Singapore
Chinese Chamber of Commerce Foundation
Company Registration No: 196600028C
Annual Financial Statements 31 December 2025
STATEMENTOFTHECOMMITTEEOFMANAGEMENT
The Committee Members are pleased to present their statement to the members together with the audited financial statements of Singapore Chinese Chamber of Commerce Foundation (the Foundation)forthefinancialyearended31December2025.
1. Opinionofthecommittee ofmanagement
IntheopinionoftheCommitteeofManagement,
(i) thefinancialstatementsoftheFoundationaredrawnupsoastogiveatrueand fair view of the financial position of the Foundation as at 31December 2025 and the financialperformance,changesinfundsandcashflowsoftheFoundationfortheyear thenended;and
(ii) at the date of this statement, there are reasonable grounds to believe that the Foundationwillbeabletopayitsdebtsasandwhentheyfalldue.
2. Membersofthecommitteeofmanagement
TheCommitteeMembersinofficeatthedateof thisstatementare:
KhoChoonKeng (Chairman)
NgSiewQuan (Vice-Chairman)
LeeSzeLeong (Vice-Chairman)
AngFungFung (Treasurer)
NgSanTiong LimHockChee PehNamChuanAdrian PekEePerh,Thomas TanBockHuat
AngBoonCheow,Edward TanKangUei,Anthony ChiaKimHuat
3. Arrangementstoenable committeememberstoacquiresharesor debentures
Neither at the end of nor at any timeduring thefinancialyear was the Foundation a party to any arrangement whose objects are, or one of whose objects is, to enable the Committee members of the Foundation to acquire benefits by means of the acquisition of shares in, or debenturesof,theFoundationoranyotherbodycorporate.
TheFoundationisacompanylimitedbyguaranteeandhasnosharecapital.
4. Committeemembers contractual benefits
Sincetheendofthepreviousfinancialyear,noCommitteeMemberhasreceived orbecome entitledtoreceiveabenefitbyreasonofacontractrequiredtobedisclosedbySection164A oftheSingaporeCompaniesAct1967.
5. Policyrelatingtomanagement andavoidanceof conflict ofinterest
TheFoundationhasaconflictofinterestpolicy.TheFoundationrequiresthatmembersofthe CommitteearetocomplywiththepolicyandfullydisclosetotheCommitteeimmediatelywhen aconflictofinterestsituationarises.
6. Auditor
Ernst&YoungLLPhasexpresseditswillingnesstoacceptreappointmentasauditor.
OnbehalfoftheCommitteeofManagement
KhoChoonKeng Chairman
AngFungFung Treasurer
Singapore 27March2026
INDEPENDENT AUDITOR’SREPORTTO
THECOMMITTEE
FORTHEFINANCIAL YEARENDED 31 DECEMBER2025
OFMANAGEMENT
Reporton theaudit of the financial statements
Opinion
We haveaudited the financial statements of Singapore Chinese Chamber of CommerceFoundation (the Foundation), which comprise the balance sheet as at 31 December 2025, andthe statement of comprehensiveincome,statementofchangesinfundsandstatementofcashflowsfortheyearthen ended,andnotestothefinancialstatements,includingmaterialaccountingpolicyinformation.
In our opinion, the accompanying financialstatements are properly drawn up in accordancewith the provisionsoftheCompaniesAct1967(theAct),theCharitiesAct1994andotherrelevantregulations (theCharitiesActandRegulations)andFinancialReportingStandardsinSingapore(FRSs)soasto give a true and fair view of the financial position of the Foundation as at 31 December 2025 and of the financial performance, changes infunds and cash flows of the Foundation for theyearendedon thatdate.
Basisforopinion
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 Foundation 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. Webelievethatthe auditevidencewehaveobtainedissufficientandappropriatetoprovidea basisforouropinion.
Otherinformation
Management is responsible for other information. The other information comprises Statement of the CommitteeofManagementsetoutonpages1to2,butdoesnotincludethefinancialstatementsand ourauditor’sreportthereon.
Ouropinion on thefinancialstatements does not cover the other information and wedo not express anyformofassuranceconclusionthereon.
