Independent Auditors' Report
Board Members of the Foundation Home Nursing Foundation
(Registered under the Charities Act, Chapter 37 and Societies Act, Chapter 311)
We have audited the accompanying financial statements of Home Nursing Foundation (the “Foundation”) which comprise the balance sheet as at 31 March 2008, the income and expenditure account, statement of changes in funds and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages FS1 to FS15.
Management’s responsibility for the financial statements
The Foundation’s management is responsible for the preparation and fair presentation of these financial statements in accordance with Singapore Financial Reporting Standards.
Management has acknowledged that its responsibility includes:
- devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets;
- selecting and applying appropriate accounting policies; and
- making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion:
- the financial statements are properly drawn up in accordance with Singapore Financial Reporting Standards to present fairly, in all material respects, the state of affairs of the Foundation as at 31 March 2008 and the results, changes in funds and cash flows of the Foundation for the year ended on that date;
- the accounting and other records required by regulations enacted under the Charities Act and the Societies Act to be kept by the Foundation have been properly kept in accordance with those regulations; and
- the fund-raising appeals held during the year ended 31 March 2008 have been carried out in accordance with Regulation 6 of the Societies Regulations issued under the Societies Act, Chapter 311 and proper accounts and other records have been kept of the fund-raising appeals.
During the course of our audit, nothing came to our attention that caused us to believe that the Foundation did not comply with the requirements of regulation 15 (fund-raising expenses) in the Charities (Institutions of a Public Character) Regulations 2007.
KPMG
Public Accountants and
Certified Public Accountants
Singapore
18 August 2008
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