NAFA is a not-for-profit private education institution with charity status. We receive financial support from Singapore’s Ministry of Education and dollar-for-dollar matching for cash donations from Singapore’s Ministry of Culture, Community
and Youth.
Name of Organisation: Nanyang Academy of Fine Arts
Address: 80 Bencoolen Street, Singapore 189655
Contact Information:
Name of Contact Person: Mr Wong Kron Joo, Director (Finance)
Telephone No: 6512 4033
Fax No: 6337 3920
Email: [email protected]
Website Address:
www.nafa.edu.sg
Constitution:
Company Limited by Guarantee
Date of Incorporation: 26 March 2010
UEN.: 201006523M
Charity Status:
Charity Registration No.: 201006523M
Charity Registration Date: 01 April 2010
Institution of a Public Character (IPC) Status:
Effective Date: 1 April 2022 to 31 March 2025
Board Members
Kindly view our board members list here.
Board Members of NAFA (as at Financial Year Ended 31 Mar 2024)
A total of 4 Board meetings were held during the financial year.
| Board members | Appointment dates | No. of Board meetings attended |
| Ms Low Sin Leng, Chairman** | 01-Jan-12 | (4) |
| Mr Chew Sin Hwa (Resigned on 31 January 2024) | 01-Jan-16 | (3) |
| Mr Chia Wee Boon | 01-Jan-20 | (3) |
| Ms Harasha Binte Khalid Bafana | 01-Jan-19 | (2) |
| Prof Heng Chye Kiang | 01-Apr-17 | (3) |
| Mr Hoong Bee Lok* (Resigned on 1 January 2024) | 01-Jan-12 | (3) |
| Dr Kan Yaw Kiong @ Ernest | 01-Jan-19 | (4) |
| Mr Koh Aun | 01-Jan-21 | (2) |
| Dr Kwong Yuk Wah | 01-Apr-17 | (3) |
| Mr Latiff Bin Ibrahim (Resigned on 1 July 2024) | 01-Apr-17 | (4) |
| Mr Leong Weng Kam* (Resigned on 1 January 2024) | 01-Jan-12 | (2) |
| Prof Elvin Lim Tze Kiat | 01-Jan-21 | (3) |
| Ms Low Chi Kien | 01-Jan-16 | (4) |
| Mr Simon Ong Chin Sim | 01-Jan-16 | (3) |
| Mr Tan Li Sheng (Chen Lisheng) (Resigned on 30 April 2024) | 01-Jan-21 | (4) |
| Ms Tan Miao Ken May | 15-Apr-23 | (4) |
| Ms Tham Kwang Hsueh Yvonne | 01-Jan-20 | (4) |
| Mr Ting Wei Jin, Kennie (Resigned on 1 July 2024) | 01-Jan-19 | (4) |
| Prof Jesvin Yeo Puay Hwa | 01-Apr-17 | (2) |
| Mr Lim Sing Siong | 01-Feb-24 | (1) |
| Mrs Tan-Soh Wai Lan | 01-Feb-24 | (1) |
| Dr Zhou Zhaocheng | 01-Feb-24 | (1) |
* Board members appointed for more than 10 years since Jan 2012 (3 in total) are within constitutional limit of 12 consecutive years.
**Her chairman's appointment duration is allowed in the constitution.
No Board remuneration had been paid.
Board selection, recruitment, re-appointment, training and evaluation of Board effectiveness
- Potential Board members nominated by the Board Executive Committee had to be approved by the Board in accordance with the constitution.
- New Board members had been briefed on their roles and responsibilities.
- Re-appointment of Board members had to be approved by the Board in accordance with the constitution.
- Yearly independent surveys were conducted amongst the Board members to gather feedback for review by the Board.
Key EmployeesMrs Tan-Soh Wai Lan, President (Appointed on 1 January 2021)
Mr Soo Tah Keng Jerry, Vice-President (Academic) & Provost (Appointed on 1 July 2016)
Ms Carol Tan, Vice-President (Corporate Services) (Appointed
on 1 July 2012)
Auditor: Ernst & Young LLP
Financial Information for year ended 31 March
Income & Expenditure Statement
| 2023
(S$'000)
| 2024
(S$'000) |
|---|
Income
| | |
- Programme Fees
| 38,510 | 40,021 |
| - Other Income | 6,442 | 7,202 |
| - Government Grants | 24,846 | 25,005 |
| - Donations | 1,587 | 3,264 |
Total Income
| 71,385 | 75,492 |
|
| |
Expenditure
|
| |
- Administrative and operating expenses
| 46,923 | 49,485 |
| - Other Expenses | 21,585 | 22,644 |
Total Expenditure
| 68,508 | 72,129 |
|
| |
| Surplus | 2,877 | 3,363 |
| - Net Surplus in Unrestricted Funds | 2,844 | 2,255 |
| - Net Surplus/ (Deficit) in Restricted Funds | 33 | 1,436 |
| - Net Surplus/ (Deficit) in Sinking Funds | - | (328) |
Balance Sheet
| 2023
(S$'000) | 2024
(S$'000)
|
|---|
Assets
|
|
|
- Land and Buildings
| 51,697 | 45,296 |
- Other Assets
| 13,077 | 13,399 |
- Investments
| 28,936 | 29,910 |
- Trade and Other Receivables
| 2,732 | 3,353 |
- Cash & Deposits
| 65,326 | 69,531 |
Total Assets
| 161,768 | 161,489 |
| | | |
Funds
|
|
|
- Total Unrestricted Funds
| 66,842 | 68,397 |
| - Total Restricted Funds | 25,820 | 27,628 |
Total Funds and Reserves
| 92,662 | 96,025 |
| | | |
Liabilities
|
|
|
| - Total Current Liabilities | 24,215 | 26,234 |
- Total Non-Current Liabilities
| 44,891 | 39,230 |
Total Liabilities
| 69,106 | 65,464 |
| | | |
Total Funds and Liabilities
| 161,768 | 161,489 |
Notes and other disclosures:
- The financial information posted online is extracted from audited accounts.
- Restricted Funds are funds raised for the Campus Development Fund (for its various development projects timeline in the near term), scholarships and bursaries for students (over the course of students' programme duration).
- NAFA’s reserve level is more than 1 year of working capital for contingency and campus development project.
- There was a fund-raising gala dinner in financial period from 1 April 2023 to 31 Mar 2024.
- There were no paid staff who were close members of the family of the Executive Head or Board Member receiving more than $50,000 during the year.
- NAFA has documented procedures for board members and staff to declare conflict of interest.
- NAFA has documented procedures for financial matters in key areas including Procurement procedures and controls, receipting, payment procedures and controls and System for the delegation of authority and limits of approval.
- Staff are not involved in setting their own remuneration.
- NAFA has relevant volunteer management policy in place.