mission - eurasian association · 1. notice is hereby given that the annual general meeting of the...
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MissionTo enrich the legacy of our cohesive and vibrant Eurasian community that is integrated with and contributing to a multi-ethnic, multi-religious and multi-cultural Singapore.
Core ValuesOur core values for The Association – Pride, Humility, Integrity, and Excellence.
• Pride in the Community• Humility in our Actions• Integrity in our Conduct• Excellence in our Social Responsibility for the Community through
Education, Family Support and Community Bonding Programmes.
02 20 34
35
36
38
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43
10
ManagementCommittee
Youth• EAMentorship
Programme• CareerWorkshops• Dialogueswith
Ministers• E-Newsletter
Toastmasters Club• InstallationCeremony• ChapterMeetings• Contests
Volunteer Management
Corporate Communications• TheNewEurasian
Magazine• Online&SocialMedia• MediaCoverage
House Operations• Quentin’sEurasian
Restaurant• MaintenanceandUse
ofFacilities• SinkingFund• UpgradingofFacilities
andSystems
Treasurer’s Report
Financial Statements
Minutes ofAGM 2017
03
22
14
18
Notice andAgenda
Sports• Inter-SocialClubGolf
Tournament(ISCGT)• TheSoccerTeamand
Games
Education• EurasianCommunity
Fund(ECF)EducationAwards
• EAMeritBursaryAwards
• EAUniversityScholarship
• NewAwards• OtherEducation
InitiativesandAwards
Family Support Services• FSSSub-Committee• FSSInitiatives• TeaWithNeighbours• FSSChristmasLunch• ChristmasHampers• FSSProjectReview
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23
27
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30
President’sMessage
Heritage & Culture• TheEurasian
Experience• EurasianOutreach
Initiatives• 2017EventsataGlance• WorkingwithPartner
Organisations
Performing Arts Chapter• ChingayParade• Inter-RacialInter-
ReligiousHarmonyNite• President’sStarCharity
Special Feature: Eurasian Festival 2017
Community Development• In-HouseEvents• Eventswithother
CommunityGroups• RegularActivities• BalutSection
07HonorarySecretary’s Report
CONTENTS
ManagementCommittee
Management Committee Members and Senior Management Staff Representingthe EA on External Committees
PresidentMrBenettTheseira
1st Vice-PresidentDrAlexiusAPereira
2nd Vice-PresidentMsYvonneMariePereira
Honorary SecretaryMsAngelinaFernandez
Honorary TreasurerMrMartinMarini
Committee MembersDrGrahamOng-WebbMsJuliaD’SilvaMrChristopherGordonMrVincentSchoonMsJeanAngus
PatronsMrHermanRHochstadtMrGeorgeYeo
TrusteesMrBarryDeskerMrTimothydeSouzaMrGeraldMinjootMrGerardDeSilvaMrsJudithPrakashMrEdwardD’Silva
Mandatory Committees
Audit CommitteeMrBorisLinkMsHelenLeeMsLimYihChyi
Fundraising CommitteeMrFrancisRemediosMrRalphStanley
Non-Mandatory Committees
Legal Advisory PanelMsCarlaBarkerMrWilliamDaSilva
Mr Benett Theseira(2011-2017)CouncilMemberNationalIntegrationCouncil(NIC)CommitteeMember,COMPASS,MinistryofEducationCommitteeMemberSingaporeBicentennialAdvisoryCommittee,PrimeMinister'sOffice(PMO)
Dr Alexius A Pereira(Nov2017–Present)CouncilMember,NationalIntegrationCouncil(NIC)
Dr Graham Ong-Webb CompulsoryEducationBoard,MinistryofEducation
Ms Yvonne Marie PereiraManagementCommittee,OnePeople.sg
Ms Angelina FernandezEnglishProgrammeAdvisoryCommittee,Info-communicationsMediaDevelopmentAuthorityofSingapore
Mr Vincent SchoonBoardofGovernors,NorthLightSchool
Mr Martin MariniNationalCommitteeonYouthGuidanceandRehabilitation
Mr Christopher GordonNationalYouthCouncil
Mr Lester LowMemberoftheRacial&ReligiousHarmonyBoard,MinistryofCulture,CommunityandYouth(MCCY)
The EA’s Management Committee. Francesca Eber (second from left, middle row) and Charlene Lee (second from left, top row) resigned in 2017
Both Jean Angus and Vincent Schoon were co-opted in 2017
The Eu ras i an Assoc i a t i on 2 Annua l Repor t 20 17
Notice and Agenda1. NOTICE IS HEREBY GIVEN THAT THE ANNUAL GENERAL MEETING OF THE EURASIAN ASSOCIATION,
SINGAPORE WILL BE HELD AT THE EURASIAN COMMUNITY HOUSE, 139 CEYLON ROAD, SINGAPORE ON SATURDAY, 21 APRIL 2018 AT 5PM.
2. AGENDA
2.1. President’saddress 2.2. ToconfirmtheminutesoftheAnnualGeneralMeetingheldon22April2017 2.3. MattersarisingfromtheminutesoftheAnnualGeneralMeetingheldon22April2017 2.4. To receive theAnnualReportandAuditedFinancialStatements for theyearending31December2017
pursuanttoClause25(a)oftherulesofTheEurasianAssociation,SingaporeandClause23.2(b)(iv)oftheAGMBye-Laws
2.5. ToelectOfficeBearersandMembersoftheManagementCommittee 2.6. ToappointTheAssociation’sAuditorsfortheensuingyear 2.7. TodiscussanyothermattersarisinginaccordancewiththeRulesofTheAssociation
3. NOTES
3.1. TheAnnualReportincludesthefollowing: 3.1.1. MinutesoftheAnnualGeneralMeetingheldon22April2017 3.1.2. AuditedFinancialStatementofTheEurasianAssociation 3.1.3. AuditedFinancialStatementofTheEurasianAssociationEndowmentFund 3.1.4. NominationForm 3.2. TheAnnualGeneralMeetingisopenonlytoregisteredmembersofTheAssociation.Non-memberswillnot
beallowedtoattend 3.3. InaccordancewithRule29(b)oftheRulesofTheAssociation,onlyOrdinaryMembersandLifeMembers
areentitledtovoteinperson,orbyproxy 3.4. NominationforOfficeBearersandCommitteeMembersmustbereceivedbytheCommitteeat least14
daysbeforetheAnnualGeneralMeetingandmustbeontheprescribedformasannexedhereto 3.5. Registrationprocedures: 3.5.1. Eachmembershallproduceher/hisidentitycardtotherelevantRegistrationOfficer 3.5.2. TheRegistrationOfficershallcheckthatthenameofeachpersonseekingadmissiontotheAnnual
GeneralMeetingappearsontheMembershipRoll 3.5.3. EachMembershallinitialagainsther/hisnameintheMembershipRoll 3.5.4. Ballotentitlement slips shall thenbe issued toeachLifeMemberandOrdinaryMemberby the
personsappointedforthispurposebytheManagementCommittee 3.6. ProcedureforElectionofOfficeBearersandCommitteeMembers 3.6.1. CandidatesforelectionmayaddresstheChairiftheywish,butinanycase,fornomorethanfive
minuteseach 3.6.2. TheChairmanshallather/hisdiscretiondecidewhethertoallowspeechesinsupportofacandidate,
andifso,shallannouncehowmanymembersmayspeakandforhowlong 3.6.3. Scrutineersshallbeappointedbythememberspresenttocountvotesonashowofhands 3.6.4. EachpositionforanOfficeBearershallbevoteduponseparatelyandonecandidateshallbeelected
toeachpost(exceptthepostsofVice-President)inthefollowingsequence:first,President;second,1stVice-President;third,2ndVice-President;fourth,Hon.Treasurer;fifth,Hon.Secretary;andsixth,AssistantHon.Secretary.
3.6.5. AftertheelectionoftheOfficeBearers,thepositionforthefiveCommitteeMembersshallbevoteduponseparately.ThefivecandidateswhogainthemostvotesshallbedeclaredbytheChairmantobeelectedasCommitteeMembers.
ByOrderofTheManagementCommittee
Ms.AngelinaFernandezHonorarySecretary
RegisteredOffice:139CeylonRoad,Singapore429744
Date:25January2018
The Eu ras i an Assoc i a t i on 3 Annua l Repor t 20 17
President’s Message
Introduction
Ithasbeenanexcitingandproductiveyearin2017fortheEurasianAssociation.WemadesignificantprogressinstrengtheningtheEurasianidentity,andwithouryouthoutreachanddevelopmentactivities.ThesupportprogrammesandactivitiesinourcorepillarsofEducation,FamilySupportServicesandCommunityDevelopmenthavealsobeenenhancedandexpanded.
Throughtheyear,wehaveworkedwiththecommunity,governmentagenciesandmanyotherorganisationsonvariousinitiativestosupportandgrowthesethreekeypillars.Wehavealsobeenhonouredtohavethesupportofmanyvolunteersanddonors,withoutwhichwewouldnothavebeenabletoexecutetheseinitiativesandmaketheprogresswehaveachieved.Forallofthisweareextremelygrateful.
Education
Duringtheyear,weconductedmanyeducationprogrammesandsupportedmorethan400studentsfromprimary,secondaryandtertiarylevelsintheiracademicjourney.Thiswasdonethroughvariousbursary,awardsandscholarshipschemesaswellassupplementaryandenrichmentclasses.Weinvestedapproximately$385,000inoureducationinitiativesthroughtheyear.
TheEurasianCommunityFund(ECF)EducationCeremonycontinuestobetheEA’sflagshipeducationeventtodisburseawardsandrecognisestudentswhohavedonewell.MrOngYeKung,Ministerfor
Education(HigherEducationandSkills),wastheguestofhonourforthe2017CeremonyheldinSeptemberatITECollegeCentral.Awardeventslikethesearemadepossiblebecauseofgenerousdonations,andthisyearwepresentedtwonewawards:theHerbertSchoonProgressawardsandMadsA.LangeandPansyTheseira-LangeEducationbursaryawardswhichweredonatedbytheirfamilymembers.
Inadditiontotheartsworkshopandmathintensiveprogrammethatwereinitiatedinthepreviousyear,theEAorganisedvalue-addactivitiesforEurasianstudents,suchasahomeworksupervisionprogrammeandadroneworkshop.
Weexpandedonthejointinitiativelaunchedwiththeotherself-helpgroupslastyeartosetupStudentCareCentresinvariousprimaryschoolsacrossSingapore.Thesecentresprovidesubsidisedafter-schoolcare,homeworksupervisionandvariousenrichmentclassesforstudents.Overtheyear,thenumberofcentresrunbythisjoint-venturehasgrownto21.
Towardstheendof2017,wecollaboratedwiththeotherself-helpgroupstosetupajointself-helpgroupcentreinYishun,calledVibrance@Yishun.Besidesprovidingacommonspacetofosterinter-communityintegration,thenewcentrewilloffereducationalprogrammesforstudentsandtalksandworkshopsforparents.Vibrance@YishunprovidesanopportunitytobetterengageandprovidesupportprogrammesformembersofourcommunitywholiveinnorthernSingapore.
TheEurasianAssociation4 AnnualReport2017
President’s Message
Family Support Services
TheFSSteamplaysavitalroleattheEAinassistingdisadvantagedindividuals,familiesandtheelderlyinthecommunity.Weprovideaidintheformoffinancialassistance,foodrations,counsellingandourBefriendersprogrammes,andcontinuouslyexplorewaystohelpourclientsachievelongtermself-sufficiency.In2017wespentapproximately$343,000onmonthlysupportforanaverageof160individualsin75families.
Wealsoorganisedtwo‘TeaWithNeighbours’sessionstopromoteactiveageingandlife-longlearningamongsttheseniorsinourcommunity.Thisyear’ssessionsfocusedonEldershieldinsuranceadviceandSGSecure,valuableguidanceonhowtoreactinthefaceofaterrorthreat.
InDecember,weheldourannualFSSChristmasLunchwhichwasorganisedincollaborationwiththeInternationalSchoolofSingapore(ISS).ThisisalwaysaspecialeventasweshareafestivemealandenjoyableafternoonwithourFSSclients.IwouldliketothankEdmundRodrigues,PaulRodrigues,theFSSsub-committee,volunteersandtheISSstudentsforensuringthattheChristmasspiritwastrulyenjoyedbythecloseto120gueststhatjoinedus.
Community Development
OneofthehighlightsfortheyearwasTheEurasianFestival–MakingOurMarkheldinAprilattheOurTampinesHub.ThiswasoneofthelargesteventsorganisedbytheEAinrecentyearsandwewerehonoured
thatPrimeMinisterLeeHsienLoonggracedtheeventasourguestofhonour.HespokeaboutthemanynotablecontributionsmadebyEurasiansandthecommunity’sstrongsenseoffamilyanditsopennessandacceptanceofdifferentcultures.Therewerecloseto1,500attendees,andmanyofthenon-EurasianswhojoinedusexpressedappreciationforthechancetolearnaboutEurasianhistoryandculture.IwouldliketothankJuliaD’Silva,theHeritagesub-committee,andthemorethan100volunteerswhoworkedsohardtostagethisevent.ItwasalsohearteningtoseemanyyoungEurasiansamongstthevolunteershelpingtokeepourheritagealive.
InMay,EAsupportedthefirsteverKristangLanguageFestivalinSingaporeorganisedbyKevinMartensWongandtheKodrahKristangteam.Thisincludedseveraltalks,forums,workshopsandeventstoshowcasetheKristanglanguageandPortuguese-Eurasianculture.DeputyPrimeMinisterTeoCheeHeanjoinedthefestival'sgaladinnerastheguestofhonour,wherehesharedsomekindwordsabouttheEurasiancommunity.Atanotherevent,theEurasianChristmasFestivalheldattheUluPandanCommunityClubinDecember,welaunchedthesecondeditionofTheEurasianHeritageDictionary.Iwouldliketothank,ValerieScullyandCatherineZuzarte,fortheireffortsinco-authoringthisimportantreferencetextfortheKristanglanguage.
OurYouthsub-committeehasbeenincreasinglyactiveundertheleadershipofChristopherGordonoverthepastyear.Severalleadership
anddevelopmentprogrammesandinitiativestobenefityoungEurasianswereconducted,includingaMentorshipProgramme,careerdialoguesessionscoveringvariousprofessionsandaseriesofworkshopstohelpyoungpeopletorealisetheircareergoals.AdialogueontheFutureEconomywasheldinJulywithMrChanChunSing,MinisterinthePrimeMinister’sOfficeandSecretary-GeneraloftheNationalTradesUnionCongress.YoungEurasiansalsoparticipatedinacandiddialoguesessioninNovemberwithSeniorMinisterofStateandchairmanofOnePeople.sg,DrJanilPuthucheary,ontheEurasianidentityandthestateofmultiracialisminSingapore.
Duringtheyear,wealsolaunchedthesecondeditionofthebook,SingaporeEurasians:Memories,HopesandDreams.ThebookencapsulatesthemanyaspectsoftheEurasianculture,historyandlifestyle.Thefirsteditionwaspublishedin1992andhasbeenaseminalbookontheEurasiancommunity.TheneweditionbroadensthescopeandupdatesthejourneyoftheEurasiancommunityinthecontextofSingaporetoday.IwouldliketothankAlexiusPereiraforleadingthisprojectandencourageallourmemberstogetacopyofthisbookifyoudonotalreadyhaveone.
Manyothersignificanteventswereheldthroughouttheyear,suchastheEurasianChristmasFestivalatUluPandanCommunityClub,OneCommunityFiestaeventsisland-wideandin-houseeventssuchasSundaylunches,theChildren’sChristmasTreat,ChristmasLightUpandtheNewYear’sEveDinnerandDance.
TheEurasianAssociation5 AnnualReport2017
President’s Message
ManythankstoJuliaD’SilvaandtheHeritagesub-committeeandYvonnePereiraandtheCommunityEngagementsub-committeefororganisingthesenumerouseventswhichservethepurposeofbringingtheEurasiancommunitytogethertostrengthenourbondsandfriendships,aswellassharingourEurasiancultureandtraditionswithallSingaporeans.ItwasalsoarealtreattohaveourEurasiandancersperformforthefirsttimeattheannualPresident’sStarCharityshow.PresidentHalimahYacobgracedtheeventasguestofhonour.Our24-strongteamdancedalongtoacapellaversionoftheJinkliNonasungbylocalband,MICappella.
AswecloseinontheEA’s100thanniversaryin2019,preparationshavebegunforthecentennialcelebrations.WorkhasstartedonamajorrevampofourEurasianHeritageCentre,tobereopenedin2019.Wearealsoplanningaslewofeventsandprojectstomarkourcentennialincludingabookproject,communityevents,agaladinnerandanothermajorEurasianFestival.AsthiscoincideswiththeSingaporeBicentennial,markingthe200thanniversaryofRaffles’arrivalinSingapore,wewillbeleveragingontheSingaporeBicentennialprogrammetostrengthenouroutreach.ItisasignificantmilestonefortheEAandwehopetoengageasmanyEurasiansaspossibletohelpusorganiseandparticipateinthevariousevents.Moreinformationaboutthiswillbeavailablesoon.
Conclusion
Financially,wehavehadanothersuccessfulyearandendedwithahealthysurplusofapproximately$870,000.Overthelast5years,ourfundraisingandfinancialmanagementeffortshavebeensuccessfulingrowingourreservesfrom$2.1millionin2012to$4.4millionin2017.
BothEAtrusteeJudithPrakashandIwerehonouredtoreceiveNationalDayAwardsin2017.JudithwasawardedthePublicServiceStarforherroleastheChairpersonofRafflesGirls’School’sBoardofGovernorsandIreceivedthePublicServiceMedalinmycapacityasPresidentoftheEA.IamgladthatEA’sworkforthecommunityhasbeenrecognisedthroughthisawardandwebotharehonouredtohavebeenpartoforganisationsthathavebeenbeneficialtosociety.
Inconclusion,IexpressmyheartfeltthankstothehardworkingstaffintheEASecretariatandespeciallytogeneralmanagerLesterLow,whocelebratedhistenthanniversarywithEAlastyear.LesterhasbeenapillarofsupporttotheManagementCommitteeinhelpingtoensure,togetherwiththeSecretariatteam,thatallourinitiativeshavebeensuccessfullyimplemented.
IamalsogratefultothemanyvolunteersanddonorswhohavesupportedtheEAovertheyears,andourpatrons,BoardofTrusteesandmyfellowManagementCommitteemembersfortheirunstintingsupportanddedicationthroughtheyear.TheEAlooksforwardtoyourcontinuedsupportandtoevengreaterachievementsin2018!
TheEurasianAssociation6 AnnualReport2017
Honorary Secretary’s ReportTheEA'sManagementCommitteeispleasedtopresenttheAnnualReportoftheEurasianAssociation(henceforthreferredtoas‘TheAssociation’)andtheFinancialStatementofTheAssociationfortheperiodfrom1Januaryto31December2017.
Asof31December2017,theManagementCommitteecomprises:
PresidentMrBenettTheseira
1st Vice-President DrAlexiusAPereira
2nd Vice-PresidentMsYvonneMariePereira
Honorary SecretaryMsAngelinaFernandez
Honorary TreasurerMrMartinMarini
Committee MembersDrGrahamOng-WebbMsJuliaD’SilvaMrChristopherGordonMrVincentSchoonMsJeanAngus
*MsFrancescaEberresignedon 17February2017*MsCharleneLeeresignedon 3May2017*MrVincentSchoonwasco-optedon 2May2017*MsJeanAnguswasco-optedon 15November2017
MEETINGS
ThereweresixManagementCommitteemeetingsandthreeBoardofTrusteesmeetingsbetweenJanuarytoDecember2017.ManagementCommitteemembers’attendanceatthesemeetingswasasfollows:
JANUARY 2017 –DECEMBER 2017
Six Management Committee MeetingsMrBenettTheseira(6),DrAlexiusAPereira(5),MsYvonneMariePereira(5),MsAngelinaFernandez(5),MrMartinMarini(5),MsFrancescaEber(0),MsCharleneLee(1),DrGrahamOng-Webb(5),MsJuliaD’Silva(5),MrChristopherGordon(5),MrVincentSchoon(3),MsJeanAngus(1).
Three Board of Trustees Meetings
MrBenettTheseira(3),DrAlexiusAPereira(3),MsYvonneMariePereira(3),MsAngelinaFernandez(2),MrMartinMarini(3),MsFrancescaEber(0),MsCharleneLee(0),DrGraham-Ong-Webb(1),MsJuliaD’Silva(2),MrChristopherGordon(3),MrVincentSchoon(2),MsJeanAngus(0).
IPC STATUS
TheAssociation,beingaccordedInstituteofPublicCharacter(IPC)statusandbeingoneoftheself-helpgroupsworkingforpublicbenefit,hasemphasisedtransparencyandgoodcorporategovernance.ThisisanincreasinglyimportantcriterionforanypotentialdonorwishingtodonatetoTheAssociation.
TheAssociation’sIPCstatuswasrenewedfortheperiodof5years,from18May2015to17May2020.
IPC CODE OF GOVERNANCE
TheIPCportalwasupdatedinMay2017inaccordancewiththerequirementsoftheMinistryofCulture,CommunityandYouth(MCCY).
HR POLICIES
TheAssociationhasinplaceasetofrevisedHRpolicies,whicharealignedtothoseoftheNationalCouncilofSocialService.
AUDITOR
FooKonTanLLPistheappointedauditorforTheAssociationforanotheryear.
SECRETARIAT
Asof31December2017,theSecretariatTeamcomprised:
General ManagerMrLesterLow
Senior AccountantMsBernadetteSoh
Manager (Heritage & Culture)MsJacquelinePeeris
Manager (Corporate Communications)MsMRevathhi
Assistant Manager (Case Work, Family Support Services)MrJagannathanRamakrishnan
Assistant Manager (Admin)MsBridgetValeriaBasnayake
Programme Executive (Education)MrJolvinWong
Operations/Events ExecutiveMsLestrineTan
Events ExecutiveMsDenisePinto
Accounts AssistantMrAlbertPok
TheEurasianAssociation7 AnnualReport2017
MEMBERSHIP
2193
338
1960
2
2
2614Total
Members
LifeMembers
AssociateLifeMembers
OrdinaryMembers
AssociateInternationalMembers
AssociateOrdinaryMembers
JuniorMembers
EA MANAGEMENT COMMITTEE MEMBERS ON NON-EA COMMITTEES
EAManagementCommitteemembersandManagementStaffrepresentTheAssociationonvariousworkingcommittees:OnePeople.sg,NationalIntegrationCouncil,CompulsoryEducationBoard,MinistryofCulture,CommunityandYouth,NationalCommitteeonYouthGuidanceandRehabilitation,NorthLightSchool,localComCarenetworksandothercommunitygroups.
Date Visitor(s) Purpose of Visit
22March People’sAssociation’s ChiefExecutiveDirector DesmondTan Informallunch
27June HisExcellencyLuisLorvao, AmbassadorofPortugal Informallunch
7July PresidentTonyTan Informalmeeting
19September HisExcellencyMohamed OmarAbdullaBalfaqeeh, AmbassadorofUAE Informallunch
MEETINGS WITH VIPs
In2017,theManagementCommitteehostedanumberofVIPsanddistinguishedguests.
The EA Management Committee pose for a photo with PA CED Mr Desmond Tan (wearing lanyard) aftera networking lunch
TheEurasianAssociation8 AnnualReport2017
ORGANISATIONAL STRUCTURE
IncompliancewiththeIPCCodeofGovernance,TheAssociationhasmaintaineditstwomandatorycommittees,AuditandFundraising.TheLegalPanelremainstoprovideadvicetotheManagementCommitteeonalllegalmatters.
EXTERNAL COURSES
TheManagementCommitteeandEASecretariathavebeenattendingcoursesorganisedbytheNationalCouncilofSocialServices(NCSS)underitstrainingarm,theSocialServiceInstitute(SSI).Thisenablesthemtoexecutemoreeffectivelytheirrolesandresponsibilities
inthecontextofanon-profitorganisation.SomecoursesattendedbytheManagementCommitteeandsecretariatareasfollows:
• CommunicateEffectivelywithSeniors
• VolunteerManagementSystem–EngagingVolunteersSystematically
• DeliveringImpactfulTrainingtoYouths
• BefriendingSkillsandPractice(ForVolunteers)
• HelpingProblemGamblersUsingTools&InterventionTechniques
• InternalControls(IV):GeneralAccounting,FixedAssets,InventoryandHumanResourceManagement
In2017,theEAcontinuedtofocusonitsthreepillars,Education,FamilySupportServicesandCommunityDevelopment.Akeyfocuswastowidenourpoolofvolunteerstoserveinthesethreeareas.ThroughthevariouseventsandinitiativesthattheEAorganisedthroughouttheyear,wesuccessfullyraisedourprofileandmindshareamongEurasiansandthewiderSingaporecommunity.Thisallowedustodrawinnewvolunteerstotakeup
LOOKING AHEADthemantleofcaringforthelessfortunateinoursociety.
TheEurasianFestivalheldinAprilwithPrimeMinisterLeeHsienLoongastheguestofhonourwascertainlyoneofthehighlightsoftheyear.ThiseventhelpedtosharetheEurasianstorywiththewidersocietyandraisedthecommunityontoanationalstage.
Wecanlookforwardtomoreofsuchactivitiesin2018and2019aswekick-starttheplansfortheEA’scentenarycelebrationsin
2019.OneofourmainprojectsistherevampoftheHeritageCentre,wherewehopetobringourculture,valuesandheritagealiveforvisitorsthroughtheuseoftechnology.
