(A) Particulars of the Charity (I) Descriptions of Constitution Setting Up the Charity The objects of the Company is to promote all medical and health-related services that are exclusively charitable and for the benefit of the Singapore community. 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. The Companies Act 4. Charities Act 5. MOH Circulars 6. Code of Governance (II) (III) Charity UEN Number: 201203593Z Registration of Charity The Charity was registered under the Charities Act, Chapter 37 on 14 May 2012 (IV) Registered Address of the Charity: 1E Kent Ridge Road, NUHS Tower Block, Level 13, Singapore 119228 (V) Management Committee Members of the Board of Directors as of 31 March 2014 are as follows: No. Names Designation Date of Appointment 1 Prof Tan Chorh Chuan Chairman 14 February 2012 2 Prof John Wong Eu-Li Director 01 January 2014 3 Sim Heng Joo Joe Director 14 February 2012 4 Leaw Kah Eng Director 14 February 2012 5 Toh Hock Ghim Director 14 February 2012 6 Latiff Bin Ibrahim Director 14 February 2012 7 Lim Aymeric Yutang Director 14 February 2012 8 Lee Mui Pheng Margaret Director 14 February 2012 9 Foong Daw Ching Director 14 February 2012 10 Kwek Leng Joo Director 14 February 2012 11 Lim Hock San Director 15 November 2013 (VI) Banker: Auditor: DBS Bank Ltd. Mr Quek Shu Ping, KPMG LLP 1 of 12
(B) Report by the Board of Directors (I) (a) Objectives of the Fund The objects of the Company for which the company is established are to promote all medical and health-related services that are exclusively charitable and for the benefit of the Singapore community. More specifically, the Company shall provide, organize and/or fund the following: 1) help realize the full potential of Singapore s Biomedical Sciences initiative by bringing more basic science discoveries into useful application in human health and disease; 2) provide high quality clinical care in Singapore; 3) conduct medical research and development as well as the promotion, development and provision of health related education and training programmes to deliver better patient care; 4) design and run programmes for the furtherance of continued medical, nursing, paramedical and related education and training programmes to deliver better patient care; 5) publication of research findings, educational journals, reports, magazines, books etc.; 6) provision and improvement of equipment, facilities and other resources including manpower for research and development; 7) holding of conferences and seminars, exhibitions etc to support the advancement of medical knowledge and healthcare to improve patient care in the community; 8) provision of funded care to patients determined to be in need of financial assistance; 9) provision of step down care for needy patients after hospitalisation; 10) provision of transport costs to patients who are unable to seek treatment and care on their own at the hospital because of their condition / limited physical capability; 11) any other projects as approved by the Ministry of Health; and 12) do all such other things as are necessary for, incidental or conducive to the attainment of the above objects including receipt of contributions and donations which may consist of cash and other donations provided that nothing shall be done for commercial reasons or solely for profit and the funds of the Company shall be used for no other purpose. (b) Activities of the Fund During the financial year, the Fund had funded a number of activities through various channels to meet the objectives of the Fund. Some of which are as follows: 1. Financial assistance to needy patients, including medical treatment, medication and interim stepdown care under various sub-programmes, such as: The Heart Fund Step-down Care Programme National University Cancer Institute, Singapore Patient Fund General Needy Patients Fund National University Heart Centre, Singapore Patient Fund 2 of 12