In connection with our audit of the financial statements, our responsibility is to read the other informationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatement ofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
INDEPENDENT AUDITOR’SREPORTTO
THECOMMITTEE
FORTHEFINANCIAL YEARENDED 31 DECEMBER2025
OFMANAGEMENT
Responsibilitiesof managementandCommittee ofManagementforthefinancialstatements
Managementisresponsibleforthepreparationoffinancialstatementsthatgiveatrueandfairviewin accordancewiththeprovisionsof theAct, CharitiesActandRegulationsandFRSs,andfordevising andmaintainingasystemofinternalaccountingcontrolssufficienttoprovideareasonableassurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properlyauthorisedandthattheyarerecordedasnecessarytopermitthepreparationoftrueandfair financialstatementsandto maintainaccountabilityofassets.
In preparing the financial statements, management is responsible for assessing the Foundation’s abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernand using the going concern basis of accounting unless management either intends to liquidate the Foundationortoceaseoperations, orhasnorealisticalternativebuttodoso.
The Committee of Management’s responsibilities include overseeing the Foundation’s financial reportingprocess.
Auditor’s responsibilities fortheaudit ofthefinancial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.Reasonableassuranceis ahigh levelof assurance,butisnotaguarantee that an audit conducted inaccordance with SSAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstaken onthebasisofthesefinancialstatements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professionalscepticismthroughouttheaudit.Wealso:
ď‚· Identify and assess the risks of material misstatement of the financial statements, whether dueto fraud orerror, 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 ofnot detectinga materialmisstatementresulting from fraud is higherthan for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,or theoverrideofinternalcontrol.
 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 anopinionontheeffectivenessoftheFoundation’sinternalcontrol.
ď‚· Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimatesandrelateddisclosuresmadebymanagement.
 Conclude on the appropriateness of management’s use of the going concern basis of accountingand,basedontheauditevidenceobtained,whetheramaterialuncertainty exists related to events or conditions that may cast significant doubt on the Foundation’s ability to continueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequired 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 obtainedup to the date of our auditor’s report.However, futureeventsor conditionsmaycausetheFoundationtoceasetocontinueasagoingconcern.
INDEPENDENT AUDITOR’SREPORTTO THECOMMITTEE OFMANAGEMENT FORTHEFINANCIAL YEARENDED 31DECEMBER2025
Auditor’s responsibilities fortheaudit ofthefinancial statements(Continued)
ď‚· Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,including the disclosures, and whether the financial statements represent the underlying transactions andeventsinamannerthatachievesfairpresentation.
We communicate with the Committee of Management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internalcontrolthatweidentifyduringouraudit.
Reporton otherlegal andregulatoryrequirements
In our opinion, the accounting and other records required by the Act to be kept by the Foundation have been properly kept in accordance with the provisions of the Act and Charities Act and Regulations.
Duringthecourseofouraudit,nothinghascometoourattentionthatcausesustobelievethatduring theyear:
(a) The Foundation has not used the donation moneys in accordance with its objectives as requiredunderregulation11oftheCharities(Institutions ofaPublicCharacter)Regulations; and
(b) The Foundation has not complied with the requirements of Regulations 15 of the Charities (InstitutionsofaPublicCharacter)Regulations.TheFoundationhasnotheldanyfund-raising activities during theyear which requirethem to comply with therequirements of Regulations 15oftheCharities(InstitutionsofaPublicCharacter)Regulations.
Ernst&YoungLLP PublicAccountantsand CharteredAccountants
Singapore 27March2026
(InSingaporedollars)
Representedby:
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF COMPREHENSIVE INCOME FORTHEFINANCIAL YEARENDED 31 DECEMBER2025
(InSingaporedollars) Note 2025 $ 2024 $
Income
2,016,500 1,708,000
1,149,861 985,659 Totalincome 3,166,361 2,693,659
Expenses
Donationsmade(others) (1,055,000) (1,030,000)
Donationsmade(SunYatSenNanyangMemorialHall) 8 (101,375) (25,786)
Managementfees 8 (192,000) (192,000) Scholarships (55,500) (1,258,500)
Sponsorships 8 (283,067) (338,554) Otherexpenditure (24,192) (23,100)
Totalexpenses (1,711,134) (2,867,940) Surplus/(deficit)fortheyear,
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF CHANGESINFUNDS FORTHEFINANCIAL YEARENDED 31 DECEMBER2025 (InSingaporedollars)
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF CASH FLOWS FORTHEFINANCIAL YEARENDED 31 DECEMBER2025
(InSingaporedollars)
$
Cash flowsfromoperatingactivities Surplus/(deficit)fortheyear 1,455,227 (174,281)
Adjustmentsfor:
Changesinworkingcapital
Net cash generatedfrom/(usedin)operating activities 1,310,598 (64,014)
Cash flow frominvesting activities (Placement)/withdrawaloffixeddeposits,representingnet cashflowsgeneratedusedininvestingactivity (10,862,384) 1,495,876 Net (decrease)/increase incash and cashequivalents (9,551,786) 1,431,862
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
NOTESTOTHEFINANCIALSTATEMENTS –31 DECEMBER 2025
1. Corporate information
SingaporeChineseChamberofCommerceFoundation(theFoundation),acompanylimited byguaranteeandnothavingasharecapital,isincorporatedanddomiciledinSingapore.
