Professional Documents
Culture Documents
2015/2016
CONTENTS
02 04 06 10
Vision, Mission Board of Message from Organisation
& Values Governors Chairman & PCEO Chart
11 12 13 15
Committees Senate Senior Advisory
Management Committees
19 22 37 52
Student Intake Highlights Focus on Industry Lifelong
& Enrolment Learning
AY2015/16
58 62
NYP Education Financial
Fund Statements
OUR VISION
To be a Premier Polytechnic of Global Distinction.
OUR MISSION
We provide quality education and training to prepare
students and adult learners for work and life, equipping
them to be lifelong learners and to contribute to the
technological, economic and social development
of Singapore.
OUR VALUES
Can-Do Spirit
A positive mindset, grasping opportunities, a willingness
to try something new and rising to new challenges.
Borderless Teamwork
Working seamlessly across schools and departments to
achieve synergy and maximise organisational capability.
Development Orientation
Dynamism, growth and a pioneering spirit. Always
looking ahead and planning for the future.
MR TAN TONG HAI MS JESSICA TAN MR CHAN LEE MUN MS JEANNE LIEW DR GAETAN ANGOH MR CHIANG HOI KEONG
Chief Executive Officer & Managing Director Principal & CEO Principal & CEO Principal Consultant
Executive Director Microsoft Operations Pte Ltd Nanyang Polytechnic Nanyang Polytechnic Hans Klaus Consultants
StarHub Ltd (up to 30 June 2015) (from 1 July 2015)
MR QUEK GIM PEW PROF LIM MONG KING MR FREDDIE YEO RADM FREDERICK MR MOHAMED AMRIN MR LEE PAK SING
Chief Executive Officer
DSO National Laboratories
Professor
School of Mechanical &
Chief Operating Officer
Infinite Studios CHEW CHIH CHIANG
Commander
BIN MOHAMED AMIN
Parliamentary Secretary
Director
International Directorate
Aerospace Engineering Ministry of Finance
Nanyang Technological University Maritime Security Task Force Ministry of Home Affairs
Republic of Singapore Navy
MR LIM SIM SENG DR NG CHER SIANG MS PHUA PUAY LI MR SNG CHERN WEI MR TAY YONG SENG
Group Executive & Managing Director Director Director Partner
Singapore Country Head Gardenia Foods (Singapore) Pte Ltd Manpower Planning & Strategy Curriculum Planning & Allen & Gledhill LLP
DBS Bank Ministry of Health Development Division 1
Ministry of Education
F
Y2015/16 has been another ahead to collaborate with Ubisoft as they reach milestones in the framework. classes, catch up with friends or unwind
fulfilling year for Nanyang Singapore and InterContinental Hotels NYP hopes to inculcate key values and after a long day, adding to the vibrancy
Polytechnic (NYP). We continued Group in October 2015 to provide EIPs important life skills in students as they hone and diversity of campus life. Separately,
to make good progress in delivering in the games and hotel industries. In their expertise in their areas of interest. we are in the process of setting up
on our mission of providing quality early 2016, two more biopharmaceutical MakerSpace@NYP a brand-new
education and training to prepare companies Baxalta and Lonza Biologics NYP has also revamped the General facility where students can unleash their
our students and adult learners for joined NYPs list of EIP providers. Studies Module (GSM) framework, imagination to design and create things.
the world of work and life. We have expanding the number of modules
also done well in accomplishing our NYPs SkillsFuture Earn and Learn and, from April 2016, students will be ACHIEVEMENTS
goals of supporting the industry Programmes (ELPs) also got off to a required to take modules outside of their Our schools continue to promote the
and complementing Singapores good start with the launch of five such disciplines. All Year 1 students now need values of innovation and enterprise
globalisation efforts. programmes in culinary management, to take three compulsory GSMs in fitness, through the curricula as well as activities
retail, games development and career guidance, and personal and beyond the classroom. These efforts
Having maintained close links with the information systems development last character development, while Year 2 and have borne fruit as demonstrated by the
Economic Development Board since year. Plans are underway to expand Year 3 students will broaden their general many accolades our students have won
its inception, NYP is well-positioned ELPs into disciplines such as visual knowledge in other fields by taking GSMs throughout the year at both national and
to support the national SkillsFuture communication, healthcare, precision from other schools in NYP. international levels.
movement. We have played an active engineering and biomedical sciences over
role in supporting new SkillsFuture the next two years. As part of our campus expansion project, Three final year students from the
initiatives over the past year to not only we have introduced new real-world Diploma in Banking & Financial Services
help our students make informed In the year under review, we admitted teaching facilities and upgraded existing made history as the first Singaporean
learning and career choices, but also 4,959 students into 51 full-time diploma ones. For instance, we partnered team to emerge world champions in the
support Singaporeans in their lifelong courses, bringing our total full-time StarHub and Planet Telecoms to set up CME Groups 2016 Trading Challenge,
learning journeys. Pre-employment Education and Training Connecton, an info-communications beating more than 500 teams from 200
enrolment to 15,842. In March 2016, lifestyle store, on 23 June 2015. Together universities around the world.
NYP opened its new Education and 5,164 students graduated from their with the expanded and revamped
Career Guidance (ECG) Centre in October full-time studies, bringing the total number Cheers and DStudio retail stores, these At WorldSkills So Paulo 2015, NYP
2015. Run by six counsellors, the ECG of diploma graduates at NYP to 82,965 student-run enterprises offer students the students won a silver medal, a bronze and
Centre assists students in creating since our inception. Last year, 90.7 per opportunity to undergo realistic, relevant six Medallions of Excellence, while over
connections between their academic cent of NYP graduates found employment and industry-based retail training in a in Amsterdam, a group of students from
experiences and future career paths. within six months of graduation, with an real-world environment. the School of Chemical & Life Sciences
We have also done the ground work to average starting salary of about S$2,300. surpassed big names in the F&B industry
introduce ECG modules in our curricula In-depth hands-on training for students such as Unilever to clinch the Best Dairy
starting with Year 1 students in the new ENRICHING STUDENT EXPERIENCE to hone relevant skills is also the focus Dessert Award at the 2015 World Dairy
academic year in 2016. During the year, we reviewed existing at the new BodyWatch Gym, Media Hub Innovation Awards Competition.
initiatives and introduced new ones and Media Studio, all of which feature
We have attained positive outcomes in to ensure holistic development for industry-standard and state-of-the-art Closer to home, School of Engineering
the Enhanced Internship Programmes NYP students. equipment such as integrated students bagged a total of 10 medals at
(EIPs) with GlaxoSmithKline Biologicals multi-station fitness apparatus and the Singapore Robotics Games 2015 the
and Novartis Singapore Pharmaceutical We have put in place a comprehensive enhanced broadcast studio equipment. largest medal haul among all participating
Manufacturing. Seventy per cent of Student Development framework that Meanwhile, to enhance our students job institutions. We are also proud to have
NYP students who completed EIPs is consistently applied across the readiness and instil a proactive mindset been the only polytechnic tasked to
with these two leading pharmaceutical Polytechnic. This framework aims to even before they join the workforce, produce multimedia special effects and
companies and were not heading Engage, Enable and Empower students we collaborated with the Singapore videos for the SG50 National Day Parade
for national service, were offered through key activities and development Workforce Development Agency to (NDP). A team of talented students from
employment before graduation. and training programmes for each of the establish the Productivity Training Centre. the Schools of Business Management
key pillars in our CCAs Arts & Culture, and Interactive & Digital Media, mentored
This achievement was followed by the Community Service, Sports & Adventure, A new, dedicated Lifestyle Hub was also by their lecturers, came together to
establishment of 50 more partnerships and Leadership & Character. This is to completed during the year. This is where showcase beautiful visual effects and
with companies to offer EIPs. We moved systematically build on their prior learning students go to relax and have fun between three videos created for NDP 2015.
MEMBERS
Allen & Gledhill LLP
MS PHUA PUAY LI
MR MOHAMED AMRIN BIN
MOHAMED AMIN
MS JEANNE LIEW
Principal & CEO
MR FREDDIE YEO Director Parliamentary Secretary Nanyang Polytechnic
Chief Operating Officer Manpower Planning & Strategy Ministry of Home Affairs (from 1 July 2015)
Infinite Studios Ministry of Health
MR LEE PAK SING DEPUTY CHAIRMAN
PROF LIM MONG KING MR CHAN LEE MUN Director MR SNG CHERN WEI
Professor Principal & CEO International Directorate Director
School of Mechanical & Nanyang Polytechnic Ministry of Finance Curriculum Planning &
Aerospace Engineering (up to 30 June 2015) Development Division 1
Nanyang Technological Ministry of Education
University MS JEANNE LIEW
Development Corporate Services Continuing Academic Schools Principal & CEO TREASURER
Planning & Human Resources Education & Training Development School of Business MR CHAN LEE MUN Nanyang Polytechnic MS SU KALLY
Principal & CEO Director, Finance
Development Purchasing & College of & Services Management
Nanyang Polytechnic
(from 1 July 2015)
Nanyang Polytechnic
International General Administration School of Chemical &
Continuing Education Registrars Office (up to 30 June 2015)
Development Life Sciences
Finance Professional Student & MEMBERS
Internal Audit Development Centre Graduate Services School of Design MS JEANNE LIEW MR CHAN YEW MENG
Singapore Institute Examinations Office School of Engineering Principal & CEO Deputy Principal (Academic)
Computer &
of Retail Studies Student Recruitment School of Nanyang Polytechnic Nanyang Polytechnic
Network Centre
Asian Culinary & Admissions Health Sciences (from 1 July 2015)
Estate Management Institute Singapore Foundation & MR THAMBYRAJAH T
Quality & School of Registrar
General Studies Information Technology
Planning Office Nanyang Polytechnic
Office for School of Interactive &
Communications & International Students
Outreach Digital Media
Student Affairs
i@Central
Library &
Information Services
Alumni Relations Office
Centre for Technology
Innovation &
Commercialisation
Centre for Professional
& Leadership
Development
MS JEANNE LIEW MR HENRY HENG MR RICHARD KHAW MS JEANNE LIEW MR ANG ENG NAM MS CHRISTINE CHUA
Principal & CEO Deputy Principal Assistant Director (Food & Principal & CEO Director, Estates Management Assistant Director, Human Resources
(from 1 July 2015) (Organisational Excellence) Pharmaceutical Sciences) (from 1 July 2015)
Senior Director, School of School of Chemical & Life Sciences MR DANIEL WEE MS LINA CHONG
Business Management MR EDWARD HO Director, Library Assistant Director, Student Affairs
MS DORIS CHAN
SECRETARY & MR DENNIS ANG Assistant Director
Deputy Principal (Development)
MS SU KALLY
Assistant Director (Facilities & Services)
Estates Management
MR THAMBYRAJAH T DR JOEL LEE MS SOO SIEW LEE & Leadership Development Director, Finance
Registrar Director
School of Chemical & Life Sciences
Assistant Director
School of Business Management MR HENRY HENG MS LAW CHIN CHOO SCHOOL OF BUSINESS
APPOINTED MEMBERS MS LAU CHENG MUN
Director
MR LOOH CHEE WAI
Manager
Deputy Principal
(Organisational Excellence)
Director, Computer & Network Centre
DR MATHEW LAU
MANAGEMENT
School of Health Sciences School of Engineering MR HO HOOI MIN Deputy Director MR HENRY HENG
MR CHAN YEW MENG (Allied Health) Senior Director, College of Professional Development Centre Senior Director
