annual general meeting 2017 · approved by registrar of societies: letter ros 0110/49 dated...

SINGAPORE IN D IAN FINE ARTS SOCIETYCELEBRATING 68 YEARS

Annual General Meeting2017

SINGAPORE INDIAN FINE ARTS SOCIETY

(Est. 1949)

C O N T E N T S

PARTI

SIFAS STATISTICS 02

NOTICE OF MEETING 03

MINUTES OF THE 67th ANNUAL GENERAL MEETING 04

68th REPORT OF THE MANAGEMENT COMMITTEE 06

ANNEX 1 ATTENDANCE LIST: MANAGEMENT COMMITTEE MEETINGS 18

ANNEX 2 ATTENDANCE LIST: AGM 2016 18

ANNEX 3 LIST OF SUB-COMMITTEES (UPDATED) 19

ANNEX 4 PROGRAMMES PRESENTED AT FESTIVAL 2017 22

ANNEX 5 EXAMINATION RESULTS 2017 24

PART II

AUDITED STATEMENT OF ACCOUNTS

CONTENTS PAGE 1 - 33

PART III

NOMINATION FORM 1

SINGAPORE INDIAN FINE ARTS SOCIETY (Est. 1949)

2A, Starlight Road, Singapore 217755 Tel: 62995929 Fax: 62951238

Email: [email protected] Website: www.sifas.org

Singapore Indian Fine Arts Society was set up in 1949 as a society. It was registered under the Charities Act in 2006.

UEN Number: S62SS0048J

Registered Address: 2A Starlight Road, Singapore - 217755

Approved by Registrar of Societies: Letter ROS 0110 /49 dated 19.12.2005

Approved by Commissioner of Charities: Letter Ref 8 / K / 48 / 12041 - C / KSKT, dated 23.02.2006

Charity Registration Number: 1935

Effective Date of Charity Registration: 23.02.2006

GST Registration number: M90358381E

Effective Date of GST Registration: 01.09.2007

Auditors - MGI Menon & Associates.

The objects of the Society are:

1) To promote and strengthen the classical traditions, aesthetics and values in Indian Fine

Arts in Singapore;

2) To promote appreciation by Singaporeans of the artistic achievements of Indian culture through high quality performances and displays of Indian Fine Arts and

3) To develop the Society as a centre of excellence in the teaching and the performance of Indian Fine Arts in Singapore.




NOTICE is hereby given that the 68th Annual General Meeting of the Society will be held on Sunday 29th October 2017 at 10.00 am at 2A Starlight Road Singapore 217755 to transact the following business:-

1. To confirm the Minutes of the 67th Annual General Meeting held on 4th December 2016.

2. To consider and if approved, receive:a) The Report of the Management Committee for the period 1st August 2016 to

31st July 2017.b) The Audited Accounts for the year ended 30th June 2017.

3. To consider (a) resolutions or (b) questions of which notice in writing have been received by the Honorary General Secretary at least 7 clear days before the date of meeting.

4. To elect a Management Committee for term of two years as follows:a) Presidentb) 6 Vice-Presidentsc) An Honorary General Secretaryd) An Honorary Assistant General Secretarye) An Honorary Treasurerf) An Honorary Assistant Treasurer, andg) 4 Committee Members

5. To appoint an Auditor

6. To elect Trustees.

7. Any other business that may be properly transacted at an annual general meeting.

By Order of the Management Committee

S T KASI NATHAN (DR) HON. GEN. SECRETARY

Dated: 10th October 2017

Bankers:

1. DBS Bank Ltd

2. State Bank of India

3. UCO Bank

4. Indian Overseas Bank

mailto:[email protected]

http://www.sifas.org



Minutes of the Annual General Meeting of Singapore Indian Fine Arts Society (SIFAS) held on Sunday 4th December 2016 at SIFAS Auditorium

Members Present: Refer to list as per Annex 2

1) CHAIRMAN & QUORUM:

Honorary General Secretary, Dr. S T Kasinathan informed the members that the President has sent his apology as being unable to attend the meeting. The President appointed one of the Vice- Presidents, Mr. A. Sachithananthan to preside the meeting. Mr. Sachithananthan took the chair at the appointed time, ascertained the quorum and found that the requisite quorum for holding AGM was not present. The Chairman decided to adjourn for half an hour.

After half an hour from the appointed time at 10:30 AM, fourteen members were present in person.

Mr. Sachithananthan declared the meeting as validly convened & the members present shall constitute a quorum as per constitution.

Dr Kasinathan read the Agenda as contained in the notice to the 67th Annual General Meeting of the society.

2) MEMORIAM

At the request of the Chairman, all who were present rose and observed a minute of silence in memory of members of the Society who passed away since the last AGM.

Mr.. W D Anthony on 22nd July 2016Mr. S R Nathan (6th President of Singapore) on 22nd August 2016 Prof. V K Pillay on 29th September 2016

3) QUESTIONS RAISED BY MEMBERS VIA NOTICE FOR AGM

Dr. Kasinathan informed members of the two questions that were received from two members.

a) Life member - Mr. T Jeganathan wrote in on 23rd November 2016 asked for confirmation if indeed,

Mr. Sidek Saniff was Guest of Honour at SIFAS’s Academy Day 2016 and that his previous positions in Government should have been prefixed with either “ex” or “former” in the AGM booklet.

Dr. Kasinathan informed members that the Principal had replied to Mr. T Jeganathan on 24th November 2016 apologizing for this error in the text and confirmed that Mr. Sidek Saniff was the Guest of Honour at the said event.

b) Life member, Mr. Shankar Rajan wrote in on 23rd November 2016 seeking clarification on SIFAS Music & Dance Festival 2016 accounts regarding increase in SISTIC charges.

Dr. Kasinathan informed that this matter will be taken up by Treasurer under Audited Accounts.

c) Other Errors & Omissions in AGM bookletDr. Kasinathan updated members of several errors and omissions.

4) TO RECEIVE AND ADOPT THE 67th ANNUAL REPORT OF THE MANAGEMENT COMMITTEE

Dr. Kasinathan referred the members to the hardcopy of the report circulated to members, highlighting the following:Mr. K Jayaprakash has been co-opted to the management committee from October 2016.Mr. K Krushna Kumar, CEO had resigned and his last day was 11th April 2016.

Ms. Vidhya Nair, Principal was appointed from 4th May 2016.The SIFAS has seen an increase in overall membership.The Chair asked if members had any comments, as there were no comments, he requested for a proposer and seconder to receive and adopt the Annual Report. Mr. Sukumar proposed and seconded by Ms. Meena Sundar. The meeting resolved to accept and adopt the 67th Annual Report unanimously.

5) CONFIRMATION OF MINUTES OF 66™ ANNUAL GENERAL MEETING HELD ON 6™ DECEMBER 2015:

A motion to receive and approve the minutes (previously circulated to all members) of the last Annual General Meeting of the Society as read was proposed by Mr. Shashi Lai Kashyap, seconded by Mr. E Sukumar and adopted by the members.

6) APPROVAL OF THE AUDITED ACCOUNTS OF THE SOCIETY FOR THE PERIOD ENDING 30™ JUNE 2016:

Honorary Treasurer, Mr. S Niranjan referred the members to the hardcopy of the Audited Accounts circulated to members and thanked Mr. Shankar for his query. He explained that there were a few classification errors within the Festival Accounts. The revised statement was circulated to members replacing the original page 26. The surplus of the Festival Account remains unchanged as $10,150/- as published earlier.

The audited accounts for the year ended 30th June 2016 was approved and adopted. It was proposed by Mrs. Vennila Sivakumar and seconded by Mrs. Meena Sunder.

7) TO RE-APPOINT AUDITORS OF THE SOCIETY 2016-17

It was recommended that MGI Menon & Associates be re-appointed as the Society’s auditors for the financial year 2016-17 A motion to appoint MGI Menon & Associates as the Society’s auditors for the financial year 2016- 17 was proposed by Ms. Sangeetha Elango, seconded by Mrs. Vennila Sivakumar and adopted by members.

8) TO ELECT TRUSTEES:

The existing Trustees, Mr. M Bala Subramanion, Dr. N Varaprasad, Mr. E Sukumar were proposed to continue as Trustees. It was proposed by Mr. Sundar Raman and seconded by Ms. Sangeetha Elango.

9) ANY OTHER BUSINESS THAT MAY BE PROPERLY TRANSACTED AT AN ANNUAL GENERAL MEETING:

As there was no further business, the Chairman thanked members for their attendance and declared the meeting closed.

Recorded by: Ms. Vidhya Nair, PrincipalVetted by: Dr. S T Kasinathan, Honorary General Secretary.




SIXTY- EIGHTH REPORT OF THE MANAGEMENT COMMITTEE 2015-2017

1. The Members of the Management Committee for the period 2015-2017 were elected in November 2015. Subsequently there were some changes and the latest list is as follows:-

President

Vice-President

Vice-President

Vice-President

Vice-President

Vice-President

Vice- President

Honorary General Secretary

Honorary Assistant Secretary

Honorary Treasurer

Honorary Assistant Treasurer

Committee Members

Co-opted Members

Mr. P Selvadurai

Mr. P S Somasekharan (Administration)

Ms. Anuja Venkatesh (Academy)

Mr. K V Rao (Finance)

Mr. B Bhuvanakrishna (Building Fund & Construction)

Mr. Shashi Lai Kashyap (Performing Arts)

Mr. A Sachithananthan (Publicity)

Dr. S T Kasinathan

Mr. Balasubramanian Narayanan

Mr. S Niranjan Nanthagopan

Mr. Sundar Raman

Mr. R Raja ramMs. Sarita SriramMr. Thulasidas VasudevanMs. Sangeetha Elango (left in February 2017)

Mr. K JayaprakashMs. Sandhya Nair (from March 2017)

The Table of Attendance at Management Committee Meetings held during the period 2016-2017 is attached in Annex 1 .The Attendance List of Members at the last AGM is attached in Annex 2.

