| General Funds | Endowment and Term Funds | Total | ||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
| Revenue | 90,379 | 80,044 | — | — | 90,379 | 80,044 |
| Other Income | 2,876 | 1,436 | 6,957 | 2,926 | 9,833 | 4,362 |
| Operating Expenditure | ||||||
| Staff and Related Expenses | (119,958) | (111,118) | (374) | (389) | (120,332) | (111,507) |
| Programme and Student-Related Expenses | (65,668) | (67,958) | (3,779) | (3,459) | (69,447) | (71,417) |
| Depreciation and Amortisation Expenses | (45,072) | (42,886) | — | — | (45,072) | (42,886) |
| Rental and other Facility Expenses | (14,223) | (15,953) | — | — | (14,223) | (15,953) |
| Interest Expense | (1,396) | (1,610) | — | — | (1,396) | (1,610) |
| Other Operating Expenses | (22,207) | (24,924) | (1,071) | (666) | (23,278) | (25,590) |
| Total Operating Expenditure | (268,524) | (264,449) | (5,224) | (4,514) | (273,748) | (268,963) |
| Deficit before Investment Income and Government Grants | (175,269) | (182,969) | 1,733 | (1,588) | (173,536) | (184,557) |
| Net Investment Income/(Loss) | 638 | 1,430 | 129,047 | (9,212) | 129,685 | (7,782) |
| (Deficit)/Surplus before Government Grants | (174,631) | (181,539) | 130,780 | (10,800) | (43,851) | (192,339) |
| Government Grants | 217,082 | 196,208 | — | — | 217,082 | 196,208 |
| Net Surplus/(Deficit), representing Total Comprehensive Income/(Loss) | 42,451 | 14,669 | 130,780 | (10,800) | 173,231 | 3,869 |
The Consolidated Financial Statements, as set out on pages 55 to 58, are extracted from Singapore Institute of Technology and its subsidiary’s (“the Group”) Audited Financial Statements for the year ended 31 March 2021. It may not contain sufficient information to allow for a full understanding of the results and the state of affairs of the Group. For further information, please refer to the full set of the audited financial statements published on SIT official website at SingaporeTech.edu.sg.The Consolidated Financial Statements, as set out on pages 55 to 58, are extracted from Singapore Institute of Technology and its subsidiary’s (“the Group”) Audited Financial Statements for the year ended 31 March 2021. It may not contain sufficient information to allow for a full understanding of the results and the state of affairs of the Group. For further information, please refer to the full set of the audited financial statements published on SIT official website at SingaporeTech.edu.sg.
As at 31 March 2021
| GROUP | SIT | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| $’000 | $’000 | $’000 | $’000 | |
| ASSETS | ||||
| Non-Current Assets | ||||
| Investment in Subsidiaries | — | — | — (a) | — (a) |
| Property, Plant and Equipment | 667,676 | 589,404 | 667,676 | 589,404 |
| Intangible Assets | 4,558 | 6,665 | 4,530 | 6,603 |
| Student Loans | 508 | 729 | 508 | 729 |
| Other Non-Current Assets | 67,155 | 70,386 | 67,155 | 70,386 |
| 739,897 | 667,184 | 739,869 | 667,122 | |
| Current Assets | ||||
| Cash and Cash Equivalents | 292,344 | 165,355 | 292,244 | 165,270 |
| Financial Assets, at Fair Value through Profit or Loss | 707,400 | 489,158 | 707,400 | 489,158 |
| Deposits for Investments | 20,154 | — | 20,154 | — |
| Tuition Fees and Other Receivables | 84,115 | 158,513 | 84,418 | 158,563 |
| Student Loans | 127 | 58 | 127 | 58 |
| Other Current Assets | 20,404 | 8,480 | 20,401 | 8,477 |
| Derivative Financial Instruments | — | 88 | — | 88 |
| 1,124,544 | 821,652 | 1,124,744 | 821,614 | |
| Total Assets | 1,864,441 | 1,488,836 | 1,864,613 | 1,488,736 |
| LIABILITIES | ||||
| Non-Current Liabilities | ||||
| Deferred Capital Grants | 513,922 | 458,023 | 513,908 | 458,023 |
| Other Deferred Grants | 70,174 | 73,501 | 70,174 | 73,501 |
| Lease Liabilities | 37,114 | 42,087 | 37,114 | 42,087 |
| 621,210 | 573,611 | 621,196 | 573,611 | |
| Current Liabilities | ||||
| Trade and Other Payables | 73,363 | 88,783 | 73,283 | 88,683 |
| Deferred Tuition Fee Income | 9,400 | 11,604 | 9,400 | 11,604 |
| Grants Received In Advance | 159,981 | 27,997 | 159,981 | 27,997 |
