(A) Particulars of the Charity (I) Descriptions of Constitution Setting Up the Charity Rules for the Operating of NUH Health Research Endowment Fund 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 119228 (V) Name of Charity Trustee National University Hospital (Singapore) Pte Ltd Date of Appointment: 10 August 2001 (VI) Management Committee Members of the Board of Trustee as at 31 March 2014 are as follows: No. Names Designation Date of Appointment 1 Prof Tan Chorh Chuan Chairman 1 Oct 2012 2 Mr Kwek Leng Joo Member 1 Jul 2011 3 Mr Foong Daw Ching Member 1 Jul 2011 4 Mr Toh Hock Ghim Member 1 Jul 2011 5 Mr Latiff Ibrahim Member 1 Jul 2011 6 Ms Leaw Kah Eng Member 1 Jul 2011 7 A/ Prof Aymeric Lim Ex-officio 1 Dec 2008 8 Ms Margaret Lee Ex-officio 1 Jul 2011 9 Mr Ang Kwok Ann Secretary 29 Aug 2007 (VII) Bankers: Auditor: 1. Development Bank of Singapore 2. United Overseas Bank Ltd Mr Iyer Venkatachalam Venkiteswaran, KPMG LLP 1 of 8
(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: Centre for Reproductive Education & Specialist Training (CREST) National University Health System Clinician Research Grant National Health Group Research Grant MedTech Seed Funding Outfitting of the Centre for Translational Medicine (MD6) Level 9, South (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 2014 (S$) FY 2013 Cash at Bank 15,362,992 Other receivables 84,394 15,447,386 Comprising of: Restricted funds 15,387,010 Unrestricted Fund 55,288 Accrued expenses 1,500 Other Payables 3,588 Total 15,447,386 2 of 8
Statement of Comprehensive Income For the year ended 31 March 2014 (S$) Net Incoming/ Outgoing Resources FY 2013 FY 2012 Total incoming resources 1 343,265 420,296 Total resources expended 2 (4,769,483) (1,669,939) Surplus/ (Deficit) (4,426,218) (1,249,643) 1 Total incoming resources received in FY 2013 has decreased mainly due to Merck Pte Ltd s donation for CREST of $70K in FY 2013 as compared to $200K in FY 2012. 2 Total resources expended in FY 2013 have increased substantially due to a lump-sum payment of $3.283m being made to National University of Singapore to provide financial support on the outfitting of the Centre of Translational Medicine of (MD6) Level 9, South. (IV) Explanation of the Purposes for which the Charity s Assets are Held and an Indication of the Charity s Future Plans and Commitments Fund balances are held to fulfill the long and short-term objectives of the Fund to support medical research projects; including purchase of necessary medical related equipment and supplies, construction and renovation of facilities and recruitment of research fellows, volunteers, participants and assistants. The Fund also supports researchers to attend relevant research conferences as well as preparation and presentation of papers on research findings. (V) Reserves Policy Our reserves position is as follows: Current Year ($) Previous Year ($) % Increase / (Decrease) Unrestricted Funds (Reserves) 55,288 55,125-0.3% Restricted Funds: - VIVA Children Cancer Fund 3,192,130 3,187,942 0.1% - Other Medical Research Funds 6,837,168 11,234,896-39.1% Endowment Funds 5,357,712 5,390,553-0.6% Total Funds 15,442,298 19,868,516-22.3% Ratio of Reserves to Annual Operating Expenditure 0.01 0.03-64.9% The reserves that NUH Health Research Endowment Fund has set aside serve to provide financial stability to the organisation and the means for the development of our principal activities. We intend to maintain our reserves in fixed deposits with an established bank for the next 12 months. The Board reviews the amount of reserves that are required to ensure that they are adequate to fulfill our continuing obligations annually. (VI) Funding Sources During the financial year, NUH Health Research Endowment Fund received donations and generous support from organizations and individuals. Another source of income is from course fees from courses organized by NUH Centre for Reproductive Education & Specialist Training (CREST). 3 of 8
