ANNUAL REPORT 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
ANNUAL REPORT 2015/16 01 VISION, MISSION & VALUES
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.
We will harness our resources, expertise, creativity and innovation to support the development of business and industry and to complement Singapore’s globalisation efforts. 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.
Innovation and Enterprise Inventive, creative and creating new opportunities. Being entrepreneurial, business-oriented and business-friendly.
Nurturing and Caring Culture Commitment to help our students develop new skills and maximise their potential. Support for our colleagues in their work to encourage their growth and success in their careers at NYP.
02 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 03 BOARD OF GOVERNORS
CHAIRMAN DEPUTY CHAIRMAN 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 Professor Chief Operating Officer Director DSO National Laboratories School of Mechanical & Infinite Studios CHEW CHIH CHIANG BIN MOHAMED AMIN International Directorate Aerospace Engineering Commander Parliamentary Secretary 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
04 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 05 MESSAGE FROM CHAIRMAN AND PRINCIPAL & CEO
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 FPolytechnic (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 NYP’s 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 NYP’s 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 Singapore’s 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 Group’s 2016 Trading Challenge, learning journeys. Pre-employment Education and Training Connect’on, 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 D’Studio retail stores, these At WorldSkills São 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.
06 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 07 MESSAGE FROM CHAIRMAN AND PRINCIPAL & CEO
Separately, one of our students from the Innovation & Enterprise (RIE) projects to nearly half of our final year students School of Design impressed UNIQLO identify solutions for real-world problems. participated in overseas industrial Singapore with her final year project titled In FY2015/16, our portfolio of RIE projects placements, internships, student “50 Types of Singaporeans”, and as part continued to expand, and 16 such projects exchange programmes, educational trips, of the UNIQLO Street Tales initiative, – involving a total of 303 students – competitions and community service T-shirts featuring her designs were on successfully secured grants from various initiatives. They gained meaningful sale from August to October 2015. Her funding sources. The funding sources international exposure, adapting to designs also won the 2015 Crowbar Silver include the MOE Translational R&D and cross-cultural differences while learning Award (SG50 category) presented by the Innovation Fund, MOE Tertiary Education from and sharing ideas with their peers. Association of Accredited Advertising Research Fund, GeoFund from Singapore Agents Singapore. Land Authority, and the Social Innovation Through NYP International (NYPi), we Research Fund from Tote Board. We also took NYP’s brand of education beyond CONTINUING EDUCATION & TRAINING filed eight new patents and entered into Singapore’s shores. Eighty training In Continuing Education & Training (CET), seven new licensing agreements for courses and study visits were organised NYP further enhanced its programmes in-house technologies and innovations. for 1,693 participants from countries such that aim to upgrade and retrain as Bangladesh, China, Indonesia, the Singapore’s workforce. As part of efforts to promote an Philippines, Sri Lanka and Thailand. NYPi entrepreneurial spirit, NYP also hosted visits for 417 visitors from In the past year, NYP conducted 860 CET Entrepreneurship Start-ups – or NEST 13 countries who were keen on learning course runs that delivered 26,116 training – was established in September 2014, about our polytechnic and Singapore’s places in total. These included 77 course providing hot-desking space on campus education system. runs that led to polytechnic qualifications, to student and alumni start-ups at no 89 short courses and 23 seminars, as charge. We are pleased to report that APPRECIATION well as 671 Workforce Skills Qualification 38 students and 23 alumni have thus far We take this opportunity to pay tribute courses under our Academy of Lifelong registered to use NEST. to our former Principal and Chief Learning & Skills, the Singapore Institute Executive Officer Mr Chan Lee Mun, of Retail Studies, and the Asian Culinary At NYP’s Centre of Innovation Electronics who stepped down on 30 June 2015 Institute (ACI) Singapore. (COIE), the Internet of Things Open after 23 years of illustrious service Innovation Community (IOIC) was launched to NYP. Mr Chan was part of the Our newly established ACI also signed a in December 2015 to provide support for pioneering team that helped to set up memorandum of understanding with the local enterprises to develop new business NYP in 1992 and played an integral role Restaurant Association of Singapore to innovations. Supported by SPRING in the development of this institution in CHAIRMAN provide relevant training and development Singapore and Infocomm Development the years since. Under his leadership, programmes for professional and aspiring Authority of Singapore, the IOIC is an open NYP broke new ground on many MR TAN TONG HAI Chief Executive Officer & chefs. As the anchor training provider for innovation network that aims to surmount occasions and introduced a multitude Executive Director the F&B services industry, ACI will help the many business challenges that SMEs of initiatives and programmes to StarHub Ltd build a pipeline of local chefs who will face. Through the IOIC, SMEs can connect strengthen both teaching and learning specialise in Asian cuisines, strengthen with ecosystem players, technology processes at NYP. We sincerely thank continual professional development partners, research and knowledge Mr Chan for his tireless efforts and for existing employees, and facilitate institutions, and relevant industry catalysts invaluable contributions to NYP. innovation and productivity enhancement to explore, experiment and collaborate. through R&D. We would also like to thank the INTERNATIONALISATION members of our Board of Governors INNOVATION & ENTERPRISE The year has been equally busy on the and Advisory Committees for their wise As industry trends continually shift and international front as we continued to counsel, as well as our industry partners new technology rapidly develops, it is grow our network in 27 countries and and donors for their generous support. important for NYP staff and students to entered into new collaborations with Finally, our appreciation goes out to all PRINCIPAL & CEO keep abreast of the changes and stay partners from Switzerland, the UK, the NYP staff who have driven our continued relevant. One of the ways we have been US, South Korea and Thailand, amongst growth and development with dedication MS JEANNE LIEW able to do so is by working on Research, others. Over the past 12 months, and hard work. Nanyang Polytechnic
08 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 09 ORGANISATION COMMITTEES CHART
BOARD OF ADMINISTRATION INVESTMENT AUDIT NYP EDUCATION GOVERNORS COMMITTEE COMMITTEE COMMITTEE FUND CHAIRMAN CHAIRMAN CHAIRMAN MANAGEMENT MR TAN TONG HAI MR LIM SIM SENG DR GAETAN ANGOH Chief Executive Officer Group Executive & COMMITTEE & Executive Director Singapore Country Head MEMBERS StarHub Ltd DBS Bank RADM FREDERICK CHEW CHAIRMAN CHIH CHIANG MR CHAN LEE MUN DEPUTY CHAIRMAN MEMBERS Commander Principal & CEO MR CHIANG HOI KEONG MR TAY YONG SENG Maritime Security Task Force Nanyang Polytechnic Principal Consultant Partner Republic of Singapore Navy (up to 30 June 2015) Hans Klaus Consultants Allen & Gledhill LLP PRINCIPAL & CEO MR MOHAMED AMRIN BIN MS JEANNE LIEW MEMBERS MS PHUA PUAY LI MOHAMED AMIN 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 MR CHAN LEE MUN Nanyang Polytechnic MS SU KALLY Planning & Human Resources Education & Training Development School of Business Development Management Principal & CEO (from 1 July 2015) Director, Finance Purchasing & College of & Services Nanyang Polytechnic Nanyang Polytechnic International School of Chemical & General Administration Continuing Education Registrar’s 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 Principal & CEO Deputy Principal (Academic) Computer & School of Engineering of Retail Studies • Student Recruitment Nanyang Polytechnic Nanyang Polytechnic Network Centre School of • Asian Culinary & Admissions Health Sciences (from 1 July 2015) Estate Management Institute Singapore MR THAMBYRAJAH T Foundation & School of Quality & General Studies Registrar Planning Office Information Technology 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
10 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 11 SENATE SENIOR MANAGEMENT
MS NG EK KOON MS TEO PHAY HOON CHAIRMAN HEADS OF SCHOOL ELECTED MEMBERS SENIOR MANAGEMENT Director, Purchasing & Assistant Director General Administration Outreach Programme MR CHAN LEE MUN MR EDWARD HO MS LOH CHUU YI MR CHAN LEE MUN Principal & CEO Deputy Principal (Development) Deputy Director (Business Informatics) Principal & CEO MR TEDDY ONG MS JAYANTHI GOPAL (up to 30 June 2015) Senior Director, School of Engineering School of Information Technology (up to 30 June 2015) Director, Professional Development Centre Assistant Director, Communications
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 Deputy Principal (Development) SECRETARY & MR DENNIS ANG Assistant Director MR SANTOKH SINGH MR TERENCE ANG Director (Continuing Education & Training) MR CHAN YEW MENG Director, Communications & Outreach Assistant Director (Facilities & Services) APPOINTED MEMBER School of Information Technology School of Health Sciences (Nursing) Deputy Principal (Academic) Estates Management Senior Director, Centre for Professional MS SU KALLY MR THAMBYRAJAH T DR JOEL LEE MS SOO SIEW LEE & Leadership Development Director, Finance Registrar Director Assistant Director School of Chemical & Life Sciences School of Business Management MR HENRY HENG MS LAW CHIN CHOO SCHOOL OF BUSINESS Deputy Principal Director, Computer & Network Centre MS LAU CHENG MUN MR LOOH CHEE WAI (Organisational Excellence) MANAGEMENT APPOINTED MEMBERS Director Manager DR MATHEW LAU 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 Registrar’s Office MR CHIANG KAH KEE Registrar Director, Foundation & General Studies DR QUEK CHIN JOO SCHOOL OF CHEMICAL MR CHUA GIM PENG Assistant Registrar MR TAN JEK MIN Director, Student Affairs Registrar’s Office & LIFE SCIENCES Director, Asian Culinary Institute Singapore MR KOH SWEE GUAN MR DANIEL LIU DR JOEL LEE Director (Projects), Deputy Principal Deputy Director Director MS MEGAN ONG (Development)’s Office Quality & Planning Office Director, Singapore Institute of MR YOW KUM PANG Retail Studies MR LAI POH HING MR JULIAS WIKARTA Deputy Director (Chemical) Director, Quality & Planning Office Deputy Director MR LAI POH HING Human Resources MR WONG POH SENG Director, Quality & Planning Office DR VALDEW SINGH Assistant Director (Chemical) Director, Centre for Technology MR YANG TIEN Innovation & Commercialisation Deputy Director (MakerSpace@NYP), MR ANAND KRISHNASAMY and Alumni Relations Office Deputy Principal (Development)’s Office Assistant Director (Life Sciences)
12 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 13 SENIOR ADVISORY MANAGEMENT COMMITTEES