2. Clinical and medical training and conferences: Association for Nursing Professional Development Annual Convention 2013 Polycystic Ovarian Syndrome in Singapore: Norms for hyperandrogenemia and metabolic syndrome 24 th Annual Meeting of the International BFM Study Group Advanced Course in Cytoreductive Surgery for Ovarian Cancer & Peritoneal Surface Malignancies European Cancer Congress 2013 (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 Fund and Explanation of All Major Financial Transactions Statement of Financial Position As at 31 March 2014 (S$) FY 2013 Cash at Bank 30,677,070 Accrued Expenses 2,700 Net assets 30,674,370 Comprising of: Restricted funds 21,596,876 Unrestricted funds 9,077,494 Total 30,674,370 Total net assets of $30.7m are represented by $21.6 or 70% restricted funds and $9.1m or 30% unrestricted funds. Of the $21.6m restricted funds, $13.3m or 62% is for needy patients programmes. Statement of Comprehensive Income For the year ended 31 March 2014 (S$) Net Incoming/ Outgoing Resources FY 2013 FY 2012 Total incoming resources 1 1,624,510 9,219,595 Total resources expended 2 (1,563,935) (890,708) Surplus/ (Deficit) 60,575 8,328,887 1 Total incoming resources received in FY 2013 has decreased mainly due to National University Health System Pte Ltd s donation of $800 in FY 2013 as compared to $8m in FY2012. 2 During FY 2013, S$1,563,935 was spent on: Year-on-year increase 1. Needy Patients S$ 1,283,084 S$ 513,594 (67%) 2. Patientcare & Medical Education S$ 280,851 S$ 159,633 (132%) 3 of 12
(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 as follows: 1. Financial Assistance to Needy Patients There is high demand to provide financial assistance to financially needy patients. This is especially so as National University Hospital is a tertiary healthcare hospital which provides and specializes in chronic illnesses. Examples of some on-going projects: (a) Provide financial assistance to needy patients for interim step-down care while awaiting placement in voluntary welfare organization (VWO) nursing homes. (b) Provide financial support to needy patients to enable them to attend short term outpatient rehabilitation programmes in the community. 2. Medical Training, Research and Education It is necessary to send doctors, nurses and paramedics to courses to keep abreast of the latest medical knowledge as well as improve their clinical and surgery skills. Example of some on-going projects: The Fund supports the JBI-Evidence-Based Clinical Fellowship Program which aims at enabling participants to explore strategies to promote evidence utilization and to collaboratively develop understandings related to clinical leadership and change management in healthcare. The program focuses on advanced education and training in practical approaches to identifying and using clinical evidence in healthcare, designed for motivated, clinically-focused practitioners. (V) Reserves Policy Our reserves position is as follows: Current Year ($) Previous Year ($) % Increase / (Decrease) Unrestricted Funds (Reserves) 9,077,494 9,141,022-1% Restricted / Designated Funds: - Needy Patients Programmes 13,288,633 11,792,416 13% - Medical Education Programmes 5,390,200 5,200,152 4% - Medical Research Programmes 1,066,552 1,077,763-1% - Patients Care Programmes 1,851,491 3,402,442-46% Total Funds 30,674,370 30,613,795 0% Ratio of Reserves to Annual Operating Expenditure 5.80 10.26 43% The reserves that NUHS Fund Limited has set aside serve to provide financial stability to the organisation and offer the means to support the development of our principal activities. (VI) Funding Sources During the financial year, NUHS Fund Limited received donations and generous support from organizations and individuals. There are also a number of fund raising activities during the year where part or all of the proceeds went to the Fund. Some examples of fund raising activities include The Giving Tree Gala Dinner, Charity Walkaton, Sale of bottled candies, 21 Days Charity Challenge and Sweet Charity. 4 of 12
(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 Compliance Board Governance 1 Are there Board members holding staff appointments? (skip items 2 and 3 if No ) No Explanation (if the Code guideline is not complied to or not applicable) 2 If the governing instrument permits staff to become Board members, they should comprise not more than one-third of the Board. 1.1.2 3 Staff does not chair the Board 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. 1.1.2 1.1.6 Not Applicable 1.2.1 Complied The Fund does not have a Treasurer. However, the Fund is oversee by a team of financial professionals employed under NUHS and reports to the Board. 5 of 12