PATRONS

Mr. V M Shaw Mr. Sat Pal Khattar Mr. K V Aiyappan

3. TRUSTEES

Mr. M Bala Subramanion (resigned on 23/05/17) Dr. N Varaprasad Mr. E Sukumar

4. BOARD OF ADVISORS

1. Mr. JY P illa y2. Mr. Tharman Shanmugaratnam3. Mr. Chandra Das4. Mr. S Iswaran5. Mr. Haider Sithawalla6. Mr. P Selvadurai

5. OTHER SUB-COMMITTEES

Details of the Sub-Committees are attached in Annex 3.

6. PRINCIPAL

Mr. Shankar Rajan was appointed as the Principal from 10th May 2017 upon Ms. Vidhya Nair’s resignation.

7. SECRETARIAT

The Secretariat is very young with 3 new officers appointed from 1st June 2017: Ms. Meenal, Accountant and 2 admin/academy officers: Ms. Vijaylakshmi Kannan and Ms. Mathumitha Ramalingam. Ms. Aghila Raghu was appointed on 1st August 2017. Mr. Loggadeban, Ms. Chandni and Ms. Sheela continue to serve the academy.

8. MEMBERSHIP 31st July 2017 31st July 2016

Life Membership 269Ordinary Membership 1,691Total Membership 1,960

2681,6241,892

2 .

1.2 .

3.

1.

2.

3.



9. ACADEMY PROGRAMMES - October 2016 to October 2017

1.1 Music Programmes, Workshops, Lee -Dem o & Talk Series by visiting artistes/ alumni

S.No Date Artiste Venue

1. 18.10.2016 Hindustani Vocal workshop by Lalita Sharma Rehearsal Room

2. 22.04.2017 Mridangam Workshops by Balamurali Krishna Rehearsal Room

3. 29.04.2017 Carnatic Vocal Performance by Dr Premeela Guru- murthy

SIFAS Auditorium

4. 30.04.2017 Carnatic Vocal Workshop by Dr Premeela Gurumurthy Rehearsal Room

5. 11.06.2017 Hindustani Vocal Performance by Apoorva Gokhale SIFAS Auditorium

6. 01.07.2017 Carnatic Vocal Performance by S Aishwarya SIFAS Auditorium

7. 02.07.2017 Hindustani Vocal Performance by Rajendra Kandalgaonkar SIFAS Auditorium

8. 08.07.2017 Hindustani Sitar Performance by Kalyan Majumdar SIFAS Auditorium

9. 15.09.2017 Veena concert by Nirmala Rajasekhar SIFAS Auditorium

1.2 Dance Programmes by Visiting Artiste / Alumni


10. 20.11.2016 Bharatanatyam Lee Dem by Leela Samson SIFAS Auditorium

11. 13.05.2017 Bharatanatyam Performance by Dr Jayshree Gopalan

SIFAS Auditorium

12. 19.06.2017 Bharatanatyam Lecture Demonstration by Dr Rama Vaidyanathan SIFAS Auditorium

13. 24.06.2017 Kathak Performance by Swati Wangnoo Tiwari SIFAS Auditorium

1.3 Programmes Presented by Teachers / Students


14. 07.01.2017 Sunena Gupta student of Guru Mulla Afsar Khan/ Kathak Performance

SIFAS Auditorium

15. 09.01.2017Makara Vilakku, repertoire of Devotional songs Performed by Guru Nishanth, Guru Sreekanth and Guru Naveen.

Toa Payoh Temple

16. 10.01.2017Makara Vilakku, repertoire of Devotional songs Performed by Guru Susanta, Guru Mihir, Guru Siva raj

Toa Payoh Temple

17. 12.01.2017 La Salle Art Walk 2017Performed by Guru Ravindran and Guru Susanta Little India

18. 17.01.2017 Thyagarajar Aradhana Performed by Carnatic Faculty Tutors SIFAS Auditorium


19. 17.01.2017

Maha Kumbabishegam Performance Performed by Guru Sushanth P, Guru Sivaraj, Guru Mihir, Guru Arathi, Guru Sreekanth, Guru Seshadri, Guru Naveen, Guru Vikas, Guru Haritha

VadapathirakaliammanTemple

20. 20.01.2017 Kathak Performance for India Tourism Performed by Guru Jyotika, Guru Afsar

YMCA Fort Canning Lodge

21. 21.01.2017 Open House By all Tutors

SIFAS Auditorium

22. 21.01.2017 Kuchipudi Introductory Performance Performed by Guru Amrita Lahiri

Singapore Telugu Samajam

23.. 09.02.2017Nadarajar IsaiPerformed by Guru Buvaneswari, Guru Janaki, Guru Arathi

Ceylon Road Temple

24. 11.02.2017 Student Night by Guru Geethanadhan SIFAS Auditorium

25. 12.02.2017Chinese New Year Celebrations - Instrumental EnsemblePerformed by Guru Ravindran & Guru Susanta

Istana

26. 17.02.2017Carnatic Performance for private event Performed by Guru Nishanth, Guru Sivakumar, Guru Naveen, Guru Sreekanth

Mariamman Temple

27. 18.02.2017 Purandara Namana Performed by Carnatic Tutors

Kannada Sangam

28. 21.02.2017 Hindustani WorkshopConducted by Guru Mihir, Guru Sonali LaSalle College

29. 24.02.2017Maha Shivaratri 2017 Cultural Performance Performed by Guru Vikas, Guru Afsar, Guru Ravindran, Guru Sreekanth, Guru Naveen

Geylang East Sivan Temple

30. 04.03.2017 Student Night by Guru Sushanth Parambath SIFAS Auditorium

31. 11.03.2017 Student Night by Guru Janaki Sadagopan SIFAS Auditorium

32. 11.03.2017 Sahaj Marg Bhajan EveningPerformed by Guru Susanta, Guru Chiradip

Sahaj Yoga Centre

33. 18.03.2017 Student Night by Guru Bhuvaneswari SIFAS Auditorium

34. 18.03.2017 Private RecitalPerformed by Guru Sivakumar, Guru Sreekanth Private Residence

35. 25.03.2017 Singapore Jazz Festival Performed by Guru Mihir

Arts House

36. 16.04.2017 Tamil New year Cultural Carnival Yishun CC

37. 06.05.2017Shobana Ravichandran solo BharatanatyamPerformance(Student of Guru Sreeliji)

SIFAS Auditorium

38. 22.07.2017Sai Meenalochini Solo Bharatanatyam PerformanceStudent of Guru Nishantie

SIFAS Auditorium

39. 05.08.2017Saawan Kathak Performance by Sunena Gupta Student of Guru Afsar

SIFAS Auditorium


40. 05.08.2017 Ganesh Sathpana Peformance by all Tutors

SIFAS Auditorium

41. 26.08.2017 Ganesh Utsav Performance by all Tutors

SIFAS Auditorium

42. 27.08.2017Onam Night Opening Performance Performed by Guru Vikas, Guru Sreeliji, Guru Nishantie, Guru Shalini, Guru Geethanadhan

Esplanade Concert Hall

43. 14.10.2017 Student Night by Guru Jyotika SIFAS Auditorium

44. 29.10.2017 Student Night By Guru Nishanthie SIFAS Auditorium

Navarathri Celebration 2017


45. 22.09.2017 Carnatic PerformancePerformed by Carnatic Faculty Students

SIFAS Auditorium

46. 23.09.2017 Kathak PerformancePerformed by Kathak Faculty Students

SIFAS Auditorium

47. 24.09.2017 Hindustani PerformancePerformed by Hindustani Faculty Students

SIFAS Auditorium

48. 29.09.2017 Bharatanatyam PerformancePerformed by Bharatanatyam Faculty Students

SIFAS Auditorium

49. 29.09.2017

Colours Of India - Indradhanush Performed by Guru Shibani, Guru Nabendu, Guru Susanta, Guru Mihir, Guru Chiradip, Guru Naveen, Guru Sreekanth, Guru Sivakumar, Guru Reshmi, Guru Afsar, Guru Jyotika, Guru Nivedhita

Bengali Association

50. 29.09.2017Hindustani BhajanPerformed by Guru Shibani, Guru Susanta, Guru Mihir

Ramakrishna Mission

1.4 Arangetram (Debut) Performances

S.No Date Programme Venue

1. 19.11.2016 Sanaathanam - Bharatanatyam - Ms Kshirja Govind Victoria Theatre, Singapore

