Financial Information


NAFA is a not-for-profit private education institution with charity status. We receive financial support from Singapore’s Ministry of Education and dollar-for-dollar matching for cash donations from Singapore’s Ministry of Culture, Community and Youth.

Name of Organisation: Nanyang Academy of Fine Arts

Address: 80 Bencoolen Street, Singapore 189655

Contact Information:
Name of Contact Person: Mr Wong Kron Joo, Director (Finance)
Telephone No: 6512 4033
Fax No: 6337 3920
Email: [email protected]
Website Address: www.nafa.edu.sg

Constitution:
Company Limited by Guarantee
Date of Incorporation: 26 March 2010
UEN.: 201006523M

Charity Status:
Charity Registration No.: 201006523M
Charity Registration Date: 01 April 2010

Institution of a Public Character (IPC) Status:
Effective Date: 1 January 2019 to 31 March 2022

Board Members

Kindly view our board members list here.

Board Members of NAFA (as at Financial Year Ended 31 Mar 2021)

A total of 4 Board meetings were held during the financial year.

Board members Appointment dates No. of Board meetings attended
Ms Low Sin Leng, Chairman 01-Jan-12 (4)
Mr Chew Sin Hwa 01-Jan-16 (2)
Mr Chia Wee Boon 01-Jan-20 (3)
Ms Harasha Binte Khalid Bafana 01-Jan-19 (3)
Prof Heng Chye Kiang 01-Apr-17 (3)
Mr Hoong Bee Lok 01-Jan-12 (4)
Dr Kan Yaw Kiong @ Ernest 01-Jan-19 (4)
Dr Kwong Yuk Wah 01-Apr-17 (3)
Mr Latiff Bin Ibrahim 01-Apr-17 (4)
Mr Leong Weng Kam 01-Jan-12 (4)
Ms Low Chi Kien 01-Jan-16 (4)
Mr Low Eng Teong 01-Jan-20 (4)
Mr Simon Ong Chin Sim 01-Jan-16 (4)
Ms Tham Kwang Hsueh Yvonne 01-Jan-20 (4)
Mr Ting Wei Jin, Kennie 01-Jan-19 (4)
Assoc Prof Jesvin Yeo Puay Hwa 01-Apr-17 (4)
Prof Elvin Lim Tze Kiat* 01-Jan-21 (1)
Mr Koh Aun* 01-Jan-21 (1)
Mr Tan Li Sheng (Chen Lisheng)* 01-Jan-21 (1)
Assoc Prof Chia Wei Khuan^ 01-Jan-09 (3)
Ms Joan Moh Jiehui^ 01-Jan-19 (3)

*Appointed on 1 Jan 2021
^Appointment ended on 31 Dec 2020
No member has served for more than the constitutional limit of 12 consecutive years.
No Board remuneration had been paid.

Board selection, recruitment, re-appointment, training and evaluation of Board effectiveness

  • Potential Board members nominated by the Board Executive Committee had to be approved by the Board in accordance with the constitution.
  • New Board members had been briefed on their roles and responsibilities.
  • Re-appointment of Board members had to be approved by the Board in accordance with the constitution.
  • Yearly independent surveys were conducted amongst the Board members to gather feedback for review by the Board.
Key Employees
Mrs Tan-Soh Wai Lan, President (Appointed on 1 January 2021)
Mr Soo Tah Keng Jerry, Vice-President (Academic) (Appointed on 1 July 2016)
Ms Carol Tan, Vice-President (Corporate Services) (Appointed on 1 July 2012)

 

Auditor: KPMG

Financial Information for year ended 31 March

Income & Expenditure Statement
2019
(S$'000)
2020
(S$'000)
2021
(S$'000)
Income
     
- Programme Fees
38,645 39,610 38,831
- Other Income 5,766 6,056 5,064
- Government Grants 21,939 21,685 21,305
- Donations 3,367 3,414 624
Total Income
69,717 70,765 65,824
Expenditure



- Administrative and operating expenses
43,630 43,908 37,266
- Other Expenses 18,253 18,324 17,332
Total Expenditure
61,883 62,232 54,598
Surplus 7,834 8,533 11,226
- Net Surplus in Unrestricted Funds 5,322 6,234 11,386
- Net Surplus/ (Deficit) in Restricted Funds 2,512 2,299 (160)
Balance Sheet
2019
(S$'000)
2020
(S$'000)
2021
(S$'000)
Assets



- Land and Buildings
76,388 70,192 64,494
- Other Assets
8,762 11,875 11,672
- Investments
13,722 13,716 15,013
- Trade and Other Receivables
3,774 4,752 4,496
- Cash & Deposits
46,498 57,851 73,223
Total Assets
149,144 158,386 168,898
       
Funds



- Total Unrestricted Funds
51,443 57,677 69,063
- Total Restricted Funds 11,767 14,066 13,906
Total Funds and Reserves
63,210 71,743 82,969
       
Liabilities



- Total Current Liabilities 21,257 27,227 31,483
- Total Non-Current Liabilities
64,677 59,416 54,446
Total Liabilities
85,934 86,643 85,929
       
Total Funds and Liabilities
149,144 158,386 168,898

Notes and other disclosures:

  • The financial information posted online is extracted from audited accounts.
  • Restricted Funds are funds raised for the Campus Development Fund (for its various development projects timeline in the near term), scholarships and bursaries for students (over the course of students programme duration).
  • NAFA’s reserve level is more than 1 year of working capital for contingency and campus development project.
  • There was no major fund-raising event in financial period from 1 April 2020 to 31 Mar 2021.
  • There were no paid staff who were close members of the family of the Executive Head or Board Member receiving more than $50,000 during the year.
  • NAFA has documented procedures for board members and staff to declare conflict of interest.
  • NAFA has documented procedures for financial matters in key areas including Procurement procedures and controls, receipting, payment procedures and controls and System for the delegation of authority and limits of approval.
  • Staff are not involved in setting their own remuneration.
  • NAFA has no volunteer management policy as it is not applicable.