TheEAManagementCommittee,Secretariat,volunteersandpartnerswillcontinuetoworkcloselywiththecommunitytostrengthentiesandbuildbridges.WehopetoseemoreEurasiansplayinganactiveroleattheEAandinthewidercommunity.
EA President Benett presents a token of appreciation to His Excellency
Mohammed Omar Balfaqeeh, Ambassador of UAE
The Ambassador of Portugal His Excellency Luis Lorvao (centre) visits the Eurasian Community House
President Tony Tan withthe EA Management Committee
TheEurasianAssociation9 AnnualReport2017
MinutesoftheAnnualGeneralMeeting(AGM)oftheEurasianAssociationheldat5pmon22April2017attheEurasianCommunityHouse(ECH).
The President of the Eurasian Association (EA), Mr Benett Theseira, welcomed members andadjournedthemeetingforhalfanhour.Themeetingwasinquorateandcalledtoorderat5.30pm.ItproceededunderEARule30.
Item 2.1President’s Address
MrTheseirahighlightedtwoimportanteventsin2016:JosephSchooling’sOlympicvictoryandthepassingofSingapore’sformerPresidentandEA’sformerpatron,MrSRNathan.Hesaidthatbothindividualshaddemonstratedthevalueofhardworkandhowperseverancecouldovercomedifficultoddsandachievewhatmanywouldconsiderimpossible.
HereportedthatMsFrancescaEberhadresignedfromtheEA’sManagementCommittee(MC)havingservedforalmostadecade.Hedescribedherasapassionateindividualwhowaseagertohelpthefamiliesinneedandthankedherforthemanyyearsofservicetothecommunity.HeassuredmembersthattheEA’sassistanceprogrammeswouldcontinuesmoothlyasMrEdmundRodrigueshadsteppeduptochairtheFamilySupportServices(FSS)Sub-Committee.HesaidthatMrRodrigueswasoneoftheEA’slongest-servingvolunteersandthankedhimforbeingsomeonewhocouldbecountedon.
Mr Theseira made special mention of community development initiatives and noted the manyopportunitiesinthepastyeartoshowcasetheEurasiancommunity,suchastheEWBarkerbooklaunchandtherevisededitionofthebook,SingaporeEurasians:Memories,HopesandDreams.HereportedthatEWBarker:ThePeople’sMinisterhadwonthebestnon-fictiontitleattheSingaporeBookAwards andcongratulatedauthorMsSusanSimand thebook’s steeringcommittee,whichcomprisedCarlaandDeborahBarker,EdwardD’SilvaandGerrydeSilva.HealsothankedDrAlexiusAPereiraforleadingtheprojecttoreviseSingaporeEurasians:Memories,HopesandDreams.
Mr Theseira mentioned that the EA had collaborated with various community organisations toparticipate in events such as the Chingay Parade and HeritageFest to promote inter-communityunderstanding.HespokeoftheEurasianFestival2017,wherePrimeMinisterLeeHsienLoonghadbeentheguestofhonour,anddescribedtheeventasagreatsuccesswithmorethan1,000attendees,mostly Eurasians. He thankedMs Julia D’Silva for leading the effort, and volunteers and the EASecretariatfortheirhardwork.Finally,hehighlightedplanstorolloutsimilar,smaller-scaleeventsatvariousvenuesoverthenexttwoyears.
TurningtothesubjectofKristang,hementionedMrKevinMartensWongandhisteamwhowereaimingtorevivethelanguage.HenotedthatsomepeoplehadexpressedconcernsthattheEAdidnotsupporttheKristanglanguageortheKodrahKristangteam.HestatedthatthiswasinaccurateandlistedseveralinitiativessupportedbytheEAsincethe1990s,suchastheKristangDanceandHeritagegroup,theKristangdictionarywrittenbyMsValerieScullyandMsCatherineZuzarteandtheKristangclasseswhichhadbeenconductedoverseveralyearsbutwhichunfortunatelystoppedin2010becauseoflowparticipation.HeaddedthattheEAhadsupportedtheKodrahKristanginitiativebyawardingMrWongastudygranttoattendalinguisticconference,andprovidedfreeuseoftheECHforitsclasses.HeaddedthattheEAalsohelpedpublicisethegroup’sactivitiesandwasassistinginvariouswayswiththeKristangLanguageFestival.
Mr Theseira explained that the EAwas unable to support the team’s proposal tomake Kristanganofficial second language inschools forEurasiansasnoteveryone fromthecommunitywasofMalacca-Portuguesedescent.
Minutes of theAGM 2017
TheEurasianAssociation10 AnnualReport2017
HecommentedthattheEurasiancommunityhadworkedhardtobuildacohesiveandpositiveimageinSingaporeandrequestedthatanybodywhocameacrossanyinaccuratecriticismoftheEAorthecommunitytorespondgraciouslywiththefacts.
Movingon to theEA’saccounts,he informedthemeeting that theEAhadhadasuccessfulyearfinancially,ending2016withasurplusofapproximately$170,000,andthatthereserves(includingtheEndowmentFund)hadincreasedtomorethan$4million.
Inclosing,MrTheseirathankedthesecretariat,volunteers,donors,patrons,boardoftrustees,sub-committeeandfellowMCmembersfortheircontributionsandsupport.
Item 2.2To confirm the minutes of the Annual General Meeting held on 16 April 2016
TheminutesoftheAGM2016wereconfirmedwithnoothercommentsoramendments.Proposer:BillJansenSeconder:VincentSchoon
Item 2.3Matters arising from the minutes of the Annual General Meeting held on 16 April 2016
MrTheseirainvitedtheHeritage,EducationandYouthSub-Committeechairstobriefmembersabouttheirworkinthepastyear.
TheHeritageSub-CommitteeChairperson,MsJuliaD'Silva, reported that theSingaporePhilatelicMuseumandPICOArthadbeenselectedtorevamptheEurasianHeritageCentreforatotalcostofapproximately$450,000.ShesaidthatthebudgetwouldcomefromgrantsthattheEAhadreceivedfromtheNationalHeritageBoard,CareandShareandthePresident’sChallenge.
Mr Theseira noted that the EA aimed to raise an additional $50,000 for the project. With theendorsementoftrusteesandagoodteamonboard,theMCintendedtohavetherevampedEHCreadybeforetheendof2018,intimefortheEA’scentennialcelebrations.Heannouncedthatconsultationsessionswouldbeorganisedforthecommunitytoprovideinputonplansforthevariousgalleries.
The Education Sub-Committee Chairperson, Dr Graham Ong-Webb, reported that the EA haddistributedtheannualEurasianCommunityFund(ECF)Educationawardsplus14otherawardsandscholarshipstodeservingEurasianstudents.HethankedtheJosephfamily,MrRichardJosephandMsMichellePenny,forsettinguptwonewawards(IreneJosephandP.K.P.NairMemorialFund),presentedduringtheECFeducationawardsceremony.
Hehighlightedseveralnewinitiativesfor2016,includingworkshopsonartandmathematics,forPSLEstudents.Thecommitteeplannedtorunsimilarworkshopsforothersubjectsforstudentsatvariouseducationlevels.
TohelpthecommunitydevelopskillsthatwouldberelevanttoSingapore’saimtobecomeaSmartNation, the EA had partnered with Google for the ‘Code in the Community’ programme, whichprovided free coding classes to students. The teamwas also workingwith Info-communicationsMediaDevelopmentAuthority(IMDA)toorganiseparent-childcodingandprogrammingclasses.
Minutes of theAGM 2017
TheEurasianAssociation11 AnnualReport2017
Heturnedtotheself-helpgroups’(SHGs)StudentCareinitiative,whichbeganin2015andconsistedof schools around Singapore that provided after-school care to primary school students fromunderprivilegedfamilies.EverySHGwasexpectedtocontributeactivitiestotheprogrammeandtheEA’sofferingcompriseddramaclasses,withToastmastersanddrummingsessionstocome.
DrOng-Webb reported that the EA had signed aMemorandum of Understandingwith the PSBAcademytoallow20Eurasianstudentstoattendtertiarylevelprogrammesatasubsidisedrate.
TheYouthSub-CommitteeChairperson,MrChristopherGordon,saidhehadbroughtonboard10youngpeoplewhowerepassionateaboutservingthecommunity.SomeofthemhadbenefittedfromtheEA’sprogrammeswhileotherswerenewtoTheAssociation’swork.
HedescribedtheworkoftheYouthSub-Committeeascentredonthreekeythrusts.First,tohelpyoungpeopleachievetheiraspirations;second,toprovidethemwithaplatformtobuildbondswithfellowyoungEurasians;last,tocreateplatformsforthemtogivebacktothecommunityandbuildthenextgenerationofEurasianleaders.Inthisregard,theteamhasbeenreachingouttoyoungpeoplethroughanelectronicdirectmailertwiceamonthtoencouragethemtoattendEAeventsaswellasthoseorganisedbyotherorganisationsrelatedtoleadershipdevelopment.Theteamhadconductedcareerdialoguesfocusingonthecivilserviceandthelegalsector,attendedmostlybytertiary-levelstudents,whohadgivenpositivefeedback.TheteamalsoorganisedaSundaylunchtoraisefundsfortheEHCrevamp,andabaristaworkshoptoassistyoungpeopletopickupanewskill.HenotedthatonepositiveoutcomefromthevariousengagementactivitieswasthatmanyyoungEurasianshadvolunteeredattherecentEurasianFestival.
Hementionedadditionalprogrammesthattheteamwasplanning,suchastheYoungEurasianCareersNetworkforstudentstonetworkwithindustryleaders,arevivalofthementorshipprogrammeandanetworkingdialogueincollaborationwithPeople’sAssociationaboutthefutureeconomy.
HeconcludedbyencouragingmemberstospreadthewordtotheirchildrenandgrandchildrentogetinvolvedwiththeEAandcontributetotheEurasiancommunity.
Item 2.4To receive the Annual Report and Audited Financial Statements for the year ending 31 December 2016 pursuant to Clause 25(a) of the Rules of the Eurasian Association, Singapore and Clause 23.2 (b) (iv) of the AGM Bye-Laws
HonoraryTreasurer,MrMartinMarininotedthattheAnnualReportandtheauditedfinancialstatementshadbeendistributedtomemberson16March2017.
Hepresentedmemberswithhighlightsofthefinancialstatements,includingincomefor2016whichtotalled$2.45million,mostly fromgovernmentgrants,andmatchinggrantstoECFcontributions.Thiswasagainst a total expenditureof$2,283,375.Expenditurehadgoneprimarily to: educationinitiativessuchasbursaries,scholarships,tuitionandstudyprogrammes;financialsupportforneedyfamilies;variouscommunitydevelopmentinitiativessuchasSundaylunches,Christmasfestivitiesandothersocialevents;publications;andthemaintenanceoftheECH.HenotedthattheEA’sunrestrictedfundreserveshadgrownfrom$1.5millionattheendof2015,to$1.7millionattheendof2016.
Theauditedfinancialstatementswereadoptedwithnofurtherqueriesorcommentsfrommembers.
Minutes of theAGM 2017
TheEurasianAssociation12 AnnualReport2017
Proposer:VictorOlsenSeconder:EdmundRodrigues
Item 2.5To appoint The Association’s auditors for the ensuing year
FooKonTanLLPwasreappointedasTheAssociation’sauditorsforthefinancialyear2017.Proposer:GeoffMorrisSeconder:PercivalShepherdson
Item 2.6To discuss any other matters rising in accordance with the Rules of The Association
Mr Timothy de Souza praised the EA for successfully organising the Eurasian Festival held on 9April 2017. He noted that the first Eurasian fiesta had been held in 1991 at theNationalMuseumandwaspleasedtoseemanyofthesamepeopleattherecentfestival.Hehadreceivedcallsfromseveral friendswhohadcomplimented thecelebrationof theEurasiancultureandobserved thatthecommunityhadbeenhonouredbyPMLee.MrdeSouzapointedoutthatthephotographwhichhadappearedinTheStraitsTimesofthePrimeMinisterwithcentenarianMrsThereseStewartwasatouchingsymbolofhisrelationshipwiththepeopleofSingapore.HedescribedEurasiansastheshininglightoftheSingaporeanfamilyandexpressedhisappreciationtothePeople’sAssociationandtheEAfororganisingtheeventfortheenjoymentofallSingaporeans.
MrTheseirathankedhimforhiscommentsandaddedthatMrdeSouza’ssentimentsresonatedwitheveryone.HerecalledhisspeechattheEurasianFestivalwherehesaidthat‘EurasiansarebecomingmoreSingaporeanandSingaporeanshavebecomemuchmoreEurasian’.HeaddedthattheEurasiancommunitybynatureof itshybridcultureshoulddemonstrate that itwasopenandacceptingofdifferentcommunities.
MrEdmundRodriguestookthefloortomakeanappealonbehalfofthelowestfivepercentoftheEurasianeconomicstrata.Hesaidthatthisconsistedoffamilieswho,despitereceivingaidfromtheEAandotherorganisations,wereonthebrinkofsurvival.HeurgedtheEAtodomorebytargetingtoraise$500,000annuallytocatertotheneedsofthepoorestfamilies.Henotedthatthistargetcouldbeachievedif1,000individualsorfamiliesdonated$50monthly.
MrTheseiraagreedthatthiswasanimportantissuethatrequiredtheattentionofthecommunity.HecommittedthattheMCwouldlookintocreatingadirectedappealtoassistfamiliesinneed.
There being no further matters, Mr Theseira thanked everyone for their attendance and closedthemeeting.
Minutes of theAGM 2017
TheEurasianAssociation13 AnnualReport2017
The EA is committed to advancing the academic
achievement of all Eurasian students and
encourages them to strive for their goals. There
are numerous programmes in place for students
from primary to university levels. We work with
donors, benefactors and other organisations to
ensure that young Eurasians are able to seize
every opportunity on their academic journey.
Education
Committee Members
• DrGrahamOng-Webb (Chairperson)• MrEdmundRodrigues• MrDerekScully• MrJosephPeterson• AssistedbyMrJolvinWong fromtheSecretariat
EURASIAN COMMUNITY FUND (ECF) EDUCATION AWARDS
TheEurasianCommunityFund(ECF)EducationAwardsceremony,inauguratedin1996,showcasestheacademicachievementofEurasianstudents.ItsignalstotheEurasiancommunitytheimportanceofachievingacademicexcellenceandtheEurasianAssociation’ssupportforstudentswhoexcelintheirstudies.
TherearevariouscategoriesofawardsincludingtheBursaryAward,whichhasanincomecriterioninfavouroflow-wagehouseholds;theMeritAward,forstudentsatalleducationallevelswhoperformwellintheirexaminations;theExcellenceAward,forstudentswhoemergedinthetop25percentoftheircohortintheNationalExaminations;andtheDistinctionAward,applicabletotopstudentsinthePSLE,‘N’,‘O’and‘A’LevelNationalExaminationsandoutstandingstudentsinITEs,polytechnicsandlocaluniversities.
The2017ECFEducationAwardsceremony-presented360Eurasianstudentswithawards.Itwasheldon16SeptemberandtheguestofhonourwasMinisterforEducation(HigherEducationandSkills),MrOngYeKung.
EA Merit Bursary Awards
Thisawardhasbeenavailablesince2009withtheaimofdefrayingthecostsofhighereducationduringtherecipients’studiesatanITEorpolytechnic.In2017,fourITEandsixpolytechnicstudentsreceivedthisawardwhileafurtherthreepolytechnicandthreelocaluniversitystudentsreceivedaone-timesum.
EA University Scholarship
TheEAUniversityScholarshipisdisbursedannuallytoeligiblestudentswhohavegraduatedfromapolytechnicorjuniorcollegeandhavebeenofferedaplaceatanyoneofthesixlocaluniversities.
Thescholarshipisbasedonacademicmerit,whilefactoringinhouseholdincome,leadershippotentialandvolunteerwork.
EA Bursary, Scholarship and Distinction Awards recipientsat the Eurasian Community Fund Education Awards ceremony
TheEurasianAssociation14 AnnualReport2017
Education
HERBERT SCHOON PROGRESS AWARD
TheHerbertSchoonProgressAwardwassetupbyMsHananeelSchooninmemoryofherlatefather,HerbertSchoon.Growingupwithlearningdifficulties,Hanawasfortunatetoexperiencehispatienceandencouragementtoovercomeherchallenges.Theawardrecognisesstudentswhoaremakingacademicprogressdespitetheircircumstancesandtheawardwaspresentedtoonetertiary-levelstudent.
Award Title Donor Name of Student
ThePeterHFernandezAward(TopPSLE) MrsElsiedaSilva •AllysciaClarePereira
TheColonelRJMinjootAward(TopNT) MrGeraldMinjoot • BrianMartinGabriel
TheColonelRJMinjootAward(TopNA) MrGeraldMinjoot • VanyaJeanMinjoot
TheEvelynRodriguesAward(Top'O'level) MrsEvelynRodrigues •AlishaJewelKessler
ThePeggyWaiCheeLeong-HochstadtAward
MrHermanHochstadt • RussellJamesVazKangWei
TheColonelRJMinjootAward(ITE) MrGeraldMinjoot • EsmeraldaCrisantaApps
TheJohnHochstadtAward MrHermanHochstadt • JordanChristopherGomez
TheLawrenceHenrydaSilvaAward MrsElsiedaSilva • TammyPetrinaDesker
TheHenryDavidHochstadtAward MrHermanHochstadt • KevinMartensWongZhiQiang
TheHarryEliasAward MrHarryElias • TiaLouiseRozario
TheFredricFoxAward MrOscarJosephOliveiro • BrandonNorton
TheBerylLucyPhillips-HochstadtSpecialAward
MrHermanHochstadt • ShawnDillonSiewKeiLeon
MinnieLeicester-D’RozarioAward MrsEvelynRodrigues • RyanShawnPhillips
IreneJosephMemorialAward TheJosephsFamily •MuhammadElninoBin MuhammadHairilNonis• SherleenNikeeshaPestana•GerardEricLimLongYang• RosemaryCallistaAchugbu•AnnabelLauraDeCosta Bakenova
P.K.P.NairMemorialAward MrRichardJosephandMsMichellePenney
•AzaleaTiaraOliveiro• HaileyShandiHazukiJansen• EshtonIsaiahTeo•MueezAbiolaJunior• AbbyDeliciaLewis
MadsA.LangeandPansyTheseira-Lange MrChristopherMonteiroandMrsGloriaLange-Monteiro
• FabianIgnatiusTeo• TerryBernardOng• TylerMarkNicholas• ElizabethLauraPrior
TheHerbertSchoonProgressAward MsHananeelMarieSchoon • ReneeDaphneLeongPohLi
TheEurasianAssociationAwardfortheTopEurasian'A'levelStudent
TheEurasianAssociation • PereiraEmma-Pamerlyn• CaitlinAlsandriaO'hara
TheEurasianAssociationAwardfortheTopEurasianIBStudent
TheEurasianAssociation • SabrinaColetteTheseiraHuiXian
NEW AWARDS
MADS A. LANGE AND PANSY THESEIRA-LANGE EDUCATION BURSARY AWARD
MrChristopherMonteiroandMrsGloriaLange-MonteirosetuptheMadsA.LangeandPansyTheseira-LangeEducationbursaryinmemoryofGloria’slateparents.Theawardisfordeservingstudentsatprimaryleveltopursuetheireducation.Fourstudentsbenefittedfromtheawardthisyear.
TheEurasianAssociation15 AnnualReport2017
Education
OTHER EDUCATION INTIATIVES AND
AWARDS
Singapore Buddhist Lodge Bursary Awards
Eachyear,theEurasianAssociationisoneoftheorganisationstobenefitfromtheSingaporeBuddhistLodgeEducationFoundationbursariestoselectedPrimary,SecondaryandTertiarystudents.Atotalof11Eurasianstudentsreceivedabursarythisyear.
Coral de CruzMemorial Fund
In2017,sixsecondarystudentsreceivedanawardfromtheCoraldeCruzMemorialFund,whichhelpedtocoverthecostsoftheirschoolfees,uniforms,booksandtransport.Ajointawardsceremonytookplaceon25NovemberandtheawardwaspresentedbyJusticeJudithPrakash,daughterofthelateCoraldeCruz.
Joint TuitionAwards Ceremony
TheJointTuitionAwards(JTA)isanannualceremonyinwhichstudentswhohavereceivedtuition,mainlyintheCollaborativeTuitionProgrammerunbytheself-helpgroups,arerecognisedfortheirsuccessintheNationalExaminations.
TheJTACeremonywasheldon26AugustatNanyangPolytechnicAuditorium.EightEurasianstudentsoutofatotalof745recipientsreceived
awardsfortheiracademicachievements.TheguestofhonourwasMrOngYeKung,MinisterforEducation(HigherEducationandSkills).
SINDA Back To School Festival
In2017,fiveEurasianstudentsreceivedvouchersfromMrsJosephineTeo,Minister,PrimeMinister’sOffice,SecondMinisterforHomeAffairsandSecondMinisterforManpower,asguestofhonouratSINDA’sBacktoSchoolFestivalon18November,heldatUmarPulavarTamilLanguageCentre.
Big Heart StudentCare Centre
TheBigHeartStudentCareismanagedbytheSelfHelpGroupsStudentCareLimited(SHGSCL),ajointventurecompanyownedbythefourSelfHelpGroups(SHGs).SHGSCLforgedapartnershipwithMOEtooperate30school-basedstudentCareCentres(SCCs)thatcatertostudentsofallracesby2020.AsofFebruary2018,thereare21BigHeartSCCsoperatingislandwideinvariousprimaryschools.TheEAintroducedtwoprogrammes-artlessonsandpercussionclassestosupporttheholisticdevelopmentofthestudents.In2018,EAwillintroduceaCommunicationSkillsprogramme.
Vibrance @ Yishun
TofurtherdeepenthecollaborationbetweenSelf-HelpGroups(SHG),aSHGCentre(Vibrance@Yishun)wassetup.WhileeachSHGisuniqueinitsownway,theSHGsbelievethatmorecanbeachievedbycomingtogetherandsharingresourcestoreachthevariouscommunitygroups.TheCentreservesasaplatformforracialintegrationandculturalappreciation.EachSHGconductscustomisedprogrammestomeettheneedsoftheircommunitiesandworkshopsarealsoorganisedforparents.
Christian Tide Van Huizen (far left), Samantha Monis (second from right) and Hanaan Muhammad
Abdullah (right) with VIPs at the Singapore Buddhist Lodge Bursary Awards ceremony
EA Management Committee members and award recipients at the Joint Tuition
Awards Ceremony
TheEurasianAssociation16 AnnualReport2017
EducationHomework Supervision Programme
InJune2015,theEArolledoutitsHomeworkSupervisionProgramme(HSP)toassiststudentschallengedbytheirschoolhomework.TheHSPisnotatuitionprogramme;itsobjectiveisfortertiarystudentstoactasamentortoyoungerstudentsatprimaryandsecondarylevels,meetingthemfor90minutesaweektoguidethemthroughtheirhomework.In2017,twofamiliesbenefittedfromtheHSPwithtwomentorshelpingthreeyoungerpupils.
Mathematics Intensive Programme
TheMathematicsIntensiveProgramme,designedforstudentstakingtheirPSLEexaminations,washeldattheEurasianCommunityHousefrom5to16June.Fivestudentsbenefittedfromthetwo-weekcoursefocusedonclarifyingimportantmathsconcepts,formulasandrulesusingpastexaminationpapers.
Drone Workshop
TheEurasianAssociationconducteditsinauguralDroneworkshopon5December,whichwasattendedby11studentsfromprimarytotertiarylevels.Theylearnedthebasicsofflight,aerodynamicsandwerealsotrainedtoprogrammetheflightandpatternofthedrones.
Project Ray of Hope
TheProjectRayofHopeceremonywasheldattheEurasianCommunityHouseon25NovembertodisbursePopularbookstorevouchersandBatashoevoucherstoneedystudents.TheannualdisbursementisfundedbytheMinistryofCulture,CommunityandYouth.DrGrahamOng-Webb,whochairstheEAEducationCommittee,presentedthevouchersto116Eurasianstudentsatthisyear’sceremony.
Google’s Code in the Community
CodeintheCommunityisamulti-year,multi-levelcomputerscienceeducationprogrammesponsoredbyGoogleandthefourself-helpgroupstohelpyoungSingaporeanstodevelopcomputingskillsandtoinspirethemtopursueacareerinthetechnologysector.Thefirstcohortcelebratedthecompletionoftermoneon20MayatGoogle’sofficeinSingapore.Morethan500studentsandparentsattendedthe‘graduationceremony’.
Art Workshop
MsRubyElvinaWyseconductedtwoartworkshopsforEurasianstudentson18Marchand17December,teachingfiveyoungstersskillsthatincludedhowtomastertechniquesforpainting,sketchingandtexturingtheirartworkonacanvas.
Participants with their paintings at the Art Workshop Students at the Drone Workshop Award recipients Elizabeth Prior and
Hillary Prior with their parents at the Project Ray of Hope Ceremony
Student siblings Anesha and Anesh Giri with Benett Theseira (left) and DN Prasad, director and head of Google People Services, APAC, at
the Google ‘graduation ceremony’
Back row, from left: PSLE tutor Christopher Rozario, PSLE student
Fabian Ignatius Teo, ‘O’-level student Ryan Michael Chua Jun Jie and ‘O’-level tutor Gerald Lee Zhaohong.
Front row, from left: PSLE students Troy Lee M S De Silva and Kazu Kai
Wright with ‘O’-level student Claudia Jane Van Huizen
TheEurasianAssociation17 AnnualReport2017
Family Support Services
The welfare branch of the EA provides assistance
and guidance to Eurasians from underprivileged
backgrounds, especially the elderly and families at
risk. Through its various programmes and funds, the
FSS helps the Eurasian community to manage the
hardships of life’s unforeseen circumstances, build
self-confidence and become self-reliant.
