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

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

Cash and bank balances of $116,000 are held on behalf of the Government Ministry in 2016 while $28,830,000
were paid on behalf and receivable from the Government Ministry in 2015 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 2016 is 4.75%
(2015: 4.75%) per annum.

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

23 INTEREST INCOME Group

2016 2015

$’000 $’000

Interest received/receivable: 5,288 4,134
- fixed deposits (placed with financial institutions)
- bank balances 128 65
- finance leases
288 522

5,704 4,721

24 (LOSS)/PROFIT ON INVESTMENTS Group

2016 2015

$’000 $’000

Interest income 6,422 4,556
Dividend income
Fair value (loss)/gain on financial assets through profit or loss 3,878 3,054
Fair value gain/(loss) on derivative financial instruments
(118,883) 212,280

10,246 (73,069)

(98,337) 146,821

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

NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 77