Annual Report 2012/2013

CONTENTS

2 Highlights for FY2012

14 Board Members

16 Corporate Information

17 Organisational Structure

18 Corporate Governance

20 Grants & Capability Development

24 Giving

32 Donations & Acquisitions

38 Publications

40 Financial Statements

Statement by Board Members

Independent Auditors’ Report

Financials

Notes to Financial Statements

FY2012 was an exciting year of new developments. On 1 November 2012, we came under a new ministry – the Ministry of Culture, Community and Youth. Under the new ministry, we aspire to deepen our conversations and engagements with various sectors. We will continue to nurture

an appreciation for Singapore’s diverse and multicultural heritage and provide platforms for community involvement.

A new family member, the Language Council joined the NHB family and we warmly welcome

them. Language is closely linked to one’s heritage and the work that the LCS does will allow NHB to be more synergistic in our heritage offerings for Singaporeans.

In FY2012, we launched several new initiatives. Of particular significance was the launch of Our

Museum @ Taman Jurong – the first community museum in Singapore’s heartlands. The Malay Heritage Centre was re-opened with a renewed focus on Kampong Gelam, and the contributions of the local Malay community. The Asian Civilisations Museum also announced a new extension,

which will allow for more of our National Collection to be displayed.

Community engagement remained a priority as we stepped up our efforts to engage Singaporeans from all walks of life – heritage enthusiasts, corporations, interest groups, volunteer guides, patrons and many more, joined us in furthering the heritage cause. Their stories and memories were shared

and incorporated into a wide range of offerings including community exhibitions and events, heritage trails, merchandise and e-books. Some of these were the Trading Stories: Conversations with Six

Pioneering Tradesmen exhibition, Kampong Glam Heritage Trail and the Monumental Weddings – Wedding Portraits at National Monuments exhibition.

2013 marks a significant milestone as NHB celebrated our 20th anniversary on 1 August 2013.

Together, we can make Singapore’s history and culture more accessible and enjoyable for everyone, for many years to come.

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CHILDREN’S SEASON 201218 May – 24 June 2012

Into its fifth year, Children’s Season (CS) 2012 brought a whole new level of experience for children, parents, educators and everyone young-at-heart. Boasting more than 80 activities at over 20 participating museums, CS 2012 captured the hearts and minds of young visitors with an exciting mix of art and culture, as well as nurtured in them an enduring interest and passion for our shared heritage.

I Children having fun at ‘5QUID’ by Ryf as part of the ‘Art Garden at SAM’ exhibition.

EMILY OF EMERALD HILL: SINGAPOREAN IDENTITY ON STAGE1 June 2012 – 7 April 2013

One of the icons of Singapore drama, Emily of Emerald Hill has captured the imagination of thousands of theatre-goers around the world. Through its script and characters, the play gives expression to the Peranakan and Singaporean identities.

The exhibition examined the creation and impact of the play, the genesis of Emily from the playwright’s family background, as well as how it fits within the literary and theatrical history of Singapore. Local author Stella Kon, who wrote the play in 1982, helped in the installation of a gallery in the exhibition based on her memories of Oberon, the house on Emerald Hill in which she grew up.

REMEMBERING DR SUN YAT SEN EXHIBITION9 June 2012 – 3 March 2013

A collaboration between the Sun Yat Sen Nanyang Memorial Hall (SYSNMH), local organisations and private collectors, the exhibition highlighted the efforts and activities of various Chinese groups in early Singapore and the Malay Peninsula in commemorating Dr Sun Yat Sen and the 1911 Revolution. Members of the community contributed more than 30 rare artefacts towards this exhibition, most of which had never been displayed before.

PANORAMA: RECENT ART FROM CONTEMPORARY ASIA20 April – 25 December 2012

Drawn entirely from the contemporary art collection of the Singapore Art Museum (SAM), the Panorama series of exhibitions offers a wide lens to examine our world. It allows for a diversity of perspectives, charting some of the issues which pervade contemporary art-making in Asia today. This first edition of Panorama featured 24 artists from eight countries working in painting, sculpture, drawing, installation, photography and video.

I Top: Installation shot of Governators by Leslie De Chaves as part of the Panorama exhibition at SAM. Above: Visitors viewing ‘Temple of Hope’ by Entang Wiharso as part of the ‘Panorama’ exhibition at the SAM Chapel.

H IGHLIGHTS FOR FY2012

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45-65: LIBERATION, UNREST… A NEW NATION6 July – 18 November 2012

A collaboration between the National Archives of Singapore (NAS) and the National Museum of Singapore, 45-65: Liberation, Unrest… A New Nation brought visitors through the tumultuous period of post-war Singapore, up until our independence in August 1965. Using selected artefacts and archival materials, the exhibition illustrated the challenges overcome by the people of Singapore during those 20 years, providing a glimpse into the journey that paved the way for Singapore’s independence.

JALAN BESAR HERITAGE TRAILLaunched on 4 – 5 August 2012

Reliving the atmosphere of the former New World Amusement Park, the launch of the enhanced Jalan Besar Heritage Trail was conducted over a weekend of guided tours, heritage themed activities and performances. The enhanced trail features four new heritage sites, taking visitors on a journey through the history of the district, parallel to the development of Singapore. The trail also offers insights into the life of Syed Alwee (Alwi) and the story of the road named after him, the design and restoration of the former Victoria School, and the unique Chinese-style art deco architecture of the Holy Trinity Church, among other highlights.

I Then-Minister for Information, Communications and the Arts, Dr Yaacob Ibrahim viewing a trail marker along the Jalan Besar Heritage Trail. “It is a lifetime experience. A knowledgeable and enjoyable trail.”Mr Tonni Lim Tong Heng, former Jalan Besar resident.

On the Jalan Besar Heritage Trail, Mr Lim shared how life was back then, recounting memories of visiting the New World and watching the cabaret shows.

TREASURES OF THE AGA KHAN MUSEUM: ARCHITECTURE IN ISLAMIC ART19 July – 28 October 2012

ISLAMIC ARTS FROM SOUTHEAST ASIA: HIGHLIGHTS OF THE ASIAN CIVILISATIONS MUSEUM7 July 2012 – 20 January 2013

Exploring the diverse artistic traditions of Islamic architecture through art from the Aga Khan Museum collection, Treasures of the Aga Khan Museum featured 100 objects drawn from Iran, India, Turkey, Syria, Spain and Egypt, spanning more than 1,000 years of artistic production in various media. The exhibition was organised by the Aga Khan Trust for Culture and the Asian Civilisations Museum (ACM).

The exhibition was complemented by Islamic Arts from Southeast Asia: Highlights of the Asian Civilisations Museum, an exhibition on the Islamic arts of Southeast Asia drawn exclusively from the National Collection. Religious works of art and secular objects from the region revealed how artistic forms from central Islamic lands were transformed by regional traditions.

I Above: His Royal Highness Prince Amyn Aga Khan (centre) is joined by then-Minister for Information, Communications and the Arts, Dr Yaacob Ibrahim (third from right), and the organisers of the exhibition.

SINGAPORE HERITAGEFEST 201220 – 29 July 2012

NHB’s annual signature community engagement festival, Singapore HeritageFest (SHF) 2012 was held over 10 days with 11 Festival and Satellite Hubs. Themed Recollect, Reflect and Reconnect, the festival presented a range of exhibitions, cultural performances, community-led trails and activities island-wide. Launched by Dr Yaacob Ibrahim, then-Minister for Information, Communications and the Arts, at Velocity@Novena Square, the festival reached out to 1.3 million visitors who came together in celebration of Singapore’s vibrant heritage and culture.

I Top: ‘Peranakan Adventures’ exhibition at I12 Katong. Above: A Malay traditional performance at Bugis Junction.

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MONUMENTAL WEDDINGS – WEDDING PORTRAITS AT NATIONAL MONUMENTS4 September 2012 – 4 January 2013

Several new initiatives were launched as part of the Preservation of Monuments Board’s (PMB) continued efforts to reach out to the community while providing avenues for Singaporeans to find their personal connections with our nation’s 64 national monuments. The Monumental Weddings – Wedding Portraits at National Monuments exhibition was one such initiative. Held at the National Museum, this heart-warming exhibition showcased about 150 archival and contemporary wedding photographs, some of which were contributed by members of the public and popular wedding photographers. Featuring both young and silver haired couples, the photographs were complemented by a video documentary telling the stories of the couples. The exhibition was well received. Following its run at the National Museum, the exhibition was adapted into a travelling show and is now being exhibited at public venues all over Singapore for more people to enjoy.

I PMB had the unique opportunity to collaborate with Marriage Central and Lee Hwa Jewellery for this exhibition.

SINGAPORE NIGHT FESTIVAL 201224 August – 1 September 2012

The fifth edition of NHB’s eagerly anticipated Singapore Night Festival hit high attendance with 476,000 visitors over two weekends. The Bras Basah.Bugis (BBB) Precinct was buzzing with music and dance performances including the signature Homemade segment featuring the best of local bands and performers, and three enchanting outdoor aerial spectacles titled Fuerzabruta by Argentinean group Ozono Producciones. In conjunction with the event, private organisations and businesses situated within the BBB Precinct offered special promotions and/or programmes at their venues.

Night Lights, held in conjunction with Nuit Blanche Paris from France, captivated the crowds with dazzling light installations at SAM and the School of the Arts (SOTA).

I Top: LA ARGENTINA, a dancer held aloft by a crane while local musicians pound and strum on a variety of exotic instruments. Above: The Homemade finale by Bloco Singapura, DJ Koflow, Kiat, Dharni and Kevin Lester.

GREAT SINGAPORE SOUVENIRSAugust 2012

In celebration of the nation’s birthday, MUSEUM LABEL, together with local design collectives Singapore Souvenir and FARMSTORE, launched the Great Singapore Souvenirs (GSS) in August 2012. Sharing the same acronym as the Great Singapore Sale, GSS celebrates Singapore’s heritage through the exploration of local quirks and habits, and re-interprets them into merchandise that everyone can have fun with. This collection is about meaningful and iconic souvenirs that are unique to Singapore’s heritage, culture and the Singaporean identity and lifestyle.

Designed by Olivia Lee, the National Day tote bag celebrates and reminds us of the very day of our Nation’s independence on 9 August 1965. The design also references Singapore’s independence day with the iconic Chinese Almanac calendar, a fact that many Singaporeans may not remember.

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NATIONAL MUSEUM CELEBRATES 125 YEARS OF HISTORY AND HERITAGE 13 October 2012

With a history that dates back to 1887, the National Museum is the nation’s oldest museum with an innovative soul. It is custodian of our 10 National Treasures, and its Singapore History and Living Galleries adopt cutting-edge ways of presenting history and culture to redefine the conventional museum experience. The museum celebrated its 125th anniversary in 2012 and launched the Legacy Campaign which supports the revitalisation of its permanent galleries and enhancement of educational programmes.

I Architectural Plans of the Raffles Library and Museum by Henry McCallum, 1882, Singapore.

EXPLORE SINGAPORE! – COLOURS OF HERITAGE September 2012 – December 2014

The Singapore Philatelic Museum (SPM) brought one of its most popular galleries – the Heritage Room, to the Museo Pambata in Manila, Philippines (September 2012 – December 2014), Vietnamese Women’s Museum in Hanoi, Vietnam (October 2012 – April 2013) and Communications Museum in Macao (March – August 2013).

Depicting Singapore’s heritage and culture, the exhibition explores the founding of our nation and its road to independence, highlighting our unique multicultural heritage. Religious practices, customs, festivals and traditions provide further insight to our multiracial society.

I Top: ‘Explore Singapore! Colours of Heritage’ at the Communications Museum, Macao. Above: Students from Trung Vuong Secondary School, Vietnam, doing crafts related to the exhibition at the Vietnamese Women’s Museum in Hanoi.

KAMPONG GLAM HERITAGE TRAILLaunched on 21 October 2012

Featuring 12 new heritage markers which depict the rich history, heritage and culture of Kampong Glam, the Kampong Glam Heritage Trail was launched on 21 October 2012 at the MHC. As NHB’s 10th national heritage trail, it uncovers stories behind iconic landmarks in the area, while providing insights into the historic significance of the area.

Each of the three new trail routes features delightful stories and vivid memories contributed by former and current members of the Kampong Glam community. Participants will be able to trace the development of Kampong Glam over the years, from the arrival of Bugis traders at the Kallang River to the building of communities along Rochor River.

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MALAY HERITAGE CENTRE RE-OPENING & MALAY CULTUREFEST 2012September 2012

Re-opened on 1 September 2012 following a year of redevelopment works, the revamped Malay Heritage Centre (MHC) highlights Kampong Gelam’s history as a vibrant port town, showcases the contributions of the Malay community, and draws attention to Singapore’s connections to the Malay region. Developed with inputs and contributions from the community, MHC features new content, updated facilities, as well as never-before-seen artefacts from the community and the National Collection. The re-opening of MHC was also celebrated through the launch of MHC’s inaugural Malay CultureFest 2012, a month-long festival showcasing Malay arts and culture with a mix of traditional and contemporary programmes for both the young and the old.

I The re-opening of the MHC was officiated by Prime Minister Lee Hsien Loong (right) who first launched the centre in 2005. He is joined by then-Minister for Information, Communications and the Arts, Dr Yaacob Ibrahim (second from right) and Acting Minister for Culture, Community and Youth, Mr Lawrence Wong (third from right).

“This is an excellent dedication to the artist and his legacy. I now want to study his works. Thank you.”Visitor to the A Life of Practice – Kuo Pao Kun exhibition.

A LIFE OF PRACTICE – KUO PAO KUN15 September 2012 – 24 February 2013

With 2012 marking the 10th anniversary of the passing of Singaporean dramatist Kuo Pao Kun, an iconic figure in the local arts and culture scene, Kuo’s life was exhibited for the first time at the National Museum through a selection of photographs, manuscripts, letters, theatrical costumes and interviews with his peers. The exhibition also highlighted the development of arts and culture in Singapore in the last seven decades. A special theatre piece, Goh Lay Kuan & Kuo Pao Kun, was commissioned by the museum for this exhibition. Internationally acclaimed theatre director and Cultural Medallion winner Ong Keng Sen conceived and directed this intimate portrait of the couple who were pioneers of the arts in Singapore.

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GROUNDBREAKING FOR ASIAN CIVILISATIONS MUSEUM EXTENSION 8 November 2012

The groundbreaking ceremony for the new ACM extension on 8 November 2012 marked yet another important milestone in our cultural development. Made possible by the Hong Leong Foundation through a generous donation, the new extension will feature three levels of spacious and naturally-lit galleries. This will allow for more of the National Collection to be shared, in particular objects related to the trade and exchange between China and Southeast Asia.

I Left to right: Dr Alan Chong (ACM Director), Mrs Lee Suet Fern (ACM Chairman), Mr Ong Yew Huat (NHB Chairman), Guest-of-Honour Mr Lawrence Wong (Acting Minister for Culture, Community and Youth), Mr & Mrs Kwek (representatives from the Hong Leong Foundation), Mr Michael Koh (NHB CEO). DOCUMENTATION OF OUR

SHARED HERITAGE December 2012

To document traditional trades that are fast disappearing, NHB worked with students from various schools on Heritage Through Episodes, a series of short online documentaries. Each episode covered trades such as the traditional bread bakery, knife and scissor sharpener, traditional teochew confectionary, street barber and traditional coffee powder business.

NHB also published a series of e-books featuring traditional provision shops, wet markets and void decks. These gave us a wider platform in reaching out to more audiences, including the younger tech-savvy generation.

I Top: A street barber giving a haircut. Above: Demonstration on the use of a knife sharpener.

“This is wonderfully touching… we must capture all these parts of our heritage before they are all gone.”Lim Bock Hui, who viewed the kiddy ride documentary on NHB’s yesterday.sg Youtube channel.

THAI CULTURALFEST

Thai Transience26 October 2012 – 6 January 2013

The Postal Connection: Singapore and Thailand3 October 2012 – 17 February 2013

Enlightened Ways: The Many Streams of Buddhist Art in Thailand30 November 2012 – 17 April 2013

As part of Thai CulturalFest from October 2012 to April 2013, NHB presented three exhibitions and related programmes at ACM, SAM and SPM, which showcased varied aspects of Thai culture.

Enlightened Ways: The Many Streams of Buddhist Art at ACM exhibited Buddhist objects from Thailand drawn from over 1,500 years, featuring important works from national museums in Thailand.

Co-organised by SAM and the Office of Contemporary Art and Culture, Ministry of Culture (Thailand), and guest-curated by Professor Apinan Poshyananda, Thai Transience featured more than 50 works comprising historical objects, as well as contemporary art from both emerging and senior Thai contemporary artists. Inspiration for the contemporary art pieces was drawn from Buddhist artefacts and art objects from local museums and religious sites within Thailand, showing how Thai contemporary artists continue to create new expressions responding to their heritage and faith.

Over at SPM, visitors explored Thailand’s history and its postal connection with Singapore in the 19th century through The Postal Connection: Singapore and Thailand. They also learnt about the role of Singapore as a postal and communication hub, and saw how Singapore inspired the introduction and development of the postal system of Siam (ancient Thailand).

I Left, top to bottom: Gallery shot of ‘Thai Transience’ at SAM. • King Mongkut (Rama IV 1851 – 1868) depicted on Thailand stamp issued in 2004; Solot, the first stamp of Thailand, issued on 3 August 1883. The portrait of King Chulalongkorn (Rama V 1968 – 1910) was featured on the stamps. • Visitors to the ‘Enlightened Ways’ exhibition at ACM.

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THE PERANAKAN WORLD: CROSS CULTURAL ART FROM SINGAPORE AND THE STRAITS19 March – 19 May 2013

The Peranakan Museum presented the exhibition, The Peranakan World: Cross-cultural Art from Singapore and the Straits, at the National Museum of Korea in Seoul. This marked a significant milestone for Singapore as it was the first time its Peranakan collection was travelling to East Asia. With 230 objects from the Peranakan Museum supplemented by loans from local collectors, the exhibition told the fascinating story of how Chinese immigrants embraced local traditions to create a unique, hybrid culture when they settled in their new homes in the Straits.

FIRST GUIDED TOURS OF THE ISTANAFebruary 2013

For the first time, the PMB conducted guided tours of the Istana, in conjunction with the Istana Open House Day on 11 February. Organised by the PMB and led by volunteer guides, the tour offers visitors an opportunity to learn more about the well-loved building. Highlights of the tour include the artworks and architectural details of the neo-Palladian styled building, and its stately function rooms which have welcomed royalty, presidents and other VIP guests. The tours were very well received and garnered positive feedback. Following that, guided tours of the Istana are now conducted at every Istana Open House Day.

TRADING STORIES: CONVERSATIONS WITH SIX PIONEERING TRADESMEN 15 March – 23 June 2013

An exhibition by the community for the community, Trading Stories: Conversations with Six Pioneering Tradesmen told the story of traditional trades in Singapore and how tradesmen have coped with the challenge of changing times. Featuring the lives of six pioneering tradesmen, the exhibition incorporated their personal memories and stories. On display were over 20 exhibits which were contributed by the community, providing fresh insights on old trades of Singapore.

To complement the exhibition, NHB worked with 20 students from SOTA who conducted guided tours for members of the public weekly during the span of the exhibition. A special series of public programmes including different street theatre traditions and demonstrations of various trades gave fascinating insights into the skills and practices of the tradesmen who made a living from them.

OUR MUSEUM @ TAMAN JURONG January 2013

The first community museum in Singapore, Our Museum @ Taman Jurong, was officially opened on 12 January 2013 by Deputy Prime Minister, Mr Tharman Shanmugaratnam. A collaboration between NHB, Taman Jurong Citizens’ Consultative Committee, Taman Jurong Community Arts and Culture Club and People’s Association, the museum is part of NHB’s commitment to increase Singaporeans’ appreciation of and ownership over the distinctive, shared heritage of their neighbourhoods, and of Singapore.

The first exhibition in the community museum, Picturing Home, presents several artworks encapsulating the idea of ‘home’ by local artists. Curated by SAM, visitors are encouraged to reflect on what ‘home’ means to them. The exhibition also saw NHB bringing out works from the National Collection into the heartlands.

With this museum, residents are given multiple platforms to engage with arts, heritage and culture right at their doorsteps. These included collaborating with local artist Speak Cryptic, local filmmaker Sanif Olek, learning more about contemporary art and creating photos combining Walter (work of Singaporean artist Dawn Ng) with iconic spaces in Taman Jurong. True to the spirit of the project, these works were exhibited in the community museum, alongside the works of other Singapore artists.