The registered office of the Foundation is located at 47 Hill Street #05-01/02, Singapore 179365.
The principal activities of the Foundation are the provision for relief of human suffering and fostering education of all kinds and to assist and aid in the restoration, renovation, managementandmaintenanceoftheSunYatSenNanyangMemorialHall.
Therehavebeennosignificantchangesinthenatureoftheseactivitiesduringtheyear.
TheFoundationisanapprovedinstitutionofa publiccharacter(IPC)undertheCharitiesAct 1994from1January2024to1January2026.Ithasbeenrenewedfrom2January2026to1 January2029.
Payroll costs are borne by the Singapore Chinese Chamber of Commerce & Industry (the Chamber) and recovered as part of the management fees charged by the Chamber as disclosedinNote8.
2. Materialaccountingpolicy information
2.1 Basis ofpreparation
ThefinancialstatementsoftheFoundationhavebeendrawnupinaccordancewithFinancial ReportingStandardsinSingapore(FRSs).
Thefinancialstatementshavebeenpreparedonthehistoricalcostbasisexceptasdisclosed intheaccountingpoliciesbelow.
ThefinancialstatementsarepresentedinSingaporeDollars($).
2.2 Adoption ofnewandamendedstandardsand interpretations
The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Foundation has adopted all the new and amended standards which are relevant to the Foundation and are effective for annual financial period beginning on 1 January 2025. The adoption of these standards did not have any material effectonthefinancialstatementsoftheFoundation.
Materialaccountingpolicy information (Continued)
2.3 Standardsissuedbutnotyet effective
Anumber ofnew standardsandamendmentstostandardthat havebeenissuedare not yet effectiveandhavenotbeenappliedinpreparingthesefinancialstatements.
Description
AmendmentstoFRS109 Financial Instruments andFRS107
Effective forannual periodsbeginning onorafter
Financial Instruments: Disclosures:Amendmentstothe ClassificationandMeasurementofFinancialInstruments 1January2026
AnnualImprovementtoFRSs-Volume11 1January2026
AmendmentstoFRS109 Financial Instruments andFRS107
Financial Instruments: Disclosures:ContractsReferencing Nature-dependentElectricity 1January2026
FRS118 Presentation and Disclosure in Financial Statements 1January2027
FRS119 Subsidiaries and Small Entities without Public Accountability 1January2027
AmendmentstoFRS110 Consolidated Financial Statements and FRS28 Investments in Associates and Joint Ventures:Saleor ContributionofAssetsbetweenanInvestoranditsAssociateor JointVenture Datetobedetermined
The Committee of Management expects that the adoption of the standards above will have nomaterialimpactonthefinancialstatementsintheyearofinitialapplication,exceptforFRS 118PresentationandDisclosureinFinancialStatements.
FRS118replacesFRS1PresentationofFinancialStatements,introducingnewrequirements that will help to achieve comparability of the financial performance of similar entities and providemorerelevantinformationandtransparencytousers.Newrequirementsinclude:new categories and subtotals in the statement of comprehensive income, disclosure of management-defined performance measures (MPM) and enhanced requirements for groupinginformation.TheFoundationisstillintheprocessofassessingtheimpactofthenew standard, particularly with respect to the structure of the Foundation's statement of comprehensive income, the statement of cash flows and the additional disclosures required forMPMmeasures.
2.4
Foreigncurrencytransactionsandbalances
The Foundation’s financial statements are presented in Singapore Dollars,which is also the functionalcurrency.
TransactionsinforeigncurrenciesaremeasuredinthefunctionalcurrencyoftheFoundation and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at reporting date. Non-monetaryitems that are measured in terms ofhistoricalcost in a foreign currency aretranslatedusingtheexchangeratesasatthedatesoftheinitialtransactions.
