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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 April 2022 to 31 March 2025

Board Members

Kindly view our board members list here.

Board Members of NAFA (as at Financial Year Ended 31 Mar 2023)

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 (4)
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)
Mr Koh Aun 01-Jan-21 (3)
Dr Kwong Yuk Wah 01-Apr-17 (2)
Mr Latiff Bin Ibrahim 01-Apr-17 (4)
Mr Leong Weng Kam* 01-Jan-12 (4)
Prof Elvin Lim Tze Kiat 01-Jan-21 (4)
Ms Low Chi Kien 01-Jan-16 (3)
Mr Low Eng Teong^ 01-Jan-20 (4)
Mr Simon Ong Chin Sim 01-Jan-16 (3)
Mr Tan Li Sheng (Chen Lisheng) 01-Jan-21 (3)
Ms Tham Kwang Hsueh Yvonne 01-Jan-20 (4)
Mr Ting Wei Jin, Kennie 01-Jan-19 (1)
Assoc Prof Jesvin Yeo Puay Hwa 01-Apr-17 (3)

* Board members appointed for more than 10 years since Jan 2012 (3 in total) are within constitutional limit of 12 consecutive years.

^ Resigned on 14 April 2023

No Board remuneration had been paid.

Ms. Tan Miao Ken May was appointed as board director on 15 April 2023.

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
2022
(S$'000)
2023
(S$'000)
Income
   
- Programme Fees
37,185 38,510
- Other Income 5,477 6,442
- Government Grants 23,323 24,846
- Donations 2,376 1,587
Total Income
68,361 71,385



Expenditure


- Administrative and operating expenses
42,271 46,923
- Other Expenses 19,274 21,585
Total Expenditure
61,545 68,508



Surplus 6,816 2,877
- Net Surplus in Unrestricted Funds 5,535 2,844
- Net Surplus/ (Deficit) in Restricted Funds 1,281 33

Balance Sheet
2022
(S$'000)
2023
(S$'000)
Assets


- Land and Buildings
58,101 51,697
- Other Assets
12,880 13,077
- Investments
18,617 28,936
- Trade and Other Receivables
6,372 2,732
- Cash & Deposits
68,978 65,326
Total Assets
164,948 161,768
     
Funds


- Total Unrestricted Funds
66,998 66,842
- Total Restricted Funds 22,787 25,820
Total Funds and Reserves
89,785 92,662
     
Liabilities


- Total Current Liabilities 25,196 24,215
- Total Non-Current Liabilities
49,967 44,891
Total Liabilities
75,163 69,106
     
Total Funds and Liabilities
164,948 161,768

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),
  • NAFA’s reserve level is more than 1 year of working capital for contingency and campus development project.
  • There was a fund-raising golf tournament event in financial period from 1 April 2022 to 31 Mar 2023.
  • 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 relevant volunteer management policy in place.