TH E SALVATION ARMY MALAYS1A ~IALltYS1A SO(JAL ruN)
(Regislercu in Malaysia)
RCp0l1 $ I1nd FiDancht l S IHtrOllnh 31 DEtrrub C1 20 14
-OfL f kL If-
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Malaysia)
ORGAillSATlON INFORMATION
finance Cound) Colonel Lynden Vemon Wayne Buckingham - T enilOri tlJ Comrmmder Colonel Bronwyu Ouckingh11U - Territorini llresidunt for Womens Minisrrief LicutwColonel Leopolda Posndas - Chief SecreUtry Licut~ColQnc l Evelyn Posndas Terri toriol Secretary for Womens Mltlllri~
MI~or Rnelton Gibbs - TCrritOrii l Progrnmne Sccrcltry Major Lynn Gibbs - ]~ ilcrnry Secretary I Assl ogrJmlllc Sctnr lY Mojor Francis Ng Lili son Officer (East Mahtys iJ) Supai ll lltlldci Major Lim Chec Kwee Commnnding Of1iccr Major Chang Yuel Mooi Cnndidnlcs Secretary I Asst Om~middottimiddot Pelmiddot~ ltll1ll
Ng Kah Teck Pmpel1y Director Koh Gutk Eng (I) Finance Director
(All members of the FiJtlnce COWlcii Ilrt appointed on 1 January 2015)
Regjst~rcd office 20 Bisha n Street 22 Singapon 579768
Auditors CS Tau amp Associates Chan cred Accountants
CONTENTS
Statement by he )imtoce Council
lnrlcpeodcnt Auditors Repor t 2 -3
Balance Sheet 4
lncome aDd Expenditure Sutement 5-6
StRtement of Chnnges in F uods and R eserve Accounts 7
Cash Flow Statement 8
Notes to tbe Financial Statements 9 - 7
THE SLVATION ARMYI IALAYSIA ilALAYS1A SQCIAL l~UND
(RLg-i~lered in Malaysia)
STATEMENT RY THE FINANCF COUNCIL
I LYNDEN VERNON WAYNE BUCKINGHAM of TH E SALV ATION ARMY MALA YSI A SOC IAL f UND do hereby Slnle that ill the opinion of the Fin~ncc C()unciL the uIHmei) statements whic h comprise the Bnlnncc Sheet Incom~ nd Etpcndilure Statement Statement of Changes in Funds Hld Reserve AccouniS and Cash Flow Statement together with the notes thereon set out on pages 4 to 17 give l me (lod fair view of the 1i1U1Il(ial position of the Organisation ns (I f 31 December 2014 and of i ll
finatlcial ptrfonlmncc and cas h flows ror the financial year then ended in accordancc wi th applkilblc Accounting Standllrds for Privtuc Entities nod the Fedemlion of Mahlya No 35 of 1956 The Sal v01 ion Army (lncorponltion) Ordinance 1956
The Finance COW1Cit authorised the issue or these financial statements
Signed on behalfofthe Finance Council
EN VERNON A YNE BUCKINGHAM CO ONEL Territorial Commander
DRIed 8 APR 2015
Pnge 1
CS TAN amp ASSOCIATES I In 1 114-1 l harIL tiufll4llh
i HInfl fll till res Crr-)
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF TIlE FINANCE COUNCIL OF THE SALVATION ARMY MALA YSIA MALAYSIA SOCIAL FUND (Registered in Molaysia)
ncporl ou the Finauclai Stlltcnlcnts
Wi have audited the financial stalements of THE SALVATION ARMY MALAYSIA SOCIAL FUN D (the
FllIIIJ) which comprie Ihl balance sheet u at 31 Dtccmber 2014 lind the income statement stlCmClll or chtnges in equity and a5h flow statement fo r the year ihen ended llnd a sumrnmy of significant accounting
policies and olher explanatory infonnlltion as set out on Illges 4 10 17
Finance CQuncils Respollsibililyor the Financial Smtcmenu
The Finance Cowlcil is responsible ror the preparation of financial statements so IS to give 3 true and fa ir view in rtccordtlnce with applicable Accouoting Standards ror Priv(llc Entiries and the Federation of Ma laya No 35 of 1956 The Salvation Army (Lncorporntion) Ordinance 1956 The Finance Council is also responsible for such internal control as the Fimlllce Council determine is necessary to enable Ihe prcparnl ion
of financial Slltllcmcnts that are free fr~) ro mal eria l nlisstahmml whether due 10 fraud or error
Audilors Responsibilily
Our responsibility is to express an opinion Oil Ih($ c timmcilll s lat cmentl hISlX on our (ludil We coml ud middot]
our audit in accordance with approved stundards on audit ing il Malaysia Those slllldard - require tha I w comp ly with ethical requirements and plan Clnd perfonn the audit 10 obtain reason~hle assumncc about whether the financial statements are free from material misstatement
An andit involves perfomling procedures to obtain audit evidence about the amounts Illd disdosun$ in the financial statements middotrhe procedures selected depend 00 our judgcmtnI including Ihe assesgtment of ri sks or
material misstatement of lhc financ ial statements wuether dUi to fraud or CITor In making lh llse rik assessments we consider internal control releYunllo the Fund1s preparation of finan(~ia l statements tlln t give a true and fair view in order to dc~ign audit procedures Omt are appropriate in the cinulllstances but nut for the purpose o f ex press ing an opinion on the emctlvcncss of the Funds inlema~ control An audit a lso includes cVltl luating the appropriateness of accounting policies used and the reIsonltlbleness of accounting estimates
made by the Directors [ISwell as evauoting the oveml l presentation of the financial statementS
We believe that the audit evidence we have oblained is suftieienl and appropriate 10 provide a hasis for our audit opinion
Opinion
Ln our opinion the financial statemems give fI ltUC and fair view of the financial positio n o f the Fund as of 31 December 2014 flnd of ils finflilciul ptrllmnarl1t und cash lows for the yelI Ihen ended in
