Building Lifelong Relationships - NUSS

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<strong>NUSS</strong> ANNUAl RepoRt 2006 PG 72 Notes to the financial statements 2 Summary of significant accounting policies (cont’d) Inventories Inventories, which comprise principally bar and consumable food stocks, are stated at cost. Cost is determined on a first-in first-out basis. Financial assets The Society classifies its financial assets, other than hedging instruments, into the following categories: financial assets at fair value through profit or loss, held-to-maturity investments, loans and receivables and available-for-sale financial assets. Financial assets are assigned to the different categories by Management Committee on initial recognition, depending on the purpose for which the financial assets were acquired. The designation of financial assets is re-evaluated and classification may be changed at the reporting date. All financial assets are recognised on their trade date – the date on which the Society commits to purchase or sell the assets. Financial assets are initially recognised at fair value, plus directly attributable transaction costs except for financial assets at fair value through profit or loss, which are recognised at fair value. Derecognition of financial instruments occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at least at each balance sheet date whether or not there is objective evidence that a financial asset or a group of financial assets is impaired. Non-compounding interest and other cash flows resulting from holding financial assets are recognised in income and expenditure account when received, regardless of how the related carrying amount of financial assets is measured. Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and a fixed date of maturity that the Society has the positive intent and ability to hold to maturity. Held-to-maturity investments are subsequently measured at amortised cost using the effective interest method. In addition, if there is objective evidence that the investment has been impaired, the financial asset is measured at the present value of estimated cash flows. Any changes to the carrying amount of the investment are recognised in income and expenditure account. Any reversal shall not result in a carrying amount that exceeds what the amortised cost would have been had any impairment loss not been recognised at the date the impairment is reversed. Any reversal is recognised in the income and expenditure account. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Society provides money, goods or services directly to a debtor with no intention of trading the receivables. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in the income and expenditure account. Any reversal shall not result in a carrying amount that exceeds what the amortised cost would have been had any impairment loss not been recognised at the date the impairment is reversed. Any reversal is recognised in the income and expenditure account.
Notes to the financial statements 2 Summary of significant accounting policies (cont’d) PG 73 <strong>NUSS</strong> ANNUAl RepoRt 2006 Loans and receivables (cont’d) Receivables are provided against when objective evidence is received that the Society will not be able to collect all amounts due to it in accordance with the original terms of the receivables. The amount of the write-down is determined as the difference between the asset’s carrying amount and the present value of estimated future cash flows. Receivables include amounts due from members and sundry receivables. Cash and cash equivalents Cash and cash equivalents comprise cash balances on hand and at bank, and fixed deposits. For the purpose of the cash flow statement, term deposit from Development Fund is excluded as it represents non-current asset as well as fixed deposits that are pledged to financial institutions to secure bankers’ guarantee. Development Fund The Development Fund is used for the development of the Society including any expenses incurred for any feasibility study on prospective development projects of the Society. Primarily, entrance fee from members and interest income from fixed and term deposits and its related income tax charge are transferred to this fund. Fixed Assets Fund The Fixed Assets Fund is accumulated from amounts transferred out of the Development Fund for the costs incurred in the development of its clubhouses and related equipment and debited with depreciation charges. In 2006, the Management Committee transferred the brought forward amount of $7,956,562 to the Accumulated Fund. Financial liabilities The Society’s financial liabilities include bank loans and overdraft and payables. Financial liabilities are recognised when the Society become a party to the contractual agreements of the instrument. All interest related charges are recognised as an expense in “finance costs” in the income and expenditure account. Loans are raised for support of long term development of the Society’s operations. They are recognised initially at fair value of proceeds received, less attributable transaction costs, if any. Subsequent to initial recognition, loans are stated at amortised cost which is the initial fair value less any principal repayments. Interest expense, including premiums payable on settlement or redemption and direct issue costs, are charged to income and expenditure account on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Payables, which represents consideration for goods and services to be paid in the future, whether or not billed to the Society, are recognised initially at their fair value and subsequently measured at amortised cost less settlement payments. Payables include members’ deposits and creditors and accruals.
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This achievement is one that we can
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Management Committee 8 9 0 Chandra
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Dinner with the NUS Chancellor and
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Forming friendships through SMP NUS
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8.4 DISCIPLINARY There were no pend
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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
Page 35 and 36: Initial illustrations of the redeve
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
Page 45 and 46: Chairperson Tan Siang Chik Deputy C
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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 59 and 60: Chairperson Siva S Retnam Deputy Ch
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Page 71 and 72: Cash flow statement PG 69 The annex
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Page 77 and 78: 3 Property and equipment Furniture,
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Building Lifelong Relationships - NUSS

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