National Healthcare Group Fund
Income | FY2019 | FY2020 | % Increase/ |
| | | (Decrease) |
| (S$'000) | (S$'000) | FY2020 on FY2019 |
Donations in Cash | | | |
- Tax Deductible | 409 | 17,840 | 4,262% |
- Non-Tax Deductible | 0 | 411 | 100% |
Donations in Kind | | | |
- Tax Deductible | 0 | 0 | 0% |
- Non-Tax Deductible | 0 | 0 | 0% |
Grants / Sponsorships | 0 | 0 | 0% |
Interest income | 564 | 253 | (55%) |
Gain on Revaluation of Unit Trust | 323 | 5,650 | 1,649% |
Others | 0 | 0 | 0% |
Total Receipts | 1,296 | 24,154 | 1,764% |
| | | |
Expenses | FY2019 | FY2020 | % Increase/ |
| | | (Decrease) |
| (S$'000) | (S$'000) | FY2020 on FY2019 |
Direct Fund-raising Expenses | 0 | 0 | 0% |
Charitable Activities Expenses | | | |
- Local | 1,320 | 1,826 | 38% |
- Overseas | 576 | 0 | (100%) |
Operating/Administration Expenses | 43 | 49 | 14% |
Others | 0 | 0 | 0% |
Total Expenditure | 1,939 | 1,875 | (3%) |
Excess (Deficit) | (643) | 22,279 | 3,565% |
Balance Sheet | FY2019 | FY2020 | % Increase/ |
| | | (Decrease) |
| (S$'000) | (S$'000) | FY2020 on FY2019 |
ASSETS | | | |
Land and Buildings | 0 | 0 | 0% |
Other Tangible Assets | 0 | 0 | 0% |
Investments | 43,476 | 49,126 | 13% |
Inventories | 0 | 0 | 0% |
Accounts Receivable | 356 | 52 | (85%) |
Cash & Deposits | 31,417 | 48,547 | 55% |
Others | 0 | 0 | 0% |
Total Assets | 75,249 | 97,725 | 30% |
FUNDS | | | |
Unrestricted Fund | 74,006 | 95,956 | 30% |
Restricted Fund | 430 | 758 | 76% |
Endowment Fund | 0 | 0 | 0% |
Total Funds | 74,436 | 96,714 | 30% |
LIABILITIES | | | |
Long-Term Liabilities | 0 | 0 | 0% |
Current Liabilities | 813 | 1,011 | 24% |
Total Liabilities | 813 | 1,011 | 24% |
Total Liabilities and Funds | 75,249 | 97,725 | 30% |
Click HERE for the latest Audited Financial Statement of NHG Fund.
Click HERE for the latest Annual Report of NHG Fund.
Governance
ROLE OF THE BOARD OF DIRECTORS
The Board’s role is to oversee the administration of
NHG fund, including ensuring good governance within NHG Fund. In addition, the Board provides guidance and
advisory on the strategic directions and objectives of NHG Fund. The roles and
responsibilities of the Board and guidelines on declaration of conflict of
interest are set out in the policy on Board Governance and Code of conduct.
RESERVES AND INVESTMENT POLICY
NHGF is mainly funded by tax savings and
donations from restructured hospitals and healthcare institutions in NHG. It
has a reserve policy for long-term stability to ensure there is financial
stability and ability to support the charity’s principal activity. As a general
rule of thumb, NHG Fund aims to maintain more than 10 years of operational
expenditure kept as reserves. This reserves level is reviewed annually by the
Board to ensure that the reserves are adequate to fulfil its continuing obligations.
Restricted fund is used for specific
purposes as designated by the donors. For the Lee Foundation NHG Lifetime
Achievement, it is planned to be utilized from FY2020 to FY2023. For the fund designated
to support battle against COVID-19, it was fully utilized in FY2020. For the
fund to support research projects by NCID, SOCRATES, Save Limbs Save Lives, it
will be used from FY2020 to FY2023.
| Reserves Position | 31 Mar 2020 | 31 Mar 2021 |
| | ($) | ($) |
(A) | General / Unrestricted Funds (Reserves) | 74,005,642 | 95,955,799 |
| Restricted Funds | | |
| - Lee Foundation NHG Lifetime Achievement
| 30,000 | 70,000 |
| | 250,000 | - |
| - Fight Infectious Diseases (FIND)
| 150,000 | 390,934 |
| | - | 270,318 |
| | - | 27,247 |
(B) | Annual Operating Expenditure | 1,929,497 | 1,875,797 |
| Ratio of Reserves [A/B] | 38.4:1 | 51.2:1 |
NHGF has set aside reserves to provide
financial stability and the means for the development of the charity’s
principal activity.
Under its investment
policy as approved by the Board, NHG Fund may invest its reserves in Fixed
Deposit and / or any investment instrument approved by MOHH Central Treasury.
WHISTLE-BLOWING POLICY
NHGF adopts NHG whistle-blowing policy
which sets out a whistle-blowing framework for report of concerns on actual or
suspected wrongdoings, misconduct, negligent or improper activity for
investigation and corrective actions.
The policy covers the whistle-blowing guidelines and processes
(including investigation and reporting), confidentiality and protection of
whistle-blowers.