Committee Members
•MrVincentSchoon(ManagementCommitteemember)
•MrEdmundRodrigues(Chairperson)
•MrPaulRodrigues(Vice-Chairperson)
•MrsCarolShepherdson•MdmChristinePereira•MsJosephineCordeiro•MrsEvelynRodrigues•MsMarthaFernandez•MsLydiaTan•MrMarkDeSouza•MrGerardLewis•MrMishaMonteiro-Benson•MrsPatriciaRodrigues•MrQuentinPereira•MrReneShepherdsonJr•MsRenitaCastra•AssistedbyMrJagannathanRamakrishnanfromtheSecretariat
FSS SUB-COMMITTEE
TheFSSSub-CommitteemeetsonthesecondTuesdayofthemonthtoreviewandapprovetheapplicationsforfinancialassistanceuponrecommendationoftheFSScaseworker.In2017,assistancewasrenderedtoamonthlyaverageof160individualsin75households.
FSS INITIATIVES
Financial Assistance
Theassistanceschemesincludeprovidingfamilies-in-needwithsupplementaryfinancialaidforonetotwelvemonths.Beneficiariesincludetheelderly-at-risk,single-parentfamiliesandthosewhoaregoingthroughdifficulttransitionperiodsand/orfacingasignificantcatastrophiceventstrikingthefamily'sbreadwinner.
Food Vouchers & Dry Food Rations
MonthlyfoodrationsaredeliveredbyvolunteersintheEAvanorbyvolunteerswhovisittherecipients’homes.Therationrunissupportedbypart-timers,whoassistwiththedelivery.
Special Emergency Fund
Theemergencyfundwassetupin2017andaddressessuddenandexpensive
emergenciessuchasabrokenwaterpipe,transportallowancesforwork,medicalassistanceandimmediatedailyexpenses.Thefundalsocoversunforeseencircumstanceswhichrequiresurgentandimmediateassistance.
Beyond Financial Assistance
Thefundisforclientstosettleone-offpayments.
Pro-Bono Coaching
Pro-Bonolife-coachingsessionswereconductedforthosewhorequiredassistanceinmanagingtheirlimitedfinancialresources.Thehelpclinicsareconductedonacase-by-casebasis.
Referrals
TheFSSSub-CommitteeprovidesinformationandreferralstoclientsandconnectsthemwithsocialwelfareagenciesandschemesavailableinSingaporeandassistswithemployment,trainingandre-training.
TEA WITH NEIGHBOURS
TheTeaWithNeighbours(TWN)sessionsareorganisedregularlytoenableelderlypeopletolearnnewthings,becomeawareofcurrentissuesinSingaporeandreceiveadviceonpromotingtheirwell-being;thesearefollowedbyaquestion-and-answersession.
In2017,twosessionswereheldaboutElderShieldandSGSecureinitiatives.TheywereconductedrespectivelyincollaborationwithMinistryofHealthandMarineParadeCommunityPolicingUnit,supportedbytheJooChiatNeighbourhoodCommittee@MarineParade.
Guests show off their dance movesat the FSS Christmas Lunch
TheEurasianAssociation18 AnnualReport2017
FSS CHRISTMAS LUNCH
TheannualFSSChristmasLunchwasheldon3Decemberforcloseto120FSSclients,supportedbyfriendsoftheFSS,studentsfromtheInternationalSchoolofSingapore,theEA'sManagementCommitteeandsecretariat.ThebeneficiariesenjoyedafestivelunchcateredbyQuentin’srestaurant,whichendedwithaluckydrawinwhichthetwotopprizesweretelevisionsets.TheeventwasmadepossiblethroughdonationsandtheFSSthanksalldonorsincludingtheHongLeongFoundation,LabourtelManagementCorporation,ProsecServicesPteLtd,TheSilentFoundation,AllenandGledhill,LeeFoundationSingaporeandMelfordPteLtdandthemanyotherswhovolunteeredtheirtimeandservices.
Thumbs up for a job well done! Volunteers (from left) Burton Koek, EA secretariat member
Denise Pinto and Allan De Cruz following the Christmas hamper packing
The Smith family collect their prize TV set at the FSS Christmas Lunch
Attendees discussing the ElderShield scheme
CHRISTMAS HAMPERS
Eighty-fourclientsreceivedChristmashampers,valuedat$150each,inDecember.Thehamperswerefilledwithfooditemssuchasbiscuits,candiesandchocolatesthatthebeneficiariesareusuallyunabletoafford.
FSS REVIEW
InMay2017,theEA'sManagementCommittee(MC)commissionedareviewofEA'sFSSservicestoassessifitsvariousprogrammesandfundswereeffectiveandtoidentifyhowtheservicescouldbeimproved.
AreviewteamledbyMrIanPeterson,ClusterDirectoroftheCareCornerFamilyServiceCentre,designedtheReview.ResearcherMsKamYinFunninterviewed30FSSclientsfromSeptembertoDecember2017.ThefinalreportiscurrentlybeingpreparedforfinalsubmissiontotheEA'sMCandBoardofTrustees.
TheEurasianAssociation19 AnnualReport2017
CommunityDevelopment
Youth
The EA’s youth programmes aim to create a vibrant
Eurasian youth community where young Eurasians
pursue their dreams with passion, determination and
belief. The programmes help them to realise their
potential and to develop a strong sense of shared
purpose of service towards the country and to the
Eurasian community.
Committee Members
•MrChristopherGordon(Chairperson)
•MrJordanIsac•MrDanniJay•MrAndrewPang•MrViaanoSpruyt•MrNathanielLim•MrNoelLongue•MrAndreFrois•MsHannahHendriks•MrJaredBateman•MsFarzanahFriday•AssistedbyMsRevathhi&MsDenisePintofromtheSecretariatEA MENTORSHIP
PROGRAMME
TheYouthSub-CommitteeputtogetheracomprehensiveseriesofworkshopstohelpyoungEurasiansmaximisetheirpotentialandachievetheiraspirations.Theseworkshopswereconductedbyexperiencedprofessionalsandincludedthefollowingsessions:
1. Neuro-LinguisticsProgramming(conductedbyMrHumphreyConceicao)
2.CareerDiscoverySession(incollaborationwithNTUC)
3.MentorshipInteractionSession(incollaborationwithNTUC)
4.ReduceStress&ImproveYourFocus(conductedbyTheGoldenSpace)
5.VisualiseandMaximiseYourSuccess(conductedbyTheGoldenSpace)
6.PartnerYourChildto AchieveSuccess,for Parents(conductedby TheGoldenSpace)
Analumnigatheringwasheldon11NovembertoprovideyoungMentorshipProgrammeparticipantswithanopportunitytonetworkandmakenewfriends.Theyreceivedcertificatesofparticipationandprovidedtheirfeedbackonthevariousworkshops.
Atotalof17studentsbenefittedfromtheprogrammein2017andthesub-committeeplanstoaddnewelementstoitin2018.
CAREER WORKSHOPS
Legal Workshop, in collaboration with Bridging Law (14 March)
EurasiantertiarystudentscontemplatingacareerinthelawhadtheopportunitytoexplorethisareafurtheratacareersessionatDrew&NapierLLC,entitledIntroductiontotheLegalProfessioninSingapore.TheeventwasorganisedbyBridgingLaw,anon-profitorganisationdedicatedtohelpingstudentsfromlow-incomefamiliestopursuealegalcareer,andwassupportedbytheEAYouthSub-Committee.Thesessionincludedanetworkingteaduringwhichthestudentshadanopportunitytospeakinformallywiththelawyers.
Barista Workshop(25 March)
Thishands-oneventwasarrangedwithKaldi’sBerry,aspecialitycoffeeecosystembusiness,whichprovidesparticipantswithbasicknowledgeofthearrayofcoffees.Theattendees,whowereabletousetheirSkills
Futurecredits,weretaughthowtooperate–andclean–anespressomachine,thetechniquesofmilktexturingandlearnedoftheskillsdemandedofabarista.
Career at Crossroads(27 July)
MrSamChia,vice-presidentoftheAsiaEntrepreneurExchange,sharedhistipsonmakingasuccessfulcareertransitionanddiscussedwhatittakestobecomeanentrepreneurandhowtechnologyhasopenedupnewopportunitiestostartabusiness.
Thinking differently now – Jared Bateman and Samantha Monis after the Neuro-Linguistics Programming workshop
TheEurasianAssociation20 AnnualReport2017
Medical & Healthcare Dialogue (15 August)
Adoctor,dentistandaseniornurseclinicianspokeaboutthediversecareerpathwayswhichthehealthcareindustryhastooffer,includinghumanitarianworkinthemedicalfield.
Culinary Workshop(27 August)
InaspecialcollaborationwithI12Katongmall,EAmemberscametogethertoorganiseaculinaryeventduringthelasttwoweekendsofAugust.Onthesecondweekend,YouthSub-Committeemembersarrangedlivecookingsessions,inwhichyoungstersandtheirfamiliesmadetraditionalEurasiandishesfromscratch.
DIALOGUES WITH MINISTERS
Future Economy,Future Jobs & Future Skills(15 July)
Some50youngEurasianssharedtheirviewsontheSingaporetheywouldliketoseeinthefutureduringadialoguesessionwithMrChanChunSing,MinisterinthePrimeMinister’sOfficeandAdvisertoTanjongPagarGRCGrassrootsOrganisations.Theyairedtheirviewsonimportantnationalissues,includingbeingopentochange,redefiningwhatsuccessmeansandtheimportanceofastrongSingaporeanidentityandaunitedcountry.
Singapore Eurasians:Oneness in Diversity(18 November)
YoungEurasiansenjoyedacandiddialoguesessionwithSeniorMinisterofStateandchairmanofOnePeople.sg,DrJanilPuthucheary,ontheEurasianidentityandthestateofmulti-racialisminSingapore.TheyoungstersspokeabouttheirprideintheirEurasianheritage,howtheyfeltgrowingupasEurasians–inSingaporeandoverseas–andsharedtheirpersonalexperiencesrelatedtorace.
Older and younger generations meet to discuss the future at the Eurasian youth dialogue with Mr Chan Chun Sing
Students at the Mentorship Programme alumni gathering
EA Youth Sub-Committee members chat during a dialogue session
Participants are buoyed up after the Neuro-Linguistics Programming session
Young people have the chance to speak out at the inaugural dialogue session
E-NEWSLETTER
E-newslettersaresentouttoyoungEurasiansandtheirparentsonabi-monthlybasistoinformthemoftheyouth-centriceventsthattheEAisorganisingorco-organising,andalsotoinvitethemtoeventsorganisedbypartnerssuchastheNationalYouthCouncil.
TheEurasianAssociation21 AnnualReport2017
CommunityDevelopment Sports
Sport has always been an important medium to empower the Eurasian community.
The games serve to build character and help the team members to achieve their
athletic aspirations.
EA Golf Society (EAGS) Committee Members
•MrKervinBraberry(Convenor)
•MrQuentinPereira(Advisor)
•MrRalphAeria(Advisor)•AssistedbyMsLestrineTanfromtheSecretariat
EA Men’s Senior Soccer Team Committee Members
•MrChristopherPereira(Convenor)
•MrLyleCordeiro•AssistedbyMsLestrineTanfromtheSecretariat
INTER-SOCIAL CLUB GOLF TOURNAMENT (ISCGT)
EAGScompetedintheISCGT,inwhichmembersenjoyedboththecompetitivedaysonthegreensandtheopportunitytogettoknowotherkeengolfers.
ThefirstleagueoftheISCGTwasheldon18AprilatMarinaBayGolfCourse,hostedbytheSingaporeSwimmingClub;ateamofninegolfersrepresentedtheEA.
THE TEAM & GAMES
TheEA’sMen’sSeniorSoccerteamisopentoallmaleEAmembersovertheageof18.TheideaforateamwasmootedbyLloydBranson,whoforyearshasbeenplayingforotherteamsandwaseagertocreateanopportunityforEurasianstogettogetheroverasport.
Theteamhasparticipatedinmonthlytrainingsessions,variousfriendlygamesandtournamentssuchastheInter-FaithSoccer7-a-sidetournamentheldattheVictoriaSchoolon12March,
Thesecondleaguewasheldon12JulyatOrchidCountryClubandwashostedbytheEurasianAssociationwith15playersontheEAteam.
Thethirdandfinalgamewasplayedon4OctoberatRafflesCountryClubLakeCourseandwashostedbytheSingaporeRecreationClub;ateamofeightrepresentedtheEA.
PointsweretalliedfromallthreeleaguegamesandEAGSemergedfourthoutoffiveclubs.
The EA Men's Senior soccer team pose before their match against St Pat's Old
Boys '82 FC
whichwasjointlyorganisedbythePeople’sAssociation.Newmembersarewelcomeinordertostrengthenthesquad.
A competitive day out on the greensfor EAGS members EAGS golfers relax after a league game
EAGS member Wayne Gideon in
action for the team
TheEurasianAssociation22 AnnualReport2017
CommunityDevelopment
Heritage & Culture
The EA aims to promote stronger bonds and build
synergy within the Eurasian community, and to engage
the Singapore community through various projects
and programmes that create awareness of and
preserve the unique Eurasian culture and heritage.
Committee Members
•MsJuliaD’Silva(Chairperson)
•MrCedricPereira•MrChristianEber•MsChristinaTheseira•MsEuylthFernandez•MrGeoffreyMorris•MsGerardineDonough-Tan
•MsLucilleMarcus•MrPercivalShepherdson•MrQuentinPereira•MsSharonMiller•AssistedbyMsJacquelinePeerisfromtheSecretariat
THE EURASIAN EXPERIENCE
TheEurasianExperienceisacollaborationbetweentheEurasianAssociation(EA)andQuentin’sEurasianrestauranttoorganisetours(learningjourneys)forvisitors.TheprogrammecanbecustomisedandcanincludeatouroftheEurasianHeritageCentre,learningthetraditionalPortugueseEurasianfolkdancetheJinkliNona,samplingatraditionalEurasiansugeecake,acookingdemonstrationandevenafullEurasianlunch.Nearly2,000peopleofallagesvisitedtheEurasianHeritageCentrein2017.
2017 EVENTS AT A GLANCE
ThesearesomeoftheculturaleventsinwhichtheEAparticipated.
EURASIAN OUTREACH INITIATIVES
Everyyear,theEAsetsupEurasianheritageboothsand/orconductsheritagesessionsatvariouseventsthroughouttheyear,especiallyduringtheRacialHarmonymonthinJulyorduringschools’NationalEducation(NE)Carnivals.TheseeventshelptospreadknowledgeoftheEurasianculturetochildrenandadultsalike.
A tour group viewing the Portuguese Azulejo tilesat the Eurasian Community House
Battle For Singapore
18Feb–12Mar
Tomarkthe75thanniversaryofthefallofSingapore,theEurasianHeritageCentreorganisedspecialtalksatitsWorldWarTwo–TheEurasianStorygallery,afterwhichtourparticipantsmetEurasianwarsurvivors,whosharedtheirmemoriesoverrefreshments.
Lunar New Year Celebration 2017@ Bishan East-Thomson
4Feb
TheEurasianDanceTroupeperformedtraditionalEurasianfolkdancesonthethemeof‘UnityinDiversity’.
TheEurasianAssociation23 AnnualReport2017
HeritageFest by NHB – Eurasian Heritage Bus Tour
29Apr–14May
TheHeritageBusTourisnowinitssecondyear.ParticipantssetofffromtheEurasianHeritageCentre,takingacoachtoQueenStreetwheretheyvisitedStJoseph’sChurch,theoldSt.Joseph’sInstitution(nowtheSingaporeArtMuseum)andtheCathedraloftheGoodShepherd.
Kristang Language Festival
20-21May
TheKristangLanguageFestivalwasthefirsteverinSingapore.OrganisedbyKevinMartensWongandtheKodrahKristangTeam,itincludedboothssellingbooksandEurasianmemorabiliaaswellasaKristangboardgameandflashcards.
Focus Group Discussion for theUpgrading of the Eurasian Heritage Centre
17Jun
TheEAheldafocusgroupdiscussionwithmorethan20peoplefromthecommunity,fromyoungpeopletoseniors,toheartheirviewsandideasforthenewEurasianHeritageCentre.
Global Community Day
7Jul
TheEAsetupaEurasianboothatTemasekPolytechnic’sGlobalCommunityDay,withtheCraft@EAladiessellingtheirhandicraftsanddemonstratingcrocheting,knittingandtatting.
Launch of Journey of 190 Years
4Mar
ThelaunchofthebookJourneyof190YearsbyProfessorJamesNewtonBosswasheldattheEA,organisedbyGlobalCulturalAlliance.TheguestofhonourwasMinisterYaacobIbrahim.
Racial Harmony Day @ Greendale Primary School
18Jul
StudentslearntaboutEurasianhistoryandculturefromatalkgivenbytourguideSharonMiller,andduringrecessdressedupinthePortuguese-EurasiancostumeandtriedkamponggamesattheEurasianbooth.
Cultural Night in Haven Heartland
18Mar
TheEurasianDanceTroupeexplainedtheJinkliNonabeforeperformingthefolksongforresidentsofMarineTerrace.
TheEurasianAssociation24 AnnualReport2017
Colours Of Asean 2
1Oct
ForthefilmingofMediaCorp’sColoursofAsean2documentary,duetobeairedinthefirstquarterof2018onChannel5,TrevorNervajammedtheJinkliNonawithnon-EurasianmusiciansplayingtraditionalinstrumentsattheEurasianCommunityHousewhiletwoyoungstersdanced.
Mendaki Learning Festival @ Our Tampines Hub
4Nov
FamiliesandchildrenmadetheirownEurasianculturalbadgeswiththehelpofEAyouthvolunteers.
Istana Art Event
30Jul
TheEAsetupaboothtoshowcaseEurasianculturethroughhandicraftdemonstrations,books,kamponggamesandmore.MrsMaryTanvisitedtheboothtothankthecraftladiesforthetatteddoilytheyhadmadeespeciallyforherafterlastyear’sIstanaArtEvent.
Aljunied Cluster One Community Fiesta @ Kovan Hub
7Oct
GuestofhonourMinisterGraceFutogetherwithKovanresidentsmadetheirownEurasianculturalbadgesouvenir.
One Community Fiesta @Jurong East Sports Hall
22Oct
GuestofhonourMinisterGraceFujoinedinsimpledancestepsofthetraditionalPortuguese-Eurasianfolkdance,theJinkliNona.
One Community Fiesta @ Tampines GRC
23Sep
TheinauguralEurasianculturalbadge-making,inwhichmorethan400peoplemadetheirownsouvenirbadgeswhilelearningfunfactsaboutEurasianculture,wasaroaringsuccess.GuestofhonourMinisterHengSweeKeatmadehisowncurrydebalbadge.
Racial Harmony Day @ Raffles Girls’ Primary School
21Jul
StudentstestedtheirskillsofrecallwhilelearningaboutEurasianculturethroughtheEurasianculturalcardsmemorygame.
Racial Harmony Day @ PCF Sparkletots Preschool at Punggol East
24Jul
TheEAsetupaboothforchildren,whodressedup,atesugeecakeandlearnedkamponggamesandaEurasianculturalcardsmemorygame.
Christmas Party@ Sunset Way RC
16Dec
TheEADanceTroupewasinvitedbySunsetWayRCrepresentativeJeffreySymmonstoperformatitsChristmasparty.
TheEurasianAssociation25 AnnualReport2017
WORKING WITH PARTNER ORGANISATIONS
HERITAGEFEST BY NATIONAL HERITAGE BOARD (NHB)
TheEurasianAssociationhasbeenparticipatingintheNationalHeritageBoard’sHeritageFestformorethaneightyears,organisingTheEurasianExperiencetourstotheEurasianHeritageCentre.
ONE COMMUNITY FIESTA BY PEOPLE’S ASSOCIATION (PA)
In2017,theEAcontributedaEurasianheritageboothand/oraEurasiandanceperformanceattheOneCommunityFiesta’sfiveeventsaroundtheisland.
EURASIAN FESTIVALS BY THE EURASIAN ASSOCIATION IN COLLABORATION WITH THE PEOPLE’S ASSOCIATION
TheEAisworkingwiththePAtoorganiseaseriesofEurasianFestivals.Thefirstfestivalwasheldon9AprilfollowedbyaChristmaseventon9December.MoresucheventswillbeheldthroughouttheislandtoraiseawarenessaboutSingapore’sEurasiancommunity.
PRESERVING EURASIAN CULTURE
SingaporeEurasians:Memories,HopesandDreams
Firstpublishedin1992,theoriginalbookSingaporeEurasians:MemoriesandHopeswaswrittenbyMyrnaBraga-BlakeandAnnEbert-Oehlers,togetherwithotherauthorsforvariouschapters.ThissecondeditionwasledbyDrAlexiusPereira,whoaddednewchapterstogetherwithotherwriters.ThebookwaspublishedbyWorldScientific,aspartofitsSG50series,Singapore’s50YearsofNationBuilding,andwaslaunchedatThePOD@NLBon15February.TheguestofhonourwasMinisterIswaran.
Christmas Party@ Ren Ci Home
23Dec
TheEADanceTroupebroughtcheertotheelderlyresidentsatRenCiHomeinAngMoKio.
Pasir Ris-Punggol One Community Fiesta @ Pasir Ris Elias CC
3Dec
GuestofhonourDPMTeoCheeHeanshookhandswithEAyouthvolunteerAriVanHuizenattheEurasianbooth.
Orange Ribbon Walk @ Esplanade Park
11Nov
ParticipantsqueuedupintheraintomakeaEurasianculturalbadgesouvenirandlearnmoreaboutEurasianhistoryandculturethroughthebannersandbooksdisplayedattheEurasianbooth.
Eurasian Christmas Festival @ Ulu Pandan CC
9Dec
Morethan400residentsfromUluPandanjoinedtheEurasiancommunitytocelebrateChristmastheEurasianway.FamiliesandchildrendecoratedtheChristmastreetogetherwiththeornamentstheymade,whileenjoyingChristmasgames,entertainment,dancingandEurasianfood.TheguestofhonourwasMemberofParliamentChristopherdeSouza.
Holland-Bukit Timah One Community Fiesta @ Petir Road Communal Hall
26Nov
GuestofhonourMinisterVivianBalakrishnanchattedwithMPChristopherdeSouzawhileenjoyingsugeecakefromtheEurasianbooth.
TheEurasianAssociation26 AnnualReport2017
Chingay Parade(10 & 11 February)
TheChingayParade,organisedbythePeople’sAssociation,wasthemed‘SoundwavesChingay,WeCareSingapore'.A21-strongEADanceTroupe,deckedinsilver,greyandblue,performedtothefolksongRasaSayang,choreographedbySyarulEzuan.HersheyColeencarriedtheEAbanner.
Inter-Racial Inter-Religious (IRIR)Harmony Nite(8 July)
OrganisedannuallybytheThyeHuaKwanMoralSocietytoacknowledgetheneedtocontinuebuildingtrustandunderstandingbetweenpeopleofdifferentracesandreligion,theIRIRHarmonyNitetookplaceatMarinaBaySands.
The EA’s PAC promotes awareness and understanding
of the Eurasian culture to other ethnic groups through
music, dance and drama. The Eurasian Dance Troupe
has expanded over the years and actively participates
in national events.
Committee Members
•AssistedbyMsDenisePinto&MsLestrineTanfromtheSecretariat
CommunityDevelopment
PerformingArts Chapter (PAC)
President’s Star Charity(10 December)
TheEurasianDanceTroupewasinvitedtoperformattheannualPresident’sStarCharity,ashowthataimstoinspirethecommunitytodotheirparttohelpthelessfortunate.PresidentHalimahYacobgracedtheeventasguestofhonour.A24-strongteamdancedalongtoanacapellaversionoftheJinkliNonasongsungbylocalband,MICappella.
PresidentTonyTanKengYamandhiswife,Mary,wereguestsofhonour.Thethemeforthisyearwas‘DiversityMakesUsOne:ACelebrationofTogetherness.’
ThenightwasfilledwithculturalperformancesandtheEurasiancommunitywasrepresentedby17dancers,whoperformedNewWaves,anurbancontemporarydancepiecechoreographedbySyarulEzuanthatdepicteda
storyofstrengthandcourageinastrongcommunity.ShaniceHedgerrepresentedtheEurasiancommunitytorecitethepledge.
TheEurasianAssociation27 AnnualReport2017
Eurasian Festival 2017
Special Feature
The EA held a celebration of all things Eurasian at a special event on 9 April at
Our Tampines Hub. The Eurasian Festival was organised in collaboration with the
People’s Association as part of the current drive to raise the profile of the Eurasian
community in Singapore. The event was one of the largest Eurasian-centric events
held in Singapore and the EA will continue to conduct festivals island-wide with
the main objective of raising awareness of the Eurasian community in Singapore,
preserving and sharing our culture and reaching out to the wider society.
“I am very happy to see a new generation of Eurasians doing well in many professions, all over society, establishing and making a name for themselves, and I have no doubt that Eurasians will make many contributions to Singapore in time to come.”
- Prime Minister Lee Hsien Loong
“The festival was a lovely way for me to connect with and contribute to the Eurasian community. I even managed to connect with an aunt whom I have never met! The energy among us volunteers truly reflected the warmth of Eurasian culture. The goodie bags were a great way to share with the wider Singapore community all things good and yummy from our Eurasian community.”