“Seeing this exhibition evoked memories of my childhood living in Katong where the hawkers would come by on their bicycles, and we would stop our soccer/badminton/rounders to run to them. Wonderful, worry-free childhood days!”Visitor to the Trading Stories exhibition

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NATIONAL ARCHIVES OF SINGAPORE ADVISORY BOARDNAS transferred to the National Library Board on 1 Nov 2012

Mr Kwa Chong GuanChairmanHead, External ProgrammesRSIS, Nanyang Technological UniversityAdjunct Associate Professor (Honourary)Department of History National University of Singapore

Professor Brenda Yeoh Saw AiDean, Faculty of Arts & Social SciencesNational University of Singapore

Mr Chia Ngiang HongGroup General ManagerCity Developments Limited

Mr Idris bin Rashid Khan SuratteeVice-President (Information Resources)Singapore Press Holdings

Mr Jeffrey Chan Wah TeckDeputy Solicitor-GeneralAttorney-General’s Chambers

Mr Lim Kheng ChyePrincipal, Architects Studio

Ms Lim Pik Ying ElaineDeputy Director, Humanities Branch Curriculum Planning and Development Division Ministry of Education

Prof Schubert FooAssociate Dean (Graduate Studies)College of Humanities, Arts and Social Sciences Nanyang Technological University

Ms Sylvia Yap Swee BengUniversity LibrarianNational University of Singapore

Prof Tan Tai Yong Vice Provost (Student Life), Office of the ProvostDirector, Institute of South Asian StudiesNational University of Singapore

Assoc Prof Wee Beng GeokAssoc Prof Management and OrganisationDirector, Asian Business Case CentreNanyang Business SchoolNanyang Technological University

NATIONAL MUSEUM OF SINGAPORE ADVISORY BOARD

Mr Richard EuChairmanGroup Chief Executive OfficerEu Yan Sang International Limited

Mrs Betty ChenPresident, Chinese Women’s Association

Mr Christopher ShawExecutive Vice PresidentShaw Organisation Group of Companies

Mr Dick LeeSinger, Composer and Playwright

Ms Lee Huay LengAssistant Editor, Lianhe ZaobaoVice President, Cultural Industry Promotion of Chinese Newspaper DivisionSingapore Press Holdings

Mr Eli Manasseh (Nash) BenjaminChief Executive OfficerF J Benjamin Holdings

Mrs Shelly Dee

Mrs Vivienne Tan

PRESERVATION OF MONUMENTS BOARD

Mr Tham Tuck CheongChairmanManaging DirectorCIAP Architects Pte Ltd

Mr Mok Wei WeiDeputy ChairmanManaging DirectorW Architects Pte Ltd

Mr Andrew YeoPartner, Allen & Gledhill LLP

Mr Chew Keat ChuanGroup Director Building Engineering Division Building and Construction Authority

Professor Lee Guan KinDistinguished Senior Research Fellow of CCLC, NTU and Adjunct Professor of College of Humanities, Xiamen University Mr Ler Seng AnnGroup Director (Conservation & Development Services) Conservation and Urban Design Group Urban Redevelopment Authority

Mr Muhamad Imaduddien Abdul Karim Deputy Public Prosecutor/ Deputy Senior State CounselEconomic Crimes & Governance DivisionAttorney-General’s Chambers, Singapore

Mr Rene TanDirector, RT+Q Architects Pte Ltd

Mr Shankar N RamasamySenior Vice President CPG Corporation Pte Ltd

Mr Siew Man KokChairman/Director, MKPL Architects

Mr Tan Puay HiangChairman and Managing Director Highvest Pte Ltd

Mr Vincent HoongChief Executive Officer Singapore Land Authority

BOARD MEMBERS

Mr Ong Yew HuatChairmanNational Heritage Board

Ms Chang Hwee NeeDeputy Secretary (Planning)Ministry of National Development

Dr Chua Ai LinAssistant Professor, Department of HistoryNational University of Singapore

Ms Jane IttogiPartner, Shook Lin and Bok LLP

Mr Jose Isidro N. (Lito) CamachoVice Chairman, Asia PacificCredit Suisse

Mr Koh Seow ChuanChairmanVisual Arts Cluster Advisory Board

Mr Kwa Chong GuanHead, External ProgrammesRSIS, Nanyang Technological UniversityAdjunct Associate Professor (Honourary)Department of History National University of Singapore

Mrs Lee Suet FernChief Executive OfficerStamford Law Corporation

Mr Loh Lik PengManaging DirectorUnlisted Collection Hotels and Restaurants

Mr Paul MaChairmanMapletree Logistics Trust Management Ltd

Mr R JayachandranNon-Executive ChairmanOlam International Ltd

Mr Richard EuGroup Chief Executive OfficerEu Yan Sang International Limited

Mrs Rosa DanielChief Executive OfficerNational Heritage Board

Mr Tan Cheng Gay(Member of Investment Committee and NHF Management Committee from 1 Aug 2009 to 31 Jul 2011)

Chairman & CEOEnGro Corporation Limited

Mr Tham Tuck CheongManaging DirectorCIAP Architects Pte Ltd

Mdm Zuraidah Binte AbdullahCommander Training Command Concurrent Dy Chief Executive (Admin) HTA

ASIAN CIVILISATIONS MUSEUM ADVISORY BOARD

Mrs Lee Suet FernChairmanChief Executive Officer Stamford Law Corporation

Mr Baey Yam KengSenior Advisor, Hill & Knowlton (SEA)

Ms Coonoor Kripalani-Thadani Honorary Research FellowCentre of Asian Studies University of Hong Kong

Mr Eduardo Ramos-GómezPartner, Duane Morris & Selvam LLP

Ms Jasmine KwokDirector (Membership and Partnership)People’s Association

Mr Kwa Chong GuanHead, External ProgrammesRSIS, Nanyang Technological UniversityAdjunct Associate Professor (Honourary)Department of History National University of Singapore

Ms Margaret ChewPartner, Allen & Gledhill LLP

Ms Monica AlsagoffSenior Vice President, Weber Shandwick

Mr Peter OngManaging Director, Rested Edge Advisory

Prof Prasenjit DuaraDirector, Asia Research Institute National University of Singapore

NATIONAL HERITAGE BOARD

1 August 2011 – 31 July 2013

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ORGAN ISATIONAL CHART

CEOMr Michael Koh (till 28 Feb 2013)

Mrs Rosa Daniel (appointed 1 Mar 2013)

Deputy CEOHeritage Development

Vacant

Asian Civilisations Museum Director

Dr Alan David Chong

National Museum of Singapore Director

Ms Lee Chor Lin

Singapore Art Museum Director

Mr Tan Boon Hui

Preservation of Monuments Board

DirectorMs Jean Wee

Community Engagement Heritage Services Corporate ServicesMuseum/Heritage

Excellence

Education & Outreach Director

Ms Thangamma Karthigesu

Festivals & Precinct Development Director

Ms Angelita Teo

Heritage Institutions Director

Mr Alvin Tan

Language Councils Secretariat Director

Ms Jennifer Yin

LCS joined NHB on 1 Nov 2012

NAS transferred to the National Library Board on 1 Nov 2012

Business Development Director

Ms Jessie Oh

Development DirectorMs Jane Binks

Heritage Conservation Centre DirectorMs Loh Heng Noi

Human Resource & Organisation Development

DirectorMs Rajaswari

Marketing & Corporate Communications Director

Ms Cheryl Koh

Strategic Planning & Policy DirectorMs Joanne Guo

Corporate Planning Deputy DirectorMr Kennie Ting

(from 1 Nov 2012)

Estate Management & Administration

Deputy DirectorMr Daniel Teo

(till 26 Sep 2012)Ms Julie Tan

(from 1 Mar 2013)

Information Technology Deputy DirectorMr David Foong (till 30 Sep 2012)

Mr Terence Chew (from 1 Oct 2012)

Legal UnitGeneral Counsel

Mr Eric Chin (till 20 Jul 2012) Legal CounselMs Louisa Tan (led the unit

from 1 Nov 2012)

Finance & Procurement Financial ControllerMs Chua Boon Cher

(till 27 Feb 2013)

Deputy DirectorMs Ong Chiew Yen (from 1 Jan 2013)

National Archives of Singapore Director

Mr Eric Tan (till 20 Jul 2012)

Mr Eric Chin (from 21 Jul 2012)

Deputy CEOCorporate Development

Vacant

HeadInternal Audit

Mr Koh Aik Kuan (from 30 Jul 2012)

SINGAPORE PHILATELIC MUSEUM BOARD

Mr Loh Lik PengChairmanManaging DirectorUnlisted Collection Hotels and Restaurants

Prof Cheah Jin SengEmeritus ConsultantDepartment of MedicineNational University Hospital (S) Pte Ltd

Dr Chua Eu TiongHead, Department of Radiation OncologyNational Cancer CentreSingapore General Hospital

Mrs Jean SngDirector, Pre-school Management DivisionPAP Community Foundation

Ms Lee Chor LinChief Executive Officer Singapore Arts Festival Limited

Mr Ong Tong SanDirector (Competition & Market Access Division)Infocomm Development Authority of Singapore

Mr Woo Keng LeongExecutive Vice President/ Head of Postal ServicesSingapore Post Limited

We sincerely thank Mr Daniel Teo, Ms Aileen Chia and Dr Kenson Kwok for their valuable contributions.

PRINCIPAL BANKER

DBS Bank LtdMaybank

CHARITY & IPC STATUS

National Heritage BoardUEN No: S95CC1067K

Charity Registration Date: 28 January 1995

Establishment Date: 1 August 1993

National Heritage FundUEN No: T03CC1717K

Charity & IPC Establishment Date: 1 August 2003

Effective Period: 1 August 2011 to 31 July 2014

Preservation of Monuments FundUEN No: T03CC1669C

Charity & IPC Establishment Date: 21 March 2003

Effective Period: 1 January 2013 to 31 December 2015

SINGAPORE ART MUSEUM ADVISORY BOARD

Ms Jane IttogiChairman PartnerShook Lin & Bok LLP

Ms Audrey WongProgramme LeaderMA Arts & Cultural ManagementSchool of Integrated StudiesLASALLE College of the Arts

Dr George QuekChairman, BreadTalk Group Limited

Mr Kenneth ChoeExecutive DirectorGoldman Sachs (Singapore)

Mr Ronny C T TanChief Country Officer and General ManagerDeutsche Bank AG (Singapore Branch)

Mr Suhaimi SukiyarChairmanAPAD Youth Development & ProgrammesAngkatah Pelukis Aneka Daya (Association of Artist of Various Resources)

Dr Susie LinghamDirectorSingapore Art Museum

Mr Wee Teng WenManaging PartnerThe Lo & Behold Group Pte Ltd

Dr Winston Ang Wee KernPartner, BlueDot Consultancy Group

CORPORATE I NFORMATION

BOARD MEMBERS(continued)

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LEGAL

NHB’s in-house legal counsel unit provided advice on all legal matters such as the drafting/vetting of contracts that support the work of the NHB ranging from the procurement of goods and services to the acquisition or loan of artworks and artefacts (whether in legally binding contracts or non-legally binding MOUs), interpretation of legislation, advising on regulatory issues relating to the preservation of national monuments, and advising on issues pertaining to intellectual property and copyrights.

INTERNAL AUDIT

The Internal Audit function is managed in-house and is an independent function that reports directly to the Audit Committee and administratively to the Chief Executive Officer. The Internal Audit department reviews operations and support functions of NHB to provide assurance to the Board that internal controls are adequate and effective in all key financial and operational systems and processes. It furnishes Management with audit observations, analysis, appraisals and recommendations on areas for improvement and monitors the follow-up actions.

FINANCIAL MANAGEMENT AND CONTROL

NHB has adopted an overall control framework that ensures that assets are safeguarded, proper accounting records are maintained and financial information is reliable. The framework includes:

• An organisation structure with clearly defined authority and delegation limits approved by the Board for procurement and other financial matters;

• Annual budgeting and quarterly financial reporting to senior management levels and to the Board to control and regularly monitor the use of funds;

• Compliance with the provisions of the National Heritage Board Act (Chapter 196A), Singapore Financial Reporting Standards for Statutory Boards, Code of Governance for Charities and Institutions of a Public Character, and Government Instruction Manuals for policies and procedures relating to financial controls.

MANAGEMENT OF THE NATIONAL COLLECTION

NHB has an overall framework for managing the National Collection covering the acquisition, day-to-day management and de-accessioning of objects (where necessary), to ensure that records are kept and that the collection is properly accounted for. The framework includes: • Clearly defined authority and delegation limits approved by the

Board for the acquisition of and de-accessioning of objects (where necessary) from the National Collection. Based on the National Heritage Board Act (Chapter 196A), the Minister for Culture, Community and Youth’s approval is required for the de-accessioning of objects from the National Collection.

• Quarterly reports to the Board on the utilisation of the acquisition

budget and successful acquisitions to the Collection. The framework complies with the provisions of the National Heritage Board Act (Chapter 196A) and the Government Instruction Manuals on the policies and procedures relating to financial controls and the management of assets.

CONFLICT OF INTEREST POLICY

The National Heritage Board has implemented a conflict of interest policy that covers both Board members as well as staff. The documented procedures require Board members and staff to make a declaration of actual or potential conflict of interest situations at the start of their term of office and at the start of their employment respectively. Board members and staff are thereafter required to make such declarations on an annual basis.

Under the policy, a Conflict of Interest Committee has also been established. This committee will investigate all conflict of interest situations that are declared or otherwise uncovered to maintain the integrity of decisions made and actions taken at the National Heritage Board.

CORPORATE GOVERNANCE

BOARD MATTERS

The NHB Board comprises 16 board members drawn from the public and private sectors. With diverse expertise including legal, banking, architectural, academic and community, the members provide valuable insights to the Board.

The Board meets regularly, at least once every quarter, to advise on the strategic policies of NHB, approve the annual budget, and review the performance of NHB based on quarterly and full-year results. Management engages the Board to discuss and seek advice on significant issues. Board members are provided with sufficient information prior to the Board meeting. Minutes of Board meetings are recorded, and Board members are kept informed and updated on all major developments.

The current Board will serve from 1 August 2011 to 31 July 2013.

BOARD COMMITTEES

1 APPOINTMENTS & RENUMERATION COMMITTEEMrs. Lee Suet Fern (Chair)Mr. R. Jayachandran (Member)Mr. Tan Cheng Gay (Member)Mr. Michael Koh (Member – ex officio till 28 Feb 2013)Mrs. Rosa Daniel (Member – ex officio from 1 Mar 2013)

2 AUDIT COMMITTEEMr. Paul Ma (Chair)Ms. Chang Hwee Nee (Member)Mr. Jose Isidro N. (Lito) Camacho (Member)Mr. Tham Tuck Cheong (Member)

3 FUNDRAISING COMMITTEEMr. Jose Isidro N. (Lito) Camacho (Chair)Mr. Loh Lik Peng (Member)Mr. Michael Koh (Member – ex officio till 28 Feb 2013)Mrs. Rosa Daniel (Member – ex officio from 1 Mar 2013)

4 NATIONAL HERITAGE FUND (NHF) MANAGEMENT COMMITTEEMs. Chang Hwee Nee (Chair)Dr. Chua Ai Lin (Member)Mr. Richard Eu (Member)Mdm. Zuraidah Binte Abdullah (Member)

5 PRESERVATION OF MONUMENTS FUND (PMF) MANAGEMENT COMMITTEEMr. Tham Tuck Cheong (Chair) Appointed 1 July 2009Mr. Mok Wei Wei (Deputy Chair) Appointed 1 Dec 1999Mr. Ler Seng Ann (Member) Appointed 1 Jan 2009Mr. Siew Man Kok (Member) Appointed 1 Dec 2007Mr. Vincent Hoong (Member) Appointed 1 Dec 2005Mr. Andrew Yeo (Member) Appointed 1 Dec 2009Mr. Tan Puay Hiang (Member) Appointed 1 July 2009Mr. Shankar N Ramasamy (Member) Appointed 1 July 2009Mr. Chew Keat Chuan (Member) Appointed 1 Feb 2010Assoc. Professor Lee Guan Kin (Member) Appointed 1 Aug 2011Mr. Muhamad Imamuddien Abdul Karim (Member) Appointed 1 Aug 2011Mr. Rene Tan (Member) Appointed 1 Aug 2011

2120

1) Launch of the documentary Old Romances by Royston Tan, Eva Tang and Victric Tang. 2) Designed to be a fun piece of jewellery, the Inspire-Ring by IEX Hatch is available in 10 Juicy colour combinations. 3) Ms Ruchi Mittal receiving the NHB scholarship from then-Minister for Information, Communications and the Arts, Dr Yaacob Ibrahim. 4) The Google Art Project. 5) Launch of the exhibition Queen of Estates by My Community.

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Image courtesy of OBJECTIFS Films Collection

Image courtesy of Ideas Empire Pte Ltd

Image courtesy of My Community

NATIONAL MONUMENTS FUND

Two National Monuments – St. Joseph’s Church and Abdul Gafoor Mosque – received funding for required restoration works under the National Monuments Fund (NMF). The NMF, introduced in 2008, is a co-funding scheme assisting owners of non-profit and non-commercial National Monuments in their preservation efforts. Since 2008, 11 National Monuments have benefited from the fund.

HERITAGE INDUSTRY INCENTIVE PROGRAMME

Since its inception in 2008, NHB’s Heritage Industry Incentive Programme (HI 2P) has spurred the growth of innovative heritage products and events, seeded new museum and heritage ventures, as well as aided in the development of private and community partners within the heritage ecosystem. These efforts have enabled Singaporeans to tap into a wealth of heritage experiences and products.

In its five years, HI 2P has helped seed a total of 124 heritage projects ranging from publications to films, exhibitions, merchandise, mobile applications, games, and many more. March 2013 marked the end of HI 2P which will be replaced by a new Heritage Grant Scheme for grounds-up heritage initiatives by the community.

HI 2P has achieved:• 9 Start-Up Companies• 45 Heritage Ventures• 32 Grounds-Up Initiatives• 8 New Heritage Galleries• 16 Projects in Exporting Cultural Capital

NHB SCHOLARSHIP

The NHB – Creative Industries Scholarship supports promising talents in Singapore to pursue full-time undergraduate or postgraduate studies in the fields of heritage and cultural studies or museum administration. Last year, Ms Ruchi Mittal was awarded the NHB scholarship, allowing her to pursue her undergraduate studies in the field of History of Art with Museum Studies at the University of Leeds, UK.

HERITAGE CONSERVATION CENTRE

2012 was yet another significant year for the Heritage Conservation Centre (HCC).

The HCC spearheaded NHB’s first collaboration with the Google Art Project, the world’s first online art collection which offers a compilation of high-resolution images of artworks in collaboration with museums worldwide, together with virtual tours of these museums. Together with the NHB museums, HCC selected 150 pieces of Singaporean and Southeast Asian art from 41 artists in our National Collection for the showcase.

The HCC continues to maintain its cutting edge lead in conservation. Four conservators were successfully accredited by the Institute of Conservation under their Professional Accreditation of Conservator-Restorers. This accreditation serves as verification of their conservation knowledge and practical skills, affirming their ability to apply their knowledge and skills to practice. This too serves as part of the HCC’s commitment to ensuring the continuing professional development of its conservators. In addition, the HCC organised in-house workshops and lectures by world renowned conservators, which were well attended.

International collaborations saw the HCC contributing to international forums, while staff also attended conservation programmes overseas, giving them the opportunity to meet their international counterparts while raising their professional standards in their respective fields of work.

In addition, the HCC embarked on an intensive year-long internal 100 percent collection grading exercise with the museums and institutions to refine the collection classification system, supporting NHB’s strategic thrust to develop a more sustainable and cost-effective National Collection management framework.

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10 Years Award

· David Alan Henkel, ACM

· Chin Kah Foe, EMS

· Lee Kah Fang Carine, F&P

· Teo Sui Hong Angelita, Festivals & Precinct Development

· Ang Boon Kok, HCC

· Ng Ching Huei, NMS

· Tan Boon Hui, SAM

· Rozanita Binte Amir, Strategic Planning & Policy

15 Years Award

· Aw Siew Gim Regine, ACM

· Ng Yew Peng, F&P

· Chung May Khuen, NMS

· Mohamad Nazry Bin Yusof, NMS

· Tan Chay Kiang Adeline, NMS

20 Years Award

· Ishak Bin Ahamad, HCC

· Ismail Bin Sarkawi, NMS

25 Years Award

· Karthigesu Thangamma, Education & Outreach Division

NHB LONG SERVICE AWARD

5 Years Award

· Barbara Lisa Fras, ACM

· Denisonde Lumboy Simbol, ACM

· Kan Shuyi, ACM

· Lau May Ying Agnes, ACM

· Ratnawati Erlimus, ACM

· Tan Mae-Yen Crystal, ACM

· Tan Mei Ling Julie, ACM

· Teo Hock Seng John, CEO’s Office

· Jane Rebecca Binks, Development

· Teo Chin Chai Tom, EMS

· Mary Lim, F&P

· Ong Chiew Yen, F&P

· Song Kheng Huat Edmon, F&P

· Chen Chuance, HCC

· Lu Kok Chong Derek, HCC

· Polly Tan, HCC

· Tan Pei Qi, HCC

· Wong Chang Chen Darren, HCC

· Chua Puay Kiang, Human Resource and Academy (HRA)

· Lim Kok Wee, HRA

· Iryani Binte Mohamed Sahid, Language Councils Secretariat

· Xu Hanni Lynn, Marketing & Corporate Communications

· Muhammad Rizal Bin Anwardeen, Malay Heritage Centre

· Nur Ain Binte Mohd Noor, National Museum of Singapore (NMS)

· Shaherah Bte Arshad, NMS

· Wong Kim Tak Sean, NMS

· Yogamalar Thiagarajan, NMS

· Zhang Wenjie, NMS

· Kwok Wing Fai Chronos, Preservation of Monuments Board

· Ho Tze Ling Michelle, Singapore Art Museum (SAM)

· Sam I-Shan, SAM

· Tan Chee Sean, SAM

· Toh Hui Shan Joyce, SAM

· Yam Churn Chong Derrick, SAM

· Huang Gui Chuan Terence, Sun Yat Sen Nanyang Memorial Hall

STAFF AWARDS

NATIONAL DAY AWARDS

Commendation Medal

· Mr Khoo Lor Nam

Senior Estate Manager, Estate Management and Security (EMS)

Efficiency Medal

· Mr Ho Thiam Tee Jason

Assistant Manager (Audio), National Archives of Singapore

Long Service Medal

· Ms Loh Heng Noi

Director, Heritage Conservation Centre (HCC)

(continued)

The most visited exhibition and the best selling publication: Terracotta Warriors: The First Emperor and His Legacy.

THE PROF KOH AWARD

Most Visited Exhibition

· Terracotta Warriors: The First Emperor and His Legacy, Asian Civilisation Museum (ACM)

Best Selling Publication

· Terracotta Warriors: The First Emperor and His Legacy (ACM)

Best Fund Raising Project

· Dreams & Reality: Masterpieces of Painting, Drawing and Photography from the Musée d’Orsay, Paris (National Museum of Singapore)

Best Project Team

· Project Title: Streamlining Procurement Policies and Processes

Team Members: Low Kheng Kwee Jackie, Ho Lei Ming Desirene, Fras Barbara, Liu Sin Kwong Robin, Chung May Khuen, Tan Yon Cen Sam

Enric2h Awards

· Mr Jerald Png

Senior Officer (Exhibitions Management), (ACM)

· Mr Edmon Song

Manager (Procurement), Finance & Procurement (F&P)

· Ms Philomena Reddy

Senior Admin Officer, F&P

2524

1) President Dr Tony Tan (second from right), is joined by his wife as well as Mr Lawrence Wong, Acting Minister for Culture, Community and Youth, and the organisers of Heritage Gala 2013. 2) Guests at Heritage Gala 2013. 3) The Devotion and Desire exhibition at ACM. 4) Mr Lawrence Wong, Acting Minister for Culture, Community and Youth, with recipients of the Patron of Heritage 2012 Awards.

