Page 77 - Nanyang Technological University

ON A RAPID RISE

NOTES TO
FINANCIAL STATEMENTS (CONT’D)

31 March 2015

24 DEFICIT BEFORE GRANTS FROM MINISTRIES

The following items have been included in arriving at deficit before grants from ministries:

Group
2015 2014
$’000 $’000

Allowance for doubtful receivables 73 285
(683) (974)
Exchange gain 8,830 6,552

Operating lease expense

Contribution to defined contribution plans included

in expenditure on manpower 49,586 48,128

Government grants - Special Employment Credit and

Wage Credit, offset against manpower costs (3,142) (1,940)

25 OPERATING GRANTS FROM GOVERNMENT MINISTRY

Group
2015 2014
Note $’000 $’000

Operating grants received and receivable during the year 585,946 594,821

Payment for goods and services tax on tuition fees and

tuition grants (51,386) (50,198)

Amounts transferred to

- deferred capital grants 13 (14,614) (29,085)

- grant received in advance 16 (961) (1,398)

Provision reversed/(made) for undergraduate funding 15(b) 854 (4,675)

Operating grants taken to profit or loss 519,839 509,465

26 TAXATION

The University Company is registered as a charitable institution by virtue of Section 13 of the Income Tax Act,
Chapter 134.

The subsidiaries of the Group have unutilised capital allowances and unabsorbed tax losses of approximately
$Nil (2014: $27,000) and $1,763,000 (2014: $1,383,000) respectively which are available for offset against future
taxable income. Deferred tax assets have not been recognised in respect of these items because it is not probable
that future taxable profit will be available against which the subsidiaries can utilise the benefit.

NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 75