Page 11 - NYAA FY2024

Docusign Envelope ID: F067D57E-6E60-4F26-8227-97F17DC4DBB9

NATIONAL YOUTH ACHIEVEMENT AWARD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2024

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

1. General information

The National Youth Achievement Award Association ("the Association") is
registered under the Societies Act since 12 September 1991. The address of the
Association's registered office is 151 Lorong Chuan #06-01B Lobby A New Tech
Park, Singapore 556741.

The Association is registered as a charity under the Charities Act since 12 October
1991 and granted Institution of a Public Character ("IPC") status since 1 April 1992.
The Association is exempted from income tax.

The Association is principally engaged in activities aimed at motivating young
people to maximise their potential and build on their physical and mental abilities
through a non-competitive award programme.

2. Material accounting policy information

2.1 Basis of preparation

These financial statements have been prepared in accordance with the Financial
Reporting Standards in Singapore (“FRSs”) under the historical cost convention,
except as disclosed in the accounting policies below.

The preparation of these financial statements in conformity with FRSs requires
management to exercise its judgement in the process of applying the Association's
accounting policies. It also requires the use of certain critical accounting estimates
and assumptions. There are no areas involving a higher degree of judgement or
complexity, or areas where estimates and assumptions are significant to the
financial statements.

Interpretations and amendments to published standards effective in 2024

On 1 January 2024, the Association adopted the new or amended FRS and
Interpretations to FRS ("INT FRS") that are mandatory for application for the
financial year. Changes to the Association's accounting policies have been made
as required, in accordance with the relevant transitional provisions in the respective
FRS and INT FRS.

The adoption of the above new or amended FRS and INT FRS did not result in any
substantial change to the Association's accounting policies and had no material
effect on the amounts reported for the current or prior financial years.

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