Annual Report 2011 - Singapore Environment Council

Singapore Environment Council
Annual Report 2011
REDEFINING
02
RE:
COLLECTIONS
CONTENT
04
Message from Chairman
05
Message from Executive Director
06
Meet our Board of Directors
12
Re: Configured
14
Re: Collections 2011
18
Re: Counting
20
Re: Cognition
21
Corporate Governance
24
Financial Statement
04
CHAIRMAN’S
MESSAGE
SWEET
SIXTEEN
F
rom its humble beginnings in 1995, our
organisation grew from just a few staff
members to 16 full-time staff members
last year. Our original charter was to take
the lead and achieve greater awareness of green
issues among our community.
We followed the news during the meeting of the
Conference of Parties to the UN Climate Change
Convention – Kyoto Protocol in 1997. We were
there when the world population hit an astounding
6 billion in 1999. In 2000, SEC organised the first
Car-Free Day in Singapore and made the headlines.
We cheered when the Sungei Buloh Nature Park
was finally designated as a nature reserve and
renamed Sungei Buloh Wetland Reserve in 2002.
SEC led the way in the “Bring Your Own Bag Day”
campaign in 2007 – prompting mixed reactions
from members of the public.
And in the past 5 years, many new global
movements flourished; with focus on the climate
change agenda. We rode on the wave of changes,
rolling out the SEC Climate Change Portal in 2009
and Project Earth Station for schools in 2010. In
2011, the SEC addressed the need to stay relevant
and strengthened our position for the future. More
than ever, we are positioned to play an increasingly
significant role. With programmes such as the
Singapore G1, ABC Waters Learning Trails and
Earth Helpers, our audience is being challenged to
go beyond awareness to serious action.
Through the many twists and turns in both the
global and local environmental scenes, the
SEC has doggedly carried on with its work with
determination. To be an environmentalist in today’s
day and age is to be an “optimistic skeptic”! We
have to take every piece of discouraging news
and make it urgently relevant to our society. Even
with good news and small triumphs, we cannot
celebrate for long or rest on our laurels. The SEC
kept up with engaging our partners, reaching out
to as many people in the community as possible
and never faltered in getting our message out to
the media.
The SEC will need to make signficant inroads and
shift the mindsets of our stakeholders; moving
from unbridled economic growth and materialism
towards sustainable living. SEC strives to be
the voice that will resonate even well beyond the
shores of Singapore.
I would like to take the opportunity to thank all our
partners and donors for their continued support
over the past 16 years, sustaining us in our quest to
make a difference to the environment in Singapore.
We look forward to our continued partnership
through 2012.
Ms Isabella Loh
05
Executive
Director’s
MESSAGE
towards a
SUSTAINABLE
FUTURE
2011 will always be special to me for this was the
year in which I made a new entry into my career
timeline. When I took over as Executive Director
of the Singapore Environment Council (SEC) in
October 2011, I was faced with managing a humble
team of 13 full-­time staff members.
I had to understand the strengths, weaknesses and
idiosyncrasies of SEC to adopt an effective survival
strategy. Just as how a species evolves over time,
an organisation will evolve as well.
It became clear that for SEC to be able to respond
to the changing landscape of our world, we would
have to start making changes immediately.
I was grateful for the support of the SEC’s Board of
Directors – as we started to streamline our portfolio
and to increase our capabilities by hiring more
staff members, for a start. By the end of 2011, the
Singapore Environment Council had about 18 staff,
and we were well poised to begin 2012 with a bang.
With a highly unpredictable global economy, 2011
was filled with uncertainties, with every indication
that the situation would continue till 2012 and
maybe longer.
Stability, focus and dedication were; and will
continue to be key elements as we steer into
new territories.
Stability
In a period of financial certainty, a non-­
‐profit
organisation like SEC will have to aim for stability.
As most of our programmes are on-­
‐going, it is
important to keep them running with effective
budgeting, securing sponsorship and ensuring
existing partners have their concerns addressed.
Focus
There is an unlimited number of meaningful
environmental issues and programmes that SEC
could get involved in. Hence, there is a great need
to maintain focus on our core projects so that we
are able to make further inroads. It is so easy to get
excited about new possibilities and partnerships
but ultimately, we will never lose sight of our
main goals.
Dedication
Nothing happens from lack of passion and
dedication. It is my vision for SEC to continue
growing and becoming the most respected
environmental NGO in the region; and not just
in Singapore. We strive also to be an equal
opportunities employer. To this end, we have
recently engaged three special needs staff
members whose contributions are also important.
I believe that SEC cannot care for the environment
without caring for people as well.
We hope the rest of Singapore will be right
there with us as we make headway to a more
sustainable future.
Mr Jose Raymond
RE:
COLLECTIONS
BOARD OF
DIRECTORS
Ms Isabella Loh
Chairman
Dr Teo Ho Pin
Vice-Chairman
Prof Leo Tan Wee Hin
Vice-Chairman
Ms Isabella Loh was previously the Chairman of
Shell Marine Products Ltd, Shell’s CEO and Vice
President for Global Marine Fuels and Lubricants.
Isabella is a member of the Development
Advisory Board of Imperial College of Science
and Technology, London and sits on the Global
Board of Aurecon Pte Limited, as well as Aurecon
Australia Group Limited.
Dr Teo Ho Pin is the Mayor of North West District
in Singapore and a Member of Parliament
for Bukit Panjang Constituency. As Mayor, he
is responsible for implementing community
development programmes for 719,000 residents
living in North West District. He has been involved
in Community Development work for almost 30
years. He is also the Chairman of Holland-Bukit
Panjang Town Council and the Co-ordinating
Chairman of 14 PAP Town Councils.
Professor Leo Tan Wee Hin is a Professor of
Biology at the National University of Singapore.
He is also Director (Special Projects) in the Faculty
of Science. He was previously Executive Director
of the Science Centre Singapore, Director of the
National Institute of Education and Chairman of the
National Parks Board.
Ms Loh holds an MSc degree in Management from
the MIT Sloan School of Management, Boston,
US, and a BSc (Honours) degree in Aeronautical
Engineering from the Imperial College of Science &
Technology, UK. She was recently appointed as a
fellow of the prestigious Academy of Engineering.
In 1991, he was seconded to be the Chief Executive
Officer of Jurong Town Council responsible for
the management of over 40,000 units of public
housing flats. He was subsequently elected as
Member of Parliament for Sembawang Group
Representation Constituency in 1997. Dr Teo has
also held directorship positions in private firms.
Professor Tan is President and Fellow of Singapore
National Academy of Science. He chairs the
NParks Garden City Fund, National Youth
Achievement Award Council and the Temasek
STEP Board. He is also Singapore Governor to the
Asia-Europe Foundation (ASEF) and member of
the GPC Resource Panel for National Development
& Environment and Water Resources.
07
BOARD OF
DIRECTORS
Miss Linda De Mello
Director
Ms Susan De Silva
Director
Ms Lee Sze Yeng
Director
Miss Linda De Mello joined PUB since Aug 2008.
She is the deputy director of Community Relations
Division under 3P Network Department at PUB
in charge of rolling out community engagement
programme to reach out to the 3P sector to get
Singaporeans to conserve, value and enjoy our
waters holds a Bachelor of Arts Degree.
Susan is a founding partner of the Singapore law
firm ATMD Bird & Bird LLP and is head of the
Corporate and Commercial Group.
Ms Lee Sze Yeng is an Audit Partner with KPMG
Singapore. She is the partner responsible for
the Firm’s Corporate Citizenship programme.
Sze Yeng is also a member of KPMG’s Audit
Practice Committee and ICPAS Banking & Finance
Committee.
Susan has more than 20 years of experience
as a corporate and commercial lawyer. Susan
has been named as a leading individual for
Corporate/Mergers and Acquisitions as well as for
Employment Law. She is one of the few recognised
environmental lawyers in Singapore; having been
named in AsiaLaw Leading Lawyers 2003 as well
as The International Who’s Who of Environment
Lawyers (2004, 2005, 2006, 2009, 2010 and
2011 editions) and The International Who’s Who
of Business Lawyers (Environment) (2004/2005,
2006, 2009 and 2011 editions).