5 & 6) Patrons attending the Patron of Heritage Awards 2012 at ACM.

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G IVI NG

HERITAGE GALA 2013

The third Heritage Gala, titled Legacies, reflected on memories of the past, while looking at stories that can be shared with future generations. Over S$1,200,000 was raised at the event on 15 March 2013, which helped raise much needed awareness and funds for Singapore’s national museums as well as outreach activities.

PATRON OF HERITAGE AWARDS 2012

42 heritage and cultural philanthropists, comprising 30 organisations and 12 individuals, were recognised for their contributions to heritage totalling S$8.6 million in 2012, at a ceremony held on 29 May 2013 at the ACM.

For the first time, NHB opened an exhibition in conjunction with the Patron of Heritage Awards ceremony. The Devotion and Desire: Cross-Cultural Art in Asia: New Acquisitions of the Asian Civilisations Museum exhibition highlights the importance of cultural philanthropy in helping to bring about museum excellence – almost a third of the objects on display were either donated directly or acquired with funds donated to the ACM.

OUR PATRONS

PATRON OF HERITAGE (Nominees who have cumulatively contributed S$1 million to S$1,999,999 between 1 Jan and 31 Dec 2012)

· Armorcoat Technologies Pte Ltd

· JCDecaux Out of Home Advertising Pte Ltd

PARTNER OF HERITAGE(Nominees who have cumulatively contributed S$150,000 to S$999,999 between 1 Jan and 31 Dec 2012)

· Adani Global Pte Ltd

· Aspial – Lee Hwa Jewellery Pte Ltd

· Cheah Jin Seng (Professor)

· Credit Suisse AG

· DBS Bank Ltd

· Hexogon Solution

· Kechapi Pte Ltd

· Kwan Im Thong Hood Cho Temple

· Reliance Asset Management (Singapore) Pte Ltd

· Reshma Merchant (Dr) and Aziz Merchant (Mr)

· Singapore Management University

· Singapore Post Limited

· Teo Eng Seng (Mr)

FRIEND OF HERITAGE (Nominees who have cumulatively contributed S$50,000 to S$149,999 between 1 Jan and 31 Dec 2012)

· AsiaMalls Management Pte Ltd

· BinjaiTree

· Chan Sek Keong (Mr & Mrs)

· Chinese Women’s Association

· David Zuellig (Mr)

· Deutsche Bank AG

· Electronics & Engineering Pte Ltd

· Family of the late Ng Teng Fong (Mr)

· Hotel InterContinental

· Joseph Grimberg (Mr)

· Jurong Point, Starmall Property Management Pte Ltd

· Lee Foundation

· LG Electronics Pte Ltd

· Mb nano-Tensilogies Pte Ltd

· MCST Plan No. 2137 comprising of Keppel REIT, CapitaMall Trust and BCH Hotel Investment Pte Ltd

· Mrs Lee Choon Guan Trust Fund

· Nestlé Singapore (Pte) Ltd

· Pontiac Land Group

· Robert Wowor (Father) in memory of Family Tan Tjien Sian, Manado

· Singapore Airlines Cargo Pte Ltd

· Singapore Press Holdings Limited

· Sun Yu Li (Mr)

· The Shaw Foundation Pte

· Velocity@Novena Square

· Vinod Nair (Mr)

· Winson Tan Tiang Hup (Mr)

· William Lim (Mr)

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VOLUNTEERS

Over the years, NHB’s volunteers and docents have grown in numbers and include NGOs like Friends of the Museum (FOM) and the Museum Volunteers Group (MV), as well as other volunteers who are equally passionate about Singapore’s history and heritage.

In 2012, 135 English-speaking docents graduated from the FOM Docent Training Programme. With a larger cohort of docents, FOM is able to support special exhibitions of international and regional repute.1

Since 2008, the FOM-NHB Heritage Grant has enabled nine NHB officers to travel to museums abroad to learn new skills and approaches. Upon their return, they share new knowledge gained with their colleagues, thus multiplying the effects of the grant.

The MVs group, mostly made up of Singaporean adults led almost 1,650 tours for more than 11,600 visitors. A new subcommittee was established to focus on continuing education to help members guide more effectively, interact with fellow docents, and to widen their knowledge on museum related subjects. In addition to this, the group launched a monthly MV e-news in April 2012 to keep members abreast of MV activities.

NHB is also actively recruiting and training more volunteers for our community engagement efforts such as training resident guides on specific national heritage trails, collaborating with schools to adopt Heritage Trails, and training dedicated individuals to be guides at our community galleries and Monumental Walking Tours amongst other initiatives.

NHB’s volunteers and docents at various events.

1 FOM took part in guiding for special exhibitions of international and regional repute, such as Patterns of Trade and Treasures of the Aga Khan Museum at the Asian Civilisations Museum, Emily of Emerald Hill at the Peranakan Museum, The Wedding Dress: 200 Years of Wedding Fashion from the Victoria and Albert Museum, in London, Gold Rush: Treasures of Ukraine and In the Mood for Cheongsam: Modernity and Singapore Women, at the National Museum of Singapore.

OUR DONORS

CASH DONORS(S$10,000 and above)· 222 Queen Street Pte Ltd

· Adani Global Pte Ltd

· Amara Hotel Properties Pte Ltd

· Anil Thadani (Mr)

· AR Capital Pte Ltd

· Armorcoat Technologies Pte Ltd

· Asia Resource Corporation Pte Ltd

· Aspial-Lee Hwa Jewellery Pte Ltd

· Audemars Piguet (S) Pte Ltd

· Bank of Singapore Limited

· BCH Hotel Investment Pte Ltd

· BinjaiTree

· BreadTalk Group Ltd

· C. K. Tang Limited

· Chinese Women’s Association

· Choo Chiau Beng (Mr)

· City Developments Limited

· Como House Pte Ltd

· Credit Suisse AG

· Dankhim Investment Pte Ltd

· David Zuellig (Mr)

· Deutsche Bank

· DrGL Pte Ltd

· EnGro Corporation Limited

· Estate of Khoo Teck Puat

· Eu Yan Sang International Ltd

· Family of the late Ng Teng Fong (Mr)

· Fereed Mangalji (Mr)

· FJ Benjamin Holdings Ltd

· Friends of Museums

· Gary Sng (Mr)

· Gerald Pillai (Mr)

· Goh Geok Khim (Mr)

· Hi-P International Ltd

· Hong Leong Foundation

· Hooy Kok Wai (Mr)

· Hooy Say Kai (Mr)

· Hotel Properties Limited

· Indochine Waterfront Pte Ltd

· Intercontinental Hotel

· Iqbal Jumabhoy (Mr)

· Ittogi Jane (Ms)

· Jose Isidro Navat (Mr)

· Joseph Grimberg (Mr)

· JPMorgan Chase Foundation

· Julia Pasifull Oh (Ms)

· Kmc Holdings Pte Ltd

· Kris Taenar Wiluan (Mr)

· Kwan Im Thong Hood Cho Temple

· Lee Foundation

· Lee Siow Kiang Georgia (Ms)

· Lee Suet Fern (Mrs)

· Lee Theng Kiat (Mr)

· Leong Wah Kheong (Mr)

· Lim Swee Say (Mr)

· Lim Wei Wen (Mr)

· Loo Choon Yong (Dr)

· Manoj Pillai Sandrasegara (Mr)

· Mayfield Investment Holdings Pte Ltd

· Mb nano-Tensilogies Pte Ltd

· Michael & Shelly Dee (Mr & Mrs)

· Mrs Lee Choon Guan Trust Fund

· Nair Holdings Pte Ltd

· Ng Kim Chuan (Mr)

· NTan Corporate Advisory Pte Ltd

· Oei Yin Alice (Ms)

· Ong Yew Huat (Mr)

· Poh Tiong Choon Logistics Limited

· Precious Treasure Pte Ltd

· R Jayachandran (Mr)

· Reliance Asset Management (Singapore) Pte Ltd

· Reshma Merchant (Dr) & Aziz Merchant (Mr)

· SC Global Developments Ltd

· Sembcorp Marine Ltd

· Singapore Post Limited

· Singapore Totalisator Board

· Tan Kim Lwi Agnes (Mdm)

· Tan Tiang Lee (Dr)

· Tang Wee Sung (Mr)

· Tham Tuck Cheong (Mr)

· The Shaw Foundation Pte

· Tridex Pte Ltd

· Vacheron Constantin

· W Architects Pte Ltd

· William Bollinger (Mr)

· Wing Tai Foundation

· Wong Ai Ai (Mrs)

ARTEFACT DONORS(S$50,000 and above)· Chan Sek Keong (Mr & Mrs)

· Cheah Jin Seng (Professor)

· Chua Soo Bin (Mr)

· DBS Bank Ltd

· Ho Chee Lick (Dr)

· Kechapi Pte Ltd

· Lim Chek Khoon (Mr)

· Lim Poh Chuan (Mr)

· Lim Shiang Yee (Mr)

· Lim Su Kok (Mrs)

· MCST Plan No. 2137 comprising of Keppel REIT, CapitaMall Trust and BCH Hotel Investment Pte Ltd

· Phua Way Choon (Mr)

· Teo Eng Seng (Mr)

· Wang Loke Meng (Mr)

· Winson Tan Tiang Hup (Mr)

LENDERS (S$50,000 and above)· Aga Khan Trust for Culture

· Archaeological Survey of India

· Aliya Khan (Ms) & Farouk Khan (Mr)

· Apeejay Surrendra Group

· Chin San Sooi (Mr)

· Christopher Harvey Hall (Mr)

· Christopher James Frape (Mr)

· Dick Lee (Mr)

· Disaphol Chansiri (Dr)

· Edmond Chin (Mr)

· Franklin Chow (Mr)

· Gunong Sayang Association

· Ikkan Sanada (Mr)

· Jakkai Siributr (Mr)

· Jeremy Caddy (Mr)

· John Seow (Mr)

· Lee Peng Eng Peter (Mr)

· Leeum, Samsung Museum of Art, Seoul

· Lim Su Min (Dr)

· Lye Wai Choong (Dr) & Daniel James Lea (Mr)

· Margaret Chan (Dr)

· Mike Tay (Mr)

· Mimi Brown (Ms)

· National Archives of Singapore

· National Library Board Singapore

· National Museum, New Delhi

· Oei Lay Chin June (Ms)

· Peggy Scott (Ms) & David Teplitzky (Mr)

· Peter Wee (Mr)

· Richard Wee (Mr)

· Robert McLeod (Mr)

· Robert Yeo (Mr)

· Roger Louis Mariette (Dr & Mrs)

· Stella Kon (Ms)

· Sydney Tan (Dr)

· Tatsumi Sato (Mr)

· Teo Jin Wan Patrick (Mr)

· The Rose Trust

· The Stage Club

· Theatreworks (S) Ltd

· Victoria Chan-Palay (Dr)

· Vikram Chand (Mr)

· W!ld Rice Production

· William Gwee (Mr)

· Woon Wee Teng (Mr)

· Yuan Shao Liang (Mr)

IN-KIND SPONSORSHIP (S$10,000 and above)· Aspial-Lee Hwa Jewellery

· Nestlé Singapore (Pte) Ltd

· Panasonic Systems Asia Pacific

· Rendezvous Grand Hotel Singapore

· Singapore Airlines Cargo Pte Ltd

· SONY

· TIME Pte Ltd

· Tung Lok Restaurants

G IVI NG(continued)

28 29

Heywood RisaHoffer KarineHumblot CarineImbert ElodieIntan DissyJaglin ElodieJames AngharadJohnson ZsuzsannaKalbag ParulKawamata MakikoKennedy Audhild

LindheimKhoo Sylvia Kim Sun WooKim Young AKinn He EvaLee ChristineLee Fook Meng PhilipLee RitaLees TracyLeluan SabineLenz MalinLim BarbaraLim Chey Cheng Loh Mei Yoke Low PatriciaMacmullin JuneMah BarbaraMajima MiyakoMezeret BenedicteMontgomery JaniceMoore Mei MeiMostachfi GeraldineNabarro ArianeNayir ElyNgoh Tee Bok William Ong ConstanceOng PaulinePaccosi MonicaPalmer JaneParekh ShonaPark Jeong SookParry AngelaPhuah PaulinePoh Lip Hang Rees JulieRegal Ann MarieSamuel Seenu ElizabethSchalk VidyaSim TerenceSmith RosalindSpencer DeniseSugimura MiyakoTakegami KazukoTan Shook Fong Tan Siok Cheng Tay-Phuah Florence

Kuo Ann Thomas PremojTommy Martin Charlotte

Van Den Akker MathildeVan Der Sluis MirjamWait CassieWee BettyWee Rosie Wah Keow White Hilary AnnWilliams JodyWoon Sook Yin Jillian Yamamoto KeikoYang LynYap Bee Koon Yeo Sock Hwa Yoon Lai Cheng

Peranakan Museum DocentsAlexander ShellyAnand-Sobti Kay MareeAppleyard SianAziz-Scott GhazalaBoey BelindaBonardel-Petit LaureBronner KellyBrueren-Veres MarlyBurgess SueCasanova NicolaCheong ElaineCheong SarahChesher GrahamChin Siat Mui Choe PaulineChong Mae Chong SylviaChong Yeuk Toh Claudon MathildeCooper MerryDaetwyler PennyDekker ChrisellaDelcourt Claisse

ChristineDuffy KarenGlattli YaelGueron HeleneHashim Mega SuriaHo Shuk Yee, SeikoHu PatriciaHughes JuneIllouz RevitallJe Mi LaJohnson PhilippaJungkunz Uli Kan SophiaKarthe CarolKhaw JoanKhong Swee LinKhoo Sylvia Khoo YvonneKoh MagdaleneKong Yeong Choy Lai Yu Hung, Allen

Lau Huei Lee Lee Kim Choon Peggy Lee Kim Lian Rosie Lee MirandaLiew Moon Lee Caroline Lim Chey Cheng Lorne AudeLyon KrystinaMah BarbaraMarrinan AlisonMcintyre PamelaMontgomery JaniceMorey KarenNg Beng Hua AngelaNursella TamarOh JaniceOng Christine, Kiat NeoOng ConstanceOng GwenOwens Kathleen LauraPang SharonPark Joo Young Peh SylviaPoli AliceRoux NadegeSato MakoSchmutzer ArnaudSchultz RejaneSiew Wai Leen Silberstein SabineTan HenryTan Li-LingTan LindaTan NicolaTan RosalindTan Shook Fong Tay Bee Wah Tham MadeleineTomlin MonicaVan Mameren AnnekeVan Valkenburg KayeVeeraghanta MangalamVon Schwerdtner TrudiWee BettyWind MaudWoodmansee RosanneWoon JanisYamamoto KeikoYeo Lee Cheng Zarzuela AaminahZink Betsy

Singapore Art Museum DocentsAnco HelenBatra Kavita MBerrick SandraBoey Wuai MunBroekhuizen LilianBrown Fiona

Burret VirginieChan ShanenChandrasekharan SumiChaturvedi JasmineChong Jee HyungChoy Sai KengDaly MartineDaymond DianaDias AlessandraDohadwala DurriyahFranchetti PaolaGibson LeeGovil NeetiGueron HeleneHawdon NicolaHellspong MaureenHorsburg KateHusseini Dalia AlIntrater PamKhoo PaulKleijn EvelienKok AnnekeKong Yen LinKraemer-Dreyer MarenKremers HelmieLalwani GarimaLee GeorginaLee GeriLee Seng TeckLee Twe Jeog GeorginaLim Bee LingLim ElsaLiu FanMah BarbaraMarton JenniseMcdowell WendyMol MarieMoochhala TassyNanda AbhaNelson VishaNixon TinaOng JoreisOzceilk Tezel CeydaPang MoniParacciani LoredanaPark Sun HeeParmar AnjaliPelcener Yves-PascalPetropoulos MarianneRajkumar MaryRiza UchuRosenkranz EllenSarapa-Stefanovic MilenaShah RituSilberstein SabineSisiak ZuzanaSng MayTahir Siti Mardhiah BinteTan Shook Fong Vanderson Daniela

Watt WinnieYang AudreyYoong Lai HeongYu MichelleZwetsloot Claartje

Sun Yat Sen Nanyang Memorial Hall DocentsDe Bakker JennyChan MinaCheng Lim CheyChin Siat MuiChong Mae Cooper MerryDe Spiegeleire NathalieDee RushDuan Huei-HsienGhivarello EleonoraHoffer KarineHui MayKennedy Audhild

LindheimKhoo Sylvia Koelnsperger AngkanaLai Yu Hung, AllenLee RitaLim BarbaraLim Cheang Yee AngelaLim Chey ChengLyon KrystinaMerchant JaniceMui Chin SiatOng ConstanceParry AngelaPeh SylviaPerng AnneRush DealvaSim Sock YanShiau MichelleTan Aik LingTan Peng TowTan Shook Fong Tong CatalinaVarma AmritaWee BettyWee Rosie Wah Keow Yan Sim SockYap Bee Koon Yoon Lai Cheng

MUSEUM VOLUNTEERS

Ahmed SabinaAng SuzannaAnn Mui LingBay DeliaBiondi LynnBudge RosCahyadi Gundy

G IVI NG(continued)

FRIENDS OF THE MUSEUM

Japanese DocentsAbe KeikoAizawa NorikoAnai MisaAoki RyokoArima NaomiBessho TakakoChikayasu MotokoDredge JuliahEfanova EkaterinaEnosawa MeikoFunamori Natsumi Fushimi IkumiGoto HisayoHara KeikoHara SumiHayama KakoHirano YurikoIhara MahoIida KanakoInokuchi KeikoInoue ChisaJeoh TakakoKato RimikoKatsuno HikariKawaguchi YokoKawamata MakikoKidokoro ToyomiKobayashi RieKoharazawa AkitsuKozu YukikoKurihara YuumiLim MichiyoLimozin MayumiMajima MiyakoMiyake KeikoOkamoto Yoko Okawa KazukoOsamura JunkoOsawa YoshieSaito MasatoSakamoto SawakoSato ManamiSato SakikoShimizu NorikoSuzuki HisaeTakahashi KimieTakahashi NarumiTakashima MarikoTanaka AkemiTanaka MadokaUmezu MidoriUsui YukoUtagawa UraraYaeda MakikoYamaguchi MachikoYoh HeiYoshida Kaori

Thng JacquelineThomas PremojTien GailTong CatalinaVan Wersch LorraineVarma AmritaVeeraghanta MangalamVig ShashiWee BettyWeeks NimmiWelch PatriciaWilliams SheilaWind MaudWong Choy MayWright JoXatart StephanieYamamoto KeikoYang LynYarmut RonitYoung Kate Young SarahYudistiawan Wahyu

PerdanaZilliacus SusanaZwaans Agnes

National Museum DocentsAhmed ImranArnet Hilde LundevallAymes SylvieBaik Chong EunBaker AndreaBarry JosephineBartholomeusz AnitaBonardel-Petit LaureBoulter GraceBrown FionaCarpenter WendyChan ClaraCheong ElaineChong Mae Chong Yit Peng Clark LouiseCoupin EileenCrewdson HelenCurtis AnnickDallery Marie-CarolineDavies AwatifDuckworth ChristianeDymock MeiForbes-Kelly CarlaFord VictoriaGerrits MarionGhivarello EleonoraGielewski ElizabethGoodwin Houseman

HeleneGovier ChristineHan Jung Sook

Yoshihara Barbaras Miho

Asian Civilisations Museum DocentsAbbott DianeAgabriel HeleneAppleyard SianBailey FeliciaBakker Kingman HeidiBalasubramanian

SubhashiniBaltabayeva AssemBen-Ari BenniBendel SophieBerry LaureBessarab IrinaBhadahuriya TriptiBiondi LynnBoehm AgnèsBoujeva DanielaBouvet ValentineBusatta MarilisaBussu CharlotteCaisley CleaCalla-Simon OdileCasanova NicolaCerjak Cornelia Champendal Ann Charpentier DinaChatterjee ShalineeChaudhry SophiaCheng GraceCheong ElaineChi BridgetChithamoor SripriyaChladek JoannaChng Hak-PengChoe PaulineChoi Hye-KyungChong Mae Choo Rachel Lucy EeaiChristiansen Ingvill SolboChua-Gumpert OilengClark Heather Coupin EileenCourcenet MaureenCrabb DawnDallery Marie-CarolineDe Grandmaison IsabelleDekeuleneer CarolineDevilliers-Thiery AnneDodson LoriDoka Tracey Dramusic VesnaDyer NikkiEdleson Mary JaneEfanova EkaterinaEl Chen (Tan Lam Siong)Evans CarolFenton Julia

Ferrin PurniFogarty MauraForbes-Kelly CarlaFrancois Anne-SophieGonzalez ValentinaGopalaswamy RanjaniGrigioni CatherineGrund AlixGueron HeleneGuibert ValerieGuichard Otway ValerieGuiocheau FrederiqueGupta Roopa Habet NadaHaessler SabineHan JiwonHancock StephanieHansen DagmarHarrold GisellaHaynes KathrynHemmi Verburg BarbaraHenzler CarolHoffer KarineHoosenally SakinaIlly Jo-AnneJaeggi VerenaJanardhan ShashiJawa MadhulikaJayanth VeenaJe Mi LaJeanbart EdwigeJeong Sung Hee

(Veronica)Jepsen LiliyaJolicoeur JoseeJou-Kremb Su-HsiJungkunz Uli Kaul Abha DayalKennedy Audhild

LindheimKennedy TaniaKhandelwal PreetiKhoo HelenKim Ki YeonKnaap DorienKoelnsperger AngkanaKrogmeie Miryame B Kulpati Shivani KanwalKuo MaryLahiri Sanchayita PiuLalwani GarimaLambert NathalieLau CynthiaLeadbetter MaryLechevalier ClaireLienard JordaneLim Cheang Yee AngelaLimpo GeraldineLong WendyLorne Aude

