JURONGHEALTH FUND
Annual Report Financial Year 2012
JurongHealth Fund Annual Report Financial Year 2012
Our Goals In partnership with Jurong Health Services Pte Ltd, JurongHealth Fund facilitates fund-raising and awards grants to fund programmes in 5 key areas: Needy Patients
Community Care
who are in need of financial assistance and who require healthcare services
supporting outreach programmes and care integration initiatives
Education
Pilot Projects
to further medical, nursing, paramedical and other healthcare related education and training for healthcare workers
to test new and improved ways of providing patient care and improving safety of care
Research that focuses on community health and bedside clinical research
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JurongHealth Fund Annual Report Financial Year 2012
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About Us The JurongHealth Fund was established on 4 August 2011 as a not-for-profit organisation. It is registered as a charity under the Charities Act and is an approved Institution of Public Character (IPC). JurongHealth Fund aims to promote all medical and health-related services that are exclusively charitable and for the benefit of the Singapore community.
Board of Directors
Governance
JurongHealth Fund is governed by a Board of Directors that comprises experienced practitioners from the public and private sectors. In addition to their strong commercial links, they are also known for their philanthropic work and are passionate about transforming healthcare delivery and bringing health closer to the community. The Fund looks to the Board for guidance and approval on strategic plans to support various programmes that are aligned to JurongHealth Fund’s goals.
The Board of Directors and Management of JurongHealth Fund are committed to maintaining high standards of governance that are aligned to the Code of Governance for Charities and Institutions of Public Character (IPC). As this is JurongHealth Fund’s second year of inception, the Board is in the process of expanding its membership and setting up all the necessary governance committees. The Audit Committee was formed in June 2013 and comprises Mr Ng Tiak Soon as Chairman, with Mr Foo Hee Jug and Professor Robert Pho Wan Heng as Members.
Director
Title
Date of Appointment
Mr Haider Mohamedally Sithawalla (Chairman)
Executive Director, KSP Investments Pte Ltd
4 August 2011
Chief Executive Officer, Jurong Health Services Pte Ltd Chairman, Pteris Global Limited Independent Director, Cordlife Group Ltd Emeritus Professor, Yong Loo Lin School of Medicine, National University of Singapore, Emeritus Consultant, National University Hospital (Singapore) Pte Ltd President, Singapore Nurses Association Managing Director, Selvam LLC Group CEO, NTUC Unity Healthcare Co-operative Limited
4 August 2011
Mr Foo Hee Jug Mr Lim Joo Boon Mr Ng Tiak Soon Professor Robert Pho Wan Heng
Associate Professor Lim Swee Hia Mrs Arfat Selvam Mr Chua Song Khim
4 August 2011 1 May 2012 1 March 2013
Policies & Procedures 1 March 2013 1 March 2013 8 April 2013
JurongHealth Fund has incorporated policies and procedures to ensure that the requirements for IPCs are met. Grant Making, Fund Raising, Conflict of Interest, Donations & Receipts, Procurement & Payments and Reserves & Investment policies have been established.
JurongHealth Fund Annual Report Financial Year 2012
Highlights of Financial Year 2012 Patient Care Programmes
Donations & Fund Raising
In our second year funding for patient care programmes, we focused on helping needy patients of JurongHealth who require financial assistance in the areas of medical and living expenses arising from their illnesses. In FY2012, we disbursed a Needy Patient grant of $50,000. A majority of these funds were used on interim dialysis, mobility aids, wound care, respiratory support devices and transport for patients.
Looking Ahead
JurongHealth Fund received another $25 million donation from the family of the late Mr Ng Teng Fong. Other donations amounting to $0.01 million was received from a visiting consultant to Alexandra Hospital to support the education needs of healthcare staff. No fund raising expenses were incurred in FY2012.
Over the next year, JurongHealth Fund will look into the strategic deployment of funds to confer a competitive advantage in delivering its mission. Possible programmes that the fund can support include: 1.
2.
3.
4.
