ANNUAL REPORT 2019
R A S . O R G . S G CONTENTS
03 PRESIDENT'S MESSAGE
04 VISION & MISSION
05 19TH TERM MANAGEMENT COMMITTEE
07 MEMBERSHIP
08 PROGRAMMES
10 EVENTS
24 MINUTES OF 38TH ANNUAL GENERAL MEETING
31 RAS MEMBERS LISTING
42 FINANCIAL STATEMENTS
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 2 PRESIDENT'S MESSAGE
Dear members, Earlier in the year, RAS established an ASEAN Restaurant We look back at 2019 with satisfaction as we have fostered Alliance in 2019, together with associations from 5 other many great partnerships throughout the year. Henry Ford has ASEAN countries: Cambodia, Indonesia, Malaysia, the once said, “If everyone is moving forward together, then Philippines, and Vietnam. This Alliance aims to help local F&B success takes care of itself.” players have a deeper understanding of the ASEAN markets and assist our members in expanding into these countries. We believed in the potential of our collaborations and in March, we successfully produced our very first trade show, We hope to continue strengthening our relations with all our Restaurant Asia, together with Conference & Exhibition partners and are looking forward to forming new partnerships Management Services (CEMS). The event featured both an and introducing new collaborations. exhibition area and a symposium that was held over 3 days. On behalf of the management committee, we would like to Our industry is constantly tasked to digitalise, however thank our advisor, Senior Minister of State, Ms Sim Ann for her interoperability across different digital solutions poses as a support and our partners, government agencies, media and major challenge to many companies. Together with associates for their ongoing assistance and support. Enterprise Singapore (ESG), we challenged technology providers and even student groups to come up with While the start of 2020 has already been paved with many innovation solutions in our very first F&B Tech Reboot. challenges and difficulties, rest assured the association will continue to speak on behalf of the F&B industry and work As part of the nation’s effort to revitalise the shopping festival, with respective government agencies to provide on-ground Great Singapore Sale, we participated in the development of feedback and suggestions. With our collective voice and the now rebranded shopping festival, GSS: Experience fortitude, we are confident that our industry will overcome the Singapore. This was a milestone event as it was the first time 6 present adversity. trade associations came together to collaborate.
Beyond cultivating local partnerships, we also strengthened our relationship with our partners in Vietnam. In May, we With gratitude, worked closely with Restaurant Association of Vietnam and planned a business mission to Ho Chi Minh and Hanoi. We also organised a reverse mission in September, where we facilitated business matching opportunities between our members and potential partners in Ho Chi Minh and Hanoi. Vincent Tan
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 3 OUR VISION
To be the APEX body representing the Food and Beverage Industry, providing members with trusted resources for continued business growth.
OUR MISSION
To be the go-to knowledge hub for smart and relevant intelligence within the F&B industry
To promote industry development by sharing best practices and improving the competitiveness of our members’ businesses
To be a respected voice of action for the Singapore’s F&B industry by acting as a bridge between businesses and government
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 4 ADVISOR AND 19TH TERM MANAGEMENT COMMITTEE
ADVISOR Ms Sim Ann Senior Minister of State, Ministry of Communications and Information & Ministry of Culture, Community and Youth
PRESIDENT PRESIDENT ADIVSOR Vincent Tan Andrew Tjioe Select Group TungLok Group
VICE-PRESIDENT VICE-PRESIDENT Andrew Kwan Keith Chua Commonwealth Capital ABR Holdings
HONORARY HONORARY SECRETARY TREASURER Andrew Chan Janice Lee The Soup Spoon Sushi Tei
ASST ASST HONORARY HONORARY SECRETARY TREASURER Wei Chan Frank Lau Pine Garden's Cake Gratify Group
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 5 ADVISOR AND 19TH TERM MANAGEMENT COMMITTEE
EXCO MEMBER EXCO MEMBER Ang Kiam Meng Alan Goh JUMBO Group of Katrina Holdings Restaurants
COMMITTEE MEMBER COMMITTEE MEMBER Andrew Ing Andrew Lee The Lo & Behold Group Zingrill Holdings
COMMITTEE MEMBER COMMITTEE MEMBER Bonnie Wong David Yim Creative Eateries Group Udders
COMMITTEE MEMBER COMMITTEE MEMBER Edward Chia Han Jin Juan Timbre Group Palm Beach Seafood Restaurant
CO-OPT COMMITTEE CO-OPT COMMITTEE MEMBER MEMBER Dellen Soh Dickson Low Minor Food Singapore Revenue Valley
CO-OPT COMMITTEE MEMBER Justin Chou Greendot
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 6 MEMBERSHIP
As the largest F&B association in Singapore, RAS is the complete representation of the industry with members spanning across multiple sub- sectors and related trades.
RAS currently has a membership of more than 470 members, representing 700 brands that operate approximately 3,600 outlets.
RAS membership has a net increase of 10% in 2019 as compared to 2018.
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 7 MENTORSHIP PROGRAMME
This unique 6-month programme allows new F&B restaurateurs to learn from a team of esteemed industry veterans.
Mentors will guide their mentees through individual sessions and provide invaluable advice and insights.
The programme seeks to strengthen the ever-growing F&B community and aims to bring business success to more local companies.
Phase 4 (2019) : 9 Mentees Matched with 7 Mentors
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 8 GLOBAL READY TALENT PROGRAMME
Enterprise Singapore’s Global Ready Talent Programme (GRTP) aims to build a pipeline of talent to support Singapore enterprises with 35 their overseas expansion by exposing young Singaporeans to gain overseas experience. companies
Enterprise Singapore and Singapore enterprises or Institutes of Higher Learnings will co-fund travel and subsistence allowance for students 146 on overseas internships. students On top of this, Enterprise Singapore will provide funding support of up to 70% for qualifying costs such as monthly stipend of students on internships, or expenditure in sending these individuals overseas.
5S
5S is a structured programme designed to systematically achieve organisational cleanliness and standardisation in a workplace.
RAS is the main training provider for 5S in the Food & Beverage (F&B) industry.
To date, over 100 restaurant outlets and manufacturers are 5S certified, including JUMBO Group of restaurants, Palm Beach Seafood Restaurant, PUTIEN Restaurant, JP Pepperdine, Pine Garden’s Cake, TungLok Group, Sushi Tei and Muthu's Curry among others.
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 9 RAS EPICUREAN STAR AWARD 2019
Held on 6 November 2019 at the Raffles City Convention Center, Fairmont Ballroom, with 910 attendees. The RAS Epicurean Star Award celebrates the milestone achievements of both individuals and establishments in Singapore’s F&B industry.
The award recognises visionaries who have introduced innovative ideas and concepts through the years, to distinguished talented chefs, restaurateurs and service staff who have inspired others towards achieving excellence.
Over 100 nominations were received across 20 categories that were judged by a team of 18 respected individuals from the F&B industry. The guest-of-honour was Mrs Josephine Teo, Minister for Manpower and Second Minister for Home Affairs.
910 attendees
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 0 RESTAURANT ASIA 2019
Held from 21 - 23 March 2019 at Marina Bay Restaurant Asia presented a dedicated Sands Expo & Convention Centre, RAS showcase of the latest in kitchen & partnered with Conference & Exhibition culinary equipment and technological Management Services Pte Ltd (CEMS) to solutions and services. There was a produce our first trade show. Symposium held to connect like- minded individuals and promoted It is the first trade show spearheaded by sharing on industry-leading insights. It industry leaders for local and regional F&B sparked thought-provoking discussions communities. to advance the growth of the Food Services sector. Mr Chee Hong Tat, Senior Minister of State for Trade and Industry and Education officiated Business matching services also the opening ceremony. provided business development and networking opportunities for all An ASEAN Restaurant Alliance, comprising participants. associations from five other ASEAN countries – Cambodia, Indonesia, Malaysia, the Philippines, and Vietnam was formed during Restaurant Asia 2019. It seeks to help local F&B players expand into ASEAN markets, promote the sharing of best practices and the use of novel ingredients and cooking methods. 220 exhibitors | 15, 000 visitors
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 1 EXSA 2019
On 16 October 2019, the Singapore F&B industry gathered to recognise some of the most outstanding service individuals who took centre stage at the NTUC Centre Auditorium at One Marina Boulevard.
The event was graced by Guest of Honour, Ms Choy Sauw Kook Enterprise Singapore Director- General (Quality and Excellence) and attended by more than 470 guests.
In its 25th year, RAS introduced the EXSA Advocacy Award which celebrates companies that have shown continued efforts in service excellence for at least five years. The EXSA Advocacy Award recognises the organisation’s role in creating a positive experience for customers and an enabling environment for employees.
Notable companies who have supported EXSA for more than 15 years include: Delifrance, McDonald's, JUMBO Group of restaurants, RE&S, Sharika and TungLok Group.
2,510 participants | 67 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 2 STAR CHEF 2019
Held on 2 and 3 October 2019 at SHATEC Institutes, Star Chef 2019 challenged chefs in teams of two to demonstrate their culinary skills in either a Western Fusion or a Asian category.
The competition followed a mystery-box format with a theme of sustainability. A panel of esteemed judges from RAS, Singapore Chef's Association and Society of Chinese Cuisine Chefs (Singapore) scored the innovative culinary creations.
RAS is proud to congraulate the winners:
Asian CHAMPION: 莫忘初⼼ from New Taste: Leong Chi Hor and Paul Leong 1st Runner up: Lokkee from TungLok Group: Wong Weng Tuck and Anderson Gan 2nd Runner up: Shining Star from Intercontinental: Siew Yoke Sum and Chu Kin Soon
Western Fusion CHAMPION: Artistry by TungLok from TungLok Group: Rick Chow and Darren Chin 1st Runner up: Amara Singapore Two from Amara Singapore: George Ong and Loo Ying Rong 2nd Runner up: CKT 2.0 From Sheraton Towers: Ooi Chee Sing and Wong Koon Wei
30 participants | 10 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 3 BUSINESS MISSION TO HO CHI MINH AND HANOI
RAS and Enterprise Singapore, organised a study mission to Ho Chi Minh (HCM) and Hanoi from 12 to 16 May 2019, as part of a bigger joint Food Services and Retail Mission to Vietnam.
The aims were to achieve a deeper understanding of the Vietnamese F&B market, explore opportunities for Singapore companies in Vietnam and develop relationships with partners (F&B operators, franchisees, mall operators, local distributors and professional services providers) to assist brand expansion into the market.
There are strong opportunities for Singapore F&B companies to venture into this market, either via joint venture or franchising routes.
Participants visited a total of 9 shopping malls and met with various consultants, mall operators/developers, Vietnamese and Singapore F&B companies.
10 participants | 7 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 4 IN-BOUND FOOD SERVICES MISSION VIETNAM TO SINGAPORE
With the support from the Restaurant Association Vietnam (RAV) and Enterprise Singapore, RAS welcomed 18 Vietnamese delegates from 8 companies to Singapore on 25 – 27 September 2019.
The objective of the mission was for local F&B companies to explore, validate and secure partnership opportunities with Vietnamese investors, franchisees, joint- venture partners and operators.
The mission also sought to promote knowledge exchange on the business landscape and market opportunities in both Vietnam and Singapore.
The mission concluded with a industry networking session that was open to all RAS members.
40 Singapore participants | 20 companies
18 Vietnamese participants | 8 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 5 HAN YUAN ACADEMY 4TH JOINT LEARNING MISSION
On 21 October 2019, RAS together with Han Yuan Academy conducted a joint learning mission in Singapore.
RAS and its members hosted 40 Chinese delegates over 5 days.
Participants visited unique and successful restaurant concepts in Singapore including restaurants from Select Group, JUMBO Group of Restaurants , PUTIEN Restaurant, Palm Beach Seafood Restaurant and TungLok Group.
40 Chinese delegates
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 6 F&B TECH REBOOT
On 6 November 2019, Restaurant Association of Singapore, supported by Enterprise Singapore, launched an innovation challenge, F&B Tech Reboot.
The challenge called for solutions to solve specific business challenges through integrating software solutions with open Application Programming Interfaces (APIs). Software partners with open and well-documented APIs were also engaged to support challengers in their submissions.
As technology becomes more ingrained amongst F&B businesses, we hope that business owners can better harness the benefits of digitalisation to streamline operations, reduce overhead costs and drive sales.
4 business case studies | 8 team presentations
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 7 PLEASURES@RAS CHINESE NEW YEAR
On 21 February 2019 at Chui Huay Lim Teochew Cuisine, RAS and its members ushered in the year of the Pig together with Advisor Ms Sim Ann, Senior Minister of State, Ministry of Communications and Information & Ministry of Culture, Community and Youth.
196 attendees
PLEASURES@RAS SMART CITY KITCHENS
On 22 May 2019, members visited Smart City Kitchens' first facility in Singapore, before their official launch, to learn about the innovative ways they can accelerate their growth by expanding into delivery-centric kitchens.
125 attendees | 71 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 8 ANNUAL GENERAL MEETING AND PLEASURES@RAS
Held on 22 August 2019 at UOB Penthouse, members gathered together and reviewed the work and achievements of the association for the year 2018.
A PLEASURES@RAS sharing session followed after the Annual General Meeting.
90 attendees | 54 companies
5S LEARNING JOURNEY
Held on 19 November 2019 at Sushi Tei (JEM Outlet), consultant Tjioe Ka In, shared with the participants on the benefits of implementing 5S and how they could embark on a 5S programme .