Lum WinnieMah BarbaraMartin-Pinson SarahMehtani SunitaMezeret BenedicteNabarro ArianeNicholson Anita JaneNicollet StéphanieNikmo AriaNorman JennyO’Brien KatjaOdinot NellyOng ConstancePadhye ZareenPatel DivyaPeng Su JinPerng AnnePeterson JanePeze Heidsieck ValeriePfaar SabinePilch MagdalenaPoorswani PritiPun BonnieQuek AnneRaghavendra SindhuRajagopalan PadmajaRajkumar MaryRamillon CarineRampal PiaRaza CarolRinck Christine Rohde MartinaSadler SusanSagnak AsliSaigal TarunSarapa-Stefanovic MilenaSato MakoSchalk VidyaSchmid Osborne EvelyneSchrimpf IsabelSchroeder AnnetteSehgal Lisa PShah SeemaSharma PritikaSheridan VirginiaSheshashayee RadhikaShiau MichelleShrimpton TrisSilberstein SabineSlater ShahnazSng Marian Su YingSundar Mehta ArundhatiTafi DanielaTakahashi KimieTan FlorenceTan LorenaTan Shook Fong Tan Wendy Siong HoonTay Bee Wah Thayil Marina

30 31

Tan Chong PohTan Hui KhengTan Siew HoonTan Tai Suang Maria Tan Wan LinTay Geok EngTham Yim SiongTse Sau Wan Bernny Wang Ying PeggyWong Mui JuanWong Peng HongWong Wing Pamela Yen Chinn LeiiYeo Poong PohYeong Siew ChengYong Florence Yong Foong LanZhang YuHua

National Museum Mandarin DocentsAng Bee LianChai Chu ChunChang Xing Hong InaChen Po Ju DorisCheng Poh FahChhua Bak SiangChia Lai Peng Stella Chia Ong SiongChoo Beng Choo EstherChua Mui Ngoh JudyGian Bee HuaGoh Sin ShooHo Hwee Tin RebeccaKhoo Siew GimKhoo Tham HoonKoh Soo HoonLau Ruo Lin EvelynLee Kai ChoyLee Kok LeongLee Tee HanLi Yang LunaLiew Fui Lian Lim Bee Lay MaryLim Pee NaLim Siew TinLong Chin PengLow Kah MengLoy Siang TengLum Yuit HarMak Ho WaiNg Guat ChoonNg Kok ChwanNg Koon HowNg Siew LakOng Chee TengOng Poh KengOng Tiong EngOoi TeresaPok Cheng San

Rusanna JinggaSay Lee TouSoo Guek Ngoh MargaretTan Lay HwaTan Meng ChyeTay Boon SengTay Lay Har AudreyTeow Chiow HuaTng Geok KhimWang QingWong Mui JuanXie DongmingYang Hong XianYap Hwee SuanYe RongYeo Chor HoonYio Puay ChingZhao Bao Zong (Dr)

Malay Heritage Centre DocentsAbdul Wahab MattarKoelnsperger AngkanaChew DianaChia Bee LianShufaat JaafarTsai JeanLim Ming HanSulaiman MorniNoorjahan KamaruddinChia PamelaHo PriscillaHassin RosniTakako Jeoh

Singapore Art Museum Chinese Research GroupAng NicholasCao Fang FrankChen Bolang PricillaCheng Hsiao Ling Choo Bee LengChow Hai Lee QueenieChuang Poon HweiKoh RaymondLau Mou KhumLee Chor Han JamesLiang Jun QianLim Shi Ting AnnaLim Soh KoongLiu Jade Liu Khee FangLou Soo Eng Laura Rong YiYi StellaSng Soon Huat RalphTay Geok EngTeo Seok HweeWang Guannan AngelineWang Lu Jane

Wang Shang Winnie Wang Ying Peggy Yong Foong LanZhang HongZhang Zhi ZhuoZhao Man Zhu ZidyZhou Fan Alex

Singapore Philatelic Museum VolunteersAhmad SalihinAu Yong Alan Chan Jin XuanChong Jorge Chua Eu Tiong (Dr)Goh Li QiGoh Pei XuanKong Jolene Lim Wen RanMuhammad NaeemNguyen Ha LinhNyang Bing PeiPaul Shireen IsabellaSee Melody Sng Xaverie Song James Tan Janine MarieTan Justine Claire Tan Roger Tan Wen MinTeo Abigail Teu Ivy Wee Jin XiangWong Jun Xiang

Sun Yat Sen Nanyang Memorial Hall Volunteer GuidesChan Sok FenChhua Bak SiangChia Lai Peng StellaChiam Kah HoonChow Kwee KeowChua Judy Chua Kock SengGian Bee HuaGoh Swee GeokHo Hwee Tin Rebecca Ho Kwen KheeHong Lai Sim Anne Koh Soo HoonKwang LilyLau Mou KhumLeong Sow LingLi YangLim Soh KoongLong Chin PengLouise Lim May LangLow Kah MengLow Kian Mong

Mao Kawn HwaMdm Carrol Ng Guat ChoonNg Hui MiangNg Kok ChwanOng Lay LayOng Poh KengRusanna JinggaSeow Siew BeeShiau MichelleTan Boon PiangTan Kelvin Tan Siaw Peng Ivan Tay Geok EngThe Liok TjwanXu LuYang Fong LanYap Guan KweeYen Chinn LeiiYeo Bee LanYeo Chor HoonYong Foong Yee FlorenceYu Haiyan

Preservation of Monuments Board VolunteersChang Daphne Chia Bee LianChua Siew Siew Lydia Falcone Alphonse Harris Katy Hoffer Karine Kho Joan Koh Li HongLee Peggy Li LingLow ZhiqiNabarro Ariane Ng Heok JooParry AngelaRozario Paul Singh Tripti Soon Kah HweeTan Charlene Tan Hui KhengTan Yam Hua GertrudeTay Qinzhi Fabian JudeTsai Jean Wee Betty Wee Soon Ann Raymond Wong Jill Woodmansee Rosanne

G IVI NG(continued)

Chan Ying LockChan MinaChandramuljana CynthiaChang DaphneChang Siok EngChayavirabood Chart

ChaiChen JeanChen MayChen Ruth Chen Shiyan StephanieChen Yuezheng JennyCheng AliceCheng MinCheong AliceCheong StanleyChern Siou EngChew AngelaChew HenriettaChew MarissaChew Shu Feng MabelChia Bee LianChia CarrieChiang KarenChng FionaChng Hak PengChoo AiloonChoo Ban NeeChoong Soon Wah

RolandChow Wai Lee QueenieChow Yuet Foon CynthiaChua Eng Koon LukeChua Li SuanChua Wei LinChuah YuxinChuang TiffanyChui Wai ChengChung Li LiDong En Ling JoyceFong May LanFoo Jia HuiFoo JouminGan Chee HiongGoh Chai HockGoh EricGozum MichelleGuo JeffHo Poh LanHo Soo YingHo Yan YiHodgson CraigHoe Yean NieHoe Yeow Kong RogerHogan MichaelHooi KateHoon SueHoon Wee NingHuang VivianHuang YixiangJalil Jasmani

Yim AnnieYong Foong LanYong YannieZhou Fan AlexZhuang Kuan Song Victor

OTHER VOLUNTEERS

Asian Civilisations Museum and Peranakan Museum Mandarin GuidesAng Bee LianChen Shuai JessieCheng Poh FahChia Lai Peng StellaChiam Kah HoonChiam Tun NgiapChoo A WChow Kwee KeowChow Wai LeeChua Poh LengFong Pick-HueiGam Huey YiGoh Tock WooHeng Puay SiangHo Wei LingHong Lai SimHuang WeiqingHuang Xiao Zhuang

FrancisJia MinshaKhoo Dawn Koh Joo HawLau Mou KhumLee Hee BoyLee Kam HarLee Pei LihLim Bee FurnLim Bee Lay MaryLim Siew WeeLim Soh KoongLim Swee JeeLiong Kit YinLiu Yu Jade Long Chin PengLow Kian MongMak Check HongNg Bee YianNg Chee Chian EddieNg Hui MiangNg Kok ChwanOng Chee TengOng Tiong EngQuek Siow KaiRong Stella Seow Siew BeeShiau Michelle Sim Soon HuatTan Boon Piang

Jayos MonaJeoh TakakoKang ClaudiaKang SoHyun Keerthi Peggy PaoKhanna SanjayKheng SereneKho JoanKhoo Lay Lian EileenKim ChuaKim OuiyoungKoe Pak-Juan Koh LilianKok Weng KeongKow SusannaKumarasamy SandraKwek Yiu Lien LorraineLai Yee LingLau AndreLau DianaLau Mou KhumLee Ai LingLee Chor Han, JamesLee Hwee HoonLee Lan YongLee LizaLee Melanie Lee Seow ChongLee Woon ShiuLeung Xi Yi MyleneLi FionLi Yan Shan Lim Bee LengLim Boon ChunLim DavidLim Jennifer VeronicaLim MarkLim PeterLim SharonLim Shiok Hoon JoyceLim Xinyuan JoanneLim Zhi ShianLin Guorong AneurinLines CeliaLiu AlvinLiu Khee FangLiu Shuying FeliciaLoh Hon Seng Vincent Loh Shu ChingLoh Ying TingLok Li LiLoo Connie Loo Yee WeiLow Boon-ChinLow JeanLow KennethLow Ming HweeLow Nguan KiangLow Su Ching TaraLow ZhiqiLu Wenshi

Ma Swan HooMak Check HongMaung KatherynMock BelindaMok EllenMok Xin LingNair Gayathri PrakashNeo DennisNg EstellaNg LisaNg Thye AnnNg ZachNur Izzati Bte JasniOh Ruizhi JermaineOng Eng HuiOng IreneOng SharonOw Yeong Wai MangPang CeciliaPang Chee YongPark Jung MinPeh KyliePhoon MabelPhua CelestePhuah PaulinePoong LesleyPrakasam ElizabethPwee TimothyQuay Keng WahQuek Fenghong IgnatiusQuek RachelRahmat Redzuan Ramakrishnan Preeti

HothiRashid DeannaRayappan ParnellaReisman DavidSathisan DineshSchubert GeraldineSee JenniferSee SamuelSegar SamanthaShanmugam ShantaShiau MichelleSim AngieSim Chor KoonSim Winny Sinha KavitaSiow Chih WeeSng EstherSng Soon Huat RalphSoh Chong MengSoh SidneySoon Kah HweeSun Qiong Jie LynnSundrakas SrideviTan Ai YeaTan AnneTan AvrilTan Boon PiangTan Charlene

Tan Chee HianTan Chui KhengTan ClarissaTan ElaineTan HelenTan Hui KhengTan JoannaTan Kee HuatTan Mabelyn Tan MelanieTan MelissaTan Puay Lee KerryTan RachelTan RennaTan Sheau YinTan Teck NgeeTan Wan Ying CallieTan Yam Hua GertrudeTan Yew Guan Tang Chong WingTay Geok Eng IvyTay Johanna EstherTaylor JaimeTeh JolynTeo JaelenTng KelvinTok Soon JuTong Soi MuiTsai ChristabelTsai JeanTung Kuang Lien Desireevan der Ven ChristineVaraprasad ChitraVerstraete KatelijnWang AndreWang HanmingWee Hwee BinWee Kenneth Wee Sau LingWee Soon Ann Raymond Wei KaiyingWelch PatriciaWong DadinaWong Hong WengWong JanncyWong JillWong JudyWong LilyWong Quan LingWong StephanieWong Woon WaiWoo SallyYap Jo LinYap May Yeh Tsuei-Hua Tracey Yeo Kai LingYeo LenaYeo Siok EeYeong Yeng Yeng NicoleYeo-Ong Gak Tong JeanYeung Lee

32 33

1) Portrait of Madam Wellington Koo. 2) Pair of aitos ancestor figures. 3) Flower-shaped cup.4) Cabinet.

1 2

3

4

ASIAN CIVILISATIONS MUSEUM AND PERANAKAN MUSEUM

Portrait of Madam Wellington Koo, 1921

Charles Tharp (British)Oil on canvas, 197 x 100 cm

Gift of Lim and Tan Securities Pte Ltd in memory of Johnny and Nancy Lim

This portrait of a Peranakan woman – the wife of a Chinese diplomat, wearing fashionable Western dress, painted by a British painter – embodies the shifting identities of Peranakans in the modern age. Oei Hui-lan (1889–1979) was the daughter of Oei Tiong Ham, an enormously wealthy businessman with large sugar and shipping interests in Java and Singapore.

Madam Koo became one of the first Asian women to occupy a prominent place in Western society. Although active in both Chinese and Western societies, she retained her Peranakan identity. Like many of her generation, she was fluent in Malay, Hokkien, Mandarin, and English.

Pair of aitos ancestor figures

Timor-Leste (East Timor), 19th or early 20th centuryWood, 152 x 15 x 14 cm (male); 140 x 14 x 16 cm (female)

Acquired by ACM

Aitos are wood or stone figures that were positioned in the middle of large platforms called menaka, located in the centre of Timorese villages. Menaka were at the ritual heart of village life and aitos figures represented the physical presence of the ancestors in ritual life.

Flower-shaped cup

China, Liao dynasty, 11th centurySilver, 5 x 9 cm

Acquired by ACM

This wine cup is decorated with finely-incised petals in varied levels of relief. Vessels in the form of flowers were popular in the Tang period (618–907), and the appeal proved enduring. Designs of the Liao period show greater naturalism, and that is reflected in this cup.

Cabinet

India, Mughal, probably Agra, around 1640Rosewood, ebony, ivory, iron, 45 x 66 x 44 cm

Gift of Dr Reshma Merchant and Mr Aziz Merchant, with ACM acquisition funds

The large cabinet with rich ivory inlays shows the prevailing taste during the reign of the Mughal emperor Shah Jahan (reigned 1627–58). Its external surface is rather discreet, yet when the doors are opened, a lush world of floral motifs is revealed.

The cabinet may have been produced at the Mughal court: closely related motifs are found on other examples of courtly art and the inlay work is of the highest quality. Only about ten cabinets of this type, including two examples in the Victoria and Albert Museum, are known.

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(continued)

NATIONAL MUSEUM OF SINGAPORE

Mr and Mrs Chan Sek Keong are long-standing donors of the National Museum. The previous donations of Mr and Mrs Chan include an Art Nouveau vitrine and an exquisite carved Chinese Altar table set consisting of the two traditional tables but which are smaller and daintier in size. This year, they made the three invaluable donations to the National Museum listed below.

French grandfather clock

The original owner of the French grandfather clock was Mr Edwin John Tessensohn who was born in Malacca in 1855 and who came to Singapore in or around 1870. Tessensohn was a prominent member of the Eurasian Community and was active in church and community affairs as a Municipal Commissioner. He died in 1926 and the Tessensohn Road was named after him a year later. A rare French grandfather clock with a subtle gothic style, it is approximately three metres in height and runs on a seven-day cycle.

Pair of Peranakan mirrors

The pair of Peranakan mirrors dates back to the late 19th century and was made by local Chinese craftsmen. The intricate decorations on the mirrors are consistent with the style favoured by the Peranakan Chinese in Singapore. They are ornately carved with popular motifs such as birds, floral and scrolling foliage. The Royal Coat of Arms of the United Kingdom forms a striking centerpiece of the mirror made more so as it is in reverse to the official coat of arms.

Victorian sofa set

The handcrafted Victorian sofa set was originally purchased from an antique shop “Antiquarius”, that used to be under local ownership. The sofa has rounded arms with scrolled arm supports, a curved top rail and is flanked by cabriole legs ending in paw feet. The differing sizes of the “grandfather” and “grandmother” chairs were a feature of the furniture then as the grandmother chairs had to accommodate the wide full skirts of the time. The set was reupholstered; however, the two round cushion armrests that come with the sofa have retained the original horsehair stuffing.

INDIAN HERITAGE CENTRE

A gold thali pendant

Late 19th to early 20th centuryTamil Nadu, South India(L) 17.8 cm

In southern India, for a Hindu wedding, the thali is the principal marriage ornament that is tied around the neck of the bride by the bridegroom. The Tamil Hindu thali pendant bears the image of different deities which is strung into a gold chain or a yellow cotton thread. This is an impressive and intricate wedding ornament; representative of the material heritage of the Tamil, Chettiar community, who are among the earliest Indians to settle in the Singapore-Malaya region. Bearing an auspicious image of Lakshmi seated on a lotus throne against an intricate background, the ornament provides blessings of the goddess to the wearer.

Embroidered textile

Handspun cotton and coloured floss silk threadEarly to mid 20th centuryEast Punjab, India(W) 137 x (L) 220.7 cm

The phulkari or flower-work is traditional embroidery on cotton cloth done by the women in Punjab, India. Gifted to a young bride at the time of her wedding as part of her trousseau, some were designed for everyday wear and others for special occasions. Young Punjabi girls are taught the craft of phulkari embroidery to contribute to the making of their own phulkari. The phulkari is an integral element of Punjabi tradition in India and among the widespread Punjabi diaspora, including Singapore’s Punjabi community. This East Punjab coarse red fabric based figurative phulkari incorporates the traditional colours – golden yellow, blue and pink among others, and is known as the Darshan Dwar Phulkari.

1

2 1) Victorian sofa set. 2) Gold thali pendant. 3) Embroidered textile.

3

3736

1) Second-Hand City. 2) Crystal City. 3) Eat Fast Food Fast.

1

2 3

(continued)

SINGAPORE ART MUSEUM

Second-Hand City, 2010

Michael LeeDigital print on archival paper, 123 x 123 cm (unframed)Edition 8 of 10 + 1 AP, set of 10 pieces

Second-Hand City is comically tragic and yet philosophically insightful in its treatment of urban development issues encountered by cities on the move, literally, figuratively and metaphorically.

Like ten episodes of a serialised graphic novel where the characters are the buildings themselves, imagined architectures become pseudo-alien architectonical types with individualised anthromorphological behaviorial characteristics. A metaphysical commentary on the ‘life-cycles of architectural and urban systems’, the artist dwells upon the fate of humanity in a manneristic style that is ‘playful and cheeky, erudite and thought-provoking’.

Michael Lee (b. 1972, Singapore) is an artist and curator based in Berlin ( June 2012– ) and Singapore. His research revolves around urban memory and fiction, especially regarding the contexts and implications of loss. He has staged solo exhibitions in Hong Kong and Singapore and participated in group exhibitions like the 2nd Asia Triennial Manchester 2011, the 3rd Singapore Biennale 2011, the 8th Shanghai Biennale 2010 and the 4th & 3rd Guangzhou Triennial 2011 & 2008. His accolades include the APBF Signature Art Prize 2011 (People’s Choice Award) conferred by the Singapore Art Museum, and the Young Artist Award (Visual Arts) 2005 conferred by the National Arts Council, Singapore. He received his Master and Bachelor of Communication Studies from the Nanyang Technological University in 2001 and 1997 respectively.

Crystal City, 2009

Donna OngGlass Variable dimensions

In creating a ‘miniature’ installation over a life-sized one, Donna Ong believes that seeing with one’s eyes alone and entering an illusion is enough to transport the viewer into an alternate psychological reality.

The use of glass bottles in Crystal City is twofold: arranged quite deliberately to concoct an image of soaring skyscrapers and an urban skyline, they evoke modern buildings that are often clad in sparkling glass. Yet the material of these delicate bottles also suggests that cities exist and are built on the fragile dreams and the hopes of humanity.

The work brings out the beauty of everyday objects through the hundreds of common glassware pieces that were individually picked by the artist and the assortment of bottles – now transformed into a breathtaking skyline of a glass city – also pays tribute to the power of the imagination.

Donna Ong (b. 1978, Singapore) is known for her immersive installations which transform found objects into dream-like narratives. Her work has been exhibited extensively both in Singapore and internationally, at platforms such as the inaugural Singapore Biennale 2006, Kuandu Biennale, Taipei 2008, Jakarta Biennale 2009, and the 11th International Architecture Exhibition, La Biennale di Venezia 2008.

Eat Fast Food Fast, 2011

Justin LeeVideo Duration: 4 minutes

Taking one of the most recognisable symbols of today’s fast food culture, the McDonald’s big value meal, Justin Lee takes the concept of fast food one step further by blending all the different components of the meal into a homogenised liquid that saves the eater the hassle of going through the individual meal items, pushing the definition of what instant gratification means today.

Lee’s performance extends his already established practice of a unique blend of Pop art that blends traditional Eastern imagery with 21st century consumerism and Western iconography.

Justin Lee (b. 1963, Singapore) received a Diploma in Fine Art from LASALLE College of the Arts in 1999. He held his first solo exhibition in 2003 and since then, he has actively participated in numerous group exhibitions in Singapore. These included a group exhibition at the Arts Seasons Gallery, Singapore, and Utterly Art, Singapore in 2004. In the same year, he also participated in the Venice Biennale, 9th International Architecture Exhibition, Italy.

38 39

1) Minister for Education Mr Heng Swee Keat, browsing a leather-bound copy of The Papers of Lee Kuan Yew.

1

Various NHB publications for the previous year.

PUBLICATIONS

The Papers of Lee Kuan Yew: Speeches, Interviews and Dialogues

Produced by NAS and Cengage Learning Asia, the publication is a comprehensive and definitive resource of Mr Lee’s speeches, interviews and dialogues, covering the period of 1990 to 2011 when Mr Lee was Senior Minister and Minister Mentor. These latest ten volumes were launched by Mr Heng Swee Keat, Minister of Education, on 27 March 2013. The earlier ten volumes launched in 2011, spanned forty decades from 1950 to 1990, covering Mr Lee’s earliest speech delivered in January 1950 at the Malayan Forum in London, and the years he dedicated as the Prime Minister of Singapore.

2nd issue of On Conservation

The 2nd issue of On Conservation contains a selection of work carried out by the HCC team between 2011 and 2012. This issue contains seven articles, highlighting significant projects and conservation treatments undertaken by our staff from the Conservation and Collections Departments. To enable greater access to this publication, a web version is available on the NHB website.

The Fearless Twins and The Magical Kaleido – A Narrow Escape

To engage our younger audiences, the PMB published its very first children’s book about a time-travelling adventure around our National Monuments. Targeted at children between the ages of five and nine, the book can be used as a teaching tool for primary school teachers to teach the English language using Singapore-based sources.

Tomorrow, Today: Contemporary Art from the Singapore Art Museum (2009 – 2011)

A must-read guide to SAM’s contemporary art collection, the publication features works brought into the collection from 2009 to 2011, following SAM’s transformation into a contemporary art museum. These include over 300 fully illustrated artworks, such as significant and iconic pieces from emerging artists and senior art practitioners from the Southeast Asian region, as well as China, India and Japan. This guide is an accessible resource for all artists, curators, critics, writers and art lovers interested in the region and Asia’s contemporary art scene.

