting year they occur.
(iii) Both entities are joint ventures of the same third
party; (iv) One entity is a joint venture of a third entity and
the other entity is an associate of the third entity; (v) The
entity is a post-employment benefit plan for the benefit
of employees of either the reporting entity or an entity
related to the reporting entity; (vi) The entity is controlled
or jointly controlled by a person identified in (a); (vii) A
person identified in (a)(i) has significant influence over the
entity or is a member of the key management personnel of
the entity (or of a parent of the entity).
Government Grants
A government grant is recognised at fair value when there
is reasonable assurance that the conditions attaching to it
will be complied with and that the grant will be received.
A grant in recognition of specific expenses is recognised as
income over the periods necessary to match them with the
related costs that they are intended to compensate, on a
systematic basis.
Critical Judgements, Assumptions and
Estimation Uncertainties
There were no critical judgements made in the process
of applying the accounting policies that have the most
significant effect on the amounts recognised in the
financial statements. There were no key assumptions
concerning the future, and other key sources of estimation
uncertainty at the end of the reporting year, that have a
significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
reporting year.
3.Related Party Relationships and Transactions
FRS 24 defines a related party as a person or entity that is
related to the reporting entity and it includes (a) A person
or a close member of that person’s family if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) is a member of the key management personnel of
the reporting entity or of a parent of the reporting entity.
(b) An entity is related to the reporting entity if any of
the following conditions apply: (i) The entity and the
reporting entity are members of the same group; (ii) One
entity is an associate or joint venture of the other entity;
34
Notes to the Financial Statements
31 December 2011
All committee members, chairman of sub-committees and
staff members of the Foundation are required to read and
understand the conflict of interest policy in place and make
full disclosure of interests and relationships that could
potentially result in conflict of interests. When a conflict of
interest situation arises, the members or staff shall abstain
from participating in the discussion, decision making
and voting on the matter. It is not the normal practice
for the trustees/office bearers, or people connected with
them, to receive remuneration, or other benefits, from
the Foundation, or from institutions connected with the
Foundation.
There are transactions and arrangements between the
related parties and the effect of these on the basis
determined between the parties are reflected in these
financial statements. The current related party balances
are unsecured, without fixed repayment terms and interest
unless stated otherwise.
In addition to the transactions and balances disclosed
elsewhere in the notes to the financial statements, this
item includes the following: -
Annual funding to
Singapore Cord Blood
Bank Limited in which a
Management Committee
member is a director
(Note 13 (c))
3.1.
Key management compensation:
Salaries and other short-term employee benefits 2010
$
250,000
250,000
2010
$
293,387
270,788
Key management personnel comprise the CEO and the direct reporting senior officers. The committee members did
not receive any compensation during the year.
Number of key management in remuneration bands:
2011
$
2010
$
$100,001 - $150,000
1
1
$50,001 - $100,000
2
2
4.Tax Exempt Receipts
The Foundation enjoys a concessionary tax treatment whereby qualifying donors are granted 2.5 times tax deduction
for the donations made to the Foundation. The Foundation will renew its Institution of a Public Character Status with
Ministry of Health when it expires on 4 May 2015.
2011
2010
$
$
4,371,264
3,256,280
2011
$
2010
$
1,618,455
1,511,974
Contributions to defined contribution plan
236,016
209,941
Other benefits
128,052
66,652
1,982,523
1,788,567
5.Employee Benefits Expense
Related parties
2011
$
2011
$
The above amounts are included under employee benefits expense.
The Foundation issued tax-exempt receipts for donations collected
Significant related party transactions:
3.Related Party Relationships and Transactions (Cont’d)
Employee benefits expense
Total employee benefits expense
35
Notes to the Financial Statements
31 December 2011
Notes to the Financial Statements
31 December 2011
7.Other Receivables
6.Plant and Equipment
Computer
equipment
$
Office
equipment
$
Office
furniture
$
Renovation
Total
$
$
Cost:
At 1 January 2010
10,635
162,244
3,484
287,599
463,962
Additions
15,400
–
–
9,505
24,905
At 31 December 2010
Additions
Write off
At 31 December 2011
26,035
162,244
3,484
297,104
488,867
120,237
599
–
–
120,836
(214)
(54,247)
–
–
(54,461)
146,058
108,596
3,484
297,104
555,242
2011
$
2010
$
Interest receivables
33,918
29,158
Deposits
14,710
12,504
Other receivables
15,609
–
64,237
41,662
2011
$
2010
$
8.Other Assets
Advances to Social Service Hub (a)
Donation in kind vouchers
Accumulated depreciation:
At 1 January 2010
Prepayment
2,868
144,571
448
134,726
282,613
Depreciation for the year
10,833
12,323
1,176
81,235
105,567
At 31 December 2010
13,701
156,894
1,624
215,961
388,180
Depreciation for the year
23,524
5,326
1,161
77,162
107,173
(214)
(54,247)
–
–
(54,461)
37,011
107,973
2,785
293,123
440,892
Write off
At 31 December 2011
24,123
22,684
138,184
2,420
8,292
–
170,599
25,104
a) Fund contribution to the Social Service Hub (“SSH”) for payment of common expenses shared among 7 (2010: 7) other Voluntary Welfare
Organisations (“VWOs”). The 7 other VWOs are Fei Yue Community Services, Special Needs Trust Company, Student Care Service, Tanjong
Pagar Family Service Centre, City Community Services, Singapore Association for Mental Health and Alzheimer’s Disease Association
Net book value:
7,767
17,673
3,036
152,873
181,349
At 31 December 2010
At 1 January 2010
12,334
5,350
1,860
81,143
100,687
At 31 December 2011
109,047
623
699
3,981
114,350
The depreciation expense is charged under other operating and administrative expenses.