Ms Lee is a practising member of the Institute of
Certified Public Accountants of Singapore and
holds a first class honours degree in Accountancy
from the National University of Singapore.
08
BOARD OF
DIRECTORS
Dr Leong Chee Chiew
Director
Dr Ming Tan
Director
Mr J.B. Rae-Smith
Director
Dr Leong joined the Singapore Botanic Gardens
1983 as a research officer. He did a stint in the
Strategic Planning Division of the Ministry of
National Development from 1987 to 1989. In 1990,
he was appointed Deputy Executive Director of
the National Parks Board. When the Parks and
Recreation Department merged with the National
Parks Board in 1996, he became the Deputy
Chief Executive Officer (Specialist Services
Department). In 2000, he took over the Board’s
Parks Management Department. He is currently the
Commissioner of Parks and Recreation and also
the Deputy Chief Executive Officer (Professional
Development and Services Cluster) of the Board.
Dr Ming Tan is Director of the COMO Foundation,
the philanthropic arm of the COMO Group, a
lifestyle luxury company that includes fashion
retailer Club 21, COMO Hotels and Resorts and
COMO Shambhala. In addition to her role as Director for the Foundation,
Dr Tan also spearheads employee engagement
activities and sustainability policy and practice for
the companies within the COMO Group.
In Singapore, Dr Tan sits on the Board of Directors
of organic retail company Supernature.
Mr J. B. Rae-Smith graduated from University of
Cambridge with MA in Engineering. He joined the
Swire group in 1985 and has worked in Australia,
Papua New Guinea, Japan, Taiwan, Hong Kong,
the United States and Singapore.
Mr Rae-Smith has been the Executive Director
of Trading & Industrial Division, Swire Pacific Ltd
since January 2008 and the Chairman of The China
Navigation Company Ltd since May 2009. Prior to
moving to Hong Kong, he was Managing Director
of Swire Pacific Offshore Services (Pte) Ltd based
in Singapore.
He is 48 and happily married.
Dr Leong chairs the Singapore Landscape Industry
Council, the Heritage Trees Panel, the Workforce
Safety and Health (Landscape) Sub-Committee
and Co-chairs the inter-ministry Technical
Committee on Coastal and Marine Environment.
He is a Board Member of Singapore Garden City
Private Limited and the Garden City Fund.
09
BOARD OF
DIRECTORS
Mr Philip Su
Director
Philip Su has been Executive Director of Far East Organisation (FEO) since
2 August 2010. His responsibilities include spearheading FEO’s overseas
developments, overseeing the Retail Business Group as EXCO Chairman
and serving as Director on several FEO and FEO-related companies.
Philip was actively involved as a Director and Board Member on several
Government-linked corporations and statutory boards: Singapore
Technologies Aerospace, ST Logistics and Sentosa Development
Corporation. Currently, he holds several Director, Council Member
and Advisory appointments in Singapore’s public sector and nongovernment organisations: National Parks Board, Institute of Employment
and Employability, National University Health System, National
Youth Achievement Award, and Work Development Authority’s CET
Campuses development.
Mr Tan Wee Hock
Director
Mr Tan Wee Hock joined the public service in 1985. He has been closely
involved in formulating environmental policies and implementing
programmes to protect and sustain the environment. He spent a number of
years on the control of industrial pollution and vehicle emissions.
Mr Tan took on the Directorship in heading the People, Public and Private
(3P) Network Division at the National Environment Agency (NEA) in 2006. His
current role is to spearhead efforts to enhance the partnership between NEA
and its partners to care for and sustain the environment.
He holds a Bachelor of Engineering (Chemical Engineering) with Honours
and a Masters Degree in Environmental Pollution Control.
010
BOARD OF
DIRECTORS
Advisory Committee
Mr George Huang Chang Yi
Chairman, Advisory Committee
Mr George Huang is currently the Managing Director of Amoy Canning Corporate (S) Ltd. He is also a companion to the Chartered
Management Institute (UK) and a Fellow at the Singapore Institute of Directors. On 9 August 2011, Mr Huang received the Public
Service Medal from the President of Singapore. A few of his other appointments are as President of the Singapore Manufacturing
Federation (SMF), Honorary Consul-General of the Federal Democratic Republic of Ethiopia and Honorary Business Ambassador
for the Queensland Government-Australia to Singapore. Mr Huang holds a Bachelor of Arts Degree.
Mr Dalson Chung
Advisor
Mr Dalson Chung is currently the Director (Industry Development and Promotion Office) and the Director (Sustainability Office)
with the National Environment Agency (NEA).
Mr Chung was educated in Singapore and Germany. He obtained his Bachelor’s degree in Structural Engineering from Essen
University in Germany. He later obtained his Masters degrees in Civil Engineering and Business Administration from the National
University of Singapore.
After graduating from Germany, Mr Chung joined the then Ministry of the Environment (ENV) in 1984 and has since held various
appointments in ENV, NEA and later, Ministry of the Environment and Water Resources (MEWR). He was Head (Operations) of
NEA’s Environmental Health Department from 2004 to 2006 before being seconded to MEWR as its Director, 3P Partnership
Division from 2006 to 2009.
Mr Melvin Koh
Advisor
Mr Melvin Koh started his career in 2000, as an engineer in a PUB drinking water treatment plant. Over the years, he progressed
to marketing NEWater to industrial and commercial customers and operating and maintaining a water distribution network. He
was also involved in research and development projects in PUB.
Since January 2011, Mr Koh has been the Acting Director of the 3P Network Division in the Ministry of the Environment and Water
Resources. He currently leads a team of officers to oversee Corporate Communications, Partnerships and Engagement and
Service Quality. He is also the Ministry’s Quality Service Manager.
011
FINANCIAL
STATEMENT
012
RE:
CONFIGURED
RE:
CONFIGURED
Back Row (From left):
Vaidehi Shah, Kenneth Goh, Esther Tan, Melissa Fun, Helen Ho, Charmaine Ang, Shakilah Mohidin, Bhavna Narayanan, Neerada V Poduval, Noor Aisha,
Xie Si Yu, Julien Chua, Chen Li Hua, Steffi Loe, Sarah Han, Saaz’liana Abdullah, Jose Raymond
2nd Row (From left):
K Kogilam, Helmy Sarpan, Ambrose Lim, Kim Tan, Grace Ang
1st Row (From left):
Joe Lim, Edwin Ker, Steven Chin, Kelvin Lai
013
FINANCIAL
RE:
CONFIGURED
STATEMENT
Labelling &
Certifications
Technical
Admin
Neerada
Poduval
Eco-Certifications
Technical Executive
Kelvin Lai
Ngeow Yin Teen
Administration
Manager
Projects Executive
(Eco-­L abelling &
Certifications)
Joe Lim
Projects
Edwin Ker
Charmaine Ang
Adminstration
Manager
Director of Projects
Senior Projects Executive
(Eco-­L abelling &
Certifications)
Vaidehi Shah
Shakilah
Mohidin
Projects Manager
Senior Marketing
Executive
Marketing
& Research
Bhavna
Narayanan
Projects Executive
Helen Ho
Administration
Assistant
Sarah Han
Helmy Sarpan
Projects Executive
Senior Marketing
Executive
Steffi Loe
Corporate
Communications
and Relations
Research Executive
Executive
ExecutiveDirector
Director
JOSE
RAYMOND
JOSE RAYMOND
Finance
Noor Aisha
Abdul Hani
Senior Communications
Executive
Esther Tan
Steven Chin
Corporate
Communications Manager
Finance Executive
Melissa Fun
Finance Assistant
Administration
Human
Resource
Kim Tan
Senior
Administration Manager
Saaz’liana Abdullah
Human Resource
Executive
Grace Ang
Administration Executive
Operations
Kenneth Goh
Deputy Director
K Kogilam
Receptionist
014
RE:
COLLECTIONS
RE:
COLLECTIONS
2011
Singapore Green Labelling Scheme
When the SEC took over the administration of the Singapore Green Labelling Scheme (SGLS) in 1999, it was
not common to hear the term “eco-friendly” being used to describe a product. Awareness of eco-friendly
products was nowhere near what it is today. Back then, there were only a handful of companies that had
applied for the SGLS certification and there were only 5 categories.
