Page 1

ANNUAL REPORT 2015


INSIDE FRONT COVER: BLANK


ANNUAL REPORT 2015


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

The Association of Muslim Professionals (AMP) was established on 10 October 1991, as an important resolution of the First National Convention of Singapore Muslim Professionals which was held on 6 and 7 October 1990. The Convention was attended by 500 Malay/Muslim professionals who met to brainstorm new directions for the community. AMP was formed with core programmes in education, human resource development, social development and research. AMP is a registered charitable organisation and is accorded the status of an Institution of a Public Character. AMP is guided by its core principles of being independent, non-partisan and working in critical collaboration with all parties that share its mission to bring about a Dynamic Muslim Community in the 21st century. AMP will partner with any player who identifies with and supports AMP’s mission in society and will support government policies which serve to advance the community and the interest of the people at large.

AS P I RAT I O N F O R T H E C O M M U N I T Y A dynamic Muslim community

VISION A model organisation in community leadership

MISSION To be a thought leader, problem solver and mobiliser for the advancement of the community

CORE VALUES CONVICTION We are committed to serve the community with passion. We take pride in our role in society. INTEGRITY We place community interest before self and maintain high moral values and discipline. PROFESSIONALISM We aim for excellence in our work and add value to what we do. CREATIVITY We champion creativity and dare to explore new ideas to overcome challenges. TEAM-ORIENTED We work as a team, believe in shared responsibility and value partnerships with others.


CONTENTS

01 Message from Chairman

03 Message from Executive Director

05 AMP in Numbers

07 Our Clients 07 Kamisah Atan 08 Abdullah 09 Liyena Putri Yusoff 10 Sjuffriani Abdul Khalid 11 Nurul Atiqah Abdullah


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

MESSAGE FROM CHAIRMAN This year marks my final year in AMP. After more than 13 years of serving on the AMP Board, first as Additional Director (2002-2007), then as Elected Director (2008-2015) including four years as Chairman (2011-2015), I am retiring. This is, of course, in line with our Constitution, which requires chairmen to step down after serving eight years as Elected Director on the Board to make way for leadership renewal. My stint at the AMP Board has been an invaluable experience. Prior to joining AMP, I had very much been a corporate person, with nearly 20 years in the corporate world. Starting my professional career in 1986, I learned the straight-forward ‘no-nonsense’ approach to solving things. The calling to contribute back to the community finally made me join the AMP Board in mid-2003, and it gave me valuable insights into the community that I would not have had, had I stayed cocooned in the corporate world. The last eight years have opened up my heart and

my mind, having been given the opportunity to interact with various members of the community. The last eight years have taught me humility and shaped me into the person that I am today. It has also made me realise how fortunate I am. For this, I feel blessed. I have seen AMP transform itself over the last 13 years. This is a result of clear and sound strategic direction from the Board, the dedicated staff of AMP, the tremendous support that AMP has received over the years from the community, its donors, and its partners, including the government. The AMP today is worth more than $10 million, and we see this as an indication from the community that they believe in our cause, and they support us. Of course, the journey had not been without bumps. A funding cut from the government matching grant in 2014 made us review our strategic goals. At AMP, every cent counts. A reduction in funding would have a direct impact on our beneficiaries. Undeterred and committed to serving the community the

best we possibly could, our team rolled their sleeves up and worked even harder. Eventually we overcame this setback by stepping up our efforts in fund raising and becoming more efficient in our work, thereby resulting in a more-than-expected surplus. AMP has also seen itself pioneering several initiatives in the community under my tenure as chairman; first with the Muslim Expatriates Network (MEX), then with the Debt Advisory Centre (DAC), the AMP Committee on Education (ACE), and more recently, with Common Space. Common Space is a co-working space that is open to budding technopreneurs to encourage and support them in their journey towards developing a sustainable start-up in the field of technology. We have found that a key driving force in the market right now is technology and we felt that this was something that was not quite well-embraced by the community. This is our effort to encourage the community to ride this wave of change. Being the Chairman of an


02

organisation like AMP is a big task. It is a task that is heavy with responsibilities. AMP prides itself as an organisation that is independent, and one that provides thought leadership for the community. This is what the community expects of AMP. However, it is a delicate balancing act. Offering leadership to the community while managing the perception of some that AMP may be ‘aloof’ or ‘elitist’ can be tricky. These comments are certainly not new to us. AMP remains committed to providing thought leadership to the community in matters that are of concern to us. But we also understand the sensitivities of certain matters and a public way of approaching these issues may do more harm than good to the community. What the AMP Board and I had focused on over the past few years are closed-door and also casual engagements. These were done with other organisations, our partners, community activists, and also the government. I can say with conviction that these

engagements have borne fruit, given the positive relationship AMP now has with these groups. AMP will certainly continue to cultivate these relationships for the benefit of the community. As Chairman, I had the responsibility to ensure AMP stays focused on our mission and vision. This also meant constant reminders to myself and my board colleagues to place AMP’s interests over our own, and this can be tough sometimes. With a diverse Board composition, it is a real challenge to provide space to each member to express their views and opinions, yet reaching a convergence where we can call it an ‘AMP resolution’. There were instances when we had to take extreme measures and decisions, but we’ve never failed to do so. This is truly collective leadership in motion. I am glad that we always managed to remain steadfast to our mission and stay on course to reach a goal which we had set for ourselves. Board diversity with a broad spectrum and significant representation from various

domains and expertise is one of the hallmarks of AMP. This resonates very much with my belief too. Affirmative action taken in ensuring female participation in the Board has also been my focus. I am happy that the Board has exercised this prudently and hope that this will continue after my term. I am confident that the future of AMP remains bright. It is my hope that it will continue to be a trailblazer, and to fill the gaps in the community, with the aim of ultimately uplifting the community. I have faith that the new leaders of AMP will steer AMP in the right direction, towards a better future for AMP and the community. Lastly, I would like to thank all who have supported me through my tenure in AMP.

Azmoon Ahmad Chairman AMP Group


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

MESSAGE FROM EXECUTIVE DIRECTOR With our beginnings as an establishment of a movement of Malay/Muslim professionals in 1991, AMP, now with two wholly-owned subsidiaries, has indeed come a long way. And we are happy to be celebrating yet another milestone in 2016 – our Silver Jubilee, marking our 25 years with the community. Through these years, AMP has implemented a forwardlooking approach to serving the needs of our community. It is imperative for us, as an organisation, to focus on continually improving our programmes and services to ensure sustainability, as well as to remain impactful and relevant. One of the ways AMP does this is by assessing the impact of our programmes on our beneficiaries. This year, we partnered a scorecard developer to employ their smart analytics programme in charting the goals and plans of our clients from the Adopt a Family & Youth Scheme (AFYS) and the Debt Advisory Centre (DAC) on their journey to achieve financial independence.

With this tool, our case officers are able to automate the production of detailed analyses and reports on the development of our clients, and, ultimately, increasing our productivity. This will enable our case officers to focus more on their services to the clients and extend their assistance to more individuals in need. The programme also provides an easy platform for our clients to access e-learning modules regardless of time and location, as well as to follow up on enrichment workshops or courses that have been charted out for them. This is especially useful for the clients, who are unable to physically attend workshops conducted by AFYS or DAC. This impact assessment exercise is one of AMP’s many initiatives that are aligned to the nation’s Smart Nation vision of improving the lives of Singaporeans through technology. Our youth wing, Young AMP, is fronting our efforts to promote the advancement of technology

amongst the Malay/Muslim community. This year, Young AMP collaborated with the Agency for Science, Technology & Research (A*STAR) and the Singapore Malay Chamber of Commerce & Industry (SMCCI) to organise three outreach sessions, which were attended by 61 individuals, some of whom were from small-andmedium enterprises (SMEs). The sessions proved to be useful for those intending to improve their business productivity through the discussion topics and technological exhibits. Apart from these outreach sessions, Young AMP also led an initiative to provide a shared community workspace, Common Space, for budding technopreneurs. Since its pilot launch in April 2015, Common Space has achieved about 80% occupancy rate and is often abuzz with many knowledgesharing and communal events and activities. As a non-profit organisation, AMP is supported by voluntary donations, grants, and national


04

funding, which has allowed us to run effective programmes and services for those in need. Looking back at AMP’s developments over the years, I am heartened to note that what we have managed to achieve thus far was made possible because of the commitment and generosity of our partners, members, volunteers, donors and staff. We are constantly innovating and adopting new strategies to ensure our programmes and services remain relevant. I am confident that I can count on your unwavering support, which has been key to our successes through these years. I would like to record our appreciation for every one of our stakeholders for working with us in shaping a better future for the community over the last 24 years.

Mohd Anuar Yusop Executive Director AMP


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

AMP IN NUMBERS PROGRAMMES / SERVICES

OUR CLIENTS & BENEFICIARIES

499Workers Training / Skills & Upgrading 1,992 Education Enrichment 896 Youth Development 2,779 Helpline 685 Parenting & Family Education 2,344 Disadvantaged Families’ Assistance 1,134 Counselling 460 Others i.e. seminars, workshops, volunteers training, etc. 0

500

1,000

1,500

2,000

2,500

3,000

NUMBER OF BENEFICIARIES TOTAL NUMBER OF CLIE N TS AN D B EN E F IC IA RIES : 10 , 7 8 9


06

OUR INCOME & EXPENDITURE Donations $2,350,045 Government Matching Grant $950,000 MBMF Grant through CPF $665,601 Other Grants $601,483 Childcare & Preschool Operations $8,145,282 Tuition & Enrichment Programmes $925,786 Student Care Centres $2,768,638 Programme Fees & Other Project Income $780,687 Miscellaneous Income $431,216 IN COME TOTAL = $17, 618,738

Social Services & Community Outreach $1,772,854 Childcare & Preschool Programmes $6,450,204 Tuition & Enrichment Programmes $35,374 Student Care Programmes $3,314,931 Workers Training Programmes $186,584 Research $143,015 Marketing, Sales & Fund Raising $574,877 Financial & Taxation $16,126 General Admin & Overheads $4,646,653 EXPENDI TUR E TOTAL = $17, 140,618


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

OUR CLIENTS KAMISAH ATAN Home Business Owner Graduate of AMP’s Adopt a Family & Youth Scheme (2014) Mdm Kamisah Atan, 52, and her family were faced with medical and financial troubles in 2009 when her husband met with an accident at his workplace, resulting in a loss of stable income for years. Two years prior to this, Mdm Kamisah had undergone a surgery after being diagnosed with having uterus prolapse and was also unable to work. In order to support their seven school-going children then, Mdm Kamisah took on home-based food and baking orders while also receiving social assistance from various agencies. The family enrolled into AMP’s Adopt a Family & Youth Scheme (AFYS) in 2010, through which Mdm Kamisah and her husband underwent skills training. With assistance from AFYS, her husband attended a security supervisory course to enhance his employability upon his recovery, while Mdm Kamisah enrolled into AMP’s Micro Business Programme to further enhance her skills in running her home-based business. Their family’s financial situation started to stabilise in

2013 after Mdm Kamisah’s husband secured a new job and their elder children started contributing to the household income after graduating from school. Today, Mdm Kamisah continues to take on orders through her business and hopes to expand its reach. At the same time, she also does part-time babysitting to supplement their household income. Despite the adversities faced, the family remains positive and is determined to lead a better life in future.

AFYS IN NUMBERS (2015)

$87,000

EXPENDED THROUGH VARIOUS TYPES OF FINANCIAL ASSISTANCE TO AFYS CLIENTS


08

PEOPLE WE HAVE SERVED ABDULLAH* Logistics Officer Client of AMP’s Debt Advisory Centre (2013 to present) When Mr Abdullah, 45, and his wife first sought assistance from AMP’s Debt Advisory Centre (DAC) in July 2013, they were saddled with debts amounting to $25,500 through loans from hire purchases, banks, and licensed moneylenders. The couple had been struggling to keep up with the repayments due to poor financial management. The couple’s debt problem first started when Mr Abdullah had difficulties repaying his credit card bills and had to take on more bank loans to finance his outstanding car loan and household expenses. The couple also had to borrow from their friends and his wife eventually resorted to borrowing from licensed moneylenders in desperation. Mr Abdullah only found out about his wife’s debts with five different licensed moneylenders when she had trouble meeting the exorbitant interest rates and recurring payment deadlines. His wife also lost her job from the repeated harassment by debt collectors at her workplace. The debt collectors would also make

threatening phone calls and send demand letters to the couple’s home, causing them further stress. Upon enrolling into DAC, the couple received advice, guidance and moral support from both the DAC officers and volunteers in resolving their debt issues. The couple learnt to prioritise their family’s needs and in stabilising their financial position before settling their debts. They were also taught how to negotiate with the banks and licensed moneylenders for more manageable repayment plans. Now, the couple has cleared all of their debts with the licensed moneylenders and is slowly, but surely, working on settling their remaining bank loans.

DAC IN NUMBERS (2015)

83% CASES RESOLVED AFTER DAC’S INTERVENTION

195 hours * A pseudonym is used at the client’s request

INVESTED IN PROVIDING MORAL SUPPORT THROUGH DAC’S SUPPORT GROUP SESSIONS


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

PEOPLE WE HAVE SERVED LIYENA PUTRI YUSOFF Undergraduate, BSc. (Honours) in Mathematics, National University of Singapore Recipient of AMP Education Bursary (2013) Liyena Putri Yusoff, 20, witnessed her parents’ struggles in recuperating from a major car accident when she was still a teenager in 2008. Despite the socio-financial assistance received from various agencies, her parents’ long recovery process strained the family’s financial situation as they were not able to work for three years. The second child of five siblings, Liyena learnt to juggle her school work and taking care of her parents as well as her younger siblings. However, her family situation did not take her focus away from her studies as she managed to score well for her GCE ‘O’ Levels and continued on to junior college to pursue her GCE ‘A’ Levels. Her parents approached AMP for assistance in 2011, where, under the Ready for School (RFS) Fund, Liyena and her siblings’ socio-educational needs were taken care of while their parents worked on improving their family’s financial situation. The children received assistance in the form of transport concessions,

payment for madrasah and tuition fees as well as other education enrichment expenses. Liyena also received the AMP Education Bursary in 2013, which was used to defray her educational expenses such as tuition fees and study materials in junior college. With her parents now gainfully employed and her eldest sister looking to secure employment after recently graduating with a Diploma in Commerce (Business Administration), the family’s financial situation is gradually improving. Upon graduation, Liyena hopes to work in the finance or education sector and contribute to her family’s household income.