2. 02.06.2017 Acharya Devo Bhava - Maanasa Sri Ganesh UCC Theatre

1.5 National Arts Council Music Competition - 2017 (SIFAS Winners)

S.No Students Name Discipline

1 Sreeranjani Muthusubramanian Carnatic Vocal

2 Rachana Murali Narayanan Carnatic Vocal

3 Sudarshan Narasimhan Carnatic Vocal

4 Sharadh Rajaraman Carnatic Vocal

5 Rajalakshmi Nageswaran Carnatic Vocal

6 Palagiri Afreen Mahtaj Hindustani Vocal

7 Ranjani Panda Hindustani Vocal

8 Trina Banerjee Hindustani Vocal

9 Arun Panchapakesan Mridangam

10 Niranjan Sunthara Ramanan Mridangam

11 Advaith Srinivasan Tabla

12 Vaishnav Muralidharan Tabla

13 G Lakshmanan Tabla

14 Sreeranjani Muthusubramanian Violin

15 Sandhya Ramachandran Violin

16 Swathi Kumar Violin

17 Surup Sowmithri Thathachar Violin

18 Sharadh Rajaraman Violin

19 Kishan Hebbar Violin

1.6 Papanasam Sivam Competition 2017 (Winners List)

S.No Name of the student Category Discipline Tutor’s Name Position

1 Sharanya Mangalpadi Junior Carnatic Vocal Guru Janaki Third

2 Mythili Ganesh Junior Carnatic Vocal Guru Nishant Second

3 Subhadra Giridhari Junior Carnatic Vocal Guru Janaki Second

4 Prerana Ravi Shankar Sub-Senior Carnatic Vocal Guru Jyotika Third

5 Nandini Ganesh Sub-Senior Carnatic Vocal Guru Nishant Second

6 Meenachi Sathappan Sub-Senior Carnatic Vocal Guru Sivakumar First

7 Gayathri Anand Sub-Senior Carnatic Vocal Guru Janaki Third

8 Akshaya Ayyakannu Sub-Senior Carnatic Vocal Guru Sushanth P Third

9. Aarabi Ahilan Sub-Senior Carnatic Vocal Guru Arathi Third

10 SreeranjaniMuthusubramanian Sub-Senior Carnatic Vocal Guru Nishant Second

11 Valliammai Adaikkapan Sub-Senior Carnatic Vocal Guru Arathi Third

12 Vaishnavi Harihara Venkatesan Sub-Senior Carnatic Vocal Guru Sushanth P Second

13 Sneha Murali Sub-Senior Carnatic Vocal Guru Bhuvaneswari First

14 Sneha Ramakrishnan Sub-Senior Carnatic Vocal Guru Sushanth P First

15 Kalairaajan Thiagarajan Sub-Senior Carnatic Vocal Guru Janaki Third

16 R.Sandhya Senior Carnatic Vocal Guru Nishant First

17 Nikhita Sridhar Dorai Senior Carnatic Vocal Guru Bhuvaneswari Second

18 Mridula Kumar Senior Carnatic Vocal Guru Nishant Third

19 Raynuga Mathialakan Adult Carnatic Vocal Guru Arathi Second

20 Ram Narayan Mani Adult Carnatic Vocal Guru Sushanth P First

21 R.Sandhya Special Carnatic Vocal Guru Nishant Second

22 Rachana Murali Narayanan Special Carnatic Vocal Guru Susanta First

23 Roshni Mathanaseearan Jaeiranan

Sub-Senior Group I Carnatic Vocal Guru Arathi Third

24 Pranati Dommaraju Sub-Senior Group I Carnatic Vocal Guru Arathi Third

25 Sureyaaprakash Kalai- mohan


26 Subramaniam Ravisankar Visva


27 Thanuja Thayaparan Sub-Senior Group I Carnatic Vocal Guru Arathi Third

28 Aaradhanaa Haridas Sub-Senior Group I Carnatic Vocal Guru Janaki Second

29 Nirmala Sub-Senior Group I Carnatic Vocal Guru Janaki Second

30 Ksheeraja Kishore Sub-Senior Group I Carnatic Vocal Guru Janaki Second

31 Laura Terese Raj Sub-Senior Group I Carnatic Vocal Guru Janaki Second

32 Raja Suleka Sub-Senior Group I Carnatic Vocal Guru Janaki Second

33 Umamahesh Shivani Sub-Senior Group II Carnatic Vocal Guru

Bhuvaneshwari First

34 Sneha MuraliSub-Senior Group II Carnatic Vocal Guru

Bhuvaneshwari First

35 Neha Santhosh Kumar Sub-Senior Group II Carnatic Vocal Guru Sushanth P First

36 Mahima Srinidhi Hari Sub-Senior Group II Carnatic Vocal Guru Nishanth First

37 Swathi Kumar Senior Group Carnatic Vocal Guru Sushanth P First

38 Shruthi kumar Senior Group Carnatic Vocal Guru Sushanth P First

39 Pravnesh Udayakumar Sub-Senior II Flute Guru Sivakumar Third

40 Karthick Ragunathan Sub-Senior II Flute Guru Sivakumar Third

41 Ravanth Baskaran Senior Flute Guru Sivakumar Second

42 Navaneethan Adityaraj Nadar Senior Flute Guru Sivakumar First

43 Sharanniyan Raghavan Adult Group Flute Guru Sivakumar First

44 Ravanth Baskaran Adult Group Flute Guru Sivakumar First

45 Amita Ravi Sub-Senior II Keyboard Guru Siva raj Second

46 Vaishnavi Harihara Venkatesh Sub-Senior II Keyboard Guru Siva raj First

47 Kirthana Radhakrishnan Senior Keyboard Guru Siva raj First

48 Vaishnavi Harihara Venkatesh Sub-Senior I Keyboard Guru Siva raj First

49 Varshini Jagirnan Sub-Senior I Keyboard Guru Siva raj First

50 Surup Sowmithri Thathachar Special Violin Guru Ravindran First

51 Sandhya R Special Violin Guru Naveen Second

52 Swathi Kumar Special Group Violin Guru Ravindran First

53 Shruthi kumar Special Group Violin Guru Ravindran First

54 Ananya Vijay Sub-Senior I Violin Guru Ravindran First

55 Kishan Hebbar Sub-Senior II Violin Guru Ravindran First

56 Deepak Sub-Senior II Violin Guru Ravindran Third

57 R.Sandhya Senior Violin Guru Naveen First

58 Rakshith Bangalore Kumaraswamy Senior Violin Guru Ravindran Second

59 Anvitha RajaramSub-Senior Group II Violin Guru Ravindran First

60 Ankitha RajaramSub-Senior Group II Violin Guru Ravindran First

61 Mridula Kumar Senior Veena Guru Seshadri First

62 SureyaaprakashKalaimahan Sub-Senior I Mridangam Guru Sreekanth Third

63 Arun Panchapakesan Sub-Senior I Mridangam Guru Sreekanth Second

64 Anirudh R Prasad Sub-Senior I Mridangam Guru Sreekanth Second

65 Adisomaskandh Sub-Senior I Mridangam Guru Sreekanth Third

66 Shree Venkatesh Sub-Senior I Mridangam Guru Sreekanth Third

69 Pranav Rajesh Sub-Senior II Mridangam Guru Sreekanth Second

S.No Name of the student Category Discipline Tutor's Name Position

70 Pranav Mani Murugan Sub-Senior II Mridangam Guru Sreekanth First

71 Pranav Anumit Venkat Sub-Senior II Mridangam Guru Sreekanth Second

72 Sai Arunavan Senior Mridangam Guru Sreekanth First

73 Muskan Rao Sub-Senior I Varnam Bharatanatyam Guru Sreeliji First

74 Amrita Srinivasan Anand Sub-Senior I Bharatanatyam Guru Haritha Second

75 Advaitha G Venkat Sub-Senior I Bharatanatyam Guru Haritha First

76 Diya Subramanian Sub-Senior II Padham Bharatanatyam Guru Haritha First

77 Mridula Kumar SeniorPadham Bharatanatyam Guru

Geethanadhan Second

78 Aishwarya Warrier SeniorVarnam Bharatanatyam Guru Sreeliji Second

79 Nirupama Balaji SeniorVarnam Bharatanatyam Guru

Geethanadhan First

80 Mansa Krishna SeniorVarnam Bharatanatyam Guru Nishanthie Third

81 A. Meenalochani AdultVarnam Bharatanatyam Guru Nishanthie First

82 A. Meenalochani AdultPadham Bharatanatyam Guru Nishanthie First

10. SIFAS ISAI VIZHA IN CHENNAI- December 2016This programme was cancelled owing to the weather conditions.

11. FESTIVAL OF MUSIC AND DANCE 2017The Society, for the 15th successive year, organised the Festival of Indian Classical Music and Dance held from Thursday 23rd March 201 to Sunday 9th April 2016.

The Festival presented concert by outstanding Carnatic vocalist Ramakrishna Murthy, Kathak dancer Rajendra Gangani, Bharatanatyam by Mythili Prakash, Chitraveena concert by Sangeetha Kalanidhi Ravi Kiran and a Hindustani Vocal cum Flute concert by Kausiki Chakraborty and Rakesh Chaurasia.

About 50 local concerts were held at SIFAS Auditorium which provided a platform for local and regional artistes to showcase their talents. The list of various programmes presented during the Festival is attached in Annex 5.

12. MUMMOORTHIGAL VIZHA

The annual Mummoorthigal Vizha which pays tribute to the Carnatic Musical Trinity was celebrated on Sunday 9th April 2017 after the closure of a successful run of the Festival of Indian Classical Music and Dance 2017. The Mummoorthigal Vizha opened with the usual prayers and congregational singing led by SIFAS Gurus and continued with cultural programmes presented by the students of SIFAS. Over 100 students participated in the function, which was attended by more than 300 people.

13. SIFAS ALUMNI ASSOCIATION

SIFAS ALUMNI ASSOCIATION was formally established on 13th September 2008 with the attendance of 18 alumni members. The objective was to get the whole diaspora of music and dance graduates of SIFAS to interact with SIFAS Academy and carry out academic activities like workshops; seminars etc and to periodically feature alumni in SIFAS programmes and events.

Alumni concert was presented at SIFAS Festival 2014 and the alumni continue to be actively involved in SIFAS events.

