Keep on Discovering - Parliament Of Singapore

Transcription

Annual Report of the National Library Board 2014/2015
S. 63 of 2015
Presented to Parliament pursuant to Section 13 of the
National Library Board Act.
Ordered by Parliament to lie upon the Table:
8 October 2015
Keep on
Disc vering
ANNUAL REPORT 2014/15
Keep on Discovering Annual Report 2014/15
Contents
03
Joint Message by Chairman
& Chief Executive Officer
12
06
Board Members
20
08
Senior Management
28
09
National Library Board
National Library of Singapore
Discover Past Memories
Public Libraries of Singapore
Rediscover Your Passion
National Archives of Singapore
Uncover Our Roots
32
Asian Film Archive
33
Corporate Governance
34
Sponsors of Libraries
Donors Who Enriched Our
Collections
Partners Who Brought Our
Books to the Less Privileged
at Home and Abroad
35
Generous Donors, Sponsors
and Partners Who Helped to
Enrich the Library Experience
Vision
Mission
Readers for Life, Learning Communities,
Knowledgeable Nation
We make knowledge come alive, spark
imagination and create possibilities
|
2
JOINT MESSAGE BY CHAIRMAN & CHIEF EXECUTIVE OFFICER
I
t has been a fulfilling year for NLB. We continue to
enjoy the goodwill and trust of our customers and
partners.
Our latest customer satisfaction survey conducted
in September 2014 saw an increase in satisfaction
level from 4.38 to 4.39, out of a maximum score of
4.50. Ninety percent of respondents said that they
are satisfied and happy with NLB’s services. We are
glad with this encouraging result in 2014, which is a
testament to our commitment to service excellence
at all levels, and spurs us on in our drive to better
serve the public.
Our public libraries took a leap forward with the
opening of our first two Next Generation public
libraries with their modern designs, innovative
digital services and customised learning areas.
This is part of NLB’s “Libraries for Life”, a 10-year
strategic development plan to develop Readers for
Life, Learning Communities, and a Knowledgeable
Nation.
The National Library continued growing its
collection with the acquisition of World War II diaries
and pre-war newspapers. Southeast Asian maps
were added to its collection and proudly showcased
through a publication titled Visualising Space, and
an exhibition named “Geo|Graphic: Celebrating
Maps and Their Stories”. The Singapore Memory
Project successfully funded 72 projects through its
irememberSG fund, which captured personalised
memories through various mediums and platforms.
The National Archives of Singapore (NAS) reached
out to members of the public through its Citizen
Archivist Project, engaging them to transcribe old
handwritten records and caption archival photos
online. NAS now has a total of over 1.11 million items
in its Archives Online and Oral History portals.
These efforts were underpinned by the introduction
of a powerful search engine which enables users to
search across all our physical and digital resources.
Our libraries and archives are custodians of rich
information and content, and we are continually
innovating ways to connect our users with our
resources.
Spaces of Discovery
Mrs Elaine Ng
Chief Executive Officer
Ms Yeoh Chee Yan
Chairman
Last year, we launched several new spaces to
encourage people of all walks of life to continue
learning and discovering. The much-anticipated
library@orchard was re-opened after seven years.
Built around the theme, Design is for Everyone,
it carries the largest public library collection on
design and applied arts. We worked with students
and lecturers from Singapore Polytechnic on design
prototypes, and sought public feedback on its
design, collection and services—a first for a public
library.
|
3
We re-opened Sembawang Public Library with a
new look based on a nautical theme, paying homage
to Sembawang’s maritime history. It is the second
public library in Singapore, after Jurong Regional
Library, to feature a designated early literacy
collection.
Young ones benefited from the expansion of our
mobile library services. Kwan Im Thong Hood Cho
Temple generously donated two vehicles to our
fleet. Each year, these ‘mini-MOLLYs’ bring books
and library programmes to 48,000 children from
160 preschools.
Spaces catering to working adults were created.
In partnership with the Singapore Workforce
Development Agency (WDA), we launched the
LLiBrary which carries Continuing Education and
Training (CET) materials and resources that focus on
career development and the upgrading of skills.
We worked with the Infocomm Development
Authority (IDA) to introduce Smart Work Centres at
Jurong Regional Library, Geylang East Public Library
and Toa Payoh Public Library. Individuals using
the Centres can enjoy easy access to the libraries’
collection of books, information resources, audiovisual materials and programmes, including those
organised by the Centres, to enhance their working
and learning experience.
The community had a hand in setting up spaces
for learning, too. Through the Read@Community
scheme, community groups tapped on our expertise
to set up 150 reading corners, close to the people
they serve.
Discovering through
Technology
Our users’ needs and habits are evolving. The
growing popularity of mobile technology around
the world has changed the way people live, work
and play. We take these needs and trends into
account when developing new services, and ways of
delivering our content to users.
We introduced the NLB Mobile app, which allows
users to borrow books by scanning bar codes
with their smartphones. The app can also be used
to search the library catalogue, find activities at
the nearest library, borrow items for one’s family
members, and reserve and renew items.
For the convenience of users who are unable to
be at our libraries during opening hours, we have
also introduced self-service reservation lockers at
library@orchard and Sembawang Public Library,
where users can pick up their reserved titles beyond
operating hours. We will be rolling out this service to
other libraries.
With the introduction of e-reading stations for
browsing newspapers and accessing other digital
resources, and our new Quick Reads service where
users can easily browse our ebook catalogues,
get recommendations and borrow ebooks just by
scanning a QR code with their smartphones, library
patrons can enjoy library services in many more ways.
The new OneSearch is a unified search engine
for the National Library, Public Libraries and NAS’
collections. It includes books, magazines and audiovisual materials from our library catalogue, as well
as e-resources such as digitised newspapers, local
music, literary works, manuscripts, speeches and
biographies.
Discovering Together
Our reading programmes continue to bring people
together. Two of our most popular programmes have
achieved milestones, with both READ! Singapore
and kidsREAD celebrating their 10th anniversaries.
Since its inception, kidsREAD has reached out to
more than 29,000 children. From this year onwards,
we have extended kidsREAD to children from
families with a gross household income of up to
S$6,000 a month, up from the previous S$3,500,
allowing more children to take part.
We have also reached out to the very young through
our Early Literacy Library, and to seniors through
the “Time of Your Life – Learning Journeys for the
50plus” festival organised with the Council for
Third Age. A Mother Tongue Language Festival has
also been organised for library patrons of different
ethnic backgrounds to celebrate reading together.
We introduced the Reading Innovation Award for
preschools that have specially developed creative
reading programmes to inspire and foster a passion
for reading among young children. The awards
are based on the preschool centres’ creativity and
innovativeness; engagement with parents and the
community; and their programmes’ effectiveness
and impact.
On the information literacy front, the S.U.R.E.
(Source, Understand, Research and Evaluate)
| 4
campaign entered its second year. We worked with
the Ministry of Education to integrate information
literacy content into the secondary school
syllabuses. Since January 2013, over 9,000 teachers
have been trained in information literacy concepts
and skills.
Schools also benefited from the expansion of our
Read@School initiative to promote reading among
primary and secondary school students. We now have
over 300 schools participating in the programme.
NAS’ Archives Online database continued to grow,
with over 120,000 photographs, over 1,100 oral
history interviews and over 14,000 audio-visual
records uploaded in 2014.
Rediscovering our
History and Heritage
The Singapore Memory Project (SMP) started as
a nation-wide initiative by NLB and is gradually
evolving into a community-driven one.
Its
irememberSG Fund supported 72 projects by
organisations and individuals to collect, interpret,
and showcase Singapore memories. These projects
are in the form of exhibitions, books, films and other
products, and will be showcased over the course of
Singapore’s golden jubilee.
We are grateful to the British Library, National
Archives of the United Kingdom, the Netherlands’
Leiden University and the Utrecht University Library
for loaning some of the maps.
Through the Citizen Archivist Project, members of
the public are now able enhance the description of
archival records and make them more searchable,
by transcribing handwritten records and captioning
photos.
NAS co-published a reprint of The Battle For Merger,
which comprises transcripts of a series of radio talks
by Singapore’s founding Prime Minister Mr Lee Kuan
Yew in 1961, on the political struggle over merger
with the Federation of Malaya.
We grieved with the nation when Mr Lee passed
away, and joined in the nationwide effort to
commemorate his legacy. NAS provided over 2,000
audio-visual clips and over 1,600 photos to support
exhibitions, television programmes, videos and
other tribute materials created during the week of
national mourning, some of which were screened at
the 18 community tribute sites. We set up memory
collection booths at all our public libraries. We also
curated an exhibition on Mr Lee’s public life and
his inspiring and thought-provoking quotes at the
National Library Building, as well as showcased a
gallery of books by and about Mr Lee at our libraries.
We are now in the process of digitally archiving the
tributes that were collected from our public libraries
and the various community sites.
Towards Future
Discoveries
We will continue to transform our users’ experience
and interaction with our libraries. Pasir Ris Public
Library will re-open with new features by the end of
2015. The new Tampines Regional Library and Bedok
Public Library will be our first libraries in integrated
hubs. We will also be revamping other public
libraries over the next five years, and look forward
to the forthcoming Punggol Regional library.
As we continue to redesign our libraries, we will
introduce new technologies which will create
immersive reading experiences inside physical
library spaces. Books and event recommendations
will be made more personalised for our users
through smart displays and mobile devices. We
will also extend our presence in spaces outside the
libraries through digital displays at bus stops and
MRT stations.
Citizens will be treated to inspirational content from
NAS’ rich holdings through a new constitutional
gallery, which will display iconic records of
Singapore’s nation-building. There are plans to
refurbish NAS and Memories at Old Ford Factory in
the coming years.
We could not have achieved all of these in FY2014
without the passionate support of our partners,
donors, volunteers and international friends. We
would also like to thank our board members and
staff for their contributions. We will continue serving
our customers better and ensure our libraries and
archives remain well-loved spaces of learning and
discovery.
Ms Yeoh Chee Yan
Chairman
Mrs Elaine Ng
|
5
BOARD MEMBERS
Ms Yeoh Chee Yan
Chairman
Permanent Secretary
Ministry of Culture,
Community and Youth
Mrs Teng Soon Lang
Chair of Innovation &
Technology Advisory Committee
Executive Vice President
Head (Group Quality & Service Excellence)
OCBC Bank
Ms Goh Ann Nee
Chair of Audit Committee
Chief Financial Officer
City Developments Limited
Mr Kwa Chong Guan
Chair of National Archives
Advisory Committee
Senior Fellow
S. Rajaratnam School of
International Studies
Nanyang Technological University
Mr Dhirendra Shantilal
Chair of Establishment Committee
Board Director & Head of Asia Pacific
Fircroft
Mr John Koh
Chair of National Library Committee
Independent Director
NSL Limited
Mr Timothy Teo Lai Wah
Chair of Finance Committee
Director
St Luke’s Eldercare Ltd
Mrs Chua-Lim Yen Ching
Chair of Public Library Advisory Committee
Deputy Director-General of Education
(Professional Development) and
Executive Director
Academy of Singapore Teachers
Ministry of Education
|
6
BOARD MEMBERS
Mr Arthur Fong
Managing Director
Greater China Market Head
Bank of Singapore
Mr Michael Koh
Director of Design
SC Global Developments Ltd
Mr Derrick Goh
Managing Director & Head POSB
DBS Bank Ltd
Ms Neo Gim Huay
Managing Director
Enterprise Development Group
Temasek International Pte Ltd
Mr Kok Ping Soon
Deputy Secretary (Development)
Ministry of Manpower
Ms Rahayu Bte Mahzam
Deputy Registrar
Syariah Court
Dr Lee Shiang Long
Executive Director
Institute for Infocomm Research
Agency for Science, Technology and Research
Ms Sia Aik Kor
Deputy Chief Counsel
(Transactions & Administration)
Civil Division
Attorney-General’s Chambers
Mdm Zuraidah Binte
Abdullah
Commander Airport Police Division
concurrent Domain Commander
(Air) (designate)
Airport Police Division
Singapore Police Force
|
7
SENIOR MANAGEMENT
Mrs Elaine Ng
Mrs Judy Ng
Director
(Resource Discovery
& Management)
Ms Tay Ai Cheng
Deputy Chief Executive/
Chief Librarian/
(Covering) Director
(National Library)
Mr Lee Kee Siang
Director
(Technology & Innovation)/
Chief Innovation Officer
Mr William Tan
Assistant Chief Executive
(Corporate)/
Director
(Finance & Administration)
Mr Patrick Yee
Director
(People Management
& Development)
Ms Catherine Lau
Assistant Chief Executive
(Public Libraries)
Ms Sabitri Devi
Director
(Communications,
Relations &
Development)
Ms Amarjeet
Kaur Gill
Director
Library Development
& Planning
(Public Libraries)
Mr Stanley Tan
(Covering) Director
Library Services
& Management
(Public Libraries)
Mr Eric Chin
Director
(National Archives
of Singapore)/
General Counsel
Ms Valerie Cheng
Director
Programme &
Content Development
(Public Libraries)
|
8
National LIBRARY BOARD
The National Library Board (NLB) continues to nurture the spirit of discovery, lifelong learning and the pursuit of knowledge through
a wide range of initiatives, programmes and services available at its network of 26 public libraries, the National Library and the
National Archives of Singapore.
1
26
National
Library
Over
Public
Libraries
8,000,000
1
National Archives
of Singapore
Over
in print collection
Over
3,500,000
eBooks
5,000,000
archival records
Over
2,000,000
library members
| 99
Towards Greater Service Excellence
We continue to make our collections accessible
to all. Our visitors have expressed greater
satisfaction with NLB’s services over the years.
We have done well in the 2014 Customer
Satisfaction Index. Our drive towards service
excellence was also recognised through various
accolades and awards.
4.35
FY
2009
4.35
4.33
FY
2010
FY
2011
FY
2013
4.39
4.38
Customer
Satisfaction
Index
FY
2014
* The customer satisfaction survey was not conducted
in FY2012
NLB was awarded several accolades for the
services we provide to our library users, our
partners and the industry.
April 2014 - Best Practice Award in the
Excellence in Public Service Awards 2014
Our Resource Management team was recognised
for improving the speed at which library
materials are processed, and for expanding
the range of materials in our collections. Our
colleagues in Stakeholder Communications
& Engagement also won the Best Practice
Award for their outreach and collaboration
with volunteers and partners. The results were
better experiences and happier visitors!
October 2014 - Association Conference
Organiser of the Year at the Singapore
Experience Awards
NLB received accolades for providing a
memorable
and
outstanding
Singapore
experience to over 3,500 Singapore and
international delegates during the International
Federation of Library Associations and
Institutions’ World Library and Information
Congress 2013.
November 2014 - Global Enterprise & IT
Architecture Excellence Award 2014
Our Technology and Innovation team won the
award for service innovation in the category for
service innovation in the “Customer Oriented
Business Models” category.
January 2015 - Best Digital Advertising (Brand
Content) Award
The Singapore Memory Project’s outreach
campaign clinched this award at The Straits
Times’ Digital Life Awards 2015. From exploring
Queenstown to documenting food in Joo Chiat,
the project evoked nostalgia to get readers
thinking about their past.
4Awards
Distinguished
| 10
10
Showcasing Singapore to
the World
Discovering More with OneSearch
In celebration of Singapore’s Golden Jubilee, NLB is presenting
about 300 books to each of the 40 overseas libraries in 2015
under our “SG50 Gift of Books” project. These libraries include
those in Australia, China, India, the United Kingdom, the United
States of America, and our neighbouring ASEAN countries.
The books, about Singapore or by Singapore authors, will
create greater awareness of our nation’s unique heritage
and cityscape among an international audience. They include
topics on Singapore’s architecture, biodiversity, economic
development, literature, and the arts and culture.
The National Library of India was the first to receive these
books in February 2015 from Mrs Mary Tan, wife of President
Tony Tan Keng Yam. This was followed by the National Library
of China.
Our resources are now a click away!
This new search engine also enables users to
gain a broader perspective on topics that they
are researching on by linking online databases
and eResources, including digitised newspapers,
audio-visual recordings, manuscripts, speeches,
biographies and many others.
These eResources include NewspaperSG, an
archive of Singapore and Malayan newspapers
dating back to 1831!
Over
26,000,000
newspaper articles
NEWS
3,000,000
book titles
OneSearch
With NLB’s latest search engine, OneSearch,
users can gain seamless access to a wide range
of publications, photographs, oral history
interviews and maps available from the National
Library, the Public Libraries and the National
Archives of Singapore.
900,000
images
220,000
audio-visuals
280,000
records & papers
42,000
MAG
magazines & articles
Gift of Books
10,300
books
40 libraries
worldwide
| 1111
Discover
National LibrarY OF SINGAPORE
past memories
National LIBRARY of Singapore
National Library of Singapore
The National Library preserves the cultural and literary heritage of Singapore. It provides an aggregated source of information, especially
information about Singapore, through a vast array of reference materials, online resources and campaigns. We continue to expand and
enrich our collections to better serve our users. The National Library is also the custodian of the nation’s collective memory through the
Singapore Memory Project (SMP).
+++Over 8,700
++
Singapore’s History and
Music Made Accessible
NLB has launched HistorySG and the refurbished MusicSG to
widen the pool of eResources available to the community.
4,000
artistes
2,500
lyrics
MusicSG
HistorySG is an online resource providing information on
significant events in Singapore’s history from 1299 to the present.
Launched on 28 May 2014, HistorySG has more than 500 articles
on politics and government, economy, society, arts and culture,
and external relations. HistorySG also features photographs,
videos, audio clips and newspaper articles to provide users with a
more holistic experience.
To make Singapore’s rich music heritage more accessible to
the community, we have redesigned our MusicSG portal with a
new interface and expanded its collection. In addition to family
favourite tunes, the digital music archive has been updated with
infographics as well as prized scores penned by Cultural Medallion
recipients. To engage new and younger audiences, MusicSG also
added the Indie music genre on the portal, and showcased a series
of video profiles of Singapore independent artistes.
tracks
++
+
1,600
scores
700
albums
++13
video profiles of
local Indie artistes
HistorySG
We also published “Singapore Soundscape: Musical Renaissance
of a Global City” to document Singapore’s music heritage. The
book charts our nation’s history of traditional and popular music,
and expounds on how Singapore’s music culture has evolved
alongside larger political and economic changes.