Participants also had a rare opportunity to tour Sushi Tei’s RAS 5S certified kitchen, to learn about their best practices.
14 participants
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 1 9 LEGAL CLINIC
On 17 September 2019, as part of the Growth Development sub-committee, a Legal Clinic was developed to assist newer restaurateurs with their legal concerns such as understanding legal terms, documents and licenses.
Alexander Pang, CEO of New Ubin Seafood graciously hosted and presented on the topic. Alexander was previously a lawyer and is presently a non-practicing member of the Singapore Bar.
17 participants | 10 companies
DIALOUGE SESSION WITH MAYOR LOW YEN LING
On 24 October 2019, RAS together with Singapore Manufacturing Federation, Franchising and Licensing Association Singapore and Singapore Retailers Association organised a dialogue session with Mayor Ms. Low Yen Ling, Senior Parliamentary Secretary (SPS), Ministry of Manpower and Ministry of Education.
Ms Low Yen Ling spoke on the business case for creating family and age friendly workplaces. To address our tight labour market, businesses have to enable all workers, whether young or old, to continue working productively for as long as they are willing and able.
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 2 0 BOWLING TOURNAMENT
On 24 April 2019 at Westwood Bowl @ CSC Bukit Batok, RAS organised a bowling tournament to promote camaraderie among staff.
Winners: Champion Jumbo Group1st
Runner-up TLBG Bowling Team
2nd Runner-up Select Striker
Top Male Bowler Allan Shieh from TLBG Bowling Team 75 participants | 15 teams Top Female Bowler Enseilia from Team CE
FUTSAL TOURNAMENT
On 28 August 2019 at Kovan Sports Center, RAS members gathered their staff for a team bonding futsal tournament.
Winners: Champion AS-SAFEERA RESTAURANT from AS-SAFEERA RESTAURANT
1st Runner-up Iconic Team 1 from One – Group
2nd Runner up TLBG FC from The Lo & Behold Group
Golden Boot Player Kim from Team MDIS (Management Development Institute of Singapore)
103 participants | 16 teams
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 2 1 F&B REVENUE MANAGEMENT
2 workshops held on 29 May and on 17 July, focused on how participants can maximise profits in their F&B operations using techniques such as effective forecasting, dynamic pricing and social media marketing.
48 participants | 24 companies
CUSTOMER SERVICE EXCELLENCE WORKSHOP
On 10 April 2019, RAS organised a customer service excellence workshop.
Customer satisfaction creates loyal patrons who are not only returning customers, but also walking billboards for your businesses.
22 participants
BUSINESS DESIGN THINKING WORKSHOP
Business Design Thinking provides a creative approach to solve business problems. It is human-centred and needs-driven, focused on uncovering and meeting customer needs.
In collaboration with the Singapore National Employers Federation (SNEF) and Workforce Singapore (WSG), RAS organised 2 rounds of workshops in July and August.
10 participants
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 2 2 GSS: EXPERIENCE SINGAPORE 2019
6 trade associations collaborated together for the re-branded Great Singapore Sale: Restaurant Association of Singapore (RAS), Singapore Retailers Association (SRA), One Kampong Gelam (OKG), Orchard Road Business Association (ORBA), Singapore Furniture Industries Council (SFIC) and Textile and Fashion Federation (TaFF).
RAS members were invited to participate in a 10-day event that was held along the streets of Orchard Road from 21 to 30 June.
42 retail and F&B operators
POWER F&B OPERATIONS WITH DATA INSIGHTS
As part of the Knowledge sub-committee, RAS together with Beyondsoft International conducted a short sharing session on how to use Big Data in F&B to increase sales and reduce costs and how businesses can get the most out of their POS data.
13 participants | 8 companies
R E S T A U R A N T A S S O C I A T I O N O F S I N G A P O R E P A G E 2 3 RESTAURANT ASSOCIATION OF SINGAPORE MINUTES OF 38TH ANNUAL GENERAL MEETING HELD ON THURSDAY, 22 AUGUST 2019, 5.30 PM AT UOB PENTHOUSE UOB PLAZA 1 RAFFLES PLACE SINGAPORE 048624
Present : Keith Chua ABR Holdings Limited Andrew Kwan Commonwealth Retail Concepts Pte Ltd Ang Kiam Meng Jumbo Group of Restaurants Pte Ltd Alan Goh Katrina Holdings Pte Ltd Vincent Tan Select Group Limited Andrew Chan Soup Spoon Janice Lee Sushi Tei Pte Ltd Andrew Ing The Lo & Behold Group Edward Chia Timbre Group Pte Ltd Andrew Tjioe Tung Lok Millennium Pte Ltd David Yim Udders Pte Ltd Andrew Lee Zingrill Holdings Pte Ltd Justin Chou Greendot Group Pte Ltd Dickson Low Revenue Valley Pte Ltd Benny Ng ABR Holdings Limited Teo Tong Loong ABR Holdings Limited Noraslindah Boston Business School Pte Ltd Amanda Boston Business School Pte Ltd Jovey Boston Business School Pte Ltd Alvin Lim Brunch Café Joyce Zhao Careerstar International Pte Ltd Adrian Lau Conference & Exhibitions Management Services P/L Nick Gan Conference & Exhibitions Management Services P/L Sebastian Tan CJS Catering Pte Ltd Dorothy Chua Deliciae Hospitality Management Pte Ltd Cassandra Goh Enterprise Singapore Serene Lim Enterprise Singapore Kevin Ng Enterprise Singapore Jaymee Tan Enterprise Singapore Yeoh Mei Ling Enterprise Singapore Silin Wahyuningsih Java Kitchen Pte Ltd Damien Koh Joe & Dough Angelas Kazbar Pte Ltd Kirstin Kazbar Pte Ltd Shawn Huin LevelFive Pte Ltd Dr. N Venkatesh London School of Business and Finance Harjinder Singh London School of Business and Finance
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Jeremey Sarmiento MDIS Daniel Park NSTORY PTE LTD David Choi NSTORY PTE LTD Gyurim Yu NSTORY PTE LTD William Ourglass Pte Ltd Maxtein Oh Pavillon Holding Ltd Yeo Hiok Keat Project Dignity Pte Ltd Lau Alan Qi Ji Pte Ltd Le Giang Que Anirudh Thandu Sapaad Pte Ltd Steve Sapaad Pte Ltd. Ngiam Ju-Ren Singapore Food Agency Michael Tan Singapore Productivity Centre Siling Sim Singapore Productivity Centre Phoebe Wan Singapore Saizeriya Pte Ltd Spencer Liao Singtel Clara Tan Singtel Jonathan Wong Smart City Kitchens Ang Kian Peng Soup Restaurant Eugene Ng StaffAny Vicky Liu YanLing StaffAny Auston Quek StaffAny Loh Jwee Poh Super Bean International Pte Ltd Chung Deming The BPeople Pte Ltd / The Quarters Benedict Leow The Soup Spoon Pte Ltd Anna Lim The Soup Spoon Pte Ltd Chia Kenneth The Seafood Company Pte Ltd Foo Guo Quan UCC Brewer's Pte Ltd Liang Yuan Fei UFriend Media Pte Ltd Chris Lho UFriend Media Pte Ltd Jiang Yu Qing UFriend Media Pte Ltd Leonard Chow UFriend Media Pte Ltd Liu Wei UFriend Media Pte Ltd Wang Ze Xi UFriend Media Pte Ltd Angeline Tan Unilever Food Solutions Gwendolyn Gwee Unilever Food Solutions Wong Yuling Unilever Food Solutions Julian Song Unilever Food Solutions Huang Xintong Wemedia Consulting Pte Ltd Tina Wang Wemedia Consulting Pte Ltd Felix Ren Wemedia Consulting Pte. Ltd. Yee Khoon Lek YQueue Singapore Pte Ltd Bryan Chan YQueue Singapore Pte Ltd
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Damian Sim YQueue Singapore Pte Ltd Eileen Yap YTC Corporation Limited Subaish Rajamanickam Zeemart Caleb Lye Zeemart Pte Ltd
In Attendance : Edwin Fong Executive Director Melvin Teo Senior Manager, Programmes & Partnerships Kong Wai Yee Senior Manager, Programmes & Partnerships Gladys Leong Senior Manager, Programmes & Partnerships Geraldine Ee Assistant Manager, Communications & Partnerships Gregory Lim Executive, Communications & Partnerships Adrian Ching Executive, Programmes & Partnerships Alice Ngai Manager, HR, Admin & Finance Vivian Zhao Senior Executive, Finance & Admin
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1 OPENING ADDRESS BY PRESIDENT OF RAS
1.1 Mr Vincent Tan welcomed and thanked all members for taking time to attend RAS 38th Annual General Meeting. He expressed thanks to RAS Management Committee and Secretariat for their efforts in 2018.
2 CONFIRMATION OF MINUTES FOR AGM 2018
2.1 Mr Andrew Chan requested members to refer to page 23 of the annual report for the Minutes of 37th Annual General Meeting. He asked if members had any questions for clarification and requested for a proposer and seconder, to accept the minutes.
2.2 Mr Andrew Tjioe of Tung Lok Millennium Pte Ltd proposed and Mr Andrew Lee of Zingrill Holdings Pte Ltd seconded. The Minutes of 37th Annual General Meeting was thus officially accepted.
3 ANNUAL REPORT FOR YEAR 2018
3.1 Hon Sec, Mr Andrew Chan, shared on the 19th Term Management Committee and RAS’ updated vision and mission.
3.2 RAS membership Being the largest F&B association in Singapore, with strong representation of the F&B industry and members across multiple sub-sectors. RAS currently has a membership of more than 470 members, representing 700 brands that operate approximately 3,600 outlets. 3.3 RAS membership increased by 25% in 2018, of which 63% of RAS members are ordinary members (F&B operators) which comprised 700 restaurant brands across all cuisine types.
3.4 What RAS has done: Programmes and Events RAS Mentorship Programme The mentorship programme seeks to strengthen the F&B community. Mentees are matched to industry veterans who will guide them on a 6-month journey. The aim is to bring business success to more local companies. 3.5 RAS had successfully matched 27 mentees to 22 mentors. • Phase 1 (2017) : 10 mentees were matched to 6 mentors • Phase 2 (2018) : 8 mentees were matched to 7 mentors • Phase 3 (2018) : 9 mentees were matched to 9 mentors
3.6 SME Talent Programme (STP) The SME Talent Programme (STP) helps SMEs to attract students from Universities, Polytechnics and Institutes of Technical Education (ITEs) by providing funding for student internships and projects. SMEs may receive support for meaningful internships which have structured learning objectives aligned to SkillsFuture Enhanced Internship guidelines, and include mentoring by supervisors.
3.7 In 2018, RAS successfully matched 282 students to 34 F&B companies.
3.8 The SME Talent Programme will be renamed to Global Ready Talent Programme (GRTP) in 2019. 3.9 P-MAX An enhanced Place-and-Train programme under Workforce Singapore (WSG), aims to help SMEs better cope with the challenges of talent recruitment and retention in a tight labour market. P-Max will place Professionals, Managers, Executives and Technicians (PMETs) in SMEs and facilitate the entry of these PMETs into suitable SME jobs. A one-time grant of $5,000 is provided for SMEs who register for the P-Max programme.
3.10 In 2018, RAS has successfully placed our members companies.
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RAS 5S Programme 3.11 The 5S programme is a structured programme designed to systematically achieve organisational cleanliness and standardisation in a workplace. It aims to drive productivity improvement via operational efficiency and space utilisation. 45 outlets have completed the RAS 5S audits in 2018.
3.12 To date 24 F&B companies with 30 brands and more than 100 outlets have completed the 5S programme administered by RAS.
Events 3.13 RAS Epicurean Star Award 2018 (20 Nov 2018) The RAS Epicurean Star Award 2018 was successfully held on 20 Nov 2018. The event had more than 110 restaurant nominations and presented awards to 21 recipients. More than 1,200 guests had attended the gala dinner at Suntec Singapore Convention & Exhibition Centre, which was graced by Minister Chan Chun Sing.
3.14 A short video of the RAS Epicurean Star Award 2018 was shown.
Inaugural Business Bootcamp (27 Mar 2018) 3.15 The Inaugural Business Bootcamp was held on 27 Mar 2018 at The Star Gallery, attended by 190 participants from 70 companies. 3 world-renown brands (Union Square Hospitality Group, Disney Institute and Google People Services for APAC) had gathered at one place, giving participants an insight into innovations, sustainable solutions and internationalisation.
Excellent Service Award 2018 (EXSA) (4 Oct 2018) 3.16 The EXSA recognises selected individuals who have delivered quality service. It seeks to develop service models for staff to emulate and to create service champions. A total of 2,466 participants from 67 companies were recognized at this year’s award ceremony. The award ceremony was graced by Senior Minister of State, Mr Chee Hong Tat.
3.17 A short video of the EXSA 2018 was shown.
Star Chef 2018 (23 and 24 Aug 2018) 3.18 The Star Chef 2018 was held on 23 and 24 Aug 2018, with 22 teams from 17 companies participated in the competition. 44 chefs in teams of two competed to be recognised as the best culinary talents in the industry. The dish creations were judged by a panel of esteemed judges from the F&B industry.
3.19 A short video of the Star Chef 2018 was shown.
Internationalisation 3.20 RAS had organised 4 overseas trips attended by 95 participants from 75 companies.