Deputy Principal (Academic) MR ANDREW LAM Continuing Education
Senior Director, Centre for MS BELLA TAN Manager MS SIM GEK CHEOK MS DENISE LEONG
Professional & Leadership Development Director School of Interactive & Digital Media MS JUDY TAN Deputy Director (Operations), Finance Deputy Director
School of Health Sciences (Nursing) Director, Human Resources
MR HO HOOI MIN MR KHAIRUL HUSSIN MR WEE AIK HWEE MS ESTHER HO
Senior Director, College of MR DANIEL TAN Assistant Manager MR CHIANG KAH KEE Deputy Director, Student Affairs Assistant Director
Continuing Education Director School of Design Director, Foundation &
School of Interactive & Digital Media General Studies MS GOH GEOK CHOO MS SHARON LHU
MR TEDDY ONG Deputy Director (Information Systems) Assistant Director
Director, Professional Development Centre MR LEE YOUN KAY MR CHER THON JIANG Computer & Network Centre
Director Director, Office for International MS SOO SIEW LEE
MR DANIEL WEE School of Design Students and i@Central MR CHAI KUEK HENG Assistant Director
Director, Library Deputy Registrar
MR THAMBYRAJAH T Registrars Office
MR CHIANG KAH KEE
Director, Foundation & General Studies
Registrar
DR VICTOR WONG
SCHOOL OF DESIGN MS BELLA TAN
Director (Nursing)
MS MEGAN ONG
Director
CHAIRMAN
MR LIM SIM SENG
ASSOC PROF LOW BUEN SIN
Associate Dean, Executive Programmes
Cell Culture Group Leader
Manufacturing Science & Technology
MR LEE YOUN KAY Group Executive & & External Relations Lonza Biologics Tuas Pte Ltd
Director MS DORIS CHAN MS DIANE WEE Singapore Country Head Associate Professor of Banking & Finance
Assistant Director Assistant Director DBS Bank Nanyang Business School MR RONALD TAY
MR TAN KHEE SOON (Continuing Education & Training) Nanyang Technological University Business Owner
Deputy Director (Academic) DEPUTY CHAIRMAN Solaron Energy Enterprise
MS KOO MAY YEOK MR GERRY LEE KIAN HUP MR HENRY HENG
Assistant Director ASIAN CULINARY Deputy Chief Executive Officer Deputy Principal (Organisational MS LOW WAN JING
SCHOOL OF (Pre-Employment Training)
INSTITUTE SINGAPORE Singapore (Operations)
NTUC Fairprice Co-operative Limited
Excellence) & Senior Director
School of Business Management
Head, Petrochemicals
Economic Development Board
MR DENNIS ANG MR FOONG TZE FOON Business Operations CHAIRMAN DR JOEL LEE
MR LAM YOOK MING Director Chief Executive Officer Singapore Sports Institute DR GAETAN ANGOH Director
Deputy Director Sport Singapore School of Chemical & Life Sciences
(Robotics & Automation Systems) MS LOH CHUU YI MR DANILS CHIA MEMBERS Nanyang Polytechnic
Deputy Director (Business Informatics) Director (International Development) MR RICKY CHEW MR DANIEL NG JOO THEN
MR AUSTIN GOH Founder & Managing Director Senior Advisor MR YOW KUM PANG
Deputy Director (Special Projects) MR KELVIN NG MR ANTHONY WOON Fish & Co. Restaurants Pte Ltd Dorf Ketal Chemicals Pte Ltd Deputy Director (Chemical)
Deputy Director (Systems & Network) Director (Projects) School of Chemical & Life Sciences
DR CHOO KENG WAH International Development MR KOH CHENG CHUA MR GEORGE ROUTHIER Nanyang Polytechnic
Deputy Director (Bio-Electronics) MR MELVYN SUAN Managing Director & Head Managing Director
Assistant Director (Mobile Innovation) MR LIM CHOON GUAN Corporate Banking Singapore Pfizer Asia Pacific Pte Ltd
MR MICHAEL CHEONG
Deputy Director (InfoComm)
Director (Training & Planning)
TVET Development Institute
United Overseas Bank Limited
MS NEETA LACHMANDAS
DR SEE SOO LOI FOOD & LIFE
MR DESMOND TAN SCHOOL OF MS ESTHER BAY Executive Director
Chief Executive Officer
NSL Chemicals Ltd SCIENCES
Deputy Director
(Aerospace & Precision Engineering) INTERACTIVE & Deputy Director (International Relations)
TVET Development Institute
Institute of Service Excellence
Singapore Management University MR JOSEPH LAM CHAIRMAN
DR NG CHER SIANG
DIGITAL MEDIA MR CHAO TIANG MING MR TONY LAI
Managing Director
Beacons Pharmaceuticals Pte Ltd Managing Director
DR NG KIAN BEE
Singapore Management University
MR BARRY LEE
Vice President
Yokogawa Engineering Asia Pte Ltd
MEMBERS
MS KHOO GEK HOON
(ALLIED HEALTH) Deputy Director
(Interactive Design & Effects)
NYP VENTURES Partner
KPMG LLP
MR LESLIE CHAPPLE
Senior Director
Director
Post-Harvest Technology Department
Agri-Food & Veterinary Authority
MS LAU CHENG MUN MR EDWARD HO Global Technical Support Hyflux Ltd of Singapore
Director MR ALBERT LIM Chief Executive Officer
Deputy Director
DR BRYAN CHUA (Games & Digital Entertainment DR VALDEW SINGH
Deputy Director (Allied Health) and Projects) General Manager
MR CHOO KIN POO Assistant Dean MR HO HOOI MIN CHAIRMAN DR LOH YIK HIN
Group Vice President Faculty of Science Senior Director MR HIDEKI BABA CLIN PROF ANG CHONG LYE Chief Executive Officer
Strategy Planning & Global National University of Singapore College of Continuing Education Managing Director Chief Executive Officer St Andrews Community Hospital
Business Development Nanyang Polytechnic Panasonic Factory Solutions Asia Pacific Singapore General Hospital
Luye Medical Group Ltd MR SIM CHOON SIONG ASSOC PROF PANG WENG SUN
Group Director (Quality and Standards) MR LOH KHAI PENG MEMBERS Chairman
ASSOC PROF BRENDON JOHN HANSON MR T K UDAIRAM
Head
Bio-Defence Therapeutics Laboratory
SPRING Singapore
DR JOEL LEE
ENGINEERING Managing Director
Hewlett-Packard Singapore (Sales) Pte Ltd Group Chief Executive Officer
Eastern Health Alliance
Medical Board
Yishun Community Hospital
DMERI Director CHAIRMAN MR TAN YUH WOEI DR PAULINE TAN CHENG JEE
DSO National Laboratories School of Chemical & Life Sciences MR QUEK GIM PEW Country Director MR ZEE YOONG KANG Chief Executive Officer
Nanyang Polytechnic Chief Executive Officer Symantec Singapore Pte Ltd Chief Executive Officer Yishun Community Hospital
MS THIEN KWEE ENG DSO National Laboratories Health Promotion Board
Assistant Managing Director DR YOON KOK THEAN MS LAU CHENG MUN
MR FOO HEE JUG
(Cluster Group Consumer)
Economic Development Board DESIGN MEMBERS
MR NG CHONG KHIM
Senior Advisor
Deputy Managing Director
SP Training and Consultancy Company
Pte Ltd
Chief Executive Officer
Jurong Health Services Pte Ltd
Director (Allied Health)
School of Health Sciences
Nanyang Polytechnic
PROF PATRICK H M LOH CHAIRMAN ST Electronics Limited
Director-Shareholder MR CHIANG HOI KEONG MR TIN HO MS PHUA PUAY LI MS BELLA TAN
Link (THM) Sciences Pte Ltd Principal Consultant MR DENNIS AU Operations Director Director Director (Nursing)
Adjunct Professor, Strategy & Organisation Hans Klaus Consultants President & Chief Executive Officer Rolls-Royce Singapore Pte Ltd Manpower Planning & Strategy School of Health Sciences
Lee Kong Chian School of Business Frencken Group Limited Ministry of Health Nanyang Polytechnic
Singapore Management University MEMBERS MR ALOK MISHRA
ASST PROF PEER M SATHIKH DR LIM BOON HUAT Vice President MS TAN SOH CHIN
DR ANNIE LING
Director
Acting Associate Chair (Academic)
School of Art, Design & Media
Managing Director
Rohde & Schwarz Asia Pte Ltd
Strategic Business Systems
Johnson & Johnson Medical Asia Pacific
Chief Nursing Officer
Ministry of Health INFORMATION
Policy, Research & Surveillance Division
Health Promotion Board
Nanyang Technological University
MR PETER HOW
MR CHANG CHIN NAM
Executive Director
MR JACOB TONG
General Manager
ASSOC PROF PATRICK TSENG
Chief Dental Officer
TECHNOLOGY
ASST PROF LITA CHEW SUI TJIEN Director, Design Precision Engineering Group Information Systems Ministry of Health CHAIRMAN
Chief Pharmacist CPG Consultants Pte Ltd Economic Development Board Keppel Corporation Limited MS JESSICA TAN
Singapore Pharmacy Council MS ANGELA YAK Managing Director
Ministry of Health MR ALLEIN G MOORE MR ONG VOON FIE MR EDWARD HO Director Microsoft Operations Pte Ltd
Publisher & Chief Executive Officer Senior Vice President Deputy Principal (Development) & Social Service Leadership Unit
MS JOANNE CHIO SIEW LENG AdAsia Media Pte Ltd Sanmina-SCI Systems Singapore Pte Ltd Senior Director Human Capital Development Group MEMBERS
Head, Clinical Trials School of Engineering National Council of Social Service MR EDDIE CHAU
Haematology-Oncology Research Group DR WILSON CHEW MR TAN CHENG TECK Nanyang Polytechnic Co-founder & Chairman
National University Cancer Group Principal Consultant & Executive Vice President ADJ ASSOC PROF CHONG PHUI NAH V-Key Inc
Institute, Singapore Chief Executive Officer Production MR CHAN YEW MENG Chief Executive Officer Co-Founding Partner
National University Hospital StrategiCom Pte Ltd Senoko Energy Pte Ltd Deputy Principal (Academic) & National Healthcare Group Polyclinics TNF Ventures
Senior Director
MR PETER NOUH DR RICKY SOUW Centre for Professional & ADJ ASSOC PROF JOE SIM
Director, Visual Merchandise Chief Executive Officer Leadership Development Chief Executive Officer
DFS Venture Singapore (Pte) Ltd Sanwa Plastic Industry Pte Ltd Nanyang Polytechnic National University Hospital
MR SIMON DALE
TUM-CREATE Programme
Nanyang Technological University
MR OLIVIER DE ROTALIER
Managing Director
MANAGEMENT Diploma in Banking & Finance
Previously known as Diploma in Banking & Financial Services
377 109
Vice Dean
Executive Development Programme
School of Continuing & Lifelong Education
Chief Operating Officer
Infinite Studios
Professor & Director
gameLAB
Division of Visual & Interactive Computing
LIFE SCIENCES Diploma in Chemical & Green Technology
395
45
110
National University of Singapore School of Computer Engineering Diploma in Food Science & Nutrition 242 71
MEMBERS Nanyang Technological University
Diploma in Medicinal Chemistry 161 50
MR P RAMAKRISHNA MS TERESA CHENG
Deputy Chief Executive Officer General Manager MR DAVID NG Diploma in Molecular Biotechnology 213 63
CIO Academy Asia Lucasfilm Animation Company Chief Executive Officer
Singapore B.V. Go Game Pte Ltd Diploma in Pharmaceutical Sciences 217 56
MR ALPHONSUS PANG Total 1,518 437
Vice President MR JOHNNY LAU MR JAMES EARL GRAY
Business Transformation Director General Manager & Vice President
StarHub Ltd Anime International Co. Asia The Walt Disney Company
Managing Partner
Talentgrid Ventures Pte Ltd
President, Asia Pacific
Side Effects Asia Pacific
MS GINA SIM
Business Director
DESIGN Diploma in Industrial Design
217
42
70
OneKind Asia
MR JOSHUA SOH MR RAYMOND WONG Ogilvy & Mather Diploma in Visual Communication 199 68
Chief Executive Officer Senior Vice President
Total 566 180
Healthstats Koei Tecmo Singapore Pte Ltd MR DENNIS ANG
Director
MS CLAUDIA TAN MR SENG CHOON MENG School of Information Technology
Country Manager Chief Executive Officer Nanyang Polytechnic
Enterprise Business Unit Scrawl Studios Pte Ltd
IBM Singapore Pte Ltd MR DANIEL TAN
MR BARRY SEE Director
Head, Production Resource School of Interactive & Digital Media
Mediacorp TV Singapore Pte Ltd Nanyang Polytechnic
287
311
45
TECHNOLOGY Diploma in Business Informatics
161
91
39
Diploma in Aerospace Systems & Management 176 45 Diploma in Cyber Security & Forensics
192 62
Previously known as Diploma in Information Security
Diploma in Biomedical Engineering 249 66
Diploma in Engineering Informatics 399 117
Diploma in Digital & Precision Engineering 369 113
Diploma in Financial Informatics 181 53
Diploma in Electrical Engineering with Eco-Design 242 52
Diploma in Information Technology 372 118
Diploma in Electronics, Computer & 845 139
Communications Engineering Total 1,859 544
655
3
176
INTERACTIVE Diploma in Animation 263 77
Diploma in Nanotechnology & Materials Science 148 45 & DIGITAL Diploma in Digital Game Art & Design
126
72
44
Diploma in Telematics & Media Technology 103 23 MEDIA Diploma in Game Development & Technology 216 74
Total 4,480 1,445 Diploma in Interaction Design 203 65
Diploma in Nursing
121
2,038
55
731
IO 2B WORKSHOPS partnership-development
trips to Heilongjiang and Jilin
NYP adopted the Integrated One of the young developers of Aversion showing anti-drug ambassador Jackie Chan provinces, an NYP student
how to play the mobile game
Objective/Outcome-based learning node has also been
Teaching & Learning (iO2B) established in Harbin, and
Framework with the aim of another TVET project is set to
achieving alignment between
clear articulation of learning
Posting up encouraging notes A colourful I Appreciate notice board NYP CONNECT APP launch in Jilin in mid-2016.
