YSA Annual Report 2019

2019

OUR MISSION

FULFILLING ASPIRATIONS...

YSA ANNUAL REPORT 2019

CONTENTS

Mission 4

President’s Message 5

The Year in Review 7

Panel of Advisors 8

Executive Committee 9

Report of the Executive Committee 10

Community Service 11

Vesakhi Donation Drive 12

Sewa Day 2019 12

Khwaish on Wheels 2019 13

Conferences and Seminars 14

Ministerial Dialogue 2019 15

Culture 16

Community, Culture & Conversations 17

Intellectual & Professional Development 18

Young Leaders Programme 2019 19

Sikh Graduate Tea Reception 2019 20

Sports 21

YSA ‘Racial Harmony’ 4-A-Side Football Tournament 2018 22

Financial Report 23

3


MISSION

YSA reaches out to young Singaporeans with the aim of understanding,

appreciating and fulfilling their aspirations. We support the development

of the youth sector in Singapore by enabling youth to realise and fulfil

their aspirations and make valuable contributions to the broad society.

Additionally, YSA seeks to enhance mutual understanding on issues

of common concern and foster friendships across ethnic groups in

Singapore, the region and the world.

Fulfilling Aspirations…

4


PRESIDENT’S MESSAGE

Mr Sarabjeet Singh

Dear Readers,

We had an eventful year at YSA in 2019. Looking back, it is difficult to identify a single highlight

for our team. This is especially so because given our broad pillars of Culture, Community Service,

Professional Development, Sports, and Conferences & Seminars, our team either conceived

platforms or participated in various initiatives that were meaningful in their own right.

2019 was however unique because YSA was privileged to be a part of the Singapore Sikh

community’s year-long celebrations of Guru Nanak Dev Ji’s 550th Birth Anniversary (GN550). This

guided all of our efforts in 2019. Specifically, it impressed upon us the significance of contributing

through service in the community, and to put into action the values in the teachings of our Guru

Nanak Dev Ji. YSA worked closely together with and learnt from other Sikh and non-Sikh Institutions

through our involvement in GN550 by bringing to fruition some of the significant activities. It was

humbling to be given the opportunity to contribute and even play a central role in efforts, such

as the SEWA (Service) Day initiative that was a combined effort by the Singapore Sikh Education

Foundation (SSEF), Sikh Welfare Council (SIWEC), Sikh Sewaks and YSA. On that note, in 2019 and

perhaps more so than ever, our team truly appreciated the important service role YSA must always

aspire towards.

As I highlight some of the other efforts and initiatives YSA was involved in 2019, I also want to reflect

and share about three main ideas. These ideas are about Stability, Innovation & Rejuvenation

in YSA, given that 2019 also marks a complete full year that a new leadership and team at YSA

worked together.

First, Stability. Most important when there is a change in the leadership and composition of any

organisation. Stability is reflected when an organisation is able to effectively continue with the

good work it is synonymous with regardless of the transitions in the individuals and groups that it

comprises. On this count, the new team at YSA was acutely aware that its staple platforms such

as the Racial Harmony Football Tournament, Ministerial Dialogue, Sikh Graduates Tea Reception to

name a few, must continue to feature as part of our calendar of events. It gives me great pleasure

and pride to share that for some of these like the Racial Harmony Football Tournament, in 2019 YSA

also surpassed expectations with a record number of 84 participating teams and making it one of

the largest tournaments in Singapore for the year!

Even these staple events can and must always be improved. This brings me to my second point

about innovation. Innovation was in fact a reason for YSA to be formed and remains core to how

each successive team has gone about its work. The current team is no different in this regard. As

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alluded to earlier, YSA has also found room to innovate within its staple platforms. The Ministerial

Dialogue we organised in 2019 included facilitation sessions which provided the opportunity for

participants to have rich discussions among themselves on issues. Similarly, for the Racial Harmony

Football tournament, the scale of the event in 2019 was only possible with the early adoption

of technology and in partnership with the team at the Footsy App. Innovation is also where the

current team recognises the tremendous potential to value-add to our stakeholders such as by

conceptualising new initiatives. I would not be too far off the mark to add that it is these possibilities

and opportunities to innovate that most excites and motivates our team!