1. Business Matching Seoul Mission (9 to 13 April 2018) To explore F&B business opportunities in Seoul, South Korea.
2. F&B Productivity & Digitalisation Shanghai Mission (13 to 17 May 2018) To learn about digitalization advancements and productivity trends in the Shanghai market.
3. Business Matching Jakarta Mission (15 to 19 July 2018) To explore opportunities to import Indonesia brands into Singapore & bring Singaporean concepts to Jakarta, Indonesia.
4. Reverse Mission & Internationalisation Workshop (15 September 2018) To facilitate one-to-one business matching session with potential business partners from China.
Pleasures @RAS Pleasures @RAS is a quarterly networking session for members to network and establish 3.21 contacts relating to the F&B industry. There were 3 sessions organized in 2018 :
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1) Chinese New Year (6 March 2018) – To usher in the Lunar New year at Chui Huay Lim Teochew Cuisine. 2) Human Capital Development (28 June 2018) – To discuss best HR practices and addressed foreign labour restrictions and manpower shortage. 3) AGM 2018 & Networking (15 August 2018) – To showcase technologies to support/improve the restaurant and corporate function of F&B business. The 19th Term Management Committee was also elected.
A total of 399 participants from 183 companies attended the 3 sessions. 3.22 CEO Breakfast Dialogues There were 2 CEO Breakfast Dialogues held in 2018 : 3.23 1) 22 Jan 2018 - Ronnie Tay, CEO of National Environment Agency 2) 5 Sept 2018 - Png Cheong Boon, CEO of Enterprise Singapore
Festival and Workshop 1) Singapore Restaurant Festival (1 Jul to 30 Sept 2018) - An extension of Singapore 3.24 Restaurant month where special dining deals are offered to consumers. 63 brands and 190 outlets participated at the event.
2) High Pressure Processing (HPP) Learning Journey (2 Aug 2018) - Learning about cold 3.25 pasteurisation technology. 31 participants from 20 companies attended the workshop.
3) RAS F&B Hackathon (13 Aug 2018) - In conjunction with Specialty Fine Food Asia, the topic 3.26 was “Productive Business Solutions for the F&B Industry”. 22 participants participated in the hackathon.
4) Revenue Management & Data Analytics Workshop (26 Jul, 1 Aug, 10 Sept 2018) - 3.27 Effectively and creatively increase revenue by using techniques such as menu planning, marketing and sales techniques. 97 participants from 38 companies attended the workshop over 3 runs.
Sports Tournament 3.28 RAS organised Sports Tournament with aim to promote team bonding and sportsmanship. There were 2 sports tournament organised in 2018 : 1) Bowling Tournament 2018 (25 April 2018) at Westwood Bowl 2) Futsal Tournament 2018 (9 May 2018) Kovan Sports Center
3.29 A total of 202 participants from 21 companies participated at both tournaments.
Collaboration with industry partners Design Business Chamber Singapore (DBCS) 3.30 RAS would be working with DBCS to run design innovation sessions knows as Design Kitchen for our members. Through the Design Kitchen sessions, members would be able to understand how to employ innovation tools in their business models.
Singapore Malay Chamber Of Commerce & Industry (SMCCI) 3.31 With SMCCI, collaboration efforts would include extending both our events and programmes to our members, such as trips, workshops and events.
4 2018 ANNUAL FINANCIAL REPORT
4.1 Hon Treasurer, Ms Janice Lee, presented the statement of financial position as at 31 December 2018.
4.2 It was updated that 2018 Revenue decreased from $2,326,608 to $2,137,211 and Other operating income decreased from $2,207,668 to $2,002,605.
4.3
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RAS is thankful for a surplus of $139,076 in 2018 despite of the challenging economy. RAS cashflow is stable at $861,509 and accumulated fund is $1,131,716. Ms Lee proceeded to ask members if they have any questions and requested for a proposer and seconder. 4.4 With Mr Andrew Ing of The Lo & Behold Group proposed and Mr Justin Chou of Greendot Group seconding, the 2018 Annual Financial Report was thus officially accepted.
5 APPOINTMENT OF AUDITORS
5.1 For good governance, Ms Janice Lee, proposed KK Yap & Associates as RAS’ auditing firm for the next financial year. Ms Janice Lee proceeded to asked all attendees if they have any questions and requested for a proposer and seconder.
5.2 Mr Edward Chia of Timbre Group Pte Ltd proposed and Mr Dickson Low of Revenue Valley Pte Ltd seconded, KK Yap & Associates was officially appointed as RAS’ auditing firm for the next financial year.
6 FEEDBACK AND DISCUSSION
6.1 There were no feedback or comments from the attendees.
6.2 The Annual General Meeting ended at 6pm.
Minutes Recorded by : Kong Wai Yee, Senior Manager, Programmes & Partnerships
______Minutes Vetted by : Edwin Fong, Executive Director
______Minutes Approved by : Mr Andrew Chan, Honorary Secretary
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RAS MEMBERS LISTING
Company Name Address 1 Group 211 Henderson Road #04-03 Singapore 159552 1st Station Pte Ltd 60 Paya Lebar Road #05-43 Singapore 409051 1STEP Pest Control Services Pte. Ltd. 1 Tampines North Drive 1 #08-01 T-Space Singapore 528559 238A Thomson Road #13-06/07 Novena Square Tower A 4Fingers Pte Ltd Singapore 307684 8 Bar Pte Ltd 109A Jalan Besar Singapore 208829 8 Steps Holding Pte Ltd 1 Scotts Road, #04-20/21, Shaw Centre Singapore 228208 A J Alliancez Pte. Ltd. 10 Anson Road #03-49 International Plaza Singapore 79903 A matter of Taste Pte Ltd 86 Robertson Quay #01-04 Singapore 238245 Abaavo Group Pte Ltd 24 Sin Ming Lane #02-95, Midview City Singapore 573970 ABR Holdings Limited 41 Tampines Street 92 Abr Building Singapore 528881 Adstragold Pte Ltd 25 Jalan Remis Singapore 468093 AESOPICA PTE LTD 47B Tras Street Singapore 78986 1100 Lower Delta Road, #03-01, Epl Building Singapore Agrivo International Limited 169206 Aitech Robotics and Automation Pte Ltd 3 Cleantech Loop #04-09, Clean Tech 2 Singapore 637143 Alchemy foodtech Pte Ltd 83 Science Park Dr, #02-1B The Curie Singapore 118258 ALMA CONTRACT (SINGAPORE) PTE LTD 60 Tannery Lane Singapore 347803 Alpha Colloids Pte Ltd 3 Biopolis Drive, #03-19, Synapse Singapore 138623 Alsco Pte Ltd 9 Second Chin Bee Road Singapore 618776 438A Alexandra Road #02-03, Alexandra Techno Park A Altitude Holdings Pte Ltd Singapore 119967 Angliss Singapore Pte Ltd 232 Pandan Loop Singapore 128420 421 Tagore Industrial Avenue #01-19 Tagore 8 Singapore A-One F&B Group Pte Ltd 787805 Apexlink Pte Ltd 8 Kaki Bukit Ave 4, Premier #02-31/32 Singapore 415875 China Square Exchange 18 Cross St #02-101 Singapore APPSELS PTE LTD 48423 5 Little Road, #05-01 Cemtex Industrial Building Singapore Appzgate Solutions Pte Ltd 536983 1 Lorong 2 Toa Payoh # 05-03. Yellow Pages Building Aptsys Technology Solutions Pte Ltd Singapore 319637 Aroy-Dee Holdings Pte Ltd 249 Lavender St. Singapore 338788 Arteastiq Pte Ltd 29 Mayo Street #04-01 Singapore 208315 Asia Pacific Breweries (Singapore) Pte Ltd 459 Jalan Ahmad Ibrahim Singapore 639934 Associated Catering Pte Ltd 310 Orchard Road Singapore 238864 Aston Food & Beverage Specialities Pte Ltd 43 Kaki Bukit View #04-01 Singapore 415970 At-Sunrice GlobalChef Academy 28 Tai Seng Street, Level 5 Singapore 534106 Auric Pacific Marketing Pte Ltd 2 Enterprise Road Singapore 629814 28 Tai Seng #04-01 (Lift 1 Lobby) Sakae Building Singapore Bakerzin Holdings Pte Ltd 534106 Baking Industry Training College Pte Ltd 162 Bukit Merah Central #03-3545 Singapore 150162 21 Serangoon North Avenue 5, #02-00 Ban Teck Han Building Ban Teck Han Enterprise Co Pte Ltd Singapore 554864 Blk 18 Boon Lay Way #09-115 Tradehub 21 Singapore Barcook Bakery Pte Ltd 609966 1100 Lower Delta Road #02-03 Epl Building Singapore Belgarath Investments Pte Ltd 169206 Beng Hiang Restaurant Pte Ltd 135 Jurong Geteway Road #02-337 Singapore 600135
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Beyondsoft International (Singapore) Pte. 38 Beach Road #04-12, South Beach Tower Singapore Ltd. Singapore 189767 BINCHO RESTAURANT PTE LTD 78 Moh Guan Terrace #01-19 Singapore 162078 A-Z Building, No.140 Paya Labar Rd #06-18 Singapore Bio-Design Pte Ltd 409015 Bizmann System (S) Pte Ltd 150 Kampong Ampat #05-08 Ka Centre Singapore 368324 Boon Tong Kee Pte Ltd 52 Woodlands Terrace Singapore 738462 520 North Bridge Road #03-01 Wisma Alsagoff Singapore Boston Business School Pte Ltd 188742 P.O.Box 1070 @ Changi Airport Terminal 2 Basement Brand Alliance Travel & Retail Pte Ltd Singapore 819643 BreadTalk Group Ltd 30 Tai Seng Street #09-01 Singapore 534013 Broadway Food Centre (Holdings) Pte Ltd 200 Jalan Sultan #02-07 Textile Centre Singapore 199018 36 Carpenter Street, #02-01, The Hive @ Carpenter Haus Brotzeit Pte Ltd Singapore 59915 Brunch Cafe 1 Fusionopolis Walk #01-11, Solaris Singapore 138628 Cantolicious 430 Upper Changi Rd #01-11 Singapore 487048 CareerStar International Pte Ltd 1 Sims Lane #05-12 One Simes Lane Singapore 387355 Catering Culture Pte Ltd Blk 3017 Bedok North Street 5 #01-12 Singapore 486121 Chang Cheng Group Pte Ltd 27 Woodlands Link #04-01 Singapore 738732 60 Airport Boulevard #046-019, Changi Airport Terminal 2 Changi Airport Group (Singapore) Pte Ltd Singapore 819643 102F Pasir Panjang Road #03-06 Citilink Warehouse Chef Works Singapore 118530 Blk 3015 Bedok North Street 5 #06-27 Shimei East Kitchen Chilli Padi Nonya Restaurant Pte Ltd Singapore 486350 Chin Guan Hong (S'pore) Pte Ltd 21 Fishery Port Road Singapore 619737 China Club Investment Pte Ltd 168 Robinson Road #52-01 Capital Tower Singapore 68912 City Gas Pte Ltd (AS TRUSTEE) 26 Senoko Avenue Singapore 758312 City Storage Systems Singapore Pte Ltd Level 18, 8 Cross Street Singapore 48424 CJS Catering Pte Ltd 1 Senoko Ave #03-05, Foodaxis@Senoko Singapore 758297 Clear Link Pte Ltd Blk 22 Sin Ming Lane #08-83, Midview City Singapore 573969 Coca Cola (Singapore) Beverages Pte Ltd 100G Pasir Panjang Road #08-01 Singapore 118523 Coca International Singapore Co Pte Ltd 3 Temasek Boulevard #02-440 Suntec City Singapore 38983 Coffee Hive Pte Ltd 15 Jalan Rengkam Tai Peng Gardens Singapore 537571 Blk 167 Jalan Bukit Merah #02-15 Connection One, Tower 4 Coleman College Pte Ltd Singapore 150167 110 Eunos Avenue 7 Comfort Design Bulding Singapore Comfort Design Pte Ltd 409573 7 Buroh Lane #06-02 Commonwealth Capital Building Commonwealth Retail Concepts Pte Ltd Singapore 618291 Copper Chimney Pte Ltd 100 Syed Alwi Road Singapore 207676 17 Eng Hoon Street #01-04, Eng Hoon Mansions Singapore Creative Culinaire The School Pte Ltd 169767 Creative Eateries Pte Ltd 211 Henderson Road #05-03 Singapore 159552 Creative Food Concept Pte Ltd 177 River Valley Road #04-01 Liang Court Singapore 179030 151 Lorong Chuan #04-02 Lobby B New Tech Park Singapore Crystal Jade Palace Restaurant Pte Ltd 556741 CSM ACADEMY INTERNATIONAL PTE 250 Sims Avenue #03-01 Spcs Building Singapore 387513 LTD Culina Pte Ltd 24 Senoko Way Singapore 758046 Cupparoma Pte Ltd 125 East Coast Road Singapore 428810 D&N Singapore Pte Ltd 4 Leng Kee Road #04-10 Singapore 159088