accordltlnce with ltlpplicable Aeconntiog Stflndnrds for Private Entities and thl Federation of Malltlya No 35 of 1956 The Salvation Am1Y (Incorporation) Ordinance 1956
hlla TCS I 81 Jllan 1m IKtul RaJuk Su-~ur
IW~HtI Juhnr Sahm Juhor DumiddotuJ Tllkim Page 2
Td~ (l7l-l2ISH Fu fl7middot21lIm
THE SALVATION ARMY MALAYSIA MALAVSIA SOCIAL FUND (RIJ~i ste(ed In Malaymiddotda)
BALANCE SHgFT AS AT J 1 DECEMBER 1014
NON CURRENT ASSETS Fquipmenl
CURRENT ASSETS Short teml investments Rccei vahks fixed deposils w ilh 11 licensed hank Cash and bank bulanccs
CtJRRFNT LIABILITIES Paynhles
N poundT CURRENT ASSETS
FUNDS AND RESERVES Unrestricted fund Capiwl contribution funds Dcsigruucd funds Rltcstricrud fundgt
Nott
4
5 6
7
8
10 II 12
204
RM
475933
3020966 162293
5176129 4885457
13244845
104713
13140132
13616065
6160409 475933
6769946 109777
136l6065
2013 RM
291552
942740 60950
1238741 6 963488
14354594
453500
13901 OS8
141 92640
7 196672 291552
661 0 143 94273
14 192640
The annelled notes fom1 all integral pan of these financi(ll statements
Page 4
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Malaysia)
ORGAillSATlON INFORMATION
finance Cound) Colonel Lynden Vemon Wayne Buckingham - T enilOri tlJ Comrmmder Colonel Bronwyu Ouckingh11U - Territorini llresidunt for Womens Minisrrief LicutwColonel Leopolda Posndas - Chief SecreUtry Licut~ColQnc l Evelyn Posndas Terri toriol Secretary for Womens Mltlllri~
MI~or Rnelton Gibbs - TCrritOrii l Progrnmne Sccrcltry Major Lynn Gibbs - ]~ ilcrnry Secretary I Assl ogrJmlllc Sctnr lY Mojor Francis Ng Lili son Officer (East Mahtys iJ) Supai ll lltlldci Major Lim Chec Kwee Commnnding Of1iccr Major Chang Yuel Mooi Cnndidnlcs Secretary I Asst Om~middottimiddot Pelmiddot~ ltll1ll
Ng Kah Teck Pmpel1y Director Koh Gutk Eng (I) Finance Director
(All members of the FiJtlnce COWlcii Ilrt appointed on 1 January 2015)
Regjst~rcd office 20 Bisha n Street 22 Singapon 579768
Auditors CS Tau amp Associates Chan cred Accountants
CONTENTS
Statement by he )imtoce Council
lnrlcpeodcnt Auditors Repor t 2 -3
Balance Sheet 4
lncome aDd Expenditure Sutement 5-6
StRtement of Chnnges in F uods and R eserve Accounts 7
Cash Flow Statement 8
Notes to tbe Financial Statements 9 - 7
THE SLVATION ARMYI IALAYSIA ilALAYS1A SQCIAL l~UND
(RLg-i~lered in Malaysia)
STATEMENT RY THE FINANCF COUNCIL
I LYNDEN VERNON WAYNE BUCKINGHAM of TH E SALV ATION ARMY MALA YSI A SOC IAL f UND do hereby Slnle that ill the opinion of the Fin~ncc C()unciL the uIHmei) statements whic h comprise the Bnlnncc Sheet Incom~ nd Etpcndilure Statement Statement of Changes in Funds Hld Reserve AccouniS and Cash Flow Statement together with the notes thereon set out on pages 4 to 17 give l me (lod fair view of the 1i1U1Il(ial position of the Organisation ns (I f 31 December 2014 and of i ll
finatlcial ptrfonlmncc and cas h flows ror the financial year then ended in accordancc wi th applkilblc Accounting Standllrds for Privtuc Entities nod the Fedemlion of Mahlya No 35 of 1956 The Sal v01 ion Army (lncorponltion) Ordinance 1956
The Finance COW1Cit authorised the issue or these financial statements
Signed on behalfofthe Finance Council
EN VERNON A YNE BUCKINGHAM CO ONEL Territorial Commander
DRIed 8 APR 2015
Pnge 1
CS TAN amp ASSOCIATES I In 1 114-1 l harIL tiufll4llh
i HInfl fll till res Crr-)
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF TIlE FINANCE COUNCIL OF THE SALVATION ARMY MALA YSIA MALAYSIA SOCIAL FUND (Registered in Molaysia)
ncporl ou the Finauclai Stlltcnlcnts
Wi have audited the financial stalements of THE SALVATION ARMY MALAYSIA SOCIAL FUN D (the
FllIIIJ) which comprie Ihl balance sheet u at 31 Dtccmber 2014 lind the income statement stlCmClll or chtnges in equity and a5h flow statement fo r the year ihen ended llnd a sumrnmy of significant accounting
policies and olher explanatory infonnlltion as set out on Illges 4 10 17
Finance CQuncils Respollsibililyor the Financial Smtcmenu
The Finance Cowlcil is responsible ror the preparation of financial statements so IS to give 3 true and fa ir view in rtccordtlnce with applicable Accouoting Standards ror Priv(llc Entiries and the Federation of Ma laya No 35 of 1956 The Salvation Army (Lncorporntion) Ordinance 1956 The Finance Council is also responsible for such internal control as the Fimlllce Council determine is necessary to enable Ihe prcparnl ion
of financial Slltllcmcnts that are free fr~) ro mal eria l nlisstahmml whether due 10 fraud or error
Audilors Responsibilily
Our responsibility is to express an opinion Oil Ih($ c timmcilll s lat cmentl hISlX on our (ludil We coml ud middot]
our audit in accordance with approved stundards on audit ing il Malaysia Those slllldard - require tha I w comp ly with ethical requirements and plan Clnd perfonn the audit 10 obtain reason~hle assumncc about whether the financial statements are free from material misstatement
An andit involves perfomling procedures to obtain audit evidence about the amounts Illd disdosun$ in the financial statements middotrhe procedures selected depend 00 our judgcmtnI including Ihe assesgtment of ri sks or
