2014 SIM Annual Report Print Friendly

Singapore Institute of Management
Annual Report 2014
FURTHERING OUR MIS5 I 0 N
CONTENTS
ANNUAL REPORT 2014
ABOUT SIM
OUR BRANDS
OUR CAMPUSES
10
2014 KEY STATISTICS
12
MESSAGE FROM CHAIRMAN
16
MANAGEMENT REPORT
20
ORGANISATIONAL CHART
21
GOVERNANCE & ACADEMIC QUALITY
24
SIM GOVERNING COUNCIL
28
SIM UNIVERSITY BOARD OF TRUSTEES
32
SINGAPORE INSTITUTE OF MANAGEMENT
PTE LTD BOARD OF DIRECTORS
CONTENTS
34
CELEBRATING 50 YEARS OF
FULFILLINGASPIRATIONS
38
AUNIQUEMISSION
52
APASSIONFOR LEARNING
58
ASOCIALPARTNERSHIP
64
ALIVING CLASSROOM
70
STAFF DIRECTORY
72
CORPORATE INFORMATION
73
FINANCIAL REPORT
Furthering our mission

2014 marked 50 exciting years of fulfilling our mission:
fromhelping to meet the aspirations of our people to nurturing

lifelong learners and supporting Singapores economic development.
While keeping pace with rapid changes in the educational and
economic landscapes, we have held fast to values that have served
us well an unwavering commitment to quality and standards, a
collaborative approach to engage, a pioneering and innovative spirit
to stay relevant and competitive, and most of all, a focus on doing
well to do good.
Today the SIM name stands for multi-modal learning that is holistic,
rigorous and relevant. As we move forward into a new era where
teaching and learning must evolve to meet future needs, we stand
poised to further our mission of upgrading Singapores sole and
critical resource its people.
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ANNUAL REPORT 2014
The Singapore Institute of Management (SIM) is the largest and most

comprehensive provider of higher education and professional training in
Singapore. It was founded in 1964 as a not-for-profit membership organisation
under the Economic Development Board and today, boasts close to 50,000
corporate and individual members. Its extensive range of membership
programmes, activities and resources provide an important nexus for SIM
students and members to network and learn. The SIM Group accomplishes its
mission of education and lifelong learning through three distinct educational
arms, each catering to a specific market segment of learners.
CORE VALUES
COMMITMENT
Trust and Respect for the Individual
To our Members
We care for our members,
recognise their importance, and
strive to raise the prestige of
theirmembership.
Teamwork
Open and Timely Communication
Performance Excellence
Spirit of Innovative Adventure
VISION
To be the centre of leadership and
management excellence, and the
embodiment of lifelong learning
MISSION
Spearhead management
thoughtleadership
Be the preferred strategic partner
of corporations in maximising
return on humancapital
Be the choice provider of
continuing education to individuals
Transform SIM into a
regionalbrand
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QUALITY POLICY
We are dedicated to continuously
improve our services and
to consistently exceed the
expectations of our customers.
To our Customers
We value our customers and
commit ourselves to actively
improve our services and products.
To our Employees
We care for our people by creating
a conducive work environment,
helping them to balance family and
work commitments, recognising
their contributions, and developing
them to their full potential.
To our Community
We honour our social obligations
and pledge to be a good
corporate citizen by always acting
professionally and ethically in
allmatters.
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ANNUAL REPORT 2014
OUR BRANDS
SIM University is Singapores only

private university and its mission is to
create excellence in lifelong education
through a uniquely-designed learning
experience that equips learners for
a better future. Home to more than
14,000 students, SIM University
adopts a flexible and practice-focused
learning approach and offers more than
60 academic programmes in various
disciplines. Eligible students taking SIM
Universitys undergraduate programmes
enjoy government subsidies and access
to government bursaries, tuition fee
loans and study loans. SIM University
is a not-for-profit university and the
SIM University Education Fund has
been a Singapore Institution of a Public
Character (IPC) since September 2005.
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Students can choose from a wide

range of high-quality overseas degree
programmes made available through
SIMs partnership with established
international universities and institutions
from the United Kingdom, United States,
Australia and Switzerland. Most of
the students are full-time students,
but SIM Global Education also offers
part-time programmes that cater
to working adults. Offering over 70
academic programmes, its enrolment
standsat21,500.
Over 11,000 professionals benefit

annually from the vast selection of short
executive training programmes offered
by SIM Professional Development.
Its customised in-company training
programmes help companies
optimise effectiveness in various
fields of management and human
resourcedevelopment.
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ANNUAL REPORT 2014
OUR CAMPUSES
SIM HQ AT CLEMENTI
SIM MANAGEMENT HOUSE
The SIM Headquarters (SIM HQ) along Clementi Road is SIMs main
and largest campus.
Set in the tranquil residential estate of