The SIFAS INTERIM ALUMNI COMMITTEE is as follows:

President (Ag) Vice-President (Ag) Secretary (Ag) Treasurer (Ag) Music ICs Dance ICs Hindustani IC Publicity IC

Thulasidas Vasudevan Sandhya Nair Sai Vigneshwar Shreya GopiSai Vigneshwar, Viknash Balakrishnan Hetal Chauhan, Janaki Nair Hetal Chauhan Lakshmanan Senthil

14. ACADEMY DAY 2017

The 68th Academy Day was held on Saturday 9th September 2017 at the Republic Polytechnic Cultural Centre. The Guest of Honour Mr. R Dhinakaran, former Nominated Member-of-Parliament, Singapore, praised the efforts of SIFAS and presented certificates and awards to all awardees. This year’s Kala Ratna title was awarded to Mrs. Lalitha Vaidyanathan, Orchestra Conductor, for her invaluable contributions, accomplishments and support for the development of Indian music in Singapore. Winners of National Arts Council’s Music Competition were also presented with tokens. Event was well attended by SIFAS members, parents and students and the hall was completely full with the audience also sitting at level 2.

15. SATELLITE CENTRE

The first Satellite Centre of SIFAS that was started in partnership with Tampines Changkat Community Centre, continues to function effectively. The Centre enables students to have access to Levels 1 to 4 of SIFAS curriculum in the Carnatic music discipline that is being offered at the main campus. SIFAS looks forward to starting more Satellite Centres island-wide

MOVEMENT OF STUDENTS

Students registered for the various courses as at 31st July 2016 and 2017 are shown below:

Subject 31st July 2016 31st July 2017

Dance Bharatanatyam 410 506

Dance Kathak 221 287

Hindustani Vocal 240 258

Carnatic Vocal 378 342

Flute 31 33

Violin 102 113

Veena 24 27

Mridangam 56 80

Tabla 134 109

Sitar 41 36

Key-board 106 92

Visual Arts 189 197

Harmonium 0 11

Kuchipudi (Part Time) 0 8

Total 1932 2109

17. MOVEMENT OF TEACHERS

The following teachers left the employment of the Academy during the period August 2016 to October 201 Ti

Name Subject Month Resigned

1. Ms. Haritha Dipu Das Bharatanatyam June 20162. Mr. Seshadri M.N. Veena August 2017

The following teachers joined the Academy:-

Name Subject Month Joined

1. Ms. Nivedhita Khot Kathak January 20172. Mr. Nabendu Bhattacharya Harmonium January 20173. Ms. Amrita Lahiri Kuchipudi February 20174. Ms. Shalini Mohanakannan Bharatanatyam March 2017

Academy Examinations were conducted from Saturday 27th May 2016 to Sunday 111h June 2016. 892 students sat for the examination. The External Examiners were Mrs. Geetha Raja (Carnatic music), Mrs. Apoorva Gokhale (Hindustani music), Mrs. Anu Sinha (Kathak) and Mr. Haripadman (Bharatanatyam),

46 Students were issued certificates for having passed the fifth year examinations with 13 students in Bharatanatyam, 9 students in Carnatic Vocal, 2 students in Violin, 2 students in Hindustani Vocal, 6 students in Kathak, 1 student in Sitar, 5 students in Tabla, 3 in Keyboard and 5 students in Visual Arts.

There were 15 Diploma Holders, 3 in Bharatanatyam, 3 in Carnatic Vocal, 2 in Tabla, 1 in Kathak, 5 in Hindustani Vocal and 1 in Violin

There were 6 best student awards comprising of 1 in Hindustani Vocal, 2 in Bharatanatyam, 1 in Kathak, 1 in Tabla and 1 in Violin.

There were 6 Visharad title awardees, 2 in Bharatanatyam, 1 in Kathak, 1 Hindustani Vocal, 1 Tabla and 1 in Violin.

19. REPRESENTATIONS IN OTHER ORGANISATIONS

Management Committee members of the Society continued to be active in SINDA, Tamil LanguageCouncil, Hindu Temples and Societies in Singapore.

Dr. S T Kasinathan Advisor, Sri Senpaga Vinayagar TempleAdvisor, Ceylon Sports Club

Mr. K V Rao Resident Director ASEAN, Tata Sons Ltd & Chairman/ BoardMember of Tata Group Regional Subsidiaries Chairman, Information Technology Resource Panel Singapore Indian Development Association (SINDA) Vice-President, Executive Committee, SINDA Member, Audit Review Committee,SINDA Vice Chairman, South Asia Business Group Executive Committee, Singapore Business Federation (SBF)Vice Chairman, Executive CommitteeSri Aurobindo Society Chairman, Confederation of IndianIndustries- India Business Forum

Mr. P S Somasekharan Vice-Chairman, Sri Srinivasa Perumal Temple Member, NationalIndian Music Competition Advisory Committee

Mr. Sashilal Kashyap Chairman, Sri Aurobindo Society Advisor, Gita Jayanthy Patron,Sri Krishna Our Guide Member, Lions Club of Singapore (Host)

Mr. R Rajaram Chairman, Tamil Language Council, NHB Member, AuditCommittee, Lee Kuan Yew Fund for Bilingualism Committee, MOE Member, Advisory Panel, B A in Tamil Language Programme, UniSIMMember, Tamil Language and Learning Promotion Committee, MOE

20. FUTURE PLANS / POLICIES

1. To develop more outreach programmes and build long-term collaborations within the Singapore arts and cultural space.

2. To set up additional satellite centres in Singapore to reach out to more students3. To partner with leading arts institutions locally and overseas.

21. ACKNOWLEDGEMENTS

The society places on record its grateful appreciation to the following organisations.

National Arts Council Shaw Foundation Lee Foundation OLI 96.8FMVasantham TV Mediacorp The Straits Times Tamil Murasu Tabla!

Donors, Members, well-wishers and supporters.

FOR AND ON BEHALF OF THE MANAGEMENT COMMITTEE

DR. S T KASINATHAN

HON.GEN.SECRETARY

ANNEX 1

TABLE OF ATTENDANCE AT MANAGEMENT COMMITTEE MEETINGS

NOVEMBER 2016 to SEPTEMBER 2017 (10 meetings)

NAME OF COMMITTEE MEMBER NUMBER OF MEETINGS ATTENDED

Mr. P Selvadurai 07/10

Mr. P S Somasekharan 09/10

Mrs. Anuja Venkatesh 07/0

Mr. K V Rao 04/10

Mr. B Bhuvanakrishna 07/10

Mr. Shashi Lai Kashyap 07/10

Mr. A Sachithananthan 04/10

Dr. S T Kasinathan 07/10

Mr. S Niranjan Nanthagopan 08/10

Mr. N Balasubramanian 08/10

Ms. Sarita Sriram 07/10

Mr. R Rajaram 05/0

Mr. Sundar Raman 09/10

Ms. Sangeetha Elango 01/02 (left in February 2017)

Ms. Sandhya Nair 04/06 (from March 2017)

Mr. Thulasidas Nambiar 05/10

Mr. K Jayaprakash 02/10

ANNEX 2

ATTENDANCE LIST OF MEMBERS AT AGM HELD ON 4th DECEMBER 2016

S. No. NAME S. No. NAME

1. Mr. Sundar Raman 9. Mr. A Sachithananthan

2. Mr. Vetrivillalan Vennil 10. Ms. Sarita Sriram

3. Mr. Niranjan Nanthagopan 11. Ms. Meenambigai S

4. Dr. S T Kasinathan 12. Mr. Shashi Lai Kashyap

5. Ms. Sangeetha Elango 13. Dr. S Ramaswami

6. Mr. B Bhuvanakrishna 14. Dr. Anithe Bhat

7. Mr. Mihir Gidi 15. Mr. E Sukumar

8. Ms. Vidhya Nair

LIST OF SUB - COMMITTEES (As at 30th September 2017)

ACADEMY SUB-COMMITTEE

1. Ms. Anuja Venkatesh - Vice-President2. Mr. P Selvadurai3. Dr. S T Kasinathan4. Mr. P S Somasekharan5. Mr. R Rajaram6. Mr. K Jayaprakash7. Mr. N Balasubramanian8. Ms. Sarita Sriram9. Ms. Sandhya Nair10. Mr. S Krishnan11. Mr. Shankar Rajan - Principal

ADMINISTRATION SUB-COMMITTEE

1. Mr. P S Somasekharan - Vice-President2. Mr. P Selvadurai3. Dr. S T Kasinathan4. Mr. N Balasubramanian5. Ms. Anuja Venkatesh6. Mr. R Rajaram7. Mr. K Jayaprakash8. Mr. Shankar Rajan - Principal

BUILDING FUND & CONSTRUCTION SUB-COMMITTEE

1. Mr. B Bhuvana Krishna - Vice-President2. Mr. P Selvadurai3. Dr. S T Kasinathan4. Mr. S Niranjan Nanthagopan5. Mr. Y Indrajokan6. Mr. Shankar Rajan - Principal

FINANCE SUB-COMMITTEE

1. Mr. K V Rao - Vice-President2. Dr. S T Kasinathan3. Mr. P S Somasekharan4. Mr. S Niranjan Nanthagopan5. Mr. Sundar Raman6. Mr. Vinay Sinha7. Mr. Shankar Rajan - Principal

1. Mr. A Sachithananthan2. Dr. S T Kasinathan3. Mr. P S Somasekharan4. Ms. Renuka Vaidyanathan5. Ms. Vidhya Venkat6. Dr. Seshan Ramaswami7. Mr. Shankar Rajan - Principal