36
37
Notes to the Financial Statements
31 December 2011
Notes to the Financial Statements
31 December 2011
9. Cash and Cash Equivalents
Not restricted in use
Cash pledged for bank facilities
Cash held in trust for SSH
(1)
(2)
Interest earnings balances
2011
$
2010
$
15,559,445
12,682,855
120,000
–
78,253
70,393
15,637,698
12,753,248
14,360,722
9,530,453
This is for amounts held by bankers to cover the bank guarantee issued.
This relates to cash held in trust for SSH (see also Note 11) in which $24,123 (2010: $22,684) (Note 8) was contributed by the Foundation.
The rates of interests for the cash on interest earning balances were between 0.29% to 0.79% (2010: 0.35% to 0.6575%) per annum and
mature within 6 to 24 months (2010: 6 to 12 months)
11.Other payables
2011
$
2010
$
Cash held in trust for SSH (Note 9)
78,253
70,393
Third parties and accrued liabilities
245,649
149,907
323,902
220,300
12.Financial Instruments: Information on Financial Risks
(1)
(2)
12A.Classification of Financial Assets and Liabilities
The following table summarises the carrying amount of financial assets and liabilities recorded at the end of the reporting year by FRS 39 categories:
9A. Cash and Cash Equivalents in the Statement of Cash Flows:
2011
$
2010
$
15,757,698
12,753,248
(198,253)
(70,393)
15,559,445
12,682,855
2011
$
2010
$
% Increase/
(Decrease)
15,782,982
12,700,401
24.27
4.84:1
4.19: 1
Amount as shown above
Cash restricted in use
10. Reserve Policy
Unrestricted fund (“Reserve”)
Ratio of Reserve to Annual Operating Expenditure
2011
$
2010
$
15,757,698
12,753,248
64,237
41,662
15,821,935
12,794,910
Trade and other payables at amortised cost
323,902
220,300
At end of the year
323,902
220,300
Financial assets:
Cash and cash equivalents
Other receivables
At end of the year
Financial liabilities:
Further quantitative disclosures are included throughout these financial statements.
The Foundation shall maintain a reserve that is equivalent to at least 3 years of its operating expenses. This is so
that the Foundation is able to ensure continuity in providing the necessary services to its beneficiaries.
38
With the unanimous approval of the Management Committee, the Foundation is able to draw down from its reserve
to meet its operating expenses to ensure ongoing services are not disrupted.
On a yearly basis, the Management Committee reviews the amount of reserve that is required to ensure that the
reserve is adequate to fulfil the continuing obligations of the Foundation.
There are no significant fair value measurements recognised in the statement of financial position.
39
Notes to the Financial Statements
31 December 2011
12B.Financial Risk Management
The main purpose for holding or issuing financial instruments is to raise and manage the finances for the
entity’s operating, investing and financing activities. There is exposure to the financial risks on the financial
instruments such as credit risk and liquidity risk. The management has certain practices for the management of
financial risks. However these are not documented in formal written documents. The following guidelines are
followed: All financial risk management activities are carried out and monitored by senior management staff.
All financial risk management activities are carried out following good market practices.
The Foundation is not exposed to significant interest rate and currency risks.
Notes to the Financial Statements
31 December 2011
12E.Liquidity Risk
The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average
credit period taken to settle non-related trade payables is about 60 days (2010: 60 days). The other payables are
with short-term durations.
The liquidity risk refers to the difficulty in meeting obligations associated with financial liabilities that are
settled by delivering cash or another financial asset. It is expected that all the liabilities will be paid at their
contractual maturity.
2011
2010
$
$
Bank facilities:
12C.Fair value of Financial Instruments Stated at Amortised Cost in the Statement of Financial Position
The financial assets and financial liabilities at amortised cost are at a carrying amount that is a reasonable
approximation of fair value.
12D.Credit Risk on Financial Assets
Financial assets that are potentially subject to concentrations of credit risk and failures by counterparties to
discharge their obligations in full or in a timely manner consist principally of cash balances with banks, cash
equivalents and receivables. The maximum exposure to credit risk is the fair value of the financial instruments
at the end of the reporting year. Credit risk on cash balances with banks is limited because the counter-parties are
entities with acceptable credit ratings.
Note 9 discloses the maturity of the cash and cash equivalents balances.
Other receivables are normally with no fixed terms and therefore there is no maturity.
