Redefining the built environment and industry Annual Report 2012

Content02 Mission and Vision • 03 Strategic Thrusts & Core Values • 04 BCA’s Corporate Social Responsibility Statement• 05 Corporate Governance • 06 Chairman’s Message • 08 Board Members• 10 Senior Management • 12 BCA’s Organisation Structure • 14 Stats at a Glance18 Re: Think • 24 Re: Shape • 36 Re: Invent • 44 Re: Vitalise • 51 Acknowledgements

Theconstructionindustry is at thecrossroads.With an ageing working population, it is vital that we attractnew blood into the built environment industry for future growth.It is time we reinvent our brand and how we appeal to theyoung. We have conducted aggressive marketing and introducedmany new initiatives such as scholarship, sponsorship andapprenticeship programmes to make the industry more attractiveto new entrants, thereby attracting new blood into the industry.We will continue to do so by taking on a thorough approachto reshape, rethink, reinvent and revitalise the industry.| 01 |

StrategicThrustsWe aim to be a caring and progressive organisationthat values its people, the innovative spirit, integrity,and service excellence.We ensure high safety standards and promote qualityexcellence in the built environment.We champion barrier-free accessibility andsustainability of the built environment.We lead and transform the building and constructionindustry by:• enhancing skills and professionalism• improving design and construction capabilities• developing niche expertise• promoting export of construction-related servicesWe forge effective partnerships with the stakeholdersand the community to achieve our vision.We CareWe care for the well-being of our staff,the community and the environment.We serve our customers with respect andintegrity.CoreValuesWe Dare to DreamWe dare to be innovative and seekopportunities to transform BCA and theindustry.We Can DoWe are a resilient organisation with theconfidence, courage and ability toovercome challenges.| 03 |

BCA’s CorporateSocial ResponsibilityStatementBCA is dedicated to contributing to the well-being of the community and theenvironment through our efforts in shaping a sustainable and friendly built environment.Serving The CommunityTo us, serving the community is a privilege. Embedded in our core value, We care, wetake pride in each and every contribution as we serve with our hearts for the good ofthe community and to promote an inclusive society.To achieve this, BCA will:• shape a friendly built environment for Singapore through improving accessibilityand promoting Universal Design;• inculcate a spirit of volunteerism among staff;• organise purposeful programmes that help to bring about a better built environmentfor all; and• raise public awareness of the importance of a friendly built environment throughdialogues, public education and collaborative projects.Greening The Built Environment (BCA's Environment Policy)BCA takes pride as the Green Leader for Singapore's built environment. Carefor the environment is embedded strongly in our core values, and we arecommitted to championing this worthy cause together with our stakeholdersto help promote environmentally sustainable developments.To achieve this, BCA will:• spearhead green strategies and initiatives towards sustainabilityin the built environment;• champion and lead the building and construction industry inthe development of sustainable building and sustainableconstruction;• actively engage stakeholders through dialogues, public educationand collaborative projects; and• inculcate environmental awareness and commitment amongstour staff through educational and actionable programmes.| 04 |

CorporateGovernanceBCA is committed to good corporate governance. We have put in place a Codeof Corporate Governance to formalise the principles and practices of governancewithin BCA to ensure accountability, responsibility and transparency.Board MembersThe Board currently comprises 13 members. All are non-executive members, exceptDr John Keung who is BCA’s Chief Executive Officer (CEO). The Board comprisesrepresentatives from the industry, academia and ministries. The diverse representationof the Board provides an appropriate range of experience, skills, knowledge andperspectives to enable it to play an active role in guiding BCA to achieve its missionand vision.The Chairman provides strategic leadership and guidance to the Management ofBCA, and ensures that discussions are fairly, objectively and independentlyconducted.The Board meets at least six times a year to evaluate, approve and monitor theplans and budgets of BCA. It also oversees the work and performance of theManagement and assesses the financial health of BCA. The BCA Act empowersthe Board to form committees from among its members to support the work ofthe Board.Finance and AuditInternal ControlsThe Board ensures that the Management maintains a sound system of internalcontrols to safeguard the interests and assets of BCA. It also ensures that a reviewof BCA’s material internal controls, including financial, operational and complianceas well as risk management, is conducted annually through internal and/or externalaudits according to the direction of the Finance and Audit Committee.Finance and Audit CommitteeThe Finance and Audit Committee reviews the audited financial statements withexternal auditors, as well as reviews audit plans and observations of the externaland internal auditors. It also ensures that the Management takes appropriateaction for audit observations and Finance and Audit Committee’s recommendations.All members in the Finance and Audit Committee are non-executive members.| 05 |

Chairman’s MessageChartingMilestonesRecognition as encouragement2011 was a watershed year for us, having achieved manyfirsts in key areas of our responsibility.Our leadership role in driving the greening of buildingsthrough the Green Building Masterplan was validated whenwe were conferred the first-ever Regional Leadership Awardby the World Green Building Council in December 2011.In September 2011, we formally established the BCA Centrefor Sustainability, one of the few collaborating centres withthe United Nations Environment Programme (UNEP) andthe first in Asia.We scored a first in the world for allowing architectural,structural and M&E submission for regulatory approval inBuilding Information Modelling (BIM) format, thusstreamlining the regulatory submission process. Lookingahead, we will progressively introduce mandatory BIM e-submissions over the next few years.Greening the built environmentAs a small city-state with an open economy, Singapore isparticularly vulnerable to the consequences of climate change.Hence, we have been using different approaches to pushfor sustainable development in Singapore. Key levers are ourGreen Building Masterplan and Green Mark Scheme.More and more countriesare approaching us to workwith them to developgreen building capabilitiesin their countries. Thescheme has now beenused or adapted for use inmore than 10 countries.We’ll be rolling out morenew BCA Green Markschemes this year toinfluence businesses andcommunities to adoptsustainable practices andplay a greater role in thegreen building movement.| 06 |Mapletree Business City- Zhang Qi, 2011

Encouraging the industry on their productivity journeysConstruction demand is expected to stay at a healthy levelof between $22 billion and $28 billion a year for 2012 and2013. Against this backdrop, it is essential that industrygrowth is achieved through productivity and innovationpractices.To further build momentum in the productivity drive, weheld the inaugural Singapore Construction Productivity Weekin April 2011. The Build Smart Conference and BuildTechAsia exhibition were excellent opportunities for industrystakeholders to engage one another and embrace skillsimprovement, innovation and productivity gains in order toachieve sustainable growth in the construction industry.We have seen success in engaging bigger firms to come onboard the productivity journey. Moving forward, we’ll havemore outreach activities to rope in the smaller firms, throughcollaborating with the Singapore Contractors’ AssociationLtd. (SCAL) and the Association of Small and MediumEnterprises (ASME).An inclusive built environment for allWhile we focus on improving the built environment tocreate a world-class city, we must not forget the needs ofthe elderly or those with physical limitations. Our AccessibilityMasterplan has guided us well. We worked with variouspublic agencies to take the lead in improving the accessibilityof their buildings. Close to 100% of these buildingsfrequented by members of the public had achieved at leastbasic barrier-free accessibility, a great improvement fromthe 50% recorded in 2007.In an effort to bring on board more building owners, we’veenhanced the Accessibility Fund and extended the fundingtimeframe till end 2016.We are currently reviewing the Accessibility Code to havemore mandatory elderly and family-centric provisions incertain categories of buildings.Safety first, alwaysAt BCA, safety is mission critical. In fulfilling this mission,we regularly review our regulatory framework and legislationsto ensure our buildings remain safe for the public. Forexample, we worked with SPRING to formulate a roadmapand embarked on initiatives to ensure a smooth transitionfrom the British Standards to Eurocodes for structural buildingdesigns in Singapore.Meanwhile, we also took on a new role as regulator foramusement ride safety on 1 July 2011. To this end, we workclosely with ride owners to ensure safety, so that the publiccan enjoy the rides with peace of mind.Moving forward, we will continue to build up and groomteams of technical experts within BCA.Quality, our hallmarkThe BCA Quality Mark (QM) for Good Workmanship hasbeen gaining traction as a mark of assurance with a takeuprate of almost 50% of private residential units launched.Additionally, we are constantly looking for ways to furtherenhance our customer service. One such initiative was thelaunch of an online system in August 2011 for applications ofquality assessments, bringing much convenience to our users.The road aheadAs you can see, we have implemented a multi-prongedapproach to create a better built environment for all to live,work and play. While a lot has been done, we will continueto explore other approaches. Concerted engagement of allstakeholders is key to ensuring that the formulation of plansfor the way forward gives due consideration to differentconcerns and needs, so let’s continue to work together tocreate the best built environment possible for Singapore.Quek See TiatChairman| 07 |

BoardMembers030405060102[From left to right]01. Mr Quek See Tiat(Chairman)[From April 2001, appointedChairman since April 2007]Ex-Partner and ex-Deputy ChairmanPricewaterhouseCoopers,Singapore02. Mr Lee Chuan Seng(Deputy Chairman)[From April 2003, appointedDeputy Chairman since April 2011]ChairmanBeca Carter Hollings and Ferner(SEA) Pte Ltd03. Dr John Keung[From June 2006]Chief Executive OfficerBuilding and ConstructionAuthority04. Prof Bertil Andersson[From April 2011]PresidentNanyang Technological University05. Mr Federic Perez[From April 2007]Construction DirectorDragages Singapore Pte Ltd06. Mr Ho Tong Yen[From April 2011]Chief Executive OfficerSino-Singapore Tianjin Eco-CityInvestment and Development Co.Ltd| 08 |

07080910 111213[From left to right]07. Mr John Lim[From April 2009]DirectorHigher Education DivisionMinistry of Education08. Mr Kevin Wong[From April 2009]Group Chief Executive OfficerKeppel Land Limited09. Mr Lai Huen Poh[From April 2011]Managing DirectorRSP Architects Planners & Engineers (Pte) Ltd10. Mr Lee Fook Sun[From April 2011]PresidentSingapore Technologies Electronics Ltd11. Mr Norman Ip[From April 2009]AdvisorThe Straits Trading Company Limited12. Mr Pek Lian Guan[From April 2007]Managing DirectorTiong Seng Contractors (Pte) Ltd13. Mr Richard Hassell[From April 2009]Founding DirectorWOHA Architects Pte Ltd| 09 |

10. Mr Cheng Tai FattDeputy Managing Director, BCAAcademy11. Mr Chew Keat ChuanGroup Director, Building Engineering12. Mr Ang Kian SengGroup Director, Research13. Mr Neo Choon KeongGroup Director, Manpower & StrategicPolicy14. Mr Koh Lin JiGroup Director, InternationalDevelopment15. Mr Ang Lian AikActing Group Director,Construction Productivity Centre16. Ms Jeanna DasActing Group Director,Corporate Development10111213 141516| 11 |

BCA’s OrganisationStructure(With effect from 15 August 2012)CHIEF EXECUTIVE OFFICERDR JOHN KEUNGSENIORADVISORMR BENEDICT TANDEPUTY CEOINDUSTRY DEVELOPMENTMR LAM SIEW WAHDEPUTY CEOBUILDING CONTROLMR ONG SEE HOConstructionProductivityCentreAg Grp DirectorMr Ang Lian AikTechnologyDevelopmentGroupGrp DirectorMr Tan Tian ChongManpower &StrategicPolicy GroupGrp DirectorMr Neo Choon KeongBusinessDevelopmentGroupGrp DirectorMr William TanBuilding Plan& ManagementGroupGrp DirectorMr Chin Chi LeongBuildingEngineeringGroupGrp DirectorMr Chew Keat ChuanProductivityDevelopment(Industry)DirectorDarren LimQuality &CertificationDirectorMr Ding Hock HuiDy DirectorMr Tan Boon KeeManpowerPlanningDirectorMs Grace MuiProcurementPoliciesDirectorVacantDy DirectorMs Hor Wai YeeUniversal DesignDirectorMs Goh Siam ImmStrategicEngineeringProjectsDirectorMr Lim Beng KweePractices &ResearchDirectorDarren LimGreenBuilding PolicyDirectorMr Ang Kian Seng (cov)Dy DirectorMs Serene PehManpowerDevelopmentDirectorMs Tan Lay TwanEconomicsResearchDirectorMs Lo Yen LeeBuilding Plan andAdvertisementLicensingDirectorMr Teo Orh HaiPolicy &RegulationsDirectorMs Andris LeongProductivityDevelopment(Mechanisation)DirectorMr Tan Chee KiatDy DirectorMs Rose NguanGreen Mark(Existing Buildings)DirectorMr Toh Eng ShyanManaging forExcellence OfficeDirectorVacantDy DirectorMs Phua Hui ChunStrategicMaterialsDirectorMs Ng Siew KuanBuildingControl PoliciesDirectorMs Meet KaurDy DirectorMr Choong Teck MinConstruction &EnforcementDirectorMs Chan Bee BeeBuildabilityDevelopmentDirectorVacantDy DirectorMs Foo-Leoh Chay HongGreen Mark(New Development)DirectorMr Jeffery NengDy DirectorDr Gao Chun PingStrategic PolicyDirectorVacantDy Director (Planning)VacantDy Director (Policy)Ms Pauline GohHuman CapitalDevelopmentDirectorMr Gary ChangConstructionEngineeringCapabilityDevelopmentDirectorVacantDy DirectorMr Tan Wee KwangBuilding Plan &EnforcementDirectorMr Raymond TayBuildingManagementDirectorMr Lim Chong YongDy DirectorMr Jeremy TanBridges &Structural SteelDirectorMr Thanabal KaliannanDy Director(Innovative Materials& Solutions)Mr Lung Hian HaoDeep Excavation &GeotechnicalDirectorMr Yang Kin SengDy Director(Geological Office)Mr Kiefer ChiamAmusementRides SafetyAg DirectorMr Hashim Bin Mansoor| 12 |