Separately, 15 TVET
outcomes, appropriate use NYP Connect, a new mobile app management programmes
of instructional activities
and assessment strategies.
THIRD RUN OF I APPRECIATE for alumni, was launched during the
NYP Graduation Ceremony 2015.
were held at NYP for 300
representatives from 60
Between April and July 2015, Between 27 April and 22 May 2015, a series of The app is part of an innovative polytechnics and vocational
a total of 173 staff were events were held to encourage students and staff system that allows graduates to colleges in Henan. They
trained in the new framework. to celebrate their positive experiences at NYP, as book campus facilities, register for included senior education
Six workshops were held well as to recognise those who have encouraged events and update their personal officials, TVET management
for Course Management and supported them. They were invited to write particulars through personalised and specialist staff, and the
Teams and one for School notes to show their appreciation of others and were e-Cards on their smartphones. project was completed in
Directorate members. encouraged to post them on colourful I Appreciate The new NYP Connect e-Card provides an identity for our January 2016.
boards set up around NYP. alumni and allows us to connect with them more effectively
JUN JUL
2015 2015
BEST DAIRY
Enthusiastic participants led by professional Zumba instructors at the Zumbathon
Users are able to access library services and resources seamlessly and efficiently wherever they are via the
departments were recognised
with Excellent Service
at a presentation ceremony on
12 July 2015. Ms Chong SG50 COMMUNITY DAY WITH
OUR PIONEER GENERATION
Library Portal
Awards (EXSAs) for delivering was the only recipient of the
outstanding service and being commendation medal this year.
AUG SEP
2015 SG50 NATIONAL 2015
DAY PARADE
SIDM has been involved in the
National Day Parade (NDP)
since 2011 and again helped to
drive digital media efforts for
the 2015 parade to celebrate
Singapores Golden Jubilee.
Motion Graphics & Broadcast
Design students worked closely
with the NDP Media Team to
develop seven segments of
International Game Concept Challenge 2015 in France
stunning animated visuals that
were projected onto 220 metres
of massive LED panels around
the Padang during the NDP.
INTERNATIONAL GAME CONCEPT CHALLENGE
A tapestry of colourful digital media visuals created by SIDM students for NDP 2015
Students from the Digital 9 September, the intense
Game Art & Design and Game competition promotes a unique
Development & Technology multinational ideation process in
courses had the opportunity to game concept creation, with each
travel to Valenciennes, France for team made up of a mix of students
the International Game Concept from participating institutions in
Challenge 2015. Held from 1 to Singapore, France and Japan.
CYBER SECURITY
AND SOLUTIONS
WORLDSKILLS CENTRE OPENS
SO PAULO 2015 SITs Daniel Lee was Singapores best-performing competitor at WorldSkills 2015
The new Cyber Security and
Solutions Centre, which was
Fifty-nine countries participated in the unveiled on 5 September 2015,
WorldSkills Competition, which was serves as a platform for SIT
held in So Paulo, Brazil from 11 to 16 students to build cyber security
August 2015. The Singapore contingent competencies through involvement
took home a total of three medals, two in cutting-edge industry projects
of which were won by NYP students. and knowledge-sharing sessions.
SITs Daniel Lee Wei Meng clinched The centre is a joint effort between
the silver medal in the IT Network NYP, the Centre for Strategic
Systems Administration category. He Infocomm Technologies (CSIT),
was also presented with the Best of Microsoft Singapore, StarHub and
Nation award for garnering the best ST Electronics.
overall score amongst the Singapore
representatives. Lim Ling, a Year 2
student from SHS, won bronze in the SIT students participate in various initiatives sponsored by CSIT at the Cyber Security and Solutions Centre for
SHSs Lim Ling working with a patient in a WorldSkills scenario their final year projects
Health and Social Care category.
SEP
2015
TERTIARY CHAMPIONSHIP OCT
2015
The NYP Silat Teams training
and determination paid off at the
it clinched a total of four golds and
eight bronze medals. The team
DESIGN INSPIRATION JOURNEY EXHIBITION
Tertiary Silat Championship held on also won overall first runner-up in Roving exhibitions at three 2015, followed by Ang Mo
19 and 20 September 2015, when the competition. public libraries to showcase Kio and Orchard in November
creative works by students 2015 and March 2016
from the School of Design respectively.
have been very well-received
by the public. The first
Visitors viewing the Design Inspiration
exhibition was held in Bishan
Journey Exhibition at Ang Mo Kio Library
Public Library in October
SINGAPORE
PERSPECTIVE
ON URBAN AIR
QUALITY AND
PUBLIC HEALTH
SYMPOSIUM PS21 STAR
Experts from various fields, SERVICE AWARD
including public health,
environmental monitoring
2015
and toxicology, gathered Dr Phua Chee Teck, manager
at NYP on 15 September of the School of Engineering,
for a symposium on urban won the prestigious PS21 Star
Ahmad Kamal was crowned champion in the Male Match Class H category
air quality and its impact Service Award 2015 for having
on health. Hosted by the consistently demonstrated
Centre for Sustainable high standards of service
Nanotechnology, the excellence. Many of his
A collaboration between NYP and Health symposium sought to vision for the public sector
the British Columbia Institute of identify innovative solutions to become One Trusted NYPi CONCLUDES TWO NURSING CAPABILITY
Technology (BCIT) saw students
from the School of Engineering
to mitigate the health risks
of air pollution. Leading
Public Service with Citizens
at the Centre. One such
DEVELOPMENT PROJECTS FOR CHINA
going on an overseas internship in researchers from National example is Dr Phuas R&D Two Nursing Capability Shandong receiving training at NYP
British Columbia, Canada from University of Singapore, collaboration with National Development Projects for the in nursing management, nursing
23 September to 23 December Nanyang Technological University Hospital on the Chinese provinces of Shandong pedagogy and specialist nursing.
2015. During their attachments University, KK Womens and development of a novel and Jiangsu were completed in Meanwhile, 134 management
with BCIT Technology Centre, Childrens Hospital, Institute method to determine risk FY2015. The Shandong project, staff, teaching staff and nursing
Vancouver General Hospital and of Occupational Medicine, of stroke among patients which wrapped up in October practitioners from 20 hospitals
Novadaq Technologies Inc., the PerkinElmer Singapore Pte with atrial fibrillation, which 2015, saw 156 chief nurses, (Class 2 or above) and nursing
students worked on portable Ltd, AiRazor Technologies and ultimately aims to provide a nursing managers, nursing colleges in Jiangsu underwent eight
diagnostic and R&D projects, and NYP presented their latest better quality of life for those specialists and nursing educators courses at NYP, the last of which
assisted with quality assurance and findings at the event. who are ill. from 65 hospitals (Class 2 or ended in January 2016.
SEG students with faculty members at BCIT
maintenance of hospital equipment. above) and nursing colleges from
NOV
SPECTRUM NYP ARTS FESTIVAL 2015
DEC INTRODUCING THE READING LOUNGE
2015
The Polytechnics best arts talents Future, the well-received festival
2015
AND TOUCH2READ KIOSK
were showcased during SPECTRUM featured many creative collaborations Reading Lounge, a new learning local and international eMagazines,
NYP Arts Festival, and a myriad of
performances, exhibitions, workshops
involving SDN, SIDM, Library, NYP
Arts and Culture Council, and the SKILLS AND space where students can engage
in group collaborations, individual
eNewspapers and eBooks. These
include over 5,000 publications from
and concerts were held from 9 to
28 November 2015. Themed Our
Polytechnics various arts and
culture clubs.
TRAINING study and social interactions in a
relaxed setting, was launched on
133 countries in 56 languages.
AS ONE,
Bangladesh TVET leaders
and teachers to deepen their
EDUCATION SYMPOSIUM 2015
DANCE MUSICAL 2015 technical and professional
knowledge through 60 Moving Forward: The a masterclass by Professor
More than 160 students and alumni performed in management programmes, Assessment Imperative Griffin, as well as 10 concurrent
the dance musical As One on 27 and 28 November, specialisation programmes was the theme for Education talks and workshops conducted
and wrapped up SPECTRUM NYP Arts Festival and innovative teaching Symposium 2015 (ES2015) held by staff from NYPs seven
2015 with a resounding bang. The choreography and learning (T&L) and on 18 December 2015. Emeritus schools, Centre for Professional
was cleverly interwoven with multimedia train-the-trainer programmes. Professor Patrick Griffin from & Leadership Development,
projections and evoked powerful emotions as the In addition, NYPi is assisting the University of Melbourne Foundation & General Studies,
performers re-enacted Singapores nation-building DTE in establishing 10 pilot and Dr Gog Soon Joo from the Professional Development
journey and transformation into a country with one starter-laboratories to enhance Workforce Development Agency Centre, Asian Culinary Institute
Students perform as one in a rousing dance musical extravaganza
of the worlds most competitive economies. T&L in Bangladesh. delivered keynote lectures at the and the Singapore Institute of
event. The afternoon featured Retail Studies.
MEMBERS RETREAT
Tourism Industry Conference held on 11 January 2016. In line with this 460 teams from 200 universities
years theme of Leadership and Challenges in the Hospitality and globally. This is the first time
Tourism Industry, Minister for Social and Family Development Mr Tan a team from Singapore has
Chuan Jin shared his experiences in leading youth as president of the A 2D1N retreat was held for Executive Management Members won the four-week electronic
Singapore National Olympic Council and while serving in the Singapore (EMM) on 25 and 26 February 2016. The retreat was a chance trading competition, which
Army. The event was also an opportunity for students to network with for the EMM to develop closer bonds with each other, as well was held from 2 February to
guests from associations and industry partners, as well as with alumni. as review and deliberate on NYPs strategic goal: to Deliver An 4 March 2016.
Minister Tan Chuan Jin engaging students during the conference
Enriching Student Experience.
MAR FUN DAY OUT AT NYP FOR OVERSEAS TRIP TO BARCELONA, SPAIN
2016
SENIOR CITIZENS Over nine days and eight nights in
March 2016, 28 SDN students were
Heritage buildings. The tour was
specially arranged to widen the
The Polytechnic played host to 200 other schools. The elderly guests accompanied by two lecturers on a students perspectives in design,
senior citizens from Thye Hua Kwan tucked into a morning tea before visit to magical Barcelona home to and enable them to experience and
Moral Society for a day on 12 March taking part in activities such as unique Gothic cathedrals, architectural understand the influence and impact of
2016. The School of Engineering a treasure hunt, lucky draws and masterpieces and UNESCO World culture on design and urban planning.
coordinated the community service karaoke sessions with NYP students
event with participation from the six and staff.
HEALTH THERAPY
PUBLICATION SBM EXPANDS ITS OVERSEAS
Published on 16 March 2016,
STUDENT EXCHANGE
Dimensions in Oral Health
Therapy, Singapore serves as
PROGRAMME
NYP students and staff interacting with Thye Hua Kwan residents
a showcase of expertise and In FY2015, the School of Business Management signed
the research and development new memoranda of understanding with eight overseas
efforts of students from the universities to collaborate on student and faculty
Diploma in Dental Hygiene &
Therapy. It also aims to create
DESIGN WEEK AWARDS NITE exchanges. The new collaborations have created more
opportunities for SBM students to study abroad. Currently,
a high level of awareness and The DesignS Gala Dinner & Awards Good Design Marks. It was the largest SBM has an active base of 55 partners in 18 countries as
acceptance of oral health Nite a key event of the 2016 number of accolades won by any part of its Overseas Student Exchange Programme (OSEP).
therapists in a bid to promote Singapore Design Week was held on institution at the event, and there
greater understanding of 17 March. Students from the School were hearty cheers from the jubilant
the profession. of Design took home 17 Singapore SDN team each time NYPs name
Design Awards and six Singapore was announced.
