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ON A RAPID RISE
NOTES TO
FINANCIAL STATEMENTS (CONT’D)
31 March 2015
15 PROVISIONS (cont’d)
Provision for undergraduate funding relates to the adjustment to the undergraduate output funding from MOE
in the event the University Company achieves fewer undergraduates than MOE’s output target. The provision is
based on the University Company’s actual and projected number of undergraduates.
16 GRANT RECEIVED IN ADVANCE — OPERATING GRANTS Group
2015 2014
$’000 $’000
2,608 1,210
1,305 1,687
At 1 April
Grants received during the year 3,913 2,897
334 273
Less: 10 16
Amounts taken to profit or loss
Amounts transferred to deferred capital grants 3,569 2,608
At 31 March
This relates to grants received from the Government Ministry to finance the subsidiary’s operations. The balance
in this account represents grant received but not utilised at the end of the financial year.
17 SHORT-TERM BORROWINGS
The borrowings are unsecured, bear interest at 0.96% (2014: 0.99%) per annum and are repayable within the next
twelve months from the financial year end.
NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 71
