embracing our future · recipient of the joseph schooling grant, tia rozario, who won six gold...

APPRECIATING OUR PAST

EMBRACING OUR FUTURE

T h e E u r a s i a n A s s o c i a t i o n Annual Report 2019

CONTENTS

Management Committee 2

Notice & Agenda 3

President’s Message 4

Honorary Secretary’s Report 6

Minutes of AGM 8

Education 11

Family Support Services 16

Community Development 18

Community Development – Events 19

Community Development – Soccer 21

Community Development – Performing Arts Chapter 22

Youth 23

Centennial Celebrations 26

Heritage & Culture 30

Corporate Communications 33

Volunteer Management 34

House Operations 35

Treasurer’s Report 36

Financial Statements 40

Annual General Meeting Attendance Form 109

Nomination Form 111

PATRONSMr Herman R HochstadtMr George Yeo

TRUSTEESMr Barry DeskerMr Timothy de SouzaMr Gerald MinjootMr Gerard de SilvaMs Judith PrakashMr Edward D’Silva

MANDATORY COMMITTEE

AUDIT COMMITTEEMs Helen LeeMs Lim Yih ChyiMs Ruby Cheah

NON-MANDATORY COMMITTEE

LEGAL ADVISORY PANELMs Carla BarkerMr William da Silva

POST NAMEPresident Dr Alexius A Pereira1st Vice President Mr Vincent Schoon2nd Vice President Ms Yvonne Marie PereiraHonorary Secretary Ms Angelina FernandezHonorary Treasurer Mr Martin MariniCommittee Members Dr Graham Ong-Webb

Ms Julia D’SilvaMr Christopher GordonMs Melanie Rodrigues SmithMr Andrew PangMr Danni Jay Luke DanisMs Hannah HendriksMr Christian Eber

MANAGEMENT COMMITTEE

MANAGEMENT COMMITTEE MEMBERS REPRESENTING THE EA ON EXTERNAL COMMITTEES

Dr Alexius A Pereira• Board of Directors, Self Help Groups Student Care Limited• Panel for the Stewards of Singapore’s Intangible Cultural Heritage

Recognition Scheme• Member of the Racial & Religious Harmony Board, Ministry of Culture,

Community and Youth (MCCY) • Community and PArents in Support of Schools (COMPASS),

(Jan 2019 – Dec 2020)• Council Member, National Integration Council (NIC),

(1 Nov 2017 – 31 Dec 2020) (Renewed again from 1 Jan 2020 - 31 December 2021)

Mr Vincent Schoon• Board of Directors, Self Help Groups Student Care Limited• Management Committee, Vibrance @ Yishun, (2018 – 2020)

Ms Yvonne Marie Pereira• Management Committee, OnePeople.sg

Ms Angelina Fernandez • English Programme Advisory Committee, Info-communications Media

Development Authority of Singapore, (1 Aug 2017 – 31 Jul 2019) (Renewed again from 1 Aug 2019 – 31 July 2021)

Dr Graham Ong-Webb • Compulsory Education Board, Ministry of Education,

(1 Jan 2019 – 31 Dec 2020)

Ms Julia D’Silva • Chairman, Eurasian Community Oral History Committee

(NAS; National Archives Singapore) (1 Sep 2019 – 31 Aug 2021)

Mr Christopher Gordon • Member, National Youth Council• Member of the National Committee on Prevention, Rehabilitation

and Recidivism (NCPR), (1 Apr 2018 – 31 Dec 2021)• District Councillor, SW CDC, (end 26 May 2020)

Mr Andrew Richard Pang • Reaching Everyone for Active Citizenry @ Home (REACH),

(1 October 2019 – 30 September 2020)• Youth Action Plan Panel at MCCY (1 May 2019 – 30 April 2020)

EA Management Committee 2019 President Alexius A Pereira with (clockwise from left) Angelina Fernandez, Hannah Hendriks, Melanie Rodrigues Smith, Christopher Gordon, Danni Danis, Christian Eber, Graham Ong-Webb, Julia D’Silva, Martin Marini, 2nd Vice President Yvonne Pereira and 1st Vice President Vincent Schoon. Absent: Andrew Pang

The Eurasian Association Annual Report 20194

1. NOTICE IS HEREBY GIVEN THAT THE ANNUAL GENERAL MEETING OF THE EURASIAN ASSOCIATION, SINGAPORE, WILL BE HELD AT THE EURASIAN COMMUNITY HOUSE, 139 CEYLON ROAD, SINGAPORE ON SATURDAY, 18 APRIL 2020 AT 5PM.

2. AGENDA

2.1. President’s address2.2. To confirm the minutes of the Annual General Meeting held on 13 April 2019 2.3. Matters arising from the minutes of the Annual General Meeting held on 13 April 2019 2.4. To receive the Annual Report and Audited Financial Statements for the year ending 31 December 2019 pursuant

to Clause 25(a) of the rules of The Eurasian Association, Singapore and Clause 23.2(b)(iv) of the AGM Bye-Laws2.5. To elect Office Bearers and Members of the Management Committee2.6. To appoint the Association’s Auditors for the ensuing year2.7. To discuss any other matters arising in accordance with the Rules of the Association

3. NOTES

3.1. The Annual Report includes the following:3.1.1. Minutes of the Annual General Meeting held on 13 April 2019 3.1.2. Audited Financial Statement of The Eurasian Association 3.1.3. Audited Financial Statement of The Eurasian Association Endowment Fund3.1.4. Nomination Form

3.2. The Annual General Meeting is open only to registered members of the Association. Non-members will not be allowed to attend

3.3. In accordance to Rule 29(b) of the Rules of the Association, only Ordinary Members and Life Members are entitled to vote in person, or by proxy

3.4. Nomination for Office Bearers and Committee Members must be received by the Committee at least 14 days before the Annual General Meeting and must be prescribed form as annexed hereto

3.5. Registration procedures:3.5.1. Each member shall produce her/his identity card to the relevant Registration Officer3.5.2. The Registration Officer shall check that the name of each person seeking admission to the Annual General

Meeting appears on the Membership Roll3.5.3. Each Member shall initial against her/his name in the Membership Roll

3.5.4. Ballot entitlement slips shall then be issued to each Life Member and Ordinary Member by the persons appointed for this purpose by the Management Committee

3.6. Procedure for Election of Office Bearers and Committee Members3.6.1. Candidates for election may address the Chair if they wish, but in any case, for no more than five minutes

each3.6.2. The Chairman shall at her/his discretion decide whether to allow speeches in support of a candidate, and

if so, shall announce how many members may speak and for how long3.6.3. Scrutineers shall be appointed by the members present to count votes on a show of hands3.6.4. Each position for an Office Bearer shall be voted upon separately and one candidate shall be elected to

each post (except the posts of Vice-President) in the following sequence: first, President; second, 1st Vice President; third, 2nd Vice-President; fourth, Hon. Treasurer; fifth, Hon. Secretary; and sixth, Assistant Hon. Secretary.

3.6.5. After the election of the Office Bearers, the position for the five Committee Members shall be voted upon separately. The five candidates who gain the most votes shall be declared by the Chairman to be elected as Committee Members.

By Order ofThe Management Committee

Ms Angelina FernandezHonorary Secretary

Registered Office:139 Ceylon Road, Singapore 429744

Date: 10 March 2020

NOTICE & AGENDA


PRESIDENT’S MESSAGE

O n 27 July, the Eurasian Festival at Our Tampines Hub saw the spirit of the Eurasian community being celebrated throughout the day with performances and

various activities for all ages. We had a crowd of 1,500 people in attendance with Prime Minister Lee Hsien Loong as Guest-of-Honour along with other key dignitaries. On 21 September, over 200 guests attended the launch of the Eurasian Heritage Gallery by Guest-of-Honour President Halimah Yacob. The Gallery is truly our crown jewel, showcasing our community’s history and contribution to nation building. It will have lasting impact for several generations.

2019 was also a good year to recognise our youth. We saw over 270 students being rewarded for their efforts at school during the annual Joint Tuition Awards on 17 August and also at the Eurasian Community Fund Awards Ceremony on 7 September. We also awarded the first recipient of the Joseph Schooling Grant, Tia Rozario, who won six gold medals with a record of 15.17 seconds for sprint hurdles at the National School Track & Field Championship. Our EA Youth members had a fruitful year with several networking and dialogue sessions. There was also “Boba & Cakes: Eurasian.ish Conversations”, which was held on 14 September at Fort Canning, as EA’s contribution to the Singapore Bicentennial Experience. Forty Youth members from ages 18 to 35 joined a group of panellists to engage in a conversation regarding the Eurasian identity.

In May, the EA held a Charity Fundraising Dinner at the JW Marriott Hotel Singapore South Beach Road. With the support of Guest-of-Honour Senior Minister Tharman Shanmugaratnam and many donors, the EA raised approximately $500,000. These funds will go towards helping the disadvantaged in the community through the EA’s Family Support Services and Education Programmes.

The EA continued to engage the community through many social events, including sports activities and games such as Balut, and also having National Day and Christmas celebrations. The Family Support Services team has developed further, and now has 20 Befrienders to cater to the needs of the disadvantaged in our community.

I would like to personally thank all our Management Committee Members, Secretariat, Donors and Volunteers for their constant dedicated support that have kept us going, not just in 2019, but also for the past 100 years. The EA has much to look forward to over the next 100 years.

Dr Alexius A PereiraPresident, The Eurasian Association

2019 was a very special year.

The EA celebrated both our centennial and Singapore’s Bicentennial. It was truly a meaningful way to end the decade! During this year, the EA celebrated the Eurasian Festival and opening of the Eurasian Heritage Gallery, as well as several other important events.


Crowds at The Eurasian Festival 2019 held at Our Tampines Hub


T he Management Committee is pleased to present the Annual Report of the Eurasian Association (henceforth referred to as ‘The Association’) and

the Financial Statement of the Association for the period from 1 January 2019 to 31 December 2019.

As of 31 December 2019, the Management Committee comprises:

MEETINGSThere were six Management Committee meetings and four Board of Trustees meetings between January to December 2019. Management Committee members’ attendance at these meetings was as follows:

January 2019 – December 2019

Six Management Committee meetingsDr Alexius A Pereira (6), Mr Vincent Schoon (6), Ms Yvonne Marie Pereira (5), Ms Angelina Fernandez (6), Mr Martin Marini (5), Dr Graham Ong-Webb (5), Ms Julia D’Silva (6), Mr Christopher Gordon (4), Ms Melanie Rodrigues Smith (4), Mr Andrew Pang (5), Mr Danni Jay Luke Danis (5), Ms Hannah Hendriks (4), Mr Christian Eber (6)

Four Board of Trustees meetingsDr Alexius A Pereira (4), Mr Vincent Schoon (3), Ms Yvonne Marie Pereira (3), Ms Angelina Fernandez (2), Mr Martin Marini (4), Dr Graham Ong-Webb (2), Ms Julia D’Silva (2), Mr Christopher Gordon (4), Ms Melanie Rodrigues Smith (3), Mr Andrew Pang (1), Mr Danni Jay Luke Danis (1), Ms Hannah Hendriks (1), Mr Christian Eber (1)

Post NamePresident Dr Alexius A Pereira1st Vice President Mr Vincent Schoon2nd Vice President Ms Yvonne Marie PereiraHonorary Secretary Ms Angelina FernandezHonorary Treasurer Mr Martin MariniCommittee Members Dr Graham Ong-Webb

Ms Julia D’SilvaMr Christopher GordonMs Melanie Rodrigues SmithMr Andrew PangMr Danni Jay Luke DanisMs Hannah HendriksMr Christian Eber

HONORARY SECRETARY’S REPORT

IPC STATUSThe Association, being accorded Institute of Public Character (IPC) status and being one of the self-help groups working for public benefit, has emphasised transparency and good corporate governance. This is an increasingly important criterion for any potential donor wishing to donate to the Association. The Association’s IPC status was renewed for the period of 5 years, from 18 May 2015 to 17 May 2020.

IPC CODE OF GOVERNANCEThe IPC portal was updated in June 2019 in accordance with the requirements of the Ministry of Culture, Community and Youth (MCCY).

HR POLICIESThe Association has in place a set of revised HR policies which are aligned to those of the National Council of Social Service.

AUDITORFoo Kon Tan LLP is the appointed auditor for the Association for another year.

SECRETARIATAs of 31 December 2019, the Secretariat Team comprised:

Permanent Positions NameGeneral Manager Mr Lester LowSenior Accountant Ms Bernadette SohManager (Heritage & Culture) Ms Jacqueline Peeris

Assistant Manager (Corporate Communications)

Ms Natasha Darwood

Assistant Manager(Case Work and Family Support Services)

Mr Jagannathan Ramakrishnan

Assistant Manager (Admin) Ms Bridget Valeria Basnayake

Programme Executive (Education) Ms Natalie Kum

Executive (Operations/Events) Mr Gerard Goh

Executive (Events) Ms Hazel SoeExecutive (Youth Engagement and Special Projects)

Ms Vinitha Mukunthan

Accounts Assistant Mr Albert Pok Operations Support Officers

Mr Michael LewisMr Henry Cordeiro


HONORARY SECRETARY’S REPORT(CONT’D)

EA MANAGEMENT COMMITTEE MEMBERS ON NON-EA COMMITTEESEA Management Committee members represent the Association on various working committees: OnePeople.sg, National Integration Council, Compulsory Education Board, Ministry of Culture, Community and Youth, National Committee on Youth Guidance and Rehabilitation, local ComCare networks and other community groups.

MEETINGS WITH VIPs In 2019, the Management Committee hosted a number of VIPs and distinguished guests.

and Family Resource & Training Centre. This enables them to execute more effectively their roles and responsibilities in the context of a non-profit organisation. Some courses attended by the Management Committee and staff were:

• Shared Services Outreach Seminar Timely Compliance for Reports and Returns

• A247: IFRS 16/FRS 116 Leases: A Deeper Dive into the New Rules & Avoid the Pitfalls

• Volunteer Management System – Engaging Volunteers Systematically

• NPO Forum: In Conversation with the Commissioner of Charities

• Plan for Facilities Management

• Excel for Professional Accountants: Intro-Session

• Introduction to Report Writ ing for Social Service Practitioners

A REVIEW OF 2019, LOOKING AHEAD TO 2020In 2019, EA celebrated its centennial with a good number of events. Highlights included the Fundraising Gala on 11 May with Senior Minister Tharman Shanmugaratnam as Guest-of-Honour, the Eurasian Festival on 27 July, held at Our Tampines Hub, with PM Lee Hsien Loong, DPM Heng Swee Keat, Minister S Iswaran, other illustrious guests in attendance, and the official opening of the Eurasian Heritage Gallery on 21 September by President Halimah Yacob.

We closed an eventful and fulfilling year with the New Year’s Eve Dinner and Dance. The evening marked the end of our EA centennial celebrations, and guests were treated to a look-back of events from the past year that the EA held to celebrate our 100th Anniversary.

On top of our centennial celebrations, the EA continued to support the less privileged in our community with support and education schemes. We worked hard to build a strong community spirit among Eurasian and wider Singapore population, and we engaged youth, our future community leaders.

The EA Management Committee is grateful for the constant support and guidance from our Patrons, Board of Trustees, secretariat, and of course, the many volunteers, and partners who have generously stepped forward to help run our various programmes and initiatives. We look forward to bringing the community closer in 2020, and to reaching out to more of our less privileged members. Stay tuned for an exciting year!

ORGANISATIONAL STRUCTURE In compliance with the IPC Code of Governance, the Association has maintained its Audit committee, the only mandatory committee. The Legal Panel remains to provide advice to the Management Committee on all legal matters.

EXTERNAL COURSESThe Management Committee and EA Secretariat attended courses such as the Social Service Institute (SSI) organised by the National Council of Social Services (NCSS), Chartered Secretariat Institute of Singapore (CSIC) and Institute of Singapore Chartered Accountants (ISCA), ACCA Singapore

MEMBERSHIP

Description As of Year Ending 2018

As of Year Ending 2019

Life Members 2,211 2,148Ordinary Members 1 1Associate Life Members 340 334Associate Ordinary Members 2 2Associate International Members 22 25Junior Members 62 62Grand Total 2,638 2,572

Date Visitor(s) Purpose of Visit9 January H. E. Margriet Vonno Informal lunch23 January H.E. Luis Lorvao Informal lunch5 March H.E. Scott Wightman Informal lunch18 March Mr Abdullah Tarmugi Informal lunch2 May Mr Lim Boon Heng Informal lunch27 December H.E Luis Lorvao Farewell lunch


MINUTES OF AGM 2019

Minutes of the Annual General Meeting (AGM) of the Eurasian Association held at 5pm on 13 April 2019 at the Eurasian Community House (ECH).

he President of the Eurasian Association (EA), Alexius A Pereira, welcomed members and adjourned the meeting for half an hour. The meeting was inquorate and called to order at 5.30pm. It proceeded under EA Rule 30.

2.1 President’s Address

In his address, Dr Pereira said that 2018 had been a quiet year. All the EA’s key projects and major operations proceeded smoothly.

Dr Pereira elaborated on progress made in the key areas of focus for the EA.

In education in 2018, the EA provided over 300 bursaries and scholarships to students from low income families, and gave merit awards to over 50 students who performed well in national examinations. On top of that, the EA launched the Joseph Schooling Sports Grant and awarded it to Tia Rozario in early 2019. Dr Pereira thanked the Schooling family for their generous donation towards the scholarship.

Dr Pereira thanked Mr Edmund Rodrigues, Chairperson of the Family Support Services (FSS) for keeping various initiatives and activities going in 2018. In particular, Dr Pereira highlighted the FSS Christmas Party as an event that brought joy to the less fortunate in the community. Dr Pereira noted that Mr Rodrigues was supported by EA Vice President, Mr Vincent Schoon, and many active volunteers.

For Community Development, Dr Pereira thanked EA 2nd Vice President Yvonne Pereira and her battalion of volunteers for the many well-organised events and activities that were run during the year.

Dr Pereira then referred to his commitment at the previous AGM to introduce initiatives related to culture and identity.

The EA had successfully organised a talk about the “Future of the Eurasian Identity”, put together by a team chaired by EA MC member Ms Hannah Hendriks. Tiana Desker was the keynote speaker and the event had drawn enthusiastic participation from a diverse group.

Dr Pereira then proceeded to update the meeting on the two significant events that would take place as part of the EA’s centennial celebrations.

The Eurasian Festival would take place on 27 July at One Tampines Hub with Prime Minister Lee Hsien Loong as the Guest-of-Honour. Dr Pereira encouraged EA members to invite their friends and family to the festival to show Singapore who the Eurasians were and what they stood for.

The next highlight was the launch of the Eurasian Heritage Gallery by President Halimah Yacob in September 2019. The EA had targeted July 2019 as a date for the gallery’s soft opening. Dr Pereira paid tribute to Chair of the Heritage Committee Ms Julia D’ Silva and her committee members for all the hard work that had gone in over the past year.

2.2 To confirm the minutes of the Annual General Meeting held on 21 April 2018

The minutes of the AGM 2018 were confirmed with no other comments or amendments.

Proposer: Gerardine Donough-TanSeconder: Percival Shepherdson

2.3 Matters arising from the minutes of the Annual General Meeting held on 21 April 2018

As there were no matters arising, the meeting proceeded to item 2.4 on the agenda.

2.4 To receive the Annual Report and Audited Financial Statements for the year ending 31 December 2018 pursuant to Clause 25 (a) of the rules of The Eurasian Association, Singapore and Clause 23.2(b)(iv) of the AGM Bye-Laws

Dr Pereira noted that the Annual Report and the audited financial statements had been distributed to members on 15 March 2019.

Dr Pereira then handed the floor to Honorary Treasurer, Mr Martin Marini. Mr Marini noted that although the EA had seen a reduction in income received compared to 2017, it still managed to accumulate a small surplus of $154,000. He also reported that the EA had managed to grow the unrestricted funds to achieve an annual expenditure ratio of 0.99 to 1, which was considered healthy.

Mr Marini then invited further comments from the floor.