RFS IN NUMBERS (2015)

$203,500 INVESTED IN EDUCATIONAL ASSISTANCE FOR LESS PRIVILEGED STUDENTS UNDER RFS

1,281

BENEFICIARIES OF AMP’S STUDENT WELFARE PROGRAMMES


PEOPLE WE HAVE SERVED SJUFFRIANI ABDUL KHALID

10

Home Business Owner Graduate of AMP’s Micro Business Programme (2014); Recipient of AMP Capital Grant (2014) Mdm Sjuffriani Abdul Khalid, 48, developed her passion for baking while she was still young as she helped her mother prepare delicacies and cakes during the festive seasons. In 1991, she started baking part-time and took orders from family members and close friends. After 16 years of being employed, she left the workforce to look after her only daughter who had just entered primary school then. Mdm Sjuffriani also took the opportunity to develop her skills in baking by enrolling into various baking classes, as well as going for courses overseas to expand her knowledge and expertise. Prior to joining AMP’s Micro Business Programme, she had already attained numerous skills certification such as in pastry arts, sugarcraft and cake decoration. Hoping to scrutinise her business model and product offering, Mdm Sjuffriani enrolled in the programme in 2014, which further allowed her to understand her business’ unique selling point to increase

her profit margin and manage her business well. Having shown that she was able to sustain her home-based business, Lydia’s Oven, Mdm Sjuffriani also received the AMP Capital Grant in the same year, which she utilised to purchase a bigger kitchen mixer to increase her productivity and meet the growing demand for her products. Since graduating from the Micro Business Programme, Mdm Sjuffriani went on to attain accreditation in training and is now giving back to the community by coaching new participants of the Micro Business Programme and providing order referrals to her trainees. She epitomises a businessperson who constantly looks to improve herself and stay abreast of new developments, while empowering others to achieve their own goals.

MICRO BUSINESS PROGRAMME IN NUMBERS (2015)

$28,000 INVESTED IN EMPOWERING ASPIRING BUSINESS OWNERS IN THE MICRO BUSINESS PROGRAMME

2,230 hours EXPENDED IN TRAINING UNDER THE MICRO BUSINESS PROGRAMME


PEOPLE WE HAVE SERVED NURUL ATIQAH ABDULLAH ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

Bank Executive Participant of AMP’s Youth Enrichment Programme (2010); Mentor of Youth Enrichment Programme (2012 to present) When Nurul Atiqah Abdullah, 22, enrolled in AMP’s Youth Enrichment Programme (YEP) in 2010, she had expected to only receive academic tutoring in her studies. However, she found herself benefiting from a host of personal development activities organised under YEP on top of the weekly Saturday academic enrichment classes. Through her one year involvement as a participant, Nurul developed a bond with her peers in the programme through activities like site visits, charity work and skills enrichment. With the positive impact of the programme on her, she went on to pursue her a Diploma in Business Process & Systems Engineering at Temasek Polytechnic. A year later, Nurul chanced upon the opportunity to give back to the programme by becoming a mentor on a relief basis. Soon after, she was entrusted with the responsibility of looking after students in both primary and secondary levels. This further developed her passion for teaching Mathematics and making it

enjoyable for the younger youths to learn the subject. Now working as a bank executive, Nurul still finds time to fulfill her mentoring commitments. She finds satisfaction in being able to motivate and have a positive influence in the lives of her mentees.

YEP IN NUMBERS (2015)

248 YOUTHS PREVENTED FROM LEAVING SCHOOL PREMATURELY THROUGH YEP

7,440 hours INVESTED IN POSITIVE YOUTH DEVELOPMENT ACTIVITIES


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


The theme for the AMP Annual Report this year is Shaping Our Shared Future. It reflects AMP’s commitment to building and shaping the future it shares with the community through its programmes and services. AMP shares the community’s vision of a better tomorrow – one that is bright and full of opportunities for all members of the Malay/Muslim community in Singapore.


ASSOCIATION OF MUSLIM PROFESSIONALS AMP @ Pasir Ris, 1 Pasir Ris Drive 4, #05-11, Singapore 519457 T (65) 6416 3966 / F (65) 6583 8028 corporate@amp.org.sg www.amp.org.sg Reg. No.: 199105100D

| AMP Singapore


ANNUAL REPORT 2015


BLANK: INSIDE FRONT COVER


ANNUAL REPORT 2015


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


CONTENTS

01 The AMP Group

03 Association of Muslim Professionals 03 Divisions of AMP 05 Board of Directors 07 Board Committees 08 Management Committee 08 AMP Management Team

09 Young AMP

11 Centre for Research on Islamic and Malay Affairs

13 MERCU Learning Point

15 Muslim Expatriates Network


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

THE AMP GROUP

BOARD FUNCTIONS

CORPORATE FUNCTIONS

ASSOCIATION OF MUSLIM PROFESSIONALS

AUDIT & CORPORATE

EXECUTIVE

AMP

GOVERNANCE

DIRECTOR’S

BOARD OF

COMMITTEE

OFFICE

DIRECTORS

FINANCE &

CORPORATE

SOCIAL

INVESTMENT

COMMUNICATIONS

SERVICES

COMMITTEE HUMAN RESOURCE

FINANCE &

COMMITTEE

ADMINISTRATION

NOMINATING

HUMAN

COMMITTEE

RESOURCE

STRATEGIC

MANAGEMENT OF

PLANNING

INFORMATION SYSTEM

DEBT ADVISORY CENTRE FAMILY SERVICES HELPLINE MARRIAGE HUB STUDENT WELFARE & MICRO BUSINESS YOUTH

PROGRAMME OFFICE

FUND RAISING


02

CENTRE FOR RESEARCH ON ISLAMIC AND MALAY AFFAIRS

MERCU LEARNING POINT

YOUNG AMP

MUSLIM EXPATRIATES NETWORK

RIMA

MERCU

YOUNG AMP

MEX

BOARD OF

BOARD OF

BOARD OF

BOARD OF

DIRECTORS

DIRECTORS

MANAGEMENT

MANAGEMENT

APPLIED

BUSINESS

THOUGHT

SECRETARIAT

RESEARCH

DEVELOPMENT

LEADERSHIP

EVENTS

HUMAN

OUTREACH

RESOURCE & IT PUBLICATIONS

STUDENT

ENGAGEMENT

CARE TREND & POLICY

EARLY

ANALYSES

CHILDHOOD MARKETING COMMUNICATIONS

SECRETARIAT


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

DIVISIONS OF AMP AMP’s volunteers and full-time officers work together to run programmes in educational enrichment, work skills training, family and economic empowerment, and research. These programmes aim to catalyse and accelerate the development of the community and optimise human potential. Since its inception, AMP has served more than 307,700 clients from all walks of life and communities. CORPORATE SERVICES The Corporate Services division provides support for all our programmes and services. The division is made up of the Corporate Communications, Executive Director’s Office, Finance & Administration, Fund Raising, Human Resource, Strategic Planning Unit and Management of Information System departments.

individuals with debt problems can go to advice; to provide clients with the necessary education on debt management and other related matters; and to research the extent of the debt problem within the community. It comprises five components, namely a first-of-its-kind debt support group for the Malay/Muslim community, counselling sessions, introductory seminars on debt and finance, targeted seminars on debt-related issues, and ad-hoc activities to raise awareness of the DAC. Family Services

SOCIAL SERVICES Debt Advisory Centre

The Debt Advisory Centre (DAC) was set up to tackle debt issues within the Malay/Muslim community in Singapore, with the broader objective of strengthening the community’s overall financial standing. The DAC has three main aims: to be a one-stop centre where

The Family Services department manages the Adopt a Family & Youth Scheme (AFYS), which is an all-encompassing scheme representing a family-based approach in providing assistance to underprivileged families. A comprehensive range of services is made available to each family depending on their specific needs. These include financial assistance, counselling for the family members, socio-educational assistance for the children and skills upgrading courses for adult members.


04

Marriage Hub The Marriage Hub of AMP runs INSPIRASI@AMP, which provides premarital counselling, and marriage preparation and enrichment to minor Muslim couples where either one or both parties are aged below 21. INSPIRASI@AMP aims to assess the readiness of minor Muslim couples for marriage and subsequently equips those who wish to get married with the necessary skills for a successful marriage. Its eventual goal is to bring down the percentage of divorce cases as well as the proportion of minor marriages in the Malay/Muslim community. The Hub also provides counselling services for marital, relationship, youth, parenting and financial issues for walk-in

The department networks with all related ministries, statutory boards and non-government organisations to tap on national thinking and resources in the areas of training and education. Whenever possible, it will leverage on relevant training and education campaigns and grants. Youth

clients as well as those who call in through the AMP Helpline. The AMP Helpline is a telephone counselling and referral service by AMP. Student Welfare & Micro Business The Student Welfare & Micro Business department promotes lifelong learning through enhanced parental involvement in their children’s education and development, skills development and financial assistance. It also aims to economically empower individuals to be self-reliant through skills upgrading and to support and develop the entrepreneurial spirit among the disadvantaged.

The Youth department conducts academic and non-academic developmental programmes comprising weekly tuition classes and personal development programmes such as camps, workshops and other enrichment activities. These are targeted at youths with high-level needs, with the ultimate objective of keeping them within the school system. The department also provides counselling for youths and their parents through the drop-in centres managed by AMP. The programmes are also offered at AMP @ Jurong Point, AMP’s youth hub in the west.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

BOARD OF DIRECTORS CHAIRMAN

MEMBERS

Mr Azmoon Ahmad

Mr Abdul Hamid Abdullah

Dr Md Badrun Nafis Saion

Vice-President Desay SV Automotive (elected on 1 December 2007)

Auditor Public Sector (elected on 30 November 2013)

Associate Consultant, Paediatric Dentistry Unit National Dental Centre Singapore (appointed on 6 December 2014)

Dr Bibi Jan Mohd Ayyub BBM

Dr Mohd Nawab Mohd Osman

Counsellor MacPherson Secondary School (elected on 30 November 2013)

Assistant Professor, Coordinator of Malaysia Programme (IDSS), S. Rajaratnam School of International Studies Nanyang Technological University (elected on 30 November 2013)


06

Mr Muhd Shamir Abdul Rahim

Mr Zhulkarnain Abdul Rahim

Managing Director Sypher Labs Pte Ltd (elected on 30 November 2013)

Partner Rodyk & Davidson LLP (appointed on 6 December 2014)

Mr Mohd Raziff Abdull Hamid

Mr Othman Marican

Mr Mohd Ismail Hussein

Sales Director Getronics Solutions (S) Pte Ltd (elected on 14 November 2009)

Human Resource Manager (Retired) (appointed on 6 December 2014)

Vice President, Premier Wealth Maybank (elected on 3 December 2011; resigned on 8 November 2014)

Mr Muhamad Nazzim Muhamad Hussain

Mr Phiroze Abdul Rahman

Ms Suryahti Abdul Latiff

Materials Manager II-VI Singapore Pte Ltd (elected on 3 December 2011)

Deputy Director, Industry Strategy & Resource Management Division Media Development Authority (elected on 30 November 2013; resigned on 13 July 2015)

Chief Operating Officer Vector Scorecard (appointed on 6 December 2014)


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

AUDIT & COR PORATE GOVERNANCE COMMITT E E

Chairman Mr Othman Marican

The Audit & Corporate Governance Committee oversees compliance with statutory governance requirements and ensures adherence to established internal controls to protect the assets of the company and promote transparency.

Members Dr Md Badrun Nafis Saion Mr Mohd Shahar Hussein Dr Noraslinda Zuber

Chairman Mr Abdul Hamid Abdullah

The Nominating Committee proposes candidates for election to the Board of Directors and recommends Additional Directors to the Board as and when necessary for appointment by the Board.

Members Mr Fadhillah Goh Ms Karen Chia FIN AN CE & INVESTMENT C O M M IT T EE The Finance & Investment Committee ensures all activities by the organisation are conducted within the operational budget and explores investment opportunities to enhance the financial stability of the organisation. Acting Chairman Mr Azmoon Ahmad Members Ms Siti Hawa Sulaiman Mr Zhulkarnain Abdul Rahim H UM AN R ESOURCE COMM IT T E E The Human Resource Committee develops and reviews the compensation and benefits structure and terms for the employees of the organisation. It also reviews their training needs annually to facilitate competency and capacity building.

N O M IN AT I N G C O M M I T TE E

Chairman Mr Azmoon Ahmad Members Mr Mohd Alami Musa Mr Abdul Hamid Abdullah S T RAT E GI C P L A N N I N G C O M M I T TE E The Strategic Planning Committee provides recommendations on effective implementation of AMP’s strategic initiatives and good governance. Chairman Mr Azmoon Ahmad Member Mr Ravi Sahi


08

AM P M A N AG E M E N T TE A M Mr Mohd Anuar Yusop Executive Director READY F OR SCHOOL F U N D M AN AG EMENT COMMIT T EE Chairman Mr Mohd Raziff Abdull Hamid Sales Director Getronics Solutions (S) Pte Ltd Members Mr Mohd Farid Mohd Hamzah Correspondent, Berita Harian / Berita Minggu Singapore Press Holdings Mr Mohd Fawzi Ishak Director, Service Channel Operations Consumer Business Group Huawei Technologies Ms Shazana Mohd Anuar Senior Legal Associate Harry Elias Partnership

Mdm Hameet Khanee J H Senior Manager Ms Fauziah Rahman Manager, Student Welfare & Micro Business Mr Kamat Mahmood Manager, Youth Ms Maisarah Dasukie Manager, Human Resource Mr Mohd Khalid Bohari Manager, Management of Information System Mr Saiful Nizam Jemain Assistant Manager, Debt Advisory Centre Mr Sarjono Salleh Khan Manager, Facilities Management Mr Shahjehan Ibrahim Kutty Manager, Finance & Administration Ms Winda Guntor Manager, Corporate Communications Mdm Zaleha Ahmad Centre Director, Marriage Hub


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

YOUNG AMP

The youth wing of AMP, Young AMP, regularly organises seminars and workshops to encourage critical thinking among youths. Participants of Young AMP’s activities are equipped with skills and knowledge aimed at developing their capacity to be future leaders of the community. They are also exposed to other relevant issues at the national and global levels.