Banker’s guarantee
120,000
–
12F.Interest Rate Risk
The interest rate risk exposure is mainly from changes in fixed rate. The following table analyses the breakdown of
the significant financial instruments by type of interest rate:
2011
2010
$
$
Financial assets:
Fixed rates
14,360,722
9,530,453
The interest rates are disclosed in Note 9.
Sensitivity analysis: The effect on surplus is not significant.
13.Commitments
a) Office rental charged in the statement of financial activities was $32,146 (2010: $32,138). None of the leases included contingent rental. Future minimum rentals under non-cancellable lease are as follows as of
31 December 2011:
2011
2010
$
$
40
Within one year
30,035
30,035
After 1 year but within 5 years
60,070
726
90,105
30,761
41
Notes to the Financial Statements
31 December 2011
b)The Foundation agreed to sponsor $40,000 (2010: $40,000) to support the ST. Jude Viva Forum 2012.
c) The Foundation has committed annual funding of $250,000 per annum for the financial years 2011 to
2013 to the Singapore Cord Blood Bank Limited, on terms agreed by both parties.
15.Future Changes in Financial Reporting Standards
The following new or revised Singapore Financial Reporting Standards that have been issued will be effective
in future. The transfer to the new or revised standards from the effective dates is not expected to result in
material adjustments to the financial position, results of operations, or cash flows for the following year.
d)The Foundation has committed annual funding capped at $40,000 per annum for the financial years 2011 to
2012 to KK Women’s and Children’s Hospital and National University Hospital (“NUH”) for paediatric oncology
work, on terms agreed by both parties.
FRS No.
Title
Effective date for periods
beginning on or after
e) The Foundation has committed annual funding capped at $90,000 per annum for the financial years 2011
to 2012 to Bone Marrow Transplant Coordinator to NUH, on terms agreed by both parties.
FRS 1
Amendments to FRS 1 –
Presentation of Items of Other Comprehensive Income
1 Jul 2012
FRS 12
Deferred Tax (Amendments to ) –
Recovery of Underlying Assets (*)
1 Jan 2012
FRS 19
Employee Benefits
1 Jan 2013
FRS 27
Consolidated and Separate Financial Statements
(Amendments to) (*)
1 Jul 2011
FRS 27
Separate Financial Statements (*)
1 Jan 2013
FRS 28
Investments in Associates and Joint Ventures (*)
1 Jan 2013
FRS 107
Financial Instruments: Disclosures (Amendments to) Transfers of Financial Assets (*)
1 Jul 2011
FRS 110
Consolidated Financial Statements (*)
1 Jan 2013
FRS 111
Joint Arrangements (*)
1 Jan 2013
FRS 112
Disclosure of Interests in Other Entities (*)
1 Jan 2013
FRS 113
Fair Value Measurements (*)
1 Jan 2013
14. Changes and Adoption of Financial Reporting Standards
For the reporting year ended 31 December 2011 the following new or revised Singapore Financial Reporting
Standards were adopted. The new or revised standards did not require any modification of the measurement
methods or the presentation in the financial statements.
FRS No.Title
FRS 1
Presentation of Financial Statements Disclosures (Amendments to)
FRS 24
Related Party Disclosures (revised)
FRS 27
Consolidated and Separate Financial Statements (Amendments to) (*)
FRS 32
Classification Of Rights Issues (Amendments to) (*)
FRS 34
Interim Financial Reporting (Amendments to) (*)
FRS 103
Business Combinations (Amendments to) (*)
FRS 107
Financial Instruments: Disclosures (Amendments to)
FRS 107
Financial Instruments: Disclosures (Amendments to) - Transfers of Financial Assets (*)
INT FRS 113
Customer Loyalty Programmes (Amendments to) (*)
INT FRS 114
Prepayments of a Minimum Funding Requirement (revised) (*)
INT FRS 115
Agreements for the Construction of Real Estate (*)
INT FRS 119
Extinguishing Financial Liabilities with Equity Instruments (*)
42
Notes to the Financial Statements
31 December 2011
(*) Not relevant to the entity.
(*) Not relevant to the entity.
43
Notes to the Financial Statements
31 December 2011
16. Reclassifications and Comparative Figures
Certain reclassifications have been made to the prior year’s financial statements to enhance comparability
with current year’s financial statements. The reclassifications included the following:
Deposits, prepayment and other receivables
After
reclassification
$
Before
reclassification
$
Difference
–
66,766
(66,766)
9,530,453
(9,530,453)
Fixed deposits
$
Cash and bank balances
–
3,152,402
(3,152,402)
Accruals and other payables
–
149,907
(149,907)
Other receivables
41,662
–
41,662
Other assets
25,104
–
25,104
12,753,248
–
12,753,248
220,300
–
220,300
Cash and cash equivalents *
Other payables *
* Included a reclassification of balances of $70,393 between cash and cash equivalents and other payables.
No three years’ comparative figures columns for statement of financial position had been presented as the amount was not material.
17. Comparative Figures
44
Designed by TOIWORKS
The financial statements for the reporting year ended 31 December 2010 were audited by other independent
auditors (other than RSM Chio Lim LLP) whose report dated 7 April 2011 expressed an unqualified opinion on
those financial statements.
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