Singapore Contemporary Artists Series: Lee Wen: Lucid Dreams in the Reverie of the Real

A richly illustrated publication that charts the wide oeuvre of one of Singapore’s most internationally recognised artists, Lee Wen. Many of his works are featured in the publication alongside early works, as well as documentations of overseas performances alongside rarely-seen installations. The Lee Wen: Lucid Dreams in the Reverie of the Real exhibition at SAM (20 April – 10 June 2012) was one of the museum’s solo surveys on pioneering artists.

Visual Culture

Visual Culture is an exhibition-in-print project by SAM which acknowledges and addresses the rise of predominantly visual forms of media, communication and information exchange in recent years. The inaugural issue of Visual Culture explores the theme of portraiture in photography, providing viewers possible ways of looking at the medium in order to think more intently about photography and its place within contemporary art.

Enlightened Ways: The Many Streams of Buddhist Art in Thailand

Published in conjunction with the exhibition organised by ACM, the volume explores how Buddhist art in Thailand adapted aspects of other religions and local traditions. Buddhist art in Thailand draws on both Hindu and Buddhist origins, and incorporates animistic traditions as well. Sculptures, paintings, ceramics, textiles, and furniture show the wide range and diverse influences of this artistic tradition.

Buddhist Storytelling in Thailand and Laos: The Vessantara Jataka Scroll at the Asian Civilisations Museum

This richly illustrated volume offers an innovative study of the long painted scrolls of Northeast Thailand and Laos that depict Prince Vessantara’s story, perhaps the most popular of the Jatakas – the previous lives of the Buddha. The 31-metre-long scroll in the ACM illustrates this popular narrative in exceptional detail. In this publication, the authors analyse Thai-Laos scrolls in the context in which they are used, and consider the complex interplay of text, art, ritual and belief.

In our opinion,

a. the accompanying financial statements of the National Heritage Board (the “Board” ) and its subsidiaries (the “Group”) set out on pages 44 to 91 are drawn up so as to present fairly, in all material respects, the state of affairs of the Group and of the Board as at 31 March 2013 and the results and changes in capital and reserves of the Group and the Board and cash flows of the Group for the financial year then ended in accordance with the provisions of the National Heritage Board Act (Chapter 196A), Singapore Charities Act (Chapter 37) and Statutory Board Financial Reporting Standards (“SB-FRS”); and

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

The Members of the Board have on the date of this statement, authorised these financial statements for issue.

On behalf of the Board

Ong Yew Huat Chairman

Rosa Daniel Chief Executive Officer

17 July 2013

Statement By Board memBerSFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

FI nanCIaL StatementS

41

Report on the Financial Statements

We have audited the accompanying financial statements of National Heritage Board (the “Board”) and its subsidiaries (the “Group”) set out on pages 44 to 91, which comprise the statements of financial position of the Group and the Board as at 31 March 2013, the statements of comprehensive income and statements of changes in capital and reserves of the Group and the Board and the consolidated statement of cash flows of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the National Heritage Board Act (Chapter 196A) (the “Act”), Singapore Charities Act (Chapter 37) and Singapore Statutory Board Financial Reporting Standards (“SB-FRS”), and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement of comprehensive income and statement of changes in capital and reserves of the Board are properly drawn up in accordance with the provisions of the Act, Singapore Charities Act and SB-FRS so as to present fairly, in all material respects, the state of affairs of the Group and the Board as at 31 March 2013, and the results and the changes in capital and reserves of the Group and the Board and cash flows of the Group for the financial year ended on that date.

Report on Other Legal and Regulatory Requirements

Management’s Responsibility for Compliance with Legal and Regulatory Requirements

Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and disposal of assets, are in accordance with the provisions of the Act. This responsibility includes implementing accounting and internal controls as management determines are necessary to enable compliance with the provisions of the Act.

Auditor’s responsibility

Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. We conducted our audit in accordance with Singapore Standards on Auditing. We planned and performed the compliance audit to obtain reasonable assurance about whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets, are in accordance with the provisions of the Act.

Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure, investment of moneys and the acquisition and disposal of assets; and assessing the risks of material misstatement of the financial statements from non-compliance, if any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Because of the inherent limitations in any accounting and internal control system, non-compliances may nevertheless occur and not be detected.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on management’s compliance.

Opinion

In our opinion:

a. the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Board during the year are, in all material respects, in accordance with the provisions of the Act;

b. proper accounting and other records have been kept, including records of all assets of the Board and of those subsidiaries incorporated in Singapore of which we are the auditors whether purchased, donated or otherwise; and

during the course of our audit, nothing has come to our attention that caused us to believe that during the year:

a. the use of the donation moneys was not in accordance with the objectives of the National Heritage Fund and Preservation of Monuments Fund as required under Regulation 16 of the Charities (Institutions of a Public Character) Regulations; and

b. the National Heritage Fund and Preservation of Monuments Fund have not complied with the requirements of Regulation 15 (fund-raising expenses) of the Charities (Institutions of a Public Character) Regulations.

PricewaterhouseCoopers LLP Public Accountants and Certified Public Accountants

Singapore 17 July 2013

42 43

Independent audItor’S reportTO THE MEMBERS OF THE BOARd OF NATIONAl HERITAGE BOARd

General fund Restricted funds Total

2013 2012 2013 2012 2013 2012 Group Note $ $ $ $ $ $

Income Archival services 474,199 928,822 – – 474,199 928,922 Contributions and cash donations 2,433,748 1,875,046 989,700 3,754,414 3,423,448 5,629,460 donations-in-kind and purchase of property, plant and equipment/heritage materials using cash donations 2,624,520 3,230,167 – – 2,624,520 3,230,167 Admission fees 1,669,185 2,092,842 34,251 12,006 1,703,436 2,104,848 Sponsorship 407,587 348,788 – – 407,587 348,788 Rental income 3,209,628 3,059,464 935 – 3,210,563 3,059,464 Interest income 609,497 626,381 – – 609,497 626,381 Workshops/Seminars 296,899 485,808 6,543 358 303,442 486,166 Consultancy/Project management 30,400 301,510 – – 30,400 301,510 Commission/Royalties/Consignment 412,136 327,781 4,053 6,466 416,189 334,247 Sales at Singapore Philatelic Museum 64,411 50,527 – – 64,411 50,527 Fair value gain – financial assets at fair value through profit or loss 1,087,007 – – – 1,087,007 – Carpark collection 184,614 221,958 – – 184,614 221,958 Others 720,186 611,914 15,246 8,060 735,432 619,974 14,224,017 14,161,008 1,050,728 3,781,304 15,274,745 17,942,312 Operating expenditure Employee compensation 4 (39,657,833) (42,158,071) (3,015,739) (2,610,925) (42,673,572) (44,768,996) depreciation of property, plant and equipment 14 (23,894,859) (30,755,201) (174,915) (166,843) (24,069,774) (30,922,044) Rental on operating leases (13,179,334) (12,983,644) (124,894) (50,714) (13,304,228) (13,034,358) Utilities (7,518,390) (8,096,754) (249,751) (209,323) (7,768,141) (8,306,077) Exhibition expenses (8,095,568) (12,936,583) (1,163,628) (3,788,433) (9,259,196) (16,725,016) Repairs and maintenance (5,847,576) (8,710,193) (337,558) (441,640) (6,185,134) (9,151,833) Other services and fees (10,773,040) (13,967,782) (1,940,447) (1,140,710) (12,713,487) (15,108,492) Goods and services tax expenses (3,337,123) (3,637,486) (240,029) (320,822) (3,577,152) (3,958,308) Supplies and materials (1,330,808) (2,008,611) (194,501) (163,418) (1,525,309) (2,172,029) Outreach, publicity and public relations (8,956,375) (11,213,856) (406,646) (1,221,023) (9,363,021) (12,434,879) Security systems and services (2,638,176) (2,553,823) (237,300) (232,733) (2,875,476) (2,786,556) Staff welfare and development (1,248,027) (1,353,034) (160,481) (76,192) (1,408,508) (1,429,226) Transport, postage and communications (929,477) (1,480,044) (113,547) (84,742) (1,043,024) (1,564,786) loss on disposal of property, plant and equipment – (388) – (4,878) – (5,266) Property, plant and equipment written off (39,094) (75,965) – (12,000) (39,094) (87,965) Board members’ allowances 5 (245,707) (256,458) – – (245,707) (256,458) Amortisation of prepaid leases 13 (37,828) (64,853) – – (37,828) (64,853) Foreign exchange (loss)/gain (11,461) 43,553 – – (11,461) 43,553Total operating expenditure (127,740,676) (152,209,193) (8,359,436) (10,524,396) (136,100,112) (162,733,589)Deficit before grants (113,516,659) (138,048,185) (7,308,708) (6,743,092) (120,825,367) (144,791,277) Grants deferred capital grants amortised 19 20,743,226 27,772,388 174,915 166,843 20,918,141 27,939,231 Grants received from Government 17 99,089,040 112,074,845 7,133,793 6,576,249 106,222,833 118,651,094 119,832,266 139,847,233 7,308,708 6,743,092 127,140,974 146,590,325 Surplus before income tax 6,315,607 1,799,048 – – 6,315,607 1,799,048 Income tax expense 6 – – – – – –Net surplus 6,315,607 1,799,048 – – 6,315,607 1,799,048 Other comprehensive income Acquisition/transfer of heritage materials 15 & 21 73,410,790 212,002 – – 73,410,790 212,002Total comprehensive income/(loss) 79,726,397 2,011,050 – – 79,726,397 2,011,050

Net surplus/(deficit) before donations-in-kind, heritage materials/property, plant and equipment acquired using cash donations 7 3,876,174 (1,254,141) – – 3,876,174 (1,254,141)

General fund Restricted funds Total

2013 2012 2013 2012 2013 2012 Board Note $ $ $ $ $ $

Income Archival services 474,199 928,822 – – 474,199 928,822 Contributions and cash donations 2,433,748 1,853,196 989,700 3,754,414 3,423,448 5,607,610 donations-in-kind and purchase of property, plant and equipment/heritage materials using cash donations 2,624,520 3,186,667 – – 2,624,520 3,186,667 Admission fees 1,600,681 2,037,751 34,251 12,006 1,634,932 2,049,757 Rental income 3,212,838 3,059,464 935 – 3,213,773 3,059,464 Interest income 559,426 562,045 – – 559,426 562,045 Workshops/Seminars 212,525 368,283 6,543 358 219,068 368,641 Consultancy/Project management – 20,000 – – – 20,000 Commission/Royalties/Consignment 339,034 284,880 4,053 6,466 343,087 291,346 Fair value gain – financial assets at fair value through profit or loss 1,019,069 – – – 1,019,069 – Carpark collection 184,614 221,958 – – 184,614 221,958 Others 685,151 883,554 15,246 8,060 700,397 891,614 13,345,805 13,406,620 1,050,728 3,781,304 14,396,533 17,187,924 Operating expenditure Employee compensation 4 (32,647,809) (35,873,987) (3,015,739) (2,610,925) (35,663,548) (38,484,912) depreciation of property, plant and equipment 14 (23,698,967) (30,629,638) (174,915) (166,843) (23,873,882) (30,796,481) Rental on operating leases (12,304,504) (12,211,786) (124,894) (50,714) (12,429,398) (12,262,500) Utilities (7,439,876) (8,018,352) (249,751) (209,323) (7,689,627) (8,227,675) Exhibition expenses (7,641,982) (12,578,361) (1,163,628) (3,788,433) (8,805,610) (16,366,794) Repairs and maintenance (5,679,610) (8,489,140) (337,558) (441,640) (6,017,168) (8,930,780) Other services and fees (10,137,066) (13,348,565) (1,940,447) (1,140,710) (12,077,513) (14,489,275) Goods and services tax expenses (3,337,123) (3,637,486) (240,029) (320,822) (3,577,152) (3,958,308) Supplies and materials (946,143) (1,802,038) (194,501) (163,418) (1,140,644) (1,965,456) Outreach, publicity and public relations (8,822,461) (11,082,599) (406,646) (1,221,023) (9,229,107) (12,303,622) Security systems and services (2,644,547) (2,528,938) (237,300) (232,733) (2,881,847) (2,761,671) Staff welfare and development (1,099,115) (1,272,108) (160,481) (76,192) (1,259,596) (1,348,300) Transport, postage and communications (721,394) (1,342,922) (113,547) (84,742) (834,941) (1,427,664) loss on disposal of property, plant and equipment – (388) – (4,878) – (5,266) Property, plant and equipment written off (39,094) (75,965) – (12,000) (39,094) (87,965) Board members’ allowances 5 (245,707) (256,458) – – (245,707) (256,458) Amortisation of prepaid leases 13 (37,828) (64,853) – – (37,828) (64,853) Foreign exchange (loss)/gain (11,461) 43,553 – – (11,461) 43,553Total operating expenditure (117,454,687) (143,170,031) (8,359,436) (10,524,396) (125,814,123) (153,694,427)Deficit before grants (104,108,882) (129,763,411) (7,308,708) (6,743,092) (111,417,590) (136,506,503) Grants deferred capital grants amortised 19 20,547,332 27,646,819 174,915 166,843 20,722,247 27,813,662 Grants received from Government 17 90,184,065 103,953,759 7,133,793 6,576,249 97,317,858 110,530,008 110,731,397 131,600,578 7,308,708 6,743,092 118,040,105 138,343,670 Surplus before income tax 6,622,515 1,837,167 – – 6,622,515 1,837,167 Income tax expense 6 – – – – – –Net surplus 6,622,515 1,837,167 – – 6,622,515 1,837,167 Other comprehensive income Acquisition/transfer of heritage materials 15 & 21 73,410,790 212,002 – – 73,410,790 212,002Total comprehensive income 80,033,305 2,049,169 – – 80,033,305 2,049,169

Net surplus/(deficit) before donations-in-kind, heritage materials/property, plant and equipment acquired using cash donations 7 4,183,082 (1,172,522) – – 4,183,082 (1,172,522)

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

44 45

ConSoLIdated Statement oF ComprehenSIve InComeFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

Statement oF ComprehenSIve InComeFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

Group Board 2013 2012 2013 2012 Note $ $ $ $

ASSETS Current assets Cash and cash equivalents 8 94,598,079 101,085,328 85,967,994 93,112,594 Financial assets at fair value through profit or loss 9 31,455,648 – 29,489,670 – derivative financial instruments 10 281,313 – 263,731 – Other receivables, deposits and prepayments 11 27,511,086 26,139,358 27,196,517 26,075,867 Inventories 126,525 103,076 – – 153,972,651 127,327,762 142,917,912 119,188,461Non-current assets Subsidiaries 12 – – 2 2 Prepaid leases 13 – 1,426,643 – 1,426,643 Property, plant and equipment 14 80,227,027 102,114,901 79,971,037 101,708,428 Heritage materials 15 389,635,864 312,379,182 388,427,738 311,171,056 469,862,891 415,920,726 468,398,777 414,306,129Total assets 623,835,542 543,248,488 611,316,689 533,494,590

LIABILITIES Current liabilities Other payables 16 21,987,970 27,543,794 21,082,811 26,188,299 Grants received in advance 17 71,535,810 53,797,324 67,863,127 53,797,324 deferred donations 18 18,004,312 12,131,276 18,001,912 12,128,876 111,528,092 93,472,394 106,947,850 92,114,499Non-current liabilities deferred capital grants 19 67,529,813 90,274,268 67,273,806 89,867,777Total liabilities 179,057,905 183,746,662 174,221,656 181,982,276Net assets 444,777,637 359,501,826 437,095,033 351,512,314

Capital and reserves Capital account 20 87,685,532 82,136,118 87,685,532 82,136,118 Heritage capital reserve 21 166,523,426 93,112,636 163,253,153 89,842,363 Accumulated surplus – General fund – others 23,015,518 19,139,344 18,813,967 14,630,885 – General fund – donated heritage materials and property, plant and equipment 167,553,161 165,113,728 167,342,381 164,902,948 – Restricted funds 22 – – – –Total capital and reserves 444,777,637 359,501,826 437,095,033 351,512,314

Net assets of trust funds 23 28,335 40,270 4,024,887 4,289,935

Accumulated surplus

General fund – donated heritage materials and Heritage capital General fund – property, plant Capital account reserve others and equipment Total Group Note $ $ $ $ $

2013 Beginning of financial year 82,136,118 93,112,636 19,139,344 165,113,728 359,501,826 Total comprehensive income/(loss) – 73,410,790 3,876,174 2,439,433 79,726,397 Issuance of share capital 20 6,875,034 – – – 6,875,034Transfer of National Archives of Singapore to National library Board 20 (1,325,620) – – – (1,325,620)End of financial year 87,685,532 166,523,426 23,015,518 167,553,161 444,777,637

2012 Beginning of financial year 62,191,459 92,900,634 20,393,485 162,060,539 337,546,117 Total comprehensive income – 212,002 (1,254,141) 3,053,189 2,011,050 Issuance of share capital 20 19,944,659 – – – 19,944,659End of financial year 82,136,118 93,112,636 19,139,344 165,113,728 359,501,826

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

46 47

StatementS oF FInanCIaL poSItIonAS AT 31 MARCH 2013

ConSoLIdated Statement oF ChangeS In CapItaL and reServeSFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

2013 2012 Note $ $

Cash flows from operating activities deficit before grants (120,825,367) (144,791,277) Adjustments for: – Fair value gain on financial assets at fair value through profit or loss (1,087,007) – – depreciation of property, plant and equipment 14 24,069,774 30,922,044 – Amortisation of prepaid leases 13 37,828 64,853 – Contributions and cash donations 18 (4,097,727) (5,629,460) – donations-in-kind and purchase of property, plant and equipment/ heritage materials using cash donations (2,624,520) (3,230,167) – Interest income (580,803) (626,381) – loss on disposal of property, plant and equipment – 5,266 – Property, plant and equipment written off 39,094 87,965 (105,068,728) (123,197,157) Change in working capital – Inventories (23,449) 2,031 – Other receivables, deposits and prepayments (1,220,304) 12,823,703 – Other payables (5,555,824) (62,053)Net cash used in operating activities (111,868,305) (110,433,476)

Cash flows from investing activities Acquisition of heritage materials (3,770,237) (24,164,698) Acquisition of property, plant and equipment 14 (6,240,322) (13,395,903) Interest received 429,379 647,419 disposal of property, plant and equipment – 15,235 disposal of available for sale investment – 50,000 Placement of funds with fund managers (30,649,954) –Net cash used in investing activities (40,231,134) (36,847,947)

Cash flows from financing activities Issuance of share capital 20 6,875,034 19,944,659 Government grants received 127,804,687 127,014,112 donations received 10,943,016 5,946,083 donations refunded (10,547) –Net cash from financing activities 145,612,190 152,904,854

Net (decrease)/increase in cash and cash equivalents (6,487,249) 5,623,431 Cash and cash equivalents at 1 April 101,085,328 95,461,897

Cash and cash equivalents at 31 March 8 94,598,079 101,085,328

Accumulated surplus

General fund – donated heritage materials and Heritage capital General fund – property, plant Capital account reserve others and equipment Total Board Note $ $ $ $ $

2013 Beginning of financial year 82,136,118 89,842,363 14,630,885 164,902,948 351,512,314 Total comprehensive income – 73,410,790 4,183,082 2,439,433 80,033,305 Issuance of share capital 20 6,875,034 – – – 6,875,034Transfer of National Archives of Singapore to National library Board 20 (1,325,620) – – – (1,325,620)End of financial year 87,685,532 163,253,153 18,813,967 167,342,381 437,095,033

2012 Beginning of financial year 62,191,459 89,630,361 15,803,407 161,893,259 329,518,486 Total comprehensive income – 212,002 (1,172,522) 3,009,689 2,049,169 Issuance of share capital 20 19,944,659 – – – 19,944,659End of financial year 82,136,118 89,842,363 14,630,885 164,902,948 351,512,314

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

48 49

Statement oF ChangeS In CapItaL and reServeSFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

ConSoLIdated Statement oF CaSh FLowSFOR THE FINANCIAl YEAR ENdEd 31 MARCH 2013

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

1. General information

National Heritage Board (the “Board”) was established on 1 August 1993 under the National Heritage Board Act (Chapter 196A). Its registered office is at 61 Stamford Road, #03-08, Stamford Court, Singapore 178892 and its principal place of business is in Singapore.

The Board is subjected to the control of its supervisory ministry, Ministry of Culture, Community and Youth (MCCY), and is required to follow the policies and instructions issued from time to time by MCCY and other government ministries and departments such as the Ministry of Finance (MOF).

The principal activities of the Board are:

a. to explore and present the heritage and nationhood of the people of Singapore in the context of their ancestral cultures, their links with South-East Asia, Asia and the World through the collection, preservation and display of objects and records;

b. to promote public awareness, appreciation and understanding of the arts, culture and heritage, both by means of the Board’s collections and by such other means as it considers appropriate;

c. to promote the establishment and development of organisations concerned with the national heritage of Singapore;

d. to provide a permanent repository of records of national or historical significance and to facilitate access thereto;

e. to conduct records management programmes for the Government;

f. to record, preserve and disseminate the history of Singapore through oral history methodology or other means; and

g. to advise the Government in respect of matters relating to the national heritage of Singapore.

The consolidated financial statements relate to the Board and its subsidiaries (together referred to as the “Group”). The principal activities of the subsidiaries are as stated in Note 12.

The Board has been tasked to drive and support the development of community heritage institutions (HI). There are currently two such HIs, namely the Malay Heritage Centre (MHC) and the Sun Yat Sen Nanyang Memorial Hall (SYSNMH). The MHC was established and managed by the Malay Heritage Foundation (MHF) and the SYSNMH by the Sun Yat Sen Nanyang Memorial Hall Co. ltd. (SYSNMH Co. ltd.), MHF and SYSNMH Co. ltd. being separate companies with their own board of directors. It has been announced that a third HI will be established – the Indian Heritage Centre (IHC). A separate company with its own board of directors will also be formed in respect of the IHC.

NHB signed Memorandums of Understanding (MOUs) (including one with the Steering Committee for the IHC) in 2009, formal management agreements with MHF and SYSNMH Co. ltd in November 2012 and is expected to sign a similar management agreement with IHC once an IHC community board is established. The terms of the MOUs and the terms of the formal agreements contemplate that the assets and liabilities acquired through use of the funds procured from MCCY and Tote Board (to be used by the Board to drive and support the development of HIs) will belong to the Board and not the separate companies.

