Page 75 - Nanyang Technological University

ON A RAPID RISE

NOTES TO
FINANCIAL STATEMENTS (CONT’D)

31 March 2015

20 ENDOWMENT FUND AND OTHER RESTRICTED FUND (cont’d)

Other Restricted Fund comprises the following funds that are ring-fenced to support their respective operations:

(i) Academic Centres — These are mainly self-financed teaching centres (conducting courses and dedicated
teaching programmes) as well as research centres.

(ii) Non-Academic Centres — These are set-up to provide separate monitoring and management of facilities,
for example halls of residence for students, housing for faculty and staff, Nanyang Executive Centre etc.

(iii) Autonomous Institutes — These comprise National Institute of Education, Lee Kong Chian School of
Medicine, Earth Observatory of Singapore, Singapore Centre on Environmental Life Sciences Engineering,
S.Rajaratnam School of International Studies and Chinese Heritage Centre.

(iv) Scholarship Fund — These comprise funds for the award of scholarships and bursaries.

21 FUNDS MANAGED ON BEHALF OF THE GOVERNMENT MINISTRY

Pursuant to the Tuition Fee Loan (TFL), Study Loan (SL) and Overseas Student Program Loan — 50% funded
by MOE (OSP) schemes, the University Company acts as agent for these loans schemes and the Government
Ministry as the financier providing the funds.

Group and
University Company

2015 2014
$’000 $’000
Cash from the Government Ministry:
At 1 April 211,794 219,864
Cash received
Interest income received on behalf of Government Ministry 26,296 51,814
Repayments
Bad debts recovered 3,905 3,919
Interest income transferred to Government Ministry
(56,695) (60,479)

158 595

(3,905) (3,919)

181,553 211,794

Represented by: - 2,481
Cash and bank balances held on behalf 210,383 209,313
TFL, SL and OSP
210,383 211,794
Net assets
Less: Amount receivable from Government Ministry (28,830) -

181,553 211,794

NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 73