MR RICHARD KHAW MRS SEAH-KHOO EE BOON MR NG CHENG HEE Assistant Director SCHOOL OF HEALTH SINGAPORE INSTITUTE BUSINESS Senior Vice President Operations Manager (Food & Pharmaceutical Sciences) Human Resources & Communications Singapore Refining Company Pte Ltd SCIENCES (NURSING) OF RETAIL STUDIES MANAGEMENT Resorts World at Sentosa Pte Ltd DR VICTOR WONG SCHOOL OF DESIGN MS BELLA TAN MS MEGAN ONG CHAIRMAN ASSOC PROF LOW BUEN SIN Cell Culture Group Leader Director (Nursing) Director MR LIM SIM SENG Associate Dean, Executive Programmes 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 (Pre-Employment Training) Singapore (Operations) Excellence) & Senior Director Head, Petrochemicals SCHOOL OF INSTITUTE SINGAPORE NTUC Fairprice Co-operative Limited School of Business Management Economic Development Board Nanyang Polytechnic ENGINEERING MR TAN JEK MIN MEMBERS ASSOC PROF LOH KAI CHEE SCHOOL OF Director MR ANTHONY ANG Associate Professor & Deputy Head MR EDWARD HO Executive Director (Research & External Relations) Senior Director INFORMATION ARA Asset Management (Fortune) Limited CHEMICAL Department of Chemical & Biomolecular Engineering MS LIM SIEW ENG TECHNOLOGY NYP INTERNATIONAL MR CEDRIC CHEW TECHNOLOGY National University of Singapore Director, Centre of Innovation (Electronics) Deputy Director 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 Director (Training & Planning) United Overseas Bank Limited Deputy Director (InfoComm) TVET Development Institute DR SEE SOO LOI FOOD & LIFE MS NEETA LACHMANDAS Chief Executive Officer MR DESMOND TAN SCHOOL OF MS ESTHER BAY Executive Director NSL Chemicals Ltd SCIENCES Deputy Director Deputy Director (International Relations) Institute of Service Excellence (Aerospace & Precision Engineering) INTERACTIVE & TVET Development Institute Singapore Management University MR JOSEPH LAM CHAIRMAN Managing Director DR NG CHER SIANG DIGITAL MEDIA MR CHAO TIANG MING MR TONY LAI Beacons Pharmaceuticals Pte Ltd Managing Director Deputy Director (Training & Planning) Chief Strategist Gardenia Foods (S) Pte Ltd SCHOOL OF MR DANIEL TAN TVET Development Institute Institute of Societal Leadership MR TAY TING HUA Director Singapore Management University Vice President MEMBERS HEALTH SCIENCES Yokogawa Engineering Asia Pte Ltd MS KHOO GEK HOON DR NG KIAN BEE MR BARRY LEE Director (ALLIED HEALTH) Deputy Director NYP VENTURES Partner MR LESLIE CHAPPLE Post-Harvest Technology Department (Interactive Design & Effects) KPMG LLP Senior Director 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
14 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 15 ADVISORY COMMITTEES
DR LESLIE LAM ASSOC PROF TAN TIN WEE MS YEO PIAH CHOO PROF ANDREW Y C NEE MR HO HOOI MIN ASSOC PROF KOH DOW RHOON Head & Senior Consultant Director Director (Industry Development) Professor Senior Director Department of Physiology Laboratory Medicine National Supercomputing Centre DesignSingapore Council National University of Singapore College of Continuing Education Yong Loo Lin School of Medicine Ng Teng Fong General Hospital Associate Professor Nanyang Polytechnic National University of Singapore Department of Biochemistry MR LEE YOUN KAY MR CHRISTIAN BURDIN DR STEVEN FANG Yong Loo Lin School of Medicine Director Managing Director MS AIZED NOOR Partner National University of Singapore School of Design Festo Pte Ltd Musculoskeletal Physiotherapist Clearbridge Accelerator Nanyang Polytechnic HEALTH SCIENCES Physio Solution ASSOC PROF CHRISTINA CHAI LI LIN MR LEONG MUN YUEN 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 Andrew’s 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 SPRING Singapore Managing Director MR T K UDAIRAM Medical Board Head ENGINEERING Hewlett-Packard Singapore (Sales) Pte Ltd Group Chief Executive Officer Yishun Community Hospital Bio-Defence Therapeutics Laboratory DR JOEL LEE Eastern Health Alliance 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 (Cluster Group Consumer) MEMBERS Deputy Managing Director MR FOO HEE JUG Director (Allied Health) Economic Development Board DESIGN MR NG CHONG KHIM SP Training and Consultancy Company Chief Executive Officer School of Health Sciences Senior Advisor Pte Ltd Jurong Health Services Pte Ltd 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 Acting Associate Chair (Academic) Managing Director Strategic Business Systems Chief Nursing Officer Director School of Art, Design & Media Rohde & Schwarz Asia Pte Ltd Johnson & Johnson Medical Asia Pacific Ministry of Health INFORMATION Policy, Research & Surveillance Division Nanyang Technological University Health Promotion Board MR CHANG CHIN NAM MR JACOB TONG ASSOC PROF PATRICK TSENG TECHNOLOGY MR PETER HOW Executive Director General Manager Chief Dental Officer 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
16 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 17 ADVISORY STUDENT INTAKE & COMMITTEES ENROLMENT AY2015/16
MR ANDREW CHOW PROF THAMBIPILLAI SRIKANTHAN MR PETER BARBER Enrolment Intake President Executive Director Director, Creative Services SCHOOL OF ST Electronics (Info-Comm Systems) Cyber Security Research Centre Blackmagic Design BUSINESS Diploma in Accountancy & Finance 455 144 Pte Ltd Programme Director Diploma in Banking & Finance 377 109 TUM-CREATE Programme MR OLIVIER DE ROTALIER Previously known as Diploma in Banking & Financial Services MR SIMON DALE Nanyang Technological University Managing Director MANAGEMENT Head of Technology & Innovation Ubisoft Singapore Pte Ltd Diploma in Business Management 1,168 311 Asia Pacific Japan MR DANIEL TAN Diploma in Food & Beverage Business 180 59 SAP Asia Pte Ltd Director MR JOACHIM NG School of Interactive & Digital Media Director, Industry Operations Diploma in Fund Management & Administration 182 52 MR HARISH PILLAY Nanyang Polytechnic Media Development Authority Diploma in Hospitality & Tourism Management 458 110 Global Head of Singapore Community Architecture & Leadership MR DENNIS ANG Diploma in Marketing 235 74 Red Hat Asia Pacific Pte Ltd Director MR PEE BENG KONG Diploma in Mass Media Management 170 52 School of Information Technology Director, Electronics Division MR KHOR CHECK KIM Nanyang Polytechnic Economic Development Board Diploma in Sport & Wellness Management 183 51 Founder (up to 30 November 2015) Total 3,408 962 KCK Consulting MR KIREN KUMAR MR HOWIE LAU INTERACTIVE & Executive Director Chief Marketing Officer Infocomms & Media Cluster StarHub Ltd DIGITAL MEDIA Economic Development Board SCHOOL OF Enrolment Intake
MR LIM SWEE CHEANG CHAIRMAN PROF SEAH HOCK SOON CHEMICAL & Diploma in Biologics & Process Technology 147 42 Vice Dean MR FREDDIE YEO Professor & Director Diploma in Chemical & Green Technology 143 45 Executive Development Programme Chief Operating Officer gameLAB LIFE SCIENCES School of Continuing & Lifelong Education Infinite Studios Division of Visual & Interactive Computing Diploma in Chemical & Pharmaceutical Technology 395 110 National University of Singapore School of Computer Engineering Diploma in Food Science & Nutrition 242 71 MEMBERS Nanyang Technological University MR P RAMAKRISHNA MS TERESA CHENG Diploma in Medicinal Chemistry 161 50 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 (Southeast Asia) Pte Ltd DR COLIN QUEK MR NG TEOW KHOON SCHOOL OF Enrolment Intake Managing Partner President, Asia Pacific MS GINA SIM Diploma in Industrial Design 150 42 Talentgrid Ventures Pte Ltd Side Effects Asia Pacific Business Director DESIGN OneKind Asia Diploma in Space & Interior Design 217 70 MR JOSHUA SOH MR RAYMOND WONG Ogilvy & Mather Diploma in Visual Communication 199 68 Chief Executive Officer Senior Vice President Healthstats Koei Tecmo Singapore Pte Ltd MR DENNIS ANG Total 566 180 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
18 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 19 STUDENT INTAKE & ENROLMENT AY2015/16
SCHOOL OF Enrolment Intake SCHOOL OF Enrolment Intake ENGINEERING Aerospace/Mechatronics Programme 328 328 INFORMATION Diploma in Business Enterprise IT 183 64 Common Engineering Programme 314 311 Diploma in Business Informatics 371 91
Diploma in Aeronautical & Aerospace Technology 287 45 TECHNOLOGY Diploma in Business Intelligence & Analytics 161 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
Diploma in Engineering with Business 205 99
Diploma in Manufacturing Engineering 150 - Course not offered from AY2015/16 SCHOOL OF Enrolment Intake Diploma in Mechatronics Engineering 409 3 INTERACTIVE Diploma in Animation 263 77 Diploma in Multimedia & Infocomm Technology 655 176 Diploma in Digital Game Art & Design 234 72
Diploma in Nanotechnology & Materials Science 148 45 & DIGITAL Diploma in Digital Visual Effects 126 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 Motion Graphics & Broadcast Design 101 37
Total 1,143 369 SCHOOL OF Enrolment Intake Diploma in Dental Hygiene & Therapy 73 24 HEALTH GRAND TOTAL 15,842 4,959 Diploma in Diagnostic Radiography 121 55
SCIENCES Diploma in Nursing 2,038 731
Diploma in Occupational Therapy 185 56
Diploma in Physiotherapy 260 91
Diploma in Radiation Therapy 35 15
Diploma in Social Sciences (Social Work) 156 50
Total 2,868 1,022
20 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 21 HIGHLIGHTS
APR MAY SIDM AND CNB COMBAT DRUG ABUSE 2015 2015 WITH MOBILE GAME TVET CAPABILITY In partnership with the Central 7 May 2015 with the help of DEVELOPMENT Narcotics Bureau (CNB), SIDM Jackie Chan, Singapore’s first students developed a new mobile celebrity anti-drug ambassador. PROJECTS game “Aversion” that educates During his visit, the international FOR CHINA youths on the dangers of drug superstar also met with the SIDM abuse. It was launched at NYP on students who developed the game. In May 2015, NYPi launched a Fujian TVET Capability Development Project, which aims to train 96 principals/ leaders and 120 heads of departments and course managers from various polytechnic colleges across Fujian, China in technical and vocational education and training (TVET). The course participants form a core group Students writing appreciative messages for “I Appreciate” 2015 and contribute to enhancing the standards and quality of TVET in the southern Chinese province. As part of the project, a total of four TVET Institute Management courses and five NYP Education Concepts and Academic Management courses will be conducted. Following several 2 partnership-development IO B WORKSHOPS 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 launch in Jilin in mid-2016. Posting up encouraging notes A colourful “I Appreciate” notice board clear articulation of learning NYP CONNECT APP Separately, 15 TVET outcomes, appropriate use NYP Connect, a new mobile app management programmes of instructional activities for alumni, was launched during the were held at NYP for 300 and assessment strategies. THIRD RUN OF “I APPRECIATE” NYP Graduation Ceremony 2015. 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
22 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 23 HIGHLIGHTS
JUN JUL 2015 2015
Enthusiastic participants led by professional Zumba instructors at the Zumbathon BEST DAIRY ZUMBATHON DESSERT AT WORLD A Zumbathon event organised by SCL the guest of honour. With a total of DAIRY CONGRESS and Thye Hua Kwan Moral Society 3,578 participants, the event entered the A delicious creation by SCL was held on 20 June 2015 to celebrate Singapore Book of Records for the most and SDN students named racial harmony. Then Education Minister number of people participating in a mass “Mangolina” – a milk pudding Heng Swee Keat graced the event as Zumba exercise. made with mango and the algal superfood Spirulina – won the Best Dairy Dessert Award at the 2015 World Dairy Innovation Pioneers from organisations such as Teck Ghee Community Centre, Pasir Ris Community Centre and National Kidney Foundation having a good time at the SG50 Community Day with Our Pioneer Generation event Awards. The competition was part of this year’s Global Dairy Congress, which was held in Amsterdam from 23 to 25 June 2015. Another entry from the team – a black glutinous rice energy drink with wolfberry extract – was a finalist for the Best Dairy Drink Award. NYP STAFF WINS SYA MEDAL OF COMMENDATION EXCELLENT Six years after winning a Singapore Youth Award (SYA), SERVICE AWARDS Assistant Director of Student Forty-five staff from the Affairs Lina Chong received the various schools and corporate SYA Medal of Commendation departments were recognised at a presentation ceremony on Users are able to access library services and resources seamlessly and efficiently wherever they are via the with Excellent Service 12 July 2015. Ms Chong SG50 COMMUNITY DAY WITH Library Portal Awards (EXSAs) for delivering was the only recipient of the outstanding service and being commendation medal this year. OUR PIONEER GENERATION role models in their respective The accolade is given out by Students from NYP’s various with People’s Association and the NEW LIBRARY PORTAL fields in 2014. In all, they the National Youth Council to co-curricular clubs came together National Youth Council, the event was Launched on 29 June, the library’s new content-rich website with user-centric design, attained one STAR Award, former SYA recipients who to befriend and engage with some held on 25 July 2015 and featured collaboration tools and improved browsing capabilities has created a better user seven Golds and 37 Silvers. The have continued to contribute 1,000 Singaporeans from the a variety of programmes, including experience. Featuring enhanced integrated search functionalities, the Library Portal 2014 EXSAs were presented to to society for at least five years Pioneer Generation at the SG50 a musical, a carnival with a “past, provides intuitive and seamless access to library services and resources. A new NYP staff on 24 June 2015. after being conferred the SYA. Community Day with Our Pioneer present & future” theme, and games Library On-the-Go mobile app was also introduced on the same day. Generation event. A collaboration such as marbles and tic-tac-toe.