Third and finally, on Rejuvenation. Some may point out that for a new team just one year into going

about its business, concerns of rejuvenation may be too premature at this point. On the contrary,

we consider this to be among the topmost priorities for several key reasons. These include the

need for YSA to always remain an organisation that is closely connected with youths we hope to

work for and with. Quite naturally, a young team of leaders with their eyes and ears close to the

ground will make for a more effective YSA. Separately, the defining feature of this period of time in

our lives is not only constant change, but also the rapid pace of it. We are already able to see stark

differences between cohorts and generations of youth, and by extension, society, given the rapid

changes. It must then follow that YSA continues to be an organisation that represents younger

generations in our community, reflects on the issues which matter to them, and enables them to

reach for their hopes and dreams. To quote our mission, the aspirations of youth that YSA seeks to

fulfil will necessarily change and be different with each successive team, and rightly so. Our team

looks forward to working with more youth in our community, as part of our team or as volunteers, to

set these rejuvenation plans into motion.

With that, I want to thank all of you for your confidence, encouragement and generous support for

YSA. All that we accomplished in 2019 could not have been possible without you!

6


THE YEAR IN REVIEW

2019 was an exciting year for YSA. The team

at YSA focused on putting together our core

activities while also taking the time to innovate

and come up with new initiatives. And as a

member of the community, we also took the

time to participate and support initiatives by

other organisations.

A large amount of our time and energy this

year was directed towards community service.

We put together not one but three community

services projects including Sewa Day 2019

which was a collaborative effort between YSA,

Singapore Sikh Education Foundation (SSEF),

Sikh Welfare Council (SIWEC) and Sikh Sewaks.

This project was particularly important and

special to us as it was our small contribution

towards the Singapore Sikh community’s yearlong

celebrations of Guru Nanak Dev Ji’s 550th

Birth Anniversary (GN550). Furthermore, it also

allowed us the chance to work very closely

with the different organisations in the Sikh

Community. But most importantly, it allowed us

to serve and contribute to the community.

Another highlight for us this year was our

annual ‘Racial Harmony’ 4-A-Side Football

Tournament. We had our best year yet with

84 teams signing up and participating. These

numbers allowed us to bring together more

individuals from different ethnicities, age groups

and backgrounds than ever. Although this was

one of our core events that has been tried

and tested, we still sought more ways to make

it even better for our participants and that

led to us to our collaboration with the Footsy

Application. We are sure that contributed in

part to the numbers we saw.

of this pillar, we had our 3rd run of the Young

Leaders Programme (YLP 2019). Although we

had run this programme twice before, we

sought to make it even better and one new

aspect was to get our youth participants to

work on a project and create a prototype. It

was amazing to see the passion and drive

these youth had towards their respective

projects. In fact, we are proud to see some of

them still sustaining their projects today.

As mentioned above, besides sticking to our

core activities, we also sought to innovate

and start new initiatives. One such initiative is

Community, Culture and Conversations. This is

an initiative where we share with our non-Sikh

friends more about who we are, our community

and our culture. It is a safe space to educate,

learn, share and have such conversations. The

response towards this initiative has been great

and we hope to take it further and possibly

reach more individuals in our society.

Overall, the last year has been very fulfilling. We

are humbled that together with our volunteers

and partners, we continued to make an impact

and added value to both the Sikh Community

and the wider Singaporean community and

had another great year at YSA.

We at YSA will continue to work hard to reach

out to youth with the aim of understanding,

appreciating and fulfilling their aspirations.

We also strive to continue to innovate and

come up with more exciting initiatives while

also appreciating and finetuning our core

initiatives. Ultimately, we hope to continue to

make an impact in our society and community.

Besides community service and sports, another

very important pillar for YSA is Intellectual and

Professional Development. In 2019, as a part

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8 YSA ANNUAL REPORT 2017


OF PANEL OF ADVISORS

Dr Mohamad Maliki Osman

Dr

Dr

Mohamad Maliki Osman

Mohamad Maliki Osman

Dr Dr Mohamad Maliki Maliki Osman Osman

Minister in the Prime Minister’s Office,

Second Minister for Education and Foreign Affairs

Mr Davinder Singh

Mr

Mr

Davinder Singh

Davinder Singh

Mr

Mr Davinder Davinder Singh Singh

Executive Chairman

Davinder Singh Chambers LLC

Mr Inderjit Singh

Mr

Mr

Inderjit Singh

Inderjit Singh

Mr Inderjit Singh

Mr Inderjit Singh

Founder and Chief Executive Officer, Infiniti Solutions

Executive Chairman, Tri-Star Electronics

HE Mr Karan Singh Thakral

HE

HE

Mr Karan Singh Thakral

Mr Karan Singh Thakral



Executive Director, Thakral Group of Companies

Singapore’s Non-Resident Ambassador to Denmark

Professor Tan Tai Yong

Professor

Professor

Tan Tai Yong

President

President

Tan Tai Yong

President


President


President and Professor of Humanities (History)

Yale NUS College

8


EXECUTIVE COMMITTEE

Mr Sarabjeet Singh

President

Mr Gurnihal Singh

Committee Member

Ms Balveen Kaur

Vice President

Mr Harishpal Singh

Committee Member

Mr Kulwant Singh

Vice President

Ms Heershan Kaur

Committee Member

Mr Jeevan Singh Sandhu

Vice President

Mr Jagpreet Singh

Committee Member

Mr Rashminder Singh

Honorary Secretary

Ms Jane Franklin

Committee Member

Mr Pelwinderpal Singh

Assistant Secretary

Ms Maltrish Kaur

Committee Member

Ms Amarpreet Kaur

Treasurer

Mr Ram Prakash

Committee Member

Ms Sharanjeet Kaur

Assistant Treasurer

Ms Sheena Gill

Committee Member

Ms Rasveen Kaur

Editor

Ms Sonya Kaur Gill

Committee Member

Ms Ershen Kaur Langeana

Assistant Editor

Ms Trinisha Kaur

Committee Member

9

REPORT OF THE

EXECUTIVE COMMITTEE

Community Service


COMMUNITY SERVICE

YSA VESAKHI DONATION DRIVE (31 MARCH 2019)

In lieu of Vesakhi 2019, donors, volunteers, family and friends

of YSA came together to deliver items as well as engage in

conversation with 46 SIWEC-associated families. The donation

drive was carried out in nursing homes and residences around

Singapore. A total of $10,201 was raised, which allowed YSA

to purchase daily necessities such as soap, dental kits, body

lotion, washing powder, cooking oil, rice, tea and more for

the families. YSA volunteers delivered the items and enjoyed

spirited conversation with the families they met. More than a

simple donation drive, the initiative proved to be a delightful

way to engage with families in the community.

SEWA DAY 2019 (10 AUGUST 2019)

Launched in collaboration with the Singapore Sikh Education

Foundation (SSEF), Sewa Day 2019 saw YSA members

facilitating Punjabi School students in designing their own

service learning experience.

Under the mentorship of YSA and with the support of Family

Services Centre managed by Montfort Care, the secondarylevel

students were given ownership over this project. The

community they worked with was a group of residents from

Marine Terrace. The students performed door-to-door needs

assessment exercises, interactions, as well as cleaning

chores for them. They observed best practices in how these

interactions should be conducted from the staff at the family

services centre - how conversations with residents were never

rushed, and the staff were always keen to know about how

the residents’ needs could be addressed.

12


The students also forged close connections with their

schoolmates by creating a platform for students across levels

to mingle and get to know each other better. And as one

student, Karan, noted, “being involved in this whole experience

was very enriching and meaningful as I was able to help

families who were in need. I learned to appreciate what I

have and have been inspired to carry out more community

service in the future. Additionally, it was very heartwarming to

see volunteers spend part of their long weekend giving back

to the community and helping those in need.”

KHWAISH ON WHEELS 2019

(21 NOVEMBER 2019 TO 25 NOVEMBER 2019)

After a two-year hiatus, YSA embarked on the Khwaish on

Wheels project with the Home & Life Orphanage, Thailand.

Home & Life was started by Mr Bhudit Maneejak (Khun-

Root) to help children in the aftermath of the 2004 Indian

Ocean Earthquake and Tsunami. The team worked closely

with Home & Life to better understand their needs. From 21

to 25 November, the team travelled to the orphanage on

motorbike to build friendships and work with the community

there.