FESTIVAL SUB-COMMITTEE

1. Mr. Shashilal Kashyap2. Mr. P Selvadurai3. Dr. S T Kasinathan4. Mr. P S Somasekharan5. Ms. Anuja Venkatesh6. Ms. Sarita Sriram7. Ms. Sushma Somaseskharan8. Mr. Ramesh Mani9. Ms. Renuka Vaidhyanathan10. Ms. Suma Murthy11. Ms. Raja Chowdhury12. Mr. Shankar Rajan- Principal

ADHOC SUB-COMMITTEE (Building Lease)

1. Mr. P Selvadurai2. Dr. S T Kasinathan3. Mr. K V Rao4. Mr. P S Somasekharan5. Mr. Shankar Rajan- Principal

Vice-President

Chairman (Festival)

ANNEX 4PROGRAMMES PRESENTED AT THE FESTIVAL OF MUSIC AND DANCE 2017

FROM 23rd March to 9th April 2017


1 Inauguration of Festival 2017

2 23/03/2017 Carnatic & Hindustani Vocal Jugalbandi by SIFAS Gurus SIFAS Auditorium

3 Bharatanatyam-Jyotsna Jagannathan

424/03/2017

Carnatic Vocal -Nishanth Thiagarajan SIFAS Auditorium

5 Flute-Shailesh Venkatraman SIFAS Auditorium

6Carnatic Vocal Group-Disha Jatin Nayakar,Sanjana Raghunath, Dhanya Iyer, Harini Reddy

7 Hindustani Group-Ranjani Panda, Palagiri Afreen Mahtaj, Sanjana Rao

8 Carnatic Vocal- Aayush Veturi

9 Sitar- G Solai Valli

10 Carnatic Vocal- Rachana Murali Narayanan

11 Hindustani Vocal-Sandhya R

12 Carnatic Vocal Duet-Shruthi Kumar & Swathi Kumar

13 Hindustani Vocal- Rahul Piratla

14 25/03/2017 Hindustani Vocal-Rohini Panda SIFAS Auditorium

15 Bharatanatyam- Dana Vidhya Dayaparan

16 Bharatanatyam- Ashmita Jayaprakash

17 Bharatanatyam- Periyachi Roshini

18 Bharatanatyam- Nagalakshmi

19 Bharatanatyam- Diya Mahesh

20 Bharatanatyam-Mekha Shyamkumar

21 Kathak-Anisha Kaul

22 Kathak Group-Visalakshy Nurani Gopalakrishnan, Arti Behra,- Monishah Sathish Kumar, Sneha Mukeshbhai Patel

23 Carnatic Vocal-Amritha Devaraj

24 Carnatic Vocal-Rajalakshmi Nageswaran

25 Flute- Vijay Gopal

26 Hindustani Vocal- Papri Chakrabarti

27 26/03/2017 Carnatic Vocal-Sharadh Rajaraman SIFAS Auditorium

28 Hindustani Vocal-Pratima Bellave

29 Carnatic Vocal-Sai Vigneshwar

30 Bharatanatyam-Preethi Devarajan

31 Kuchipudi-Amrita Lahiri


3227/03/2017

Hindustani Vocal- Sarita SriramSIFAS Auditorium

33 Bharatanatyam-Kalyani Hema Nair

3428/03/2017

Veena-Archana KumaraswamySIFAS Auditorium

35 Bharatanatyam-Nitya Sriram

3629/03/2017

Carnatic Vocal- Sripriya VijaySIFAS Auditorium

37 Hindustani Vocal-Priya Bedekar

3830/03/2017

Carnatic Vocal-Sushma SomasekharanSIFAS Auditorium

39 Kathak-Gauraangi Chopra

4031/03/2017

SIFAS Guru's PerformanceSIFAS Auditorium

41 Bharatanatyam-Priya Venkataraman

42 Hindustani Vocal- Trina Banerjee

43 01/04/2017 Chat with Hindustani Artists- Rakesh Chaurasia & Kaushiki Chakraborty

SIFAS Auditorium

44 Pradarshini - Carnatic Instrumental by Ravikiran Esplanade Recital Studio

45 Carnatic Vocal- PB Madhavan

46 Flute - Sabapathy Tirupathi Ramana SIFAS Auditorium

47 02/04/2017 Carnatic Vocal-Gayatri Krishnan

48Sangam - Hindustani Vocal and Flute by Kaushiki Chakraborty & Rakesh Chaurasia

Esplande Concert Hall

49 Flute-R. Seenivasan

50 03/04/2017 Kathak-Os Agarwal SIFAS Auditorium

51 SIFAS Guru’s Performance

52 Hindustani Vocal-Seema Jayesh Ovalekar

5304/04/2017 Jugalbandi

Priya Bedekar, Bharati Murali, Vaishnav Muralidharan

SIFAS Auditorium

54 Violin Duet- Bombay V Anand and Sughosh Pavan

55 05/04/2017 Bharatanatyam- Mahalakshmi Prabhakar SIFAS Auditorium

56 SIFAS Guru's Performance

5706/04/2017

Carnatic Workshop by Ramakrishnan MurthySIFAS Auditorium

58 Bharatanatyam- Varsha Vishwanath

59 07/04/2017 Parambara - Carnatic Vocal Recital by Ramakrishnan Murthy Esplande Concert Hall

6008/04/2017

Maharashtra Mandal SIFAS Auditorium

61 Jwala - Solo Bharatanatyam Recital by Mythilli Prakash Esplanade Theatre

6209/04/2017

Mummoorthigal Vizha SIFAS Auditorium

63 Rachna - A creation in Kathak by Rajendra Gangani Esplanade Theatre

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Annual ReportFor the financial year ended 30 June 2017

Contents

Page

Statement by Committee Members 1

Independent Auditor’s Report 2 - 4

Statement of Financial Position 5

Statement of Comprehensive Income 6

Statement of Changes in Funds 7

Statement of Cash Flows 8

Notes to the Financial Statements 9-33

STATEMENT BY COMMITTEE MEMBERS

We, the Management Committee are responsible for the preparation of the accompanying financial statements of SINGAPORE INDIAN FINE ARTS SOCIETY (“ Society” ) that give a true and fair view in accordance with the provisions of the Singapore Societies Act (Cap. 311), the Singapore Charities Act (Cap. 37) and the Regulations enacted thereunder (together the “Acts”), the Society’s Constitution and Singapore Financial Reporting Standards. This responsibility includes:

(a) devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets;

(b) selecting and applying appropriate accounting policies;

(c) making accounting estimates that are reasonable in the circumstances; and

(d) assessing the risk of fraud and communicate to the Members of the Society on outcome of those assessments.

In our opinion,

(a) the accompanying financial statements, together with the notes thereon, are properly drawn up so as to give a true and fair view of the financial position of the Society as at 30 June 2017 and of the financial performance, changes in funds and cash flows of the activities of the Society for the financial year ended on that date; and

(b) at the date of this statement, there are reasonable grounds to believe that the Society will be able to pay its debts as and when they fall due.

The Management Committee authorised these financial statements for issue, on the date of this statement.

On behalf of the Management Committee

■ ^M G I MENON & ASSOCIATESCHARTERED ACCOUNTANTS OF SINGAPORE

MGI Menon & Associates 60 Robinson Road #11-01 Bank of East Asia Building

Singapore 068892 Tel:+65 6227 6123 Fax:+65 6227 2061

Email: [email protected] Website: www.mgimenon.com

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

SINGAPORE INDIAN FINE ARTS SOCIETY(UEN Number S62SS0048J)

(A Society Registered in the Republic of Singapore)

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of SINGAPORE INDIAN FINE ARTS SOCIETY (the “Society”), which comprise the statement of financial position of the Society as at 30 June 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows of the Society for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements are properly drawn up in accordance with the provision of the Societies Act, Chapter 311 (the “Societies Act"), the Charities Act, Chapter 37 and other relevant regulations (the “Charities Act and Regulations") and Financial Reporting Standards in Singapore (“FRSs”) to the extent practicable so as to present fairly, in all material respects, the financial position of the Society as at 30 June 2017 and the financial performance, changes in funds and cash flows of the Society 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 Society 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

The Society’s Management Committee is responsible for the other information. The other information comprises the Statement by Committee Members set out on page 1.

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.

MGI is a worldwide alliance of independent auditing, accounting and consulting firms. Neither MGI norany member firm accepts responsibility for the activities, work, opinions or service of any other members.

i p ^ L V A O u W .....................................................Honorary President

J - L 1 <Ay\_KA- d J L ttA -’(S. T. KASINATHAN)Honorary General Secretary

(S. N IR A N J A N ^ ^ ^ G O P A N )Honorary General Treasurer

Singapore,

0 5 OCT 2017


http://www.mgimenon.com

MGI MENON & ASSOCIATESCHARTERED ACCOUNTANTS OF SINGAPORE

MG! Menon & Associates 60 Robinson Road #11-01 Bank of East Asia Building




SINGAPORE INDIAN FINE ARTS SOCIETY - continued(UEN Number: S62SS0048J)


Responsibilities of Management Committee and Those Charged with Governance for the Financial Statements

The Society’s Management Committee is responsible for the preparation and fair presentation of the financial statements in accordance with the provisions of the Societies Act, Charities Act and Regulations and FRSs, and for such internal control as the Management Committee 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 Society’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 Society or to cease operations, or has no realistic alternative but to do so.

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

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 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 Society’s internal control.

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

MGI is a worldwide alliance of independent auditing, accounting and consulting firms. Neither MGI norany member firm accepts responsibility for the activities, work, opinions or service of any other members.