INAUGURAL NYP
PAST VS PRESENT
GAMES
On 12 March 2016, more than
270 past and present NYP
students came together to
compete in athletics events
and friendly floorball, netball,
soccer and ultimate frisbee
matches. The formidable
alumni team of 115 members
Cover of the first edition of won 11 of the 13 events on
Dimensions in Oral Health what was a memorable day
Therapy, Singapore
Proud lecturers with award-winning SDN students who scooped up a total of 23 awards at the DesignS Gala SDN students visited many famous sights in the Spanish city, including the Barcelona for all who attended.
Dinner & Awards Nite 2016 Cathedral (background)
MAR
2016
NYP Chinese Orchestra members at Changi Airport before their first trip to China
11 MEDALS AT THE
INTER-TERTIARY CANOEING
CHAMPIONSHIPS 2016
The high-speed sport of canoe-sprinting is often
referred to as the Formula 1 of water sports. The
aim of the Inter-Tertiary Canoeing Championships
(ITCC) is to provide an opportunity for canoeists
N
in tertiary institutions in Singapore to participate YP prides itself on providing quality, leveraging on each others resources, expertise
in competitions industry-relevant polytechnic education. and capabilities. These partners include industry
catered specifically It has distinguished itself by implementing and technology leaders, educational and research
to them. At the a contextual teaching and learning concept to institutions, and economic and development
ITCC on 19 March train technologists, relentlessly pursuing new agencies both local and international. In
2016, NYPs women innovations to meet the needs of a changing FY2015, the various schools in NYP introduced
canoeists clinched economy, working closely with industry, and key initiatives and new developments, set up
Multiple medal wins for the five silvers and six focusing on developing new capabilities. Over the new facilities, inked numerous memoranda of
NYP women canoeists
bronze medals. years, NYP has collaborated with a large network understanding (MOUs), and won many important
of partners, forging strong relationships and industry projects.
Key Initiatives
1. Enhanced Internship Programme
2. NYP-ACCA Accelerated Professional
Pathway Scheme (for Diploma in
Accountancy & Finance students)
Industry Projects
1. Customer Satisfaction Survey 2015 for Koufu
Diploma in Mass Media Management (DMMM) students at the Media Hub & Production Studio, which opened on 6 January 2016
2. Examinations Process Review Project
for The Institute of Banking and
Finance Singapore
NEW TEACHING 3. Housekeeping and Front Office Productivity
Patents were successfully filed for two 2. Launch of Workforce Skills 3. Development of a Nano-hair Dye
Qualifications Culinary Course Formulation for MASE International
innovations by SCL lecturers. On 10
Marketing Services Pte Ltd
March 2016, the patent for Sample
Preparation Method for MALDI-ToF MOUs (Universities & 4. Development of Herbal Beverages
Mass Spectrometry towards rapid
Educational Institutions) for Pure Orient Global Ltd
1. Macquarie University, Australia 5. Evaluating the Fate and Safety
identification of food bacteria was filed
by Ms Catherine Seah, Dr Mathew Lau 2. Suwon Womens University, of a Fish Vaccine Composition
South Korea Containing Nanomaterials for UVAxx
and Ms Liew Tze Horng. Separately,
3. Technological and Higher Education Pte Ltd
Dr Saji George and Ms Ignacius Tay Institute of Hong Kong
filed the patent for antimicrobial 6. Feasibility Study on Improvement in
4. University of Yangon, Myanmar Physical and Sensory Properties of
composition and preparation methods
5. Zurich University of Applied Coffee Through Nano-sizing
on 23 March 2016. Sciences, Switzerland for Suntory Beverage & Food Asia
Pte Ltd
MOUs (Industry)
7. Sensory and Consumer Testing
1. 3M Technologies Pte Ltd of Commercial Products for ABR
2. Agri-Food and Veterinary Authority Holdings Ltd
of Singapore
SCL LECTURERS 8. Shelf Life and Sensory Evaluation of
Nut Butter for Hunters Bar Pte Ltd
SCL SUCCESSFULLY
3. Baxalta Manufacturing SARL,
FOR INNOVATIVE EXPANDS 4. Health Promotion Board Pathogen for Rapid Vaccine
Prototyping and Development of a
MOUs (Industry)
SDN staff and students who worked on some of the sets for Halloween Horror 1. ONG&ONG Group
Nights 2015, held at Resorts World Sentosas Universal Studios Singapore
Industry Projects
HALLOWEEN HORROR NIGHTS 2015 & 2016 1. Design Proposals for
Greenlam Laminates
SDN students from all three diplomas 2016 edition, with some students
2. Graphics for the 16 Skytrains Plying
were involved in designing and creating continuing to work on the project as the Changi Airport Terminals
the sets for one zone at Halloween interns. Work started in January 2016,
3. Proposal to SATS for a Multipurpose
Horror Nights 2015, which was held in and this is one of the many integrated
Meal Tray
October 2015. Following this successful projects involving SDN students from
4. Worked on Office Interior Design,
work, SDN is again involved on the more than one diploma course.
Corporate Identity and Mascot for
Social Innovation Park Ltd
Young visitors enjoying the SDN teams bubble-making installation at i Light Marina Bay 2016 TURNING IDEAS INTO REALITY
SDN has secured a generous sponsorship from
MOUs (Universities & 35. Setsco Services Pte Ltd 13. Comparison and Correlation of
ROBOTICS SYSTEM
Ltd in setting up an innovation centre kind in Singapore, integrating GaN 42. SP-Asia Pte Ltd
1. American Biltrite Far East Inc. 16. Cranioplasty Implant Moulds and Skull
for the development and production of research outcomes from A*STARs 43. Symantec Asia Pacific Pte Ltd
ENHANCES PRODUCTIVITY
2. B&R Automation Pte Ltd Prototypes for Khoo Teck Puat Hospital
gallium nitride (GaN) on silicon-based Institute of Materials Research and 44. System Technic Engineering Pte Ltd
3. Beca Asia Holdings Pte Ltd 17. Design and Development of Tooling Insert
45. Systems on Silicon Manufacturing
devices. It boasts a class 10 000
cleanroom housing a metal-organic
Engineering (IMRE) with silicon wafer
processing technologies from Nanyang FOR FAGERDALA SINGAPORE 4. Becton Dickinson Medical Products
Pte Ltd
Company Pte Ltd (SSMC)
46. TDS Technology (S) Pte Ltd
for Dynacast Singapore Pte Ltd
18. Embedded Multimedia Platform
chemical vapour deposition (MOCVD) Technological University. In June 2015, SEG unveiled a robotics system for the 5. CIBA Vision Asian Manufacturing and
47. Terasaki Electric Co. (FE) Pte Ltd for rodVENTURE
and key characterisation equipment. flexible assembly of foam packaging materials that it Logistics Pte Ltd & Alcon Singapore
Manufacturing Pte Ltd 48. Tuas Power Generation Pte Ltd 19. Growth Measurement Application Using
developed in partnership with Fagerdala Singapore
6. Cyclect Electrical Engineering Pte Ltd 49. UG M&E Pte Ltd Image Analytics Techniques for Abbott
Pte Ltd. The system uses smart visual recognition
Manufacturing Singapore Pte Ltd
for identification and assembly, which allows the 7. Delphi Automotive Systems 50. Univac Precision Engineering Pte Ltd
Singapore Pte Ltd 51. VDL Enabling Technologies Group 20. Interactive Device for Dementia Patients for
consolidation of three workstations into a single
8. Electronics & Engineering Pte Ltd Singapore Pte Ltd Rocks App Solutions
assembly line. The company, which specialises in
protective packaging solutions, has seen a fourfold 9. Ellipsiz DSS Pte Ltd 52. ViSenze Pte Ltd 21. Metal Oxide Nanofilm Coating for Energy
10. Festo Singapore Pte Ltd 53. Workforce Development Agency Storage for National University of Singapore
increase in production output since implementing the
11. Fluidigm Singapore Pte Ltd (Advanced Manufacturing) 22. Mobile App and Web Portal Development
system. This has enabled them to take on large-scale
12. Fluke South East Asia Pte Ltd 54. Yokogawa Electric Asia Pte Ltd for Institute for Infocomm Research
orders, generate higher profits and strengthen their
13. Hexogon Solution Pte Ltd 55. YTL PowerSeraya Pte Limited 23. Modular Light Ducting System for
overseas presence.
14. JEP Precision Engineering Pte Ltd 3M Singapore
15. Keystone Cable (S) Pte Ltd Industry Projects 24. Network Protocol Plugins for Intel Industrial
16. Litewell Engineering Pte Ltd 1. Additive Manufacturing of Cavity Conformal IoT Gateways for ADLINK Technology
17. Lonza Biologics Tuas Pte Ltd Cooling Insert for Additive Mfg Pte Ltd Singapore Pte Ltd
(Joint MOU with SCL & SEG) 2. Additive Manufacturing of Conformal Cooling 25. Omron Eye Catch Delta Robot Demon
18. Makino Asia Pte Ltd Insert using DMLS Process for Additive Mfg System for Omron Asia Pacific Pte Ltd
19. Meiden Singapore Pte Ltd Pte Ltd 26. Plug-in Application for Mobile
20. Microsoft (Smart Devices & IoT Solution) 3. Air Quality Monitoring System for Communication for Citrine Solution Pte Ltd
21. Ministry of Defence Innovation.Genius (IN.GENIUS) Pte Ltd 27. Polymeric Material Characterisation Using
22. Ministry of Social and 4. ALD Coating on 3D Polymer for IMRE UV-VIS-NIR, DSC and DMA for Essilor
Family Development AMERA Pte Ltd
5. ALD Coating of TiO2 on 3D Polymer for IMRE
23. Mitsubishi Electric Asia Pte Ltd 28. Proof-of-Concept Implementation of an
6. Automated Blister Inspection System for TNC
OPEN 24. MVTec Software GmbH
25. Panasonic Factory Solutions Asia
Optics & Technologies Pte Ltd
OCR-based Power Meter Reading System
for RFCOM Technologies Pte Ltd
INNOVATION LAB Pacific Pte Ltd 7. Automated Socket Handling Station and WIP
Tray Trolleys for Sanwa-Intec (Asia) Pte Ltd
29. Responsive Interfaces & Charting Modules
SCHOOL OF HEALTH SCIENCES (SHS) ENHANCING PARAMEDIC TRAINING & OTHER COLLABORATIONS
MOUs (Industry)
1. Orange Valley Healthcare Pte Ltd
2. SAF, SCDF, ITE, UniSIM and JIBC
Industry Projects
1. Development of Basic Cardiac Life
Support Mobile App for Amdon
Consulting Pte Ltd
2. Reminiscence Therapy,
Pet Therapy and Garden Therapy
Services for Orange Valley
Nursing Home
Guests admiring a model of the upcoming Centre for Oral Health 3. Super Milk Can Holder for Tan Kah
Kee Young Inventors Award 2015
ALZ ENGAGE-ME-CART clinical training for oral health therapy trainees, dentistry undergraduates
and postgraduates, and dental assistants. In addition, a designated area
The School of Health Sciences (Nursing) successfully collaborated with KYDZ International in March 2015 to develop the ALZ comprising 26 operatories, a waiting area, a tutorial room, a meeting
Engage-Me-Cart, comprising 18 play items, to engage and stimulate cognitive function of individuals with dementia. The cart room and X-ray facilities will be set aside for students undertaking NYPs
retails for $950 with NYP receiving 30% of profits generated. The cart received much interest at its designated booth at iCreate Diploma in Dental Hygiene & Therapy course.
in August 2015.