24 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 25 HIGHLIGHTS
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 Singapore’s 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 The new Cyber Security and SÃO PAULO 2015 Solutions Centre, which was SIT’s Daniel Lee was Singapore’s best-performing competitor at WorldSkills 2015 Fifty-nine countries participated in the unveiled on 5 September 2015, WorldSkills Competition, which was serves as a platform for SIT held in São 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. SIT’s 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 SHS’s Lim Ling working with a patient in a WorldSkills scenario their final year projects Health and Social Care category.
26 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 27 HIGHLIGHTS
SEP TERTIARY CHAMPIONSHIP OCT 2015 The NYP Silat Team’s training it clinched a total of four golds and 2015 and determination paid off at the 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 Nursing Capability Development Project training session in Shandong Singapore Perspective on innovations and initiatives are OVERSEAS INTERNSHIPS AT BCIT, CANADA Urban Air Quality and Public in line with the government’s 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 to mitigate the health risks Public Service with Citizens from the School of Engineering of air pollution. Leading at the Centre”. One such DEVELOPMENT PROJECTS FOR CHINA going on an overseas internship in researchers from National example is Dr Phua’s 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 Women’s and “development of a novel and Jiangsu were completed in Meanwhile, 134 management with BCIT Technology Centre, Children’s 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
28 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 29 HIGHLIGHTS
NOV DEC INTRODUCING THE READING LOUNGE 2015 SPECTRUM – NYP ARTS FESTIVAL 2015 2015 AND TOUCH2READ KIOSK The Polytechnic’s best arts talents Future”, the well-received festival were showcased during SPECTRUM – featured many creative collaborations Reading Lounge, a new learning local and international eMagazines, NYP Arts Festival, and a myriad of involving SDN, SIDM, Library, NYP space where students can engage eNewspapers and eBooks. These performances, exhibitions, workshops Arts and Culture Council, and the SKILLS AND in group collaborations, individual include over 5,000 publications from and concerts were held from 9 to Polytechnic’s various arts and study and social interactions in a 133 countries in 56 languages. 28 November 2015. Themed “Our culture clubs. TRAINING relaxed setting, was launched on ENHANCEMENT 10 December 2015. Located next to the library with views of the PROJECT FOR roof garden, the lounge is fitted BANGLADESH with comfortable, modular chairs LEAD HERITAGE and configurable furniture to meet LEARNING JOURNEY – In December 2015, NYPi individual or group preferences. completed the first phase The new Touch2Read Kiosk in SG50 PROGRAMME of the Skills and Training the library was also launched on In June and November 2015, the NYP Enhancement Project 10 December. Using intuitive touch Mentoring Club organised the (STEP) for the Directorate and swipe gestures, it provides Learning*Enabling*Appreciating* for Technical Education quick access to a selection of high- The new Touch2Read Kiosk Developing (LEAD) Heritage Learning (DTE), Ministry of Education, quality digital resources such as Journey for some 200 young Bangladesh. Aimed at beneficiaries from partner voluntary reforming and enhancing welfare organisations. The programme Bangladesh’s technical and was sponsored by the National Youth vocational education and Council. The participants explored training (TVET) system, the Singapore with three Ps in mind – project trained 420 officials, People, Progress and Patriotism – institutional leaders and senior including a visit to Kreta Ayer Square faculty members through where they interacted with elderly 22 training programmes. Singaporeans and learnt about issues Encouraged by the positive A SPECTRUM of vibrant arts showcased during the NYP Arts Festival that these seniors face. feedback from participants, DTE and NYPi went on to sign a 3½-year partnership NYP’s Reading Lounge aims to inspire learning, spark creativity and encourage interaction among students agreement on 16 February 2016. It will enable 1,150 Bangladesh TVET leaders AS ONE, and teachers to deepen their EDUCATION SYMPOSIUM 2015 technical and professional DANCE MUSICAL 2015 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 NYP’s 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 Singapore’s 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 world’s most competitive economies. T&L in Bangladesh. delivered keynote lectures at the and the Singapore Institute of event. The afternoon featured Retail Studies.
30 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 31 HIGHLIGHTS
JAN SINGAPORE AMAZING FLYING FEB CNY RECEPTION IN 2016 MACHINE COMPETITION 2016 SILICON VALLEY A team of 21 School of Engineering categories at the prestigious annual In February, Prime Minister Lee students scooped up six medals – competition jointly organised by Hsien Loong stopped by Silicon two golds, two silvers and two DSO National Laboratories and Valley during his working visit bronzes – at the Singapore Amazing Science Centre Singapore. The in the US and met with many Flying Machine Competition on 20 Semi-Autonomous team was also Singaporean professionals based January 2016. They competed in the invited to conduct a demonstration at in the famous tech hub. Among Autonomous and Semi-Autonomous the closing ceremony. them was School of IT alumnus Lo Min Ming, who was invited to a Chinese New Year reception with the PM. In 2015, Min Ming LET YOUR PASSION sold his Silicon Valley start-up company Pixelapse to Dropbox, TAKE FLIGHT – Inc., one of the world’s most Lo hei with PM Lee during his visit to Silicon Valley JOURNEY TO SPACE famous cloud storage companies. NYP played host to a space- themed carnival organised by Social Sciences (Social Work) students, together with People’s Association Family Life Champions, on 2 January 2016. “Let Your PAssion Take Flight 2016 – Journey to Space” aimed to promote intergenerational bonding within families and to The winning team of Darrell Lim, Chong Li Shi and Toh Qin Yi encourage active ageing among seniors through activities such as An autonomous drone ready for the Singapore Amazing Flying Machine Competition making a rocket together. 2016 CME GROUP TRADING CHALLENGE A team of three final year NYP HOSPITALITY & TOURISM students from the Diploma in INDUSTRY CONFERENCE Banking & Financial Services EMM having fun at their retreat emerged champion in the The importance of having a long-term mindset to drive sustainable 2016 CME Group Trading business success was underscored at the sixth NYP Hospitality & EXECUTIVE MANAGEMENT Challenge, beating more than Tourism Industry Conference held on 11 January 2016. In line with this 460 teams from 200 universities year’s theme of “Leadership and Challenges in the Hospitality and MEMBERS RETREAT 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 NYP’s strategic goal: to “Deliver An 4 March 2016. Minister Tan Chuan Jin engaging students during the conference Enriching Student Experience”.
32 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 33 HIGHLIGHTS
MAR FUN DAY OUT AT NYP FOR OVERSEAS TRIP TO BARCELONA, SPAIN 2016 SENIOR CITIZENS Over nine days and eight nights in Heritage buildings. The tour was March 2016, 28 SDN students were 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.
LAUNCH OF ORAL SBM students on exchange at DHBW Mosbach, Germany HEALTH THERAPY PUBLICATION SBM EXPANDS ITS OVERSEAS Published on 16 March 2016, STUDENT EXCHANGE Dimensions in Oral Health PROGRAMME Therapy, Singapore serves as 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 & exchanges. The new collaborations have created more Therapy. It also aims to create DESIGN WEEK AWARDS NITE 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 NYP’s 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)
34 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 35 HIGHLIGHTS FOCUS ON INDUSTRY
MAR 2016
NYP Chinese Orchestra members at Changi Airport before their first trip to China NYP CHINESE ORCHESTRA SHANGHAI MUSIC EXCHANGE On 22 March 2016, students and trip included visiting the Shanghai affiliated with SCOM. Informative talks alumni from the NYP Chinese Conservatory of Music (SCOM) to on music sight reading, theory and Orchestra set off excitedly for an learn from the teachers there and technique, as well as an instrument eight-day music immersion trip to to hold a collaboration concert with factory tour were also key activities Shanghai, China. Highlights of the students from the middle school on the itinerary.
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 in tertiary institutions in Singapore to participate YP prides itself on providing quality, leveraging on each other’s resources, expertise in competitions industry-relevant polytechnic education. and capabilities. These partners include industry catered specifically NIt 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, NYP’s 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.
36 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 37 FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF BUSINESS MANAGEMENT (SBM)
Key Initiatives 1. Enhanced Internship Programme 2. NYP-ACCA Accelerated Professional Pathway Scheme (for Diploma in Accountancy & Finance students)
MOUs (Overseas Student Exchange Programme Partner Universities) Mr Ong Ye Kung (far left) interacting with students from the polytechnics and ITE after the MOU signing ceremony 1. California State University, Long Beach, USA 2. FHS St. Gallen, Switzerland 3. Kookmin University, South Korea 4. Middlesex University, UK RETAIL SECTOR COORDINATION TEAM 5. Rangsit University, Thailand MOU SIGNING 6. San Diego State University, USA 7. University of Seoul, South Korea Led by NYP, a group of five Minister for Education (Higher polytechnics and the Institute of Education and Skills), witnessed the 8. University of Sunderland, UK Technical Education (ITE) signed MOU signing ceremony for the retail MOUs with 16 retail companies for sector, held on 26 January 2016. MOUs (Industry) the implementation of SkillsFuture 1. Accounting and Corporate Regulatory Authority (ACRA) initiatives. Mr Ong Ye Kung, Acting 2. FOX International Channels 3. InterContinental Hotels Group 4. Olympus Imaging Singapore 5. Singapore Sports Institute
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 Study for AccorHotels ENTERPRISE CENTRES 4. Mystery Shopping Programme for Extra In AY2015, new Teaching Space Singapore Holdings Enterprise Project facilities 5. Mystery Shopping Programme for Sheng were set up to provide realistic, Siong Supermarket relevant and industry-based DMMM lecturers and students in the midst of filming Singapore’s 50th Anniversary 6. Post Programme Evaluation for Army Celebration at the 2015 National Day Parade in August training for final year students Recruitment Centre from SBM. These facilities 7. Project on Analysing and Reporting Survey included the Productivity Training Responses from Employers to Determine Centre, Marketing Services VIDEO PRODUCTION FOR PROMINENT EVENTS Training Impact on Business for Singapore Centre (comprising D’Studio, Institute of Retail Studies Connect’on and Cheers), Media IN SINGAPORE 8. Provision of Retail Banking Related Services Hub & Production Studio, and Students from DMMM were involved in filming and video production for to OCBC Bank, NTU Branch Chairman of NYP’s Board of Governors Mr Tan Tong Hai (third from left) shown BodyWatch Gym. a product at the official opening of the Marketing Services Centre on 23 June 2015 high-profile events such as the 2015 Formula 1 Singapore Airlines Singapore 9. Video Productions for SMBC Singapore Grand Prix and the 2015 National Day Parade. Open and HSBC Women’s Champions
38 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 39 FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF CHEMICAL & LIFE SCIENCES (SCL) Key Initiatives & Industry Projects New Developments 1. Analysis of Activated Nuts for 1. Appointment of NYP as Programme Superlative Foods Pte Ltd RESEARCH INNOVATIONS Lead by Workforce Development Agency for Earn and Learn 2. Development of a Cordycep PATENTED Programme – Advanced Diploma in Nutraceutical for LINK Pharmaceutical Sciences THM Sciences® Patents were successfully filed for two 2. Launch of Workforce Skills 3. Development of a Nano-hair Dye Qualifications Culinary Course innovations by SCL lecturers. On 10 Formulation for MASE International Marketing Services Pte Ltd March 2016, the patent for “Sample Preparation Method for MALDI-ToF MOUs (Universities & 4. Development of Herbal Beverages Educational Institutions) Mass Spectrometry” towards rapid for Pure Orient Global Ltd 1. Macquarie University, Australia identification of food bacteria was filed 5. Evaluating the Fate and Safety by Ms Catherine Seah, Dr Mathew Lau 2. Suwon Women’s University, of a Fish Vaccine Composition South Korea and Ms Liew Tze Horng. Separately, Containing Nanomaterials for UVAxx 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 composition and preparation methods Physical and Sensory Properties of 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 8. Shelf Life and Sensory Evaluation of SCL LECTURERS 3. Baxalta Manufacturing SARL, Nut Butter for Hunters Bar Pte Ltd WIN AWARDS SCL SUCCESSFULLY Singapore Branch 9. Systematic Identification of Fish EXPANDS 4. Health Promotion Board Pathogen for Rapid Vaccine FOR INNOVATIVE 5. Institute of Molecular and Prototyping and Development of a SKILLSFUTURE EIP Cell Biology Novel Vaccine Delivery System for FISH VACCINES UVAxx Pte Ltd In March 2016, SCL signed MOUs 6. Lonza Biologics Tuas Pte Ltd 10. Verification of Shelf Life at SCL senior lecturers Dr Jeffrey with Lonza Biologics Tuas Pte (Joint MOU with SCL & SEG) Different Storage for Lim Kee Food 7. Pfizer Asia Pacific Pte Ltd Seng, Dr Saji George and Mr Ltd and Baxalta Manufacturing Manufacturing Pte Ltd Christof Luda won two prestigious SARL, Singapore Branch to 8. ProXES Asia Pacific Pte Ltd awards for developing effective formalise the partnership and 9. Pure Orient Global Ltd autogenous fish vaccines and commitment in NYP’s Enhanced 10. Quest Laboratories Pte Ltd a novel nanotechnology-based Internship Programme (EIP) on 11. SP-Asia Pte Ltd vaccine delivery system. The biologics manufacturing. This 12. TÜV SÜD PSB Pte Ltd project scooped up the “Most follows a successful pilot run Innovative Project/Policy (Gold)” of the EIP with GSK Biologicals 13. Zingrill Holdings Pte Ltd award at both the PS21 ExCEL and Novartis BioPharmOps Awards and MOE Innergy (Stat Singapore, where seven in 10 Board) Awards. Dr Seng also won students not heading for national the PS21 Innovation Champion service were offered employment (Silver) Award. before graduation. President Tony Tan Keng Yam speaking with Dr Seng (far left), Dr George (second from left) and Mr Luda (third from left) at the Istana on 20 October 2015 Photo: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction
40 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 41 FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF DESIGN (SDN)
Key Initiatives & New Developments 1. Appointment by MOE as Sector Coordinator for Design 2. Appointment by WDA as Programme Manager for Spatial Design 3. Appointment by WDA as Programme Manager for Visual Communication 4. Commencement of Operations at Block N1 Level 8 5. Commencement of Specialist Diploma in Design Strategy and Management 6. Launch of SkillsFuture Earn & Learn Programmes – Specialist Diploma in Spatial Design and Specialist Diploma in Visual Communication
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 Sentosa’s Universal Studios Singapore Industry Projects 1. Design Proposals for HALLOWEEN HORROR NIGHTS 2015 & 2016 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 team’s bubble-making installation at i Light Marina Bay 2016 TURNING IDEAS INTO REALITY SDN has secured a generous sponsorship from ONG&ONG, a global multidisciplinary design practice, i LIGHT MARINA BAY 2016 to support the development of concepts and ideas A group of 13 SDN students, led by a lecturer, collaborated with the Urban into market-ready products. It will complement SDN’s Redevelopment Authority and architectural firm Zarch to create an interactive training process by exposing its students to the installation titled “Clockwork Stories” for i Light Marina Bay held in March 2016. Many development cycle of real commercial products. A families with children flocked to the SDN team’s installation, as they could relate to the formal agreement was signed at the UNIT16 Graduation traditional playground equipment. When used, the equipment produced bubbles that Show on 10 March 2016. This is ONG&ONG’s first SDN Director Mr Lee Youn Kay (left) and ONG&ONG’s Director of Learning & Development Mr Liang Lit How (centre) signed the agreement, reflected the ambient lights and colours. Featuring environmentally sustainable light art collaboration with an educational institution. witnessed by NYP Principal & CEO Ms Jeanne Liew (right) installations, i Light Marina Bay attracted 740,000 visitors.
42 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 43 FOCUS ON INDUSTRY
OTHER COLLABORATIONS
MOUs (Universities & 35. Setsco Services Pte Ltd 13. Comparison and Correlation of Educational Institutions) 36. SICK Product Center Asia Pte Ltd Electroencephalography Signals for SCHOOL OF ENGINEERING (SEG) H.E.S. Pte Ltd 1. National Institute of Technology, 37. Singapore Power Ltd Kisarazu College, Japan 38. Singapore Safety Glass Pte Ltd 14. Compute-Efficient Algorithm for Statistical Analysis on an Embedded Platform for 2. National Institute of Technology, 39. SKEV Motors Pte Ltd Kurume College, Japan Sigenic Pte Ltd NYP-GANSTAR INNOVATION CENTRE Overview of the Articulated Robotics System 40. SMRT Corporation Ltd 15. Conformal Cooling Insert Using DMLS 41. Sodick Co., Ltd SEG collaborated with GaNStar Pte The collaboration is the first of its MOUs (Industry) Process for Shimano (Singapore) Pte Ltd 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*STAR’s ROBOTICS SYSTEM 43. Symantec Asia Pacific Pte Ltd 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 ENHANCES PRODUCTIVITY 3. Beca Asia Holdings Pte Ltd 17. Design and Development of Tooling Insert devices. It boasts a class 10 000 Engineering (IMRE) with silicon wafer 45. Systems on Silicon Manufacturing 4. Becton Dickinson Medical Products Company Pte Ltd (SSMC) for Dynacast Singapore Pte Ltd cleanroom housing a metal-organic processing technologies from Nanyang FOR FAGERDALA SINGAPORE Pte Ltd 18. Embedded Multimedia Platform chemical vapour deposition (MOCVD) Technological University. In June 2015, SEG unveiled a robotics system for the 46. TDS Technology (S) Pte Ltd 5. CIBA Vision Asian Manufacturing and for rodVENTURE and key characterisation equipment. flexible assembly of foam packaging materials that it Logistics Pte Ltd & Alcon Singapore 47. Terasaki Electric Co. (FE) Pte Ltd 19. Growth Measurement Application Using developed in partnership with Fagerdala Singapore Manufacturing Pte Ltd 48. Tuas Power Generation Pte Ltd Image Analytics Techniques for Abbott Pte Ltd. The system uses smart visual recognition 6. Cyclect Electrical Engineering Pte Ltd 49. UG M&E Pte Ltd Manufacturing Singapore Pte Ltd for identification and assembly, which allows the 7. Delphi Automotive Systems 50. Univac Precision Engineering Pte Ltd 20. Interactive Device for Dementia Patients for consolidation of three workstations into a single Singapore Pte Ltd 51. VDL Enabling Technologies Group Singapore Pte Ltd Rocks App Solutions assembly line. The company, which specialises in 8. Electronics & Engineering Pte Ltd protective packaging solutions, has seen a fourfold 9. Ellipsiz DSS Pte Ltd 52. ViSenze Pte Ltd 21. Metal Oxide Nanofilm Coating for Energy Storage for National University of Singapore increase in production output since implementing the 10. Festo Singapore Pte Ltd 53. Workforce Development Agency (Advanced Manufacturing) system. This has enabled them to take on large-scale 11. Fluidigm Singapore Pte Ltd 22. Mobile App and Web Portal Development 54. Yokogawa Electric Asia Pte Ltd orders, generate higher profits and strengthen their 12. Fluke South East Asia Pte Ltd for Institute for Infocomm Research 55. YTL PowerSeraya Pte Limited overseas presence. 