MGI MENON & ASSOCIATESCHARTERED ACCOUNTANTS OF SINGAPORE

MGI Menon & Associates 60 Robinson Road #11 -01 Bank of East Asia Building




SINGAPORE INDIAN FINE ARTS SOCIETY - continued(UEN Number S62SS0048J)


Auditor’s Responsibilities for the Audit of the Financial Statements - continued

• Conclude on the appropriateness of the Management Committee’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 Society’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 Society 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 Committee 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.

Report on Other Legal and Regulatory Requirements

In our opinion, the accounting and other records required to be kept by the Society have been properly kept in accordance with the provisions of the Societies Regulations enacted under the Societies Act and the Charities Act and Regulations.

4

MGI is a worldwide alliance of independent auditing, accounting and consulting firms. Neither MGI nor any member firm accepts responsibility for the activities, work, opinions or service of any other members.

MGI MENON & ASSOCIATES PUBLIC ACCOUNTANTS AND CHARTERED ACCOUNTANTS

Singapore,

5 October 2017 (J / Sin g a p o r eJ * jW V M 'J





STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017

NOTE 2017 2016S$ S$

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment (4) 1,777,905 1,813,860

Total non-current assets 1,777,905 1,813,860

CURRENT ASSETS

Inventories (5) 13,471 8,600Fees receivable (6) 21,843 21,727Other receivables (7) 9,901 35,478Deposits 22,261 30,473Prepayments 18,126 10,065Fixed deposits (8) 1,172,965 865,174Cash and cash equivalents (9) 364,967 440,950

Total current assets 1,623,534 1,412,467

TOTAL ASSETS 3,401,439 3,226,327

FUNDS AND LIABILITIES

FUNDS

General fund 2,666,088 2,508,641Restricted funds (10) 310,727 321,934

Total funds 2,976,815 2,830,575

CURRENT LIABILITIES

Other payables and accruals (11) 424,624 395,752

Total current liabilities 424,624 395,752

Total liabilities 424,624 395,752

TOTAL FUNDS AND LIABILITIES 3,401,439 3,226,327

The accompanying notes form an integral part of these financial statements.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017

NOTE 2017 2016S$ S$

Revenue from operationsTuition, examination and administrative fees (12) 1,991,971 1,869,661Subscription and admission fees (12) 140,789 112,518Advertisements and sponsorships (12,13) 12,782 467Donations (12,13) 96,620 127,363Cultural matching fund grant (12) 34,000 38,889Miscellaneous income (12) 52,886 85,695Sale of tickets (13) 66,554 51,900SG50 book income (12) - 61,700Workshop income (13) 2,780 -

2,398,382 2,348,193

Less: Cost of salesOpening inventories 8,600 8,600Purchases 4,871 .

Less: Closing inventories (5) (13,471) (8,600)

- -

Other incomeEmployment credit (12) 2,259 4,692Expenses recovered (12) 171,547 317,135Interest income (12) 7,849 6,263

181,655 328,090

Direct expensesSalaries and employee benefits (12) (1,187,626) (1,219,751)Depreciation (4) (71,940) (64,529)Other expenses (12,13) (696,237) (724,220)

(1,955,803) (2,008,500)

Indirect expensesSalaries and employee benefits (14) (330,398) (305,969)Depreciation (4) (8,686) (6,882)Other expenses (14) (127,703) (104,109)

(466,787) (416,960)

Surplus for the financial year

Other comprehensive income

157,447 250,823

Movement in restricted funds (10) (11,207) (17,408)

Total comprehensive income for the financial year 146,240 233,415


STATEMENT OF CHANGES IN FUNDS


GeneralfundS$

Restrictedfunds

S$Total

S$

2017

Beginning of financial year 2,508,641 321,934 2,830,575

Surplus for the financial year 157,447 - 157,447

Other comprehensive income - Movement in restricted funds (Note 10) - (11,207) (11,207)

157,447 (11,207) 146,240

End of financial year 2,666,088 310,727 2,976,815

GeneralfundS$

Restrictedfunds

S$TotalS$

2016

Beginning of financial year 2,257,818 339,342 2,597,160

Surplus for the financial year 250,823 - 250,823

Other comprehensive income - Movement in restricted funds (Note 10) - (17,408) (17,408)

250,823 (17,408) 233,415

End of financial year 2,508,641 321,934 2,830,575


STATEMENT OF CASH FLOWS


Cash flows from operating activities

Surplus for the financial year:

General fundMovement in restricted funds

Adjustments for:

Interest income Depreciation

Operating cash flows before working capital changes

Changes in working capital

Inventories Fees receivableOther receivables, deposits and prepayments Other payables and accruals

Net cash generated from operating activities

Cash flows from investing activities

Payments to acquire property, plant and equipment Interest received Placement of fixed deposits

Net cash used in investing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of financial year

Cash and cash equivalents at end of financial year

NOTE

(8)

(9)

2017S$

2016S$

157,447(11,207)

250,823(17,408)

146,240 233,415

(7,849)80,626

(6,263)71,411

219,017 298,563

(4,871)(116)

25,72828,872

(14,657)141,022(45,379)

268,630 379,549

(44,671)7,849

(307,791)

(61,076)6,263

(59,042)

(344,613) (113,855)

(75,983) 265,694

440,950 175,256

364,967 440,950


NOTES TO THE FINANCIAL STATEMENTS - 30 JUNE 2017

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. GENERAL INFORMATION

Singapore Indian Fine Arts Society (the “Society”) is a society registered in Singapore under the Societies Act, Cap. 311. It was granted the status of a charity under the Charities Act, Cap. 37 on 23 February 2006.

The affairs of the Society are administered by the Management Committee in accordance with its Constitution and provisions of the Societies Act and the Charities Act.

The registered and administrative office of the Society is at 2A, Starlight Road, Singapore 217755.

The Management Committee members of the Society are appointed according to the Society’s constitution.

During the financial year, the principal activities of the Society are as follows:

a) to promote and strengthen the classical traditions, aesthetics and values of Indian fine arts in Singapore;

b) to promote appreciation by Singaporeans of the artistic achievements of Indian culture through high quality performances and displays of Indian fine arts; and

c) to develop the Society as a center of excellence in the teaching and the performance of Indian fine arts in Singapore.

The financial statements of the Society for the financial year ended 30 June 2017 were authorised for issue by the Management Committee on the date of the Statement by Committee Members.

2. BASIS OF PREPARATION

a) Statement of compliance

The financial statements have been prepared in accordance with the provisions of the Singapore Charities Act, Singapore Societies Act, Singapore Financial Reporting Standards (FRS) and the Society’s Constitution.

b) Basis of measurement

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies that follow.

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

2. BASIS OF PREPARATION - continued

c) Functional and presentation currency

These financial statements are presented in Singapore Dollar (S$), which is the Society’s functional currency.

d) Use of estimates and judgement

The preparation of the financial statements in conformity with FRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

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

Judgements made in applying accounting policies

In the process of applying the entity’s accounting policies, management is of the opinion that there are no critical judgements (other than those involving estimates) that have significant effect on the amounts recognised in the financial statements.

Key sources o f estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(i) Depreciation

The Society depreciates property, plant and equipment over their estimated useful lives, after taking into account their estimated residual values, if any, using straight line method. The estimated useful life reflects the management’s estimate of the periods that the Society intends to derive future economic benefits from the use of the Society's property, plant and equipment. The residual values reflect the management’s estimated amount that the Society would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset was already of the age and in the condition expected at the end of its useful life.

The carrying amount of property, plant and equipment as at 30 June 2017 was S$1,777,905 (2016: S$1,813,860) as disclosed in Note 4 of the financial statements.


2. BASIS OF PREPARATION - continued

d) Use of estimates and judgement - continued

(ii) Allowance for fees receivable

The provision policy for doubtful debts of the Society is based on the ongoing evaluation of collectability and ageing analysis of the outstanding receivables and on management's judgement. A considerable amount of judgement is required in assessing the ultimate realisation of these receivables, including creditworthiness and the past collection history of each customer. If the financial conditions of debtors of the Society were to deteriorate, resulting in an impairment of their ability to make payments, allowances would be made.

The carrying amount of fees receivable as at 30 June 2017 was S$21,843 (2016: S$21,727) as disclosed in Note 6 of the financial statements.

(iii) Inventory valuation

Inventory is valued at the lower of cost or net realisable value. Cost is determined using the “first-in-first-out basis”. Net realisable value is the price at which the inventories can be realised in the normal course of business after allowing for the cost of realisation. The Society reviews its inventory levels in order to identify slow-moving and obsolete merchandise. When the Society identifies items of inventory which have a market price that is lower than its carrying amount, the Society then estimates the amount of inventory loss as allowance on inventory.

The carrying amount of inventories as at 30 June 2017 was S$13,471 (2016: S$8,600) as disclosed in Note 5 of the financial statements.

e) Changes in accounting policies

Overview

In the current financial year, the Society has adopted all the new and revised Financial Reporting Standards (“FRS”) and Interpretations of FRS (“INT FRS”) that are relevant to its operations and effective for the current financial year. The adoption of these new/revised FRS and INT FRS has not resulted in changes to the Society’s accounting policies and has also no material effect on the amounts reported for the current or prior year’s financial information.

The Society has not early adopted any of the FRS, INT FRS, and amendments to FRS that were issued but not effective at the beginning of the financial year. The management committee expects that the adoption of these other standards and interpretations will have no material impact on the financial statements in the year of initial application.


3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out in the following paragraphs have been applied consistently to both periods presented in these financial statements, and have been applied consistently by the Society, except as explained in Note 2(e), which addresses changes in accounting policies.

a) Property, plant and equipment

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

Cost includes purchase price and expenditure that is directly attributable to the acquisition of the asset.

