Financial Statements & Corporate Governance - CHILDREN'S WISHING WELL
Founded in 2002, we started as a help desk for latchkey kids. The Founder built a team that offered advice to students who seemed lost and lacked family support. Today, we provide a broad range of assistance. We offer monthly groceries, lunch pocket money and cooked dinners. Our signature program, Grant-A-Wish, helps needy students with necessities for education, health and basic living. We have thus provided spectacles, hearing aids, sports shoes or equipment, book vouchers and household items. Even fumigation services.
singapore, charity, children, children charity, donate, donation
16117
page-template,page-template-full_width,page-template-full_width-php,page,page-id-16117,ajax_fade,page_not_loaded,,columns-4,qode-theme-ver-8.0,wpb-js-composer js-comp-ver-4.11.2.1,vc_responsive
 

Corporate Governance

  • Annual Report 2018

    Dear Supporters of Children’s Wishing Well, “Look at what’s strong, not what’s wrong!”...

Overview

As a registered charity and an Institution of Public Character (IPC), we are subject to regulations of The Charities Act. This includes requirements for submission of Statements of Accounts, adherence to Accounting Standards, audit and duties of Disclosure.

 

We keep our administrative overheads as low as possible by tapping on volunteers for most of our services. We have been capping our admin and overhead costs at less than 10% of donations received. In fact, for several of our programmes, the donations go directly and 100% to the beneficiaries.

Terms of office of the Board Directors of Children Wishing Well

With effect from September 1st, 2019, the terms of office of the Board Directors of Children’s Wishing Well shall be as follows:

 

– Board directors shall henceforth be elected for an initial term of 3 years, and may be re-elected for successive terms of 3 years for a maximum of 15 years.

 

– Directors on the Board as of September 1st, 2019 may stand for re-election upon the 3rd, 6th, 9th or 12th anniversary of the date they joined the Board. Directors who have already served for more than 12 years can only serve up to the 15th anniversary of the date they first joined the board.

 

– Any retiring director may, at the discretion of the Chairperson, be invited to serve as an Advisor to the Board without voting rights for all matters put to the Board for approval, for renewable terms of 2 years.

 

– Potential board candidates shall be invited, with the approval of the Chairperson, to attend board meetings as observers for a period of 3 to 6 months. During this time they will be evaluated for their suitability to join the Board.

 

– Appointment to the board shall be confirmed upon a vote of all standing directors and requires the approval of a minimum 75% of the Board.

 

– The Board of directors shall elect one of its members as Chairperson for an initial term of 3 years, which may be extended by another 3 years only. For the avoidance of doubt, the term of office of the current Chairman shall be deemed to have started from the date of his election to this position and shall end on the 3rd anniversary of said date.

 

– Any director may resign at any time by written notice to the Chairperson and his/her resignation will be effective from the date of the written notice.

 

– There shall be a minimum of 5 and a maximum of 11 directors.

 

– For any matter put to the Board for a vote and in the event of a split vote, the Chairperson’s vote shall be deemed the casting and deciding vote.

 

 

Directors of the Board of Children’s Wishing Well shall be selected first on their individual merit and their willingness to serve, sharing the mission and values of the organization, but we also hereby state that it is our collective objectives to strive for diversity and parity of women and men among our members.

 

 

August 2019

As a registered charity and Institution of Public Character, we abide by the Code of Governance issued by the Charity Council.

Guidelines are provided for broad range of issues including Board Governance, Conflicts of Interest, Financial Management and Controls, Disclosure and Transparency. We are required to submit a Governance Evaluation Checklist (GEC) in accordance with the requirements of the Charity Council.

 

We reproduce below an extract from The Charity Portal in relation to “Submission and Disclosure Requirements”

“All charities and IPCs are required to submit their extent of compliance with the Code to their respective Sector Administrators via the online GEC available on the Charity Portal, within 6 months after the end of each financial year. For example, if the charity or IPC’s financial year ends on 30 April, it needs to submit its GEC by 31 October each year.

All IPCs are required to publicly disclose their extent of Code compliance, and to include the information in their annual reports for financial years ending 31 March 2009 and thereafter. Non-IPC charities may choose to disclose their GECs to the public on a voluntary basis.

The full responsibility for providing accurate and updated checklist information rests with the respective Boards. You may wish to refer to the Frequently Asked Questions (FAQs) on Governance Evaluation Checklist.

Our Directors

Our Board of Directors from Children’s Wishing Well (CWW) comprises of eminent individuals in the field of financial services, law and civil service.