13. Hexogon Solution Pte Ltd 23. Modular Light Ducting System for 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 24. MVTec Software GmbH OCR-based Power Meter Reading System Optics & Technologies Pte Ltd OPEN 25. Panasonic Factory Solutions Asia for RFCOM Technologies Pte Ltd 7. Automated Socket Handling Station and WIP Pacific Pte Ltd 29. Responsive Interfaces & Charting Modules INNOVATION LAB Tray Trolleys for Sanwa-Intec (Asia) Pte Ltd 26. Power Automation Pte Ltd for IEMS for Surbana Technologies Pte Ltd 8. Automatic Handover Control for Wireless WITH INTEL 27. PSA Corporation Ltd 30. Semiconductor Failure Analysis Using Networking for Koobatra Pte Ltd The NYP-Intel Open Innovation Lab 28. PSB Technologies Pte Ltd AFM for SSMC 9. Automation of PODS Sensor Manufacturing (pictured above) was launched on 10 29. Razer (Asia-Pacific) Pte Ltd 31. Serial I/O Data Concentrator for Ascenz System for Sanwa-Intec (Asia) Pte Ltd July 2015. The result of a strategic 30. Renewpowers Technologies Pte Ltd Solutions Pte Ltd 10. Cable Car Command Centre Monitoring collaboration between the Polytechnic 31. Sanmina-SCI Systems Singapore 32. Smart Vending Machine Supporting Mobile Pte Ltd Software for CitiCall Communications Pte Ltd and Intel, it seeks to make innovation Payment and Remote Inventory Control for accessible and to drive innovation 32. SANWA Group of Companies 11. Cash Top-up Kiosk System for Bev.Eat STYL Solutions Pte Ltd 33. SBS Transit Ltd Pte Ltd development and training in the Internet 33. X-Wing Proof of Concept Wearable of Things and wearable solutions among 34. Sembcorp Design and Construction 12. Cashless Donation Can for NETS Pte Ltd Electronics Prototype for AerSpace Pte Ltd NYP-GaNStar Innovation Centre staff and students, as well as SMEs. Pte Ltd
44 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 45
FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF HEALTH SCIENCES (SHS) ENHANCING PARAMEDIC TRAINING & EDUCATION IN SINGAPORE Key Initiatives & NYP was one of six parties that New Developments signed an MOU on 16 October 2015 1. Appointment of NYP as Sector Coordinator for Healthcare in to collaborate on the upskilling of SkillsFuture Movement paramedics in Singapore. The other 2. Collaboration with Secondary institutions are Singapore Armed Schools to Develop Education and Forces (SAF), Singapore Civil Defence Career Guidance Package Force (SCDF), Institute of Technical 3. Creation of Site to Showcase SHS Education (ITE), SIM University Innovation and Projects (UniSIM) and Justice Institute of 4. Four New Teaching Clinic Sites for Occupational Therapy Students British Columbia (JIBC). As part of – Oasis Day Centre, Bukit Batok the collaboration, NYP launched the Day Centre, Hougang Care Centre, Diploma (Conversion) in Paramedicine and Community Rehabilitation and in May 2016 taught by experienced Diploma (Conversion) in Support Service (Pasir Ris) Paramedicine students presenting on trainers from SHS and the School of the pathophysiology of asthma Business Management. MOUs (Universities & Educational Institutions) 1. Fooyin University, Taiwan 2. Shanghai Trade Union Polytechnic, China 3. Tzu Chi University, Taiwan
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 CENTRE FOR ORAL HEALTH ANNOUNCED
Slated for completion in 2019, the Centre for Oral Health (COH) will be the Thailand’s Princess Maha Chakri Sirindhorn (left) taking a photo of the Engage-Me-Cart at iCreate 2015 main centre in Singapore to offer subsidised dental care for Singaporeans. Developed by National University Health System, COH will consolidate clinical training for oral health therapy trainees, dentistry undergraduates ALZ ENGAGE-ME-CART 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 NYP’s 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.
46 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 47 FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF INFORMATION TECHNOLOGY (SIT)
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 8. HR Analytics for Organizational WORKING WITH INDUSTRY Analytics Pte Ltd 9. Knowledge Management and ON BIG DATA ANALYTICS Sharing of Open Source Cyber Intelligence for MINDEF The National Healthcare Group Polyclinics worked with SIT students to give them 10. Knowledge Management System exposure to healthcare analytics such as data visualisation, graphs and reports, for Profiling Malicious Ware while a project with StarHub focused on real-time, location-based, geospatial big for MINDEF data analytics. To enhance human resource management processes for an SME, 11. Patient Eczema Severity Time an SIT team also used text analytics to improve the recruitment process. Mobile App for Hyphens Pharma Pte Ltd 12. Portfolio Performance Measurement Phase 2 for ST Asset Management Ltd 13. Smart Office Analytics System for DEVELOPING MOBILE S3 Innovate Pte Ltd APPS FOR INDUSTRY 14. Statistical Arbitrage System for Wealth Science Ltd In FY2015, SIT worked with several industry partners such as Students engaged in exploring cloud security applications Singapore Land Authority (SLA), Asian Culinary Institute (ACI) and Home-Fix, to create useful mobile MOU BOOSTS EDUCATION AND RESEARCH applications. Examples include Pocket OneMap for SLA, which EFFORTS IN CLOUD SECURITY won Most Innovative Project (Gold) NYP and Cloud Security Alliance APAC signed an MOU on 18 April 2015 that aims at the MOE Innergy Awards 2015, to provide education and research in the area of cloud security. The School of and the NYP Alumni e-Card app Information Technology received a grant from the National Research Foundation to Industry mobile apps developed by developed as part of NYP’s Smart NYP students develop a system that ensures the security of data stored in the cloud. Campus initiative.
48 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 49 FOCUS ON INDUSTRY
OTHER COLLABORATIONS SCHOOL OF INTERACTIVE & DIGITAL MEDIA (SIDM)
Key Initiatives & Industry Projects New Developments 1. Anti-Drug Mobile Game “Aversion” STUDENT-CREATED 1. NYP-WACOM Digital Art for Central Narcotics Bureau Experience Lab 2. Branding and Awareness CONTENT TO 2. Singapore Games Creation Campaign for Kranji Competition as Part of The Countryside Association FEATURE IN NEW National Infocomm Competition for 3. Chapter 6 “ONWARDS” Motion Infocomm Development Authority Graphic Production for National INTERNATIONAL of Singapore Day Parade 2015 PRODUCTION 3. Structured Internship Programme 4. “Got to Move” Interactive Dance (SIP) at Kajanni University of Applied Booth Interaction and Gamification Sciences, Finland Design for National Arts Council A group of 20 SIDM students will 4. SIP at Gumi Asia Pte Ltd 5. House of Fortune Drama Series for produce digital content for 52 episodes 5. SIP at K1ND ASIA Ogilvy & Mather Mediacorp Pte Ltd of Jungle Beat, an animated series by (S) Pte Ltd 6. Interactive and Digital Media Infinite Studios that will be broadcast in Mr Ralf Lenninger, SVP, Interior 6. SIP at Mediacorp Pte Ltd Exhibitions at the National Electronics Solutions, Continental Library Board 180 territories around the world. NYP 7. SIP at Robot Playground Media Automotive GmbH, and Mr Edward and Infinite Studios will work closely to Pte Ltd 7. Little Wayang Boy Animation for Ho, NYP’s Deputy Principal Brainchild Pictures Pte Ltd develop enhanced contextual learning (Development), inked the MOU on 8. SIP at Scrawl Studios Pte Ltd environments for the students to apply 29 February 2016 8. Philatelic History Exhibition 9. Student Exchange at Hoseo Interaction Design for Singapore the skills they have learnt on an actual University, South Korea NYP and Infinite Studios signed a new MOU on 6 January 2016 to collaborate on Jungle Beat Philatelic Museum animation production. SIDM STUDENTS 9. Preventing Major Amputations in MOUs (Universities & Diabetic Patients Animation for FIRST IN Educational Institutions) The Good Life™ 1. Hoseo University, South Korea 10. Sealed With A Kiss Drama Series SOUTHEAST 2. Kajanni University of Applied for Mediacorp Pte Ltd Sciences, Finland 11. The Journey 3: Our Homeland NYP AND UBISOFT ASIA TO WORK Drama Series for Mediacorp Pte Ltd ON IDEAS FOR MOUs (Industry) LAUNCH GAME 12. Trailer for the Book Speaking DEVELOPMENT CONTINENTAL 1. Ayer Rajah Constituency Office of Children for Singapore 2. Gumi Asia Pte Ltd Children’s Society A new partnership established in 13. “Unveiled Beauty” for i Light INTERNSHIP 3. Infocomm Development Authority February 2016 between NYP and Marina Bay 2016 of Singapore PROGRAMME international automotive supplier 14. “VendArt, The Art Vending 4. K1ND ASIA Ogilvy & Mather (S) and technology company Machine” for “The Future Pte Ltd of Us” Exhibition NYP signed an MOU with Ubisoft Continental Automotive has 5. Mediacorp Pte Ltd Singapore Pte Ltd on 23 October opened new doors for students 2015 to provide highly relevant from SIDM. They will be able 6. Robot Playground Media Pte Ltd game development training and to embark on Continental’s 7. Scrawl Studios Pte Ltd collaborative mentorships to SIDM global innovation programme, 8. Wacom Singapore Pte Ltd students. Under NYP’s Structured “Trend Antenna”, to explore Internship Programme (SIP), ideas for the future of mobility. final year students will be placed in The programme encourages a real-life production environment students to conceptualise and at Ubisoft. Selected students may develop ideas to enhance user also be hired under the SkillsFuture experience for future vehicles. Earn and Learn Programme and Ubisoft Singapore Managing Director Mr Olivier de Rotalier and Ms Jeanne Liew, NYP Principal & CEO, be able to embark on a Specialist formalised the partnership for the SIP Diploma course.
50 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 51 LIFELONG LEARNING
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 Singapore’s 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.
The 18 modules will cover topics such as visual effects, counselling, mobile computing, and energy and 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 T 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 government’s 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.
52 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 53 LIFELONG LEARNING
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
54 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 55 LIFELONG LEARNING
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 all Singaporeans to develop their the SIRS Industry 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.
