NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 1. GENERAL Singapore University of Technology and Design (the “University”) (Registration No. 200913519C) is incorporated and domiciled in Singapore as a University limited by guarantee under the provisions of the Companies Act 1967. The address of its registered office and principal place of business is located at 8 Somapah Road, Singapore 487372. The principal activities of the University are the advancement and dissemination of knowledge, the promotion of research and scholarships, and the conferring and awarding of degrees. Under Clause 9 of the Memorandum of Association of the University, each member of the University undertakes to contribute a sum not exceeding $1(2023 : $1) to the assets of the University in the event of it being wound up. The number of members at the balance sheet date is 4 (2023 : 4). These financial statements were authorised for issue in accordance with a resolution of the Board of Trustees of Singapore University of Technology and Design on 25 July 2024. 1.1 Basis of preparation The financial statements have been prepared on the historical cost basis, except as disclosed in the material accounting policy information, and are drawn up in accordance with the provisions of the Companies Act 1967, the Charities Act 1994 and other relevant regulations and Financial Reporting Standards in Singapore (“FRSs”). The financial statements of the University are measured and presented in Singapore dollars which is the currency of the primary economic environment in which the University operates (its functional currency). All financial information presented in Singapore dollars has been rounded to the nearest thousand, unless otherwise stated. 1.2 Adoption of new and revised standards In the current year, the University has applied all the new and revised FRSs that are mandatorily effective for an accounting period that begins on or after 1 April 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements except as below. Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies The University has adopted the amendments to FRS 1 Presentation of Financial Statements for the first time in the current year. The amendments change the requirements in FRS 1 with regard to disclosure of accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in FRS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The University has applied materiality guidance in FRS Practice Statement 2 in identifying its material accounting policies for disclosures in the related notes. The previous term ‘significant accounting policies’ used throughout the financial statements has been replaced with ‘material accounting policy information’. p. 64 SINGAPORE UNIVERSITY OF TECHNOLOGY AND DESIGN
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