CREA TING - Singapore Polytechnic

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Statement of Cash Flows For the financial year ended 31 March 2011 Note 2011 2010 $'000 $'000 Cash flows from operating activities Deficit before grants (213,661) (192,756) Adjustment for: Depreciation of property, plant and equipment 9 30,339 28,571 Interest income (1,261) (899) Loss on disposal of property, plant and equipment 54 11 (184,529) (165,073) Changes in working capital: Trade and other receivables 1,288 649 Staff and student loans (47) (55) Trade and other payables 7,470 726 Net cash used in operating activities (175,818) (163,753) Cash flows from investing activities Interest received 1,261 899 Purchases of property, plant and equipment (41,458) (51,046) Proceeds from disposals of property, plant and equipment 45 15 Cash flows used in investing activities (40,152) (50,132) Cash flows from financing activities Development grants received from Government 18,213 34,943 IT and F & E grants received from Government 23,995 22,945 Innovation grants received from Government 931 660 Operating grants received from Government 217,195 225,474 Operating grants received from non-government organisations 2,859 2,593 Contributions and donations received for the endowment fund (capital) 2,015 5 Net increase in fixed deposits with more than three months maturity (56,692) (40,243) Proceeds from the maturity of financial assets, available-for-sale 3,000 - Net cash provided by financing activities 211,516 246,377 Net (decrease)/increase in cash and cash equivalents (4,454) 32,492 Cash and cash equivalents at beginning of the year 187,469 154,977 Cash and cash equivalents at end of the year 15 183,015 187,469 The accompanying notes form an integral part of these financial statements. 30 Singapore Polytechnic Annual Report 2010/11
Notes to the Financial Statements For the financial year ended 31 March 2011 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General The Polytechnic, established under the Singapore Polytechnic Act (Chapter 303), is domiciled in Singapore. Its campus is situated at 500 Dover Road Singapore 139651 The Polytechnic is principally engaged in providing studies, training and research in technology, science, commerce and arts. The principal activities of its subsidiaries are disclosed in Note 10 of the notes to the financial statements. 2. Significant accounting policies 2.1 Basis of preparation The financial statements have been prepared in accordance with Statutory Board Financial Reporting Standards (“SB-FRS”). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The preparation of these financial statements in conformity with SB-FRS requires management to exercise its judgement in the process of applying the Polytechnic’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. There are no areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the financial statements. 2.2 Revenue recognition Course and other fees for the academic year and all other income are recognised on the accrual basis. Rental income from operating leases are recognised on a straight-line basis over the lease term. Interest income is recognised on a time proportion basis using the effective interest method. Donations are recognised in the year of receipt. 2.3 Grants Development grants from government and contributions from other organisations utilised for the purchase of depreciable assets or to finance capital projects are taken to the Deferred Capital Grants account if the assets are capitalised, or taken to the income statement if the assets purchased are written off in the year of purchase. Singapore Polytechnic Annual Report 2010/11 31
Page 1 and 2: CREATING Singapore Polytechnic Annu
Page 3 and 4: Students Teaching Staff Alumni Exce
Page 5 and 6: Chairman’s Statement It has been
Page 7: This is an ambitious plan that will
Page 10 and 11: Standing Committees Administration
Page 12 and 13: Management Team PRINCIPAL Mr Tan Ha
Page 14 and 15: Facts and Figures GRADUATES IN LOCA
Page 16 and 17: May 2010 The Governor-General of Ne
Page 18 and 19: July 2010 SP’s first-ever tree au
Page 20 and 21: September 2010 SP and Rotman Design
Page 22 and 23: November 2010 Dr Tan Eng Lee, a Sch
Page 24 and 25: February 2011 SP set a national rec
Page 26 and 27: Statement by Board of Governors For
Page 28 and 29: Report on Other Legal and Regulator
Page 30 and 31: Balance Sheet For the financial yea
Page 34 and 35: Notes to the Financial Statements F
Page 56: 500 Dover Road Singapore 139651 Tel

CREA TING - Singapore Polytechnic

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