S/N Code Description Code ID Compliance 6 The Board meets 1.3.1 Complied regularly with a quorum of at least one-third or at least three members, whichever is greater (or as required by the governing instrument). Explanation (if the Code guideline is not complied to or not applicable) 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 Board members do not vote or participate in decision-making on matters where they have a conflict of interest. Strategic Planning 9 The Board reviews and approves the vision and mission of the charity. They are documented and communicated to its members and the public. 10 The Board approves and reviews a strategic plan for the charity to ensure that the activities are in line with its objectives. 2.1 Complied 2.4 Complied 3.1.1 Not Applicable 3.2.2 Complied The Fund does not have a formal vision and mission statement, but does communicate the purpose of the Fund to the public. 6 of 12
S/N Code Description Code ID Compliance Human Resource Management 11 The Board approves 5.1 Not documented human Applicable resource policies for staff 12 There are systems for regular supervision, appraisal and professional development of staff. Financial Management and Controls 13 The Board ensures internal control systems for financial matters are on place with documented procedures. 5.6 Not Applicable 6.1.2 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 the corporate office at NUHS. 14 The Board ensures reviews on the charity's controls, processes, key programmes and events. 15 The Board approves an annual budget for the charity's plans and regularly monitors its expenditure. 16 The charity discloses its reserves policy in the annual report. 17 Does the charity invest its reserves? (skip item 18 if No ) 6.1.3 Complied 6.2.1 Complied 6.4.1 Complied No 7 of 12
S/N Code Description Code ID Compliance 18 The charity invests its 6.4.3 reserves in accordance with an investment policy approved by the Board. It obtains advice from qualified professional advisors, if deemed necessary by the Board. Explanation (if the Code guideline is not complied to or not applicable) Fundraising Practices 19 Donations collected are properly recorded and promptly deposited by the charity. Disclosure and Transparency 20 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. 7.2.2 Complied 8.1 Complied 21 Are Board members remunerated for their Board services? (skip items 22 and 23 if No ) 22 No Board member is involved in setting his or her own remuneration. 2.2 No 8 of 12
S/N Code Description Code ID Compliance 23 The charity discloses 8.2 the exact remuneration and benefits received by each Board member in the annual report. Explanation (if the Code guideline is not complied to or not applicable) 24 Does the charity employ paid staff? (skip items 25 and 26 if No ) 25 No staff is involved in settling his or her own remuneration. 26 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. Public Image 27 The charity accurately portrays its image to its members, donors and the public. No 2.2 8.3 9.1 Complied 9 of 12
(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) 10 of 12
Statement of financial position As at 31 March 2014 Annex 1 Note 2014 2013 $ $ Current assets Other receivables 4 8,000,000 Cash and cash equivalents 5 30,677,070 22,616,095 30,677,070 30,616,095 Current liability Accrued expenses 2,700 2,300 Net assets 30,674,370 30,613,795 Represented by: Reserve and funds Restricted funds Needy Patients Programmes 6(a) 13,288,633 11,792,416 Medical Education Programmes 6(b) 5,390,200 5,200,152 Medical Research Programmes 6(c) 1,066,552 1,077,763 Patient Care Programmes 6(d) 1,851,491 3,402,442 21,596,876 21,472,773 Unrestricted fund General fund 9,077,494 9,141,022 30,674,370 30,613,795 11 of 12
Statement of comprehensive income Annex 2 Year ended 31 March 2014 Period from 14 February 2012 (date of incorporation) to Year ended 31 March 2014 31 March 2013 Note Unrestricted Fund Restricted funds Total funds Unrestricted fund Restricted funds Total funds $ $ $ $ $ $ Incoming resources: 7 Incoming resources from generated funds: - Voluntary income - Donations in cash 5,720 1,618,790 1,624,510 8,005,711 1,213,884 9,219,595 Total incoming resources 5,720 1,618,790 1,624,510 8,005,711 1,213,884 9,219,595 Resources expended: Costs of generating funds: - Fund-raising expenses (5,969) (5,969) - Charitable activities expenses (61,752) (1,494,638) (1,556,390) (935) (876,673) (877,608) Other operating and administrative expenses: - Governance costs (7,496) (49) (7,545) (7,131) (7,131) Total resources expended (69,248) (1,494,687) (1,563,935) (8,066) (882,642) (890,708) Net incoming resources and total comprehensive income for the year/period (63,528) 124,103 60,575 7,997,645 331,242 8,328,887 Total funds brought forward 9,141,022 21,472,773 30,613,795 1,143,377 21,141,531 22,284,908 Withdrawal of funds by donors Total funds carried forward 9,077,494 21,596,876 30,674,370 9,141,022 21,472,773 30,613,795 12 of 12