T


EA Member and Trustee, Mr Timothy de Souza took the opportunity to commend the work of the current and previous MCs. He noted that the EA’s 100th anniversary celebrations represented a culmination of work that had been done years ago.

Mr de Souza added that 100 years ago, few could have expected Singapore to become what it was today and for the EA to arrive at this point. Turning to the new logo, he said it was fitting that the EA is celebrating 100 years with a new look that represented a statement of confidence in its mission to build, enrich, and extend the Eurasian Community.

Mr de Souza also thanked the publications team for showcasing a body of work that the community could be proud of in the Annual Report 2018.

The Annual Report and audited financial statements were received with no amendments.

Proposer: Cedric Pereira Seconder: Edmund Rodrigues

Dr Pereira expressed his appreciation to Mr Timothy de Souza for his uplifting words that would propel the EA to strive for greater heights.

2.5 To appoint The Association’s Auditors for the ensuing year

Mr Martin Marini then proposed the reappointment of Foo Kon Tan LLP as the Association’s auditors for the financial year 2019 as they had been found to be suitable and professional.EA member Mr Stuart Pasqual asked how long had the current auditors been with the EA. Mr Martin Marini replied that the firm had audited the EA’s accounts since 2009.

The requirement for an IPC of the EA’s size was that the audit partner handling the accounts had to be rotated once every five years. The EA had complied with this requirement.

Proposer: Edmund RodriguesSeconder: Geoffrey Morris

2.6 To discuss any other matters arising in accordance with the Rules of the Association

Dr Pereira opened the floor to members to comment on any other EA matters.

Mr Edmund Rodrigues, EA Member and Chairperson of the FSS Subcommittee, rose to speak. He thanked members for their generous response to the appeal he had made at last year’s AGM, for more financial support for the vulnerable in the community. With the donations received, the FSS subcommittee had been able to carry out more initiatives, including organising the first FSS family day.

Mr Rodrigues then made an appeal for volunteers. He said that the FSS served 55-60 families who needed to be visited at least once a month. Mr Rodrigues expressed the hope that at the next AGM, he would be able to report that the community’s response to his latest appeal had been equally outstanding.

Mr Pasqual then took to the microphone to speak about three issues. First, he questioned the lack of youth members at the AGM. Commenting that youth were the future of the community, he said that he would be keen to hear views and feedback from young people.

Next, Mr Pasqual asked about the plans for the Eurasian Heritage Gallery. He expressed his wish to see more exhibits that celebrated the achievements of Eurasians throughout Singapore’s history, noting that in order to embrace the present and future, the EA also had to appreciate its past.

Last, he touched on the EA’s role in education, and added that it was the great equaliser in Singapore. He questioned if the EA had sufficient grants to support more students from low income families and to help them meet today’s costly living standards. He added that his hope was that every Eurasian who wished to pursue their aspirations would have the opportunity to do so.

Dr Pereira thanked Mr Pasqual for his feedback. He said that many of his suggestions had already been put into practice and offered to engage him one-on-one together with the MC members responsible for Youth, Heritage, and Education matters. Mr Pasqual agreed and thanked the MC for all the good work that it was doing.

MINUTES OF AGM 2019(CONT’D)


EA Member Ms Gerardine Donough-Tan asked if the MC would consider reviving the eNewsletter which she had last seen in 2013. She added that it had been useful in providing more up-to-date information as the New Eurasian was published quarterly.

Dr Pereira replied that the MC had indeed decided to bring back the eNewsletter. He handed the floor to Honorary Secretary and Chairperson of the Communications Sub Committee Ms Angelina Fernandez to provide more information.

Ms Fernandez said that the first issue of the eNewsletter for 2019 had been sent out recently. It would be emailed to members once every two months. She also offered to check that Ms Donough-Tan’s updated email address was on the list.

Ms Fernandez noted that the EA also used its social media platforms to post information about upcoming activities and events three to four times a week, and encouraged EA members to like and follow the EA’s Facebook and Instagram accounts.

There being no further questions from the floor, Dr Pereira took the opportunity to announce that Singapore Bicentennial Office had extended an invitation to the EA to visit its interactive exhibit at Fort Canning on Saturday, 8 June 2019 from 6-9pm. It would be a guided tour and members could register with the EA secretariat.

Dr Pereira then thanked all members present for their attendance. He closed the meeting and invited all to adjourn for dinner.

MINUTES OF AGM 2019(CONT’D)


EDUCATION

The EA is committed to advancing the academic achievement of all Eurasian students and encourages them to strive for their goals. There are numerous programmes in place for students from primary to university levels. We work with donors, benefactors, volunteers and other organisations to ensure that young Eurasians are able to seize every opportunity on their academic journey.

Sub-Committee Members

Dr Graham Ong-Webb (Chairperson) Mr Edmund Rodrigues

Mr Derek Scully Mr Joseph Peterson

Assisted by Ms Natalie Kum from the Secretariat

EURASIAN COMMUNITY FUND (ECF) EDUCATION AWARDSThe Eurasian Community Fund (ECF) Education Awards ceremony, inaugurated in 1996, showcases the academic achievement of Eurasian students. It signals to the Eurasian community the importance of achieving academic excellence and the Eurasian Association’s support for more students to excel in their studies.

There are various categories of awards, including the Bursary Award, with an income criteria that favours low-wage households:

• The Merit Award, for students of all educational levels who perform well in their examinations; • The Excellence Award, for students who emerge in the top 25 per cent of their cohort in the National Examinations; and• The Distinction Award, applicable to top students in the PSLE, ‘N’, ‘O’ and ‘A’ Level National Examinations, and outstanding students in the ITEs, polytechnics and local universities.

The 2019 ECF Education Awards ceremony was held on 7 September at ITE West College and the Guest-of-Honour was Senior Parliamentary Secretary, Ministry of Education & Ministry of Manpower, Ms Low Yen Ling.

EA UNIVERSITY SCHOLARSHIP The EA University Scholarship is disbursed annually to eligible students from low-income families who have graduated from a polytechnic or junior college and have been offered a place at any one of the six local universities. Four university students received the scholarship. The scholarship is based on academic merit, while factoring in household income, leadership potential and volunteer work.

EA Bursaries, Scholarship and Distinction Awards recipients at the ECF Education awards ceremony


Award Title Donor Name of Student

The Peter H Fernandez Award (Top PSLE) Mrs Elsie da Silva Elliot Mark Jansen

The Colonel R J Minjoot Award (Top ‘NT’ Level) Mr Gerald Minjoot Muhammed Shazryl Hykel Bin Adbullah

The Colonel R J Minjoot Award (Top ‘NA’ Level) Mr Gerald Minjoot Rachel Li Cornelius

The Evelyn Rodrigues Award (Top ‘O’ Level) Mrs Evelyn Rodrigues Naomi Nicole Marsh

The Peggy Wai Chee Leong-Hochstadt Award (Top ‘A’ Level)

Mr Herman Hochstadt Rhianne Caitlin Vaz Xin Ying

The Eurasian Association Award for the Top Eurasian IB Student

The Eurasian Association Ryan Patrick Jansen

The Colonel R J Minjoot Award (Outstanding ITE) Mr Gerald Minjoot Ransley Teo Xuan Ming

The Lawrence Henry da Silva Award (Outstanding Polytechnic)

Mrs Elsie da Silva Chanel Christine Roberts

The Henry David Hochstadt Award (Outstanding University)

Mr Herman Hochstadt Joshua Gavin Kang Hui Conceicao

The Harry Elias Award (Outstanding Sports Student) Mr Harry Elias Tia Louise Rozario

The Beryl Lucy Phillips-Hochstadt Special Award Mr Herman Hochstadt Caleb Aidan Fernandez

Minnie Leicester-D’Rozario Award Mrs Evelyn Rodrigues • Euphrasia Marie Francisco • Natania Gabrielle Frois • Jean Margaret Suzette Bailey • Lauren Maree Humphries• Gabrielle Von Sengbusch

EDUCATION(CONT’D)

LIST OF AWARDS DISBURSED AT THE ECF EDUCATION AWARDS CEREMONY 2019


Award Title Donor Name of Student

Irene Joseph Memorial Award The Joseph Family • Annabel Laura De Costa Bakenova

• Nur Natasha Fatin Nabila Binte Sahrudin

• Muhammad Irfan Bin Irwan Rino

• Prince Ryan Andrez Bin Andi Risfandi

P. K. P Nair Memorial Award Mr Richard Joseph and Ms Michelle Penney

• Ari Azhari Bin Irwan Rino • Nur Nekysha Binte Sallehuddin • Mueez Abiola Junior • Shanelle Andrea Valentina

Binte Andi Risfandi • Nur Natsha Fatheha Sahrudin

Mads A. Lange and Pansy Theseira-Lange Education Bursary

Mr Christopher Monteiro and Mrs Gloria Lange-Monteiro

• Benett Aaron Pacaro • Nur Nabilah Binte Mohammed

Lizam • Muhammad Elnino Bin

Muhammad Hairil Nonis • Rheanna Kayla Ravichandran Beins

The Herbert Schoon Progress Award Ms Schoon Hananeel Marie Chanel Christine Roberts

LIST OF AWARDS DISBURSED AT THE ECF EDUCATION AWARDS CEREMONY 2019(CONT’D)

EDUCATION(CONT’D)


OTHER EDUCATION INITIATIVES AND AWARDS

PROJECT RAY OF HOPE The Project Ray of Hope ceremony was held at the Eurasian Community House on 30 November to provide Popular bookstore vouchers and Bata shoe vouchers to needy students. The project is funded by the Ministry of Culture, Community and Youth. EA education sub-committee member, Mr Derek Scully presented vouchers to 86 Eurasian students.

CORAL DE CRUZ MEMORIAL FUNDTwelve secondary school students received assistance with their school fees, uniforms, books, and transport from the Coral de Cruz Memorial Fund. The award ceremony took place on 30 November and the award was presented by EA Education sub-committee member, Mr Derek Scully.

Chanel Christine Roberts (far left), Dr Ang Beng Choo (centre), and Jordan Christopher Gomez (far right) with VIPs at the ceremony

(L-R) Mr Derek Scully, Mr Vincent Schoon, Dr Graham Ong-Webb, Md Shazryl Hykel bin Abdullah, Dr Alexius A Pereira, Tessa Caitlyn Francis and Euphrasia Marie Fancisco and Mr Danni Jay Luke Danis

EDUCATION(CONT’D)

Charmaine Odezza Lauchengco receiving the Coral de Cruz Memorial Fund during the Project Ray of Hope ceremony presented by Mr Derek Scully

SINGAPORE BUDDHIST LODGE BURSARY AWARDSEach year, the Eurasian Association is one of the organisations to benefit from the Singapore Buddhist Lodge Education Foundation bursaries to selected Primary, Secondary and Tertiary students. A total of eight Eurasian students received a bursary this year.

JOINT TUITION AWARDS CEREMONYThe Joint Tuition Awards (JTA) is an annual ceremony which recognises students who attend the Collaborative Tuition Programme, run by the self-help groups, for their success in national examinations. Nine Eurasian students received awards

for their academic achievements at the JTA Ceremony held on 17 August at Anglo-Chinese School. Associate Professor Muhammad Faishal Ibrahim, Senior Parlimentary Secretary, Ministry of Education was Guest-of-Honour.


OTHER EDUCATION INITIATIVES AND AWARDS (CONT’D)

CDAC BACK TO SCHOOL VOUCHERS Five Eurasian families received vouchers from CDAC. This annual “Ready for School” Project helps low-income families to prepare their children for the new academic year. Each family received transport e-vouchers and NTUC FairPrice vouchers, and the school-going children went home with vouchers from Popular, school bookshops, Bata, and selected optical shops.

EDUCATION(CONT’D)

CODE IN THE COMMUNITY 2019 Mr Heng Swee Keat, Deputy Prime Minister and Minister for Finance graced the graduation and project showcase of students who attend the Code in the Community programme organised by the four self-help groups (SHGs) and supported by Google and IMDA. EA’s participant, Aiden McEwan was given the opportunity to present his project to DPM Heng.

(L-R): Dr Alexius A Pereira and young Aiden McEwan with Deputy Prime Minister Heng Swee Keat. Aiden showcasing his work

Mark de Souza engaging a student on the different types of drums

Beneficiaries from the other self-help groups learning about Eurasian culture around the Eurasian Heritage Gallery by heritage docents

VIBRANCE@YISHUN Festive Celebrations Vibrance@Yishun initiated a series of festive celebrations hosted by different SHGs to promote understanding of each other’s culture among different ethnic groups. The first event was EA’s Vibrance@Yishun Christmas Celebrations on 16 November. It began with a tour of the Eurasian Heritage Gallery, and ended on a sweet note with servings of sugee cake.

HOMEWORK SUPERVISION PROGRAMMEIn June 2015, the EA rolled out its Homework Supervision Programme (HSP). The HSP provides an opportunity for tertiary students to be a mentor to primary and secondary school students. Mentors meet with students for 90 minutes each week to guide them through their homework. In 2019, four mentors helped five younger pupils under the HSP.

Group photo of the Secondary school students that received the back-to-school vouchers from Mr Derek Scully

YOUNG CONSERVATION SCIENTIST PROGRAMME Ten students attended the Young Conservation Scientist holiday programme on 25 November. They had a day out at the Siloso Trail on Sentosa and learned about different insect species and birds in the area. The students were also taught what every one of us can do to preserve the environment and reduce our impact on plant and animal habitats.

MENDAKI LEARNING FESTIVAL The EA participated in the year ly MENDAKI Learning Festival on 2–3 November, showcasing 2 school holiday programmes – percussion classes by Mark de Souza, and the Forensic Experts Group engaged f o r t h e M a rc h 2 0 2 0 school holidays.

Students with the trainers after the programme


FAMILY SUPPORT SERVICES (FSS)


Mr Vincent Schoon (MC Member) Mr Edmund Rodrigues (FSS Chairman)

Mr Paul Rodrigues (FSS Vice-Chair) Mrs Carol ShepherdsonMdm Christine Pereira Ms Josephine Cordeiro Mrs Evelyn Rodrigues Ms Martha Fernandez

Mr Mark de SouzaMr Michael Lewis,

Mr Misha Monteiro-Benson Mrs Patricia Rodrigues

Mr Quentin PereiraMr Rene Shepherdson Jr

Mr Bob ScullyMs Renita Castra

Assisted by Mr J Ramakrishnan from the Secretariat

FSS provides assistance and guidance to Eurasians from underprivileged backgrounds, especially the elderly and families at risk. Through its various programmes and funds, the FSS helps the Eurasian community to manage the hardships of life’s unforeseen circumstances. FSS’ initiatives also aim to help our beneficiaries build self-confidence so that they can overcome obstacles and become self-reliant.

The FSS Committee meets on the second Tuesday of each month to review and approve the applications for financial assistance on the recommendation of the FSS Case Worker.

FINANCIAL ASSISTANCEProvides families-in-need with supplementary financial aid for one to twelve months. Beneficiaries include the elderly-at-risk, single-parent families and families going through difficult transition periods and/or facing a significant catastrophic event striking the family rendering the breadwinners of such family not able being to provide sufficient financial support to the family.

FOOD VOUCHERSFood vouchers and dry food rations are distributed monthly. The food rations are delivered by volunteers visiting the recipients’ homes or by the EA van. The ration run is supported by two part-timers, who assist with the delivery.

SPECIAL EMERGENCY FUNDThis special fund addresses sudden and expensive emergencies like a broken water pipe, urgent alternative transport to work, medical emergency assistance, urgent/non-routine financial needs for living expenses, and other unforeseen crises which require immediate assistance.

BEYOND FINANCIAL ASSISTANCEThe “Beyond Financial Assistance Fund” is for one-off settlement payments.

PRO BONO COACHINGThese life coaching sessions are for those who require assistance in planning their limited financial resources. These help clinics are conducted as and when required.

REFERRALSProvides information and referral services for clients, linking them with various government and other help schemes available in the community.

FINANCIAL ASSISTANCE SCHEMESIn 2019, the FSS assisted a monthly average of 108 individuals from 53 households.


BEFRIENDERS’ PROGRAMMEOne of the important initiatives completed in 2019 was the implementation of the “Befrienders’ Programme”, which regulates the conduct of FSS members going out to meet clients and also the conduct of the clients receiving the visitation.

Current and new Befrienders underwent structured FSS training designed in collaboration with Cornerstone Community Services.Twenty volunteers attended the inaugural training full-day training session held at EA on Saturday, 24 August 2019.

The FSS team looks forward to more EA members joining the Befrienders Programme to assist with home visits.

FSS FAMILY DAYFSS Family Day was held on Sunday, 23 June 2019 between 11.30am and 3.00pm at Quentin’s Restaurant. One hundred clients attended the lunch together with 20 volunteers.

Attendees were entertained with lotto, trivia, and memory games throughout the afternoon.

There was also live music which got many of the older folk on their feet and dancing. The sub-committee received many encouraging words and compliments.

QUALITY OF LIFE ASSISTANCE FUND The “Alleviation of Living Standards of our Poor” scheme, which was set up in the last quarter. saw a total of 17 households receiving their home appliances in December.

With this scheme, FSS continues to work towards the goal of no one being left behind by ensuring that every household has the foundational essentials to create a cohesive and conducive home. At the same time, we continue to encourage each individual to take the building blocks and build the best possible future for themselves.

ANNUAL FSS CHRISTMAS PARTY

To mark EA’s 100th anniversary, the FSS annual Christmas lunch was held at Grand Copthorne Riverview Hotel on Sunday, 8 December.

In his remarks, Mr Edmund Rodrigues, Chairperson of FSS, explained that the EA had chosen to hold the event in a hotel this year as part of its centenary celebrations. Over 100 recipients attended the event with a family member and their caregivers. Twenty FSS befrienders and volunteers turned up to support the event.

Guests were treated to sumptuous food, entertainment, and games, and each household went home with a lucky draw prize. Donations raised were sufficient to cover the cost of the event and 84 Christmas hampers were later delivered to the guests’ homes by the FSS volunteers.

DONATIONSThe FSS sub-committee is grateful to all corporate and individual donors who stepped forward to cover the cost of the Family Day Lunch, Annual Christmas Lunch, and Christmas hampers.

FAMILY SUPPORT SERVICES (FSS)(CONT’D)


IN-HOUSE BALUT COMPETITIONThe In-house Balut tournament took place monthly from March till October. Winners were determined by their best six rounds’ scores out of eight. The champion for 2019 was Philip Cordeiro with 3,730 points.

EA’s Community Development Sub-Committee aims to promote stronger bonds, build synergy and develop a strong sense of belonging within the Eurasian

and Singapore community through various activities.

Community Development

Ms Yvonne Pereira (Chairperson)

Sub-CommitteeMs Dorothy Tessensohn

Ms Pamela MenonMs Sandra Theseira

Ms Melanie Rodrigues SmithMr Michael SmithMr Suresh MenonMr Christian Eber

Assisted by Ms Hazel Soe and Mr Gerard Goh from the Secretariat

Community Development Chairperson Yvonne Pereira (centre) with participants at the Chivas Regal Inter-Club Balut Competition

Yvonne Pereira with SRC’s Social Sections Chairman Robin Tan (4th from left), who gave away the prizes

35TH CHIVAS REGAL INTER-CLUB BALUT COMPETITIONThe EA fielded two teams in the Inter-Club Balut competition, competing against Singapore Cricket Club, Singapore Recreation Club, National University of Singapore Society, Singapore Indian Association and Tanglin Club. Each team comprised four players for all the six rounds hosted by each participating club. In the year-end results, EA Team 1 was placed in 16th position with 2,223 points and EA Team 2 was placed in 20th position with 2,151 points.

39TH CHIVAS REGAL INTERPORT BALUT COMPETITIONThe competition was hosted by The Kinabalu Club in Kota Kinabalu. Thirty teams (120 players) participated in this competition. Therese Thompson, S K John, Hyacinth D’Silva and Rita Sammy (guest player from Miri) represented EA as a team in the competition and were placed in 18th position with 2,983 points.