1. General information (continued)

The Board is required by MCCY to assist in managing the funding requirements of the Singapore Tyler Print Institute (STPI) and has been receiving operating and capital grants from MCCY to fund the activities of the STPI. As requested by MCCY, the Board will lease the principal places of business from the Singapore land Authority through tenancy agreements. Renovation works funded by MCCY are recorded in the Board’s accounting records and the premises are leased out to STPI through sub-lease agreements.

The Singapore Philatelic Museum (SPM) is a trust which was separately registered as a charity (Registration No: 199502248C) on 25 January 1996. The use of the monies in SPM is restricted to purposes specified in the trust deed and requires the approval of the trustees of SPM.

The Board was an Institute of Public Character (IPC) under Section 37(2)(c) of the Charities Act since its formation in 1993, under which it can grant tax deductions to its donors. The Ministry of Finance felt that there should be a distinction between the charitable functions and the administrative functions of statutory boards to allow for greater transparency and public accountability. It was decided that IPC status should be granted to projects or auspices of funds managed by the statutory board itself. The Board has established an omnibus fund to which IPC status was transferred.

during the financial years 2003 and 2004, the Board approved the set up of the National Heritage Fund (NHF), an IPC Fund as well as the governing instruments of the fund. With effect from 1 August 2003, all donations in support of NHB’s charitable objects would be made payable to the NHF in order to enjoy tax deductions. details of such donations are set out in Note 24.

due to the merger of the Board with the Preservation of Monuments Board in 2009, the Preservation of Monuments Fund, an IPC Fund, in turn forms part of the Board. details of such donations are set out in Note 25.

With the re-structuring of Ministries during the current financial year, the Board has legislatively transferred the National Archives of Singapore (“NAS”) to the National library Board (“NlB”) on 1 November 2012.

2. Significant accounting policies

2.1 Basis of preparation

The financial statements have been prepared in accordance with the provisions of the National Heritage Board Act (Chapter 196A) and Singapore Statutory Board Financial Reporting Standards (“SB-FRS”). The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with SB-FRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3.

Interpretations and amendments to published standards effective in 2013

On 1 April 2012, the Group adopted the new or amended SB-FRS and Interpretations to SB-FRS (“INT SB-FRS”) that are mandatory for application from that date. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective SB-FRS and INT SB-FRS.

The adoption of these new or amended SB-FRS and INT SB-FRS did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years.

50 51

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

2. Significant accounting policies (continued)

2.2 Subsidiaries

Consolidation

Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group.

Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Accounting for subsidiaries

Investments in subsidiaries are stated at cost less accumulated impairment losses in the Board’s statement of financial position.

2.3 Currency translation

The financial statements are presented in Singapore dollar, which is the functional currency of the Board.

Transactions in a currency other than Singapore dollar (“foreign currency”) are translated into Singapore dollar using the exchange rates at the dates of the transactions. Currency translation differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in profit or loss.

Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

Foreign currency differences arising on retranslation are recognised in the statement of comprehensive income (surplus or deficit), except for differences arising on available-for-sale investment which are recognised in other comprehensive income.

2.4 Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

i. Admission fees

Admission fees are recognised upon the sale of tickets to visitors at the museums.

ii. Rental income

Rental income is recognised on a straight-line basis over the lease and service period.

iii. Income from rendering of services

Income from rendering of services are recognised when the services have been rendered.

iv. Contributions and other sponsorships

Contributions and other sponsorships (other than those for capital expenditure and heritage materials), are recognised as income when the right to receive the contributions and other sponsorships has been established.

2. Significant accounting policies (continued)

2.4 Revenue recognition (continued)

v. Interest incomeInterest income is recognised using the effective interest method.

vi. Donationsdonations, whether of cash or assets, shall be recognised as income in the period it is received or receivable when the Group has obtained control of the donation or the right to receive the donation, the amount of the donation can be measured reliably and it is probable that the economic benefits comprising the donation will flow to the Group. donated assets are recognised at the valuation determined by a panel of valuers consisting of professional staff at the time of receipt of the assets.

donations with restriction and/or conditions attached shall be recognised as surplus if the restrictions and conditions are under the Group’s purview and it is probable that these restrictions and conditions would be met. Otherwise, these donations are recognised and taken to the “deferred donations” account until the above criteria are fulfilled or when the restrictions and/or conditions are met.

2.5 Grants

Government grants are recognised initially at their fair value where there is reasonable assurance that the grant will be received and all required conditions will be complied with.

Government grants for the purchase of depreciable assets are taken to the deferred capital grant account. The deferred capital grants are recognised in the profit or loss over the periods necessary to match the depreciation of the related assets purchased with the grants. Upon the disposal of the assets, the balance of the related deferred capital grants is recognised in profit or loss to match the net book value of the assets written off.

Government grants utilised for the purchase of heritage materials are taken to the heritage capital reserve as and when the heritage materials are acquired/received.

Government grants in respect of the current year’s operating expenses are recognised in the same year these operating expenses are incurred.

Other government grants are recognised as income over the period necessary to match the intended costs. Such grants which are received but not utilised are included in the grants received in advance account.

2.6 Employee compensation

a. Defined contribution plansThe Company’s contributions to defined contribution plans are recognised as employee compensation expense when the contributions are due.

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

52 53

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

2. Significant accounting policies (continued)

2.7 Operating lease payments

Payments made under operating leases (net of any incentives received from the lessors) are recognised in profit or loss on a straight-line basis over the period of the lease.

2.8 Inventories

Inventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in first-out method. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

2.9 Heritage materials

Heritage materials purchased by the Group are measured at cost less impairment losses, if any. Heritage materials received by the Board as donations are recognised at the valuation determined by the appraisal/acquisition committee of the respective museums at the time of receipt of the materials, less impairment losses, if any.

Subsequent expenditure relating to heritage assets that has been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.

The heritage materials are held in perpetuity with an indefinite economic lifespan and are not depreciated.

Archival materials transferred from the Government are stated at the nominal value of $1 per item irrespective of media.

2.10 Property, plant and equipment

a. Measurement

Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located when the Group has an obligation to remove the asset or restore the site, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

b. Depreciation

depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately.

depreciation is recognised in the profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.

2. Significant accounting policies (continued)

2.10 Property, plant and equipment (continued)

b. Depreciation (continued)

The estimated useful lives are as follows:

Building improvements 3 to 10 years Mechanical and electrical equipment 8 years Audio visual and micrographic equipment 6 to 8 years Furniture, fittings and office equipment 6 to 8 years Computers 3 to 5 years Motor vehicles 8 years

depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. Work-in-progress are not depreciated.

c. Subsequent expenditure

The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred.

d. Disposal

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net in profit or loss.

2.11 Prepaid leases

Prepaid leases are stated at cost less accumulated amortisation and impairment losses. Amortisation on prepaid leases is recognised in profit or loss on a straight-line basis over the lease term of 30 years.

2.12 Impairment of non-financial assets

Property, plant and equipment, heritage materials and investments in subsidiaries are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the cash-generating-units (“CGU”) to which the asset belongs.

If the recoverable amount of the 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 difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss, unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease.

54 55

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

2. Significant accounting policies (continued)

2.12 Impairment of non-financial assets (continued)

An impairment loss for an asset other than goodwill is reversed only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.

A reversal of impairment loss for an asset other than goodwill 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. However, to the extent that an impairment loss on the same revalued asset was previously recognised as an expense, a reversal of that impairment is also recognised in profit or loss.

2.13 Loans and receivables

Bank balances, other receivables and deposits are initially recognised at their fair values plus transaction costs and subsequently carried at amortised cost using the effective interest method, less accumulated impairment losses.

The Company assesses at each balance sheet date whether there is objective evidence that these financial assets are impaired and recognises an allowance for impairment when such evidence exists. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy and default or significant delay in payments are objective evidence that these financial assets are impaired.

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

These assets are presented as current assets except for those that are expected to be realised later than 12 months after the balance sheet date, which are presented as non-current assets.

2.14 Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading, and those designated at fair value through profit or loss at inception. A financial asset is classified as held for trading if it is acquired principally for the purpose of selling in the short term. Financial assets designated as fair value through profit or loss at inception are those that are managed and their performances are evaluated on a fair value basis. Assets in this category are presented as current assets if they are either held for trading or are expected to be realised within 12 months after the balance sheet date.

The Group’s investment in marketable securities managed by professional fund managers are designated at fair value through profit or loss. The investments are managed under a mandate approved by the Board and in accordance with MCCY’s investment guidelines.

Financial assets at fair value through profit or loss are initially recognised at fair value, with the transaction costs incurred recognised immediately as expenses. Changes in fair values including the effects of currency translation, interest and dividends are recognised in profit or loss when the changes arise.

2. Significant accounting policies (continued)

2.15 Derivative financial instruments

The Group is exposed to the risk of foreign exchange fluctuations on debt and equity securities and cash and cash equivalents placed with fund managers. These fund managers hold currency forwards and swaps to hedge the risk.

A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise.

The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining useful life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability.

2.16 Other payables

Other payables represent unpaid liabilities for goods and services provided to the Company prior to the end of financial year. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current liabilities.

Other payables are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest method.

2.17 Provisions

Provisions for asset dismantlement, removal or restoration are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount have been reliably estimated.

The Group recognises the estimated costs of dismantlement, removal or restoration of items of property, plant and equipment arising from the acquisition or use of assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value.

Changes in the estimated timing or amount of the expenditure for asset dismantlement, removal and restoration costs are adjusted against the cost of the related property, plant and equipment, unless the decrease in the liability exceeds the carrying amount of the asset or the asset has reached the end of its useful life. In such cases, the excess of the decrease over the carrying amount of the asset or the changes in the liability is recognised in profit or loss immediately.

2.18 Fair value estimation of financial assets and liabilities

The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.

The fair values of financial instruments traded in active markets (such as exchange traded and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets are the current bid prices; the appropriate quoted market prices for financial liabilities are the current asking prices. The fair values of forward currency exchange contracts are determined using actively quoted forward foreign currency rates.

2.19 Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand and at bank, cash held by fund manager, cash managed by Accountant General department (AGd) and short-term deposits with financial institutions which are subject to an insignificant risk in change in value.

56 57

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

2. Significant accounting policies (continued)

2.20 Capital

Shares are classified as capital and reserves. Incremental costs directly attributable to the issue of shares are recognised as a deduction from capital and reserves, net of tax effects.

2.21 Funds

Assets and liabilities of the general fund and restricted funds are pooled in the statement of financial position.

i. General Fund

Income and expenditure relating to the main activities of the Group and the Board are accounted for in the “General Fund” column of the statement of comprehensive income.

ii. Restricted Funds

Income and expenditure relating to funds received for specific purposes and for which separate disclosure is necessary as these funds are material and there are legal and other restrictions on the ability of the Board to distribute or otherwise apply these funds are accounted for in the “Restricted Funds” column in the statement of comprehensive income and disclosed separately in Note 22 to the financial statements.

2.22 Net assets of trust funds

Trust funds are funds for which the Board acts as a custodian, trustee, manager or agent but does not exercise control over the funds.

The assets and liabilities of these funds held in trust are presented as a line item at the bottom of the statement of financial position with additional disclosures in the notes to the financial statements as prescribed by SB-FRS Guidance Note 3. The income and expenditure items relating to these funds are accounted for directly in these funds. details of the income, expenditure, assets and liabilities of the trust funds are disclosed in Note 23.

3. Critical accounting estimates, assumptions and judgements

Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Valuation of heritage materials

Heritage materials received by the Group as donations are recognised at the valuation determined by the Group’s panel of valuers consisting of professional staff at the time of receipt of the assets. Significant judgement is required in determining the valuation of the donated heritage assets. In making the judgement, the Group makes references to auction prices and transacted prices of similar materials. The amount of recorded heritage assets and income from donations-in-kind would differ if the Group made different judgements resulting in different valuations being determined.

4. Employee compensation

Group Board 2013 2012 2013 2012 $ $ $ $

Wages and salaries 38,551,059 40,812,847 32,303,709 35,201,088 Employer’s contribution to Central Provident Fund 4,037,888 3,952,686 3,275,214 3,280,361 Other benefits 84,625 3,463 84,625 3,463 42,673,572 44,768,996 35,663,548 38,484,912

Key management personnel compensation is as follows:

Group Board 2013 2012 2013 2012 $ $ $ $

Wages and salaries 4,799,674 5,560,378 3,701,044 3,984,224 Employer’s contribution to Central Provident Fund 330,497 338,245 235,631 227,347 5,130,171 5,898,623 3,936,675 4,211,571

Key management personnel of the Group are those persons having the authority and responsibility for planning, directing and controlling the activities of the entity. The Chief Executive Officer and directors are considered key management personnel of the Group.

5. Board members’ allowances

Group and Board Group and Board 2013 2012 Allowance per annum Allowance per annum

Main Board Main Board Sub-boards Sub-boards $ $ $ $

Chairman 22,500 – 22,500 – Non-Public Sector Officers Chairman of Exco/Audit Committee 16,875 – 16,875 – Member of Exco/Audit Committee and Chairman of Sub-boards 11,250 – 11,250 – Members 5,625 2,813 5,625 2,813 Public Sector Officers Member of Exco/audit Committee and Chairman of Sub-boards 11,250 – 11,250 – Members 5,625 2,813 5,625 2,813

The National Heritage Board (referred to as “Main Board) has three (2012: four) sub-boards, namely Asia Civilization Museums Board, National Museum of Singapore Board and Singapore Art Museum Board (referred to as “Sub-boards”) (2012: Asia Civilization Museums Board, National Archives of Singapore Board, National Museum of Singapore Board and Singapore Art Museum Board).

58 59

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

6. Income tax expense

The Board is a tax-exempted institution under the provisions of the Charities Act.

The subsidiaries, The National Art Gallery, Singapore and Singapore Philatelic Museum, are registered charities under the Singapore Charities Act. With effect from Year of Assessment 2008, all registered charities will enjoy automatic income tax exemption and are exempted from filling income tax returns.

7. Net surplus/(deficit) for the year before donations-in-kind, heritage materials/property, plant and equipment acquired using cash donations

Group Board 2013 2012 2013 2012 $ $ $ $

Net surplus for the year 6,315,607 1,799,048 6,622,515 1,837,167 less: donations-in-kind (1,662,814) (1,882,648) (1,662,814) (1,839,148) Heritage materials acquired/property, plant and equipment acquired using cash donations (961,706) (1,347,519) (961,706) (1,347,519) Add: depreciation for property, plant and equipment acquired using cash donations 185,087 176,978 185,087 176,978 3,876,174 (1,254,141) 4,183,082 (1,172,522)

8. Cash and cash equivalents

Group Board 2013 2012 2013 2012 $ $ $ $

Cash and bank balances 7,964,446 3,389,991 3,526,039 1,955,198 Cash held by fund manager 1,350,046 – 1,265,668 – Cash managed by AGd through Centralised liquidity Management 63,176,287 81,157,396 63,176,287 81,157,396 Fixed deposits 22,107,300 16,537,941 18,000,000 10,000,000 94,598,079 101,085,328 85,967,994 93,112,594

Under the Accountant-General Circular No.4/2009 dated 2 November 2009, the Board is required to participate in the Centralised liquidity Management Framework (“ClM”). Under the ClM, all bank accounts maintained with selected banks will be linked up with AGd’s bank accounts such that excess available cash can be automatically aggregated for central management on a daily basis. The Board will continue to own/act as trustees for their funds and operate its bank accounts, including giving instructions for payment and revenue collection. These balances are included in cash and cash equivalents as “Cash managed by AGd through Centralised liquidity Management”.

The weighted average effective interest rate of fixed deposits for the Board and the Group at the reporting date was 1.3% (2012: 1.4%) and 1.3% (2012: 1.2%) per annum respectively. Interest rates reprice upon maturity of the fixed deposits, which are rolled-over at intervals of three, six or twelve months (2012: three, six or twelve months).

9. Financial assets at fair value through profit or loss

Group Board 2013 2012 2013 2012 $ $ $ $

Financial assets at fair value through profit or loss – Quoted equity securities 9,157,739 – 8,585,380 – – Quoted bonds 22,297,909 – 20,904,290 – 31,455,648 – 29,489,670 –

As at 31 March 2013, the financial assets designated as at fair value through profit or loss are managed by an external fund manager in accordance with a documented and approved investment mandate. The carrying amounts of the net assets under fund management are as follow:

Group Board 2013 2012 2013 2012 $ $ $ $

Quoted equity securities (per above) 9,157,739 – 8,585,380 – Quoted bonds (per above) 22,297,909 – 20,904,290 – Cash held by fund manager (Note 8) 1,350,046 – 1,265,668 – Currency forwards 281,313 – 263,731 – 33,087,007 – 31,019,069 –

10. Derivative financial instruments

As at balance sheet date, the fair value and notional amounts of these derivative financial instruments held by the fund managers are as follows:

Group Board

Contract Contract notional Fair value notional Fair value amount Asset Liability amount Asset Liability $ $ $ $ $ $

2013 Currency forwards 10,134,574 281,313 – 9,501,163 263,731 –

2012 Currency forwards – – – – – –

Currency forwards are entered into by the fund manager to hedge transactions denominated in foreign currencies expected to occur within one month from the balance sheet date.

60 61

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

11. Other receivables, deposits and prepayments

Group Board 2013 2012 2013 2012 $ $ $ $

Grant receivable 24,681,690 22,259,463 24,681,690 22,259,463 Interest receivable 200,801 49,376 195,655 41,553 Other receivables 1,867,815 3,019,921 1,791,270 3,162,207 deposits 692,502 702,985 524,260 562,753loans and receivables 27,442,808 26,031,745 27,192,875 26,025,976 Prepayments 68,278 107,613 3,642 49,891Total other receivables, deposits and prepayments 27,511,086 26,139,358 27,196,517 26,075,867

12. Subsidiaries

Board 2013 2012 $ $

Unquoted ordinary shares, at cost 2 2

details of the subsidiaries are as follows:

Country of incorporation/ Percentage of equity held Principal place 2013 2012 Name of company Principal activities of business % %

Singapore Philatelic Museum # º Philatelic Singapore 100 100 The Museum Shop Pte ltd * dormant Singapore 100 100 The National Art Gallery, Singapore # º Arts and culture Singapore 100 100

* Not required to be audited by law in the country of incorporation

# Audited by PricewaterhouseCoopers llP

º limited by guarantee with no share capital

13. Prepaid Leases

Group and Board 2013 2012 $ $

Cost Beginning of financial year 1,945,423 1,945,423 Transfer of NAS to NlB (Note 1) (1,945,423) –End of financial year – 1,945,423

Accumulated amortisation Beginning of financial year 518,780 453,927 Amortisation charge for the year 37,828 64,853 Transfer of NAS to NlB (Note 1) (556,608) –End of financial year – 518,780Carrying amount as at end of financial year – 1,426,643

These relate to lease payments made in advance for the use of the land on which the Ford Factory Building museum resides. during the current financial year, the prepaid leases were transferred to National library Board with the transfer of National Archives of Singapore to National library Board on 1 November 2012.

62 63

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

14. Property, plant and equipment

Mechanical Audio visual Furniture, and and fittings Building electrical micrographic and office Motor Work-in- improvements equipment equipment equipment Computers vehicles progress Total Group $ $ $ $ $ $ $ $

2013 Cost Beginning of financial year 348,192,045 13,683,532 9,926,639 15,504,701 9,774,134 65,900 8,909,983 406,056,934 Additions 24,880 3,081 37,403 316,191 219,975 – 5,638,792 6,240,322 Transfer of NAS to NlB (Note 1) (21,931,067) (4,286,351) (4,414,352) (2,724,101) (759,710) – – (34,115,581) Transfer from work-in-progress 10,677,520 – 5,700 – 2,139,692 – (12,822,912) – disposals/Write-offs (119,810) (132,257) (1,631,594) (174,890) (486,386) – – (2,544,937) 336,843,568 9,268,005 3,923,796 12,921,901 10,887,705 65,900 1,725,863 375,636,738 Accumulated depreciation Beginning of financial year 264,395,982 12,756,869 8,119,212 10,067,876 8,536,194 65,900 – 303,942,033 depreciation charge 20,722,101 192,433 295,446 1,132,502 1,727,292 – – 24,069,774 Transfer of NAS to NlB (Note 1) (19,831,944) (4,043,074) (3,217,524) (2,287,363) (716,348) – – (30,096,253) disposals/Write-offs (93,185) (128,863) (1,624,608) (172,801) (486,386) – – (2,505,843)End of financial year 265,192,954 8,777,365 3,572,526 8,740,214 9,060,752 65,900 – 295,409,711 Net book value End of financial year 71,650,614 490,640 351,270 4,181,687 1,826,953 – 1,725,863 80,227,027

2012 Cost Beginning of financial year 345,170,380 13,268,570 9,112,351 11,653,884 11,504,637 65,900 4,969,362 395,745,084 Additions 508,751 267,930 535,328 236,276 574,620 – 11,272,998 13,395,903 Transfer from work-in-progress 2,695,499 158,422 322,308 3,835,627 320,521 – (7,332,377) – disposals/Write-offs (182,585) (11,390) (43,348) (221,086) (2,625,644) – – (3,084,053)End of financial year 348,192,045 13,683,532 9,926,639 15,504,701 9,774,134 65,900 8,909,983 406,056,934 Accumulated depreciation Beginning of the year 237,290,598 12,177,019 7,604,073 9,028,594 9,829,392 65,900 – 275,995,576 depreciation charge 27,198,529 591,240 557,446 1,242,383 1,332,446 – – 30,922,044 disposals/Write-offs (93,145) (11,390) (42,307) (203,101) (2,625,644) – – (2,975,587)End of financial year 264,395,982 12,756,869 8,119,212 10,067,876 8,536,194 65,900 – 303,942,033 Net book value End of financial year 83,796,063 926,663 1,807,427 5,436,825 1,237,940 – 8,909,983 102,114,901

14. Property, plant and equipment (continued)

Mechanical Audio visual Furniture, and and fittings Building electrical micrographic and office Work-in- improvements equipment equipment equipment Computers progress Total Board $ $ $ $ $ $ $

2013 Cost Beginning of financial year 347,444,174 13,623,199 9,923,687 14,329,031 9,445,485 8,909,983 403,675,559 Additions 24,880 3,081 37,403 316,191 174,566 5,638,792 6,194,913 Transfer from work-in-progress 10,677,520 – 5,700 – 2,139,692 (12,822,912) – Transfer of NAS to NlB (Note 1) (21,931,067) (4,286,351) (4,414,352) (2,724,101) (759,710) – (34,115,581) disposals/Write-offs (119,810) (132,257) (1,631,594) (174,890) (486,386) – (2,544,937)End of financial year 336,095,697 9,207,672 3,920,844 11,746,231 10,513,647 1,725,863 373,209,954 Accumulated depreciation Beginning of financial year 263,765,933 12,696,536 8,118,720 8,892,206 8,493,736 – 301,967,131 depreciation charge 20,632,441 192,434 294,857 1,132,502 1,621,648 – 23,873,882 Transfer of NAS to NlB (Note 1) (19,831,944) (4,043,074) (3,217,524) (2,287,363) (716,348) – (30,096,253) disposals/Write-offs (93,185) (128,863) (1,624,608) (172,801) (486,386) – (2,505,843)End of financial year 264,473,245 8,717,033 3,571,445 7,564,544 8,912,650 – 293,238,917 Net book value End of financial year 71,622,452 490,639 349,399 4,181,687 1,600,997 1,725,863 79,971,037

2012 Cost Beginning of financial year 344,424,060 13,208,237 9,112,351 10,476,065 11,460,644 4,969,362 393,650,719 Additions 507,200 267,930 532,376 236,276 284,014 11,272,998 13,100,794 Transfer from work-in-progress 2,695,499 158,422 322,308 3,835,627 320,521 (7,332,377) – disposals/Write-offs (182,585) (11,390) (43,348) (218,937) (2,619,694) – (3,075,954)End of financial year 347,444,174 13,623,199 9,923,687 14,329,031 9,445,485 8,909,983 403,675,559 Accumulated depreciation Beginning of financial year 236,766,646 12,116,686 7,604,073 7,850,775 9,799,958 – 274,138,138 depreciation charge 27,092,432 591,240 556,954 1,242,383 1,313,472 – 30,796,481 disposals/Write-offs (93,145) (11,390) (42,307) (200,952) (2,619,694) – (2,967,488)End of financial year 263,765,933 12,696,536 8,118,720 8,892,206 8,493,736 – 301,967,131 Net book value End of financial year 83,678,241 926,663 1,804,967 5,436,825 951,749 8,909,983 101,708,428

The amount of property, plant and equipment that has been fully depreciated for the Group and the Board as at 31 March 2013 was $171,816,438 (2012: $186,712,970) and $169,853,598 (2012: $185,387,998) respectively.