MOUs (Industry)
1. Cloud Security Alliance Asia
Pacific Ltd
2. Tridant Pte Ltd
Industry Projects
1. Action Community for
Entrepreneurship (ACE) Portal
for ACE
2. Analytics Tool for Behaviour
Monitoring of Children with Autism
for National Institute of Education
3. Android-based App for Ninja Track
for Keio-NUS CUTE Center
4. Asian Culinary Institute (ACI) Web
& Mobile Portal for ACI
5. Digital Patient Feedback for Khoo
Teck Puat Hospital
Students will have opportunities to work on big data analytics with industry partners
6. Pocket OneMap for SLA
7. Healthcare Analytics for NHGP
NYP AND UBISOFT ASIA TO WORK Sciences, Finland 11. The Journey 3: Our Homeland
Drama Series for Mediacorp
Development (Design) and in Information Systems Introduced in October 2015, the new Specialist Diploma
Design & Development. in Design Strategy course is geared toward participants
who already possess a good understanding of areas
ELP Specialist Diploma in Games Development like manpower management and financial management,
NYP was appointed by the Workforce Development project planning and management, budgeting and client
Agency (WDA) as programme manager for the interaction. The course enables them to widen their job
SkillsFuture Earn and Learn Programme for Media capabilities and work portfolio, take on management
(Games Development and Animation, Motion Graphics functions and operate a design business effectively to
and Visual Effects). The inaugural ELP in Games increase productivity.
Development was launched in October 2015 in
partnership with six companies, namely Gumi Asia, With the rapid expansion of Singapores sport industry,
ST Electronics (Training & Simulation Systems), it was timely that NYP introduced the Specialist
Business Connectivity, Awecent International, Diploma in Sport Management & Marketing course
Neeuro and Red Hare Studios. in February 2016. Participants will gain in-depth
understanding of the sport industry, the nature of sport
ELP Specialist Diploma in Information as a business, and the global and regional opportunities
Systems Development sport can offer Singapore.
The inaugural run of this ELP commenced in August
2015, with participants placed in three companies NEW SHORT COURSES
Accenture, Innova InfoTech and Nebulas Tree. This is NYP conducted some 20 short courses in engineering,
the first ELP on software development to be offered for life sciences, information technology, allied health
BELOW:
the information and communication technology (ICT) sciences, design and business. Some courses targeted Participants of
sector. Some participants attained the Post-Diploma the general public, while others were customised the ELP Specialist
Certificate in Advanced Software Development for companies such as MOE, ST Electronics, Diploma in
Information
Practices, the facilitated learning component of the ELP. GlaxoSmithKline Singapore, SIA Engineering Company, Systems
Johns Hopkins Singapore and Splunk Inc. Development
MODULARISATION OF CET COURSES
NYP introduced 18 modular courses drawn from
existing part-time qualifications programmes to provide
a more flexible and bite-sized learning option for
working professionals. By undergoing targeted,
just-in-time training, they will be able to stay responsive
to a changing workplace.
T
he College of Lifelong Learning (CLL) comprises were made in FY2015 to meet new demands. environmental management for the process industry.
the Academy of Lifelong Learning & Skills, the Individuals can customise a learning pathway that best
Singapore Institute of Retail Studies and the EARN AND LEARN PROGRAMMES (ELPs) suits their needs by applying for skills-based modular
Asian Culinary Institute Singapore. The three entities ELPs aim to give fresh polytechnic and ITE graduates courses, instead of committing to a fixed programme of
support the governments SkillsFuture initiatives by a head start in their careers. They are matched study at the outset. Credits gained from such courses
offering industry-relevant and quality programmes for with suitable employers who will provide them with can be used to help them gain a full qualification within
adult learners to engage in lifelong learning. structured on-the-job training and mentorship support. the validity period.
While employed, they will also study for industry-
Academy of Lifelong Learning & Skills recognised qualifications. Employees of participating NEW CET PROGRAMMES
The Academy of Lifelong Learning & Skills (ALLS) companies and employers who sign up for ELPs will Two new Ministry of Education (MOE)-funded academic
offers a range of full-time and part-time courses receive substantial support from the government. continuing education and training (CET) courses
for adult learners in key areas, from full diplomas Specialist Diploma in Design Strategy & Management
to customised programmes. New courses were In FY2015, NYP launched five ELPs, including and Specialist Diploma in Sport Management &
introduced and changes to existing programmes the Specialist Diploma Programmes in Games Marketing were launched in FY2015.
Asian Culinary Institute A new partnership between ACI and Indian Restaurants
As an anchor CET partner for the F&B services Association (Singapore) seeks to develop and deliver
industry, Asian Culinary Institute (ACI) Singapore structured Indian cuisine training programmes to build
provides training in Asian cuisines and professional the necessary skills for local chefs to progress in their
development opportunities for aspiring and existing careers. It also helps to attract and retain local talent.
local chefs. The ACI also engages in R&D to support Through this collaboration, all parties aim to work
innovation and productivity enhancement. In FY2015, together on the lean use of manpower, enhancing skills
ACI established a series of new partnerships, and competencies, and building a stronger Singaporean
signing memoranda of understanding (MOUs) with core in the Indian F&B sector.
Restaurant Association of Singapore (RAS), Indian
Restaurants Association (Singapore) and Japan Food ACI partnered the Japan Food Town Development
Town Development. to develop a Japanese cuisine curriculum for its
programmes and provide best-in-class training for
RAS and ACI joined hands to attract and support Singapore-based chefs. As part of the collaboration,
new entrants into the F&B industry, collaborating to Japan Food Town Development flew Chef Shinichi
upgrade existing staff capabilities through training Nanmoku in from Japan to conduct train-the-trainer
and attachment programmes. The two organisations programmes from 5 to 15 January 2016 for NYP-ACI
signed an MOU on 26 August 2015 at the Star Chef chefs and industry chefs under a masterclass initiative.
Competition, which was established as a platform for Japan Food Town Development is a joint venture
local professional and aspiring chefs to showcase their between the Japan Association of Overseas Promotion
culinary skills and innovations. for Food & Restaurants and the Cool Japan Fund.
ABOVE: Master
chef Nanmoku
(far left) imparts
skills and
shares tips with
Singapore-based
chefs at ACI
LEFT: Deputy
Prime Minister
Tharman
Shanmugaratnam
tries his hand at
making jalebi in
the ACI Demo
Kitchen during
the MOU signing
between ACI
and Indian
Restaurants
Association
(Singapore)
RIGHT:
Participants at
the Star Chef
Competition
RIGHT: Guest of
honour Mr Ong SKILLSFUTURE DEVELOPMENT
Ye Kung, Acting
Minister for
Education (Higher SkillsFuture is a national movement
Education and
to promote and encourage skills
Skills), addresses
deepening and mastery to enable
the audience at
the SIRS Industry
all Singaporeans to develop their
Practitioner potential to the fullest throughout life.
Seminar At the national level, it aims to foster
a culture that supports and celebrates
lifelong learning. The College of
Lifelong Learning launched a range
of new SkillsFuture programmes and
initiatives in FY2015 in support of this
national movement.
23 671
SEMINARS WSQ
COURSES
89
ABOVE:
Advanced Certificate in Retail Supervision. Employees Business Innovation & Skill Mastery, it was an Speakers and
participants at
of the Robinson Group, Charles & Keith and Isetan, opportunity to update retailers on new developments the SIRS Industry
three companies that participated in the ELP, are in the retail landscape. This years seminar also Practitioner
undergoing an 18-month programme of working and dovetailed the national SkillsFuture agenda, hosting a Seminar SHORT
learning concurrently. SkillsFuture MOU signing ceremony for the retail sector.
COURSES
LEFT: NYPs
The audience at this years seminar also witnessed the Principal & CEO
Another highlight is the launch of the Workforce Skills signing of 16 MOUs, five of which aim to boost talent Ms Jeanne Liew
addressing
Qualifications (WSQ) Supervise Retail Staff (Mentorship development by integrating the Enhanced Internship the seminar
Development) programme. In conjunction with the scheme with ELP. participants
MEETING NEEDS,
IMPACTING LIVES
T
he Nanyang Polytechnic (NYP) Education
Fund was set up in 2003 to meet the needs
of the Polytechnic. The Fund is managed by
a management committee appointed by the Board of
Governors of NYP and seeks to ensure that the usage
of donations given by generous sponsors is aligned with
the objectives of the Fund. In March 2016, the Fund
was granted a renewal of its status as an Institute of
Public Character (IPC) by the Commissioner of Charities
of Singapore.
Objectives
The objectives of the NYP Education Fund are to:
(a) provide financial assistance to needy and
deserving students;
(b) recognise the achievements of outstanding
Polytechnic students and graduates;
(c) support student development and
enrichment programmes;
(d) support research and development programmes;
(e) support staff and capability development
programmes so as to keep abreast of changing
technologies in industry and commerce;
(f) support NYP campus development programmes;
(g) provide education and training facilities and
equipment; and
(h) promote NYP as an institution of distinction for ABOVE:
School of
polytechnic education in Singapore Education Upliftment Fund donated $132,000 to
Interactive &
support the Bursary Awards, and Mr Lee Hsien Loong Digital Media
donated $100,000 to support the development of graduate Jerome
Financial Status talents from the School of Interactive & Digital Media. Yap Xuan Rui
receives the
The Fund stood at $19.55m in 2015, and it continues inaugural Lee
to grow as more activities are organised to raise funds. Hsien Loong
MAJOR GIFT DONORS Award from
($100,000 & ABOVE) then Minister of
NYP Education Fund Education, Heng
IPC Registration No.: IPC000540 Funding Sources 1 Ngee Ann Kongsi Swee Keat
UEN: T08CC3008E The Fund continually receives donations and
Charity Registration Date: 1 April 2003 generous support from individuals, organisations
2 S R Nathan Education Upliftment Fund
Registered Address: and foundations. In 2015, Ngee Ann Kongsi donated
180 Ang Mo Kio Avenue 8, Singapore 560839 $1m as a third tranche for the Ngee Ann Kongsi
Scholarship & Bursary Awards. The S R Nathan 3 Mr Lee Hsien Loong
Activities
The NYP Industry Scholarships continued to be A total of 3,689 scholarships, bursaries and subsidies
supported by corporate sponsors. were awarded in 2015, totalling $3.09m.
3 Cheers Holdings (2004) Pte Ltd 2 Centre for Strategic Infocomm Technologies
15 ST Electronics (Info-Comm Systems) Pte Ltd Full details of the Funds financial standing and policies
can be found in the NYP Financial Report or on the
16 StarHub Ltd
NYP website.
Management Committee
Chairman Ms Jeanne Liew Principal & CEO, NYP
STATEMENTS
66 to 112 of Nanyang Polytechnic (the Polytechnic) and its subsidiaries (collectively the Group)
are drawn up so as to present fairly, in all material respects, the financial position of the Group and
Polytechnic as at 31 March 2016, and of the statements of profit or loss and other comprehensive
income and changes in equity of the Group and Polytechnic and cash flows of the Group for the
CONTENTS
...............................................
Jeanne Liew
Principal & CEO
27 June 2016
Net current assets 262,388 246,382 250,842 235,321 Surplus after grants 18,627 28,527 2,128 6,172 20,755 34,699
Income tax expense 18 - - (7) (20) (7) (120)
Non-current liabilities
Deferred capital grants 14 522,796 529,082 522,796 529,082 Surplus for the year 18,627 28,527 2,121 6,052 20,748 34,579
Income received in advance 19 18,823 20,280 18,823 20,280 Other comprehensive
541,619 549,362 541,619 549,362 income for the year - - - - - -
Surplus for the year 18,420 27,659 1,828 6,494 20,248 34,153
Other comprehensive
income for the year - - - - - -
Total comprehensive
income for the year 18,420 27,659 1,828 6,494 20,248 34,153
The accompanying notes form an integral part of these financial statements. The accompanying notes form an integral part of these financial statements.
Investing activities
Interest received 2,378 1,788
Proceeds from financial assets at fair value through profit or loss - 2,000
Proceeds from disposal of property, plant and equipment 113 197
Purchase of property, plant and equipment 5 (27,864) (64,572)
Purchase of held-to-maturity financial assets (5,523) (2,033)
Cash flows used in investing activities (30,896) (62,620)
These notes form an integral part of the financial statements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
The financial statements were authorised for issue by the Board of Governors on 27 June 2016. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes
1. DOMICILE AND ACTIVITIES into account the characteristics of the asset or liability which market participants would take into account when
pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in
Nanyang Polytechnic (the Polytechnic) was established on 1 April 1992 under the Nanyang Polytechnic these consolidated financial statements is determined on such a basis, except measurements that have some
Act, Chapter 191A. It is domiciled in Singapore and its campus is situated at 180 Ang Mo Kio Ave 8, similarities to fair value but are not fair value (e.g. value in use for impairment assessment purposes).