COMMUNITY DEVELOPMENT

Peter Rodrigues, here with Yvonne Pereira, won the 3rd Round of the In-House Balut Tournament on 8 May


YARN@EAyarn@EA had the opportunity to showcase their skills and sell their products at the Eurasian Festival on 27 July and the Red & White Sunday Lunch on 18 August.

At the Eurasian Festival too, yarn@EA presented crafts (below) created by three of its talented individuals to Mdm Ho Ching, wife of Guest-of-Honour, Prime Minister Lee Hsien Loong.

THE JINKLI NONASMembers with a musical interest came together as The Jinkli Nonas and performed as a choir group at many of EA’s events and external Christmas event at KINEX Mall.

The gift (left) and Prime Minister Lee Hsien Loong receiving it on behalf of Mdm Ho Ching. With the PM are EA President Alexius A Pereira and 2nd Vice President Yvonne Pereira

The jolly Jinkli Nonas

Yarning enthusiasts and their handiwork

COMMUNITY DEVELOPMENTEVENTS

RED & WHITE SUNDAY LUNCHIn collaboration with Quentin’s Restaurant, the annual Red & White Sunday Lunch was held on 18 August to celebrate Singapore’s 54th birthday.

Everyone enjoyed a delicious buffet spread of Eurasian dishes and had a great time dancing along to the outstanding performance by Muzik Line.

Above: The Red & White Sunday Lunch on 18 August. EA’s Community Engagement (CE) Sub-Committee (L-R): Suresh and Pamela Menon,

Yvonne Pereira, EA President Alexius A Pereira, Sandra Theseira, Dorothy Tessensohn and Melanie Rodrigues Smith


COMMUNITY DEVELOPMENTEVENTS (CONT’D)

CHRISTMAS LIGHT-UP DINNER & DANCEThe annual Christmas Light-Up Dinner & Dance took place on 7 December. The evening started off with the light up of the Christmas tree in the lobby followed by carol singing. Guests were entertained by the performance of Muzik Line. Everyone danced along to their favourite tunes and enjoyed traditional Christmas Eurasian cuisine by Quentin’s Restaurant.

CHILDREN’S CHRISTMAS TREAT Children aged three to ten years old from the four self-help groups came together on 15 December for the annual Children’s Christmas Treat. They were treated to performances by The Amazing ToyBox and entertained by talented balloon sculptor Russell Oliveiro, who worked tirelessly to ensure that the children went home with smiles on their faces. There were also games stalls which included various Christmas-themed activities.

Percy Shepherdson and Tammy Desker were EA’s Santa and Santarina and the children had a blast posing with them when receiving their gifts. The sub-committee is very grateful to Focus Network Agency for their sponsorship of chocolates, Quentin Pereira for sponsoring the popcorn stall, and the volunteers who contributed to the success of this event.

Emcee Trevor Nerva engaging the crowd with festive games

Those at the party caught the dancing fever as soon as the lively music came on.

All eyes on the performances

NEW YEAR’S EVE DINNER & DANCE GLITZ & GLAM The annual New Year’s Eve Dinner & Dance took place on 31 December at Orchard Hotel with the theme, Glitz & Glam.Emcee Christian Eber helped to rev up the mood in the ballroom from the very start. Muzik Line, Deejay Bernard Jeremiah and special guest band, Wildebeats kept the energy levels high. Percy Shepherdson played Father Time.

Our guests enjoyed a sumptuous international buffet spread accompanied with a free flow of beers, wines and soft drinks. Guests at five lucky tables won a big sweep ticket each (donated by Percy Shepherdson) to usher in the New Year with luck and wealth. A total of 10 guests went home with various lucky draw prizes. The top 3 prizes of tour packages were donated by Mr. Glenn De Souza from Choice Hotels Asia-Pacific, Thailand.

The New Year was ushered in with a drop of more than 500 gold, silver and black balloons followed by the traditional Auld Lang Syne, conga, hokey pokey and other nostalgic countdown music.

The organising committee would like to thank all sponsors and guests who helped make NYE 2019 a success.


The EA formed a Men’s Soccer team that is open to all male EA members over the age of 18. The idea was mooted by Lloyd Branson to create an opportunity for Eurasians

to get together. The team continues to grow, building a new youth sub-squad along with existing 89 active and moderately active players registered. In 2020, the team endeavours

to organise more training sessions amongst the team and to secure a home ground.


Mr Christopher PereiraMr Lyle Cordeiro (Convenor)Mr Lloyd Branson (Founder)

Mr Andrew PangMr Clifton Dragon Mr Brian Higgs

Mr Michael Lewis Mr Mel Ferdinands

Assisted by Mr Gerard Goh from the Secretariat

TOURNAMENTSThe Inter-Faith Soccer 7’s Tournament was held at Victoria School on 3 March 2019. EA progressed through the Group Stage with draws against La Liga and Darul Argam, only to be eliminated by Joo Chiat CSC in the quarter-finals stage.

The Indian Association Soccer 7s tournament was held at Singapore Indian Association on 14 April 2019. EA progressed through the Group Stage with wins against Kids of Africa and 2 Left Feet, only to be eliminated by La Plata Juniors in the quarter-finals stage

SAFTEA (Selangor and Federal Territory EA) Centennial Football Tournament was held at YMCA, Kuala Lumpur on 23 November 2019. EA Singapore Team 1 drew one out of the four matches with a score of 1 – 1 against SAFTEA and were eventually eliminated on penalties. EA Singapore Team 2 were eliminated by Penang EA with a loss of 3 – 0.

Our EA FC squad getting together for a team dinner after a friendly match against Essex on 6 October 2019

COMMUNITY DEVELOPMENTSOCCER


COMMUNITY DEVELOPMENTPERFORMING ARTS CHAPTER (PAC)

CHINGAY PARADE SINGAPORE After three months of intensive weekly training, the EA dance contingent comprising 26 dancers completed their energising performances at Chingay Parade 2019. The dance routine was choreographed by Syarul Ezuan and the LED banner bearer was Gabriel Emmanuel Teo from EA Dance Troupe.

Aspiring Eurasian artist 15-year-old Sheri Elizabeth Nonis represented the Eurasian community by participating as one of the four artists who created the 280-metre long painting by writing ‘SG BICENTENNIAL’ on the cloth painting at the event.Eurasian Association President Dr Alexius A Pereira and Sheri Elizabeth Nonis represented the EA at the post-performance appreciation lunch event held at the Istana on 18 February.

It was a proud moment for the EA at the Chingay 2019 Awards cum Appreciation Nite when the EA received Best in Contingent Display (Travelling Dance) Award for the second time.

INTER RACIAL INTER RELIGIOUS HARMONY NITE (IRIRHN)This year’s IRIRHN was held on 6 July at Marina Bay Sands Ballroom. Thirteen dancers from the EA performed modern hip-hop and Eurasian traditional dance choreographed by Syarul Ezuan. Ms Veronica Anne Lincoln also represented the EA to recite the IRIR pledge.

As part of the pre-event fringe activities, a harmony telematch game was held at Our Tampines Hub on 30 June. Four Eurasian youths took part in the telematch activities as a mixed team together with volunteers from the other three Self-Help Groups.Our EA Contingent after their performance

Veronica Ann Lincoln represented the EA and the Eurasian community to recite the IRIR pledge

ROCK N ROLL COUNTRY CONCERT Yvonne Pereira and Mel Ferdinands organised three concerts to promote social cohesion and opportunities to make new friends within the community. Performing were Muzik Line, SJB and Rani & Mel with Indopura, Wild West from Indonesia, The De Cotta Brothers, Emcee Royston Jalleh and DJ Judeson

Attendees at the final concert of 2019 Band members of the Muzik Line

Pereira. Quentin’s Restaurant sold food and drinks at a special price. These concerts have successfully brought in more fellow Eurasians and their friends to our Community House.


(Consultant, ROHEI Corporation) shared with the youth about the challenges they faced as they went through their life journey. The latter three sessions comprised workshops conducted by experienced, certified professionals to provide youth with the skills to achieve their life purpose. These included a workshop to help youth improve their study skills and mental focus, curriculum vitae (CV) and resumé writing workshop and career networking and mentorship.

YOUNG EURASIAN LEADERS PROGRAMME: COMMUNITY INVOLVEMENT PROGRAMME WITH CLUB RAINBOW

YOUTH

The EA’s youth programmes aim to create a vibrant and cohesive Eurasian youth

community where young Eurasians pursue their goals and dreams with

passion, enthusiasm, grit and belief. These programmes support them in realising

their potential and develop a strong sense of shared purpose and service towards our country and to the Eurasian community.


Mr Christopher Gordon (Chairperson)Mr Andrew Pang

Mr Danni Jay Luke DanisMs Hannah Hendriks

Mr Noel LongueMr Andre Frois

Mr Jared BatemanMs Farzanah Friday

Ms Leann OwMs Darshini Santhanam

Mr Sunil Rao Mr Varian Monteiro

Shannon Ezrela Siew Mun Yim

Assisted by Ms Vinitha Mukunthan from the Secretariat

FIND YOUR IKIGAI 2019“Find your Ikigai” was launched by the Eurasian Association Youth Sub-Committee, with South West Community Development Council (SW CDC) and Young NTUC as the main programme partners. It originated as the EA Mentorship Programme for Eurasian youth and has since been enhanced and expanded to include youth of all races and academic backgrounds. Outreach partners include CDAC, MClub (Mendaki’s youth wing), SINDA Youth Club and National Youth Council. A total of 50 youths joined and benefitted from the 2019 run of the programme.

The programme’s aim was to help youth find greater clarity of their life purpose and empower them to achieve it. It consisted of seven workshops. The first four sessions used a combination of human library stories, small group life coaching and mindfulness empowerment to help youth gain greater clarity of their life purpose and direction. As part of the human library component of the programme, inspirational speakers Anita Kapoor (Television Presenter), Michele Chong (Singer-Songwriter and Sound Therapist), David Hoe (National Youth Council member and educator) and Reena Rajasvari

Find Your Ikigai 2019: 3rd session of life coaching with Growth Beans Facilitators

Young Eurasian Leaders Programme: Club Rainbow beneficiary got to experience holding a chick A group of youths who participated in the Young Eurasian Leaders Programme in 2018 executed their Community Involvement Project (CIP) for Club Rainbow beneficiaries in March. As part of the CIP project, Club Rainbow beneficiaries were taken on a tour of Citizen Farm, an urban farming community whose vision is to promote sustainability and urban farming practices within Singapore. Together with the EA Youth team members, a total of 15 beneficiaries and 15 caregivers participated in the session. The beneficiaries and caregivers were led through a series of activities which included an educational talk on Global Urban

ENGAGING YOUTH


Farming practices, which stressed the importance of living in a sustainable manner, and a walkthrough of an urban farm, where they tasted freshly-grown vegetables and edible flowers and were shown how these were brought from farm to table.

The session concluded with a tote-bag painting session led by our Youth Leaders where participants used recyclable materials and organic paint. Through this activity, the beneficiaries were further educated about the importance of sustainability and the need to save the earth.

LET’S TALK CAREERS IN TECHThe Youth Sub-Committee organised a dialogue centred on Science, Technology, Engineering, and Mathematics (STEM). This initiative took place on 13 July at the Working Capitol, a co-working space. A total of 20 youths of various backgrounds attended the session. The interactive dialogue comprised four panellists with technology and digital experiences:

• Andrew Woo Schill - Cloud Solutions expert, a start-up Consultant and Co-founder of his own Digital Solutions Business

• Darshini Santhanam - a Googler specialising in the Sales and Marketing of Google Products

• Anjum Jain - A Fortune 50 Healthcare Technology Professional, APAC Digital and Connected Commerce Technologist

• Reuben Soh - Founder of Regal Pines, a Digital Agency focused on Social Media, Website, App and Games Development

During the session, the youths learned how the application of technology and digitisation could be used effectively to solve many problems facing Singapore and the world today. They had a meaningful discussion with panellists on STEM careers and gave positive feedback on how the forum helped cement their interest in the technology sphere.

TRIVIA NIGHT SOCIAL (TNS)The first instalment was held at The White Rocket on 8 May. Twenty-four guests comprising Eurasians, new Eurasians, and parents of new Eurasians, among others, attended the event. EA Youth committee member Varian Monteiro hosted the quiz segment.

WORLD MENTAL HEALTH DAY

The EA World Mental Health day event took place on 5 October with the objective of raising awareness of mental health issues around the world and mobilising efforts in support of mental health. Participants were engaged through group discussions and art therapy. Facilitators Sofia Tian, Calvin Pang, Lishan Lim and Varian Monteiro covered topics such as Mindfulness, The Art of Emotions, Body Image Issues and How to Avoid Relationship Apocalypse. A total of 20 participants attended the event. The event received a lot of positive feedback. Participants said that they left the workshop with a greater understanding of how to cope with mental health issues and how to move away from the stigma associated with such issues.

Let’s Talk Careers in Tech panellists: (L-R) MC Danni Jay Luke Danis, Anjum Jain, Andrew Woo Schill, Darshini Santhanam and Reuben Soh

Participants who gathered at the Eurasian Community House for the World Mental Health Day workshop

Trivia Night Social: Winners of the trivia night which took place on 8 May at the White Rocket

YOUTH (CONT’D)


YOUTH(CONT’D)

Boba & Cakes: Eurasian.ish Conversations was organised by Team Eurasian.ish together with the EA Youth Committee. The programme was held in support of the Singapore Bicentennial and powered by Young ChangeMakers. The event was held on 14 September. Around 40 young individuals, aged 18 to 35 joined panellists Gareth Fernandez, Crispin Rodrigues and Kimberly Walker over bubble tea and sugee cake to engage in a conversation on the topic of Eurasian-ness. Boba & Cakes was a space to explore the four pillars of Eurasian.ish: Stories & Narratives, Connection & Engagement, Openness & Inclusivity and the Future as imagined by youth who identified with the term Eurasian.

E-NEWSLETTER The Sub-Committee sends out an E-newsletter once a fortnight to young Eurasians and their parents to inform them of youth-centric events that the EA is organising or co-organising, and also to invite them to join relevant events organised by partners such as the National Youth Council.

Dr Alexius A Pereira with the Eurasian.ish team (L-R) Amanda Eber, MC Hannah Hendriks, Heleyna-Ann Fernandez, Andre D’ Rozario and Cheyenne Alexandria Phillips

Audience engaging in the Q&A session

After some Boba and Cakes, the youth gathered for a group picture

Session panellists (L-R) MC Hannah Hendriks, Kimberly Walker, Crispin Rodrigues and Gareth Fernandez

It was a fruitful occasion as Eurasians and other communities engaged in a thoughtful discussion on the –ish’s which make up a 21st century understanding of the term Eurasian. Much focus was placed on young people’s desire to create a space and future where individuals can live their identities without pressure to meet certain cultural expectations. Participants also explored the commonalities that the term ‘Eurasian’ has with other communities in Singapore and the larger Singaporean identity. Overall, the afternoon was a truly heartwarming session as the attendees worked to take down the boxes commonly associated with the term Eurasian, and build a 21st century understanding of what it is to be one here.

BOBA & CAKES: EURASIAN.ISH CONVERSATIONS


Carla, Megan and Deborah Barker EA President Alexius A Pereira with Jeremy Monteiro and his band

FUNDRAISING CHARITY DINNERThe EA more than met our target of raising half a million dollars in our centennial year to give a helping hand to the underprivileged in our community through our Family Support Services and Education programmes. Close to 300 guests attended the Charity Dinner at JW Marriott Hotel on 11 May.

The event was graced by Senior Minister Tharman Shanmugaratnam and special guests included MP Joan Pereira, MP Chris de Souza and Portuguese Ambassador H.E. Luis Lorvao. In his speech, SM Tharman commended the Eurasian community for “making an outsized contribution to

Singapore”. The event was well covered by Channel NewsAsia, The Straits Times and The PEAK online.

The evening was designed and coordinated by Brandon Barker with Brian Richmond as host. Guests were entertained with performances by Vernon Cornelius, Jeremy Monteiro, Megan Barker and our very own EA multi-generational dance troupe. Eurasian chefs Quentin Pereira and Kenneth Francisco planned and executed the menu. Eurasians and non-Eurasians had an opportunity to experience Eurasian culture and connect with each other during the dinner.

EA President Alexius A Pereira (3rd from left) with Senior Minister Tharman Shanmugaratnam and his wife Ms Jane Yumiko Ittogi (centre), and Fundraising Dinner Committee Members (L-R) Quentin Pereira, Julia D’Silva, Celeste Basapa, Gerry de Silva and Andrew Pang

CENTENNIAL CELEBRATIONS


EA Dance Troupe EA Choir

On stage at the Eurasian Festival were (L-R) PA’s Executive Director Desmond Tan, MP Alex Yam, Minister for Communications and Information S. Iswaran, EA’s Top PSLE Student in 2018 Trey Alexander Kian, Mdm Phyllis Clara Perreau, PM Lee Hsien Loong, EA President Alexius A Pereira, Deputy PM and Minister for Finance Heng Swee Keat, EA Volunteer Valerie Scully, EA’s Youth Volunteer Samantha Santa Maria, and MPs Joan Pereira and Christopher de Souza

EURASIAN FESTIVALThe Eurasian Festival took place in July at Our Tampines Hub, with the support of the People’s Association. Prime Minister Lee Hsien Loong was Guest-of-Honour. Also in attendance were Deputy Prime Minister and Minister of Finance Heng Swee Keat, Minister for Communications and Information S. Iswaran, and Members of Parliament Christopher de Souza and Joan Pereira. The EA honoured Mdm Phyllis Clara Perreau who turned 100 this year.

About 1,500 guests attended the event. Each received a goodie bag, and had a chance to savour Eurasian cuisine with dishes such as curry debal and meaty cutlet. PM Lee, Mdm Perreau and other VIP guests took to the stage to cut our record-breaking 40kg sugee birthday cake. The spirit of the Eurasian community was celebrated throughout the day with

performances by Vernon Cornelius & Band, Rebecca Louise and James, The Music Men and The Wildebeats.

Booths were set up for guests to experience Eurasian heritage and culture. Kids enjoyed the colouring booth where they got a chance to decorate postcards with pictures of traditional Portuguese costumes and celebrations. They also played games of yesteryear such as hopscotch, goli and chaptek.

The PM also visited the Eurasian.ish booth, a youth-driven event to create a space for the youth of Singapore to voice their views. He also visited the Youth Gives Back booth, an initiative organised by the EA Youth committee in partnership with Club Rainbow, a non-profit organisation that centres itself on supporting chronically-ill children and their families.

CENTENNIAL CELEBRATIONS(CONT’D)


President Halimah Yacob at the launch of the Eurasian Heritage Gallery, with EA President Alexius A Pereira and Alessandria Sage de Souza-Shotam

LAUNCH OF THE EURASIAN HERITAGE GALLERY More than 200 guests came to the launch of the Eurasian Heritage Gallery on Saturday 21 September, graced by Guest-of-Honour President Halimah Yacob.

Lively percussion music performed by Mark de Souza and Ritmico Ensemble greeted guests on their arrival at the EA lobby. Hosted by Humphrey Conceicao, the programme showcased a variety of superbly talented Eurasians. A song on Eurasians, Layers, written by Judith d’Silva and Ann Hussein, was performed by Shanice Hedger and Jill Arul.

Jeremy Monteiro, who specially wrote the EA centenary song entitled To be Eurasian, To be Singaporean – It’s One and the Same, performed his own composition with Jazz Association

Singapore Orchestra and vocalist Alemay Fernandez with Shanice Hedger and Jill Arul on backup vocals.

The Gallery now has more than 100 artefacts, 400 images and 10 multimedia exhibits on display. The three-year project, which began in 2016, entailed weekly meetings held by the Heritage Committee with the Singapore Philatelic Museum (SPM), the appointed consultant working with the design company, PICO.

The upgrade was made possible through funding from Care & Share by the Ministry of Culture, Community and Youth (MCCY), National Heritage Board (NHB), President’s Challenge, Far East Organisation and the family of the late Mary Lorna Boswell.