Maurice Nhan / Board Chairman

Maurice was formerly the Chief Country Officer for Singapore and South East Asia for Societe Generale Corporate and Investment Banking until his retirement in October 2012. During his 40-year career in banking, he worked in many countries including France, the U.S., Hong Kong and Vietnam, before his assignment in Singapore. He is now the Representative in Asia for Novelvy Retraite, a boutique firm offering consulting services in French pension rights. He is a graduate of ESCP Paris and holds a MBA degree from Columbia University, New York.

 

Maurice joined the Board of Children’s Wishing Well (CWW) in 2013, having had the opportunity to work with CWW during his time at Societe Generale, with whom CWW enjoyed a fruitful, multi-year relationship as part of the bank’s Corporate Social Responsibility (CSR) program. Maurice is keen to help CWW further expand its cooperation with local corporations, multinational companies and financial institutions in their CSR initiatives and assist them in contributing to the local community through their donations and their staff’s volunteering efforts.

Sandra Seah / Director

Sandra is the joint managing partner of Bird & Bird ATMD LLP, a leading Singapore law firm associated with Bird & Bird, an international legal practice.

 

She is an experienced transactional lawyer for large scale infrastructure projects and tenders, being experienced in PPP, public procurements, energy & utilities, state leasing and technical contracts in Singapore and the Asia Pacific region. She advises clients on corporate, commercial, regulatory, real estate and competition law issues and is the advisor to a large number of state agencies.

 

Sandra has served on the Board of Directors since 2006, providing guidance on corporate governance and regulatory issues. She enjoys helping out in the third sector as a counterbalance to the rat race. She sees her role as one of helping to oversee the framework of policies, systems and controls to help manage the charity effectively.

Ng How Yue / Director

How Yue is currently the Permanent Secretary in the Ministry of Law. Prior to that, he was the Second Permanent Secretary in the Ministry of Trade and Industry. He has held various appointments in different Ministries over more than 20 years in the public service.

 

How Yue has been a Board Member of Children’s Wishing Well (CWW) since 2008. He became interested in helping disadvantaged youth when he was appointed to the National Youth Council, and joined CWW to contribute to the youth sector.

Trevor Xie / Director

Trevor Xie is the Country Manager of an established food chain.  Prior to this, he was the Executive Director as well as the Founder of Children’s Wishing Well (CWW) formally known as Student Advisory Centre.

 

CWW is a charity he spearheaded to pursue his ardent passion for charity work, sports and volunteerism.  As the Executive Director, he oversaw administrative, accounting, governance and human resource issues and ensured the smooth operation of the organization. In addition, he was actively involved in developing curriculum, executing programs and evaluating their impact. He also played a role in raising awareness of CWW’s social causes. Many initiatives in CWW today are the offspring of the values he strongly believes in, such as friendship and reciprocity, transparency and financial prudence.

 

A graduate of NUS Business School, Trevor hopes to continue his contribution as Board Member to bring CWW to greater heights by providing insights to increase public engagement.

Danny Chan / Director

Danny Chan has been working at global MNCs in the ICT and BPO sectors for the past 20 over years, with the most recent in senior management roles at Williams Lea Tag and BT Global Services. He has extensive experience in business, operations, and large team management, with expertise in driving business changes in commercials and operations. He has worked in Australia, Singapore, and Hong Kong. He is a graduate from the University of Melbourne and Post-Grad Diploma in Business Admin from the University of Manchester.

 

Danny joins the Board of Children’s Wishing Well in 2017. He enjoys traveling and competing in running events, and holds a passion to support underprivileged children and those with special needs, to realize their full potential. He had led youth groups and volunteered in church community activities.

Timothy Cheng / Director

Timothy Cheng has served on the board since 2018. He is also the founder and director of Dezigner Labs.

He grew up in a less fortunate home, whose family used to receive welfare from government and church from time to time.

Having to care for his mom who suffered from schizophrenia single-handedly at a very young age, Timothy has learnt how to thrive in whatever environment he is in.

 

Today their lives are much better. Understanding the importance of a home, he hopes to build and design houses for his clients. With his story, he proves that we can all rise above our circumstances.

Desmond Koh  / Director

Desmond Koh represented Singapore in international swimming competitions for more than 10 years, including in three Olympic Games. He is currently the Managing Director of an international bank.

 

He is a wellness enthusiast, and is passionate about the green movement. He also founded and invested in several businesses. He believes that the work of Children’s Wishing Well will make a real difference to the children and their families. He joined CWW in 2018.

Chanel Lim  / Director

Chanel Lim joined the board in 2019. She is the Chief People Officer for GoBear, Asia’s leading financial supermarket that empowers consumers with the know-how and financial services to meet their needs.

 

Prior to Gobear, Chanel spent 18 years at Willis Towers Watsons consulting with their key clients in the region covering subjects like people and risks matters, benefits optimisation and various transformation projects.

Our Management

HELP GIVE THEM A BETTER FUTURE

DONATE NOW