MANAGING DIRECTORBCA ACADEMYMR WILLIAM TANEXECUTIVE DIRECTORSERVICESMR CHOO WHATT BINSpecialFunctionsGroupGrp DirectorMr Ong Chan LengRegistrarProfessionalEngineers BoardMr Chin Jen ChyiBCAAcademyDy MDMr Cheng Tai FattResearchGroupGrp DirectorMr Ang Kian SengInternationalDevelopmentGroupGrp DirectorMr Koh Lin JiCorporateDevelopmentGroupAg Grp DirectorMs Jeanna DasTransit ShelterEngineeringDirectorMr Lee Chee KeongSchool of Graduate& ManagementDevelopmentDirectorMrs Leong-Kok Su MingDy DirectorMs May SiuCentre forSustainableBuilding &ConstructionCentre DirectorVacantDy DirectorDr Edward AnggadjajaAsia PacificDirectorVacantDy DirectorDr Gao Chun PingInformationTechnologyDirectorDr Tan Kee WeeCivil DefenceShelter EngineeringDirectorMs Chua Bee TeeEnforcement& StructuralInspectionDirectorMr Clement TsengSchool of Building &DevelopmentAg DirectorDr Keow Yeong MingCorporateServices OfficeDirectorVacantDy DirectorMs Jaime LoongR&DProgrammesDirectorMr Ang Kian Seng (cov)South Asia& Middle EastDirectorVacantDy DirectorMr Goh Wee HongCommunicationsDirectorMs Jeanna Das (Cov)Dy Director(3P Relations)Ms Stella WongDy Director(CorporateCommunications)Ms Leong Ee LengDy Director(Customer Services)Ms Lam Fei YenCoastal & ProjectManagementDirectorMr Chua Lian ChyeDy Director(Coastal Protection)Mr Ho Chai TeckMarketing &Business DevtDirectorMrs Leong-Kok Su Ming(cov)LegalGeneral CounselMs Meet KaurCentre forConstruction ITCentre DirectorDr Tan Kee WeeDy DirectorMs Soon Lay KuanFinanceDirectorMrs Yeo-Lau Hui TiangDy Director(Procurement)Ms Rachel ChuaCorporateAdminDirectorMs Jeanna Das (Cov)| 13 |

Stats at aGlance364BIM projects1597 BIM submissionsBIM amount awarded:$4.44 million168firms applied forBIM FundMore than 11,000 CoreTrade personnel registered with BCA600 More than projects withtotal contract value of over $60 billiondeployed CoreTrade personnel9,410private residential units in Singaporecommitted to Quality Mark in FY201124,656household shelters and 1,216 storey shelters in public andprivate residential buildings were commissioned in FY20115 transit shelters were tested and commissioned in FY2011102 buildings supported byAccessibility Fund52 Universal Design Awardsconferred since 20076,387Servednotices on building owners to carry out Periodic StructuralInspection in FY2011More than 2,400buildings rated for userfriendlinessServed 56 orders to ownersto carry out rectification toreinstate structural integrityand safety of their buildingsin FY2011Investigated 300cases of unauthorisedstructures in FY2011Completed upgrading works in 29private estates| 14 |

67active amusement rides42 active permanent rides25 active relocatable ridesplanned rides at12 design review stage8rides under constructionBCA Construction Excellence Award (CEA) is in its 27 thyear of competition187 Construction Excellence Awards and 180Certificates of Merit given out from 1986 to 201117Awards and 11Certificates of Merit given out in 20113,393advertisement licencesissued in FY20116,228building plans submitted inFY20112,997 TemporaryOccupation Permits(TOP) issued in FY 201114,885structural plans submittedas of end FY20114,959 Certificatesof Statutory Completionissued in FY20117,089constructionpermitsissued as of endFY2011Average CONQUAS score inFY2011 is85.7Top three CONQUAS scores are97.3, 96.5and 96.3CONQUAS penetration rate in8Singapore for private residential 95and commercial projectsCONQUAS is registered or used incountries and counting (Malaysia,Thailand,China, Hong Kong, Australia, India, South Africa& United Kingdom)| 15 |

CONSTRUCTION DEMAND(EXCLUDING RECLAMATION PROJECTS)$Billion35.735.227.624.520.222.520.0TotalPrivate SectorPublic Sector14.54.89.710.04.65.410.35.74.611.57.54.016.813.13.718.85.715.58.613.919.08.615.22002 2003 2004 2005 2006 2007 2008 2009 2010 2011CONSTRUCTION OUTPUT$Billion26.230.927.4 27.713.312.2 11.612.2 12.917.918.420.816.4 16.36.27.15.3 5.2 6.0 7.612.46.9 6.4 6.2 5.3 5.57.810.1 11.0 11.4TotalPrivate SectorPublic Sector2002 2003 2004 2005 2006 2007 2008 2009 2010 2011| 16 |

CONSTRUCTION GDP (AT 2005 MARKET PRICES)$Billion10.510.911.29.07.27.56.66.2 6.36.42002 2003 2004 2005 2006 2007 2008 2009 2010 2011Source: Singapore Department of StatisticsNO. OF BCA GREEN MARK BUILDING PROJECTS IN SINGAPORENo. of building projects4277361,18023917 33127FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011| 17 |

Re:Think| 18 |

Building safety is something that most of us take forgranted. At BCA, we are constantly refining ourbuilding control system to ensure the safety of buildingusers, so you can be assured anytime, anywhere.| 19 |

Our engineers check the construction sites for compliance with the Building Control Act and RegulationsMigration from British Standards to EurocodesHistorically, the building codes in Singapore are based onBritish Standards. However, these standards have now beenwithdrawn as the United Kingdom (UK) has migrated to anew suite of British Standards based on the Eurocodes.Therefore, Singapore would also be migrating to the Eurocodesto align our building codes with the practices in the UK asour construction industry and design practices are similar.To ensure a smooth transition to the Eurocodes in Singapore,these new standards would co-exist with the current designstandards for a period of two years starting from end 2012or early 2013.During the two-year period, we will work with professionalassociations and local experts to develop and conducttraining programmes to equip our industry for a smoothtransition to Eurocodes.Taking steps to ensure safe constructionThe Builder Licensing Scheme, introduced in 2009 sets minimumstandards of professionalism for builders, to ensure that theyare professionally qualified and competent. In FY2011, therewere 934 Class 1 and 2,473 Class 2 General Builders, as wellas 658 Specialist Builders in six categories of specialist works.BCA also worked with the Singapore Structural Steel Society(SSSS) to develop a quality assurance system for “re-used”struts and sheet piles used in bracing of earth-retainingstructure for excavation works. This is in accordance with theEurocodes construction execution standards.The Flower Dome at Gardens by the Bay| 20 |

International Cruise TerminalEnsuring quality of materialsConcrete is widely used in Singapore for building works. Tomaintain a safe built environment, it is essential to ensure thatthe concrete used is of good quality. BCA has worked withthe Singapore Accreditation Council (SAC) to implement theCertification Scheme for Ready Mix Concrete (RMC) suppliers.Since April 2011, RMC that is used for structural elementswould have to be supplied by accredited RMC producers.Major projects completed in 2011 include:• MRT Circle Line• Gardens by the Bay• Punggol Waterway• NUS University Town• International Cruise TerminalThe Punggol WaterwayIACCThe Inter-Agency Coordinating Committee (IACC) was officially established in July 2011. The committee chaired by theCommissioner of Building Control looks into conflicting regulatory requirements imposed by different agencies that areencountered in projects, as well as conflicting policies implemented by agencies, which impact construction productivity.The IACC consists of members from various regulatory agencies and associations which are representative of key stakeholdersin the industry. Any project team encountering conflicting policies and regulatory requirements that impede constructionactivities can present them to IACC for speedy resolution.| 21 |

The new Amusement Rides SafetyFramework ensures that rides aredesigned, maintained and operatedaccording to recognised internationalsafety codes and standardsProtecting amusement ride patronsThe new Amusement Rides Safety Act came into effect on1 July 2011. The new regulatory framework ensures thatrides are designed, maintained and operated according torecognised international safety codes and standards. Fourclosure orders and notices to cease operations were servedin FY2011.As Singapore’s amusement rides industry is still in the infancystage, there is a need to build up the competency of bothour staff and the industry. To date, 16 Specialist ProfessionalEngineers in Amusement Rides Engineering are registeredwith the Professional Engineers Board.Communicating to the public on window safetyEfforts in public education continue with the bi-annual “6/6and 12/12” windows campaign to reinforce the importanceof window safety. Four roving exhibitions to teachhomeowners simple window maintenance tips have beenheld to date. Since 2005, the number of fallen windows hasdropped from 125 to 57 in 2011 - a 55% decrease.Four roving exhibitions to teach homeowners simplewindow maintenance tips have been held to date| 22 |

Our engineers conduct audit exercises at MRT stations to ensure public safetySlope safetyTo ensure slope stability, BCA implemented severalpro-active measures including yearly distribution ofpublic education leaflets and advisory letters toowners of buildings near slope areas, as well asformulated a three-stage slope managementframework for 22 government agencies to protecttheir slopes. So far, these protective measures havebeen effective and no slope failure incident occurredin 2011.Moving forward, neighbourhood focus groupsessions would be held to reinforce the messageon preventive measures to ensure slope safety.Coastal protection and maintenance of foreshore structures• Lead agency for coastal protectionAs the lead agency for coastal protection against a rise in sealevel, we work with other government agencies to develop arobust coastline protection regulatory system and build upexpertise on coastal protection in Singapore. To facilitate thedevelopment of a protective regulatory system, we initiatedthe Risk Map Study to assess the impact of climate change onSingapore’s coastline and potential coastal inundation risks.We have also built up a strong network of establishedinternational experts on coastal protection.• Maintenance of foreshore structuresWe currently maintain 11km of Singapore’s foreshore structures.A regular inspection, repair and maintenance schedule is inplace to ensure the integrity and structural safety of theseforeshore structures.Estate Upgrading Programmes44 private estates were selected for upgrading under the EstateUpgrading Programme (EUP). The programme aims to enhancethe common living environment of private estate dwellers byproviding upgrades to the public areas in the estates. As of March2012, upgrading works in 29 private estates had been completed.More accessible features willbe available at estates that haveundergone the EstateUpgrading Programme| 23 |

Re:Shape| 24 |

We need to take bold steps toreshape the way our constructionindustry works and enhance theindustry’s image.| 25 |

The inaugural Singapore Construction Productivity Week included events such as the Build Smart Conference and BuildTech AsiaExhibition, to share the latest developments on the productivity frontShaping the future - The ConstructionProductivity RoadmapProductivity is the hottest buzzword inSingapore in recent years. For theconstruction industry, the ConstructionProductivity Roadmap lights the wayforward for the construction sector’sproductivity movement.“There are many initiatives in place to provideassistance to firms. We’d like to urge firmswho have yet to embark on their productivitydrive to come forward and begin theirproductivity journey with us to staycompetitive and profitable. We’ll do our bestto help them move ahead.”Dr John Keung, Chief Executive Officer, Building andConstruction AuthorityAs of 31 March 2012, through the strong accountmanagement and handholding efforts of the BCA’sConstruction Productivity Centre and Centre forConstruction Information Technology, more than1,100 companies have benefited from theConstruction Productivity and Capability Fund(CPCF) with committed amount of more than $44million. Among these, about 68% were small tomedium-sized companies.Participants of the Skilled Builder Competition hard at work during theSingapore Construction Productivity Week| 26 |

The first nationwide BIM Competition was organised duringthe Singapore Construction Productivity WeekCreating awareness and ownershipBCA held the inaugural Singapore Construction ProductivityWeek (SCPW) in April 2011 to increase the awareness ofproductivity improvement among the huge number ofcompanies in the industry through a week-long campaign.More than 6,000 visitors and 257 exhibitors participated inthe inaugural SCPW.BCA also introduced a string of national-level productivityawards to recognise the productivity efforts of stakeholdersin 2011. The inaugural Construction Productivity Awards(CPA) was given out at the annual BCA Awards in May 2011.A total of 31 awards were conferred under the threecategories of CPA, namely CPA – Projects, CPA – Best Practicesand Innovations; and CPA – Value-Added Productivity.Measuring progressBCA has been monitoring the productivity of buildingprojects to establish annual benchmark indicators for projectproductivity. In September 2011, the Electronic ProductivitySubmission System (ePSS) was launched and deployed asan industry-wide infrastructure for the submission ofconstruction productivity data. It is the first of its kind inthe world that uses a common platform to submit the data.The Construction Productivity Centre (CPC) has been carryingout hands-on training for industry firms so as to familiarisethem with the system.“The construction productivity award received strong support from theindustry with 85 nominations in its inauguration launch. Consideringthat the productivity movement just started about a year ago, this is anencouraging sign that the industry is making some headway inproductivity improvements.”Kevin Wong, Chairman of the CPA Assessment CommitteeFacilitating the way forward - Building Innovation PanelNew construction methods or products often take time toobtain regulatory clearance from various agencies beforethey gain industry acceptance. To facilitate the introductionof productive construction methods and products to localconstruction industry, the inter-agency Buildings InnovationPanel (BIP) was set up in April 2011 to assist firms in receivingfast multiple agency evaluation.Former Senior Minister of State for National Development,Ms Grace Fu, tried her skills at the Crane Simulator System| 27 |

BIM, the 3D revolutionImagine a world where complex buildings areconstructed quickly, efficiently and cost effectivelyand where aesthetics and construction integrationcome together to result in greater productivity gainson-site. These are no longer pipe dreams with theuse of Building Information Modelling (BIM).BIM has been identified as a key driver to improve the levelof integration and collaboration across the various disciplinesin the construction value chain under the technologyadoption thrust of the Construction Productivity Roadmap.BCA formulated a BIM Roadmap to help steer the industrytowards achieving higher productivity and more integratedbuilding process. The Roadmap, driven by BCA’s Centre forConstruction IT (CCIT), included strategies to address thevarious challenges faced by the industry in adopting BIM.Lack of demand for BIMPublic sector taking the leadRegulatory approvalsChallengesEntrenched in the current2D drafting practicesLack of ready pool ofskilled BIM manpowerRemoving impediments(Standards)Building BIMcapability & capacityStrategiesAdditional resources neededto build up BIM expertiseIncentivising BIMadoptersThe International Panel of Experts for BuildingInformation Modelling convened from 31 October to3 November 2011 to deliberate on the BIM roadmapA. BIM AdoptionPublic Sector Projects• 6 Government Procurement Entities (GPEs)rolled-out 41 BIM projectsPrivate Sector Projects• Four developers embarked on 6 BIM projectsB. BIM e-submission• Official acceptance of structural, mechanical,electrical and plumbing (MEP) BIM e-submissionsfor regulatory approval in April 2011• Published structural and MEP BIM e-submissionguidelines and templates in April 2011• More than 300 projects submitted in BIMfor regulatory approval| 28 |

