Page 79 - Nanyang Technological University

ON A RAPID RISE

NOTES TO
FINANCIAL STATEMENTS (CONT’D)

31 March 2015

27 COMMITMENTS (cont’d) Group
2015 2014
Capital commitments $’000 $’000

484,134 341,700
522,702 889,457

Contracted but not provided for
Authorised but not contracted for

The capital commitments are funded from grants from the Government Ministry and other ministries, subject to
satisfying certain terms and conditions.

Group
2015 2014
$’000 $’000

150,685 115,576

Uncalled capital commitments to private investments

- contracted but not provided for

Collaboration with Imperial College of Science, Technology and Medicine

On 27 August 2010, NTU and Imperial College of Science, Technology and Medicine entered into an agreement in
relation to a collaboration for the establishment and operation of a medical school in Singapore. As at 31 March
2015, NTU’s outstanding commitment under the collaboration is estimated at £25.3 million ($51.6 million) (2014:
£30.2 million ($64.4 million)) till the expiry of the agreement on 31 July 2028.

28 SIGNIFICANT RELATED PARTY INFORMATION

Related party transactions

The Government of Singapore has control over the Group as the operations of the University Company is
substantially funded through Government grants, with MOE having the power to appoint and remove members
to the Board of Trustees of the University Company. Consequently, the Group has invoked the exemption from
disclosure requirements of FRS 24 in relation to related party transactions and outstanding balances (including
commitments) with the Government of Singapore.

The Group has significant transactions with the Government of Singapore in the form of purchase of goods and
services and sale of services. Such purchases and sales are made to various Government agencies in Singapore
and collectively approximate $16.0 million (2014: $14.8 million) and $27.6 million (2014: $29.8 million).

NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 77