material misstatement of lhc financ ial statements wuether dUi to fraud or CITor In making lh llse rik assessments we consider internal control releYunllo the Fund1s preparation of finan(~ia l statements tlln t give a true and fair view in order to dc~ign audit procedures Omt are appropriate in the cinulllstances but nut for the purpose o f ex press ing an opinion on the emctlvcncss of the Funds inlema~ control An audit a lso includes cVltl luating the appropriateness of accounting policies used and the reIsonltlbleness of accounting estimates
made by the Directors [ISwell as evauoting the oveml l presentation of the financial statementS
We believe that the audit evidence we have oblained is suftieienl and appropriate 10 provide a hasis for our audit opinion
Opinion
Ln our opinion the financial statemems give fI ltUC and fair view of the financial positio n o f the Fund as of 31 December 2014 flnd of ils finflilciul ptrllmnarl1t und cash lows for the yelI Ihen ended in
accordltlnce with ltlpplicable Aeconntiog Stflndnrds for Private Entities and thl Federation of Malltlya No 35 of 1956 The Salvation Am1Y (Incorporation) Ordinance 1956
hlla TCS I 81 Jllan 1m IKtul RaJuk Su-~ur
IW~HtI Juhnr Sahm Juhor DumiddotuJ Tllkim Page 2
Td~ (l7l-l2ISH Fu fl7middot21lIm
THE SALVATION ARMY MALAYSIA MALAVSIA SOCIAL FUND (RIJ~i ste(ed In Malaymiddotda)
BALANCE SHgFT AS AT J 1 DECEMBER 1014
NON CURRENT ASSETS Fquipmenl
CURRENT ASSETS Short teml investments Rccei vahks fixed deposils w ilh 11 licensed hank Cash and bank bulanccs
CtJRRFNT LIABILITIES Paynhles
N poundT CURRENT ASSETS
FUNDS AND RESERVES Unrestricted fund Capiwl contribution funds Dcsigruucd funds Rltcstricrud fundgt
Nott
4
5 6
7
8
10 II 12
204
RM
475933
3020966 162293
5176129 4885457
13244845
104713
13140132
13616065
6160409 475933
6769946 109777
136l6065
2013 RM
291552
942740 60950
1238741 6 963488
14354594
453500
13901 OS8
141 92640
7 196672 291552
661 0 143 94273
14 192640
The annelled notes fom1 all integral pan of these financi(ll statements
Page 4
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SLVATION ARMYI IALAYSIA ilALAYS1A SQCIAL l~UND
(RLg-i~lered in Malaysia)
STATEMENT RY THE FINANCF COUNCIL
I LYNDEN VERNON WAYNE BUCKINGHAM of TH E SALV ATION ARMY MALA YSI A SOC IAL f UND do hereby Slnle that ill the opinion of the Fin~ncc C()unciL the uIHmei) statements whic h comprise the Bnlnncc Sheet Incom~ nd Etpcndilure Statement Statement of Changes in Funds Hld Reserve AccouniS and Cash Flow Statement together with the notes thereon set out on pages 4 to 17 give l me (lod fair view of the 1i1U1Il(ial position of the Organisation ns (I f 31 December 2014 and of i ll
finatlcial ptrfonlmncc and cas h flows ror the financial year then ended in accordancc wi th applkilblc Accounting Standllrds for Privtuc Entities nod the Fedemlion of Mahlya No 35 of 1956 The Sal v01 ion Army (lncorponltion) Ordinance 1956
The Finance COW1Cit authorised the issue or these financial statements
Signed on behalfofthe Finance Council
EN VERNON A YNE BUCKINGHAM CO ONEL Territorial Commander
DRIed 8 APR 2015
Pnge 1
CS TAN amp ASSOCIATES I In 1 114-1 l harIL tiufll4llh
i HInfl fll till res Crr-)
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF TIlE FINANCE COUNCIL OF THE SALVATION ARMY MALA YSIA MALAYSIA SOCIAL FUND (Registered in Molaysia)
ncporl ou the Finauclai Stlltcnlcnts
Wi have audited the financial stalements of THE SALVATION ARMY MALAYSIA SOCIAL FUN D (the
FllIIIJ) which comprie Ihl balance sheet u at 31 Dtccmber 2014 lind the income statement stlCmClll or chtnges in equity and a5h flow statement fo r the year ihen ended llnd a sumrnmy of significant accounting
policies and olher explanatory infonnlltion as set out on Illges 4 10 17
Finance CQuncils Respollsibililyor the Financial Smtcmenu
The Finance Cowlcil is responsible ror the preparation of financial statements so IS to give 3 true and fa ir view in rtccordtlnce with applicable Accouoting Standards ror Priv(llc Entiries and the Federation of Ma laya No 35 of 1956 The Salvation Army (Lncorporntion) Ordinance 1956 The Finance Council is also responsible for such internal control as the Fimlllce Council determine is necessary to enable Ihe prcparnl ion
of financial Slltllcmcnts that are free fr~) ro mal eria l nlisstahmml whether due 10 fraud or error
Audilors Responsibilily
Our responsibility is to express an opinion Oil Ih($ c timmcilll s lat cmentl hISlX on our (ludil We coml ud middot]
our audit in accordance with approved stundards on audit ing il Malaysia Those slllldard - require tha I w comp ly with ethical requirements and plan Clnd perfonn the audit 10 obtain reason~hle assumncc about whether the financial statements are free from material misstatement
An andit involves perfomling procedures to obtain audit evidence about the amounts Illd disdosun$ in the financial statements middotrhe procedures selected depend 00 our judgcmtnI including Ihe assesgtment of ri sks or