Exchangedifferencesarisingonthesettlementofmonetaryitemsorontranslatingmonetary items attheendofthereportingperiodarerecognised inprofitorloss.
Materialaccountingpolicy information (Continued)
2.5 Financialinstruments
(a) Financial assets
Initialrecognitionandmeasurement
Financial assets are recognised when, and only when, the Foundation becomes a partytothecontractualprovisionsoftheinstruments.
Atinitialrecognition,theFoundationmeasuresafinancialassetat itsfairvalueplus, in the case of a financial asset not at fair value through profit or loss (FVPL), transactioncoststhataredirectlyattributabletotheacquisitionofthefinancialasset. TransactioncostsoffinancialassetscarriedatFVPLareexpensedinprofitorloss.
Subsequentmeasurement
Financialassetsthatareheldforthecollectionofcontractualcashflowswherethose cash flows represent solely payments of principal and interest are measured at amortisedcost.Financial assets aremeasured at amortisedcost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss whentheassetsarederecognisedorimpaired, andthroughamortisationprocess.
De-recognition
A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive incomeisrecognisedinprofitorloss.
(b) Financial liabilities
Initialrecognition andmeasurement
Financialliabilities arerecognised when, and only when,the Foundationbecomes a party to the contractual provisions of the financial instrument. The Foundation determinestheclassificationofitsfinancialliabilitiesatinitialrecognition.
Allfinancialliabilitiesarerecognisedinitiallyatfairvalueplus,inthecaseoffinancial liabilitiesnotatFVPL,netofdirectlyattributabletransactioncosts.
Subsequentmeasurement
After initial recognition, financial liabilities that are not carried at FVPL are subsequentlymeasuredat amortisedcostusingtheeffectiveinterestmethod.Gains andlossesarerecognisedinprofitor losswhentheliabilities arederecognised,and throughtheamortisationprocess.
De-recognition
Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischarged or cancelled or expires. On derecognition, the difference between the carrying amountsandtheconsiderationpaidisrecognisedinprofitorloss.
Materialaccountingpolicy information (Continued)
2.6 Impairmentof financial assets
The Foundation recognises an allowance for expected credit losses (ECLs) for all debt instrumentsnotheldatFVPL.ECLsarebasedonthedifferencebetweenthecontractualcash flowsdueinaccordancewiththecontractandallthecashflowsthattheFoundationexpects toreceive,discountedatanapproximationoftheoriginaleffectiveinterestrate.Theexpected cashflowswillincludecashflowsfromthesaleofcollateralheldorothercreditenhancements thatareintegraltothecontractualterms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significantincrease increditrisksince initial recognition,ECLs areprovided for credit losses thatresultfromdefaulteventsthatarepossiblewithinthenext12-months(a12-monthECL). Forthosecreditexposuresforwhichtherehasbeenasignificantincreaseincreditrisksince initialrecognition,alossallowanceisrecognisedforcreditlossesexpectedovertheremaining lifeof theexposure,irrespectiveoftimingofthedefault(alifetimeECL).
A financial asset is written off when there is no reasonable expectation of recovering the contractualcashflows.
2.7 Cashandcash equivalents
Cashandcashequivalentscomprisecashatbankandfixeddepositswhicharesubjecttoan insignificantriskofchangesinvalue.
2.8
Provisions
Provisions are recognised when the Foundation has a present obligation (legal or constructive)asaresultofapastevent.Itisprobablethatanoutflowofresourcesembodying economic benefits will be required to settle the obligation and the amount of the obligation canbeestimatedreliably.
Provisionsarereviewedattheendofeachreportingperiodandadjustedtoreflectthecurrent bestestimate.Ifitisnolongerprobablethatanoutflowofeconomicresourceswillberequired to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provisionduetothepassageoftimeisrecognisedasafinancecost.
2.9 Revenue recognition
RevenueismeasuredbasedontheconsiderationtowhichtheFoundationexpectstobethe entitled in exchange for transferring promised goods or services to a customer, excluding amountscollectedonbehalfofthirdparties.
Revenue is recognised when the Foundation satisfies a performance obligation by transferringapromisedgoodorservicetothecustomer,whichiswhenthecustomerobtains controlofthegoodorservice.Aperformanceobligationmaybesatisfiedatapointintimeor over time. The amount of revenue recognised is the amount allocated to the satisfied performanceobligation.
