Financial Management and Internal Controls
The Lodge maintains a system of internal controls that is reviewed annually. Written policies and control procedures are in place for revenue and receipts, procurement and payments, financial management, payroll, fixed assets and inventories.
These written policies and control procedures are reviewed and updated by the Treasurer, CEO and Finance & Compliance department on a periodic basis. These updates or changes to the policies and control procedures are then subject to the further review by the Audit-sub committee and approved by the Board. Periodically, the Head of Finance & Compliance is responsible for carrying out test checks of the controls in operation to ensure proper compliance.
The Lodge maintains a system of approvals for purchases whereby different requirements for approval, review and waiver are in place depending on the payment amount. This includes, but is not limited to, the need to source for multiple quotations (minimum 3) for non-recurring purchases above $2,000 per single item and obtain approval by CEO; as well as the need to prepare an ‘Invitation to Tender’, a ‘List of Vendors’, and obtain MC’s approval for purchases above $100,000.
The Lodge has in place documented procedures for financial matters in key areas including procurement procedures and controls, receipting, payment procedures and controls and system for the delegation of authority and limits of approval.
Income & Expenditure
AHL is funded by the Government and from public donations. AHL also collects nominal fees from the relatives of the residents. Such fees are based on the family’s financial background and their ability to pay. Ninety per cent of the residents are subsidized by the Government.
Details of Income & Expenditure available on the same website.
|
Incoming Receipts |
2019 |
2020 |
2021 |
2022 |
2023 |
% Changes |
|
Donations |
80,109 |
125,628 |
353,040 |
295,489 |
169,067 |
(42.8) |
|
Government Grants |
7,963,019 |
11,465,306 |
9,299,178 |
9,311,714 |
9,440,476 |
1.4 |
|
Residents fees |
1,641,894 |
1,669,161 |
1,561,090 |
1,519,346 |
1,731,811 |
14.0 |
|
Investment income |
123,702 |
137,848 |
57,793 |
82,754 |
655,366 |
691.9 |
|
Others |
79,922 |
75,527 |
60,766 |
57,500 |
66,179 |
15.1 |
|
Total Receipts |
9,986,386 |
13,727,665 |
11,774,515 |
11,320,593 |
12,309,513 |
8.7 |
|
Expenses |
2019 |
2020 |
2021 |
2022 |
2023 |
% Changes |
|
Direct Charitable Expenses |
8,830,170 |
9,302,294 |
9,332,882 |
10,812,261 |
10,737,254 |
(0.7) |
|
Operating / |
530,348 |
545,822 |
669,109 |
641,119 |
589,382 |
(8.1) |
|
Fundraising |
750 |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Total Expenditure |
9,361,268 |
9,848,116 |
10,001,991 |
11,453,380 |
11,326,636 |
(1.1) |
|
Excess (Deficit) |
607,118 |
3,879,549 |
1,772,524 |
(132,787) |
982,877 |
(840.2) |
|
Balance Sheet |
*2019-Restated |
2020 |
2021 |
2022 |
2023 |
% Changes |
|
ASSETS |
||||||
|
Land & Building |
9,773,566 |
9,741,901 |
8,182,932 |
6,623,964 |
6,805,128 |
2.7 |
|
Tangible Assets |
566,979 |
781,619 |
574,865 |
422,622 |
343,079 |
(18.8) |
|
Inventories |
25,886 |
83,947 |
115,950 |
86,758 |
65,881 |
(24.1) |
|
Accounts Receivable |
1,873,606 |
1,924,610 |
2,690,473 |
712,137 |
1,228,969 |
72.6 |
|
Cash & Deposits |
10,956,788 |
16,168,717 |
17,184,131 |
19,783,354 |
22,050,901 |
11.5 |
|
Total Assets |
23,196,825 |
28,700,794 |
28,748,351 |
20,582,249 |
30,613,718 |
10.2 |
|
FUNDS |
||||||
|
General Fund |
6,170,956* |
7,622,458 |
8,719,184 |
6,946,147 |
3,202,777 |
(53.9) |
|
Building Fund |
9,012,017 |
10,070,056 |
11,128,094 |
13,000,000 |
14,065,514 |
8.2 |
|
Asset Replacement Fund |
N/A |
N/A |
N/A |
N/A |
4,000,000 |
N/A |
|
Community Silver Fund |
1,325,540* |
882,480 |
1,217,894 |
1,524,789 |
1,429,637 |
(6.2) |
|
Maintenance Fund |
0 |
0 |
0 |
0 |
0 |
N/A |
|
Medifund Fund |
729,056 |
1,546,922 |
647,470 |
468,267 |
1,409,741 |
201.1 |
|
Programme Fund |
702,942 |
479,305 |
100,000 |
115,000 |
15,000 |
(87.0) |
|
Financial Assistance Scheme Fund |
N/A |
N/A |
N/A |
N/A |
119,196 |
N/A |
|
President’s Challenge 2019 Fund |
0 |
165,000 |
165,000 |
0 |
0 |
0 |
|
Silver is Gold Fund |
0 |
33,333 |
25,000 |
0 |
0 |
0 |
|
Asset Capitalisation Reserve |
946,115 |
2,784,427 |
2,454,351 |
2,090,740 |
1,946,669 |
(6.9) |
|
Total Fund |
18,886,626 |
23,583,981 |
24,456,993 |
24,144,943 |
26,188,534 |
8.5 |
|
LIABILITIES |
||||||
|
Long-Term Liabilities |
2,425,062 |
2,902,146 |
2,085,511 |
1,515,666 |
2,002,149 |
32.1 |
|
Current Liabilities |
1,885,137 |
2,214,667 |
2,205,807 |
2,127,906 |
2,423,035 |
13.9 |
|
Total Liabilities |
4,310,199 |
5,116,813 |
4,291,358 |
3,643,572 |
4,425,184 |
21.5 |
|
Total Liabilities & Funds |
23,196,825 |
28,700,794 |
28,748,351 |
27,788,515 |
30,613,718 |
10.2 |
|
Other Information |
2019 |
2020 |
2021 |
2022 |
2023 |
% Changes 2023 vs 2022 |
|
Donations/ Grants & Sponsorship given to other Charities (S$) |
0 |
0 |
0 |
0 |
0 |
N/A |
|
No. of Employees |
137 |
141 |
139 |
135 |
146 |
8.1 |
|
Total Employee Costs (S$) |
4,486,703 |
5,026,449 |
5,211,714 |
6,179,589 |
6,026,060 |
(2.5) |
|
Total Related Party Transactions (S$) |
1,200 |
3,400 |
4,550 |
32,949 |
1,700 |
(94.8) |
|
Fund-raising efficiency |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Ratio of reserves |
1.7 |
1.8 |
2.0 |
1.7 |
1.9 |
10.5 |
|
Annual Salary Range of 3 highest paid staff (S$) 200,001 to 300,000 100,001 to 200,000 |
1 2 |
1 3 |
1 3 |
1 2 |
1 3 |
N/A N/A |
Legend:
Fund-raising Efficiency reflects the ratio of the total fund-raising expenses against the total gross receipts from fund-raising.
Ratio of Reserves is based on Unrestricted Funds, comprising General Reserves and Building Fund, over Direct Charitable Activities and Operating/Administration Expenses.
Your generous donation will go into helping us enable and empowering Persons with Dementia to continue a life with meaning and purpose.
Click on the link below to donate today.