material misstatement of lhc financ ial statements wuether dUi to fraud or CITor In making lh llse rik assessments we consider internal control releYunllo the Fund1s preparation of finan(~ia l statements tlln t give a true and fair view in order to dc~ign audit procedures Omt are appropriate in the cinulllstances but nut for the purpose o f ex press ing an opinion on the emctlvcncss of the Funds inlema~ control An audit a lso includes cVltl luating the appropriateness of accounting policies used and the reIsonltlbleness of accounting estimates
made by the Directors [ISwell as evauoting the oveml l presentation of the financial statementS
We believe that the audit evidence we have oblained is suftieienl and appropriate 10 provide a hasis for our audit opinion
Opinion
Ln our opinion the financial statemems give fI ltUC and fair view of the financial positio n o f the Fund as of 31 December 2014 flnd of ils finflilciul ptrllmnarl1t und cash lows for the yelI Ihen ended in
accordltlnce with ltlpplicable Aeconntiog Stflndnrds for Private Entities and thl Federation of Malltlya No 35 of 1956 The Salvation Am1Y (Incorporation) Ordinance 1956
hlla TCS I 81 Jllan 1m IKtul RaJuk Su-~ur
IW~HtI Juhnr Sahm Juhor DumiddotuJ Tllkim Page 2
Td~ (l7l-l2ISH Fu fl7middot21lIm
THE SALVATION ARMY MALAYSIA MALAVSIA SOCIAL FUND (RIJ~i ste(ed In Malaymiddotda)
BALANCE SHgFT AS AT J 1 DECEMBER 1014
NON CURRENT ASSETS Fquipmenl
CURRENT ASSETS Short teml investments Rccei vahks fixed deposils w ilh 11 licensed hank Cash and bank bulanccs
CtJRRFNT LIABILITIES Paynhles
N poundT CURRENT ASSETS
FUNDS AND RESERVES Unrestricted fund Capiwl contribution funds Dcsigruucd funds Rltcstricrud fundgt
Nott
4
5 6
7
8
10 II 12
204
RM
475933
3020966 162293
5176129 4885457
13244845
104713
13140132
13616065
6160409 475933
6769946 109777
136l6065
2013 RM
291552
942740 60950
1238741 6 963488
14354594
453500
13901 OS8
141 92640
7 196672 291552
661 0 143 94273
14 192640
The annelled notes fom1 all integral pan of these financi(ll statements
Page 4
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
CS TAN amp ASSOCIATES I In 1 114-1 l harIL tiufll4llh
i HInfl fll till res Crr-)
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF TIlE FINANCE COUNCIL OF THE SALVATION ARMY MALA YSIA MALAYSIA SOCIAL FUND (Registered in Molaysia)
ncporl ou the Finauclai Stlltcnlcnts
Wi have audited the financial stalements of THE SALVATION ARMY MALAYSIA SOCIAL FUN D (the
FllIIIJ) which comprie Ihl balance sheet u at 31 Dtccmber 2014 lind the income statement stlCmClll or chtnges in equity and a5h flow statement fo r the year ihen ended llnd a sumrnmy of significant accounting
policies and olher explanatory infonnlltion as set out on Illges 4 10 17
Finance CQuncils Respollsibililyor the Financial Smtcmenu
The Finance Cowlcil is responsible ror the preparation of financial statements so IS to give 3 true and fa ir view in rtccordtlnce with applicable Accouoting Standards ror Priv(llc Entiries and the Federation of Ma laya No 35 of 1956 The Salvation Army (Lncorporntion) Ordinance 1956 The Finance Council is also responsible for such internal control as the Fimlllce Council determine is necessary to enable Ihe prcparnl ion
of financial Slltllcmcnts that are free fr~) ro mal eria l nlisstahmml whether due 10 fraud or error
Audilors Responsibilily
Our responsibility is to express an opinion Oil Ih($ c timmcilll s lat cmentl hISlX on our (ludil We coml ud middot]
our audit in accordance with approved stundards on audit ing il Malaysia Those slllldard - require tha I w comp ly with ethical requirements and plan Clnd perfonn the audit 10 obtain reason~hle assumncc about whether the financial statements are free from material misstatement
An andit involves perfomling procedures to obtain audit evidence about the amounts Illd disdosun$ in the financial statements middotrhe procedures selected depend 00 our judgcmtnI including Ihe assesgtment of ri sks or
material misstatement of lhc financ ial statements wuether dUi to fraud or CITor In making lh llse rik assessments we consider internal control releYunllo the Fund1s preparation of finan(~ia l statements tlln t give a true and fair view in order to dc~ign audit procedures Omt are appropriate in the cinulllstances but nut for the purpose o f ex press ing an opinion on the emctlvcncss of the Funds inlema~ control An audit a lso includes cVltl luating the appropriateness of accounting policies used and the reIsonltlbleness of accounting estimates
made by the Directors [ISwell as evauoting the oveml l presentation of the financial statementS
We believe that the audit evidence we have oblained is suftieienl and appropriate 10 provide a hasis for our audit opinion
Opinion
Ln our opinion the financial statemems give fI ltUC and fair view of the financial positio n o f the Fund as of 31 December 2014 flnd of ils finflilciul ptrllmnarl1t und cash lows for the yelI Ihen ended in
accordltlnce with ltlpplicable Aeconntiog Stflndnrds for Private Entities and thl Federation of Malltlya No 35 of 1956 The Salvation Am1Y (Incorporation) Ordinance 1956
hlla TCS I 81 Jllan 1m IKtul RaJuk Su-~ur
IW~HtI Juhnr Sahm Juhor DumiddotuJ Tllkim Page 2
Td~ (l7l-l2ISH Fu fl7middot21lIm
THE SALVATION ARMY MALAYSIA MALAVSIA SOCIAL FUND (RIJ~i ste(ed In Malaymiddotda)
BALANCE SHgFT AS AT J 1 DECEMBER 1014