Setting up an institute for clinical training. This could serve as a valuable resource to train staff, partners and external healthcare professionals in simulation training, wet-skills laboratory and experiential learning programmes. Community & Population Health. As a regional health system (RHS), JurongHealth is well placed to fund population health programmes to enhance its ability to effect shared care for chronic diseases with general practitioners and other intermediate and long-term care providers. Health Services & Population Outcomes Research. As a RHS, JurongHealth will have significant opportunities to data mine information to drive health services research and population outcomes research which would ultimately improve care. Arts for Health in JurongHealth. To create a restful and healing environment for the future Jurong Hospitals, JurongHealth would seek to deploy art into the new hospitals through art pieces and art programmes.
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JurongHealth Fund (A Company limited by guarantee) Registration Number: 201118604G (Registered under the Companies Act, Chapter 50) Annual Report Year ended 31 March 2013
JurongHealth Fund Directors’ report Year ended 31 March 2013
Directors’ report We are pleased to submit this annual report to the members of the Company together with the audited financial statements for the financial year ended 31 March 2013.
Directors The directors in office at the date of this report are as follows: Mr Haider M Sithawalla Mr Chua Song Khim Mr Foo Hee Jug Mr Lim Joo Boon A/Prof Lim Swee Hia Mr Ng Tiak Soon Prof Robert Pho Wan Heng Mrs Arfat Selvam
(Appointed on 8 April 2013)
(Appointed on 1 March 2013) (Appointed on 1 March 2013) (Appointed on 1 March 2013)
Directors’ interests The Company has no share capital and its member’s liability is limited by guarantee. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of any body corporate. Since the end of the last financial period, no director 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.
Share options The Company is limited by guarantee and has no issued share capital.
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JurongHealth Fund Directors’ report Year ended 31 March 2013
Auditors The auditors, KPMG LLP, have indicated their willingness to accept re-appointment.
On behalf of the Board of Directors
──────────────────── Mr Haider M Sithawalla Director
──────────────────── Mr Foo Hee Jug Director
25 June 2013
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JurongHealth Fund Statement by Directors Year ended 31 march 2013
Statement by Directors In our opinion, (a) the financial statements set out on pages FS1 to FS13 are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31 March 2013 and the results, changes in funds and cash flows of the Company for the year ended on that date in accordance with the provisions of the Singapore Companies Act, Chapter 50, the Charities Act, Chapter 37 and Singapore Financial Reporting Standards; and (b) 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.
On behalf of the Board of Directors
──────────────────── Mr Haider M Sithawalla Director
──────────────────── Mr Foo Hee Jug Director
25 June 2013
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KPMG LLP 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581
Telephone +65 6213 3388 Fax +65 6225 0984 Internet www.kpmg.com.sg
Independent auditors’ report Members of the Company JurongHealth Fund Report on the financial statements We have audited the accompanying financial statements of JurongHealth Fund (the Company), which comprise the balance sheet as at 31 March 2013, the statement of comprehensive income, statement of changes in funds and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages FS1 to FS13. Management’s responsibility for the financial statements 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, Chapter 50 (the Act), the Singapore Charities Act, Chapter 37 (the Charities Act) and Singapore Financial Reporting Standards. Management has acknowledged that its responsibilities include 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 profit and loss accounts and balance sheets and to maintain accountability of assets. Auditors’ responsibility 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 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.
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KPMG LLP 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581
Telephone +65 6213 3388 Fax +65 6225 0984 Internet www.kpmg.com.sg
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are properly drawn up in accordance with the provisions of the Act, the Charities Act and Singapore Financial Reporting Standards to give a true and fair view of the state of affairs of the Company as at 31 March 2013 and the results, changes in funds and cash flows of the Company for the year ended on that date. Report on other legal and regulatory requirements In our opinion, the accounting and other records required by the Act to be kept by the Company 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 caused us to believe that during the year: (i) the use of donation moneys was not in accordance with the objectives of the Company as required under Regulation 16 of the Charities (Institutions of Public Character) Regulations; and (ii) the Company has not complied with the requirements of Regulation 15 (fund-raising expenses) in the Charities (Institutions of a Public Character) Regulations.