Namly Avenue, SIM Management House
has 20 lecture theatres and seminar
rooms, computer laboratories, a members
lounge and business centre that cater
to membership activities, executive
development courses and post-graduate
degree programmes.
In 2014, the expansion of SIM HQ was completed with the final

phase of the SIM Campus Development Master Plan, bringing the
total campus size to 110,000 square metres. Facilities include 254
lecture theatres, seminar rooms and computer laboratories, as well
as a sports hall, performing arts theatre, multi-purpose halls, a
financial training centre and a management library. Also on campus
is a student activity hub which provides a focal point for students
social interaction and recreation, and a student care and wellness
centre that organises programmes that promote healthy and
optimal living.
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ANNUAL REPORT 2014
2014 KEY STATISTICS
4.1%
49,423 11,000
growth in revenue to$312m

Group1
20142
$000

20132
$000
Institute1
20142
$000
20132
$000
Income
311,548
299,406
94,715
81,629
Expenditure
275,778
259,057
78,056
67,187
Excess of income over

expenditure before tax
35,770
40,349
16,659
14,442
Capital Expenditure
89,364
95,399
84,149
86,141
Reserve Level3
0.7 year
0.9 year
0.1 year
0.5 year
Group comprises Singapore Institute of Management, Singapore Institute of Management Pte Ltd and
SIM University. Institute refers to Singapore Institute of Management.
1
For the year ended on 31 December.
members
professionals trained
48,848 individual members

575 corporate members
Over 500 public and

customised in-company
programmes organised
35,500 145,500
students enrolled
alumni and graduates
SIM University
14,000 students enrolled
Over 60 programmes offered
25,000 SIM University alumni

120,500 SIM Global Education graduates
SIM Global Education

21,500 students enrolled
Over 70 programmes offered
Computed based on the formula: bank balances / total annual expenditure including capital expenditure. SIM Group
will target to maintain a reserve level of one year taking into consideration its future income streams and future
operating and capital expenditure.
3
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ANNUAL REPORT 2014
MESSAGE FROM CHAIRMAN
2014 KEY ACHIEVEMENTS

Several significant achievements marked
our anniversary and helped to further
consolidate our leadership position in the
private education industry.
One achievement was the completion of
our $300 million Campus Development
Programme which started in 2009
over two phases. With the conclusion
of Phase 2 of the project in 2014, we
have doubled our campus size and
increased our capacity and capability
to support a more holistic educational
experience for our students as well as
provide a more conducive environment
for our faculty and staff to teach and
work in. Taken with our combined
enrolment of over 35,000 students
from both SIM University (UniSIM) and
SIM Global Education (SIM GE), we are
2014 was both a milestone and watershed year.

We celebrated our 50th anniversary, a
significant milestone, considering how far we
have come from a management institute to be
the leading private education institution that we
are today. As we reflect on 50 years of success,
we are also cognizant of the fact that we now
stand at the threshold of major changes in the
education and training industry.
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arguably the largest private education

institution in Singapore, one known for
the quality of its programmes and rich
learningenvironment.
Another achievement was the successful
launch of UniSIMs first full-time
programmes in Accountancy, Finance
and Marketing to very strong response,
a very encouraging reflection of the
confidence in UniSIMs standards and
quality indeed. With the Ministry of
Educations approval to offer three
other programmes in the coming years,
UniSIM is set to steadily grow its suite
of full-time programmes. Developments
to start Singapores third law school
focusing on family and criminal law at
UniSIM are also well underway, with an
official announcement to be expected
in2015.
SIM GE continued to enrich its
programme offerings to respond to
market needs. Efforts to export its
strong brand name to the region have
reaped its first fruits with the inaugural
launch of programmes with Universitas
Pelita Harapan in Surabaya, Indonesia.
With this initial success, it has continued
to identify other partnerships through
which it can impact private education
in other parts of the region. SIM GEs
students continued to do well in both
academic and non-academic areas,
evidence that our efforts to provide a
holistic quality education are paying off.
Our initiative to move towards delivering

more programmes through the e-mode
has also made good progress with
UniSIM taking a strong lead in the
industry and SIM GE stepping up efforts
to continue expanding its e-learning and
other support to students.
NEW PLAYING FIELD
As Singapore moves forward into a new
economic phase, there is a necessary
shift in the focus of education and
training at the national level. The global
economic environment will continue to
be uncertain; there is a new normal of
slower growth among major economies,
some of which are still struggling to get
back on their feet after the last economic
knockdown in 2009. As a small and
resource-scarce nation that is highly
dependent on the rest of the world, we
must be prepared for the fallout that will
inevitably hit us.
Key to our nations survival will be how
effectively we can capitalise our only
resource, limited in size as it is. The skills,
creativity, adaptability and resilience of
our people will determine our ability to
create real value and sustain real growth
for our economy. To achieve that, the
Government has refocused education on
skills rather than paper acquisition, and
given a new and increased significance
to Continuing Education and Training
(CET). In its 2015 budget, it has given
sails to this new direction with the
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announcement of the SkillsFuture

initiative with its many incentive
schemes to encourage lifelong learning.
With this new emphasis on CET and
a concomitant mindset shift to the
development of deep, relevant skills,
there are many opportunities to
be tapped for all our three entities:
SIMProfessional Development, UniSIM
and SIM GE.
There will be need for new areas of
education and training as new skills
and knowledge are required. There
will be a need to look at how learning
is structured, packaged and delivered
to make it relevant and effective for
the executive who works and learns
throughout his working life. Rapid
developments in educational technology
will have to be harnessed to greater
advantage to make learning more
accessible and engaging.
To ensure that we deliver learning
outcomes that are immediately relevant
and employable, we will step up our
collaborative efforts to involve industry
and employers in designing programmes
and services that meet real needs.
Underpinning all these changes is
a higher education market that is
maturing and consolidating. Education
cohort size is shrinking as a result of
lower population growth over the
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ANNUAL REPORT 2014
past decades. As pent-up demand

has been largely met, high growth in
student numbers is now a thing of
the past. With a smaller pie on the
demand side, competition for a share
of the pie will also be keener with the
Government increasing the supply of
government-funded places through
the Singapore Institute of Technology
and UniSIM in addition to the other
autonomousuniversities.
The impact of this trend is borne out
in our 2014 performance. Although
enrolment at UniSIM has increased
slightly by 6% to just over 14,000, SIM
GEs enrolment has dipped by about
the same percentage points to 21,500.
Correspondingly, our membership
has remained more or less stagnant,
standing at close to 50,000 Corporate
and Individual members.
The result of slower growth is reflected
in a subdued revenue growth of 4.1% to
$312 million in the financial year 2014.
On the other side of the balance, as we
support a much expanded campus to
provide a richer learning experience
and continued to invest in improving
the quality of our programmes and
services, our costs have crept up by 6.4%
over 2013 to $276 million, with a before
tax surplus recording a dip of 11.3% to
$36million.
The future will be exciting and I am confident

we are in a very strong position to seize it and
ride on the crest of change.
NEW GAME PLAN

The future will be exciting and I am
confident we are in a very strong
position to seize it and ride on the crest
of change.
We have five decades of experience
and expertise in education and lifelong
learning to leverage on. We have strong
trust in our brand which is associated
with high standards and quality. Our
visionary and prudent pioneers had
ensured that our resources have been
ploughed back to invest in a better
infrastructure for the future.
We will unlock the value of our
investments to build on our future
strengths and capabilities. As an
organisation that promotes lifelong
learning, we must be a torchbearer
when it comes to investing in our staff
so that they remain competent, creative,
productive and nimble. Above all, the
pioneering and innovative spirit that
underpins our success must be kept alive
and encouraged to help us think outside

the box and experiment with doing
new things and doing things differently.
Only then can we improve further on
our strengths and find new engines
forgrowth.
I am grateful to all the SIM pioneers
and leaders whose foresight and
dedication have helped build SIM in
the past 50 years. Going forward, I
know we can count on the continued
support and commitment of all our
stakeholders - our Council and Board
members, management, staff, faculty
and associates, members, alumni and
students as we further our mission of
helping individuals fulfil not just personal
aspirations but also national aspirations
for a prosperous and beautiful Singapore
that we call home.
Tan Soo Jin
Chairman
SIM Governing Council
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ANNUAL REPORT 2014
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MANAGEMENT REPORT
overhead bridge with a bigger one as part of the

widening of Clementi Road. With this, we will also
add a sheltered link way between the bus stops,
overhead bridge and our campus.
Mr Ronald Tan Hee Huan

Executive Director,
Singapore Institute of Management
Professor Cheong Hee Kiat

President,
SIM University
SIM turned 50 in 2014. While many activities

were organised to celebrate this important
milestone, it was also a busy year of
consolidating our capabilities across all entities.
The completion of our campus expansion
at Clementi underscores our unflinching
commitment to continually enhance and
enrich the learning experience of our learners.
We not only reviewed our programmes and
services and added new ones to meet changing
market demands, we also continued to invest
in harnessing technology to move towards
a pedagogy and programme delivery that
are relevant to a new generation of learners.
Internally, investments were also made to
improve our people, systems and processes
to enhance productivity and customer service
levels. All these efforts will ensure our futurereadiness as we prepare ourselves to meet new
needs in education and training.
CONTENTS
Dr Lee Kwok Cheong