NON CURRENT ASSETS Fquipmenl
CURRENT ASSETS Short teml investments Rccei vahks fixed deposils w ilh 11 licensed hank Cash and bank bulanccs
CtJRRFNT LIABILITIES Paynhles
N poundT CURRENT ASSETS
FUNDS AND RESERVES Unrestricted fund Capiwl contribution funds Dcsigruucd funds Rltcstricrud fundgt
Nott
4
5 6
7
8
10 II 12
204
RM
475933
3020966 162293
5176129 4885457
13244845
104713
13140132
13616065
6160409 475933
6769946 109777
136l6065
2013 RM
291552
942740 60950
1238741 6 963488
14354594
453500
13901 OS8
141 92640
7 196672 291552
661 0 143 94273
14 192640
The annelled notes fom1 all integral pan of these financi(ll statements
Page 4
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALAYSIA MALAVSIA SOCIAL FUND (RIJ~i ste(ed In Malaymiddotda)
BALANCE SHgFT AS AT J 1 DECEMBER 1014
NON CURRENT ASSETS Fquipmenl
CURRENT ASSETS Short teml investments Rccei vahks fixed deposils w ilh 11 licensed hank Cash and bank bulanccs
CtJRRFNT LIABILITIES Paynhles
N poundT CURRENT ASSETS
FUNDS AND RESERVES Unrestricted fund Capiwl contribution funds Dcsigruucd funds Rltcstricrud fundgt
Nott
4
5 6
7
8
10 II 12
204
RM
475933
3020966 162293
5176129 4885457
13244845
104713
13140132
13616065
6160409 475933
6769946 109777
136l6065
2013 RM
291552
942740 60950
1238741 6 963488
14354594
453500
13901 OS8
141 92640
7 196672 291552
661 0 143 94273
14 192640
The annelled notes fom1 all integral pan of these financi(ll statements
Page 4
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL t UNU (RcZislcr~d in Mlay~i1)
INCOME AND EXPENDITURE STATEMENT FOR 1HE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Jncome Donations Gifts in kind FWld misi llg Service incOrllc
- Programme sorvico incnmc Govemmenr subvention Rental iucolUe lnvestmcnt income
- Imerest incom~ from bMk bull Interest income from fi-lted depusils
Gain on disposa l of motor vh ic l~
Foreign exchange (loss) )lin net Other income
Tota l income
Expenditure Bad debts written otT Communications Contract manpower services Dcprecifltion of equipment Employee benefits expense
- Salaries and bonuses - EPf and soeso contributions - Staff benefits and development bull Employment costs
Foreign exchange (loss) I gain net Fund raisi ng related materials and supplies lnvestment marwgcment CUSIS
Mlintcnance of equipment and furnishings Mnillitnance of laud and building
Sub-total carried forward
2014 RM
3196640 277494 411 843
700925 224 220
5220
155740 260127
79000
265708
5576917
31 312 123580
76)609 153232
2289845 291205 100014
8507 108599
70096 29700
135779
377642
3802120
2013 RM
J740797 232842 4473 11
774683 254676
6226
118252 369490 59000
272 122 43 096
6 318495
21850 1273 12 40496
143489
2 1601 40 273 [57
lnJ 964
7595 -
9905 2
-178579 427406
35 S3040
The annexed noles lonn an inleirraL part o(these financ ial s tatements
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
OlE SAINATION ARMY MAlAYSIA MALAYSIA SOCIAL FUND (Regislerel in M~lilys i il)
INCOME AND EXPENDITURE STATEMl~T (CONTD) FOR THE FINANCIAL YER ENDED 31 DECEMBER 2014
Expenditure (cotltd) -Submiddottotal brought lorwilrcl
Mflimcnance of vehicles NOll property licence nnd insurance Othi-f expenses Print ing and stationery Professional Md support fees Pr(lgramme related costs
bull hlld and r~fslulllmiddotnls middot Medical rviccs and supplies
bull Educ1tlon t1l1d recrealion bull Housekcuping bull Assistallce 10 clients anct families
Rent(J1 nfbuilding Rcnlal of equipment and furni shings TntveHing Utilit ies
TOlRI expenditure
Deficif for fhe financiRI ycar
2014 RM
J~02120
376038 16606
176625 20235
617427
400060 7542
130609 45459
294057
48790 -
14720 20320J
6153491
(576574)
20 13 RM
358040
23780 1 13348
92822 1 2 I773
6331 97
454 775 8234
151934 40246
494368 44410
3600 8200
172183
6795390
(476895)
The 1I1Ulexed nOles form ~n illtlgrJI part Of lhts t finmitl S Hltmelll ~
Page 6
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
TilE SAtV1ION ARMV MALAYSL~ ~fALAYSIA SOCIAl )UND (Registered in Mnlnysin)
STATEMENT OF CHANGES IN FUNDS AND RESERVE ACCOUNTS FOR raE FINANCIt YIR ENDED 31 DECEMBER 20 14
Capftnl Unlcslrictcd
(il11HI
RM
Connibmlon Funds RM
))csignatcrl Fund$ RM
As ot 1 Jnnunry 20 13 Surplus I (Deficit) for tbe
financial yeur Tnmsfers
7806207
(397775) (211760)
24 8217
(143489) 186824
6461225
123982 24936
As at 31 Dcccmber2013 71 96672 291 552 661 0 143
A s fit I January 2014
Surplus I (Defi c it ) for the fi mmcial yenr
Tmnsfers
7196672
(705863) (230400)
291552
(1]7694) 302075
6610143
224156 (64353)
As al31 December 2014 6260409 475933 6769 946
Restdcfcd Fllotl ~
I(M
15US6
(59613)
94 273
94273
22 826 (7322)
109777
Total RM
14 6695 35
(476895)
14 192640
14192640
(576575)
13616065
The annexed notes fonn an integral par1 of these financial statements
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SltLVATION ARMY MALAYSl MALAYSA SOCIAL FUND (Rtgistered ill MlI~is)
CASH FLOW STATEMENT FOR THE FINANClltL YIAR ENOED 31 DJlCE~mER 2QI4
Cash nows from operllting nctivities Deficit for ihe finanltid yen
Adjustmellts for BAd deb1SwriHen off Dcprltcial ion of eqUJpmcrlt Management fee on invcstment Ioss on disposal ofinvestmcnts Gnin on disposal o f motor vehicles Unreal ised loss on foreign cxcMnge lnterest income