64 65

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

15. Heritage materials

Asian National National Art Bank Scheme/ Civilisations Museum of Singapore Archives of National Heritage Government Philatelic Museum Singapore Art Museum Singapore Art Gallery institution Institution Scheme collection Total Group $ $ $ $ $ $ $ $ $

2013 Beginning of financial year 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 1,208,126 312,379,182 Acquisitions – Funded by government grants (Note 21) 14,915 – 506,365 – – – – – 521,280 – Funded by donations 695,174 – 25,009 – – – – – 720,183 – Funded by equity injections from MCCY – – (39,841) 8,148 1,219,243 1,341,224 – – 2,528,774 – donations-in-kind 447,354 94,985 85,600 – 1,034,875 – – – 1,662,814 Transfer of heritage materials from Singapore Tourism Board (see below note) 75,020,166 – – – – – – – 75,020,166 Transfer of heritage materials for NAS to NlB (see below note) – – – (3,196,535) – – – – (3,196,535)End of financial year 166,971,353 35,877,969 163,007,153 – 18,916,866 1,540,145 2,114,252 1,208,126 389,635,864

At 31 March 2013 At cost 51,146,574 8,328,893 41,259,592 – 13,840,491 1,538,845 2,114,252 1,208,126 119,436,773 At valuation 115,824,779 27,549,076 121,747,561 – 5,076,375 1,300 – – 270,199,091 166,971,353 35,877,969 163,007,153 – 18,916,866 1,540,145 2,114,252 1,208,126 389,635,864

2012 Beginning of financial year 76,449,416 34,393,453 157,927,384 3,072,779 11,172,437 37,489 2,114,252 1,164,626 286,331,836 Acquisitions – Funded by government grants (Note 21) 7,158 10,118 13,981 – 70,000 110,745 – – 212,002 – Funded by donations 1,261,230 – 25,530 – – – – – 1,286,760 – Funded by equity injections from MCCY 11,990,531 1,320,833 4,356,566 115,608 4,831,711 50,687 – – 22,665,936 – donations-in-kind 1,085,409 58,580 106,559 – 588,600 – – 43,500 1,882,648End of financial year 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 1,208,126 312,379,182

At 31 March 2012 At cost 50,436,485 8,328,893 40,768,059 2,712,668 12,621,248 197,621 2,114,252 1,164,626 118,343,852 At valuation 40,357,259 27,454,091 121,661,961 475,719 4,041,500 1,300 – 43,500 194,035,330 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 1,208,126 312,379,182

66 67

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

15. Heritage materials (continued)

Asian National National Art Bank Scheme/ Civilisations Museum of Singapore Archives of National Heritage Government Museum Singapore Art Museum Singapore Art Gallery institution Institution Scheme Total Board $ $ $ $ $ $ $ $

2013 Beginning of financial year 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 311,171,056 Acquisitions – Funded by government grants (Note 21) 14,915 – 506,365 – – – – 521,280 – Funded by donations 695,174 – 25,009 – – – – 720,183 – Funded by equity injections from MCCY – – (39,841) 8,148 1,219,243 1,341,224 – 2,528,774 – donations-in-kind 447,354 94,985 85,600 – 1,034,875 – – 1,662,814 Transfer of heritage materials from Singapore Tourism Board (see below note) 75,020,166 – – – – – – 75,020,166 Transfer of heritage materials for NAS to NlB (see below note) – – – (3,196,535) – – – (3,196,535)End of financial year 166,971,353 35,877,969 163,007,153 – 18,916,866 1,540,145 2,114,252 388,427,738 At 31 March 2013 At cost 51,146,574 8,328,893 41,259,592 – 13,840,491 1,538,845 2,114,252 118,228,647 At valuation 115,824,779 27,549,076 121,747,561 – 5,076,375 1,300 – 270,199,091 166,971,353 35,877,969 163,007,153 – 18,916,866 1,540,145 2,114,252 388,427,738

2012 Beginning of financial year 76,449,416 34,393,453 157,927,384 3,072,779 11,172,437 37,489 2,114,252 285,167,210 Acquisitions – Funded by government grants (Note 21) 7,158 10,118 13,981 – 70,000 110,745 – 212,002 – Funded by donations 1,261,230 – 25,530 – – – – 1,286,760 – Funded by equity injections from MCCY 11,990,531 1,320,833 4,356,566 115,608 4,831,711 50,687 – 22,665,936 – donations-in-kind 1,085,409 58,580 106,559 – 588,600 – – 1,839,148End of financial year 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 311,171,056 At 31 March 2012 At cost 50,436,485 8,328,893 40,768,059 2,712,668 12,621,248 197,621 2,114,252 117,179,226 At valuation 40,357,259 27,454,091 121,661,961 475,719 4,041,500 1,300 – 193,991,830 90,793,744 35,782,984 162,430,020 3,188,387 16,662,748 198,921 2,114,252 311,171,056

68 69

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

15. Heritage materials (continued)

Heritage materials of the former National Museum, National Archives and Oral History department of the then Ministry of Information and the Arts were transferred to the Board on its establishment in 1993. The heritage materials comprising artworks and artefacts were valued by the Arts Appraisal Committee, Museum Curators or external valuers on a class basis (eg. coins, ceramics) and amounted to $33,912,599 as at 31 March 2013 and 2012. These are recorded as part of heritage capital reserve.

As at 31 March 2013 and 2012, the Art Bank Scheme and the Government Institution Scheme are schemes to purchase heritage materials comprising artworks for the Government offices and amounted to $467,425 and $1,646,827 respectively. The objectives of these schemes are to improve the ambience of the participating Government offices as well as to improve art appreciation amongst Government staff.

during the current financial year, 53,227 heritage materials of the Tang Shipwreck Treasure were transferred from the Singapore Tourism Board to the Board. The heritage materials were valued by an external valuer on a class basis and was valued at $75,020,166 (USd60,392,985) in June 2012. These are recorded as part of heritage capital reserve.

during the current financial year, $3,196,535 of heritage materials of the National Archives of Singapore purchased using government grants and equity injections were transferred to the National library Board in November 2012 (Note1).

16. Other payables

Group Board 2013 2012 2013 2012 $ $ $ $

Accrual for staff costs 7,566,692 8,303,496 7,445,303 7,747,608 Other payables 14,421,278 19,240,298 13,637,508 18,440,691 21,987,970 27,543,794 21,082,811 26,188,299

Other payables mainly comprise amounts due to vendors for exhibition expenses, purchase of heritage materials and maintenance services.

The contractual undiscounted cash flows of other payables are equivalent to their carrying amount and are expected to occur within one year.

17. Grants received in advance

Capital Grants Operating Grants Total 2013 2012 2013 2012 2013 2012 $ $ $ $ $ $

Group Beginning of financial year 3,047,661 1,835,407 50,749,663 62,012,503 53,797,324 63,847,910 Grants received during the year 3,756,832 3,259,607 124,047,855 123,754,505 127,804,687 127,014,112Transfer to heritage capital reserve (Note 21) (325,620) (73,863) (195,660) (138,139) (521,280) (212,002) Transfer to deferred capital grants (Note 19) (311,729) (1,972,050) (3,010,359) (16,229,552) (3,322,088) (18,201,602) Transfer to income statement – (1,440) (106,222,833) (118,649,654) (106,222,833) (118,651,094)End of financial year 6,167,144 3,047,661 65,368,666 50,749,663 71,535,810 53,797,324

Total grants received since establishment 421,909,924 418,153,092 1,065,395,456 941,347,601 1,487,305,380 1,359,500,693

Board Beginning of financial year 3,047,661 1,835,407 50,749,663 60,572,064 53,797,324 62,407,471 Grants 3,756,832 3,259,607 111,424,787 116,732,468 115,181,619 119,992,075Transfer to heritage capital reserve (Note 21) (325,620) (73,863) (195,660) (138,139) (521,280) (212,002) Transfer to deferred capital grants (Note 19) (311,729) (1,972,050) (2,964,949) (15,888,162) (3,276,678) (17,860,212) Transfer to income statement – (1,440) (97,317,858) (110,528,568) (97,317,858) (110,530,008)End of financial year 6,167,144 3,047,661 61,695,983 50,749,663 67,863,127 53,797,324

Total grants received since establishment 421,909,924 418,153,092 1,028,812,874 917,388,087 1,450,722,798 1,335,541,179

The amount of $6,167,144 (2012: $3,047,661) in capital grants received in advance of the Group and the Board as at 31 March 2013 comprise amounts earmarked for projects-in-progress as well as projects where progress has been slightly delayed.

70 71

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

18. Deferred donations

Group Board 2013 2012 2013 2012 $ $ $ $

Beginning of financial year 12,131,276 13,162,172 12,128,876 13,237,764 donations received 9,981,310 5,263,980 9,981,310 5,215,192Transfer to income statement (4,097,727) (6,251,523) (4,097,727) (6,280,727) Refund to donors (10,547) (43,353) (10,547) (43,353)End of financial year 18,004,312 12,131,276 18,001,912 12,128,876

The deferred donations mainly relate to donations received for specific purposes such as for exhibitions or purchase of certain heritage materials. In accordance with the Charities (Institutions of a Public Character) Regulations 2007 section 11, paragraph 7, any unutilised specific donations is to be refunded to the donor or be used for purposes approved by the Sector Administrator. As such, the recognition of such donations is deferred until the Board and the Group have utilised these donations.

19. Deferred capital grants

Group Board 2013 2012 2013 2012 $ $ $ $

Beginning of financial year 90,274,268 100,011,897 89,867,777 99,821,227 Transfer from Government grants (Note 17) 3,322,088 18,201,602 3,276,678 17,860,212 Amortisation of deferred capital grants – depreciation of property, plant and equipment (20,841,219) (27,841,878) (20,645,325) (27,716,309) – Amortisation of prepaid leases (37,828) (64,853) (37,828) (64,853) – Write-off of property, plant and equipment (39,094) (32,500) (39,094) (32,500) (20,918,141) (27,939,231) (20,722,247) (27,813,662) less: Transfer of NAS to NlB (Note 1) (5,148,402) – (5,148,402) –End of financial year 67,529,813 90,274,268 67,273,806 89,867,777

20. Capital account

Group and Board No. of shares 2013 2012

Beginning of financial year 82,136,118 62,191,459 Issue of shares 6,875,034 19,944,659 Transfer of NAS to NlB (Note 1) (1,325,620) –End of financial year 87,685,532 82,136,118

20. Capital account (continued)

The capital account represents equity injections by the Ministry of Finance (“MOF”) in its capacity as shareholder under the debt-equity framework for statutory boards, implemented with effect from 1 September 2004. Under this framework, capital projects will be partially funded by MOF as equity injection, and the balance through loans or general funds of the Board.

during the year, the Board issued 6,875,034 (2012: 19,944,659) shares at $1 each. The shares have been fully paid for and are held by the MOF, a body incorporated by the Minister for Finance (Incorporation) Act (Chapter 183, 1985 Revised Edition). The holder of shares is entitled to returns on equity from time to time.

Capital management

Capital consists of capital account, heritage capital reserve and accumulated surplus of the Group. The Board’s objectives when managing capital is to maintain a strong capital base so as to sustain its operations and the future development of the Board. The capital structure of the Board mainly consists of capital received from its equity holder and grants from the government.

There were no changes in the Board’s approach to capital management during the year. The Board is not subject to any externally imposed capital requirements.

21. Heritage capital reserve

Group Board 2013 2012 2013 2012 $ $ $ $

Beginning of financial year 89,842,273 89,630,271 89,842,363 89,630,361 Transfer from government grants (Note 17) 521,280 212,002 521,280 212,002 Transfer from Singapore Tourism Board (Note 15) 75,020,166 – 75,020,166 – Transfer of NAS to NlB (Note 1) (2,130,656) – (2,130,656) – 73,410,790 212,002 73,410,790 212,002End of financial year 163,253,063 89,842,273 163,253,153 89,842,363 Philatelic assets Beginning and end of financial year 3,270,363 3,270,363 – – 166,523,426 93,112,636 163,253,153 89,842,363

The heritage capital reserve comprises grants from the Government utilised for the purchase of heritage materials, contributions from other organisations and persons in the form of heritage materials for the establishment of the Board and the transfer of heritage materials from other statutory boards and ministries, including philatelic assets from Infocomm development Authority of Singapore (“IdA”) who was a member of the Singapore Philatelic Museum from 1995 to 2001.

72 73

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

22. Accumulated surplus (continued)

c. Restricted Funds (continued)

The breakdown of the income, expenditure, assets and liabilities of the restricted funds for the Group and Board are as follows:

Heritage Institution Funds Other funds Total

2013 2012 2013 2012 2013 2012 Group and Board $ $ $ $ $ $

Income Contribution and cash donations 2,281 20,000 987,419 3,734,414 989,700 3,754,414 Admission fees 34,251 12,006 – – 34,251 12,006 Rental income 935 – – – 935 – Workshop/Seminars 6,543 358 – – 6,543 358 Commission/Royalties/Consignment 4,053 6,466 – – 4,053 6,466 Others 15,246 8,060 – – 15,246 8,060 63,309 46,890 987,419 3,734,414 1,050,728 3,781,304 Operating expenditure Employee compensation (3,015,739) (2,610,925) – – (3,015,739) (2,610,925) depreciation of property, plant and equipment – – (174,915) (166,843) (174,915) (166,843) Rental on operating leases (118,811) (41,914) (6,083) (8,800) (124,894) (50,714) Utilities (249,751) (190,692) – (18,631) (249,751) (209,323) Exhibition expenses (747,223) (1,492,556) (416,405) (2,295,877) (1,163,628) (3,788,433) Repairs and maintenance (317,052) (437,814) (20,506) (3,826) (337,558) (441,640) Other services and fees (1,833,161) (948,561) (107,286) (192,149) (1,940,447) (1,140,710) Goods and services tax expenses (232,845) (311,540) (7,184) (9,282) (240,029) (320,822) Supplies and materials (173,779) (150,333) (20,722) (13,085) (194,501) (163,418) Outreach, publicity and public relations (30,318) (95,278) (376,328) (1,125,745) (406,646) (1,221,023) Security systems and services (237,300) (232,493) – (240) (237,300) (232,733) Staff welfare and development (148,915) (37,379) (11,566) (38,813) (160,481) (76,192) Transport, postage and communications (92,208) (53,896) (21,339) (27,246) (113,547) (81,142) loss on disposal of property, plant and equipment – (4,878) – – – (4,878) Property, plant and equipment written-off – (12,000) – – – (12,000)Total operating expenses (7,197,102) (6,623,139) (1,162,334) (3,901,257) (8,359,436) (10,524,396) Deficit before grants (7,133,793) (6,576,249) (174,915) (166,843) (7,308,708) (6,743,092) deferred capital grants amortised – – 174,915 166,843 174,915 166,843 Grants received from Government 7,133,793 6,576,249 – – 7,133,793 6,576,249 Net surplus – – – – – – Accumulated surplus at beginning of financial year – – – – – –Accumulated surplus at end financial year – – – – – –

22. Accumulated surplus

a. General Fund – Others

Income and expenditure relating to the main activities of the Group and Board are accounted for through the General Fund in the Group’s and the Board’s income statement. General Fund (others) excludes income and expenditure relating to General Fund (heritage materials and property, plant and equipment) as described below.

b. General Fund – Donated heritage materials and property, plant and equipment

Income and expenditure relating to donation-in-kind comprising heritage materials and property, plant and equipment, as well as non-government grants used for the purchase of heritage materials and property, plant and equipment are accounted for through this fund in the Group’s and the Board’s income statement. Heritage materials received by the Group as donations are not intended for trading or for sale.

c. Restricted Funds

The Group’s Restricted Funds comprise donations received for specific purposes for which there are restrictions on the Group in relation to the application of those funds. These include specific donations received for exhibitions and programs.

Restricted funds comprise the following:

Name of Fund Purpose

Heritage Institution Fund Supporting the redevelopment of the 3 heritage institutions (HIs), namely the Malay Heritage Centre (MHC), Sun Yat Sen Nanyang Memorial Hall (SYSNMH) and the proposed Indian Heritage Centre (IHC), as well as the operations of the HIs to ensure the long-term sustainability of the different institutions.

Other funds Set up for specific purposes relating to the Board’s and the Group’s operations.

74 75

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

23. Net assets of trust funds

The nature of the trust funds of the Board is as below:

a. The Singapore Philatelic Fund which is established for the purpose of promoting and stimulating an interest in philately, managing the philatelic archival materials, and establishing and managing a postal museum, the Singapore Philatelic Museum. Any use of the Philatelic Fund which is not in accordance with the purposes and guidelines requires the prior approval of the Board.

b. Funds that are held on behalf of the ASEAN Committee (“ASEAN COCI”) as the Board manages projects on Culture and Information, on behalf of and which are funded by the ASEAN Committee.

c. National Art Gallery Pre-opening Fund that is held on behalf of its subsidiary, The National Art Gallery, Singapore, for the use in the operating activities of the subsidiary.

d. National Art Gallery development Fund that is held on behalf of the MCCY for use in the development of the National Art Gallery. The Board will continue to oversee the development of National Art Gallery until its completion and act as an agent to MCCY to operate the funds from Singapore Totalisator Board in relation to the development of National Art Gallery. Any unutilised donations from Singapore Totalisator Board will be held in trust by the Board on behalf of MCCY.

The Group’s trust funds solely comprise funds that are held on behalf of the ASEAN Committee and the National Art Gallery development Fund.

23. Net assets of trust funds (continued)

The following break-down of the income, expenditure and assets of the trust funds have been prepared from the records of the trust funds and reflect only the transactions handled by the Group and the Board.

