NUH Health Research Endowment Fund

Transcription

1 (A) Particulars of the Charity (I) Descriptions of Constitution Setting Up the Charity Rules for the Operating of states: The fund is established to receive contributions and donations for the pursuit of medical research in Singapore. The Fund shall be managed in accordance with the relevant Acts, circulars and regulations (including any subsequent amendments thereto) under: 1. Income Tax Act 2. IRAS Circulars 3. Charities Act 4. MOH Circulars 5. Code of Governance (II) (III) Charity UEN Number: T01CC1516L Registration of Charity The Charity was registered under the Charities Act, Chapter 37 on 10 August 2001 (IV) Registered Address of the Charity: 1E Kent Ridge Road, NUHS Tower Block, Level 13, Singapore (V) Name of Charity Trustee National University Hospital (Singapore) Pte Ltd (NUH) Date of Appointment: 10 August 2001 (VI) Governing Board Members/Management Committee Members of the Board of Trustees as of 31 March 2015 are as follows: No Name and Occupation Designation Prof Tan Chorh Chuan President, National University of Singapore Mr Kwek Leng Joo Deputy Chairman, City Developments Limited Mr Foong Daw Ching Partner, Baker Tilly TFW LLP Mr Toh Hock Ghim Chairman, Equation Corp Ltd Mr Latiff Bin Ibrahim Partner, Ramdas & Wong Mr James Khoo Chee Min Consultant, Neurosurgical Surgery Pte Ltd Mr Sim Heng Joo Joe CEO, NUH A/ Prof Aymeric Lim Chairman of Medical Board, NUH Date of Appointment Chairman 01 Jul 2014 Ex-officio 01 Jul 2014 Ex-officio 01 Jul 2014 Management/Officers: Ms Geraldine Goh Ai Ling Mr Ang Kwok Ann Director, NUHS Development Office Company Secretary Bankers: Development Bank of Singapore Oversea-Chinese Banking Corporation United Overseas Bank Ltd Auditor: Mr Iyer Venkatachalam Venkiteswaran, KPMG LLP 1 of 9

2 (B) Report by the Charity Trustees (I) (a) Objectives of the Fund The objective of the Fund is to encourage and support medical research in Singapore, including (but not limited to): 1. provision and improvement of equipment, facilities and other resources including manpower for research and development; and 2. the publication of research findings, educational journals, reports, magazines and books, etc. (b) Activities of the Fund During the financial year, the Fund has funded several research activities through various channels to meet the objectives of the Fund. Some of which are as follows: Medical research projects: Advanced Clinical and Translational Research in Childhood Leukemia and Cellular Therapy Centre for Reproductive Education & Specialist Training (CREST) MedTech Seed Funding National University Health System Clinician Research Grant National Health Group Research Grant (II) Review of Activities During the Financial Year Activities organized by the Fund, such as the programmes listed in above paragraph (B)(I)(b) have met the objectives of the Fund during the financial year. (III) Review of Financial State of the Charity and Explanation of All Major Financial Transactions Statement of Financial Position As at 31 March 2015 (S$) FY 2014 Cash at Bank 14,727,186 Other receivables 27,762 Comprising: 14,754,948 Restricted funds 14,697,867 Unrestricted Fund 55,537 Accruals & Other Payables 1,544 Total 14,754,948 2 of 9