Depreciation is calculated on the straight line method over the estimated useful lives as follows:

Property Computers Furniture and fittings Musical instruments Office equipment Audio equipment Renovation Sound system

50 years 1 -3 years 5 years 5 years 5 - 8 years 5 years 5 years 5 years

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

On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is taken to profit or loss. Any amount in revaluation reserve relating to that asset is transferred to retained earnings.

Assets acquired during the financial year are charged with depreciation as of the acquisition date.

Depreciation is charged till the date of disposal for the year in which an asset is sold. Fully depreciated assets are retained in the financial statements until they are no longer in use.

b) Inventories

Inventories are stated at the lower of cost determined on a first-in-first-out basis (“FIFO") and net realisable value. Cost comprises cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.


3. SIGNIFICANT ACCOUNTING POLICIES - continued

b) Inventories - continued

Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distribution. In arriving at net realisable value, due provision is made for all obsolete and slow moving items.

c) Financial instruments

i) Non-derivative financial assets

The Society initially recognises loans and receivables and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Society becomes a party to the contractual provisions of the instrument.

The Society derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Society is recognised as a separate asset or liability.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Society has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

The Society classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, held-to-maturity financial assets, loans and receivables and available-for-sale financial assets.

The Society only has loans and receivables.

Loans and receivables

Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.



c) Financial instruments - continued

i) Non-derivative financial assets - continued

Loans and receivables - continued

Loans and receivables comprise fees and other receivables, deposits, fixed deposits and cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and cash in hand.

ii) Non-derivative financial liabilities

The Society initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Society becomes a party to the contractual provisions of the instrument.

The Society derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Society has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

The Society classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.

Other financial liabilities comprise other payables and accruals.



d) Impairment

(i) Non-financial assets

The carrying amounts of non-financial assets, other than inventories, are reviewed at each reporting date to determine whether there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the amount of impairment loss. For the purpose of impairment testing of these assets, the recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of the cashgenerating unit (CGU) to which the asset belongs.

If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. The impairment loss is recognised in profit or loss unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease in equity/ funds.

Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or CGU in prior years. A reversal of impairment loss for an asset is recognised in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase in funds.

(ii) Non-derivative financial assets

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of fees and other receivables is established when there is objective evidence that the Society will not be able to collect all amounts due according to the original terms of the receivables. The amount of the impairment loss is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are collectively tested in groups that share similar credit risk characteristics.


3 SIGNIFICANT ACCOUNTING POLICIES - continued

d) Impairment - continued

(ii) Non-derivative financial assets - continued

All impairment losses are recognised in profit or loss.

Impairment losses in respect of fees and other receivables are reversed through profit or loss if the subsequent increase in fair value can be related objectively to an event occurring after the impairment loss was recognised.

e) Accounting for movements in funds

Monies received for specific purposes, including transfers from the general fund, are credited directly to the respective funds in the financial statements. These include restricted funds and unrestricted funds. Restricted funds are funds held by the Society that can only be applied for specific purposes. These funds are subject to specific trusts which may be declared by the donors or with their authority or created through legal process but are still within the wider objects of the Society.

Income and expenditure relating to specific funds are accounted for directly in the funds to which they relate. Common expenses, if any, are allocated on a reasonable basis to the funds based on a method suitable to this common expense. Assets and liabilities of the specific funds are pooled in the statement of financial position.

Funds received for specific purposes such as purchase of depreciable assets are taken to the relevant restricted fund account. This relevant fund will be reduced over the useful life of the asset in line with its depreciation. Depreciation is charged to the relevant designated funds in respect of the asset acquired.

f) Funds

(0 General fund

This fund is to be used at the discretion of the Management Committee in furtherance of the Society’s objects.

00 Restricted funds

Building and renovation fund

The building fund is established from donations received from donors for the purpose of acquisition and renovation of building.



f) Funds - continued

(ii) Restricted funds - continued

Scholarship and bursary funds

This fund is made up of donations from members and non-members intended to subsidise tuition fees of needy students.

g) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Society and the revenue can be reliably measured.

The following specific recognition criteria must also be met before revenue is recognised:

(i) Tuition fees

Tuition fees are recognised on accrual basis when the services are rendered. Tuition fees are collected monthly from students when they attend the class. Income other than tuition fees are recognised in the financial statements on a receipt basis.

(ii) Government grants

Government grants are recognised as income when there is reasonable assurance that the grant will be received.

(Hi) Donations

Donations are recognised as income on a receipt basis.



h) Provisions

Provisions are recognised when the Society has a present obligation (legal or constructive) as a result of a past event where it is probable that it will result in an outflow of economic benefits that can be reasonably estimated. Provisions are measured at management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material.

i) Employee benefits

Defined contribution plan

As required by law, the Society makes contributions to the Central Provident Fund (CPF), a defined contribution plan regulated and managed by the Government of Singapore. CPF contributions are recognised as expense in the same year to which the contribution relates.

Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term employee benefits if the Society has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Employee leave entitlement

Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made when the estimated liability for annual leave is incurred as a result of services rendered by employees up to the reporting date.

j) Lease payments

Payments made under operating leases are recognised in profit or loss on a straight- line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.



j) Lease payments - continued

Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.

Determining whether an arrangement contains a lease

At inception of an arrangement, the Society determines whether such an arrangement is or contains a lease. This will be the case if the following two criteria are met:

i) the fulfilment of the arrangement is dependent on the use of a specific asset or assets; and

ii) the arrangement contains a right to use the asset(s).

At inception or upon reassessment of the arrangement, the Society separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values.

If the Society concludes for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently, the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Society’s incremental borrowing rate.

k) Income tax

The Society is exempt from income tax. The Society has been exempt from filing income tax returns with effect from the Year of Assessment 2008.

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4. PROPERTY, PLANT AND EQUIPMENT - continued

Details of the freehold property held by the Society is as follows:

At cost Carrying value

Location

103 Rangoon Road 03-01 Singapore

Tenure 2017S$

2016S$

2017S$

2016S$

218386 Freehold 1,755,160 1,755,160 1,578,187 1,613,287

The freehold property is registered in the name of M Bala Subramanion, Adisheshappa Nagaraja Rao and Natarajan Varaprasad, in their capacity as Trustees of the Society.

2017 2016s$ s$

Depreciation charge for the financial year is allocated as follows:

Academy working account (Note 12) 71,940 64,529Office account (Note 13) 8,686 6,882

80,626 71,411

5. INVENTORIES

2017 2016S$ S$

Music books 13,471 8,600

Cost of inventories recognised as an expense in profit or loss amounted to Nil (2016: Nil).

6. FEES RECEIVABLE

Fees receivable are non-interest bearing and are generally paid by 14th (2016 - 7th) of the month.

Concentration of credit risk relating to fees receivable is limited due to the Society’s large number of students.

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6 FEES RECEIVABLE - continued

The ageing analysis of fees receivable as at the reporting date is:

Gross

2017Impairmentallowance Gross

2016Impairmentallowance

S$ S$ S$ S$

Past due1 - 30 days 16,120 - 17,611 •

31-60 days 3,375 - 765 _

More than 60 days 2,348 - 3,351 -

21,843 - 21,727 -

OTHER RECEIVABLES

2017 2016S$ S$

Other receivables 5,407 33,982Music festival receivables 4,494 1,496

9,901 35,478

FIXED DEPOSITS

2017 2016S$ S$

Beginning of financial year 865,174 806,132Additional fixed deposits placed 307,791 59,042End of financial year 1,172,965 865,174

Fixed deposits earn interest ranging from 0.70% to 1.20% (2016: 0.80% to 1.30%) per annum and have tenures of approximately 365 (2016 - 365) days.

9. CASH AND CASH EQUIVALENTS

2017 2016s$ s$

Cash at banks 364,940 440,149Cash in hand 27 801

364,967 440,950


10. RESTRICTED FUNDS

Building andrenovation

fundS$

ScholarshipfundS$

BursaryfundS$

TotalS$

As at 01 July 2015 278,248 10,260 50,834 339,342

Utilisation of funds - - (17,408) (17,408)

- - (17,408) (17,408)

As at 30 June 2016 278,248 10,260 33,426 321,934

Utilisation of funds - - (11,207) (11,207)

- - (11,207) (11,207)

As at 30 June 2017 278,248 10,260 22,219 310,727

11. OTHER PAYABLES AND ACCRUALS

2017 2016S$ S$

Fee deposit 220,806 179,204Other payables 97,039 46,678Accruals 8,277 48,524Due to National Arts Council . 45,000Tutors’ retention money 25,500 25,000Due to tutors - 12,229

Other financial liabilities (Note 15) 351,622 356,635GST payable 37,207 19,611Funds received in advance from National Arts Council 9,720Tuition fees received in advance 26,075 19,506

424,624 395,752

7.

8.


12. ACADEMY WORKING ACCOUNT

2017 2016s$ s$

Income

Tuition, examination and administrative fees 1,991,971 1,869,661Subscription and admission fees 140,789 112,518Advertisements and sponsorships 850 -

Cultural matching fund grant 34,000 38,889Donations* 8,920 5,300Miscellaneous income 52,886 85,695SG50 book income - 61,700

2,229,416 2,173,763

* The donations were received mainly for defraying general expenditure of academy operations and promoting Indian Arts and Culture.