VISION Empowered. Connected. Compassionate. MISSION To mobilise young professionals’ role in the advancement of the Muslim community

OBJECTIVES • To engage youth and emerging professionals • To provide a platform to generate ideas and articulate aspirations • To be an avenue for young professionals who are interested to carry on AMP’s mission and leadership in society


10

ACTION PLAN We Plan Young AMP uses rational objectives to best serve the future needs of aspiring and emerging Singaporean youths while taking into consideration the dynamic changes in the local and global landscape. We Partner Young AMP leverages on its professional networks to develop partnerships to maximise the impact of community initiatives. We Execute Young AMP is committed to translating plans into action and to steer the community into the future.

BOARD OF MANAGEMENT

PRESIDENT Mr Muhd Shamir Abdul Rahim Managing Director Sypher Labs Pte Ltd

VICE-PRESIDENT Mr Hazni Aris Sales Manager Zurich Insurance Singapore

MEMBERS Mr Aminur Rasid Senior Executive, Madrasah Policy and Planning Unit Islamic Religious Council of Singapore (MUIS)

Ms Fezhah Maznan Programmer, Theatre and Dance Esplanade Corp. Ltd

Mr Muhd Syakir Hashim Undergraduate National University of Singapore

Mr Ridwan Abbas Deputy Editor (Southeast Asia) Asia Insurance Review

Mr Shafiee Razali Youth Worker Majulah Community

Ms Sofiah Su’aad Jamil PhD Candidate Australia National University


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

CENTRE FOR RESEARCH ON ISLAMIC AND MALAY AFFAIRS

Since its inception, the Centre for Research on Islamic and Malay Affairs (RIMA) has developed a range of programmes in research and established several platforms for the meeting of minds. RIMA currently conducts research in a number of key areas, which includes economics, education, religion, family, social integration, leadership and civil society. With time, RIMA expects to expand the scope of its

research activities beyond local issues and looks forward to collaborating with partners in the regional and larger international community. RIMA contributes to scholarly discourses on numerous issues relevant to the community. Conferences and seminars are organised to add depth to these discourses and to create awareness of these issues. Roundtable and focus group discussions

involving key stakeholders are also organised to foster greater understanding of issues and to keep abreast of emerging trends. Additionally, RIMA has produced a number of publications and contributed articles in both print and online media.


12

VISION To be a centre of research excellence for the advancement of Singapore’s Malay and Muslim communities MISSION To undertake strategic research aimed at providing thought leadership in contemporary Malay and Muslim affairs

partnerships and the sharing of information. Forward Thinking We are visionary and progressive in our approach. We aim to look beyond the immediate in order to foresee future challenges and key BOARD OF DIRECTORS

CORE VALUES Independence We are non-partisan and objective in our outlook and research.

CHAIRMAN Mr Muhamad Nazzim Muhamad Hussain

Conviction We are focused in our commitment to advancing the interests of the Malay and Muslim communities.

MEMBERS Dr Ab Razak Chanbasha

Collective Effort We are team-oriented and value the opinions of all our staff and partners. Collaborativeness We respect the work of other organisations and embrace

Chief Operating Officer Vector Scorecard (appointed on 1 October 2014)

Technical Director Omega Scientific Pte Ltd (appointed on 27 August 2014)

Dr Mohd Nawab Mohd Osman Assistant Professor, Coordinator of Malaysia Programme (IDSS), S. Rajaratnam School of International Studies Nanyang Technological University (appointed on 29 September 2015)

emerging issues, formulating strategies relevant to both the Malay and Muslim communities.

Mr Nur Azha Putra Abdul Azim Research Associate Energy Security Division, Energy Studies Institute National University of Singapore (appointed on 21 March 2012)

Mr Sani Hamid Director for Economy and Market Strategy Financial Alliance Pte Ltd (appointed on 21 March 2012)

Dr Faizal Yahya Research Fellow Institute of Policy Studies, Lee Kuan Yew School of Public Policy National University of Singapore (appointed on 21 March 2012; resigned on 29 April 2015)


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

MERCU LEARNING POINT

MERCU Learning Point is a private education centre that offers a comprehensive range of programmes and services for children aged 18 months to 12 years. Set up in 1999, MERCU now has 18 centres comprising one kindergarten, five childcare centres and twelve student care centres. MERCU serves close to 2,000 children monthly both in the private and government schools.

MERCU prides in establishing a collaborative environment with parents and schools as it believes they are important catalysts in the children’s development. With the tagline, Starting Young, Aiming High, its programmes are robustly designed with the aim to maximise the children’s capabilities and propel them to greater heights.

VISION A first-class provider in child and youth education MISSION • Maximise stakeholders’ value • Be a reliable and trusted partner • Provide quality and innovative programmes • Be a socially responsible corporate citizen


14

SHARED VALUES Meaningful Relations We establish meaningful and long-term relationships with our customers.

BOARD OF DIRECTORS

Excellence We ensure professional excellence in carrying out our daily duties and responsibilities.

Private Investor (appointed on 9 February 2012)

Resourceful We explore effective and efficient methods to deliver our services that benefit both our customers and business units to achieve financial growth and sustainability. Customer Service We maximise customer satisfaction by providing prompt services and continuously exceeding their expectations. Unique We offer a variety of innovative and specialised programmes that meet your individual needs.

CHAIRMAN Mr Mohd Azmi Muslimin

MEMBERS Mr Mohd Anuar Yusop Executive Director Association of Muslim Professionals (appointed on 10 February 2001)

Dr Md Badrun Nafis Saion Associate Consultant, Paediatric Dentistry Unit National Dental Centre Singapore (appointed on 1 April 2015)

Mr Phiroze Abdul Rahman Materials Manager II-VI Singapore Pte Ltd (appointed on 1 April 2015)

Tengku Zainal Abidin Jumat Head, Branch Support Maybank (appointed on 16 April 1999)

Mr Mohd Ismail Hussein Vice President, Premier Wealth Maybank (appointed on 1 July 2011; resigned on 8 November 2014)

Mr Moiz A Tyebally Senior Associate Harry Elias Partnership (appointed on 5 April 2014; resigned on 15 August 2015)


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

MEX

MUSLIM EXPATRIATES NETWORK

FORGING TIES. UNIFYING DIVERSITY

MUSLIM EXPATRIATES NETWORK

The Muslim Expatriates Network (MEX) provides a platform for the integration of new Muslim citizens and permanent residents into the Singaporean society. MEX also seeks to create bridges between the Muslim expatriate community and the local Muslim community as a way to build a larger and stronger Muslim community in Singapore and catalyse its progress.

VISION A progressive, dynamic and globally integrated professional community in Singapore MISSION To harness the talents of expatriates and Singaporeans to mutually develop and benefit both communities

KEY OBJECTIVES • Provide a structured platform for networking between expatriate, new resident and Singaporean professionals to explore new business frontiers and drive cultural exchange • Foster the appreciation of Singapore culture and values among expatriates to facilitate their integration into Singaporean society • Inspire, motivate, enlighten


16

and empower local young, aspiring professionals via mentoring by top-ranking, cross-cultural expatriate professionals Harness the strength of the new Muslim residents as a new engine of growth for the Muslim community in Singapore ‘Port of call’ for expats entering Singapore


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


The theme for the AMP Annual Report this year is Shaping Our Shared Future. It reflects AMP’s commitment to building and shaping the future it shares with the community through its programmes and services. AMP shares the community’s vision of a better tomorrow – one that is bright and full of opportunities for all members of the Malay/Muslim community in Singapore.


ASSOCIATION OF MUSLIM PROFESSIONALS AMP @ Pasir Ris, 1 Pasir Ris Drive 4, #05-11, Singapore 519457 T (65) 6416 3966 / F (65) 6583 8028 corporate@amp.org.sg www.amp.org.sg Reg. No.: 199105100D

| AMP Singapore


ANNUAL REPORT 2015


BLANK: INSIDE FRONT COVER


ANNUAL REPORT 2015


BLANK

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


CONTENTS

01 Our Programmes & Services for: 01 Families 02 Debtors 03 Couples 04 Workers 05 Students 07 Youths 09 Counselling & Research

10 Our Acknowledgement

11 Our Significant Milestones


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

OUR PROGRAMMES & SERVICES AFYS’ YEAR IN REVIEW

432

77

600 hours

1,000 hours

for parents under AFYS to equip them with the knowledge and skills to improve the quality of their family life.

In its efforts to enhance the quality of service provided to families, AMP’s Marriage Hub organises the Counsellors’ High Tea sessions. These sessions help by expanding the knowledge of both Muslim and non-Muslim helping professionals working with Malay/Muslim families. Launched in 2008, the sessions allow the participants to share and learn from each other’s experiences in their course of work. 121 individuals from the social service sector benefited from the sessions during the year in review.

BENEFICIARIES

FAMILIES One of AMP’s key programmes, the Adopt a Family & Youth Scheme (AFYS), was introduced in 1999 to provide assistance for disadvantaged families and encourage self-reliance within them. Under the Scheme, families are assisted through economic empowerment and socio-educational programmes. They undergo skills training in economically-viable areas to enable them to set up a home-based business as an alternative source of income. They are also enrolled into skills upgrading courses to increase their employability, while school-going children under AFYS are enrolled into tuition classes and enrichment programmes. Parental education programmes and family life skills workshops are also conducted

EXPENDED IN SKILLS TRAINING TO INCREASE CLIENTS’ EMPLOYABILITY

AMP is one of the mentoring agencies under the Home Ownership Plus Education (HOPE) Scheme, a national assistance programme spearheaded by the Ministry of Social and Family Development (MSF) for young, low-income families to keep their family small. 103 individuals received education and training grants aimed at helping their families achieve self-resilience during the year in review.

DISADVANTAGED FAMILIES SPENT ON TUITION CLASSES AND ENRICHMENT PROGRAMMES UNDER THE SCHEME


02

DAC’S YEAR IN REVIEW

426

53%

230

83%

DAC also acts as a platform to collect data for research on the extent of the debt problem within the Malay/Muslim community.

personal and technical competencies, which are instrumental to their personal development and in enhancing their capabilities both at home and at the workplace. 45 beneficiaries attended the Achievers & Enablers programme during the year in review.

INDIVIDUALS ASSISTED WITH THEIR DEBT ISSUES

DEBTORS In 2013, AMP launched the Debt Advisory Centre (DAC), which was one of the strategies proposed during the 3rd National Convention of Singapore Muslim Professionals to strengthen the community’s financial architecture. DAC is a one-stop centre for individuals facing debt problems through a threepronged approach: advice, educate and research. It provides a roadmap for debtors to have a clearer picture of the options that are available to them. The weekly support group sessions allow the DAC clients to share their experiences and gain emotional support and guidance from others facing the same problem. At the same time, those who attended the financial literacy workshops learnt how to avoid creating new debts while they work to resolve their current debt issues.

BENEFICIARIES ATTENDED FINANCIAL LITERACY & LIFE SKILLS WORKSHOPS

The Achievers & Enablers programme was initiated in 2014 to empower the clients of DAC and their children so that they remain resilient in face of life’s challenges. The Achievers component aims to equip the students with personal and academic competencies that are fundamental in achieving consistent academic success and developing effective behaviours, habits and values within and outside of school. The Enablers component aims to equip the adults with

HAD POOR FINANCIAL MANAGEMENT

CLIENTS ACHIEVED DEBT RESOLUTION


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE OUR PROGRAMMES & SERVICES

YCP’S YEAR IN REVIEW

70

84

72

14%

In addition to YCP, INSPIRASI@AMP also conducts counselling assessment for young couples below the age of 18 who wish to get married in accordance to the Administration of Muslim Law Act (AMLA). 28 young couples underwent the counselling assessment before being recommended for the Special Marriage Licence, granted by the Registry of Muslim Marriages, during the year in review.

Married couples who face issues in their marriage are also referred by the Syariah Court to undergo the Marriage Counselling Programme under AMP, which aims to strengthen marriages by providing intensive marital counselling and increasing awareness of the available avenues for help. 318 clients were assisted under the Marriage Counselling Programme during the year in review.

CLIENTS ATTENDED THE PREMARITAL COUNSELLING SESSIONS

COUPLES AMP’s Marriage Hub runs INSPIRASI@AMP, which was launched in 2007, to reduce the percentage of divorce cases and minor marriages within the Malay/Muslim community. Among its key programmes is the Young Couples Programme (YCP), which is designed for minor Muslim couples, where either or both parties are below 21. Conducted in collaboration with the Registry of Muslim Marriages (ROMM), the couples are required to undergo two sessions of premarital counselling and a seven-week marriage guidance course, while their parents are equipped with the skills and knowledge to assist and support their children through their marital journey.

PARENTS PARTICIPATED IN THE PARENTS SUPPORT GROUP SESSIONS

CLIENTS PARTICIPATED IN MARRIAGE ENRICHMENT WORKSHOPS CANCELLED MARRIAGE AFTER ATTENDING THE PROGRAMME


04

MICRO BUSINESS PROGRAMME’S YEAR IN REVIEW

39

PARTICIPANTS COMPLETED THE PROGRAMME

WORKERS AMP aims to economically empower individuals to be self-reliant through skills upgrading as well as to develop the entrepreneurial spirit among the disadvantaged. Wherever possible, we will also leverage on relevant training grants from national assistance schemes. One of our key programmes is the Micro Business Programme, which aims to equip individuals from less privileged households with trade, business and IT skills to start a home-based business as an alternative source of income. Grants are also awarded to those who have a viable and sustainable business model. In 2010, AMP inked a memorandum of understanding with the Singapore Malay Chamber of Commerce & Industry (SMCCI) to formalise both organisations’ commitment in enhancing the capabilities and growth of business under the Micro Business Programme.

