Singapore legislation

Regulation 24

Contents of summary financial statement

The summary financial statement referred to in section 21 of the Act shall contain the following information:

(a)

objectives of the Academy;

(b)

a consolidated profit and loss accounts of the Academy, as audited and laid before the Senate, comprising —

(i)

total income;

(ii)

total expenditure;

(iii)

surplus or deficit before taxation;

(iv)

amount payable in tax;

(v)

surplus or deficit after taxation;

(vi)

amount transferred to grants and other funds;

(vii)

net surplus or deficit for the year;

(c)

a consolidated balance sheet, as audited and laid before the Senate, comprising —

(i)

fixed assets;

(ii)

deferred expenditure and tax assets;

(iii)

funds with fund managers;

(iv)

current assets;

(v)

current liabilities;

(vi)

grants;

(vii)

other funds;

(viii)

accumulated funds;

(d)

material changes to the structure of Academy;

(e)

a summary of significant related party dealings;

(f)

statistics regarding composition of members.