– Hannah Hendriks, Volunteer
“We help at the EA’s heritage events as much as possible. The Eurasian Festival was a fantastic experience and both my son and daughter assisted too. It’s always heartening to volunteer at events where we actively promote the unique Eurasian culture and heritage. The event was a great opportunity for us to catch up with old friends and meet new Eurasian friends!”
– Peter Gordon, Volunteer
“The Eurasian Festival was very lively and with high energy! I was pleased to perform. Although we had learned the dance many years ago, it was memorable to come together as a group and re-learn it for two months. It was well received by the audience. Such events are especially important because many do not know about the Eurasian community in Singapore and we can raise awareness.”
– Joel Yap, Dancer
“For me, the community made their mark in their own special way and helped to shine our light. We showed that we are united and that we are very proud of our heritage and contributions to the country.”
- Julia D’Silva, Management Committee Member & Lead Organiser
“The small size of our community and our openness to integrate has resulted in a high degree of inter-marriage with the Malay, Chinese and Indian communities, which further dilutes the identity of the Eurasian community. While some Eurasians do lament this increasing loss of identity, on the flip side, I would argue that Eurasians have just become more Singaporean, and Singapore has to some extent become more ‘Eurasian’.”
- Benett Theseira, EA President
Comments on the Festival
TheEurasianAssociation28 AnnualReport2017
06
90 1500 04
38 57 1500adults youth
&
No. of people inthe organising committee
No. of days taken to prepare for the event
No. of volunteers
No. of goodie bagsprepared for the event
No. of people who attended
No. of hours takento pack the goodie bags
[Fromlefttoright]
1. PMLeegreetsoldfriend,EurasiancentenarianThereseStewart,watchedbydaughterOlivia2. JoanPereiraMP,MinisterSIswaran,PMLeeHsienLoong,EAPresidentBenettTheseiraand ChristopherdeSouzaMPwithkidsbeforeassemblingtheEasteregg3. JoelYap(secondfromleft)withtheEurasianDanceTroupe
[Fromlefttoright]
1. AgroupphotoattheSkyTerrace2. VolunteerHannahHendriks(secondfromright)withherfriends3. PeterGordonandhissonWesleyattheculturalexhibition
50people
1000people
600people
500people
400people
300people
200people
Photobooth&DressUp
EasterEggDecoration
KampongGames(bowling,hopscotch,fivestones&EasterEggrace)
Craft@EAbooth
CulturalExhibitionwith3interactiveexhibits(EurasianHouse,ChurchPuzzle&Cookbook)
EAbooksandmerchandise&KodrahKristangbooth
Storytellingbooth
TheEurasianAssociation29 AnnualReport2017
The Community Engagement team at the EA strives
to ensure that the Eurasian community is part of
an inclusive and harmonious Singapore society. It
stages events that encourage bonding within the
community and also partners with other organisations
to strengthen inter-communal bonds.
Committee Members
•MsYvonnePereira(Chairperson)
•MsDorothyTessensohn(Vice-Chairperson)
•MsPamelaMenon(Secretary)
•MsSandraTheseira•MsMelanieRodrigues-Smith
•AssistedbyMsDenisePintoandMsLestrineTanfromtheSecretariat
Ad Hoc Members
•MrMichaelSmith•MrSureshMenon
CommunityDevelopment
IN-HOUSE EVENTS
Red & White Sunday Lunch(20 August)
Morethan100peopledeckedoutinpatrioticcoloursenjoyedalunchofmulti-racialcuisinepreparedbyQuentin’srestauranttocelebrateSingapore’s52ndbirthday.
Christmas Light-Up & Dinner and Dance(2 December)
EA members and guests from like-minded associations attendedtheannualChristmaslight-upfollowedbyadinneranddanceattheEurasianCommunityHouse.
Children’s Christmas Treat(10 December)
The Eurasian Community Houseturned into Santa’s playgroundforyoungsters,withtheirparentsin tow, who attended the EA’sannualChildren’sChristmasTreat.
The Community Engagement team fly the flagat the Red & White Lunch
Christmas carols at the annual Christmas Light-Up
A child meets Santa and Santarina at the Children’s Christmas Treat
TheEurasianAssociation30 AnnualReport2017
CommunityDevelopment
New Year’s Eve Ball(31 December)
Morethan230guestsusheredintheNewYearattheEA’sNewYear’sEveMasqueradeBallatOrchardHotel.
EVENTS WITH OTHER COMMUNITY GROUPS
Dinner with President Halimah Yacob(16 October)
Thefourself-helpgroupsjointlyhostedadinnerattheLandmarkHotelforPresidentHalimahYacobtodiscusstheirroleinthecommunity.
Organising Members
•MsYvonnePereira(Chairperson)
•MsCharleneLee•MrChristianEber•MsDenisePinto•MsLestrineTan•MrJagannathanRamakrishnan
•AssistedbytheSecretariat
Welcoming the New Year at the EA’s Masquerade Ball
The EA team together with the heads of the other self-help groups meet President Halimah Yacob over dinner
TheEurasianAssociation31 AnnualReport2017
CommunityDevelopment
Committee Members
•MsMelanieRodrigues-Smith(Chairperson)
•AssistedbyMsDenisePintofromtheSecretariat
One People.sg 10th Anniversary(1 November)
OnePeople.sgcelebratedits10thanniversarybyhostingacharitydinnerattheShangri-LaHotel.YvonnePereira,EASecondVicePresidentandtheEArepresentativeontheOPSG’sboard,waspresentedwithaplaqueinappreciationofanEAdonationtotheorganisation.
Craft@EA
WeeklysessionsareheldeachThursdayafternoon,whenmemberspractisetheircreativeskillsandcompletecrochet,knitting,dressmakingandpatchworkitems.DuringaweekendinAugustandSeptember,theteamsetupaboothatI12Katongtodisplayandsellitscraftwork.
Orange Ribbon Walk(11 November)
EAmemberswereamongthe2,500peopleintheannualOrangeRibbonWalk.OrganisedbyOnePeople.sg,theeventralliespeoplefromdiverseracialandreligiousgroupstosupportits‘RiseAgainstRacism’campaign.
Quiz Nites
Quiznightswereorganisedonabi-monthlybasisandcloseto20membersgatheredtotesttheirtriviaknowledge.
The craft booth at the Eurasian Christmas Festival in December
Regular Activities
TheEurasianAssociation32 AnnualReport2017
CommunityDevelopment
Balut Section Committee Members
•MsYvonnePereira(Chairperson)
•AssistedbyMsDenisePintofromtheSecretariat
In-House Balut Tournament (March to October)
BaluttournamentswereheldmonthlyattheEurasianCommunityHouseandthefinalroundwasplayedon4October,whenwinnersweredeterminedbythescoresoftheirbestsixrounds.
The EA’s In-House Balut finalists
Inter-Club Balut Competition (May to October)
TheEAalsoparticipatedintheinter-clubbalutcompetition,competingagainstSingaporeCricketClub,SingaporeRecreationClub,theNationalUniversityofSingaporeSociety,TanglinClubandIndianAssociation.TheEAwasrepresentedbytwoteams,eachcomprisingfourplayers,whichwereplacedineighthand14thpositionrespectivelyoutofthe19teams.
Yvonne with Evelyn Rodrigues (right) presenting the In-House Balut Competition
2017 champion trophy to SK John
TheEurasianAssociation33 AnnualReport2017
CommunityDevelopment
The Toastmasters Club assists members to share
their stories and journey in order to become a great
speaker and a stronger leader. It presents them with
diverse opportunities to connect with people through
speech and to innovate their presentations in an
enriching learning environment.
Committee Members
•MsMichelleTessensohn(President)
•MichaelRodrigues(Vice-President,Education)
•MrChristianEber(Vice-President,Membership)
•CharleneLee(Vice-President,PublicRelations)
•ArshadVasanwala(Secretary)
•PeterLee(Treasurer)•DenisePinto(Sergeant-At-Arms)
•YvonnePereira(ImmediatePastPresident)
•AssistedbyMsDenisePintofromtheSecretariat
Toastmasters Club
Installation Ceremony(1 July)
TheEAhelditsInstallationCeremonyofClubOfficersfor2017/2018.
ThepreviouscommitteecompleteditstermandthenewcommitteewaswelcomedbyformerToastmastersClubPresident,YvonnePereira,whowishedthenewlyappointedcommitteeherbestwishesandpresentedawardstoclubmembersfortheirachievementsintheprevioustermandalsoaspecialawardtotheEA'sFirstVice-President,AlexiusPereira,forsupportingtheclub.
DivisionEDirector,YianTayconductedtheceremony,announcingtheexecutivecommitteeforthetermbeginningJuly2017toJuly2018.MichelleTessensohnwassworninasthenewPresidentoftheclub.
FormerDivisionEDirector,PremMethanipresentedspecialawardstothefollowingTMCmembersforachievingthefollowingaccreditationsduringthepreviousterm–CharleneLee(AdvancedCommunicator,Bronze),ChristianEber(CompetentCommunicatorandCompetentLeader),PeterLee(AdvancedLeaderBronze)
andCarolynStreet-Johns(CompetentCommunicatorinGerman).
Chapter Meetings
ChaptermeetingswereheldonthefirstSaturdayofeachmonthwhennewmembersovercametheirfearofpublicspeakingbylearninginafriendlyandsupportiveenvironment.Meetingsareopentoanyoneof18yearsoldandaboveandmemberslearnfromfellowtoastmastershowtoexpressthemselves,helpedbyvariouseducationaltools.
Contests
Throughouttheyear,theEATMCmembersparticipatedregularlyinexternalcompetitions,suchasinternationalpreparedspeech,tabletopics,humourousspeechandevaluationspeechcontests.Theyoftenclinchedthefirstpositionswiththeirlivelytalks.
Standing (from left): Denise Pinto, Christian Eber, Peter Lee,Arshad Vasanwala, Charlene Lee and Michael Rodrigues
Seated (from left): Division E Director Yian Tay,Area E4 Director Felicia Ong, Michelle Tessensohn and Yvonne Pereira
TheEurasianAssociation34 AnnualReport2017
CommunityDevelopment
Volunteers are an integral part of the organisation as
their valuable time and contributions play a critical
role in ensuring the success of the EA’s diverse
programmes and events.
•VolunteermanagementisassistedbyMsLestrineTanfromtheSecretariat
Volunteer Management
VOLUNTEERS’ APPRECIATION LUNCH
In2017,theEAcontinuedtobeproactiveinattractingandretainingacommittedteamofvolunteers.In2017,some150volunteerssupportedeventsandactivitiesorganisedbyboththeEAandourpartnerorganisations,whichincluded:
• EurasianFestivalandparticipationinheritageboothsisland-wide
• ParticipationintheChingayParade,President’sStarCharityshowandothercommunityevents
• EurasianCommunityFundEducationAwardsceremony,JointTuitionAwardsceremonyandothereducationevents
AVolunteers’AppreciationLunchwasheldon25MarchtohonourallEAvolunteerswhodedicatedtheirtimeandskillstoservethecommunityduringtheyear.
The EA’s loyal band of volunteers
• EurasianCommunityHouseChristmasdecorations,Children’sChristmasTreatandotheryear-endfestivities
• FSSChristmasLunch,rationrunsandpackingofChristmashampersandotherFamilySupportServicesinitiatives
ThevolunteerdatabaseisregularlyupdatedandrecruitmentiscarriedoutprimarilythroughEAoutreachplatformssuchassocialmedia.TheEAalsoactivelyreachesouttoEurasianstoencouragethemtovolunteerinthecommunity.
Volunteer Melanie Smith receives her certificate of appreciation from EA
President Benett Theseira
TheEurasianAssociation35 AnnualReport2017
www.eurasians.org.sg
JANUARY - MARCH 2017
Festive Spirit
A round-up of the year-end parties
EW Barker Remembered
A new biography commemorates the
illustrious politician
Wheel Commitment
Gerard Pereira’s career at the Singapore
Safety Driving Centre
PLUS
CorporateCommunicationsThe Eurasian Association’s Communications
Sub-Committee guides the strategy for all
communications, digital and public relations
messages; disseminates key messages to the
Eurasian community and to the organisation’s
stakeholders; undertakes marketing activities;
and liaises with the media.
Committee Members
•MsJeanAngus(Chairperson)
•MrIonDanker•MsRebeccaMorris(Editor)
•AssistedbyMsRevathhifromtheSecretariat
www.eurasians.org.sg
JULY - SEPTEMBER 2017
MAKE EURASIAN HISTORY!
The National Archives needs volunteers
KRISTANG GETS COOLOur heritage language has its very own celebration
SAVING LIVES EVERY DAY
Melody Bellido, peri-operative staff nurse
PLUS
www.eurasians.org.sgAPRIL - JUNE 2017
HAPPY TIMES WITH HOMEWORKA scheme that makes studying a joyMEMORIES, HOPES AND DREAMSA history of Singapore’s EurasiansHOGGING THE BEST ROLESActress Frances Lee is enjoying the taste of success
PLUS
THE NEWEURASIAN MAGAZINE
ONLINE & SOCIAL MEDIA
17000+readers
The NewEurasian magazine is published quarterly and read by more than 17,000 Eurasians in Singapore.
In2017,TheNewEurasianfeaturedthefollowingsubjectsascoverstories:howSingaporeisstrivingtobealeaderinnewtechnology;genealogyandhowtotraceyourEurasianroots;theEurasianFestival2017;‘new’EurasiansandtheparttheyplayinSingapore’sEurasianstory.
2,011 Likes256 followers
TheFacebookpage,launchedin2010,publicisesfutureevents,programmesandstoriesfromthe
mediatoengagethecommunity. TheInstagramaccountwascreatedin2015andisusedtoinstantaneouslyupload
picturesduringEAeventsoreventsorganisedbycommunitypartners.This
platformwascreatedparticularlytoengagewithyoungEurasiansandwithEurasianslocatedoverseas.Hashtagsareusedto
locateotherEurasianaccountsandtobuildastrongeronlinecommunity.
TheEA’swebsite,www.eurasians.org.sg,providesinformationabouttheEAanditskeypillars.PastissuesofTheNewEurasianandannualreportsare
availabletodownloadfromthesite.
http://www.facebook.com/eurasianassociation
the_eurasian_association
www.eurasians.org.sg
TheEurasianAssociation36 AnnualReport2017
Singapore Eurasians: Memories, Hopes and Dreams
The Eurasian Heritage
Centre’s Revamp
BOOK LAUNCH
Media Coverage
Online Membership Form
InordertoensurethatindividualscansignupforEAmembershipmoreeasily,anonline
registrationformwassetupasanaddedvalueforwebsiteusers.
Self-Help Group’s Centre Sub-Section
‘Vibrance@Yishun’SelfHelpGroupsCentreisacollaborationbetweenthefourself-helpgroupsandprovidesacommonspaceforthedifferentracestobond;thecentrewillalso
organiseprogrammestoserveallethnicgroups.Anewsub-sectionwassetuponthewebsitetoprovideup-to-dateinformationtoparentsandstudentsabouthowtheycanbenefitfromthe
newinitiative.
Photo Gallery
Aphotogallerywassetuponthewebsitetoshowcasealbumsofimportantevents.Thealbumswerealsomadesearchableviakeywordsentered
withinthetitleanddescriptionofthealbum.
MediaoutreachisanimportantaspectoftheEA’spublicrelationsstrategyandassiststostrengthentheEAbrandandincreaseawarenessoftheEurasiancommunityinSingapore.
In2017,theEurasianAssociationanditseventswerementionedinthemediaonvariousoccasions,includedthefollowing:
EW Barker and
his contributions to Singapore
Eurasian Festival
EurasianFestival
The Straits Times provided a full-page feature about EW
Barker and his contributions to Singapore (8 January).
The Straits Times, Zaobao and Channel News Asia covered the Eurasian Festival(9 April).
The Straits Times reported on the launch of the book, Singapore Eurasians: Memories, Hopes and Dreams (16 February).
The Straits Times reported on
The Eurasian Heritage Centre’s Revamp (7 July).
•Duringtheyear,variousmedia,includingTheStraitsTimesandChannelNewsAsia,havefeaturedEurasianrecipes.
•Throughouttheyear,theKodrahKristangteam’seffortstorevivethePortuguese-Eurasianheritagelanguagewerefeaturedonvariousmediaplatforms,includingaCNAInsiderreportontheEurasianCommunity(11June).
TheEurasianAssociation37 AnnualReport2017
HouseOperationsThe Eurasian Community House houses the EA
Secretariat office, the Eurasian Heritage Centre, the
Multi-Purpose Hall, JH Conference Room, Platinum
Lounge and Quentin’s restaurant. Maintenance and
refurbishment of the facilities and operations are
overseen by the Secretariat.
Committee Members
•MrLesterLow•AssistedbyMsLestrineTanfromtheSecretariat
Quentin’s Eurasian Restaurant
TherestaurantcontinuestoservetraditionalandcontemporaryEurasiancuisine,drawingpeopleofallracestoEurasianCommunityHouse.Therestaurantisopenforlunchfrom11.30amto2.30pmandfordinnerfrom6.30pmto10.30pm.
Maintenance and Use of Facilities
TheEAcontinuestorenttheECH’sfacilitiesandencourages
newactivitiesinordertogeneratemorefundstodefraythecostofmaintainingthebuilding.In2017,rentalincomewashigherthanin2016owingtoafewone-offexternalbookings.Ongoingclassessuchasswordsmanship,linedancing,karateandothercommunityeventsareheldthroughouttheyear.Housekeepingandmaintenanceworks,suchasservicingofthelifts,air-conditioning,pestcontrol,wereimplementedinaccordancetotheschedule.
Sinking Fund
Asinkingfundwasestablishedin2012andasumof$36,415issetasideannuallytodealwithanyfuturemajorexpenditureand/ormaintenanceworksattheECH.
Upgrading of Facilities and Systems
AspartoftheCare&Sharecapabilitybuildingrequirement,improvementsandenhancementworksareimplementedthroughouttheyeartotheECHanditsinfrastructure.
The Eurasian Community House
TheEurasianAssociation38 AnnualReport2017
Treasurer’sReportThefinancialstatementswerepreparedinaccordancewiththeprovisionsoftheCharitiesAct,Cap.37,theSocietiesAct,Cap.311andSingaporeFinancialReportingStandards.Accordingly,itsreservesandallitsincomeresourceshavebeenclassifiedaseitherunrestrictedfundsorasrestrictedfundstotheextentthefundsareto be applied for specified purpose. Income and expenditure incurred on various programmes reflect thegrossamounts.Inaddition,thereservesandincomeoftheEurasianAssociationEndowmentFundhavebeenexcludedfromtheauditedfinancialstatementsoftheEurasianAssociation,astheFundisseparatelygovernedbytheprovisionsoftheTrustDeedandissuesitsownfinancialstatements. FundingfortheprogrammesrunbyTheEurasianAssociationwereprimarilyprovidedbytheECFcontributions,DonationsandtheMinistryofCulture,CommunityandYouthawardedagrantof$520,000.Asaresult,werecordedanoverallsurplusof$870,779.
Totalincomingresourcesfortheyearwas$3,102,075ofwhich$664,672wasclassifiedasrestrictedfundsandthebalance$2,437,403asunrestrictedfunds,ascomparedtototalgrossincomingresourcesof$2,452,749in2016.Totalexpenditureamountedto$2,231,296(comparedtototalexpenditurein2016of$2,283,375)ofwhich$529,094was fundedby restricted fundswith thebalanceof$1,702,202being fundedoutofunrestrictedfunds,resultinginasurplusinunrestrictedfundreserveof$735,201.
UnrestrictedFunds
Restricted Funds
General &Community
Funds$
SinkingFund
$
EducationFund
$
HeritageEndowment
Fund$
Dr PaglarScholarship
Fund$
E WBarker
Book$
Specialpurpose
Fund$
Total$
Balanceat1January2016 1,507,734 333,196 30,167 125,000 27,423 62,216 1,240,549 3,326,285
Totalcomprehensiveincome/(expenses)fortheyear 225,873 - - - 90 (69,843) 13,254 169,374
Transferto/(from)Unrestrictedfunds (19,137) - - - - 19,137 - -
Transferto/(from)Restrictedfunds 4,906 (4,906) - - - - - -
Balanceat31December2016 1,719,376 328,290 30,167 125,000 27,513 11,510 1,253,803 3,495,659
Totalcomprehensiveincomefortheyear 735,201 - - - - 24,546 111,032 870,779
Transferto/(from)Unrestrictedfunds (386,415) 336,415 - 50,000 - - - -
Transferto/(from)Restrictedfunds 23,964 (4,827) - - (27,513) (19,137) 27,513 -
Balanceat31December2017 2,092,126 659,878 30,167 175,000 - 16,919 1,392,348 4,366,438
TheEurasianAssociation39 AnnualReport2017
Treasurer’sReportRESERVES RATIO POLICY
The Board of Trustees & Management Committee, having considered the Eurasian Association’s sourcesoffundsandannualexpenditure,havedecidedonareservepolicyof3:1, i.e.tomaintainreservesbeingitsunrestrictedfundbalanceof3timesitsestimatedannualoperatingexpendituretoensuresufficientfundsforitscontinuedgrowthandtoundertakeitsvariousprogrammes.
Theratioofunrestrictedreservetoannualexpenditureiscurrently0.94:1(2017)and0.75:1(2016).Inordertoincreaseitsreserves,theEurasianAssociationneedstoraiseadditionalfundingthroughprogramsandeventsinthecomingyear.
MAJOR DONORS
$
InTheEstateofBoswellMaryLorna 1,111,915
FarEastOrganization 50,000
ChewHowTeckFoundation 20,000
HuntingtonPartners 13,500
MrsJudithPrakash 12,100
MrBenettMaximillianTheseira 7,280
MrPereiraQuentinBernard 5,350
Allen&GledhillLLP 5,000
LeeFoundationSingapore 5,000
TanChinTuanFoundation 5,000
MrSchoolingReginaldColin 5,000
MrSimondeCruz 4,100
ChocolateGraphicsSingaporePteLtd 3,600
LoyangTuaPekKong 3,000
TheSilentFoundationLtd 3,000
MrGeraldMinjoot 2,700
Mr&MrsBarryDesker 2,000
MrGerardWRodrigues 2,000
MsMelanieMartens 2,000
Theminimumdonationsamountrecognisedinthelistofdonorsis$2,000.00.
TheEurasianAssociation40 AnnualReport2017
SUMMARY OF EXPENDITURESUMMARY OF INCOMING RESOURCES
Sources of Funds $ %
EurasianCommunityFund 757,051 24%
UnrestrictedDonations 590,951 19%
SpecialPurposeDonations 516,248 17%
MatchingGrants 400,000 13%
GovernmentContributions 387,507 13%
Events&Programmes 231,507 7%
GovernmentGrantforLandLease
149,137 5%
OtherIncome 69,674 2%
TOTAL 3,102,075 100%
Expenditure $ %
Administrative&GovernanceCosts
473,151 21%
Education&TrainingProgrammes
384,774 17%
FamilySupportService 342,050 15%
Depreciation 259,527 12%
HeritageandCulture 216,790 10%
CommunityDevelopment&Outreach
167,082 8%
EurasianCommunityHouse 156,271 7%
LandLeaseCost 136,801 6%
Publications 55,645 2%
OtherActivities 39,205 2%
TOTAL 2,231,296 100%
21%
2%
2%
6%
7%
8%
12%
15%17%
Administrative&GovernanceCostsEducation&TrainingProgrammesFamilySupportServiceDepreciationHeritageandCultureCommunityDevelopment&OutreachEurasianCommunityHouseLandLeaseCostPublicationsOtherActivities
10%
13%
2%
5%
7%
13%17% 19%
24%
EurasianCommunityFundUnrestrictedDonationsSpecialPurposeDonationsMatchingGrantsGovernmentContributionsEvents&ProgrammesGovernmentGrantforLandLeaseOtherIncome
TheEurasianAssociation41 AnnualReport2017
Financial Statements TheEurasianAssociation,Singapore31December2017
Association information
Associationregistrationnumber : UENS64SS0001E
Registeredoffice : 139CeylonRoad Singapore429744
President : BenettMaximillianTheseira
1stVicePresident : PereiraAlexiusAnthony
2ndVicePresident : PereiraYvonneMarieNeeLesslar
HonorarySecretary : FernandezAngelinaFrances
HonoraryTreasurer : MariniMartinVincent
Independentauditor : FooKonTanLLP PublicAccountantsand CharteredAccountants 24RafflesPlace #07-03CliffordCentre Singapore048621
Contents
StatementbytheManagementCommittee........................44
Independentauditor’sreport......................................................45
Statementoffinancialposition..................................................48
Statementofcomprehensiveincome.....................................49
Statementofchangesinfunds..................................................51
Statementofcashflows................................................................52
Notestothefinancialstatements.............................................53
Statement by theManagement Committeefor the financial year ended 31 December 2017
The Management Committee is responsible for the preparation and fair presentation of these financialstatements inaccordancewith theprovisionsof theCharitiesAct,Cap.37, theSocietiesAct,Cap.311andSingapore Financial Reporting Standards. This responsibility includes selecting and applying appropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.
We,BenettMaximillianTheseiraandMariniMartinVincent,beingtwoof themembersof theManagementCommitteeofTheEurasianAssociation,Singapore,doherebystatethat,intheopinionoftheManagementCommittee,theaccompanyingstatementoffinancialposition,statementofcomprehensiveincome,statementofchangesinfundsandstatementofcashflows,togetherwiththenotesthereon,areproperlydrawnupsoastopresentfairly,inallmaterialrespects,thefinancialpositionofTheAssociationasat31December2017andofthefinancialperformance,changesinaccumulatedfundsandcashflowsofTheAssociationforthefinancialyearendedonthatdate,andatthedateofthisstatement,therearereasonablegroundstobelievethatTheAssociationwillbeabletopayitsdebtsasandwhentheyfalldue.