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Da Paolo Ristorante Italiano Pte Ltd 80 Club Street Singapore 69448 Deelish Brands Pte Ltd 14D Keong Saik Road Singapore 89121 Deliciae Hospitality Management Pte Ltd 5A Duxton Hill Singapore 89591 Deskera Singapore Pte Ltd One Raffles Place #18-01 Tower 1 Singapore 48616 1 Ang Mo Kio Industrial Park 2A #02-03 Amk Tech 1 Di Yi F&B Pte Ltd Singapore 568049 450 Lorong 6 Toa Payoh #03-01 Hersing Centre Singapore Dim Sum Pte Ltd 319394 DIMENSIONS INTERNATIONAL COLLEGE 58 Lowland Road Singapore 547453 PTE LTD Dining Innovation Asia-pacific Pte Ltd 175A Bencoolen Street #12-09/10 Singapore 189650 DKSH S'pore Pte Ltd 24 Penjuru Road #03-02 Singapore 609128 Dou Hua Restaurants Pte Ltd 80 Raffles Place #60-01 Uob Plaza 1 Singapore 48624 Dua Group Pte Ltd 59C Jalan Malu-Malu Singapore 769674 116 Lavender Street, #04-17, Pek Chuan Building Singapore D'zage Pte Ltd 338730 Each-a-cup Pte Ltd 22K Flower Road Singapore 545212 Eatigo Singapore Pte Ltd 3 Pickering Street #03-10 Singapore 48660 8 Marina View #15-07B Asia Square Tower 1 Singapore Eco World Development (S) Pte Ltd 18960 Edith Patisserie Holdings 772 North Bridge Road Singapore 198740 Eduquest International Institute 1 Sophia Road #07-13 Peace Centre Singapore 228149 No. 1 Jalan Kilang Timor #06-03 Pacifictech Centre Singapore Eighteen Chefs Pte Ltd 159303 Electrolux S.E.A. Private Limited 1 Fusionopolis Place #07-10 Galaxis Singapore 138522 Enterprise Advanced System Intelligence Pte Blk 623, Aljunied Road #07-01, Aljunied Industrial Complex Ltd Singapore 389835 Epic Eats LLP 137 Amoy Street #01-04 Singapore 49965 Epoint Systems Pte ltd 8 Boon Lay Way #02-09, Tradehub 21 Singapore 609964 Eunoia Pte Ltd No. 81 Ubi Avenue 4 #11-08 Ub One Singapore 408830 Eurasia Global Food (s) Pte Ltd 1 Second Chin Bee Road #02-01 Singapore 618768 60 Kaki Bukit Place Eunos Techpark 2, #09-12 Singapore Faesol Pte Ltd 415979 Far Ocean Sea Products Pte Ltd 15 Fishing Port Road Singapore 619735 Fattank International Trading as Fattank 1 Holt Road #06-01, The Horizon Singapore 249441 Singapore Pte Ltd Fatty Weng Restaurant Pte Ltd 37 Smith Street #01-01 - #02-01 Singapore 58950 First Data Merchant Solutions Pte Ltd 150 Beach Road #04-05, Gateway West Singapore 189720 5 Burn Road #03-01 Tee Yih Jia Food Building Singapore First Gourmet Pte Ltd 369972 Food Canopy Pte Ltd 312 Old Birdcage Walk #01-11 Singapore 798485 Food For Thought Pte Ltd 261 Waterloo Street #02-19 Singapore 180261 Foodfolks Pte Ltd #01-75 Newest, 1 West Coast Drive Singapore 128020 Foodgnostic Pte Ltd 171 Kampong Ampat #05-04 Ka Foodlink Singapore 368330 Foods For Generation Pte ltd 23 Serangoon Central Nex #01-57 Singapore 556083 Foodscape Holdings Pte Ltd 451 Upper East Coast Road #03-07 Singapore 466499 39 Keppel Road #01-02/04 Tanjong Pagar Distripark FoodXervices Inc Pte Ltd Singapore 89065 Foreword Coffee Pte Ltd 496D Tampines Ave 9 #07-542 Singapore 520496 Freshening Industry Pte Ltd 4 Loyang Link Singapore 508895 FROG'YS PTE LTD 1 North Bridge Road 15-02 Singapore 179094
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Gan Hup Lee (1999) Pte Ltd 16 Chin Bee Avenue Singapore 619939 192 Pandan Loop #06-01 Pantech Business Hub Singapore Gao Ji Food (S) Pte Ltd 128381 Gargantua Pte Ltd Killiney 118, 118 Killliney Road #03-01 Singapore 239555 Gashubunited Holding Private Limited 8 New Industrial Road #06-02 Singapore 536200 1 Commonwealth Lane #06-12, One Commonwealth Gastronomia+ Pte Ltd Singapore 149544 Gayatri Restaurant 122 Race Course Road #01-01 Singapore 218583 GB Chemicals Pte Ltd 18, Pioneer Sector 1, Jurong Singapore 628428 Gim Tim Group of Restaurant Block 15 Woodlands Loop #04-40 Singapore 738322 Gloria Foods Pte Ltd 20 Oxford Road #05-05 Kentish Green Singapore 218815 Goldbell Engineering Pte Ltd 18 Tuas Ave 10 Singapore 639142 151 Chin Swee Road #06-01 Manhattan House Singapore Grand Appetite Partners Pte Ltd 169876 Gratify Group Pte Ltd (KDM Group Pte Ltd) 76 Playfair Road #05-06 Singapore 367996 Greendot Gourmet Pte Ltd 60 Paya Lebar Road #02-15 Singapore 409051 Guan Chee Hong Kong Roasted Duck Pte 103 Rivervale Walk #14-80 Singapore 540103 Ltd Gurunavi, Inc. Singapore Branch 80 Robinson Road #10-01A Singapore 68898 H.I.M. Holdings Pte Ltd c/o Megumi 8 Burn Road #09-11, Trivex Singapore 369977 Japanese Restaurant Hanbaobao. Pte. Ltd (McDonald's Rests. Pte 10 Kallang Avenue #04-10 Aperia Tower 2 Singapore 339510 Ltd) Han's (F&B) Pte Ltd 906 Upper Thomson Road Singapore 787110 Hans Im Gluck SG Pte Ltd 4 Shenton Way #28-03 Sgx Centre Ii Singapore 68807 5 Stadium Walk #05-01 Leisure Park Kallang Singapore Hansfort Investment Pte Ltd 397693 Hao Xiang International Pte Ltd Block 109 Teck Whye Lane #06-572 Singapore 680109 Harry's International Pte Ltd 28B/28C Boat Quay Singapore 49818 Blk 22 Pasir Panjang Wholesale Centre #01-160/161 He Sheng Vegetable Supplies Pte Ltd Singapore 110022 Ho Kee Pau (Singapore) Pte Ltd No. 43B Geylang Lorong 27 Singapore 388176 Holiday Inn Singapore Orchard City Centre 11 Cavenagh Road Singapore 229616 Holycrab Pte Ltd Blk 78 #15-18 Waterbank @Dakota Singapore 399945 Hong Kong Tea House Pte Ltd 10 Moulmein Rise #11-02, La Maison Singapore 308125 Hoong Services 65 Ubi Road 1 Oxley Bizhub, #04-40 Singapore 408729 Hotel Re! Pte Ltd 175A Chin Swee Road Singapore 169879 60 Paya Lebar Road, Paya Lebar Square #12-31 Singapore House of Crab (Holding) Pte Ltd 409051 Howlers Pte Ltd 43 East Coast Road Singapore 428764 HRC Holdings Pte Ltd 50 Cuscaden Road #05-03 Hpl House Singapore 249724 442 Orchard Road Orchard Hotel Singapore Singapore Hua Ting Restaurant 238879 Hup Heng Poultry Industries Pte Ltd 30 Senoko Crescent Singapore 758279 I Switch Pte Ltd 1 Temasek Avenue #16-01, Millenia Tower Singapore 39192 iBay Systems Pte Ltd 1 Fullerton Road #02-01 One Fullerton Singapore 49213 IDEA Management Services Pte Ltd 10 Jalan Besar #13-03 Sim Lim Tower Singapore 208787 In Great Company Pte Ltd Blk 1008 Toa Payoh North #05-14/15 Singapore 318996 Inaniwa Pte Ltd 435 Orchard Rd #04-45, Wisma Atria Singapore 238877 Indoguna Singapore Pte Ltd 36/38 Senoko Drive Singapore 758221
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Infinito Group Pte Ltd 70 Ubi Crescent #01-08, Ubi Tech Park Singapore 408570 192 Pandan Loop #01-10 Pantech Business Hub Singapore Infinium Robotics Pte Ltd 128381 Intraix Pte Ltd 79 Ayer Rajah Crescent #02-23 Singapore 139955 IPPIN PTE LTD 10 Anson Road #26-06B International Plaza Singapore 79903 JAD Holdings Pte Ltd 284 Jalan Besar Singapore 208947 Jadon Solutions Pte Ltd (YQUEUE) 400 Orchard Road #05-16 Orchard Towers Singapore 238875 Jaggi's Northern Indian Cuisine 34 /36 Race Course Road Singapore 218553 Jamtown Pte Ltd 17 Jalan Klapa Singapore 199329 420 North Bridge Road #02-01, North Bridge Centre Japan Food Holding Ltd Singapore 188727 Java Kitchen Pte Ltd 54 Zion Road Singapore 247779 Jew Kit Group Pte Ltd 8A Admiralty Street, #03-37 Singapore 757437 Jinjja Holdings Pte Ltd 159 Still Road Singapore 423994 JMD Asset Management Pte Ltd 35 North Canal Road #06-01 Singapore 59291 Joe & Dough Pte Ltd 1 Senoko Ave #04-08, Foodaxis@Senoko Singapore 758297 JP Pepperdine Group Pte Ltd 123 Defu Lane 10 Jack'S Place Building Singapore 539232 Juicy Pickles Pte Ltd 14 May Road Singapore 328598 Jumbo Group of Restaurants Blk 4 Kaki Bukit Ave 1 #03-08 Singapore 417939 Jurong Cold Store Pte Ltd No. 11 Chin Bee Drive Singapore 619862 Just Dough Pte Ltd #32-310,Block 145, Toa Payoh Lorong 2 Singapore 310145 Kabushiki Kaisha Vesper Singapore Branch 3 Fraser Street Duo Tower #08-21 Singapore 189352 Kampong Group Pte Ltd 1004 Toa Payoh North #04-15 Singapore 318995 Katrina Holdings Pte Ltd No.1 Sims Lane #05-05 Singapore 387355 Kazbar Pte Ltd 25 Church Street #01-03, Capital Square 3 Singapore 49482 Kee Song Brothers Poultry Ind. Pte Ltd No.2 Defu Lane 2 Singapore 539465 Keng Eng Kee Seafood Block 124 Bukit Merah Lane L #01-136 Singapore 150124 Kian Huat Restaurant Pte Ltd 61 Jalan Malu Malu Singapore 769676 Killiney International Pte Ltd 162 Race Course Road Singapore 218603 Kim's Place Seafood Restaurant Pte Ltd 43-47 Joo Chiat Place Singapore 427767 No. 7030, Ang Mo Kio Ave 5, #07-41, Northstar@Amk Kingdom Food Holding Pte Ltd Singapore 569880 Kintsugi Pte Ltd 81 Jalan Girang Singapore 359250 Kitchen Language Pte Ltd 336 River Valley Road #02-01 Singapore 589472 KOI THE SINGAPORE PTE LTD 2 Serangoon North Avenue 5 Singapore 554911 30 Pasir Panjang Road #6-32 Mapletree Business Singapore Konica Minolta Business Innovation centre 117440 Koufu Pte Ltd 18 Woodlands Terrace Singapore 738443 Kwan Im Vegetarian Restaurant 190 Waterloo Street Singapore 187965 Kwong Cheong Thye Pte Ltd 12 Senoko Avenue Singapore 758302 LABRADOR HILL PTE LTD (tamarind Hill 30 Labrador Villa Road Singapore 119189 Singapore) Labyrinth Food Pte Ltd 8 Raffles Avenue #02-23 Singapore 39802 Landex Pte Ltd 70 Bendemeer Road #01-03 Luzerne Singapore 339940 Lee Quan (Hai Zhong Bao) Pte Ltd 2A Jalan Kemuning Singapore 769722 Lei Garden Restaurant Pte Ltd 19-B Boon Tat Street Singapore 69619 Lek Lim Nonya Cake Confectionery (1987) 84 Bedok North Street 4 #01-21 Singapore 460084 Leong Guan Food Manufacturer Pte Ltd 7 Woodlands Link Singapore 738722
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LEVELFIVE PTE LTD 64D Kallang Pudding Road #05-00 Singapore 349323 Li Da Foods Pte Ltd Blk 79 Ayer Rajah Crescent #02-08 Singapore 139955 Liao Fan Hawker Chan (Singapore) Pte Ltd 21 Tampines Street 92 #05-02 Singapore 528891 Lim Lam Thye Pte Ltd 251 Pandan Loop Singapore 128431 London School of Business & Finance 3 Anson Road Level 6 Springleaf Tower Singapore 79909 Paya Lebar Square 60 Paya Lebar Road #06-29 Singapore Long Beach Seafood Restaurant 409051 Loreen Zhuo Block 455B Ang Mo Kio Street 44 #05-21 Singapore 562455 8A Admiralty Street, #07-35 Food Xchange @ Admiralty Loy Kee Management Services Pte Ltd Singapore 757437 Lucha Loco Pte Ltd 51 Telok Ayer S Singapore 48441 Luzerne Global 72 Bendemeer Road #02-22 Singapore 339941 6 Changi Business Park Ave1 #01-30 Ue Biz Hub Singapore Mad Gourmet Pte Ltd 486017 Madras New Woodlands Restaurant Pte Ltd 14 Upper Dickson Raod Clifden Hotel Singapore 207474 Mahadushi Events Pte Ltd 33 Ubi Avenue 3, #01-55 Singapore 408868 Management Development Institute of 501 Stirling Road Singapore 148951 Singapore Block 3015 Bedok North Street 5 #06-16/17 Singapore Manna Pot Catering Pte Ltd 486350 Mapollo Catering Pte Ltd Blk 3017 #01-19 Bedok North Street 5 Singapore 486121 Measure Pte Ltd 198 Telok Ayer Street Singapore 68637 Mediatech Marketing Pte Ltd 24 Sin Ming Lane #04-101 Midview City Singapore 573970 MEGASAFE TECHNOLOGY PTE LTD 10 Anson Road #10-11 International Plaza Singapore 79903 Menu Pte Ltd 2 Alexandra Road #02-01 Delta House Singapore 159979 Mexican Food Corp Pte Ltd 12 Marina View #02-11 Singapore 18961 No 2 Ang Mio Kio Street 64 #02-01C Econ Building Singapore MFM Restaurants Pte Ltd 569084 Minor Food Group (S) Pte Ltd 2 Alexandra Road #05-04/05, Delta House Singapore 159919 Miracle Food Delight Pte Ltd 50 Punggol East #01-K35 Singapore 828826 Mitsu Dining Concepts Pte Ltd 994 Bendemeer Road #01-07 B Central Singapore 339943 MJ_MICASA LLP 15 Lorong Kismis #02-03 Singapore 598008 Mobikon Asia Pte Ltd 2 Kallang Avenue #09-11 Ct Hub Singapore 339407 Modas Flame Pte Ltd / Enjoy Eating House Blk 418, Pasir Ris Drive 6, #02-293 Singapore 510418 and Bar Mount Faber Leisure Group Pte Ltd 109 Mount Faber Road Faber Peak Singapore 99203 Muthu's Currinary Pte Limited 138 Race Course Road #01-01 Singapore 218591 MYO Cafe Pte Ltd 138 Robinson Road #19-01 Oxley Tower Singapore 68906 Nanyang Polytechnic 180 Ang Mo Kio Avenue 8 Singapore 569830 Naomi Kitchen Pte Ltd Blk 264 Serangoon Central #01-203 Singapore 550264 NATIONAL GALLERY SINGAPORE 1 St Andrew'S Road #01-01 Singapore 178957 Natural Fruits & Drinks Pte Ltd Blk 15 Woodlands Loop #02-17 Singapore 738322 Neo Group Pte Ltd No.1 Enterprise Road Singapore 629813 Nestle Singapore Pte Ltd (Food Services 15A Changi Business Park Central 1 #05-02/03 Business Unit) Eightrium@Changi Business Park Singapore 486035 Network For Electronic Transfers 298 Tiong Bahru Road #04-01/06, Central Plaza Singapore (Singapore) Pte Ltd 168730 63 Hillview Avenue, Lam Soon Building, #09-03 Singapore New Ubin Seafood Holdings Pte Ltd 669569 No Signboard Seafood Restaurant Pte Ltd 10 Ubi Crescent #05-76 Ubi Techpark Singapore 408564