It is a different story today.
As of Dec 2011, the SGLS had 2,004 different products in its database and has expanded the number of
categories to 66. The growth is due to increasing demand from consumers and the hard work of marketing
the scheme to companies.
A major milestone was attained in Oct 2011 when the scheme was accredited by the Global Ecolabelling
Network (GEN). GEN is a well-respected international non-profit association of third-party, environmental
performance recognition, certification and labelling organisations.
Individuals & Organisations:
Vote with your dollar;
choose a certified green product
015
RE:
COLLECTIONS
Singapore Environmental
Achievement Awards (SEAA) 2011
& Senoko Energy Green Innovation Awards
The SEAA is the oldest and most prestigious environmental award scheme in Singapore.
Since it was launched in 1997, the competition has grown tougher and tougher. We learned
how companies are becoming ‘green’ through surprising innovative and creative ways.
Jointly organised with the Singapore Manufacturers’ Federation (SMa), the annual SEAA
was held at the Shangri-La Hotel on 11 August 2011. It was an honour to have Minister for
the Environment and Water Resources, Dr Vivian Balakrishnan as the Guest-of-Honour.
Receiving the top award for the Service Category was Temasek Polytechnic while the top
achiever for the Manufacturing Category was Greenpac (S) Pte Ltd. HydroBall Technics
(SEA) Pte Ltd scooped up the SEC-Senoko Energy Green Innovation Award for their energyand water-efficient cleaning system for air-conditioners.
Project: Eco-Office
SEC and City Developments Limited (CDL) joined hands to initiate Project: Eco-Office,
providing the framework to nurture an eco-conscious office environment. Eco-Office
allows offices of any size and in any industry to take small steps towards sustainability. CDL
wanted to take advantage of their position as building owners to influence their tenants in a
positive way. Eco-Office kits containing awareness posters and stickers were given out to
administrative operations all around the island.
As a form of encouragement, SEC later developed a certification scheme known as the
Eco-Office Label, giving these out every year to deserving offices. A few years’ ago, even
the government demonstrated their commitment by encouraging their own ministries and
statutory boards to obtain the Eco-Office Label. For the SEC, we saw it as validation of
the programme.
In 2011, twenty-six offices received their certificates at the Grand Copthorne Waterfront
Hotel. Dr John Keung, Chief Executive Officer of the Building & Construction Authority, was
the Guest-of-Honour at the event.
Project Eco-Office would not have been possible without the continued support from
CDL. It is a perfect example of how the private sector can work together with an NGO to
successfully sustain a worthwhile programme.
Find out if your office can be certified
with the Eco Office Label!
Log on to www.ecooffice.com.sg
016
RE:
COLLECTIONS
Schools’ Green
Audit Awards (SGAA)
Another
long-running
awards
scheme
for schools reached its 10th year in 2011.
Students are guided by their teachers while
they go around their school conducting an
environmental audit. Not only do the students
learn more about their school environment,
they learn how to identify areas of weakness
and make suggestions for improvement. An
SEC representative will then visit the school to
verify the results of the self-audit.
The whole process instills a sense of pride in the students for their school and
gives them a sense of ownership – an important lesson that SEC hopes will be
translated to environmental stewardship on a global scale when the students
become young adults.
During the awards ceremony on 8 July 2011 held at Republic Polytechnic,
SEC welcomed Ms Grace Fu, Senior Minister of State, Ministry of the
Environment and Water Resources. She gave special recognition awards
to the top 5 schools. In total, over 260 schools qualified for an award
last year.
Give our children the best start and
tell them the difference that they
can make in their schools, their
community and for Singapore!
Earth Helpers
In Singapore, there are many individuals passionate
about getting involved in local, environment-related
volunteer work. Many have valuable skills and knowledge
that others are looking for. Yet, it is not always easy to
find suitable opportunities for potential volunteers.
Coincidentally, companies looking for people to help
with environmental projects do not always know where
to start looking.
SEC has stepped in to play “matchmaker” with a new Earth Helpers programme.
The programme was launched on 21 April 2011, during Earth Day celebrations at
Siloso Beach Resort. Attendees enjoyed an environmental storytelling session
and nature guided walk. The SEC also honoured 19 Earth Helpers for committing
their time to assist with our work.
Individuals:
Register for free as an Earth
Helper and be part of a growing
environmental movement.
Organisations:
Submit your upcoming activities
and programmes to us for
volunteer matching.
017
RE:
COLLECTIONS
Tertiary Institutions Council for the Environment (TICE)
The purpose of TICE is to establish links between the different tertiary institutions.
This would then allow for sharing of expertise, resources and ideas on how to
communicate the message of environmental protection to tertiary students.Since
engaging Singaporean youths has always been an important part of SEC’s outreach,
SEC has been the facilitator for the group since 2003. The SEC is the secretariat for
TICE and organises its monthly meetings.
To date TICE has organised events, camps and competitions, and has also facilitated the sharing of projects
and practices by institutions.
In 2011, a group of budding environmentalists - students from various polytechnics gathered for a TICE eco
camp with the theme, “Year of the Forest”. In the short three-day camp from 30 September to 1 October,
hosted at Republic Polytechnic, the students went on nature rambles, learnt from experts in their fields and
shared their ideas.
Our young leaders look set to take on the
challenge of building and maintaining our
sustainable city in the years to come!
RE:
COLLECTIONS
RE:
COUNTING
SINGAPORE GREEN LABELLING
SCHEME (SGLS)
AS OF DEC 2011, SEC CERTIFIED 2,004
GREEN PRODUCTS (SINCE 1999)
AS OF DEC 2011, SEC CERTIFIED
104 INDIVIDUAL OFFICES (SINCE 2004)
ECO-OFFICE
ECO-OFFICE
396 25 75
711 23 14,617
NEW PRODUCTS CERTIFIED
NEW OFFICES CERTIFIED
ECO-OFFICE KITS DISTRIBUTED
PRODUCTS RENEWED
OFFICES RE-CERTIFIED
PROFESSIONALS, MANAGERS, EXECUTIVES & BUSINESS OWNERS
REACHED (PMEBs)
019
RE:
COUNTING
AS OF DEC 2011, SEC HAS 159 REGISTERED EARTH HELPERS (SINCE AUG 2011)
EARTH HELPERS
PROJECT EARTH STATION
159 28
$11,498.87
EARTH HELPERS REGISTERED
NO OF SCHOOLS EXHIBITIONS
CITI-YMCA YOUTH FOR CAUSES
AMOUNT OF FUNDS RAISED BY SCHOOL TEAMS FOR SEC
020
RE:
COGNITION
RE:
COGNITION
Our heartfelt thanks go out to all donors, sponsors and supporters for their
generosity. Every little bit goes a long way to further our cause.
• City Developments Limited
• Senoko Energy Pte Ltd
• Greenpac (S) Pte Ltd
• Komatsu Asia Pacific Pte Ltd
• Hydroball Technics (SEA) Pte. Ltd
• Temasek Polytechnic
• JPL Industries Pte Ltd
• NSL LTD
$30,000
& above
• Electrolux
• Sembawang Shipyard
• Interfaceflor Pte. Ltd
• Sembcorp Environment P te Ltd
• Lee Foundation
• L’oreal Singapore Pte Ltd
• Mitsubishi Electric Asia Pte Ltd
• Purechem Veolia Environmental
Services Pte Ltd
• Ascendas Land (Singapore) Pte Ltd
• Asian International College Pte Ltd
• Keppel Land International Ltd
• Lion Corporation (S) Pte Ltd
• Olive Ventures
• Pentens (S) Pte Ltd
(Dong Ji Sdn. Bhd.)
& above
• Philips Electronics
Singapore Pte Ltd
• PowerSeraya Ltd
• Setsco Services Pte Ltd
• Shaw Industries Inc.
