ANNUAL REPORT 2017/18 45
NOTES TO THE FINANCIAL STATEMENTS
31 March 2018
2018
2017
$’000
$’000
Endowment fund
Capital
- Government grants
747,259 721,191
- Donations
151,496 128,951
898,755 850,142
Accumulated surplus
154,412
99,818
1,053,167 949,960
Represented by:
Cash and cash
equivalents
57,946 96,864
Grants and other
receivables
12,089
39,428
Property, plant and
equipment
25
2
Financial assets at fair
value through income
and expenditure
980,160 816,265
Derivative financial
instruments
-
3,189
Other payables
(717)
(5,788)
Grants received in
advance
3,664
-
1,053,167 949,960
2018
2017
$’000
$’000
Balance as at 1 April
8,450
6,705
Student loan granted to
students
3,536
3,122
Repayments received
from students
(1,814)
(1,377)
Balance as at 31 March
10,172
8,450
Represented by:
TFL receivables
8,833
7,278
SL receivables
1,339
1,172
Net assets
10,172
8,450
21. ENDOWMENT FUND
22. FUNDS MANAGED ON BEHALF OFMINISTRYOF
EDUCATION (“MOE”)
Pursuant to the MOE Tuition Fee Loan (“TFL”) and Study
Loan (“SL”) schemes, the University acts as agent for these
loans schemes and the MOE is the financier providing
the advances.
Student tuition fee and study loans are unsecured,
interest-free during the course of study and are repayable
by monthly instalments over period of up to 20 years
after the students’ graduation. Interest is charged based
on the average of the prevailing prime rates of the 3 local
banks. The interest rate as at the end of reporting period
is 4.75% (2017: 4.75%) per annum.
23. COMMITMENTS
(a) Lessee - Operating lease commitments
The University leases a property under a non-cancellable
operating lease agreement.
The future minimum lease payable under a non-
cancellable operating lease contracted for at the balance
sheet date but not recognised as liabilities are as follows:
The objectives of this fund include the advancement and
dissemination of knowledge, the promotion of research
and awarding of scholarships.
Donations from external parties and government matching
grants which are to be kept intact as capital of $22,545,000
(2017: $19,087,000) and $26,068,000 (2017: $47,802,000)
respectively, are taken directly to endowment fund - capital
during the current financial year.
2018
2017
$’000
$’000
Within one year
-
99
-
99