Jeremy conducting JASSO



Mark de Souza (3rd from left) and Ritmico Ensemble at the Eurasian Community House lobby

Guests eagerly waiting to view the Heritage Gallery

President Halimah and Mr Mohammmed Abdullah Alhabshee with chefs Kenneth Franciso (in white) and family, and Quentin Pereira

(L-R ) Azalea Oliveiro, Colin Choo, MP Christopher de Souza, Senior Minister of State Sim Ann, Felicia Pestana, Chloe Roberts and Ben Cheung

Jeremy Monteiro finds he has lots of fans among the crowd

From left: Kevin Martens Wong and Andre D’Rozario from Kodrah Kristang with EA docent Alison Dragon


HERITAGE & CULTURE

The EA aims to promote stronger bonds and build synergy within the

Eurasian community, and to engage the Singapore community through

various projects and programmes that preserve, and create awareness of the unique Eurasian culture and heritage.


Ms Julia D’Silva (Chairperson)Ms Carol DragonMr Cedric Pereira

Mr Geoffrey MorrisMs Gerardine Donough-Tan

Mr Percival Shepherdson Ms Sharon Miller

Assisted by Ms Jacqueline Peeris from the Secretariat

EURASIAN HERITAGE GALLERYThe Eurasian Heritage Gallery (EHG) had more than 1,000 visitors in the last quarter of 2019, double the visitorship of previous quarters.

Sharing the stories in the gallery with visitors is a new team of 16 docents which include past guides Sharon Miller, Trevor Nerva, Melanie Smith and Valerie Scully. Pioneers Lucille Marcus and Euylth Fernandez stepped down after conducting

President Halimah Yacob (centre) and EA President Alexius A Pereira (2nd from right) with the ‘heritage team’ (from left) Percy Shepherdson, Gerardine Donough-Tan, Sharon Miller, Julia D’Silva, Geoff Morris, EA’s Jacqueline Peeris, and Cedric Pereira at the launch of the Eurasian Heritage Gallery

tours for 16 years since the first heritage room (‘The Eurasian Showcase’) opened in 2003 at the Eurasian Community House.

The EHG has regular tours conducted in English every first and third Saturday of the month, and Mandarin tours every second Saturday of the month. Six of our docents, including one Eurasian, are able to conduct the tours in Mandarin.


HERITAGE & CULTURE(CONT’D)

Docent Gerardine Donough-Tan

Docent Sharon Miller

EHG docents ‘all dressed up’ at the launch of the Gallery

Hey, that’s me!

Judith Prakash nee De Cruz practised law for 18 years before being appointed a judicial commissioner in 1992, a Supreme Court judge in 1995 and (first female) Judge of Appeal in 2016.

Olivia Stewart now and as a flower girl at her godmother’s wedding in 1947. Her father Stanley Stewart, the first Eurasian to head the Civil Service, is one of the prominent Eurasians featured.

Sylvia McCully (seated) with friends Debra De Cotta and Hansel Kryst. Behind them is a video clip of Sylvia conducting a rehearsal. Debra designed the costumes (in video clip and on poster).


Ms Sim Ann, Senior Minister of State for Communications and Information (centre) at the opening of The Gentle Observer exhibition at the Arts House on 1 November

HERITAGE & CULTURE (CONT’D)

NATIONAL ARCHIVES OF SINGAPORE (NAS)The EA partnered with the Oral History Centre of NAS in August 2017 to help build up the Eurasian oral history collection. The Eurasian Community Oral History Committee has been working to collect stories from Eurasians on topics ranging from childhood and school years, war time experiences to careers and the contributions they made to pre- and post-independent Singapore. So far, 12 interviews have been completed.

As of December 2019, the members of the committee comprise Julia D’Silva (Chairman), Gerry de Silva (Adviser), James Boss, Cedric Pereira, Valerie Scully and Christian Eber.

HONOURING REX SHELLEYSingapore Writer’s Festival (SWF) honoured Rex Shelley as the Literary Pioneer 2019. The Arts House also held an exhibition on the life of the late Mr Shelley, best known for his award-winning quartet of stories, which includes The Shrimp People.Titled The Gentle Observer, the exhibition delved into his life as author, father and Singapore Eurasian, covering aspects such as his literary influences, love for Japanese culture, music, silk painting and favourite food, among other interests.

The last chapter of the exhibition booklet titled Why He Wrote outlines why he believed it was vital for these stories to be written as part of Singapore’s historical narrative, especially for Eurasians. One aim for writing these books was to put on record the Eurasian community’s way of life and thinking.

WORKING WITH PARTNERS

Christian Eber (far left) was emcee of the Eurasian Wedding Party at the Singapore Writers Festivalat Arts House on 1 November

Trevor Nerva (far right) and the team from EA led a sing-a-long of Jinkli Nona for Hwa Chong’s Secondary 3 students

Performance by EA Dance Troupe at The Serangoon CC

THE PEOPLE’S ASSOCIATION (PA) In 2019, the EA contributed a Eurasian dance performance at two of PA’s One Community Fiesta events, at Hougang Community Club and Serangoon Community Club.


CORPORATE COMMUNICATIONS

The Eurasian Association’s Communication Sub-Committee guides the strategy for all communications, digital and public relations messages, disseminates key

messages to the Eurasian community and to the organisation’s stakeholders, and

undertakes media and marketing activities.


Ms Angelina Fernandez (Chairperson), Mr Ion Danker

Ms Hana Schoon Mr Andre Brinstan FroisMs Sheena Conceicao

Mr Keith de Souza Ms Suzanne Walker and Mr Noel Longue

Assisted by Ms Natasha Darwood from the Secretariat

PUBLIC RELATIONS CAMPAIGNTo build mindshare about the Eurasian community and the EA’s work during its 100th Anniversary, we engaged a public relations agency, Right Hook Communications. The agency is run by a Eurasian and has several Eurasian employees. By the close of the 2019, the agency had secured close to 50 stories in print, broadcast, and online media.

In addition to publicity for key centennial events such as the Eurasian Festival, the inaugural Joseph Schooling Sports Grant Award, the Charity Fundraising Dinner, and the opening of the Eurasian Heritage Gallery, Right Hook Communications also secured coverage on themes related to Eurasians in sports, heritage and the Eurasian identity, and Eurasian cuisine.

The Facebook page, launched in 2010, publicises future events, programmes and stories from the media to engage the community.

Facebook

2908 Likes

http://www.facebook.com/ eurasianassociation

The Instagram account was created in 2015 and is used to share pictures during EA events or events organised by community partners.

This platform was created particularly to engage with young Eurasians

and Eurasians overseas.

545 Followers

the_eurasian_association

Instagram

The EA’s website, www.eurasians.org.sg,

provides information about the EA and its key pillars.

Past issues of The NewEurasian and annual reports are available

to download from the site.

ONLINE & SOCIAL MEDIA

THE NEWEURASIAN MAGAZINEThe NewEurasian magazine is published quarterly and distributed to more than 17,000 Eurasians in Singapore. The magazine is also sent to the EA’s stakeholders.

In 2019, The New Eurasian featured the following highlights: The first Joseph Schooling Sports Grant Award Ceremony, a National Day issue and focuses on “Eurasians Making Singapore Proud”, a tribute to the late Myrna Blake, four Eurasian families talking about how they celebrate Christmas, the Singapore Writers Festival that honoured Rex Shelley and quotes from our community on what they see for Eurasians in the year ahead.

The magazine also showcased a roundup of EA’s centennial celebrations such as the Eurasian Festival, Eurasian.ish (Youth Identity Campaign) and the Opening of the Eurasian Heritage Gallery and festivities that took place during the festive season, from the Christmas Light-Up to our FSS team assisting the underprivileged in our community.

www.eurasians.org.sg

Website

3010 Followers&


VOLUNTEER MANAGEMENT

In 2019, the EA continued to be proactive in attracting and retaining a committed team of volunteers. Some 180 volunteers supported events and activities organised by both the EA and our partner organisations during the year, which include:

• Participation in the Chingay Parade 2019, Performing Arts Chapter Concerts, Inter-Racial Inter-Religious Events, EA Charity Dinner and other Community events

• Eurasian Identity Dialogues and other Youth events

• The Eurasian Experience Tours, Eurasian Festival organised jointly with Peoples’ Association, the launch of the Eurasian Heritage Gallery and participation in various Heritage booths island-wide

• Christmas decorations at the Eurasian Community House, Christmas Light-Up Dinner and various Christmas events and activities

• FSS ration runs, packing of Christmas hampers and other Family Support Services initiatives

Volunteers are an integral part of the organisation as their valuable time and contributions play a critical role in

ensuring the success of the EA’s diverse programmes and events.

VOLUNTEERS’ APPRECIATION LUNCHThe Volunteers’ Appreciation Lunch was held on Saturday 9 March to honour all EA volunteers who dedicated their invaluable time and skills to serve the community.

Volunteer Christine Pereira receives her certificate of appreciation from EA President Alexius A. Pereira

The EA’s loyal band of volunteers


HOUSE OPERATIONS

Quentin’s Eurasian RestaurantThe restaurant serves traditional and contemporary Eurasian cuisine, drawing people of all races to the Eurasian Community House. Except for Mondays, the restaurant opens daily for lunch from 11.30am to 2.30pm and for dinner from 6.30pm to 10.30pm.

Maintenance and Use of Facilities The EA continues to rent out some of its facilities and organises new activities to help generate funds to defray the cost of its

The Eurasian Community House houses Quentin’s Restaurant, the EA

Secretariat office, the Eurasian Heritage Gallery, the Multi-Purpose Hall, JH Conference Room and other

facilities. Maintenance of these facilities and all general operations

are overseen by the Secretariat.

The Eurasian Community House

maintenance. Ongoing classes such as swordsmanship, line dancing and other community activities are being held in partnership with selected external vendors.

Housekeeping and maintenance works such as servicing of the lifts, air-conditioning, pest control, landscape and other maintenance contracts are implemented in accordance to contractual schedule.

Sinking FundA sinking fund was established in 2012 and a sum of $36,415 continued to be set aside annually to deal with any future major expenditure and/or maintenance works.

Upgrading of Facilities and Systems. With the support of the government’s Care & Share capability building fund, improvements and enhancement works to various infrastructures were being carried out throughout the year. Some of the major projects completed were the revamped Eurasian Heritage Gallery, a newly installed signage on the building front, a facelift to the main lobby area, upgrading of air conditioning systems at Level 3 and the renewal of the burglary alarm system.


T he financial statements were prepared in accordance with the provisions of the Charities Act, Cap. 37, the Societies Act, Cap. 311 and Singapore Financial Reporting Standards. Accordingly, its reserves and all its income resources have been classified as either unrestricted funds or as restricted funds to the extent the funds are to be applied

for specified purpose. Income and expenditure incurred on various programmes reflect the gross amounts. In addition, the reserves and income of the Eurasian Association Endowment Fund have been excluded from the audited financial statements of the Eurasian Association, as the Fund is seperately governed by the provisions of the Trust Deed and issues its own financial statements. Funding for the programmes run by the Eurasian Association were primarily provided by the ECF contributions, Donations and the Ministry of Culture, Community and Youth awarded a grant of $400,000. As a result, we recorded an overall surplus of $18,499.

Total incoming resources for the year was $2,545,071 of which $261,240 was classified as restricted funds and the balance $2,283,831 as unrestricted funds, as compared to total gross incoming resources of $2,323,290 in 2018. Total expenditure amounted to $2,526,572 (compared to total expenditure in 2018 of $2,168,627) of which $410,647 was funded by restricted funds with the balance of $2,115,925 being funded out unrestricted funds, resulting in a surplus in unrestricted fund reserve of $167,906.

RESERVES RATIO POLICY

The Board of Trustees & Management Committee, having considered the Eurasian Association’s sources of funds and annual expenditure, have decided on a reserve policy of 3:1, i.e. to maintain reserves being its unrestricted fund balance of 3 times its estimated annual operating expenditure to ensure sufficient funds for its continued growth and to undertake its various programmes.

The ratio of unrestricted reserve to annual expenditure is currently 0.90:1 (2019) and 0.99:1 (2018). In order to increase its reserves, the Eurasian Association needs to raise additional funding through programs and events in the coming year.

TREASURER’S REPORT

Unrestricted Funds Restricted Funds

General & Community

Fund

Internally Restricted

Sinking Fund

EducationFund

HeritageEndowment

FundEW Barker

Book

SpecialPurpose

Fund Total

$ $ $ $ $ $ $

Balance at 31 December 2017 2,092,126 659,878 30,167 175,000 16,919 1,392,348 4,366,438

Total comprehensive income for the year 100,605 – – – (40) 54,098 154,663

Transfer to / (from) Restricted funds (36,415) 36,415 – – – – –


Total comprehensive income for the year 167,906 – – – (40) (149,367) 18,499

Transfer to / (from) Restricted funds (34,273) 34,273 – – – – –


SUMMARY OF RESERVES


Donor $ Donor $

TREASURER’S REPORT(CONT’D)

The Stewart Family 66,250

Ms D’Silva Julia Millicent 60,500

Lum Chang Holdings Ltd 50,000

Trans Eurokars Pte Ltd 50,000

The Silent Foundation Ltd 30,000

Hong Leong Foundation 21,000

Chew How Teck Foundation 20,000

Mr Keith Nicholas Minjoot 20,000

Ms Judith Prakash 17,950

Mr Barry Henry Patrick Desker 13,250

Mr Edmund Rodrigues 12,120

Mr Benett Maximillian Theseira 11,000

Mdm Koh Hui Hwa 10,000

Mr Lim Boon Heng 10,000

Marina Bay Sands Pte Ltd 10,000

Mr Michael Palmer 10,000

Ngee Ann Development Pte Ltd 10,000

Dr Pereira Alexius Anthony 10,000

Mr Eugene Bernard Galistan 9,000

Mr Edward D’Silva 7,000

Lee Foundation Singapore 7,000

Mr Keith Rodrigues 5,300

Allen & Gledhill LLP 5,000

Mr Andreas Handayanto 5,000

Mr Carl Peter Rodrigues 5,000

City Developments Limited 5,000

Mr Gerry De Silva 5,000

Mr Goh Chok Tong 5,000

Huntington Partners 5,000

Ms Khoo Poh Geok Margaret 5,000

Komoco Motors Pte Ltd 5,000

Loyang Tua Pek Kong 5,000

Mr Madhavan Peter 5,000

NTUC Fairprice Foundation Limited 5,000

Mr Rodrigo Don Cyril (Junior) 5,000

Ms Tan Nancy 5,000

The Schooling Company Pte Ltd 5,000

Mr Yong Kon Yoon 5,000

Mr Paul Rodrigues 4,600

Mr Pereira Quentin Bernard 4,500

Mr Simon de Cruz 4,100

Ms Deborah Evaline Barker 3,000

Kwan Im Thong Hood Cho Temple 3,000

Mr Low Boon Soon Eric 3,000

Tan Chin Tuan Foundation 3,000

Mr Gerald Minjoot 2,700

Joseph Tan Jude Benny LLP 2,500

Mr Lawrence Basapa 2,150

Ms Carla Jacqueline Barker 2,000

Mr Dominic Lim Li Meng 2,000

Mr Goh Thiat Soo 2,000

Mdm Ng Siok Keow 2,000

Mr Oscar Mico 2,000

Mrs Rosa Daniel 2,000

Singapore Press Holdings Limited 2,000

Mr Sundaresh Menon 2,000

The Hour Glass Limited 2,000

The minimum donations amount recognised in the list of donors is $2,000.00

MAJOR DONORS


Eurasian Community Fund

Other Income

Matching Grant

Government Contributions

Government Grant for Land Lease

Special Purpose Donations

Events & Programmes

Unrestricted Donations President’s Challenge Charity Fund

$2,545,071

31%

24%15%

10%

6%

5%4%

3% 2%

Total

SUMMARY OF INCOMING RESOURCES

TREASURER’S REPORT (CONT’D)

Sources of Funds $ %

Eurasian Community Fund 780,304 31%

Other Income 621,918 24%

Matching Grant 400,000 15%

Government Contributions 256,021 10%

Government Grant for Land Lease 149,137 6%

Special Purpose Donations 118,085 5%

Events & Programmes 92,650 4%

Unrestricted Donations 83,956 3%

President’s Challenge Charity Fund 43,000 2%

TOTAL 2,545,071 100%


SUMMARY OF EXPENDITURE

TREASURER’S REPORT (CONT’D)

Administrative & Governance Costs

Eurasian Community House

Family Support Services

Education & Training Programmes

Other Activities

Community Development & Outreach

Depreciation

Heritage and Culture

Publications

19%

15%

13%12%

11%

10%

9%

7%4%

Expenditure $ %

Administrative & Governance Costs 484,179 19%

Eurasian Community House 384,724 15%

Family Support Services 312,117 13%

Other Activities 302,627 12%

Education & Training Programmes 277,652 11%

Community Development & Outreach 259,318 10%

Depreciation 249,463 9%

Heritage and Culture 164,253 7%

Publications 92,239 4%

TOTAL 2,526,572 100%

$ 2,526,572Total


ASSOCIATION INFORMATIONAssociation registration number UEN: S64SS0001E

Registered office 139 Ceylon Road, Singapore 429744

President Pereira Alexius Anthony

1st. Vice President Schoon Vincent Hamilton

2nd. Vice President Pereira Yvonne Marie Nee Lesslar

Honorary Secretary Fernandez Angelina Frances

Honorary Treasurer Marini Martin Vincent

Independent auditor Foo Kon Tan LLPPublic Accountants andChartered Accountants24 Raffles Place#07-03 Clifford CentreSingapore 048621

Financial StatementsThe Eurasian Association, Singapore 31 December 2019

Statement by the Management Committee 42

Independent auditor’s report 43

Statement of financial position 46

Statement of comprehensive income 47

Statement of changes in funds 49

Statement of cash flows 50

Notes to the financial statements 51

CONTENTS

The Management Committee is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Charities Act, Cap. 37, the Societies Act, Cap. 311 and Singapore Financial Reporting Standards. This responsibility includes selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

We, Pereira Alexius Anthony and Marini Martin Vincent, being two of the members of the Management Committee of The Eurasian Association, Singapore, do hereby state that, in the opinion of the Management Committee, the accompanying statement of financial position, statement of comprehensive income, statement of changes in funds and statement of cash flows, together with the notes thereon, are properly drawn up so as to present fairly, in all material respects, the financial position of the Association as at 31 December 2019 and of the financial performance, changes in accumulated funds and cash flows of the Association for the financial year ended on that date, and at the date of this statement, there are reasonable grounds to believe that the Association will be able to pay its debts as and when they fall due.

On Behalf of the Management Committee

PEREIRA ALEXIUS ANTHONY President

Dated: 10 March 2020

MARINI MARTIN VINCENTHonorary Treasurer

STATEMENT BY THE MANAGEMENT COMMITTEEF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9


Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of The Eurasian Association, Singapore (the “Association”), which comprise the statement of financial position as at 31 December 2019, the statement of comprehensive income, 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 and other explanatory information.

In our opinion, the financial statements of the Association are properly drawn up in accordance with the provisions of the Charities Act, Cap. 37 (the “Charities Act”), the Societies Act, Cap. 311 (the “Societies Act”), and Singapore Financial Reporting Standards so as to present fairly, in all material respects, the state of affairs of the Association as at 31 December 2019, and the results, changes in funds and cash flows of the Association 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 Association 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

Management is responsible for the other information. The other information comprises all information included in the annual report but does not include the financial statements and our auditor’s report thereon.

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 have 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.

The Management Committee’s Responsibility for the Financial Statements

The Management Committee is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Charities Act, the Societies Act and Singapore Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Management Committee is responsible for assessing the Association’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 the Management Committee either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

The Management Committee’s responsibilities include overseeing the Association’s financial reporting process.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, SINGAPORE


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 Association’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• 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 Association’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 financial 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 Association 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 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, SINGAPORE (CONT’D)


INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, SINGAPORE (CONT’D)

Report on Other Legal and Regulatory Requirements

In our opinion:

(a) the accounting and other records required by the regulations enacted under the Societies Act to be kept by the Association have been properly kept in accordance with those regulations; and

(b) the fund-raising appeals held during the financial year ended 31 December 2019 have been carried out in accordance with Regulation 6 of the Societies Regulations issued under the Societies Act and proper accounts and other records have been kept of the fund-raising appeal.

During the course of our audit, nothing has come to our attention that caused us to believe that during the year the use of the donation monies was not in accordance with the objectives of the Association as required under Regulation 11 of the Charities (Institutions of a Public Character) Regulations.

Foo Kon Tan LLPPublic Accountants andChartered Accountants

Singapore, 10 March 2020


2019 2018Note $ $

AssetsNon-current Property, plant and equipment 3 3,189,585 3,033,517Right-of-use asset 4 96,087 –Interest in an associate 5 – –

3,285,672 3,033,517

Current Inventories 6 11,996 10,010Other receivables 7 572,529 496,855Deposits and prepayments 8 60,241 50,029Cash and cash equivalents 9 3,508,360 3,945,098

4,153,126 4,501,992Total assets 7,438,798 7,535,509

FundsUnrestricted Funds 10 2,289,949 2,156,316Restricted Funds- Sinking Fund 11 730,566 696,293- Education Fund 12 30,167 30,167- Heritage Endowment Fund 13 175,000 175,000- E W Barker Book 14 16,839 16,879- Special Purpose Funds 15 1,297,079 1,446,446Total Restricted Funds 2,249,651 2,364,785Total funds 4,539,600 4,521,101

LiabilitiesNon-currentDeferred capital grants 16 1,959,677 2,157,082Donations received in advance 17 552,495 581,315

2,512,172 2,738,397

Current Lease liability 18 97,975 –Trade and other payables 19 289,051 276,011

387,026 276,011Total liabilities 2,899,198 3,014,408Total funds and liabilities 7,438,798 7,535,509

STATEMENT OF FINANCIAL POSITIONAS AT 3 1 DE C E M BE R 2 0 1 9

The annexed notes form an integral part and should be read in conjunction with these financial statements.


Externally Restricted

UnrestrictedFunds

Education Fund

Heritage Endowment

FundE W Barker

Book

Special Purpose

FundsTotal 2019

Total 2018

Note $ $ $ $ $ $ $INCOMING RESOURCES

Voluntary incomeEurasian Community Fund contributions 780,304 – – – – 780,304 764,702Donations 20 25,280 – – – – 25,280 20,180Donation for special purpose funds 15 – – – – 118,085 118,085 170,878President’s Challenge Charity Fund 15 – – – – 43,000 43,000 –Deferred income on renovation of family

area 17 6,956 – – – – 6,956 7,588Deferred income on renovation of flooring 17 262 – – – – 262 197Deferred income on retractable awning 17 470 – – – – 470 470Deferred income on Eurasian Heritage

Gallery 17 50,988 – – – – 50,988 –

Grants Government grants - Temporary

Occupancy License fee 28 149,137 – – – – 149,137 149,137Government grants - ECF matching 10 400,000 – – – – 400,000 400,000Government grants - Top-up grant from

MCCY 15 – – – – – – 120,000Government grants - Care & Share – – – – – – 115,732Government grants - Care & Share

- Special purpose funds 15 – – – – 31,104 31,104 215,192Government grants - Care & Share

- Heritage and Culture 5,684 – – – – 5,684 –Government grants - Care & Share

- Deferred income 17 14,271 – – – – 14,271 19,025Government grants - Others 6,684 – – – – 6,684 9,491Deferred capital grants amortised 16 197,405 – – – – 197,405 197,405Deferred grant on desktop & software 17 873 – – – – 873 582

Funds from events/ programmesHeritage and culture 22 18,683 – – – – 18,683 17,161Youth and sports development 23 15,745 – – – – 15,745 126Performing arts development

programmes 24 4,070 – – – – 4,070 6,450Community development and outreach

programmes 25 54,152 – – – – 54,152 58,576

Other incomeInterest income 13, 15 8,049 – 602 – 6,039 14,690 14,745Other activities 15, 30 537,795 – – – 62,000 599,795 22,632Job credit scheme 7,023 – – – – 7,023 13,021Others 15 – – – – 410 410 –Total incoming resources (A) 2,283,831 – 602 – 260,638 2,545,071 2,323,290

STATEMENT OF COMPREHENSIVE INCOME


F OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9


STATEMENT OF COMPREHENSIVE INCOME(CONT’D)




UnrestrictedFunds

Education Fund

Heritage Endowment

FundE W Barker

Book

Special Purpose

FundsTotal 2019

Total 2018

Note $ $ $ $ $ $ $RESOURCES EXPENDED

Expenditures of events/ programmesEducation and training programmes 21 110,835 – – – 166,817 277,652 342,047Heritage and culture 22 159,170 – 602 – 4,481 164,253 113,233

Youth and sports development programmes 23 92,754 – – – – 92,754 57,434

Performing arts development programmes 24 23,841 – – – – 23,841 29,379

Community development and outreach programmes 25 142,723 – – – – 142,723 122,977

Family support service programmes 26 73,410 – – – 238,707 312,117 302,720

Expenditure of generating voluntary income and governance costs

CPF agency fees 28,511 – – – – 28,511 25,834Depreciation of property, plant and

equipment 3 249,463 – – – – 249,463 251,715Administration and governance costs 27 484,179 – – – – 484,179 471,865Eurasian Community House 28 384,724 – – – – 384,724 326,029

Others Publication 29 92,239 – – – – 92,239 55,075Other activities 30 274,076 – – 40 – 274,116 70,319Total resources expended (B) 2,115,925 – 602 40 410,005 2,526,572 2,168,627Surplus for the year representing

total comprehensive income for the year (A) – (B) 167,906 – – (40) (149,367) 18,499 154,663


STATEMENT OF CHANGES IN FUNDSF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9


UnrestrictedFunds

InternallyRestricted

SinkingFund

Education Fund

Heritage Endowment

FundE W Barker

Book

Special Purpose

FundsTotal 2019

$ $ $ $ $ $ $

At 1 January 2018 2,092,126 659,878 30,167 175,000 16,919 1,392,348 4,366,438

Total comprehensive income for the year 100,605 – – – (40) 54,098 154,663Transfer to/(from) restricted funds (36,415) 36,415 – – – – –At 31 December 2018 2,156,316 696,293 30,167 175,000 16,879 1,446,446 4,521,101

Total comprehensive income for the year 167,906 – – – (40) (149,367) 18,499Transfer to/(from) restricted funds, net (34,273) 34,273 – – – – –At 31 December 2019 2,289,949 730,566 30,167 175,000 16,839 1,297,079 4,539,600



Year ended31 December

2019

Year ended31 December

2018Note $ $

Cash Flows from Operating ActivitiesSurplus for the year 18,499 154,663 Adjustments for:Amortisation of deferred capital grants 16 (197,405) (197,405)Amortisation of deferred income 17 (73,820) (27,862)Interest income (14,690) (14,745)Depreciation of property, plant and equipment 3 300,452 251,715 Depreciation of right-of-use assets 4 144,131 –Finance cost 6,894 –Operating surplus before working capital changes 184,061 166,366 Changes in inventories (1,986) 383 Changes in receivables (75,846) (4,716)Changes in deposits and prepayments (10,212) (22,121)Changes in trade and other payables 13,040 149,796 Changes in deferred income 45,000 141,925 Cash generated from operations 154,057 431,633 Interest received 14,862 14,745 Net cash generated from operating activities 168,919 446,378

Cash Flows from Investing ActivitiesPurchase of property, plant and equipment (456,520) (382,593)Loan to an associate – (50,000)Net cash used in investing activities (456,520) (432,593)

Cash Flows from Financing ActivityRepayment of lease liability (149,137) –Net cash used in financing activity (149,137) –

Net (decrease)/increase in cash and cash equivalents (436,738) 13,785 Changes in fixed deposits (16,698) (4,694)Cash and cash equivalents at beginning of year 3,432,711 3,423,620 Cash and cash equivalents at end of year 9 2,979,275 3,432,711

Non-cash changesAt 1 January

2019Cash flows

Adoption of FRS 116

Interest expense

At 31 December 2019

$ $ $ $ $2019:Financial liabilitiesLease liability (Note 18) – (149,137) 240,218 6,894 97,975

STATEMENT OF CASH FLOWSF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9

Reconciliation of liabilities arising from financing activity:

The table below details changes in the liabilities arising from financing activity, including both cash and non-cash changes. Liabilities arising from financing activity are those for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activity.



1 General information

The financial statements of The Eurasian Association, Singapore (“the Association”) for the year ended 31 December 2019 were authorised for issue in accordance with a resolution of the Management Committee on the date of the Statement by the Management Committee.

The Association was established in July 1919 and was registered in the Republic of Singapore as a Society on 15 January 1964. It was registered as a Charity on 27 June 1995 under the Charities Act, Chapter 27 and is recognised as an Institution of Public Character under the Income Tax Act, Chapter 134. The Association has been approved as an Institution of a Public Character under the Charities Act (Cap. 37) for five years with effect from 18 May 2015.

The registered office of The Eurasian Association, Singapore is located at 139 Ceylon Road, Singapore 429744.

The principal activity of the Association is to promote economic, social, cultural, moral, physical and intellectual advancement of all Eurasians in Singapore.

2(a) Basis of preparation

The financial statements are prepared in accordance with applicable Singapore Financial Reporting Standards (“FRS”), including related Interpretations promulgated by the Accounting Standards Council. The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The financial statements are presented in Singapore dollars which is the Association’s functional currency. All financial information is presented in Singapore dollars, unless otherwise stated.

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

Significant accounting estimates and judgements The preparation of the financial statements in conformity with FRS requires the use of judgements, estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

The critical accounting estimates and assumptions used and areas involving a significant judgement are described below.

Significant judgement in applying accounting policies

Useful life of the Community building (Note 3) The Community building is depreciated over its estimated useful life of 30 years. The Association is of the view that it will

be able to renew its land lease agreement and continue to use the Community building over its remaining estimated useful life. If the estimated useful life of the community building is reduced to 6 years, the Association’s depreciation expense will increase by $989,000 (2018 - $989,000) per annum.

NOTES TO THE FINANCIAL STATEMENTS


2(a) Basis of preparation (Cont’d)

Critical accounting estimates and assumptions used in applying accounting policies

Depreciation of property, plant and equipment (Note 3) Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Changes in the

expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. A 5% (2018 - 5%) difference in the expected useful lives of these assets from management’s estimates would impact the Association’s surplus for the financial year by $11,879 (2018 - $11,986). The carrying amount of property, plant and equipment at the reporting date was $3,189,585 (2018 - $3,033,517).

Estimation of the incremental borrowing rate (“IBR”) (Notes 4 and 18) For the purpose of calculating the right-of-use asset and its related lease liability, the Association applies the interest

rate implicit in the lease (“IRIIL”) and, if the IRIIL is not readily determinable, the entity shall use its IBR applicable to the lease asset. The IBR is the rate of interest that the Association would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. For the lease of the land for the Community building whereby the Association is the lessee, the IRIIL is not readily determinable. Therefore, the Association estimates the IBR relevant to each lease asset by using observable inputs (such as market interest rate and asset yield) when available, and then making certain lessee specific adjustments (such as the Association’s credit rating). The carrying amount of the Association’s right-of-use asset and lease liability are disclosed in Notes 4 and 18 respectively. An increase/decrease of 100 basis points in the estimated IBR does not have a material impact on the Association’s right-of-use asset and lease liability as at the balance sheet date.

2(b) Adoption of new and revised FRS effective for the current financial year

On 1 January 2019, the Association has adopted all the new and revised FRS and FRS Interpretations (“INT FRS”), effective for the current financial year that are relevant to them. The adoption of these new and revised FRS pronouncements does not result in significant changes to the Association’s accounting policies and has no material effect on the amounts or the disclosures reported for the current or prior reporting periods, except as discussed below:

FRS 116 Leases FRS 116 Leases supersedes FRS 17 Leases, INT FRS 104 Determining whether an Arrangement contains a Lease,

INT FRS 15 Operating Leases - Incentives and INT FRS 27 Evaluating the Substance of Transactions involving the Legal Form of a Lease and pronounces new or amended requirements with respect to lease accounting. For lessee accounting, FRS 116 introduces significant changes by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets when such recognition exemptions are adopted. For lessor accounting, the requirements have remained largely unchanged. The impact of the adoption of FRS 116 on the Association’s financial statements are discussed below.

Reference Description

Effective date (Annual periods

beginning on or after)

FRS 116 Leases 1 January 2019Amendments to FRS 28 Long-term Interests in Associates and Joint Ventures 1 January 2019


NOTES TO THE FINANCIAL STATEMENTS(CONT’D)


2(b) Adoption of new and revised FRS effective for the current financial year (Cont’d)

FRS 116 Leases (Cont’d) The date of initial application of FRS 116 for the Association is 1 January 2019. The Association has elected to transition to

FRS 116 using the cumulative catch-up (or modified retrospective) approach which requires the Association to recognise the cumulative effect of initially applying FRS 116 as an adjustment to the opening balance of unrestricted funds at the date of initial application, without restatement of comparatives under FRS 17.

(a) Definition of a lease

The new definition of a lease under FRS 116 mainly relates to the concept of “control” that determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration, which is in contrast to the concept of “risks and rewards” under FRS 17.

The Association has elected to apply the practical expedient available on transition to FRS 116 not to reassess whether a contract is, or contains, a lease. Accordingly, the superseded definition of a lease under FRS 17 continues to be applied to those leases entered into, or modified, before 1 January 2019, and the Association applies the new definition of a lease and related guidance set out in FRS 116 only to those lease contracts entered into, or modified, on or after 1 January 2019. After the transition to FRS 116, the Association shall reassess whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed.

The new requirements for identifying a lease under FRS 116 do not change significantly the scope of contracts that will meet the definition of a lease for the Association.

(b) Lessee accounting

Former operating leases Before the adoption of FRS 16, the Association’s non-cancellable operating lease payments in future reporting

periods for the land associated with the Community building, was not recognised as liabilities in the statement of financial position but was disclosed as operating lease commitments in the notes to the financial statements, and these lease payments were reported as operating lease expenses in the statement of comprehensive income over the lease term on a straight-line basis and presented under “operating activities” in the statement of cash flows. Under FRS 116, the Association recognises a right-of-use asset and lease liability in the statement of financial position for these outstanding lease payments, reports depreciation of right-of-use asset and interest expense on lease liabilities in the statement of comprehensive income, and presents these lease payments as principal repayment and interest paid separately under “financing activities” in the statement of cash flows.

Under FRS 116, lease incentives are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under FRS 17, they resulted in the recognition of a lease incentive liability, amortised as a reduction of rental expenses on a straight-line basis.

The Association has elected, as a practical expedient of FRS 116, not to separate non-lease components from lease components for all classes of underlying assets and instead account for each lease component and any associated non-lease components as a single lease component, except if the non-lease component is an embedded derivative according to FRS 109 Financial Instruments.





FRS 116 Leases (Cont’d)

(b) Lessee accounting (Cont’d)

Former operating leases (Cont’d)

For short-term leases and leases of low-value assets, the Association has elected for exemption under FRS 116 from recognising their right-of-use assets and lease liabilities, and to report their lease expenses in the statement of comprehensive income on a straight-line basis.

On 1 January 2019, the Association has applied the following FRS 116 transition provisions under the cumulative catch-up approach for each lease, or each portfolio of leases with reasonably similar characteristics, formerly classified as operating lease under FRS 17:

• recognises a lease liability at the present value of the remaining lease payments using the lessee’s incremental borrowing rate for the underlying lease asset;

• recognises a right-of-use asset for the land in respect of the Community building, at the carrying amount as if FRS 116 had been applied since the lease commencement date, but discounted using the lessee’s incremental borrowing rate for the underlying lease asset instead of the interest rate implicit in the lease;

• applies FRS 36 Impairment of Assets to perform an impairment review of the right-of-use asset; and • adjusts any difference between the carrying amounts of the right-of-use asset and the lease liability to the

opening balance of retained earnings.

The Association has adopted the following FRS 116 practical expedients when applying the cumulative catch-up transition approach to leases formerly classified as operating lease under FRS 17:

• applies a single discount rate to a portfolio of leases with reasonably similar characteristics; • elects not to recognise the right-of-use asset and lease liability for a lease with lease term ending within

twelve months of the date of initial application; • excludes initial direct costs from the measurement of the right-of-use asset at the date of initial application;

and • uses hindsight for determining the lease term when the contract contains options to extend or terminate the

lease.

(c) Lessor accounting

FRS 116 has not changed substantially how the Association as lessor accounts for leases, except when it is the intermediate lessor of sublease. Under FRS 116, the Association continues to classify leases, where it is the lessor, as either finance lease or operating lease and to account for the two types of leases differently. However, FRS 116 changes and expands the disclosures required, in particular, regarding how the Association as lessor manages the risks arising from its residual interest in leased assets.

(d) Deferred tax effects on adoption of FRS 116

The Association is an approved charity under the Charities Act, Chapter 37 and an Institution of Public Character under the Income Tax Act, Chapter 134 and accordingly, the Association is exempt from income tax.





FRS 116 Leases (Cont’d)

(e) Financial impact on the initial application of FRS 116

The Association’s IBR applied to measure its lease liability recognised in the statement of financial position on 1 January 2019 was 4.0%.

A reconciliation of the differences between the Association’s operating lease commitments previously disclosed in the financial statements as at 31 December 2018 and its lease liability recognised in the statement of financial position on 1 January 2019 is as follows:

The effects of adoption of FRS 116 on the Association’s financial statements as at 1 January 2019 are as follows:

Amendments to FRS 28 Long-term Interests in Associates and Joint Ventures The amendments to FRS 28 clarify that the Association accounts for long-term interests in an associate or joint

venture to which the equity method is not applied using FRS 109.

There is no material impact to the Association’s financial statements on adoption of the amended FRS 28.

2(c) New and revised FRS in issue but not yet effective

At the date of authorisation of these financial statements, the Association has not adopted the new and revised FRS, INT FRS and amendments to FRS that have been issued but are not yet effective to them. Management anticipates that the adoption of these new and revised FRS pronouncements in future periods will not have a material impact on the Association’s financial statements in the period of their initial application, except as discussed below:

$

Operating lease commitments disclosed as at 31 December 2018 232,300GST not claimable 16,261Discounted using the Association’s incremental borrowing rates of 4% (8,343)Lease liabilities recognised as at 1 January 2019 240,218

As reportedAdoption of

FRS 116 As restated$ $ $

Current assetsRight-of-use assets – 240,218 240,218

Current liabilitiesLease liabilities – (240,218) (240,218)




Amendments to FRS 1 and FRS 8 Definition of Material 1 January 2020




2(c) New and revised FRS in issue but not yet effective (Cont’d)

Amendments to FRS 1 and FRS 8: Definition of Material The amendments are intended to make the definition of ‘material’ in FRS 1 easier to understand and are not intended

to alter the underlying concept of materiality in FRS. The concept of ‘obscuring’ material information with immaterial information has been included as part of the new definition. The threshold for materiality influencing users has been changed from ‘could influence’ to ‘could reasonably be expected to influence’. The definition of ‘materiality’ in FRS 8 has been replaced by a reference to the definition of ‘material’ in FRS 8. In addition, the other FRS and the Framework, which contain a definition of ‘material’ or refer to the term ‘material’, have been updated to ensure consistency.

The amendments are applied prospectively for annual periods beginning on or after 1 January 2020, with earlier application permitted.

There is no material impact expected to the Association’s financial statements on initial application.

2(d) Summary of significant accounting policies

Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if

any.

Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their depreciable amount over their estimated useful lives as follows:

Community building 30 years with effect from FY 2002 Eurasian Heritage Gallery 5 years Furniture and fittings 5 years Office equipment 3 - 5 years Other assets 3 - 5 years

The Community building of the Association has been depreciated over its estimated useful life, which assumes that the Association will be able to continue to use the present premises over the remaining estimated useful life of the building.

Other assets comprise computers, motor vehicles, musical instrument and renovations.

Construction work-in-progress is carried at cost, less any recognised impairment loss. Cost includes qualifying assets in accordance with the Association’s accounting policy. Depreciation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use.

The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the items. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset.

Subsequent expenditure relating to property, plant and equipment that have already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the standard of performance of the asset before the expenditure was made, will flow to the Association and the cost can be reliably measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred.

For acquisitions and disposals during the financial year, depreciation is provided from the month of acquisition and to the month before disposal respectively. Fully depreciated property, plant and equipment are retained in the books of accounts until they are no longer in use.




2(d) Summary of significant accounting policies (Cont’d)

Property, plant and equipment (Cont’d)

The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amounts of the asset and is recognised in the statement of comprehensive income.

The residual values, depreciation methods and useful lives of property, plant and equipment are reviewed and adjusted as appropriate at the reporting date.

Investment in associate An associate is an entity over which the Association has the power to participate in the financial and operating policy

decisions of the investee but is not control or joint control of those policies. The Association accounts for its investments in associate using the equity method from the date on which it becomes an associate.

On acquisition of the investment, any excess of the cost of the investment over the Association’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted as goodwill and is included in the carrying amount of the investment. Any excess of the Association’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the Association’s share of the associate’s profit or loss in the period in which the investment is acquired.

Under the equity method, the investment in associate is carried in the balance sheet at cost plus post-acquisition changes in the Association’s share of net assets of the associate. The profit or loss reflects the share of results of operations of the associate. Distributions received from associate reduce the carrying amount of the investment. When there has been a change recognised in other comprehensive income by the associate, the Association recognises its share of such changes in other comprehensive income. Unrealised gain and loss resulting from transaction between the Association and the associate are eliminated to the extent of the interest in the associate.

When the Association’s share of losses in an associate equal or exceeds its interest in the associate, the Association does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

After application of the equity method, the Association determines whether it is necessary to recognise an additional impairment loss, on the Association’s investment in associate. The Association determines at the end of each reporting period whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Association calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount in the statement of comprehensive income.

The financial statements of the associate are prepared as the same reporting date as the Association. Where necessary, adjustments are made to bring the accounting policies in line with those of the Association.

Upon loss of significant influence over the associate, the Association measures the retained interest at fair value. Any difference between the fair value of the aggregate of the retained interest and proceeds from disposal and the carrying amount of the investment at the date the equity method was discontinued is recognised in the statement of comprehensive income.

The Association accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would have been required if that associate had directly disposed of the related assets or liabilities.

When an investment in an associate becomes an investment in a joint venture, the Association continues to apply the equity method and does not remeasure the retained interest.





Investment in associate (Cont’d) If the Association’s ownership interest in an associate is reduced, but the Association continues to apply the equity

method, the Association reclassifies to the statement of comprehensive income the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be required to be reclassified to the statement of comprehensive income on the disposal of the related assets or liabilities.

Grants Grants from organisations for the purchase of property, plant and equipment are recorded in the deferred capital grants

account. Deferred capital grants are recognised in the statement of comprehensive income on a systematic basis over the periods necessary to match the depreciation of property, plant and equipment which they are intended to compensate. On disposal of the property, plant and equipment, the balance of the related grants is recognised in the statement of comprehensive income to match the net book value of the property, plant and equipment disposed of.

Grants in respect of the current year’s operating expenses are recognised as income in the same year. Grants which are received but not utilised are included in the grants received in advance account. Grants are accounted for on an accrual basis.

Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis, and

includes all costs in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Allowance is made for obsolete, slow-moving and defective inventories in arriving at the net realisable value. The amount of any write-down of inventories to net realisable value is recognised as an expense in the period the write-down occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value, is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Financial instruments - initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity

instrument of another entity. Disclosures on financial risk management objectives and policies are provided in Note 34.

Financial assets Initial recognition and measurement Financial assets are recognised when, only when the entity becomes party to the contractual provisions of the instruments.

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss.

The classification of financial assets, at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Association’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Association has applied the practical expedient, the Association initially measures a financial asset at its fair value plus, in the case of financial asset not at fair value through profit or loss, transaction costs.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.





Financial assets (Cont’d) Initial recognition and measurement (Cont’d) The Association’s business model for managing financial assets refers to how it manages its financial assets in order to

generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchase or sales of financial assets that required delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e. the date that the Association commits to purchase or sell the asset.

Subsequent measurement For purposes of subsequent measurement, financial assets are classified as financial assets at amortised cost.

Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments

of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in the statement of comprehensive income when the assets are derecognised or impaired, and through amortisation process.

The Association’s financial assets at amortised cost includes other receivables and cash and cash equivalents.

The Association does not hold any financial assets at fair value through profit or loss and financial assets designated at fair value through other comprehensive income (“FVOCI”).

Derecognition A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is primarily

derecognised (i.e. removed from the Association’s statement of financial position) when:

- The rights to receive cash flows from the asset have expired; or- The Association has transferred its rights to receive cash flows from the asset or has assumed an obligation to

pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Association has transferred substantially all the risks and rewards of the asset; or (b) the Association has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Association has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Association continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Association also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Association has retained.

Continuing involvement that takes form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Association could be required to repay.

Impairment of financial assets The Association assesses on a forward-looking basis the expected credit loss (“ECL”) associated with its financial

assets carried at amortised cost and FVOCI. ECL are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Association expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.





Financial assets (Cont’d) Impairment of financial assets (Cont’d) ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk

since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 – months (a 12 – months ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For contract assets, the Association measures the loss allowance at an amount equal to the lifetime expected credit losses. Therefore, the Association does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.

Cash and cash equivalents Cash and cash equivalents comprise cash balances and demand deposits.

Funds The Association maintains restricted and unrestricted funds. Funds set up for specific purposes are classified as restricted

funds. All income and expenses, other than those attributable to restricted funds and common overheads are recorded in the unrestricted fund’s surplus or deficit.

In order to ensure the observance of limitations and restrictions placed on the use of resources available to the Association, the financial statements of the Association are maintained substantially in accordance with the principles of “fund accounting” whereby the resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified.

Financial liabilities Initial recognition and measurement Financial liabilities are classified as measured at amortised cost or fair value through profit or loss (“FVTPL”). A financial

liability is classified as at FVTPL if it is classified as held-for-trading or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in the statement of comprehensive income. Directly attributable transaction costs are recognised in the statement of comprehensive income as incurred.

Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the statement of comprehensive income.

The Association’s financial liabilities include trade and other payables, excluding grants received in advance and deferred donations.

Derecognition The Association derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.

The Association also derecognises a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in statement of comprehensive income.





Leases (from 1 January 2019) As lessee The Association assesses whether a contract is or contains a lease, at inception of the contract. The Association recognises

a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of twelve months or less) and leases of low value assets. For these leases, the Association recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

(a) Lease liability

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Association uses the incremental borrowing rate specific to the lessee. The incremental borrowing rate is defined as the rate of interest that the lessee would have to pay to borrow over a similar term and with a similar security the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

Lease payments included in the measurement of the lease liability comprise:• fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the

commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to

terminate the lease.

Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Association shall recognise those lease payments in the statement of comprehensive income in the periods that trigger those lease payments.

For all contracts that contain both lease and non-lease components, the Association has elected to not separate lease and non-lease components and account these as one single lease component.

The lease liabilities are presented as a separate line item in the statement of financial position.

The lease liability is subsequently measured at amortised cost, by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Association remeasures the lease liability (with a corresponding adjustment to the related right-of-use asset or to the statement of comprehensive income if the carrying amount of the right-of-use asset has already been reduced to nil) whenever:• the lease term has changed or there is a significant event or change in circumstances resulting in a change

in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;

• the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or

• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective date of the modification.





Leases (from 1 January 2019) (Cont’d) As lessee (Cont’d)

(b) Right-of-use asset

The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Association incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under SFRS(I) 1-37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Depreciation on right-of-use assets is calculated using the straight-line method to allocate their depreciable amounts over the shorter period of lease term and useful life of the underlying asset, as follows:

Community building 30 years

If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Association expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented as a separate line item in the statement of financial position.

The Association applies FRS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss.

As lessor Generally, the accounting policies applicable to the Association as a lessor in the comparative period were not different

from FRS 116.

When the Association acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

At inception or on modification of a contract that contains a lease component, the Association allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. If an arrangement contains lease and non-lease components, then the Association applies FRS 115 to allocate the consideration in the contract.

The Association applies the derecognition and impairment requirements in FRS 109 to the net investment in the lease. The Association further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.

Leases (before 1 January 2019)

As lessee Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classified as

operating leases. Payments made under operating leases (net of any incentives received from the lessors) are recognised in the statement of comprehensive income on a straight-line basis over the period of the lease. Contingent rents are recognised as an expense in the statement of comprehensive income when incurred.





Leases (before 1 January 2019) (Cont’d)

As lessor Leases where the Association retains substantially all risks and rewards incidental to ownership are classified as operating

leases. Rental income from operating leases (net of any incentives given to the lessees) is recognised in the statement of comprehensive income on a straight-line basis over the lease term.

Initial direct costs incurred by the Association in negotiating and arranging operating leases are added to the carrying amount of the leased assets and recognised as an expense in the statement of comprehensive income over the lease term on the same basis as the lease income. Contingent rents are recognised as income in the statement of comprehensive income when earned.

Key management personnel Key management personnel are those persons having the authority and responsibility for planning, directing and controlling

the activities of the entity. A key executive officer is considered key management personnel.

Employee benefits Pension obligations The Association contributes to the Central Provident Fund, a defined contribution plan regulated and managed by the

Government of Singapore, which applies to the majority of the employees. Contributions to defined contribution plans are charged to the statement of comprehensive income in the period to which the contributions relate.

Employee leave entitlements Employee entitlements to annual leave are recognised when they accrue to employees. Accrual is made for the

unconsumed leave as a result of services rendered by employees up to the end of the reporting period.

Related parties A related party is defined as follows:

(a) A person or a close member of that person’s family is related to the Association if that person:

(i) has control or joint control over the Association; (ii) has significant influence over the Association; or (iii) is a member of the key management personnel of the Association.

(b) An entity is related to the Association if any of the following conditions applies:

(i) the entity and the Association are members of the same group;(ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of

a group of which the other entity is a member);(iii) both entities are joint ventures of the same third party;(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;(v) the entity is a post-employment benefit plan for the benefit of employees of either the Association or an

entity related to the Association. If the Association is itself such a plan, the sponsoring employers are also related to the Association;

(vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management

personnel of the entity; or(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to

the reporting entity or to the parent of the reporting entity.





Impairment of non-financial assets The carrying amounts of the Association’s non-financial assets subject to impairment are reviewed at the end of each

reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated.

If it is not possible to estimate the recoverable amount of the individual asset, then the recoverable amount of the cash-generating unit to which the assets belong will be identified.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the entity at which management controls the related cash flows.

Individual assets or cash-generating units that include goodwill and other intangible assets with an indefinite useful life or those not yet available for use are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell and value-in-use, based on an internal discounted cash flow evaluation. Impairment losses recognised for cash-generating units, to which goodwill has been allocated are credited initially to the carrying amount of goodwill.

Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist.

Any impairment loss is charged to the statement of comprehensive income unless it reverses a previous revaluation in which case it is charged to equity.

With the exception of goodwill,• An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable

amount or when there is an indication that the impairment loss recognised for the asset no longer exists or decreases.

• An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.

• A reversal of an impairment loss on a revalued asset is credited directly to equity under the heading revaluation surplus. However, to the extent that an impairment loss on the same revalued asset was previously recognised as an expense in the statement of comprehensive income, a reversal of that impairment loss is recognised as income in the statement of comprehensive income.

An impairment loss in respect of goodwill is not reversed, even if it relates to impairment loss recognised in an interim period that would have been reduced or avoided had the impairment assessment been made at a subsequent reporting or end of reporting period.

A reversal of an impairment loss is recognised as income in the statement of comprehensive income.





Incoming resources Donations and income from fund raising projects are recognised in the financial statements as and when received.

Donations received through the Central Provident Fund scheme are recognised on an accrual basis.

Revenue generated from social activities, events and programmes are recognised when services are rendered.

Grants and subsidies are recognised as income to match the related expenditure.

Rental income from leasing the premises is recognised on a straight-line basis over the lease term.

Interest income is recognised on a time-apportioned basis using the effective interest rate method.

Functional currencies Functional and presentation currency Items included in the financial statements of each entity in the Association are measured using the currency of the primary

economic environment in which the entity operates (“functional currency”). The financial statements of the Association are presented in Singapore dollars, which is also the functional currency of the Association.

Conversion of foreign currencies 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 resulting 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 reporting date are recognised 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 the fair values are determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the translations.




3 Property, plant and equipment

The Community building is depreciated over its estimated useful life of 30 years. The Association is of the view that it

will be able to renew its land lease agreement and continue to use the community building over its remaining estimated useful life. The latest land lease agreement will expire on 23 August 2020 and is subject to renewal by the Singapore Land Authority. Of the carrying amount of the Community building, $1,959,677 (2018 - $2,157,082) was acquired through government grants (Note 16).

As at 31 December 2018, “construction work-in-progress” related to the upgrading works in respect of the Eurasian Heritage Centre which has been completed during the current financial year.

The upgrading of the Eurasian Heritage Centre is funded by the amounts received from the President’s Challenge and donors (See Note 17(iv) for more details).

Community building

Eurasian Heritage

GalleryFurniture

and fittingsOffice

equipmentOther

assets

Construction work-in

progress Total$ $ $ $ $ $ $

CostAt 1 January 2018 5,934,799 – 217,536 315,345 360,420 – 6,828,100Additions – – 2,835 11,235 28,263 340,260 382,593Write-off – – (5,593) (23,565) – – (29,158)At 31 December 2018 5,934,799 – 214,778 303,015 388,683 340,260 7,181,535Additions – – 7,670 4,956 19,358 424,536 456,520Transfers – 764,796 – – – (764,796) –Write-off – – – – (719) – (719)At 31 December 2019 5,934,799 764,796 222,448 307,971 407,322 – 7,637,336

Accumulated depreciationAt 1 January 2018 3,144,927 – 205,448 278,814 296,272 – 3,925,461Depreciation for the year 197,827 – 4,019 19,342 30,527 – 251,715Write-off – – (5,593) (23,565) – – (29,158)At 31 December 2018 3,342,754 – 203,874 274,591 326,799 – 4,148,018Depreciation for the year 197,827 50,988 4,371 16,613 30,653 – 300,452Write-off – – – – (719) – (719)At 31 December 2019 3,540,581 50,988 208,245 291,204 356,733 – 4,447,751

Net book valueAt 31 December 2019 2,394,218 713,808 14,203 16,767 50,589 – 3,189,585

At 31 December 2018 2,592,045 – 10,904 28,424 61,884 340,260 3,033,517




3 Property, plant and equipment (Cont’d)

Depreciation included in statement of comprehensive income as follows:

In the previous financial year ended 31 December 2018, the Association received approval for the Care and Share Matching Grant of its programme to acquire new equipment. A grant of $137,995 was received and is deferred and amortised over the estimated useful life of the equipment (Refer to Note 17).

4 Right-of-use asset

5 Interest in an associate

2019 2018$ $

Expenditure of generating voluntary income and governance costs 249,464 251,715Heritage and culture expenditure (Note 22) 50,988 –

300,452 251,715

2019 2018$ $

A) Loan due from associate

At 1 January 250,000 200,000Addition – 50,000At 31 December 250,000 250,000

Share of losses on interest in associate At 1 January (250,000) (200,000)Utilisation of provision for loan commitment (Note (c)) – (50,000)At 31 December (250,000) (250,000)Net interest in associate – –

$

CostAdoption of FRS 116 at 1 January 2019 and as at 31 December 2019 240,218

Accumulated depreciationAdoption of FRS 116 at 1 January 2019 –Depreciation for the year (Note 28) 144,131As at 31 December 2019 144,131

Net carrying amountAs at 31 December 2019 96,087




5 Interest in an associate (Cont’d)

Details of the associate are as follows:

The summarised financial information (not adjusted for the Association’s equity interest) of the associate is as follows:

Reconciliation of the above summarised financial information to the carrying amount of the interest in the associate

recognised in the consolidated financial statements:5 Interest in an associate (Cont’d)

2019 2018$ $

(unaudited) (audited)

Summarised Statement of Financial PositionCurrent assets 5,850,000 5,035,000Non-current assets 353,000 397,000Current liabilities (7,516,000) (7,188,000)

(1,313,000) (1,756,000)

Summarised Statement of Comprehensive IncomeRevenue 10,090,000 6,781,000Expenses (9,646,000) (6,932,000)Profit/(loss) for the year 444,000 (151,000)Other comprehensive income – –Total comprehensive income/(loss) 444,000 (151,000)

2019 2018$ $

Net liabilities of the associate (1,313,000) (1,756,000)

Proportion of the Association’s ownership interest in the associate (328,000) (439,000)

Maximum loan commitment in an associate (Note (a)) represented by the following:

Cumulative share of associate’s losses:- Share of loss in associate (Note (c)) (250,000) (200,000)- Provision for loan commitment in an associate (Note (d)) – (50,000)

(250,000) (250,000)

Name of associate Principal activitiesCountry of

incorporationProportion of

voting

2019 2018% %

Self Help Groups Student Care Limited

Government ethnic self-help groups

Singapore 25 25




In October 2015, the Association entered into a Memorandum of Understanding (“MOU”), together with Singapore Indian Development Association, Yayasan Mendaki, and the Chinese Development Assistance Council (collectively known as “Self-Help Groups (SHGs)”), to incorporate Self Help Groups Student Care Limited (“SHGSCL”) (the “associate”).

In November 2015, the Association invested in the associate, a company limited by guarantee, at $Nil cost. The Association appointed two members from the Management Committee to the Board of Directors. The Association is entitled to 25% of total voting rights at the Board of Directors meeting.

The associate was set up to collaborate with the Ministry of Education (“MOE”) to operate student care centres in schools to provide stronger holistic development support for students of all races from less advantaged backgrounds. Therefore, the investment in associate, in substance, was not meant to be a commercially-driven transaction with the purpose of profit taking.

The Management Committee of the Association has exercised judgement in determining the extent of its significant influence over SHGSCL and concluded that the Association has significant influence over SHGSCL. Therefore, the Association recognised SHGSCL as an associate in the statement of financial position.

As at 31 December 2019, the audited financial statements of the associate are still not available. The financial information presented above based on the unaudited management accounts as at 31 December 2019 and the audited financial statements as at 31 December 2018.

Notes:

Accounting for loan disbursed to an associate amounting to $250,000 (2018 - $250,000)

(a) Recognised as a financial asset under other receivables – loan due from an associate in 2015 Based on the MOU, the Association agreed to provide total funding of up to $200,000 to the associate between

2015 and 2019 in the form of an unsecured interest-free loan. As at 31 December 2015, the Association extended an interest-free loan of $50,000 to the newly incorporated associate but was unable to ascertain the repayment terms of the unsecured interest-free loan. Accordingly, the loan was accounted for as a current asset under “other receivables – loan due from an associate” and was fully impaired at 31 December 2015 as it was considered irrecoverable.

2019 2018$ $

B) Provision for loan commitment in an associate recognised by Association

At 1 January – 50,000Utilisation of provision of loan commitment – (50,000)At 31 December – –

Represented by: Current – –




5 Interest in an associate (Cont’d)

(b) Reclassification of loan due from an associate to interest in associate in 2016 In the financial year ended 31 December 2016, the Association granted another loan of $50,000 to the associate.

As at 31 December 2016, the Association was still unable to determine the repayment terms of the unsecured interest-free loan to the associate. Based on the financial performance and position of the associate as at the reporting date, the settlement of the loan is not expected to occur in the foreseeable future.

Accordingly, the loan was accounted for as an equity contribution and the total loan amounting to $100,000, together with the allowance for impairment of other receivables amounting to $50,000 recorded in 2015 (under 5(a) above) were reclassified as “an interest in associate” and share of losses on interest in associate respectively in 2016.

(c) Share of associate’s losses in accordance with FRS 28 Investment in Associates In accordance with FRS 28, the Association is required to perform equity accounting for its interest in the associate.