• Sika Singapore Pte Ltd
• ST Synthesis Pte Ltd
• Koh Wei Ying, Ann
• Aveda Singapore
• Nu Skin Enterprises
Singapore Pte Ltd
• Harveen Singh Narulla
$5,000
• Veolia Environment
Services Singapore
• ATMD Bird & Bird LLP
• ComfortDelGro
Corporation Ltd
& above
• Singapore Workforce
Development Agency
• The Singapore Contractors
Association Limited
• Ciba Vision(Singapore)
Pte Ltd
$10,000
• Red Element Health
International Pte Ltd
• Singapore Pools
below
$1,000
$1,000
& above
021
CORPORATE
GOVERNANCE
CORPORATE
GOVERNANCE
SEC Board of Directors is currently made up of
11 members. Members are elected or appointed
based on rules of SEC’s governing instrument.
There is also an advisory committee made up of
3 members and as well as 3 founder members.
Internal Controls
Responsibility of the Board
• Programme Management
The Board ensures that the charity is run
responsibly, according to its governing instrument.
SEC’s strategic growth plan, vision and mission
statements are all subjected to review at regular
intervals to make sure that the charity stays
relevant in an ever-changing environment. The
Board ensures that SEC is meeting its goals and
objectives as an environmental charity. They help
to ensure that effective and efficient systems are
in place for managing SEC’s financial and human
resources. Another important role is to maintain
adequate reporting to all SEC stakeholders
regarding our strategic plan and status of
our programmes.
• Fundraising Practices
All fundraising practices are transparent and ethical, with proper accounting to donors on how funds
are utitlised.
All programmes and activities conducted by SEC are carefully planned, tracked and reviewed to ensure
that they are relevant to the mission and vision of SEC. Each programme is evaluated for its effectiveness
and the progress is reported to both the Board and programme donor.
• Budget Planning and Monitoring
The Board approves an annual budget for SEC’s programmes.
There is close monitoring of the expenditure for each programme.
• Disclosure and Transparency
SEC seeks financial management advice from the Board and complies with all applicable laws and
regulations. Yearly external audits are conducted to ensure that its resources are used legitimately and
are accounted for. Updated information about its mission, structure, programmes, activities and finances
can be viewed publicly on SEC’s website.
022
CORPORATE
GOVERNANCE
SEC Board, its Committees and Roles
Board
The Singapore Environment Council (SEC) Board provides independent
objective guidance to SEC and acts in the best interests of SEC and periodically
reviews and approves the objectives of SEC ensuring that SEC’s programs and
operations are managed and directed towards achieving SEC’s objectives.
It acts as advocates and enthusiastic communicators of SEC’s mission and
vision, and to play an integral role in SEC’s fundraising activities. It supports
and guides SEC’s programs and fundraising plans and hence assist the Council
in achieving its long term strategic plans.
Number of board meetings held - 3
Audit Committee
Ms Lee Sze Yeng – Chairman
Mr Philip Su – Member
The Audit Committee makes recommendations to the Board on the selection,
appointment, reappointment, and resignation of the external auditor(s), reviews
the external auditor’s audit independence and reviewing the external auditor’s
findings arising from the audit. It also reviews the financial information provided
by the Council to the Board with particular attention paid to critical accounting
policies and practices, and any changes in them, the effectiveness of the
internal controls over financial reporting (including budgeting) established by
management to identify, assess, manage, and disclose financial risks.
Number of committee meetings held - 4
Compliance Committee
Prof Leo Tan – Chairman
Ms Susan de Silva – Member
Mr Philip Su – Member
Ms Lee Sze Yeng – Member
Mr Melvin Koh – Member
The Compliance Committee monitors the level of compliance by the Council,
with reference to its governing instrument and all relevant laws and regulations
and with regards to the administration of donation. It assists the Board in fulfilling
its compliance monitoring responsibilities by investigating any activity within its
Terms of Reference as well as assists the Board in the review of any specific
compliance matters.
Committee convenes as and when necessary
Tender Committee
Ms Isabella Loh – Chairman
Ms Lee Sze Yeng – Member
Mr Philip Su – Member
The Tender Committee supports and advises the Council on the procurement
process to obtain optimum value and that the process is transparent and
competitive. It advises and reviews as and when necessary on procurement
strategies, guidelines and policies and tendering guidelines matters. It decides
on the approval of or waiving of the requirements for tenders to be called for
a particular procurement of services or goods, as adhere to the Council’s
Financial Policies & Procedures. It reviews conflict of interest, if any, during the
procurement process.
Committee convenes as and when necessary
Green Label Steering Committee
Ms Susan Mary de Silva – Co-Chairman
Mr Philip Su Poon Ghee – Co-Chairman
The Green Label Steering Committee provides professional advice on creating
and maintaining the certification process. The Committee also provides support
and advice on certification issues on behalf of SEC/SGLS when collaborations
are forged or input is required. It assists to guide new category development,
monitor the impartiality of the certification process in relation to guidelines
set out in the SGLS Handbook. It helps to guide development of service
delivery mechanisms related to lab testing, applications and assessment,
initiates and guides programme evaluations, and recommends mechanisms
for recertification.
Committee convenes as and when necessary
023
FINANCIAL
STATEMENT
024
FINANCIAL
STATEMENT
FINANCIAL
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
STATEMENT BY DIRECTORS
For the financial year ended 31 December 2011
In the opinion of the Directors,
(a) the accompanying statement of financial position, statement of financial activities/comprehensive
income, statement of changes in fund and statement of cash flows together with the notes thereto are
drawn up so as to give a true and fair view of the state of affairs of the Council as at 31 December
2011 and of the results, changes in funds and cash flows of the Council for the financial year ended 31
December 2011, and
(b) at the date of this statement, there are reasonable grounds to believe that the Counci will be able to pay
its debts as and when they fall due.
The Board of Directors has, on the date of this statement, authorised these financial statements for issue.
On behalf of the Board of Directors,
ISABELLA LOH WAI KIEW
Chairman
LEE SZE YENG
Director
Singapore 29 June 2012
025
FINANCIAL
STATEMENT
S. K. Cheong & Co.
Public Accountants and
Certified Public Accountants
9 Temasek Boulevard
#19-02 Suntec Tower Two
Singapore 038989
INDEPENDENT
AUDITORS’ REPORT
For the financial year ended 31 December 2011
To the members of Singapore Environment Council
(UEN 199507762R)
Report on the Financial Statements
We have audited the accompanying financial statements of Singapore
Environment Council (the “Council”) set out on pages 6 to 32, which comprise
the statement of financial position as at 31 December 2011, and the statement
of financial activities/comprehensive income, statement of changes in fund and
statement of cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that
give a true and fair view in accordance with the provisions of the Singapore
Companies Act, Chapter 50 (the “Act”), the Singapore Charities Act, Chapter
37 (the “Charities Act”) and Singapore Financial Reporting Standards, 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
profit and loss accounts and balance sheets and to maintain accountability
of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit in accordance with Singapore Standards
on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
Tel: (65) 63386966
Fax: (65) 63387155
UEN S83PF0385E
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the
financial statements 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
the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the 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.
Opinion
In our opinion, the financial statements are properly drawn up in accordance
with the provisions of the Act, the Charities Act and Singapore Financial
Reporting Standards so as to give a true and fair view of the state of affairs of
the Council as at 31 December 2011 and the results, changes in fund and cash
flows of the Council for the year ended on that date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept
by the Council have been properly kept in accordance with the provisions of
the Act.
During the course of our audit, nothing has come to our attention that causes
us to believe that during the year:
a. The use of the donation moneys was not in accordance with the objectives
of the Council as required under regulation 16 of the Charities (Institutions
of a Public Character) Regulations; and
b.The Council has not complied with the requirements of regulation 15
(Fund-raising expenses) of the Charities (Institutions of a Public Character)
Regulations.