National Art Gallery ASEAN COCI Fund Development Fund Total

2013 2012 2013 2012 2013 2012 Group $ $ $ $ $ $

Income Others – 73,217 – – – 73,217 Expenditure Rental on operating leases – (1,200) – – – (1,200) Other services and fees (11,935) (3,955) – – (11,935) (3,955) Supplies and materials – (1,797) – – – (1,797) Outreach, publicity and public relations – (7,251) – – – (7,251) Transport, postage and communications – (18,744) – – – (18,744) (11,935) (32,947) – – (11,935) (32,947) (Deficit)/surplus before grants (11,935) 40,270 – – (11,935) 40,270 Accumulated surplus at beginning of financial year 40,270 – – – 40,270 –Accumulated surplus at end of financial year 28,335 40,270 – – 28,335 40,270

Represented by: Assets Other receivables, deposits and prepayments – – 17,118 31,262,203 17,118 31,262,203 Cash and cash equivalents 28,335 40,270 66,782,063 43,250,230 66,810,398 43,290,500 28,335 40,270 66,799,181 74,512,433 66,827,516 74,552,703 Liabilities Other payables – – – 1,888,523 – 1,888,523 Grants received in advance – – 3,006,748 – 3,006,748 – deferred donations – – 63,792,433 72,623,910 63,792,433 72,623,910 – – 66,799,181 74,512,433 66,799,181 74,512,433Net assets 28,335 40,270 – – 28,335 40,270

76 77

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

23. Net assets of trust funds (continued) National Art Gallery National Art Gallery Singapore Philatelic Fund ASEAN COCI Fund Pre-opening Fund Development Fund Total

2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 Board $ $ $ $ $ $ $ $ $ $

Income Contributions and cash donations – – – – – 21,850 – – – 21,850 Interest income 28,693 23,521 – – – 17,639 – – 28,693 41,160 Consultancy/ Project management – – – – – 1,200 – – – 1,200 Commission/royalties/ consignment – – – – – 5,147 – – – 5,147 Gain on investment at fair value through profit or loss 67,938 – – – – – – – 67,938 – Others – – – 73,217 – 162 – – – 73,379 96,631 23,521 – 73,217 – 45,998 – – 96,631 142,736 Expenditure Staff costs – – – – – (5,327,912) – – – (5,327,912) depreciation of property, plant and equipment – – – – – (114,235) – – – (114,235) Rental of premises/equipment – – – (1,200) – (594,466) – – – (595,666) Utilities – – – – – (21,422) – – – (21,422) Exhibition expenses – – – – – (24,426) – – – (24,426) Repairs and maintenance – – – – – (89,884) – – – (89,884) Other services and fees – – (11,935) (3,955) – (901,590) – – (11,935) (905,545) Supplies and materials – – – (1,797) – (169,255) – – – (171,052) Outreach, publicity and public relations – – – (7,251) – (72,778) – – – (80,029) Security systems and services – – – – – (24,885) – – – (24,885) Staff welfare and development – – – – – (61,920) – – – (61,920) Transport, postage and communications – – – (18,744) – (109,752) – – – (128,496) – – (11,935) (32,947) – (7,512,525) – – (11,935) (7,545,472) Surplus/(deficit) before grants 96,631 23,521 (11,935) 40,270 – (7,466,527) – – 84,696 (7,402,736) Grants received from Government – – – – – 7,376,440 – – – 7,376,440 deferred capital grants amortised – – – – – 114,235 – – – 114,235Net surplus/(deficit) for the year 96,631 23,521 (11,935) 40,270 – 24,148 – – 84,696 87,939 Transfer of fund (294,000) – – – (55,744) – – – (349,744) – Accumulated surplus at beginning of the year 4,193,921 4,170,400 40,270 – 55,744 31,596 – – 4,289,935 4,201,996Accumulated surplus at end of the year 3,996,552 4,193,921 28,335 40,270 – 55,744 – – 4,024,887 4,289,935

Represented by: Assets Property, plant and equipment – – – – – 371,545 – – – 371,545 Other receivables, deposits and prepayments – – – – – 332,472 17,118 31,262,203 17,118 31,594,675 Financial assets at fair value through profit or loss 2,067,938 – – – – – – – 2,067,938 – Cash and cash equivalents 1,928,614 4,193,921 28,335 40,270 – 1,164,698 66,782,063 43,250,230 68,739,012 48,649,119 3,996,552 4,193,921 28,335 40,270 – 1,868,715 66,799,181 74,512,433 70,824,068 80,615,339 Liabilities deferred capital grants – – – – – 371,545 – – – 371,545 Provision for restoration cost – – – – – 82,550 – – – 82,550 Other payables – – – – – 1,356,476 – 1,888,523 – 3,244,999 Grants received in advance – – – – – – 3,006,748 – 3,006,748 – deferred donations – – – – – 2,400 63,792,433 72,623,910 63,792,433 72,626,310 – – – – – 1,812,971 66,799,181 74,512,433 66,799,181 76,325,404Net assets 3,996,552 4,193,921 28,335 40,270 – 55,744 – – 4,024,887 4,289,935

78 79

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

24. National Heritage Fund

The movements in the fund including receipts and utilisation of donations are as follow:

Group and Board 2013 2012 $ $

Beginning of financial year 6,178,829 7,453,898 donations received – Tax-deductible 8,612,055 4,009,489 – Non-tax deductible 515,044 590,600 9,127,099 4,600,089 Expenditure (3,645,062) (5,831,805) Refund to donors (10,547) (43,353)End of financial year 11,650,319 6,178,829

25. Preservation of Monuments Fund

The movements in the fund including receipts and utilisation of donations are as follow:

Group and Board 2013 2012 $ $

Beginning of financial year 2,293,687 2,059,256 donations received – Tax-deductible 854,211 604,803 – Non-tax deductible – 10,300 854,211 615,103 Expenditure (184,302) (380,672)End of financial year 2,963,596 2,293,687

26. Commitments

a. Capital commitments

Capital expenditures contracted for at the balance sheet date but not recognised in the financial statements are as follows:

Group and Board 2013 2012 $ $

Contracted but not provided for 4,364 532,613 Authorised but not contracted for 28,510,828 5,077,007 28,515,192 5,609,620

26. Commitments (continued)

b. Operating lease commitments where the Group is the lessee

The operating lease commitments relate to the leasing of premises at the various museums, other heritage organisations and photocopiers. The leases of the office premises at various museums and other heritage organisations will expire between 17 April 2013 and 14 July 2015 (2012: 17 April 2012 and 14 July 2015) and the current rent payable on the leases range from $75 to $189,978 (2012: $75 to $189,978) per month and the photocopier is under a lease of up to 5 years (2012: up to 5 years).

The future minimum lease payables under non-cancellable operating leases contracted for at the balance sheet date but not recognised as liabilities, are as follows:

Group Board 2013 2012 2013 2012 $ $ $ $

Not later than one year 11,601,551 12,700,146 10,935,503 12,229,223 later than one year but not later than five years 8,223,590 20,420,323 8,035,323 20,420,323 19,825,141 33,120,469 18,970,826 32,649,546

c. Operating lease commitments where the Group is the lessor

The Group and Board lease out retail space to non-related parties under non-cancellable operating leases. The lessees are required to pay either absolute fixed annual increase to the lease payments or contingent rents computed based on their sales achieved during the lease period.

The future minimum lease receivables under non-cancellable operating leases contracted for at the balance sheet date but not recognised as receivables, are as follows:

Group and Board 2013 2012 $ $

Not later than one year 2,349,257 1,695,602 later than one year but not later than five years 852,772 1,145,984 3,202,029 2,841,586

27. Related party transactions

Definition of related parties

during the financial year, other than as disclosed elsewhere in the financial statements, the significant transactions with related parties which were carried out in the normal course of business are as follows:

Board 2013 2012 $ $

Grants received – Ministry of Culture, Community and Youth 109,689,094 115,404,112 – National Arts Council 697,239 1,590,000 – Singapore Totalisator Board 3,211,567 2,982,607 Rental paid/payable to Singapore land Authority 10,321,164 10,731,127 IT charges paid/payable to Infocomm development Authority of Singapore 2,617,400 3,150,412

80 81

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

28. Financial risk management

Financial risk factors

Risk management is integral to the whole activities of the Group. The Group has a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The Group continually monitors its risk management process to ensure that an appropriate balance between risk and control is achieved. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities.

The information presented below is based on information received by key management.

a. Market risk

i Currency risk

The Group has exposure to foreign exchange risk as they purchase heritage materials and other assets in foreign currencies. These exposures are managed by obtaining matching Government grants and donations in foreign currencies.

Other than the investments managed by its fund manager, the Group and Board do not have material exposure to foreign exchange risks. The exposure to investments in foreign currencies is managed by the fund manager.

The currency exposure that arises from the investments managed by the external fund manager is as follows:

2013

SGD USD EUR Others Total $ $ $ $ $

Group Quoted equity securities 3,649,611 – – 5,508,128 9,157,739 Quoted debt securities 12,437,431 3,256,754 6,603,724 – 22,297,909 Cash held by fund manager 777,665 12,685 208,985 350,711 1,350,046 16,864,707 3,269,439 6,812,709 5,858,839 32,805,694 Currency forwards – (3,162,685) (6,690,576) – (9,853,261) less: denominated in functional currency (16,864,707) – – – (16,864,707)Currency exposure of net financial assets/ (liabilities) – 106,754 122,133 5,858,839 6,087,726

Board Quoted equity securities 3,421,510 – – 5,163,870 8,585,380 Quoted debt securities 11,660,092 3,053,207 6,190,991 – 20,904,290 Cash held by fund manager 729,061 11,892 195,923 328,792 1,265,668 15,810,663 3,065,099 6,386,914 5,492,662 30,755,338 less: Currency forwards – (2,965,017) (6,272,415) – (9,237,432) less: denominated in functional currency (15,810,663) – – – (15,810,663)Currency exposure of net financial assets/ (liabilities) – 100,082 114,499 5,492,662 5,707,243

There are no investments managed by external fund manager for the Group and the Board as at 31 March 2012.

If the United States dollars (“USd”) and European dollar (“EUR”) strengthen/weaken against the SGd by 5% and 5% respectively, there would not be a material impact on the net surplus for the year.

28. Financial risk management (continued)

a. Market risk (continued)

ii. Price risk

The Group is exposed to quoted securities price risk arising from investments held by the fund manager, which are classified as financial assets at fair value through profit or loss. To manage its price risk arising from investments in quoted securities, the Group diversifies its portfolio. diversification of the portfolio is done in accordance with the limits set under the approved investment policy of the Board.

Sensitivity analysis

If prices for quoted securities had increased/decreased by 10% with all other variables being held constant, the net surplus would increased/decreased by:

Net surplus for the year Group Board

2013 2012 2013 2012 $ $ $ $

Financial assets at fair value through profit or loss 3,145,564 – 2,948,967 –

iii Interest rate risks

Exposure to interest rate risk relate primarily to the interest-earning financial assets of the Group which mainly comprise short-term fixed deposits held at fixed interest rates. Hence, any variations in interest rates will not have a material impact on the results of the Group.

The interest rate for cash with AGd are based on deposit rates determined by the financial institutions with which the cash are deposited and are expected to move in tandem with market interest rate movements. The interest rate of cash with AGd, defined as the ratio of the interest earned to the average cash balance, ranges from 0.55% to 0.65% (2012: 0.59% to 0.69%).

The Group does not have significant exposure to interest rate risk at the balance sheet date.

b. Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The major classes of financial assets of the Group and of the Board are principally from the loans and receivables.

The maximum exposure to credit risk for other receivables (Note 11) is represented by the carrying amount of the financial assets presented in the balance sheet.

The Group’s exposure to credit risk arises through its loans and receivables. The Group’s most significant debtor, the supervisory ministry, accounts for 68% (2012: 86%) of the loans and receivables carrying amount. Based on the Group’s historical experience in the collection of loans and receivables, management believes that no impairment loss is required to be made on the outstanding receivables.

Cash and cash equivalents are placed with financial institutions which are regulated. The cash with Accountant-General’s department (AGd) under Centralised liquidity Management (ClM) are placed with high credit quality financial institutions, and are available upon request.

82 83

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

28. Financial risk management (continued)

b. Credit risk (continued)

The ageing of other receivables (excluding prepayments) is as follows:

Group Board 2013 2012 2013 2012 $ $ $ $

Group Not past due 27,292,022 25,311,370 27,042,089 25,437,300 Past due 0 – 30 days 109,575 520,601 109,575 496,013 Past due 31 – 365 days 41,211 199,774 41,211 92,663 27,442,808 26,031,745 27,192,875 26,025,976

c. Liquidity risk

liquidity risk is the risk that the Group and the Board will not be able to meet their financial obligations as and when they fall due.

The Group and the Board receive its funds from the Government of Singapore which are drawn down on a regular basis to meet its funding requirements, as well as donations from foundations, corporations and individuals. All excess cash from the Group’s bank accounts are aggregated and centrally managed by the AGd on a daily basis.

The table below analyses non-derivative financial liabilities of the Group and the Board into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Less than 1 year $

Group At 31 March 2013 Other payables 21,622,545

At 31 March 2012 Other payables 27,543,794

Board At 31 March 2013 Other payables 20,717,386

At 31 March 2012 Other payables 26,188,299

28. Financial risk management (continued)

d. Capital risk

The Group’s and Board’s objectives when managing capital are to ensure that the Group and Board is adequately capitalised and to fulfil objectives for which monies of the Board may be applied under the Act. To achieve these objectives, the Board may secure grants from Government or other government agencies, return as capital to shareholders.

The Group and the Board are not subject to any capital requirements under the Act or any other externally imposed capital requirements, except for those mandated by the Ministry of Finance.

The Group and Board defines capital as capital account, accumulated surplus and deferred capital grants. The Group and Board monitors its net surplus/deficits. The Group’s and Board’s approach to capital management remain unchanged from the previous financial year ended 31 March 2012.

e. Fair value measurements

The following table presents assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy:

a. quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

b. inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); and

c. inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).

Level 1 Level 2 Level 3 Total $ $ $ $

Group 2013 Financial assets at fair value through profit or loss 31,455,648 – – 31,455,648 derivative financial instruments – 281,313 – 281,313

2012 Financial assets at fair value through profit or loss – – – – derivative financial instruments – – – –

Board 2013 Financial assets at fair value through profit or loss 29,489,670 – – 29,489,670 derivative financial instruments – 263,731 – 263,731

2012 Financial assets at fair value through profit or loss – – – – derivative financial instruments – – – –

84 85

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

28. Financial risk management (continued)

e. Fair value measurements (continued)

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Group uses a variety of methods and makes assumptions based on market conditions that are existing at each balance sheet date. The fair values of currency forwards are determined using quoted forward currency rates at the balance sheet date. These instruments are classified as level 2.

The carrying amount of current other receivables, deposits and other payables approximate their fair values.

f. Financial instruments by category

The carrying amounts of the different categories of financial instruments are as follows:

Group Board 2013 2012 2013 2012 $ $ $ $

Financial assets at fair value through profit or loss 31,455,648 – 29,489,670 – derivative financial instruments 281,313 – 263,731 – loans and receivables (Note 11) 27,442,808 26,031,745 27,192,875 26,025,976 Cash and cash equivalent (Note 8) 94,598,079 101,085,328 85,967,994 93,112,594 Financial liabilities at amortised cost 21,622,545 27,543,794 20,717,386 26,188,299

29. Comparative figures

a. General fund

Certain comparative figures have been reclassified to conform with the current year’s presentation. The reclassification has been made to better reflect the utilisation of the general fund-others and general fund-donated heritage materials and property, plant and equipment.

Group Board

General fund – General fund – donated heritage donated heritage materials and materials and General fund – property, plant General fund – property, plant others and equipment others and equipment 31 March 2012 $ $ $ $

As previously reported 13,154,926 166,848,481 12,896,132 166,637,701 Effect of reclassification arising from the above 1,734,753 (1,734,753) 1,734,753 (1,734,753) Effect of reclassification arising from Note 29(c) 4,249,665 – – –As reclassified 19,139,344 165,113,728 14,630,885 164,902,948

The reclassification does not have any impact on the Group’s and the Board’s total income, operating expenditure and net surplus.

29. Comparative figures (continued)

b. Cash and cash equivalents

The following comparative figure in the consolidated statement of cash flows has been reclassified to conform with the current year’s presentation as follows:

Reclassification of cash managed by AGD As previously to cash and As reported cash equivalents reclassified $ $ $

31 March 2012 Cash and cash equivalents 19,927,932 81,157,396 101,085,328

c. Restricted fund

Certain comparative figures of the Group have been reclassified from restricted funds to general funds to conform with the current year’s presentation. The reclassification has been made to better reflect the classification of the funds.

Group General fund – Restricted others funds 31 March 2012 $ $

As previously reported 13,154,926 4,249,665 Effect of reclassification arising from the above 4,249,665 (4,249,665) Effect of reclassification arising from Note 29(a) 1,734,753 –As reclassified 19,139,344 –

86 87

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

29. Comparative figures (continued)

c. Restricted fund (continued) As previously reported Effect of As reclassified Restricted funds reclassification Restricted funds 2012 2012 Group $ $ $

Income Contributions and cash donations 3,776,264 21,850 3,754,414 Admission fees 12,006 – 12,006 Interest income 41,160 41,160 – Workshops/Seminars 358 – 358 Consultancy/Project management 1,200 1,200 – Commission/Royalties/Consignment 11,613 5,147 6,466 Others 8,222 162 8,060 3,850,823 3,781,304 Operating expenditure Employee compensation (7,938,837) (5,327,912) (2,610,925) depreciation of property, plant and equipment (281,078) (114,235) (166,843) Rental on operating leases (645,180) (594,466) (50,714) Utilities (230,745) (21,422) (209,323) Exhibition expenses (3,812,859) (24,426) (3,788,433) Repairs and maintenance (531,524) (89,884) (441,640) Other services and fees (1,736,280) (595,570) (1,140,710) Goods and services tax expenses (320,822) – (320,822) Supplies and materials (332,673) (169,255) (163,418) Outreach, publicity and public relations (1,293,801) (72,778) (1,221,023) Security systems and services (257,618) (24,885) (232,733) Staff welfare and development (138,112) (61,920) (76,192) Transport, postage and communications (194,494) (109,752) (84,742) loss on disposal of property, plant and equipment (4,878) – (4,878) Property, plant and equipment written off (12,000) – (12,000)Total operating expenditure (17,730,901) (10,524,396)

Deficit before grants (13,880,078) (6,743,092)

Grants deferred capital grants amortised 281,078 114,235 166,843 Grants received from Government 13,646,669 7,070,420 6,576,249

13,927,747 6,743,092

Surplus before income tax 47,669 – Income tax expense – – –Net surplus 47,669 –Other comprehensive income Acquisition/transfer of heritage materials – –Total comprehensive income/(loss) 47,669 47,669 –

Net surplus/(deficit) before donations-in-kind, heritage materials/ property, plant and equipment acquired using cash donations 47,669 47,669 –

29. Comparative figures (continued)

c. Restricted fund (continued) As previously reported As reclassified General fund Impact General fund 2012 2012 $ $ $

Income Archival services 928,822 – 928,822 Contributions and cash donations 1,853,196 21,850 1,875,046 donations-in-kind and purchase of property, plant and equipment/ heritage materials using cash donations 3,230,167 – 3,230,167 Admission fees 2,092,842 – 2,092,842 Sponsorship 348,788 – 348,788 Rental income 3,059,464 – 3,059,464 Interest income 585,221 41,160 626,381 Workshops/Seminars 485,808 – 485,808 Consultancy/Project management 300,310 1,200 301,510 Commission/Royalties/Consignment 322,634 5,147 327,781 Sales at Singapore Philatelic Museum 50,527 – 50,527 Fair value gain – Financial assets at fair value through profit or loss – – – Carpark collection 221,958 – 221,958 Others 611,752 162 611,914

14,091,489 14,161,008 Operating expenditure Employee compensation (36,830,159) (5,327,912) (42,158,071) depreciation of property, plant and equipment (30,640,966) (114,235) (30,755,201) Rental on operating leases (12,389,178) (594,466) (12,983,644) Utilities (8,075,332) (21,422) (8,096,754) Exhibition expenses (12,912,157) (24,426) (12,936,583) Repairs and maintenance (8,620,309) (89,884) (8,710,193) Other services and fees (13,372,212) (595,570) (13,967,782) Goods and services tax expenses (3,637,486) – (3,637,486) Supplies and materials (1,839,356) (169,255) (2,008,611) Outreach, publicity and public relations (11,141,078) (72,778) (11,213,856) Security systems and services (2,528,938) (24,885) (2,553,823) Staff welfare and development (1,291,114) (61,920) (1,353,034) Transport, postage and communications (1,370,292) (109,752) (1,480,044) loss on disposal of property, plant and equipment (388) – (388) Property, plant and equipment written off (75,965) – (75,965) Board members’ allowances (256,458) – (256,458) Amortisation of prepaid leases (64,853) – (64,853) Foreign exchange (loss)/gain 43,553 – 43,553

Total operating expenditure (145,002,688) (152,209,193)

88 89

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

29. Comparative figures (continued)

c. Restricted fund (continued) As previously reported As reclassified General fund General fund 2012 Impact 2012 $ $ $

Deficit before grants (130,911,199) (138,048,185) Grants deferred capital grants amortised 27,658,153 114,235 27,772,388 Grants received from Government 105,004,425 7,070,420 112,074,845

132,662,578 139,847,233

Surplus before income tax 1,751,379 1,799,048 Income tax expense – – –

Net surplus 1,751,379 1,799,048

Other comprehensive income Acquisition/transfer of heritage materials 212,002 – 212,002

Total comprehensive income/(loss) 1,963,381 47,669 2,011,050

Net surplus/(deficit) before donations-in-kind, heritage materials/ property, plant and equipment acquired using cash donations (1,301,810) 47,669 (1,254,141)

30. New or revised accounting standards and interpretations

Below are the mandatory standards, amendments and interpretations to existing standards that have been published, and are relevant for the Group’s accounting periods beginning on or after 1 April 2013 or later periods and which the Group has not early adopted:

• Annual Improvements 2013 (effective for annual periods beginning on or after 1 January 2013)

These annual improvements include changes to SB-FRS 101 First time adoption, SB-FRS 1 Presentation of Financial Statements, SB-FRS 16 Property, plant and equipment, SB-FRS 32 Financial Instruments: Presentation and SB-FRS 34 Interim Financial Reporting.

• Amendment to SB-FRS 1 Presentation of Items of Other Comprehensive Income (Effective for annual period beginning on or after 1 July 2012)

The amendment requires items presented in other comprehensive income (“OCI”) to be separated into two groups, based on whether or not they may be recycled to profit or loss in the future. The amendments do not address which items are presented in OCI.

• SB-FRS 19 (revised 2011) – Employee Benefits (effective for annual periods beginning on or after 1 January 2013)

The revised standard makes significant changes to the recognition and measurement of defined benefit pension expense and termination benefits, and to the disclosure for all employee benefits. The revised standard is effective for annual periods beginning on or after 1 January 2013.

30. New or revised accounting standards and interpretations (continued)

• SB-FRS 110 Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2014)

SB-FRS 110 replaces all of the guidance on control and consolidation in SB-FRS 27 “Consolidated and Separate Financial Statements” and SIC 12 “Consolidation – Special Purpose Entities”. The same criteria are now applied to all entities to determine control. Additional guidance is also provided to assist in the determination of control where this is difficult to assess.

• SB-FRS 112 Disclosure of Interests in Other Entities (effective for annual periods beginning on or after 1 January 2014)

SB-FRS 112 requires disclosure of information that helps financial statement readers to evaluate the nature, risks and financial effects associated with the entity’s interests in (1) subsidiaries, (2) associates, (3) joint arrangements and (4) unconsolidated structured entities.

• SB-FRS 113 Fair Value Measurement (effective for annual periods beginning on or after 1 January 2013)

SB-FRS 113 provides consistent guidance across IFRSs on how fair value should be determined and which disclosures should be made in the financial statements.

The management anticipates that the adoption of the SB-FRSs and amendments to SB-FRS in the future periods will not have a material impact on the financial statements of the Group and of the Board in the period of their initial adoption.

31. Authorisation of financial statements

These financial statements were authorised for issue by the members of the Board on 17 July 2013.

90 91

Notes to the FiNaNcial statemeNtsFor the Financial Year ended 31 March 2013

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