D. BIM Outreach• 47 and 35 teams took part in the inauguralnationwide BIM competition and international BIMBuzz@Singapore competition respectively in 2011• More than 925 people participated in the variousBIM workshops, conferences and seminarsC. BIM Capability& Capacity BuildingBuilding capability• Signed MOU with buildingSMART Korea,buildingSMART Singapore, OpenBIM.info and BCAAcademy to promote collaboration on developingBIM training and educational programmes• BCA Academy launched the Specialist Diploma inBIM in May 2011• BCA Academy launched certification courses in BIMModelling and BIM Management in September2011• Provided goodwill chaperon services to more than100 firms in implementing BIMImparting knowledge• BIM workshops and BIM e-submission training wereheld for 975 students and lecturers from Institutesof Higher Learning (IHL). These included the NationalUniversity of Singapore, National Technical University,Temasek Polytechnic and Ngee Ann Polytechnic.E. BIM Fund• Launched enhanced BIM Funding in May 2011• Since the launch of the Fund, more than $4.44million had been awarded to 168 firms tohelp them adopt the use of BIM (as of end 2011)F. BIM Steering Committee• Set up the BIM Steering Committeeto develop Singapore BIM Guideand Legal & Contractual Framework| 29 |

An eye on qualityQuality can be an elusive element. When you feelcomfortable stepping into a building, when yousee that the details have been taken care of, whenyou trust implicitly that it is safe and well-built,those are signs that someone has been watchingout for you.Woh Hup Building received a CONQUAS score of 97.3, the highestscore in FY2011Construction Quality Assessment System (CONQUAS ® )BCA introduced CONQUAS ® in 1989 with the aim of helpingthe industry benchmark and improve construction quality.Since then, more than 3,000 projects with a cumulativecontract value exceeding $120 billion have been assessed.This has led to better quality buildings in Singapore and overthe years, the average CONQUAS ® scores have rose to apeak of 85.7 and an all-time high score of 97.3 for acommercial project in FY2011. BCA has trained more than500 managers and supervisors under the certifiedCONQUAS/QM (Quality Mark) Managers course. This is partof the Quality Masterplan to build up expertise in the industry.Going forward, more will be done to recognise the role ofsuch individuals in contributing to quality standards.Despite not being a mandatory requirement, CONQUAS ®continued to enjoy high demand with developers andbuilders. In FY2011, 95% (by contract value) of privateresidential and commercial projects in Singapore werecommitted for CONQUAS ® assessment.It is therefore not surprising that CONQUAS ® is very muchsought after internationally as a benchmarking tool forquality. Although Malaysia, Hong Kong SAR and SouthKorea have also adopted quality assessment systems basedon CONQUAS ® , overseas demand for CONQUAS ® , especiallyfrom Malaysia, continue to be strong. It is often promotedby Singaporean developers, contractors and consultantsventuring overseas as it commands a premium due to thisbranding.“CONQUAS ® is unique. In this vein, itdoesn’t have its equivalent elsewherein international construction, promotednationwide.”Oliver-Marie Racine, Chief Executive Officer,Bouygues Batiment InternationalWith CONQUAS, ourindustry is able tobenchmark and improve onconstruction quality| 30 |

Shelford Suites, a QM-certified project, received a CONQUAS score of 96.5, the highest for residential buildings in FY2011Feel assured - Quality Mark for Good WorkmanshipSchemeWe introduced the BCA Quality Mark (QM) for GoodWorkmanship scheme in 2002 to help meet the risingexpectations of homeowners for high quality homes.Over the last few years, the demand for the voluntary QMscheme has been rising. A record 9,410 private residentialunits launched in Singapore were committed to the QMscheme in FY2011. This is about one in two units of privateresidential units launched for sale.Leveraging on IT, one key initiative was the launch of theCQM On-Line system on 1 August 2011. Builders can nowrequest for CONQUAS ® /QM assessments online anytimewith instant confirmation and are kept updated on anychanges. Building on the success of this system, theCONQUAS ® e-Application system was successfully launchedon 1 February 2012 to enable applications to be madeelectronically, 24/7.Over the years, the BCA Quality Mark has been gainingground as a mark of assurance. As demand increases, wewill continue to build on the industry’s feedback to innovate,improve our accessibility and raise the level of service to ourcustomers.“CapitaLand firmly believes that the Quality Mark Scheme will set a highstandard of quality workmanship for residential developments in Singapore.We share a similar vision with BCA towards building premier homes forSingapore’s sophisticated homebuyers. We therefore strongly welcome thescheme and we will give it our full support.”Wong Heang Fine, Chief Executive Officer, CapitaLand Residential Singapore Private Limited| 31 |

Laying thegroundworkStrategic construction materials,foreign workers’ dormitories,market monitoring, procurementframework. These are necessaryfunctions to ensure the cogs canturn smoothly for the constructionsector to thrive.To ensure a resilient supply of quality aggregates to the constructionindustry, we implemented the Importers’ Licensing Scheme in April2011, requiring all aggregates importers to be licensedForeign workers’ dormitoriesTo ease the tight supply of bed spaces for the housing offoreign construction workers, 10 new dormitories overseenby us were completed and opened for occupation in FY2011,which added 27,930 new beds. In total, we oversee 26dormitories (102,628 beds).Monitoring the marketTo facilitate resource planning, we have been providingtimely and relevant construction information to the industry.Since 2011, we enhanced the provision of information byproviding a three-year precast construction demand forecaston a rolling basis in view that the use of precast concreteis one of the key means to raise constructionproductivity. 2011 also saw the launch of the Census of theConstruction Industry, which covered about 19,000construction enterprises and aimed to obtain morecomprehensive data to monitor the performance of theconstruction sector.Another milestone in 2011 was the completion of thestandardisation of M&E phraseology cum development ofstandard tender schedules for M&E works. This initiativewas a joint-industry effort which entailed significantcontributions from key industry players, including Langdon& Seah Singapore Pte Ltd and key M&E consultants.Procurement framework improvementsIn order to incentivise companies for their efforts in improvingproductivity, the tender evaluation framework used by thegovernment - namely the Quality-Fee-Method (QFM) andPrice-Quality-Method (PQM) - will introduce a newquality attribute that measures productivityimprovements. Consultants achieving higher Buildable DesignScores in their past projects will be given higher qualitypoints during tender evaluations. Similarly, contractors willbe given higher quality points if they can achieve higherConstructability Scores in their past projects.The registration systems under the procurement frameworkfor public construction projects have also been enhancedto build up the capability of the industry.| 32 |

SAVING GAIAAs part of the global community, Singapore mustplay its role to reduce the overall carbon footprint.This is also in line with our national objective toachieve a 35% improvement in energy intensityfrom 2005 levels by 2030. To this end, we aim toachieve a sustainable built environment by workingclosely with the industry to incorporate bestpractices in environmental design and construction,and the adoption of green building technologies.The signing of the MOU between BCA and UNEP formalises thecooperation to provide policy advice and outreach activities relatedto sustainable resource management in the building sectorBuilding expertiseThe national target to “green” at least 80% of all buildingsin Singapore by 2030 was set in 2008. The green buildingmovement has come a long way since its inception, with1,181 green buildings as of 31 March 2012. This translatesto about 36.6 million m 2 of Gross Floor Area (or 15.9% ofthe total Gross Floor Area) in Singapore. Legislation was putin place in 2008 for new buildings to meet the minimumenvironmental sustainability standard, and our focus nowis to green the existing building stock.On the international front, we have also joined forces withthe United Nations Environmental Programme (UNEP) to setup the BCA Centre for Sustainability in the fight againstclimate change. A first in Asia and one of the few collaboratingcentres with UNEP, the centre’s aim is to develop tools andapproaches, as well as provide support to regional countriesin a coordinated effort to elevate sustainable solutions inthe building sector.“We are very pleased to formallyestablish BCA's Centre forSustainable Buildings as a centrecollaborating with UNEP. Access toBCA's expertise and regionalnetwork will broaden our collectiveability to not only widen adoptionof sustainable building policies inthe region through outreach andawareness, but will also expand theresearch and analysis needed toestablish baselines, facilitate bestpractices and look more specificallyat the unique aspects of sustainablebuilding in tropical countries.”Dr Arab Hoballah, Chief of UNEP's SustainableConsumption and Production Branch| 33 |

“We believe that the approachwe have taken to shape asustainable built environmentin Singapore is one that canbe reproduced around theglobe. That is why we arealways pleased to share theSingapore formula withgovernment authorities andnon-governmentalorganisations that are keen toaccelerate the green buildingmovement in their cities.”Dr John Keung, Chief Executive Officer,Building and Construction AuthorityPasir Ris residents celebrated Singapore's 1000 th Green Mark building projectduring a 'Walk the Green Talk' eventInternational recognitionIn December 2011, we were conferred the inaugural RegionalLeadership Awards, one of the six World Green BuildingCouncil Government Leadership Awards. This recognised ourefforts in showing the industry the way forward by not justunderstanding the private sector conditions, but also takingon the leadership role to get the public sector to go green.Making the markSince the launch of the BCA Green Mark scheme in 2005,we have been working with countries such as China andBahrain to develop local green building capabilities in theirrespective countries. The BCA Green Mark scheme has nowbeen used or adapted for use in more than 10 countriesincluding China, Malaysia, Vietnam, Brunei, India, Thailand,Indonesia, the Philippines and Tanzania.“The World Green Building Council’s ‘Regional Leadership Award’ recognisesthe outstanding vision and commitment of Singapore’s Building and ConstructionAuthority. We congratulate the Singapore Government for developing aMasterplan that sets minimum environmental standards for building codes,provides incentives for the private sector and promotes research, developmentand capacity building. Singapore’s achievements clearly demonstrate that greenbuildings are not only achievable, but also affordable and practical.”Jane Henley, Chief Executive Officer, World Green Building Council Quote from WGBC for the award| 34 |

At the BCA breakfast talk for CEOs,eight leading developers and buildingowners signed the Green Pledge toshow their commitment to attainhigher energy efficiency for theirexisting buildings through the BCAGreen Mark certification by 2020Build Green. Act Now.The third Singapore Green Building Week was organised inSeptember 2011.During the week, we also held a breakfast talk for morethan 180 influencers and decision-makers and announcedthe results of a joint study with NUS which showed thatretrofitting commercial buildings can lead to an increase intheir property values. The study found that with an averageexpected savings in operating expenses of 10% as a resultof green building retrofits, commercial buildings could reapan increase in capital value of about 2%.Cultivating consciousnessWe champion the development of a holistic and integratedapproach to sustainable building through various incentivesand educational programmes. We held eight rovingexhibitions to-date, which reached out to 81,000 heartlandersalong the way. Additionally, the “Build it Green” (or BiGClub) was launched in 2011 with the aim of nurturing greenbuilding youth ambassadors.Senior Parliamentary Secretary for National Development,Dr Mohamad Maliki Bin Osman, officially opened the SingaporeGreen Building Week 2011 in SeptemberA youth ambassador from the BiG Club spread the green messageat BCA’s Green Building Roving Exhibition| 35 |

We can do anything ifwe put our minds andhearts together. Byforging partnerships,investing in researchand raising awareness,we can re-invent thebuilt environment intoone that is sustainableand inclusive – one thatwe can be proud tocall home.Re:Invent| 36 |

| 37 |

“A transition to a Green Economywill partly depend on sectors likebuilding and construction investingin innovation that catalyses lowcarbon technologies and practices,as well as contributing to moresustainable working. I congratulatethe Building and ConstructionAuthority of Singapore on itsforesight in taking a leading role,and UNEP looks forward to workingtogether.”UNEP’s Executive Director and United NationsUnder-Secretary-General Dr Achim SteinerGuiding the way forward with the Green BuildingResearch & Development (R&D) FrameworkBCA leads an inter-agency Green Building R&D Workgroup,comprising key agencies such as MND, HDB, URA, A*STAR,EDB, JTC, EMA, NEA, NParks, IDA and SPRING, to championand coordinate green building R&D. The Workgroupdeveloped the Green Building R&D Framework to determinethe scope of green building R&D. It serves as a guide forR&D grant calls on green buildings, focusing on developinghigh-impact and cost-effective solutions for green buildingsin the tropics.Establishing the A*STAR-MND grant callIn addition, we established a Public Private Partnership (PPP)model for R&D collaboration. We worked closely with MNDand A*STAR to roll out a pilot joint grant call for greenbuildings in April 2011. The PPP approach encouragedindustry and research institutes to collaborate and submitjoint R&D proposals and such collaborations ensured thatthe solutions developed also addressed challenges faced bythe industry. A total of $9 million was awarded to nineresearch projects in the areas of energy efficiency andbuilding facade materials.The R&D Congress held in June 2011 promotes greater awarenessand encourage further collaboration between researchers, agenciesand industry on Green Building R&DEncouraging greater energy efficiency with the GreenMark Incentive SchemeThe Green Mark Incentive Scheme - Design Prototype (GMIS- DP) was launched in December 2010 to encouragedevelopers and building owners to strive for greater energyefficiency in buildings by taking an integrated designapproach early at the planning stage. So far, two projects– JEM at Jurong Gateway and JTC’s Clean Tech Park Two– had been awarded funding support of about $1millionunder the GMIS – DP scheme.| 38 |

BCA’s Zero Energy Building has achieved netzero status for more than two and a halfyears since operationZero Energy BuildingA new testbed at BCA’s Zero Energy Building won the AseanEnergy Award recently and generated interests for possibleadoption at a new NTU facility. The Passive DisplacementVentilation system presents an innovative technology tocool buildings at substantially reduced electricity consumptionwithout the hefty re-construction and capital costs.ZEB continues to attract interest from SMEs and largecompanies who want to collaborate and work on researchand testbedding projects. Technology test beds in the pipelineinclude the ‘Inflector’ which is a material developed byNASA for space travel and is now incorporated in windowblinds to shield the building from solar heat gain.Reaching out to moreBCA’s 2nd International Green Building Conference (IGBC)took place from 13–16 September 2011 during the SingaporeGreen Building Week (SGBW). It saw the participation ofclose to 1,000 delegates from over 32 countries. IGBC 2011was a unique 7-in-1 event with symposiums by local andinternational partners such as the United Nations EnvironmentProgramme (UNEP), World Green Building Council (WGBC),China Green Building Council (China GBC), and SingaporeGreen Building Council (SGBC).ZEB has also achieved the net zero status for more than 2.5years and has to-date attracted about 15,000 visitorsincluding Ministers from Brunei, Jamaica, Malaysia andmany other dignitaries.Financing capability developmentAs of end FY2011, 44 projects had been awarded with atotal committed funding of $4 million under the $15 millionSustainable Construction Fund. One such project was theTiong Seng Prefab Hub where the Fund was used to upgradethe concrete batching facilities in Tiong Seng’s Prefab Hubto produce more green concrete.Senior Minister of State for National Development launched theInternational Green Building Conference in September 2011BCA held eight Green BuildingRoving Exhibitions to creategreater awareness of the greenbuilding movement| 39 |

