FINANCIAL HIGHLIGHTS

AUDITED FINANCIAL STATEMENTS FY2022

The financial statements of NIEC for FY2022 ended 31 March 2023 were audited by the auditors, KPMG LLP. The financial statements of NIEC comprise the statement of financial position as at 31 March 2023, and the statement of comprehensive income, statement of changes in fund and reserve and statement of cash flows for the year then ended, and the notes to the financial statements, including the summary of significant accounting policies. The financial statements of NIEC were properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”), the Singapore Charities Act, Chapter 37 and other relevant regulations (the “Charities Act and Regulations”) and Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view of the financial position of NIEC as at 31 March 2023 and the financial performance, changes in fund and reserve and cashflows of NIEC for the year ended on that date. The NIEC Board approved the NIEC’s audited financial statements for FY2022.

 

Income and Expenditure
In FY2022, NIEC recorded a total income of S$60.5 million (FY2021: S$64.3 million) (including government grants), expenditure of S$63.2 million (FY2021 restated: S$61.7 million) and net deficit of S$2.7 million (FY2021 restated: net surplus S$2.5 million).

 

Balance Sheet
Total assets were S$21.5 million (FY2021 restated: S$23.2). Total liabilities were S$17.5 million (FY2021 restated: S$16.5 million).

 

Review and Changes in the Policy
There were no changes to NIEC’s accounting policy in FY2022. NIEC is registered as a Charity and no fund-raising activity was carried out in FY2022.

 

Funding Sources
NIEC is principally funded by operating grants from MOE, SSG, WSG and from course and miscellaneous fees charged.

 

Memberships
Not applicable.

 

Future Plans and Commitments
There is no plan for significant capital investment in FY2023.

 

Note: The Audited Financial Statements of NIEC for year ended 31 March 2023 is not attached to this annual report.