| Lease Liabilities | 5,598 | 5,376 | 5,598 | 5,376 |
| Derivative Financial Instruments | 18 | — | 18 | — |
| 248,360 | 133,760 | 248,280 | 133,660 | |
| Total Liabilities | 869,570 | 707,371 | 869,476 | 707,271 |
| NET ASSETS | 994,871 | 781,465 | 995,137 | 781,465 |
| FUNDS AND RESERVES | ||||
| General Funds | ||||
| - Accumulated Surplus | 211,501 | 169,050 | 211,767 | 169,050 |
| Endowment And Term Funds | ||||
| - Capital | 585,511 | 545,336 | 585,511 | 545,336 |
| - Accumulated Surplus | 197,859 | 67,079 | 197,859 | 67,079 |
| 783,370 | 612,415 | 783,370 | 612,415 | |
| 994,871 | 781,465 | 995,137 | 781,465 | |
(a) Less than $1,000
For the financial year ended 31 March 2021
| Accumulated Surplus – General Funds | Endowment and Term Funds | Total | |
|---|---|---|---|
| $’000 | $’000 | $’000 | |
| 2021 | |||
| Balance at 1 April 2020 | 169,050 | 612,415 | 781,465 |
| Net Surplus, representing Total Comprehensive Income | 42,451 | 130,780 | 173,231 |
| Government Grants and Donations | — | 40,175 | 40,175 |
| Balance at 31 March 2021 | 211,501 | 783,370 | 994,871 |
| 2020 | |||
| Balance at 1 April 2019 | 154,381 | 509,640 | 664,021 |
| Net Surplus/(Deficit), representing Total Comprehensive Income/(Loss) | 14,669 | (10,800) | 3,869 |
| Government Grants and Donations | — | 113,575 | 113,575 |
| Balance at 31 March 2020 | 169,050 | 612,415 | 781,465 |
For the financial year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| $’000 | $’000 | |
| Cash Flows From Operating ActivitiesCash Flows From Operating Activities | ||
| Deficit before Government Grants | (43,851) | (192,339) |
| Adjustments for: | ||
| - Depreciation and Amortisation | 45,072 | 42,886 |
| - Donations | (6,957) | (2,926) |
| - Net Loss/(Gain) on Disposal of Property, Plant and Equipment | 9 | (7) |
| - Interest Income | (1,599) | (2,682) |
| - Dividend Income | (2,405) | (791) |
| - Currency Exchange Loss/(Gain) | 171 | (416) |
| - Fair Value (Gain)/Loss on Financial Assets at Fair Value through Profit or Loss | (95,159) | 13,724 |
| - Fair Value (Gain)/Loss on Derivative Financial Instruments | (177) | 170 |
| - Gain on Disposal of Financial Assets at Fair Value through Profit or Loss | (30,516) | (2,223) |
| - Interest Expense | 1,396 | 1,610 |
| - Loss Allowance | (12) | (81) |
| Operating Cash Flows before Changes in Working Capital | (134,028) | (143,075) |
| Change in Operating Assets and Liabilities | ||
| Tuition Fees and Other Receivables | 10,296 | (5,725) |
| Student Loans and Other Assets | (8,541) | 5,190 |
| Trade and Other Payables | 1,735 | 32,188 |
| Net Cash Used in Operating Activities | (130,538) | (111,422) |
| Cash Flows From Investing Activities | ||
| Purchase of Property, Plant and Equipment and Intangible Assets | (119,963) | (102,933) |
| Proceeds from Disposal of Property, Plant and Equipment | 1 | 56 |
| Purchase of Financial Assets at Fair Value through Profit or Loss | (259,339) | (67,426) |
| Proceeds from Disposal of Financial Assets at Fair Value through Profit or Loss | 166,772 | 40,288 |
| Deposits for Investments | (20,154) | — |
| Prepayment of Right-of-Use Assets | (17,562) | (250,795) |
| Settlement of Currency Forwards | 283 | (258) |
| Interest Received | 1,852 | 2,604 |
| Net Cash Used in Investing Activities | (248,110) | (378,464) |
| Cash Flows From Financing Activities | ||
| Operating Grants Received | 135,518 | 167,156 |
| Development Grants Received | 230,100 | 280,541 |
| Other Government Grants Received | 28,062 | 13,883 |
| Matching Endowment Grants Received | 101,911 | 1,703 |
| Donations Received | 17,040 | 18,961 |
| Principal Payment of Lease Liabilities | (5,598) | (5,189) |
| Interest paid on Lease Liabilities | (1,396) | (1,610) |
| Net Cash Flows Generated From Financing Activities | 505,637 | 475,445 |
| Net Increase/(Decrease) in Cash and Cash Equivalents | 126,989 | (14,441) |
| Cash and Cash Equivalents at Beginning of Financial Year | 165,355 | 179,796 |
| Cash and Cash Equivalents at End of Financial Year | 292,344 | 165,355 |