Singapore 569830.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based
The principal activities of the Polytechnic are those relating to the provision of quality education, training and on the degree to which the inputs to the fair value measurements are observable and the significance of the
research in commerce, engineering, health sciences, information technology, design, and chemical and life inputs to the fair value measurement in its entirety, which are described as follows:
sciences. The principal activities of the subsidiaries are set out in Note 6.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the
The Polytechnic also acts as the administrator or trustee for the Staff and Student Loans and Opportunity Fund entity can access at the measurement date;
for the Ministry of Education and notebook loans for the Singapore Totalisator Board.
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the
The consolidated financial statements relate to the Polytechnic and its subsidiaries (referred to as the Group). asset or liability, either directly or indirectly; and
SB-FRS 1001 will take effect from financial years beginning on or after 1 January 2017. The Group is currently
evaluating the impact of the changes in the period of initial adoption.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
2.2 Significant accounting judgements and estimates (c) Impairment of loans and receivables
The preparation of the financial statements requires management to make judgements, estimates and The Group assesses at the end of each reporting period whether there is any objective evidence that a financial
assumptions that affect the reported amounts of income, expenses, assets and liabilities, and the disclosure asset is impaired. To determine whether there is objective evidence of impairment, the Group considers factors
of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates such as the probability of insolvency or significant financial difficulties of the debtor and default or significant
could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability delay in payments.
affected in the future.
Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated
Judgements made in applying accounting policies based on historical loss experience for assets with similar credit risk characteristics. Loans and receivables are
disclosed in Note 9.
Management is of the opinion that any instances of application of judgments are not expected to have a
significant effect on the amounts recognised in the financial statements other than those involving estimation 2.3 Consolidation
(see below).
The consolidated financial statements incorporate the financial statements of the Polytechnic and entities
Key sources of estimation uncertainty controlled by the Polytechnic (its subsidiaries). Control is achieved where the Polytechnic:
Management is of the opinion that there are no key sources of estimation uncertainty at the end of the reporting Has power over the investee;
period that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities Is exposed, or has rights, to variable returns from its involvement with the investee; and
within the next financial year, except as follows: Has the ability to use its power to affect its returns.
(a) Useful lives of property, plant and equipment The Polytechnic reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
The cost of plant and equipment is depreciated on a straight-line basis over the plant and equipments
estimated economic useful lives. Management estimates the useful lives of these plant and equipment to Consolidation of subsidiaries begins when the Polytechnic obtains control over the subsidiaries and ceases
be within 3 to 50 years. The carrying amount of the Groups plant and equipment at the end of the when the Polytechnic loses control of the subsidiaries. Specifically, income and expenses of a subsidiary
reporting period is disclosed in Note 5 to the financial statements. acquired or disposed of during the year are included in the consolidated statement of profit or loss and other
comprehensive income from the date the Polytechnic gains control until the date when the Polytechnic ceases
(b) Impairment of non-financial assets to control the subsidiaries.
The Group assesses whether there are any indicators of impairment for all non-financial assets at each Where necessary, adjustments are made to the financial statements of the subsidiaries to bring their accounting
reporting date. Non-financial assets are tested for impairment when there are indicators that the carrying policies in line with the Groups accounting policies.
amounts may not be recoverable.
In the Polytechnics separate financial statements, investment in subsidiaries is carried at cost less any
When value in use calculations are undertaken, management must estimate the expected future cash flows impairment in net recoverable value that has been recognised in profit or loss.
from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present
value of those cash flows.
Management has assessed that there are no indicators of impairment for non-financial assets.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
The financial statements are presented in Singapore Dollars, which is the functional currency of the Polytechnic. Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Transactions in foreign currencies are translated into the functional currency of the Polytechnic and its
subsidiaries at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the separate items (major components) of property, plant and equipment.
reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at
fair value are translated into the functional currency at the exchange rate at the date on which the fair value The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of
was determined. the item if it is probable that the future economic benefits embodied within the part will flow to the Polytechnic
and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment
Foreign currency differences arising on retranslation are recognised in statement of profit or loss and other are recognised in the statement of profit or loss and other comprehensive income as incurred.
comprehensive income.
Depreciation on property, plant and equipment is recognised in the statement of profit or loss and other
2.5 General Fund comprehensive income on a straight-line basis over the estimated useful lives (or lease term, if shorter) of each
part of an item of property, plant and equipment.
Income and expenditure relating to the main activities of the Polytechnic are accounted for through the General
Fund in the statement of profit or loss and comprehensive income. The estimated useful lives are as follows:
Government grants and contributions from other organisations are taken to the grants and income received Construction-in-progress is stated at cost. No depreciation is charged on construction-in-progress. Upon
in advance accounts in the statements of financial position, respectively, upon initial recognition. Other grants completion of the construction-in-progress, the amounts are transferred to the respective property, plant and
include grants from other Government Agencies. equipment categories and depreciated accordingly.
Subsequently, government grants and contributions from other organisations utilised for the purchase/ Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each
construction of depreciable assets and the values of donated depreciable assets are taken to the deferred capital reporting date.
grants account in the statements of financial position, or to the statement of profit or loss and comprehensive
income for assets which are written off in the year of purchase or donation. 2.9 Impairment non-financial assets
The deferred capital grants are recognised in the statement of profit or loss and comprehensive income over the The carrying amounts of non-financial assets are reviewed at each reporting date to determine whether there is
periods necessary to match the depreciation and write-off of the property, plant and equipment purchased with any indication of impairment. If any such indication exists, the assets recoverable amounts are estimated.
the related grants. Upon the disposal of an item of property, plant and equipment, the balance of the related
deferred capital grants is recognised in statement of profit or loss and other comprehensive income to match An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its
the net book value of the assets written off. recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows
that largely are independent from other assets and groups. Impairment losses are recognised in statement of
Government grants to meet the current years operating expenses are taken to the statement of profit or loss profit or loss and other comprehensive income.
and other comprehensive income for the year. Grants are accounted for on an accrual basis.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value
less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value if their economic characteristics and risks are not closely related to those of the host contracts and the
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks host contracts are not held for trading or designated at fair value through profit or loss. These embedded
specific to the asset or cash-generating unit. derivatives are measured at fair value with changes in fair value recognised in statement of profit or loss and
other comprehensive income. Reassessment only occurs if there is a change in the terms of the contract that
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that significantly modifies the cash flows that would otherwise be required.
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that (ii) Loans and receivables
the assets carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation, if no impairment loss had been recognised. Reversal of impairment losses are recognised in the Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market
statement of profit or loss and other comprehensive income. After such a reversal, the depreciation charge is are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured
adjusted in future periods to allocate the assets revised carrying amount, less any residual value on a systematic at amortised cost using the effective interest method, less impairment. Interest is recognised by applying the
basis over its remaining useful life. effective interest rate method, except for short-term receivables where the recognition of interest would be
immaterial. Gains and losses are recognised in statement of profit or loss and other comprehensive income
2.10 Financial assets when the loans and receivables are derecognised or impaired, and through the amortisation process.
Financial assets are recognised when, and only when, the Group becomes a party to the contractual provisions (iii) Held-to-maturity investments
of the financial instrument. The Group determines the classification of its financial assets at initial recognition.
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as
When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets held-to-maturity when the Group has the positive intention and ability to hold the investment to maturity.
not at fair value through profit or loss, directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the
effective interest method, less impairment. Gains and losses are recognised in statement of profit or loss
Subsequent measurement and other comprehensive income when the held-to-maturity investments are derecognised or impaired, and
through the amortisation process.
The subsequent measurement of financial assets depends on their classification as follows:
De-recognition
(i) Financial assets at fair value through profit or loss
The Group de-recognises a financial asset only when the contractual rights to the cash flows from the asset
Financial assets at fair value through profit or loss include financial assets held for trading and financial assets expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset
designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for to another entity, if the Group neither transfers nor retains substantially all the risk and rewards of ownership
trading if they are acquired for the purpose of selling or repurchasing in the near term. This category includes and continues to control the transferred asset, the Group recognises its retained interest in the asset and an
derivative financial instruments entered into by the Group that are not designated as hedging instruments in associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards
hedge relationships as defined by FRS 39. Derivatives, including separated embedded derivatives, are also of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also
classified as held for trading unless they are designated as effective hedging instruments. recognises a collateralised borrowing for the proceeds received.
Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Offsetting arrangements
Any gains or losses arising from changes in fair value of the financial assets are recognised in statement of
profit or loss and other comprehensive income. For capital guaranteed investments, any deficiency in fair Financial assets and financial liabilities are offset and the net amount presented in the statement of financial
value below principal amount is recognised to the statement of profit or loss and comprehensive income to position when the Group and Polytechnic have a legal enforceable right to set off the recognised amounts;
the extent of the guaranteed amount. Net gains or net losses on financial assets at fair value through profit and intend to either settle on a net basis, or to realise the asset and settle the liability simultaneously. A right
or loss include exchange differences, interest and dividend income. to set-off must be available today rather than being contingent on a future event and must be exercisable
by any of the counterparties, both in the normal course of business and in the event of default, insolvency
or bankruptcy.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments The measurement of financial liabilities depends on their classification as follows:
that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes
in value. (i) Financial liabilities at fair value through profit or loss
2.12 Impairment of financial assets Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and
financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities
Financial assets are assessed at each reporting date to determine whether there is any objective evidence that are classified as held for trading if they are acquired for the purpose of selling in the near term. This
it is impaired. Financial assets are considered to be impaired if objective evidence indicates that one or more category includes derivative financial instruments entered into by the Group that are not designated as
events have had a negative effect on the estimated future cash flows of that asset. hedging instruments in hedge relationships. Separated embedded derivatives are also classified as held
for trading unless they are designated as effective hedging instruments.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount and the present value of the estimated future cash flows discounted at the original Subsequent to initial recognition, financial liabilities at fair value profit or loss are measured at fair value.
effective interest rate. Any gains or losses arising from changes in fair value of the financial liabilities are recognised in the
statement of profit or loss and other comprehensive income.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar credit risk characteristics. (ii) Other financial liabilities
To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, After initial recognition, other financial liabilities are subsequently measured at amortised cost using
the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor the effective interest rate method. Gains and losses are recognised in statement of profit or loss and other
and default or significant delay in payments. comprehensive income when the liabilities are derecognised, and through the amortisation process.
All impairment losses are recognised in the statement of profit or loss and other comprehensive income. De-recognition
Impairment losses in respect of financial assets measured at amortised cost is reversed if the subsequent A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires.
increase in fair value can be related objectively to an event occurring after the impairment loss was recognised. When an existing financial liability is replaced by another from the same lender on substantially different terms,
Any subsequent reversal of an impairment loss is recognised in statement of profit or loss and comprehensive or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a
income, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. de-recognition of the original liability and the recognition of a new liability, and the difference in the respective
carrying amounts is recognised in the statement of profit or loss and other comprehensive income.
2.13 Financial liabilities
2.14 Provisions
Initial recognition and measurement
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that
Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual an outflow of economic resources will be required to settle the obligation and the amount of the obligation can
provisions of the financial instrument. The Group determines the classification of its financial liabilities at be estimated reliably.
initial recognition.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
All financial liabilities are recognised initially at fair value, plus, in the case of financial liabilities not at fair value If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the
through profit or loss, directly attributable transaction costs. provision is reversed. If the effect of the time value of money is material, provisions are discounted using a
current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used,
the increase in the provision due to the passage of time is recognised as a finance cost.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd)
Contributions on the employees salaries are made to the Central Provident Fund (CPF) as required by law. With effect from the Year of Assessment 2008 or the financial year ended 31 March 2007, all registered charities
The CPF contributions are recognised as expenses in the period when the employees rendered their services. will enjoy automatic income tax exemption without having the need to meet the 80% spending rule and there is
no need to file income tax returns by virtue of Section 13(1)(zm) of the Income Tax Act, Chapter 134.
Short-term benefits
The subsidiaries of the Polytechnic are subject to tax under Singapore income tax legislation.
Short-term employee benefit obligations, including accumulated compensated absences, are measured on an
undiscounted basis and are recognised in statement of profit or loss and other comprehensive income as the Income tax expense represents the sum of the tax currently payable and deferred tax.
related service is provided.