S. K. CHEONG & CO.
Public Accountants and
Certified Public Accountants
026
FINANCIAL
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION
As at 31 December 2011
Note
2011
2010
$
$
4
Total non-current assets
22,731
22,731
19,132
19,132
5
166,003
9,097
595,182
770,282
147,203
3,725
520,811
671,739
793,013
690,871
7
Total current liabilities
89,182
89,182
106,719
106,719
Net current assets or liabilities
Total assets less current liabilities
Net assets
681,100
703,831
703,831
565,020
584,152
584,152
703,831
584,152
703,831
584,152
ASSETS
Non-current assets
Plant and Equipment
Current assets
Trade and other receivables
Prepayments
Cash and cash equivalents
6
Total current assets
Total assets
Current liabilities
Trade and other payables
The funds of the charity
Unrestricted funds
Accumulated general funds
8
Total funds
STATEMENT OF FINANCIAL ACTIVITIES/COMPREHENSIVE INCOME
For the year ended 31 December 2011
Note
Unrestricted funds
2011
$
2010
$
240,736
28,881
256,675
Incoming Resources
Incoming Resources from generated fund
Voluntary Income
Donations
Grant from National Environment Agency
Sponsorships
10
146,941
105,638
83,086
Activities for generating funds
Programme receipts
11
1,332,087
598,879
Investment income
Interest income
12
-
520
4,110
461
2,715
1,671
9
Charitable income
Administration fees/Honorarium
Miscellaneous income
Other incoming resources
Jobs Credit Scheme
Total income resources
-
12,020
1,672,323
1,142,097
481,287
866,180
94,977
727,650
4,511
2,657
60,756
519,008
2,852
-
829,795
582,616
Resources expended
Costs of generating funds
Programme expenses
Charitable activities expenses
CPF contribution
Salaries and bonus
Staff training cost
Temporary staff
13
16
027
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
FINANCIAL
STATEMENT
STATEMENT OF FINANCIAL ACTIVITIES/COMPREHENSIVE INCOME (continued)
For the year ended 31 December 2011
Note
Unrestricted funds
2011
2010
$
$
20,800
3,000
1,000
2,761
10,798
13,198
1,556
11,542
6,881
1,578
1,509
3,370
4,607
4,669
6,971
1,699
16,209
61,601
6,262
20,630
7,526
11,415
8,049
6,988
615
6,328
241,562
31,200
2,500
3,000
1,087
12,778
5,073
1,965
795
566
2,644
4,273
6,483
430
1,708
59,864
4,294
8,681
507
4,691
7,249
5,357
43,718
208,863
Total resources expended
1,552,644
1,657,659
Net incoming/(outgoing) resources representing
total comprehensive income/(loss) for the year
119,679
(515,562)
Accumulated
general fund
Total
fund
$
$
584,152
584,152
119,679
119,679
Closing balance at 31 December 2011
703,831
703,831
2010
Opening balance at 1 January 2010
Net outgoing resources, representing total
comprehensive loss for the year
1,099,714
1,099,714
(515,562)
(515,562)
Closing balance at 31 December 2010
584,152
584,152
Other Operating and Administration Expenses
Accountancy fee
Audit fee
Audit certification
Advertising
Awards and recognition
Bad debt written off
Bank charges
Depreciation of plant and equipment
Employee medical benefits
Entertainment
General expenses
Gifts and representation
Groceries and refreshment
Insurance
Legal and professional fees
Postage
Printing and stationery
Rent
Rental of office equipment
Repair and maintenance
Subscription
Telephone and facsimile
Transportation and travel
Utilities
Write off of interest receivable
Website expenses
4
5
STATEMENT OF CHANGES IN FUND
For the financial year ended 31 December 2011
2011
Opening balance at 1 January 2011
Net incoming resources, representing total
comprehensive income for the year
028
FINANCIAL
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2011
Note
2011
2010
$
$
119,679
(515,562)
11,542
-
12,778
(520)
131,221
(24,975)
(16,734)
(503,304)
28,492
(115,336)
Cash generated from/(used in) operating activities
Interest received
89,512
-
(590,148)
520
Net cash generated from/(used in) operating activities
89,512
(589,628)
(15,141)
(10,293)
(15,141)
(10,293)
Cash flows from operating activities
Net incoming/(outgoing) resources for the year
Adjustments for:
Depreciation of plant and equipment
Interest income
4
Operating cash flows before changes in working capital
(Increase)/decrease in receivables
Decrease in payables
Cash flows from investing activities
Purchase of plant and equipment
4
Net cash used in investing activities
Cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
6
-
-
74,371
520,811
(599,921)
1,120,732
595,182
520,811
029
FINANCIAL
STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2011
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
The financial statements were authorised for issue by the Board of Directors on 29 June 2012.
1. Corporate information
Singapore Environment Council (the “Council”) was incorporated in Singapore
as a company limited by guarantee whereby each member of the Council
undertakes to meet the debts and liabilities of the Council, in the event of its
liquidation, to an amount not exceeding $1 per member. As at 31 December
2011, the Council has 3 members.
The Council was registered with ACRA on 2 November 1995. Its registered
office is at 39 Robinson Road, #07-01 Robinson Point, Singapore 068911 and
principal place of operation is at 1 Kay Siang Road, #04-02 Singapore 248922.
The Council has been registered as a charity under the Charities Act, (Cap.
37) since 5 March 1996 and has Institution of Public Character status until 30
October 2012. It is an independently managed, non-profit, non-government
organisation and principally engaged in the nurturing, facilitating and
coordinating of environment causes and groups in and outside Singapore,
working hand-in-hand with both government and private sectors.
The Council’s objective is the promotion of greater public awareness of and
concern for the living and natural environment, and to encourage members
of the public to be more environmentally conscious. There have been no
significant changes in the principal activities of the Council.
2. Summary of significant accounting policies
a)Basis of preparation
The financial statements have been prepared in accordance with Singapore
Financial Reporting Standards (“FRS”).
The financial statements are prepared on the historical cost basis except as
disclosed in the accounting policies below.
The financial statements are presented in Singapore dollars (SGD or $), which
is the Council’s functional and presentation currency.
b)Changes in accounting policies
The Council has adopted all the new and revised standards and Interpretations
of FRS (“INT FRS”) that are effective for annual periods beginning on or after 1
January 2011. The adoption of these standards and interpretations did not have
any effect on the financial performance or position of the Council.
c)Standards issued but not yet effective
The Council has not adopted the following relevant standards and interpretations
that have been issued but not yet effective:
The Council has not adopted new/reused FRS and interpretations which have
been issued but are not yet effective.
The Council does not expect these standards and interpretations to have a
material effect on adoption.
d)Functional currency
The Council has determined the currency of the primary economic environment
in which the Council operates i.e. functional currency, to be SGD. Incoming
resources and resources expended are primarily influenced by fluctuations
in SGD.
e)Foreign currencies
Transactions in foreign currencies are measured in the functional currency
determined by the Council and are recorded on initial recognition in the functional
currency at exchange rates approximating those ruling at the transaction dates.
Monetary assets and liabilities denominated in foreign currencies are translated
at rate of exchange ruling at the end of each reporting period. Non-monetary
items that are measured in terms of historical cost in a foreign currency are
translated using the exchange rates as at the dates of initial transactions. Nonmonetary items measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value was determined.
Exchange differences arising on the settlement of monetary items or on
translating monetary items at the end of each reporting period are recognised
in the statement of financial activities/comprehensive income.
f) Plant and equipment
All items plant and equipment are initially recorded at cost. The cost of an item
of plant and equipment is recognised as an asset if, and only if, it is probable
that future economic benefits associated with the item will flow to the Council
and the cost of the item can be measured reliably.
Subsequent to recognition, plant and equipment are measured at cost
less accumulated depreciation and accumulated impairment losses. When
significant parts of plant and equipment are required to be replaced in intervals,
the Council recognises such parts as individual assets with specific useful lives
and depreciation, respectively. Likewise, when a major inspection is performed,
its cost is recognised in the carrying amount of the plant and equipment as
a replacement if the recognition criteria are satisfied. All other repair and
maintenance costs are recognised in the statement of financial activities/
comprehensive income as incurred.
Depreciation is computed on a straight-line basis over the estimated useful
lives of the assets as follows:
Equipment 3 years
Furniture and fittings 3 years
Renovation 5 years
The carrying values of plant and equipment are reviewed for impairment when
events or changes in circumstances indicate that the carrying value may not
be recoverable.
The residual value, useful life and depreciation method are reviewed at the end
of each reporting period, and adjusted prospectively, if appropriate.
An item of plant and equipment is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any gain or loss
on derecognition of the asset is included in the statement of financial activities/
comprehensive income in the year the asset is derecognised.
There are no items of plant and equipment acquired in full or in part from the
proceeds of a grant.