The Sino-Singapore Tianjin Eco-city Cooperation Agreements signing ceremony to jointly develop the Low Carbon Living LabSpreading our wingsWe could all use a little help, especially whennavigating in unfamiliar territories. To this end,BCA actively promotes and supports our localconstruction-related firms so that they can ventureoverseas.Going globalBCA, together with the industry, participated in overseasexhibitions to raise our international profile and showcaseour local companies’ products and services. We also marketedBCA’s services overseas, such as the Green Building TrainingProgramme and Green Mark certification, as well as facilitatedthe 3rd run of green building training for Tianjin Eco-city.BCA further extended the programme and introduced it tothe Qinhuangdao government.The International Green Building Conference was one platformthat encouraged further collaboration between local andinternational stakeholders including researchers, governmentagencies and the industry on green building R&DBCA also took the lead in developing green building andgreen district standards for the Sino-Singapore GuangzhouKnowledge City.Forging partnershipsFour Memorandums of Understanding (MOUs) and serviceagreements were signed with five cities in China in FY2011.These paved the way for our companies to venture intothese emerging markets. Local firms are following up withthe project leads derived from the MOUs.| 40 |

An MOU was signed between BCA andthe Zhaoqing Municipal People’sGovernment to collaborate on areas suchas eco-district conceptualisation, sharingof experience and expertise, and greenindustry capability developmentMemorandums of Understanding (MOUs) signed with Chinese cities in FY2011• Beijing Construction Decoration Association Collaboration Projects MOU• Sino-Singapore Tianjin Eco-city Investment & Development Co. Ltd. and International Entreprise SingaporeTianjin Eco-city Low Carbon Living Lab MOU• Changzhi Municipal People’s Government Collaboration Projects MOU• Zhaoqing Municipal People’s Government Collaboration Framework MOUWe also actively sourced for project leads and assisted localfirms in clinching projects in China, India and Indonesia lastyear. In 2011, the local construction consulting firms wona total of 201 projects overseas.Our building and infrastructure contractors were alsosuccessful in landing projects overseas in spite of the strongconstruction demand in Singapore. In 2011 they clincheda total of $1.2 billion worth of construction projects spanningover 23 countries.Sharing knowledgeApart from project sourcing and facilitation, we also sharedwith our local firms the intricacies of doing business invarious countries. In July 2011, we held a seminar on doingbusiness in the Middle East. We also worked with Singaporeplanning firms, green consultants and other service providersto bring the Sino-Singapore Green Building Forum Seriesto three cities in China – Taiyuan, Kunming and Zhaoqing.Singapore – a green building technology hubTo raise awareness and profile Singapore as a regional hubfor green building technologies (GBT), we worked with theSingapore Green Building Council (SGBC) to set up aSingapore Pavilion at the International Green and EnergyefficientBuilding Conference (IGEBC) in March 2012 inBeijing. Additionally, we also organised a forum to shareour green journey, Green Mark scheme and best practiceswith attendees.In FY2011, a total of 238 high profile foreign delegationsvisited BCA and were hosted and briefed on BCA’s variousinitiatives. They also went on guided tours of BCA’s ZeroEnergy Building (ZEB) and other BCA-certified green buildings.The Singapore Green Pavilionat the International Green andEnergy-efficient BuildingConference| 41 |

Lush gardens with greenery, play areas for kids, spacious courtyards and serene eco ponds provide a conducive environment for groupsof all ages to enjoy and relaxCreating an inclusive built environmentAt BCA, we do our best to create a city for all ages, because everyone has a right tocomfortable surroundings. To this end, we continuously seek improvements to enhance thebuilt environment to make it a great place for you to live, work and play in.We introduced a five-year Accessibility Masterplan in 2006to support an inclusive society and “ageing-in-place” in aholistic manner through collaboration with different publicagencies and stakeholders.By end of March 2012, these are the achievements:• close to 100% of the public sector buildings frequentedby members of the public had achieved at least basicbarrier-free accessibility• The Orchard Road shopping belt has also achieved atleast basic barrier-free accessibility for 88% of thebuildings• 102 applicants had benefitted from the AccessibilityFund which helped to defray the cost of barrier-freeaccessibility upgradingBCA also cultivated the younger generation to appreciatethe concept of UD and barrier-free accessibility, under the‘nurturing the young’ programme. Since 2007, 71 internsin 30 batches from Institutes of Higher Learning have joinedBCA to participate in accessibility audits on buildings.To encourage and recognise building owners and designersfor adopting UD concepts in their buildings, BCA has conferreda total of 52 Universal Design Awards since its conception.Outreach and capability buildingWe put up comprehensive promotional and educationalprogrammes to reach out to the industry and stakeholders.Roving exhibitions, dialogues and community outreachsessions were carried out at a total of 43 venues such aslibraries, schools and community centres over the past fiveyears. The BCA Friendly Built Environment Portal(www.friendlybuildings.sg) currently features over 2,400buildings rated with different levels of accessibility underour Accessibility Rating System (ARS).About 88% of the buildings along Orchard Road have achievedat least basic barrier-free accessibility| 42 |

From 28-30 March 2012, an International Panel of Experts(IPE) on UD convened in Singapore for the second time toreview the progress of our Accessibility Masterplan andchallenges faced in driving the adoption of UD. Theirrecommendations are currently being considered for in thereview of the Accessibility Masterplan.Key recommendations from the InternationalPanel of Experts on UD• Making business sense of UD, to helpenterprises look beyond upfront costs andunderstand the value of UD. This is in view of arapidly ageing global population, where UD canenable greater inclusiveness in the builtenvironment.• Taking a multi-pronged approach in tacklingexisting buildings, which uses capital incentives,education and possibly legislation as the lastoption. The urgency arises from the expectationthat the number of elderly above 65 in Singaporeis expected to reach 20% in 2030.• Raising awareness and building capabilitiesthrough education and public outreachefforts to achieve buy-in from the community.The Panel recommended various targeted trainingefforts for young children, tertiary students,design professionals, developers and otherrelevant stakeholders. Social media can alsocomplement existing public outreach efforts toachieve buy-in from the community.• Consulting users in the application of UDsince UD concerns users. Both users and expertsshould be consulted to understand the fullspectrum of users’ needs and preferences. Forexisting developments, the Panel endorsed themethodology of conducting audits of existingfacilities and soliciting user feedback to identifyneeds and suggest improvements.“BCA is making excellent progress inthe promotion and delivery of UniversalDesign in Singapore. The level ofimprovements that have been made todate in providing lift accessibility andother improvements to high riseresidential accommodation is a clearand significant testament to theseriousness of BCA’s commitment toproviding residential places and spacesthat enhance the quality of life and theopportunities available to the peopleof Singapore.”Prof Keith Bright, Director, Keith Bright Consultants,United Kingdom| 43 |

Re:Vitalise| 44 |

We need to take boldsteps to start reshapingthe construction industryfundamentally, andthrough these efforts,enhance the industry’simage.| 45 |

The built environment industry has ushered in anexciting and transformative era. As we push forincreasingly sustainable and productive designand construction practices, as well as a morecompetent, innovative and skilled workforce, wealso need to ensure that these advancements andbreakthroughs portray the industry in its best light.Three new manpower development programmes – DiplomaScholarship, Diploma Sponsorship and Apprenticeship - werelaunched in the second half of 2011To enhance the appeal of our industry, particularly to theyounger generation, we progressively stepped up our effortsby leveraging on opportunities offered by emergingdevelopments such as the green building movement andthe push for Building Information Modelling technology.• BCA conducted a pilot run of the Job ShadowingProgramme in November 2011 to further engage andinspire Junior College students in pursuing builtenvironment courses and subsequently careers in thebuilt environment.• To further boost our ongoing endeavours in attractingmore young talents and new entrants at the technical,supervisory and foreman level, we launched three newmanpower development programmes – DiplomaScholarship, Diploma Sponsorship and Apprenticeshipin the second half of 2011.The 2011 BCA-Industry Built Environment undergraduate scholars| 46 |

Multi-skilled workers offer greater flexibility in deployment on site and help to enhance productivity by reducing productivity downtimeRaising workforce skills and qualityAgainst a backdrop of strong construction demand, a keyingredient to raise construction productivity is to continuallyimprove the quality of our workforce.We introduced a new Multi-skilling scheme, which registersworkers who are skilled in more than one constructiontrades. Such multi-skilled workers would offer greaterflexibility in deployment on site and help to enhanceproductivity by reducing downtime.Onwards and upwards - Enhancing CoreTradeIn addition, the enhanced CoreTrade scheme was launched.It allows more skilled and experienced construction workersto progress from general workers to registered tradesmenspecialising in specific trades, to registered foremen andeventually registered construction supervisors.“By mapping out a clear career progression path for the students, the programmesgive an extra nudge for students to seriously consider pursuing a career in the builtenvironment. These manpower development programmes will also certainly benefitprogressive firms that take a long-term view on the value of a quality and competentworkforce, which is the cornerstone of a technologically advanced sector.”Er. Ho Siong Hin (Immediate Past President of the Institution of Engineers Singapore)| 47 |

Students and working professionalsalike have gained the skill sets theyneed to carve out a niche in thebuilt environment industry withBCA AcademyBCA AcademyGrooming the talents of tomorrowOur training arm, the BCA Academy, has been grooming talent for the construction industry since itsinception in 1984. To ensure that the skills and expertise to shape a safe, high quality, sustainable andfriendly built environment are always relevant, the Academy consistently rolls out new courses andprogrammes to cater to the changing needs of the industry. Students and working professionals alikehave gained the skill sets they need to carve out a niche in the built environment industry.Sharpening mindsIn 2011, BCA Academy trained a pool of 11,600 PMETs through various professional and executive trainingprogrammes and 2,500 students through academic programmes ranging from Diplomas to Postgraduate Degreeprogrammes, including 1,200 full-time students. We also trained over 25,000 rank & file personnel under supervisoryand craftsmen skills training programmes. A new Diploma in Geospatial Information and Technology was alsointroduced to build a pipeline of qualified land surveyors.Building Capability to Enhance Productivity & SafetySeveral new programmes were rolled out over the yearincluding:• SMU-BCA-WDA Productivity and LeadershipDevelopment Programme• UniSIM-BCA Bachelor of Building and ProjectManagement• Specialist Diploma in Building Information Modelling(BIM)• Certificate in Construction Productivity Management(jointly with SCAL)Honing SkillsThe Centre for Construction Skills Training (CCST), locatedat the BCA Academy, offers a suite of over 40 trade skillstraining and certification courses which are well-recognised,both locally and overseas. The Crane Simulator Centre wasset up in 2011 to provide quality training courses bysimulating different scenarios that might not be possible ina real-life environment.Going regionalTo transform the BCA Academy into a premium regionaltraining institute of the built environment, the Academyruns customised training programmes for overseasgovernment officials and professionals. To date, over 1,000Cambodian government officials have been trained throughthese customised programmes.| 48 |

Corporate MattersPeople are key to our successThe capability of the industry and the competency of staff are two key factors that are crucial to oursuccess. By developing our human capital, we ensure that our people are equipped to develop andcarry out initiatives that will push the built environment sector to the next level.Our HR strategies• Build expertise in core mission areas• Develop motivated and healthy workforce• Develop staff to full potential• Develop customer-centric workforceWorking togetherFor a plan to work, everyone has to work towards a commongoal. To this end, we equip our staff with relevant skill setsin order to meet the ever-evolving challenges. We take pridein our human capital initiatives, which comprise the TalentManagement Programme (TMP), Core CompetencyProgramme (CCP) and Staff Development Programme.The programmes are supported by five developmentalplatforms: job rotation, secondments/external attachments,scholarships/sponsorships, specialised training/milestoneprogrammes and structured exposure.Let’s talkOur senior management also regularly engages staff onissues relating to organisation excellence through variousactivities and programmes. These include annual staff events,informal engagement sessions, intranet interviews, functionaltrainings and mentorship by senior management.We careWith aspirations to be an employer of choice, we arecommitted to developing a motivated and healthy workforce.In 2011, we introduced the Blue Sky Friday initiative toencourage our officers to leave the office on time at 5.30pmon Fridays to spend time with their family.Other initiatives introduced over the past year include thetwo-day eldercare leave, half-day childcare leave, as well asthe enhancement of on-site health services under the Health& Sports Programme.Ms Tay Ah Ching, BCA’s Principal Engineer from the BuildingEngineering Group, went on a six-week sabbatical attachmentwith an industry firm to keep abreast of the latest technologiesused in the industry| 49 |

Over the past year, we continued our efforts in hosting blood donation drives, fundraising for charity, coastal clean-ups and doing volunteer workWe also believe in doing our part for the environment and society. Over the past year, we continued our efforts in hostingblood donation drives, fundraising for charity, coastal clean-ups and doing volunteer work.Recognition of our effortsWe were rewarded for our constant efforts to push for organisational excellence last year when we received the SingaporeQuality Class (Star) and Service Class as well as renewed the Innovation Class certifications. Since then, we have steppedup our game and are working toward attaining the prestigious Singapore Quality Award.Our key international awards and accolades over the past year include:Innovation Excellence• World Green Building Council Regional Leadership Award for Excellence in City Policy for Green Building• Asean Energy Awards 2011 (for Zero Energy Building or ZEB)• Asian Green City Index 2011 (Singapore is 1st for overall environmental performance in APEC)• Solidiance survey (Singapore is 1st for green building policies in Asia in 2011)Service Excellence• The World Bank opinion survey (Singapore is the fastest in issuing construction permits in world from 2010-12)• The World Bank opinion survey (Singapore is the most business-friendly economy in the world 2010-2012)• PS21 Service Award Winners• Singapore Service ClassOrganisational & Innovation Excellence• Singapore Quality Class Star• Singapore Innovation Class• National Innovation & Quality Circles (IQC) Star Awards 2011• Minister for National Development’s R&D Award (Distinguished) 2011 (for ZEB)People Excellence• Singapore Health Award (Platinum, 2008-2012)Looking ahead, we will continue to explore more ways to lay a strong foundation for our staff to continue their goodwork. Together, we can create the best built environment for Singapore.| 50 |

AcknowledgementsBCA would like to thank the following organisations for their participation and assistance in the photoshoots:CapitaLand LimitedInternational Cruise TerminalLum Chang HoldingsPenta-Ocean Construction Co.,LtdUnited World College of South East AsiaWe would also like to thank these BCA colleagues for their participation and assistance in the photoshoots:Alex TanBernard TanCharles SohChin Leong SiongDr Eric OngEzrin RaofGoh Koon YangJosephine SeetIgnatius IgnatiusLetchimi PalanisamyLim Kay BengNg Kok LamSherlyn YapWong-Ling Yuet ChunWong Siew HengYau Yen Nee| 51 |