OnBehalfoftheManagementCommittee
......................................................................................... .................................................................................BENETTMAXIMILLIANTHESEIRA MARINIMARTINVINCENTPresident HonoraryTreasurer
Dated:7March2018
TheEurasianAssociation44 AnnualReport2017
Independent auditor’s report to the members of The Eurasian Association, Singapore
Report on the audit of the financial statements
Opinion
We have audited the accompanying financial statements of The Eurasian Association, Singapore ("TheAssociation”),whichcomprisethestatementoffinancialpositionasat31December2017,thestatementofcomprehensiveincome,statementofchangesinfundsandstatementofcashflowsfortheyearthenended,andnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.
In our opinion, the financial statements of TheAssociation areproperly drawnup in accordancewith theprovisionsoftheCharitiesAct,Cap.37(theCharitiesAct),theSocietiesAct,Cap.311(theSocietiesAct),andSingaporeFinancialReportingStandardssoastopresentfairly,inallmaterialrespects,thestateofaffairsofTheAssociationasat31December2017,andtheresults,changesinfundsandcashflowsofTheAssociationfortheyearendedonthatdate.
BasisforOpinion
Weconductedouraudit inaccordancewithSingaporeStandardsonAuditing("SSA").Ourresponsibilitiesunder thosestandardsare furtherdescribed in theAuditor’sResponsibilities for theAuditof theFinancialStatementssectionofourreport.WeareindependentofTheAssociationinaccordancewiththeAccountingandCorporateRegulatoryAuthority(ACRA)CodeofProfessionalConductandEthicsforPublicAccountantsandAccountingEntities(ACRACode)togetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsinSingapore,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheACRACode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
OtherInformation
Managementisresponsiblefortheotherinformation.Theotherinformationcomprisesallinformationincludedintheannualreportbutdoesnotincludethefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
TheEurasianAssociation45 AnnualReport2017
Independent auditor’s report to the members of The Eurasian Association, Singapore (Cont'd)
TheManagementCommittee’sResponsibilityfortheFinancialStatements
The Management Committee is responsible for the preparation and fair presentation of these financialstatementsinaccordancewiththeprovisionsoftheCharitiesAct,theSocietiesActandSingaporeFinancialReportingStandards, and for such internal control asmanagementdetermines is necessary to enable thepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,theManagementCommitteeisresponsibleforassessingTheAssociation’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concernbasis of accountingunless theManagementCommittee either intends to liquidateTheAssociationortoceaseoperations,orhasnorealisticalternativebuttodoso.
TheManagementCommittee’sresponsibilitiesincludeoverseeingTheAssociation’sfinancialreportingprocess.
Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassurance isahigh levelofassurance,but isnotaguaranteethatanauditconductedinaccordancewithSSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithSSAs,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso:
• Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor error, design and perform audit procedures responsive to those risks, and obtain audit evidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
• Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessofTheAssociation’sinternalcontrol.
• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagement.
• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtonTheAssociation’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycauseTheAssociationtoceasetocontinueasagoingconcern.
• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
TheEurasianAssociation46 AnnualReport2017
Independent auditor’s report to the members of The Eurasian Association, Singapore (Cont'd)
Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements(Cont'd)
• ObtainsufficientappropriateauditevidenceregardingthefinancialinformationofthebusinessactivitieswithinTheAssociation to express anopinionon the financial statements.Weare responsible for thedirection,supervisionandperformanceofTheAssociation’saudit.Weremainsolelyresponsibleforourauditopinion.
Wecommunicatewiththemanagementregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings, includinganysignificantdeficienciesin internalcontrolthatweidentifyduringouraudit.
Report on Other Legal and Regulatory Requirements
Inouropinion:
(a) theaccountingandotherrecordsrequiredbytheregulationsenactedundertheSocietiesActtobekeptbyTheAssociationhavebeenproperlykeptinaccordancewiththoseregulations;and
(b) thefund-raisingappealsheldduringtheyearended31December2017havebeencarriedoutinaccordancewithRegulation6oftheSocietiesRegulationsissuedundertheSocietiesActandproperaccountsandotherrecordshavebeenkeptofthefund-raisingappeal.
Duringthecourseofouraudit,nothinghascometoourattentionthatcausedustobelievethatduringtheyeartheuseofthedonationmonieswasnotinaccordancewiththeobjectivesofTheAssociationasrequiredunderRegulation11oftheCharities(InstitutionsofaPublicCharacter)Regulations.
The Association has not complied with the requirements of Regulation 15 (fund-raising expenses) of theCharities(InstitutionsofaPublicCharacter)Regulationswherethefund-raisingexpensesexceeded30%ofthetotalrelevantreceiptsfromfund-raising.Therewasafund-raisingevent"CookingForaCause"whichincurred$6,128ofexpenseswhichismorethan30%ofitsincomeof$1,178.
FooKonTanLLPPublicAccountantsandCharteredAccountants
Singapore,7March2018
TheEurasianAssociation47 AnnualReport2017
Statement of financial positionas at 31 December 2017
Note2017
$2016
$
AssetsNon-current Property,plantandequipment 3 2,902,639 3,141,882Interestinassociate 4 - -
2,902,639 3,141,882
Current Inventories 5 10,393 6,763Otherreceivables 6 492,139 491,527Depositsandprepayments 7 27,908 28,465Fixeddeposits 8 507,693 503,428Cashandbankbalances 8 3,423,620 2,464,911
4,461,753 3,495,094Total Assets 7,364,392 6,636,976
FundsUnrestrictedfunds 9 2,092,126 1,719,376Restrictedfunds-Sinkingfund 10 659,878 328,290-Educationfund 11 30,167 30,167-Heritageendowmentfund 12 175,000 125,000-DrPaglarscholarship 13 - 27,513-EWBarkerbook 14 16,919 11,510-Specialpurposefunds 15 1,392,348 1,253,803Totalrestrictedfunds 2,274,312 1,776,283Total funds 4,366,438 3,495,659
LiabilitiesNon-currentProvisionforloancommitmentinassociate 4 - 50,000Deferredcapitalgrants 16 2,354,487 2,551,892Deferredincome 17 467,252 301,366
2,821,739 2,903,258
Current Tradeandotherpayables 18 126,215 138,059Provisionforloancommitmentinassociate 4 50,000 100,000
176,215 238,059Total liabilities 2,997,954 3,141,317Total funds and liabilities 7,364,392 6,636,976
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation48 AnnualReport2017
<--
----
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INC
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ECFcontributions-CPFcheck-o
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757,
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--
757,
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1753,15
8Donations
195
83
,08
9-
--
--
58
3,0
89
35,798
Donationforsp
ecialpurp
ose
funds
15-
--
--
516
,24
85
16,2
48
99,848
Charitygolf
--
--
--
-20,000
Deferredincomeonrenovationoffamily
area
177,
58
8-
--
--
7,5
88
7,588
Deferredincomeonretractableawning
172
74-
--
--
274
-
Gra
nts
Govern
mentgrants-TOL
27
149
,137
--
--
-14
9,1
37
149,13
7Govern
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94
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Govern
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15-
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120
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012
0,0
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120,000
Govern
mentgrants-C
are&Share
--
--
--
-125,564
Govern
mentgrants-C
are&Share-
Specialpurp
ose
funds
15-
--
--
--
262,274
Govern
mentgrants-C
are&Share-
H
eritageandculture
21
--
--
--
-34,461
Govern
mentgrants-C
are&Share-
D
eferredincome
172
8,6
02
--
--
-2
8,6
02
31,950
Govern
mentgrants-O
thers
29
16,5
00
--
-2
5,0
00
-4
1,5
00
40,529
Deferredcapitalgrantsamortised
1619
7,4
05
--
--
-19
7,4
05
197,405
Fu
nd
s fr
om
eve
nts
/ p
rog
ram
me
sHeritageandculture
21
79
,914
--
--
-79
,914
29,574
Youth
andsportsdevelopment
22
17,5
33
--
--
-17
,53
37,715
Perform
ingartsdevelopment
pro
grammes
23
7,5
00
--
--
-7,
50
07,000
Communitydevelopmentand
outreachpro
grammes
24
126
,56
0-
--
--
126
,56
054,485
Oth
er
inco
me
Interestincome
12,15
8,4
25
-2
82
--
3,1
42
11,8
49
11,231
Pro
ceedsfromthesaleofbooks
13-
--
--
--
90
Oth
eractivities
15,2
94
4,4
26
--
--
-4
4,4
26
40,717
Jobcreditscheme
13,3
99
--
--
-13
,39
924,225
Totalincomingreso
urces(A
)2
,437,
40
3-
28
2-
25
,00
06
39
,39
03
,10
2,0
75
2,452,749
Sta
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of
com
pre
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sive
inco
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for
the
fin
anci
al y
ear
end
ed 3
1 D
ecem
ber
20
17
Theannexednotesform
anintegralpartofandshouldbereadinconjunctionw
iththese
financialstatements.
TheEurasianAssociation49 AnnualReport2017
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20
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58
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33
84
,774
320,14
5Heritageandculture
21
216
,50
8-
28
2-
--
216
,79
0116,436
Youth
andsportsdevelopment
pro
grammes
22
37,
186
--
--
-37,
186
13,654
Perform
ingartsdevelopmentpro
grammes
23
17,0
50
--
--
-17
,05
017,025
Communitydevelopmentandoutreach
pro
grammes
24
112
,84
6-
--
--
112
,84
6111,275
Family
supportservicepro
grammes
25
71,
715
--
--
270
,33
53
42
,05
0315,661
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CPFagencyfees
31,
317
--
--
-3
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1731,317
Depreciationofpro
perty,plant
andequipment
32
59
,52
7-
--
--
25
9,5
27
248,945
Administrationandgovern
ancecosts
26
473
,15
1-
--
--
473
,15
1451,299
Eurasiancommunityhouse
27
29
3,0
72
--
--
-2
93
,072
288,10
8
Oth
ers
Provisionforloancommitmentin
associate
4-
--
--
--
147,189
Public
ation
28
55
,64
5-
--
--
55
,64
563,294
Oth
eractivities
29
7,4
34
--
-4
54
-7,
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4-
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29
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73
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,779
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Theannexednotesform
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TheEurasianAssociation50 AnnualReport2017
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Theannexednotesform
anintegralpartofandshouldbereadinconjunctionw
iththese
financialstatements.
TheEurasianAssociation51 AnnualReport2017
Year ended31 December 2017
$
Yearended31December2016
$
Cash Flows from Operating Activities
Surplusfortheyear 870,779 169,374
Adjustmentsfor:
Amortisationofdeferredcapitalgrants (197,405) (197,405)
Amortisationofdeferredincome (36,464) (39,538)
Interestincome (11,849) (11,231)
Depreciationofproperty,plantandequipment 262,931 269,380
Shareoflossinassociate - 50,000
Provisionforloancommitmentinassociate - 147,189
Operatingsurplusbeforeworkingcapitalchanges 887,992 387,769
Changesininventories (3,630) (2,931)
Changesinreceivables (612) 59,480
Changesindepositsandprepayments 557 (3,377)
Changesintradeandotherpayables (11,844) (32,227)
Changesindeferredincome 202,350 -
Cashgeneratedfromoperations 1,074,813 408,714
Interestreceived 11,849 11,231
Netcashgeneratedfromoperatingactivities 1,086,662 419,945
Cash Flows from Investing Activities
Purchaseofproperty,plantandequipment (23,688) (81,299)
Loantoassociate (100,000) (50,000)
Netcashusedininvestingactivities (123,688) (131,299)
Cash Flows from Financing Activities
GrantsreceivedfromtheGovernment - 278,969
Increaseinlong-maturityfixeddeposit (4,237) (46,660)
Netcashgeneratedfromfinancingactivities (4,237) 232,309
Netincreaseincashandcashequivalents 958,737 520,955
Cashandcashequivalentsatbeginningofyear 2,478,321 1,957,366
Cashandcashequivalentsatendofyear(Note8) 3,437,058 2,478,321
Statement of cash flowsfor the financial year ended 31 December 2017
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation52 AnnualReport2017
Notes to the financial statementsfor the financial year ended 31 December 2017
1 General information
ThefinancialstatementsofTheEurasianAssociation,Singapore('TheAssociation')fortheyearended31December2017wereauthorisedforissueinaccordancewitharesolutionoftheManagementCommitteeonthedateoftheStatementbytheManagementCommittee.
TheAssociationwasestablishedinJuly1919andwasregisteredintheRepublicofSingaporeasaSocietyon15January1964.ItwasregisteredasaCharityon27June1995undertheCharitiesAct,Chapter27andisrecognisedasanInstitutionofPublicCharacterundertheIncomeTaxAct,Chapter134.TheAssociationhadbeenapprovedasanInstitutionofaPublicCharacterundertheCharitiesAct(Cap.37)forfiveyearswitheffectfrom18May2015.
TheregisteredofficeofTheEurasianAssociation,Singapore is locatedat 139CeylonRoad,Singapore429744.
Theprincipal activity of TheAssociation is topromote economic, social, cultural,moral, physical andintellectualadvancementofallEurasiansinSingapore.
2(a) Basis of preparation
The financial statements are prepared in accordance with applicable Singapore Financial ReportingStandards("FRS"),includingrelatedInterpretationspromulgatedbytheAccountingStandardsCouncil.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptasdisclosedintheaccountingpoliciesbelow.
ThefinancialstatementsarepresentedinSingaporedollarswhichisTheAssociation’sfunctionalcurrency.AllfinancialinformationispresentedinSingaporedollars,unlessotherwisestated.
Theaccountingpoliciessetoutbelowhavebeenappliedconsistentlytoallperiodspresentedinthesefinancialstatements.
Significant accounting estimates and judgements The preparation of the financial statements in conformity with FRS requires the use of judgements,
estimatesandassumptionsthataffectthereportedamountsofassetsand liabilitiesanddisclosureofcontingent assets and liabilities at the date of the financial statements and the reported amounts ofrevenuesandexpensesduringthefinancialyear.Althoughtheseestimatesarebasedonmanagement’sbestknowledgeofcurrenteventsandactions,actualresultsmaydifferfromthoseestimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.
Thecriticalaccountingestimatesandassumptionsusedandareasinvolvingasignificantjudgementaredescribedbelow.
Significant judgement in applying accounting policies
Usefullifeofthecommunitybuilding(Note3) Thecommunitybuildingisdepreciatedoveritsestimatedusefullifeof30years.TheAssociationisofthe
viewthatitwillbeabletorenewitslandleaseagreementandcontinuetousethecommunitybuildingoveritsremainingestimatedusefullife.Iftheestimatedusefullifeofthecommunitybuildingisreducedto6years,TheAssociation’sdepreciationexpensewillincreaseby$791,306(2016-$791,306).
TheEurasianAssociation53 AnnualReport2017
2(a) Basis of preparation (Cont'd)
Critical accounting estimates and assumptions used in applying accounting policies
Depreciationofproperty,plantandequipment Property,plantandequipmentaredepreciatedonastraight-linebasisovertheirestimatedusefullives.
Changesintheexpectedlevelofusageandtechnologicaldevelopmentscouldimpacttheeconomicusefullivesandtheresidualvaluesoftheseassets,thereforefuturedepreciationchargescouldberevised.A5%(2016-5%)differenceintheexpectedusefullivesoftheseassetsfrommanagement’sestimateswouldimpactTheAssociation’ssurplusordeficitforthefinancialyearby$12,521(2016-$12,828).Thecarryingamountofproperty,plantandequipmentatthereportingdatewas$2,902,639(2016-$3,141,882).
Impairmentofnon-financialassets Property,plantandequipmentaretestedfor impairmentwheneverthere isanyobjectiveevidenceor
indicationthattheseassetsmaybeimpaired.
The recoverable amounts of these assets and, where applicable, cash-generating-units, have beendeterminedbasedonvalue-in-usecalculations.Thesecalculationsrequiretheuseofestimates.Estimatingthevalue-in-userequiresTheAssociationtomakeanestimateoftheexpectedfuturecashflowsfromthecash-generatingunit(orgroupofcash-generating-units)andalsotousemanyestimatesandassumptionssuchasfuturemarketgrowth,forecastrevenueandcosts,usefullivesofutilisationoftheassets,discountratesandotherfactors.
Adecreaseof5%percentageinthevalue-in-useofnon-financialassetswouldhavedecreasedtheprofitby$145,132 (2016 - $157,094). The carrying amountof non-financial assets at the reportingdatewas$2,902,639(2016-$3,141,882).
Impairmentofloansandreceivables TheAssociationassessesattheendofeachreportingperiodwhetherthere isanyobjectiveevidence
thatafinancialassetisimpaired.Todeterminewhetherthereisobjectiveevidenceofimpairment,TheAssociationconsidersfactorssuchastheprobabilityofinsolvencyorsignificantfinancialdifficultiesofthedebtoranddefaultorsignificantdelayinpayments.
Wherethereisobjectiveevidenceofimpairment,theamountandtimingoffuturecashflowsareestimatedbasedonhistoricallossexperienceforassetswithsimilarcreditriskcharacteristics.ThecarryingamountofTheAssociation’sloansandreceivablesattheendofthereportingperiodwas$498,819(2016-$498,207).Ifthepresentvalueofestimatedfuturecashflowsdecreaseby10%frommanagement’sestimates,TheAssociation’sallowanceforimpairmentwillincreaseby$49,882(2016-$49,821).
2(b) Interpretations and amendments to published standards effective in 2017
On1January2017,TheAssociationadoptedFRSandINTFRSthatarerelevantforapplicationfromthatdate.
Reference Description FRS7 AmendmentstoFRS7StatementofCashFlows–DisclosureInitiative
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation54 AnnualReport2017
2(b) Interpretations and amendments to published standards effective in 2017 (Cont'd)
FRS7StatementofCashFlows TheAmendmentstoFRS7StatementofCashFlowsrequiredentitiestoreconcilecashflowsarisingfrom
financingactivitiesasreported inthestatementofcashflows–excludingcontributedequity–tothecorrespondingliabilitiesintheopeningandclosingstatementsoffinancialpositionandtodiscloseonanyrestrictionsoverthedecisionsofanentitytousecashandcashequivalentbalances,inparticularway-e.g.anytaxliabilitiesthatwouldariseonrepatriationofforeigncashandcashequivalentbalances.Theseamendmentsareeffectiveonbeginningorafter1January2017.Asthisisadisclosurestandard,itwillhavenoimpacttothefinancialpositionandperformanceofTheAssociationwhenappliedinthecurrentyear.
2(c) FRS not yet effective
ThefollowingaretheneworamendedFRSandINTFRSissuedin2017thatarenotyeteffectivebutmaybeearlyadoptedforthecurrentfinancialyear:
Effective date (Annual periods beginning on Reference Description or after) FRS115 RevenuefromContractswithCustomers 1January2018 ClarificationstoFRS115 RevenuefromContractswithCustomers 1January2018 FRS109 FinancialInstruments 1January2018 FRS116 Leases 1January2019
FRS115RevenuefromContractswithCustomers FRS115RevenuefromContractswithCustomersestablishesaframeworkfordeterminingwhenandhow
torecogniserevenue.Theobjectiveofthestandardistoestablishtheprinciplesthatanentityshallapplytoreportusefulinformationaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromacontractwithacustomer.Itestablishedanewfive-stepmodelthatwillapplytorevenuearisingfromcontractswithcustomers.UnderFRS115,revenueisrecognisedatanamountthatreflectstheconsiderationtowhichanentityexpectstobeentitledinexchangefortransferringgoodsandservicestoacustomer.FRS115iseffectiveforannualperiodsbeginningonorafter1January2018.TheAssociationiscurrentlyassessingtheimpacttothefinancialstatements.
ClarificationstoFRS115RevenueContractswithCustomers Theamendmentsclarifyhowto:
• Identifyaperformanceobligation(thepromisetotransferagoodoraservicetoacustomer)inacontract;
• Determinewhetheracompanyisaprincipal(theproviderofagoodorservice)oranagent(responsibleforarrangingforthegoodorservicetobeprovided);and
• Determinewhethertherevenuefromgrantingalicenceshouldberecognisedatapointintimeorovertime.
TheamendmentshavethesameeffectivedateastheStandard,FRS115,i.e.on1January2018.
FRS109FinancialInstruments FRS109FinancialInstrumentsreplacesFRS39anditisapackageofimprovementsintroducedbyFRS
109whichincludealogicalmodelfor:
• Classificationandmeasurement; • Asingle,forward–looking“expectedloss”impairmentmodeland • Asubstantiallyreformedapproachtohedgeaccounting
FRS109iseffectiveforannualperiodsbeginningonorafter1January2018.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation55 AnnualReport2017
2(c) FRS not yet effective (Cont'd)
FRS116Leases FRS 116 Leases replaces accounting requirements introducedmore than 30 years ago in accordance
withFRS17Leasesthatarenolongerconsideredfitforpurpose,andisamajorrevisionofthewayinwhichcompanieswhereit isrequiredlesseestorecognisemostleasesontheirbalancesheets.LessoraccountingissubstantiallyunchangedfromcurrentaccountinginaccordancewithFRS17.FRS116Leaseswill be effective for accounting periods beginning on or after 1 January 2019. Early adoptionwill bepermitted,providedthecompanyhasadoptedFRS115.TheAssociationiscurrentlyassessingtheimpacttothefinancialstatements.
2(d) Summary of significant accounting policies
Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairmentlosses,ifany.
Depreciationonproperty,plantandequipmentiscalculatedusingthestraight-linemethodtoallocatetheirdepreciableamountovertheirestimatedusefullivesasfollows:
Communitybuilding 30yearsFurnitureandfittings 5yearsOfficeequipment 3-5yearsOtherassets 3-5years
ThecommunitybuildingofTheAssociationhasbeendepreciatedover itsestimateduseful life,whichassumesthatTheAssociationwillbeabletocontinuetousethepresentpremisesovertheremainingestimatedusefullifeofthebuilding.
Otherassetscomprisecomputers,motorvehicles,musicalinstrument,multimediaandvideoproduction,renovationsandHeritageGalleries.
The cost of property, plant and equipment includes expenditure that is directly attributable to theacquisitionoftheitems.Dismantlement,removalorrestorationcostsareincludedaspartofthecostofproperty,plantandequipmentiftheobligationfordismantlement,removalorrestorationisincurredasaconsequenceofacquiringorusingtheasset.
Subsequentexpenditurerelatingtoproperty,plantandequipmentthathavealreadybeenrecognisedisaddedtothecarryingamountoftheassetwhenitisprobablethatfutureeconomicbenefits,inexcessofthestandardofperformanceoftheassetbeforetheexpenditurewasmade,willflowtoTheAssociationandthecostcanbereliablymeasured.Othersubsequentexpenditureisrecognisedasanexpenseduringthefinancialyearinwhichitisincurred.
For acquisitions and disposals during the financial year, depreciation is provided from themonth ofacquisitionandtothemonthbeforedisposalrespectively.Fullydepreciatedproperty,plantandequipmentareretainedinthebooksofaccountsuntiltheyarenolongerinuse.
Thegainorlossarisingondisposalorretirementofanitemofproperty,plantandequipmentisdeterminedasthedifferencebetweenthesalesproceedsandthecarryingamountsoftheassetandisrecognisedinthestatementofcomprehensiveincome.
Theresidualvalues,depreciationmethodsandusefullivesofproperty,plantandequipmentarereviewedandadjustedasappropriateatthereportingdate.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation56 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Investment in associate Anassociate isanentityoverwhichTheAssociationhasthepowertoparticipate inthefinancialand
operating policy decisions of the investee but is not control or joint control of those policies. TheAssociationaccountsforitsinvestmentsinassociateusingtheequitymethodfromthedateonwhichitbecomesanassociate.
Onacquisitionoftheinvestment,anyexcessofthecostoftheinvestmentoverTheAssociation’sshareofthenetfairvalueoftheinvestee’sidentifiableassetsandliabilitiesisaccountedasgoodwillandisincludedinthecarryingamountoftheinvestment.AnyexcessofTheAssociation’sshareofthenetfairvalueoftheinvestee’sidentifiableassetsandliabilitiesoverthecostoftheinvestmentisincludedasincomeinthedeterminationoftheentity’sshareoftheassociate’sprofitorlossintheperiodinwhichtheinvestmentisacquired.
Undertheequitymethod,theinvestmentinassociateiscarriedinthebalancesheetatcostpluspost-acquisitionchangesinTheAssociation’sshareofnetassetsoftheassociate.Theprofitorlossreflectsthe share of results of operations of the associate. Distributions received from associate reduce thecarryingamountoftheinvestment.Whentherehasbeenachangerecognisedinothercomprehensiveincomebytheassociate,TheAssociationrecognisesitsshareofsuchchangesinothercomprehensiveincome.UnrealisedgainandlossresultingfromtransactionbetweenTheAssociationandtheassociateareeliminatedtotheextentoftheinterestintheassociate.
WhenTheAssociation’sshareoflossesinanassociateequalsorexceedsitsinterestintheassociate,TheAssociationdoesnotrecognisefurtherlosses,unlessithasincurredobligationsormadepaymentsonbehalfoftheassociate.
Afterapplicationoftheequitymethod,TheAssociationdetermineswhetheritisnecessarytorecogniseanadditionalimpairmentloss,onTheAssociation’sinvestmentinassociate.TheAssociationdeterminesattheendofeachreportingperiodwhetherthereisanyobjectiveevidencethattheinvestmentintheassociate is impaired. If this is the case, TheAssociation calculates the amountof impairment as thedifferencebetweentherecoverableamountoftheassociateanditscarryingvalueandrecognisestheamountinprofitorloss.
