BOYS TOWN FINANCIAL STATEMENTS

Size: px

Start display at page:

Download "BOYS TOWN FINANCIAL STATEMENTS"

Oscar Abner Watkins
6 years ago
Views:

1 BOYS TOWN FINANCIAL STATEMENTS Balance Sheet Income & Expenditure Statement Statement of Changes in Funds Statement of Cash Flows s to the Financial Statements BALANCE SHEET As at 31 December ASSETS (Restated) (Restated) Noncurrent asset Property and equipment 14,489,726 11,09,16 4,428,40 Current assets Trade receivables Other receivables and prepayments Cash and cash equivalents TOTAL ASSETS ,42 09,831 8,008,623 8,38,996 23,028,722 12,112 30,619 3,873,424 4,236,1 1,29,320 33, ,698 8,338,296 8,733,738 13,162,278 FUNDS AND LIABILITIES Funds Building Fund General Fund Asset Capitalisation Reserve 8,16 9 4,048,871 3,940,941 6,927,3 14,917,167 10,629,04 3,693,641 14,322,686 8,21,406 3,82,92 12,076,998 Current liabilities Other payables and accruals Deferred capital grants TOTAL FUNDS AND LIABILITIES 10 11,16 761, 7,30,000 8,111, 23,028, ,634 20, ,634 1,29,320 83,280 20,000 1,08,280 13,162,278 1

2 INCOME AND EXPENDITURE STATEMENT For the financial year ended 31 December INCOME Amortisation of deferred capital grants Boarding fees Boys Scholarships Donations Grant for training Grant from Caritas Singapore Community Council Grant from Ministry of Social and Family Development Grant from National Council of Social Service Grant from National Youth Council Grant others Interest income Miscellaneous income Rental income 11 10,000 76,610 3,062 2,462,499 4,740 00, ,7 3,916,13 7,032 7,371 2,300 3,684,618 67,248 3,062 1,873,716 8,299 00, ,737 1,620 6,24 7,19 8,346 90,369 3,330 2,872,446 EXPENDITURE Depreciation Education sponsorship Food and provisions Fundraising expenses General expenses Goods and services tax Information technology expenses Insurance Professional fees Programme expenses Rental of premises Repairs and maintenance Scholarship and books Security services Staff CPF contributions and skills development levy Staff salaries and bonuses Staff training Staff welfare Supplies and materials Telephone Upkeep of motor vehicles Water and electricity Surplus/(Deficit) for the year ,20 17,78 168,000 19,037 16,813 10,01 30,249 16, , ,000 11,422 10, ,964 23,070 1,780,364 6,814 12,63 12,9 12,270 27, ,304 3,437, ,300 38,306 18, , ,66 33,060 98,739 21,862 7,339 13,26 19, ,000 61,269 1, , ,924 1,40,086 3,132 9,82 19,862 9,396 27,986 91,340 3,004,397 (131,91) OTHER COMPREHENSIVE INCOME ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS Net movement of Building Fund Net movement of Asset Capitalisation Reserve 8, ,740 (23,9) 347,181 TOTAL COMPREHENSIVE INCOME 94,481 2,24,688 2

3 STATEMENT of CHANGES IN FUNDS For the financial year ended 31 December Building Fund General Fund Asset Capitalisation Reserve Total Balance at 1 January Transfer of funds Total comprehensive income Balance at 31 December 8, 9 10,629,04 (7,162,914) 82,740 4,048,871 3,693, ,300 3,940,941 7,162,914 (23,9) 6,927,3 14,322,686 94,481 14,917,167 Building Fund General Fund Total Balance at 1 January (restated) Total comprehensive income Balance at 31 December (restated) 16 8,21,406 10,629,04 3,82,92 (131,91) 3,693,641 12,076,998 2,24,688 14,322,686 STATEMENT of CASH FLOWS For the financial year ended 31 December CASH FLOWS FROM OPERATING ACTIVITIES Surplus/(Deficit) for the year Adjustments for: Amortisation of deferred capital grants 11 Depreciation Construction in progress charged to repair and maintenance expense Interest on fixed deposits Surplus/(Deficit) before working capital changes Changes in working capital: Trade and other receivables Other payables and accruals Cash Flow From/(Used In) Operating Activities 247,300 (10,000) 118,20,4 (8,426) 212,669 (167,642) (383,079) (338,02) (131,91) 116,84 6,889 (8,460) (16,938) 32,711 (02,964) (487,191) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Receipts of donations for capital expenditure Receipts of government grants for capital expenditure Withdrawal/(Placement) of fixed deposits Interest income Cash Flow From/(Used In) Investing Activities Net Increase/(Decrease) In Cash and Cash Equivalents CASH AND CASH EQUIVALENTS (3,367,91) 82,740 7,20,000 2,408 4,467,233 4,129,181 3,221,430 7,30,611 (6,363,780) 131,343 8,460 (3,846,338) (4,333,29) 7,4,99 3,221,430 3