BCA FINANCIAL REPORT2011/2012

FIVE-YEAR FINANCIAL SUMMARYThe GroupFINANCIAL RESULTS 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012S$’ 000 S$’ 000 S$’ 000 S$’ 000 S$’ 000Operating income 102,011 133,182 103,763 122,495 152,946Operating expenditure 83,453 94,774 101,820 122,458 148,855Net operating surplus 18,558 38,408 1,943 37 4,091Non-operating income 5,936 2,353 1,601 1,349 1,766Surplus beforegovernment grants 24,494 40,761 3,544 1,386 5,857Government grants 25,772 30,551 34,878 41,206 43,568Surplus before contribution toconsolidated fund 50,266 71,312 38,422 42,592 49,425Donations (3) (6) (2) (3) (3)Contribution to consolidated fund (9,031) (12,798) (6,472) (7,192) (8,315)Income tax expense (8) (18) (33) (24) (57)Surplus for the year 41,224 58,490 31,915 35,373 41,0506058.4950Surplus (S$Million)40302041.2218.5638.4131.9235.3741.051001.940.044.092007/2008 2008/2009 2009/2010 2010/2011 2011/2012Surplus for the yearNet operating surplus[ 02 ]

FIVE-YEAR FINANCIAL SUMMARY (continued)FINANCIAL POSITIONThe Group2007/2008 2008/2009 2009/2010 2010/2011 2011/2012S$' 000 S$' 000 S$' 000 S$' 000 S$' 000Property, Plant and Equipment 30,009 33,424 38,707 35,003 34,910Current Assets 141,906 205,023 225,800 271,962 340,235171,915 238,447 264,507 306,965 375,145Capital and Reserves 70,932 129,423 161,338 196,711 229,824Current Liabilities 72,488 79,546 69,888 73,873 103,480Non-Current Liabilities 28,495 29,478 33,281 36,381 41,841171,915 238,447 264,507 306,965 375,14540040011%30030012%28%20091%89%20086%85%100 83%100017% 14% 15% 11% 9%017%42%41%12%33%54%13%26%61%24%64%61%2007/20082008/20092009/20102010/20112011/20122007/20082008/20092009/20102010/20112011/2012Current AssetsProperty, Plant and EquipmentCapital and ReservesCurrent LiabilitiesNon-Current Liabilities[ 03 ]

FIVE-YEAR VALUE ADDED STATEMENTThe Group2007/2008 2008/2009 2009/2010 2010/2011 2011/2012S$' 000 S$' 000 S$' 000 S$' 000 S$' 000Value Added From:Revenue earned 102,011 133,182 103,763 122,495 152,946Less bought in materialsand services 29,948 43,394 48,110 52,667 77,912Value Added From Operations 72,063 89,788 55,653 69,828 75,034Government grants 25,772 30,551 34,878 41,206 43,568Interest income 1,949 2,335 1,606 1,407 1,725Reversal of impairment loss 3,974 - - - -Gain/(Loss) on disposal of property,plant and equipment 14 18 (5) (58) 41Total Value Added Available ForDistribution 103,772 122,692 92,132 112,383 120,368Distribution:To employeesSalaries and other staff costs 48,647 46,378 49,103 64,148 64,920To GovernmentContribution to consolidated fund 9,031 12,798 6,472 7,192 8,315Income tax expense 8 18 33 24 57Retained for reinvestment andfuture growthDepreciation 4,862 5,008 4,609 5,646 6,026Surplus 41,224 58,490 31,915 35,373 41,050Total Value Added 103,772 122,692 92,132 112,383 120,368[ 04 ]

FINANCIAL REVIEWFINANCIAL RESULTSOperating income for 2011/2012 was $30.5M higher than previous year. With higher operating lease expenses, BCA’s net operating surplusfor the financial year ended 31 March 2012 was $4.1M, as compared to $37K surplus in the previous year.During the year, BCA also received government grants of $43.6M. This brought the surplus for the year to $49.4M, which was $6.8M higherthan the previous year. BCA contributed $8.3M to the consolidated fund for 2011/2012’s surplus.504035.3741.05Surplus (S$Million)3020104.0900.042010/2011 2011/2012Net operating surplusSurplus for the year[ 05 ]

FINANCIAL REVIEW (continued)OPERATING INCOMEOperating income comprised mainly plan fees, advertisement licence fees, course fees, quality assessment and certification fees, tradetest fees and management fees. Operating income increased by $30.5M from 2010/2011 to 2011/2012 mainly due to an increase inmanagement fees, course fees and trade test fees.2010/2011 Operating Income11%24%Plan fees24%3%12%4%Advertisement licence feesCourse feesQuality assessment and certification feesTrade test feesContractors registration feesManagement feesOther income13%9%2011/2012 Operating Income5%21%Plan fees32%4%13%Advertisement licence feesCourse feesQuality assessment and certification feesTrade test feesContractors registration feesManagement fees2%14%9%Other income[ 06 ]

FINANCIAL REVIEW (continued)OPERATING EXPENDITUREOperating expenditure, which comprised mainly employee benefit costs, depreciation, operating lease expenses and course and programmeexpenses, had increased by $26.4M from 2010/2011 to 2011/2012. The increase was due to higher operating lease expenses and courseand programme expenses.2010/2011 Operating Expenditure4%7%19%52%Employee benefit costsDepreciation of property, plant and equipmentCourse and programmeOperating lease expensesRepairs and maintenance expenses13%Other expenditure5%2011/2012 Operating Expenditure3%7%29%44%Employee benefit costsDepreciation of property, plant and equipmentCourse and programmeOperating lease expensesRepairs and maintenance expensesOther expenditure13%4%[ 07 ]

Building and Construction Authority and its subsidiariesREPORT ANDFINANCIAL STATEMENTSYear ended 31 March 2012

STATEMENT BY THE BOARD OF THE BUILDING AND CONSTRUCTION AUTHORITYIn our opinion:(a)(b)the consolidated financial statements of the Building and Construction Authority (the “Authority”) and its subsidiary (the “Group”) asset out on pages 12 to 41 are drawn up so as to present fairly, in all material respects, the state of affairs of the Group and of theAuthority as at 31 March 2012 and the results and changes in reserves of the Group and the Authority and cash flows of the Groupfor the year ended on that date in accordance with the provisions of the Building and Construction Authority Act, Chapter 30A andSingapore Statutory Board Financial Reporting Standards; andat the date of this statement, there are reasonable grounds to believe that the Authority will be able to pay its debts as and whenthey fall due.The Board of the Building and Construction Authority has, on the date of this statement, authorised these financial statements for issue.On behalf of the Board of Building and Construction AuthorityQuek See TiatChairmanDr John KeungChief Executive Officer26 July 2012[ 09 ]

INDEPENDENT AUDITORS’ REPORTMembers of the BoardBuilding and Construction AuthorityREPORT ON THE FINANCIAL STATEMENTSWe have audited the financial statements of the Building and Construction Authority (the “Authority”) and its subsidiaries (the “Group”),which comprise the balance sheets of the Group and the Authority as at 31 March 2012, the statements of comprehensive income (includingthe income and expenditure accounts) and statements of changes in reserves of the Group and of the Authority and cash flow statementof the Group for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out onpages 12 to 41.Management’s responsibility for the financial statementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions ofthe Building and Construction Authority Act, Chapter 30A (the “Act”) and Statutory Board Financial Reporting Standards, and for suchinternal control as management determines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance withSingapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluatingthe overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the consolidated financial statements of the Group and the balance sheet, statement of comprehensive income and statementof changes in reserves of the Authority are properly drawn up in accordance with the provisions of the Act and Statutory Board FinancialReporting Standards to present fairly, in all material respects, the state of affairs of the Group and of the Authority as at 31 March 2012and the results, changes in reserves of the Group and of the Authority and cash flows of the Group for the year ended on that date.[ 10 ]

INDEPENDENT AUDITORS’ REPORT (continued)REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSManagement’s responsibility for compliance with legal and regulatory requirementsManagement is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and disposal of assets,are in accordance with the provisions of the Act. This responsibility includes implementing accounting and internal controls as managementdetermines are necessary to enable compliance with the provisions of the Act.Auditors’ responsibilityOur responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. We conductedour audit in accordance with Singapore Standards on Auditing. We planned and performed the compliance audit to obtain reasonableassurance about whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets, are in accordancewith the provisions of the Act.Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure, investment of moneysand the acquisition and disposal of assets; and assessing the risks of material misstatement of the financial statements from non-compliance,if any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Because of the inherent limitationsin any accounting and internal control system, non-compliances may nevertheless occur and not be detected.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on management’scompliance.OpinionIn our opinion:(a)(b)the receipts, expenditure, investment of moneys and acquisition and disposal of assets by the Authority during the year are, in allmaterial respects, in accordance with the provisions of the Act; andproper accounting and other records have been kept, including records of all assets of the Authority whether purchased, donatedor otherwise.KPMG LLPPublic Accountants andCertified Public AccountantsSingapore26 July 2012[ 11 ]

BALANCE SHEETSAs at 31 March 2012GroupAuthorityNote 2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Capital and reservesShare capital 4 1,000 1,000 1,000 1,000Capital account 4 30,816,526 30,816,526 30,816,526 30,816,526Accumulated surplus 199,006,178 165,893,034 197,697,018 165,038,452229,823,704 196,710,560 228,514,544 195,855,978Trust and agency funds 5 24,067,170 25,374,772 24,067,170 25,374,772Non-current assetsProperty, plant and equipment 6 34,909,705 35,002,501 34,909,705 35,002,501Investment in subsidiary 7 - - 2 2Total non-current assets 34,909,705 35,002,501 34,909,707 35,002,503Current assetsTrade and other receivables 8 17,127,573 14,760,713 16,952,585 14,737,449Cash and cash equivalents 9 323,107,237 257,201,325 320,702,705 255,311,608Total current assets 340,234,810 271,962,038 337,655,290 270,049,057Current LiabilitiesFees received in advance 11 56,145,830 42,835,208 54,963,125 41,807,706Trade payables 1,587,319 1,833,314 1,573,699 1,833,314Other payables and accruals 12 35,524,726 20,086,484 35,513,959 20,079,434Provision for pension costs 13 301,792 313,146 301,792 313,146Grants received in advance 14 1,541,887 1,588,658 1,541,887 1,588,658Provision for contribution to consolidated fund 15 8,315,348 7,192,151 8,315,348 7,192,151Income tax payable 63,266 23,845 - -Total current liabilities 103,480,168 73,872,806 102,209,810 72,814,409Non-current liabilitiesFees received in advance 11 24,288,464 17,703,256 24,288,464 17,703,256Provision for pension costs 13 11,332,991 11,005,135 11,332,991 11,005,135Deferred capital grants 16 6,219,188 7,672,782 6,219,188 7,672,782Total non-current liabilities 41,840,643 36,381,173 41,840,643 36,381,173Net Assets 229,823,704 196,710,560 228,514,544 195,855,978Net Assets of trust and agency funds 5 24,067,170 25,374,772 24,067,170 25,374,772The accompanying notes form an integral part of these financial statements.[ 12 ]

STATEMENTS OF COMPREHENSIVE INCOME(including the income and expenditure accounts)Year ended 31 March 2012Operating incomeGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Plan fees 32,665,445 29,812,217 32,665,445 29,812,217Advertisement licence fees 5,735,020 5,470,143 5,735,020 5,470,143Course fees 19,705,778 14,867,858 19,382,778 14,820,845Quality assessment and certification fees 12,979,059 10,389,192 11,970,659 10,134,224Trade test fees 21,724,278 15,436,430 21,724,278 15,436,430Contractors registration fees 3,744,455 3,580,695 3,744,455 3,580,695Management fees 48,708,592 29,119,569 48,708,592 29,119,569Other income 7,683,496 13,819,495 7,683,497 13,819,497Total operating income 152,946,123 122,495,599 151,614,724 122,193,620Less: Operating expenditureEmployee benefit costs 64,920,258 64,148,429 64,430,988 64,142,429Depreciation of property, plant and equipment 6,026,149 5,646,226 6,026,149 5,646,226Course and programme expenses 18,813,288 15,226,548 18,745,586 15,226,548Operating lease expenses 43,694,947 23,702,337 43,694,947 23,702,337Repairs and maintenance expenses 4,718,231 4,703,421 4,718,231 4,703,421Other expenditure 10,682,303 9,031,409 10,411,106 9,017,377Total operating expenditure 148,855,176 122,458,370 148,027,007 122,438,338Net operating surplus/(deficit) 4,090,947 37,229 3,587,717 (244,718)Non-operating income/(expenditure)Interest income 1,724,730 1,407,446 1,716,777 1,403,866Gain/(Loss) on disposal of property,plant and equipment 41,531 (58,576) 41,531 (58,576)1,766,261 1,348,870 1,758,308 1,345,290Surplus before government grants brought forward 5,857,208 1,386,099 5,346,025 1,100,572The accompanying notes form an integral part of these financial statements.[ 13 ]

STATEMENTS OF COMPREHENSIVE INCOME (continued)(including the income and expenditure accounts)Year ended 31 March 2012GroupAuthorityNote 2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Surplus before governmentgrants carried forward 5,857,208 1,386,099 5,346,025 1,100,572Government grantsOperating and development grants 14 42,218,511 39,926,713 42,218,511 39,926,713Deferred capital grants amortised 16 1,349,278 1,279,489 1,349,278 1,279,48943,567,789 41,206,202 43,567,789 41,206,202Surplus before contribution toconsolidated fund, donations andincome tax 49,424,997 42,592,301 48,913,814 42,306,774Donations (2,900) (3,310) (2,900) (3,310)Contribution to consolidated fund 15 (8,315,348) (7,192,151) (8,315,348) (7,192,151)Income tax expense 18 (56,605) (23,864) - -Surplus for the year, representingtotal comprehensive income forthe year 17 41,050,144 35,372,976 40,595,566 35,111,313The accompanying notes form an integral part of these financial statements.[ 14 ]

