Page 36 - Nanyang Technological University

NOTES TO
FINANCIAL STATEMENTS

31 March 2015

1 GENERAL

Nanyang Technological University (“NTU” or the “University Company”), established under the Singapore
Companies Act, Chapter 50, is domiciled in Singapore. The University Company’s registered office and place
of business is located at 50 Nanyang Avenue Singapore 639798. The financial statements are expressed in
Singapore dollars.

The University Company is principally engaged in the advancement and dissemination of knowledge, the
promotion of research and scholarships and the conferring and awarding of degrees, diplomas and certificates.

The principal activities of the subsidiaries are set out in Note 5.

As the operations of the University Company is substantially funded by the Ministry of Education (“MOE” or
the “Government Ministry”) through government grants, with MOE having the power to appoint and remove
members to the Board of Trustees of the University Company, MOE is regarded as the parent entity.

The consolidated financial statements relate to the University Company and its subsidiaries (referred to as the
“Group”). The consolidated financial statements of the Group and statement of financial position and statement
of changes in funds and reserves of the University Company for the year ended 31 March 2015 were authorised
for issue by the Board of Trustees on 13 August 2015.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

(a) Basis of measurement

The financial statements have been prepared in accordance with the historical cost basis except
otherwise disclosed below, and are drawn up in accordance with the provisions of the Singapore
Companies Act, the Charities Act and Singapore Financial Reporting Standards (“FRS”).

Historical cost is generally based on the fair value of the consideration given in exchange for goods
and services.

34 NTU ANNUAL REPORT 2015