FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022)
| General Funds | Endowment and term fund | Total | ||||
|---|---|---|---|---|---|---|
| 2022 $'000 | 2021 $'000 | 2022 $'000 | 2021 $'000 | 2022 $'000 | 2021 $'000 | |
| Revenue | 96,234 | 90,379 | — | — | 96,234 | 90,379 |
| Other income | 2,553 | 2,876 | 4,185 | 6,975 | 6,738 | 9,833 |
| Operating Expenditure | ||||||
| Staff and Related Expenses | (128,373) | (119,958) | (521) | (374) | (128,894) | (120,332) |
| Programme and Student-Related Expenses | (70,048) | (65,668) | (3,761) | (3,779) | (73,809) | (69,447) |
| Depreciation and Amortisation Expenses | (44,406) | (45,072) | (3) | — | (44,409) | (45,072) |
| Rental and Other Facility Expenses | (15,664) | (14,223) | — | — | (15,664) | (14,223) |
| Interest Expense | (1,250) | (1,396) | — | — | (1,250) | (1,396) |
| Other Operating Expenses | (24,394) | (22,207) | (1,612) | (1,071) | (26,006) | (23,278) |
| Total Operating Expenditure | (284,135) | (268,524) | (5,897) | (5,224) | (290,032) | (273,748) |
| Deficit before Investments Income and Government Grants | (185,348) | (175,269) | (1,712) | 1,733 | (187,060) | (173,536) |
| Net Investment Income | 542 | 638 | 39,866 | 129,047 | 40,408 | 129,685 |
| (Deficit)/Surplus before Government Grants | (184,806) | (174,631) | 38,154 | 130,780 | (146,652) | (43,851) |
| Government Grants | 218,947 | 217,082 | — | — | 218,947 | 217,082 |
| Net Surplus, representing Total Comprehensive Income | 34,141 | 42,451 | 38,154 | 130,780 | 72,295 | 173,231 |
Important Note
The Consolidated Financial Statements, as set out on pages 67 to 71, are extracted from Singapore Institute of Technology and its subsidiaries (“the Group”) Audited Financial Statements for the year ended 31 March 2022. 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.
STATEMENT OF FINANCIAL POSITION
(AS AT 31 MARCH 2022)
| Group | SIT | |||
|---|---|---|---|---|
| 2022 $'000 | 2021 $'000 | 2022 $'000 | 2021 $'000 | |
| ASSETS | ||||
| Non-Current Assets | ||||
| Investments in Subsidiaries | — | — | —(a) | —(a) |
| Property, Plant and Equipment | 777,031 | 667,676 | 776,520 | 667,676 |
| Intangible Assets | 2,627 | 4,558 | 2,627 | 4,530 |
| Student Loans | 309 | 508 | 309 | 508 |
| Other Non-Current Assets | 63,974 | 67,155 | 63,940 | 67,155 |
| Total Non-Current Assets | 843,941 | 739,897 | 843,396 | 739,869 |
| Current Assets | ||||
| Cash and Cash Equivalents | 270,109 | 292,344 | 270,098 | 292,244 |
| Financial Assets at Fair Value through Profit or Loss | 811,608 | 707,400 | 811,608 | 707,400 |
| Deposits for Investments | 2,584 | 20,154 | 2,584 | 20,154 |
| Fees and Other Receivables | 123,523 | 84,115 | 124,652 | 84,418 |
| Student Loans | 81 | 127 | 81 | 127 |
| Other Current Assets | 10,505 | 20,404 | 10,505 | 20,401 |
| Derivative Financial Instruments | 20 | — | 20 | — |
| Total Current Assets | 1,218,430 | 1,124,544 | 1,219,548 | 1,124,744 |
| TOTAL ASSETS | 2,062,371 | 1,864,441 | 2,062,944 | 1,864,613 |
| LIABILITIES | ||||
| Current Liabilities | ||||
| Trade and Other Payables | 77,383 | 73,363 | 77,414 | 73,283 |
| Deferred Tuition Fee Income | 9,207 | 9,400 | 9,207 | 9,400 |
| Grants Received In Advance | 132,673 | 159,981 | 132,673 | 159,981 |
| Lease Liabilities | 4,888 | 5,598 | 4,884 | 5,598 |
| Borrowings | 43 | — | 43 | — |
| Derivative Financial Instruments | — | 18 | — | 18 |
| Total Current Liabilities | 224,194 | 248,360 | 224,221 | 248,280 |
| NET CURRENT ASSETS | 994,236 | 876,184 | 995,327 | 876,464 |
| Non-Current Liabilities | ||||
| Deferred Capital Grants | 591,652 | 513,922 | 591,652 | 513,908 |
| Other Deferred Grants | 66,847 | 70,174 | 66,847 | 70,174 |
| Lease Liabilities | 32,892 | 37,114 | 32,371 | 37,114 |
| Borrowings | 34,000 | — | 34,000 | — |
| Total Non-Current Liabilities | 725,391 | 621,210 | 724,870 | 621,196 |
| TOTAL LIABILITIES | 949,585 | 869,570 | 949,091 | 869,476 |
| NET ASSETS | 1,112,786 | 994,871 | 1,113,853 | 995,137 |
| FUNDS AND RESERVES | ||||
| General Funds | ||||
| - Accumulated Surplus | 245,642 | 211,501 | 246,709 | 211,767 |
| Endowment and Term Funds | ||||
| - Capital | 631,131 | 585,511 | 631,131 | 585,511 |
| - Accumulated Surplus | 236,013 | 197,859 | 236,013 | 197,859 |
| 876,144 | 783,370 | 867,144 | 783,370 | |