ThefinancialstatementsoftheassociatearepreparedasthesamereportingdateasTheAssociation.Where necessary, adjustments are made to bring the accounting policies in line with those of TheAssociation.
Uponlossofsignificantinfluenceorjointcontrolovertheassociate,TheAssociationmeasurestheretainedinterestatfairvalue.Anydifferencebetweenthefairvalueoftheaggregateoftheretainedinterestandproceedsfromdisposalandthecarryingamountoftheinvestmentatthedatetheequitymethodwasdiscontinuedisrecognisedinprofitorloss.
TheAssociationaccountsforallamountspreviouslyrecognisedinothercomprehensiveincomeinrelationtothatassociateonthesamebasisaswouldhavebeenrequiredifthatassociatehaddirectlydisposedoftherelatedassetsorliabilities.
Whenaninvestmentinanassociatebecomesaninvestmentinajointventure,TheAssociationcontinuestoapplytheequitymethodanddoesnotremeasuretheretainedinterest.
IfTheAssociation’sownershipinterestinanassociateisreduced,butTheAssociationcontinuestoapplytheequitymethod,TheAssociationreclassifiestoprofitorlosstheproportionofthegainorlossthathadpreviouslybeenrecognisedinothercomprehensiveincomerelatingtothatreductioninownershipinterest ifthatgainor losswouldberequiredtobereclassifiedtoprofitor lossonthedisposaloftherelatedassetsorliabilities.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation57 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Grants Grantsfromorganisationsforthepurchaseofproperty,plantandequipmentaretakentothedeferred
capitalgrantsaccount.Deferredcapitalgrantsarerecognisedinthestatementofcomprehensiveincomeon a systematic basis over the periods necessary to match the depreciation of property, plant andequipmentwhichtheyareintendedtocompensate.Ondisposaloftheproperty,plantandequipment,thebalanceoftherelatedgrantsisrecognisedinthestatementofcomprehensiveincometomatchthenetbookvalueoftheproperty,plantandequipmentdisposedof.
Grantsinrespectofthecurrentyear’soperatingexpensesarerecognisedasincomeinthesameyear.Grantswhicharereceivedbutnotutilisedareincludedinthegrantsreceivedinadvanceaccount.Grantsareaccountedforonanaccrualbasis.
Inventories Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costisdeterminedonafirst-in,first-
outbasis,andincludesallcostsinbringingtheinventoriestotheirpresentlocationandcondition.
Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsnecessarytomakethesale.Allowanceismadeforobsolete,slow-movinganddefectiveinventoriesinarrivingatthenetrealisablevalue.Theamountofanywrite-downofinventoriestonetrealisablevalueisrecognisedasanexpenseintheperiodthewrite-downoccurs.Theamountofanyreversalofanywrite-downofinventories,arisingfromanincreaseinnetrealisablevalue,isrecognisedasareductionintheamountofinventoriesrecognisedasanexpenseintheperiodinwhichthereversaloccurs.
Financial assets Financialassets,otherthanhedginginstruments,canbedividedintothefollowingcategories:financial
assetsatfairvaluethroughprofitorlossheld-to-maturityinvestments,loansandreceivablesandavailable-for-salefinancialassets.Financialassetsareassignedtothedifferentcategoriesbymanagementoninitialrecognition, depending on the purpose forwhich the investmentswere acquired. The designation offinancialassetsisre-evaluatedandclassificationmaybechangedatthereportingdatewiththeexceptionthatthedesignationoffinancialassetsatfairvaluethroughprofitorlossisnotrevocable.
All financialassetsarerecognisedontheir tradedate, thedateonwhichTheAssociationcommits topurchaseorselltheasset.Financialassetsareinitiallyrecognisedatfairvalue,plusdirectlyattributabletransactioncostsexceptforfinancialassetsatfairvaluethroughprofitorloss,whicharerecognisedatfairvalue.
Derecognitionoffinancialinstrumentsoccurswhentherightstoreceivecashflowsfromtheinvestmentsexpireoraretransferredandsubstantiallyalloftherisksandrewardsofownershiphavebeentransferred.Anassessmentforimpairmentisundertakenatleastattheendofeachreportingperiodwhetherornotthereisobjectiveevidencethatafinancialassetoragroupoffinancialassetsisimpaired.
Financial assets and financial liabilities are offset and the net amount presented in the statement offinancialpositionwhen,andonlywhen,TheAssociationcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts;andintendseithertosettleonanetbasis,ortorealisetheassetandsettletheliabilitysimultaneously.
Non-compoundinginterestandothercashflowsresultingfromholdingfinancialassetsarerecognisedinthestatementofcomprehensiveincomewhenreceived,regardlessofhowtherelatedcarryingamountoffinancialassetsismeasured.
TheAssociationdoesnotholdanyfinancialassetsatfairvaluethroughprofitorloss,held-to-maturityinvestmentsoravailable-for-salefinancialassets.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation58 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Financial assets (Cont'd)
Loansandreceivables Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatare
notquoted in an activemarket. They arisewhenTheAssociationprovidesmoney,goodsor servicesdirectly to a debtorwith no intentionof trading the receivables. They are included in current assets,exceptformaturitiesgreaterthan12monthsaftertheendofthereportingperiod.Theseareclassifiedasnon-currentassets.
Theyaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod,lessprovisionforimpairment.Ifthereisobjectiveevidencethattheassethasbeenimpaired,thefinancialassetismeasuredat the present value of the estimated future cash flows discounted at the original effective interestrate.Impairmentlossesarereversedinsubsequentperiodswhenanincreaseintheasset’srecoverableamountcanberelatedobjectivelytoaneventoccurringaftertheimpairmentwasrecognised,subjecttoarestrictionthatthecarryingamountoftheassetatthedatetheimpairmentisreverseddoesnotexceedwhattheamortisedcostwouldhavebeenhadtheimpairmentnotbeenrecognised.Theimpairmentorwritebackisrecognisedintheprofitorloss.
Loansandreceivablescompriseotherreceivablesanddeposits,excludingprepayments.
Cash and bank balances Cashandcashequivalentscomprisecashbalancesanddemanddeposits.
Funds The Association maintains restricted and unrestricted funds. Funds set up for specific purposes are
classifiedasrestrictedfunds.Allincomeandexpenses,otherthanthoseattributabletorestrictedfundsandcommonoverheadsarerecordedintheunrestrictedfund’ssurplusordeficit.
InordertoensuretheobservanceoflimitationsandrestrictionsplacedontheuseofresourcesavailabletoTheAssociation,thefinancialstatementsofTheAssociationaremaintainedsubstantiallyinaccordancewiththeprinciplesof “fundaccounting”wherebytheresources forvariouspurposesareclassified foraccountingandreportingpurposesintofundsthatareinaccordancewithactivitiesorobjectivesspecified.
Financial liabilities FinancialliabilitiesarerecognisedwhenTheAssociationbecomesapartytothecontractualagreements
oftheinstrument.Allinterest-relatedchargesarerecognisedasanexpensein“financecost”intheprofitor loss. Financial liabilities are derecognised if TheAssociation’s obligations specified in the contractexpireoraredischargedorcancelled.
Financial assets and financial liabilities are offset and the net amount presented in the statement offinancialpositionwhen,andonlywhen,TheAssociationcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts;andintendseithertosettleonanetbasis,ortorealisetheassetandsettletheliabilitysimultaneously.
Tradeandotherpayablesareinitiallyrecognisedatfairvalue,andsubsequentlymeasuredatamortisedcost,usingtheeffectiveinterestmethod.
Gainsandlossesarerecognisedinprofitorlosswhentheliabilitiesarederecognisedaswellasthroughtheamortisationprocess.
TheAssociation’sfinancialliabilitiesincludetradepayableandotherpayables,excludingdeferredincome.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation59 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Leases WhereTheAssociationistheLessee-Operatingleases Rentalsonoperating leasesarecharged toprofitor lossona straight-linebasisover the lease term.
Leaseincentives,ifany,arerecognisedasanintegralpartofthenetconsiderationagreedfortheuseoftheleasedasset.Penaltypaymentsonearlytermination,ifany,arerecognisedintheprofitorlosswhenincurred.
Contingent rents aremainly determined as a percentage of revenue in excess of a specified amountduringthemonth.Theyarechargedtotheprofitorlosswhenincurred.
WhereTheAssociationistheLessor-Operatingleases Assetsleasedoutunderoperatingleasesareincludedinproperty,plantandequipmentandarestatedat
cost.Rentalincome(netofanyincentivesgiventolessees)isrecognisedonastraight-linebasisovertheleaseterm.
Key management personnel Key management personnel are those persons having the authority and responsibility for planning,
directingandcontrollingtheactivitiesoftheentity.Akeyexecutiveofficerisconsideredkeymanagementpersonnel.
Employee benefits Pensionobligations TheAssociationcontributes to theCentralProvidentFund,adefinedcontributionplan regulatedand
managedbytheGovernmentofSingapore,whichappliestothemajorityoftheemployees.Contributionstodefinedcontributionplansarechargedtothestatementofcomprehensive incomeintheperiodtowhichthecontributionsrelate.
Employeeleaveentitlements Employeeentitlementstoannualleavearerecognisedwhentheyaccruetoemployees.Accrualismade
fortheunconsumedleaveasaresultofservicesrenderedbyemployeesuptotheendofthereportingperiod.
Related parties Arelatedpartyisdefinedasfollows:
(a) Apersonoraclosememberofthatperson’sfamilyisrelatedtoTheAssociationifthatperson: (i) hascontrolorjointcontroloverTheAssociation; (ii) hassignificantinfluenceoverTheAssociation;or (iii) isamemberofthekeymanagementpersonnelofTheAssociation.
(b) AnentityisrelatedtoTheAssociationifanyofthefollowingconditionsapplies:
(i) theentityandTheAssociationaremembersofthesamegroup; (ii) oneentityisanassociateorjointventureoftheotherentity(oranassociateorjointventureof
amemberofagroupofwhichtheotherentityisamember); (iii) bothentitiesarejointventuresofthesamethirdparty; (iv) oneentityisajointventureofathirdentityandtheotherentityisanassociateofthethird
entity;
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation60 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Related parties (Cont'd) (v) the entity is a post-employment benefit plan for the benefit of employees of either The
AssociationoranentityrelatedtoTheAssociation.IfTheAssociationisitselfsuchaplan,thesponsoringemployersarealsorelatedtoTheAssociation;
(vi) theentityiscontrolledorjointlycontrolledbyapersonidentifiedin(a); (vii) apersonidentifiedin(a)(i)hassignificantinfluenceovertheentityorisamemberofthekey
managementpersonneloftheentity;or (viii)theentity,oranymemberofagroupofwhichitisapart,provideskeymanagement
personnelservicestothereportingentityortotheparentofthereportingentity.
Impairment of non-financial assets ThecarryingamountsofTheAssociation’snon-financialassetssubjectto impairmentarereviewedat
theendofeachreportingperiodtodeterminewhetherthereisanyindicationofimpairment.Ifanysuchindicationexists,theasset’srecoverableamountisestimated.
Ifitisnotpossibletoestimatetherecoverableamountoftheindividualasset,thentherecoverableamountofthecash-generatingunittowhichtheassetsbelongwillbeidentified.
Forthepurposesofassessingimpairment,assetsaregroupedatthelowest levelsforwhichthereareseparatelyidentifiablecashflows(cash-generatingunits).Asaresult,someassetsaretestedindividuallyfor impairmentandsomearetestedatcash-generatingunit level.Goodwill isallocatedtothosecash-generatingunits thatareexpectedtobenefit fromsynergiesof the relatedbusinesscombinationandrepresentthelowestlevelwithintheentityatwhichmanagementcontrolstherelatedcashflows.
Individual assets or cash-generating units that include goodwill and other intangible assets with anindefinite useful life or thosenot yet available for use are tested for impairment at least annually.Allotherindividualassetsorcash-generatingunitsaretestedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingamountmaynotberecoverable.
Animpairmentlossisrecognisedfortheamountbywhichtheasset’sorcash-generatingunit’scarryingamountexceeds its recoverableamount.Therecoverableamount is thehigherof fairvalue, reflectingmarketconditionslesscoststosellandvalue-in-use,basedonaninternaldiscountedcashflowevaluation.Impairmentlossesrecognisedforcash-generatingunits,towhichgoodwillhasbeenallocatedarecreditedinitiallytothecarryingamountofgoodwill.Anyremainingimpairmentlossischargedproratatotheotherassetsinthecash-generatingunit.Withtheexceptionofgoodwill,allassetsaresubsequentlyreassessedforindicationsthatanimpairmentlosspreviouslyrecognisedmaynolongerexist.
Anyimpairmentlossischargedtotheprofitorlossunlessitreversesapreviousrevaluationinwhichcaseitischargedtoequity.
Withtheexceptionofgoodwill,
• Animpairmentlossisreversediftherehasbeenachangeintheestimatesusedtodeterminetherecoverableamountorwhenthereisanindicationthattheimpairmentlossrecognisedfortheassetnolongerexistsordecreases.
• Animpairmentlossisreversedonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedifnoimpairmentlosshadbeenrecognised.
• Areversalofanimpairmentlossonarevaluedassetiscrediteddirectlytoequityundertheheadingrevaluation surplus. However, to the extent that an impairment loss on the same revalued assetwaspreviouslyrecognisedasanexpenseintheprofitorloss,areversalofthatimpairmentlossisrecognisedasincomeintheprofitorloss.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation61 AnnualReport2017
2(d) Summary of significant accounting policies (Cont’d)
Impairment of non-financial assets (Cont'd) Animpairmentlossinrespectofgoodwillisnotreversed,evenifitrelatestoimpairmentlossrecognised
inaninterimperiodthatwouldhavebeenreducedoravoidedhadtheimpairmentassessmentbeenmadeatasubsequentreportingorendofreportingperiod.
Areversalofanimpairmentlossisrecognisedasincomeinprofitorloss.
Incoming resources Donationsandincomefromfundraisingprojectsarerecognisedinthefinancialstatementsasandwhen
received.DonationsreceivedthroughtheCentralProvidentFundschemearerecognisedonanaccrualbasis.
Revenue generated from social activities, events and programmes are recognised when services arerendered.
Grantsandsubsidiesarerecognisedasincometomatchtherelatedexpenditure.
Rentalincomefromleasingthepremisesisrecognisedonastraight-linebasisovertheleaseterm.
Interestincomeisrecognisedonatime-apportionedbasisusingtheeffectiveinterestratemethod.
Functional currencies Functionalandpresentationcurrency Items included in the financial statements of each entity in The Association aremeasured using the
currencyoftheprimaryeconomicenvironmentinwhichtheentityoperates(“functionalcurrency”).ThefinancialstatementsofTheAssociationarepresentedinSingaporedollars,whichisalsothefunctionalcurrencyofTheAssociation.
Conversionofforeigncurrencies Transactions in a currency other than the functional currency (“foreign currency”) are translated into
thefunctionalcurrencyusingtheexchangeratesatthedatesofthetransactions.Currencytranslationdifferencesresultingfromthesettlementofsuchtransactionsandfromthetranslationofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesattheclosingratesatthereportingdatearerecognisedinprofitorloss.
Non-monetaryitemsmeasuredatfairvaluesinforeigncurrenciesaretranslatedusingtheexchangeratesat thedatewhen the fairvaluesaredetermined. Non-monetary items thataremeasured in termsofhistoricalcostinaforeigncurrencyaretranslatedusingtheexchangeratesatthedateofthetranslations.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation62 AnnualReport2017
3 Property, plant and equipment
Communitybuilding
$
Furnitureand fittings
$
Officeequipment
$
Otherassets
$Total
$
Cost
At1January2016 5,934,799 201,402 287,966 305,366 6,729,533Additions - 11,434 16,726 53,139 81,299At31December2016 5,934,799 212,836 304,692 358,505 6,810,832Additions - 4,700 10,653 8,335 23,688Write-off - - - (6,420) (6,420)At 31 December 2017 5,934,799 217,536 315,345 360,420 6,828,100
Accumulateddepreciation
At31December2016 2,749,273 198,846 232,181 219,270 3,399,570Depreciationfortheyear 197,827 2,884 20,023 48,646 269,380At31December2016 2,947,100 201,730 252,204 267,916 3,668,950Depreciationfortheyear 197,827 3,718 26,610 34,776 262,931Write-off - - - (6,420) (6,420)At 31 December 2017 3,144,927 205,448 278,814 296,272 3,925,461
Netbookvalue
At 31 December 2017 2,789,872 12,088 36,531 64,148 2,902,639
At31December2016 2,987,699 11,106 52,488 90,589 3,141,882
Thecommunitybuildingisdepreciatedoveritsestimatedusefullifeof30years.TheAssociationisoftheviewthatitwillbeabletorenewitslandleaseagreementandcontinuetousethecommunitybuildingover itsremainingestimateduseful life.The latest land leaseagreement is from24August2017to23August2020.Ofthecarryingamountofcommunitybuilding,$2,354,487(2016-$2,551,892)wasacquiredthroughgovernmentgrants(Note16).
Depreciationincludedinstatementofcomprehensiveincomeisasfollows:
2017$
2016$
Expenditureofgeneratingvoluntaryincomeandgovernancecosts 259,527 248,945Heritageandcultureexpenditure(Note21) 3,404 20,435
262,931 269,380
Duringtheyearended31December2017,TheAssociationhadreceivedapprovalfortheCareandShareMatchingGrantofitsprogrammetoacquirenewequipment.Agrantof$Nil(2016-$263,969)hasbeenreceivedandthisgrantwillbedeferredandamortisedovertheestimatedusefullifeoftheequipment(Note17).
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation63 AnnualReport2017
4 Interest in associate
2017$
2016$
A) Loan due from associate
At1January 100,000 -Addition 100,000 -Reclassificationfromloanprovidedtoassociate(Note(a)&(b),Note6) - 100,000At31December 200,000 100,000
Share of losses on interest in associate
At1January (100,000) -Utilisationofprovisionforloancommitment(Note(c)) (100,000) -Reclassificationfromloanprovidedtoassociate(Note(a)&(b),Note6) - (50,000)Shareoflossesrecognised(Note(b)) - (50,000)At31December (200,000) (100,000)
Netinterestinassociate - -
Detailsoftheassociateareasfollows:
Name of associate Principal activitiesCountry of
incorporationProportion of voting
2017 2016% %
SelfHelpGroupsStudentCareLimited
Governmentethnicself-helpgroups
Singapore 25 25
Thesummarisedfinancialinformation(notadjustedforTheAssociation’sequityinterest)oftheassociateisasfollows:
2017$
2016$
Summarised Statement of Financial Position
Currentassets 1,927,030 1,202,745Non-currentassets 430,291 210,215Currentliabilities (1,400,307) (843,452)Non-currentliabilities (4,000,000) (2,000,000)
Summarised Statement of Comprehensive Income
Revenue 4,509,003 2,062,248Expenses (6,142,129) (3,492,740)Lossfortheyear (1,633,126) (1,430,492)
Othercomprehensiveincome - -Totalcomprehensiveincome - -
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation64 AnnualReport2017
4 Interest in associate (Cont’d)
Reconciliationoftheabovesummarisedfinancialinformationtothecarryingamountoftheinterestintheassociaterecognisedintheconsolidatedfinancialstatements:
2017$
2016$
Netliabilitiesoftheassociate (3,042,986) (1,430,492)
ProportionofTheAssociation’sownershipinterestintheassociate (760,747) (357,623)Maximumloancommitmentinassociate(Note(a))representedbythefollowing: (250,000) (250,000)
Cumulativeshareofassociate’slosses:-Shareoflossinassociate(Note(c)) (200,000) (100,000)-Provisionforloancommitmentinassociate(Note(d)) (50,000) (150,000)
(250,000) (250,000)
B) Provision for loan commitment in associate recognised by AssociationAt1January 150,000 2,811Provisionrecognisedduringtheyear(Note(d)) - 147,189Utilisationofprovisionofloancommitment (100,000) -At31December 50,000 150,000
Represented by: Non-current - 50,000Current 50,000 100,000
50,000 150,000
InOctober2015,TheAssociationenteredintoaMemorandumofUnderstanding(“MOU”),togetherwithSingaporeIndianDevelopmentAssociation,YayasanMendaki,andtheChineseDevelopmentAssistanceCouncil(collectivelyknownas“Self-HelpGroups(SHGs)”),toincorporateSelfHelpGroupsStudentCareLimited(“SHGSCL”)(the“associate”).
TheassociatewassetuptocollaboratewiththeMinistryofEducation(“MOE”)tooperatestudentcarecentres inschoolstoprovidestrongerholisticdevelopmentsupportforstudentsofallracesfromlessadvantagedbackgrounds.Therefore,the investment inassociate, insubstance,wasnotmeanttobeacommercially-driventransactionwiththepurposeofprofittakings.
InNovember2015,TheAssociationinvestedintheassociate,acompanylimitedbyguarantee,at$Nilcost.TheAssociationappointedtwomembersfromtheManagementCommitteetotheBoardofDirectors.TheAssociationisentitledto25%oftotalvotingrightsattheBoardofDirectorsmeeting.
ManagementCommitteehasexercisedjudgementindeterminingtheextentofitssignificantinfluenceoverSHGSCL,andconcludedthatTheAssociationhassignificantinfluenceoverSHGSCL.Therefore,TheAssociationrecognisedSHGSCLasanassociateinthestatementoffinancialposition.
As at 31 December 2017, the audited financial statements of the associate are still not available. Thefinancialinformationpresentedaboveisasperunauditedmanagementaccountsasat31December2017andasat31December2016.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation65 AnnualReport2017
4 Interest in associate (Cont’d)
Notes:
Accountingforloandisbursedtoassociateamountingto$200,000(2016-$100,000)
(a) Recognisedasafinancialassetunderotherreceivables–loanduefromanassociatein2015 Basedon theMOU,TheAssociationagreed toprovidea total fundingofup to$200,000 to the
associate between 2015 and 2019 in the form of an unsecured and interest-free loan. As at 31December2015,sinceTheAssociationwasunabletoascertaintherepaymenttermsoftheunsecuredinterest-freeloanof$50,000grantedtothethennewlyincorporatedassociate,theloanwastreatedasacurrentassetunderotherreceivables–loanduefromanassociateandwasfullyimpairedat31December2015asitwasconsideredirrecoverable.
(b) Reclassificationofloanduefromanassociatetointerestinassociatein2016 In the year ended 31 December 2016, The Association granted another loan of $50,000 to the
associate.As at 31December 2016, TheAssociationwas still unable todetermine the repaymenttermsoftheunsecuredinterest-freeloantotheassociate.Basedonthefinancialperformanceandpositionoftheassociateasatthereportingdate,thesettlementoftheloanisnotexpectedtooccurintheforeseeablefuture.
Accordingly,theloanshouldbeconsideredasequitycontributionandthetotalloanamountingto$100,000,andtheallowanceforimpairmentofotherreceivablesamountingto$50,000in2015werereclassifiedasinterestinassociateandshareoflossesoninterestinassociaterespectivelyin2016.
(c) Shareofassociate’slossesinaccordancewithFRS28–InvestmentinAssociatesandJointVentures AsperFRS28–InvestmentinAssociatesandJointVentures(“FRS28”),TheAssociationisrequired
toperformequityaccountingforitsinterestintheassociate.Aspertheassociate’sunauditedfinancialinformation,TheAssociationshouldrecognisetheshareoflossinassociateof$760,747in2017(2016-$357,623).
However,FRS28alsostatesthatifanentity’sshareoflossesofanassociateequalsorexceedsitsinterest in theassociate, theentitydiscontinues recognising its shareof further losses.Therefore,TheAssociationwouldonlyrecognisetheshareofassociate’slossesuptoatotalofitsinterestinassociateof$200,000(2016-$100,000).However,themaximumloancommitmentexposuretotheassociateof$250,000wasfullyrecognisedin2016.Accordingly,theadditionalloandisbursementof$100,000in2017wasconsideredasanutilisationofprovisionforloancommitmentinassociate.
(d) Provisionforloancommitmentinassociate Asat31December2016,TheAssociationhadapprovedanadditional$50,000intotalfundingsupport
totheassociate.Asaresult,TheAssociation’smaximumloancommitmenttotheassociateincreasedfrom$200,000 to $250,000. There is a remaining loan commitment for $50,000which has notbeendisbursedbyTheAssociationasat31December2017.InaccordancewithFRS37–Provisions,ContingentLiabilitiesandContingentAssets,TheAssociationisrequiredtomakeaprovisionfortheremainingloancommitmenttotalling$50,000(2016-$150,000)ofwhich$Nil(2016-$147,189)wasrecognisedinthestatementofcomprehensiveincomein2017.
5 Inventories
2017$
2016$
Inventories,atcost 10,393 6,763
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation66 AnnualReport2017
6 Other receivables
2017$
2016$
CurrentCPFcheck-offcontributionsreceivable 62,891 61,213Interestreceivable 498 -Sundryreceivables 28,750 30,314Governmentmatchinggrantsreceivable-EurasianCommunityFund 400,000 400,000
492,139 491,527
Allowanceforimpairmentofotherreceivables:At1January - (50,000)Reclassificationofallowanceforimpairmenttointerestinassociate(Note4) - 50,000At31December - -
Netotherreceivables 492,139 491,527
7 Deposits and prepayments
2017$
2016$
Deposits 6,680 6,680Prepayments 21,228 21,785
27,908 28,465
8 Cash and cash equivalents
2017$
2016$
Fixeddeposits 507,693 503,428Cashandbankbalances 3,423,620 2,464,911Cashandcashequivalents 3,931,313 2,968,339
Less:Fixeddepositspledged (40,000) (40,000)Longmaturityfixeddeposit(morethan3monthsmaturity) (454,255) (450,018)Cashandcashequivalentsinthestatementofcashflows 3,437,058 2,478,321
Fixeddepositsof$40,000(2016-$40,000)arepledgedtoabankassecurityforabank’sguaranteerelatedtotheleaseofthelandforTheAssociation’sbuilding.
