Financial Statements
SUMMARY OF FINANCIAL ACTIVITIES
INCOME
2022 ($)
2021 ($)
INCOME FROM GENERATED FUNDS
Voluntary Income
Grant from government agencies
3,469,739
3,197,364
Donations
178,749
585,207
Residential rental
61,556
55,769
Amortisation of deferred capital grants
37,461
11,298
3,747,505
3,849,638
Activities for Generating Funds
Income from fundraising events
1,304,516
1,226,007
Rental income/utility recoveries
1,468,025
1,412,656
Course fees
184,676
224,229
Residential rental
2,957,217
2,862,892
Investment Income
22,277
13,482
Other Income
352,356
348,183
TOTAL INCOME
7,079,355
7,074,195
EXPENDITURE
2022 ($)
2021 ($)
Charitable activities and programme cost
5,218,633
4,807,130
Costs of generating funds
1,309,365
1,457,802
Governance cost
53,691
26,374
TOTAL EXPENDITURE
6,581,689
6,291,306
Net surplus/(deficits) for the year
497,666
782,889
STATEMENT OF FINANCIAL POSITION
ASSETS
2022 ($)
2021 ($)
Non-Current Assets
Intangible assets
225,952
31,733
Property, plant and equipment
193,022
177,968
Right-of-use assets
1,601,688
151,876
Governance cost
2,020,662
361,577
Current Assets
Trade and other receivables
451,232
508,917
Fixed deposits
3,605,886
1,101,699
Cash and bank balances
3,367,978
5,202,577
Property, plant and equipment
7,425,096
6,813,193
TOTAL ASSETS
9,445,758
7,174,770
FUNDS AND LIABILITIES
FUNDS
2022 ($)
2021 ($)
Unrestricted funds
General fund
5,642,502
5,249,287
Training Kitchen fund
120,000
135,001
Governance cost
5,762,502
5,384,288
Restricted funds*
Silver Volunteer fund
5,957
16,571
NCSS OD fund
92,933
79,702
Yellow Ribbon Emergency fund
1,150
7,750
NCSS Tech Booster Fund
12,533
12,533
NCSS EVMFS
9,381
- 9,036
Gilead Science Grant
59,592
94,447
Allen Overy Step Up Fund
100,000
50,000
HKL Grant
82,000
173,300
Ishk Tolaram Wellness Fund
90
-
NCSS Peers Support Fund
9,091
-
DRTC Fund
163,092
-
Property, plant and equipment
535,819
425,267
TOTAL ASSETS
6,298,321
5,809,555
Non-Current Liabilities
Lease Liabilities
848,947
-
Deferred capital grants
383,251
-
Deferred capital grants
1,232,198
-
Current Liabilities
Deferred capital grants
37,461
90,505
Deferred Income
234,296
287,218
Lease Liabilities
764,470
155,800
Other payables
879,012
831,692
1,915,239
1,365,215
Total Liabilities
3,147,437
1,365,215
TOTAL FUNDS AND LIABILITIES
9,445,758
7,174,770
*The usage of the restricted/endowment funds will be utilised according to the timeline agreed upon with the funders. For restricted funds with open-ended timelines, the funds will be utilised for its’ stated purpose until fully utilised.
ANNUAL SALARY BAND FOR OUR TOP THREE EXECUTIVES
Annual Salary Band
$100,001 to $200,000
$100,001 to $200,000
2022 ($)
3
3
2021 ($)
3
3
Except for the Chief Executive Officer who was a board member from January to May 2022, the board members are volunteers and do not receive any monetary remuneration for their service.
Reserve Policy
HCSA has a Reserve Policy to ensure that the level of reserves is adequate to sustain HCSA for a period of one year of operations.
The reserve is an unrestricted fund balance set aside for unexpected events, loss of funding or income. This excludes restricted, endowment and designated funds.