Where functional items of plant and equipment have been donated, they
are included in the statement of financial position come at their fair value at
the date of the gift and also included in the statement of financial activities/
comprehensive income as an incoming resource. Accounting policies for the
valuation of gifts are disclosed in Note 2o(iii).
030
FINANCIAL
STATEMENT
g) Financial assets
Initial recognition and measurement
Financial assets are recognised on the statement of financial position when,
and only when, the Council becomes a party to the contractual provisions of the
financial instrument. The Council determines the classification of its financial
assets at initial recognition. When financial assets are recognised initially, they
are measured at fair value, plus, in the case of financial assets not at fair value
through profit or loss, directly attributable transaction costs.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification
as follows:
Loans and receivables
Non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market are classified as loans and receivables. Subsequent
to initial recognition, loans and receivables are measured at amortised cost using
the effective interest method. Gains and losses are recognised in statement of
financial activities/comprehensive income when the loans and receivables are
derecognised or impaired, and through the amortisation process.
Derecognition
A financial asset is derecognised where the contractual right to receive
cash flows from the asset has expired. On derecognition of a financial asset
in its entirety, the difference between the carrying amount and the sum of
the consideration received and any cumulative gain or loss that had been
recognised in other comprehensive income is recognised in statement of
financial activities/comprehensive income.
All regular way purchases and sales of financial assets are recognised or
derecognised on the trade date. i.e., the date that the Council commits to
purchase or sell the asset. Regular way purchases or sales are purchases or
sales of financial assets that require delivery of assets within the period generally
established by regulation or convention in the marketplace concerned.
h)Cash and cash equivalent
Cash and cash equivalents comprise cash at bank that are readily convertible
to known amount of cash and which are subject to an insignificant risk of
changes in value.
Cash and cash equivalents are classified and accounted for as loans
and receivables.
i) Impairment of financial assets
The Council assess at the end of each reporting period whether there is any
objective evidence that a finance asset is impaired.
Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Council first assesses
individually whether objective evidence of impairment exists individually for
financial assets that are individually significant, or collectively for financial
assets that are not individually significant. If the Council determines that no
objective evidence of impairment exists for an individually assessed financial
asset, whether significant or not, it includes the asset in a group of financial
assets with similar credit risk characteristics and collectively assesses them
for impairment. Assets that are individually assessed for impairment and for
which an impairment loss is, or continues to be recognised are not included in
a collective assessment of impairment.
If there is objective evidence that an impairment loss on financial assets carried
at amortised cost has been incurred, the amount of the loss is measured as
the difference between the asset’s carrying amount and the present value of
estimated future cash flows discounted at the financial asset’s original effective
interest rate.
The carrying amount of the asset is reduced through the use of an allowance
account. The impairment loss is recognised in statement of financial activities/
comprehensive income.
When the asset becomes uncollectible, the carrying amount of impaired
financial assets is reduced directly or if an amount was charged to the allowance
account, the amounts charged to the allowance account are written off against
the carrying value of the financial asset. If a loan has a variable interest rate,
the discount rate for measuring any impairment loss is the current effective
interest rate. The carrying amount of the asset is reduced through the use of an
allowance account. The impairment loss is recognised in statement of financial
activities/comprehensive income.
When the asset becomes uncollectible, the carrying amount of impaired
financial assets is reduced directly or if an amount was charged to the allowance
account, the amounts charged to the allowance account are written off against
the carrying value of the financial asset.
To determine whether there is objective evidence that an impairment loss
on financial assets has incurred, the Council considers factors such as the
probability of insolvency or significant difficulties of the debtor and default or
significant delay in payments.
If in a subsequent period, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment
was recognised, the previously recognised impairment loss is reversed to the
extent that the carrying amount of the asset does not exceed its amortised
cost at the reversal date. The amount of reversal is recognised in statement of
financial activities/comprehensive income.
Financial assets carried at cost
If there is objective evidence (such as significant adverse changes in the
business environment where the issuer operators, probability of insolvency or
significant financial difficulties of the issuer) that an impairment loss on financial
assets carried at cost has been incurred, the amount of the loss is measured
as the difference between the asset’s carrying amount and the present value
of estimated future cash flows discounted at the current market rate of return
for a similar financial asset. Such impairment losses are not reversed in
subsequent periods.
j)Leases
The determination of whether an arrangement is, or contains a lease is based
on the substance of the arrangement at inception date: whether fulfillment of
the arrangement is dependent on the use of a specific asset or assets or the
arrangement conveys a right to use the asset.
i) As lessee
Operating lease payments are recognised as an expense in profit or loss on
a straight-line basis over the lease term. The aggregate benefit of incentives
provided by the lessor is recognised as a reduction of rental expense over
the lease term on a straight-line basis.
k)Financial liabilities
Initial recognition and measurement
Financial liabilities are recognised on the statement of financial position when,
and only when, the Council becomes a party to the contractual provisions of the
financial instrument. The Council determines the classification of its financial
liabilities at initial recognition.
031
FINANCIAL
STATEMENT
All financial liabilities are recognised initially at fair value and in the case of other
financial liabilities, plus directly attributable transaction costs.
Subsequent measurement
The subsequent measurement of financial liabilities depends on their
classification as follows:
Other financial liabilities
After initial recognition, other financial liabilities are subsequently measured at
amortised cost using the effective interest rate method. Gains and losses are
recognised in the statement of financial activities/comprehensive income when
the liabilities are derecognised, and through the amortisation process.
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expired. When an existing financial liability is replaced
by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification
is treated as a decognition of the original liability and the recognition of a new
liability, and the difference in the respective carrying amounts is recognised in
the statement of financial activities/comprehensive income.
l) Impairment of non-financial assets
The Council assesses at the end of each reporting period whether there is
an indication that an asset may be impaired. If any indication exists, or when
an annual impairment testing for an asset is required, the Council makes an
estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating
unit’s fair value less costs to sell and its value in use and is determined for
an individual assets, unless the asset does not generate cash inflows that are
largely independent of those from other assets or group of assets.
Where the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount, the asset is considered impaired and is written down to
its recoverable amount.
In assessing value in use, the estimated future cash flows expected to be
generated by the asset are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. In determining fair value less
costs to sell, an appropriate valuation model is used. These calculations are
corroborated by available fair value indicators.
Impairment losses are recognised in statement of financial activities
comprehensive income in those expenses categories consistent with the
function of the impaired asset, except for assets that are previously revalued
where the revaluation was taken to other comprehensive income. In this case
the impairment is also recognised in other comprehensive income up to the
amount of any previous revaluation.
For assets excluding goodwill, an assessment is made at the end of each
reporting period as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication
exists, the Council estimates the asset’s or cash-generating unit’s recoverable
amount. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset’s recoverable
amount since the last impairment loss was recognised. If that is the case,
the carrying amount of the asset is increased to its recoverable amount. That
increase cannot exceed the carrying amount that would have been determined,
net of depreciation, had no impairment loss been recognised previously. Such
reversal is recognised in profit or loss unless the asset is measured at revalued
amount, in which case the reversal is treated as a revaluation increase.
m) Provisions
Provisions are recognised when the Council has present obligation (legal
or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and the amount of the obligation can be estimated reliably.
Provisions are reviewed at the end of each reporting period and adjusted to
reflect the current best estimate. If it is no longer probable that an outflow of
economic resources will be required to settle the obligation, the provision is
reversed. If the effect of the time value of money is material, provisions are
discounted using a current pre tax rate that reflects, where appropriate, the
risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
n) Employee benefits
(i) Defined contribution plans
The Council participates in the national pension schemes as defined by the laws
of the countries in which it has operations. The Council make contributions to
the Central Provident Fund scheme in Singapore, a defined contribution pension
scheme. Contributions to defined contribution pension schemes are recognised
as an expense in the period in which the related service is performed.
(ii) Short-term employee benefits
Short-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 shortterm cash bonus or profit-sharing plans if the Council has a present legal
or constructive obligation to pay this amount as a result of past service
provided by the employee, and the obligation can be estimated reliably.
o) Incoming resources from generated funds
All incoming resources are included in the statement of financial activities/
comprehensive income to the extent that it is probable that the economic
benefits will flow to the Council and the amount can be reliably measured. No
amounts are included for services donated by volunteers. Incoming resources
from generated funds comprise:
Voluntary income
(i) Donations/Sponsorships
Donations/sponsorships are taken up and accrued as and when they are
committed. Those uncommitted donations/sponsorships are recognised on
receipt basis.
