Page 9 - NYAA Annual Report 2022

Audited Financial Statement for the Year ended 31 December 2022

Please visit our website for the full audited financial report from PricewaterhouseCoopers LLP.
(https://www.nyaa.org/finance). (Please see Appendix 8 for a summary of the online financial
statement.)

Fundraising Activity

In 2022, due to the adverse impact of the COVID-19 pandemic on corporate and business sectors,
the Association did not organise specific fundraising events. Instead, in light of the NYAA's 30th
Anniversary, we directly appealed to corporations and foundations for their generous donations.
We are grateful for the continued support of The Tote Board, which remains our leading donor.

Recognising the challenging circumstances faced by many businesses during the pandemic, our
approach focused on engaging corporate and foundation partners through direct appeals for
contributions. We aimed to raise funds to support the ongoing operations and initiatives of the
NYAA, ensuring the continuity and effectiveness of our programmes despite the prevailing
challenges.

While specific fundraising events were not conducted in 2022, the Association remained
committed to exploring alternative avenues for securing the necessary resources to fulfil our
mission. We extend our heartfelt appreciation to all corporations, foundations, and donors who
generously contributed to the NYAA's 30th Anniversary appeal, enabling us to continue
empowering young people and fostering their personal development.

Moving forward, we remain dedicated to actively seeking partnerships and opportunities for
fundraising, understanding the importance of sustained financial support to drive our initiatives
and create a meaningful impact in the lives of our participants.

NYAA Investment Property

The NYAA owns an office space at 20 Kramat Lane #04-12 United House, Singapore 228773, which
housed the NYAA Secretariat from 1994 – to 2001. The NYAA rented out the office space to
generate income. As of 31 December 2022, the property is valued at S$1.75 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 generously dedicate their services to the NYAA without
financial compensation, except for two individuals holding full-time positions within the
Association. These dedicated members are:

• Mr James Soh Nga Kok, Secretary and Executive Director, has served as Executive Director full-
time since 18 February 1991. Mr Soh was re-elected as Secretary of the National Youth
Achievement Award Association during the AGM on 24 June 2021 for two years.
• Ms Aileen Yap Leng Lee, Assistant Secretary and Deputy Executive Director, has been employed
full-time since 1 May 1993, initially as the Assistant Executive Director and was later promoted to
Deputy Executive Director in 2000. Ms Yap was re-elected as Assistant Secretary during the AGM
on 24 June 2021 for two years.
• It is important to note that no governing Council members set their remuneration.

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