SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY

NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2022

1. CORPORATE INFORMATION

Singapore Chinese Chamber of Commerce & Industry (the “Chamber”) is a registered society, which is established and domiciled in Singapore.

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

The principal activities of the Chamber are to promote industrial, commercial and economic prosperity as well as the social welfare of Singapore. The principal activities of the subsidiary companies are disclosed in Note 7 to the financial statements. Related entities refer to entities where the Chamber’s council members are either the directors or members of those entities.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

Except for Note 2.3, the financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”) and the Societies Regulation under Societies Act 1966 (Section 34).

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

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

2.2 Standards issued but not yet effective

The Chamber has not adopted the following standards and interpretations that have been issued but not yet effective:

Description

1 Jan 2023

Effective for annual periods beginning on or after Amendments to FRS 8: Definition of Accounting Estimates

The Council expects that the adoption of the other standards and interpretation above will have no material impact on the financial statements in the period of initial application.

2.3 Basis of consolidation

The accounting year of the Chamber and its subsidiary companies ends on 31 December. Consolidated financial statements have not been prepared for the Chamber in accordance with Singapore Financial Reporting Standard No. 110, Consolidated Financial Statements, as the Council Members are of the opinion that it is preferable in the interest of the members that the financial statements of the subsidiary companies be annexed to the financial statements of the Chamber as there are no practical benefits to be gained by the members of the Chamber.