NYP also conducted a total of 860 CET course runs and delivered 26,116 training places. These included 77 course runs that led to polytechnic qualifications, 89 short courses and 23 seminars, as well as 671 WSQ courses under ALLS, SIRS and ACI. 23 671 SEMINARS WSQ COURSES 77 Singapore Institute of Retail Studies SkillsFuture ELP for the retail industry, SIRS developed FORMAL-AWARD 860 Established in January 2006, the Singapore Institute a mentorship programme to equip individuals with the of Retail Studies (SIRS) aims to enhance the skills necessary skills and knowledge to become an effective COURSES CET profile of and professionalism in the retail industry, corporate mentor. Participants from Charles & Keith, courses and constantly adds to its lineup of skills-upgrading the Robinson Group and Isetan have enrolled in programmes and services for the industry. Highlights of this programme. its developments in FY2015 are as follows. SIRS held its annual Industry Practitioner Seminar In FY2015, SIRS commenced its first run of ELPs – (IPS) at Singapore Marriott Tang Plaza Hotel on the Specialist Diploma in Retail Management and the 26 January 2016. Themed “Retail Transformation: 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 89 the SIRS Industry three companies that participated in the ELP, are in the retail landscape. This year’s seminar also Practitioner Seminar SHORT undergoing an 18-month programme of working and dovetailed the national SkillsFuture agenda, hosting a COURSES learning concurrently. SkillsFuture MOU signing ceremony for the retail sector. LEFT: NYP’s The audience at this year’s 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
56 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 57 NYP EDUCATION FUND
MEETING NEEDS, IMPACTING LIVES
he Nanyang Polytechnic (NYP) Education Fund was set up in 2003 to meet the needs T 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: polytechnic education in Singapore Education Upliftment Fund donated $132,000 to School of Interactive & support the Bursary Awards, and Mr Lee Hsien Loong Digital Media donated $100,000 to support the development of graduate Jerome talents from the School of Interactive & Digital Media. Yap Xuan Rui Financial Status 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 Swee Keat IPC Registration No.: IPC000540 Funding Sources 1 Ngee Ann Kongsi UEN: T08CC3008E The Fund continually receives donations and Charity Registration Date: 1 April 2003 generous support from individuals, organisations Registered Address: and foundations. In 2015, Ngee Ann Kongsi donated 2 S R Nathan Education Upliftment Fund 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
58 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 59 NYP EDUCATION FUND
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.
CORPORATE SPONSORS FOR DONORS FOR SCHOLARSHIPS, BURSARIES & NYP INDUSTRY SCHOLARSHIPS AWARDS ($25,000 to $99,999)
1 ABR Holdings Ltd 1 Agency for Science, Technology and Research (A*STAR) 2 Animagine Pte Ltd
3 Cheers Holdings (2004) Pte Ltd 2 Centre for Strategic Infocomm Technologies
4 Covance (Asia) Pte Ltd 3 Kuok Foundation
5 Dorf Ketal Chemicals Pte Ltd 4 National Youth Council 6 Hokkaido Artists’ Network & Development Incorporated (h.a.n.d.) 5 NTUC Income Insurance Co-operative Ltd 7 Investment Management Association of Singapore 6 SymAsia Singapore Fund
8 Mediacorp Pte Ltd Policies 9 Mediacorp TV Singapore Pte Ltd The Reserves Policy was established to safeguard the 10 Moove Media Pte Ltd Fund’s stability and is pegged at not more than one year of disbursements. In the policy regarding the Conflict of 11 National Instruments Pte Ltd Interest Disclosure, the approach is to avoid situations that may cause any potential conflict of interest. In general, all 12 Ogilvy & Mather (S) Pte Ltd staff are required to declare any close relationships with 13 RLC Group (Singapore) Pte Ltd students in any selection of student awards. Procurement practices also require staff to declare non-vested interest 14 Roche Singapore Technical Operations before selecting vendors. Pte Ltd
15 ST Electronics (Info-Comm Systems) Pte Ltd Full details of the Fund’s 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
Deputy Chairman Mr Sng Chern Wei Member, Board of Governors, NYP Director, Curriculum Planning & Development LEFT: Division 1, Ministry of Education NYP student Valery Seng Treasurer Ms Su Kally Director, Finance, NYP Jie Wei (right) receives the NYP-Mediacorp Members Mr Chan Yew Meng Deputy Principal (Academic), NYP Scholarship from NYP’s Principal & Mr Thambyrajah T Registrar, NYP CEO Ms Jeanne Liew (left)
60 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 61 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
STATEMENT BY THE BOARD OF GOVERNORS REPORT AND FINANCIAL In the opinion of the Board of Governors, the accompanying financial statements set out on pages 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 STATEMENTS 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 year then ended in accordance with the provisions of the Nanyang Polytechnic Act, Chapter 191A FOR THE YEAR ENDED 31 MARCH 2016 (the “Act”), the Singapore Charities Act, Chapter 37 (the “Charities Act”) and Statutory Board Financial Reporting Standards.
CONTENTS
Statement by the Board of Governors 63
Independent auditors’ report 64 – 65
Statements of financial position 66 ON BEHALF OF THE BOARD OF GOVERNORS Statements of profit or loss and other comprehensive income 67 – 68
Statements of changes in equity 69
Consolidated statement of cash flows 70 – 71
Notes to the financial statements 72 – 112 ...... ….…...... Tan Tong Hai Chairman
...... ….…...... Jeanne Liew Principal & CEO
27 June 2016
62 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 63 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF GOVERNORS OF NANYANG POLYTECHNIC INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF GOVERNORS OF NANYANG POLYTECHNIC (CONT’D)
Report on the Financial Statements Report on Other Legal and Regulatory Requirements We have audited the accompanying financial statements of Nanyang Polytechnic (the “Polytechnic”) and its subsidiaries collectively (the “Group”), which comprise the consolidated statement of financial position of the Group Management’s Responsibility for Compliance with Legal and Regulatory Requirements and statement of financial position of the Polytechnic as at 31 March 2016, and the statements of profit or loss Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and other comprehensive income and statements of changes in equity of the Group and the Polytechnic and the and disposal of assets, are in accordance with the provisions of the Act. This responsibility includes implementing consolidated statement of cash flows of the Group for the year then ended, and a summary of significant accounting accounting and internal controls as management determines are necessary to enable compliance with the provisions policies and other explanatory information, as set out on pages 66 to 112. of the Act.
Management’s Responsibility for the Financial Statements Auditor’s Responsibility Management is responsible for the preparation and fair presentation of these financial statements in accordance Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements. with the provisions of the Nanyang Polytechnic Act, Chapter 191A (the “Act”), the Singapore Charities Act, We conducted our audit in accordance with Singapore Standards on Auditing. We planned and performed the Chapter 37 (the “Charities Act”) and Statutory Board Financial Reporting Standards, and for such internal control as compliance audit to obtain reasonable assurance about whether the receipts, expenditure, investment of moneys and management determines is necessary to enable the preparation of financial statements that are free from material the acquisition and disposal of assets, are in accordance with the provisions of the Act. misstatement, whether due to fraud or error. Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure, Auditor’s Responsibility investment of moneys and the acquisition and disposal of assets; and assessing the risks of material misstatement Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in of the financial statements from non-compliance, if any, but not for the purpose of expressing an opinion on the accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements effectiveness of the entity’s internal control. Because of the inherent limitations in any accounting and internal control and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from system, non-compliances may nevertheless occur and not be detected. material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial on management’s compliance. statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Opinion auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements In our opinion: in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing (a) the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Polytechnic an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness during the year are, in all material respects, in accordance with the provisions of the Act; and of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. (b) proper accounting and other records have been kept, including records of all assets of the Polytechnic and of the subsidiaries incorporated in Singapore of which we are the auditors whether purchased, donated or otherwise. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. During the course of our audit, nothing has come to our notice that caused us to believe that during the year, in relation to the Nanyang Polytechnic Education Fund (the “Fund”):
Opinion (a) the use of donation moneys was not in accordance with the objectives of the Polytechnic as required under In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement regulation 16 of the Charities (Institutions of a Public Character) Regulations; and of profit or loss and other comprehensive income and statement of changes in equity of the Polytechnic are properly drawn up in accordance with the provisions of the Act, the Charities Act and Statutory Board Financial Reporting (b) the Polytechnic has not complied with the requirements of regulation 15 (Fund-raising expenses) of the Charities Standards so as to present fairly, in all material respects, the financial position of the Group and the Polytechnic as (Institutions of a Public Character) Regulations. at 31 March 2016 and the financial performance, changes in equity and cash flows of the Group and the financial There was no fund raising appeal conducted by the Fund during the year ended 31 March 2016. performance and changes in equity of the Polytechnic, for the year ended on that date.
Public Accountants and Chartered Accountants Singapore 27 June 2016
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STATEMENTS OF FINANCIAL POSITION STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME As at 31 March 2016 For the year ended 31 March 2016
Group Polytechnic General Fund Restricted Funds Total Note 2016 2015 2016 2015 Note 2016 2015 2016 2015 2016 2015 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Group Capital account 3 6,839 6,839 6,839 6,839 Income Accumulated surplus Student fees 53,900 53,855 - - 53,900 53,855 General Fund 296,714 278,087 286,758 268,338 Income from projects/ Restricted Funds 4 124,274 122,153 119,504 117,676 courses/donations 4 - - 35,476 28,601 35,476 28,601 Other income 16 7,776 10,920 2,476 5,989 10,252 16,909 Nanyang Polytechnic Education Fund 4 18,395 17,465 18,395 17,465 61,676 64,775 37,952 34,590 99,628 99,365 Total capital and other funds 446,222 424,544 431,496 410,318 Expenditure Represented by: Salaries and allowances 219,117 212,836 15,951 13,506 235,068 226,342 Staff development Non-current assets and benefits 4,223 4,083 576 567 4,799 4,650 Property, plant and equipment 5 523,459 530,878 523,420 530,856 Teaching expenses 14,758 12,210 2,866 2,334 17,624 14,544 Subsidiaries 6 - - 1,100 1,100 Repair, maintenance Investment securities 7 201,982 196,622 197,753 192,403 and utilities 19,592 17,447 1,642 1,645 21,234 19,092 Deferred tax assets 8 12 24 - - Property, plant and 725,453 727,524 722,273 724,359 equipment written off 39 159 1 - 40 159 Depreciation of property, Current assets plant and equipment 5 33,241 29,369 2,493 2,368 35,734 31,737 Sundry receivables, deposits and Other expenses 18,061 17,060 15,115 10,510 33,176 27,570 prepayments 9 12,946 9,816 12,456 10,011 309,031 293,164 38,644 30,930 347,675 324,094 Courses/projects-in-progress 18 99 18 99 Cash and cash equivalents 10 287,259 258,549 276,080 246,864 (Deficit) Surplus Grants due from government 11 24,652 25,036 24,652 25,036 before grants 17 (247,355) (228,389) (692) 3,660 (248,047) (224,729) 324,875 293,500 313,206 282,010
Current liabilities Grants Sundry creditors and accruals 12 44,786 34,192 44,606 33,831 Grants utilised 237,751 231,214 338 152 238,089 231,366 Income received in advance 19 5,867 7,091 5,925 7,046 Deferred capital grants Grants received in advance 13 11,833 5,812 11,833 5,812 amortised 28,231 25,702 2,482 2,360 30,713 28,062 Provision for taxation 1 23 - - 265,982 256,916 2,820 2,512 268,802 259,428 62,487 47,118 62,364 46,689
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 ------
Net assets 446,222 424,544 431,496 410,318 Total comprehensive income for the year 18,627 28,527 2,121 6,052 20,748 34,579 Funds’ net assets managed on behalf of others 15 13,135 13,370 13,135 13,370
The accompanying notes form an integral part of these financial statements.