KPMG LLP Public Accountants and Certified Public Accountants Singapore 25 June 2013
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JurongHealth Fund Financial statements Year ended 31 March 2013
Balance sheet As at 31 March 2013 Note
2013 $
2012 $
4
– 36,695 50,067,957 50,104,652
39,000 9,691 25,001,676 25,050,367
5,612 50,089,254 50,094,866
39,099 25,003,768 25,042,867
9,786 9,786
7,500 7,500
50,104,652
25,050,367
Assets Current assets Donation receivables Interest receivables Cash and cash equivalents Total assets Funds and liabilities Restricted fund Unrestricted fund Accumulated funds Current liabilities Other payables Total liabilities Total funds and liabilities
5
6
7
The accompanying notes form an integral part of these financial statements.
FS1
JurongHealth Fund Financial statements Year ended 31 March 2013
Statement of comprehensive income Year ended 31 March 2013
Note
Unrestricted Fund $
Restricted Fund $
25,000,000 15,872 25,015,872
39,000 99 39,099
Total $
2012 Incoming resources Incoming resources from generated funds: Voluntary income - Donations Investment income Total incoming resources Resources expended Governance costs Total resources expended
8 9
11
Net incoming resources, representing total comprehensive income for the period
(12,104) (12,104)
– –
25,039,000 15,971 25,054,971
(12,104) (12,104)
25,003,768
39,099
25,042,867
8 9
25,002,655 144,130 25,146,785
5,513 – 5,513
25,008,168 144,130 25,152,298
10 11
(50,000) (11,299) (61,299)
2013 Incoming resources Incoming resources from generated funds: Voluntary income - Donations Investment income Total incoming resources Resources expended Fund disbursement Governance costs Total resources expended Net incoming resources, representing total comprehensive income for the year
25,085,486
(39,000) – (39,000)
(33,487)
(89,000) (11,299) (100,299)
25,051,999
The accompanying notes form an integral part of these financial statements.
FS2
JurongHealth Fund Financial statements Year ended 31 March 2013
Statement of changes in funds Year ended 31 March 2013 --------------------------- Accumulated Funds ---------------------Unrestricted Fund Restricted Fund SMRT Gift General Other of Mobility Fund Programme Donation Total $ $ $ $ As at 4 August 2011 (date of incorporation)
‒
‒
‒
‒
Total comprehensive income for the period Net incoming resources Total comprehensive income for the period
25,003,768
39,099
–
25,042,867
25,003,768
39,099
–
25,042,867
As at 31 March 2012
25,003,768
39,099
–
25,042,867
As at 1 April 2012
25,003,768
39,099
–
25,042,867
Total comprehensive income for the year Net incoming resources Total comprehensive income for the year
25,085,486
(39,000)
5,513
25,051,999
25,085,486
(39,000)
5,513
25,051,999
As at 31 March 2013
50,089,254
5,513
50,094,866
99
The accompanying notes form an integral part of these financial statements.
FS3
JurongHealth Fund Financial statements Year ended 31 March 2013
Statement of cash flows Year ended 31 March 2013
Cash flows from operating activities Net incoming resources for the year/period Adjustment for: Interest income Change in donation receivables Change in other payables Net cash from operating activities Cash flows from investing activity Interest received Net cash from investing activity Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year/period Cash and cash equivalents at end of the year/period
Year ended 31/3/2013 $
Period from 4/8/2011 to 31/3/2012 $
25,051,999
25,042,867
(144,130) 24,907,869 39,000 2,286 24,949,155
(15,971) 25,026,896 (39,000) 7,500 24,995,396
117,126 117,126
6,280 6,280
25,066,281 25,001,676 50,067,957
25,001,676 – 25,001,676
The accompanying notes form an integral part of these financial statements.
FS4
JurongHealth Fund Financial statements Year ended 31 March 2013
Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 25 June 2013.