Donation income
DonationincomeisrecognisedwhentheFoundation’srighttoreceivepaymentisestablished.
3. Members’guarantee
At1Januaryand31December 73
ThemembersoftheFoundationaremembersorex-membersoftheChamber.
The liability of each member is limited to $500 while he/she isa member, or within one year afterhe/sheceasestobeamember.
4. Income tax
TheincomeoftheFoundationisexemptedfromtaxundersection13(1)(zm)oftheSingapore IncomeTaxAct1947astheFoundationisaregisteredcharityundertheSingaporeCharities Act1994.
5. Cashandbank balances
Fixed deposits amounting to $12,532,623 (2024: $12,210,947) are placed with a financial institutioninwhichcertainCouncilmembersoftheChamberaredirectors.Thefixeddeposits are placed at varying terms ranging from three months to one year and earned average effective interest rate 2.50% (2024: 3.42%) per annum. Included in the fixed deposits of $29,973,704 (2024: $19,111,320) which has a tenure of more than three months havebeen excludedascashandcashequivalentsamount.
6. Futurecommitments
7. Amountsduetorelatedentities
Thesebalancesareunsecured,non-interestbearingandrepayableondemand.
8. Significant related partytransactions
In addition to the related party information disclosed elsewhere in the financial statements, thefollowingtransactionswithrelatedpartiestookplaceattermsagreedbetweentheparties duringthefinancialyear:
Transactionswithrelated entities
DonationfromChineseChamberRealtyPrivateLimited 2,000,000 1,675,000
DonationtoSunYatSenNanyangMemorialHall (101,375) (25,786)
BookPrizeawardstoSCCIOB’sDiplomastudents (7,500) (4,500)
SponsorshiptoChamberforpromotingpublicawareness ofhistory,Chineseculture andtraditions&community welfareactivities (283,067) (338,554)
ManagementfeespaidtotheChamber (192,000) (192,000)
Disbursementofotheroperatingexpensestothe Chamber (910) (805)
Related entities
Related entities refer to entities where the Foundation’s committee members are either the directorsormembersofthoseentities.
9. Financial risk managementobjectives andpolicies
TheFoundationisexposedtofinancialrisksarisingfromitsoperationsandtheuseoffinancial instruments. The key financial risk is liquidity risk. The members of the Committee of Managementreviewandagreepoliciesandproceduresforthemanagementoftherisk,which areexecutedbythemanagementteam.
The following section provides details regarding the Foundation’s exposure to the abovementioned financial risk and the objectives, policies and processes for the management of therisk.
Liquidityrisk
Liquidity risk refers to the risk that the Foundation will encounter difficulties in meeting its short-term obligations due to shortage of funds. The Foundation’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Foundation’s objective is to maintain a balance between continuity of funding and flexibility bymonitoringandmaintainingalevelofcashandcashequivalentsdeemedadequatebythe managementtofinancetheFoundation’soperationsandmitigatetheeffectsoffluctuationsin cashflows.
9. Financial risk managementobjectives (Continued)
Liquidityrisk(Continued)
Analysisoffinancialinstrumentsbyremainingcontractualmaturities
The table below summarises the maturity profile of the Foundation’s financial assets and liabilitiesatreportingdatebasedoncontractualundiscountedrepaymentobligations.
9.
Financial risk managementobjectives (Continued)
Liquidityrisk(Continued)
Analysisoffinancialinstrumentsbyremainingcontractualmaturities(Continued)
10. Fairvalueofassets and liabilities
Thefairvalueofafinancial assetsand liabilitiesisthe amountatwhichthe instrumentcould be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction,otherthaninaforcedorliquidationsale.
Financialinstrumentswhosecarrying amounts approximatefair value
Management has determined that the carrying amounts of cash and bank balances, other receivables and other payables based on their notional amounts, reasonably approximate theirfairvaluesbecausethesearemostlyshort-terminnature.
11. Capital management
The primary objective of the Foundation’s capital management is to ensure that the funding fromChineseChamberRealtyPrivateLimitedandothersareproperlymanagedandusedto supportitsoperations.
The Foundation manages its capital structure and makes adjustments to it, in the light of changes in economic conditions. No changes were made in the objectives, policies or processesduringtheyearsended31December2025and31December2024.
12. Authorisationoffinancial statements
Thefinancialstatementsfortheyearended31December2025wereauthorisedforissueby theCommitteeofManagementon27March2026