Fixeddepositsmaturewithin 1 to 11months.Theweightedaverageeffective interest rateof the fixeddepositsis0.94%(2016-0.87%)perannum.
9 Unrestricted funds
UnrestrictedfundscomprisetheGeneralFundandtheEurasianCommunityFund(“ECF”).
TheECFfundwassetupin1994fortheeducational,socialandeconomicadvancementoftheEurasiancommunity. ItrepresentsmonthlycontributionsfromtheEurasiancommunity.ThisfundqualifiesforaGovernmentGrantonadollar-for-dollarbasis,uptoamaximumof$400,000(2016-$400,000)peryear.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation67 AnnualReport2017
10 Sinking fund
Thefundisestablishedfortheimprovementtomanagementandmaintenanceofthecommunitybuilding.
ThemovementsinSinkingFundareasfollows:
(a) Anannualtransferoffundsof$36,415(2016-$36,415); (b) Anadditionaltransferoffundsof$300,000(2016-$Nil)forrepairsandreplacementlikelytooccur
inthenextthreeyearsending31December2017to2019;setoffby (c) Theutilisationof theSinkingFund for thepurchasesof itemswhichamounted to$4,827 (2016 -
$41,321).
11 Education fund
Thefundwasestablishedinthe1930’sfortheeducationneedsofmembersofTheAssociation.
12 Heritage endowment fund
2017$
2016$
At1January 125,000 125,000
IncomeInterestincomefromfixeddeposits 282 231Transferfromunrestrictedfunds 50,000 -Totalincome 50,282 231
ExpenditureHeritageandculture(Note21) (282) (231)Totalexpenditure (282) (231)
At31December 175,000 125,000
ThefundhasbeensetasidetogenerateincomeforthemaintenancecostoftheHeritageCentreinTheAssociation’sbuilding.
13 Dr Paglar scholarship
2017$
2016$
At1January 27,513 27,423
IncomeIncomefromthesaleofbooks - 90Totalincome - 90TransfertoSpecialPurposeFund(Note15) (27,513) -At31December - 27,513
Thefundhasbeensetasidetoprovidefinancialassistancetochildrenofmemberstopursuingcontinuingeducationinanyfield.
In2017,thisfundhadbeentransferredintothegeneraleducationfund.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation68 AnnualReport2017
14 E W Barker book
2017$
2016$
At1January 11,510 62,216
IncomeGovernmentGrant-NationalHeritageBoard 25,000 -Totalincome 25,000 -
ExpenditureEWBarkerbookprojectexpenditure (454) (69,843)Totalexpenditure (454) (69,843)Transfer(to)/fromunrestrictedfunds (19,137) 19,137At31December 16,919 11,510
The Eurasian Association has commissioned the writing of a book on the life and contributions toSingaporeofMrEdmundWilliamBarker,whoafterSingaporedeclareditsindependenceandsovereignty,wasSpeakerofParliamentandthenMinisterofLawfor26years.
In2017,TheAssociationincurredexpendituresonstart-upoftheEWBarkerbookproject,whichwerefundedbyTheAssociationtransferringunrestrictedfundsof$19,137(2016-$19,137).Thedisbursementof$25,000(2016-$Nil)duringtheyearwasthefinalreceiptfromNationalHeritageBoardtowardstheEWBarkerbookproject.
15 Special purpose funds
Educationandtraining
(Note20)
Heritageandculture
(Note21)
Familysupportservices(Note25) Total
2017$
2016$
2017$
2016$
2017$
2016$
2017$
2016$
At1January 573,221 576,620 4,481 4,481 676,101 659,448 1,253,803 1,240,549
IncomeDonationsreceived 301,130 35,980 - - 215,118 44,293 516,248 80,273DonationfromTemasekCares - 19,575 - - - - - 19,575
301,130 55,555 - - 215,118 44,293 516,248 99,848
Top-upforself-help group from MCCY 60,000 60,000 - - 60,000 60,000 120,000 120,000GovernmentGrant-Care&Share - 100,613 - - - 161,661 - 262,274Seminar&Workshop - 30 - - - - - 30Interestincome - - - - 3,142 6,532 3,142 6,532Totalincome 361,130 216,198 - - 278,260 272,486 639,390 488,684
Programme expenditure (258,023) (219,597) - - (270,335) (255,833) (528,358) (475,430)Transfer from Dr. Paglar Scholarship 27,513 - - - - 27,513 -At 31 December 703,841 573,221 4,481 4,481 684,026 676,101 1,392,348 1,253,803
Includedindonationsreceivedaretaxdeductibledonationsof$83,210(2016-$52,795).
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation69 AnnualReport2017
16 Deferred capital grants
2017$
2016$
At1January 2,551,892 2,749,297
Income and expenditureGrantscreditedtostatementofincomeandexpendituretomatchdepreciationofassociatedproperty,plantandequipment (197,405) (197,405)At31December 2,354,487 2,551,892
Thetotalgrantsreceivedsinceestablishmentamountedto$5,834,200(2016-$5,834,200).
17 Deferred income
2017$
2016$
Deferreddonationsreceivedduringthefinancialyear-Familyarea(notei) 22,132 29,720-Care&ShareGrant(noteii) 264,234 296,184-NationalHeritageBoardGrant(noteiii) 15,000 15,000-EurasianHeritageCentre(noteiv) 200,000 --RetractableAwning(notev) 2,350 -
503,716 340,904
Income and expenditureDeferreddonationscreditedtostatementofincomeandexpendituretomatchdepreciationofassociatedproperty,plantandequipment-Familyarea (7,588) (7,588)-Care&ShareGrant (28,602) (31,950)-RetractableAwning (274) - (36,464) (39,538)
467,252 301,366
Notes:
(i) Deferredincomewithacarryingamountof$14,544(2016-$22,132)relatestoamountsreceivedbyadonorof$37,940in2015forrenovationsofthefamilyareawithinTheAssociation’sbuilding.
(ii) Deferredincomewithacarryingamountof$235,632(2016-$264,234)relatestoamountsreceivedfromthegovernmentundertheCare&ShareGrantforTheAssociationtoacquireplantandequipment(Note3).
(iii) Deferredincomewithcarryingamountof$15,000(2016-$15,000)relatestoamountreceivedfromNationalHeritageBoardfortheupgradingofEurasianHeritageCentre.
(iv)Deferredincomewithcarryingamountof$200,000(2016-$Nil)relatestoamountreceivedfromPresident'sChallengeanddonorsfortheupgradingofEurasianHeritageCentre.
(v) Deferred incomewithacarryingamountof$2,076 (2016 -$Nil) relates toamount receivedbyadonorforthereplacementofretractableawningattheCommunityBuilding.
Includedindeferredincomearetaxdeductibledonationsof$52,350(2016-$Nil).
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation70 AnnualReport2017
18 Trade and other payable
2017$
2016$
Tradepayable 34,152 63,815Deferreddonations 5,000 6,400Accruals 83,009 62,454Otherpayable 4,054 5,390
126,215 138,059
Tradeandotherpayableareunsecuredandrepayablewithin30to60days(2016-30to60days).
19 Donations
Donationswhicharetaxdeductibleinnatureamountedto$21,170(2016-$35,650).
20 Education and training programmes
2017$
2016$
Events/ programme expenditureBankcharges 98 70CODonoughSportsScholarship - 3,464CoralDeCruzMemorialfund 7,200 7,200Directoperatingexpenses 3,081 2,926ECFEducationAwards 94,583 70,240EdwardD’Silva’sEducationDonation 2,400 7,428FinancialAssistance 131,098 2,773HomeworkSupervisionProgramme 2,987 3,294TemasekCaresEducationBursaryAward 11,295 13,410JointTuitionAwards 1,493 786NEUPCPlusprogramme 667 437PresidentBursaryaward 32,748 127,278ProjectRayofHope 36,308 31,889SalariesandrelatedCPFcontribution 43,362 42,279Seminarandworkshop 15,204 2,571SRNathanEducationUpliftmentfund 2,250 4,100Totalexpenditure 384,774 320,145
Funded by:Specialpurposefund(Note15) 258,023 219,597Unrestrictedfunds 126,751 100,548
384,774 320,145
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation71 AnnualReport2017
21(i) Heritage and culture
2017$
2016$
Income from events/programmes Heritagecentreincome 10,883 11,011Heritagefest 500 -Heritageevents 54,292 -Incomefromrentalofcostumes 853 470Learningjourneysfees 3,753 1,493Saleofbooks/compactdiscs 9,543 16,318SaleofTeeshirts/mug 90 282
79,914 29,574GovernmentGrants-Care&Share - 34,461Totalincome 79,914 64,035
Events/programme expenditureBooks 5,700 1,090Heritagecentreexpenses 21,967 9,135Heritagefest 360 240Heritageevents 90,501 -Heritage–Depreciation(Note3) 3,404 20,435Heritage–Donation 13,240 -Heritage–TemporaryOccupationLicenseFee(Note27) 12,336 12,336Learningjourneys 3,325 1,218SalariesandrelatedCPFcontribution 60,422 67,952Teeshirts/mug 1,374 126Utilities 4,161 3,904Totalexpenditure 216,790 116,436
Funded by:Heritageendowmentfund(Note12) 282 231Unrestrictedfunds 216,508 116,205
216,790 116,436
Included inHeritageevents income&Learning journeys fees incomeare taxdeductibledonationsof$10,000(2016-$Nil)and$270(2016-$1,398)respectively.
21(ii) Fund raising project
2017$
2016$
Tax-deductibledonations 160 -Others 1,558 -
1,718 -
FundraisingprojectrelatestoCookingforaCause.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation72 AnnualReport2017
22 Youth and sports development programmes
2017$
2016$
Income from events/programmesEAGolfSociety 16,430 4,920YouthToastmasters 1,103 2,795Totalincome 17,533 7,715
Events/ programme expenditureEAGolfSociety 18,067 8,152SoccerExpenses 1,816 -YouthEvents 13,623 -YouthToastmasters 1,948 3,825YouthProfessionalGathering - 1,415YouthMeetingExpenses 1,732 262Totalexpenditure 37,186 13,654
Funded by:Unrestrictedfunds
IncludedinexpenditureofYouthToastmastersisapaymenttooverseasvendorof$990(2016-$2,218).
23 Performing arts development programmes
2017$
2016$
Income from events/programmesChingayparade 7,500 5,000NationalDayParade - 2,000Totalincome 7,500 7,000
Events/programme expenditureChingayparade 13,608 11,910NationalDayParade - 3,860Inter-RacialInter-Religiousharmonynight 3,442 1,255Totalexpenditure 17,050 17,025
Funded by:Unrestrictedfunds
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation73 AnnualReport2017
24 Community development and outreach programmes
2017$
2016$
Income from Events/programmesChildren’sChristmasTreatfees 5,139 1,795CommunityChristmaspartyfees 2,895 4,231CommunityArtsInitiative 75,000 -FeesfrommonthlyCommunitydevelopmentevents 7,441 11,879NewYear’seveballfees 36,085 36,580Totalincome 126,560 54,485
Events/programme expenditureChildren’sChristmasTreat 5,102 4,671CommunityChristmasParty 3,935 4,275MonthlyCommunitydevelopmentevents 8,262 13,584NewYear’sEveball 37,730 34,158SalariesandrelatedCPFcontribution 57,817 54,587Totalexpenditure 112,846 111,275
Funded by:Unrestrictedfunds
IncludedinfeesfrommonthlyCommunitydevelopmenteventsincome,NewYear’sEveballfeesincomeandChildren’s Christmas Treat income are tax deductible donations of $1,140 (2016 - $1,790), $8,150(2016 - $14,740) and$Nil (2016 - $200) respectively. Included in expenditure ofMonthlyCommunitydevelopmenteventsispaymenttooverseasvendorof$Nil(2016-$656).
25 Family support services
2017$
2016$
Events/programme expenditureActivities/eventsforfamilysupportservicesfamilies 2,219 5,393Bankcharges 232 170BeyondFinancialassistanceprogramme 17,220 24,320Directoperatingexpenses 5,110 2,203Emergencyassistance 840 1,594FamilyChristmasparty 28,903 27,314Financialassistance 114,677 107,090Foodrationsandexpenditures 60,581 52,965RationVolunteersappreciation 3,910 11,731SalariesandrelatedCPFcontribution 58,516 42,531TransportSubsidySchemefromWohHupTrust 11,760 9,280SilentMinorityCompassionateBursary 33,500 27,700Upkeepoffamilysupportservicesrationsdeliveryvan 4,062 2,882Utilities 520 488Totalexpenditure 342,050 315,661
Funded by:Specialpurposefund(Note15) 270,335 255,833Unrestrictedfunds 71,715 59,828
342,050 315,661
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation74 AnnualReport2017
26 Administration and governance costs
2017$
2016$
Advertisements 707 2,011Auditfees 37,464 39,834Bankcharges 1,042 671Booksandnewspapers 1,109 1,409Computerrelatedexpenses 10,347 12,620Donations 5,976 -General 4,332 3,257Insurance 9,505 9,649Meetingsandevents 3,047 2,928Membershipfee 55 431Minorequipment 3,477 590Officesupplies 1,962 2,926Postageandcourier 732 881Printingandstationery 8,292 9,576Professionalfees 3,029 -Salaries,bonus,allowancesandCPFcontribution 358,652 344,285Staffwelfareandmedical 572 324Telephone 9,324 8,592Temporaryservicesandvolunteermanagement 1,804 2,029Training 1,357 225Transport 7,765 6,620Utilities-office 2,601 2,441Totalexpenditure 473,151 451,299
Funded by:Unrestrictedfunds
Includedinexpenditureofdonationsisapaymenttooverseasdoneeof$976(2016-$Nil).
27 Eurasian community house
2017$
2016$
Community House IncomeTemporaryOccupationLicencefeeincludedinstatementofcomprehensiveincome-Eurasiancommunityhouseexpenditure# 136,801 136,801-Heritageandcultureexpenditure(Note21) 12,336 12,336
149,137 149,137
Community House ExpenditureTemporaryOccupationLicensefee# 136,801 136,801Maintenanceandrepair 78,744 81,142Securitycost 32,795 28,191Utilities-House 44,732 41,974Totalexpenditure 293,072 288,108
Funded by:Unrestrictedfunds
# TheAssociationpays aTemporaryOccupationLicense (“TOL”) fee yearlyon theplot of landonwhichitsbuildingislocated.Agrantofequalamount,presentedas“Governmentgrants-TOL”inthestatementofcomprehensiveincome,isreceivedfromtheMinistryofCulture,CommunityandYouth.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation75 AnnualReport2017
28 Publication
2017$
2016$
AnnualReport 15,253 13,852NewEurasianMagazine 39,838 45,314Others 554 4,128Totalexpenditure 55,645 63,294
Funded by:Unrestrictedfunds
29 Other activities
2017$
2016$
Other incomeClasses 2,403 4,000Membershipsubscription 1,308 2,157Otherincome 255 -Rental-hall/meetingroom 10,820 4,890Rental-Quentin’s 29,640 29,640
44,426 40,687GovernmentGrants-Others 41,500 40,529Totalincome 85,926 81,216
Other expenditureAGMexpenses 2,251 6,312CommunitytributetoMrLeeKuanYew - 6,010EWBarkerBookProject 454 69,843Eventexpenditure 5,183 10,376Swordsmanship - 2,121Singapore’s50thAnniversaryBookProject:OurCity,OurHome:SingaporeEurasians1965-2017 - 14,365Totalexpenditure 7,888 109,027
Fundedby:EWBarkerBook(Note14) 454 69,843Unrestrictedfunds 7,434 39,184
7,888 109,027
30 Taxation
2017$
2016$
Surplusbeforetaxation 870,779 169,374
Taxatstatutoryrateof17% 148,032 28,793TaxexemptionunderCharitiesAct (148,032) (28,793)Totalexpenditure - -
TheAssociationisanapprovedcharityundertheCharitiesAct,Chapter37andanInstitutionofPublicCharacter under the IncomeTaxAct, Chapter 134. Therefore, no tax provision has beenmade in thefinancialstatementsasTheAssociationisexemptfromincometax.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation76 AnnualReport2017
31 Commitments
31.1 Capital commitment
2017$
2016$
Capitalexpenditurecontractedbutnotprovidedforinthefinancialstatements 6,720 6,720
31.2 Operating lease commitments (non-cancellable)
WhereTheAssociationisthelessee At the end of the reporting period, The Association was committed to making the following rental
paymentsinrespectofnon-cancellableoperatingleasesofthelandforitsbuildingwithanoriginaltermofmorethanoneyear:
2017$
2016$
Notlaterthanoneyear 139,380 92,920Laterthanoneyearbutnotlaterthanfiveyears 232,300 -Laterthanfiveyears - -
371,680 92,920
The leases onTheAssociation’s landonwhich rentals arepayablewill expire inAugust 2020with arenewaloptionandthecurrentrentpayableontheleaseis$11,615permonthwhichissubjecttorevisionon renewal.The leaseexpenditure is fundedbyagrant from theMinistryofCulture,CommunityandYouth.
WhereTheAssociationisthelessor Attheendofthereportingperiod,TheAssociationhadthefollowingrentalincomeundernon-cancellable
leaseforcommercialpremisewithtermofmorethanoneyear:
2017$
2016$
Notlaterthanoneyear 29,640 29,640Laterthanoneyearbutnotlaterthanfiveyears 27,170 56,810Laterthanfiveyears - -
56,810 86,450
TheleasesontheAssociation’scommercialpremiseonwhichrentalisreceivedwillexpireinNovember2019withrenewalsatthethenprevailingrates.
32 Key management personnel
The Management Committee is the final authority and is overall responsible for policy making anddetermination of all activities. They are volunteers and receive no monetary remuneration for theircontribution.
TheAssociation'skeyexecutiveremunerationisdisclosedinthefollowingband:
Number of key executives2017 2016
Annualsalaryrange
$100,000to$200,000 1 1
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation77 AnnualReport2017
33 Financial risk management objectives and policies
TheManagementCommitteehavedocumentedfinancialriskmanagementpolicies.ThesepoliciessetoutTheAssociation’sriskmanagementphilosophy.TheAssociationisexposedtofinancialrisksarisingfromitsoperations.Thekeyfinancialrisksincludedcreditrisk,liquidityrisk,interestraterisk,foreigncurrencyriskandmarketpricerisk.TherehasbeennochangetoTheAssociation’sexposuretothesefinancialrisksorthemannerinwhichitmanagesandmeasurestherisk.
TheAssociationdoesnotholdorissuederivativefinancialinstrumentsfortradingpurposesortohedgeagainstfluctuations,ifany,ininterestratesandforeignexchange.
Thecarryingamountsoffinancialassetsandfinancialliabilitiesatthereportingdatebycategoriesareasfollows:
2017$
2016$
Loans and receivable at amortised costOtherreceivables 492,139 491,527Depositsandprepayments1 6,680 6,680Cashandbankbalances 3,931,313 2,968,339
4,430,132 3,466,546
Financial liabilities at amortised costTradeandotherpayable2 121,215 131,659
1Excludedprepayments
2Excludeddeferreddonations
Credit risk Creditriskreferstotheriskthatcounterpartiesmaydefaultontheircontractualobligationsresultingin
financiallosstoTheAssociation.
TheAssociation’sexposuretocreditriskarisesprimarilyfromotherreceivables.
TheAssociationestablishesanallowanceforimpairmentthatrepresentsitsestimateofincurredlossesinrespectofotherreceivables.TheallowanceaccountinrespectofotherreceivablesisusedtorecordimpairmentlossesunlessTheAssociationissatisfiedthatnorecoveryoftheamountowingispossible.Atthatpoint,thefinancialasset isconsideredirrecoverableandtheamountchargedtotheallowanceaccountiswrittenoffagainstthecarryingamountoftheimpairedfinancialasset.
Atthereportingdate,theotherreceivablesareneitherpastduenor impaired.Theyarebasedonthecreditworthiness of the counterparties, credit quality and past collection history of the receivables.TheAssociationbelievethattheunimpairedamountsthatarepastduearestillcollectibleinfull,basedon historical payment behaviour and extensive analyses of customer credit risk, including underlyingcustomers’creditratings,whenavailable.
AsTheAssociationdoesnot hold any collateral, themaximumexposure to credit risk for each classof financial instruments is thecarryingamountof thatclassof financial instrumentspresentedonthestatementoffinancialposition.
TheAssociation’smajor classes of financial assets are other receivables and cashbalances and fixeddeposits.Cashandfixeddepositsareplacedwithfinancialinstitutionswhichareregulatedandhavegoodcreditratings.FurtherdetailsofcreditrisksonotherreceivablesaredisclosedinNote6.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation78 AnnualReport2017
33 Financial risk management objectives and policies (Cont'd)
Interest rate risk InterestrateriskistheriskthatthefairvalueorfuturecashflowsofTheAssociation’sfinancialinstruments
willfluctuatebecauseofchangesinmarketinterestrates.
TheAssociation’sexposuretointerestrateriskarisesprimarilyfromitsvariableratefixeddeposits.
Forfixeddepositsatvariablerates,anincreaseof50basispointsininterestrateatthereportingdatewouldincreasesurplusandtotalfundsbylessthan$1,000(2016-$1,000).Adecreaseof50basispointsin interestratewouldhaveanequalbutoppositeeffect.Thisanalysisassumesthatallothervariables,inparticularforeigncurrencyrates,remainconstantanddoesnottakeintoaccounttheassociatedtaxeffect.
Foreign currency risk Currencyriskistheriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinforeign
exchangerates.Currencyriskariseswhentransactionsaredenominatedinforeigncurrencies.
The Association is not exposed to foreign currency risk as all its financial assets and liabilities aredenominatedinSingaporedollars.
Market price risk Marketpriceriskistheriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinmarket
prices.
TheAssociationdoesnotholdanyquotedormarketablefinancialinstrumentandisnotexposedtoanymovementinmarketprices.
Liquidity risk LiquidityorfundingriskistheriskthatTheAssociationwillencounterdifficultyinraisingfundstomeet
commitmentsassociatedwithfinancialinstrumentsthataresettledbydeliveringcashoranotherfinancialasset.Liquidityriskmayresultfromaninabilitytosellafinancialassetquicklyatclosetoitsfairvalue.
The Association maintains sufficient level of cash and cash equivalents to finance The Association’soperationsandmitigatetheeffectsoffluctuationincashflows.
ThetablebelowanalysesthematurityprofileofTheAssociation’sfinancialliabilitiesbasedoncontractualundiscountedcashflows.
-------Contractualundiscountedcashflow---------
Carryingamount
$Total
$
Lessthan1year
$
Between2and5
years$
Over5years
$
31 December 2017Tradeandotherpayable 121,215 121,215 121,215 - -
31December2016Tradeandotherpayable 131,659 131,659 131,659 - -
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation79 AnnualReport2017
34 Fair values of financial instruments
Definitionoffairvalue FRSsdefinefairvalueasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityin
anorderlytransactionbetweenmarketparticipantsatthemeasurementdate.
Thenotionalamountsoffinancialassetsandliabilitieswithamaturityof lessthanoneyear(includingother receivables, cash and cash equivalents, trade andotherpayables) approximate their fair valuesbecauseoftheshortperiodtomaturity.
Theprovisionrecognisedapproximatesthefairvalueoftheloan.
35 Funds management policy
TheobjectivesoftheManagementCommitteewhenmanagingfundsare:
(a) tosafeguardTheAssociation'sabilitytocontinueasgoingconcerns;and (b) toprovidecapitalforthepurposeofpromotingtheeconomic,social,cultural,physicalandintellectual
advancementoftheEurasiancommunityinSingapore.
TheManagementCommittee actively and regularly review andmanage its funds structure to ensureoptimal capital structure, taking into consideration the future requirements, prevailing and projectedprofitability,projectedoperatingcashflowsandprojectedcapitalexpenditures.
TheManagementCommitteemonitorfundsusingtheannual-operating-expenditure-to-total-fundsratio.
2017$
2016$
Annualoperatingexpenditure(A) 2,231,296 2,283,375
Totalfunds(B) 4,366,438 3,495,659
Annual-operating-expenditure-to-total-fundsratio(times)(A)/(B) 0.51 0.65
TheAssociationisnotsubjecttoexternallyimposedcapitalrequirements.TherewerenochangesintheAssociation’sapproachtocapitalmanagementduringtheyear.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation80 AnnualReport2017
Financial Statements TheEurasianAssociation,EndowmentFund31December2017
Fund information
Fundregistrationnumber : UENS92CC0913B
Registeredoffice : 139CeylonRoad Singapore429744
President : BenettMaximillianTheseira
1stVicePresident : PereiraAlexiusAnthony
2ndVicePresident : PereiraYvonneMarieNeeLesslar
HonorarySecretary : FernandezAngelinaFrances
HonoraryTreasurer : MariniMartinVincent
Independentauditor : FooKonTanLLP PublicAccountantsand CharteredAccountants 24RafflesPlace #07-03CliffordCentre Singapore048621
Contents
StatementbyTrustee......................................................................82
Independentauditor’sreport......................................................83
Statementoffinancialposition..................................................86
Statementofcomprehensiveincome.....................................87
Statementofchangesinaccumulatedfund.......................88
Statementofcashflows................................................................89
Notestothefinancialstatements.............................................90
TheEurasianAssociation81 AnnualReport2017
We, De Souza Timothy James and Minjoot Gerald Maxmillian, being two of the Trustees of the EurasianAssociation,EndowmentFund(the“Fund”),doherebystatethatonbehalfoftheTrustees,thatintheopinionof the Trustees, the accompanying statement of financial position, statement of comprehensive income,statementofchanges inaccumulatedfundsandstatementofcashflows,togetherwiththenotesthereon,areproperlydrawnupsoastopresentfairly,inallmaterialrespects,thefinancialpositionoftheFundasat31December2017andofthefinancialperformance,changesinaccumulatedfundandcashflowsoftheFundforthefinancialyearendedonthatdateinaccordancewiththeEndowmentFundTrustDeedandSingaporeFinancialReportingStandards;andatthedateofthisstatement,therearereasonablegroundstobelievethattheFundwillbeabletopayitsdebtsasandwhentheyfalldue.