STATEMENTS OF CHANGES IN RESERVESYear ended 31 March 2012Share Capital AccumulatedGroup Note capital account surplus Total$ $ $ $At 1 April 2010 1,000 30,816,526 130,520,058 161,337,584Surplus for the year, representingtotal comprehensive incomefor the year - - 35,372,976 35,372,976At 31 March 2011 1,000 30,816,526 165,893,034 196,710,560At 1 April 2011 1,000 30,816,526 165,893,034 196,710,560Surplus for the year, representing totalcomprehensive income for the year - - 41,050,144 41,050,144Dividends paid 22 - - (7,937,000) (7,937,000)At 31 March 2012 1,000 30,816,526 199,006,178 229,823,704AuthorityAt 1 April 2010 1,000 30,816,526 129,927,139 160,744,665Surplus for the year, representing totalcomprehensive income for the year - - 35,111,313 35,111,313At 31 March 2011 1,000 30,816,526 165,038,452 195,855,978At 1 April 2011 1,000 30,816,526 165,038,452 195,855,978Surplus for the year, representing totalcomprehensive income for the year - - 40,595,566 40,595,566Dividends paid 22 - - (7,937,000) (7,937,000)At 31 March 2012 1,000 30,816,526 197,697,018 228,514,544The accompanying notes form an integral part of these financial statements.[ 15 ]

CONSOLIDATED CASH FLOW STATEMENTYear ended 31 March 2012Group2011/2012 2010/2011$ $Cash flows from operating activitiesSurplus before government grants 5,857,208 1,386,099Adjustments for:Depreciation of property, plant and equipment 6,026,149 5,646,226Interest income (1,724,730) (1,407,446)(Gain)/Loss on disposal of property, plant and equipment (41,531) 58,576Provision for pension costs 629,648 554,000Surplus before movement in working capital 10,746,744 6,237,455Trade and other receivables (2,214,766) 1,706,215Fees received in advance 19,895,830 9,335,067Trade payables (245,995) 58,163Other payables and accruals 14,796,564 (2,887,767)Cash generated from operations 42,978,377 14,449,133Payment for contribution to consolidated fund (7,192,151) (6,472,519)Payment for income tax (17,184) (33,303)Donations (2,900) (3,310)Pension paid (313,146) (90,562)Net cash from operating activities 35,452,996 7,849,439Cash flows from investing activitiesPurchase of property, plant and equipment (Note A) (5,263,269) (2,356,291)Proceeds from disposal of property, plant and equipment 50,149 953Interest received 1,572,636 1,346,304Net cash used in investing activities (3,640,484) (1,009,034)The accompanying notes form an integral part of these financial statements.[ 16 ]

Group2011/2012 2010/2011$ $Cash flows from financing activitiesDividends paid (7,937,000) -Government grants received 42,067,424 40,749,623Net cash from financing activities 34,130,424 40,749,623Net increase in cash and cash equivalents 65,942,936 47,590,028Cash and cash equivalents at the beginning of year 251,907,525 204,317,497Cash and cash equivalents at the end of year (Note B) 317,850,461 251,907,525Note APurchase of property, plant and equipment:Group2011/2012 2010/2011$ $Additions of property, plant and equipment (Note 6) 5,941,971 2,001,467Add:Opening accruals for the purchase of plant and equipment (Note 12) 300,903 655,727Less:Closing accruals for the purchase of plant and equipment (Note 12) (979,605) (300,903)5,263,269 2,356,291Note BCash and cash equivalents:Group2011/2012 2010/2011$ $Cash at bank and the Accountant-General’s Department (”AGD”) 321,607,237 256,601,325Fixed deposits 1,500,000 600,000323,107,237 257,201,325Less: Cash at bank not available for general use (Note 9) (5,256,776) (5,293,800)317,850,461 251,907,525The accompanying notes form an integral part of these financial statements.[ 17 ]

NOTES TO THE FINANCIAL STATEMENTSThese notes form an integral part of the financial statements.The financial statements were authorised for issue by the Board of the Building and Construction Authority on 26 July 2012.1 DOMICILE AND ACTIVITIESThe Building and Construction Authority (the “Authority”) is established as a statutory board in the Republic of Singapore underthe Building and Construction Authority Act, Chapter 30A (the “Act”). The address of the Authority’s registered office is 5 MaxwellRoad, #16-00 Tower Block MND Complex, Singapore 069110.The consolidated financial statements of the Authority for the year ended 31 March 2012 comprise the Authority and its subsidiaries(together referred to as the “Group”).The mission of the Authority is to shape a safe, high quality, sustainable and friendly built environment.2 BASIS OF PREPARATION(a)(b)(c)STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with the provision of the Act and Statutory Board Financial ReportingStandards (“SB-FRS”). SB-FRS include Statutory Board Financial Reporting Standards, Interpretations of SB-FRS and SB-FRSGuidance Notes as promulgated by the Accountant-General.BASIS OF MEASUREMENTThe financial statements have been presented on the historical cost basis.FUNCTIONAL AND PRESENTATION CURRENCYThe financial statements are presented in Singapore dollars, which is the functional currency of the Authority.The preparation of financial statements in conformity with SB-FRS requires management to make judgements, estimates andassumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses.Actual results may differ from these estimates.(d)USE OF ESTIMATES AND JUDGEMENTSEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised inthe period in which the estimate is revised and in any future periods affected.In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policiesthat have the most significant effect on the amount recognised in the financial statements is included in the following notes:• Note 3(g) - provision for pension costs• Note 3(h) - revenue recognition• Note 6 - estimation of useful lives of property, plant and equipment• Note 8 - recoverability of trade and other receivables[ 18 ]

2 BASIS OF PREPARATION (continued)(e)Changes in accounting policiesIdentification of related party relationship and related party disclosuresFrom 1 March 2011, the Group has applied the revised SB-FRS 24 Related Party Disclosures (2010) to identify parties that arerelated to the Group and to determine the disclosures to be made on transactions and outstanding balances, including commitments,between the Group and its related parties. SB-FRS 24 (2010) improved the definition of a related party in order to eliminateinconsistencies and ensure symmetrical identification of relationships between two parties.SB-FRS 24 (2010) provided an exemption for government-related entities from the need to provide the full disclosures as requiredunder SB-FRS 24 (2010). Government-related entities could now opt to provide disclosures only in respect of those related partytransactions which are considered to be individually or collectively significant. In this respect, the Group has elected to apply themodified disclosure exemption provided by SB-FRS 24 (2010).The adoption of SB-FRS 24 (2010) affects only the disclosures made in the financial statements. There is no financial effect onthe results and financial position of the Group for the current and previous financial year. The transactions with Government-relatedentities are disclosed in Note 21.3 SIGNIFICANT ACCOUNTING POLICIESThe accounting policies set out below have been applied consistently to all periods presented in these financial statements, andhave been applied consistently by Group entities, except as explained in note 2(e), which addresses changes in accounting policies.(a)Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (majorcomponents) of property, plant and equipment.Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposalwith the carrying amount of property, plant and equipment, and are recognised in the income and expenditure account.Subsequent costsThe cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probablethat the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carryingamount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognisedin the income and expenditure account as incurred.DepreciationDepreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less itsresidual value.Depreciation is recognised in the income and expenditure account on a straight-line basis over the estimated useful lives of eachpart of an item of property, plant and equipment, since this most closely reflects the expected pattern of consumption of the futureeconomic benefits embodied in the asset. Assets under construction are not depreciated until they are ready for their intended use.[ 19 ]

3 SIGNIFICANT ACCOUNTING POLICIES (continued)(a)Property, plant and equipment (continued)Depreciation (continued)The estimated useful lives for the current and comparative periods are as follows:• Leasehold land and office building 29 years• Site office and land improvement 10 years• Office, photo printing and training equipment 5 to 10 years• Furniture, fittings and fixtures 8 years• Data processing equipment 3 to 5 yearsDepreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.(b)SubsidiariesSubsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financialstatements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries havebeen changed where necessary to align them with the policies adopted by the Group.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminatedin preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but onlyto the extent that there is no evidence of impairment.Accounting for subsidiaryInvestment in subsidiary is stated in the Authority’s balance sheet at cost less accumulated impairment losses.(c)Financial instrumentsNon-derivative financial assetsThe Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognisedinitially on the trade date at which the Group becomes a party to the contractual provisions of the instrument.The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers therights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewardsof ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by theGroup is recognised as a separate asset or liability.Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group hasa legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.The Group has the following non-derivative financial assets: loans and receivables.Loans and receivablesLoans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Suchassets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loansand receivables are measured at amortised cost using the effective interest method, less any impairment losses.Loans and receivables comprise trade and other receivables, and cash and cash equivalents.Cash and cash equivalents comprise cash balances and bank deposits.[ 20 ]

3 SIGNIFICANT ACCOUNTING POLICIES (continued)(c)Financial instruments (continued)Non-derivative financial liabilitiesFinancial liabilities are recognised initially on the trade date at which the Group becomes a party to the contractual provisions ofthe instrument.The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expired.Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group hasa legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.The Group has the following non-derivative financial liabilities: trade and other payables.Trade and Other PayablesSuch financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initialrecognition, these financial liabilities are measured at amortised cost using the effective interest method.Share capitalOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised asa deduction from equity, net of any tax effects.(d)Leased assetsLeases in which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Uponinitial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimumlease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicableto that asset.Other leases are operating leases and the leased assets are not recognised in the Group’s balance sheet.(e)ImpairmentFinancial assets (including receivables)A financial asset is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financialasset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and thatthe loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carryingamount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Lossesare recognised in the income and expenditure account and reflected in an allowance account against receivables. Interest on theimpaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amountof impairment loss to decrease, the decrease in impairment loss is reversed through the income and expenditure account.[ 21 ]

3 SIGNIFICANT ACCOUNTING POLICIES (continued)(e)Impairment (continued)Non-financial assetsThe carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is anyindication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairmenttesting, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflowsfrom continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit,or CGU”).An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairmentlosses are recognised in the income and expenditure account. Impairment losses recognised in respect of CGUs are allocated toreduce the carrying amounts of the assets in the unit (group of units) on a pro rata basis.Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreasedor no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverableamount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amountthat would have been determined, net of depreciation, if no impairment loss had been recognised.(f)Employee benefitsDefined contribution plansA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entityand will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pensionplans are recognised as an employee benefit expense in the income and expenditure account in the periods during which servicesare rendered by employees.Defined benefit retirement obligationsDefined benefit retirement obligations due to pensionable officers are recognised in the balance sheet in accordance with thePensions Act, Chapter 225. The pension amounts payable are based on the last drawn salaries of the respective officers and theofficers’ cumulative service period served with the Group at the time of retirement. The Group does not need to bear any medicalliabilities for pensionable officers upon their retirement. The provision for pension due to pensionable officers is determined basedon the expected payouts to be made by the Group in respect of services provided by these pensionable officers up to the balancesheet date.Short-term employee benefitsShort-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group has a present legal orconstructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimatedreliably.Employee leave entitlementEmployee entitlements to annual leave are recognised when they accrue to the employees. A provision is made for the estimatedliability for annual leave as a result of services rendered by employees up to the balance sheet date.[ 22 ]

3 SIGNIFICANT ACCOUNTING POLICIES (continued)(g)ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimatedreliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determinedby discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of moneyand the risks specific to the liability. The unwinding of the discount is recognised as finance cost.As described in Notes 3(f) and 13, the Group determines the provision for pension costs due to pensionable officers based on theexpected payouts to be made by the Group in respect of services provided by these pensionable officers up to the balance sheetdate.Any possible change in key assumptions, on which the provision for pension is based, will affect the amount of employee benefitcosts in the income and expenditure account.(h)RevenueRevenue is measured at the fair value of the consideration received or receivable, net of returns, discounts and rebates.Plan fees are recognised as income over the expected duration of individual projects.Advertisement licence fees and contractors registration fees are recognised as income over the validity periods of the licence andregistration.Course fees are recognised as income over the duration of the courses.Quality assessment and certification fees are recognised as income over the assessment period.Trade test fees are recognised as income on completion of the trade tests.Management fees are recognised as income over the period of services rendered.(i)(j)Government grantsGovernment grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will bereceived and the Group will comply with the conditions associated with the grant. Grants that compensate the Group for expensesincurred are recognised in the income and expenditure account as other income on a systematic basis in the same periods in whichthe expenses are recognised. Grants that compensate the Group for the cost of an asset are recognised in the income andexpenditure account on a systematic basis over the useful life of the asset.Trust and agency fundsTrust and agency funds are government grants and contributions from other organisations where the Authority is not the owner andbeneficiary of the funds. The Authority is merely administering the funds on behalf of the holders of these funds. Income andexpenditure of these funds are taken directly to the funds. The net assets relating to the funds are shown as a separate line itemin the balance sheet.Trust and agency funds are accounted for on a cash basis.[ 23 ]

3 SIGNIFICANT ACCOUNTING POLICIES (continued)(k)(l)(m)Lease paymentsPayments made under operating leases are recognised in the income and expenditure account on a straight-line basis over theterm of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of thelease.Interest incomeInterest income is recognised as it accrues in the income and expenditure account, using the effective interest method.Income taxIncome tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in the income and expenditureaccount except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensiveincome.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted orsubstantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financialreporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporarydifferences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neitheraccounting nor taxable income or loss, and differences relating to investments in subsidiaries to the extent that it is probable thatthey will not reverse in the foreseeable future.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based onthe laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if thereis a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same taxauthority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a netbasis or their tax assets and liabilities will be realised simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it isprobable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at eachreporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.(n)(o)Contribution to consolidated fundThe Authority is required to make contribution to the Consolidated Fund based on a percentage of the net surplus of the Authority(before donations) for each of financial year. The percentage of contribution is determined by the Ministry of Finance.New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 April2011, and have not been applied in preparing these financial statements. None of these are expected to have a significant effecton the financial statements of the Group.[ 24 ]

4 CAPITAL AND RESERVESShare capitalOrdinary shares2011/2012 2010/2011No. of shares No. of sharesGroup and Authority1 April/31 March 1,000 1,000The shares are held by the Minister for Finance, a body corporate incorporated by the Minister for Finance (Incorporation) Act(Chapter 183).The holder of these shares is entitled to receive dividends. The shares carry neither voting rights nor par value.Capital accountThe Capital Account comprises the carrying amount of property, plant and equipment transferred from the former Building ControlDivision of the Public Works Department and the net value of assets and liabilities transferred from the former Construction IndustryDevelopment Board when the Authority was established on 1 April 1999.[ 25 ]