66 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 67 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (cont’d) STATEMENTS OF CHANGES IN EQUITY For the year ended 31 March 2016 For the year ended 31 March 2016
General Fund Restricted Funds Total Note 2016 2015 2016 2015 2016 2015 Nanyang Polytechnic $’000 $’000 $’000 $’000 $’000 $’000 Capital General Restricted Education Polytechnic account Fund Funds Fund Total $’000 $’000 $’000 $’000 $’000 Income Student fees 53,900 53,855 - - 53,900 53,855 Group Income from projects/ courses/donations 4 - - 32,676 26,193 32,676 26,193 At 1 April 2014 6,839 249,560 116,101 9,704 382,204 Other income 16 8,245 11,158 1,560 4,997 9,805 16,155 62,145 65,013 34,236 31,190 96,381 96,203 Surplus for the year, representing total comprehensive income for Expenditure the year - 28,527 6,052 - 34,579 Salaries and allowances 218,894 212,658 13,283 10,541 232,177 223,199 Donations received - - - 7,761 7,761 Staff development At 31 March 2015 6,839 278,087 122,153 17,465 424,544 and benefits 4,223 4,083 566 543 4,789 4,626 Teaching expenses 14,758 12,210 2,843 2,313 17,601 14,523 Surplus for the year, representing Repair, maintenance total comprehensive income for and utilities 19,541 17,408 1,564 1,573 21,105 18,981 the year - 18,627 2,121 - 20,748 Property, plant and Donations received - - - 930 930 equipment written off 39 159 1 - 40 159 At 31 March 2016 6,839 296,714 124,274 18,395 446,222 Depreciation of property, plant and equipment 5 33,241 29,369 2,481 2,360 35,722 31,729 Other expenses 19,011 18,383 14,490 9,878 33,501 28,261 Polytechnic 309,707 294,270 35,228 27,208 344,935 321,478 At 1 April 2014 6,839 240,679 111,182 9,704 368,404 (Deficit) Surplus before grants 17 (247,562) (229,257) (992) 3,982 (248,554) (225,275) Surplus for the year, representing total comprehensive income for the year - 27,659 6,494 - 34,153 Grants Donations received - - - 7,761 7,761 Grants utilised 237,751 231,214 338 152 238,089 231,366 At 31 March 2015 6,839 268,338 117,676 17,465 410,318 Deferred capital grants amortised 28,231 25,702 2,482 2,360 30,713 28,062 Surplus for the year, representing 265,982 256,916 2,820 2,512 268,802 259,428 total comprehensive income for the year - 18,420 1,828 - 20,248 Donations received - - - 930 930 Surplus after grants 18,420 27,659 1,828 6,494 20,248 34,153 At 31 March 2016 6,839 286,758 119,504 18,395 431,496 Income tax expense 18 ------
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.
68 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 69 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS (cont’d) For the year ended 31 March 2016 For the year ended 31 March 2016
Note 2016 2015 Note 2016 2015 $’000 $’000 $’000 $’000
Operating activities Financing activities Deficit before grants (248,047) (224,729) Operating grants received from government 240,616 239,445 Adjustments for: Development grants received from government 3,852 33,037 Interest income (3,411) (2,144) Other grants received 19,624 5,315 Reversal of allowance for doubtful debt - (84) Donations received for Nanyang Polytechnic Fair value adjustment on financial assets at fair value through profit or loss 163 (7,945) Education Fund 930 7,761 Depreciation of property plant and equipment 5 35,734 31,737 Cash flows from financing activities 265,022 285,558 Gain on disposal of property, plant and equipment (73) (38) Non-government fund utilised - 2 Net increase in cash and cash equivalents 28,710 22,274 Cash and cash equivalents at beginning of the year 258,549 236,275 Deficit before working capital changes (215,634) (203,201) Cash and cash equivalents (including cash managed by Changes in working capital: Accountant-General’s Department) at end of the year 10 287,259 258,549 Sundry receivables, deposits and prepayments (2,097) (339) Courses/projects-in-progress 81 17 Sundry creditors and accruals 10,164 (7,116) Income received in advance 2,087 10,353 Cash flows used in operations (205,399) (200,286)
Income taxes paid (17) (378) Cash flows used in operating activities (205,416) (200,664)
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)
The accompanying notes form an integral part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
These notes form an integral part of the financial statements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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 eportingr 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 elater to the Polytechnic and its subsidiaries (referred to as the “Group”). asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are presented in Singapore Dollars, which is the Polytechnic’s functional currency. 2.1 Basis of preparation All financial information presented in Singapore Dollars has been rounded to the nearest thousand, unless otherwise stated. The financial statements have been prepared in accordance with the applicable requirements of the Nanyang Polytechnic Act, Chapter 191A and Statutory Board Financial Reporting Standards (“SB-FRS”). SB-FRS On 1 April 2015, the Group adopted all the new and revised SB-FRS and INT SB-FRS that are effective from that include Statutory Board Financial Reporting Standards, Interpretations of SB-FRS (“INT SB-FRS”) and date and are relevant to its operations. The adoption of these new/revised SB-FRS and INT SB-FRS does not SB-FRS Guidance Notes as promulgated by the Accountant-General. result in changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior years. The financial statements have been prepared on the historical cost basis except for certain financial assets and financial liabilities which are measured at fair value. At the date of authorisation of the financial statements, the following new/revised SB-FRS, INT SB-FRS and amendments to SB-FRS that are relevant to the Group were issued but not yet effective. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. • SB-FRS 1001 Accounting and disclosure for non-exchange revenue
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.
72 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 73 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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 equipment’s 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 Group’s 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 Group’s accounting policies. amounts may not be recoverable. In the Polytechnic’s 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.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
2.4 Foreign currency transactions 2.8 Property, plant and equipment
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:
2.6 Restricted Funds Leasehold land Leasehold period of 99 years Leasehold improvements 5 years Separate funds are set up to account for contributions received and expenditure incurred for specific purposes. Buildings 50 years Income and expenditure relating to such funds are accounted for through the Restricted Funds in the statement Plant and machinery 10 years of profit or loss and comprehensive income. The assets and liabilities of these funds are accounted for separately. Furniture and fittings 5 years For presentation purpose, the assets and liabilities of these funds are pooled together with those of the General Equipment 3 to 10 years Fund in the statements of financial position. Property, plant and equipment costing less than $2,000 each and renovations costing below $200,000 are 2.7 Grants charged to the statement of profit or loss and other comprehensive income in the year of purchase.
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 year’s 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.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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 asset’s 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 ear 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 asset’s 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 maturitye ar 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.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
2.11 Cash and cash equivalents Subsequent measurement
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 ecognitionr 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 ear 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.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)
2.15 Employee benefits 2.17 Income tax expense
Defined contribution plans The Polytechnic is registered as a charitable institution.
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 Group’s right to receive payment is established.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
3. CAPITAL ACCOUNT 4. ACCUMULATED SURPLUS (cont’d) (b) The breakdown of the income, expenditure, assets and liabilities of the individual funds under the Restricted Funds are as follows: The capital account comprises net assets of $6,839,000 [General Fund: $6,068,000 (2015 : $6,068,000); Restricted Funds: $771,000 (2015 : $771,000)] relating to the French-Singapore Institute, German-Singapore Project and Nanyang Student Institute and Japan-Singapore Institute, which were transferred from the Economic Development Board to Professional Polytechnic Welfare/ Nanyang Polytechnic on 1 February 1993. Development Education Development Courses Fund Sinking Fund Fund Fund Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 4. ACCUMULATED SURPLUS $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Restricted Funds Group
(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 Polytechnic’s 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
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
4. ACCUMULATED SURPLUS (cont’d) 4. ACCUMULATED SURPLUS (cont’d)
Project and Nanyang Student Project and Nanyang Student Professional Polytechnic Welfare/ Professional Polytechnic Welfare/ Development Education Development Development Education Development Courses Fund Sinking Fund Fund Fund Total Courses Fund Sinking Fund Fund Fund Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Group (cont’d) Group (cont’d)
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
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
4. ACCUMULATED SURPLUS (cont’d) 4. ACCUMULATED SURPLUS (cont’d)
Project and Nanyang Student Project and Nanyang Student Professional Polytechnic Welfare/ Professional Polytechnic Welfare/ Development Education Development Development Education Development Courses Fund Sinking Fund Fund Fund Total Courses Fund Sinking Fund Fund Fund Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Polytechnic Polytechnic (cont’d)
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
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
4. ACCUMULATED SURPLUS (cont’d) 4. ACCUMULATED SURPLUS (cont’d)
(c) Nanyang Polytechnic Education Fund Project and Nanyang Student Professional Polytechnic Welfare/ Donations and contributions made to the Nanyang Polytechnic Education Fund for endowment purpose Development Education Development are retained as principal capital to be kept intact to earn income. Income and expenditure of the Nanyang Courses Fund Sinking Fund Fund Fund Total Polytechnic Education Fund are taken to “Restricted Funds” in the statement of profit and loss and other 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 comprehensive income [Note 4(b)]. $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 The principal capital comprises the following: Polytechnic (cont’d) Group and Polytechnic 2016 2015 Represented by: $’000 $’000 Property, plant and equipment 7,999 5,698 - - - - 8 24 8,007 5,722 Subsidiaries 1,100 1,100 ------1,100 1,100 At 1 April 17,465 9,704 Investment securities Donations received/receivable 930 7,761 (non-current assets) 77,766 77,573 9,315 9,305 - - - - 87,081 86,878 At 31 March 18,395 17,465 Sundry receivables, deposits and prepayments 3,054 2,535 184 203 588 283 9 6 3,835 3,027 Represented by: Courses/projects-in-progress 18 39 ------18 39 Fixed deposits 282 4,385 Cash and cash equivalents Government and corporate bonds 17,905 12,382 (current assets) 20,127 14,823 8,981 7,312 5,386 4,955 1,785 1,697 36,279 28,787 Cash at bank 88 290 Grants due from government 7,789 7,956 ------7,789 7,956 Other receivables 120 408 Sundry creditors and accruals (1,017) (1,024) (416) (311) (1,423) (127) (8) (120) (2,864) (1,582) 18,395 17,465 Income received in advance (current liabilities) (593) (1,631) - - (2,233) (2,116) - - (2,826) (3,747) Income received in advance The use of donation moneys is in accordance with the objectives of the Nanyang Polytechnic Education Fund. (non-current liabilities) - - - - (1,160) (1,980) - - (1,160) (1,980) There are no fund-raising activities during the financial year. The income earned solely relates to interest income Grants received in advance (6,878) (329) ------(6,878) (329) derived from the fixed deposits, government and corporate bonds and donations received. Other receivables Deferred capital grants of $116,000 (2015 : $402,000) is a matching endowment fund donation grant receivable from the Ministry (non-government) (10,098) (7,400) - - - - (8) (24) (10,106) (7,424) of Education. 99,267 99,340 18,064 16,509 1,158 1,015 1,786 1,583 120,275 118,447 The total amount of tax deductible donations received for the calendar year 2015 is $916,000 (calendar year 2014 : $1,576,000).