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12 Marina View #23-01 Asia Square Tower 2 Singapore Nstory Pte Ltd 18961 NTUC Link Pte Ltd 77 Robinson Road Level 24 & 25 Singapore 68896 OJJ Foods Pte Ltd 9 Wan Lee Road Singapore 627941 Old Hong Kong Kitchen 10 Moulmein Rise, La Maison, #11-02 Singapore 308125 Old Street Bak Kut Teh Pte Ltd No. 2&4 Gemmil Lane Singapore 69247 Omar Shariff Authentic Indian Cuisine Pte 805 Bukit Timah Road #01-02, Sixth Ave Centre Singapore Ltd 279883 One Rochester Restaurant (Jardin Enchante 211 Henderson Road #04-03 Singapore 159552 Pte Ltd) Oosterbay Pte Ltd 7500A Beach Road #B1-313 The Plaza Singapore 199591 Oracle Corporation Singapore Pte Ltd Level 12, Galaxis 1 Fusionpolis Place Singapore 138522 Oregano Trading Pte Ltd 15 Jalan Tepong #03-01 Jurong Food Hub Singapore 619336 39 Jalan Pemimpin #01-01, Tailee Industrial Building Origin Exterminators Pte Ltd Singapore 577182 8 Chang Charn Road #02-05 Link (Thm) Building Singapore Ourglass Pte Ltd 159637 Blk 994 Bendemeer Road #01-01, B Central Singapore Owl Tech Pte Ltd 339943 Palm Beach Seafood Restaurant Pte Ltd 29A Keong Saik Road Singapore 89136 Paname Pte Ltd 66 Tras Street Singapore 79005 Passion Restaurants Pte Ltd 175A Chin Swee Road Singapore 169879 Pasta Fresca Da Salvatore Pte Ltd 230 Pandan Loop #03-01 Singapore 128415 Pavillon Holdings Ltd Block 1002 Tai Seng Avenue #01-2536 Singapore 534409 48, Hillview Terrace, #06-08A Hillview Building Singapore PESTECH HOLDING (S) PTE LTD 669269 Pezzo Singapore Pte Ltd 51 Imbiah Road Singapore 99702 Phoon Huat Pte Ltd 231A Pandan Loop Singapore 128419 19 Woodlands Link Woodlands East Industrial Estate Pin Si Kitchen Pte Ltd Singapore 738728 Pine Garden's Cake Pte Ltd Block 529 Ang Mo Kio Ave 10 #01-2369 Singapore 578663 Pizza Hut (S) Pte Ltd 17 Kallang Junction Esmart Centre Singapore 339274 Pokka international Pte Ltd No 4 Benoi Crescent Singapore 629970 Polar Puffs & Cakes Pte Ltd 71 Woodlands Industrial Park Road Singapore 757048 Potato Head Singapore Pte Ltd 36 Keong Saik Road Singapore 89143 PREPARAZZI PTE. LTD. 9 Boon Keng Road #37-164 Singapore 330009 Prima Tower Revolving Restaurant c/o Prima 201 Keppel Road Singapore 99419 Tower Pte Ltd Prive Lifestyle Pte Ltd 20 Anson Road, #05-01 Singapore 79905 Project Dignity Pte Ltd Blk 267 Serangoon Ave 3 #02-02 Singapore 550267 1100 Lower Delta Road #01-02 Epl Building Singapore PSGourmet Pte Ltd (PS Cafe) 169206 Pu Tien Restaurant Pte Ltd 127 Kitchener Road Singapore 208514 Block 115A Commonwealth Drive #01-27/28 Singapore Q' Son Kitchen Equipment Pte Ltd 149596 Qi Ji Pte Ltd 171 Kampong Ampat #04-11 Ka Foodlink Singapore 368330 845 Geylang Road #04-09 Tanjong Katong Complex Qian-Xi (Paya Lebar) Restaurant Pte Ltd Singapore 400845 QSERV Solutions Pte Ltd No.8 Ubi Road 2 #04-12, Zervex Singapore 408538 Que (VietHouse) 125 Lorong 1 Toa Payoh #01-523 Singapore 310125 R E & S Enterprises Pte Ltd 32 Tai Seng Street #07-01 Re & S Building Singapore 533972 Rabbit Food Van Pte Ltd 52B Nassim Road Singapore 258442
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Raffles Town Club Pte Ltd 1 Plymouth Avenue Singapore 297753 Raffles Treats Pte Limited Blk 870 Tampines St.83 #05-169 Singapore 520870 Rainbow Hues Pte Ltd 10 Anson Road #10-11 International Plaza Singapore 79903 Red Star Restaurant Pte Ltd Block 54 Chin Swee Road #07-23 Singapore 160054 Reddot Brewhouse Pte Ltd 39 Greenfield Drive Singapore 457942 REDZ GROUP PTE LTD 79A Tras Street Singapore 79018 Relx (Singapore) Pte Ltd 1 Changi Business Park Crescent #06-01 Singapore 486025 Remnant Enterprise Pte Ltd 2 Kallang Avenue #08-31 Ct Hub Singapore 339407 6 Eu Tong Seng Road #02-72/92 Central @ Clarke Quay Rendezvous (Hock Lock Kee) Restaurant Singapore 59817 No 8, Sentosa Gateway, Sentosa F&B Culinary Office, Resorts World at Sentosa Pte Ltd Basement 2, Singapore 98269 Roland Restaurant Pte Ltd Blk 89 Marine Parade Central #06-750 Singapore 440089 Royal One Pte Ltd 203 Henderson Road #08-03 Singapore 159546 S.V. Curry Pte Ltd 101 Cecil Street #02-11, Tong Eng Building Singapore 69533 Saffrons Restaurant Pte Ltd 201D Tampines Street 21, #01-1163 Singapore 524201 Sakae Holdings Ltd 28 Tai Seng Street Sakae Building Level 7 Singapore 534106 Salad Stop Pte Ltd 84 Circular Road #02-01 Singapore 49436 Samanvay Singapore Pte Ltd / MTR-1924 No 438 Serangoon Road Singapore 218133 Samy's Curry Restaurant Pte Ltd 48 Bendemeer Road #05-1485 Singapore 330048 Sanfrance F&B Pte Ltd 1 Ford Avenue #01-05 Singapore 268685 Sankranti Hotels Pte Ltd 79 Syed Alwi Road Singapore 207658 Sapaad Pte Ltd #19-01, Tong Eng Building, 101 Cecil Street Singapore 69533 1 Irving Road, Level 7 Sarika Connoisseur Building Singapore Sarika Connoisseur Cafe Pte Ltd 369520 31 Woodlands Close #01-14, Woodlands Horizon Singapore Savoury Delight Pte Ltd 737855 Sawasdee Thai Food Pte Ltd 1 Park Road #27-944 Singapore 59108 Scottish Development International British High Commission 100 Tanglin Road Singapore 247919 SDH Institute Pte Ltd 51 Anson Road #13-51 Anson Centre Singapore 79904 Select Group Limited 24A Senoko South Road Singapore 758099 Sendhelper Pte Ltd 30 Prinsep Street #01-02 Singapore 188647 Seoulwerkz Pte Ltd 180 Kitchener Road #05-04 Singapore 208539 101,Cecil Street,Unit#11-10 Tong Eng Building Singapore Seventhsense Technologies (S) Pte. Ltd 69533 SF CONSULTING PTE LTD 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 SFBI (Asia-Pacific) Pte Ltd 1 Coleman Street #10-08/09, The Adelphi Singapore 179803 Sharikat Global Food No.1 Second Chin Bee Road Singapore 618768 Shin-Sapporo Ramen Pte Ltd 321 Alexandera Road #02-01 Singapore 115971 Shiraz FNB Pte Ltd 3E River Valley Road #03-01 Clarke Quay Singapore 179024 SHRM College Pte Ltd 120 Oxley Rise Singapore 238709 Sia Huat Pte Ltd 20 Pandan Road Singapore 609272 Siang Heng Fish Merchant Pte Ltd Blk 3017 Bedok North Street 5 #04-05 Singapore 486121 Silkroad Restaurant International Pte Ltd c/o 100 Tras Street #06-01 Amara Corporate Tower Singapore Amara Hotel Properties Pte Ltd 79027 Singapore Exhibition Services Pte Ltd 10 Kallang Avenue #09-16 Aperia Tower 2 Singapore 339510 Singapore Haidilao Dining Pte Ltd 3D River Valley Road #02-04 Clarke Quay Singapore 179023 Singapore Hospitality Group Pte Ltd 390 Victoria St #05-01, Village Hotel Bugis Singapore 188061
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11 Eunos Road 8 #08-01 Lifelong Learning Institute Singapore Productivity Centre Pte Ltd Singapore 408601 111 North Bridge Road #14-04 Pennisula Plaza Singapore Singapore Saizeriya Pte Ltd 179098 Singapore Telecommunications Limited 31 Exeter Road #11-00 Comcentre Singapore 239732 Singapore Zoological Gardens Pte Ltd 80 Mandai Lake Road Singapore 729826 Blk 3017 Bedok North St5 #03-11, Gourmet East Kitchen Sinjaya Food Enterprise Pte Ltd Singapore 486121 Ark @ Gambas, 7 Gambas Crescent, #09-42 Singapore Skyfy Technology Pte Ltd 757087 11 Woodlands Close #10-20, Woodlands 11 Singapore Skypace Pte Ltd 737853 Slake Pte Ltd 15 Swan Lake Avenue Singapore 455711 11 Woodlands Close #06-27 Woodlands 11 Singapore SmartComm Electronics Pte Ltd 737863 223 Mountbatten Road #02-18, 223 @ Mountbatten Sodexo Singapore Pte Ltd Singapore 398008 Sogurt Pte Ltd 474A Holland Road Singapore 275795 Soon Huat Dining House Pte Ltd Blk 9A Boon Tiong #06-501 Singapore 162009 Soup Restaurant Group Ltd 150 Kampong Ampat #04-01 Ka Centre Singapore 368324 5 Coleman Street Excelsior Hotel & Shopping Centre #04-01 Spinelli Coffee Company Singapore 179805 Spring Court Restaurant Pte Ltd 52-56 Upper Cross Street Singapore 58348 Starhub Ltd 67 Ubi Avenue 1 #05-01, Starhub Green Singapore 408942 Startaster Technology pte ltd 269 Queen Street #02-227 Singapore 180269 135 Middle Road #03-01/02/03 Bylands Building Singapore Stei Institute Pte Ltd 188975 Sterling Trends & Concepts Pte Ltd 230 Pandan Loop #01-03 Singapore 128415 Straits Chinese Nonya Restaurant Pte Ltd 8 Raffles Ave #02-21, Esplanade Mall Singapore 39802 Subway Singapore Development Pte Ltd 809 French Road #04-150 Singapore 200890 Sugar Daddy Group Pte Ltd 30 Penhas Road Singapore 208188 705 Sims Drive #04-16B Shun Li Industrial Complex Super Bean International Pte Ltd Singapore 387384 20 Bendemeer Road, #05-01 Bs Bendemeer Centre Sushi Express Group Pte Ltd Singapore 339914 No 120, Lower Delta Road #02-10/11 Cendex Centre Sushi Tei Pte Ltd Singapore 169208 Swatow Restaurant Pte Ltd Blk 181 Toa Payoh Lorong 4 #02-602 Singapore 310181 Swee Choon Tim Sum Restaurant Pte Ltd 189A Jalan Besar Singapore 208881 Sweetest Moments Pte Ltd 30 Tai Seng Street #08-05 Breadtalk Ihq Singapore 534103 Tabsquare Pte Ltd 2 Kallang Ave #06-17, Ct Hub Singapore 339407 Tai Cheong Bakery Pte Ltd No 5 Mohamed Sultan Road Singapore 239014 Tai Sun (Lim Kee) Food Industry Pte Ltd 255 Pandan Loop Singapore 128433 Tai Thai Pte Ltd 100 Faber Drive Faber Hills Singapore 129406 TC Import & Export Pte Ltd 42 Senoko Drive Singapore 758226 The Better Craft Pte Ltd No. 5 Simon Road #01-00 Singapore 545893 The Book Cafe Pte Ltd 20 Martin Road #01-02 Seng Kee Building Singapore 239070 The BPeople Pte Ltd 142 Serangoon North Ave 1 #01-307 Singapore 550142 The Coffee Connection Pte Ltd (Rocky 83 Killiney Road Singapore 239531 Master) The ED Design Group Pte Ltd 994 Bendemeer Road #01-07 B Central Singapore 339943 The Flying Squirrel Pte Ltd 92 Amoy Street #01-02 Singapore 69911 The Food Collective Pte Ltd 60 Jalan Penjara Singapore 149375
