Page 78 - Nanyang Technological University

NOTES TO FINANCIAL STATEMENTS
(cont’d)
31 March 2016

21 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.

22 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

2016 2015
Cash from the Government Ministry:
At 1 April $’000 $’000
Cash received
Interest income received on behalf of Government Ministry 181,553 211,794
Repayments
Bad debts (incurred)/recovered 85,393 26,296
Interest income transferred to Government Ministry
3,929 3,905

(57,242) (56,695)

(2,210) 158

(3,929) (3,905)

207,494 181,553

Represented by: 116 -
Cash and bank balances held on behalf 207,378 210,383
TFL, SL and OSP
207,494 210,383
Net assets - (28,830)
Less: Amount receivable from Government Ministry
207,494 181,553

76 NTU ANNUAL REPORT 2016