Operating los) be foro working c1pitlll cngcs
(increase) I Decrease in reccivQbles (Decrease) I iucrellse in plIyahlc-s
Net CllSll used in opemling activities
Cash flows from investing activities Purchase of equipment Proceeds from disposol of equipment Net procceds from disposal ofinvcstmcnl$ Purxhas( of investmcOls Inllfe ) received
Net ca it (used in) I from investing aClivitie~
N( (decrease) I increase in cllsh And casb cqulvnlcnts
Cash nnd cash equivalents tit the beginning of the fiollocis year
Cnsh and cash equivalents at the end of the financinl year
2014
Nloltc RM
(576S74)
153232 8073
21627 (79000)
(415868)
(888510)
(101343) (348793)
(1338 1646)
20 D RM
(476895 )
2 1850 1434Sl)
15080
(59 000)
45 85 (487742)
(837733)
1580 28193
(S0696()
4 (337613) 79000
J 303946 (3 411 872)
415867
( 186824) 51000
65Y l 002 ( 13938621
487742
(1950672) 5 557058
(3289318) 4750098
13
13350904
10061586
8600806
13350904
The annexed notes fonn an inltgral part of these finnucinl statements
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALAYS)A MLYSIA SOCl FUND (Ri)ird in Mal~ysill)
NOTES TO HIE FINANCIAL STATEMllNTS FOn THE FlNANCIAL YEAR ENDED Jl DE E~11lER 2014
1 GENERAL INFORMATION Thlo Salvation ArmY Mnlaysi (the Orgnnis11ionn
) is a non~profit orgmi)al ion registe red in Malaysia under the Fcdcmtion of MJlaya No 35 of 1956 The Salvation Anny (lncorporation) Ordinance 1956 which opcmtes Ute Mtllnysin Social FWld The registered office of the Organisation is iocalro at 20 Bishnn SuCct 22 Sin~pore 579768
The financial statements of the Malaysia Social Fund jor the finnncial yefl f ended J I Deccrnbtr 20 14 were Huthorised for issue by the Finance Council on the dme 8 April 20 IS
2 PRlNClPAL ACTIVITIES The Malaysi Social fund (the Fund) provides IOf residentia l hornes lor the elderly and yO~Ulg persons daycare centres for children and persons with spccinl needs work therapy for youth at ri sk Ininimics I) chi ldren and youth in need food oounseli ng nnd other pmcl icnl assistance for fami lies in need and fin and flood disaster emcmiddotrgcney relief work There have been no s ign ificant chlOges ill Ihe nature (r thcgte
aCTivities during the fU13nci year
There have 1)L-e1l no si~ ll ificani changes in Ihe nnlure of Ihese activities during thc fi nnncilt1 1yelt1Imiddot
J SIGNIFICANT ACCOUNTlNG POLICIES 31 Summary of significant flccountjng policics
(1) Equipment Equipmenlllre staled At cost less accumu lated cteprecialjon and impaimlcnt losses i f any The policy for the recognition and measuremont of impnim1enl l os~cs i~ nn nCCMdnncc with Nul e 31(d) Individual assets costing less than RM 10000 arc writttn niT to opernling expenditure in tlle year of acquisition Equipment Oftmiddot dqmciated on a slrnight line basis over thei r estimlIeJ useful lives on Ult following bn~~
MOlor vehicles 5 years
Full y depreciated -ISStS still in use III Ihc end of Ihe balance sheet date arc reta ined ill ihe
flnancia statements
(b) Investments Investment s arc stated at cost and allowance for diminution in va lue Where there hns been n decline other than temporary in value of an investment such a decl ine is rxogniscd [IS an
expense in fhe period in which the diminution s ideniified
On disposal of an investment Ule difference between llJe net disposal proceeds (If)d il s (on-ying amoulU is charged or credited to the income and expendirure Sh1-mtuL
Pngc9
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALYSg MALAYSIA SOCIAL FUND (Registered in Maitlysil)
3 SIGNIFICANT ACCOUNTING POLICIES (CONTD) 31 Summary of siguificant accounting policies (CQDId)
(c) Receivables Receivables are canjocl al wvoiced Amount less tin estimate made for tiouhtful debts b~td l ll I
review of outstanding amounts 3t the finanei31 ye~t end Bad debts are wriltcll otT wh(n identified
(d) 1mpairment ofassers The carrying values orassels nrc reviewed for impairment when lhere is an indicatiollihullhe assets might be impa ired Imrraquolinnent is measured by comparing the carrying value )1 till usscf1gt with their rtcovernblc nmouols Recovernble JmuunlS are C$limalcd for individual assets or if it is not poss ible ror tbe caSh-generat ing unit
An impainnent loss is charged to the income and expcndirure statement immedilltel y Subsequent incrc1sc in the recovernble amount (If all asset is tTeated as nersltll o f the prcious impairment logt and is recognised to the cxtent of the carrying amoutil o f the asct thai would hllve been dcltnnined (nei of d-precialion) had no impai rment loss been ncogniserl The reversal is rtcoglLised in the ineonu and expenditure statement immediately
(c) Casb And cash clluJvalcnts Cosh and ash equi valents comprise cnsh in hand bank bftlances dtmlIld deposits lkposits pledged with the fin8ncial inslitulions bonk ovadraO and shorHenn higly liquid inv(strnllIS that are readily convertible to knowu amounts of cash and which me subjeci 10 an in slgmlilanl risk of changes in vllu
(f) rItYflbles Payables are slakd nt cost which is tbe considerat ion to be paid in the future lor goods ltIud services recciv-J whetber or not billed 10 the fund
