Page 8 - NYAA Annual Report 2020

REVIEW OF FINANCIAL STATUS

The National Youth Achievement Award Association recorded a deficit of S$52,705.00 in the year
2020. (Please see Appendix 7 for a summary of financial performance.)

For the year 2020, the Association received two donations, amounting to S$513,133.00.
Unfortunately, there was a decrease in donations due to the covid-19 pandemic, where the
pandemic hits corporate and businesses. (Please see Appendix 9 for a list of donors).

Audited Financial Statements for the Year ended 31 December 2020
Please visit our website for the complete audited financial report from PricewaterhouseCoopers LLP.
(http://www.nyaa.org/finance). (Please see Appendix 8 for a summary of the online financial
statement.)

Fundraising Activity
In 2020, the Association did not carry out any fundraising event due to the COVID-19 pandemic
restrictions. Therefore, most of our projects and activities were either cancelled or postponed till
the pandemic situation eases.

In 2021, Mr John Ting Kang Chung, Chairman of NYAA Council, will chair the Fundraising
Committee and spearhead fundraising activities. Given the covid-19 pandemic situation, there are
many uncertainties and restriction for mass fundraising events. Therefore, the Committee
proposed to approach corporate, foundation and well-wishers for donations to support the NYAA.
The fundraising Committee target to raise $300,000 in the year 2021.

NYAA Investment Property
The NYAA owns an office space at 20 Kramat Lane #04-12 United House, Singapore 228773, which
house the NYAA Secretariat from 1994 – 2001. The NYAA rented out the office space to generate
income. As of 31 December 2020, the property is valued at S$1.6 million by an independent
valuation company, Realty International Associates Pte Ltd.
(Please see Appendix 10 for the valuation report.)

GOVERNANCE EVALUATION CHECKLIST

Disclosure and Transparency
The NYAA governing Council Members are not reimbursed for their services to the NYAA except
for two members who are also the full-time staff of the Association. They are:

• Mr James Soh Nga Kok, Secretary and Executive Director
• Ms Aileen Yap Leng Lee, Assistant Secretary and Deputy Executive Director

No governing Council members are involved in setting their remuneration.

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