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NOTES TO FINANCIAL STATEMENTS
(cont’d)
31 March 2016
28 COMMITMENTS (cont’d) Group
Capital commitments 2016 2015
$’000 $’000
449,949 484,134
Contracted but not provided for 303,698 522,702
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
2016 2015
$’000 $’000
Uncalled capital commitments to unquoted investments 178,704 150,685
- 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 2016, NTU’s outstanding commitment under the collaboration is estimated at £20.4 million
($39.7 million) (2015: £25.3 million ($51.6 million)) till the expiry of the agreement on 31 July 2028.
29 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 $20.8 million (2015: $16.0 million) and $28.0 million (2015: $27.6 million).
80 NTU ANNUAL REPORT 2016