(C) Refined Code of Governance Governance Evaluation checklist for the year ended 31 March 2014. 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 1 Are there Board members holding staff appointments? (skip items 2 and 3 if No ) 2 If the governing instrument 1.1.2 permits staff to become Board members, they should comprise not more than one-third of the Board. 3 Staff does not chair the Board 1.1.2 4 There is a maximum limit of four consecutive years for the Treasurer position (or equivalent, e.g. Finance Committee Chairman). 5 The Board has an audit committee (or designated Board members) with documented terms of reference. 6 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). Conflict of Interest 7 There are documented procedures for Board members and staff to declare actual or potential conflicts of interest to the Board. 8 No Board member or staff is involved in setting his or her own remuneration. Compliance No 1.1.6 Not Applicable 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 financial professionals employed under NUHS and reports to the Board. 1.2.1 Not Complied The Fund does not have an audit committee. However, the Fund has a team of financial professionals that reports to the Board and also appoints KPMG, the external auditors, to advise on a need basis. 1.3.1 Not Applicable 2.1 Complied 2.2 Complied There is an annual meeting for the Fund. Others are held on a need basis. 4 of 8
S/N Code Description 9 Board members do not vote or participate in decisionmaking on matters where they have a conflict of interest. Strategic Planning 10 The Board reviews and approves the vision and mission of the charity. They are documented and communicated to its members and the public. Human Resource Management 11 The Board approves documented human resource policies for 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. Code ID Compliance 2.4 Complied 3.1.1 Not Applicable 5.1 Not Applicable 6.1.2 Complied 6.1.3 Complied 6.2.1 Complied 6.4.1 Complied Explanation (if the Code guideline is not complied to or not applicable) The Fund does not have a formal vision and mission statement, but does communicate the purpose of the Fund to the public. The Fund does not employ any staff. 16 Does the charity invest its reserves? (skip item 17 if No ) 17 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. 6.4.3 No 5 of 8
S/N Code Description Fundraising Practices 18 Donations collected are properly recorded and promptly deposited by the charity. Disclosure and Transparency 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. Public Image 20 The charity accurately portrays its image to its members, donors and the public. Code ID Compliance 7.2.2 Complied 8.1 Complied 9.1 Complied Explanation (if the Code guideline is not complied to or not applicable) (D) Audited Statement of Accounts 1. Statement of Financial Position as at 31 March 2014 (Annex 1) 2. Statement of Comprehensive Income as at 31 March 2014 (Annex 2) 6 of 8
Statement of financial position As at 31 March 2014 Annex 1 Note 2014 2013 $ $ Current assets Other receivables 4 84,394 10,969 Cash and cash equivalents 5 15,362,992 19,859,047 15,447,386 19,870,016 Current liabilities Other payables 3,588 Accrued expenses 1,500 1,500 Financial liabilities at amortised cost 5,088 1,500 Net assets 15,442,298 19,868,516 Represented by: Reserves and funds Restricted funds Viva Children Cancer Fund 6(a) 6,192,130 6,187,942 Other Medical Research Funds 6(b) 9,194,880 13,625,449 15,387,010 19,813,391 Unrestricted fund General fund 55,288 55,125 15,442,298 19,868,516 7 of 8
Statement of comprehensive income Year ended 31 March 2014 Annex 2 2014 2013 Note Unrestricted fund Restricted funds Total funds Unrestricted fund Restricted funds Total funds $ $ $ $ $ $ Incoming resources: Incoming resources from generated funds: Voluntary income - Donations in cash 7 2,190 70,000 72,190 1,100 210,100 211,200 Investment income - interest 75 32,649 32,724 50 32,210 32,260 Other income resources 238,351 238,351 176,836 176,836 Total incoming resources 2,265 341,000 343,265 1,150 419,146 420,296 Resources expended: Charitable activities expenses (41) (4,767,331) (4,767,372) (93) (1,667,974) (1,668,067) Other operating and administrative expenses: Governance costs (2,061) (50) (2,111) (1,818) (54) (1,872) Total resources expended (2,102) (4,767,381) (4,769,483) (1,911) (1,668,028) (1,669,939) Net outgoing resources and total comprehensive income for the year 163 (4,426,381) (4,426,218) (761) (1,248,882) (1,249,643) Total funds brought forward 55,125 19,813,391 19,868,516 55,886 21,062,273 21,118,159 Total funds carried forward 55,288 15,387,010 15,442,298 55,125 19,813,391 19,868,516 A separate statement of changes in fund has not been prepared as the total comprehensive income for the year would be the only component of change in this statement. 8 of 8