(g) Funds (t) Capital COlllnbuliol Funds
Capital con(ri~ution funds ~ru set up by the Fund to meet Lbe COSIS of equipment
(i i) Restricted FUlds
Restricted funds are donfltion from donors for Gl speci fic purpose
(iii) Demiddotignated Funds Desibrnutcd funds are funds spccificaUy set aside by Ihe Organism ion (0 meet planned or anticipated needs
(iv) Unreslric e( Fllnds This is thl working capital of Orgimisation
Pg 10
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THESAlvATlON AR1Y MAlAYSL MALAYSIA SOCIAl FUND (Regi~lercd in MIIlaysia)
3 SIGNllCANT ACCOUNTING lOLlCrES (CONTO) 31 Summary of significant accounting policies (contd)
(h) Employee benefits fi) RCfjremelll bCIIej it lQSl$
As required by lnw the l~und makes contributions to the Sltl tc pension Sdlll t I h~
Elllpio)tlts Provi(icllt Fund (EPF) scheme whieh is [ defined COIlLribUlion p(Il ~inn
sch()me ContributiollS to EPF 31-e recognised as expenses in the period in which tbl)
related service is perfomcd
(ii) Social insltmmc obligtllions As rtquired by Ilw the Fund makes contributions to the Slale social insurance scheme the Sociul Securiry OrgnnisA lion (SOCSO) scheme which is detinet cuntribution soci al
inslIrnncc scheme Comributiol1S 10 SOCSO arc recognised 115 expense in the period ill vbich the reitultd service is perionned
(iiI) Employee leave entifleme1lt
Employee cntillcments to annual leave lire recognised when they accrue 10 employees The estimated liability ror leave is rtCognised for servicee rendered by employee up to
the reporting date
(i) Income taxes rhe Fund is exempled tiulll income tax under Section 44(6) of the Maiaysilln lncome Tax Act 1967 with effect from YClT ofassessment 1971
(j) RelRted PllrtiCS
A parry is rcJuicd 10 an entity if (i) directly or indincily through 011t or more illtermcdiMes the pm1y shy
controls is controlled by or is wldcr commOn comral wilh the entity (this ill( udl parents subsidiaries Ol nd fellow subsidiaries)
has an interest in the entiry th t gives it significant ill fluence over the tnti ty or
has joint contTol over the entity (ii) the pmty is nn associate orlile entity (iii) the party is a joint venture in which the entituy is venturer (iv) the party is a member of the key management personnel of the entity or its parent (v) the pArty is a close member oflhe frunity of any individuaJ referred to in (i) or ( iv)
(vi) the pony is an entity tbat is controlled jointl y controlled ocsigllificanl ly intlucucco by or for which significant voting power in such entity resides with direc tly or indirect ly any individual referred to in (iv) or (v) or
(vii) the party is fI pOst-empoyrYlcm benefit plan for the benefit of employees of the elllll ) or of any tillily that is a related parry of the entity
Close members ltIf the rnmily of an individual are those fami ly members lho may be exp(ol(d
to influence or be influenced by Iht individual in their de lings wi th Ihe entity
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALAYSIA MALAYSIA SOCIAL FUND (Registered in Mtliaysiltl)
3 SIGNIFICANT ACCOUNTING POLICmS (CONTD) t1 SUl1nntry of siguincant Rccounting poUciu (contd)
(k) RelUuc rccocnltioo ProgrlInmo fees arc gcm-mHy rccogrused on 110 uerual basis
Donations (lrltJ recognisoo in Lho income and expenditure stalemClllt when they havt bCt1l received Donution-in-kind is retognised when the lair value of the assets received ctn be ltasQlllbly a s~ertained
Dividend intome is rctoriled in tho income find expenditure slllcmenl when l ill right h) receive the divitcl1d Ill~ bCt~n CSllblishccl
InlerC-it income from bank dtposil-s is accrued on a lime proportionate hu si s with reflrcllclJ III
the principal OUlstculding alld at the rIIC opplic-Ilblt )] an effective yield mctllOd
(1) Government gntnts Grants thel compensate the Organisation for expenses incurred [lrc f(cognised in income and expenditure statement on 3 sYStemalic basis over Ihe period necessary to rnltch them wilh Ihc related costs which Ihey are intended to compensate for
Operating grants are nCcolU1ted ror on an acemal bllsis
4 EQUIPMENT Motor vehicles
1J1
Net book vAlue As at 1 January 2014 291552 Additions 337613 Depreciation ch-rged to income and expenditure SltHemeol (153232)
As At 31 December 2014 47593
As at 31 December 2014 enS 2120416 Accumulated deprccintion (1 6444~3)
Net book value 47SnJ
As M 31 December 2013 Cost J 782 803 Accumulated depreciation (1 49 1251)
Net book va lue 291552
Depreciation cbarged for the financial yeor ended 31 December 20 13 143489
The cost of fully depreciated motor vehicles but still in usc amounted to RM 1 312453 (2013 RM J J27823)
Page 12
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
rHESALVATION ARMYMALAYSl MALAYSIA SOCIAL FUND (Registered in Mlklys in)
5 INVESTMENTS
Quoted bonds 1 cost outside Ma laysia
Movement of investments Balance 01 I Janunry I)urchases for the yenr at coSt Disposa ls fo r the yCflr at cosi Transfer to bank Transfer from blink Unrealised foreign exchmge loss
Balance at 31 D ecember
Market value of invtstmcnl Quoted bonds outside Malaysia
Presented in B~lnncc Sheet 3S
elm-cn
2014 2013 RM RM
302096 942740
942 1740 6 160445