Current tax is the expected tax payable on the taxable income for the year, using tax rates (and tax laws)
2.16 Revenue recognition enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in
respect of previous years.
Student fees
Deferred tax is recognised, using the balance sheet liability method, as providing for all temporary differences at
Course fees for an academic year are recognised over the period of instruction in a financial year. the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts in the
financial statements. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
Income from projects/courses differences when they reverse, based on the tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.
Income from projects/courses is recognised based on percentage-of-completion method. Percentage-of-
completion for projects/courses is measured by progress of work done or period of instruction. Where the A deferred tax asset is recognised to the extent that it is probable that future taxable income will be available
outcome of the project cannot be reasonably estimated, income is recognised only to the extent of costs against which temporary differences can be utilised. Deferred tax assets are reviewed at the end of the reporting
incurred that are expected to be recoverable. period and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Donations Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to
items credited or debited outside profit or loss (either in other comprehensive income or directly in equity), in
Donations are recognised upon receipt. Donations with restrictions and/or conditions attached are recognised which case the tax is also recognised outside profit or loss (either in other comprehensive income or directly in
as deferred income on the statements of financial position until the criteria are fulfilled or when the restrictions equity, respectively).
and/or conditions expire.
2.18 Funds managed on behalf of others
Interest income
Funds are set up to account for contributions received from external sources for specific purposes.
Interest income is recognised using the effective interest method.
The net assets of the funds managed on behalf of others are disclosed as a separate item in the statement of
Rental income financial position. The income and expenditure relating to these funds are accounted for directly in the funds.
Details of income, expenditure, assets and liabilities are disclosed in the notes to the financial statements.
Rental income is accounted for on a straight-line basis over the lease terms.
Dividend income
Dividend income is recognised when the Groups right to receive payment is established.
(a) Restricted Funds of the Group and of the Polytechnic comprise the following: Income
Income from projects/
Name of fund Purpose courses/donations 30,192 24,051 1,697 1,733 2,836 2,044 751 773 35,476 28,601
Other income 1,656 5,028 50 495 702 411 68 55 2,476 5,989
Project and Professional To fund research and development projects, to conduct professional 31,848 29,079 1,747 2,228 3,538 2,455 819 828 37,952 34,590
Development Courses Fund development courses and to fund programmes which support the
mission, goals and objectives of the Polytechnic. Expenditure
Salaries and allowances 15,951 13,506 - - - - - - 15,951 13,506
Sinking Fund To fund the maintenance of the Polytechnics apartments from Staff development and benefits 427 355 - - 149 212 - - 576 567
rental proceeds. Teaching expenses 2,866 2,334 - - - - - - 2,866 2,334
Repairs, maintenance
Nanyang Polytechnic Education Fund To provide financial assistance to needy and deserving students, to and utilities 365 443 1,277 1,202 - - - - 1,642 1,645
recognise the achievements of outstanding students and graduates Property, plant and equipment
and to promote Nanyang Polytechnic as an institution of distinction. written off 1 - - - - - - - 1 -
Depreciation of property, plant
Student Welfare/Development Fund To fund student welfare and development activities. and equipment 2,478 2,320 - 20 - - 15 28 2,493 2,368
Other expenses 10,962 7,640 - - 3,537 2,330 616 540 15,115 10,510
33,050 26,598 1,277 1,222 3,686 2,542 631 568 38,644 30,930
Surplus (Deficit) before grants (1,202) 2,481 470 1,006 (148) (87) 188 260 (692) 3,660 Represented by:
Grants utilised 338 152 - - - - - - 338 152 Property, plant and equipment 8,039 5,721 - - - - 8 24 8,047 5,745
Deferred capital grants Investment securities
amortised 2,467 2,312 - 20 - - 15 28 2,482 2,360 (non-current assets) 81,995 81,792 9,315 9,305 - - - - 91,310 91,097
Deferred tax assets 12 24 - - - - - - 12 24
Surplus (Deficit) after grants 1,603 4,945 470 1,026 (148) (87) 203 288 2,128 6,172 Sundry receivables, deposits
Income tax expense (7) (120) - - - - - - (7) (120) and prepayments 3,748 2,396 184 203 588 283 9 6 4,529 2,888
Courses/projects-in-progress 18 39 - - - - - - 18 39
Surplus (Deficit) for the year 1,596 4,825 470 1,026 (148) (87) 203 288 2,121 6,052 Cash and cash equivalents
Other comprehensive income (current assets) 27,827 22,090 4,886 4,302 2,810 2,593 1,785 1,697 37,308 30,682
for the year - - - - - - - - - - Grants due from government 7,789 7,956 - - - - - - 7,789 7,956
Total comprehensive income 1,596 4,825 470 1,026 (148) (87) 203 288 2,121 6,052 Sundry creditors and accruals (1,289) (1,482) (334) (229) (1,423) (127) (8) (120) (3,054) (1,958)
for the year Provision for taxation (1) (24) - - - - - - (1) (24)
Accumulated surplus at Income received in advance
1 April 107,962 103,137 13,581 12,555 (973) (886) 1,583 1,295 122,153 116,101 (current liabilities) (833) (2,050) - - (1,936) (1,742) - - (2,769) (3,792)
Accumulated surplus at Income received in advance
31 March 109,558 107,962 14,051 13,581 (1,121) (973) 1,786 1,583 124,274 122,153 (non-current liabilities) - - - - (1,160) (1,980) - - (1,160) (1,980)
Capital account 771 771 - - - - - - 771 771 Grants received in advance (6,878) (329) - - - - - - (6,878) (329)
110,329 108,733 14,051 13,581 (1,121) (973) 1,786 1,583 125,045 122,924 Deferred capital grants
(non-government) (10,098) (7,400) - - - - (8) (24) (10,106) (7,424)
110,329 108,733 14,051 13,581 (1,121) (973) 1,786 1,583 125,045 122,924
Income Surplus (Deficit) before grants (2,878) 1,380 1,555 2,091 143 251 188 260 (992) 3,982
Income from projects/ Grants utilised 338 152 - - - - - - 338 152
courses/donations 26,017 20,220 2,782 2,818 3,126 2,382 751 773 32,676 26,193 Deferred capital grants
Other income 740 4,036 50 495 702 411 68 55 1,560 4,997 amortised 2,467 2,312 - 20 - - 15 28 2,482 2,360
26,757 24,256 2,832 3,313 3,828 2,793 819 828 34,236 31,190 Surplus (Deficit) for the year (73) 3,844 1,555 2,111 143 251 203 288 1,828 6,494
Other comprehensive income
Expenditure for the year - - - - - - - - - -
Salaries and allowances 13,283 10,541 - - - - - - 13,283 10,541 Total comprehensive income
Staff development and benefits 417 331 - - 149 212 - - 566 543 for the year (73) 3,844 1,555 2,111 143 251 203 288 1,828 6,494
Teaching expenses 2,843 2,313 - - - - - - 2,843 2,313 Accumulated surplus at 1 April 98,569 94,725 16,509 14,398 1,015 764 1,583 1,295 117,676 111,182
Repairs, maintenance Accumulated surplus at
and utilities 287 371 1,277 1,202 - - - - 1,564 1,573 31 March 98,496 98,569 18,064 16,509 1,158 1,015 1,786 1,583 119,504 117,676
Property, plant and equipment Capital account 771 771 - - - - - - 771 771
written off 1 - - - - - - - 1 - 99,267 99,340 18,064 16,509 1,158 1,015 1,786 1,583 120,275 118,447
Depreciation of property, plant
and equipment 2,466 2,312 - 20 - - 15 28 2,481 2,360
Other expenses 10,338 7,008 - - 3,536 2,330 616 540 14,490 9,878
29,635 22,876 1,277 1,222 3,685 2,542 631 568 35,228 27,208
Leasehold Leasehold Plant and Furniture Construction- Leasehold Leasehold Plant and Furniture Construction-
land improvements Buildings machinery and fittings Equipment in-progress Total land improvements Buildings machinery and fittings Equipment in-progress Total
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Group Polytechnic
Cost: Cost:
At 1 April 2014 145,820 8,713 401,511 159,638 19,935 200,999 56,229 992,845 At 1 April 2014 145,820 8,713 401,511 159,586 19,913 200,984 56,229 992,756
Additions - 1,662 8,021 36,789 1,767 16,258 407 64,904 Additions - 1,662 8,021 36,789 1,767 16,258 407 64,904
Reclassifications - 388 54,868 - 277 669 (56,202) - Reclassifications - 388 54,868 - 277 669 (56,202) -
Disposals/write-off - - (81) (1,849) (140) (12,071) - (14,141) Disposals/write-off - - (81) (1,849) (140) (12,071) - (14,141)
At 31 March 2015 145,820 10,763 464,319 194,578 21,839 205,855 434 1,043,608 At 31 March 2015 145,820 10,763 464,319 194,526 21,817 205,840 434 1,043,519
Additions - 844 1,462 4,323 2,550 18,316 860 28,355 Additions - 834 1,462 4,323 2,534 18,313 860 28,326
Reclassifications - 80 1,637 (790) (927) - - Reclassifications - - 80 1,637 (790) (927) - -
Disposals/write-off - (75) (46) (510) (384) (12,097) - (13,112) Disposals/write-off - (75) (46) (510) (374) (12,093) - (13,098)
At 31 March 2016 145,820 11,532 465,815 200,028 23,215 211,147 1,294 1,058,851 At 31 March 2016 145,820 11,522 465,815 199,976 23,187 211,133 1,294 1,058,747
Accumulated depreciation:
Accumulated depreciation: At 1 April 2014 28,845 6,630 121,507 152,186 18,042 167,706 - 494,916
At 1 April 2014 28,845 6,631 121,507 152,212 18,063 167,717 - 494,975 Depreciation for
Depreciation for the year 1,473 857 8,503 2,721 896 17,279 - 31,729
the year 1,473 856 8,503 2,727 898 17,280 - 31,737 Disposals/write-off - - (13) (1,761) (139) (12,069) - (13,982)
Disposals/write-off - - (13) (1,761) (139) (12,069) - (13,982) At 31 March 2015 30,318 7,487 129,997 153,146 18,799 172,916 - 512,663
At 31 March 2015 30,318 7,487 129,997 153,178 18,822 172,928 - 512,730 Depreciation for
Depreciation for the year 1,473 1,064 9,452 5,823 1,162 16,748 - 35,722
the year 1,473 1,066 9,452 5,828 1,165 16,750 - 35,734 Reclassifications - - - 26 (22) (4) - -
Reclassifications - - - 26 (22) (4) - - Disposals/write-off - (75) (16) (510) (371) (12,086) - (13,058)
Disposals/write-off - (75) (16) (510) (382) (12,089) - (13,072) At 31 March 2016 31,791 8,476 139,433 158,485 19,568 177,574 - 535,327
At 31 March 2016 31,791 8,478 139,433 158,522 19,583 177,585 - 535,392
Carrying amount:
Carrying amount: At 31 March 2016 114,029 3,046 326,382 41,491 3,619 33,559 1,294 523,420
At 31 March 2016 114,029 3,054 326,382 41,506 3,632 33,562 1,294 523,459
At 31 March 2015 115,502 3,276 334,322 41,380 3,018 32,924 434 530,856
At 31 March 2015 115,502 3,276 334,322 41,400 3,017 32,927 434 530,878
During the year, the Group acquired property, plant and equipment of $28,355,000 (2015 : $64,904,000). Group Polytechnic
The additions were by way of cash payments of $27,712,000 (2015 : $64,550,000), donated assets of $61,000 2016 2015 2016 2015
(2015 : $202,000) and amount payable to suppliers of $582,000 (2015 : $152,000). $000 $000 $000 $000
Non-current assets
Cash outflow in the consolidated statement of cash flows for the year also includes payments for property, plant Quoted securities managed
and equipment acquired in the previous year of $152,000 (2015 : $22,000). by fund managers
- unit trusts 123,057 122,638 118,828 118,419
Details of the subsidiaries are as follows: Capital guaranteed investment portfolio managed by fund manager
Proportion of
Country of ownership interest The capital guaranteed investment portfolio managed by fund managers is classified as financial assets at
Name of subsidiary Principal activities incorporation and voting power held fair value through profit or loss. However, any deficiency in fair value of the portfolio below principal amount is
2016 2015 recognised to the extent of the guaranteed amount of $55,000,000. The fund management agreement is for a
% % period of 3 years from 2012 to 2015. It was extended in 2015 by 3 years to 2018. The guarantee of the principal
sum will cease to apply and be extinguished with immediate effect:
NYP Ventures Pte Limited To commercialise technologies Singapore 100 100
in the Polytechnic and the (a) if there is any withdrawal from the portfolio or early termination before the expiry date; or
provision of technical and
consultancy services to (b) if the assets in the portfolio are dealt with in a manner that is inconsistent with, or which restricts,
businesses and industries detracts from or violates the powers and authorities conferred upon the fund manager under the
investment agreement.
