Society No. S61SS0014E

Singapore Chinese Chamber of Commerce & Industry

Annual Financial Statements

31 December 2022

SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Report on the audit of the financial statements

Qualified opinion

We have audited the financial statements of Singapore Chinese Chamber of Commerce & Industry (the "Chamber"), which comprise the balance sheet as at 31 December 2022, and the statement of comprehensive income, statement of changes in funds and statement of cash flows of the Chamber for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, except for the non-compliance with Singapore Financial Reporting Standard (“FRS”) 110 as described in the Basis for Qualified Opinion section of our report, the accompanying financial statements are properly drawn up in accordance with the provisions of the Societies Act Chapter 311 (the “Act”) and Financial Reporting Standards in Singapore (FRSs) so as to present fairly, in all material respects, the financial position of the Chamber as at 31 December 2022 and financial performance, changes in funds and cash flows of the Chamber for the year ended on that date.

Basis for qualified opinion

As stated in Note 2.3 to the Chamber’s financial statements, the Chamber did not prepare consolidated financial statements that incorporate the financial results, cash flows and financial positions of the Chamber’s subsidiary companies as the Council Members are of the opinion that it is preferableinthe interest of the members of the Chamber (“the members”)that the financialstatements of the subsidiary companies be annexed to the financial statements of the Chamber. This is not in accordance with FRS 110 - Consolidated Financial Statements, which requires the preparation of one set of consolidated financial statements for the Chamber and its subsidiary companies. The auditor’s report on the financial statements for the financial year ended 31 December 2021 was similarly qualified on the same basis.

We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Chamber in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Other information

Management is responsible for other information. The other information comprises the information included in the annual report and Statement of Council Members in page 1, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If, basedonthe work wehave performed, weconcludethat thereis a materialmisstatement of this other information, we are required to report that fact. We have nothing to report in this regard.