National University of Singapore

Important Note

The Summary Financial Statements as set out on pages 78 to 83 contain only a summary of the information in the full financial statements. The Summary Financial Statements do not contain sufficient information to allow for a full understanding of the results and the state of affairs of the Group and the Company.

For further information, the full financial statements and the Auditors' Report on those statements should be consulted. Readers who require a copy of the full financial statements can contact the Company's Office of Financial Services, University Hall, Tan Chin Tuan Wing #03-02, 21 Lower Kent Ridge Road, Singapore 119077, Tel: 6516 1981. The full financial report can also be viewed at the Company's website: http://www.nus.edu.sg/annualreport/.

Report of the Trustees

The Board of Trustees are pleased to present their report to the members together with the audited consolidated financial statements of the National University of Singapore ("the Company") and its subsidiaries (collectively, "the Group") and statement of financial position, statement of comprehensive income, and statement of changes in funds and reserves of the Company as of and for the financial year ended 31 March 2011.

The Trustees of the Company in office at the date of this report are:

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose object is, to enable the Trustees of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate.

As the Company is a company limited by guarantee and not having a share capital, there are no matters to be disclosed under Section 201(6)(g), Section 201(6A)(h), Section 201(11) and Section 201(12) of the Singapore Companies Act, Cap 50.

The Trustees of the Company at the end of the financial year have no interest in the share capital (including any share options) and debentures of the Company's related corporations as recorded in the register of the directors' shareholdings kept by the Company's related corporations under Section 164 of the Singapore Companies Act.

Since the beginning of the financial year, no Trustee has received or become entitled to receive a benefit which is required to be disclosed under Section 201(8) of the Singapore Companies Act, by reason of a contract made by the Company or a related corporation with the Trustee or with a firm of which he/she is a member or with a company in which he/she has a substantial financial interest except for salaries, bonuses and other benefits and transactions with corporations in which certain trustees have an interest as disclosed in the financial statements.

On behalf of the Trustees

Independent Auditors' Report to the Board of Trustees of National University of Singapore

We have examined the Summary Financial Statements which have been prepared by the Trustees set out on pages 78 to 83.

In our opinion, the Summary Financial Statements are consistent, in all material respects, with the full financial statements and the Report of the Trustees of the National University of Singapore ("the Company") and its subsidiaries (collectively, "the Group") for the year ended 31 March 2011.

For a better understanding of the state of affairs of the Group and the Company as at 31 March 2011 and the results of the Group for the financial year ended on that date and of the scope of our audit, the Summary Financial Statements should be read in conjunction with the full financial statements and our audit report thereon.

We have issued an unqualified audit report dated 22 August 2011 on the full financial statements of the Group for the financial year ended 31 March 2011 which is as follows:

"Independent Auditors' report to the Board of Trustees of National University of Singapore

We have audited the accompanying financial statements of the National University of Singapore ("the Company") and its subsidiaries (collectively, "the Group") which comprise the statements of financial position of the Group and the Company as at 31 March 2011, the statements of comprehensive income and statements of changes in funds and reserves of the Group and the Company and consolidated statement of cash flows of the Group for the financial year from 1 April 2010 to 31 March 2011, and a summary of significant accounting policies and other explanatory notes, as set out on pages # to #.

Management is responsible for the preparation of these financial statements that give a true and fair view in accordance with the Singapore Companies Act (the"Act") and Singapore Financial Reporting Standards and for devising and maintaining a system of internal accounting controls sufficient to provide reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement of comprehensive income and statement of changes in funds and reserves of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 March 2011 and of the results and changes in funds and reserves of the Group and the Company and cash flows of the Group for the financial year from 1 April 2010 to 31 March 2011.

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

During the course of our audit, nothing has come to our attention that,

a) the 30% cap mentioned in Regulation 15(1) of the Charities Act, Cap. 37 (Institutions of a Public Character)
    (Amendment) Regulations 2008 has been exceeded; and
b) the use of the donation money are not in accordance with the objectives of the Company."

Statements of Financial Position
As at 31 March 2011

Statements of Comprehensive Income
For the financial year ended 31 March 2011

Notes to the Summary Financial Statements
For the financial year ended 31 March 2011

1	GENERAL The Company (Registration Number 200604346E) is incorporated in Singapore as a company limited by guarantee and its registered office and place of business is 21 Lower Kent Ridge Road Singapore 119077. The financial statements are expressed in Singapore dollars. The Company is principally engaged in the advancement and dissemination of knowledge, and the promotion of research and scholarship. The consolidated financial statements of the Group and the statement of financial position, statement of comprehensive income and statement of changes in funds and reserves of the Company as of and for the year ended 31 March 2011 were authorised for issue in accordance with a resolution of the Board of Trustees on 22 August 2011.
2	CHANGES IN ACCOUNTING POLICIES In the current financial year, the Group has adopted all the new and revised FRSs and Interpretations of FRS ("INT FRS") that are relevant to its operations and effective for annual periods beginning on or after 1 April 2010. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Group's and Company's accounting policies and has no material effect on the amounts reported for the current or prior years. At the date of authorisation of these financial statements, the management has considered and anticipated that the adoption of the FRSs, INT FRSs and amendments to FRS that were issued but not effective until future periods will have no material impact on the financial statements of the Group and the Company in the year of their initial adoption except for: FRS 24 (Revised) Related Party Disclosures FRS 24 (Revised) Related Party Disclosures is effective for annual periods beginning on or after 1 January 2011. The revised Standard clarifies the definition of a related party and consequently additional parties may be identified as related to the reporting entity. In addition, the revised Standard provides partial exemption for government-related entities, in relation to the disclosure of transactions, outstanding balances and commitments. Where such exemptions apply, the reporting entity has to make additional disclosures, including the nature of the government's relationship with the reporting entity and information on significant transactions or group of transactions involved. In the period of initial adoption, the changes to related party disclosures, if any, will be applied retrospectively with restatement of the comparative information. The management anticipates the adoption of FRS 24 will have no material impact as the Group and Company currently provide full related party disclosures as shown in Note 3 to the financial statements.
3	RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Group receives grants from the Ministry of Education (MOE) to fund its operations and is subject to certain controls set by MOE. Hence, other state-controlled enterprises are considered related parties of the Group. Many of the Group's transactions and arrangements are with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. For related parties debtors and creditors balances, the terms of these balances are disclosed in the respective notes to the financial statements. There were transactions with corporations in which certain trustees have the ability to control or exercise significant influence. Details of significant balances and transactions between the related parties are described below:
4	KEY MANAGEMENT PERSONNEL COMPENSATION The compensation for twenty-two (2010: twenty) and sixteen (2010: sixteen) key management personnel of the Group and the Company respectively, are as follows: