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Audited Financial Statements FY2021
The financial statements of NIEC for FY2021 ended 31 March 2022 were audited by the auditors, KPMG LLP. The financial statements of NIEC comprise the statement of financial position as at 31 March 2022, 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 2022 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 FY2021.


Income and Expenditure
In FY2021, NIEC recorded a total income of S$64.3 million (FY2020: S$62.0 million) (including government grants), expenditure of S$59.8 million (FY2020: S$56.9 million) and net surplus of S$4.4 million (FY2020: S$5.2 million).


Balance Sheet
Total assets were S$25.0 million (FY2020: S$24.8 million). Total liabilities were S$11.8 million (FY2020: S$16.0 million).


Review and Changes in the Policy
There were no changes to NIEC’s accounting policy in FY2021. NIEC is registered as a Charity and no fund-raising activity was carried out in FY2021.


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


Not applicable.


Future Plans and Commitments
There is no plan for significant capital investment in FY2022.


Note: The Audited Financial Statements of NIEC for year ended 31 March 2022 is not attached to this annual report