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
5. PROPERTY, PLANT AND EQUIPMENT 5. PROPERTY, PLANT AND EQUIPMENT (cont’d)
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
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
5. PROPERTY, PLANT AND EQUIPMENT (cont’d) 7. INVESTMENT SECURITIES
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 operty,pr 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
6. SUBSIDIARIES Capital guaranteed investment Polytechnic portfolio managed by 2016 2015 fund manager 59,020 59,602 59,020 59,602 $’000 $’000 Government and corporate bonds, at amortised cost 19,905 14,382 19,905 14,382 Unquoted ordinary shares, at cost 1,100 1,100 201,982 196,622 197,753 192,403
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 NYP’s capabilities, expertise and experiences
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
9. SUNDRY RECEIVABLES, DEPOSITS AND PREPAYMENTS 7. INVESTMENT SECURITIES (cont’d) Group Polytechnic The government and corporate bonds held under held-to-maturity investment bear interest rates of 2.375% 2016 2015 2016 2015 to 4.75% (2015 : 2.375% to 4.60%) per annum and will mature after 1 year to more than 5 years. Interest is $’000 $’000 $’000 $’000 receivable on a semi-annual basis. Financial assets Investments managed by fund managers form part of the Polytechnic funds, which are administered by Sundry receivables, net of allowance 4,455 2,745 3,428 2,553 three external asset management financial institutions (fund managers). The fund managers are given Tuition fees 1,084 2,625 1,084 2,625 discretionary powers within certain guidelines to invest the funds. Deposits 699 369 690 360 Interest receivable 2,311 1,278 2,304 1,278 The categories of these investment securities and their carrying amounts are as follows: Amount due from subsidiary - - 571 396 Total financial assets 8,549 7,017 8,077 7,212 Group Polytechnic 2016 2015 2016 2015 Non-financial assets $’000 $’000 $’000 $’000 Prepayments 2,142 1,718 2,142 1,718 Financial assets managed by fund Goods and services tax receivable 2,255 1,081 2,237 1,081 managers at fair value through 4,397 2,799 4,379 2,799 profit or loss: Quoted securities 123,057 122,638 118,828 118,419 12,946 9,816 12,456 10,011 Capital guaranteed investments 59,020 59,602 59,020 59,602 182,077 182,240 177,848 178,021 Sundry receivables and the amount due from subsidiary are non-interest bearing and are generally on Held-to-maturity investment: 30 to 90 days’ terms. They are recognised at their original invoice amounts which represent their fair values Government and corporate bonds, on initial recognition. at amortised cost 19,905 14,382 19,905 14,382 201,982 196,622 197,753 192,403 Receivables that are past due but not impaired
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:
The components of deferred tax (assets)/liabilities are as follows: Group Polytechnic Property, 2016 2015 2016 2015 plant and $’000 $’000 $’000 $’000 Provisions equipment Total Sundry receivables past due: $’000 $’000 $’000 Less than 30 days 843 650 838 650 30 to 60 days 742 197 742 192 At 1 April 2014 (25) 5 (20) 61 to 90 days 68 55 68 54 Recognised in profit or loss (Note 18) (3) (1) (4) More than 90 days 251 48 240 48 At 31 March 2015 (28) 4 (24) 1,904 950 1,888 944 Recognised in profit or loss (Note 18) 12 - 12 At 31 March 2016 (16) 4 (12)
96 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 97 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
9. SUNDRY RECEIVABLES, DEPOSITS AND PREPAYMENTS (cont’d) 11. GRANTS DUE FROM GOVERNMENT Group and Polytechnic The Group’s and Polytechnic’s 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-General’s 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 Group’s 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.
98 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 99 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
13. GRANTS RECEIVED IN ADVANCE 14. DEFERRED CAPITAL GRANTS Note Group and Polytechnic Note Group and Polytechnic 2016 2015 2016 2015 $’000 $’000 $’000 $’000
At 1 April 5,812 4,797 At 1 April 529,082 505,742 Grants received/receivable during the year: Grants recognised as deferred income: - Government operating grants 216,285 215,674 - Government IT and F&E grants received 24,415 24,830 - Government development grants 3,852 33,037 - Government development grants 13 3,714 30,634 - Other grants 22,040 10,165 - Other grants 13,127 8,770 247,989 263,673 570,338 569,976 Transfer to deferred capital grants: - Government development grants 14 (3,714) (30,634) Grants taken to statement of profit or loss and - Other grants (299) (20) other comprehensive income: - Government IT and F&E grants utilised (9,364) (5,183) Amount taken to statement of profit or loss - Other grants utilised (7,465) (7,649) and other comprehensive income: - Deferred capital grant amortisation-government (27,377) (24,624) - Government operating grants (215,172) (214,581) - Deferred capital grant amortisation-other grants (3,336) (3,438) - Government development grants (283) (2,152) At 31 March 522,796 529,082 - Other grants (16,688) (10,474) At 31 March 11,833 5,812 Represented by: - Grants utilised 467,037 474,772 - Grants not utilised 55,759 54,310 During the financial year, the Group and Polytechnic received a grant of $20,502,000 (2015 : $19,897,000) At 31 March 522,796 529,082 from the Ministry of Education to settle the outstanding goods and services tax payable to the Inland Revenue Authority of Singapore and $3,475,000 (2015 : $2,736,000) of bursary for disbursement to the students during the year. The Ministry of Education also provided $1,318,000 (2015 : $4,169,000) of matching endowment fund donation grant and $109,000 (2015 : $117,000) for the Continuing Education Training Qualifications Award. 15. FUNDS MANAGED ON BEHALF OF OTHERS These amounts are not included in the operating grants received from the government disclosed above. Group and Polytechnic 2016 2015 $’000 $’000
(i) Funds managed on behalf of Ministry of Education 10,883 11,118 (ii) Funds managed on behalf of Singapore Totalisator Board 2,252 2,252 13,135 13,370
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.
100 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 101 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
15. FUNDS MANAGED ON BEHALF OF OTHERS (cont’d) 15. FUNDS MANAGED ON BEHALF OF OTHERS (cont’d)
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.
Group and Polytechnic 16. OTHER INCOME 2016 2015 $’000 $’000 The following items have been included in arriving at other income: (i) Funds managed on behalf of Ministry of Education Group Polytechnic At 1 April 11,118 11,091 2016 2015 2016 2015 Amount received during the year 5,238 2,429 $’000 $’000 $’000 $’000 Amount utilised during the year (1,038) (409) Amount refunded during the year (4,433) (1,983) Foreign exchange loss (10) (74) (10) (74) Amount written off during the year (2) (10) Fair value adjustment on At 31 March 10,883 11,118 financial assets at fair value through profit or loss (163) 7,945 (173) 7,740 Gain on disposal of property, Represented by: plant and equipment 73 38 73 38 Staff loans 26 35 Interest income 3,411 2,144 3,403 2,143 Student loans 7,922 7,798 Sundry debtors 400 366 Sundry creditors (378) (180) Fair value adjustment on financial assets at fair value through profit or loss refers to the difference between the Cash and cash equivalents 2,913 3,099 fair value of the financial assets and their carrying amounts as at 31 March 2016 and 2015. Included in the fair Net assets 10,883 11,118 value adjustment is realised gain on disposal of investment securities amounting to $Nil (2015 : $88,000).
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.
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
17. (DEFICIT) SURPLUS BEFORE GRANTS 18. INCOME TAX EXPENSE (cont’d)
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
Write back of allowance for Surplus after grants 20,755 34,699 doubtful debts - (84) - (84) Contribution to Central Provident Tax at the applicable tax rate of 17% (2015 : 17%) 3,528 5,899 Fund, included in salaries Effect of revenue exempt from taxation (3,431) (5,805) and allowances 23,933 20,603 23,762 20,461 Effect of partial tax exemption (3) (28) Rental income (Apartment) (1,697) (1,733) (2,782) (2,818) Effect of enhanced tax deduction (81) (37) Tax rebate - (9) Underprovision (Overprovision) of tax in prior years (6) 100 18. INCOME TAX EXPENSE 7 120 Group 2016 2015 $’000 $’000 Current year tax expense relates to taxation imposed on taxable income of the subsidiaries.
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
24,690 27,371 24,748 27,326
104 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 105 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
19. INCOME RECEIVED IN ADVANCE (cont’d) 22. FINANCIAL INSTRUMENTS
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 Polytechnic’s 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 Accountant–General’s 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
Short-term employee benefits 10,009 10,098 8,508 8,255 CPF contributions 515 380 459 330 10,524 10,478 8,967 8,585
106 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 107 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
22. FINANCIAL INSTRUMENTS (cont’d) 22. FINANCIAL INSTRUMENTS (cont’d)
(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 Group’s 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 Group’s 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 Group’s surplus for the year would have increased/ decreased by $1,349,000 (2015 : $1,192,000). 2015
Financial assets (Note 7): (iv) Foreign currency risk Quoted securities managed by fund managers: - unit trusts 122,638 Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign Capital guaranteed investment managed by fund manager 59,602 exchange rates. At 31 March 2015 182,240
The Polytechnic is not exposed to significant foreign currency risk as its transactions, financial assets and liabilities are mainly denominated in Singapore dollars.
(v) Market price risk
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 Group’s surplus for the year would have increased/decreased by $18,208,000/$16,326,000 (2015: $18,224,000/$16,866,000).
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NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016 For the year ended 31 March 2016
22. FINANCIAL INSTRUMENTS (cont’d) 22. FINANCIAL INSTRUMENTS (cont’d)
Polytechnic (ii) Other financial assets and liabilities Quoted prices in active market The carrying amount of the Group’s other financial assets and liabilities approximate their fair values for identical due to the relatively short term nature of these financial instruments. The aggregate net fair values of instruments recognised financial assets which are not carried at fair value in the balance sheet at 31 March are (Level 1) represented in the following table: 2016 $’000 Group and Polytechnic Financial assets (Note 7): 2016 2015 Quoted securities managed by fund managers: Carrying Carrying - unit trusts 118,828 amount Fair value amount Fair value Capital guaranteed investment managed by fund manager 59,020 $’000 $’000 $’000 $’000 At 31 March 2016 177,848 Financial assets Held-to-maturity government and corporate bonds 2015 (Note 7) 19,905 18,877 14,382 14,590
Financial assets (Note 7): Quoted securities managed by fund managers: The held-to-maturity government and corporate bonds are classified as level 1 in the fair value - unit trusts 118,419 hierarchy as there are quoted bid prices in an active market. Capital guaranteed investment managed by fund manager 59,602 At 31 March 2015 178,021 23. CAPITAL MANAGEMENT
Estimation of the fair values The primary objective of the Group’s 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 Group’s overall strategy remains unchanged from 2015. The net assets value at 31 March 2016 and 2015 were as follows: Group 2016 2015 $’000 $’000
Net assets 446,222 424,544
110 NANYANG POLYTECHNIC ANNUAL REPORT 2015/16 111 NANYANG POLYTECHNIC AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2016
24. RELATED PARTY TRANSACTIONS
Some of the Group’s 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
Between the Polytechnic and its subsidiaries Apartment rental, furnishing and cleaning income - - (1,085) (1,085) Project income - - (21) (45) Programme and facilities income - - (574) (473) Service fee income - - (164) (155) Facilities rental income - - (133) (122) Secondment income - - (212) - Service fee expense - - 950 1,323 Donation received for Nanyang Polytechnic Education Fund - - (214) (124)
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