Notes to the Financial Statements
Year ended 31 March 2006

These notes form an integral part of the financial statements.

The financial statements were authorised for issue by the Board of Trustees on 30 June 2006.

28 Subsequent Event
 
  Subsequent to the financial year end, Nanyang Technological University as a company limited by guarantee was incorporated. The assets and liabilities of Nanyang Technological University, the statutory board were transferred to the incorporated company on 1 April 2006 based on their carrying values as at that date.
 
29 FRS not yet adopted
 
  The Group has not applied the following standards and interpretations that have been issued as of the balance sheet date but are not yet effective:
 
 
FRS 40 Investment Property
 
Amendments to FRS 19 Employee Benefits
  - Actuarial gains and losses, Group plans and Disclosures
 
INT-FRS 104 Determining whether an Arrangement contains a Lease
 
INT-FRS 105 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
 
Amendments to FRS 39 Financial Instruments: Recognition and Measurement
  - Cash Flow Hedge Accounting of Forecast Group Transactions
 
FRS 106 Exploration and Evaluation of Mineral Resources
 
INT-FRS 106 Liabilities arising from Participating in a Specific Market
  - Waste Electrical and Electronic Equipment
 
Amendments to FRS 39 Financial Instruments: Recognition and Measurement
  - The Fair Value Option
 
Amendments to FRS 39 Financial Instruments: Recognition and Measurement
  - Financial Guarantee Contracts and Credit Insurance
 
FRS 107 Financial Instruments: Disclosures
  Amendments to FRS 1 Presentation of Financial Statements - Capital Disclosures
 
Amendments to FRS 21 The Effects of Changes in Foreign Exchange Rates
  - Net Investment in a Foreign Operation
 
INT-FRS 107 Applying the Restatement Approach under FRS 29 Financial Reporting in Hyperinflationary Economies
 
  The initial application of these standards and interpretations are not expected to have any material impact on the Group’s financial statements.
 
  The Group has not considered the impact of accounting standards issued after the balance sheet date.