1. Domicile and activities The JurongHealth Fund (the Company) was established on 4 August 2011 to promote all medical and health-related services that are exclusively charitable and for the benefit of the Singapore community. On 11 May 2012, the Company changed its name from JurongHealth Fund Limited to JurongHealth Fund. The Company is incorporated as a company limited by guarantee, and domiciled in the Republic of Singapore. The registered office of the company is located at 378 Alexandra Road, Alexandra Hospital, Singapore 159964. The Company is registered as a charity under the Charities Act, Chapter 37 on 29 August 2011. The Company is an approved institution of a public character in accordance with Section 37(a) of the Income Tax Act.
2. Basis of preparation 2.1. Statement of compliance The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (FRS).
2.2. Basis of measurement The financial statements have been prepared on the historical cost basis.
2.3. Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency.
2.4. Use of estimates and judgements The preparation of the financial statements in conformity with FRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
FS5
JurongHealth Fund Financial statements Year ended 31 March 2013
3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
3.1. Financial instruments Non-derivative financial assets The Company initially recognises loans and receivables and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company has the following non-derivative financial assets: loans and receivables. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Loans and receivables comprise donation and interest receivables, and cash and cash equivalents. Cash and cash equivalents comprise cash and fixed deposits with financial institutions. Non-derivative financial liabilities The Company initially recognises financial liabilities on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial liability when the contractual obligations are discharged or cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
FS6
JurongHealth Fund Financial statements Year ended 31 March 2013 The Company has the following non-derivative financial liabilities: other payables. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.
3.2. Impairment Non-derivative financial assets A financial asset not carried at fair value through profit or loss is assessed at the end of each reporting period to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event has a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy or the disappearance of an active market for a security. Loans and receivables The Company considers evidence of impairment for loans and receivables at a specific asset level. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against loans and receivables. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
3.3. Funds structure (i) Unrestricted funds General fund The general fund is available for use at the discretion of the Board of Directors in furtherance of the Company's objectives. (ii) Restricted funds The restricted funds are available for use at the discretion of the Board of Directors within projects in furtherance of the Company's objectives that have been identified by donors of the funds or communicated to donors when sourcing for the funds.
FS7
JurongHealth Fund Financial statements Year ended 31 March 2013
3.4. Income recognition Donations Donations are recognised in profit or loss in the period of receipt or when the receipt of the amount pledged is certain and measurable. Investment income Investment income comprises interest income on funds invested. recognised as it accrues, using the effective interest method.
Interest income is
3.5. New standards and interpretations not adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 April 2012, and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Company.
4. Donation receivables Donation receivables relate to donations pledged by donors to the Fund.
5. Cash and cash equivalents
Cash at bank Fixed deposits
2013 $
2012 $
178,066 49,889,891 50,067,957
21,676 24,980,000 25,001,676
The weighted average effective interest rate per annum at the reporting date is as follows:
Fixed deposits
2013 %
2012 %
0.30
0.32
Interest rates reprice at intervals of one to six months.
FS8
JurongHealth Fund Financial statements Year ended 31 March 2013
6. Accumulated funds 2013 $ Accumulated funds Restricted funds - SMRT Gift of Mobility Programme - Other donation
Unrestricted funds - General Fund
2012 $
99 5,513 5,612
39,099 – 39,099
50,089,254 50,094,866
25,003,768 25,042,867
General Fund This fund comprises donations received from Far East Organization. Far East Organization has pledged $125 million over five years for the purpose of promoting and developing health-related services that will benefit the Singapore community. During the year, the Company received the second tranche of the donation of $25 million. As at the reporting date, the Company received two tranches of donations amounting to $50 million. Restricted Fund (a)
SMRT Gift of Mobility Programme Donation was received from SMRT Corporation Limited to support the transport needs of Alexandra Hospital’s (AH) financially needy patients, who require point-to-point taxi transfer services.
(b)
Other Donation Donation was received from a visiting consultant to AH to support the education needs of healthcare staff.