3 Statement of Comprehensive Income For the year ended 31 March 2015 (S$) Net Incoming/ Outgoing Resources FY 2014 FY 2013 Total incoming resources 1 315, ,265 Total resources expended 2 (1,004,095) (4,769,483) Surplus/ (Deficit) (688,894) (4,426,218) 1 Total incoming resources received in FY2014 has decreased mainly due to Merck Pte Ltd s donation for CREST of $70,000 in FY2013 as compared to nil in FY Total resources expended in FY2014 have decreased substantially due to a lump-sum payment of $3.49m being made to National University of Singapore to provide financial support for the equipment purchase and outfitting of the Centre of Translational Medicine (MD6) Level 9, South in FY2013. (IV) Explanation of the Purposes for which the Charity s Assets are Held and an Indication of the Charity s Future Plans and Commitments Fund balances are held to fulfill the long and short-term objectives of the Fund to support medical research projects; including purchase of necessary medical related equipment and supplies, construction and renovation of facilities and recruitment of research fellows, volunteers, participants and assistants. The Fund also supports researchers to attend relevant research conferences as well as preparation and presentation of papers on research findings. (V) Policies (a) Conflict of Interests Policy Board members and staff should act in the best interest of the Fund. The Fund requires Board members and staff to declare any conflict of interest in the course of carrying out their fiduciary duties towards the Fund. This declaration of conflict of interest is made to the Board notifying if a Board member/staff is an officer or member of the corporations or firms and should be regarded as being interested in any transaction hereinafter made with such corporations or firms with the Fund, and to ensure that all the matters below are observed: - Any interests in business transactions or contract that the Fund may enter into. - Any interest in other organizations that the Fund may have dealings with or is considering entering into joint ventures with. - Any interests as the Fund s suppliers, service users, beneficiaries or staff. (b) Reserves Policy The reserves that has set aside serve to provide financial stability to the organisation and offer the means to support the development of our principal activities. The Fund intends to maintain its reserves in fixed deposits with established banks for the next 12 months. 3 of 9

4 The Board reviews the amount of reserves that are required to ensure that they are adequate to fulfill our continuing obligations annually. Our reserves position is as follows: Current Year ($) Previous Year ($) % Increase / (Decrease) Unrestricted Funds (Reserves) 55,537 55,288 0% Restricted Funds: - VIVA Children Cancer Fund 2,908,767 3,192,130-9% - Other Medical Research Funds 6,431,388 6,837,168-6% Endowment Funds # 5,357,712 5,357,712 0% Total Funds 14,753,404 15,442,298-4% Ratio of Reserves to Annual Operating Expenditure # includes $3m from VIVA Children Cancer Fund (VI) Funding Sources During the financial year, received donations and generous support from organizations and individuals. Another source of income is from course fees generated from courses organized by NUH Centre for Reproductive Education & Specialist Training (CREST). The Fund is supported and managed by a team of officers and staff from NUHS Pte Ltd and the operating expenses are funded by NUHS Pte Ltd. (C) Refined Code of Governance Governance Evaluation checklist for the year ended 31 March Refined Code of Governance based on Enhanced Tier which is applicable to IPCs with gross annual receipts of $200,000 and up to $10 million S/N Code Description Code ID Board Governance A Are there Board members holding staff appointments? (skip items 1 and 2 if No ) 1 If the governing instrument permits staff to become Board members, they should comprise not more than one-third of the Board. 2 Staff does not chair the Board Compliance No Explanation (if the Code guideline is not complied to or not applicable) 4 of 9

5 S/N Code Description 3 There is a maximum limit of four consecutive years for the Treasurer position (or equivalent, e.g. Finance Committee Chairman). 4 The Board has an committee (or designated Board members) with documented terms of reference. 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). Code ID Compliance Not Complied Not Explanation (if the Code guideline is not complied to or not applicable) The Fund does not have a Treasurer. However, the Fund is overseen by a team of finance professionals employed under the National University Health System Pte. Ltd. ( NUHS ) and reports to the Board. There will be an annual meeting for the Fund. Others are held on a need basis. Conflict of Interest 6 There are documented procedures for Board members and staff to declare actual or potential conflicts of interest to the Board. 7 Board members do not vote or participate in decision-making on matters where they have a conflict of interest. 2.1 Complied 2.4 Complied Strategic Planning 8 The Board reviews and approves the vision and mission of the charity. They are documented and communicated to its members and the public. 9 The Board approves and reviews a strategic plan for the charity to ensure that the activities are in line with its objectives Complied The vision and mission is articulated through the objectives of the Fund. The Board reviews and approves the objectives of the Fund which are documented and communicated to its members and the public Complied 5 of 9