The project was started 4 years ago in 2015, when 5 Sikh

youth decided to adopt an orphanage in Thailand. Through

Khwaish on Wheels, these young Sikhs not only provide

donations but also contribute to sustainable development

by understanding their needs and raising funds. In the past,

they helped build a bakery at the orphanage as a smallscale

social enterprise in order for them to generate income.

On a separate note, keeping in mind the importance of

building ties and gaining familiarity with the ASEAN region,

Khwaish on Wheels is YSA’s first foray into a service initiative

for communities in ASEAN. For YSA, expanding our service

initiatives is one way we can encourage Singaporean youth

to engage with ASEAN.

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Conferences and Seminars


CONFERENCES AND SEMINARS

YSA’S MINISTERIAL DIALOGUE 2019 (31 AUGUST 2019)

YSA’S Ministerial Dialogue with Mr Chan Chun Sing, Minister for Trade and Industry, was held on 31st

August at the Singapore Khalsa Association.

The dialogue session saw a large turnout of about 200 participants, drawn in by the interesting

and relevant topic, “Sustaining Dynamism: Singapore’s Strategy For a Resilient, Competitive and

Creative Economy with Opportunities For All.”

At the dialogue Minister Chan Chun Sing, engaged participants who were mainly students from

ITEs, polytechnics and universities as well as young working adults. The youth took part in facilitated

group discussions before sharing their ideas with Minister Chan, who also imparted his views on

the various issues. The closed-door discussions were engaging and wide-ranging: covering topics

such as government policies, Singapore’s economic strategies and climate change to big data

and the importance of acquiring new skills and staying adaptable to keep pace with changes.

The dialogue was well received by participants. Many stayed on to discuss their takeaways from

the event, having gained a deeper insight into the pertinent issues and challenges faced by

Singapore. The event was made possible through YSA’s partnership with the Tamil Representatives

Youth Council as our concept partner. It was also supported by the People’s Association Youth

Movement (PAYM), REACH Singapore and venue partner Singapore Khalsa Association.

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Culture


CULTURE

COMMUNITY, CULTURE & CONVERSATIONS (LAUNCHED ON 12 NOVEMBER 2019)

In November, YSA developed a new initiative in 2019 titled Community, Culture and Conversations.

The initiative had a meaningful origin. Spurred by the positive response to YSA’s outreach to the

online influencer Sheena Phua following a viral comment she had posted, YSA felt the need to create

more space for such cross-cultural conversations. The discussion with Ms Phua on 28 September

2019 comprised an informal tour of Central Sikh Gurdwara, with chances to ask questions and

have a taste of langgar. The focus was on experiencing the Gurdwara and the Sikh culture and not

so much a top-down education about Sikhi. This model of conversation and learning is the spirit

behind Community, Culture, and Conversations.

17

Intellectual and Professional

Development


INTELLECTUAL AND PROFESSIONAL

DEVELOPMENT

YOUNG LEADERS PROGRAMME 2019

(JULY 2019 TO OCTOBER 2019)

This year, YSA commenced its Young Leaders

Programme from July to October. The

programme’s main focus is to engage Sikh

youths on issues and challenges facing the

community while equipping these youth with

professional skills through training and open

dialogues. In order to do this, the programme

focuses on three areas - Professional

Development, Thought Leadership and

Community Service.

Participants benefited from a unique suite of

workshops, training, and dialogue sessions,

which covered topics such as design thinking,

professional development, and networking.

They conversed with Sikh community leaders

in closed-door, private dialogues as well

as community leaders from other religious

organisations. The depth and breath of the

sessions equipped participants with the

knowledge and confidence to work on their

selected projects, which each targeted a

specific issue faced by the Sikh community.

The projects available for participants to adopt

and work on were: “Preserving Oral History”

“Creating Safe Spaces for the Literary Arts”

“Educating and Spreading the Word on Mental

Health” and “Preparing Juniors for their Future

Careers”. The participants rose to the occasion,

investigating the issues the projects targeted

and presenting compelling, workable solutions.

Some of these projects eventually took a life

of its own - the group working on literary arts,

for example, eventually developed a regular

community event, [Untitled] with the Sitare.

19


The Young Leaders Programme has had three successful runs since its inception in 2016 and

continues to be a landmark initiative that brings together Sikh youth and spurs them towards

personal growth and community ownership.