| TOTAL FUNDS AND RESERVES | 1,112,786 | 994,871 | 1,113,853 | 995,137 |
(a) Less than $1,000
CONSOLIDATED STATEMENT OF CHANGES IN FUNDS AND RESERVES
(FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022)
| General Funds | Endowment and term funds | Total | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| 2022 | |||
| Balance at 1 April 2021 | 211,501 | 783,370 | 994,871 |
| Net Surplus, representing Total Comprehensive Income | 34,141 | 38,154 | 72,295 |
| Government Grants and Donations | — | 45,620 | 45,620 |
| Balance at 31 March 2022 | 245,642 | 867,144 | 1,112,786 |
| 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 2022 | 211,501 | 783,370 | 994,871 |
CONSOLIDATED STATEMENT OF CASH FLOWS
(FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022)
| 2022 | 2021 | |||
|---|---|---|---|---|
| $'000 | $'000 | |||
| Cash Flows From Operating Activities | ||||
| Deficit before Government Grants | (146,652) | (43,851) | ||
| Adjustments for: | ||||
| Depreciation and Amortisation | 44,409 | 45,072 | ||
| Donations | (4,185) | (6,957) | ||
| Net Loss/(Gain) on Disposal of Property, Plant and Equipment | (12) | 9 | ||
| Interest Income | (1,230) | (1,599) | ||
| Dividend Income | (4,138) | (2,405) | ||
| Currency Exchange Loss/(Gain) | (201) | 171 | ||
| Fair Value (Gain)/Loss on Financial Assets at Fair Value through Profit or Loss | (27,650) | (95,159) | ||
| Fair Value (Gain)/Loss on Derivative Financial Instruments | 52 | (177) | ||
| Gain on Disposal of Financial Assets at Fair Value through Profit or Loss | (7,241) | (30,516) | ||
| Interest Expense | 1,250 | 1,396 | ||
| Loss Allowance | 4 | (12) | ||
| Operating Cash Flows before Changes in Working Capital | ||||
| Change in Operating Assets and Liabilities | (145,594) | (134,028) | ||
| Fees and Other Receivables | (28,428) | 10,296 | ||
| Student Loans and Other Assets | 13,325 | (8,541) | ||
| Trade and Other Payables | 1,624 | (670) | ||
| Net Cash Used in Operating Activities | (159,073) | (132,943) | ||
| Cash Flows From Investing Activities | ||||
| Purchase of Property, Plant and Equipment and Intangible Assets | (148,407) | (119,963) | ||
| Proceeds from Disposal of Property, Plant and Equipment | 17 | 1 | ||
| Purchase of Financial Assets at Fair Value through Profit or Loss | (157,338) | (259,339) | ||
| Proceeds from Disposal of Financial Assets at Fair Value through Profit or Loss | 108,175 | 166,772 | ||
| Deposits for Investments | (2,584) | (20,154) | ||
| Prepayment of Right-of-Use Assets | — | (17,562) | ||
| Settlement of Currency Forwards | (90) | 283 | ||
| Interest Received | 1,487 | 1,852 | ||
| Dividend Received | 4,138 | 2,405 | ||
| Net Cash Used in Investing Activities | (194,602) | (245,705) | ||
| Cash Flows From Financing Activities | ||||
| Operating Grants Received | 146,063 | 135,518 | ||
| Development Grants Received | 72,784 | 230,100 | ||
| Other Government Grants Received | 27,969 | 28,062 | ||
| Matching Endowment Grants Received | 41,103 | 101,911 | ||
| Donations Received | 16,687 | 17,040 | ||
| Principal Payment of Lease Liabilities | # | (5,916) | (5,598) | |
| Interest paid on Lease Liabilities | # | (1,250) | (1,396) | |
| Proceeds from loans | # | 34,000 | — | |
| Net Cash Flows Generated From Financing Activities | 331,440 | 505,637 | ||
| Net (Decrease)/Increase in Cash and Cash Equivalents | (22,235) | 126,989 | ||
| Cash and Cash Equivalents at Beginning of Financial Year | 292,344 | 165,355 | ||
| Cash and Cash Equivalents at End of Financial Year | 270,109 | 292,344 | ||
# See NOTE A
NOTE A: Reconciliation of Liabilities Arising From Financing Activities
| 1 April 2021 | Principal and Interest Payments | Proceeds from Borrowings | Non-Cash Changes | 31 March 2022 | ||
|---|---|---|---|---|---|---|
| Additions | Interest Expense | |||||
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| 2022 | ||||||
| Lease Liabilities | 42,712 | (7,166) | — | 984 | 1,250 | 37,780 |
| Borrowings | — | — | 34,000 | — | 43 | 34,403 |
| 1 April 2020 | Principal and Interest Payments | Proceeds from Borrowings | Non-Cash Changes | 31 March 2021 | ||
|---|---|---|---|---|---|---|
| Additions | Interest Expense | |||||
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| 2021 | ||||||
| Lease Liabilities | 47,463 | (24,606) | — | 18,459 | 1,396 | 42,712 |