Less: Cost of sales

Other income

Employment credit Expenses recovered Interest income

2,259171,547

7,849

4,692317,135

6,263

181,655 328,090

Less: Expenses

Salaries and employee benefits

CPF contribution Foreign worker levy Medical expenses Salaries Staff welfare

970106,937

6831,066,663

12,373

60690,397

7,4081,030,600

90,740

1,187,626 1,219,751

Depreciation 71,940 64,529


12. ACADEMY WORKING ACCOUNT - continued

2017 2016S$ S$

Other expenses

Academy day expenses 49,329 40,531Advertisement 1,309 4,050Affiliation fees 6,790 5,114Building maintenance 102,856 82,586Computer charges 4,282 3,780Contribution towards sinking fund - NAC 11,825 12,919Examination expenses 40,563 24,783Insurance 9,158 7,399Performances 33,955 47,486Printing, postage and stationery 10,447 7,313Promotional and publicity expenses 2,863 2,290Purchase of teaching materials 1,733 -

Refreshments 3,415 5,435Rent of office equipment 3,888 3,648Rent of premises 30,130 35,876Rent - accommodation of tutors 90,650 96,500Repairs and maintenance - musical instruments 3,388 19,595SG50 book project expenses - 54,697Sundry expenses 23,718 19,842Telephone 10,250 10,849Transport and traveling 7,634 9,322Tuition fee rebate - 4,800Utilities 36,320 44,125Webhosting and maintenance 29,938 17,000

514,441 559,940

Total expenses 1,774,007 1,844,220

Surplus incorporated in statement ofcomprehensive income 637,064 657,633


13. MUSIC AND DANCE FESTIVAL

2017 2016s$ S$

Income

Sale of tickets 66,554 51,900Advertisements and sponsorships 11,932 467Donations 87,700 122,063Workshop income 2,780 -

168,966 174,430

Less: Expenses

Advertisement 12,798 13,600Artists’ accommodation 5,366 6,789Artists’ and judges’ remuneration 51,234 42,086Commission to The Esplanade Ltd 30,562 -

Hall rent and booking charges - 31,173Hire of furniture 8,300 12,156Insurance 700 1,000Meals and refreshments 4,665 5,129Photography 2,150 -

Printing charges 9,122 11,747Salary 14,077 3,220SISTIC charges 6,586 11,148Sundry expenses 14,498 8,085Telephone expenses 73 103Traveling expenses 20,029 18,044Workshop expenses 1,636 -

181,796 164,280

(Deficit)/Surplus incorporated in statement of comprehensive income (12,830) 10,150


14. INDIRECT EXPENSES

2017 2016s$ s$

CPF contribution 24,648 30,465Medical expenses 171 1,852Salaries 302,486 250,967Staff welfare 3,093 22,685

330,398 305,969

Depreciation 8,686 6,882

Accountancy charges 1,200 12,000AGM expenses 5,200 4,517Audit fees 7,000 6,000Bank charges 474 229Building maintenance 25,714 20,647Computer charges 1,071 945Contribution towards sinking fund - NAC 2,956 3,230Conference/seminar expenses 2,260 4,911GST expense 32,565 -

Insurance 2,290 1,849Maintenance fee 2,700 2,592NETS commission and charges 5,624 5,140Other professional charges 1,500 4,080Printing and stationery 2,612 1,828Property tax 1,260 3,960Refreshments 854 1,359Rent of office equipment 972 912Rent of premises 7,532 8,969Repairs and maintenance - office equipment - 4,250Sundry expenses 5,930 2,162Telephone charges 2,562 2,712Transport and travelling 1,909 2,164Utilities 6,033 9,653Webhosting and maintenance 7,485 -

127,703 104,109

Total indirect expenses 466,787 416,960


15. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Accounting classifications and fair values

Fair values versus carrying amounts

Other TotalLoans and financial carrying Fair

Note receivables liabilities amount value*S$ S$ S$ S$

2017

Fees receivable (6) 21,843 21,843 21,843Other receivables (7) 9,901 - 9,901 9,901Deposits 22,261 - 22,261 22,261Fixed deposits Cash and cash

1,172,965 - 1,172,965 1,172,965

equivalents (9) 364,967 - 364,967 364,967

1,591,937 - 1,591,937 1,591,937

Other payablesand accruals (11) - 351,622 351,622 351,622

2016

Fees receivable (6) 21,727 _ 21,727 21,727Other receivables (7) 35,478 - 35,478 35,478Deposits 30,473 - 30,473 30,473Fixed deposits Cash and cash

865,174 - 865,174 865,174

equivalents (9) 440,950 - 440,950 440,950

1,393,802 - 1,393,802 1,393,802

Other payablesand accruals (11) - 356,635 356,635 356,635

* Refer to Note 16 as to how fair values have been determined.


15. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - continued

Risk management policies

Exposure to credit, liquidity, interest rate and foreign currency risks arises in the normal course of the Society’s activities. The Society’s overall strategies, its tolerance of risk and its general risk management philosophy are determined by the management committee in accordance with prevailing economic and operating conditions.

The Society does not hold or issue derivative financial instruments for speculative purpose,

a) Credit risk

Credit risk is the risk of financial loss to the Society if a counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Society’s fees receivable, other receivables and deposits, fixed deposits and bank balances.

As at the reporting date, the Society’s maximum exposure to credit risk is as follows:

2017 2016s$ s$

Fees receivable 21,843 21,727Other receivables 9,901 35,478Deposits 22,261 30,473Fixed deposits 1,172,965 865,174Cash at banks 364,940 440,149

1,591,910 1,393,001

Cash at banks and fixed deposits are placed with fully licensed banks in Singapore. Tuition, examination and administration fees are normally collected in advance.

The ageing analysis of fees receivable is disclosed in Note 6.

b) Liquidity risk

Liquidity risk is the risk of the Society being unable to secure adequate funding to meet current obligations as they fall due. The Society monitors and maintains a level of cash and cash equivalents considered adequate by the management to finance the Society’s operations and mitigate the effects of fluctuations in cash flows.

The maturity profile of the financial liabilities of the Society is shown below. The amounts disclosed below are the contractual undiscounted cash flows.



b) Liquidity risk - continued

DueCarrying Contractual withinamount cash flows 1 year Total

S$ S$ S$ S$2017

Financial liabilities

Other payablesand accruals 351,622 351,622 351,622 351,622

2016

Financial liabilities

Other payablesand accruals 356,635 356,635 356,635 356,635

It is not expected that the cash flows included in the maturity analysis could occur significantly earlier or at significantly different amounts.

c) Market risk

Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rate will affect the Society’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.

i) Foreign exchange risk

The Society is not exposed significantly to risk associated with foreign currency exchange rate fluctuations as all bank balances are maintained in Singapore Dollars and transactions are substantially carried out in Singapore Dollars.

ii) Interest rate risk

The Society’s exposure to market risk for changes in interest rates arises from bank balances placed with licensed banks.

The only significant financial instruments that are subject to interest rate fluctuations are the fixed deposits. Interest rates for fixed deposits are disclosed in Note 8.



c) Market risk - continued

ii) Interest rate risk - continued

Sensitivity analysis

A 50 basis points increase or decrease in interest rates will increase or decrease profits and funds of the Society by approximately S$586 (2016 : S$433).

16. DETERMINATION OF FAIR VALUES

A number of the Society’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

Financial assets and financial liabilities

The carrying amounts of fees and other receivables, deposits, fixed deposits, cash and cash equivalents, other payables and accruals approximate their respective fair values due to the relatively short-term nature of these financial instruments.

17. COMMITMENTS

Non-cancellable operating lease rentals are payable as follows:

2017 2016S$ S$

Within 1 year 68,630 38,829Between 2 and 5 years 16,527 1,961

85,157 40,790


18. RECLASSIFICATION OF COMPARATIVE FIGURES

To conform to the current year’s presentation, certain comparative figures have been reclassified.

The following is a summary of the balances, before and after reclassification:

After Beforereclassification reclassification

S$ S$

Statement of comprehensive income

Revenue from operations

Sale of tickets 51,900 84,386Miscellaneous income 85,695 95,606

Direct expenses

Other expenses 724,220 766,617

The above reclassification affects presentation aspects only and does not affect the results, funds and / or cash flows previously reported.

NOMINATIONS FOR THE TERM 2017-2019

POSITION NAME OF NOMINEE SIGNATURE OF NOMINEE

1. President

2. Vice-President

3. Vice-President

4. Vice-President

5. Vice-President

6. Vice-President

7. Vice-President

8. Hon. Gen. Secretary

9. Hon. Asst. Gen. Secretary

10. Hon Treasurer

11. Hon. Asst. Treasurer

12. Committee Member




PROPOSER’S NAME*(IN BLOCK LETTERS)

ADDRESS ..................................................................................

SIGNATURE...............................................................................

SECONDER’S NAME*...............................................................(IN BLOCK LETTERS)

ADDRESS ...................................................................................

SIGNATURE...............................................................................

DATE:..........................................................

*Foot Note: This nomination sheet will be rejected if it is not signed by the Proposer and

Seconder, as well as by the nominee(s) assenting to accept office.

Rule 19.1 Nominations for elections to the Management Committee shall be on a prescribed

Form and shall reach the Honorary General Secretary not less than 7 clear days

before the Annual General Meeting.

Rule 19.2 All nominations shall be put to vote at Annual General Meeting.

Rule 19.3 Members who have not been on the rolls for at least 3 clear months before a

General Meeting shall not be eligible to be elected to any office.

SINGAPORE INDIAN FINE ARTS SOCIETY ( SIFAS)Established in 1949

2A Starlight Road, Singapore 217755.T e l: 62995929 Fax: 62951238 Email: adm in@ sifas.org w e b s ite : w w w .sifas.o rg

F a cebo ok : h ttp s //w w w .Facebook.com /s ifas .o rg

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annual general meeting 2017 · approved by registrar of societies: letter ros 0110/49 dated...

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