GRADUATE TEA RECEPTION 2019 (13 OCTOBER 2019)

YSA’s yearly event, the Graduate Reception Tea, was held at Singapore Khalsa Association this year.

The event recognises the achievements of Sikh Graduates from ITEs, Polytechnics and Universities

in 2019. It also provides a networking opportunity for the graduates, and encourages them to

connect with representatives from organisations within and outside of the Sikh Community.

The Guest of Honour was Dr Mohamad Maliki Bin Osman, Senior Minister of State for Defence

and Foreign Affairs, and Advisor to Young Sikh Association (Singapore). In his speech, Minister

Osman urged the graduates to recognise that success is reaped through managing failures and

overcoming challenges. He implored the graduates to also be ready to step out of their comfort

zone, highlighting the importance of ASEAN in the economic terrain.

This year, the valedictorian was national hockey player and Lee Kong Chian School of Medicine

graduate Ishwarpal Singh Grewal. In his speech, Ishwarpal shared a touching story on resilience

taught to him by his late father: when Ishwarpal had failed to make the school’s hockey, his father

picked up a ball, threw it on the floor, and watched it bounce back. “It’s not about how you fall, it’s

about how high you bounce back,” Ishwarpal shared with the group of 30 Sikh graduates present

at the event.

The event culminated in a tea reception, where the graduates received the opportunity to network

and discuss the topics covered in the speeches during the event.

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Sports


SPORTS

YSA ‘RACIAL HARMONY’ 4-A-SIDE FOOTBALL TOURNAMENT (6 APRIL 2019)

As yearly tradition dictates, YSA organised its ‘Racial Harmony’ 4-A-Side Football Tournament this

year. The tournament saw various teams participating in one of the following categories – Junior,

Veteran, Open, Ladies and Youth. The tournament was held at Kovan Sports Centre and graced

by Minister of Education, Mr Ong Ye Kung who, dressed in his football attire, helped to kick off the

event.

The 2019 turn out was record-breaking, with over 80 teams participating. The Footsy App was also

a new addition to this year’s event - it was utilised to help keep score tally and provide live updates

on matches. Besides the main tournament, side activities such as target shooting and juggling

competitions were also organised in order to further enrich the experience for all participants.

The football tournament was supported by the National Integration Council, Ministry of Culture,

Community and Youth, Central Singapore CDC, Lee Foundation, Football Association of Singapore,

SINDA, Singapore Khalsa Association and the 550th Sri Guru Nanak Dev Ji Birthday 2019 Committee.

22


FINANCIAL REPORT

23


YOUNG SIKH ASSOCIATION (SINGAPORE)

(Registered under The Societies Act. Cap. 311)

(Club Registration Number: 61-171590000-K)

ACCOUNTS AND REPORTS

For the financial year ended

31 December 2019

CONTENTS

Page

STATEMENT BY MANAGEMENT COMMITTEE 25

INDEPENDENT AUDITORS’ REPORT 26 - 28

STATEMENT OF FINANCIAL POSITION 29

STATEMENT OF INCOME AND EXPENDITURE 30

STATEMENT OF CHANGES IN FUNDS 31

STATEMENT OF CASH FLOWS 32

NOTES TO THE FINANCIAL STATEMENTS 33 - 38

24




STATEMENT BY MANAGEMENT COMMITTEE

In the opinion of the Management Committee, the accompanying statement of financial

position, income and expenditure statement, statement of changes in funds and statement of

cash flows together with the notes to the financial statements, are drawn up so as to give a true

and fair view of the state of affairs of YOUNG SIKH ASSOCIATION (SINGAPORE) as at 31 December

2019 and ofthe results, changes in funds and cash flows of the Association for the year then ended

on that date.