7. Other payables 2013 $ Provision for audit fees Accrued operating expenses
5,500 4,286 9,786
2012 $ 7,500 – 7,500
FS9
JurongHealth Fund Financial statements Year ended 31 March 2013
8. Donations
Tax deductible donations Other donations
Year ended 31/3/2013 $
Period from 4/8/2011 to 31/3/2012 $
25,005,513 2,655 25,008,168
25,000,000 39,000 25,039,000
Year ended 31/3/2013 $
Period from 4/8/2011 to 31/3/2012 $
144,130 – 144,130
15,872 99 15,971
9. Investment income
Interest income: - fixed deposits - others
10.Fund disbursement During the year, the Company disbursed $50,000 to Alexandra Hospital for needy patients obtaining supportive medical care and devices to manage their own health in the community, and another $39,000 to SMRT for financing the transportation via taxi services for patients under financial aid and totally dependent on point-to-point transport.
11.Governance costs
Audit fee Preliminary cost Professional fees Others
Year ended 31/3/2013 $
Period from 4/8/2011 to 31/3/2012 $
5,500 – 3,000 2,799 11,299
7,500 4,561 – 43 12,104
12.Income taxes The Company is an approved charity organisation under the Charities Act, Chapter 37. No provision for taxation has been made in the financial statements as the Company is a registered charity with income tax exemption.
FS10
JurongHealth Fund Financial statements Year ended 31 March 2013
13.Related parties Key management personnel compensation Key management personnel of the Company are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company. The Board of Directors is considered as key management personnel of the Company. The Board of Directors did not receive any form of remuneration during the financial year. Other related party transactions All support and administrative services are provided by Jurong Health Services Pte Ltd, at $nil consideration.
14.Financial risk management Risk management framework Risk management is integral to the operations of the Company. The Board of Directors has established a system of controls in place to create an acceptable balance between cost of risks occurring and the cost of managing the risks. The Board of Directors continually monitors the Company’s risk management process to ensure that an appropriate balance between risk and control is achieved. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the Company’s cash and cash equivalents. At the reporting date, there is no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. The Company only records donations when the receipt is certain and measurable. The Board of Directors regularly monitors the recoverability of its financial assets and believe that it has adequately provided for any exposure to potential losses. Surplus cash are placed as fixed deposits with reputable financial institutions, which are regulated. In a bid to manage its credit risk, the Company only placed fixed deposits with reputable financial institutions. Given that the Company only has placed fixed deposits with reputable financial institutions, the Board of Directors does not expect any counterparty to fail to meet its obligations.
FS11
JurongHealth Fund Financial statements Year ended 31 March 2013 Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as and when they fall due. The Board of Dirctors monitors the liquidity risk and maintains a level of cash and cash equivalents deemed adequate by the Board of Directors to finance the Company’s operations and to mitigate the effects of fluctuations in cash flows. The total contractual undiscounted cash flows of the Company’s non-derivate financial liabilities are the same as its carrying amounts and are repayable within one year. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, equity prices and interest rates will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. Equity price risk The Company is not exposed to equity price risk. Interest rate risk The Company’s exposure to market risk for changes in interest rates relate primarily to fixed deposits placed with financial institutions which are regulated. The Company manages its interest rate risks by placing such balances on varying maturities and fixed interest rate terms. As the Company has no variable rate financial assets, no sensitivity analysis has been presented. Foreign currency risk The financial assets and financial liabilities of the Company are denominated in Singapore dollars. The Company has no significant exposure to foreign currency risk. Accounting classifications The carrying amounts of financial assets and liabilities shown in the balance sheet are as follows:
FS12
JurongHealth Fund Financial statements Year ended 31 March 2013
Loans and receivables $ 31 March 2013 Interest receivables Cash and cash equivalents
Other payables
31 March 2012 Donation receivables Interest receivables Cash and cash equivalents
Other payables
36,695 50,067,957 50,104,652 – Loans and receivables $ 39,000 9,691 25,001,676 25,050,367 –
Other financial Total liabilities carrying amount $ $ – – –
36,695 50,067,957 50,104,652
(9,786) (9,786) Other financial Total liabilities carrying amount $ $ – – – – (7,500)
39,000 9,691 25,001,676 25,050,367 (7,500)
Estimation of fair value The carrying amounts of financial assets and liabilities with a maturity of less than one year (including donation and interest receivables, cash and cash equivalents, and other payables) are assumed to approximate their fair values because of the short period to maturity.
FS13