5 TRUST AND AGENCY FUNDSThe various trust and agency funds are:Greenmark Greenmark SustainableGreenmark Incentive Incentive ConstructionMND Incentive Scheme Scheme CapabilityResearch Accessibility Scheme (New (Existing (Design DevelopmentGroup and Authority Fund (i) Fund (ii) Buildings) (iii) Buildings) (iv ) Prototype) (v) Fund (vi)$ $ $ $ $ $Balance as at 1 April 2010 12,688,378 5,714,755 3,490,153 2,200,000 - -Add: Receipts 1,628,709 812,890 300,000 2,508,774 500,000 1,000,000Grants received 1,600,000 800,000 300,000 2,500,000 500,000 1,000,000Interest Income 28,709 12,890 - 8,774 - -Less: Disbursements (4,221,863) (2,453,377) (1,154,125) (823,999) (21,372) (178,309)Grant disbursed to- External parties (2,017,972) (1,613,421) (1,154,120) (24,000) - (78,305)- The Authority (1,953,890) - - - - -Secretariat fee to the Authority (249,995) (839,950) - (799,996) (21,367) (100,002)Amount paid as bank charges (6) (6) (5) (3) (5) (2)Balance as at 31 March 2011 10,095,224 4,074,268 2,636,028 3,884,775 478,628 821,691Balance as at 1 April 2011 10,095,224 4,074,268 2,636,028 3,884,775 478,628 821,691Add: Receipts 72,721 131,763 - 327,085 750,006 1,500,003Grants received - 100,000 - 300,000 750,006 1,500,003Interest income 72,721 31,763 - 27,085 - -Less: Disbursements (2,262,236) (1,954,526) (522,702) (815,106) (48,075) (1,276,586)Grant disbursed to- External parties (1,696,468) (1,324,559) (522,698) (215,096) - (1,127,482)- The Authority (378,267) - - - - (74,092)Secretariat fee to the Authority (187,496) (629,965) - (600,007) (48,073) (75,008)Amount paid as bank charges (5) (2) (4) (3) (2) (4)Balance as at 31 March 2012 7,905,709 2,251,505 2,113,326 3,396,754 1,180,559 1,045,108WorkplaceProfessionalSMU-BCA Safety and Train-and- ConversionBuilding Construction Advanced Health Place ProgrammeRetrofit Energy Productivity Management Professionals Professional for SustainableEfficiency and Programme WSQ Conversion Design Core PlusFinancing Capability Course Fee Framework Programmes Consultants ProgrammeScheme (vii) Fund (a) Grant (1) Grant (2) Grant (3) Grant (4) Grant (5) Total$ $ $ $ $ $ $ $- - 138,550 784,173 202,256 438,820 - 25,657,085- 2,955,000 69,275 1,130,120 - - 826,667 11,731,435- 2,955,000 69,275 1,130,120 - - 826,667 11,681,062- - - - - - - 50,373- (1,365,764) (138,550) (888,991) (2,000) - (765,398) (12,013,748)- (432,449) (138,550) (888,991) (2,000) - (765,398) (7,115,206)- - - - - - - (1,953,890)- (933,296) - - - - - (2,944,606)- (19) - - - - - (46)- 1,589,236 69,275 1,025,302 200,256 438,820 61,269 25,374,772- 1,589,236 69,275 1,025,302 200,256 438,820 61,269 25,374,7725,462 7,630,158 57,925 912,223 - 27,000 317,454 11,731,8005,462 7,630,158 57,925 912,223 - 27,000 317,454 11,600,231- - - - - - - 131,569(5,462) (4,413,343) (127,200) (1,119,562) (187,416) - (307,188) (13,039,402)(5,462) (4,979,823) (127,200) (1,119,562) - - (307,188) (11,425,538)- - - - (187,416) - - (639,775)- 566,664 - - - - - (973,885)- (184) - - - - - (204)- 4,806,051 - 817,963 12,840 465,820 71,535 24,067,170[ 26 ]

5 TRUST AND AGENCY FUNDS (continued)Greenmark Greenmark SustainableGreenmark Incentive Incentive ConstructionMND Incentive Scheme Scheme CapabilityResearch Accessibility Scheme (New (Existing (Design DevelopmentGroup and Authority Fund (i) Fund (ii) Buildings) (iii) Buildings) (iv ) Prototype) (v) Fund (vi)$ $ $ $ $ $Represented by:Cash at bank - - 2,636,028 - 478,628 821,691Cash with AGD 10,095,224 4,074,268 - 3,884,775 - -Total cash representing netassets as at 31 March 2011 10,095,224 4,074,268 2,636,028 3,884,775 478,628 821,691Cash at bank - - 2,113,326 - 1,180,559 1,045,108Cash with AGD 7,905,709 2,251,505 - 3,396,754 - -Total cash representing netassets as at 31 March 2012 7,905,709 2,251,505 2,113,326 3,396,754 1,180,559 1,045,108WorkplaceProfessionalSMU-BCA Safety and Train-and- ConversionBuilding Construction Advanced Health Place ProgrammeRetrofit Energy Productivity Management Professionals Professional for SustainableEfficiency and Programme WSQ Conversion Design Core PlusFinancing Capability Course Fee Framework Programmes Consultants ProgrammeScheme (vii) Fund (a) Grant (1) Grant (2) Grant (3) Grant (4) Grant (5) Total$ $ $ $ $ $ $ $- 1,589,236 69,275 1,025,302 200,256 438,820 61,269 7,320,505- - - - - - - 18,054,267- 1,589,236 69,275 1,025,302 200,256 438,820 61,269 25,374,772- 4,806,051 - 817,963 12,840 465,820 71,535 10,513,202- - - - - - - 13,553,968- 4,806,051 - 817,963 12,840 465,820 71,535 24,067,170NotesThe following funds were set up using grants provided by the Ministry of National Development:i. The MND Research Fund is used for providing support for applied Research and Development projects to raise the qualityof life in Singapore. The Authority is both the administrator and a recipient of the MND Research Fund.ii. The Accessibility Fund is used for providing support to the private sector building owners for voluntary upgrading of barrierfreeaccessibility in buildings with the provision of basic accessibility features.iii. The Green Mark Incentive Scheme (New Buildings) is used for providing support to encourage developers and owners inthe private sector to attain higher Green Mark ratings for their developments by the adoption of Green Building technologiesin new construction projects.iv. The Green Mark Incentive Scheme (Existing Buildings) is used for providing support to private developers and buildingowners to improve energy efficiency of the existing building stock.v. The Green Mark Incentive Scheme (Design Prototype) support efforts invested into the design stage of green buildings toachieve a higher energy efficient building.vi. The Sustainable Construction Capability Development Fund has been set up to develop capabilities of the industry indelivering sustainable materials and adopting sustainable constructions methods.vii The Building Retrofit Energy Efficiency Financing Scheme is used for providing financial assistance to the less financiallystrong building owners, MCST and energy services companies to carry out building retrofits.The following funds were granted by the Singapore Workforce Development Agency with the aim to meet the long term requirementsof the building and construction industry for different groups of professionals:1. The SMU-BCA Advanced Management Programme Course Fee Grant provides support to firms for developing the strategicmanagement capabilities of senior executives to build sustainable competitive advantages for their firms.2. The Workplace Safety and Health (“WSH”) Professionals Workforce Skills Qualifications (“WSQ”) Framework Grant is aimedat building the pool of skilled workers to meet the long term requirements of the WSH professionals by offering Training andAssessment and Assessment-Only-Pathway leading to qualifications under the WSQ system.3. The Train-and-Place Professional Conversion Programmes Grant provides support to skilled Professionals, Managers,Executives and Technicians from other industries who wish to join the construction industry.4. The Professional Conversion Programme for Sustainable Design Consultants Grant provides support to firms in buildingup their expertise and capabilities in the area of green building design.5. The Core Plus Programme Grant aims to train a pipeline of skilled construction tradesman who are looking to upgrade theirskills or considering a career in the construction and built environment industry.The following fund was granted by the Productivity Fund Administration Board:a. The Construction Productivity and Capability Fund aims to steer the construction sector towards higher productivity andenhanced capability in complex civil engineering and complex building projects.[ 27 ]

6 PROPERTY, PLANT AND EQUIPMENTSite officeLeasehold Office and landGroup and Authority land building improvement$ $ $Cost:At 1 April 2010 10,999,260 25,256,382 1,390,657Additions - - 5,360Reclassifications - - -Disposals - - (228,130)At 31 March 2011 10,999,260 25,256,382 1,167,887Additions - - 26,410Reclassifications - - -Disposals - - -At 31 March 2012 10,999,260 25,256,382 1,194,297Accumulated depreciation:At 1 April 2010 6,447,841 14,773,523 698,626Depreciation 379,285 870,907 73,186Disposals - - (228,130)At 31 March 2011 6,827,126 15,644,430 543,682Depreciation 379,285 870,908 92,629Disposals - - -At 31 March 2012 7,206,411 16,515,338 636,311Carrying amount:At 1 April 2010 4,551,419 10,482,859 692,031At 31 March 2011 4,172,134 9,611,952 624,205At 31 March 2012 3,792,849 8,741,044 557,986Office, photoprinting Furniture, Data Assetsand training fittings processing underequipment and fixtures equipment construction Total$ $ $ $ $7,572,690 8,395,029 31,488,261 13,556,330 98,658,609169,079 313,637 780,849 732,542 2,001,467- 11,615,945 102,952 (11,718,897) -(1,541,839) (105,842) (363,409) - (2,239,220)6,199,930 20,218,769 32,008,653 2,569,975 98,420,8561,115,748 908,729 807,205 3,083,879 5,941,971- - 1,851,318 (1,851,318) -(87,185) (26,748) (150,920) - (264,853)7,228,493 21,100,750 34,516,256 3,802,536 104,097,9745,734,839 3,358,718 28,938,273 - 59,951,820538,591 2,439,678 1,344,579 - 5,646,226(1,500,412) (87,741) (363,408) - (2,179,691)4,773,018 5,710,655 29,919,444 - 63,418,355641,788 2,498,596 1,542,943 - 6,026,149(83,973) (21,359) (150,903) - (256,235)5,330,833 8,187,892 31,311,484 - 69,188,2691,837,851 5,036,311 2,549,988 13,556,330 38,706,7891,426,912 14,508,114 2,089,209 2,569,975 35,002,5011,897,660 12,912,858 3,204,772 3,802,536 34,909,705[ 28 ]

6 PROPERTY, PLANT AND EQUIPMENT (continued)Source of estimation uncertaintyThe costs of property, plant and equipment are depreciated on a straight-line basis over their useful lives. Management estimatesthe useful lives of these property, plant and equipment to be between 3 to 29 years. The Group reviews annually the estimateduseful lives of property, plant and equipment based on factors that include asset utilisation and technological changes. It is possiblethat future results of operations could be materially affected by changes in these estimates brought about by changes in thesefactors. A reduction in the estimated useful lives of property, plant and equipment would increase depreciation expense and decreasenon-current assets.7 INVESTMENT IN SUBSIDIARIESAuthority2011/2012 2010/2011$ $1) BCA International Private LimitedUnquoted equity shares, at cost 2 22) BCA Centre for Sustainable Buildings Ltd was incorporated on 26 August 2011 as a company limited by guarantee with no equity share.Details of the subsidiaries at 31 March 2012 are as follows:Country ofProportion ofincorporationownershipName of subsidiary and operation Principal activity interest2011/2012 2010/2011% %BCA International Private Limited Singapore Construction related 100 100consultancy andadvisory servicesBCA Centre for Sustainable Buildings Ltd Singapore Research and 100 -consultancy servicesfor sustainablebuilding policies andclimate change[ 29 ]

8 TRADE AND OTHER RECEIVABLESGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Trade receivables 7,939,952 6,552,496 7,780,599 6,513,586Other debtors 6,383,590 1,762,113 6,374,641 1,761,117Grant receivable from Ministry ofNational Development (”MND”) 1,808,175 2,734,932 1,808,175 2,734,932Grant receivable from ProductivityFund Administration Board (“PFAB”) - 2,955,000 - 2,955,000Amounts due from subsidiaries- trade - - 1,451 17,665- non-trade - - 13,562 -Deposits 15,830 27,660 15,830 27,660Loans and receivables 16,147,547 14,032,201 15,994,258 14,009,960Prepayments 980,026 728,512 958,327 727,48917,127,573 14,760,713 16,952,585 14,737,449The amounts receivable from MND, PFAB and non-trade amounts due from subsidiaries are unsecured, interest-free and repayableon demand.The credit period on rendering of services is 30 days (2010/2011: 30 days). No interest is charged on trade and other receivablesand no collateral is held by the Group over trade and other receivables.Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines credit limits by customer.A majority of the Group’s receivables that are neither past due nor impaired are creditworthy counterparties with good track recordof credit history. Except for two of the Group’s customers with a total balance of $3,144,756 (2010/2011: $1,436,316) which makesup 32% (2010/2011: 41%) of the Group’s receivables with credit terms, there are no other customers who represent more than 5%of the total balance of trade and other receivables.In determining the recoverability of a receivable, the Group considers any change in the credit quality of the receivable from thedate credit was initially granted up to the reporting date. If the financial condition of the customers were to deteriorate, the Groupwould be required to record additional impairment losses. Credit risk is limited due to management’s on-going evaluation of thecreditworthiness of the Group’s customers and that majority of the Group’s trade receivables are within their expected cash collectioncycle.[ 30 ]

8 TRADE AND OTHER RECEIVABLES (continued)The table below is an analysis of the ageing of loans and receivables at the reporting date:Gross Impairment Gross Impairment2011/2012 2011/2012 2010/2011 2010/2011$ $ $ $GroupNo credit terms 6,513,412 209,995 10,739,509 201,106Not past due 9,273,024 - 3,106,992 -Past due- < 3 months 420,541 - 330,106 -- 3 months to 6 months 73,883 - 39,211 -- 6 months to 12 months 30,871 - 17,489 -- > 12 months 54,157 8,346 8,346 8,34616,365,888 218,341 14,241,653 209,452AuthorityNo credit terms 6,528,425 209,995 10,757,174 201,106Not past due 9,308,119 - 3,156,586 -Past due- < 3 months 307,741 - 268,006 -- 3 months to 6 months 30,383 - 11,811 -- 6 months to 12 months 23,871 - 17,489 -- > 12 months 14,060 8,346 8,346 8,34616,212,599 218,341 14,219,412 209,452The movement in the allowance for impairment in respect of loans and receivables during the year is as follows:Group and Authority2011/2012 2010/2011$ $At 1 April 209,452 191,572Impairment loss recorded 8,889 17,880At 31 March 218,341 209,452[ 31 ]