OnBehalfoftheBoardofTrustees
......................................................................................... .................................................................................DESOUZATIMOTHYJAMES MINJOOTGERALDMAXMILLIANTrustee Trustee
Dated:7March2018
Statement by Trustees for the financial year ended 31 December 2017
TheEurasianAssociation82 AnnualReport2017
Report on the audit of the financial statements
Opinion
We have audited the accompanying financial statements of the Eurasian Association, Endowment Fund(the“Fund”),whichcomprisethestatementof financialpositionasat31December2017, thestatementofcomprehensiveincome,statementofchangesinaccumulatedfundandstatementofcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.
Inouropinion,thefinancialstatementsoftheFundareproperlydrawnupinaccordancewiththeprovisionsoftheDeedandSingaporeFinancialReportingStandardssoastopresentfairly,inallmaterialrespects,thefinancialpositionoftheFundasat31December2017,andthefinancialperformance,changesinaccumulatedfundandthecashflowsoftheFundforthefinancialyearendedonthatdate.
Basisforopinion
WeconductedourauditinaccordancewithSingaporeStandardsonAuditing(“SSAs”).Ourresponsibilitiesunder thosestandardsare furtherdescribed in theAuditor’sResponsibilities for theAuditof theFinancialStatementssectionofourreport.WeareindependentoftheFundinaccordancewiththeAccountingandCorporateRegulatoryAuthority(ACRA)CodeofProfessionalConductandEthicsforPublicAccountantsandAccountingEntities(ACRACode)togetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsinSingapore,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheACRACode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
OtherInformation
Managementisresponsiblefortheotherinformation.Theotherinformationcomprisesallinformationincludedintheannualreportbutdoesnotincludethefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
TheTrustees’responsibilityforthefinancialstatements
TheTrusteesareresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewiththeprovisionsoftheDeedandSingaporeFinancialReportingStandards,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,theTrusteesareresponsibleforassessingtheFund’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheTrusteeseitherintendstoliquidatetheFundortoceaseoperations,orhasnorealisticalternativebuttodoso.
TheTrustees’responsibilitiesincludeoverseeingtheFund’sfinancialreportingprocess.
Independent auditor’s report to the members of The Eurasian Association, Endowment Fund
TheEurasianAssociation83 AnnualReport2017
Auditor’sresponsibilitiesfortheauditofthefinancialstatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassurance isahigh levelofassurance,but isnotaguaranteethatanauditconductedinaccordancewithSSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithSSAs,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso:
• Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor error, design and perform audit procedures responsive to those risks, and obtain audit evidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
• Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheFund’sinternalcontrol.
• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagement.
• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheFund’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterial uncertainty exists,we are required todraw attention in our auditor’s report to the relateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheFundtoceasetocontinueasagoingconcern.
• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
• ObtainsufficientappropriateauditevidenceregardingthefinancialinformationofthebusinessactivitieswithintheFundtoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheFund’saudit.Weremainsolelyresponsibleforourauditopinion.
Wecommunicatewiththemanagementregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings, includinganysignificantdeficienciesin internalcontrolthatweidentifyduringouraudit.
Independent auditor’s report to the members of The Eurasian Association, Endowment Fund (Cont'd)
TheEurasianAssociation84 AnnualReport2017
Report on Other Legal and Regulatory Requirements
OpinionInouropinion:
(a) thereceipts,expenditure,investmentofmoniesandtheacquisitionanddisposalofassetsbytheFundduringtheyearare,inallmaterialrespects,inaccordancewiththeprovisionsoftheActs;and
(b) properaccountingandotherrecordshavebeenkept,includingrecordsofallassetsoftheFundwhetherpurchased,donatedorotherwise.
FooKonTanLLPPublicAccountantsandCharteredAccountants
Singapore,7March2018
Independent auditor’s report to the members of The Eurasian Association, Endowment Fund (Cont'd)
TheEurasianAssociation85 AnnualReport2017
Note31 December 2017
$31December2016
$
AssetsCurrent Interestreceivable 3,874 4,155Cashandcashequivalents 3 1,469,159 1,460,412
1,473,033 1,464,567Total assets 1,473,033 1,464,567
FundsAccumulatedfund 1,469,483 1,461,017
LiabilitiesCurrent Accruals 3,550 3,550Total liabilities 3,550 3,550Total funds and liabilities 1,473,033 1,464,567
Statement of financial positionas at 31 December 2017
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation86 AnnualReport2017
Note
Year ended31 December 2017
$
Yearended31December2016
$
Income:Interestincome:bankbalances 49 46fixeddeposits 12,490 15,943
12,539 15,989Less: ExpenditureAuditfees 3,804 3,799Bankcharges 269 344
4,073 4,143Surplusbeforetaxation 4 8,466 11,846Incometax 5 - -Surplusfortheyear 8,466 11,846OthercomprehensiveincomeatNiltax - -Totalcomprehensiveincomefortheyear 8,466 11,846
Statement of comprehensive income for the financial year ended 31 December 2017
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation87 AnnualReport2017
Accumulatedfund$
At1January2016 1,449,171Surplusfortheyearrepresentingtotalcomprehensiveincomefortheyear 11,846At31December2016 1,461,017Surplusfortheyearrepresentingtotalcomprehensiveincomefortheyear 8,466At 31 December 2017 1,469,483
Statement of changes in accumulated fund for the financial year ended 31 December 2017
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation88 AnnualReport2017
Year ended31 December 2017
$
Yearended31December2016
$
Cash Flows from Operating ActivitiesSurplusfortheyear 8,466 11,846Adjustmentfor:Interestincome (12,539) (15,989)Operatingdeficitbeforeworkingcapitalchanges (4,073) (4,143)Changesinreceivables 281 658Cashusedinoperations (3,792) (3,485)Interestreceived 12,539 15,989Netcashgeneratedfromoperatingactivities 8,747 12,504
Netincreaseincashandcashequivalents 8,747 12,504Cashandcashequivalentsatbeginningofyear 1,460,412 1,447,908Cashandcashequivalentsatendofyear(Note3) 1,469,159 1,460,412
Statement of cash flows for the financial year ended 31 December 2017
Theannexednotesformanintegralpartofandshouldbereadinconjunctionwiththesefinancialstatements.
TheEurasianAssociation89 AnnualReport2017
1 General information
ThefinancialstatementsofTheEurasianAssociation,EndowmentFund(the“Fund”)fortheyearended31December2017wereauthorisedforissuebytheBoardofTrustees.
TheFundwassetupunderaTrustDeeddated30August1992.
TheregisteredofficeoftheFundislocatedat139CeylonRoad,Singapore429744.
TheFundhasbeenestablishedtoprovidewelfareandfinancialassistancetothepoorandneedyamongtheEurasiancommunity.
2(a) Basis of preparation
ThefinancialstatementshavebeenpreparedinaccordancewithSingaporeFinancialReportingStandards(“FRS”),includingrelatedInterpretationspromulgatedbytheAccountingStandardsCouncil.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptasdisclosedintheaccountingpoliciesbelow.
ThefinancialstatementsarepresentedinSingaporedollarswhichistheFund’sfunctionalcurrency.AllfinancialinformationhasbeenpresentedinSingaporedollars,unlessotherwisestated.
Theaccountingpoliciessetoutbelowhavebeenappliedconsistentlytoallperiodspresentedinthesefinancialstatements.
Critical accounting estimates and significant judgements ThepreparationoffinancialstatementsinconformitywithFRSrequirestheTrusteestomakejudgement,
estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reported amounts ofincomeandexpendituresduringthefinancialyear.AlthoughtheseestimatesarebasedontheTrustees’bestknowledgeofcurrenteventsandactions,actualresultsmaydifferfromthoseestimates.
TherearenocriticalaccountingestimatesorsignificantjudgementsusedbytheFundatthereportingdates.
2(b) Interpretations and amendments to published standards effective in 2017
TheTrusteesassessedthattheadoptionofFRSeffectiveon1January2017doesnothaveanyimpactonthefinancialstatementsoftheFund.
Reference Description FRS7 AmendmentstoFRS7StatementofCashFlows–DisclosureInitiative
FRS7StatementofCashFlows TheAmendmentstoFRS7StatementofCashFlowsrequiredentitiestoreconcilecashflowsarisingfrom
financingactivitiesasreported inthestatementofcashflows–excludingcontributedequity–tothecorrespondingliabilitiesintheopeningandclosingstatementsoffinancialpositionandtodiscloseonanyrestrictionsoverthedecisionsofanentitytousecashandcashequivalentbalances,inparticularway-e.g.anytaxliabilitiesthatwouldariseonrepatriationofforeigncashandcashequivalentbalances.Theseamendmentsareeffectiveonbeginningorafter1January2017.Asthisisadisclosurestandard,itwillhavenoimpacttothefinancialpositionandperformanceoftheFundwhenappliedinthecurrentyear.
Notes to the financial statementsfor the financial year ended 31 December 2017
TheEurasianAssociation90 AnnualReport2017
2(c) FRS not yet effective
ThefollowingaretheneworamendedFRSandINTFRSissuedin2017thatarenotyeteffectivebutmaybeearlyadoptedforthecurrentfinancialyear:
Effective date (Annual periods beginning on Reference Description or after) FRS109 FinancialInstruments 1January2018
FRS109FinancialInstruments FRS109FinancialInstrumentsreplacesFRS39anditisapackageofimprovementsintroducedbyFRS
109whichincludealogicalmodelfor:
• Classificationandmeasurement; • Asingle,forward–looking“expectedloss”impairmentmodeland • Asubstantiallyreformedapproachtohedgeaccounting
FRS109iseffectiveforannualperiodsbeginningonorafter1January2018.TheFundiscurrentlyassessingtheimpacttothefinancialstatements.
2(d) Summary of significant accounting policies
Financial assets Financialassets,otherthanhedginginstruments,canbedividedintothefollowingcategories:financial
assetsatfairvaluethroughprofitorloss,held-to-maturityinvestments,loansandreceivablesandavailable-for-salefinancialassets.Financialassetsareassignedtothedifferentcategoriesbymanagementoninitialrecognition, depending on the purpose forwhich the investmentswere acquired. The designation offinancialassetsisre-evaluatedandclassificationmaybechangedatthereportingdatewiththeexceptionthatthedesignationoffinancialassetsatfairvaluethroughprofitorlossisnotrevocable.
Allfinancialassetsarerecognisedontheirtradedate,thedateonwhichtheFundcommitstopurchaseorselltheasset.Financialassetsareinitiallyrecognisedatfairvalue,plusdirectlyattributabletransactioncostsexceptforfinancialassetsatfairvaluethroughprofitorloss,whicharerecognisedatfairvalue.
Derecognitionoffinancialinstrumentsoccurswhentherightstoreceivecashflowsfromtheinvestmentsexpireoraretransferredandsubstantiallyalloftherisksandrewardsofownershiphavebeentransferred.Anassessmentforimpairmentisundertakenatleastattheendofeachreportingperiodwhetherornotthereisobjectiveevidencethatafinancialassetoragroupoffinancialassetsisimpaired.
Financial assets and financial liabilities are offset and the net amount presented in the statement offinancialpositionwhen,andonlywhen,theFundcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts;and intendseither tosettleonanetbasis,or to realise theassetandsettle theliabilitysimultaneously.
Non-compoundinginterestandothercashflowsresultingfromholdingfinancialassetsarerecognisedinthestatementofcomprehensiveincomewhenreceived,regardlessofhowtherelatedcarryingamountoffinancialassetsismeasured.
At31December2016and2017,theFunddoesnotholdanyfinancialassetsatfairvaluethroughprofitorloss,held-to-maturityfinancialassetsoravailable-for-salefinancialassets.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation91 AnnualReport2017
2(d) Summary of significant accounting policies (Cont'd)
Financial assets (Cont'd) Loansandreceivables Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatare
notquoted inanactivemarket.TheyarisewhentheFundprovidesmoney,goodsorservicesdirectlytoadebtorwithnointentionoftradingthereceivables.Theyareincludedincurrentassets,exceptformaturities greater than 12months after the endof the reportingperiod. These are classified as non-currentassets.
Loansandreceivablesaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod,lessprovisionforimpairment.Ifthereisobjectiveevidencethattheassethasbeenimpaired,thefinancialasset ismeasured at the present value of the estimated future cash flowsdiscounted at the originaleffective interest rate. Impairment losses are reversed in subsequentperiodswhenan increase in theasset’srecoverableamountcanberelatedobjectivelytoaneventoccurringafterthe impairmentwasrecognised, subject toa restriction that thecarryingamountof theassetat thedate the impairmentis reverseddoesnotexceedwhat theamortisedcostwouldhavebeenhad the impairmentnotbeenrecognised.Theimpairmentorwritebackisrecognisedintheprofitorloss.
Loansandreceivablescompriseotherreceivables.
Cash and cash equivalents Cashandcashequivalentscomprisecashbalancesandfixeddeposits.
Financial liabilities FinancialliabilitiesarerecognisedwhentheFundbecomesapartytothecontractualagreementsofthe
instrument.All interest-relatedchargesare recognisedasanexpense in “financecost” in theprofitorloss.FinancialliabilitiesarederecognisediftheFund’sobligationsspecifiedinthecontractexpireoraredischargedorcancelled.
Financial assets and financial liabilities are offset and the net amount presented in the statement offinancialpositionwhen,andonlywhen,theFundcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts;and intendseither tosettleonanetbasis,or to realise theassetandsettle theliabilitysimultaneously.
Tradeandotherpayablesareinitiallyrecognisedatfairvalue,andsubsequentlymeasuredatamortisedcost,usingtheeffectiveinterestmethod.
Gains and losses are recognised in the profit or losswhen the liabilities are derecognised aswell asthroughtheamortisationprocess.
TheFund’sfinancialliabilitiescompriseaccruals.
Key management personnel Key management personnel are those persons having the authority and responsibility for planning,
directingandcontrollingtheactivitiesoftheentity.Akeyexecutiveofficerisconsideredkeymanagementpersonnel.
Related parties Arelatedpartyisdefinedasfollows:
(a) Apersonoraclosememberofthatperson’sfamilyisrelatedtotheFundifthatperson: (i) hascontrolorjointcontrolovertheFund; (ii) hassignificantinfluenceovertheFund;or (iii) isamemberofthekeymanagementpersonneloftheFund.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation92 AnnualReport2017
2(d) Summary of significant accounting policies (Cont'd)
Related parties (Cont'd) (b) AnentityisrelatedtotheFundifanyofthefollowingconditionsapplies:
(i) theentityandtheFundaremembersofthesamegroup; (ii) oneentityisanassociateorjointventureoftheotherentity(oranassociateorjointventureof
amemberofagroupofwhichtheotherentityisamember); (iii) bothentitiesarejointventuresofthesamethirdparty; (iv) oneentityisajointventureofathirdentityandtheotherentityisanassociateofthethird
entity; (v) theentityisapost-employmentbenefitplanforthebenefitofemployeesofeithertheFundor
anentityrelatedtotheFund.IftheFundisitselfsuchaplan,thesponsoringemployersarealsorelatedtotheFund;
(vi) theentityiscontrolledorjointlycontrolledbyapersonidentifiedin(a); (vii) apersonidentifiedin(a)(i)hassignificantinfluenceovertheentityorisamemberofthekey
managementpersonneloftheentity;or (viii)theentity,oranymemberofagroupofwhichitisapart,provideskeymanagement
personnelservicestothereportingentityortotheparentofthereportingentity.
Income recognition Interestincomeisrecognisedonatime-apportionedbasisusingtheeffectiveinterestratemethod.
Functional currencies Functionalandpresentationcurrency The financial statementsof theFundarepresented inSingaporeDollars,which is also the functional
currencyoftheFund.
Conversion of foreign currencies Transactionsandbalances Transactions in a currency other than the functional currency (“foreign currency”) are translated into
the functionalcurrencyusingtheexchangeratesat thedateof the transactions.Currencytranslationdifferencesfromthesettlementofsuchtransactionsandfromthetranslationofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesattheclosingratesattheendofthereportingperiodarerecognisedintheprofitorloss.
Non-monetaryitemsmeasuredatfairvaluesinforeigncurrenciesaretranslatedusingtheexchangeratesat thedatewhen the fairvaluesaredetermined. Non-monetary items thataremeasured in termsofhistoricalcostinaforeigncurrencyaretranslatedusingtheexchangeratesatthedateofthetranslations.
3 Cash and cash equivalents
2017$
2016$
Fixeddeposits 1,368,163 1,360,894Bankbalance 100,996 99,518
1,469,159 1,460,412
Theweightedaverageeffectiveinterestrateonfixeddepositsis0.88%(2016-0.94%)perannum.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation93 AnnualReport2017
4 Surplus before taxation
TheFundhadnoemployeesduringthefinancialyearsended31December2017and2016.AllmanpowerrequirementswereprovidedbytheEurasianAssociationwithoutacharge.
5 Taxation
2017$
2016$
Surplusbeforetaxation 8,466 11,846
Taxatstatutoryrateof17% 1,439 2,014TaxexemptionunderCharitiesAct (1,439) (2,014)Totalexpenditure - -
TheFundisaregisteredcharityundertheCharitiesAct,Chapter37.NoprovisionfortaxhasbeenmadeinthefinancialstatementsastheFundisexemptfromincometax.
6 Financial risk management objectives and policies
TheTrusteeshavedocumentedfinancialriskmanagementpolicies.ThesepoliciessetouttheTrustees’riskmanagementphilosophy.Trusteesareexposedtofinancialrisksarisingfromitsoperation.Thekeyfinancialrisksincludedcreditrisk,liquidityrisk,interestraterisk,foreigncurrencyriskandmarketpricerisk.TherehasbeennochangetotheTrustees’exposuretothesefinancialrisksorthemannerinwhichitmanagesandmeasurestherisk.
TheFunddoesnotholdorissuederivativefinancialinstrumentsfortradingpurposesortohedgeagainstfluctuations,ifany,ininterestratesandforeignexchange.
Thecarryingamountsoffinancialassetsandfinancialliabilitiesatthereportingdatebycategoriesareasfollows:
2017$
2016$
Loans and receivable at amortised cost Interestreceivable 3,874 4,155Cashandbankbalances 1,469,159 1,460,412
1,473,033 1,464,567
Financial liabilities at amortised cost Accruals 3,550 3,550
Credit risk Creditriskreferstotheriskthatcounterpartiesmaydefaultontheircontractualobligationsresultingin
financiallosstotheFund.
Atthereportingdate,theotherreceivablesareneitherpastduenor impaired.Theyarebasedonthecreditworthinessofthecounterpartiesandcreditqualityandpastcollectionhistoryofthereceivables.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation94 AnnualReport2017
6 Financial risk management objectives and policies (Cont'd)
Credit risk (Cont'd) Atthereportingdate,therearenofinancialassetsthatarepastduebutnotimpaired.
Thecashandcashequivalentsareheldwithbanksofgoodcreditratings.
Market risk Marketriskistheriskthatchangesininterestrates,foreignexchangeratesandmarketpriceswillhaveon
theFund’sincomeorthevalueofitsholdingsoffinancialinstruments.
Interest rate risk TheFund’sexposuretochangesininterestratesrelatesprimarilytoitsvariableratefixeddeposits.
Forfixeddepositsatvariablerates,anincreaseof50basispointsininterestrateatthereportingdatewouldincreasesurplusbeforetaxandaccumulatedfundbyapproximately$62(2016-$80).Adecreaseof50basispointsininterestratewouldhaveanequalbutoppositeeffect.Thisanalysishasnottakenintoaccounttheassociatedtaxeffectandassumesthatallothervariables,inparticularforeigncurrencyrates,remainconstant.
Foreign currency risk Currencyriskistheriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinforeign
exchangerates.Currencyriskariseswhentransactionsaredenominatedinforeigncurrencies.
TheFundisnotexposedtoforeigncurrencyriskasallofitsfinancialassetsandliabilitiesaredenominatedinSingaporedollars.
Market price risk Priceriskistheriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinmarketprices.
TheFundisnotexposedtoanymovementinpriceriskasitdoesnotholdanyquotedinvestments.
Liquidity risk LiquidityorfundingriskistheriskthattheFundwillencounterdifficultyinmeetingfinancialobligations
duetoshortageoffunds.Liquidityriskmayresultfromaninabilitytosellafinancialassetquicklyatclosetoitsfairvalue.
TheFundmaintainssufficient levelofcashandcashequivalentstofinancetheFund’soperationsandmitigatetheeffectsoffluctuationincashflows.
The table below analyses the maturity profile of the Fund’s financial liabilities based on contractualundiscountedcashflows.
--------Contractualundiscountedcashflows--------
Carryingamount
$Total
$
Lessthan1year
$
Between2and5
years$
Over5years
$
31 December 2017
Accruals 3,550 3,550 3,550 - -
31 December 2016
Accruals 3,550 3,550 3,550 - -
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation95 AnnualReport2017
7 Fair values of financial instruments
Definitionoffairvalue FRSsdefinefairvalueasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityin
anorderlytransactionbetweenmarketparticipantsatthemeasurementdate.
Thenotionalamountsoffinancialassetsandliabilitieswithamaturityof lessthanoneyear(includingcashandcashequivalents,andaccruals)approximatetheir fairvaluesbecauseof theshortperiodtomaturity.
8 Fund’s management policy
TheTrustees'objectiveswhenmanagingfundsare:
(a) TosafeguardtheFund’sabilitytocontinueasgoingconcern;and
(b) ToprovidecapitalforthepurposeofprovidingwelfareandfinancialassistancetothepoorandneedyamongtheEurasiancommunityinSingapore.
TheTrusteesactivelyandregularly reviewsandmanages its fundsstructuretoensureoptimalcapitalstructure, taking into consideration the future requirements, prevailing andprojectedprofitability andprojectedoperatingcashflowsandprojectedcapitalexpenditures.
TheTrusteesmonitorsfundsusingtheannual-operating-expenditure-to-accumulated-fundratio:
2017$
2016$
Annualoperatingexpenditure(A) 4,073 4,143
Accumulatedfund(B) 1,469,483 1,461,017
Annual-operating-expenditure-to-accumulated-fundratio(times)(A)/(B) 0.28% 0.28%
TheFundisnotsubjecttoexternallyimposedcapitalrequirements.TherewerenochangesintheFund’sapproachtocapitalmanagementduringtheyear.
Notes to the financial statements (Cont'd)
for the financial year ended 31 December 2017
TheEurasianAssociation96 AnnualReport2017
Annual General MeetingAttendance Form
DearMember,
ANNUAL GENERAL MEETING 2018
TheAnnualGeneralMeetingofTheEurasianAssociation,Singaporewillbeheldat theEurasianCommunityHouse,139CeylonRoad,Singapore429744,onSaturday21April2018at5pm.Dinnerwillfollow.
Foradministrativepurposes(seatingandcatering),wewouldbemostgratefulifyoucouldcompletetheresponseslipbelowandfaxormailittotheassociationbylatest2April2018.
Yourssincerely,
Angelina FernandezHonorarySecretaryTheEurasianAssociation
To:General Manager, Lester LowEurasianCommunityHouse139CeylonRoadSingapore429744Tel:64471578Fax:64473189
ATTENDANCE AT THE EURASIAN ASSOCIATION’S AGM 2018(Pleasetickasappropriate)
IwillattendtheAGMon21April2018
Iwillhavedinner
Name :
NRICNo :
Telephone:
Email :
Signature : Date :
TheEurasianAssociation98 AnnualReport2017
The Eurasian Association, Singapore - Nomination Form
Proposer
I,___________________________________________________________(NameofProposer),
NRICNo:____________________________(Proposer’sNRICNo.),
Propose:____________________________(NameofNominee),
NRICNo:____________________________(Nominee’sNRICNo.),
tostandfor__________________________(Post),forthetermcommencinginApril2018.
____________________________ _____________
Signature(SignatureofProposer) Date
Seconder
I,______________________________________(NameofSeconder),
NRICNo:________________________________(Seconder’sNRICNo.)secondedtheproposal.
___________________________ _____________
Signature(SignatureofSeconder) Date
Nominee
IherebyconsenttotheabovenominationandtooffermyservicestotheEurasianAssociation
ifelectedforthetermcommencinginApril2018.
FullName:____________________________________________________(NameofNominee)
NRICNo:________________________________(Nominee’sNRICNo.)
____________________________ _____________
Signature(SignatureofNominee) Date
Thisnominationformshouldbereturnedinpersonorsentbyregisteredmailtotheassociation’sofficialaddressnotlaterthan3pmon6April2018.Theenvelopeshouldbesealedandmarked‘NominationsforAGM’.
Eurasian Community House139CeylonRoad,Singapore429744
Tel:64471578Fax:64473189
TheEurasianAssociation99 AnnualReport2017
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