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The Happy Roots Pte Ltd 31 Rochester Drive #01-01 Singapore 138637 808 French Road #06-151, Kitchener Complex Singapore The Kettle Gourmet Private Limited 339564 The Lo & Behold Group Pte Ltd 267 Beach Rd Singapore 199545 51 Telok Ayer Street #04-00 China Square Food Centre The Loco Group Pte Ltd Singapore 48441 The Muffinry Pte Ltd 38 Bloxhome Drive Singapore 559733 The National University of Singapore 9 Kent Ridge Drive, Kent Ridge Guild House Singapore Society, NUSS 119241 The Oddle Company Pte Ltd 71 Ayer Raja Crescent #03-14/15 Singapore 139951 The Orange Lantern Vietnamese Restaurant 73 Killiney Road Singapore 239528 Pte Ltd The Pestman, Pte Ltd Block 37, Defu Lane 10 #02-61 Singapore 539214 22 Lorong 21A Geylang #09-01/02 Prosper Industrial Building The Soup Spoon Pte Ltd Singapore 388431 Foodaxis@Senoko 1 Senoko Avenue, #05-06 Singapore The Zest Group Pte Ltd 758297 TheSeafoodCompany Pte Ltd No. 4 Defu Lane 9 Singapore 539246 Timbre Group Pte Ltd 1 Old Parliament Lane #02-01 Singapore 179429 Toasties Group Pte Ltd 308 Tanglin Road #01-03A Singapore 247974 Toreta Asia Pte Ltd 8 Eu Tong Sen Street #20-83, The Central Singapore 59818 TUAN SING HOLDINGS LIMITED 9 Oxley Rise #03-02 The Oxley Singapore 238697 Tung Lok Millennium Pte Ltd 26 Tai Seng Street #02-01 Singapore 534057 Two Bakers Pte Ltd 88 Horne Road Singapore 209083 TY Innovations Pte Ltd 4 Kian Teck Drive Singapore 628821 1 Senoko Avenue, #05-05 Foodaxis@Senoko Singapore UCC BREWER'S PTE. LTD. 758297 Commonwealth Capital Building 7 Buroh Lane #06-03/04 Udders Pte Ltd Singapore 618291 331 North Bridge Road #23-36, Odeon Towers Singapore Ufriend Media Pte Ltd 48619 20 Pasir Panjang Road #06-22 Mapletree Business City Unilever Singapore Private Limited Singapore 117439 Unlisted Collection (Bincho Restaurant Pte 13 Cantonment Road Singapore 89737 ltd) Veganfoods Global Pte Ltd 44 Jalan Eunos Singapore 419502 Vienna International Seafood & Teppanyaki 101 Thomson Road #B1-01 United Square Singapore 307591 Buffet Restaurant W.L.P Pte Ltd 21 Woodlands Close #08-18 Primz Bizhub Singapore 737854 Wang Dae Bak Pte Ltd 22 Cross Street #01-64 Singapore 48421 WDL Food Pte Ltd 1 Selegie Road #01-03 Pomo Singapore 188306 Weeloy Pte Ltd 83 Amoy Street @02-01/03 Singapore 69902 Distrii,9 Raffles Place, Republic Plaza, Level 6 Singapore Wemedia Consulting Pte. Ltd 48619 Westlake 3 Pte Ltd Block 4, Queen'S Road #02-139 Singapore 260004 Wheat Baumkuchen Pte Ltd 8 Marina View #02-02, Asia Square Singapore 18960 Wong Jun Jie 21 Lorong Tahar Singapore 387757 Xie Chun Trading Pte Ltd Block 4008 Depot Lane #01-84 Singapore 109762 7030 Ang Mo Kio Avenue 5 Northstar #08-96 Singapore Xin Hai Development Pte Ltd 569880 Y.E.S. F&B Group Pte Ltd 50 Playfair Road #07-01 Noel Building Singapore 367995 237 Alexandra Road #03-09/10 The Alexcier Singapore Ya Kun International Pte Ltd 159929
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1 Pasir Ris Close #04-101, E!Hub@Downtown East Yam's Kitchen Pte Ltd Singapore 519599 Yee Cheong Yuen Noodle Restaurant Pte 29A Keong Saik Road Singapore 89136 Ltd YEO ENG KOON(S) PTE LTD 85 Defu Lane 10, #06-00 Singapore 539218 Yeo Hiap Seng Limited (YHS SINGAPORE 3 Senoko Way Singapore 758057 PTE LTD) Yeow Seng (Seafood) Pte Ltd 35 South Bridge Road Singapore 58669 60 Paya Lebar Road #06-13 Paya Lebar Square Singapore Yoshinoya (S) Pte Ltd 409051 YTC Hotels Limited 5 Coleman Street Singapore 179805 14, Arumugam Road, #01-05, Ltc Building C Singapore Yuan Food Holdings Pte Ltd 427483 Yum Cha Restaurant Pte Ltd 69 Ubi Road 1 #10-21 Oxley Bizhub Singapore 408731 1003 Bukit Merah Central #06-04, Inno Centre Singapore Yumstone Esolutions Pte Ltd 159836 120 Eunos Avenue 7, #01-08, Richfield Industrial Centre YUNHAIYAO PTE LTD Singapore 409574 75 Ayer Rajah Crescent #02-02, Launchpad@One-North Zeemart Pte Ltd Singapore 139953 Block 15 Woodlands Loop #01-01 Woodlands East Industrial Zingrill Holdings Pte Ltd Park Singapore 738322
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RESTAURANT ASSOCIATION OF SINGAPORE (Registration No: S80SS0208L)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019
KK YAP & ASSOCIATES Public Accountants and Chartered Accountants, Singapore
RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
INDEX
Pages
Statement by Management Committee 1
Independent Auditor’s Report 2 – 3
Statement of Financial Position 4
Statement of Comprehensive Income 5 – 6
Statement of Changes in Funds 7
Statement of Cash Flows 8
Notes To The Financial Statements 9 – 36
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESTAURANT ASSOCIATION OF SINGAPORE
Report on Audit of the Financial Statements
Disclaimer of Opinion
We were engaged to audit the financial statements of Restaurant Association of Singapore (the “Association”) which comprise the statement of financial position of the Association as at 31 December 2019, the statement of comprehensive income, statement of changes in funds and statement of cash flows of the Association for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
We do not express an opinion on the accompanying financial statements of the Association. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for Disclaimer of Opinion
(1) Accumulated Fund
The audit report for prior years were issued with a disclaimer of opinion due to the following:
(a) Lack of supporting documents for recognition of grant received from SPRING Singapore amounting to $178,453; and
The balances affected by the matters described above were brought forward into the financial statements for the financial year ended 31 December 2019 and hence these matters may have a material impact on the opening balance of Accumulated Fund.
Responsibilities of Management Committee for the Financial Statements
Management Committee is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Societies Act, Cap 311 (the “Act”) and Singapore Financial Reporting Standards, and for 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 financial statements and to maintain accountability of assets.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019
Note 2019 2018 $ $ ASSETS AND LIABILITIES Non-current assets Plant and equipment 3 7,795 15,113
Current assets Trade receivables 4 19,975 130,087 Right-of-use assets 5 43,977 - Subscription receivables 6 5,222 16,080 Other receivables 7 334,515 212,517 Cash and cash equivalents 8 1,046,088 861,509
1,449,777 1,220,193
Less: Current liabilities Trade payables 9 5,325 18,895 Other payables 10 77,738 79,695 Lease liabilities 11 46,634 - Income tax payable 16,000 5,000
145,697 103,590
Net Current Assets 1,304,080 1,116,603
Net Assets 1,311,875 1,131,716
FUNDS Foundation fund 2,400 2,400 Accumulated fund 1,309,475 1,129,316
1,311,875 1,131,716
The accompanying notes form an integral part of the financial statements.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019
Note 2019 2018 $ $ Income Subcription 138,805 134,606 Other operating income 12 1,470,378 2,002,605
1,609,183 2,137,211
Other operating expenses 5S expenses 92,550 127,795 Allowance for doubtful debts 37,992 21,474 Bank charges 333 260 Business matching trip - 77,755 Casual labour - 870 Cleaning expenses 6,240 6,240 Courier services - 828 CPF contributions 101,100 114,600 Depreciation of plant and equipment 3 9,121 11,007 Depreciation of right-of-use assets 4 43,977 - Entertainment 6,252 12,980 Excellent services awards 51,459 51,019 F&B guide/brochure - 15,515 LEDS expenses - 400 LEAD + Consultancy 12,625 19,411 LEAD + CRM & KM system 16,616 - Internationalisation - 8 Insurance 505 504 Interest on lease liabilties 3,999 - Master cooking class - appetizer & dessert - - Medical expenses 5,065 5,579 Mentorship platform 25,493 25,113 Miscellaneous expenses 12,682 3,307 Office expense 1,066 1,102 Pleasures @ RAS 14,435 9,861 Postage stamps 1,330 1,126 Printing and stationery 7,681 9,637 Professional fees 21,540 11,649 Provision for unutilised leave (2,127) (4,088)
Balance C/F 469,934 523,952
The accompanying notes form an integral part of the financial statements.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 (Cont’d)
Note 2019 2018 $ $
Balance B/F 469,934 523,952
RAS business bootcamp - 232,836 RAS hackthon/tech challenge - 40,121 RAS membership expenses 2,746 2,310 RAS sport tournment 6,994 8,882 Rental of premises - 45,926 Rental of printer 8,740 10,488 Rental of equipment 750 - Repair and maintenance 14,675 12,120 Restaurant asia expense 15,740 500 Salaries, wages and bonuses 678,644 762,490 Singapore Epicurean Star Award 154,221 187,041 Singapore Star Chef 8,658 37,690 Singapore restaurant month 50 30,779 SME talent 1,400 2,910 Staff training 2,455 2,145 Staff allowances 9,708 10,620 Staff recruitment 799 120 Study mission trip 9,468 34,314 Subcription fees 1,528 4,400 Telecommunication 4,455 4,807 Transport and travelling 6,877 7,245 Utilities expenses 1,440 1,380 Web hosting fee 1,200 1,200 Workshop - Customer services toolkit 920 924 Workshop - F&B Revenue 7,486 - Workshop - RAS producivity - 27,935
1,408,888 1,993,135
Surplus for the year before tax 200,295 144,076
Less: Income tax expense 14 (17,532) (5,000)
Surplus for the year after tax 182,763 139,076
Other comprehensive income, net of tax - -
Total comprehensive income for the year 182,763 139,076
The accompanying notes form an integral part of the financial statements. - 6 -
RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31 DECEMBER 2019
Foundation Accumulated Total Fund Fund $ $ $
At 01.01.2018 2,400 990,240 992,640
Total comprehensive income for the year - 139,076 139,076
At 31.12.2018 2,400 1,129,316 1,131,716
Effect of adopting FRS 116 Leases - (2,604) (2,604)
At 1 January 2019 (restated) 2,400 1,126,712 1,129,112
Total comprehensive income for the year - 182,763 182,763
At 31.12.2019 2,400 1,309,475 1,311,875
The accompanying notes form an integral part of the financial statements.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019
Note 2019 2018 $ $ Cash flows from operating activities Surplus before taxation 200,295 144,076 Adjustment for : Depreciation of plant and equipment 9,121 11,007
Operating surplus before working capital 209,416 155,083
Change in working capital:
Trade and other receivables (1,028) (91) Right-of-use assets 43,977 - Trade and other payables (15,527) (173,030)
27,422 (173,121)
Cash flow generated used in operations 236,838 (18,038) Income tax paid (6,532) -
Net cash flow (used in)/from operating activities 230,306 (18,038)
Cash flow from investing activities Purchase of plant and equipment (1,803) -
Net cash flow used in investing activities (1,803) -
Cash flows from financing activities Lease liabilities principal portion paid (43,924) -
Net cash used in financing activities (43,924) -
Net decrease in cash and cash equivalents 184,579 (18,038) Cash and cash equivalents at the beginning of the year 861,509 879,547
Cash and cash equivalents at the end of the year 8 1,046,088 861,509
The accompanying notes form an integral part of the financial statements. - 8 -
RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
NOTES TO THE FINANCIAL STATEMENTS – 31 DECEMBER 2019
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL
Restaurant Association of Singapore (the ‘Association’) is registered in the Republic of Singapore with its registered address and principal place of activity at 2985 Jalan Bukit Merah, Singapore 159457.