6 S/N Code Description Human Resource Management 10 The Board approves documented human resource policies for staff. 11 There are systems for regular supervision, appraisal and professional development of staff. Financial Management and Controls 12 The Board ensures internal control systems for financial matters are on place with documented procedures. 13 The Board ensures reviews on the charity's controls, processes, key programmes and events. 14 The Board approves an annual budget for the charity's plans and regularly monitors its expenditure. 15 The charity discloses its reserves policy in the annual report. B Does the charity invest its reserves? (skip item 16 if No ) 16 The charity invests its reserves in accordance with an investment policy approved by the Board. It obtains advice from qualified professional advisors, if deemed necessary by the Board. Fundraising Practices 17 Donations collected are properly recorded and promptly deposited by the charity. Disclosure and Transparency 18 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. Code ID Compliance 5.1 Not 5.6 Not Complied Complied Not Complied No Complied 8.1 Complied Explanation (if the Code guideline is not complied to or not applicable) The Fund does not employ any staff. The Fund does not employ any staff. Operation of the Fund is delegated to the approved officers of NUH and/or NUHS. The Fund is supported and managed by a team of delegated officers from NUHS who will oversee the charity s plans. The budget requirement for this team of officers is reviewed and approved by the NUHS Board, with periodic review to assess its reasonableness and adequacy. 6 of 9

7 S/N Code Description C Are the Board members remunerated for their Board services? (skip items 19 and 20 if No ) 19 No Board member is involved in setting his or her own remuneration. 20 The charity discloses the exact remuneration and benefits received by each Board member in the annual report. D Does the charity employ paid staff? (skip items 21 and 22 if No ) 21 No staff is involved in settling his or her own remuneration. Code ID Compliance No No Explanation (if the Code guideline is not complied to or not applicable) 22 The charity discloses in its annual report the annual remuneration of its three highest paid staff who each receives remuneration exceeding $100,000, in bands of $100,000. If none of its top three highest paid staff receives more than $100,000 in annual remuneration each, the charity discloses this fact. 8.3 Public Image 23 The charity accurately portrays its image to its members, donors and the public. 9.1 Complied (D) Audited Statement of Accounts 1. Statement of Financial Position as at 31 March 2015 (Annex 1) 2. Statement of Comprehensive Income as at 31 March 2015 (Annex 2) 7 of 9

8 Statement of financial position As at 31 March 2015 Annex $ $ Current assets Other receivables 27,762 84,394 Cash and cash equivalents 14,727,186 15,362,992 14,754,948 15,447,386 Current liabilities Other payables 42 3,588 Accrued expenses 1,502 1,500 1,544 5,088 Net assets 14,753,404 15,442,298 Represented by: Funds Restricted funds Viva Children Cancer Fund 5,908,767 6,192,130 Other Medical Research Funds 8,789,100 9,194,880 14,697,867 15,387,010 Unrestricted fund General fund 55,537 55,288 14,753,404 15,442,298 8 of 9

9 Annex 2 Statement of comprehensive income Year ended 31 March 2015 < > < > Unrestricted fund Restricted funds Total funds Unrestricted fund Restricted funds Total funds $ $ $ $ $ $ Incoming resources: Incoming resources from generated funds: Voluntary income - Donations in cash 2,085 2,085 2,190 70,000 72,190 Investment income - Interest ,530 51, ,649 32,724 Other income resources 261, , , ,351 Total incoming resources 2, , ,201 2, , ,265 Resources expended: Charitable activities expenses (80) (1,001,995) (1,002,075) (41) (4,767,331) (4,767,372) Other operating and administrative expenses: Governance costs (1,898) (122) (2,020) (2,061) (50) (2,111) Total resources expended (1,978) (1,002,117) (1,004,095) (2,102) (4,767,381) (4,769,483) Net outgoing resources and total comprehensive income for the year 249 (689,143) (688,894) 163 (4,426,381) (4,426,218) Total funds brought forward 55,288 15,387,010 15,442,298 55,125 19,813,391 19,868,516 Total funds carried forward 55,537 14,697,867 14,753,404 55,288 15,387,010 15,442,298 9 of 9