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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
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 2025 to 31 March 2028

Board Members

Kindly view our board members list here.

Board Members of NAFA (as at Financial Year Ended 31 Mar 2026)

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

Board members Appointment date Resignation date No. of meetings attended
Chairman, Ms. Low Sin Leng 1 Jan 2012 - 4
Mr. Chia Wee Boon 1 Jan 2020 - 3
Ms. Harasha Binte Khalid Bafana 1 Jan 2019 - 2
Prof. Heng Chye Kiang 1 Apr 2017 - 2
Mr. Koh Aun 1 Jan 2021 - 4
Mr. Koh Chin Beng 15 Mar 2025 - 3
Mr. Lau Teck Sien 15 Mar 2025 - 3
Ms. Lee Mei Hui, Amanda 1 May 2024 - 3
Mr. Lim Sing Siong 1 Feb 2024 - 4
Prof. Elvin Lim Tze Kiat 1 Jan 2021 - 3
Ms. Low Chi Kien 1 Jan 2016 - 3
Mr. Low Sze Wee 1 Sep 2024 - 2
Mr. Simon Ong Chin Sim 1 Jan 2016 - 3
Mrs Tan-Soh Wai Lan 1 Feb 2024 - 4
Ms. Tham Kwang Hsueh Yvonne 1 Jan 2020 - 4
Prof. Jesvin Yeo Puay Hwa 1 Apr 2017 - 3
Dr. Zhou Zhaocheng 1 Feb 2024 - 3
Dr. Kwong Yuk Wah 1 Apr 2017 31 Mar 2026 1
Ms. Tan Miao Ken May 15 Apr 2023 14 Apr 2026 2

Chairman Ms. Low Sin Leng has served since 2012, and her continued appointment complies with the constitutional provision allowing re-appointment beyond 12 years with the required board approval.

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)
Associate Professor, Chong Keng Hua, Vice-President (Academic) & Provost (Appointed on 3 February 2025)
Mr Yong Lye Yong, Vice-President (Corporate Services) (Appointed on 1 January 2025)

Auditor: Ernst & Young LLP

Financial Information for year ended 31 March

Income & Expenditure Statement
2025
(S$'000)
2026
(S$'000)
Income
   
- Programme Fees
42,350 45,016
- Other Income 7,215 6,152
- Government Grants 26,371 27,135
- Donations 1,457 2,320
Total Income
77,393 80,623


 
Expenditure

 
- Administrative and operating expenses
51,038 56,119
- Other Expenses 21,932 23,783
Total Expenditure
72,970 79,902


 
Surplus 4,423 721
- Net Surplus in Unrestricted Funds 4,844 1,028
- Net Surplus/ (Deficit) in Restricted Funds (62) 51
- Net Surplus/ (Deficit) in Sinking Funds (359) (358)

Balance Sheet
2025
(S$'000)
2026
(S$'000)
Assets


- Land and Buildings
38,970 32,691
- Other Assets
14,597 24,662
- Investments
24,362 22,113
- Trade and Other Receivables
4,358 4,901
- Cash & Deposits
79,614 80,658
Total Assets
161,901 165,025
     
Funds


- Total Unrestricted Funds
72,541 69,869
- Total Restricted Funds 27,907 31,300
Total Funds and Reserves
100,448 101,169
     
Liabilities


- Total Current Liabilities 27,250 28,853
- Total Non-Current Liabilities
34,203 35,003
Total Liabilities
61,453 63,856
     
Total Funds and Liabilities
161,901 165,025


Notes and other disclosures:

  • The financial information posted online is extracted from audited accounts.
  • Restricted funds, consisting of donations and related interest income, are designated to support campus development, student scholarships and bursaries, research, and other academic initiatives.
  • NAFA's reserve level is maintained at approximately one year's operating requirements, providing resources for contingencies and campus development projects.
  • There was a fund-raising golf event in financial period from 1 April 2025 to 31 Mar 2026.
  • 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.