The principal activities of the Association are to foster and promote co-operation and interchange of information between restaurants and other organisation with similar objectives.
The financial statements for the financial year ended 31 December 2019 were authorised for issue in accordance with a resolution of the Management Committee of the Association on the date of the Statement by Management Committee.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”) on a historical cost basis except as disclosed in the accounting policies below.
The accounting policies have been consistently applied by the Association and are consistent with those used in the previous financial year.
In the current year, the Association adopted all the applicable new / revised FRS and Interpretations to FRS (INT FRS) that are relevant to the operations and effective for annual years beginning on or after 1 January 2019. The adoption of the new / revised FRS and INT FRS has no material impact on the accounts of the Association.
The financial statements are presented in Singapore Dollars.
The preparation of financial statements in conformity with FRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.1 Basis of preparation (Cont’d)
New and revised standard
In the current financial year, the Association has adopted all the new and revised FRSs and Interpretations of FRSs (“INT FRSs”) that are relevant to its operations and effective for the current financial year. Changes to the Association’s accounting policies have been made as required, in accordance with the transitional provisions in the respective FRSs and INT FRSs.
The adoption of these new/revised FRSs and INT FRSs did not have any material effect on the financial results or position of the Association, except as disclosed below:
FRS 116 Leases
FRS 116 supersedes FRS 17 Leases, INT FRS 104 Determining whether an Arrangement contains a Lease, INT FRS 15 Operating Leases-Incentives and INT FRS 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise most leases on the statement of financial position.
The Association adopted FRS 116 using the modified retrospective method of adoption with the date of initial application of 1 January 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application as an adjustment to the opening balance of retained earnings. The Association elected to use the transition practical expedient to not reassess whether a contract is, or contains a lease at 1 January 2019. Instead, the Association applied the standard only to contracts that were previously identified as leases applying FRS 17 and INT FRS 104 at the date of initial application.
The Association has lease contracts for office premises and equipment. Before the adoption of FRS 116, the Association classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. The accounting policy prior to 1 January 2019 is disclosed in Note 2.12.
Upon adoption of FRS 116, the Association applied a single recognition and measurement approach for all leases except for short-term leases and leases of low-value assets. The accounting policy beginning on and after 1 January 2019 is disclosed in Note 2.12. The standard provides specific transition requirements and practical expedients, which have been applied by the Association.
(a) Leases previously classified as finance leases
The Association did not change the initial carrying amounts of recognised assets and liabilities at the date of initial application for leases previously classified as finance leases (i.e. the right-of-use assets and lease liabilities equal the lease assets and liabilities recognised under FRS 17). The requirements of FRS 116 were applied to these leases from 1 January 2019.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.1 Basis of preparation (Cont’d)
FRS 116 Leases (Cont’d)
(b) Leases previously accounted for as operating leases
The Association recognised right-of-use assets and lease liabilities for those leases previously classified as operating leases, except for short-term leases and leases of low-value assets. The right-of-use assets for the leases were recognised based on the carrying amount as if the standard had always been applied, using the incremental borrowing rate at the date of initial application. Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.
The Association also applied the available practical expedients wherein it:
• used a single discount rate to a portfolio of leases with reasonably similar characteristics;
• relied on its assessment of whether leases are onerous immediately before the date of initial application as an alternative to performing an impairment review;
• applied the short-term leases exemption to leases with lease term that ends within 12 months of the date of initial application;
• excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application; and
• used hindsight in determining the lease term where the contract contained options to extend or terminate the lease.
Based on the above, as at 1 January 2019:
• the net effect of these adjustments of $2,604 had been adjusted to retained earnings. Comparative information is not restated.
2.2 FRS and INT FRS not yet effective
The Association has not applied any new FRS or INT FRS (Interpretations of Financial Reporting Standards) that has been issued as at the statement of financial position date but is not yet effective. The Management Committee do not anticipate the adoption of the new FRS and INT FRS in future financial years to have any material impact on the Association’s financial statements in the year of initial application. There are no FRS and INT FRS in issuance, that are applicable to Association as at year end.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.3 Significant accounting judgements and estimates
The preparation of the Association’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of the contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.
Taxation
Significant judgement is involved in determining the Association’s provision for income taxes. There are certain transaction and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Association recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
2.4 Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Provision for expected credit losses (ECL) of trade receivables
When measuring ECL, the Association use reasonable and supportable forward-looking information, which is based on assumptions and forecasts of future economic conditions. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements.
Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.
As the calculation of loss allowance on trade receivables is subject to assumptions and forecasts, any changes to these estimations will affect the amounts of loss allowance recognised and the carrying amounts of trade receivables. Details of ECL measurement and carrying value of trade receivables at reporting date are disclosed in Note 16.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.4 Key sources of estimation uncertainty (cont’d)
Depreciation of plant and equipment
Plant and equipment are depreciated on a straight-line method over their estimated useful lives. The management estimates the useful lives of the property, plant and equipment to be within 1 to 10 years. The carrying amounts of the Association’s plant and equipment as at 31 December 2019 was $7,795 (2018: $15,113). Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of the property, plant and equipment. Therefore, future depreciation charges could be revised.
2.5 Revenue recognition
i) Income from course fees is recognised over the period of the course. ii) Income from subscriptions and other income are recognised on the accrual basis.
2.6 Property, plant and equipment
(i) Measurement
All plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.
The cost of an item of plant and equipment includes its purchase price and any costs that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
(i) Depreciation
Depreciation on plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:
Useful lives Office Equipment 3 years Computers 3 years Furniture & Fittings 3 years Electrical 3 years Renovation 3 years
The residual values and the useful lives of plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision of the residual values and useful lives are included in the income statement for the financial year in which the changes arise.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.6 Property, plant and equipment (cont’d)
(ii) Subsequent expenditure
Subsequent expenditure relating to plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Association and the cost of the item can be measured reliably. Other subsequent expenditure is recognised as repair and maintenance expenses in the income statement during the financial year in which it is incurred.
(iii) Disposal
On disposal of an item of plant and equipment, the difference between the net disposal proceeds and its carrying amount is taken to the income statement.
2.7 Impairment of non-financial assets
The carrying amounts of the Association’s assets are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated.
The recoverable amount of an asset is the greater of the net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. All impairment losses are recognised in the income statement.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.8 Financial assets
Initial recognition and measurement
Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments.
At initial recognition, the Association measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss (“FVPL”) are expensed in profit or loss.
Trade receivables are measured at the amount of consideration to which the Association expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition.
Subsequent measurement
Investments in debt instruments
Subsequent measurement of debt instruments depends on the Association’s business model or managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortised cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit or loss (“FVPL”). The Association only has debt instruments at amortised cost.
Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process.
Derecognition
A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income for debt instruments is recognised in profit or loss.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.9 Impairment of financial assets
The Association recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Association expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).
For trade receivables, the Association applies a simplified approach in calculating ECLs. Therefore, the Association does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Association has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors’ ability to pay.
The Association considers a financial asset in default when contractual payments are 120 days past due. However, in certain cases, the Association may also consider a financial asset to be in default when internal or external information indicates that the Association is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Association. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
2.10 Financial liabilities
Initial recognition and measurement
Financial liabilities are recognised when, and only when, the Association becomes a party to the contractual provisions of the financial instrument. The Association determines the classification of its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss (“FVPL”), directly attributable transaction costs.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.10 Financial liabilities (Cont’d)
Subsequent measurement
After initial recognition, financial liabilities that are not carried at FVPL are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss.
2.11 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. These also include bank overdrafts that form an integral part of the Association’s cash management.
For the purposes of the statement of cash flow, cash and cash equivalents are shown as net of fixed deposits pledged with the banks, which are repayable on demand and form an integral part of the Association’s cash management.
2.12 Leases
These accounting policies are applied on and after the initial application date of FRS 116, 1 January 2019:
The Association assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
a) As lessee
The Association applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Association recognises lease liabilities representing the obligations to make lease payments and right-of-use assets representing the right to use the underlying leased assets.
Right-of-use assets
The Association recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.12 Leases (Cont’d)
a) As lessee (Cont’d)
Right-of-use assets (Cont’d)
If ownership of the leased asset transfers to the Association at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. The accounting policy for impairment is disclosed in Note 2.7.
The Association’s right-of-use assets are presented within property, plant and equipment (Note 5).
Lease liabilities
At the commencement date of the lease, the Association recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Association and payments of penalties for terminating the lease, if the lease term reflects the Association exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories)
In calculating the present value of lease payments, the Association uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
The Association’s lease liabilities are included in borrowings (Note 11).
Short-term leases and leases of low-value assets
The Association applies the short-term lease recognition exemption to its short-term leases of machinery (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.12 Leases (Cont’d)
(b) As lessor
Leases in which the Association does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising from operating leases on the Association’s investment properties is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
These accounting policies are applied before the initial application date of FRS 116, 1 January 2019:
(a) As lessee
Finance leases which transfer to the Association substantially all the risks and rewards incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Any initial direct costs are also added to the amount capitalised. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to profit or loss. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Association will obtain ownership by the end of the lease term.
Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.
(b) As lessor
The accounting policy applicable to the Association as a lessor in the comparative period was the same as under FRS 116.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.13 Provisions
Provisions are recognised when the Association has a present obligation as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.14 Taxation
Taxation on the profit or loss for the year comprises current and deferred taxation. Taxation is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity.
Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the end of the reporting period, in the countries where the Association operates and generates taxable income.
Current income taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all temporary differences, except:-
- Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
- In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.14 Taxation (Cont’d)
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except:-
- Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
- In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity and deferred tax arising from a business combination is adjusted against goodwill on acquisition.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.
Sales tax
Revenues, expenses and assets are recognised net of the amount of sales tax except:-
- Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
- Receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.15 Employee compensation
(i) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Association pays fixed contributions into separate entities such as Central Provident Fund (“CPF”), on a mandatory, contractual or voluntary basis. The Association has no further payment obligations once the contributions have been paid. The Association’s contributions to defined contribution plans are recognised in the financial year when they are due.
(ii) Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the statement of financial position date.
2.16 Related parties
A party is considered to be related to the Association if:-
(a) The party, directly or indirectly through one or more intermediaries, (i) controls, is controlled by, or is under common control with, the Association; (ii) has an interest in the Association that gives it significant influence over the Association; or (iii) has joint control over the Association;
(b) The party is an associate;
(c) The party is a jointly-controlled entity;
(d) The party is a member of the key management personnel of the Association;
(e) The party is a close member of the family of any individual referred to in (a) or (d); or
(f ) The party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or
(g) The party is a post-employment benefit plan for the benefit of the employees of the Association, or of any entity that is a related party of the Association.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.17 Government grants
i) Income-related grants are credited to the profit or loss over the periods necessary to match them with the related expenditures.
ii) Asset-related grants are accounted for as deferred income and are recognised in profit or loss on a systematic basis over the useful lives of the assets.
iii) Cash grants received from the government in relation to the Job Credit Scheme are recognised upon receipt.