9 CASH AND CASH EQUIVALENTSGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Cash at bank 14,547,131 1,590,358 13,642,599 300,641Fixed deposits 1,500,000 600,000 - -Cash with the AGD 307,060,106 255,010,967 307,060,106 255,010,967Total 323,107,237 257,201,325 320,702,705 255,311,608Fixed deposits at the financial year end bear interest ranging from 0.45% to 0.60% (2010/2011: 0.60%) per annum and for tenureof 12 to 18 months (2010/2011: 18 months). These fixed deposits are readily convertible to known amount of cash.Cash at bank not available for general useThe Group acts as a collection agent for various parties on certain projects and collects payments on their behalf. Included in cashand cash equivalents as at the year end is an amount of $5,256,776 (2010/2011: $5,293,800) pertaining to the bank balances heldon behalf of these parties.The Group’s exposure to interest rate risk is disclosed in Note 10(b).On 2 November 2009, the Accountant-General's Department (“AGD”) issued a circular no. 4/2009 to centrally manage the cash ofall Statutory Boards and Ministries under the Centralised Liquidity Management (“CLM”) scheme. This scheme aims to achievehigher returns and to better manage credit risk at the Whole-of-Government level. The Authority participated in the CLM schemestarting from 25 March 2010.10 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT(a)Categories of financial instrumentsThe following table sets out the financial instruments as at the balance sheet date:Financial AssetsGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Loans and receivables at amortised cost:Cash and bank balances 323,107,237 257,201,325 320,702,705 255,311,608Trade and other receivables (excluding prepayments) 16,147,547 14,032,201 15,994,258 14,009,960Total 339,254,784 271,233,526 336,696,963 269,321,568Financial LiabilitiesLiabilities at amortised costs:Trade payables 1,587,319 1,833,314 1,573,699 1,833,314Other payables (excluding provision for unconsumed leave) 32,589,102 17,450,822 32,578,335 17,443,772Total 34,176,421 19,284,136 34,152,034 19,277,086[ 32 ]

10 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (continued)(b)Financial risk management policies and objectivesThe Group has documented financial risk management policies. These policies set out the Group’s overall business strategiesand its risk management philosophy. The Group’s overall financial risk management programme seeks to minimise potentialadverse effects of financial performance of the Group. These programmes cover specific areas, such as market risk (includingforeign exchange risk, interest rate risk, equity price risk), credit risk, liquidity risk, interest rate risk, use of derivative financialinstruments and investing excess cash. Such written policies are reviewed annually by the management and periodic reviewsare undertaken to ensure that the Group’s policy guidelines are complied with.The Group does not hold or issue derivative financial instruments for speculative purposes.There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measuresthe risk. Market risk exposures are measured using sensitivity analysis indicated below.(i)Foreign exchange risk managementThe Group has limited exposure to foreign currency exchange risk as its operations are substantially transacted in Singaporedollars, which is the functional currency of the Authority.All financial assets and liabilities reported on the balance sheet are denominated in Singapore dollars.(ii)Interest rate risk managementThe Group’s interest-bearing financial instruments mainly relate to cash and bank balances which are all short-term. Hence,management do not expect future fluctuations in interest rates to have a significant impact on the Group’s results or cash flows.The Group’s policy is to maintain cash and cash equivalents with reputable financial institutions. The Authority participatedin the Centralised Liquidity Management scheme starting from 25 March 2010.(iii)Credit risk managementCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to theGroup. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the riskof financial loss from defaults. The Group’s exposure and the financial position of its counterparties are continuously monitoredand the aggregate value of transactions concluded is spread amongst approved counterparties.The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties havingsimilar characteristics. The credit risk on liquid funds is limited because the counterparties are reputable financial institutionsand the AGD.The carrying amount of financial assets recorded in the financial statements, grossed up for any allowances for losses,represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral obtained.Further details of credit risks on trade and other receivables are disclosed in Note 8 to the financial statements.[ 33 ]

10 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (continued)(iv)Liquidity and funding risk managementThe Group funds its operations through a mix of internally-generated funds and government grants. The Group reviewsregularly its liquidity reserves, comprising cash flows from its operations and government grants, to ensure sufficient liquidityis maintained at all times.Liquidity and interest risk analysisNon-derivative financial assetsThe Group’s non-derivative financial assets as disclosed in Note 10(a) above, are due within one year from the balancesheet date. Interest rates on cash and bank balances are disclosed in Note 9 to the financial statements.(v)Fair values of financial assets and financial liabilitiesThe carrying amounts of financial assets and financial liabilities reported on the balance sheet approximate their respectivefair values due to the relatively short-term maturity of these financial instruments.(vi)Capital risk management policies and objectivesAs a statutory board, the Authority’s primary mission is to achieve government objectives as detailed under Note 1.The capital structure of the Group consists of share capital, capital account and accumulated surplus which are presentedin the statement of changes in reserves.The Group’s overall strategy remains unchanged from the last financial year.11 FEES RECEIVED IN ADVANCEGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Balance at 1 April 60,538,464 51,203,397 59,510,962 50,668,847Add: Fees received 118,335,020 91,688,404 117,635,522 90,893,471Less: Fees recognised as revenue (98,439,190) (82,353,337) (97,894,895) (82,051,356)Balance at 31 March 80,434,294 60,538,464 79,251,589 59,510,962Represented by:Current 56,145,830 42,835,208 54,963,125 41,807,706Non-current 24,288,464 17,703,256 24,288,464 17,703,25680,434,294 60,538,464 79,251,589 59,510,962[ 34 ]

12 OTHER PAYABLES AND ACCRUALSGroupAuthority2011/2012 2010/2011 2011/2012 2010/2011$ $ $ $Amounts due to MND 5,346,652 5,096,734 5,346,652 5,096,734Maintenance deposits 89,019 96,090 89,019 96,090Sundry creditors 2,280,866 1,610,867 2,280,866 1,610,867Provision for unconsumed leave 2,935,624 2,635,662 2,935,624 2,635,662Accruals for operating expenses 8,964,343 7,830,943 8,953,576 7,823,893Accruals for the purchase of plant and equipment 979,605 300,903 979,605 300,903Security/Tender deposits 13,263,410 1,599,706 13,263,410 1,599,706Scholarship 1,665,207 915,579 1,665,207 915,57935,524,726 20,086,484 35,513,959 20,079,434The amounts due to MND mainly pertain to the amounts collected on their behalf by the Authority for certain projects which theGroup acts as an agent and other non-trade payables. The balances are unsecured, interest-free and repayable on demand.Included in Security/Tender deposits is an amount of $12,389,576 (2010/2011: Nil) collected under the Green Mark Gross FloorArea Incentive Scheme.[ 35 ]

13 PROVISION FOR PENSION COSTSGroup and Authority2011/2012 2010/2011$ $At 1 April 11,318,281 10,854,843Add: Amount provided during the year 629,648 554,00011,947,929 11,408,843Less: Amount paid during the year (313,146) (90,562)At 31 March 11,634,783 11,318,281Represented by:Current 301,792 313,146Non-current 11,332,991 11,005,13511,634,783 11,318,281There are currently 19 (2010/2011: 20) employees of the Group who are under pension schemes other than CPF. The pensionamount to be paid to each employee upon retirement under this scheme is dependent on, among other factors, the number of yearsof service and the last drawn salary. The total pension costs are shared between the Group and the AGD. The Group is only liablefor the pension costs for the period of service completed by the employee with the Group.The employees are entitled to select one of the following pension options upon retirement:(i) Annual pension payments;(ii) Reduced pension with gratuity payment; or(iii) Lump sum gratuity payment.Provision for pension costs is made using the management’s best estimate of the options that will be chosen by the employeesupon retirement, based on historical trends.[ 36 ]

14 GRANTS RECEIVED IN ADVANCEGroup and AuthorityOperating grants2011/2012 2010/2011Development grantsTotal2011/2012 2010/2011 2011/2012 2010/2011At 1 April 936,492 1,282,099Government grants received/receivable 42,322,713 39,227,173Reversal of government grants receivable (113,186) -Net reversal from/(transfer to) deferred capital grant (Note 16) 113,186 (150,753)Transfer to deferred capital grants - (150,753)Reversal of government grants receivable 113,186 -Net (transfer to)/reversal from income and expenditure account(Operating and development grant) (42,755,687) (39,422,027)Transfer to income and expenditure account (42,755,687) (39,422,027)Reversal of government grants receivable - -At 31 March 503,518 936,492Total grants received and transferred to deferred capital grants since establishmentTotal grants received and transferred to income and expenditure account since establishment652,166 1,243 1,588,658 1,283,342411,737 1,522,450 42,734,450 40,749,623(553,840) - (667,026) -(8,870) (366,841) 104,316 (517,594)(8,870) (366,841) (8,870) (517,594)- - 113,186 -537,176 (504,686) (42,218,511) (39,926,713)(16,664) (504,686) (42,772,351) (39,926,713)553,840 - 553,840 -1,038,369 652,166 1,541,887 1,588,65826,664,611 26,768,927275,163,702 232,945,191[ 37 ]

15 PROVISION FOR CONTRIBUTION TO CONSOLIDATED FUNDThe Authority is required to make contributions to the Consolidated Fund in accordance with the Statutory Corporations (Contributionsto Consolidated Fund) Act, Chapter 319A and in accordance with the Finance Circular Minute No. M5/2005 with effect from 1 April2004. The contribution is based on a percentage, as decided by the Ministry of Finance, of the net surplus of the Authority (beforedonations) for the financial year.The total contribution for the year can be reconciled to the net surplus (before donations) as followsAuthority2011/2012 2010/2011$ $Surplus of the Authority before donation and contribution to consolidatedfund representing surplus subject to contribution 48,913,814 42,306,774Contribution at 17% (2010/2011: 17%) 8,315,348 7,192,15116 DEFERRED CAPITAL GRANTSGroup and Authority2011/2012 2010/2011$ $At 1 April 7,672,782 8,434,677Add: Government grants received and utilised (Note 14) (104,316) 517,594Less: Amortisation of deferred capital grants (1,349,278) (1,279,489)At 31 March 6,219,188 7,672,78217 SURPLUS FOR THE YEARThe following items have been included in arriving at surplus for the year:Group and Authority2011/2012 2010/2011$ $Contributions to defined contribution plans, included in employee benefit costs 6,586,521 6,143,400Cost of obligations in respect of defined benefit retirement plan (pension costs),included in employee benefit costs 629,648 554,000[ 38 ]

18 INCOME TAX EXPENSEThe Authority is required to make contribution to the Consolidated Fund based on a percentage of the net surplus of the Authority(before donations) for each of financial year. A subsidiary of the Authority is subject to tax under Section 13(1)(e) of the SingaporeIncome Tax Act.Group2011/2012 2010/2011$ $Current tax expenseCurrent period 63,266 23,845Adjustment for prior periods (6,661) 1956,605 23,864Reconciliation of effective tax rateProfit before tax of the subsidiary 524,651 285,527Income tax using the Singapore tax rate of 17 %(2010/2011: 17%) 89,191 48,540Tax exempt income (25,925) (24,695)Adjustment for prior periods (6,661) 1956,605 23,86419 OPERATING LEASESLeases as lesseeNon-cancellable operating lease rentals are payable as follows:Group and Authority2011/2012 2010/2011$ $Within one year 44,024,872 39,549,524Between one and five years 32,526,123 67,911,74476,550,995 107,461,268Details of the leases are as follow:(1) Foreign workers’ dormitoriesThe Group leases a number of dormitories under operating leases. The leases typically run for a period of 3 years, withan option to renew the lease after that date. The leases are sublet by the Group to external parties. The lease and subleaseexpires in 2015.(2) OfficeThe Group leases its office/storage space under operating lease for a period of 3 years, with an option to renew the leaseafter the date.[ 39 ]

19 OPERATING LEASES (continued)Leases as lessorThe Group leases out the foreign workers’ dormitories held under operating leases. The future minimum income receivables undernon-cancellable leases are as follows:Group and Authority2011/2012 2010/2011$ $Within one year 47,698,514 32,985,979Between one and five years 37,676,443 44,570,07385,374,957 77,556,052During the year ended 31 March 2012, the Group recognised $45,014,892 (2010/2011: $24,507,991) as income under managementfee in the income and expenditure account.20 CAPITAL COMMITMENTSCapital expenditure approved by the Group but not provided for in the financial statements is as follows:Group and Authority2011/2012 2010/2011$ $Amount approved and committed 5,861,386 1,624,452Amount approved but not committed 114,192 5,734,50621 RELATED PARTIESParties are considered to be related if one party has the ability to control the other party or exercise significant influence over theother party in making financial and operating decisions.Some of the Group’s transactions and arrangements are with related parties and the effect of these on the basis determined betweenthe parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand, unlessotherwise stated.Transactions with government-related entitiesThe Singapore Government has control over the Authority, as well as Ministries, Organs of States and other Statutory Boards.Collectively, but not individually significant transactionsThe Authority is a Statutory Board under the Ministry of National Development (“MND”), championing the development of an excellentbuilt environment for Singapore. “Built environment” refers to buildings, structures and infrastructure in our surroundings that providethe setting for the community’s activities.The Authority charges fees for the services provided. Collectively, income generated from the fees received from and provision oftraining and other services to Ministries, Organs of States and other Statutory Boards constitute 8% (2010/2011: 9%) of the totaloperating income. Purchase of supplies and services from Ministries, Organs of States and other Statutory Boards constitute 37%(2010/2011: 21%) of total operating expenditure.[ 40 ]

21 RELATED PARTIES (continued)Collectively, but not individually significant transactions (continued)These transactions are conducted in the ordinary course of the Authority’s business on terms comparable to those with other entitiesthat are not government-related.Nature and amount of individually significant transactionsThe Authority receives operating grants from the MND, which is subject to yearly approval. Operating grants from the MNDrecognised in the income and expenditure account during the year and grants received in advance from the MND are disclosed inNote 14.Transactions with other related partiesDuring the financial year, the Group entered into the following transactions with related parties (i.e. entities in which the Boardmembers have control or joint control) which are not government-related entities:Group and Authority2011/2012 2010/2011$ $Advertisement licence fees 1,270 -Quality assessment and certification fees 395,169 393,224Course fees 193,824 96,801Trade test fees 200,260 -Site office and improvement expense (187,981) -Staff training expense (93) (24,374)Purchase of furniture, fixtures and fittings (5,350) (14,980)Transactions with key management personnelKey management personnel of the Group are those persons having the authority and responsibility for planning, directing andcontrolling the activities of the entity. The Board members and executive key management are considered as key managementpersonnel of the Group. Executive key management comprises Chief Executive Officer (“CEO”), Managing Director (“MD”), DeputyCEOs, Executive Director, Directors (including Acting Director) and Deputy MDs.The compensation to key management personnel is as follows:Group and Authority2011/2012 2010/2011$ $Short-term benefits 4,706,943 4,993,859Post-employment benefits 268,504 243,778Total 4,975,447 5,237,63722 DIVIDENDS PAIDIn accordance with the Capital Management Framework for Statutory Board, the Authority declared and paid a dividend of $7,937,000based on the accounting surplus in 2010/2011, to the Ministry of Finance on 30 November 2011.[ 41 ]

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