4

RECEIVED THE AMP CAPITAL GRANT TO EXPAND THEIR BUSINESSES FURTHER

2,230 hours

EXPENDED BY THE PARTICIPANTS IN TRAINING With the partnership, participants under the programme are able to benefit from a wide range of business and IT advisory services provided by the SME Centre@SMCCI such as mentoring and performance evaluation throughout the different phases of the programme. AMP also acts as a Service Touch Point for the Self-Initiated Trainee Programme, a funding mechanism under the Skills Redevelopment Programme, to assist employed adults who do not have employer support to undergo selected SRP-approved courses. In collaboration with eight training providers, the programme eases the trainees' financial burden of having to pay the full course fee upfront

by tapping on the Skills Development Fund to reduce their training cost. 460 workers majority of whom were low-skilled workers or those interested to take up an alternative or second employment, were assisted during the year in review.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE OUR PROGRAMMES & SERVICES

RFS’ YEAR IN REVIEW

73

$107,000

5

$57,500

The AMP Education Bursary offers monetary assistance to diploma and degree students from less privileged families of all races. Apart from students from local polytechnics and universities, it also benefits full-time and part-time undergraduates from recognised private educations in Singapore. The AMP-RFS PC Scheme aims to bridge the digital divide by offering affordable PCs and broadband access to students from low-income families in full-time madrasahs.

During the year in review, through the School Fees Subsidy scheme, AMP disbursed $39,000 to its subsidiary, MERCU Learning Point, to subsidise the school fees of 114 students of low-income families who have attended their education centres.

RECIPIENTS OF AMP EDUCATION BURSARY

STUDENTS AMP promotes lifelong learning through enhanced parental involvement in their children’s education and development, skills development, as well as financial assistance. AMP launched the Ready for School (RFS) Fund in 2002 to assist students from less privileged families in their educational pursuit. Assistance under the Fund comprises the AMP Education Bursary, RFS-PC Scheme and other socio-educational assistance. A total of 501 students were assisted under the Fund during the year in review.

MADRASAH STUDENTS ASSISTED UNDER AMP-RFS PC SCHEME

DISBURSED UNDER RFS FUND

DISBURSED THROUGH AMP EDUCATION BURSARY


06

Together with the Infocomm Development Authority of Singapore (IDA), AMP assisted a total of 361 students from low-income families studying in national schools to have equal access to infocomm with a PC or laptop at a subsidised rate through the NEU PC Plus Programme. A new initiative this financial year, AMP partners IDA and National Council of Social Service (NCSS) to provide 33 low-income households with internet access and telephony services for their homes by offering a broadband package at a subsidised rate through the Home Access Programme. AMP partners the Ministry of Education (MOE) to identify and reach out to 189 young children not attending preschool to provide them with assistance in suitable preschool placements through the Preschool Outreach Programme.

AMP also acts as the custodian of the Singapore Muslim Education Fund (SMEF), which was established by a group of community activists in 2013 to address the under-representation of Malay/Muslims in the Law and Medicine fields. 5 students pursuing law and medicine degree studies overseas received the SMEF Bursary during the year in review.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

OUR PROGRAMMES & SERVICES

YEP’S YEAR IN REVIEW

248

YOUTHS AMP believes in harnessing the potential of our youths and moulding them into future leaders. Among our key programmes for them is the Youth Enrichment Programme (YEP), which is designed for students from the Normal Academic and Normal Technical streams to enrich their development through a positive and holistic approach. Also incorporating the Youth-in-Action (YIA) Plus Programme, an enrichment programme commissioned by the Community Leaders Forum (CLF), YEP hopes to prevent youths with high-level needs from leaving school prematurely and encourage them to widen their horizons.

STUDENTS FROM 10 PARTICIPATING SCHOOLS BENEFITED FROM THE PROGRAMME

46

MENTORS AND VOLUNTEERS RENDERED THEIR SUPPORT In 2011, AMP launched its first youth hub located at Jurong Point Shopping Centre, which was driven by the increasing demand for youth services in the western part of Singapore. The AMP @ Jurong Point youth hub provides an alternative space for youths to drop by and spend their time in a structured manner as a way to prevent them from engaging in wayward activities. A wide range of services provided at the youth hub focuses on the academic and personal development of the youths through enrichment programmes, motivational workshops and youth counselling services. The hub is also equipped with two counselling rooms, a classroom and a multi-purpose room with a host of entertainment services like

$71,000

EXPENDED IN ENRICHMENT ACTIVITIES AIMED AT THE STUDENTS’ OVERALL PERSONAL AND CHARACTER DEVELOPMENT

foosball table, audio-visual system, board games and internet kiosk. 373 youths and parents sought the services of the hub during the year in review. AMP’s Youth unit also organises interactive workshops and camps under the Life & Study Skills Workshop to equip secondary school students with useful life skills so that they are motivated to excel with a much higher level of self-esteem and confidence.

61 students participated in the activities under the Life & Study Skills Workshop during the year in review.


08

According to the Compulsory Education Act in Singapore, the parent or guardian of a child, who is above the age of 6 and has not turned 15, may be guilty of an offence if the child fails to attend classes regularly as a pupil at a national primary school, a designated school or be home-schooled, where an exception is granted. As part of its outreach efforts, AMP’s Youth unit collaborated with Yayasan MENDAKI during the year in review to run a Ministry of Education (MOE)-initiated programme, where its youth workers conducted home visits and provided necessary support such as counselling or referrals to relevant agencies to children who are not attending school or are not homeschooled. 24 children were assisted under the Compulsory Education Programme during the year in review

AMP also provides a safe and friendly environment for both youths and their parents to discuss issues that concern them. The Youth Drop-in Centres at both AMP @ Pasir Ris and AMP @ Jurong Point offer immediate crisis intervention, referrals and individual counselling services. 52 youths and parents sought assistance from the youth drop-in centres during the year in review. In 2011, AMP’s youth wing, Young AMP, launched Windows on Work (WOW) to provide post-secondary students with a platform to learn valuable soft skills and entrepreneurship. Under the programme, participants undergo useful training sessions like personality profiling, CV writing, personal grooming, effective communication, as well as project presentation skills, before working together in teams to pitch their own business proposals to the Young AMP Board of Management. In a collaboration with Pioneer Junior College, a group of its students are also selected to be exposed to career developmental skills in both a formal office and informal creative settings. 26 students participated in WOW during the year in review.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE OUR PROGRAMMES & SERVICES

COUNSELLING AMP’s trained counsellors and social workers provide counselling and referrals to families and individuals in need. 215 walk-in and mandatory counselling cases were handled during the year in review. The AMP Helpline provides telephone counselling services as well as relevant information on the available resources and schemes to those in need. 2,779 calls were received during the year in review, of which marital, young couple and financial issues were among the top concerns.

RESEARCH AMP’s research subsidiary, the Centre for Research on Islamic and Malay Affairs (RIMA), conducts research in a number of key areas such as economics, education, religion and youth. Conferences and seminars are organised to add depth to discourses on issues relating to the community, while focus group discussions foster greater understanding of the issues and in keeping abreast of emerging trends. 190 participants benefited from the various programmes and events organised by RIMA during the year in review.


10

OUR ACKNOWLEDGEMENT AMP extends its deepest appreciation to the donors and supporters, whose generous contributions and support towards its fund raising initiatives provided the opportunity for the beneficiaries to uplift their lives and build a better future. Likewise, the collaboration between AMP and its valued partners from various sectors as well as other communities have ensured that more individuals and families are able to benefit from a wide range of services and programmes.

A-Bide Safety Solutions Pte Ltd

National Council of Social Service

Agency for Science, Technology & Research (A*STAR)

Northlight School

A'Niz Atlantic Institute of Higher Learning Pte Ltd Bendemeer Primary School Big Love Child Protection Specialist Centre Buddhist Fellowship Central Narcotics Bureau

OnePeople.sg Pioneer Junior College Plug-In@Blk 71, NUS Enterprise Pluto Technology Pte Ltd P-One (S) Pte Ltd Prophet Muhammad's Birthday Memorial Scholarship (LBKM)

CerealTech School of Baking Technology Pte Ltd

ProTherapist Academy Pte Ltd

Chinese Development Assistance Council

Registry of Muslim Marriages

Community Leaders Forum

Safinah Holdings Pte Ltd

Credit Counselling Singapore

Second Chance Properties Ltd

Early Childhood Development Agency

Singapore Indian Development Association

East View Secondary School

Singapore Malay Chamber of Commerce & Industry (SMCCI)

Eduwealth Private Limited Eurasian Association

Singapore Management University

Food Bank Singapore

Singapore Muslim Women's Association (PPIS)

For the People & Community

Singapore Police Force

Health Promotion Board

Singapore Workforce Development Agency

Hong Kah Secondary School

Singapore Zoological Gardens

Housing Development Board

Sjurffriani Abdul Khalid @ Lydia's Oven

Infocomm Development Authority of Singapore

SME Centre @ SMCCI

Insolvency and Public Trustee's Office Institute for Infocomm Research (I2R)

SOHA Institute Pte Ltd SPATEC Academy Pte Ltd Springfield Secondary School

Islamic Religious Council of Singapore (MUIS)

Syariah Court Singapore

Jamilah Aris @ Chef Tania

TCM and Healthcare College Pte Ltd

JBS International College

The State Courts of Singapore

Jurong Spring Community Club

Unlicensed Moneylending Strikeforce

Kartini Md Gani @ JG Wedding Creations

Varsity Christian Fellowship

M1 Limited

Vector Scorecard Global

MENDAKI Club

Yayasan MENDAKI

Ministry of Education

Yuhua Secondary School

Ministry of Social and Family Development Muslim Healthcare Professionals Association


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

SIGNIFICANT MILESTONES 1991 Incorporation of AMP as a company limited by guarantee

1994 Opening of AMP Training Centre

1997

2000

Research on Malay/Muslim Students’ Ability and Attainment in Mathematics

Second National Convention of Singapore Malay/Muslim Professionals

1990

1993

1996

1999

2002

First National Convention of Singapore Malay/Muslim Professionals

Launch of AMP Hotline Service

AMP Year 2000, a five-year strategic blueprint, announced

Launch of MERCU Learning Point, AMP’s second subsidiary

Launch of Ready for School Fund

1995

1992 Pilot preschool centre opened at Al Amin Mosque

AMP Child Care and Development Centre in Yishun opened

1998

2001

Launch of first subsidiary, Centre for Research on Islamic and Malay Affairs (RIMA)

Pilot run of the Home-Based Business Scheme


12

2010 2004

2007

Launch of Young AMP

Opening of INSPIRASI@AMP

Inking of Memorandum of Understanding with EDC@SMCCI

2013 Launch of Debt Advisory Centre

2003

2006

2009

2012

Launch of AMP Micro Business Programme

Launch of Learning Vision – AMP Education Fund

Introduction of Temporary Assistance Package for retrenched workers

Third National Convention of Singapore Muslim Professionals

2015 Launch of Common Space

2005 Launch of Maths @ Home Learning Kit for Parents

2008

2011

2014

Launch of Counsellors’ High Tea series

Opening of AMP @ Jurong Point

Launch of AMP-DAC Financial Literacy Programme


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


The theme for the AMP Annual Report this year is Shaping Our Shared Future. It reflects AMP’s commitment to building and shaping the future it shares with the community through its programmes and services. AMP shares the community’s vision of a better tomorrow – one that is bright and full of opportunities for all members of the Malay/Muslim community in Singapore.


ASSOCIATION OF MUSLIM PROFESSIONALS AMP @ Pasir Ris, 1 Pasir Ris Drive 4, #05-11, Singapore 519457 T (65) 6416 3966 / F (65) 6583 8028 corporate@amp.org.sg www.amp.org.sg Reg. No.: 199105100D

| AMP Singapore


YEAR ENDED 30 JUNE 2015

ANNUAL REPORT 2015


INSIDE FRONT COVER: BLANK


YEAR ENDED 30 JUNE 2015

ANNUAL REPORT 2015


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

DIRECTORS Azmoon Bin Ahmad Bibi Jan Mohamed Ayyub Mohamed Nawab Mohamed Osman Muhammad Shamir Bin Abdul Rahim Mohammed Raziff Bin Abdull Hamid Phiroze Bin Abdul Rahman Abdul Hamid Bin Abdullah Suryahti Abdul Latiff Mohd Ismail bin Hussein Muhamad Nazzim Bin Muhamad Hussain

(Resigned on 13 July 2015) (Resigned on 8 November 2014) (Resigned on 8 November 2014) (Appointed on 6 December 2014)

Md Badrun Nafis Bin Saion Othman Lebby Marican Bin Vappoo Maricar

(Resigned on 8 November 2014)

Zhulkarnain Bin Abdul Rahim

(Appointed on 6 December 2014)

(Appointed on 6 December 2014)

(Appointed on 6 December 2014)

SECRETARY Kong Yuh Ling Doreen

REGISTERED OFFICE 78 Shenton Way #26-02A Singapore 079120

AUDITORS Rohan • Mah & Partners LLP

BANKERS United Overseas Bank Limited Oversea-Chinese Bank Corporation Limited DBS Bank Ltd Malayan Banking Berhad


CONTENTS

01 Report of the Directors

03 Statement by Directors

04 Independent Auditors’ Report

06 Statements of Financial Position

07 Statements of Comprehensive Income

08 Statements of Changes in Funds

09 Consolidated Statement of Cash Flows

10 Notes to the Financial Statements


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

REPORT OF THE DIRECTORS The directors are pleased to present their report to the members together with the audited consolidated financial statements of Association of Muslim Professionals (“the Company”) and its subsidiaries (collectively, “the Group”) for the financial year ended 30 June 2015. 1

DIRECTOR S OF THE C O M PA N Y

The directors of the Company in office at the date of this report are: Azmoon Bin Ahmad Bibi Jan Mohamed Ayyub Mohamed Nawab Mohamed Osman Muhammad Shamir Bin Abdul Rahim Mohammed Raziff Bin Abdull Hamid Phiroze Bin Abdul Rahman Abdul Hamid Bin Abdullah Muhamad Nazzim Bin Muhamad Hussain

(Resigned on 8 November 2014) (Appointed on 6 December 2014)

Md Badrun Nafis Bin Saion Othman Lebby Marican Bin Vappoo Maricar

(Resigned on 8 November 2014)

Zhulkarnain Bin Abdul Rahim

(Appointed on 6 December 2014)

(Appointed on 6 December 2014)

(Appointed on 6 December 2014)

2

ARRANGEMENTS FOR D IRECTORS TO AC Q U IRE S H A R E S O R D E B E N TU R E S

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object is to enable the directors of the Company to acquire benefits through the acquisition of shares in or debentures of the Company or any other body corporate. 3

DIRECTOR S' I NTER ES T IN S H A RE S O R D E B E N T U RE S

As the Company is limited by guarantee and has no share capital, none of the directors holding office at the end of the financial year had an interest in the share capital or debentures of the Company. None of the directors holding office at the end of the financial year had an interest in shares or debentures of the subsidiaries either at the beginning (or at date of appointment) or end of the financial year.


