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:
Mr Wong Ngit Liong – Chairman
Professor Tan Chorh Chuan
Mr Lucas Chow Wing Keung
Mr Edward Alec D'Silva
Mr Goh Yew Lin
Mr Han Fook Kwang
Mr Hsieh Fu Hua
Professor Olaf Kübler
Mdm Kay Kuok Oon Kwong
Professor Edison Liu Tak-Bun
Mr Paul Ma Kah Woh
LG (NS) Ng Yat Chung
Professor Saw Swee Hock
Mr Phillip Tan Eng Seong
Mr Lucien Wong Yuen Kuai
Ms Yeoh Chee Yan
Mr Hans-Dieter Bott
Mr Hiew Yoon Khong
Mr Michael Lien Jown Leam
Mr Sunny Verghese
Ms Chong Siak Ching (Appointed on 1 April 2011)
Mr Peter Ho Hak Ean (Appointed on 1 April 2011)
Dr Teh Kok Peng (Appointed on 1 April 2011)
Arrangements to enable Trustees to acquire shares and debentures
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.
Trustees' interests in shares or debentures
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.
Trustees contractual benefits
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
Report on the Financial Statements
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's Responsibility for the Financial Statements
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.
Report on other Legal and Regulatory Requirements
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."
# The page numbers are as stated in the Independent Auditors' Report dated 22 August 2011 included in the National
University of Singapore's full financial statements.
Statements of Financial Position As at 31 March 2011
The accompanying notes form an integral part of these financial statements.
Statements of Comprehensive Income For the financial year ended 31 March 2011
The accompanying notes form an integral part of these financial statements.
Notes to the Summary Financial Statements For the financial year ended 31 March 2011
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.
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
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.
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
Details of significant balances and transactions between the related parties are described below:
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: