SMU AR 2020-2021

STATEMENT OF COMPREHENSIVE INCOME F O R T H E F I NANC I A L Y E A R E ND E D 3 1 MA R C H 2 0 2 1 Note Operating funds General fund Other funds 2021 2020 2021 2020 $’000 $’000 $’000 $’000 Revenue 4 120,344 116,717 121,974 100,476 Net investment gains/(losses) 4 75,051 (10,147) – – Other miscellaneous income 4 5,960 14,126 324 423 Expenses – Employee benefits 5 (233,403) (228,006) (20,725) (18,934) – Depreciation and amortisation 14,15,16 (43,221) (34,713) (425) (156) – Finance – borrowings (5,242) (3,652) – – – Other expenses 6 (88,529) (100,876) (38,391) (33,364) Total expenses (370,395) (367,247) (59,541) (52,454) Surplus/(deficit) before government grants (169,040) (246,551) 62,757 48,445 Government grants 7 193,779 172,607 4,250 451 Transfer from term funds to operating funds* 7,656 8,396 1,429 559 Net surplus/(deficit) 32,395 (65,548) 68,436 49,455 Total comprehensive income/(loss) for the financial year 32,395 (65,548) 68,436 49,455 * O perating funds include activities that are funded by term funds. During the year, term funds of $9,085,000 (2020: $8,955,000) were transferred to operating funds to fund its activities. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Singapore Management University 124