The Summary Financial Statements as set out on pages 66 to 74 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/. |
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| The Board of Trustees are pleased to present their report to the members together with the summary financial
statements of the National University of Singapore ("the Company") and its subsidiaries (collectively, "the Group")
which comprise statements of financial position and statements of comprehensive income of the Group and the
Company as of and for the financial year ended 31 March 2012. |
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TRUSTEES
The Trustees of the Company in office at the date of this report are: |
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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
Professor Olaf Kübler
Mdm Kay Kuok Oon Kwong
Mr Paul Ma Kah Woh |
Professor Saw Swee Hock
Mr Phillip Tan Eng Seong
Ms Yeoh Chee Yan
Mr Hans-Dieter Bott
Mr Hiew Yoon Khong
Mr Michael Lien Jown Leam
Mr Sunny Verghese
Ms Chong Siak Ching
Mr Peter Ho Hak Ean |
Dr Teh Kok Peng
Ambassador Chan Heng Chee
(Appointed 1 April 2012)
Mr Abdullah Tarmugi
(Appointed 1 April 2012)
Mr Andrew Lim Ming-Hui
(Appointed 1 April 2012)
Mr Davinder Singh
(Appointed 1 April 2012) |
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| 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. |
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| TRUSTEES' INTEREST IN SHARES OR DEBENTURES |
As the Company is a public 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. |
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| 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 |
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Mr Wong Ngit Liong
Trustee |
Professor Tan Chorh Chuan
Trustee |
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| 20 July 2012 |
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The accompanying summary financial statements of National University of Singapore (the "Company") and its
subsidiaries (the "Group"), which comprise the statements of financial position of the Group and the Company
as at 31 March 2012 and the statements of comprehensive income of the Group and the Company, and related
notes, are derived from the audited financial statements of the Company and its subsidiaries for the year then
ended. We expressed an unmodified audit opinion on those financial statements in our report dated 20 July 2012.
The summary financial statements do not contain all the disclosures required by the Singapore Financial Reporting
Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited
financial statements of the Company and its subsidiaries. |
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| MANAGEMENT'S RESPONSIBILITY FOR THE SUMMARY FINANCIAL STATEMENTS |
| Management is responsible for the preparation of a summary of the audited financial statements derived from
the annual financial statements of the Company and its subsidiaries for the year ended 31 March 2012, and be in
such form and contain such information so as to be consistent with the audited financial statements. |
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| AUDITOR'S RESPONSIBILITY |
| Our responsibility is to express an opinion on the summary financial statements based on our procedures, which
were conducted in accordance with Singapore Standard on Auditing 810, "Engagements to Report on Summary
Financial Statements". |
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| OPINION |
| In our opinion, the summary financial statements derived from the audited financial statements of the Company
and its subsidiaries for the year ended 31 March 2012 are consistent, in all material respects, with those financial
statements. |
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Ernst & Young LLP
Public Accountants and Certified Public Accountants |
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Singapore
20 July 2012 |
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| As at 31 March 2012 |
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| The accompanying notes form an integral part of these financial statements. |
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| For the financial year ended 31 March 2012 |
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| The accompanying notes form an integral part of these financial statements. |
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| For the financial year ended 31 March 2012 |
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| 1 |
GENERAL |
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The Company (Registration Number 200604346E) is incorporated in Singapore as a public 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 2012 were authorised for issue in accordance with a resolution of the Board of Trustees
on 20 July 2012. |
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| 2 |
SIGNIFICANT ACCOUNTING POLICIES |
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ADOPTION OF NEW AND REVISED STANDARDS - 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 2011. 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.
The Group has not adopted the following standards and interpretations that have been issued but are not
yet effective: |
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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: |
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Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The Amendments to FRS 1 Presentation of Items of Other Comprehensive Income (OCI) is effective for
financial periods beginning on or after 1 July 2012.
The Amendments to FRS 1 changes the grouping of items presented in OCI. Items that could be reclassified
to profit or loss at a future point in time would be presented separately from items which will never be
reclassified. As the Amendments only affect the presentations of items that are already recognised in OCI, the
Group does not expect any impact on its financial position or performance upon adoption of this standard. |
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FRS 110 Consolidated Financial Statements
FRS 110 replaces the portion of FRS 27 Consolidated and Separate Financial Statements that addresses the
accounting for consolidated financial statements. It also replaces INT FRS12 Consolidation – Special Purpose
Entities. FRS 110 establishes a single control model that applies to all entities including 'special purpose
entities'. The changes introduced by FRS 110 will require management to exercise significant judgement to
determine which entities are controlled, and therefore required to be consolidated by a parent, compared
with the requirements that were in FRS 27. This standard becomes effective for annual periods beginning on
or after 1 January 2013. Management does not expect this amendment to have any significant impact on the
Group's financial position or performance. |
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FRS 112 Disclosure of Interests in Other Entities
FRS 112 is effective for financial periods beginning on or after 1 January 2013.
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of interests in other
entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet
vehicles. FRS 112 requires an entity to disclose information that helps users of its financial statements to
evaluate the nature and risks associated with its interests in other entities and the effects of those interests
on its financial statements. The Group is currently determining the impact of the disclosure requirements. As
this is a disclosure standard, it will have no impact to the financial position and financial performance of the
Group when implemented in 2013. |
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FRS 113 – Fair Value measurement
FRS 113 establishes a single source of guidance under FRS for all fair value measurements. FRS 113 does not
change when an entity is required to use fair value, but rather provides guidance on how to measure fair
value under FRS when fair value is required or permitted. The Group is currently assessing the impact that
this standard will have on the financial position and performance. This standard becomes effective for annual
periods beginning on or after 1 January 2013. |
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CHANGE IN ACCOUNTING POLICY
During the financial year, the Group changed its accounting treatment for the annual service income from
Government under the Debt-Grant Framework to reflect specifically the intended purpose of the annual
service income, which is for debt principal repayment under the Debt-Grant Framework and future asset
acquisitions and replacements. The change in accounting policy was applied retrospectively and the impact is
a decrease in surplus amounting to S$139,615,000 in the financial year ended 31 March 2012. The restated
statement of financial position as at 1 April 2010 has been accordingly represented as required by FRS 1,
Presentation of Financial Statements. Note 5 provides information on the impact on the comparatives. |
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| 3 |
RELATED PARTY TRANSACTIONS |
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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. |
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Details of significant balances and transactions between the related parties are described below: |
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| 4 |
KEY MANAGEMENT PERSONNEL COMPENSATION |
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The compensation for twenty-four (2011: twenty-two) and nineteen (2011: sixteen) key management
personnel of the Group and the Company respectively, are as follows: |
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| 5 |
COMPARATIVE FIGURES |
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Comparatives figures have been restated due to the following: |
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| a) |
The Group changed the accounting treatment of the annual service income from Government under
the Debt-Grant Framework to reflect specifically the intended purpose of the annual service income,
which is for debt principal repayment under the Debt-Grant Framework and future asset acquisitions and
replacements. |
| b) |
Previously, the Group recognised tuition and other fees as revenue upon billing. The Group has restated
the comparative figures to recognise the deferred income in relation to the portion of advance billings for
tuition and other fees that are not yet earned as at the end of the financial reporting period in accordance
with FRS 18 Revenue Recognition. |
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Effects of the prior year adjustments are shown below: |
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