02

4

DIRECTOR S’ CONTRACT UA L B E N E F ITS

Since the end of the previous financial year, no director of the Company or any corporation in the Group has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed in the financial statements. 5

AUDITOR S

The auditors, Messrs. Rohan • Mah & Partners LLP, Chartered Accountants, Singapore have expressed their willingness to accept re-appointment.

ON BEH ALF OF THE BOA RD

Azmoon Bin Ahmad Director

Mohammed Raziff Bin Abdull Hamid Director Singapore, 24 October 2015


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

STATEMENT BY DIRECTORS In the opinion of the directors, the accompanying consolidated financial statements together with the notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Group and the Company as at 30 June 2015 and of the results of the business and changes in funds of the Group and of the Company and cash flows of the Group for the year ended on that date, and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. The Board of Directors has, on the date of this statement, authorised these financial statements for issue.

O N BEHALF OF THE BOAR D

Azmoon Bin Ahmad Director

Mohammed Raziff Bin Abdull Hamid Director Singapore, 24 October 2015


04

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSOCIATION OF MUSLIM PROFESSIONALS AND ITS SUBSIDIARIES REPORT ON THE FINANC IA L S TAT E M E N TS We have audited the accompanying financial statements of Association of Muslim Professionals (“the Company”) and its subsidiaries (collectively, “the Group”), which comprise the statement of financial position of the Group and of the Company as at 30 June 2015, and statements of comprehensive income of the Group and of the Company, statements of changes in funds of the Group and the Company, the consolidated statement of cash flows of the Group for the year then ended, and a summary of significant accounting policies and other explanatory information. MAN AGE MENT ’S RESPO NSIB ILITY F O R TH E F INA NC IA L S TAT EM E N TS Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Cap 50 (“the Act”); the Singapore Charities Act, Cap 37 (“the Charities Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. AUDITOR’S RESPONSI BILITY 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 about 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 judgement, 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


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. O PIN ION In our opinion, the consolidated financial statements of the Group and the statement of financial position, the statement of comprehensive income and the statement of changes in funds of the Company are properly drawn up in accordance with the provisions of the Act, the Charities Act and Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the Group and the Company as at 30 June 2015 and the financial performance, changes in funds of the Group and the Company and cash flow of the Group for the year ended on that date. OT HER M AT T ERS The audit report of one of the subsidiaries contained the following emphasis of matter: Although the subsidiary’s current liabilities exceeded the current assets, and the accumulated losses exceeded the paid-up capital and reserves, by S$1,438,888 and S$1,436,272 respectively as at 30 June 2015, the financial statements have been prepared on the basis that the subsidiary is a going concern as the ultimate holding company has given written confirmation of its continuing financial support for the subsidiary. Our opinion is not qualified in respect of this matter. REPORT O N OTHER LEGA L A N D RE GU LATO RY RE QU IREM E N TS In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. 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 Company as required under regulation 16 of the Charities (Institutions of a Public Character) Regulations; and b. The Company has not complied with the requirements of regulation 15 (Fund-raising expenses) of the Charities (Institutions of a Public Character) Regulations.

ROHAN • MAH & PARTNERS LLP Public Accountants and Chartered Accountants Singapore 24 October 2015 (RK/MA/FM/GL/XY/CS/as)


06

STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2015

Note

Group

Company

2015 S$

2014 S$

2015 S$

2014 S$

4 5 6 11

8,458,127 1 122,305 8,580,433

8,661,546 1 105,448 8,766,995

8,334,601 250,001 1 8,584,603

8,506,340 250,001 1 8,756,342

7 9

3,453,655 4,743,557 8,197,212

2,162,058 4,748,367 6,910,425

3,007,244 3,854,922 6,862,166

2,685,671 2,885,144 5,570,815

10 12

4,351,127 31,263 4,382,390 3,814,822

3,685,614 43,408 3,729,022 3,181,403

4,498,729 31,263 4,529,992 2,332,174

3,546,198 43,408 3,589,606 1,981,209

12

6,985 12,388,270

38,248 11,910,150

6,985 10,909,792

38,248 10,699,303

13

5,498,034 6,599,620 290,616 12,388,270

5,498,034 6,364,812 47,304 11,910,150

5,498,034 5,121,142 290,616 10,909,792

5,498,034 5,153,965 47,304 10,699,303

ASSETS LESS LIABILITIES Non-Current Assets Property, plant and equipment Investments in subsidiaries Available-for-sale financial assets Deferred taxation

Current Assets Trade and other receivables Cash and cash equivalents

Current Liabilities Trade and other payables Obligation under finance lease Net Current Assets Non-Current Liabilities Obligation under finance lease Net Assets ACCUMULATED FUND Property revaluation reserve Unrestricted funds Restricted funds

14

The accompanying notes form an intergral part of these financial statements.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2015 Note

Group

Company

2015 S$

2014 S$

2015 S$

2014 S$

17,187,156

14,025,712

Continuing operations Revenue

15

11,033,017

9,159,440

Expenditure

16 (17,124,492) (14,305,658) (11,085,809)

(9,766,688)

Other income Interest income Financial expenses Profit/(Loss) before tax for the year Taxation Profit/(Loss) from continuing operations Profit/(Loss) for the year

17

Total comprehensive income/(loss) for the year

19 20

402,617 12,108 (16,126) 461,263 16,857

343,666 12,560 (12,328) 63,952 27,106

258,671 12,108 (7,498) 210,489 -

337,037 12,413 (5,925) (263,723) -

478,120 478,120

91,058 91,058

210,489 210,489

(263,723) (263,723)

478,120

91,058

210,489

(263,723)

The accompanying notes form an intergral part of these financial statements.


08

STATEMENTS OF CHANGES IN FUNDS FOR THE YEAR ENDED 30 JUNE 2015

Group

ACCUMULATED FUND

Property revaluation reserve S$

Unrestricted S$

Restricted S$

Total S$

Balance as at 1 July 2013 Revaluation gain (Note 13) Total comprehensive income for the year Balance as at 30 June 2014 Total comprehensive income for the year Balance as at 30 June 2015

1,198,034 4,300,000 5,498,034 5,498,034

6,300,506 64,306 6,364,812 234,808 6,599,620

20,552 26,752 47,304 243,312 290,616

7,519,092 4,300,000 91,058 11,910,150 478,120 12,388,270

Company

Balance as at 1 July 2013 Revaluation gain (Note 13) Total comprehensive (loss)/income for the year Balance as at 30 June 2014 Total comprehensive (loss)/income for the year Balance as at 30 June 2015

1,198,034 4,300,000

5,444,440 -

20,552 -

6,663,026 4,300,000

5,498,034

(290,475) 5,153,965

26,752 47,304

(263,723) 10,699,303

5,498,034

(32,823) 5,121,142

243,312 290,616

210,489 10,909,792

The accompanying notes form an intergral part of these financial statements.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2015

Group 2015 S$

2014 S$

461,263

63,952

977,596 2,956 (12,108) 263 1,429,970

688,650 2,658 (12,560) 869 743,569

(1,291,597) 665,513 803,886 12,108 815,994

(839,993) 1,799,166 1,702,742 12,560 1,715,302

(774,440) (774,440)

(355,514) 500 (355,014)

(43,408) (2,956) (46,364)

69,740 (36,984) (2,658) 30,098

(4,810) 4,748,367 4,743,557

1,390,386 3,357,981 4,748,367

CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for : Depreciation of property, plant and equipment Finance lease interest Interest income Loss on disposal of property, plant and equipment Profit before working capital changes Working capital changes, excluding changes related to cash: Trade and other receivables Trade and other payables Cash generated from operations Interest income received Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of property, plant and equipment Proceeds from sales of plant and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Changes in finance lease liabilities – additions – repayments Finance lease interest paid Net cash (used in)/generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents beginning of year Cash and cash equivalents at end of year (Note 9) The accompanying notes form an intergral part of these financial statements.


10

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2015

These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1

COR PORATE INFO RM AT ION Association of Muslim Professionals was incorporated in Singapore as a company limited by guarantee without a share capital. Each ordinary member undertakes to contribute to the assets of the Company in the event of it being wound up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the Company contracted before he ceases to be a member and of the costs, charges and expenses of winding up, such amount as may be required but not exceeding S$100. As at 30 June 2015, the Company has 977 (2014: 962) ordinary members. In addition, the Company has 302 (2014: 299) associate members who do not bear any liability in the event of the Company being wound up. The principal activity of the Company is to engage in self-help projects for the betterment of the Malay/Muslim community in particular, and Singaporeans in general. The Company is an approved charity under the Charities Act, Cap. 37 and has been accorded the status of an Institution of a Public Character (“IPC”) for the period from 10 October 2014 to 9 October 2018. The principal activities of the subsidiaries are shown in Note 5 to the financial statements. The registered office of the Company is located at 78 Shenton Way #26-02A Singapore 079120. The principal place of business is located at AMP@Pasir Ris, No. 1 Pasir Ris Drive 4, #05-11, Singapore 519457. The financial statements of the Group and the Company for the year ended 30 June 2015 were authorised for issue in accordance with a resolution of the Directors on 24 October 2015.

2

SUMMARY OF SI GN IF ICAN T AC C O U N T IN G POLICI E S 2.1 Basis of Preparation The financial statements are prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements, expressed in Singapore Dollar (SGD or S$) are prepared on the historical cost convention, except as disclosed in the accounting policies below.


ANNUAL REPORT 2015_SHAPING OUR SHARED FUTURE

N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

The preparation of financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of accounting 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 financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. Critical accounting estimates and assumptions used that are significant to the financial statements, and areas involving a higher degree of judgement or complexity, are disclosed in Note 3. In the current financial year, the Group has adopted all the new and revised FRSs and Interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for annual periods beginning on or after 1 July 2014. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior years. 2.2

Group Accounting Basis of Consolidation The financial statements of the Company for the year ended 30 June 2015 relate to the Company and its subsidiaries (together referred as the “Group”). Subsidiaries are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. In preparing the consolidated financial statements, intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. The acquisition method of accounting is used to account for business combinations by the Group. Acquisition-related costs are expensed as incurred. The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent


12

consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. Please refer to Note 2.18.2 for the subsequent accounting policy on goodwill. 2.3

Investments in Subsidiaries Subsidiaries are entities over which the Group has power to govern the financial and operating policies so as to obtain benefits from its activities, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Non-controlling interests is that part of the net results of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statement of comprehensive income, statement of changes in equity and statement of financial position. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. Investments in subsidiaries are stated at cost less accumulated impairment losses in the Company’s statement of financial position. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of an investment in subsidiaries, the difference between net disposal proceeds and its carrying amount is taken to the statement of comprehensive income.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

When a change in the Company’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific Standard. Any retained interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained investment at the date when control is lost and its fair value is recognised in profit or loss. Changes in the Company’s ownership interest in a subsidiary that does not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amount of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount of which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributable to owners of the parent. 2.4

Property, Plant and Equipment 2.4.1 Measurement Items of property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Freehold property is stated in the statement of financial position at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are carried out by an independent professional valuer once every two financial years such that the carrying amount does not differ materially from that which would be determined using fair values at the statement of financial position date. Any revaluation increase arising on the revaluation of the freehold property is credited to the property revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised in the statement of comprehensive income, in which case the increase is credited to the statement of comprehensive income to the extent of the decrease


14

previously charged. A decrease in carrying amount arising on the revaluation of freehold property is charged to the statement of comprehensive income to the extent that it exceeds the balance, if any, held in the property revaluation reserve relating to a previous revaluation of that asset. 2.4.2 Components of Costs The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 2.4.3 Leased Assets Leases in terms of which the Group assumes substantially all risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by finance leases is stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at the inception of the lease, less accumulated depreciation and impairment losses. 2.4.4 Depreciation Depreciation on property, plant and equipment is calculated using the straight line method to allocate their depreciable amounts over their estimated useful lives as follows: Freehold property Furniture and fittings Office equipment Renovation

Years 30 5 5 5

The useful lives of property, plant and equipment are reviewed and adjusted as appropriate at each statement of financial position date. Fully depreciated assets are retained in the financial statements until they are no longer in use. No depreciation is provided on property, plant and equipment which is still under construction.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

2.4.5 Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the standard of performance of the asset before the expenditure was made, will flow to the Group and the cost can be reliably measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred. 2.4.6 Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is taken to the statement of comprehensive income. Any amount in revaluation reserve relating to that asset is transferred to retained earnings. 2.5

Impairment Of Non-Financial Assets 2.5.1 Property, Plant and Equipment Investments in Subsidiaries, Associated Company Property plant and equipment, investments in subsidiaries and investment in associated company are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss. For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the Cash-Generating-Units CGU to which the asset belongs to. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the statement of comprehensive income unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease.


16

An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the assets’ recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the statement of comprehensive income, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. 2.6

Financial Assets 2.6.1 Initial Recognition and Measurement Financial assets are recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured as fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. 2.6.2 Subsequent Measurement The subsequent measurement of financial assets depends on their classification as follows: (i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by FRS 39. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

The Group has not designated any financial assets upon initial recognition at fair value through profit or loss. Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial assets are recognised in profit or loss. Net gains or net losses on financial assets at fair value through profit or loss include exchange differences, interest and dividend income. Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. (ii) Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, and through the amortisation process. (iii) Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has the positive intention and ability to hold the investment to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the held-to-maturity investments are derecognised or impaired, and through the amortisation process.


18

(iv) Available-for-sale financial assets Available for-sale financial assets include equity and debts securities. Equity investments classified as available-for-sale are those, which are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial recognition, available-for-sale financial assets are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognised. Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss. 2.6.3 Derecognition A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e., the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. 2.7

Impairment of Financial Assets The Group assesses at each end of the reporting period whether there is any objective evidence that a financial asset is impaired.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

2.7.1 Financial Assets Carried at Amortised Cost For financial assets carried at amortised cost, the Group first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has incurred, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.


20

2.7.2 Financial Assets Carried at Cost If there is objective evidence (such as significant adverse changes in the business environment where the issuer operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods. 2.7.3 Available-For-Sale Financial Assets In the case of equity investments classified as available-for-sale, objective evidence of impairment include: (i) significant financial difficulty of the issuer or obligor, (ii) information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair value of the investment below its costs. ‘Significant’ is to be evaluated against the original cost of the investment and ‘prolonged’ against the period in which the fair value has been below its original cost. If an available-for-sale financial asset is impaired, an amount comprising the difference between its acquisition cost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognised in profit or loss is transferred from other comprehensive income and recognised in profit or loss. Reversals of impairment losses in respect of equity instruments are not recognised in profit or loss; increase in their fair value after impairment are recognised directly in other comprehensive income. In the case of debt instruments classified as available-for-sale, impairment is assessed based on the same criteria as financial assets carried at amortised cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increases can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed in profit or loss. 2.8

Financial Liabilities 2.8.1 Initial Recognition and Measurement Financial liabilities are recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of other financial liabilities, plus directly attributable transaction costs. 2.8.2 Subsequent Measurement The measurement of financial liabilities depends on their classification as follows: (i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Subsequent to initial recognition, financial liabilities at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value of the financial liabilities are recognised in profit or loss.


22

The Group has not designated any financial liabilities upon initial recognition at fair value through profit or loss. (ii) Other financial liabilities After initial recognition, other financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. 2.8.3 Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. 2.9

Fair Value Estimation The fair values of financial instruments traded in active markets are based on quoted market prices at the statement of financial position date. The quoted market prices used for financial assets held by the Group are the current bid prices; the appropriate quoted market prices for financial liabilities are the current ask prices. The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each statement of financial position date. Quoted market prices or dealer quotes for similar instruments are used where appropriate. Other techniques, such as estimated discounted cash flows, are also used to determine the fair values of the financial instruments. The carrying amounts of current receivables and payables are assumed to approximate their fair values. The fair values of non-current receivables for disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rates that are available to the Group for similar financial instruments.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

2.10 Cash and Cash Equivalents Cash and cash equivalents comprise cash balances and bank deposits. For the purpose of the statement of cash flows, cash and cash equivalents are presented net of bank overdrafts which are repayable on demand and which form an integral part of the Group's cash management. 2.11 Income Taxes Current income tax liabilities (and assets) for the current and prior periods are recognised at the amounts expected to be paid to (or recovered from) the tax authorities. The tax rates and tax laws used to compute the amounts are those that are enacted or substantively enacted by the statement of financial position date. Deferred income tax assets/liabilities are recognised for all deductible taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax assets/liabilities arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are measured at: (i) the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted by the statement of financial position date; and (ii) the tax consequence that would follow from the manner in which the Group expects, at the statement of financial position date, to recover or settle the carrying amounts of its assets and liabilities.


24

Current and deferred income taxes are recognised as income or expenses in the statement of comprehensive income for the period, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax on temporary differences arising from the revaluation gains and losses on land and buildings, fair value gains and losses on available-for-sale financial assets and cash flow hedges, and the liability component of convertible debts are charged or credited directly to equity in the same period the temporary differences arise. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. 2.12 Functional and Presentation Currency 2.12.1 Functional and Presentation Currency Items included in the financial statements of the Group are measured using the currency of the primary economic environment in which the Group operates (“the functional currency”). The financial statements are presented in Singapore Dollar (SGD), which is the Group’s functional and presentation currency. 2.12.2 Foreign Currencies Transactions Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. 2.13 Revenue Recognition Donations from individuals, companies and other organisations are recorded when received. The Company derives a substantial proportion of its income from voluntary donations. Approximately 8% (2014: 7.7%) of the voluntary donations are in the form of cash. Due to the nature of these donations, the Company has limited accounting controls over the contributions prior to the initial entry in the accounting records. Government matching grant, MBMF, school fees, tuition fees and other income are accounted for on the accrual basis.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

Revenue from projects undertaken by a subsidiary, Centre for Research on Islamic and Malay Affairs Pte Ltd, is recognised based on the percentage-of-completion method. The percentage-of-completion for a given project is determined based on costs incurred to date as a percentage of total estimated costs of the project. Project costs include subcontractor costs, direct staff salaries and other related overhead expenses. Provisions for foreseeable losses on uncompleted projects are made in the year in which such losses are determined. 2.14 Government Grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Government grants relating to assets are deducted against the carrying amount of the assets. Jobs credit grants, which are government grants given to match staff and business costs, are recognised in the month of payment only as certain conditions have to be fulfilled before payment. 2.15 Employee Benefits 2.15.1 Defined Contribution Pension Costs The Group makes contributions to the Central Provident Fund Scheme in Singapore, a defined contribution pension scheme. These contributions are recognised as an expense in the period in which the related service is performed. 2.15.2 Employee Leave Entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for leave as a result of services rendered by employees up to statement of financial position date.


26

2.16 Finance Costs Interest expense and similar charges are expensed in the statement of comprehensive income in the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale. The interest component of finance lease payments is recognised in the statement of comprehensive income using the effective interest rate method. 2.17 Accumulated Fund 2.17.1 Unrestricted Funds Unrestricted funds are available for use at the discretion of the board of directors in the furtherance of the general objectives of the Company and which have not been designated for specific purposes. 2.17.2 Restricted Funds Restricted funds are funds which are to be used in accordance with specific restriction imposed by the fund providers. The aim and use of each restricted fund is set out in Note 14. 2.18 Intangible Assets 2.18.1 Other Intangible Assets Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in profit or loss in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite useful lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. 2.18.2 Goodwill on Acquisitions Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of their identifiable net assets and contingent liabilities of the acquired subsidiaries, joint ventures and associated companies at the date of acquisition. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognised directly in profit or loss as a bargain purchase. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. Goodwill on associated companies is included in the carrying amount of the investments.


28

Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold, except for goodwill arising from acquisitions prior to 1 January 2001. Such goodwill was adjusted against retained earnings in the year of acquisition and not recognised in the statement of comprehensive income on disposal. The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each statement of financial position date. The effects of any revision are recognised in the statement of comprehensive income when the changes arise. 2.19 Related Parties A related party is defined as follows: (a) A person or a close member of that person’s family is related to the Group and the Company if that person: (i) Has control or joint control over the Company; (ii) Has significant influence over the Company; or (iii) Is a member of the key management personnel of the Group or Company or of a parent of the Company. (b) An entity is related to the Group and the Company if any of the following conditions applies: (i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (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 Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company; (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).


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

2.20 Leases 2.20.1 Operating Leases Leases of assets in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to the statement of comprehensive income on a straightline basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place. 2.20.2 Finance Leases Leases of assets in which the Company assumes substantially the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value of the leased property and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element of the finance cost is taken to the statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. 2.21 Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is more likely than not that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.


30

Where discounting is used, the increase in the provision due to the passage of time is recognised as finance costs. Provisions are reviewed at each statement of financial position date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. 3

CRI TICAL ACCOUN T IN G ES T IM AT ES AN D J U D G E M E N T Estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Property, Plant and Equipment and Depreciation The Group’s management determines the estimated useful lives and related depreciation charges for its property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. It could change significantly as a result of technical innovations and competitor actions in response to severe industry cycles. Management will increase the depreciation charge where useful lives are less than previously estimated lives, or it will write-off or write-down technically obsolete assets that have been abandoned or sold. Allowance for Doubtful Debts Allowance for bad and doubtful debts are based on an assessment of the recoverability of trade and other receivables. Allowances are applied to trade and other receivables where events or changes in circumstances indicate that the balances may not be collectible. The indication of bad and doubtful debts requires the use of judgement and estimates. Where the expected outcome is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such estimates has been changed.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

Impairment of Investment and Financial Assets The Group follows the guidance of FRS 36 and FRS 39 in determining when an investment or financial assets is other-than-temporary impaired. This assessment requires significant judgement. The Group evaluates, among other factors, the duration and extent to which the fair value of an investment or financial asset is less than its cost; and the financial health of and near-term business outlook for the investment or financial asset, including factors such as industry and sector performance, changes in technology and operational and financing cash flow. 4

PRO PERTY, PLANT A N D E QU IP M E N T

Group Valuation

2015 Cost/Valuation

At beginning of year Additions Reclassification Disposals At end of year Accumulated Depreciation At beginning of year Depreciation Disposals At end of year Carrying Amount At end of year

Freehold Property S$

Cost Furniture and fittings S$

7,800,000 812,136 - 155,571 - (187,854) 7,800,000 779,853

92,856 556,546 557,143 117,618 - (187,854) 649,999 486,310

7,150,001

293,543

Office equipment S$

Renovation Renovation in progress S$

S$

Total S$

1,086,264 1,088,310 26,053 10,812,763 127,672 491,197 774,440 26,053 (26,053) (304,205) (265,021) (757,080) 909,731 1,340,539 - 10,830,123

780,949 169,084 (303,942) 646,091

720,866 133,751 (265,021) 589,596

-

2,151,217 977,596 (756,817) 2,371,996

263,640

750,943

-

8,458,127


32

Group Valuation

2014 Cost/Valuation

At beginning of year Additions Reversal of depreciation on revaluation Revaluation gain (Note 13) Disposals At end of year

Freehold Property

Cost Furniture and fittings

Office equipment S$

Renovation Renovation in progress

Total

S$

S$

S$

881,183 1,073,743 222,981 14,567

26,053

6,675,149 355,514

S$

S$

4,000,000 -

720,223 91,913

(500,000) 4,300,000 7,800,000

(17,900) 812,136 1,086,264 1,088,310

(500,000) 4,300,000 (17,900) 26,053 10,812,763

Accumulated Depreciation At beginning of year 291,666 Reversal of depreciation on revaluation (500,000) Depreciation 301,190 Disposals At end of year 92,856

451,302

656,500

579,630

-

1,979,098

105,244 556,546

140,980 (16,531) 780,949

141,236 720,866

-

(500,000) 688,650 (16,531) 2,151,217

Carrying Amount At end of year

255,590

305,315

367,444

26,053

8,661,546

7,707,144


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

4

PRO PERTY, PLANT A N D E QU IP M E N T

- cont’d

Company Valuation

2015 Cost/Valuation

At beginning of year Additions Reclassification Disposals At end of year Accumulated Depreciation At beginning of year Depreciation Disposals At end of year Carrying Amount At end of year

Freehold Property

Cost Furniture and fittings

Office equipment

Renovation Renovation in progress

Total

S$

S$

7,800,000 7,800,000

456,375 129,565 585,940

457,369 799,729 26,053 9,539,526 87,425 487,697 704,687 26,053 (26,053) (22,999) (22,999) 521,795 1,313,479 - 10,221,214

92,856 557,143 649,999

259,989 77,103 337,092

235,320 113,228 (22,736) 325,812

445,021 128,689 573,710

-

1,033,186 876,163 (22,736) 1,886,613

7,150,001

248,848

195,983

739,769

-

8,334,601

S$

S$

S$

S$


34

Company - cont’d Valuation

2014 Cost/Valuation

At beginning of year Additions Reversal of depreciation on revaluation Revaluation gain (Note 13) Disposals At end of year

Freehold Property

Cost Furniture and fittings

Office equipment

Renovation Renovation in progress

Total

S$

S$

S$

S$

S$

S$

4,000,000 -

391,911 64,464

300,094 172,275

785,162 14,567

26,053

5,477,167 277,359

(500,000) 4,300,000 7,800,000

456,375

(15,000) 457,369

799,729

26,053

(500,000) 4,300,000 (15,000) 9,539,526

Accumulated Depreciation At beginning of year 291,666 Reversal of depreciation on revaluation (500,000) Depreciation 301,190 Disposals At end of year 92,856

198,807

170,337

308,497

-

969,307

61,182 259,989

79,983 (15,000) 235,320

136,524 445,021

-

(500,000) 578,879 (15,000) 1,033,186

Carrying Amount At end of year

196,386

222,049

354,708

26,053

8,506,340

7,707,144


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

The Group adopted the revaluation model for the freehold property. Revaluations are carried out by an independent professional valuer once every two financial years. A valuation for the premises at 150 Changi Road #04-06 & 04-07 Guthrie Building Singapore 419973 was performed by Robert Khan and Co. Pte Ltd for the year ended 30 June 2014. The valuation report dated 12 May 2014 indicated a market value of S$7,800,000 as at 6 May 2014. The market value was derived based on an open market value on an existing use basis. The carrying amount of freehold property would have been S$3,208,333 (2014:$3,458,333) had the freehold property been carried at cost less accumulated depreciation and impairment losses. The carrying amount of property, plant and equipment of the Group and Company includes an amount of S$38,248 (2014: S$83,214) in respect of office equipment held under finance lease. 5

IN VESTMENTS I N S U B S ID IARIE S Company

Unquoted equity shares, at cost Less: Allowance for impairment Balance at beginning and end of year

2015 S$

2014 S$

500,000

500,000

(249,999) 250,001

(249,999) 250,001

The allowance for impairment at the end of the year is in respect of the Centre for Research on Islamic and Malay Affairs Pte Ltd (“RIMA�).


36

Name of company

Principal activities

Country of Incorporation Effective and place of equity held by business the Company

Cost of Investment

2015 %

2014 %

2015 S$

2014 S$

Centre for Research on Islamic and Malay Affairs Pte Ltd *

To provide research and studies into the affairs of the Malay/ Muslim community

Singapore

100

100

250,000

250,000

Mercu Learning Point Pte Ltd *

To provide educational, training and childcare services

Singapore

100

100

250,000

250,000

* Audited by Rohan • Mah & Partners LLP, Singapore

6

AVAILABLE- F OR - SA LE F IN A N C IAL AS S ETS Group and Company

Unquoted equity shares, at cost Less: Allowance for impairment Balance at beginning and end of year

2015 S$

2014 S$

24,000

24,000

(23,999) 1

(23,999) 1

The available-for-sale financial assets is in respect of GEMA Holdings Limited, a company incorporated in Singapore. There is no active market for the investments in unquoted shares of GEMA. As such, it is not practicable to determine with sufficient reliability the fair values of the investment; hence it is stated at cost. The management does not anticipate that the carrying amount of the above investment in unquoted shares will be significantly in excess of the fair values.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

7

TRA DE AND OTHER RE C E IVAB LE S Group

Trade receivables Less: Allowance for impairment Balance at beginning of year Allowance written off Balance at end of year Amount due from PPIS (Note 28)

Amount due from subsidiaries - non trade Less: Allowance for impairment Balance at beginning of year Allowance for the year (Note 16) Balance at end of year

Deposits, prepayments and other receivables (Note 8)

Company

2015 S$

2014 S$

2015 S$

2014 S$

116,320

117,458

18,000

28,447

17,378 (17,378) 116,320 1,780,542 1,896,862

17,378 17,378 100,080 758,343 858,423

18,000 18,000

28,447 28,447

-

-

3,121,401

2,909,336

-

-

1,376,809 94,494 1,471,303 1,650,098

927,483 449,326 1,376,809 1,532,527

1,556,793 3,453,655

1,303,635 2,162,058

1,339,146 3,007,244

1,124,697 2,685,671

Amounts due from subsidiaries are unsecured, non-interest bearing and repayable on demand. The Group and the Company do not have concentration of credit risk in respect of a customer or a group of customers.


38

The aging of trade receivables at the reporting date is: Group Trade receivables are non-interest bearing and are generally on 30 to 60 days' terms. They are recognised at their original invoice amounts which represent their fair values on initial recognition. The maximum exposure of credit risk for trade receivables at the reporting date is S$1,896,862 (2014: S$858,423).

Not past due Past due 0 - 30 days Past due 31 - 60 days Past due 61 - 90 days More than 90 days

Gross

Impairment losses

Gross

Impairment losses

2015 S$

2015 S$

2014 S$

2014 S$

467,427 428,660 17,592 406,387 576,796 1,896,862

-

439,616 142,875 259,811 1,627 31,872 875,801

17,378 17,378


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

Company Trade receivables are non-interest bearing and are generally on a 30-day term. They are recognised at their original invoice amounts which represent their fair values on initial recognition. The maximum exposure of credit risk for trade receivables at the reporting date S$18,000 (2014: S$28,447).

Not past due Past due 0 - 30 days Past due 31 - 60 days Past due 61 - 90 days

Gross

Impairment losses

Gross

Impairment losses

2015 S$

2015 S$

2014 S$

2014 S$

2,924 4,253 10,820 3 18,000

-

12,122 7,527 7,231 1,567 28,447

-

Based on historical default rates, the Group and the Company believe that no impairment allowance is necessary in respect of trade receivables past due up to 90 days. These receivables are mainly arising by customers that have good record with the Group and the Company. The carrying amounts of trade and other receivables approximate their fair values and are denominated in Singapore Dollar.


40

8

DE POSI TS, PR EPAY M E N TS AN D OT H ER REC E IVA B L E S Group

Government matching grant (Note 15) MBMF grant Deposits Prepayments Sundry receivables

9

Company

2015 S$

2014 S$

2015 S$

2014 S$

800,000 294,000 113,311 216,863 132,619 1,556,793

650,000 196,000 101,939 140,395 215,301 1,303,635

800,000 294,000 63,123 53,663 128,360 1,339,146

650,000 196,000 62,990 2,625 213,082 1,124,697

CASH AND CASH E QU IVALE N TS

Group

Cash at bank and in hand Fixed deposits

Company

2015 S$

2014 S$

2015 S$

2014 S$

2,868,016 1,875,541 4,743,557

2,879,394 1,868,973 4,748,367

1,988,300 1,866,622 3,854,922

1,025,090 1,860,054 2,885,144

Fixed deposits have an average maturity of 5 to 8 months (2014: 5 to 19 months) from the end of the financial year, which can be withdrawn on demand, with the weighted average effective interest rates of 0.647% (2014: 0.666%) and 0.647% (2014: 0.666%) for the Group and the Company respectively.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

10

TRA DE AND OTHER PAYAB LE S Group

Trade payables Amount due to PPIS - trade (Note 28) Amount due to PPIS - non-trade (Note 28) Amount due to subsidiaries - non-trade Accrued operating expenses Other payables Deposits received Deferred income GST payables Amount due to Madrasah Aljunied * Balance at beginning of year Add: Receipts during the year Less: Administrative expenses Management fees Disbursement during the year Balance at end of year Amount due to Abdul Gafoor Mosque ** Balance at beginning of year Add: Receipts during the year Less: Administrative expenses Management fees Disbursement during the year Balance at end of year Amount due to Kimse Yokmu (ASRIT project) *** Balance at beginning of year Add: Receipts during the year Less: Administrative expenses Disbursement during the year Balance at end of year

Company

2015 S$

2014 S$

2015 S$

2014 S$

138,438 1,320,591 413,452 1,387,708 13,172 472,799 424,614 100,726 4,271,500

68,337 1,213,212 369,438 1,160,376 8,757 416,465 298,646 56,572 3,591,803

43,376 3,207,218 412,900 13,172 366,032 376,404 4,419,102

55,317 2,465,522 380,811 5,412 301,547 243,778 3,452,387

69,545 327,309 (6,971) (38,441) (281,219) 678 70,223

69,638 331,602 (17,922) (37,641) (276,132) (93) 69,545

69,545 327,309 (6,971) (38,441) (281,219) 678 70,223

69,638 331,602 (17,922) (37,641) (276,132) (93) 69,545

18,588 19,133 (289) (377) (27,851) (9,384) 9,204

27,893 19,262 (295) (379) (27,893) (9,305) 18,588

18,588 19,133 (289) (377) (27,851) (9,384) 9,204

27,893 19,262 (295) (379) (27,893) (9,305) 18,588

5,678 70,010 (1,000) (74,488) (5,478) 200 4,351,127

255,359 (267) (249,414) 5,678 5,678 3,685,614

5,678 70,010 (1,000) (74,488) (5,478) 200 4,498,729

255,359 (267) (249,414) 5,678 5,678 3,546,198


42

Trade payables are non-interest bearing. Trade and other payables are normally settled on 30 to 60 days’ terms. Amounts due to subsidiaries are unsecured, non-interest bearing and are repayable on demand. Included in accrued operating expenses is accrual for bonus amounting to S$839,067 (2014: S$576,572) and S$221,940 (2014: S$211,134) for the Group and Company respectively. *

The Company provides the Madrasah Aljunied Al-Islamiah (“MAJ”), a committee constituted and authorised by Majlis Ugama Islam Singapura (“the Majlis”), with management assistance to raise funds for the Madrasah Aljunied Education and Administration Fund.

**

The Company provides the Abdul Gafoor Mosque Management Board (“AGMB”), a committee constituted and authorised by the Majlis, with management assistance to raise funds for Abdul Gafoor Mosque.

***

The Company raised funds for the Syrian refugees aided by Kim Se Yokmu, a registered Aid Agency in Turkey. The amounts received during the year represent only those that are collected by the Company. The carrying amounts of trade and other payables approximate their fair values and are denominated in Singapore Dollar.

11

DEF ER R ED TAXATIO N Group

Balance at beginning of the year Charged to statement of comprehensive income (Note 20) Balance at end of the year

2015 S$

2014 S$

105,448 16,857 122,305

78,342 27,106 105,448


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

12

OBL IGATION UNDER F IN AN C E LE AS E The Group and the Company has obligations under finance lease for certain items of property, plant and equipment. These leases have terms of renewal but no purchase options and escalation clauses. Renewals are at the option of the specific entity that holds the lease. Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows:

Group and Company

Within 1 year After 1 year but within 5 years Total minimum lease payments Less: Finance Charges Present value of minimum lease payments

2015 S$

2015 S$

2014 S$

2014 S$

Minimum lease payments

Present value of payments

Minimum lease payments

Present value of payments

33,165 7,333 40,498 (2,250) 38,248

31,263 6,985 38,248 38,248

46,363 40,498 86,861 (5,205) 81,656

43,408 38,248 81,656 81,656

(a) The average lease term is 3 years. For the year ended 30 June 2015, the average effective borrowing rate was 4.90% (2014: 5.42%) per annum. Interest rate is fixed at the contract date, and thus exposes the Group and the Company to fair value interest rate risk. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. (b) The carrying amounts of the Group and the Company’s lease obligations approximate their fair values and are denominated in Singapore Dollar. (c) The Group and the Company’s obligations under finance leases are secured by the lessee’s title to the leased assets.


44

13

PROPERTY R EVALUAT ION RE S E RV E Group and Company

At beginning of year Revaluation gain At end of year

14

2015 S$

2014 S$

5,498,034 5,498,034

1,198,034 4,300,000 5,498,034

RESTR ICTED F UND S (a) Fund movement

Group and Company Dedicated Centre for Ready For Marriages & Divorces (DDC) * School Fund ** Operation Grant

Total

Donations

S$

S$

S$

2015 Balance at beginning of the year Incoming resources Transfer from Unrestricted Fund Expenditure Balance at end of the year

3,327 275,407 284,409 (556,984) 6,159

43,977 445,676 96,929 (302,125) 284,457

47,304 721,083 381,338 (859,109) 290,616

2014 Balance at beginning of the year Incoming resources Transfer from Unrestricted Fund Expenditure Balance at end of the year

273,077 279,649 (549,399) 3,327

20,552 213,440 83,633 (273,648) 43,977

20,552 486,517 363,282 (823,047) 47,304


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

(b) Description * The restricted fund is for the Dedicated Centre for Marriages & Divorces (DDC), also known as Inspirasi@AMP, which has been set up as an intervention centre for marriages and divorces involving Muslim minors. The Centre is funded by the Ministry of Social and Family Development (MSF). **

15

The Company’s Ready for School Fund was established as a restricted fund in July 2007. The income sources of the Fund are public donations and projects specifically in aid of the Fund. The purpose of the Fund is to aid disadvantaged school-going children of all races in essential school expenditures including school and tuition fee subsidies, enrichment programmes subsidies, transportation expense and other financial assistance.

REV ENUE Group

Donations * Government matching grant ** MBMF grant Other grants Childcare centre fees and subsidies Management fees – PPIS (Note 28) Pre-school centre fees Tuition and enrichment service centres Student care fees and subsidies Research income Training and education projects Convention/Anniversary income Social action programmes

Company

2015 S$

2014 S$

2015 S$

2014 S$

2,350,045 950,000 665,601 601,483 2,917,072 4,465,438 762,772 925,786 2,768,638 143 59,919 720,259 17,187,156

1,907,731 800,000 649,480 475,634 2,721,095 3,087,505 650,460 408,634 2,659,558 352 41,619 90 623,554 14,025,712

2,350,045 950,000 665,601 601,483 2,917,072 2,768,638 59,919 720,259 11,033,017

1,907,731 800,000 649,480 475,634 2,346,788 2,314,544 41,619 90 623,554 9,159,440

*

Included in donations is zakat contribution amounting to S$961,761 (2014: S$806,112).

**

The government matching grant is capped at S$800,000 (2014: S$800,000). Included in government matching grant is the Company’s share of a government matching grant for community self-help organisations of S$950,000 (2014: S$650,000) which relates to the donations received during the year ended 30 June 2015. The S$150,000 in excess of the capped amount relates to the grant received for last year’s claim.


46

16

EX PENDI TUR E Group

Social action programme - (Al-Hijrah) Fund raising projects Contributions for community projects Research Pre-school centres Childcare centres Student care centres Adult education and training Tuition and enrichment centres Corporate services Management information systems Management fees (Note 23) Cost of services - PPIS (Note 28) Human resource/volunteer management General administrative expenditure and overheads Impairment loss of subsidiary receivables *

Company

2015 S$

2014 S$

2015 S$

2014 S$

1,715,206 331,533 57,648 143,015 637,970 2,206,721 3,314,931 186,584 35,374 243,344 262,583 3,605,513 289,729

1,366,563 275,590 37,200 385,511 594,354 1,780,352 2,435,364 171,843 390,638 227,402 236,192 2,446,753 309,917

1,758,078 331,533 57,648 115,000 186,584 217,094 262,583 5,685,845 289,729

1,440,557 275,590 37,200 120,000 171,843 176,904 236,192 4,661,363 309,917

4,094,341 17,124,492

3,647,979 14,305,658

2,087,221 94,494 11,085,809

1,887,796 449,326 9,766,688

The above expenditure includes the following: Group

Bad debts ** Depreciation Loss on disposal of property, plant and equipment Staff costs (Note 18) Zakat

Company

2015 S$

2014 S$

2015 S$

2014 S$

977,598

17,706 688,650

876,165

578,879

7,931,467 35,000

869 7,206,015 24,030

262 2,449,871 -

2,316,233 -

*

The impairment loss of subsidiary receivables for the year is in respect of the RIMA (Note 7).

**

Included in bad debts is NIL (2014: S$11,557) written off due to loss of monies at Bedok West Primary student care centre.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

17

OTHER INCOME Group

Corporate service fees (Note 23) Gain on disposal of business unit * Gain on disposal of plant and equipment Government grants Rental income (Note 23) Internal audit (Note 23) Miscellaneous income

*

18

Company

2015 S$

2014 S$

2015 S$

2014 S$

-

70,000

25,500 -

33,000 -

354,244 48,373 402,617

500 171,187 101,979 343,666

198,418 18,750 16,003 258,671

500 271,171 18,750 13,616 337,037

For the year ended 30 June 2014, the Woodlands Learning Centre was taken over by a third party. The amount of S$70,000 is the gain on disposal of the business unit.

STAF F COSTS Group

Staff salaries and related costs Defined contribution pension costs Included in staff costs are remunerations of key management

Company

2015 S$

2014 S$

2015 S$

2014 S$

6,967,032 964,435 7,931,467

6,319,956 886,059 7,206,015

2,125,292 324,579 2,449,871

2,026,763 289,470 2,316,233

1,158,118

1,342,744

993,569

896,110

The number of key management personnel whose remuneration is within the S$100,001 to S$150,000 band is two (2014: one). Key management personnel comprise the Executive Director and the direct reporting senior officers.


