Page 76 - Nanyang Technological University

NOTES TO
FINANCIAL STATEMENTS (CONT’D)

31 March 2015

21 FUNDS MANAGED ON BEHALF OF THE GOVERNMENT MINISTRY (cont’d)

Cash and bank balances of $28,830,000 are paid on behalf and receivable from the Government Ministry in 2015
while $2,481,000 were held on behalf of the Government Ministry in 2014 for the purpose of extending study
loans to students.

Students on TFL, SL and OSP are to commence repayment upon graduation. Students are given an option to
repay by monthly instalments of minimum amount of $100 over a period of up to 20 years (for TFL and SL) and 5
years (for OSP) after the borrowers’ graduation. Interest is charged at the average prime rates of three local banks
prevailing on the first day of each quarter, or such other rates as may be determined from time to time. Interest
charged in 2015 is 4.75% (2014: 4.75%) per annum.

The interest on the TFL, SL and OSP is remitted in full to the Government Ministry on a monthly basis.

22 INTEREST INCOME Group
2015 2014
$’000 $’000

4,134 3,620

Interest received/receivable: 65 51
- fixed deposits (placed with financial institutions)
- bank balances 522 538
- finance leases
4,721 4,209

23 PROFIT ON INVESTMENTS Group
2015 2014
$’000 $’000

4,556 4,198

Interest income 3,054 2,892
Dividend income
Fair value gain on financial assets through profit or loss 212,280 140,576
Fair value loss on derivative financial instruments
(73,069) (7,291)

146,821 140,375

The fair value gains/(losses) on financial assets through profit or loss and on derivative financial instruments
comprise net realised and unrealised gains/(losses).

74 NTU ANNUAL REPORT 2015