2.18 Contingencies
A contingent liability is:-
(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Association; or
(b) a present obligation that arises from past events but is not recognised because:-
(i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) The amount of the obligation cannot be measured with sufficient reliability.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
3. PLANT AND EQUIPMENT
2019 Office Furniture and equipment Fittings Computer Electrical Renovation Total Cost $ $ $ $ At 1 January 2019 4,047 7,743 44,700 4,150 25,448 86,088 Additon for the year 233 - 1,570 - - 1,803 Disposal ------At 31 December 2019 4,280 7,743 46,270 4,150 25,448 87,891
Accumulated depreciation At 1 January 2019 3,289 6,826 31,262 4,150 25,448 70,975 Charge for the year 624 848 7,649 - - 9,121 Disposal ------
At 31 December 2019 3,913 7,674 38,911 4,150 25,448 80,096
Net carrying amount At 31 December 2019 367 69 7,359 - - 7,795
2018 Office Furniture and equipment Fittings Computer Electrical Renovation Total Cost $ $ $ $ At 1 January 2018 4,047 7,743 44,700 4,150 25,448 86,088 Additon for the year ------Disposal ------At 31 December 2018 4,047 7,743 44,700 4,150 25,448 86,088
Accumulated depreciation At 1 January 2018 2,504 5,294 23,875 4,150 24,145 59,968 Charge for the year 785 1,532 7,387 - 1,303 11,007 Disposal ------
At 31 December 2018 3,289 6,826 31,262 4,150 25,448 70,975
Net carrying amount At 31 December 2018 758 917 13,438 - - 15,113
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
4. TRADE RECEIVABLES
2019 2018 $ $
Trade receivables 20,774 135,945 Less: Allowance for impairment Balance as at 1 January (5,858) (48,954) Allowance for impairment no longer required 5,858 48,954 Allowance for impairment (799) (5,858) (799) (5,858)
Balance as at 31 December 19,975 130,087
Impairment Impairment Gross losses Gross losses 2019 2019 2018 2018 $ $ $ $ Not past due - - 10,356 - Past due 0 - 90 days 18,415 - 20,635 - More than 90 days 2,359 799 104,954 5,858 20,774 799 135,945 5,858
5. RIGHT-OF-USE ASSETS
2019 2018 $ $
At beginning of year - - Additions 87,954 - At end of the year 87,954 -
Accumulated depreciation At beginning of year - - Depreciation for the year 43,977 - At end of the year 43,977
Carrying amount Not later than one year 43,977 -
The right-of-use assets are for the office premises. They are depreciated over the period of the lease term on the straight line method. The rights to use will expire on 31 December 2020. They are not transferable.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
6. SUBSCRIPTIONS RECEIVABLE 2019 2018 $ $ Subscription receivable 42,415 31,696 Less: Allowance for impairment Balance as at 1 January (15,616) (13,589) Allowance for impairment no longer required 15,616 13,589 Allowance for impairment (37,193) (15,616) Balance as at 31 December (37,193) (15,616) 5,222 16,080
Subscriptions receivables are non-interest bearing and are generally on 14 days’ terms.
The ageing of receivables at the reporting date is:
2019 2018 $ $
Not past due and not impaired - - Past due but not impaired 42,415 31,696 42,415 31,696 Less: Allowance for doubtful debts (37,193) (15,616) 5,222 16,080
Subscriptions receivable that are past due but not impaired Subscriptions receivable which are past due but not impaired are unsecured and the analysis of their ageing is as follows:-
2019 2018 $ $ Not past due - 2,514 Past due 0 - 90 days 1,947 534 More than 90 days 40,468 28,648 42,415 31,696
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
7. OTHER RECEIVABLES
2019 2018 $ $ Sundry receivables 12,685 7,645 Government grant receivable 300,000 193,635 312,685 201,280 Deposits 17,177 8,177 Prepayments 4,653 3,060 334,515 212,517
8. CASH AND CASH EQUIVALENTS
For the purpose of presenting the statement of cash flows, the year-end cash and cash equivalents comprise the following:
2019 2018 $ $
Cash and bank balances 1,046,088 861,509
Cash and bank balances are all denominated in Singapore dollars
9. TRADE PAYABLES
2019 2018 $ $ Third parties 1,765 7,875 Subscription fees billed in advance 3,560 11,020 5,325 18,895
10. OTHER PAYABLES
2019 2018 $ $
Accrued operating expenses 60,803 58,564 Provision for unutilised leave 7,100 9,227 Sundry creditors 9,835 11,904 77,738 79,695
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
11. LEASE LIABILITIES
Lease liabilities are presented in the statement of financial position as follows:
2019 $ Lease liabilities, current 46,634 Lease liabilities, non-current - Present value of lease obligations 46,634
The new standard on leases had been applied using the modified retrospective transition approach. Therefore, no comparative amounts for the year ended 31 December 2018 are presented.
The lease liability above does not include the short-term leases of less than 12 months and leases of low-value underlying assets. Variable lease payment which do not depend on an index or a rate or based on a percentage of revenue are not included from the initial measurement of the lease liabilities and right-to-use assets. The right-to-use assets are disclosed in Note. 5.
Only variable lease payments that depends on an index or a rate; payments that vary to reflect changes in market rental rates are included in the measurement of the lease liability. Such variable amounts that are unpaid at the commencement date are included in the measurement of lease liability. Variable lease payments would also include extension option and termination options; residual value guarantees; and leases not yet commenced to which the lessee is committed. The variable lease payments that based on revenue are recognised in profit or loss in the year in which the condition that triggers those payments occurs.
A reconciliation of liabilities arising from financing activities excluding bank overdrafts is as follows: Non-cash changes 1 January Accretion 31 December 2019 Cash flows interest Other 2019 Liabilities $ $ $ $ $ Lease liabilities - Current 90,559 (47,924) 3,999 - 46,634
Extension options
The Company has several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Company’s business needs. Management exercises significant judgement in determining whether these extension options are reasonably certain.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
12. OTHER OPERATING INCOME 2019 2018 $ $
5S programe revenue 137,070 214,579 Business matching trip - 80,600 Entrance fees 4,300 8,450 Excellent Service Award 168,257 174,383 Government grants 371,854 682,917 Other miscellaneous income 31,038 53,622 Pleasures @ RAS 16,000 12,324 Restaurant Asia - Revenue 60,213 - RAS hackathon/tech challenge - 10,000 RAS sport tournament 11,173 13,850 RAS business bootcamp - 123,890 Shanghai productivity trip - 76,000 Singapore Epicurean Star Award 388,054 394,110 Singapore Restaurant Month 13,241 42,836 Singapore Star Chef 32,500 10,405 SME Talent 200,742 48,734 Special Employment Credit 203 421 Study mission trip 8,901 2,970 Wage Credit Scheme 4,786 13,058 Workshop - Optimise F&B Revenue Operations 18,796 33,756 Workshop - Customer service toolkit 3,250 5,700 1,470,378 2,002,605
13. STAFF COSTS
2019 2018 $ $ Salaries, wages and bonuses 678,644 763,360 CPF contribution 101,100 114,600 Other related costs 15,900 14,376 795,644 892,336
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
14. TAXATION
2019 2018 $ $ Current tax 16,000 5,000 Under/(Over) provision in prior year 1,532 -
17,532 5,000
A numerical reconciliation between accounting surplus and tax expense is as follows:-
2019 2018 $ $
Surplus for the year 200,295 144,076
Tax at applicable tax rate of 17% 34,050 24,493 Tax effect of : Utilisation of deferred tax assets not recognised - (9,891) Under provision of taxation in prior year 1,532 - Tax exemption (16,959) (7,382) Tax rebate - (1,306) Others (1,091) (914) 17,532 5,000
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
15. FINANCIAL INSTRUMENTS
a) Categories of financial instruments
The following table sets out the financial instruments as at the statement of financial position date: Non-interest Interest bearing bearing Total $ $ $
As at 31 December 2019 Financial assets measured at amortised cost Trade receivables 19,975 - 19,975 Right-of-use assets 45,279 - 45,279 Subscription receivables 5,222 - 5,222 Other receivables 329,862 - 329,862 Cash and bank balances 1,046,088 - 1,046,088 1,446,426 - 1,446,426
Financial liabilities measured at amortised cost Trade payables 5,325 - 5,325 Other payables 77,738 - 77,738 Lease liabilities 46,634 - 46,634
129,697 - 129,697
Non-interest Interest bearing bearing Total $ $ $
As at 31 December 2018 Loan and receivables Trade receivables 130,087 - 130,087 Subscription receivables 16,080 - 16,080 Other receivables 209,457 - 209,457 Cash and bank balances 861,509 - 861,509 1,217,133 - 1,217,133
Financial liabilities measured at amortised cost Trade payables 18,895 - 18,895 Other payables 79,695 - 79,695
98,590 - 98,590
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
15. FINANCIAL INSTRUMENTS (Cont’d)
b) Fair values of financial assets and financial liabilities
The fair value of a financial instrument is the amount at which the instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction, other than in forced or liquidation sale.
The carrying amount of cash and bank deposit, trade and other receivable and payables at each statement of financial position date approximate their respective fair values, due to their relatively short-term nature.
16. FINANCIAL RISK MANAGEMENT
The main risks arising from the Association’s financial instruments are credit risk and liquidity risk. The Management review and agree policies for managing each of these risks and they are summarised below.
(a) Credit risk
The Association’s exposure to credit risk arises from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Association, as and when they fall due. The Association manages this risk by monitoring credit periods and limiting the aggregate financial exposure to any individual counterparty.
The Association places cash with the established banks and financial instituions in Singapore.
The following sets out the Association’s internal credit evaluation practices and basis for recognition and measurement of expected credit losses (ECL):
Description of evaluation of financial assets Basis for recognition and measurement of ECL
Counterparty has a low risk of default and does not 12-month ECL have any past due amounts
Contractual payments are more than 30 days past Lifetime ECL – not credit-impaired due or where there has been a significant increase in credit risk since initial recognition
Contractual payments are more than 1 year past due Lifetime ECL – credit-impaired or there is evidence of credit impairment
There is evidence indicating that the Association has Write-off no reasonable expectation of recovery of payments such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, cannot be located or are not recoverable despite legal recourse made to recover the debt, and reminders and warning letters issued for debts due for more than 12 months.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
16. FINANCIAL RISK MANAGEMENT (Cont’d)
(a) Credit risk (Cont’d)
Significant increase in credit risk
In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Association compares the risk of a default occurring on the financial asset as at the reporting date with the risk of a default occurring on the financial asset as at the date of initial recognition. In making this assessment, the Association considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information, such as future economic and industry outlook that is available without undue cost or effort.
In particular, the Association considers the following information when assessing whether credit risk has increased significantly since initial recognition:
• an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;
• significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the extent to which the fair value of a financial asset has been less than its amortised cost; and
• an actual or expected significant deterioration in the operating results/key financial performance ratios of the debtor.
The Association regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.
The Association also assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date.
Definition of default
The Association considers an event of default for internal credit risk management purpose. Management Committee considers that default has occurred when a financial asset is more than 120 days past due unless the Association has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
16. FINANCIAL RISK MANAGEMENT (Cont’d)
(a) Credit risk (Cont’d)
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred such as evidence that the borrower is in significant financial difficulty, there is a breach of contract such as default or past due event; there is information that it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; the disappearance of an active market for that financial asset because of financial difficulties; or the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
Trade receivables
For trade receivables, the Association has applied the simplified approach in FRS 109 to measure the loss allowance at lifetime ECL. The Association determines the ECL by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of trade receivables is presented based on their past due status in terms of the provision matrix.
Other receivables
The Association assessed the latest performance and financial position of the counterparties, adjusted for the future outlook of the industry in which the counterparties operate in, and concluded that there has been no significant increase in the credit risk since the initial recognition of the financial assets. Accordingly, the Association measured the impairment loss allowance using 12-month ECL and determined that the ECL is insignificant.
Excessive risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Association’s performance to developments affecting a particular industry.
Exposure to credit risk
At the reporting date, the Association’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the statement of financial position.
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
16. FINANCIAL RISK MANAGEMENT (Con’d)
(b) Interest rate risk
At 31 December 2019 the Association’s interest rate risk are insignificant.
(c) Foreign currency risk
As at 31 December 2019, the Association is not exposed to any foreign currency risk.
(d) Liquidity risk
The Association monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Association’s operations and to meet normal operating commitments.
2019 Within Two to five More than one year years 5 years Total $ $ $ $ Financial assets Trade receivables 19,975 - - 19,975 Right-of-use assets 45,279 - - 45,279 Subscription receivables 5,222 - - 5,222 Other receivables 329,862 - - 329,862 Cash and bank balances 1,046,088 - - 1,046,088 Total undiscounted financial assets 1,446,426 - - 1,446,426
Financial liabilities Trade payables 5,325 - - 5,325 Other payables 77,738 - - 77,738 Lease liabilities 46,634 - - 46,634 83,063 - - 83,063
Total net undiscounted financial assets 1,363,363 - - 1,363,363
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RESTAURANT ASSOCIATION OF SINGAPORE (Registered in Singapore)
16. FINANCIAL RISK MANAGEMENT (Cont’d)
(d) Liquidity risk (Cont’d)
2018 Within Two to five More than one year years 5 years Total $ $ $ $ Financial assets Trade receivables 130,087 - - 130,087 Subscription receivables 16,080 - - 16,080 Other receivables 209,457 - - 209,457 Cash and bank balances 861,509 - - 861,509 Total undiscounted financial assets 1,217,133 - - 1,217,133
Financial liabilities Trade payables 18,895 - - 18,895 Other payables 79,695 - - 79,695 98,590 - - 98,590
Total net undiscounted financial assets 1,118,543 - - 1,118,543
17. CAPITAL RISK MANAGEMENT
The primary objective of the Association’s capital management is to ensure that it maintains sufficient cash in order to support its operations. The Association manages its capital structure and makes adjustments to it, in light of changes in economic conditions.
The Association’s approach to capital risk management attempts to balance the allocation of cash and the incurrence of expenditures. Available cash is deployed primarily to cover operational requirements.
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