Page 38 - Nanyang Technological University

NOTES TO FINANCIAL STATEMENTS
31 March 2016

1 GENERAL

Nanyang Technological University (“NTU” or the “University Company”) is incorporated and domiciled in Singapore
as a Company limited by guarantee under the Singapore Companies Act, Chapter 50. 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 6.

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 2016 were authorised
for issue by the Board of Trustees on 3 August 2016.

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.

36 NTU ANNUAL REPORT 2016