The Management Committee has approved these financial statements for issue on

On behalf of the Management Committee

MR SARABJEET SINGH

President

MS AMARPREET KAUR

Assistant Treasurer

Singapore 16 JUN 2020

25


INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF



Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements ofYoung Sikh Association (Singapore), which comprise

the statement of financial position as at 31 December 2019, and the statement of income and

expenditure, statement of changes in funds and statement of cash flows for the year then ended,

and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements are properly drawn up in accordance

with the provisions of the Societies Act, Cap. 311 (the Act) and Financial Reporting Standards in

Singapore (FRSs) so as to give a true and fair view of the financial position of the Company as

at 31 December 2019 and of the financial performance, changes in equity and cash flows of the

Company for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our

responsibilities under those standards are further described in the Auditor’s Responsibilities for the

Audit of the Financial Statements section of our report. We are independent of the Company in

accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional

Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with

the ethical requirements that are relevant to our audit of the financial statements in Singapore, and

we have fulfilled our other ethical responsibilities in accordance with these requirements and the

ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Other Information

The management is responsible for the other information. The other information comprises the

Statement by Management Committee (set out on pages 1).

Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit, or otherwise appears to be

materially misstated. If, based on the work we had performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

26





Management Committee’s Responsibilities for the Financial Statements

The Management Committee members are responsible for the preparation of financial statements

that give a true and fair view in accordance with the provisions of the Act and FRSs, and for devising

and maintaining a system of internal accounting controls sufficient to provide a reasonable

assurance that assets are safeguarded against loss from unauthorised use or disposition; and

transactions are properly authorised and that they are recorded as necessary to permit the

preparation of true and fair financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Company’s

ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless management either intends to liquidate

the Company or to cease operations, or has no realistic alternative but to do so.

The Management Committee’s responsibilities include overseeing the Company’s financial

reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s

report that includes our opinion. Reasonable assurance is a high level of assurance, but is not

a guarantee that an audit conducted in accordance with SSAs will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due

to fraud or error, design and perform audit procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of

not detecting a material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the

override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

27





Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)

• Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Company’s ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor’s report to the related disclosures in the fmancial

statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our auditor’s report. However, future

events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including

the disclosures, and whether the financial statements represent the underlying transactions

and events in a manner that achieves fair presentation.

We communicate with the Management Committee regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

In our opinion, the accounting and other records required by the Act to be kept by the Company

have been properly kept in accordance with the provisions of the Act.

LEE S F & CO

Public Accountants and Chartered Accountants

Singapore,

HWJ/LSF 16 JUN 2020

28




STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019

2019 2018

Note $ $

CURRENT ASSETS

Cash and cash equivalents 3 31,163 39,485

LESS CURRENT LIABILITY

Accruals 4 1,350 1,350

1,350 1,350

Net Current Assets 29,813 38,135

Represented By:

Accumulated Funds 29,813 38,135

The accompanying notes form an integral part of these financial statements

29




STATEMENT OF INCOME AND EXPENDITURE

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

2019 2018

Note $ $

Income / Revenue from Activities

Community service projects 10,721 4,020

Intellectual and professional development activities 21,137 15,079

Member's entrance fee 80 -

Sports events 9,260 24,535

Conferences and seminars 7,500 895

48,698 44,529

Cost of Activities

Community service projects 8,816 14,237

Intellectual and professional development activities 9,129 9,890

Sports events 16,304 16,540

Conferences and seminars 6,405 -

40,654 40,667

8,044 3,862

Less: Operating Expenses

Accounting fee 650 650

Auditors’ remuneration 700 700

Bank charges 170 130

General expenses 1,016 -

Postage and courier services 1,140 1,539

Printing and stationery 10,147 2,642

Refreshments 543 920

Sponsorships and donations 2,400

Transportation 122

Website design and maintenance 2,000 4,250

16,366 13,353

(Deficit) for the financial year before taxation (8,322) (9,491)

Less: Taxation 5 - -

(Deficit) for the financial year after taxation (8,322) (9,491)


30




STATEMENT OF CHANGES IN THE ACCUMULATED FUNDS


Accumulated Surplus /

Funds (Deficit) Total

$ $ $

As at 1 January 2018 13,440 34,186 47,626

(Deficit) for the financial year after taxation - (9,491) (9,491)

As at 31 December 2018 13,440 24,695 38,135

(Deficit) for the financial year after taxation - (8,322) (8,322)

As at 31 December 2019 13,440 16,373 29,813


31




STATEMENT OF CASH FLOWS


2019 2018

Note $ $

CASH FLOWS FROM OPERATING ACTIVITIES


Operating (deficit) before working capital changes (8,322) (9,491)

Tax paid - -

Net cash (used in) operating activities (8,322) (9,491)

NET CHANGE IN CASH AND CASH EQUIVALENTS (8,322) (9,491)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR 39,485 48,976

CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 3 31,163 39,485


32




NOTES TO THE FINANCIAL STATEMENTS


1. MISSION

The mission of the Young Sikh Association (Singapore) is to fulfill the aspirations of young

Singaporeans. It reaches out to young Singaporeans with the aim of understanding and

appreciating their aspirations, and integrating these aspirations into the Singapore society

through enhancing mutual understanding on issues of common concern and fostering

friendships across ethnic groups in Singapore, the region and the world.

These notes form an integral part of and should be read in conjunction with the accompanying

financial statements

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) BASIS OF PREPARATION

The financial statements have been prepared in accordance with Singapore Financial

Reporting Standards (“FRS”). These financial statements have been prepared under the

historical cost convention except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with FRS requires management to

exercise its judgement in the process of applying the Company’s accounting policies. It

also requires the use of certain critical accounting estimates and assumptions.

b) FINANCIAL LIABILITIES

Initial recognition and measurement

Financial liabilities are recognised when, and only when, the Company becomes a party

to the contractual provisions of the financial instrument. The Company determines the

classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value, plus in the case of financial

liabilities not at FVPL, directly attributable transaction costs.

Subsequent measurement

After initial recognition, fmancial liabilities that are not carried at FVPL are subsequently

measured at amortised cost using the effective interest method. Gains and losses are

recognised in profit or loss when the liabilities are derecognised, and through the

amortisation process.

Such financial liabilities comprises of trade and other payables, and borrowings.

33






FINANCIAL LIABILITIES (CONT’D)

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged,

cancelled or expires. On derecognition, the difference between the carrying amounts

and the consideration paid is recognised in profit and loss.

c) CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise of cash in hand and bank balances placed with

creditworthy financial institutions.

d) PROVISIONS

Provisions are recognised when the Company has a present obligation where, as a result

of a past event, it is probable that an outflow of economic benefits will be required to settle

the obligation and the amount of the obligation can be reasonably estimated.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current

best estimate. Where the effect of time value of money is material, the amount of the

provision is the present value of the expenditure expected to be required to settle the

obligation.

e) TAXATION

Tax expense is determined on the basis of tax effect accounting, using the liability method,

and it is applied to all significant temporary differences arising between the carrying

amount of assets and liabilities in the financial statements and the corresponding tax

basis used in the composition of taxable profit, except that a debit to the deferred tax

balance is not carried forward unless there is a reasonable expectable of realization

and the potential tax saving relating to a tax loss carry forward and unutilized capital

allowances is not recorded as an asset.

Deferred tax is calculated at the tax rates that are expected to apply to the period when

the assets are realized or the liability is settled. Deferred tax is charged or credited to the

profit and loss account. Deferred tax assets and liabilities are offset when they relate to

income taxed levied by the same tax authority.

34






f) CURRENCIES TRANSLATION

Functional and presentation currency

Items included in the financial statements of the Company are measured using the

currency of the primary economic environment in which the entity operates (“functional

currency”). The financial statements are presented in Singapore Dollar, which is the

Company’s functional currency.

Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are

translated into the functional currency using the exchange rates at the dates of the

transactions. Currency translation differences from the settlement of such transactions and

from the translation of monetary assets and liabilities denominated in foreign currencies

at the closing rates at the date of statement of financial position are recognized in the

statement of comprehensive income.

Non-Monetary items measured at fair values in foreign currencies are translated using the

exchange rates at the date when fair values are determined.

g) REVENUE RECOGNITION

Revenue is recognised to the extent that it is probable that the economic benefits will flow

to the Association and the revenue can be reliably measured.

Revenue from sports events and donations is recognised in the account on an accrual

basis.

3. CASH AND CASH EQUIVALENTS

For the purpose of statement of cash flows, cash and cash equivalents comprise the following:

2019 2018

$ $

Cash in hand 2,520

Cash at bank 31,163 36,965

31,163 39,485

The Carrying amounts of cash and cash equivalents are denominated in Singapore Dollars and

they approximate their fair values.

