SCCCI CHINESE ENTREPRENEURIAL CULTURE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022

1. CORPORATE INFORMATION

SCCCI Chinese Entrepreneurial Culture Foundation (the “Foundation”), a company limited by guarantee and not having a share capital, is incorporated and domiciled in Singapore.

The registered office and principal place of business of the Foundation is located at 9 Jurong Town Hall Road, #04-01 Jurong Town Hall, Singapore 609431.

The principal activities of the Foundation are that of philanthropic trusts and foundation activities.

There have been no significant changes in the nature of these activities during the year.

The Foundation is an approved institution of a public character (“IPC”) under the Charities Act 1994 from 16 December 2021 to 15 December 2023.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standards in Singapore (“FRSs”).

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

The financial statements are presented in Singapore Dollars (“$”).

The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Foundation has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2022. The adoption of these standards and interpretations did not have any material effect on the financial performance or position of the Foundation.

2.2 Standards issued but not yet effective

The Foundation has not adopted the following standards that have been issued but not yet effective:

Description

Amendments to FRS 8: Definition of Accounting Estimates

Effective for annual periods beginning on or after

1 Jan 2023

The Committee of Management expects that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application.