(ii) Grants
Such grants are provided by National Environment Agency for funding of
approved projects that promote environmental awareness. These grants
are recognised where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with.
When the grant relates to an expense item, it is recognised in the profit or loss
over the period necessary to match them on a systematic basis to the costs
that it is intended to compensate. Grants related to income are presented as
a credit in the statement of financial activities/comprehensive income.
(iii) Donations in kind
Donations in kind are recognised based on an estimate of the fair value at the
date of the receipt of the donation of the non-monetary asset or the grant of a
right to a monetary asset. The donation is recognised if the amount of the gift
can be measured reliably and there is no uncertainty that it will be received.
032
FINANCIAL
STATEMENT
Activities for generating funds
Proceeds from such activities are recognised in the period in which the
event takes place. Any sales of merchandise are accounted for when the
transaction occurs.
Investment income
Investment income comprises interest income on funds invested that are
recognised in the statement of financial activities/comprehensive income.
Interest income is recognised as it accrues, using the effective interest method.
p) Jobs Credit Scheme
Cash grants received from the government in relation to the Jobs Credit
Scheme are recognised as income of the period in which it becomes receivable
q) Resources expended
Resources expended comprise the following:
Cost of generating funds
Cost of generating funds includes the costs of activities carried out to generate
incoming resources, which will be used to undertake charitable activities.
Charitable activities expenses
Charitable activities include both direct and related support costs that are
related to running of the Council, and generating funds and service delivery.
r) Funds structure
(i) Unrestricted funds
Unrestricted funds are funds that are expendable at the discretion of the Council
for achieving their overall objectives.
(ii) Restricted funds
Restricted funds are funds that are set up for specific purposes which may
be imposed by the donor or have specific restriction on the Management’s
discretion regarding the utilisation of the funds.
The Council does not have any restricted funds.
s) Related parties
A party is considered to be related to the Council if:
(a) The party, directly or indirectly through one or more intermediaries,
(i) controls, is controlled by, or is under common control with, the Council;
(ii) has an interest in the Council that gives it significant influence over the
Council; or
(iii) has joint control over the Council;
(b) The party is an associate;
(c) The party is a jointly-controlled entity;
(d) The party is a member of the key management personnel of the Council or
its parent;
(e) The party is a close member of the family of any individual referred to in (a)
or (d); or
(f) The party is an entity that is controlled, jointly controlled or significantly
influenced by or for which significant voting power in such entity resides with,
directly or indirectly, any individual referred to in (d) or (e); or
(g) The party is a post-employment benefit plan for the benefit of the employees
of the Council, or of any entity that is a related party of the Council.
3. Significant accounting judgements and estimates
The preparation of the Council’s financial statements requires Management
to make judgements, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and the disclosure of
contingent liabilities at the end of the reporting period. However, uncertainty
about these assumptions and estimates could result in outcomes that could
require a material adjustment to the carrying amount of the asset or liability
affected in the future periods.
(I) Critical judgements made in applying accounting policies
In the process of applying the Council’s accounting policies, the management
is of the opinion that there are no critical judgements involved that have a
significant effect on the amounts recognised in the financial statements (apart
from those involving estimations).
(II) Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty at the end of each reporting period, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.
(i) Depreciation of plant and equipment
The cost of plant and equipment of the Council is depreciated on a straightline basis over the useful lives of the plant and equipment. Management
estimates the useful lives of these plant and equipment to be within 3 to 5
years. These are common life expectancies applied. The carrying amount
of the Council’s plant and equipment at 31 December 2011 was $22,731
(2010: $19,132). Changes in the expected level of usage and technological
developments could impact on the economic useful lives and the residual
values of these assets, therefore the future depreciation charges could
be revised.
(ii) Allowances for trade receivables
The determination of the allowance for impairment of the Council’s
receivables is based on the evaluation of collectability and ageing analysis
of accounts receivables, including the current credit worthiness and the
past collection history of each customer. If the financial conditions of the
customers of the Council were to deteriorate, resulting in an impairment of
their ability to make payments, additional impairment loss may be required.
The carrying amount of trade receivables at 31 December 2011 was $119,172
(2010: $131,761).
033
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
FINANCIAL
STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2011
4. Plant And Equipment
Office
Equipment
Furniture
and Fittings
Renovation
Total
$
$
$
$
2010
At 1 January
Additions
Disposal
38,191
10,293
-
15,289
-
3,077
-
56,557
10,293
-
At 31 December
48,484
15,289
3,077
66,850
2011
At 1 January
Additions
Disposal
48,484
15,141
-
15,289
-
3,077
-
66,850
15,141
-
At 31 December
63,625
15,289
3,077
81,991
Accumulated Depreciation
2010
At 1 January
Depreciation
Disposal
24,133
8,564
-
10,202
3,599
-
605
615
-
34,940
12,778
-
At 31 December
32,697
13,801
1,220
47,718
2011
At 1 January
Depreciation charge for the year
Disposal
32,697
9,641
-
13,801
1,286
-
1,220
615
-
47,718
11,542
-
At 31 December
42,338
15,087
1,835
59,260
Net Carrying Amount
At 1 January 2010
14,058
5,087
2,472
21,617
At 31 December 2010
15,787
1,488
1,857
19,132
At 31 December 2011
21,287
202
1,242
22,731
Cost
5. Trade and Other Receivables
2011
Trade receivables
Other receivables
Deposits
Fixed deposits interest receivables
2010
$
$
119,172
30,000
16,831
46,831
131,761
42
14,785
615
15,442
166,003
147,203
Trade and other receivables are denominated in Singapore Dollars.
Trade receivables
Trade receivables are non-interest bearing and are generally on 30 days’ terms. They are recognised at their original invoice amounts which represent their fair values
on initial recognition.
Trade receivables that are past due but not impaired
As at 31 December 2011, the Council has trade receivables amounting to $17,450 (2010: $102,056) that are past due at the end of the reporting period but not impaired.
These receivables are unsecured and the analysis of their ageing at the end of the reporting period is as follows:
034
FINANCIAL
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
2011
2010
$
$
15,850
1,600
-
28,450
5,750
19,263
48,593
17,450
102,056
Trade receivables past due but not impaired
Past due 1 - 30 days
Past due 31 - 60 days
Past due 61 - 90 days
More than 91 days
Based on historical default rates, the Council believes that no impairment allowance is necessary in respect of receivables at the end of the reporting period. These
receivables are mainly arising by customers that have a good record with the Council.
Other receivables
Other receivables are unsecured, non-interest bearing and repayable on demand. During the year, the fixed deposit was withdrawn earlier than maturity date to meet
working capital requirements. Accordingly, the interest receivables of $615 was foregone and written off.
6. Cash and Cash Equivalents
Cash at bank and on hand
Fixed deposit
2011
2010
$
$
595,182
-
320,811
200,000
595,182
520,811
2011
2010
Cash and cash equivalents are denominated in Singapore Dollars.
7. Trade and Other Payables
Trade payables
Other payables
Accruals
Income received in advance
GST payable
$
$
726
544
41,588
40,000
6,325
78,013
28,706
-
89,183
106,719
Trade and other payables are denominated in Singapore Dollars. Trade and other payables are non-interest bearing and are normally settled on 0 to 60 days’ terms.
8. Accumulated general fund
The Council is prohibited by its Memorandum and Articles of Association from distributing any of its income and property by way of dividend, bonus or otherwise to
members of the Council.
