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NOTES TO FINANCIAL STATEMENTS
(cont’d)
31 March 2016
16 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.
17 GRANT RECEIVED IN ADVANCE - OPERATING GRANTS
Group
2016 2015
$’000 $’000
At 1 April 3,569 2,608
Grants received during the year 4,228 1,305
7,797 3,913
Less:
Amounts taken to profit or loss 2,790 334
Amounts transferred to deferred capital grants 37 10
At 31 March 4,970 3,569
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.
18 SHORT-TERM BORROWINGS
The borrowings are unsecured, bear interest at 1.43% (2015: 0.96%) per annum and are repayable within the
next twelve months from the financial year end.
74 NTU ANNUAL REPORT 2016