Based on the associate’s unaudited financial information, the Association should recognise its share of loss in the associate of $328,000 in FY2019 (2018 - $439,000).

FRS 28 also states that if an entity’s share of losses of an associate equals or exceeds its interest in the associate, the entity discontinues recognising its share of further losses. Therefore, the Association would only recognise the share of associate’s losses up to a total of its interest in associate of $250,000 (2018 - $250,000). However, the maximum loan commitment exposure to the associate of $250,000 has been fully recognised in 2016. Accordingly, the additional loan disbursement of $100,000 in 2018 was considered as a utilisation of provision for loan commitment in the associate.

6 Inventories

7 Other receivables

As at 31 December 2019, “sundry receivables” included a balance of $76,124 (2018 - $Nil) paid on behalf of the other 3 Self-Help Groups by the Association in respect of the Joint Tuition Awards 2019.

2019 2018$ $

Inventories, at cost 11,996 10,010

2019 2018$ $

CurrentEurasian Community Fund contributions receivable 64,379 63,867Interest receivable 1,045 1,217Sundry receivables 107,105 31,771Government matching grants receivable - Eurasian Community Fund 400,000 400,000

572,529 496,855




8 Deposits and prepayments

9 Cash and cash equivalents

Fixed deposits of $40,000 (2018 - $40,000) are pledged to a bank as security for a bank’s guarantee related to the lease of the land for the Association’s Community building.

Fixed deposits mature within 2 to 12 months (2018 - 2 to 12 months). The weighted average effective interest rate of the fixed deposits is 1.66% (2018 - 1.33%) per annum.

10 Unrestricted Funds

Unrestricted Funds comprise the General Fund and the Eurasian Community Fund (“ECF”).

The ECF was set up in 1994 for the educational, social and economic advancement of the Eurasian community. It represents monthly contributions from the Eurasian community. The ECF qualifies for a Government Grant on a dollar-for-dollar basis, up to a maximum of $400,000 (2018 - $400,000) per year.

11 Sinking Fund

The fund was established for the improvement to management and maintenance of the Community building.

The movements in Sinking Fund are as follows:

(a) An annual transfer of funds from Unrestricted Funds of $36,415 (2018 - $36,415);(b) The utilisation of the Sinking Fund for the purchases of items which amounted to $2,142 (2018 - $Nil).

12 Education Fund

The Fund was established in the 1930’s for the education needs of members of the Association.

2019 2018$ $

Deposits 4,780 15,154Prepayments 55,461 34,875

60,241 50,029

2019 2018$ $

Cash and bank balances 2,979,275 3,432,711Fixed deposits 529,085 512,387Cash and cash equivalents 3,508,360 3,945,098Less: Fixed deposits (529,085) (512,387)Cash and cash equivalents in the statement of cash flows 2,979,275 3,432,711




13 Heritage Endowment Fund

The Fund has been set aside to generate income for the maintenance cost of the Heritage Centre in the Association’s

Community building.

14 E W Barker Book

The Eurasian Association commissioned the writing of a book on the life and contributions to Singapore of Mr. Edmund

William Barker, who after Singapore declared its independence and sovereignty, was Speaker of Parliament and then Minister of Law for 26 years.

15 Special Purpose Funds

2019 2018$ $

At 1 January 175,000 175,000

IncomeInterest income from fixed deposits 602 473Total income 602 473

ExpenditureHeritage and culture (Note 22) (602) (473)Total expenditure (602) (473)

At 31 December 175,000 175,000

2019 2018$ $

At 1 January 16,879 16,919

ExpenditureE W Barker book project expenditure (Note 30) (40) (40)At 31 December 16,839 16,879




Included in “donations received” are donations of $5,000 received from the Centennial – Charity Dinner during the financial year. Tax deductible donations of $107,651 (2018 - $150,810) were received during the year.

16 Deferred capital grants

The total grants received since establishment amounted to $5,834,200 (2018 - $5,834,200).

Educationand Training

(Note 21)Heritage

and Culture

Family Support Services (Note 26) Total

$ $ $ $

At 1 January 2018 703,841 4,481 684,026 1,392,348

Donations received 61,825 – 109,053 170,878Top-up for Self-Help Groups from MCCY 60,000 – 60,000 120,000Government Grant – Care & Share 34,533 – 180,659 215,192Interest income – – 5,018 5,018Total income 156,358 – 354,730 511,088Programme expenditure (224,763) – (232,227) (456,990)At 31 December 2018 635,436 4,481 806,529 1,446,446

Centennial – Charity Dinner 32,000 – 30,000 62,000Donations received 32,500 – 85,585 118,085Donations from President’s Challenge 43,000 – – 43,000Government Grant – Care & Share 31,104 – – 31,104Interest income –– – 6,039 6,039Other income 410 – – 410Total income 139,014 – 121,624 260,638Programme expenditure (166,817) (4,481) (238,707) (410,005)At 31 December 2019 607,633 – 689,446 1,297,079

2019 2018$ $

At 1 January 2,157,082 2,354,487Deferred capital grants amortised (197,405) (197,405)At 31 December 1,959,677 2,157,082




17 Donations received in advance

The breakdown of donations received in advance is as follows:

Notes:

(i) Relates to amounts received by a donor of $37,940 in 2015 for renovations of the family area within the Association’s building.

(ii) Relates to amounts received from the government under the Care & Share Grant for the Association to acquire plant and equipment (Note 3).

(iii) Relates to amount received from National Heritage Board for the upgrading of Eurasian Heritage Centre.

(iv) Relates to amount received from President’s Challenge and donors for the upgrading of Eurasian Heritage Centre.

(v) Relates to amount received by a donor for the replacement of retractable awning at the Community Building.

2019 2018$ $

At 1 January 581,315 467,252Donations received during the year:

- Eurasian Heritage Centre 45,000 –- Care & Share Grant – 137,995- Desktop and software – 2,618- Renovation of flooring – 1,312

45,000 141,925

Income and expenditureDonations credited to the statement of comprehensive income to match

depreciation of associated property, plant and equipment:- Family area (6,956) (7,588)- Care & Share Grant (14,271) (19,025)- Retractable Awning (470) (470)- Desktop and software (873) (582)- Renovation of flooring (262) (197)- Eurasian Heritage Gallery (50,988) –

(73,820) (27,862)At 31 December 552,495 581,315

2019 2018$ $

Family Area (Note i) – 6,956Care & Share Grant (Note ii) 340,331 354,602National Heritage Board Grant (Note iii) 60,000 15,000Eurasian Heritage Centre (Note iv) 149,012 200,000Retractable Awning (Note v) 1,136 1,606Desktop and software (Note vi) 1,163 2,036Renovation of flooring (Note vii) 853 1,115

552,495 581,315




17 Donations received in advance (Cont’d)

Notes (Cont’d):

(vi) Relates to amounts received from National Council of Social Service to acquire a desktop and computer software.

(vii) Relates to amounts received by a donor for the renovation of flooring.

Included in deferred income are tax deductible donations of $Nil (2018 - $1,312).

18 Lease liability

Interest expense on lease liabilities of $6,894 is recognised within “Eurasian Community House Expenditure” (Refer to

Note 28).

19 Trade and other payables

Trade and other payables are unsecured and repayable within 30 to 60 days (2018 - 30 to 60 days).

Included in the deferred donations are tax deductible donations of $52,700 (2019 - $Nil).

20 Donations

Donations which are tax deductible in nature amounted to $23,280 (2018 - $20,180).

2019$

Current liabilities:Undiscounted lease payments due less than one year 99,424less: Unearned interest cost (1,449)

97,975

2019 2018$ $

Trade payables 38,040 43,666Accruals 82,465 78,804Other payables 4,504 4,510Financial liabilities at amortised cost 125,009 126,980Grants received in advance 111,342 148,131Donations received in advance 52,700 900

289,051 276,011




21 Education and training programmes

2019 2018$ $

Events/ programme expenditureBank charges 383 53Coral De Cruz Memorial fund 12,000 7,200Direct operating expenses 3,236 2,085ECF education awards 73,429 83,101Edward D’Silva’s Education Donation 6,000 1,300Financial Assistance 99,824 91,876Homework Supervision Programme 622 875Joint tuition awards 2,322 1,556NEU PC Plus programme –– 1,956President Bursary award 2,000 74,954Project Ray of Hope 26,895 24,399Salaries and related CPF contribution 43,581 48,892Seminar and workshop 7,360 3,800Total expenditure 277,652 342,047

Funded by:Special Purpose Fund (Note 15) 166,817 224,763Unrestricted Funds 110,835 117,284

277,652 342,047




22 Heritage and culture

Included in Learning Journey fee income & Donations – Heritage & Culture are tax deductible donations of $Nil (2018 - $213) and $150 (2018 - $Nil) respectively.

Included in Heritage events income for FY2018 are fund-raising income of $1,718 contributed by the Cooking for a Cause project. There were no fund-raising projects in FY2019.

2019 2018$ $

Income from events/programmes Eurasian Heritage Gallery Tours 3,230 –Donations – Heritage & Culture 455 –Heritage Centre income 4,650 4,408Heritage events – 2,492Income from rental of costumes 360 510Learning Journeys fee income 2,478 5,614Sale of books/compact discs 3,284 2,473Sale of Tee shirts/mugs/bags/heritage items 553 518Sale of books – Royalty 3,673 1,146Total income 18,683 17,161

Events/programme expenditureBooks/Compact discs 1,943 1,053Eurasian Heritage Gallery Tours 6,717 –Heritage Centre expenses 640 2,163Heritage events 6,486 8,986Heritage – Depreciation (Note 3) 50,988 –Heritage – Minor works 1,674 1,871Heritage – Other expenses 13,476 10,326Heritage – Temporary Occupation License Fee (Note 28) – 12,334Learning Journey expenses – 5,328Salaries and related CPF contribution 77,288 65,820Tee shirts/mugs/bags/heritage items 201 432Utilities 4,840 4,920Total expenditure 164,253 113,233

Funded by:Heritage Endowment Fund (Note 13) 602 473Special Purpose Funds (Note 15) 4,481 –Unrestricted Funds 159,170 112,760

164,253 113,233




23 Youth and sports development programmes

Funded by: Unrestricted Funds

Included in Soccer Expenses is a payment to overseas vendor of $1,931 (2018 - $Nil).

24 Performing arts development programmes

Funded by: Unrestricted Funds

2019 2018$ $

Income from events/programmesYouth – Events 15,745 126Total income 15,745 126

Events/ programme expenditureSoccer Expenses 5,880 2,885Youth Events 34,345 22,267Youth Meeting Expenses 1,278 3,361Youth – Salaries 51,251 28,921Total expenditure 92,754 57,434

2019 2018$ $

Income from events/programmesChingay Parade 4,070 6,450Total income 4,070 6,450

Events/programme expenditureChingay Parade 17,973 25,239Inter-Racial Inter-Religious Harmony Night 5,868 4,140Total expenditure 23,841 29,379




25 Community development and outreach programmes

Funded by: Unrestricted funds

Included in fees from monthly community development events income, New Year’s Eve Ball fees and Christmas Light Up Dinner & Dance are tax deductible donations of $850 (2018 - $552); $10,400 (2018 - $9,400); and $550 (2018 - $Nil), respectively.

Included in monthly community development events is a payment to an overseas vendor of $512 ($2018 - $Nil).

2019 2018$ $

Income from Events/programmesEvents fees 4,431 6,555Children’s Christmas treat fees 870 5,690Community Christmas party fees 5,792 4,352Fees from monthly Community development events 8,608 8,074New Year’s Eve Ball fees 34,451 33,905Total income 54,152 58,576

Events/programme expenditureEvents expenditure 6,396 6,640Children’s Christmas treat 5,800 4,842Community Christmas party 5,904 6,856Monthly Community development events 9,028 10,709New Year’s Eve Ball 39,094 34,659Other expenses 1,470 603Salaries and related CPF contribution 75,031 58,668Total expenditure 142,723 122,977




26 Family support services programmes

2019 2018$ $

Events/programme expenditureAppliances Scheme 10,214 –Bank charges 163 143Beyond Financial assistance programme 15,100 10,805Direct operating expenses 4,330 5,523Emergency assistance 462 775Events 9,313 8,060Family Christmas party 27,463 33,836Financial assistance 102,480 100,610Food rations and expenditures 50,280 47,378Ration Volunteers appreciation 1,698 1,810Salaries and related CPF contribution 64,826 61,701Special emergency assistance 1,219 700Transport Subsidy Scheme from Woh Hup Trust 3,310 6,920Silent Minority Compassionate Bursary 18,600 23,000Upkeep of family support services rations delivery van 2,060 844Utilities 599 615Total expenditure 312,117 302,720

Funded by:Special purpose fund (Note 15) 238,707 232,227Unrestricted funds 73,410 70,493

312,117 302,720




27 Administration and governance costs

2019 2018$ $

Advertisement 241 3,853Audit fees 40,648 38,648Bank charges 3,026 1,142Books and newspaper 1,057 1,073Computer related expenses 10,829 10,619Donations – 600General 4,452 1,833Insurance 12,618 9,900Meetings and events 4,789 4,856Membership fee 48 418Minor equipment 4,166 4,781Office supplies 2,189 2,377Postage and courier 510 696Printing and stationery 9,679 9,748Salaries, bonus, allowances and CPF contribution 362,265 355,781Staff welfare and medical 588 619Telephone 8,245 9,600Training 2,726 1,547Transport 7,752 6,488Utilities - office 3,035 3,075Volunteer management 5,316 4,211Total expenditure 484,179 471,865





28 Eurasian Community House


The Association pays an annual Temporary Occupation License (“TOL”) fee on the plot of land on which its building is located. A grant of an equal amount, presented as “Government grants – Temporary Occupation License fee” in the statement of comprehensive income, is received from the Ministry of Culture, Community and Youth (“MCCY”).

Arising from the adoption of FRS 116 Leases in the current financial year, “depreciation of right-of-use asset” of $144,131 and “interest expense on lease liability” of $6,894 was incurred. In the previous financial year, it was reported as “Temporary Occupation License fee” of $136,803.

29 Publication

2019 2018$ $

Community House IncomeTemporary Occupation License fee 149,137 149,137

Community House ExpenditureDepreciation of right-of-use asset (Note 4) 144,131 –Interest expense on lease liability (Note 18) 6,894 –Maintenance and repair 133,561 99,211Temporary Occupation License fee – 136,803Security cost 48,044 37,121Utilities - House 52,094 52,894Total expenditure 384,724 326,029

2019 2018$ $

Annual Report 17,251 17,000New Eurasian Magazine 48,113 37,945Others 26,875 130Total expenditure 92,239 55,075





30 Other activities

Included in Centennial income are tax deductible donations of $378,880 (2018 - $210).

Included in Event expenditure was a payment to an overseas vendor of $173 in FY 2018.

31 Taxation

The Association is an approved charity under the Charities Act, Chapter 37 and an Institution of Public Character under the Income Tax Act, Chapter 134. Therefore, no tax provision has been made in the financial statements as the Association is exempt from income tax.

2019 2018$ $

Other incomeCentennial – Charity Dinner (Note 15) 437,509 210Centennial – Events 59,021 –Classes 1,999 2,111Membership subscription 1,896 1,356Other income – 300Rental - hall/meeting room 7,730 6,015Rental - Quentin’s 29,640 12,640Total income 537,795 22,632

Other expenditureAGM expenses 2,409 2,963Centennial – Charity Dinner 80,986 5,000Centennial – Events 185,922 –EA @ 100 Book project 423 47,122E W Barker Book Project 40 40Event expenditure 4,246 15,194Rental of hall/meeting room 90 –Total expenditure 274,116 70,319

Funded by:E W Barker Book (Note 14) 40 40Unrestricted funds 274,076 70,279

274,116 70,319

2019 2018$ $

Surplus before taxation 18,499 154,663

Tax at statutory rate of 17% 3,145 26,293Tax exemption under Charities Act (3,145) (26,293)Total expenditure – –




32 Commitments

32.1 Capital commitment

32.2 Operating lease commitments (non-cancellable)

Where the Association is the lessor At the end of the reporting period, the Association had the following rental income under non-cancellable lease for

commercial premise with term of more than one year:

The leases on the Association’s commercial premise on which rental is received will expire in November 2022 with renewals at the then prevailing rates.

33 Key management personnel

The Management Committee is the final authority and is overall responsible for policy making and determination of all activities. They are volunteers and receive no monetary remuneration for their contribution.

The Associations’ key executive remuneration is disclosed in the following band:

2019 2018$ $

Not later than one year 29,640 27,120Later than one year but not later than five years 56,810 –

86,450 27,120

Number of key executives2019 2018

Annual salary range

$100,000 to $200,000 1 1

2019 2018$ $

Capital expenditure contracted but not provided for in the financial statements 6,720 218,720




34 Financial risk management objectives and policies

The Management Committee have documented financial risk management policies. These policies set out the Association’s risk management philosophy. The Association is exposed to financial risks arising from its operations. The key financial risks included credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk. There has been no change to the Association’s exposure to these financial risks or the manner in which it manages and measures the risk.

The Association does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange.

The carrying amounts of financial assets and financial liabilities at the reporting date by categories are as follows:

Credit risk Credit risk refers to the risk that counterparties may default on their contractual obligations resulting in financial loss to

the Association.

The Association’s exposure to credit risk arises primarily from other receivables.

The Association establishes an allowance for impairment that represents its estimate of incurred losses in respect of other receivables. The allowance account in respect of other receivables is used to record impairment losses unless the Association is satisfied that no recovery of the amount owing is possible.

At that point, the financial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired financial asset.

At the reporting date, the other receivables are neither past due nor impaired. They are based on the creditworthiness of the counterparties, credit quality and past collection history of the receivables.

As the Association does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented on the statement of financial position.

The Association’s major classes of financial assets are other receivables and cash balances and fixed deposits. Cash and fixed deposits are placed with financial institutions which are regulated and have good credit ratings. Further details of credit risks on other receivables are disclosed in Note 7.

2019 2018$ $

Loans and receivables at amortised costOther receivables (Note 7) 572,529 496,855Deposits (Note 8) 4,780 15,154Cash and cash equivalents (Note 9) 3,508,360 3,945,098

4,085,669 4,457,107

Financial liabilities at amortised costLease liabilities (Note 18) 97,975 –Trade and other payables (Note 19) 125,009 126,980

222,984 126,980




34 Financial risk management objectives and policies (Cont’d)

Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of the Association’s financial instruments will fluctuate

because of changes in market interest rates.

The Association’s exposure to interest rate risk arises primarily from its variable rate fixed deposits.

For fixed deposits at variable rates, an increase/decrease of 50 basis points in interest rate at the reporting date would not have a material impact on the total comprehensive income for the year and total funds as at the balance sheet date. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and does not take into account the associated tax effect.

Foreign currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

Currency risk arises when transactions are denominated in foreign currencies.

The Association is not exposed to foreign currency risk as all its financial assets and liabilities are denominated in Singapore dollars.

Market price risk Market price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices.

The Association does not hold any quoted or marketable financial instrument and is not exposed to any movement in market prices.

Liquidity risk Liquidity or funding risk is the risk that the Association will encounter difficulty in raising funds to meet commitments

associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.

The Association maintains sufficient level of cash and cash equivalents to finance the Association’s operations and mitigate the effects of fluctuation in cash flows.

The table below analyses the maturity profile of the Association’s financial liabilities based on contractual undiscounted cash flows.

Contractual undiscounted cash flow

Carrying amount Total

Less than 1 year

Between 2 and 5

yearsOver

5 years$ $ $ $ $

31 December 2019Lease liability (Note 18) 97,975 99,424 99,424 – –Trade and other payables (Note 19) 125,009 125,009 125,009 – –

222,984 224,433 224,433 – –

31 December 2018Trade and other payables (Note 19) 126,980 126,980 126,980 – –




35 Fair values of financial instruments

Definition of fair value FRSs define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date.

The notional amounts of financial assets and liabilities with a maturity of less than one year (including other receivables, cash and cash equivalents, trade and other payables) approximate their fair values because of the short period to maturity.