Classical
Emporium
1299-1599
Maritime
Rivalry
1600-1818
Colonial Port
City
1819-1945
Political
Change
1946-1964
Nation and
Global City
1965-Present
| 1313
The First Dedicated Library for
Working Professionals
Be Smart. Be S.U.R.E.
Together with the Singapore Workforce Development Agency (WDA), we opened the
first library for Continuing Education and Training in November 2014. The LLiBrary
is located at the Lifelong Learning Institute at Eunos Road, and caters to working
professionals interested in improving their skills and career development. It also
supports campus educators and students from the institute.
In a world of information richness,
how can we be sure of the
information we read? S.U.R.E. is a
national initiative launched to equip
the community with information
literacy skills to empower them to
make discerning judgments in their quest for information.
S – Source. Look at the origins and ask “Is it trustworthy?”
U – Understand what you’re reading. Search for clarity.
R – Research by digging deeper. Go beyond the initial source.
E – Evaluate by finding the balance. Exercise fair judgement.
Since its launch in 2013,
the S.U.R.E. initiative has
trained over 9,000 teachers
on information literacy
concepts and skills. We
launched a campaign in
2014 with four community
personalities, Adrian Pang,
Vernetta Lopez, D e e K o s h
and MunahHirzi Official
(by Munah Bagharib &
Hirzi Zulkiflie), to raise
awareness of information
literacy. Members of the
public also had a chance to
interact with invited guest speakers including Professor Nassim
Taleb (in collaboration with the Public Service Commission) and
Nobel & Millennium Technology laureates Michael Grätzel, Tim
Hunt, Kurt Wüthrich and Michael Levitt (in collaboration with the
National Research Foundation).
| 14
14
Geo|Graphic Exhibition
(At a glance)
st
1
2
4
festival
on maps
exhibitions
art
installations
maps
120 rare
on Singapore
Over
3.3 million visitors
| 1515
Mapping from
Our Past to Our
Future
As a repository of Singapore’s literary heritage
and knowledge, the National Library acquires
and preserves rare materials and resources that
document our history and identity. Finding new and
interesting ways to engage Singaporeans in exploring
and experiencing our history, we presented our
first-ever festival on maps and mapping from 15
January 2015 to 19 July 2015.
Titled “Geo|Graphic: Celebrating Maps and Their
Stories”, the exhibition was launched by Minister
for Communications and Information Dr Yaacob
Ibrahim, and showcased rare historical maps that
offered visitors a glimpse into Singapore’s journey
through the centuries. The festival was made up
of two exhibitions. The “Land of Gold and Spices”
exhibition featured never-before-seen maps of
the region where various European cartographers
have mapped the variant names of Singapore like
Cingatola, Cina Pula, Sincapura and Singaporea, in
different places. The “Island of Stories: Singapore
Maps” exhibition displayed post-19th century maps
of Singapore that captured the changes of our
evolving city landscape. Four art installations by
Singapore artists related to the theme of mapping
were also featured as part of this festival, and an
interactive MAPS! exhibition was held at four public
libraries.
In conjunction with the festival, we also launched
the book, “Visualising Space: Maps of Singapore and
the Region”, which features essays by scholars and
our staff about maps in NLB’s collections.
As part of our collection, the National Library acquired the David Parry Southeast Asian Map
Collection comprising 254 maps from the 15th to 19th century. The collection includes maps by
famed cartographers such as Abraham Ortelius, Sebastian Munster, and Willem Blaeu.
These maps were featured in the Geo|Graphic exhibition and are available on BookSG, a digitised
collection of books and other printed materials related to Singapore and Southeast Asia from the
National Library and its partner institutions.
| 1616
Capturing Our Nation’s Collective Memory
Memories link us to events and
experiences in our past that shaped
our present. Preserving our nation’s
collective memory serves to promote
and
foster
stronger
community
bonds and greater social cohesion,
and to strengthen the Singaporean
identity. Supported by the Ministry of
Communications and Information and
led by NLB, the Singapore Memory
Project (SMP) is a whole-of-nation
movement that aims to capture
and document precious moments
and personal memories related to
Singapore. Its irememberSG Fund
initiative encourages and empowers
individuals and organisations to
develop content and projects that will
collect, interpret, contextualise and
showcase Singapore memories, leading
up to our Golden Jubilee.
In celebration of our nation’s pioneers, SMP also launched two
campaigns titled “The Greatest Gift of a Generation” and “KopiTimes”.
The first campaign captured the memories of pioneering Singaporeans
through 20 video interviews conducted by younger Singaporeans, while
KopiTimes reached out to seniors with stories to share at local coffee
shops. These campaigns showcased precious stories of our pioneers for
future generations, and encouraged intergenerational conversations
within the community.
Pioneers featured in the videos included:
The Tok Tok Man, a community performer at the Old Airport Road hawker centre
Mr C. Kunalan, 5 Asian Games and 15 SEA Games medallist
Mrs Joyce Foster, who shared the Pernankan culture, customs and culinary delights
with her son
Mr Lee Ah Lek, who recalled how he was selected to be part of the Singapore
Military Forces in 1955
Syaira, Owner of Fluff Bakery, and her mother-in-law, who share a bond through
their love for baking
To view video
click or scan QR Code
| 1717
Singapore’s Past Told by the Community
Past Forward exhibits 72 ground-up projects supported by the irememberSG Fund that
capture memories of Singapore through various mediums, such as films, animation,
exhibitions, websites and publications. Launched in March 2015, the 72 projects were
showcased in monthly exhibitions of different themes from April to August 2015 at the
National Library Building.
Past Forward
To view video
72
ground-up
projects on
memories of
Singapore
| 1818
Remembering Singapore’s Founding Prime Minister
In honour of the memory of our founding Prime Minister,
the late Mr Lee Kuan Yew, the National Library held a
specially curated exhibition on the key milestones of Mr Lee’s
public life alongside some of his inspiring quotes. We also
put together a special book gallery featuring a curated
collection of books, archival photos, newspaper articles
and recordings of Mr Lee’s speeches. Members of the
public were also able to pen their tributes at the memory
collection booths at our public libraries, as well as on our
Singapore Memory Project portal. Tributes collected at our
public libraries and the various community sites will be
digitised and archived on the portal.
| 1919
Rediscover
PUBLIC LIBRARIES OF SINGAPORE
your passion
PUBLIC LIBRARIES of Singapore
Public Libraries of Singapore
The public libraries continue to promote lifelong learning and provide a wealth of information through their rich and diverse collections.
Reaching out to the community, the 26 public libraries are adopting more distinctive and unique themes that cater to their users’ needs.
Our NextGeneration
Libraries
Our libraries have always
been community spaces that
encourage the love of reading,
bonding between families and
communities, and the pursuit
of learning. Today, they have
become vibrant spaces with
an
ever-expanding
range
of
collections,
features,
programmes and services to
bring a whole new experience
to the next generation of
library users. Many of our
libraries now have their own
distinctive flavour and style.
library@orchard is Back
library@orchard opened in October 2014 with a brand new library experience and concept. Themed “Design is for Everyone”,
the library features creative spaces for visitors to try their hand at design and share ideas with other design enthusiasts. The
library also carries our largest collection on design and the applied arts.
A first for our public libraries, library@orchard sought feedback and suggestions from the public through the Design-Thinking
process to develop its design, collection and services together with the Singapore Polytechnic Design-Thinking Team. The
library’s unique features include Book Trees, integrated displays that feature selected books, artworks, videos and other
related content to inspire visitors on a particular type or style of design; and cocoons, pod-inspired seating that offer visitors
personal and conducive spaces for creative thinking and learning.
To enhance the library experience, library@orchard also debuted a digital concierge and directory, which provide information
on the library’s collections and happenings, assist visitors in navigating around the library, and offer customer service help.
To view video
| 21
Sembawang Public Library
Our Library of Many Firsts
Opened in November 2014, Sembawang Public
Library was revamped to better meet the needs
of young families living in the area. We consulted
library users and gathered their feedback on
how the spaces could cater to their needs. The
library’s nautical design, inspired by the area’s
rich shipyard and shipbuilding history, provides
spaces modelled after shipping containers
where parents can read together with their
children.
Sembawang Public Library also carries our
second Early Literacy collection, specially
catered for children aged six and below. Parents
can find books – focusing on the five key areas
of playing, talking, singing, reading and writing
– to help with their children’s learning and
development.
For greater convenience, Sembawang Public
Library and library@orchard are the first two
libraries with a self-service reservation system
where library users can collect reserved titles
from designated lockers beyond the libraries’
opening hours.
Our pioneering library, Queenstown Public Library,
has been listed as one of the 38 heritage markers in
Queenstown, Singapore’s oldest estate. The library
was also gazetted for conservation by the Urban
Redevelopment Authority in 2013. It was opened on
30 April 1970 by the late Mr Lee Kuan Yew, founding
Prime Minister of Singapore.
QUPL is a garden-themed library with a focus on
green-related programmes. It has a community
garden under the Community in Bloom project by
NParks, where members of the community come
together to look after the garden.
Queenstown Public Library Heritage Status
1st
Library of many firsts
•branch library
•fully air-conditioned branch
•computerised loan system
•children’s corner
•free movie screenings
| 22
Libraries of the Future
Expanding the reach of our library services, our public libraries have harnessed digital technology to give library users the convenience
of using our resources anytime, anywhere.
Snap and Borrow with
NLB’s App
With our NLB mobile app, library users can borrow books
simply by using their mobile devices. They can also check
their due dates, renew books online and borrow books
on behalf of the whole family. The app even recommends
books and events based on a user’s past reads.
Simply Click & Read
children
travel
One click
to millions of
exciting eBooks
sci-fi
fantasy
romance
NLB Mobile is part of myLibrary, NLB’s latest suite of online
library management services.
To view video
The new eReads portal is
an easy-to-use catalogue of
NLB’s eBooks, eMagazines
and
eNewspapers.
The
collection covers a wide
variety of subjects including
arts, economics, humanities,
philosophy,
politics
and
science. It also features
encyclopedias, adult and
children fiction books, audio
books, videos, and animated
talking picture books for
children.
Over
3.5 million
eBooks
86,000
Chinese titles
3.3 million
English titles
2,500
Malay titles
300
Tamil titles
11
million
eBook usage
| 23
The Next Five Years
Rolling Out Books to Our Little Ones
Libraries in Pasir Ris, Tampines, Bedok and Bukit
Panjang will be revamped as part of NLB’s plan to
upgrade our public libraries, while Punggol residents
will get a new regional library.
Two smaller mobile libraries have joined our big mobile
library bus, “MOLLY”, to bring the joy of reading to
children. These new “mini MOLLYs” serve kindergartens
and childcare centres in HDB estates. In addition to
bringing more than 1,500 books to the preschools,
each mini MOLLY also conducts activities such as
storytelling, arts and craft and sing-a-long
sessions. The smaller mobile libraries
also visit welfare homes that cannot be
&
reached by the bigger MOLLY.
New features in the libraries include quiet and
reflective areas for adults; collaborative spaces
for community learning; high-energy, interactive
spaces for young readers; as well as more intergenerational learning spaces. There will also be
e-reading stations and e-devices to facilitate a multisensory learning experience.
Each library will be designed to reflect the
characteristic of its neighbourhood. Pasir Ris
Public Library’s concept will focus on leisure and
rejuvenation of the mind. Tampines Regional
Library will feature a modern-day kampong concept
and include a culinary studio. Bedok Public Library
will create a dynamic and inclusive sanctuary with
access to adjacent outdoor activity areas. These
libraries will also have improved access for the
elderly and the disabled.
1
4
New
Regional
Library &
Upgraded
libraries over
the next
5 years
Molly
reaches
80
organisations
60,000
visitors per year
2
New
mini MOLLYs
160
48,000
reach
out to
preschools and
children per year
| 24
Art for You and Me
The SMART Way to Work
Bringing the arts closer to the community, we launched two Community Arts
and Culture Nodes at the Jurong Regional Library and Tampines Regional
Library together with the National Arts Council last year. Residents who visit
these libraries can enjoy a year-round line up of art-related programmes.
Jurong Regional Library, Geylang East Public Library and Toa Payoh Public Library
have joined the network of Smart Work Centres around Singapore! Operated by
global flexible workshop provider Regus, and in collaboration with the Infocomm
Development Authority of Singapore, these workspaces offer professional office
facilities closer to home. This convenience promotes greater productivity and a
better work-life balance.
Jurong Regional Library holds a spread of live performances and visual arts
workshops. The library’s youth space, Verging All Teens, also showcases the
talents of young people and emerging arts groups on a monthly platform.
Over at Tampines Regional Library, our “ArtSEEN” node initiative organises
visual and applied arts activities for all age groups, such as workshops on
watercolour painting and pinhole photography.
Located within the libraries, the spaces also leverage on the libraries’ collection of
books, information resources, audio-visual materials and programmes to enhance
the working and learning experience.
| 25
Rediscovering the Love for Reading
This year, two of our reading programmes celebrated 10 years of nurturing and rekindling the love for reading among the community.
We also expanded our outreach to include workshops for active seniors and specialised programmes in Chinese, Malay and Tamil.
We Turned 10
Read! Fest 2014 was held in June to celebrate the 10th anniversary of
Read! Singapore. Themed “Books That Moved Me”, the inaugural monthlong festival included literary trails of children’s books by Singapore
writers, a showcase of 40 redesigned book covers of familiar classics and
book parties with Singapore authors. Reading enthusiasts also attended
film screenings, drama performances, interactive storytelling sessions
and book-inspired pop-up craft parties.
The Read! Fest 2014 anthology, “Tenacity: Stories Built to Last”, compiled
favourites from previous years’ anthologies, as well as a selection of
specially-commissioned poems by Singapore writers. The festival also
featured a recommended novel in each of the four official languages,
and 24 recommended children’s books and three East-Asian folktales
selected by the Youth Book Selection Committee. These stories are
available on eReads.
The Singapore Memory Project also debuted a series of heart-warming
videos where adults were reunited with the books they used to own as
children.
1st
Read!
Fest
10
speciallycommissioned
poems
21
Singapore
authors
20
Short
stories
24
recommended
books and folk
tales for youths
40
redesigned
book covers
& Over
100
programmes
| 26
Nurturing a Love for Reading and
Learning
NLB launched three programmes and initiatives to share the joy of reading among
the young and old.
We organised our inaugural Mother Tongue Language Festival in September 2014.
The week-long festival featured over 50 exciting programmes including a Malay
opera, a Tamil modern musical street performance, a workshop on Wayang Kulit
puppet-making and Chinese cross-talk and dramatisation. These programmes
engaged the preschool and primary school students and encouraged them to read
in their mother tongue languages.
We also celebrated the 10th anniversary of kidsREAD with Prime Minister Lee
Hsien Loong in October 2014. kidsREAD is a nation-wide reading programme for
children from less-privileged families. At the event, the children were enthralled
by the Prime Minister’s storytelling of the Balinese folktale, “Go to Sleep, Gecko!”.
10 longest-serving volunteers and 10 longest-running kidsREAD clubs were also
honoured for their dedication at the event.
To nurture and sustain the reading habit of young children from pre-school into
primary school, we expanded the programme’s curriculum from one to five years
in 2013, allowing children who join at age four to continue until they are eight.
NLB also launched our inaugural Reading Innovation Award in March 2015. The award
recognises preschools that have developed creative reading programmes to inspire
and foster a passion for reading among young readers. This award will be given out
every five years to preschools for their creativity and innovativeness, engagement
with parents and the community, and the effectiveness and impact of their reading
programmes.
To encourage lifelong learning and an active lifestyle, NLB and the Council for Third
Age launched the first month-long seniors’ festival in October 2014. “Time of Your Life
– Learning Journeys for the 50plus” offered seniors a series of talks and workshops
in four languages on topics such as health, wellness, finance, and the arts across 10
public libraries. A 6-month roving exhibition, “Curious Minds, Vibrant Lives”, toured
Tampines Regional Library, Jurong Regional Library, Ang Mo Kio Public Library, Bedok
Public Library, Jurong West Public Library and library@chinatown to highlight the
importance of active aging and keeping one’s mind sharp in the golden years.
To view video
| 27
Uncover
NATIONAL ARCHIVES OF SINGAPORE
our roots
As the official guardian of our nation’s heritage, the National Archives of Singapore (NAS) safeguards and preserves historical records
and archival materials integral to our past. By making history more accessible and relevant to the community, we continue to encourage
a deeper appreciation of our nation’s journey.
Preserving Our Past Together
Members of the public can pool their knowledge on Singapore through NAS’s
latest initiative, the Citizen Archivist Project (www.nas.gov.sg/CitizenArchivist).
The project aims to tap on the people’s knowledge to help describe and transcribe
our extensive collection of records on Singapore, making them more searchfriendly for everyone. These records include over 140,000 photographs and
about one million pages of handwritten manuscripts from the Straits Settlement
Records. This initiative also promotes a greater interest in Singapore’s history
and encourages more Singaporeans to connect with our national heritage.
Citizen Archivist Project
To view video
| 29
Records at a Click
Archives Online is a portal that allows users to gain easy access to
Singapore’s archival collection of photographs, maps and plans, oral
history interviews and audio-visual recordings.
Among the records within the portal is a special collection of 45,000
aerial photographs offering glimpses of Singapore’s landscape from
the mid-1940s to the 1960s. Users can also explore a myriad of other
resources including radio and television broadcasts covering close to
60 years of Singapore’s broadcasting history; educational television
programmes produced for schools; and oral history interviews with
politicians, academics and everyday Singaporeans.
Increase in use of Archival Records:
To entertain, inform and educate
137%
No. of
TV Progs
& Films
154%
No. of
Exhibitions
41
97
117
2012-2014
Archives
Online
Over
1,110,000
records available
including
>740,000
photographs
>82,000
audio-visual recordings
2012-2014
167%
Publications
oral history interviews
72%
No. of
No. of
61
163
2012-2014
>3,500
46
Heritage
& Creative
Projects
67
115
2012-2014
| 30
The Battle for Merger Reprint
Upgrading for an Enhanced Visitor Experience
NAS and ST Press reprinted the book, “The Battle For Merger”.
The reprint was launched by Deputy Prime Minister, Coordinating
Minister for National Security and Minister for Home Affairs, Mr Teo
Chee Hean in October 2014. In conjunction with this, we supported
an accompanying exhibition by the Ministry of Communications
and Information and the Ministry of Home Affairs. Visitors were
able to relive the political struggle over Singapore’s merger with
Malaysia in 1961 as they listened to excerpts of 12 radio talks given
by the late Mr Lee Kuan Yew. The exhibition later toured Jurong
Regional Library, Ang Mo Kio Public Library, Woodlands Regional
Library and Tampines Regional Library till March 2015.
NAS will be upgrading its facilities to offer
visitors a more enriching experience of its
resources.
The Memories at Old Ford Factory (MOFF), the
historic site where the British surrendered to
the Japanese on 15 February 1942, has been
converted into a gallery. The gallery will be
revitalised with an experiential exhibition on
the Japanese Occupation of Singapore, and
include more interactive features. The museum
will reopen in 2017 in conjunction with the 75th
anniversary of the Fall of Singapore.
Our refreshed facilities will enable Singaporeans to deepen their understanding of Singapore’s
history and crucial events that shaped our nation’s path to independence.
| 31
ASIAN FILM Archive
Asian Film Archive
The Asian Film Archive (AFA), a subsidiary of the National Library Board, preserves the rich film heritage of Singapore and Asian
Cinema, to encourage scholarly research on film, and to promote a wider critical appreciation of this art form.
AFA Celebrates
10th Anniversary
Founded in January 2005, AFA became a
subsidiary of NLB in January 2014. It now
has 1,700 films in its collection.
1,700
films
First Singapore Film
Collection
Inscribed into UNESCO’s
Memory of the World
Cathay-Keris Malay
Classics Collection
91
800
films produced
between
1950s - 1970s
Over
The AFA Cathay-Keris Malay Classics Collection of 91
films has been inscribed into the UNESCO Memory of the
World Asia-Pacific Register, a listing of rare documentary
heritage in the Asia Pacific region. The Cathay-Keris film
collection, produced between the 1950s to 1970s, is part
of AFA’s rich collection.
16mm and 35mm
film reels & D1 tapes
| 32
CORPORATE GOVERNANCE
The National Library Board (NLB) is established under the National Library Board Act (Chapter 197) and is governed by the statutory functions and constitution set
out in the NLB Act. A Board comprising the Chairman and 16 non-executive members from sectors such as academia, the finance and social sectors, and public
institutions guides NLB in the performance of its functions to the public. With their diverse backgrounds and experience, members of the Board are well placed to
provide NLB with strategic leadership as well as to put in place effective controls to meet the highest standards of governance. There is also one observer from the
Ministry of Communications and Information.
The Board reviews and oversees NLB’s plans, performance and policies; ensures accountability in its operations; and develops mechanisms for gathering and
responding to stakeholders’ feedback. Board members helm seven committees. These are: the Audit Committee, the Establishment Committee, the Finance
Committee, the National Library Advisory Committee, the Public Library Advisory Committee, the Innovation & Technology Advisory Committee and the National
Archives Advisory Committee.
An Internal Audit Unit further strengthens NLB’s corporate governance. Reporting directly to the Chairman of the Audit Committee and administratively to the Chief
Executive Officer, the Internal Audit Unit reviews the adequacy and effectiveness of NLB’s internal control system. This includes evaluating policies, procedures and
systems to assess the integrity of financial and operating information, compliance with laws and regulations, and economical and efficient use of resources.
All NLB staff also uphold public trust by complying with a Code of Ethics and Conduct. NLB staff are empowered to report potential ethical breaches confidentially
to the Board’s Establishment Committee.
As a charity, NLB adheres to the recommended guidelines set out in the Code of Governance for Charities and Institutions of Public Character proposed by the
Charity Council (the Code). NLB openly discloses its corporate governance practices covering board governance, conflict of interest policy and other relevant
governance practices and controls on an annual basis. Any deviations from the Code are also explained as part of this annual submission. NLB continually seeks to
improve governance to maintain the trust and confidence of our stakeholders.
The members of the Board are paid allowances based on a tiered structure, which takes into consideration the different workload and responsibilities held by the
various members. Fourteen of our Board members receive an annual allowance of between $10,000 to $25,000, while two members receive an annual allowance of
between $5,000 to $10,000. The annual remuneration of our three highest paid executives is between $310,000 and $500,000. This comprises their salary, bonus,
benefits and employers’ CPF contribution.
NLB proactively manages its reserves judiciously to ensure funding sustainability for operating expenditure as well as long term commitments. The quantum of
minimum and maximum cash reserve, taking into account working capital needs and long-term commitments, is reviewed and approved annually by the Finance
Committee of the Board. Our Board regularly reviews our financial results and position via quarterly management reports. The cash reserve as at the balance sheet
date was below one year’s annual expenditure.
| 33
SPONSORS
OF LIBRARIES
library@chinatown
“My Tree House”
The World’s First Green Library for Kids
CP1 Pte. Ltd.
City Developments Limited
Kwan Im Thong Hood Cho Temple
Mobile Libraries
Kwan Im Thong Hood Cho Temple
DONORS
WHO ENRICHED OUR COLLECTIONS
Mdm Chew Hui Im
Mr Koh Seow Chuan
Mr Ma Lun
Mr Soh Shong Ying
Mdm Chin Kwee Chin
Dr Larry Francis Hilarian
Ms Meira Chand
Mr Soon Dit Woo
Mr Farish Ahmad-Noor
Mr Lau Kin Hang
Mr Michael Peter Fong
Mr Tan Poh Soon
Mr George Hicks
Mr Lee Kip Lee
Mr Mohamed Latiff Mohamed
Mdm Tan Tahn Joo
Mr J M Sali
Mrs Lee Kip Lin
Mr Ong Siew Peng
Mr Wan Beng Seng
Mr John Koh
Ms Lin Cheah
Mr S R Nathan
Mr Yeo Oi Sang
Mr M K Narayanan
Mr Shi Ying
Genealogy Society Singapore
Nanyang Sim Clan Association and
Singapore Teochew Sim Clan
Association
Peh Clan Association
Singapore Children’s Playhouse
Singapore Federation of Chinese
Clan Associations
Siong Leng Musical Association
Partners
who brought our books to the less privileged at home and abroad
Acacia Welfare Home, Singapore
Kidsville Student Care Centre
KK Women’s and Children’s
Hospital
NTU Hall of Residence 11 Overseas
Community Involvement
Programme at Nagarkot, Nepal
Sony Electronics Asia Pacific
Boys’ Home and Girls’ Home under
Ministry of Social & Family
Development, Singapore
Love and Serve Project, Bedok
Church of Christ
NTU’s “PYAW” project of Rotaract
Club of NTU, Singapore
Stars Reading Club
Society of the Physically Disabled
PAP Community Foundation [HQ]
Villa Francis Nursing Home
Marsiling Primary School special
reading project
Singapore Association of the
Visually Handicapped
Ministry of Foreign Affairs,
Singapore
PS Peter Cung Centre and Pacific
Rim Bible School at Myanmar
National Book Development
Council of Singapore
Singapore Management University
National University of Singapore
Singapore Sailing Federation
Care Corner Family Service Centre
(Woodlands)
Eco Health and Wellness Centre
Pte Ltd
Foreign Domestic Worker
Association for Social Support &
Training (FAST)
Jenaris Home @ Pelangi Village
PCF Sparkletots Punggol North
Singapore Pools
Sri Sathya Sai Sanjeevani Hospital,
Naya Raipur, India
Project Deliver Me
Asian Women Welfare Association
Disable People’s Association
Handicaps Welfare Association
Muscular Dystrophy Association
(Singapore)
Singapore Cheshire Home
| 34
GENEROUS DONORS, SPONSORS AND PARTNERS
WHO HELPED TO ENRICH THE LIBRARY EXPERIENCE
Marshall Cavendish
Singapore Film Society
Maya Dance Theatre
Singapore Heart Foundation
AK Creations
Metropolitan Festival Orchestra
Anchor Green Primary School
Ministry of Education (Committee
to Promote Chinese Language
Learning)
Singapore Indian Development
Association
Programme Partners
Asian Women’s Welfare Association
BASF
Berries World
Bishan Community Club Malay
Activity Executive Committee
Central Provident Fund Board
Centre42
Checkpoint Theatre
Council for Third Age
Dream Box Studios
Early Childhood Development
Agency (ECDA)
Ministry of Education HQ Arts
Education Branch
Singapore Lyric Opera
Singapore Science Centre
Singapore Symphony Orchestra
Cheng San CC Youth Executive
Committee
Naval Base Primary School
Nexus (National Education
Singapore)
Comics Society (Singapore)
Organisation of Illustrators
Council
National Environment Agency (South
East Regional Office)
T.H.E Dance Company
Connexions International
People’s Association
The Arts Fission Company
Corporation Primary School
The Finger Players
Crescent Girls’ School
Pioneer Community Arts and
Culture Club
The Institute for Financial Literacy
DesignSingapore Council
The Necessary Stage
Esplanade – Theatres on the Bay
The Straits Times
Fajar Secondary School
The Theatre Practice
First Toa Payoh Primary School
Thye Hua Kwan Seniors Activity
Centre (THK@ Bukit Batok East,
THK@ Taman Jurong)
Flute and Music Academy
NParks
NTU Chinese Medicine Clinic
NTU Perspectives Film Festival
NUS Chinese Calligraphy Society
Filmic Eye
Odyssey Dance Theatre
Frontier Danceland
Our Company
Hear Records
Pangdemonium Productions
Holy Innocents’ High School
Pansing
Infocomm Development Authority
of Singapore
Yamaha Music Asia
PAP Community Foundation (HQ)
Yellow Box Studios
Inliven Center for Osteoarthritis
Solution
Ravindran Drama Group
Ma Kuang Singapore
Chinese Calligraphy Society
Sunny Bunny Montessori
Fei Yue Community Services
M1 Singapore Fringe Festival
National Junior College
Bukit Panjang Government High
School
Nanyang Academy of Fine Arts
NUS Centre for the Arts
Loyang Primary School
Assumption High School
mm2 entertainment
Family Central
LASALLE
National Heritage Board
Chinese Heritage Foundation
F & N Magnolia
Khoo Teck Puat Hospital
National Arts Council
Sunflower Kinderhub @ AMK LLP
and Sunflower iKids
NTUC Health (SilverAce Redhill,
Lengkok Bahru and Telok Blangah,
Whampoa)
Institute of Technical Education
College West
AC101 Programmes
Tsao Foundation
UNESCO-NIE Centre for Arts
Research in Education
Preschool Teachers Network
Partners
RAW Moves
Retired and Senior Volunteer
Programme
English Language Institute of
Singapore (ELiS)
SAE Institute
NTU Tamil Literary Society
School of the Arts
The People’s Association (PA)
Singapore Dance Theatre
Umar Pulavar Tamil Language
Centre
Singapore Drama Educators
Association
Chung Cheng High (Main)
Friends of the Museums
Hong Wen School
Huamin Primary School
Institute of South Asian Studies
College East Photography Club
Japan Airlines
Kuo Chuan Presbyterian Primary
School
Princess Elizabeth Primary School
Raffles Institution
Royal Embassy of Saudi Arabia
Siglap Secondary School
Singapore Association for Mental
Health
Singapore Film Society
Singapore Lyric Opera
Singapore Polytechnic
Sonare Music School
Southeast Asian Ceramic Society
Spanish Embassy of Singapore
Swiss Cottage Secondary School
Teck Whye Secondary School
LASALLE College of the Arts
The Arts House
Meridian Primary School
The Japanese Association,
Singapore
Montfort Junior School
Nanyang Polytechnic
Wee Kim Wee School of
Communication and Information
West Grove Primary School
Yellow Chair Productions
Yusof Ishak Secondary School
| 35
Prominent Speaker Series
National Archives UK
Books Actually
Boon Lay Community Club
Chatsworth International School
(Orchard Campus)
Greendale Secondary School
National Museum of Singapore
Guang Yang Secondary School
Ground-Up Initiative
Dr David Parry
NUS Museum
Bowen Secondary School
Damai Seconday School
Dr John van Wyhe
Urban Redevelopment Authority
Bukit Batok Secondary School
Da Qiao Primary School
Griffiths Primary School
Bukit Merah Secondary School
Development Bank of Singapore
Haig Girls’ School
Bukit Timah Community Club
Digital Storytelling Asia Pte Ltd
Hasbro Singapore Pte Ltd
Broadrick Secondary School
Dramabox
Haw Par Corporation Limited
Bukit View Primary School
Dunman High Secondary School
Health Promotion Board
Balestier Hill Primary School
Deyi Secondary School
Hindu Endowments Board
Canberra Primary School
Economic Development Board
Housing and Development Board
CapitaLand Limited
Edgefield Secondary School
Huamin Primary School
Catholic High School
East Coast Primary School
Hwa Chong Institution
Cedar Girls’ Secondary School
F&N Foods Pte Ltd
Holy Innocents’ Primary School
Central Singapore District
Fajar Secondary School
Centre for Liveable Cities
First Toa Payoh Secondary School
Infocomm Development Authority
of Singapore
Mr Dayne Cowan
Utrecht University Library
Mr Nicolas Barker
Mr Siew Hock Meng
National Information
Literacy Programme
The Greatest Gift of a
Generation: Life Stories
School of Art, Design and Media,
Singapore Memory Project
National Research Foundation
Public Service Division
Ahmad Ibrahim Primary School
Professor Kurt Wuthrich
Agency For Integrated Care
Innova Junior College
Anderson Secondary School
Changkat Changi Secondary
School
Football Association of Singapore
Professor Michael Gratzel
FotoHub Holdings Pte Ltd
Institute of Banking and Finance
Professor Michael Levitt
Anglican High School
Cheng San Community Club
FOX International Channels
Professor Nassim Taleb
Anglo-Chinese School (Independent)
Chestnut Drive Secondary School
Institute of Southeast Asian
Studies Library
Sir Timothy Hunt
Army Museum of Singapore
CHIJ St Nicholas Girls’ School
Frontier Community Club Youth
Executive Committee (YEC)
Asia Pacific Breweries Limited
Chua Chu Kang Community Club
Fuchun Secondary School
Geo|Graphic: Celebrating
Maps and Their Stories
Asian Film Archives
Citibank
Fuhua Primary School
Association of Women for Action and
Research (AWARE)
Civil Service College
Fernvale Primary School
Attorney-General’s Chambers Library
Commonwealth Secondary School
Assoc Prof Farish Noor
Fairfield Methodist School
(Secondary)
British Library
Ayam Brand (Clouet Trading Pte Ltd)
Leiden University Library
Anglo-Chinese School (Junior)
Maritime and Port Authority of
Singapore
Balestier Hill Secondary School
Mr Charles Lim
Bedok Green Primary School
Mr Jeremy Sharma
Bedok Town Secondary School
Beatty Secondary School
Mr Michael Lee
Bedok View Secondary School
Mr Mustafa Sabbir
Bhaskar’s Arts Academy
Mr Sherman Ong
Blangah Rise Primary School
Corporation Primary School
Courts Asia Limited
Crest Secondary School
Clementi Woods Secondary
Changkat Primary School
Clementi Town Secondary School
CHIJ St Joseph’s Convent (Primary)
CHIJ St Theresa Convent
Clementi Primary School
Choa Chu Kang Primary School
Islamic Religious Council of
Singapore (MUIS)
International Longevity Centre
(ILC) Singapore
Japan Airlines
Gan Eng Seng School
Jurong Bird Park
Gardens By The Bay
Jurong Spring, Jurong Green CC
Genealogy Society of Singapore
Jurong Health Services
Geylang Methodist Secondary
School
Jurong West Primary School
Geylang Serai Community Club
Juyuan Primary School
Girl Guides Singapore
Jing Shan Secondary School
Golden International Holdings
Kaki Bukit Community Club
Google
Keppel Corporation Limited
Juying Primary School
| 36
Mulberry PR & Marketing
Communications Pte Ltd
New Town Primary School
Pathlight School
Singapore Chinese Girls’ School
Nexus
Palm View Primary School
My Ah Ma Make One
Ngee Ann Polytechnic
Punggol Green Primary School
Singapore Chinese Teachers’
Union
Kolam Ayer Community Club
My Community
Ngee Ann Secondary School
Presbyterian High School
Singapore College of Insurance
Kranji Secondary School
My Kind of Town
Northbrooks Secondary School
Pierce Secondary School
Singapore Discovery Centre
Kuo Chuan Presbyterian Primary
School
Manjusri Secondary School
North View Primary School
Pioneer Primary School
Marsiling Primary School
Keming Primary School
NTUC Club
Qifa Primary School
Singapore Federation of Chinese
Clan Associations
Macpherson Secondary School
Kranji Primary School
NTUC Eldercare
Queenstown Primary School
Nan Chiau High School
Laborans Pte Ltd
Oak3 Films Pte Ltd
Raffles Girls’ Primary School
Nanhua Primary School
Lam Soon Community Club Youth
Executive Committee (YEC)
Raffles Girls’ School (Secondary)
Nanyang Girls’ High School
Orchard Road Business
Association
Singapore General Hospital, The
SGH Museum
Raffles Hotel, Singapore
Nanyang Polytechnic
OTCi Information Resource
Singapore Hainan Hwee Kuan
Raffles Institution
Parliament Library
Singapore Heritage Society
RediscoverSG
Pasir Ris Secondary School
Singapore Hokkien Huay Kuan
Regent Secondary School
National Arts Council
Paya Lebar Kovan Community
Club
Singapore Institute of Architects
Republic of Singapore Air Force
National Council of Social Service
PAP Community Foundation (PCF)
Whampoa
Singapore Institute of
Management
Riverside Secondary School
National Day Parade 2011
People’s Action Party HQ
People’s Association
Perennial Real Estate Holdings
Pte. Ltd
Kent Ridge Secondary School
KK Women’s and Children’s
Hospital
Lions Befrienders
Maha Bodhi School
Malay Language Council
Malay Heritage Centre
Management Development
Institute of Singapore
Maris Stella High School
McDonald’s Restaurants Pte Ltd
Mediacorp Pte Ltd (TODAY)
Memories of Singapore
Methodist Girls’ School
Millennia Institute
Ministry of Defence
Ministry of the Environment and
Water Resources
National Community Leadership
Institute
National Institute of Education
National Junior College
National Museum of Singapore
National Population and Talent
Division
Resorts World Sentosa
Singapore Furniture Industries
Council
Radin Mas Primary School
Singapore International
Foundation
School of The Arts
Singapore Management University
Science Centre Singapore
Singapore Police Force
Scrawl Studios
Singapore Polytechnic
Ping Yi Secondary School
Sembawang Community Club
Singapore Pools
Pioneer Secondary School
Sentosa Development Corporation
Singapore Post Limited
PlasticSoldierFactory
Sengkang Secondary School
Singapore Press Holdings Limited
Poi Ching School
Serangoon Garden Secondary
School
Singapore River One
Serangoon Junior College
Singapore Sports Hub
SgEatWithUs
Singapore Tourism Board
SHL Singapore Pte Ltd
Singapore University of
Technology & Design
POSB
President’s Office Istana
Singapore Sports Council
Ministry of Finance
National Service Affairs Department,
Ministry of Defence
Ministry of Home Affairs
National Taxi Association
Professional Photographers
Association of Singapore
Ministry of National Development
Project 79
Shuqun Secondary School
Ministry of Social and Family
Development
National Volunteer & Philanthropy
Centre
Public Service Division
Siglap Secondary School
Singaporean of the Day
Public Utilities Board (PUB)
Si Ling Secondary School
SPRING Singapore
Ministry of Trade and Industry
NEBO
Punggol Gardens Residents’
Committee
Singapore Art Museum
South West Community
Development Council
Singapore Children’s Society
| 37
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Yuhua Primary School
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Touch Community Services
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Tsao Foundation
Ya Kun International Pte Ltd
Taman Jurong Community Club
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Ying Fo Fui Kun
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| 38
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All right s reser ved. National Librar y Board Singapore. ISSN 0219 -18 49.
NATIONAL
LIBRARY
BOARD AND ITS
SUBSIDIARIES
Keep on
Discovering
FINANCIAL STATEMENTS
For The Financial Year Ended 31 March 2015
Contents
Statement by Board Members
01
Independent Auditor’s Report
02
Consolidated Statement of Financial Position
04
Statement of Financial Position
05
Consolidated Statement of Comprehensive Income
06
Statement of Comprehensive Income
07
Consolidated Statement of Changes in Equity
08
Statement of Changes in Equity
09
Consolidated Statement of Cash Flows
Notes to the Financial Statements
02 | Keep on Discovering
10
11
STATEMENT BY
BOARD MEMBERS
For the financial year ended 31 March 2015
In our opinion,
(a)
the accompanying financial statements of the National Library Board (the “Board”) and its subsidiaries (the
“Group”) as set out on pages 4 to 55 are drawn up so as to present fairly, in all material respects, the state of
affairs of the Group and of the Board as at 31 March 2015 and the results and changes in equity of the Group and
the Board and cash flows of the Group for the financial year then ended in accordance with the provisions of the
National Library Board Act (Cap. 197, 1996 Revised Edition) (the “Act”), Singapore Charities Act (Chapter 37) and
Singapore Statutory Board Financial Reporting Standards (“SB-FRS”);
(b)
the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Board
during the financial year have been in accordance with the provisions of this Act; and
(c)
proper accounting and other records have been kept including all records of all assets of the Board whether
purchased, donated or otherwise.
The Members of the Board have, on the date of this statement, authorised these financial statements for issue.
On behalf of the Board
Yeoh Chee Yan
Chairman
Elaine Ng
19 June 2015
National Library Board Financial Statements 2014/15
| 011
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF THE BOARD
OF THE NATIONAL LIBRARY BOARD
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of National Library Board (the “Board”) and its subsidiaries
(the “Group”) set out on pages 4 to 55, which comprise the consolidated statement of financial position of the Group
and statement of financial position of the Board as at 31 March 2015, the statements of comprehensive income and
statements of changes in equity of the Group and the Board and the statement of cash flows of the Group for the
financial year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
the provisions of the National Library Board Act (Cap. 197, 1996 Revised Edition) (the “Act”), Singapore Charities Act
(Chapter 37) and Singapore Statutory Board Financial Reporting Standards (“SB-FRS”), and for such internal control as
management determines is necessary to enable the preparation of the financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement of
comprehensive income and statement of changes in equity of the Board are properly drawn up in accordance with the
provisions of the Act, Singapore Charities Act (Chapter 37) and SB-FRS so as to present fairly, in all material respects, the
state of affairs of the Group and the Board as at 31 March 2015 and the results and changes in equity of the Group and
the Board and cash flows of the Group for the financial year ended on that date.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF THE BOARD
OF THE NATIONAL LIBRARY BOARD
(continued)
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Management’s Responsibility for Compliance with Legal and Regulatory Requirements
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and the acquisition and
disposal of assets, are in accordance with the provisions of the Act. This responsibility includes implementing accounting
and internal controls as management determines are necessary to enable compliance with the provisions of the Act.
Auditor’s responsibility
Our responsibility is to express an opinion on management’s compliance based on our audit of the financial statements.
We conducted our audit in accordance with Singapore Standards on Auditing. We planned and performed the compliance
audit to obtain reasonable assurance about whether the receipts, expenditure, investment of moneys and the acquisition
and disposal of assets, are in accordance with the provisions of the Act.
Our compliance audit includes obtaining an understanding of the internal control relevant to the receipts, expenditure,
investment of moneys and the acquisition and disposal of assets; and assessing the risks of material misstatement of the
financial statements from non-compliance, if any, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. Because of the inherent limitations in any accounting and internal control system, noncompliances may nevertheless occur and not be detected.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
management’s compliance.
Opinion
In our opinion:
(a)
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Board during
the year are, in all material respects, in accordance with the provisions of the Act; and
(b)
proper accounting and other records have been kept, including records of all assets of the Board and of the
subsidiaries incorporated in Singapore, of which we are the auditors, whether purchased, donated or otherwise.
During the course of our audit, nothing has come to our attention that caused us to believe that during the year:
(a)
the use of the donation moneys was not in accordance with the objectives of The Library Fund as required under
Regulation 16 of the Charities (Institutions of a Public Character) Regulations; and
(b)
the Library Fund has not complied with the requirements of Regulation 15 (fund-raising expenses) of the Charities
(Institutions of a Public Character) Regulations.
PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore, 19 June 2015
| 03
3
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As at 31 March 2015
Group
Note
2014/2015
$
2013/2014
$
Equity
Capital account
4
258,572,563
133,161,236
Heritage reserves
6
8,081,321
7,914,022
35,973,633
37,658,829
Accumulated surplus
- General funds
- Restricted funds
7
Total equity
69,478,138
65,685,626
372,105,655
244,419,713
Non-current assets
Property, plant and equipment
9
289,713,278
284,564,911
Heritage assets
6
12,037,491
11,752,016
301,750,769
296,316,927
Current assets
Financial assets at fair value through profit or loss
11
101,091,316
91,475,814
Trade and other receivables
12
11,419,212
20,127,201
Derivative financial instruments
14
75,442
97,696
Cash and cash equivalents
15
259,702,008
168,495,458
372,287,978
280,196,169
674,038,747
576,513,096
69,314,052
87,877,450
Total assets
Current liabilities
Trade and other payables
16
Current income tax liabilities
23
-
-
Provision for retirement benefits
17
1,362,000
2,122,000
Development grants received in advance
18
3,087,240
6,164,849
Deferred capital grants
19
17,449,771
16,543,834
91,213,063
112,708,133
Non-current liabilities
17
5,657,713
5,289,228
19
205,062,316
214,096,022
210,720,029
219,385,250
Total liabilities
301,933,092
332,093,383
Net assets
372,105,655
244,419,713
36,777
37,624
Net assets of trust funds
The accompanying notes form an integral part of these financial statements.
8
STATEMENT OF FINANCIAL
POSITION
As at 31 March 2015
Board
Note
2014/2015
$
2013/2014
$
Equity
Capital account
4
258,572,563
133,161,236
Heritage reserves
6
8,081,321
7,914,022
33,252,804
35,094,376
Accumulated surplus
- General funds
- Restricted funds
7
Total equity
69,478,138
65,685,626
369,384,826
241,855,260
Non-current assets
9
289,706,099
284,548,595
Heritage assets
6
12,037,491
11,752,016
Investments in subsidiaries
10
506
506
301,744,096
296,301,117
Current assets
11
100,308,946
90,715,314
12
10,879,702
19,492,260
14
75,442
97,696
15
257,343,972
166,165,552
368,608,062
276,470,822
670,352,158
572,771,939
Total assets
Current liabilities
16
68,348,292
86,700,746
17
1,362,000
2,122,000
18
3,087,240
6,164,849
19
17,449,771
16,543,834
90,247,303
111,531,429
Non-current liabilities
17
5,657,713
5,289,228
19
205,062,316
214,096,022
210,720,029
219,385,250
Total liabilities
300,967,332
330,916,679
Net assets
369,384,826
241,855,260
36,777
37,624
8
| 05
5
21
18
19
(Deficit)/surplus before grants
Grants
Operating grants
Development grants
Deferred capital grants amortised
1
Donations received of $3,975,060 (FY13: $1,105,435) relate to tax-deductible donations.
Other comprehensive (loss)/income
Funds for acquisition of heritage assets
Remeasurement loss on defined benefit pension plans
Total other comprehensive (loss)/income for the year
Total comprehensive income/(loss) for the year
23
204,702,768
3,321,871
15,999,312
224,023,951
(4,126,191)
497
(4,125,694)
(174,847)
(4,300,541)
204,446,659
1,012,535
20,001,473
225,460,667
(953,897)
(953,897)
(167,299)
(1,121,196)
13
12
(Deficit)/surplus for the year before tax
Income tax credit
Net (deficit)/surplus for the year
Transfer to heritage reserves
(92,071,991)
(28,319,597)
(27,334,725)
(44,653,866)
(18,000,130)
(23,044,182)
(18,315,374)
(8,786,348)
(478,020)
178,455
(260,825,778)
(228,150,142)
10,423,702
5,477,282
6,547,391
3,903,017
626,044
1,984,039
826,064
(740,267)
3,266,803
361,561
32,675,636
(88,843,047)
(30,019,986)
(21,961,838)
(44,324,797)
(23,371,513)
(22,410,042)
(18,265,353)
(8,656,084)
(607,177)
(258,459,837)
(226,414,564)
7,690,870
5,221,485
6,422,292
3,750,105
1,103,521
1,643,495
823,156
2,956,566
2,184,453
249,330
32,045,273
General funds
2014/2015
2013/2014
$
$
20
9
22
Note
Expenditure
Manpower and staff welfare
Depreciation of property, plant and equipment
Books, periodicals, films and serials
General and administrative expenses
Maintenance and other property expenses
Rental expenses
Agency and other professional fees
Other expenses
Allowance made for doubtful book fines and lost book charges
Write-back of allowance for doubtful receivables
Group
Income
Consultancy and other services
Professional library services
Rental income
Book fines and lost book charges
Interest income
Library services and programmes
Membership fees
Investment income/(loss) - net
Other income
Donations1
3,792,512
3,792,512
3,792,512
(5,620)
(435,892)
(242,431)
(1,078,516)
(41,025)
(147,471)
(161,028)
(72,317)
(2,184,300)
3,792,512
117,838
1,884,405
109
3,974,460
5,976,812
(844,808)
(844,808)
(844,808)
944
(312,846)
(261,549)
(1,024,745)
(92,168)
(148,083)
(309,004)
(76,888)
(2,224,339)
(844,808)
29,293
244,803
1,105,435
1,379,531
Restricted funds
2014/2015
2013/2014
$
$
Total
167,299
(564,000)
(396,701)
2,274,615
204,446,659
1,012,535
20,001,473
225,460,667
2,838,615
2,838,615
(167,299)
2,671,316
(88,848,667)
(30,455,878)
(22,204,269)
(45,403,313)
(23,412,538)
(22,557,513)
(18,426,381)
(8,728,401)
(607,177)
(260,644,137)
(222,622,052)
7,690,870
5,221,485
6,422,292
3,750,105
1,221,359
1,643,495
823,156
4,840,971
2,184,562
4,223,790
38,022,085
2014/2015
$
174,847
174,847
(4,970,502)
204,702,768
3,321,871
15,999,312
224,023,951
(4,970,999)
497
(4,970,502)
(174,847)
(5,145,349)
(92,071,047)
(28,632,443)
(27,596,274)
(45,678,611)
(18,092,298)
(23,192,265)
(18,624,378)
(8,863,236)
(478,020)
178,455
(263,050,117)
(228,994,950)
10,423,702
5,477,282
6,547,391
3,903,017
655,337
1,984,039
826,064
(495,464)
3,266,803
1,466,996
34,055,167
2013/2014
$
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 07
7
Donations received of $3,974,460 (FY13: $1,105,435) relate to tax-deductible donations for The Library Fund.
Other comprehensive (loss)/income
Funds for acquisition of heritage assets
Total other comprehensive (loss)/income for the year
2
21
18
19
(Deficit)/surplus before grants
Grants
Operating grants
Development grants
Deferred capital grants amortised
23
204,702,768
3,321,871
15,999,312
224,023,951
(4,346,214)
(4,346,214)
(174,847)
(4,521,061)
204,446,659
1,012,535
20,001,473
225,460,667
(1,110,273)
(1,110,273)
(167,299)
(1,277,572)
13
(Deficit)/surplus for the year before tax
Income tax expense
Transfer to heritage reserves
(91,580,811)
(28,312,135)
(26,068,297)
(44,026,940)
(18,000,129)
(23,044,182)
(18,154,787)
(8,835,944)
(478,020)
(258,501,245)
(228,370,165)
8,806,304
4,587,203
6,591,745
3,903,017
576,331
1,984,038
826,064
(728,914)
3,228,731
356,561
30,131,080
(87,890,846)
(30,012,525)
(20,944,369)
(44,173,698)
(23,366,642)
(22,407,588)
(18,146,900)
(9,327,152)
(607,177)
(256,876,897)
(226,570,940)
6,977,379
4,254,195
6,476,257
3,750,105
1,060,241
1,643,495
823,156
2,934,696
2,138,075
248,358
30,305,957
General funds
2014/2015
2013/2014
$
$
20
9
22
Note
Expenditure
Books, periodicals and serials
Rental expenses
Other expenses
Allowance made for doubtful book fines and lost book charges
Board
Income
Rental income
Interest income
Membership fees
Other income
Donations2
3,792,512
3,792,512
3,792,512
(5,620)
(435,892)
(242,431)
(1,078,516)
(41,025)
(147,471)
(161,028)
(72,317)
(2,184,300)
3,792,512
117,838
1,884,405
109
3,974,460
5,976,812
(844,808)
(844,808)
(844,808)
944
(312,846)
(261,549)
(1,024,745)
(92,168)
(148,083)
(309,004)
(76,888)
(2,224,339)
(844,808)
29,293
244,803
1,105,435
1,379,531
Restricted funds
2014/2015
2013/2014
$
$
STATEMENT OF COMPREHENSIVE INCOME
Total
167,299
(564,000)
(396,701)
2,118,239
204,446,659
1,012,535
20,001,473
225,460,667
2,682,239
2,682,239
(167,299)
2,514,940
(87,896,466)
(30,448,417)
(21,186,800)
(45,252,214)
(23,407,667)
(22,555,059)
(18,307,928)
(9,399,469)
(607,177)
(259,061,197)
(222,778,428)
6,977,379
4,254,195
6,476,257
3,750,105
1,178,079
1,643,495
823,156
4,819,101
2,138,184
4,222,818
36,282,769
2014/2015
$
174,847
174,847
(5,191,022)
204,702,768
3,321,871
15,999,312
224,023,951
(5,191,022)
(5,191,022)
(174,847)
(5,365,869)
(91,579,867)
(28,624,981)
(26,329,846)
(45,051,685)
(18,092,297)
(23,192,265)
(18,463,791)
(8,912,832)
(478,020)
(260,725,584)
(229,214,973)
8,806,304
4,587,203
6,591,745
3,903,017
605,624
1,984,038
826,064
(484,111)
3,228,731
1,461,996
31,510,611
2013/2014
$
Acquisition of heritage assets
-
10,334,137
Issuance of shares
At 31 March 2015
-
5
6
-
-
17
10,334,137
At 1 April 2014
10,334,137
5
Issuance of shares
At 31 March 2014
-
-
10,334,137
6
Note
Establishment
account
$
248,238,426
125,411,327
-
-
-
-
122,827,099
122,827,099
30,982,542
-
-
-
91,844,557
Equity
financing
account
$
Capital account
Net deficit for the year
At 1 April 2013
Group
8,081,321
-
167,299
167,299
-
-
7,914,022
7,914,022
-
174,847
174,847
-
7,739,175
Heritage
reserves
$
35,973,633
-
(1,685,196)
(167,299)
(564,000)
(953,897)
37,658,829
37,658,829
-
(4,300,541)
(174,847)
(4,125,694)
41,959,370
$
General funds
69,478,138
-
3,792,512
-
-
3,792,512
65,685,626
65,685,626
-
(844,808)
-
(844,808)
66,530,434
Restricted
funds
(see Note 7)
$
Accumulated surplus
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
372,105,655
125,411,327
2,274,615
-
(564,000)
2,838,615
244,419,713
244,419,713
30,982,542
(4,970,502)
-
(4,970,502)
218,407,673
Total
$
| 09
9
6
10,334,137
-
Issuance of shares
At 31 March 2015
-
5
-
17
-
-
10,334,137
At 1 April 2014
10,334,137
-
5
Issuance of shares
At 31 March 2014
-
-
10,334,137
6
Note
Establishment
account
$
248,238,426
125,411,327
-
-
-
-
122,827,099
122,827,099
30,982,542
-
-
-
91,844,557
Equity
financing
account
$
Capital account
At 1 April 2013
Board
STATEMENT OF CHANGES IN EQUITY
8,081,321
-
167,299
167,299
-
-
7,914,022
7,914,022
-
174,847
174,847
-
7,739,175
Heritage
reserves
$
33,252,804
-
(1,841,572)
(167,299)
(564,000)
(1,110,273)
35,094,376
35,094,376
-
(4,521,061)
(174,847)
(4,346,214)
39,615,437
$
General funds
69,478,138
-
3,792,512
-
-
3,792,512
65,685,626
65,685,626
-
(844,808)
-
(844,808)
66,530,434
Restricted
funds
(see Note 7)
$
Accumulated surplus
369,384,826
125,411,327
2,118,239
-
(564,000)
2,682,239
241,855,260
241,855,260
30,982,542
(5,191,022)
-
(5,191,022)
216,063,740
Total
$
CONSOLIDATED STATEMENT
OF CASH FLOWS
Group
Note
2014/2015
$
2013/2014
$
(222,622,052)
(228,994,950)
Cash flows from operating activities
Deficit before grants before tax
Adjustments for:
9
Interest income from fixed deposits with bank
Investment (income)/loss – net
22
Fund management fees
Retirement benefits
20
30,455,878
(655,337)
(4,840,971)
495,464
228,015
256,741
119,000
216,000
(2,994)
Gain on disposal of property, plant and equipment
170,614
Property, plant and equipment written off
Donation-in-kind received
Deficit before working capital changes
28,632,443
(1,221,359)
(33,246)
15,435
(118,249)
(292,836)
(197,832,118)
(200,360,286)
Changes in working capital:
9,212,011
(19,553,689)
22,254
Cash utilised in operations
Pension paid
Cash flows used in operating activities
38,334
(208,151,542)
(182,108,709)
(1,074,515)
(1,611,772)
-
Income tax refund
(5,329,025)
23,542,268
(209,226,057)
497
(183,719,984)
Cash flows from investing activities
(20,000,000)
Funds placed with fund managers
23,504,149
Redemption of quoted debt securities
Purchases of property, plant and equipment
Purchases of heritage asset
(41,882,062)
(172,226)
(183,807)
796,318
Interest income received
Cash flows used in investing activities
263,658
(35,875,689)
2,994
Proceeds from disposal of property, plant and equipment
-
33,246
603,580
(31,744,454)
(41,165,385)
215,672,401
252,390,864
Cash flows from financing activities
Government grants received
(1,496,093)
Government grants refunded
(30,234)
Proceeds from equity financing
125,411,327
30,982,542
Cash flows provided by financing activities
339,587,635
283,343,172
98,617,124
58,457,803
159,838,974
101,381,171
258,456,098
159,838,974
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
15
NOTES TO THE FINANCIAL
STATEMENTS
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1.
General information
National Library Board (the “Board”) was established on 1 September 1995 under the National Library Board Act
(Cap. 197, 1996 Revised Edition). The address of its registered office and principal place of operations is at 100
Victoria Street #14-01, Singapore 188064.
The Board is subjected to the control of its supervisory ministry, Ministry of Communications and Information
(“MCI”). The Board is required to follow the policies and instructions issued from time to time by MCI and other
government ministries and departments such as the Ministry of Finance (“MOF”). With effect from 1 November
2012, the National Archives of Singapore (“NAS”) was transferred from National Heritage Board to National
Library Board.
The Board is also registered as a charity (Unique Entity No: T02CC1608E) under the Charities Act (Cap. 37, 1995
Revised Edition) since 16 September 2002. The principal activities of the Board are:
(a)
to establish and maintain libraries, and provide library information services;
(b)
to promote reading and encourage learning through the use of libraries and their services;
(c)
to provide a repository for library materials published in Singapore;
(d)
to acquire and maintain a comprehensive collection of library materials relating to Singapore and its people;
(e)
to establish standards for the training of library personnel in Singapore;
(f)
to provide advisory and consultancy services concerning libraries and library information services;
(g)
to compile and maintain a national union catalogue and a national bibliography;
(h)
to advise the Government on national needs and policies in respect of matters relating to publicly-funded
libraries and library information services in Singapore;
(i)
to provide a permanent repository of records of national or historical significance and to facilitate access of
those records;
(j)
to conduct records management programmes for the Government; and
(k)
to record, preserve and disseminate the history of Singapore through oral history methodology or other means.
The consolidated financial statements relate to the Group. The principal activities of the subsidiaries are disclosed
in Note 10 to the financial statements.
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11
STATEMENTS
2.
Significant accounting policies
2.1
Basis of preparation
The financial statements have been prepared in accordance with Singapore Statutory Board Financial
Reporting Standards (“SB-FRS”) and provisions of the National Library Act (Cap. 197, 1996 Revised Edition),
under the historical cost convention, except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with SB-FRS requires management to exercise its
judgement in the process of applying the Group’s accounting policies. It also requires the use of certain
critical accounting estimates and assumptions. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements are
disclosed in Note 3.
Interpretations and amendments to published standards effective in 2014
On 1 April 2014, the Board adopted the new or amended mandatory SB-FRS and Interpretations to SB-FRS
(“INT SB-FRS”). Changes to the Group’s accounting policies have been made as required, in accordance
with the transitional provisions in the respective SB-FRS and INT SB-FRS. The adoption of the new or
amended SB-FRS and INT SB-FRS did not result in substantial changes to the accounting policies and had
no material effect on the amounts reported for the current or prior financial years.
2.2Subsidiaries
Consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are de-consolidated from the date on which control ceases.
In preparing the consolidated financial statements, transactions, balances and unrealised gains on
transactions between group entities are eliminated. Unrealised losses are also eliminated but are
considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the Group.
2.3
Currency translation
(a) Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the
currency of the primary economic environment in which the entity operates (“functional currency”).
The financial statements are presented in Singapore Dollars, which is the functional currency of the
Board.
(b) Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated
into the functional currency using the exchange rates at the dates of the transactions. Currency
translation differences resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance
sheet date are recognised in profit or loss.
Non-monetary items measured at fair values in foreign currencies are translated using the exchange
rates at the date when the fair values are determined. 12 | Keep on Discovering
STATEMENTS
2. Significant accounting policies (continued)
2.4
(a)Measurement
(i)
Property, plant and equipment are initially recognised at cost and subsequently carried at
cost less accumulated depreciation and accumulated impairment losses. (ii)
Components of costs
The cost of an item of property, plant and equipment initially recognised includes its purchase
price and any cost that is directly attributable to bringing the asset to the location and
condition necessary for it to be capable of operating in the manner intended by management.
The projected cost of dismantlement, removal or restoration is also recognised as part of
the cost of property, plant and equipment if such obligation is incurred as a consequence of
acquiring the asset or use of the assets. Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that equipment.
(b)Depreciation
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
Depreciation is calculated using the straight-line method to allocate depreciable amounts over
estimated useful lives as follows:
Leasehold premises
Motor vehicles Building improvements and renovation
Furniture and fittings
Office equipment
Computer hardware and software
Useful lives
30 to 60 years
5 years
5 years or lease period whichever is shorter
5 years
5 years
4 years
Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is
reasonably certain that the Group will obtain ownership by the end of the lease term. Projects-inprogress and works-of-art are not depreciated.
The residual values, estimated useful lives and depreciation method of property, plant and equipment
are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are
recognised in profit or loss when the changes arise.
(c)
Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been recognised
is added to the carrying amount of the asset only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. All
other repair and maintenance expenses are recognised in profit or loss when incurred.
(d)Disposal
On disposal of an item of property, plant and equipment, the difference between the disposal
proceeds and its carrying amount is recognised in profit or loss within “Other income”.
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STATEMENTS
2.5
Heritage assets
Heritage assets relate to rare books and other rare materials. Heritage assets purchased by the Group are
measured at cost less impairment losses, if any. Heritage assets received by the Group as donations are
recognised at the valuation determined by the Group’s panel of valuers consisting of professional staff at
the time of receipt of the assets. Subsequent expenditure relating to heritage assets that has been recognised is added to the carrying
amount of the asset only when it is probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably.
The heritage assets are held in perpetuity with an indefinite economic lifespan and are not depreciated.
Grants received from government to fund purchases of heritage assets are recognised in the heritage
reserve upon purchase of the heritage assets.
2.6
Impairment of non-financial assets
Property, plant and equipment, heritage assets and investment in subsidiaries are tested for impairment
whenever there is any objective evidence or indication that these assets may be impaired.
If the recoverable amount of the asset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount. The difference between the carrying amount
and recoverable amount is recognised as an impairment loss in profit or loss.
An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used
to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying
amount of this asset is increased to its revised recoverable amount, provided that this amount does not
exceed the carrying amount that would have been determined (net of accumulated depreciation) had no
impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is
recognised in profit or loss.
2.7
Financial assets
(a) Classification
The Group classifies its financial assets in the following categories: at fair value through profit or loss
and loans and receivables. The classification depends on the nature of the asset and the purpose
for which the assets were acquired. Management determines the classification of its financial
assets at initial recognition and in the case of assets classified as held-to-maturity, re-evaluates this
designation at each balance sheet date. (i)
Financial assets designated as fair value through profit or loss at inception are those that are
managed and their performances are evaluated on a fair value basis, in accordance with a
documented Group investment strategy.
Assets in this category are presented as current assets if they are either held for trading or are
expected to be realised within 12 months after the balance sheet date.
The Group’s investments in marketable securities managed by professional fund managers are
designated at fair value through profit or loss as the fund managers manage such investments
based on their fair value in accordance with the Group’s documented investment strategy.
STATEMENTS
2.
Significant accounting policies (continued)
2.7
Financial assets (continued)
(a) Classification (continued)
(ii)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They are presented as current assets, except for those
that are expected to be realised later than 12 months after the balance sheet date, which are
presented as non-current assets. Loans and receivables are presented as “trade and other
receivables” (Note 12) and “cash and cash equivalents” (Note 15) on the balance sheet.
(b) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date – the date on which
the Group commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all risks and
rewards of ownership. On disposal of a financial asset, the difference between the carrying amount
and the sale proceeds is recognised in profit or loss.
(c)
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for financial assets
at fair value through profit or loss, which are recognised at fair value. Transaction costs for financial
assets at fair value through profit or loss are recognised immediately as expenses.
(d) Subsequent measurement
Financial assets at fair value through profit or loss are subsequently carried at fair value. Changes
in fair values including the effects of currency translation, interest and dividends are recognised in
profit or loss when the changes arise. Loans and receivables are subsequently carried at amortised
cost using the effective interest method, less accumulated impairment losses.
(e)Impairment
The Group assesses at each balance sheet date whether there is objective evidence that these
financial assets are impaired and recognises an allowance for impairment when such evidence exists.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy and
default or significant delay in payments are objective evidence that these financial assets are impaired.
The carrying amount of these assets is reduced through the use of an impairment allowance
account which is calculated as the difference between the carrying amount and the present value
of estimated future cash flows, discounted at the original effective interest rate. When the asset
becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of
amounts previously written off are recognised against the same line item in profit or loss.
The impairment allowance is reduced through profit or loss in a subsequent period when the amount
of impairment loss decreases and the related decrease can be objectively measured. The carrying
amount of the asset previously impaired is increased to the extent that the new carrying amount
does not exceed the amortised cost had no impairment been recognised in prior periods.
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15
STATEMENTS
2.8Investments in subsidiaries
Investments in subsidiaries are carried at cost less accumulated impairment losses in the Board’s statement
of financial position. 2.9
The Group is exposed primarily to the financial risk of foreign exchange fluctuations on debt and equity
securities and cash and cash equivalents placed with fund managers. The Group enters into currency
forwards and swaps through fund managers to manage the risk.
A derivative financial instrument, for which no hedge accounting is applied, is initially recognised at its fair
value on the date the contract is entered into and is subsequently carried at its fair value. Changes in its
fair value are recognised in profit and loss.
2.10 Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the
end of financial year which are unpaid. They are classified as current liabilities if payment is due within
one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented
as non-current liabilities.
Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost
using the effective interest method.
2.11 Fair value estimation of financial assets and liabilities
The fair values of financial instruments traded in active markets (such as exchange traded and over-thecounter securities and derivatives) are based on quoted market prices at the balance sheet date. The
quoted market prices used for financial assets are the current bid prices; the appropriate quoted market
prices for financial liabilities are the current asking prices.
The fair values of currency forwards and swaps are determined using actively quoted forward exchange
rates. The fair values of current financial assets and liabilities carried at amortised cost approximate their
carrying amounts.
The fair values of current financial assets and liabilities carried at amortised cost approximate their
carrying amounts.
2.12Provisions
Provisions for asset dismantlement, removal or restoration are recognised when the Group has a present
legal or constructive obligation as a result of past events, it is more likely than not that an outflow of
resources will be required to settle the obligation and the amount have been reliably estimated.
The Group recognises the estimated costs of dismantlement, removal or restoration of items of property,
plant and equipment arising from the acquisition or use of assets. This provision is calculated based on
the best estimate of the expenditure required to settle the obligation, taking into consideration time value
of money. Changes in the estimated timing or amount of the expenditure for asset dismantlement, removal and
restoration costs are adjusted against the cost of the related property, plant and equipment, unless the
decrease in the liability exceeds the carrying amount of the asset or the asset has reached the end of its
useful life. In such cases, the excess of the decrease over the carrying amount of the asset or the changes
in the liability is recognised in profit or loss immediately.
STATEMENTS
2.13 Operating leases
(a) When the Group is the lessee:
Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are
classified as operating leases. Payments made under operating leases (net of any incentives received
from the lessors) are recognised in profit or loss on a straight-line basis over the period of the lease.
(b) When the Group is the lessor:
Leases where the Group retains substantially all risks and rewards incidental to ownership are
classified as operating leases. Rental income from operating leases (net of any incentives given to
the lessees) is recognised in profit or loss on a straight-line basis over the lease term.
2.14 Revenue recognition
Income comprises the fair value of the consideration received or receivable for the sale of goods and
rendering of services in the ordinary course of the Group’s activities. Income is presented, net of rebates
and discounts, and after eliminating income within the Group. The Group assesses its role as an agent or principal for each transaction and in all agency arrangements,
the amounts collected on behalf of principal are excluded from revenue. The Group recognises income
when the amount of income and related cost can be reliably measured, it is probable that the collectability
of the related receivables is reasonably assured and when the specific criteria for each of the Group’s
activities are met as follows: (a) Professional library services
Professional library services are rendered to government ministries, statutory boards and other
commercial entities and the income is recognised when the services are rendered. (b) Consultancy and other services
Income from the provision of library consultancy services as well as library solutions including
collection acquisition and library operation management is recognised upon service delivery based
on rates specified in the respective service contracts.
(c)
Income from library services and programme include the use of multi-media, programme delivery,
reservation fee and renewal fee and are recognised when the services are rendered.
(d) Rental income
Rental income from operating leases (net of any incentives given to lessees) is accounted for on a
straight-line basis over the lease term.
(e)
Membership fees
Membership fees include premium membership fees, registration fee for permanent resident and
foreigners and annual foreign membership fees. They are accounted for on a receipt basis.
(f)
Interest income
Interest income from bank deposits is recognised using the effective interest method.
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17
STATEMENTS
2.
Significant accounting policies (continued)
2.14 Revenue recognition (continued)
(g)Donations
Donations (cash or in kind) received are recognised as income upon receipt.
Donations in kind received by the Group are recognised based on market value or at the valuation
determined by the Group’s panel of valuers consisting of professional staff at the time of receipt of
the donations in kind.
(h) Book fines and lost book charges
Income from book fines and lost book charges is recognised when library items are overdue, lost or
damaged.
2.15 Government grants
Government grants and contributions from other organisations are recognised initially at their fair values
where there is reasonable assurance that the grant will be received and the Group will comply with all the
attached conditions.
Government grants received by the Group to meet the current year’s operating expenses are recognised
by the Group as income in the year these operating expenses are incurred. Other government grants
are recognised as income over the periods necessary to match them with the related costs which they
are intended to compensate, on a systematic basis. Such grants which are received but not utilised are
included in the grants received in advance account in the statements of financial position.
Government grants and contributions from other organisations utilised for the purchase/ construction of
depreciable assets are initially recorded as “deferred capital grants” on the statement of financial position
of the Group. Deferred capital grants are then recognised in profit or loss over the periods necessary to
match the depreciation of the assets with the related grants.
On the disposal of the property, plant and equipment, the balance of the related deferred capital grants
is recognised in profit or loss to match the net book value of the property, plant and equipment disposed
or written off.
2.16Funds
Assets and liabilities of the general fund and restricted fund are pooled in the statement of financial
position.
(i)
General fund
Income and expenditure relating to the main activities of the Group and the Board are accounted for
in the “General Fund” in the consolidated statement of comprehensive income.
(ii) Restricted fund
Income and expenditure relating to funds received for specific purposes and for which separate
disclosure is necessary as these funds are material and there are legal and other restrictions on
the ability of the Board to distribute or otherwise apply these funds. They are accounted for in
“Restricted Fund” and disclosed separately in Note 7 to the financial statements.
STATEMENTS
2.17 Trust funds
Trust funds are funds for which the Board acts as a custodian, trustee, manager or agent but does not
exercise control over the funds.
The net assets of the trust funds are presented as a line item in the statements of financial position as
prescribed by SB-FRS Guidance Note 1. The income and expenditure items relating to these funds are
accounted for directly in these funds. Details of income, expenditure, assets and liabilities are disclosed
in Note 8 to the financial statements.
2.18 Expenditure on book, periodicals, films and serials
Expenditure on books, periodicals, films and serials are charged to profit or loss in the year of purchase,
except where the items purchased are rare books or other rare materials that will be accounted for as
heritage assets.
2.19Employee compensation
Employee benefits are recognised as an expense, unless the cost qualifies to be capitalised as an asset.
(a) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed
contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or
voluntary basis. The Group has no further payment obligations once the contributions have been paid.
(b) Defined benefit plan
The Group operates unfunded defined benefit schemes for certain employees under the provisions
of the Pension Act, (Cap. 225, 2004 Revised Edition).
Defined benefit plans typically define the amount of benefit that an employee will receive on
or after retirement, usually dependent on one or more factors such as age, years of service and
compensation.
The liability recognised in the balance sheet in respect of a defined benefit pension plan is the
present value of the defined benefit obligation at the reporting date together with adjustments for
unrecognised past-service costs. The defined benefit obligation is calculated once every two years
by independent actuaries using the projected unit credit method. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using yield of
10-year government bonds and have tenures approximating to that of the related post-employment
benefit obligations.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions
are charged or credited to equity in other comprehensive income in the period when they arise.
Past service costs are recognised immediately in profit or loss.
(c)
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed
as the related service is provided.
|
19
STATEMENTS
2.19Employee compensation (continued)
(d) Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A provision
is made for the estimated liability for annual leave as a result of services rendered by employees up
to the balance sheet date.
2.20Income taxes
The Group is tax-exempted under the provisions of the Income Tax Act (Cap. 134, 2004 Revised Edition)
except for one of its subsidiary, which is subject to local income tax legislation.