9. Donations
Tax exempt donations
Non-tax exempt donations
2011
2010
$
$
98,911
48,030
152,257
88,479
146,941
240,736
035
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
FINANCIAL
STATEMENT
10. Sponsorships
2011
2010
$
$
10,000
1,500
45,500
26,086
-
855
8,000
66,500
70,000
65,320
10,000
30,000
3,500
2,500
83,086
256,675
2011
2010
Funds are credited to income from sponsors
for the following programmes:
CDL Creative ECO Workshop
Charity Movie
Earth Helper
G1
Singapore Green Label
Singapore Green Summit
Schools’ Green Audit Awards (SGAA) 2010
SEC Calendar
Shell Eco - Marathon
Singapore Environmental Achievement Award
Singapore Green Label
Tertiary Institution Council for the Environment (TICE)
11. Programme Receipts
Ad Hoc Project
Charity Movie
Eco-Food Court
Eco-office project
Earth Station Project
Miscellaneous
Talk/Workshop
Singapore Green Label Scheme
Singapore Environmental Achievement Award
YMCA - Youth for Causes
$
$
10
8,500
76,480
850
1,034
1,217,313
9,312
18,588
14,511
30,503
500
2,135
507,003
23,840
20,387
1,332,087
256,675
2011
2010
12. Investment income
Interest income from fixed deposits
$
$
-
520
036
FINANCIAL
FINANCIAL
STATEMENT
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2011
13. Programme expenses
2011
2010
$
$
Ad Hoc Projects
Asian Geographic
Bring Your Own Bag Day
CEO Run
Charity Movies
Clean and Green Singapore
Clean Up Singapore
Climate Change Awareness Campaign
Community Roadshow
CDL Creative ECO Worshop
Earth Day
Earth Dialogue
Earth Helper
Earth Station Project
Eco Action Day
Eco-Food Court
Eco-Office Project
Eco-Hotel
Energy Infographic
Green Homes
Green Retailer
Green Transport Week
G1
School Green Audit Award (SGAA)
SEC Calendar
SEC Community Programme
SEC Volunteer Programme
SEC/WEC Roundtable
Singapore Green Summit (SEAA)
Singapore Green Label Scheme
Shell Eco-Marathon
Sustainable Buildings Seminar
Sustainable Manufacturing Labels
Tertiary Institution Council for the Environment (TICE)
Talk/workshop
YMCA - Youth for Causes
YMCA - Citibank Youth4Cause
Youth Portal
VER Project
10,880
995
3,127
91
34
46
176
20
42
14,605
2,044
40,202
16
4,330
75,454
16
8
35
34,983
22,112
28,519
44
102
199,304
39,361
14
6
3,777
750
300
60
54
-
12,794
11,457
14
12
49,213
1,285
1,589
71,275
2,387
27,516
66
21
8
558,691
6,136
23,490
157
225
8,176
99,613
38,323
15,192
8,980
1,535
469
129
20
Less: Write back of Programme expenses
481,507
(220)
938,773
(72,593)
481,287
866,180
14. Income tax
The Council is an approved charity under the Charities Act, Cap 37 and an institution of public character under the Income Tax Act, Cap. 134.
With effect from Year of Assessment 2008, all registered charities will enjoy automatic income tax exemption without having the need to meet the 80% spending rule.
Thus the Council is exempt from Income Tax.
037
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
FINANCIAL
STATEMENT
15. Commitments
At the end of the reporting period, the Council has non-cancellable lease commitments for the lease of office premises and office equipment. The lease of office
premises and office equipment will expire in 2013 and 2015 respectively. The lease agreements have no clause for revision of rental charge.
Payment recognised as an expense during the year:
Minimum lease payments under operating leases
2011
2010
$
$
67,863
64,158
The future minimum lease payable under non-cancellable operating leases contracted for at 31 December but not recognised as liabilities, are as follows:
Within 1 year
After 1 year but within 5 years
2011
2010
$
$
67,769
55,187
49,418
26,580
122,956
75,998
16. Related parties
Parties are considered to be related to the Council if the Council has the ability, directly or indirectly, to control the party or exercise significant influence over the party
in making financial and operating decisions, or vice versa, or where the Council and the party are subject to common control or common significant influence. Related
parties may be individuals or other entities.
Key management personnel compensation
Key management personnel of the Council are those persons having the authority and responsibilities for planning, directing and controlling the activities of the
Council. The Council comprises board of directors who are volunteers and they do not receive remuneration. Key management personnel compensation is as follows:
2011
2010
$
$
237,939
23,702
162,500
14,029
261,641
176,529
2011
2010
$50,001 to $100,000
$100,001 to $150,000
4
-
1
1
Total number of staff
4
2
2011
2010
$
$
278
18,798
2,197
20,999
Salaries, bonus and other short-term benefits
Central provident funds contributions
The details of remuneration and benefits of employees (including key management personnel) are as follows:
Number of employees in bands:
Other related party transactions
Other than disclosed elsewhere in the financial statements, transactions with related parties are as follows:
Revenue
Donations received from a related party
Expenses
Expenses paid to a related party
038
FINANCIAL
STATEMENT
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
17. Financial risk management objectives and policies
The main risks arising from the Council’s financial instruments are credit risk and liquidity risk. The Council is not exposed to significant interest rate risk or any foreign
exchange risk. The Council’s overall business strategies, its tolerance of risks and its general risk management philosophy are determined by the Management in
accordance with prevailing economic and operating conditions. No derivative financial instruments such as interest rate swaps are used to hedge exposures.
Credit risk
Credit risk is the potential risk of financial loss resulting from the failure of customers or other parties to settle their financial and contractual obligations to the Council
as and when they fall due.
The Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers
requiring credit over a certain amount and outstanding debts are reviewed on an ongoing basis. The Council does not require collateral in respect of financial assets.
Exposure to credit risk
At the end of the reporting period, the Council’s maximum exposure to credit risk is represented by the carrying amount of financial assets recognised in the statement
of financial position.
Credit risk concentration profile
Although the Council’s credit exposure is concentrated in Singapore, it has no significant concentration of credit risk with any single customer or group of customers.
Financial assets that are either past due or impaired
Information regarding financial assets that are either past due or impaired is disclosed in Note 5 (Trade and other receivables).
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of the Council’s financial instruments will fluctuate because of changes in market interest rates.
The Council’s exposure to interest rate risk arises primarily from the Council’s cash at bank. The Council’s policy is to obtain the most favourable interest rates available.
There is no significant interest rate risk as the Council has no borrowing during or at the end of the financial year.
Liquidity risk
Liquidity risks refer to the risks in which the Council encounters difficulties in meeting its short-term obligations. Liquidity risks are managed by matching the payment
and receipt cycle.
The Council’s financial liabilities at the end of the reporting period are to be paid within 1 year.
The Council manages liquidity risks through monitoring and maintaining levels of cash and bank balances deemed adequate to finance the Council’s operations and
mitigate the effects of fluctuations in cash flows.
18. Fair value of financial instruments
The fair value of a financial instrument is the amount at which the instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s
length transaction, other than in a forced or liquidation sale.
Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value
Management has determined that the carrying amounts of cash balance, current trade and other receivables and current trade and other payables, based on their
notional amounts, reasonably approximate their fair values because these are mostly short term in nature.
19. Capital management
The Council defines “capital” to be the unrestricted general funds. The primary objective of the Council is to ensure that it maintains a healthy capital position through
donations, sponsorship, programme receipts and government grants to sustain its operations and charitable activities.
There are no changes in the Council’s approach to capital management during the year. The Council is not subject to any externally imposed capital requirement.
039
SINGAPORE ENVIRONMENT COUNCIL
(UEN 199507762R) (LIMITED BY GUARANTEE)
FINANCIAL
STATEMENT
20. Classification of financial assets and financial liabilities
The classification of the financial assets and liabilities in accordance with the categories in FRS 39 Financial Instruction: Recognition and Measurement are as follows:
Note
Loans and receivables
Financial
liabilities at amortised cost
$
$
2011
Financial assets
Trade and other receivables
Cash and cash equivalents
5
6
166,003
595,182
-
Financial liabilities
Trade and other payables
7
-
(82,858)
761,185
(82,858)
147,203
2010
Financial assets
Trade and other receivables
Cash and cash equivalents
5
6
520,811
-
Financial liabilities
Trade and other payables
7
-
(106,719)
668,014
(106,719)
S i n g a p o r e E nv i r o n m e n t Cou n c i l
1 Kay Siang Road #04-02 Singapore 248922
Main line (65) 6337-6062 | Fax (65) 6337-6035
www.sec.org.sg