36 Funds management policy

The objectives of the Management Committee when managing funds are:

(a) to safeguard the Association’s ability to continue as going concerns; and(b) to provide capital for the purpose of promoting the economic, social, cultural, physical and intellectual advancement

of the Eurasian community in Singapore.

The Management Committee actively and regularly reviews and manages its funds structure to ensure optimal capital structure, taking into consideration the future requirements, prevailing and projected profitability, projected operating cash flows and projected capital expenditures.

The Management Committee monitors funds using the annual-operating-expenditure-to-total-funds ratio.

The Association is not subject to externally imposed capital requirements. There were no changes in the Association’s approach to capital management during the year.

37 Subsequent events

On 20 February 2020, the Association renewed its lease on the plot of land on which the Community building is located for 3 years with the Singapore Land Authority, which will expire on 23 August 2023.

2019 2018$ $

Annual operating expenditure (A) 2,526,572 2,168,627

Total funds (B) 4,539,600 4,521,101

Annual-operating-expenditure-to-total-funds ratio (times) (A)/(B) 0.56 0.48




FUND INFORMATIONFund registration number UEN: S92CC0913B

Registered office 139 Ceylon Road, Singapore 429744

President Pereira Alexius Anthony

1st Vice President Schoon Vincent Hamilton

2nd Vice President Pereira Yvonne Marie Nee Lesslar

Honorary Secretary Fernandez Angelina Frances

Honorary Treasurer Marini Martin Vincent

Independent auditor Foo Kon Tan LLPPublic Accountants andChartered Accountants24 Raffles Place#07-03 Clifford CentreSingapore 048621

Statement by Trustees 90

Independent auditor’s report 91

Statement of financial position 94

Statement of comprehensive income 95

Statement of changes in accumulated fund 96

Statement of cash flows 97

Notes to the financial statements 98

CONTENTS

Financial StatementsThe Eurasian Association, Endowment Fund 31 December 2019

We, de Souza Timothy James and Minjoot Gerald Maximillian, being two of the Trustees of The Eurasian Association, Endowment Fund (the “Fund”), do hereby state that on behalf of the Trustees, that in the opinion of the Trustees, the accompanying statement of financial position, statement of comprehensive income, statement of changes in accumulated funds and statement of cash flows, together with the notes thereon, are properly drawn up so as to present fairly, in all material respects, the financial position of the Fund as at 31 December 2019 and of the financial performance, changes in accumulated fund and cash flows of the Fund for the financial year ended on that date in accordance with the Endowment Fund Trust Deed and Singapore Financial Reporting Standards; and at the date of this statement, there are reasonable grounds to believe that the Fund will be able to pay its debts as and when they fall due.

On Behalf of the Board of Trustees

DE SOUZA TIMOTHY JAMES Trustee

Dated: 10 March 2020

STATEMENT BY TRUSTEESF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9

MINJOOT GERALD MAXIMILLIANTrustee


Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of The Eurasian Association, Endowment Fund (the “Fund”), which comprise the statement of financial position as at 31 December 2019, the statement of comprehensive income, statement of changes in accumulated fund and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

In our opinion, the financial statements of the Fund are properly drawn up in accordance with the provisions of the Endowment Fund Trust Deed (the “Deed”) and Singapore Financial Reporting Standards so as to present fairly, in all material respects, the financial position of the Fund as at 31 December 2019, and the financial performance, changes in accumulated fund and the cash flows of the Fund for the financial 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 Fund 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

Management is responsible for the other information. The other information comprises all information included in the annual report but does not include the financial statements and our auditor’s report thereon.

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 have 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.

The Trustees’ responsibility for the financial statements

The Trustees are responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Deed and Singapore Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Fund’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 the Trustees either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

The Trustees’ responsibilities include overseeing the Fund’s financial reporting process.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, ENDOWMENT FUND


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 Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• 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 Fund’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 financial 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 Fund 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 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, ENDOWMENT FUND (CONT’D)


INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE EURASIAN ASSOCIATION, ENDOWMENT FUND (CONT’D)

Report on Other Legal and Regulatory Requirements

OpinionIn our opinion:

(a) the receipts, expenditure, investment of monies and the acquisition and disposal of assets by the Fund during the financial year are, in all material respects, in accordance with the provisions of the Deed; and

(b) proper accounting and other records have been kept, including records of all assets of the Fund whether purchased, donated or otherwise.

Foo Kon Tan LLPPublic Accountants andChartered Accountants

Singapore, 10 March 2020


31 December 2019 31 December 2018Note $ $

AssetsCurrent Interest receivable 8,304 5,034Cash and cash equivalents 3 1,490,670 1,476,984

1,498,974 1,482,018Total assets 1,498,974 1,482,018

FundsAccumulated fund 1,495,474 1,478,518

LiabilitiesCurrent Accruals 3,500 3,500Total liabilities 3,500 3,500Total funds and liabilities 1,498,974 1,482,018

STATEMENT OF FINANCIAL POSITIONAS AT 3 1 DE C E M BE R 2 0 1 9



Year ended Year ended31 December 2019 31 December 2018

Note $ $

Income:Interest income:

- bank balances 52 52- fixed deposits 21,097 13,159

21,149 13,211

Less: ExpenditureAudit fee 3,806 3,802Bank charges 369 374General and administrative expenses 18 ––

4,193 4,176Surplus before taxation 4 16,956 9,035Income tax 5 –– ––Surplus for the year, representing

total comprehensive income for the year 16,9566 9,0355

STATEMENT OF COMPREHENSIVE INCOMEF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9



STATEMENT OF CHANGES IN ACCUMULATED FUND


Accumulated fund

$

At 1 January 2018 1,469,483Total comprehensive income for the year 9,035At 31 December 2018 1,478,518Total comprehensive income for the year 16,956At 31 December 2019 1,495,474



Year ended 31 December 2019

Year ended 31 December 2018

$ $

Cash Flows from Operating ActivitiesSurplus for the year 16,956 9,035Adjustment for:Interest income (21,149) (13,211)Operating deficit before working capital changes (4,193) (4,176)Changes in receivables (3,270) (1,160)Changes in trade and other payables – (50)Cash used in operations (7,463) (5,386)Interest received 21,149 13,211Net cash generated from operating activities 13,686 7,825

Net increase in cash and cash equivalents 13,686 7,825Cash and cash equivalents at beginning of year 1,476,984 1,469,159Cash and cash equivalents at end of year (Note 3) 1,490,670 1,476,984

No reconciliation is required as there were no cash flows from financing activities during the year.

STATEMENT OF CASH FLOWSF OR T H E F I NA NC IA L Y E A R E N DE D 3 1 DE C E M BE R 2 0 1 9



NOTES TO THE FINANCIAL STATEMENTS

1 General information

The financial statements of The Eurasian Association, Endowment Fund (the “Fund”) for the year ended 31 December 2019 were authorised for issue by the Board of Trustees.

The Fund was set up under a Trust Deed dated 30 August 1992.

The registered office of the Fund is located at 139 Ceylon Road, Singapore 429744.

The Fund has been established to provide welfare and financial assistance to the poor and needy among the Eurasian community.

2(a) Basis of preparation

The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”), including related Interpretations promulgated by the Accounting Standards Council. The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The financial statements are presented in Singapore dollars, which is the Fund’s functional currency. All financial information has been presented in Singapore dollars, unless otherwise stated.

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

Critical accounting estimates and significant judgements The preparation of financial statements in conformity with FRS requires the Trustees to make judgement, estimates and

assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditures during the financial year. Although these estimates are based on the Trustees’ best knowledge of current events and actions, actual results may differ from those estimates.

There are no critical accounting estimates or significant judgements used by the Fund at the reporting dates.

2(b) Interpretations and amendments to published standards effective in 2019

The Trustees assessed that the adoption of FRS effective on 1 January 2019 does not have any impact on the financial statements of the Fund.




2(c) FRS issued but not yet effective

At the date of authorisation of these financial statements, the Fund has not adopted the new and revised FRS, INT FRS and amendments to FRS that have been issued but are not yet effective to them. Management Committee anticipates that the adoption of these new and revised FRS pronouncements in future periods will not have a material impact on the Fund’s financial statements in the period of their initial application, except as discussed below:

Amendments to FRS 1 and FRS 8: Definition of Material The amendments clarify that the definition of material and how it should be applied by including in the definition guidance

that until now has featured elsewhere in Singapore Financial Reporting Standards. Materiality will depend on the nature or magnitude of information. An entity will need to assess whether the information, either individually or in combination with other information, is material in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary user.

The amendments to FRS 1 and FRS 8 are required to be applied for annual periods beginning on or after 1 January 2020. The amendments must be applied prospectively and earlier application is permitted.

The Management Committee do not anticipate that the adoption of the above FRSs in the future periods will have a material impact on the financial statements of the Fund in the period of their initial adoption.

2(d) Summary of significant accounting policies

Financial instruments - initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity

instrument of another entity. Disclosures on financial risk management objectives and policies are provided in Note 6.

Financial assets Initial recognition and measurement Financial assets are recognised when, only when the entity becomes party to the contractual provisions of the instruments.

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss.

The classification of financial assets, at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Fund’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Fund has applied the practical expedient, the Fund initially measures a financial asset at its fair value plus, in the case of financial asset not at fair value through profit or loss, transaction costs.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.

The Fund’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.




Amendments to FRS 1 and FRS 8 Definition of Material 1 January 2020





Financial assets (Cont’d) Initial recognition and measurement (Cont’d) Purchase or sales of financial assets that required delivery of assets within a time frame established by regulation or

convention in the market place (regular way trades) are recognised on the trade date, i.e. the date that the Fund commits to purchase or sell the asset.

Subsequent measurement For purposes of subsequent measurement, financial assets are classified as financial assets at amortised cost.

Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments

of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in the statement of comprehensive income when the assets are derecognised or impaired, and through amortisation process.

The Fund’s financial assets at amortised cost includes interest receivable and cash and bank balances.

The Fund does not hold any financial assets at fair value through profit or loss and financial assets designated at fair value through other comprehensive income (“FVOCI”).

Derecognition A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is primarily

derecognised (i.e. removed from the Fund’s statement of financial position) when:

• The rights to receive cash flows from the asset have expired; or• The Fund has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the

received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Fund has transferred substantially all the risks and rewards of the asset, or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Fund has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Fund continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained.

Continuing involvement that takes form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Fund could be required to repay.

Impairment of financial assets The Fund assesses on a forward-looking basis the expected credit loss (“ECL”) associated with its financial instrument

assets carried at amortised cost and FVOCI. ECL are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Fund expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.





Financial assets (Cont’d) Impairment of financial assets ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk

since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 – months (a 12 – months ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For contract assets, the Fund measures the loss allowance at an amount equal to the lifetime expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.

Cash and cash equivalents Cash and cash equivalents comprise cash balances and fixed deposits.

Financial liabilities Initial recognition and measurement Financial liabilities are classified as measured at amortised cost or fair value through profit or loss (“FVTPL”). A financial

liability is classified as at FVTPL if it is classified as held-for-trading or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in the statement of comprehensive income. Directly attributable transaction costs are recognised in the statement of comprehensive income as incurred.

Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the statement of comprehensive income. The Company’s financial liabilities comprises accruals.

Derecognition The Fund derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The

Fund also derecognises a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in statement of comprehensive income.

The Fund’s financial liabilities comprise accruals.

Key management personnel Key management personnel are those persons having the authority and responsibility for planning, directing and controlling

the activities of the entity. A key executive officer is considered key management personnel.





Related parties A related party is defined as follows:

(a) A person or a close member of that person’s family is related to the Fund if that person:

(i) has control or joint control over the Fund; (ii) has significant influence over the Fund; or (iii) is a member of the key management personnel of the Fund.

(b) An entity is related to the Fund if any of the following conditions applies:

(i) the entity and the Fund are members of the same group;(ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of

a group of which the other entity is a member);(iii) both entities are joint ventures of the same third party;(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;(v) the entity is a post-employment benefit plan for the benefit of employees of either the Fund or an entity

related to the Fund. If the Fund is itself such a plan, the sponsoring employers are also related to the Fund;(vi) the entity is controlled or jointly controlled by a person identified in (a);(vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management

personnel of the entity; or(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to

the reporting entity or to the parent of the reporting entity.

Income recognition Interest income is recognised on a time-apportioned basis using the effective interest rate method.

Functional currencies Functional and presentation currency The financial statements of the Fund are presented in Singapore Dollars, which is also the functional currency of the Fund.

Conversion of foreign currencies 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 date 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 end of the reporting period are recognised 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 the fair values are determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the translations.




3 Cash and cash equivalents

The weighted average effective interest rate on fixed deposits is 1.60% (2018 - 1.30%) per annum.

4 Surplus before taxation

The Fund had no employees during the financial years ended 31 December 2019 and 2018. All manpower requirements were provided by the Eurasian Fund without a charge.

5 Taxation

The Fund is a registered charity under the Charities Act, Chapter 37. No provision for tax has been made in the financial statements as the Fund is exempt from income tax.

6 Financial risk management objectives and policies

The Trustees have documented financial risk management policies. These policies set out the Trustees’ risk management philosophy. Trustees are exposed to financial risks arising from its operation. The key financial risks included credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk. There has been no change to the Trustees’ exposure to these financial risks or the manner in which it manages and measures the risk.

The Fund does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange.

The carrying amounts of financial assets and financial liabilities at the reporting date by categories are as follows:

2019 2018$ $

Fixed deposits 1,382,989 1,373,912Bank balance 107,681 103,072

1,490,670 1,476,984

2019 2018$ $

Loans and receivable at amortised cost Interest receivable 8,304 5,034Cash and bank balances 1,490,670 1,476,984

1,498,974 1,482,018

Financial liabilities at amortised cost Accruals 3,500 3,500

2019 2018$ $

Surplus before taxation 16,956 9,035

Tax at statutory rate of 17% 2,883 1,536Tax exemption under Charities Act (2,883) (1,536)Total expenditure – –





Credit risk Credit risk refers to the risk that counterparties may default on their contractual obligations resulting in financial loss to

the Fund.

At the reporting date, the other receivables are neither past due nor impaired. They are based on the creditworthiness of the counterparties and credit quality and past collection history of the receivables.

At the reporting date, there are no financial assets that are past due but not impaired.

The cash and cash equivalents are held with banks of good credit ratings.

Market risk Market risk is the risk that changes in interest rates, foreign exchange rates and market prices will have on the Fund’s

income or the value of its holdings of financial instruments.

Interest rate risk The Fund’s exposure to changes in interest rates relates primarily to its variable rate fixed deposits.

For fixed deposits at variable rates, an increase of 50 basis points in interest rate at the reporting date would not be material. This analysis has not taken into account the associated tax effect and assumes that all other variables, in particular foreign currency rates, remain constant.

Foreign currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

Currency risk arises when transactions are denominated in foreign currencies.

The Fund is not exposed to foreign currency risk as all of its financial assets and liabilities are denominated in Singapore dollars.

Market price risk Price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices.

The Fund is not exposed to any movement in price risk as it does not hold any quoted investments.

Liquidity risk Liquidity or funding risk is the risk that the Fund will encounter difficulty in meeting financial obligations due to shortage

of funds. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.

The Fund maintains sufficient level of cash and cash equivalents to finance the Fund’s operations and mitigate the effects of fluctuation in cash flows.




Contractual undiscounted cash flow

Carrying amount Total

Less than 1 year

Between 2 and 5

yearsOver

5 years$ $ $ $ $

31 December 2019Accruals 3,500 3,500 3,500 – –

31 December 2018Accruals 3,500 3,500 3,500 – –


Liquidity risk (Cont’d) The table below analyses the maturity profile of the Fund’s financial liabilities based on contractual undiscounted cash

flows.

7 Fair values of financial instruments

Definition of fair value FRSs define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date.

The notional amounts of financial assets and liabilities with a maturity of less than one year (including cash and cash equivalents, and accruals) approximate their fair values because of the short period to maturity.

8 Fund’s management policy

The Trustees’ objectives when managing funds are:

(a) To safeguard the Fund’s ability to continue as going concern; and

(b) To provide capital for the purpose of providing welfare and financial assistance to the poor and needy among the Eurasian community in Singapore.

The Trustees actively and regularly reviews and manages its funds structure to ensure optimal capital structure, taking into consideration the future requirements, prevailing and projected profitability and projected operating cash flows and projected capital expenditures.

The Trustees monitors funds using the annual-operating-expenditure-to-accumulated-fund ratio:

The Fund is not subject to externally imposed capital requirements. There were no changes in the Fund’s approach to capital management during the year.

2019 2018$ $

Annual operating expenditure (A) 4,193 4,176

Accumulated fund (B) 1,495,474 1,478,518

Annual-operating-expenditure-to-accumulated-fund ratio (times) (A)/(B) 0.28% 0.28%




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Dear Member,

ANNUAL GENERAL MEETING 2020

The Annual General Meeting (AGM) of The Eurasian Association, Singapore (EA), will be held at the

Eurasian Community House (ECH), 139 Ceylon Road, Singapore 429744, on Saturday, 18 April 2020 at

5.00 pm. We will serve a simple bento box dinner after.

Please let us know if you will attend the EA AGM by completing the response form on the following page

and mailing or faxing it to the EA by 2 April 2020.

If you plan to drive to the ECH, you can park at the open-air carpark next door. We will register and

conduct temperature screening for all AGM attendees at the lobby on Level 1. Do plan to arrive early so

you have sufficient time for this.

Anyone who has a fever (temperature reading of 37.5 degrees and above) will be asked to return home,

and will not be allowed to attend the AGM.

If you have visited mainland China or Daego city or Cheongdo county in South Korea in the last 14

days, OR, come into close contact with anyone who has travelled to any of these places in the last 14

days, OR, you are currently on Leave of Absence or unwell (e.g., fever>37.5 degrees, recurring cough,

shortness of breath, flu, currently), we respectfully request that you do not attend the EA AGM.

You may like to know that the EA has increased the frequency of cleaning and disinfection and

provided hand sanitisers at designated areas (in addition to the washrooms available at every floor for

handwashing). We will also have hand sanitisers at the registration counter.

We look forward to seeing you on Saturday 18 April.

Yours sincerely,

Angelina Fernandez

Honorary Secretary

The Eurasian Association

ANNUAL GENERAL MEETINGATTENDANCE FORM


To: General Manager, Lester LowEurasian Community House139 Ceylon RoadSingapore 429744Tel: 6447 1578 Fax: 6447 3189

ATTENDANCE AT THE EURASIAN ASSOCIATION’S AGM 2020(Please tick as appropriate)

I will attend the AGM on 18 April 2020

I will have dinner

Name :

NRIC No :

Telephone :

Email :

Signature : Date :


Proposer

I, (Name of Proposer),

NRIC No: (Proposer’s NRIC No.),

Propose: (Name of Nominee),

NRIC No: (Nominee’s NRIC No.),

to stand for (Post), for the term commencing in April 2020.

Signature (Signature of Proposer) Date

Seconder

I, (Name of Seconder),

NRIC No: (Seconder’s NRIC No.) second the proposal

Signature (Signature of Seconder) Date

Nominee

I hereby consent to the above nomination and to offer my services to the Eurasian Association if elected

for the term commencing in April 2020. I declare that to the best of my knowledge, as of date, I am not

an undischarged bankrupt and am free from financial embarrassment.

Full name: ______________________________________________________________ (Name of Nominee)

NRIC No: __________________ (Nominee’s NRIC No.)

Signature (Signature of Nominee) Date

THE EURASIAN ASSOCIATION, SINGAPORENOMINATION FORM

This nomination form should be returned in person or sent by registered mail

to the Association’s official address not later than 12 pm on 2nd April 2020.

The envelope should be sealed and marked “Nominations for AGM”

The Eurasian Association, Singapore139 Ceylon Road, Singapore 429744

Tel: 6447 1578 Fax: 6447 3189


Please see overleaf

THE EURASIAN ASSOCIATION, SINGAPORENOMINATION FORM

1919 - 2019The Eurasian Association, Singapore

Eurasian Community House,139 Ceylon Rd, Singapore 429744

T: 6447 1578 • F: 6447 3189

www.eurasians.org.sg

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