Current income tax for current and prior periods is recognised at the amount expected to be paid to or
recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively
enacted by the balance sheet date.
Deferred income tax is recognised for all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements except when the deferred income tax
arises from the initial recognition of an asset or liability in a transaction that affects neither accounting nor
taxable profit or loss at the time of the transaction.
Current and deferred income taxes are recognised as income or expense in profit or loss, except to the
extent that the tax arises from a transaction which is recognised directly in equity.
2.21 Equity financing account
Ordinary shares are classified as equity in the equity financing account.
2.22 Cash and cash equivalents
Under the Accountant-General Circular No.4/2009 dated 2 November 2009, the Board is required
to participate in the Centralised Liquidity Management Framework (“CLM”). Under the CLM, all bank
accounts maintained with selected banks will be linked up with the bank accounts of AccountantGeneral’s Department (“AGD”) such that available excess cash can be automatically aggregated for central
management on a daily basis. The Board will continue to own/act as trustees for their funds and operate
its bank accounts, including giving instructions for payment and revenue collection. These balances
are included in cash and cash equivalents as “Cash managed by AGD through Centralised Liquidity
Management”.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash
on hand and at bank, cash managed by AGD and short-term deposits with financial institutions which are
subject to an insignificant risk in change in value.
2.23 Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is
legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and
settle the liability simultaneously.
STATEMENTS
3.
Critical accounting estimates, assumptions and judgements
Estimates, assumptions and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
3.1
Critical accounting estimates and assumptions
(a) Impairment of book fines and lost book charges
The Group and Board maintain an allowance for doubtful book fines and lost book charges at a level
considered adequate to provide for potential uncollectible book fines and lost book charges. The
level of this allowance is evaluated by the Group on the basis of factors that affect the collectibility
of the accounts. These factors include, but are not limited to ageing of the outstanding arrears and
the payment patterns of the patrons. The amount and timing of recorded expenses for any period
would differ if the Group made different judgment or utilised different estimates. An increase in the
Group’s and the Board’s allowance for doubtful book fines and lost book charges would increase the
Group’s recorded operating expenses and decrease net receivables.
(b) Provision for retirement benefits
Pension expense is determined using certain actuarial estimates and assumptions relating to the
discount rate used in valuing the defined benefit obligation and future expectations such as future
salary increases, retirement date or age, and mortality and turnover rate of covered employees. Any
change in management’s estimates and assumptions directly influence the amount of the pension
expense recognised in the financial statements. The annual contribution to the pension plan consists of payments covering the current service cost
for the year and payments towards funding the actuarial accrued liability.
4.
Capital account
Group and Board
Note
Establishment account
Equity financing account
5
2014/2015
$
2013/2014
$
10,334,137
10,334,137
248,238,426
122,827,099
258,572,563
133,161,236
The capital account comprises of the net book value of the assets held by the former National Library, which
were transferred to the Board on its establishment on 1 September 1995 (“Establishment account”) and “Equity
Financing” received from the Ministry of Finance (“MOF”) subsequently (“Equity Financing account”).
The equity financing account comprises equity injections by the MOF in its capacity as shareholder under the
debt-equity framework for statutory boards, implemented with effect from 1 September 2004. It also includes
equity injection for Sinking Fund received for the replacement of fixed assets held by the Board. Under this
framework, capital projects will be partially funded by the MOF as equity injection, and the balance through loans
or general funds of the Board.
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21
STATEMENTS
4.
Capital account (continued)
Capital management
Capital consists of capital account, heritage reserves and accumulated surplus of the Group. The Group proactively
manages its capital structure to achieve efficiency in its cost of capital. The quantum of minimum and maximum
cash reserve, taking into account working capital needs and long-term commitments, is reviewed and approved
annually by the Finance Committee of the Board. The cash reserve as at the balance sheet date was below one
year’s annual expenditure.
There were no changes in the Group’s approach to capital management during the year. The Group is not subject
to any externally imposed capital requirements.
5.
Equity financing account
Group and Board
Note
2014/2015
2013/2014
Number of shares
2014/2015
2013/2014
$
$
Issued and paid up:
122,827,099
At 1 April
Issued as at 31 March
At 31 March
4
91,844,557
122,827,099
91,844,557
125,411,327
30,982,542
125,411,327
30,982,542
248,238,426
122,827,099
248,238,426
122,827,099
During the financial year, the Board received proceeds from equity financing of $125,411,327 (2013/2014:
$30,982,542), which is represented by 125,411,327 (2013/2014: 30,982,542) ordinary shares at $1 each. The
shares are held by the Minister for Finance, a body incorporated by the Minister for Finance (Incorporation) Act
(Chapter 183, 1985 Revised Edition).
The holder of ordinary shares, Minister for Finance, is entitled to returns on equity as declared from time to time
if the Board makes an accounting surplus.
STATEMENTS
6.
Heritage reserves and assets
Group and Board
2014/2015
$
2013/2014
$
Heritage reserves
At 1 April
7,914,022
7,739,175
105,348
80,543
Movements during the year
- Transferred from operating grants
61,951
94,304
167,299
174,847
8,081,321
7,914,022
11,752,016
11,545,263
- Donation in kind
113,249
22,946
- Funded by operating grants
105,348
80,543
66,878
103,264
- Processing fees
At 31 March
Heritage assets
At 1 April
Movements during the year
- Processing fees
At 31 March
285,475
206,753
12,037,491
11,752,016
The heritage reserve comprises grants from the government and donated funds for purchase of heritage assets.
7.
Accumulated surplus
(a)
General fund
Income and expenditure relating to the main activities of the Group and the Board are accounted for in the
“General Fund” in the consolidated statement of comprehensive income.
(b)
Restricted fund
The Group’s restricted fund comprise donations in the Library Fund and other donations and funds
received for specific purposes for which there are restrictions on the Group in relation to the application
of those funds. These include specific donations received for exhibitions and programs.
The Library Fund is a trust, which is separately registered as a charity (Unique Entity No: T03CC1744D)
since 26 November 2003. The Library Fund has been conferred the status of an Institution of a Public
Character (IPC No.: IPC000069) to receive tax-deductible donations for the Board and other beneficiaries.
The Board of Trustees of the Library Fund (“TLF”) comprise mainly the members of the Board of the National
Library Board. As the Board of Trustees has the discretion/control over the application of the donations
for the Board’s projects (i.e. TLF is operated and managed by the Board), the Board is deemed to have
control over TLF and in accordance with SB-FRS Guidance Note 1, TLF has been included in the financial
statements of the Board with effect from 1 April 2009. National Library Board Financial Statements 2014/15
| 23
STATEMENTS
7.
Accumulated surplus (continued)
(b)
Restricted fund (continued)
The use of the monies in the Library Fund is restricted to purposes specified in the trust deed and requires
the approval of the trustees of the Library Fund. The Board of Trustees of the Library Fund comprise the Board’s Chairman, Board members and staff trustees.
The objectives of the Library Fund are:
(i)
to support library services, facilities, collections and programmes which will promote reading and
literacy and encourage learning through the use of libraries and their services;
(ii)
to support and promote equal access to reading, literacy and learning in libraries, thereby creating
social good for the community, in particular, for special needs groups, the under privileged and under
served; and
(iii)
to support and promote research, study programmes and scholarships in the fields of reading, literacy,
learning and libraries and information sciences.
To align to NLB’s Act, the objectives have been amended as follows after Commissioner of Charities’
approval:
(A)
(B)
To support performance of any of the functions of the National Library Board as set out under
sections 6, 14A and 14J of the National Library Board Act (Cap. 197); and
To exercise any of the powers of the National Library Board under section 7 of the National Library
Board Act (Cap. 197).
The Library Endowment Fund was established under The Library Fund’s trust deed on 1 December 2010
to ensure financial sustainability in the furtherance of its strategic objectives. An initial capital sum of $12
million carved out from The Library Fund was further augmented by a sum of $25 million government
grant from Ministry of Communications and Information (“MCI”).
The initial capital sum of $12 million was reflected as a transfer of reserves from the Library Fund to The
Library Endowment Fund, a sub-fund created under The Library Fund.
STATEMENTS
7.
(b)
Restricted fund (continued)
The key projects funded under The Library Fund in the current year comprise mainly the following:
Name of projects
Purpose
Early Literacy Programme
This project comprises programmes and a one-stop early literacy
centre to inculcate pre-reading skills and enjoyment of reading
among children, up to 6 years of age.
KidsREAD
This project aims to promote the love of reading and to cultivate
good reading habits in children from an early age and at the same
time, provide access to knowledge via literature for children from
low-income families, thereby enriching their lives and enhancing
opportunities for future success.
Library @ Chinatown
The library was set up and operated with donations from Kwan Im
Thong Hood Cho Temple and CPI Pte Ltd, owner of Chinatown Point
Retail. It carries a collection of books and audio visual materials on
Chinese arts and culture largely in Chinese and English.
Mini MOLLYs
The two mini mobile library buses were set up and operated with
the donation from Kwan Im Thong Hood Cho Temple. It brings the
library experience to children in welfare homes, special education
schools and selected neighbourhood schools. National Library Board Financial Statements 2014/15
| 25
Represented by:
Heritage assets
Surplus/(deficit) before grants
Surplus/(deficit) for the year
Other comprehensive loss
Accumulated surplus at 1 April
Accumulated surplus at 31 March
Heritage reserves at 31 March
Total capital and accumulated surplus
Expenditures
Rental expenses
Other expenses
Income
Interest income
Investment income
Other income
Donations1
Group and Board
1
36,770,207
1,555,040
986,096
73,400
(11,378)
39,373,365
56,871
39,316,494
39,373,365
39,373,365
1,300,784
39,373,365
40,674,149
40,674,149
16,996,950
23,625,936
51,263
40,674,149
56,871
56,871
(55,070)
(55,070)
1,192
110,749
111,941
1,300,784
1,300,784
(38,079)
(38,079)
63,081
1,275,782
1,338,863
Endowment fund
2014/2015
2013/2014
$
$
9,782,540
444,044
12,243,902
6,827,422
37,265
(87,140)
29,248,033
2,491,728
26,312,261
28,803,989
444,044
29,248,033
2,491,728
2,491,728
(5,620)
(435,892)
(242,431)
(1,078,516)
(41,025)
(147,471)
(122,949)
(72,317)
(2,146,221)
54,757
608,623
109
3,974,460
4,637,949
9,573,493
444,044
11,635,280
4,347,564
1,014,128
(258,204)
26,756,305
(901,679)
27,213,940
26,312,261
444,044
26,756,305
(901,679)
(901,679)
944
(312,846)
(261,549)
(1,024,745)
(92,168)
(148,083)
(253,934)
(76,888)
(2,169,269)
28,101
134,054
1,105,435
1,267,590
Other funds
2014/2015
2013/2014
$
$
The breakdown of the income, expenditure, assets and liabilities of The Library Fund for the Group and the Board is as follows:
Donations received relate to tax-deductible donations for The Library Fund.
7.
NOTES TO THE FINANCIAL STATEMENTS
Total
9,782,540
444,044
29,240,852
30,453,358
88,528
(87,140)
69,922,182
3,792,512
65,685,626
69,478,138
444,044
69,922,182
3,792,512
3,792,512
(5,620)
(435,892)
(242,431)
(1,078,516)
(41,025)
(147,471)
(161,028)
(72,317)
(2,184,300)
117,838
1,884,405
109
3,974,460
5,976,812
2014/2015
$
9,573,493
444,044
48,405,487
5,902,604
2,000,224
73,400
(269,582)
66,129,670
(844,808)
66,530,434
65,685,626
444,044
66,129,670
(844,808)
(844,808)
944
(312,846)
(261,549)
(1,024,745)
(92,168)
(148,083)
(309,004)
(76,888)
(2,224,339)
29,293
244,803
1,105,435
1,379,531
2013/2014
$
STATEMENTS
8.
The trust funds comprise three international funds (2013/2014: three international funds) managed by the Board
on behalf of other agencies. The nature of the trust funds as at 31 March 2015 is as follows:
(a)
The International Association of Metropolitan Libraries (“INTAMEL”)
Intamel is formed by a group of metropolitan libraries and established outside of Singapore. It aims to be
a platform to encourage international cooperation between public libraries serving various cities and/or
countries.
(b)
The International Federation of Library Associations and Institutions (“IFLA-RASCAO”)
IFLA-RASCAO is the leading international body representing the interests of library and information
services and their users. The expenditure for IFLA Regional Office of Asia and Oceania is recorded under
this project fund.
(c)
Tamil Digital Heritage Trust Fund (“TDH”)
The Tamil Digital Heritage Project is led by the Tamil Digital Heritage Group. It was launched on 12 October
2013 at the Asian Civilisations Museum by Mr. S Iswaran Minister (Prime Minister’s Office) & Second
Minister (Home Affairs & Trade and Industry). Its aims are to create a digital collection of Singapore Tamil
literary works published between 1965 and 2015 to be presented as the community’s gift to the nation
in 2015.
Details of the trust funds are set out below and have been prepared from the records of the trust funds and
reflect only transactions handled by the Group and the Board:
Group and Board
2014/2015
$
2013/2014
$
Statement of comprehensive income of trust funds
Income
Grant income
8,665
494,655
Donations
5,862
-
29
-
14,556
494,655
(15,403)
(687,148)
(847)
(192,493)
Other income
Expenditure
Other expenses
Accumulated surplus at 1 April
37,624
230,117
Accumulated surplus at 31 March
36,777
37,624
| 27
STATEMENTS
8.
Net assets of trust funds (continued)
(c)
Tamil Digital Heritage Trust Fund (“TDH”) (continued)
Group and Board
2014/2015
$
2013/2014
$
Statement of financial position of trust funds
Equity
Accumulated surplus
36,777
37,624
49,779
130,111
Represented by:
Assets
Other receivables
-
275,000
49,779
405,111
4,522
2,425
Liabilities
Accruals for operating expenses
Other payables
Net assets
8,480
365,062
13,002
367,487
36,777
37,624
| 29
9.
523,847
523,847
-
-
-
249,935,889
Disposals/Write-offs
Transfer
(51,360)
107,782
1,059,565
-
249,935,889
Transfer
189,169
118,121
5,035,957
Depreciation for the
year
307,290
225,753
(51,360)
481,683
-
5,035,957
-
60,616,885
year
334,678
216,557
577,882
199,390,918
194,354,961
189,319,004
At 1 April 2013
At 31 March 2014
At 31 March 2015
Net book value
At 31 March 2015
At 31 March 2014
55,580,928
At 1 April 2013
50,544,971
Accumulated
depreciation
At 31 March 2015
479,296
-
-
Additions
At 31 March 2014
At 1 April 2013
249,935,889
Motor
vehicles
$
Additions
Cost
Group
Leasehold
premises
$
28,232,108
26,157,280
32,305,931
155,958,262
(3,744,922)
9,707,543
149,995,641
(255,894)
9,832,888
140,418,647
184,190,370
9,149,749
(3,828,363)
2,716,063
176,152,921
2,861,248
(260,042)
827,137
172,724,578
Building
improvements
and
renovation
$
2,209,051
2,280,066
2,799,877
15,847,540
(92,672)
818,512
15,121,700
(73,423)
816,096
14,379,027
18,056,591
659,809
(95,241)
90,257
17,401,766
-
(73,423)
296,285
17,178,904
Furniture
and
fittings
$
7,326,996
7,944,527
6,212,219
12,145,349
(766,881)
2,714,854
10,197,376
(625,897)
1,973,294
8,849,979
19,472,345
18,899
(819,128)
2,130,671
18,141,903
-
(628,546)
3,708,251
15,062,198
Office
equipment
$
19,613,086
24,718,450
21,216,067
79,590,651
(12,436,378)
11,953,259
80,073,770
(5,421,642)
10,856,087
74,639,325
99,203,737
591,158
(12,467,060)
6,287,419
104,792,220
5,378,985
(5,430,280)
8,988,123
95,855,392
Computer
hardware
and
software
$
3,676,229
3,672,904
3,671,229
-
-
-
-
-
-
-
3,676,229
-
(1,675)
5,000
3,672,904
-
-
1,675
3,671,229
Worksof-art
$
38,758,922
25,220,166
5,129,918
-
-
-
-
-
-
-
38,758,922
(10,527,397)
-
24,066,153
25,220,166
(8,240,233)
-
28,330,481
5,129,918
Projects-inprogress
$
289,713,278
284,564,911
271,060,837
324,640,370
(17,092,213)
30,455,878
311,276,705
(6,376,856)
28,632,443
289,021,118
614,353,648
-
(17,262,827)
35,774,859
595,841,616
-
(6,392,291)
42,151,952
560,081,955
Total
$
9.
523,847
523,847
-
-
-
249,935,889
Transfer
(51,360)
107,782
1,059,565
-
249,935,889
Transfer
189,169
118,121
5,035,957
year
307,290
225,753
(51,360)
481,683
-
5,035,957
-
60,616,885
year
334,678
216,557
577,882
199,390,918
194,354,961
189,319,004
At 1 April 2013
At 31 March 2014
At 31 March 2015
Net book value
At 31 March 2015
At 31 March 2014
55,580,928
At 1 April 2013
50,544,971
Accumulated
depreciation
At 31 March 2015
479,296
-
-
Additions
At 31 March 2014
At 1 April 2013
249,935,889
Motor
vehicles
$
Additions
Cost
Board
Leasehold
premises
$
28,201,972
26,127,144
32,275,795
155,988,398
(3,744,922)
9,707,543
150,025,777
(255,894)
9,832,888
140,448,783
184,190,370
9,149,749
(3,828,363)
2,716,063
176,152,921
2,861,248
(260,042)
827,137
172,724,578
Building
improvements
and
renovation
$
Property, plant and equipment (continued)
2,209,051
2,280,066
2,799,877
15,847,541
(92,672)
818,513
15,121,700
(73,423)
816,096
14,379,027
18,056,592
659,809
(95,241)
90,258
17,401,766
-
(73,423)
296,285
17,178,904
Furniture
and
fittings
$
7,326,998
7,944,529
6,212,221
12,143,953
(766,881)
2,714,854
10,195,980
(625,897)
1,973,294
8,848,583
19,470,951
18,899
(819,128)
2,130,671
18,140,509
-
(628,546)
3,708,251
15,060,804
Office
equipment
$
19,636,041
24,733,943
21,243,578
79,413,691
(12,436,378)
11,945,797
79,904,272
(5,421,642)
10,848,625
74,477,289
99,049,732
591,158
(12,467,060)
6,287,419
104,638,215
5,378,985
(5,430,280)
8,968,643
95,720,867
Computer
hardware
and
software
$
3,676,229
3,671,229
3,671,229
-
-
-
-
-
-
-
3,676,229
-
-
5,000
3,671,229
-
-
-
3,671,229
Worksof-art
$
38,758,922
25,220,166
5,129,919
-
-
-
-
-
-
-
38,758,922
(10,527,397)
-
24,066,153
25,220,166
(8,240,233)
-
28,330,480
5,129,919
Projects-inprogress
$
289,706,099
284,548,595
271,058,215
324,492,151
(17,092,213)
30,448,417
311,135,947
(6,376,856)
28,624,981
288,887,822
614,198,250
-
(17,261,152)
35,774,860
595,684,542
-
(6,392,291)
42,130,796
559,946,037
Total
$
STATEMENTS
10.
