Building Lifelong Relationships - NUSS

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<strong>NUSS</strong> ANNUAl RepoRt 2006 PG 70 Notes to the financial statements 1 General information The financial statements of The National University of Singapore Society for the year ended 31 December 2006 were authorised for issue in accordance with a resolution of the Management Committee on 1 March 2007. The Society is registered under the Societies Act and is domiciled in the Republic of Singapore. The registered office of the Society is located at Kent Ridge Guild House, 9 Kent Ridge Drive, Singapore 119241. The principal activities of the Society are to provide club facilities and to organise social, recreational and intellectual activities for its members. 2 Summary of significant accounting policies Basis of preparation The financial statements are prepared under the historical cost convention and in accordance with Singapore Financial Reporting Standards (“FRS”) including related Interpretations promulgated by the Council on Corporate Disclosure and Governance (“CCDG”). On 1 January 2006, the Society adopted the new or revised FRS and INT FRS that are mandatory for application on that date. This includes the following FRS and INT FRS, which are relevant to the Society as a single entity: FRS 19 (Amendment) Employee Benefits FRS 21 (Amendment) The Effect of Changes in Foreign Exchange Rates FRS 32 (Amendment) Financial Instruments: Disclosure and Presentation FRS 39 (Amendment) Financial Guarantee Contracts INT FRS 104 Determining whether an Arrangement contains a Lease The adoption of the above FRS and INT FRS did not result in any significant changes to the Society’s accounting policies. At the date of authorisation of these financial statements, the following FRSs and INT FRSs were issued but not yet effective: FRS 1 (Amendment) Amendments Relating to Capital Disclosures FRS 32 Financial Instruments: Presentation FRS 40 Investment Property FRS 107 Financial Instruments: Disclosures INT FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in Hyperinflationary Economies INT FRS 108 Scope of FRS 102 INT FRS 109 Reassessment of Embedded Derivatives INT FRS 110 Interim Financial Reporting and Impairment The Management Committee does not anticipate that the adoption of these FRSs and INT FRSs in the initial period of application will have a material impact on the financial statements of the Society.
Notes to the financial statements 2 Summary of significant accounting policies (cont’d) PG 71 <strong>NUSS</strong> ANNUAl RepoRt 2006 Significant accounting estimates and judgements The preparation of the financial statements in conformity with FRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ from those estimates. Functional and presentation currency Items included in the financial statements of the Society are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the Society (“the functional currency”). The financial statements of the Society are presented in Singapore dollars, which is also the functional currency of the Society. Property and equipment and depreciation Properties and equipment are stated at cost less accumulated depreciation and any impairment losses, with the exception of assets under construction-in-progress which are stated at cost plus other directly related expenses including interest expense. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions, improvements and renewals is capitalised and expenditure for maintenance and repairs is charged to the income and expenditure account. When assets are sold or retired, their cost and accumulated depreciation are removed from the financial statements and any gains or loss resulting from their disposal is included in the income and expenditure account. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Depreciation is calculated on the straight-line method to write off the cost of assets over their estimated useful lives. The annual rates of depreciation are as follows: Kent Ridge - old building 3 1 /3% (over original lease period) Kent Ridge - new building 5% (over remaining lease period) Suntec City premises 16 2 /3% (over total lease period) Furniture, fittings and equipment 33 1 /3% Fruit machines 25% Kitchen equipment 20% Office equipment 10% Computers 33 1 /3% Motor vehicles 20% Tools and equipment 20% Fitness equipment 33 1 /3% The carrying amounts of property and equipment are reviewed yearly in order to assess whether their carrying amounts need to be written down to recoverable amounts. Recoverable amount is defined as the higher of value in use and net selling price.
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Dinner with the NUS Chancellor and
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Forming friendships through SMP NUS
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Page 31 and 32: Report of Management Committee 1. M
Page 33 and 34: n Approved the disposal of old swim
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Page 37 and 38: Upon the receipt of NParks’ in-pr
Page 39 and 40: Friendship between NUSS and Peking
Page 41 and 42: Teaching in Cambodia Gaining a deep
Page 43 and 44: Summary of Events for the Year Cate
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Page 49 and 50: Income ($000s) 15,716 Net Operating
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Page 53 and 54: Event Management Booking of Events
Page 55 and 56: Promoting networking among members
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Page 71: Cash flow statement PG 69 The annex
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Page 77 and 78: 3 Property and equipment Furniture,
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