Nanyang Polytechnic To provide education and training Singapore 100 100
International Private Limited services; undertake consultancy,
education and technology projects
in education and related areas;
establish and promote NYP brand
name internationally by exporting
NYPs capabilities, expertise
and experiences
The Group has sundry receivables amounting to $1,904,000 (2015 : $950,000) that are past due at the end of
8. DEFERRED TAX ASSETS the reporting period but not impaired as management has assessed that there has not been a significant change
in credit quality and the amounts are still considered recoverable. These receivables are unsecured and the
Group analysis of their ageing at the end of the reporting period is as follows:
9. SUNDRY RECEIVABLES, DEPOSITS AND PREPAYMENTS (contd) 11. GRANTS DUE FROM GOVERNMENT
Group and Polytechnic
The Groups and Polytechnics loans and receivables include the following financial assets: 2016 2015
$000 $000
Group Polytechnic
Note 2016 2015 2016 2015 Operating grants 16,878 17,080
$000 $000 $000 $000 Others 7,774 7,956
24,652 25,036
Sundry receivables and
deposits (current) 8,549 7,017 8,077 7,212
Cash and cash equivalents 10 287,259 258,549 276,080 246,864 12. SUNDRY CREDITORS AND ACCRUALS
Grants due from government 11 24,652 25,036 24,652 25,036
320,460 290,602 308,809 279,112 Group Polytechnic
2016 2015 2016 2015
$000 $000 $000 $000
10. CASH AND CASH EQUIVALENTS
Group Polytechnic Financial liabilities
2016 2015 2016 2015 Sundry creditors 8,768 4,870 8,728 4,826
$000 $000 $000 $000 Deposits 2,147 1,122 2,133 1,109
Accrual for purchase of property,
Current: plant and equipment 582 152 582 152
Cash at bank and in hand 12,013 19,613 6,334 8,428 Accruals 23,242 17,926 23,118 17,789
Fixed deposits 5,510 510 10 10 Amount due to subsidiary - - 92 90
Cash managed by the Total financial liabilities at amortised cost 34,739 24,070 34,653 23,966
Accountant-Generals Department 269,736 238,426 269,736 238,426
Cash and cash equivalents 287,259 258,549 276,080 246,864 Non-financial liabilities
Short-term accumulated
compensated absences 10,043 10,027 9,953 9,865
The Groups fixed deposits bear an average effective interest rates of 0.15% to 1.25% (2015 : 0.25%) per Goods and services tax payable 4 95 - -
annum for a tenure of 6 months to 12 months (2015 : 12 months). Management is of the view that the fixed 10,047 10,122 9,953 9,865
deposits qualify as cash and cash equivalents as these can be withdrawn at any time without penalty and with
insignificant changes in value. Sundry creditors and accruals 44,786 34,192 44,606 33,831
The Polytechnic manages 1 (2015 : 1) bank account on behalf of Nanyang Polytechnic Students Union and its
Constituent Clubs. As at end of the reporting period, cash at bank of $450,000 (2015 : $317,000) has not been The amount due to subsidiary is unsecured, interest-free, repayable on demand and expected to be settled in cash.
included in the cash and cash equivalents of the Group and Polytechnic.
The Polytechnic acts as an agent for the Ministry of Education to disburse staff and student loans. The Polytechnic
also administers the Opportunities Fund on behalf of the Ministry of Education and disburses notebook loans from
the Singapore Totalisator Board.
15. FUNDS MANAGED ON BEHALF OF OTHERS (contd) 15. FUNDS MANAGED ON BEHALF OF OTHERS (contd)
Loans given to students are interest-free until 1 June for borrowers who graduate in the first half of the year or (ii)
Funds managed on behalf of Singapore Totalisator Board
1 December for borrowers who graduate in the second half of the year. For those with National Service obligation,
interest charge will commence from the first day of the month immediately following the month they complete Notebook computer loans from Singapore Totalisator Board given to students are interest-free. Loans are
their National Service. Loans are repayable by monthly instalments with interest at 4.75% (2015 : 4.75%) per repayable in monthly instalments commencing 6 months after graduation or upon the graduate securing
annum, which is based on the average prime rates of banks or such other rates as may be determined by the employment, whichever is earlier.
Polytechnic from time to time.
Group and Polytechnic
Loans to staff consist of housing loans made in accordance with regulations of the Polytechnic. With effect from 2016 2015
January 2002, housing loan benefit is no longer provided and the unutilised grants as well as the repayment $000 $000
of these staff loans amounting to $8,535 (2015 : $9,000) were refunded to the Ministry of Education. Existing
housing loans will continue to be refunded. At 1 April and 31 March 2,252 2,252
The Opportunities Fund is provided to level up enrichment opportunities for Singapore Citizen students Represented by:
from lower-income households. This includes assistance for overseas trips, local and overseas enrichment Notebook computer loans 1,247 1,524
programmes and purchase of computer devices. The fund is provided on a 3-year cycle which ended in Cash and cash equivalents 1,005 728
December 2015. The unutilised amounts had been refunded to Ministry of Education at the end of the 3-year Net assets 2,252 2,252
cycle and fresh funds of $2,998,980 have been received for the next cycle from 2016 to 2018.
The cash and cash equivalents of $2,913,000 (2015 : $3,099,000) are held on behalf of the Ministry for the
purpose of extending student loans and to level up enrichment opportunities for Singapore Citizen students
from lower-income households.
17. (DEFICIT) SURPLUS BEFORE GRANTS 18. INCOME TAX EXPENSE (contd)
The following items have been charged (credited) in arriving at (deficit) surplus before grants: The reconciliation of the tax expense and surplus after grants multiplied by the applicable tax rate is
as follows:
Group Polytechnic Group
2016 2015 2016 2015 2016 2015
$000 $000 $000 $000 $000 $000
Income tax
- Current year 1 24 19. INCOME RECEIVED IN ADVANCE
- (Overprovision) Underprovision in prior year (6) 100 Group Polytechnic
(5) 124 2016 2015 2016 2015
Deferred tax (Note 8) $000 $000 $000 $000
- Origination and reversal of temporary differences 12 (4)
Fees received in advance 24,690 27,371 24,748 27,326
Tax expense 7 120
Represented by:
Current
- Student/Project fees 3,295 4,712 3,056 4,293
- Donations 1,935 1,742 2,232 2,116
- Service fees 637 637 637 637
5,867 7,091 5,925 7,046
Non-current
- Donations 1,160 1,980 1,160 1,980
- Service fees 17,663 18,300 17,663 18,300
18,823 20,280 18,823 20,280
The student/project fees received in advance are mainly student fees received in advance for the new financial (a) Financial risk management policies and objectives
year and income from projects and courses for course durations starting from April 2016.
Risk management is integral to the whole activities of the Group. The Group has a system of controls
Donations are mainly scholarship and bursary awards received in advance and will be disbursed to the student in place to create an acceptable balance between the cost of risks occurring and the cost of managing the
recipients in the new academic year starting from April 2016 (2015 : April 2015) and beyond. risks. The Group continually monitors its risk management process to ensure that an appropriate balance
between risk and control is achieved.
The Polytechnic received fees in advance from Singapore Institute of Technology (SIT) during the financial year
for the usage of the Polytechnics facilities by SIT students. The fees received in advance will only be recognised
as revenue when services are rendered by the Polytechnic in accordance to the service fee agreement between (i) Credit risk
the Polytechnic and SIT.
Credit risk is the potential loss resulting from the failure of a customer or a party to settle its financial and
contractual obligations to the Group, as and when they fall due.
20. CAPITAL COMMITMENTS
Group and Polytechnic Receivables that are neither past due nor impaired are creditworthy debtors with good payment record
2016 2015 with the Group. Cash and fixed deposits are placed with reputable banks and financial institutions.
$000 $000 Funds for investments are only placed with reputable fund managers.
Capital commitments approved by the Board and contracted Information regarding receivables that are either past due or impaired is disclosed in Note 9.
but not provided for 10,509 13,210
At the end of the reporting period, there is no significant concentration of credit risk. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset in the statement of
The capital commitments are funded from government grants and general fund. financial position. The credit risk profile of the Group is as follows:
Group
21. KEY MANAGEMENT PERSONNEL COMPENSATION 2016 2015
$000 % of total $000 % of total
Key management personnel of the Group are those persons having the authority and responsibility for planning, By country:
directing and controlling the activities of the Group. The Principal/Chief Executive Officer (Polytechnic),
Chief Executive Officer (subsidiary), Deputy Principals, Senior Directors and Directors are considered as key Singapore 8,549 100 7,017 100
management personnel of the Group.
The key management personnel compensation is as follows: The cash with AccountantGenerals Department (AGD) under Centralised Liquidity Management
(CLM) is placed with reputable financial institutions and is available upon request.
Group Polytechnic
2016 2015 2016 2015
$000 $000 $000 $000
(ii) Liquidity risk (vi) Fair value of financial assets that are carried at fair value
The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed The following table shows an analysis of investment securities carried at fair value by level of fair
adequate to finance the Groups operations and to mitigate the effects of fluctuations in cash flow. value hierarchy:
Group
(iii) Interest rate risk Quoted prices
in active market
Interest rate risk is the risk that the fair value or future cash flows of the Groups financial instruments for identical
will fluctuate because of changes in market interest rates. instruments
(Level 1)
Interest rate sensitivity 2016 $'000
The sensitivity analysis below has been determined based on the exposure to interest rates for significant Financial assets (Note 7):
non-derivative instruments at the end of the reporting period and the stipulated change taking place Quoted securities managed by fund managers:
at the beginning of the financial year and held constant throughout the reporting period in the case of - unit trusts 123,057
instruments that have floating rates. Capital guaranteed investment managed by fund manager 59,020
At 31 March 2016 182,077
At the end of the reporting period, if the interest rate was 50 basis points (2015 : 50 basis points) higher/
lower with all other variables held constant, the Groups surplus for the year would have increased/
decreased by $1,349,000 (2015 : $1,192,000). 2015
The Polytechnic is not exposed to significant foreign currency risk as its transactions, financial assets
and liabilities are mainly denominated in Singapore dollars.
The Group is exposed to market price risk arising from its investment in quoted instruments, which
are classified as financial assets at fair value through profit or loss. Certain investments are capital
guaranteed, subject to conditions.
At the end of the reporting period, if the fair value of the investment securities had been 10%
(2015: 10%) higher/lower with all other variables held constant, the Groups surplus for the year would
have increased/decreased by $18,208,000/$16,326,000 (2015: $18,224,000/$16,866,000).
Estimation of the fair values The primary objective of the Groups capital management is to ensure that it has adequate financial resources
to fund its operations. The Group obtains government grants through the Ministry of Education and other
(i) Investments in quoted securities managed by fund managers and capital guaranteed investment portfolio government agencies to fund its operational and capital requirements. Expenditures are monitored through
a budgetary control process. It also undertakes industrial projects. The Group manages its capital base in
Fair value is based on published market prices at the end of the reporting period without any deduction for consideration of current economic conditions and its plan for the year in concern. The Group is not exposed to
transaction costs. any external capital requirements.
The Group monitors capital using net assets value, which is made up of capital, accumulated surplus and the
Nanyang Polytechnic Education Fund. The Groups overall strategy remains unchanged from 2015. The net
assets value at 31 March 2016 and 2015 were as follows:
Group
2016 2015
$000 $000
Some of the Groups transactions and arrangements are with related parties and the effect of these on the
basis determined between the parties is reflected in these financial statements. The balances are unsecured,
interest-free and repayable on demand unless otherwise stated.
During the financial year, other than disclosed elsewhere in the financial statements, the following were the
related party transactions based on terms agreed between the parties:
Group Polytechnic
2016 2015 2016 2015
$000 $000 $000 $000
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