Investments in subsidiaries
Board
2014/2015
$
2013/2014
$
506
Unquoted ordinary shares, at cost
506
Details of the subsidiaries are as follows:
Effective equity
interest held
Name of
Subsidiaries
Principal
Activities
Place of
incorporation
Cybrarian
Ventures
Pte Ltd [1]
Provision
of library
consultancy
services
Asian Film
Archive [1]
Preserves
film
heritage of
Singapore
and Asia
[1]
11.
Cost of investment
2014/2015
%
2013/2014
%
2014/2015
%
2013/2014
%
Singapore
100
100
1
1
Singapore
100
100
505
505
Audited by PricewaterhouseCoopers LLP, Singapore
Group
Note
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
Quoted debt securities
managed by fund
managers
- Fixed interest rates
- Variable interest rates
24
Quoted debt securities held
by subsidiary
20,639,668
38,064,352
20,639,668
38,064,352
6,091,849
3,931,560
6,091,849
3,931,560
26,731,517
41,995,912
26,731,517
41,995,912
782,370
760,500
-
-
Quoted equity securities
managed by fund
managers
24
11,763,766
9,720,034
11,763,766
9,720,034
Quoted unit trusts
24
61,813,663
38,999,368
61,813,663
38,999,368
101,091,316
91,475,814
100,308,946
90,715,314
|
31
STATEMENTS
11.
Financial assets at fair value through profit or loss (continued)
The quoted debt securities managed by fund managers earn fixed interest rates ranging from 1.1% to 7.0%
(2013/2014: 0.8% to 7.3%) per annum as at the balance sheet date. Interest is receivable on a semi-annual
basis. The maturity dates range from December 2015 to August 2027 (2013/2014: April 2014 to August 2027).
The quoted debt securities held by subsidiary earn fixed interest rate of 4.25% (2013/2014: 4.25%) per annum
for financial year ended 31 March 2015. Interest is receivable on a semi-annual basis. The maturity date of debt
securities is March 2049 (2013/2014: March 2049).
12.
Group
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
Trade receivables
Non-related parties
Subsidiaries
Less: Allowance for
impairment of receivables
Trade receivables-net
954,365
1,132,883
714,456
390,006
-
-
42,046
202,620
954,365
1,132,883
756,502
592,626
-
-
-
-
954,365
1,132,883
756,502
592,626
2,835,761
11,441,728
2,835,761
11,441,728
Deposits
730,704
714,891
730,404
714,891
Book fines and lost book
charges (Note 13)
727,737
686,980
727,737
686,980
3,093,650
2,673,809
3,116,123
2,661,272
366,308
137,607
44,997
50,264
-
-
25,000
25,000
Grant receivables
Accrued receivables
Other receivables
Loan to a subsidiary
Interest and dividend
receivables
1,334,420
1,411,743
1,313,338
1,396,487
10,042,945
18,199,641
9,549,862
17,569,248
Prepayments
1,376,267
1,927,560
1,329,840
1,923,012
11,419,212
20,127,201
10,879,702
19,492,260
The loan to a subsidiary by the Board is unsecured, non-interest bearing and repayable on demand when the
subsidiary is in net surplus position. The loan shall be repayable in full by 23 February 2019 with the option to
extend for a further term of five years.
STATEMENTS
12.
Trade and other receivables (continued)
(a)
Impairment losses
The ageing of trade and grant receivables at the balance sheet date is:
Group
Not past due
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
3,764,621
12,398,832
3,575,529
11,958,458
13,734
115,182
5,784
15,686
Past due 30 – 60 days
6,402
59,983
5,581
59,983
3,239
614
3,239
227
Past due <30 days
Past due > 120 days
Less: Allowance for impairment
970
-
970
-
1,160
-
1,160
-
3,790,126
12,574,611
3,592,263
12,034,354
-
-
-
-
3,790,126
12,574,611
3,592,263
12,034,354
Movement of impairment losses in respect of trade and grant receivables during the year are as follows:
Group
2014/2015
2013/2014
$
$
At 1 April
-
179,376
Allowance written back
-
(178,455)
Currency translation difference
-
(921)
At 31 March
-
-
Based on historical default rates, the Group believes that no impairment allowance is necessary in respect
of receivables not past due or not provided for. These receivables are mainly attributable to debtors that
have a good payment record with the Group.
Concentration of credit risk relating to trade and grant receivables is limited due to the Group’s many
varied customers. These customers mainly consist of government statutory boards. The recorded
allowance is based on the Group’s historical experience in the collection of accounts receivable. Due to
these factors, management believes that no additional credit risk beyond amounts provided for collection
losses is inherent in the Group’s trade receivables.
| 33
STATEMENTS
12.
Trade and other receivables (continued)
(b)
Source of estimation uncertainty
The Group maintains an allowance for doubtful receivables at a level considered adequate to provide for
potential uncollectible receivables. The level of this allowance is evaluated by the Group on the basis of
factors that affect the collectibility of the receivables. These factors include, but are not limited to, the
length of the Group’s relationship with debtors, their payment behaviour and known market factors. The
Group reviews the age and status of receivables, and identifies accounts which require allowance to be
made on a continuous basis. The amount and timing of recorded expenses for any period would differ if
the Group made different judgement or utilised different estimates. An increase in the Group’s allowance
for doubtful receivables would increase the Group’s recorded operating expenses and decrease trade
receivables.
13.
Group and Board
2014/2015
2013/2014
$
$
6,120,415
6,072,703
Less: Allowance for doubtful book
fines and lost book charges
(5,392,678)
(5,385,723)
727,737
686,980
Movement in allowance for doubtful book fines and lost book charges during the year is as follows:
Group and Board
2014/2015
2013/2014
$
$
(5,385,723)
(5,438,254)
Allowance made
(607,177)
(478,020)
Allowance utilised
600,222
530,551
At 1 April
At 31 March
(5,392,678)
(5,385,723)
STATEMENTS
13.
Book fines and lost book charges (continued)
Allowance for doubtful book fines and lost book charges
The ageing of doubtful book fines and lost book charges at the balance sheet date is:
2014/2015
2013/2014
$
$
Group and Board (Gross)
571,403
506,291
398,267
368,799
240,923
267,724
216,250
213,691
4,693,572
4,716,198
More than 365 days
Less: Allowance for impairment
6,120,415
6,072,703
(5,392,678)
(5,385,723)
727,737
686,980
The allowance for doubtful book fines and lost book charges is computed based on the historical trend for the
rate of default payment pattern. Concentration of credit risk relating to doubtful book fines and lost book charges is limited due to the Group’s
many varied customers. These customers mainly consist of individual library patrons. The recorded allowance
is based on Group’s historical experience in the collection of book fines and lost book charges. Due to these
factors, management believes that no additional credit risk beyond amounts provided for the impairment losses
is inherent in the Group’s book fines and lost book charges receivables.
14.
Group and Board
Contract notional
Fair value
Amount
Asset
Liability
$
$
$
2014/2015
Currency swaps
21,439,314
75,442
-
Group and Board
Contract notional
Fair value
Amount
Asset
Liability
$
$
$
2013/2014
Currency forwards and swaps
27,787,897
97,696
-
Currency forwards and swaps are entered into by the fund managers to hedge highly probable forecast
transactions denominated in foreign currencies expected to occur at various dates within 2 months (2013/2014:
8 months) from the balance sheet date.
| 35
STATEMENTS
15.
Group
Cash at bank and on hand
Cash managed by AGD through
Centralised Liquidity Management
Short-term deposits
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
2,621,606
3,721,015
1,220,070
2,342,109
255,624,337
157,526,940
1,456,065
7,247,503
255,624,337
499,565
157,526,940
6,296,503
259,702,008
168,495,458
257,343,972
166,165,552
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the
following:
Group
Note
Cash and bank balances (as above)
2013/2014
$
259,702,008
168,495,458
Less: Cash managed by fund managers
24
(746,345)
(2,359,981)
Less: Fixed deposits managed by fund managers
24
(499,565)
(6,296,503)
Cash and cash equivalents per consolidated statement of cash
flows
16.
2014/2015
$
258,456,098
159,838,974
Group
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
8,661,406
24,091,129
8,259,661
23,737,076
Accrued operating expenses
38,715,939
42,311,750
38,504,746
42,123,353
Provision for restoration costs
16,962,694
16,648,861
16,962,694
16,648,861
111,547
531,209
111,547
531,209
Receipts-in-advance
1,382,305
1,560,155
1,076,317
1,091,086
Security and other deposits
2,450,424
2,177,051
2,454,624
2,176,429
Trade payables
Retention payable
Other payables
- Subsidiaries
-
-
-
8,321
- Third parties
1,029,737
557,295
978,703
384,411
69,314,052
87,877,450
68,348,292
86,700,746
Other payables to subsidiaries are unsecured, non-interest bearing and repayable on demand.
STATEMENTS
17.
The Board operates an unfunded defined retirement benefit plan for certain employees under the provisions of
the Pension Act (Cap. 225, 2004 Revised Edition). Benefits are payable based on the last drawn salaries of the
respective employees and the employees’ cumulative service period with the Board at the time of retirement.
The Board performed an actuarial valuation to determine the liability of the Board in respect of its defined
retirement benefit plans. Based on the actuarial valuation performed by Towers Watson Singapore Pte Ltd, the
present value of unfunded obligations is recognised.
The amounts recognised in the statement of financial position are as follows:
Group and Board
2014/2015
$
2013/2014
$
7,019,713
7,411,228
- Current
1,362,000
2,122,000
- Non-current
5,657,713
5,289,228
7,019,713
7,411,228
Present value of unfunded obligations
Comprised:
The weighted average duration of the defined benefit obligation is 10 years (2013/2014: 6.5 years).
(a)
Movement in the defined benefit obligations is as follows:
Group and Board
2014/2015
$
2013/2014
$
7,411,228
8,807,000
Current service costs and interest
119,000
216,000
Remeasurement loss on defined benefits pension plans
564,000
-
At 1 April
Retirement benefits paid
At 31 March
(1,074,515)
(1,611,772)
7,019,713
7,411,228
| 37
STATEMENTS
17.
Provision for retirement benefits (continued)
(b)
The amounts charged to profit or loss are as follows:
Group and Board
2014/2015
$
Current service cost
Interest cost
(c)
94,000
2013/2014
$
184,000
25,000
32,000
119,000
216,000
The amounts charged to other comprehensive income are as follows:
Group and Board
2014/2015
$
Remeasurement loss on defined benefits pension plans
(d)
2013/2014
$
564,000
-
Principal actuarial assumptions used are as follows:
Group and Board
Discount rate
Future salary increases
2014/2015
%
2013/2014
%
2.3
0.4
1
1
The mortality rate assumed for pensioners at age 60, based on the latest published Singapore mortality
table S04/08 is as follows:
Group and Board
2014/2015
% p.a.
2013/2014
% p.a.
Female
0.241
0.241
Male
0.425
0.425
This means that out of 10,000 pensioners, it is assumed that 24 females and 43 males will pass on before
their 60th birthday (2013/2014: 24 females and 43 males).
STATEMENTS
17.
Provision for retirement benefits (continued)
(d)
Principal actuarial assumptions used are as follows: (continued)
This defined retirement benefit plan provides a lump sum benefit or a lifetime pension that are both
defined by salary and length of service. This plan exposes the Board to risks such as life expectancy and
interest rate used for discounting in the principal actuarial assumptions. The sensitivity of the provision
for retirement benefits to changes in the principal actuarial assumptions is as follows:
Group and Board
Impact on Provision for
retirement benefits
2014/2015
%
2013/2014
%
Discount rate
0.5% (2013/2014: 0.25%) increase
(328,000)
(125,000)
0.5% (2013/2014: 0.25%) decrease
361,000
130,000
Future salary increases
0.5% (2013/2014: 0.25%) increase
22,000
27,000
0.5% (2013/2014: 0.25%) decrease
(22,000)
(28,000)
Life expectancy
1 year increase
158,000
124,000
1 year decrease
(161,000)
(124,000)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions
constant. When calculating the sensitivity of the provision for retirement benefits to significant actuarial
assumptions, the same method has been applied as when calculating the provision for retirement benefits
recognised within the statement of financial position.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared
to the previous period.
(e)
Historical information are as follows:
Group and Board
Present value of the
defined benefit
obligation
2014/2015
2013/2014
2012/2013
2011/2012
2010/2011
$
$
$
$
$
7,019,713
7,411,228
9,906,000
9,522,001
8,807,000
| 39
STATEMENTS
18.
Group and Board
Note
2014/2015
$
2013/2014
$
At 1 April
6,164,849
3,907,897
Development grants received during the year
4,695,203
11,577,713
10,860,052
15,485,610
Less:
(8,859)
(28,444)
(6,751,418)
(5,970,446)
(1,012,535)
(3,321,871)
3,087,240
6,164,849
72,122
243,166
464,152
1,687,706
169,525
825,730
Development grants refunded during the year
Amount transferred to deferred capital grants
19
Development grants utilised during the year
At 31 March
Development grants utilised comprise:
Agency and other professional services
Rental expenses
Other expenses
84,334
196,949
140,660
172,375
2,860
580
78,882
195,365
1,012,535
3,321,871
The development grants of $4,695,203 (2013/2014: $11,577,713) received during the year were disbursed by
the Ministry of Communications and Information.
19.
Group and Board
Note
At 1 April
2014/2015
$
2013/2014
$
230,639,856
233,919,463
Amount transferred from development grants
18
6,751,418
5,970,446
Amount transferred from operating grants
21
4,633,498
6,749,259
Operating grants transferred from other statutory board
488,788
-
242,513,560
246,639,168
Less: Deferred capital grants amortised during the year
(20,001,473)
(15,999,312)
At 31 March
222,512,087
230,639,856
17,449,771
16,543,834
205,062,316
214,096,022
222,512,087
230,639,856
Comprised:
Current
Non-current
STATEMENTS
20. Manpower and staff welfare
Group
Board members’ allowances
Wages and salaries
Employer’s contribution to Central
Provident Fund
Retirement benefits
Other employee benefits
21.
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
203,060
185,630
202,242
180,000
75,888,497
78,323,587
75,079,624
77,908,151
8,756,329
9,428,084
8,628,654
9,355,465
119,000
216,000
119,000
216,000
3,881,781
3,917,746
3,866,946
3,920,251
88,848,667
92,071,047
87,896,466
91,579,867
Operating grants
Group and Board
Note
Operating grants received during the year
Operating grant receivables as at 31 March
Less: Amount transferred to deferred capital grants
Less: Amount refunded
Operating grants utilised during the year
19
2014/2015
$
2013/2014
$
207,731,630
208,697,037
2,835,761
2,756,780
(4,633,498)
(6,749,259)
(1,487,234)
204,446,659
(1,790)
204,702,768
The operating grants of $204,446,659 (2013/2014: $204,702,768) utilised during the year were disbursed by
Ministry of Communications and Information and Ministry of Culture, Community and Youth.
| 41
STATEMENTS
22.
The following items have been included in arriving at the investment income/(loss) for the year:
Group
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
Interest income from
- Fund manager's fixed deposits and
bank deposits
- Quoted debt securities
Dividend income from quoted
equity securities
14,309
4,051
14,309
4,051
1,053,656
1,376,391
1,053,656
1,376,391
314,028
459,730
314,028
459,730
Gain/(loss) from sale of investments
1,175,712
- Quoted equity securities
(283,198)
Net gain/(loss) from financial assets
at fair value through profit or loss1
Foreign exchange loss - net
2
2,929,435
(362,971)
4,840,971
(259,665)
(12,147)
(1,603,340)
(460,484)
(495,464)
1,175,712
(283,198)
2,907,565
(362,971)
4,819,101
(259,665)
(12,147)
(1,591,987)
(460,484)
(484,111)
Net gain/(loss) from financial assets through profit or loss includes $1,474,898 gain (2013/2014: $248,007
loss) relating to The Library Fund.
2
Foreign exchange loss – net includes unrealised exchange loss on quoted equity and debt securities of
$73,400 (2013/2014: $34,716 loss) relating to The Library Fund.
1
STATEMENTS
23.
Income taxes
(a)
Income tax expense
The Group is tax exempted under the provision of the Income Tax Act except for one of its subsidiaries,
which is subject to tax under Singapore income tax legislation.
Group
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
Tax expense attributable to profit
is made up of:
- current income tax
-
-
-
- over provision in prior years
-
(497)
-
-
(497)
-
-
2,838,615
(4,970,999)
2,682,239
(5,191,022)
482,565
(845,070)
455,981
(882,474)
(461,867)
880,867
(455,981)
882,474
-
Reconciliation of effective tax rate
Surplus/(deficit) before tax
Tax calculated at tax rate at 17%
Effects of:
- (surplus)/deficit exempted from tax
2,280
- non-deductible expenses
-
1,932
-
- statutory stepped income
exemption
(8,482)
(18,639)
-
-
- income not subject to tax
(6,864)
(1,302)
-
-
- utilisation of previously
unrecognised tax losses
(7,632)
(17,788)
-
-
-
-
-
-
As at balance sheet date, a subsidiary has unutilised tax losses amounting to $595,616 (2014: $640,510)
available for offsetting against future taxable profits. As at 31 March 2015 and 2014, deferred income tax
assets were not recognised in respect of the unutilised tax losses as there are no probable future profits.
