NOTESTOTHEFINANCIALSTATEMENTS
31December 2015
1.
General
TheChildren’sCancer Foundation (the “Foundation”) is a charity established inSingapore under theSocieties
Act, Chapter 311 andCharitiesAct, Chapter 37. The financial statements are presented inSingapore dollar.
The Board of Management Committee approved and authorised these financial statements for issue
on the date of theStatement by Board of Management CommitteeMembers.
Theprincipal activitiesof theFoundationare tooffer aspectrumof services tosupport themissionof improving
the quality of life
of children and their families affected by cancer through enhancing their emotional, social
and medical well-being. The Foundation adopts an integrated hospital-home-community service model to
provide the services, and these include Casework and Counselling, Therapeutic Play, Art and Play Therapy,
Caregivers Support Services, Back to School Service, Survivorship Programme, Palliative & Bereavement
Care and Social & Recreational activities. In addition, the Foundation also supports training and research
efforts on childhood cancer and organises educational talks and workshops to promote public awareness of
childhood cancer.
The registered office and principal place of operation of the Foundation is located at 8 Sinaran Drive, #03-01
NovenaSpecialist CentreSingapore 307470. The Foundation is situated inSingapore.
Accounting convention
The financial statements have been prepared in accordancewith theSingaporeFinancial ReportingStandards
(“FRS”) and the related Interpretations to FRS (“INT FRS”) as issued by the SingaporeAccounting Standards
Council. The Foundation is also subject to the provisions of the SocietiesAct, Chapter 311 and the Singapore
Charities Act 37. The financial statements are prepared on a going concern basis under the historical cost
convention except where an FRS requires an alternative treatment (such as fair values) as disclosed where
appropriate in these financial statements. The accounting policies in FRSs need not be applied when the
effect of applying them is immaterial. The disclosures required by FRSs need not bemade if the information is
immaterial. Other comprehensive income comprises items of income and expense (including reclassification
adjustments) that arenot recognised in the incomestatement, as requiredor permittedbyFRS.Reclassification
adjustments are amounts reclassified to profit or loss in the income statement in the current period that were
recognised in other comprehensive income in the current or previous periods.
Basis of preparationof financial statements
Thepreparationof financial statements in conformitywithgenerallyacceptedaccountingprinciples requires the
management tomake estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosureof contingent assetsand liabilitiesat thedateof the financial statementsand the reportedamountsof
revenuesandexpensesduring the reportingyear.Actual resultscoulddiffer from thoseestimates.Theestimates
and assumptions are reviewed on an ongoing basis. Apart from those involving estimations, management has
made judgements in theprocessof applying theentity’saccountingpolicies. Theareas requiringmanagement’s
most difficult, subjective or complex judgements, or areas where assumptions and estimates are significant to
the financial statements, are disclosed at the end of this footnote, where applicable.
2.
Significant accounting policies and other explanatory information
2A.
Significant accountingpolicies
Revenue recognition
Revenues includingdonations, giftsandgrants that providecore fundingor areof general natureare recognised
where there is (a) entitlement (b) certainty and (c) sufficient reliability ofmeasurement. Such income is deferred
onlywhen: the donor specifies that the grant or donationmust only be used in future accounting periods; or the
donor has imposed conditions which must be met before the Foundation has unconditional entitlement. The
revenue amount is the fair value of the consideration received or receivable from the gross inflow of economic
benefits during the reporting year arising from the course of the ordinary activities of the Foundation and it is
shown net of related tax and subsidies. Revenue from the sale of goods is recognised when significant risks
and rewardsof ownershipare transferred to thebuyer; there isneither continuingmanagerial involvement to the
degree usually associatedwith ownership nor effective control over the goods sold; and the amount of revenue
and the costs incurred or to be incurred in respect of the transaction can bemeasured reliably.
37