2957262 1393 862 (1325573) (6719)1 7)
(446537)
446537 559472 (4 585)
3020966 942 740
2849020 954854
3020966 942740
of Included in invesnnent s is an amount of RMI77378 (2013 Nil) being the c1sh held by fund manager for invesimcnl purpose
6 RECElV ABLES
Other receivables Deposits Prepayments
7 CASH AND BANK BALANCES
Cash lt1nd bank bltllances - Calh in hand - CasLt in bank Casb w11 h fund manager for investment purpose
2014 20 13
Ril RM
159293 52242 410
3000 8298
162293 60950
2014 2013
RM RM
18600 18300 4866857 49865 1
446537
4885457 963488
Page 13
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
TUE SAlYATlON ARMY MALAYSIA MALAYst SOCIAL JUND (Regis-Ie-red in Malaysia)
8 PAVABLES 2014 RM
2013 RM
Other payables Accruals Advances from jhird parti es Amount dle 10 u relntcd party (Note 9)
24880 39653
40180
227387
11641 53 356
I) 111 )
104713 453506
9 AMOUNT Diffi TO A RELATED PARTY 2014 RM
20 13
RM
The Salvation Anny Dcrblld 1)11 19
The amount due to a relnted party is non-inllr~st hcaring unsecured and has no Ilxld tenns or rcplyl1llI
10 CAPITAL CONTRIBUTION FUNDS
The ClIpilal Contribution Funds represent monies already cltpclldcd on tb~ acquisition o f mOlor vehicles
20J4 2013 RM RM
Saltineeuro M m I JanUAry 291552 2482 17
Add Addition 302075 186824
Domllions in kind 355JH
Less Depreciation of equipment (Note 4) (153232) ( 143489)
Balance as fit I December 475933 291552
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
TfTE SALVAnON ARMY MAl YSIA MALAYSIA SOCIAL FUND (Rcgililered in M~laY6iJ)
1 L DESIGNATED FUNDS The DesignaHtd FlUids are held for particular purposes d~sitnl~ltd by the Fund Clnd the Exercise of its discretionary powers
Balance (It 11 20 J 4 Donalions lnvestmtl1l income Gain on disposal armolor vehicles lransfct from Restricted FUJlds Tnlllsfcf [rom Unrcstriclld Funds r ~
ll ilisation of funds ir~nsfer to C-Rpi lnl Conlribulion Funds
yp Programme Vebicl e
Education Tflnt l Reserves Regenl Tobl
Rl RM RM RM RM
56242 4437318 2116583 6610143 126140 126140
1285 121 515 58021 180R2 1
79000 791100 7322 7322
230400 230400
(18800) (138345) (4660) (161 SO)
(302075) (302075)
BolameaI3J1 22014 38727 4553950 2177269 6761)946
Balance al I 12013 Oonaiions lnvestment Income Gain on diposal ofmolor vehicles Other income Foreigll lIxchange gnin TrlIls fcr from Uurcslricted Funds Less
Ulli isation of funds Transfer to Capital Contribution Punds Transfer to inrcstricled lOds
90325 8209 4416007 83027
1853 111606
1034 62267
(36970) (235589)
(8209)
1946684
50236 59000 9600
2M028 230400
(190 I) ( 186824)
(18640)
6461225 8302 7
163695 59000 9 600
9 1329 230-100
(274461)) ( I 86B24)
(26849)
Ba lance at 31122013 56242 44373 18 211 6583 66 101 43
Page 15
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
__
TFIE SALVATION ARMY MALAYSIA MALA VSIA SOCIAL fUN])
(R sle- = nlngt )_______ ______ _____________ _ 0cgi x-1iuM in
J2 RRSTRICTED FUNDS TIle restricled fund are held for rcstriclixl purposes as specified by the donor
Special project 20)4 20 13 RM RM
Balanee at I Jarmary Q4273 153886 Donmion 39911 8434 Less Utili sati on of fund (17085) (68047)
Transfer to Designot od Funds (7322)
109777 94 273
13 CASH AND CASH EQUJV ALENTS Cnsh and cnsh eq ui val ents included in the cnsh now SlOtCmenl comprise Ihl following amounts
2014 2013 RJ1 RM
Fixed dcpos i[~ with It licensed bank 5176129 12387416 Cash and bonk bMances 4885457 963488
10061 586 13350904
14 RELATED PARTY TRANSACTIONS (a) lndentifics of relAled pflrtics
Th~ Fund has leinted pm1) relationsbips with ils key management personnel and oh~r Funds 1111 arc directly or indirectly lUlder the control of the key management persollnel
(b) The Fund carried Olt the following lrlllsactions wllh related part ies during the financ ial year
201 2013 RM RM
Quarters int emal rent charged by Property 17843 18733 Fund Malaysia (PFM)
Property maintenance levy charged by PFM 36000 3()OOO Buiding internal rent charged by PFM 222246 225740 Staff tntiniog amp development levy charged hy Gcntrnl Fund Mltllaysia (GFM) l1440 34320
Staff bltndil levy charg(d by GFM 6600 6GOO Building internal rent charged by GFM 48600 55SOO
Apnrt [rom tile above there (lIe no other lnlnsactions between the Fund and any ent ity OT a person that is directly or indireclly under Ule control o f the key managemcllI personnel
Page 16
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971
THE SALVATION ARMY MALySIA MALAYSIA SOCIAL FUND (Rlyeni~ I-Ttl in llalttysia)
14 RELATED PARTY TRANSCTlONS (CONTn) (c) Iey mtn ft gemeut penonncl compensation
llt~y mltHlilgemenl p~I8orUid comprise the members of the Fimlllce Council The key 1nltlmgcIl1CJl personnel do not receive ally renluncnuion or other bene fits from the Fund
15 OPERATING IEASE COMMrrMENTS The future millimum lcs~ pnymcnts uncler the nOtl-cHlccllablo operating leases are as f(J llows
2014 RM
Not lntcr th811 ono year 16575 45000
Later than ontl year and not Inter than tive years 20 775
16575 65775
16 TAX No taxation is provided for the fiMncial yellr as the Fund is exempted from income tnx ullllcr S~llhn
44(6) of the Mrtlllysinll 111~l)me Tax Act 1967 with effect from year of nSSCOS Ill nt 1971