48

19

FINANCI AL EXPEN S ES Group

Bank charges Finance lease interest

20

Company

2015 S$

2014 S$

2015 S$

2014 S$

13,170 2,956 16,126

9,670 2,658 12,328

4,542 2,956 7,498

3,267 2,658 5,925

TAX ATION Company The Company is an approved charity under the Charities Act, Cap. 37 and has been accorded the status of an Institution of a Public Character (IPC) for the period from 10 October 2014 to 9 October 2018. With effect from the Year of Assessment 2008, the requirement for charities to spend at least 80% of their annual receipts on charitable objects in Singapore within 2 years in order to enjoy income tax exemptions has been removed. All registered and exempt charities will enjoy automatic income tax exemption. In other words, charities do not need to file income tax returns effective from the Year of Assessment 2009. Group Major components of income tax expense are as follows: Group

Current year taxation Deferred taxation (Note 11)

2015 S$

2014 S$

(16,857) (16,857)

(27,106) (27,106)


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

A reconciliation between the tax expense and the product of accounting result multiplied by the applicable tax rate are as follows: Group 2015 S$

2014 S$

Profit before taxation

461,263

63,952

Tax expense on profit before tax at 17% Tax effect of expenses not deductible for tax purposes Tax effect of income not deductible for tax purposes Utilisation of capital allowance Unutilised of tax losses Deferred taxation Tax exemption Tax expense

78,415 17,244 (7,292) (53,383) 16,864 (16,857) (51,848) (16,857)

10,872 21,444 (10,470) (54,041) 63,747 (27,106) (31,552) (27,106)

Unrecognised deferred tax assets The subsidiaries’ deferred tax assets in respect of the following items have not been recognised in the financial statements as the probability of future taxable profits being available to utilise such benefits cannot be reliably established: Group

Unutilised tax losses

2015 S$

2014 S$

211,969

252,787

The Group’s unutilised capital allowances and tax losses are available for offset against future taxable profits subject to the agreement of the tax authorities and compliance with certain provisions of the Singapore Income Tax Act, Cap.134.


50

21

TAX -EX EMPT R EC E IP TS The Company enjoys a concessionary tax treatment whereby qualifying donors are granted double tax deduction for the donations made to the Company. The Company is an approved charity under the Charities Act, Cap. 37 and has been accorded the status of an Institution of a Public Character (IPC) for the period from 10 October 2014 to 9 October 2018. Qualifying donors are granted 2.5 times tax deduction for the donations made to the Company. In conjunction with SG50, the Government has decided to increase the tax deduction for qualifying donations from 2.5 to 3.0 times of the amount of donation made in 2015. The 3.0 times deduction for donations made from 1 January 2015 to 31 December 2015 (both dates inclusive) will be allowed to all existing qualifying donors (i.e. individuals, companies, trusts, bodies of persons, Hindu joint family). During the financial year, the Company issued tax-exempt receipts for donations collected amounting to S$1,100,021 (2014: S$775,764).

22

OPERATING LEAS E C O M M IT M E N TS Rental expenses (principally for office premises and office equipment) for the Group for the year ended 30 June 2015 were S$701,541 (2014: S$569,182). Most leases contain renewable options. Lease terms do not contain restrictions on the Group’s activities concerning dividends, additional debts or further leasing. The leases have varying terms and renewal rights and their lease terms are between 2 and 5 years. Future minimum rental under non-cancellable leases are as follows as at 30 June: Group

Payable: Within 1 year After 1 year but within 5 years

2015 S$

2014 S$

241,537 58,397 299,934

313,185 141,794 454,979


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

23

SIGNI F ICANT R ELAT E D PA RT Y T RA N SACT ION S A related party includes the trustees/office bearers (that is, directors) and key management of the Company. It also includes an entity or person that directly or indirectly controls, is controlled by, or is under common or joint control with these persons. It also includes members of the key management personnel or close members of the family of any individual referred to herein and others who have the ability to control, jointly control or significantly influence by or for which significant voting power in such entity resides with, directly or indirectly, any such individual. Key management personnel include the Executive Director and key executives. It is not the normal practice for the trustees/office bearers, or people connected with them, to receive remuneration, or other benefits, from the Company for which they are responsible, or from institutions connected with the Company except that the Executive Director and the direct reporting senior officers have employment relationships with the Company and its subsidiaries and have received remuneration in these capacities. All board members, chairman of sub-committees and staff members of the Company are required to read and understand the conflict of interest policy in place and make full disclosure of interests, relationships and holdings that could potentially result in conflict of interests. When a conflict of interest situation arises, the members or staffs shall abstain from participating in the discussion, decision making and voting on the matters.


52

Except for the significant related parties transactions on terms agreed between the Company and its related parties as disclosed below, there are no other transaction and arrangements between the Company and related parties: Company

Income Corporate service fees from subsidiaries (Note 17) Rental income from a subsidiary (Note 17) Internal audit (Note 17) Share of expenses Expenses Fee subsidies Management fees to a subsidiary (Note 16) * Research fees to a subsidiary Innovation grant

2015 S$

2014 S$

25,500 198,418 18,750 116,446

33,000 271,170 18,750 124,058

41,542 5,685,845 115,000 1,331

78,394 4,661,363 120,000 -

Balance with related parties at the statement of financial position date are set out in Notes 7 and 10. Compensation to key management personnel are disclosed in Note 18. *

24

Management fees to Mercu Learning Point Pte Ltd (“Mercu�) relates to the running of the childcare and student care centres.

CONTI NGENT LIAB ILIT IES ( U N S EC U RED ) During the year, the Company has given an undertaking to one of its subsidiaries to provide the necessary financial support in order to enable the subsidiary to continue as a going concern. As at the end of the financial year, the subsidiary has a capital deficit of S$1,436,272 (2014: S$1,335,461).


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

25

FUND RAI SI NG AND S PON S O RS H IP E XP E N S E S The Company’s total fund raising and sponsorship expenses was S$331,533 (2014: S$275,659) which is less than 30% of the total gross receipts from fund raising and sponsorships of S$2,350,045 (2014: S$2,163,090) raised during the year. During the year, the total fund raising and sponsorship expenses include all expenses classified under fund raising projects, while the total gross receipts from fund raising and sponsorships include all donations received.

26

FIN ANCI AL I NSTR U M EN TS Categories of Financial Instruments The carrying amounts presented in the statement of financial position relate to the following categories of financial assets and financial liabilities:

Group

Financial assets Loans and receivables: Trade and other receivables Cash and cash equivalents

Financial liabilities Financial liabilities measured at amortised cost: Obligations under finance leases Trade and other payables

2015 S$

2014 S$

3,236,792 4,743,557 7,980,349

2,021,663 4,748,367 6,770,030

38,248 3,926,513 3,964,761

81,656 3,476,230 3,557,886


54

Financial Risk Management Objectives and Policies The main risks arising from the Group’s financial instruments are credit risk, foreign currency, and interest rate risk and liquidity risk. The management reviews and agrees policies for managing this risk and the policies of managing each of these risks are summarised below: Credit Risk Credit risk refers to the risk that counter parties may default on their contractual obligations resulting in a financial loss to the Group. The Group’s customer portfolio is diversified and there is no reliance on any customer. These exposures are monitored and provision for potential credit losses is adjusted when necessary. The aggregate amount of its trade and other receivables and bank balance represents the Group maximum exposure to credit risk. Cash and bank balances are placed with reputable local financial institutions. Therefore, credit risk arises mainly from the inability of the Group's customers to make payments when due. The amounts presented in the statement of financial position are net of allowances for impairment of trade receivables, estimated by management based on prior experience and the current economic environment. The Group monitors its credit collection regularly as a means of managing credit risk. Information regarding financial assets that are either past due or impaired is disclosed in Note 7 (Trade and other receivables). Foreign Currency Risk Foreign exchange risk arises from change in foreign exchange rates that may have an adverse effect on the Group in the current reporting period and in the future years. The Group’s exposure to foreign currency risk is minimal as all transactions are dealt with in local currency. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

The tables below set out the Group’s exposure to interest rate risks. Included in the tables are the assets and liabilities at carrying amounts, categorised by the earlier of contractual repricing or maturity dates. Group Variable rates Less than 1 year

2015 Assets Cash and cash equivalents Obligation under finance lease 2014 Assets Cash and cash equivalents Obligation under finance lease

Fixed rates Less than 1 year

2 to 5 years

Total

S$

S$

S$

S$

-

1,875,541 (31,263) 1,844,278

(6,985) (6,985)

1,875,541 (38,248) 1,837,293

-

1,868,973 (43,408) 1,825,565

(38,248) (38,248)

1,868,973 (81,656) 1,787,317


56

Sensitivity analysis An increase or decrease in 100 basis point (“bp”) (1%) in interest rate at the reporting date would have no significant effect on equity and profit or loss (before tax). This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Group Statement of Comprehensive Income S$

2015 Cash and cash equivalents Obligations under finance leases 2014 Cash and cash equivalents Obligations under finance leases

18,755 (382) 18,373 18,690 (817) 17,873

Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds. The Group’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. To manage liquidity risk, the Group monitors its net operating cash flow and maintains an adequate level of cash and cash equivalent.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

The table below summarises the maturity profile of the Group’s financial assets and liabilities at the end of the reporting period based on contractual undiscounted repayment obligations.

2015

Within 2 to 5 years

Within 1 year

More than 5 years

Total

S$

S$

S$

S$

Financial assets Trade and other receivables Cash and cash equivalents Total undiscounted financial assets

3,236,792 4,743,557 7,980,349

-

-

3,236,792 4,743,557 7,980,349

Financial liabilities Obligations under finance leases Trade and other payables Total undiscounted financial liabilities

31,263 3,926,513 3,957,776

6,985 6,985

-

38,248 3,926,513 3,964,761

Total net undiscounted financial assets/(liabilities)

4,022,573

(6,985)

-

4,015,588

2014

Within 2 to 5 years

Within 1 year

More than 5 years

Total

S$

S$

S$

S$

Financial assets Trade and other receivables Cash and cash equivalents Total undiscounted financial assets

2,021,663 4,748,367 6,770,030

-

-

2,021,663 4,748,367 6,770,030

Financial liabilities Obligations under finance leases Trade and other payables Total undiscounted financial liabilities

43,408 3,476,230 3,519,638

38,248 38,248

-

81,656 3,476,230 3,557,886

Total net undiscounted financial assets/(liabilities)

3,250,392

(38,248)

-

3,212,144


58

Fair Value of Financial Instruments As at the end of the financial year, the Group has no financial assets or financial liabilities that are carried at fair value measurements. The carrying amounts of financial assets and financial liabilities of the Group recorded at amortised cost in the financial statements approximate their fair values due to their short term nature. 27

CAPI TAL MANAGE M EN T The objectives of the Group and the Company when managing its funds are to safeguard and to maintain adequate working capital to continue as going concern and to develop its principle activities over the longer term. No changes were made in the objectives, policies or processes during the years ended 30 June 2014 and 30 June 2015. General Reserve Policy Policy Statement The primary objective of this policy is to promote transparency on management with regard to its reserves and to assure stakeholders that the Company’s financial reserve is well managed and has, where appropriate, a strategy for building up the reserves. The policy applies to net assets not earmarked for restricted usage. The Group will continue to be guided by prudent financial policies of which gearing is an important aspects. The gearing ratio is calculated as net debt divided by total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as equity plus net debt. Group

Net debts Total equity Total capital Gearing ratio

Company

2015 S$

2014 S$

2015 S$

2014 S$

12,388,270 12,388,270 -

11,910,150 11,910,150 -

682,055 10,909,792 11,591,847 0.06

742,710 10,699,303 11,442,013 0.06

The Group and the Company do not have any externally imposed capital requirements for the financial years ended 30 June 2014 and 30 June 2015.


A N N UA L R E PO RT 2 0 1 5 _ S H A P I N G O U R S H A R E D F U T U R E N OT E S TO T H E F I N A N C I A L S TAT E M E N TS

General Reserves The Company will build up and maintain a reserve that will be no less than 1 year and not more than 5 years of the annual operating expenditure. The reserves will be reviewed by the Finance and Investment Committee at least annually to see if the current arrangement provides adequate cover to meet the needs of the Company’s operating expenditure during difficult financial times. The preparation of the annual budget should be with the intent of building up the general reserve to the desired level. The general reserve funds may be invested in accordance with the Investment Policy Framework adopted by the Finance and Investment Committee. Surplus assets In accordance with the Memorandum of Association, if on the winding-up or dissolution of the Company, or in the event of the Company ceasing to be registered charity under the Charities Act there remains, after the satisfaction of all its debts and liabilities any property whatsoever, the same shall not be paid to or distributed among the members of the Company, but shall be given or transferred to some other charitable institution or institutions of a public character in Singapore which are registered under the Charities Act, (Cap. 37). 28

COMMITMENTS During the financial year ended 30 June 2014, Mercu entered into an agreement with Persatuan Pemudi Islam Singapura (“PPIS”), whereby Mercu will manage all of PPIS’s child development centres with effect from 1 October 2013 for a period of 2 years. Under the terms of the agreement, all income and expenses related to the operations of the centres will be borne by Mercu. These include the finance operations, human resource, business and curriculum management. PPIS is entitled to a share of the profit as follows: (i) 30% of annual net profit before the indirect cost of the child development centres if the annual net profit is below S$380,000. (ii) 50% of annual net profit before the indirect cost of the child development centres if the annual net profit is at or above S$380,000.


60

PPIS is not liable to bear or share any losses of the child development centres. PPIS’s child development centres revenue, expenses and its corresponding share of profit as at 30 June are as follows: 2015 S$

2014 S$

4,465,438 (4,192,013) 114,840 471,659 859,924

3,087,505 (2,808,284) 82,852 278,678 640,751

388,265 471,659 859,924

362,072 278,679 640,751

Profit apportionment for the year

Prior year profit recorded

Closing profit recorded for the year

S$

S$

S$

429,962 429,962 859,924

(41,697) 41,697 -

388,265 471,659 859,924

Revenue (Note 15) Cost of sales (Note 16) Indirect cost (Note 16) Share of profit due to PPIS (Note 16) Profit Profit apportionment: Company PPIS

Profit apportionment 30 June 2015 Company PPIS

Balances with PPIS at the statement of financial position date are set out in Notes 7 and 10.


THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.


The theme for the AMP Annual Report this year is Shaping Our Shared Future. It reflects AMP’s commitment to building and shaping the future it shares with the community through its programmes and services. AMP shares the community’s vision of a better tomorrow – one that is bright and full of opportunities for all members of the Malay/Muslim community in Singapore.


ASSOCIATION OF MUSLIM PROFESSIONALS AMP @ Pasir Ris, 1 Pasir Ris Drive 4, #05-11, Singapore 519457 T (65) 6416 3966 / F (65) 6583 8028 corporate@amp.org.sg www.amp.org.sg Reg. No.: 199105100D

| AMP Singapore

AMP Annual Report 2015  

© Association of Muslim Professionals. Permission is required for reproduction.

Read more
Read more
Similar to
Popular now
Just for you