4 s to the Financial Statements 31 December. PROPERTY AND EQUIPMENT Cost At 1 January Additions Reclassification Charged to repair and Multipurpose building 198,172 Main building 8,882,829 28,64 4,93,017 Motor vehicles 231,044 Furniture, fittings, equipment and machinery 61,0 22, ,086 Computers and software 128,70 4,027 Construction in progress 1,666,743 3,31,90 (,193,103) Total 11,668,908 3,789,91 maintenance expense At 31 December 198,172 13,864, ,044 1,026, ,97 (,4) (,4) 1,43,278 Accumulated depreciation At 1 January Charges for the year At 31 December 8,73 3,963 89,716 9, , ,246 17,379 9, , ,328 91, ,989 74,064 29, ,22 609,743 33, ,2 Carrying amount At 31 December 108,46 13,86,24 63,69 701,98 29,34 14,489,726 Cost At 1 January Additions Reclassification Multipurpose building 198,172 Main building 4,803,0 4,079,774 Motor vehicles 231,044 Furniture, fittings, equipment and machinery 217, ,784 60,962 Computers and software 127,0 1,1 Construction in progress 4,147,624 1,666,744 (4,140,736) Total 4,921,699 6,74,098 Charged to repair and maintenance expense (6,889) (6,889) At 31 December 198,172 8,882, ,044 61,0 128,70 1,666,743 11,668,908 Accumulated depreciation At 1 January 81, ,60 209,386 2, ,19 Charges for the year 3,964 9,219 7,819 23,942 21, ,84 At 31 December 8,73 9,219 17, ,328 74, ,743 Carrying amount At 31 December 112,419 8,823,610 73,66 328,222 4,06 1,666,743 11,09,16 During the financial year, the entity capitalised property and equipment totalling 3,789,91 (: 6,74,098), of which 3,367,91 (: 6,363,780) was acquired by cash. The balance of 422,000 (: 390,318) was held in retention monies payable ( 10). Depreciation charges for the financial year were accounted as follows: Income and expenditure statement Asset Capitalisation Reserve ( 9) Building Fund 4 118,20 23,9 33,809 38,306 78, ,84

5 s to the Financial Statements 31 December 6. OTHER RECEIVABLES AND PREPAYMENTS Advances Deposits Prepayments Other debtors 12,000 9,700 34, ,22 09,831 9,700 20, ,976 30, CASH AND CASH EQUIVALENTS For the purpose of the cash flow statement, the cash and cash equivalents comprised of: Cash and bank balances Fixed deposits Less: fixed deposits (*) 6,44,632 1,62,991 8,008,623 (68,012) 7,30,611 1,29,26 2,343,898 3,873,424 (61,994) 3,221,430 The effective interest rates of the fixed deposits ranged from 0.10% to 0.70% (: 0.10% to 0.63%) per annum at the balance sheet date with maturity periods ranging from 1 to months (: 1 to months) from the balance sheet date. *Fixed deposits with maturity periods of more than 3 months from the balance sheet date. 8. BUILDING FUND Designated donations received for the construction of building Utilisation of Building Fund (Included depreciation of Nil, :78,278) 10,629,04 646,67 (63,93) 82,740 8,21,406 2,4,60 (177,011) Less: Transferred to Asset Capitalisation Reserve ( 9) Cost Accumulated depreciation 7,241,192 (78,278) 7,162,914 4,048,871 10,629,04

6 s to the Financial Statements 31 December 9. ASSET CAPITALISATION RESERVE Transferred from Building Fund ( 8) 7,241,192 Less: Accumulated depreciation Transferred from Building Fund ( 8) Charges for the year ( ) 78,278 23,9 313,837 6,927,3 10. OTHER PAYABLES AND ACCRUALS Accruals Retention monies payable Sundry payables 23,32 422, , , 284,99 390,318 47, , DEFERRED CAPITAL GRANTS Grants received Grants received in the current year Less: Amortisation Grants amortised in the current year 20,000 7,20,000 7,00,000 10,000 10,000 7,30,000 20,000 20,000 20,000 6

7 s to the Financial Statements 31 December 12. STAFF COSTS General Fund Staff costs (including key management personnel s remuneration) 13 Staff CPF contributions and skills development levy Other staff costs Building Fund Staff costs Staff CPF contributions and skills development levy 1,780,364 23,070 69,377 2,084,811 4,000 4,81 49,81 1,40, ,924 62,984 1,794,994 6,000 6,360 71, SIGNIFICANT RELATED PARTY TRANSACTIONS Food and provisions expenses charged by a related party Rental expenses charged by a related party Key management personnel s compensation are as follows: Salaries and bonuses CPF contributions Number of key management personnel 24, , ,78 36,28 371, , , ,827 3, ,961 3 The remuneration of key management personnel is determined by the Board of Governors having regard to the performance of the individual and market trend. 14. TAXEXEMPT RECEIPTS During the financial year, the entity issued taxexempt receipts for donations collected amounting to 2,306,74 (: 2,882,220). 7

8 BLANK PAGE 8

BOYS TOWN FINANCIAL STATEMENTS ASSETS. Note. 20,542 Other receivables and prepayments. 509,831 Cash and cash equivalents

BOYS TOWN FINANCIAL STATEMENTS Balance Sheet Income & Expenditure Statement Statement of Changes in Funds Statement of Cash Flows Notes to the Financial Statements BALANCE SHEET As at 31 December Note