35






4. ACCRUALS

2019 2018

$ $

Accounting fee 650 650

Audit fee 700 700

1,350 1,350

5. TAXATION

a) Tax expense

2019 2018

$ $

Current year’s tax expense - -

The income tax expense on the results for the financial year varies from the amount of income

tax determined by applying the Singapore standard rate of income tax to (deficit) before

taxation due to the following factors:

2019 2018

$ $


Tax calculated at a tax rate of 17% (2018: 17%) (1,415) (1,613)

Expenses not deductible for tax purposes - 408

Unutilised losses carried forward (7,723) (6,518)

Unutilised approved donations carried forward (765) (765)

Deferred tax asset not recognised 9,903 8,488

- -

36






TAXATION (CONT’D)

2019 2018

$ $

Deferred tax assets not recognized:

Unutilised tax losses 9,138 7,723

Unutilised approved donations 765 765

9,903 8,488

Deferred tax assets arising from unutilised tax losses and unutilised approved donations

have not been recognised as the availability of future taxable profit is still uncertain against

which the company may utilize the benefits.

As at 31 December 2019, the Company has unutilised tax losses and unutilised approved

donations of approximately $53,000; $4,000 (2018: $45,000; $4,000) available for set-off

against future taxable profits subject to the provisions of Sections 37 of the Income Tax Act

and agreement with tax authorities.

6. FINANCIAL RISKS AND FAIR VALUES

The Association is exposed to financial risks arising in the normal course of association

operations

a) Liquidity risk

The Association monitors and maintains a level of cash and cash equivalents deemed

adequate by the Management Committee to finance the Association’s operations and

mitigate the effect of fluctuations in cash flow.

b) Interest rate risk

The Association is not exposed to interest rate risk as it has no interest-bearing borrowings.

c) Credit risk

Cash is placed with creditworthy financial institutions. The maximum exposure to credit risk

is represented by the carrying amount of each financial asset in the balance sheet.

d) Fair values

The fair values of financial assets and financial liabilities approximate the carrying amounts

of those assets and liabilities reported in the balance sheet.

37






7. OTHER INFORMATION

YOUNG SIKH ASSOCIATION (SINGAPORE) is registered under Societies Act. Cap. 311 with its

registered office at Sikh Centre, 8 Jalan Bukit Merah, Singapore 169543.

8. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE

The financial statements for the financial year ended 31 December 2019 were authorised for

issue by the Management Committee on 16 JUN 2020.

38


FULFILLING ASPIRATIONS…

Young Sikh Association (Singapore) or YSA was established in August 2003 to fulfill the aspirations of young

Singaporeans.

YSA reaches out to young Singaporeans with the aim of understanding and appreciating their aspirations, and

integrating these aspirations into the Singapore society through enhancing mutual understanding on issues

of common concern and fostering friendships across ethnic groups in Singapore, the region and the world.

Objectives

• To enhance understanding of national issues among young Singaporeans and to encourage them to

contribute to the betterment of our society as thoughtful and responsible citizens.

• To provide platforms for young Singaporeans to strive for intellectual and professional development.

• To strengthen inter-racial friendship and harmony by organising and actively participating in intercommunity

activities.

• To foster community spirit among young Singaporeans through community service at home and abroad.

• To build networks with local and international youth groups so as to foster national identity and a global

mindset among young Singaporeans.

Programmes

As a totally independent youth organisation, YSA’s programmes are initiated by young Singaporeans for

young Singaporeans in particular, and Singapore society in general.

From lectures, dialogue sessions, seminars and professional development workshops to bhangra

competitions, cultural shows and sports activities, they choose their avenues of aspiration and integration.

• Conferences and Seminars

• Intellectual and Professional Development

• Community Service

• Culture

• Sports

Membership

• Ordinary Membership: For Sikhs and non-Sikhs from the ages of 16 to 50 years residing in Singapore. They

have the right to vote.

• Associate Membership: For Sikhs and non-Sikhs of all ages residing in Singapore. They are not eligible to

vote.

Young Sikh Association (Singapore)

c/o Sikh Centre

8 Jalan Bukit Merah, Singapore 169543

Tel : (65) 6327 2007/5 Fax : (65) 6327 2009

Email : enquiry@ysas.org Website : www.ysas.org

Young Sikh Association – Singapore

@ysa.sg

YSA Annual Report 2019

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