The utilisation of these tax losses are subject to provision in the Income Tax Act and agreement by the
Inland Revenue Authority of Singapore.
(b)
Movement in current income tax liabilities
Group
2014/2015
$
2013/2014
$
Beginning of financial year
-
-
Income tax refund
-
497
Over provision in prior financial years
-
(497)
-
-
| 43
STATEMENTS
24. Investments with fund managers and unit trusts
The Group placed its surplus funds with fund managers and unit trusts. The fund managers are given discretion
in managing their respective portfolios, subject to the investment guidelines and the mandate set out in the
external fund management agreements.
As part of its risk management activities, the fund managers use currency forwards and swaps for hedging
purposes. They are not used for speculative purposes. As at the balance sheet date, the funds managed by fund managers and unit trusts comprise the following assets
and liabilities:
Group and Board
Note
2014/2015
$
2013/2014
$
11
26,731,517
41,995,912
11
11,763,766
9,720,034
Cash balances
15
746,345
2,359,981
Fixed deposits
15
499,565
6,296,503
Net other (payable)/receivable relating to investment
transactions
Currency forwards and swaps
(328,417)
14
768,239
75,442
97,696
39,488,218
61,238,365
- Quoted unit trusts
11
61,813,663
38,999,368
101,301,881
100,237,733
The investments with fund managers and unit trusts that are designated at fair value through profit or loss are
investments that the Group intends to hold for the medium term. These investments are designated at fair value
through profit or loss as the Group manages such investments based on their fair value in accordance with the
Group’s documented investment strategy.
Investments with fund managers include quoted debt securities issued by statutory boards and organs of states
of $7,149,378 (2013/2014: $11,490,603).
Sales and redemption of debt securities, and purchases of investments carried out by the fund managers with
statutory boards, educational institutions and other government agencies amounted to $36,128,220 (2013/2014:
$30,781,389) and $31,750,167 (2013/2014: $35,614,397) respectively.
STATEMENTS
25.Commitments
(a)
Operating lease commitments – where the Board is a lessee
The Board leases certain properties under non-cancellable operating lease agreements. These leases have
no purchase options. These leases, most of which have renewal options, expire at various dates up to the
year 2034 and contain provisions for rental adjustments and provisions to restrict the Board to the usage
of the premises.
The future minimum lease payables under non-cancellable operating leases contracted for at the balance
sheet date but not recognised as liabilities, are as follows:
Group and Board
2014/2015
$
(b)
2013/2014
$
Not later than one year
10,138,962
9,822,304
Between one and five years
17,795,334
13,732,648
Later than five years
14,196,104
12,315,407
42,130,400
35,870,359
Operating lease commitments – where the Board is a lessor The Board leases out certain commercial property space to non-related parties under non-cancellable
operating leases. The non-cancellable leases have remaining non-cancellable lease terms of between one
and five years. The future minimum lease receivables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as receivables, are as follows:
Group and Board
2014/2015
$
Not later than one year
4,484,800
3,762,983
Between one and five years
7,959,018
5,925,710
Later than five years
(c)
2013/2014
$
-
493,809
12,443,818
10,182,502
Collection commitment
Purchase order on book collections approved by the Board at the balance sheet date but not provided for
in the Group’s financial statements is as follows:
Group and Board
2014/2015
$
Amount approved and contracted
83,207
2013/2014
$
1,731,359
| 45
STATEMENTS
25.Commitments (continued)
(d)
Capital commitments
Capital expenditures contracted for at the balance sheet date but not recognised in the financial statements
are as follows:
Group and Board
2014/2015
$
Amount approved and contracted
2013/2014
$
379,500
1,453,877
26. Related party transactions
In addition to the information disclosed elsewhere in the financial statements, the following significant
transactions took place between the Group and related parties at terms agreed between the parties:
(a)
Transactions with Ministries, Organs of State, Statutory Boards, Educational Institutions and other
Government Agencies
Group
2014/2015
$
Consultancy service income
6,741,016
8,184,029
Professional service income
3,992,279
3,666,777
Rental expenses
IT services
(b)
2013/2014
$
(12,908,346)
(13,974,619)
(1,933,260)
(1,819,410)
Transactions with subsidiaries
Board
2014/2015
$
2013/2014
$
75,428
200,980
261,916
541,126
Rental income
53,965
44,354
Other income
428
1,274
Disbursement of grant
(2,656)
-
(671,069)
-
STATEMENTS
26. Related party transactions (continued)
(c)
Key management personnel compensation
Key management personnel are those persons having the authority and responsibility for planning,
directing and controlling the activities of the Group. The chief executive and the group heads are
considered by the Group to be key management personnel.
The key management personnel compensation is as follows:
Group
Salaries, bonuses and other
short-term benefits
Employer’s contribution to
defined contribution plans,
including Central Provident
Fund
27.
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
1,259,394
1,392,450
1,070,890
1,224,861
52,230
42,765
27,700
27,875
1,311,624
1,435,215
1,098,590
1,252,736
Financial risk management
The Group’s principal financial instruments comprise cash and cash equivalents, unit trusts as well as debt
securities, equity securities and currency forwards and swaps managed by fund managers. The Group has various
other financial assets and liabilities such as trade receivables and trade payables, which are directly attributable
to its operations. The Group does not hold or issue derivative financial instruments for trading purposes. The
Group’s exposure to risk predominantly arises from its fund placed with fund managers.
Funds with fund managers
The Group established an investment policy which governs the overall investment guidelines including
the overarching investment objectives as well as asset allocations and restrictions with an appropriate risk
management framework. The investment contracts with the fund managers were established based on approved
policies and guidelines. Regular investment performance reports are sent to the members of the National Library
Board for monitoring purposes. Review sessions with the fund managers are held once in every six months.
The fund managers appointed under the global fixed income mandate and the global equities mandate are
held responsible in achieving the investment objectives set forth in their respective fund manager agreements
entered into with the Group. All income and realised capital gains are to be reinvested by the fund managers
unless otherwise instructed by the Group.
The fund managers’ overall risk management program seeks to maximise the returns derived for the level of risk
to which they are exposed and seeks to minimise the potential adverse effects on the fund manager’s financial
performance. The management of these risks carried out by the fund managers is governed by the mandate set forth in the fund
manager agreement approved by the Group’s Finance Committee. The mandate provides written principles for
overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest
rate risk and credit risk, the use of derivative and non-derivative financial instruments which are stipulated below.
The Finance Committee has reviewed and agreed on policies for managing each of these risks in relation to the
funds with fund managers.
| 47
STATEMENTS
27.
Financial risk management (continued)
(a)
Credit risk
Credit risk refers to the risk that counterparty to a financial instrument will default on its contractual
obligations resulting in financial loss to the Group. The major classes of financial assets of the Group and
the Board are investment in debt securities, cash and cash equivalents and trade and other receivables.
For investments in debt and equity securities managed by professional fund managers, the Group adopts
the policy of dealing only with counterparties of a minimum credit rating of “BBB” (Standard and Poor) or
equivalent, further subject to industry and geographical limits.
For financial instruments, the management regularly monitors the recoverability of its financial assets and
believes that it has adequately provided for any exposure to potential losses.
For cash and fixed deposits, the Group adopts the policy of dealing only with regulated high credit quality
counterparties.
Credit exposure to fund managers are restricted by credit policies in place and based on ongoing credit
evaluation.
At the balance sheet date, there is no significant concentration of credit risk. The maximum exposure
to credit risk for each class of financial instruments is the carrying amount of that class of financial
instruments presented on the statement of financial position.
Please see details of aging of trade and grant receivables and book fines and lost book charges, including
the movement in the related allowance for impairment in Notes 12 and 13.
(b)
Liquidity risk
The Board has minimal exposure to liquidity risk as its operations are funded by government grants. The
Group has ensured sufficient liquidity through the holding of highly liquid assets in the form of cash and
cash equivalents at all times to meet its financial obligations.
(c)
Market risk
(i)
Price risk
The Group is exposed to quoted equity securities price risk arising from investments held by the fund
managers. Where non-monetary financial instruments such as equity securities are denominated in
currencies other than the functional currency of the Group, the price initially expressed in foreign
currency and then converted into the functional currency will also fluctuate because of changes in
foreign exchange rates.
To manage its price risk arising from investments in equity securities, the Group diversifies its
portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group’s
Finance Committee.
The overall market position of these equity investments is monitored on a daily basis by the fund
managers and is reviewed on a semi-annual basis by the Finance Committee. Compliance with the
Group’s fund management mandate is reported to the Finance Committee on a monthly basis.
STATEMENTS
27.
(c)
Market risk (continued)
(i)
Price risk (continued)
A 6% (2013/2014: 5%) increase/decrease in the underlying equity and 3% (2013/2014: 3%)
increase/decrease in the underlying unit trust prices at the balance sheet date would increase/
decrease portfolio gains and the fair value of the equity securities and unit trusts in profit or loss by
the following amounts:
Group and Board
Net surplus for the year
2014/2015
$
2013/2014
$
705,826
486,002
1,854,410
1,169,981
The above sensitivity analysis assumes that all other variables are held constant.
(ii)
Interest rate risk
Exposure to interest rate risk relate primarily to the Group’s investment portfolio managed by fund
managers and the fixed deposits placed with banks. The Group relies on fund managers to monitor and mitigate the adverse effects of interest rate
changes on its investment portfolios. The fund managers have absolute discretion in managing the
funds within the Group’s investment guidelines. A portfolio diversification approach is adopted.
At the balance sheet date, the interest rate profile of the interest-earning financial instruments is as
follows:
Group
Board
Carrying amount
Carrying amount
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
Fixed rate instruments
Fixed deposits managed
by fund managers
499,565
6,296,503
499,565
6,296,503
Fixed deposits at bank
956,500
951,000
-
-
27,513,887
42,756,412
26,731,517
41,995,912
28,969,952
50,003,915
27,231,082
48,292,415
| 49
STATEMENTS
27.
(c)
(ii)
Interest rate risk (continued)
Fair value sensitivity analysis for fixed rate instruments
Changes in interest rates would not affect fixed rate instruments (i.e. fixed deposits managed by
fund managers and fixed deposits at bank) measured at amortised costs.
Debt securities are the only fixed rate instrument which is accounted for at fair value through profit
or loss by the Group. This analysis assumes that all other variables remain constant and there is an
inverse linear relationship between interest rates and bond prices. Therefore, an increase of 50 (2013/2014: 50) basis points in interest would decrease the fair value
of debt securities and net surplus as follows:
Debt securities
Group
Board
Carrying amount
Carrying amount
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
137,569
213,782
133,658
209,980
(iii) Currency risk
The Group operates in Singapore and income and expenditure are primarily incurred in its functional
currency.
Currency risk arises when transactions are denominated in foreign currencies such as the United
States Dollar (”USD”). To manage the currency risk, the Group enters into currency forwards and
swaps through fund managers. Please see details disclosed in Note 14 to the financial statements.
In addition, the Group is exposed to currency translation risk on the assets or liabilities denominated
in foreign currencies.
STATEMENTS
27.
(c)
(iii) Currency risk (continued)
The Group’s currency exposure based on the information provided to key management is as follows:
At 31 March 2015
Financial assets
Financial liabilities
Net financial assets
Less: Currency forwards and
swaps
Less: Net financial assets in
functional currency
Currency exposure
of financial assets/
(liabilities) net of those
denominated in the
functional currencies
At 31 March 2014
Financial assets
swaps
functional currency
Currency exposure of
financial (liabilities)/
assets net of those
denominated in the
SGD
USD
Others
Total
$
$
$
$
17,862,452
9,408,909
259,407,748
286,679,109
(49,846,178)
(49,846,178)
236,832,931
-
7,792,655
598,745
260,965
8,652,365
(989,030)
(989,030)
7,663,335
(7,407,151)
(133,845)
(133,845)
1,793,521
27,513,887
10,042,945
259,702,008
297,258,840
(50,969,053)
(50,969,053)
246,289,787
(1,806,016)
(9,213,167)
-
-
(236,832,931)
256,184
(12,495)
(236,832,931)
-
1,858,780
35,291
33,295
1,927,366
243,689
SGD
USD
Others
Total
$
$
$
$
24,195,937
17,007,929
167,947,480
209,151,346
(68,093,426)
(68,093,426)
141,057,920
(141,057,920)
-
14,577,819
237,433
202,995
15,018,247
(998,456)
(998,456)
14,019,791
(14,180,123)
3,982,656
954,279
344,983
5,281,918
(576,552)
(576,552)
4,705,366
42,756,412
18,199,641
168,495,458
229,451,511
(69,668,434)
(69,668,434)
159,783,077
(3,899,669)
(18,079,792)
-
-
(141,057,920)
(160,332)
805,697
645,365
|
51
STATEMENTS
27.
(c)
The Board’s currency exposure based on the information provided to key management is as follows:
At 31 March 2015
Financial assets
swaps
functional currency
Currency exposure
of financial assets/
(liabilities) net of those
denominated in the
At 31 March 2014
Financial assets
swaps
functional currency
Currency exposure of
financial (liabilities)/
assets net of those
denominated in the
SGD
USD
Others
Total
$
$
$
$
17,080,082
8,915,826
257,216,784
283,212,692
(49,293,773)
(49,293,773)
233,918,919
-
7,792,655
598,745
93,893
8,485,293
(881,663)
(881,663)
(133,845)
(133,845)
7,603,630
1,793,521
(7,407,151)
(1,806,016)
(233,918,919)
-
1,858,780
35,291
33,295
1,927,366
-
196,479
-
(12,495)
26,731,517
9,549,862
257,343,972
293,625,351
(50,309,281)
(50,309,281)
243,316,070
(9,213,167)
(233,918,919)
183,984
SGD
USD
Others
Total
$
$
$
$
23,435,437
16,465,445
165,759,524
205,660,406
(67,463,147)
(67,463,147)
138,197,259
(138,197,259)
-
14,577,819
149,524
61,045
14,788,388
(921,100)
(921,100)
3,982,656
954,279
344,983
5,281,918
(576,552)
(576,552)
41,995,912
17,569,248
166,165,552
225,730,712
(68,960,799)
(68,960,799)
13,867,288
4,705,366
156,769,913
(14,180,123)
(3,899,669)
(18,079,792)
-
(312,835)
-
805,697
(138,197,259)
492,862
STATEMENTS
27.
(c)
If the USD change against SGD by 5% (2013/2014: 5%), with all other variables including interest
rates being held constant, the effects arising from the net financial asset/(liability) position will be
as follows:
Increase/(Decrease)
2014/2015
$
(d)
2013/2014
$
Group
USD against SGD
Strengthened
Weakened
12,809
(12,809)
(8,017)
8,017
Board
USD against SGD
Strengthened
Weakened
9,824
(9,824)
(15,642)
15,642
Fair value measurements
The following table presents financial instruments measured at fair value and classified by level of the
following fair value measurement hierarchy:
(i)
quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii)
inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Group
At 31 March 2015
Financial assets at fair value through
profit or loss
At 31 March 2014
profit or loss
Level 1
Level 2
Level 3
Total
$
$
$
$
27,513,887
11,763,766
61,813,663
101,091,316
75,442
75,442
-
27,513,887
11,763,766
61,813,663
75,442
101,166,758
42,756,412
9,720,034
38,999,368
91,475,814
97,696
97,696
-
42,756,412
9,720,034
38,999,368
97,696
91,573,510
| 53
STATEMENTS
27.
(d)
Fair value measurements (continued)
Board
31 March 2015
profit or loss
31 March 2014
profit or loss
Level 1
Level 2
Level 3
Total
$
$
$
$
26,731,517
11,763,766
61,813,663
100,308,946
75,442
75,442
-
26,731,517
11,763,766
61,813,663
75,442
100,384,388
41,995,912
9,720,034
38,999,368
90,715,314
97,696
97,696
-
41,995,912
9,720,034
38,999,368
97,696
90,813,010
The fair values of financial instruments traded in active markets (such as exchange traded and over-thecounter securities and derivatives) are based on quoted market prices at the statement of financial position
date. The quoted market prices used for financial assets held by the Group are the current bid prices.
The fair values of financial instruments that are not traded in an active market are determined by using
valuation techniques. The Group uses a variety of methods and makes assumptions based on market
conditions existing at each statement of financial position date. Quoted market prices or dealer quotes for
similar instruments are used, where appropriate. Other techniques, such as discounted cash flow analysis,
are used to determine fair value of the remaining financial instruments.
The fair value of currency forwards is determined using actively quoted forward currency rates at the
statement of financial position date. The fair value of current financial assets and liabilities carried at
amortised cost approximate their carrying amounts. (e)
Financial instruments by category
The carrying amount of the different categories of financial instruments is as disclosed on the face of the
statement of financial position and in Note 11 and Note 14 to the financial statements, except for the
following:
Group
Financial liabilities at amortised
cost
Board
2014/2015
2013/2014
2014/2015
2013/2014
$
$
$
$
269,744,953
186,695,099
266,893,834
183,734,800
50,969,053
69,668,434
50,309,281
68,960,799
STATEMENTS
27.
(f)
Offsetting financial assets and financial liabilities
The Group and Board have the following financial instruments subject to enforceable master netting
arrangements or similar agreement as follows:
Related amounts set off in the balance sheet
28.
Gross
amounts
- financial
assets
(a)
Gross
amounts
- financial
liabilities
(b)
Net
amounts
- financial
assets
presented
in balance
sheet
(c) = (a)-(b)
$
$
$
At 31 March 2015
Currency swaps
10,751,479
10,751,479
(10,676,037)
(10,676,037)
75,442
75,442
At 31 March 2014
Currency forwards
Currency swaps
76,767
6,701,587
6,778,354
(3,367)
(6,677,291)
(6,680,658)
73,400
24,296
97,696
New or revised accounting standards and interpretations
The Group has not early adopted any mandatory standards, amendments and interpretations to existing standards
that have been published but are only effective for the Group’s accounting periods beginning on or after 1 April
2015. However, management anticipates that the adoption of these standards, amendments and interpretations
will not have a material impact on the financial statements of the Group in the period of their initial adoption.
29. Authorisation of financial statements
These financial statements were authorised for issue by the Members of the Board on 19 June 2015.
| 55
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All rights reserved. National Library Board Singapore. ISSN 0217-1546.

Keep on Discovering - Parliament Of Singapore

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