Singapore Gymnastics (SG) held for the first time its Annual General Meeting (AGM) via electronic means on 12 September 2020. The AGM brought together the voting member in a virtual environment, as part of the annual mandatory requirements for the organisation, to present the Annual Report and financial statements for the period April 2019 - March 2020.
Derek Mollison, President of Singapore Gymnastics opened the floor and highlighted the high points, such as Tan Sze En gaining Olympic qualification as well as the challenges that had been faced around the finances, low membership numbers and the lack of fundraising. Also, noted that Covid-19 is affecting and continuing to affect everyone worldwide as well as Gymnastics. He also shared that since the last AGM, the Board have appointed independent Directors Stephen Lim as Treasurer and Kevin Wong as the fundraising expert.
Stephen Lim, Treasurer of Singapore Gymnastics tabled the Financial Statement year ended 31 March 2020 of SG and presented an overview of the financials highlighting a decline in the overall income during the financial year due to Covid-19 and no Annual Awards Dinner or National Championships conducted. He further added that there was a substantial decrease in debtors in FY19/20 of 39%. The Treasurer commented that KLP LLP the new auditor had provided a set of financial statements with more notes allowing for more transparency to the members. The audited accounts presented for the financial year follow the International Financial Reporting Standard (FRS).
At the AGM the members also unanimously approved:
A key agenda items tabled by a member concerned the transparency of judging at Singapore Gymnastics events. The Board supports the current National Office action plan on the strategies to improve the transparency and standard of judging in Singapore, to address the perceived intentional biasness and unintentional judging mistakes that occur which will include:
The National Office staff are working with the Technical Advisory Councils (TAC) on these strategies and will continue to consult with the community via the annual club visits and club forum as these are developed and implemented.
The FY2019 Annual Report and Financial Statement tabled at the AGM can be found here.