Chief Executive Officer,

Completion of Campus Expansion
Our campus has doubled in size to 110,000 square
metres to house a total of 74 lecture theatres,
136 seminar rooms, 35 specialised and computer
laboratories, two libraries and six multi-purpose
halls. There are also a performing arts theatre,
sports hall, dance studio and tennis courts, as
well as auxiliary facilities such as F&B outlets,
student activity hub, study areas and child
care centre. The expanded campus will greatly
boost our ability to provide a full educational
experience for our students as well as support
new programmes and services.
SIM50 Celebrations
A year-long programme of activities was
organised to commemorate our 50th
Anniversary. Among these was a Transformations
Learning Series organised by SIM Professional
Development. This was a series of talks to share
success stories in business and management by
interesting personalities such as Azran OsmanRani, CEO of AirAsia X, and Pierluigi Collina,
widely regarded as the worlds best soccer
referee. As part of SIM50, our hallmark event
the 33rd SIM Annual Management Lecture also
featured a renowned speaker, Professor Clayton
Christensen, one of the worlds most influential
management thinkers.
To chronicle the growth of SIM in supporting
Singapores manpower development, the SIM
Heritage Gallery and Commemorative Book were
also launched.
With the expanded campus, the old bus stop on

Clementi Road was also replaced by a new and
larger one, solving the congestion problem faced
by students and staff, and giving our campus an
iconic frontage.
The anniversary celebrations culminated in

the official opening of our Phase 2 Campus
Development cum gala dinner graced by Minister
for Trade and Industry, Mr Lim Hng Kiang. At the
event, we paid tribute to our Founding Chairman
Dr Richard Eu and the late Executive Director
Professor You Poh Seng, both of whose vision
and dedication had enabled SIM to grow by leaps
and bounds in the last five decades.
In the next phase of improvement, the Land

Transport Authority will be replacing the current
In our continual support of our community, the

SIM50 activities raised a total of $100,000 for
two adopted charities the Singapore Childrens

Society and Student Advisory Centre.
SIM UNIVERSITY
Continuing Education and Training
For UniSIM, maintaining our competitiveness in
a fast-changing university landscape is both an
accomplishment in 2014 and a challenge in the
years ahead.
On the recommendations of the Applied Study in
Polytechnics and ITE Review (ASPIRE) Committee
and SkillsFuture Council, the Government will
further strengthen Singapores applied education
pathways with a focus on building deep skills
through Continuing Education and Training (CET).
UniSIMs focus on ensuring industry relevance
through its practice-oriented and applied
programmes, as well as its initiatives in CET since
2008, is very much in line with the objectives
of the SkillsFuture direction. We have had a
good start and will continue to enlarge our CET
offerings while ensuring quality and relevance in
our programmes.
New partnerships to offer more CET have been
forged, such as with the Singapore Exchange
(SGX) to jointly develop financial and investmentrelated courses for finance professionals. This
partnership also includes the organising of
outreach activities to benefit UniSIMs students
and members of the public.
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Launch of Full-time Programmes

The UniSIM College, responsible for hosting
the full-time degree programmes, successfully
launched its first three programmes in
Accountancy, Finance and Marketing. Our
offering of 200 places in these programmes was
more than seven times over-subscribed with
1,518 applications. A final of 217 students were
admitted. Following this, UniSIM is set to launch
another three programmes in Human Resource
Management, Social Work and Supply Chain
Management over the next two years, all of
which are offered to meet industry needs.
To help our full-time students get real work
experience through work attachments, a total
of 26 partnerships were established with both
well-known international brands like Stanley
Black & Decker and RHB Securities as well as
home-grown names like Nexia TS and RSM Chio
Lim. We will work with these partners to offer
our students a structured work attachment
programme that requires them to contribute like
regular employees. As students gain practical
experience that links classroom learning and work
realities, they will be better prepared for working
in the real world.
To reinforce UniSIM Colleges ethos of training
the Heart in addition to the Head and Habit,
students are required to undertake a Service
Learning project as part of their study. We
partnered the National Youth Council to help
students identify projects where they can serve
the elderly, children and youth at risk as well as in
areas such as the environment, sports, heritage
and culture. Through these, students learn civic
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ANNUAL REPORT 2014
consciousness and pick up soft skills in leadership,

teamwork and communication.
New Part-time Programmes
UniSIM launched three new part-time
programmes, viz. in art, music and sports &
physical education, all of which are important
as Singapore develops further as a first world
country. An exciting part-time programme to
look forward to in the near future will be the
law degree with specialisation in family and
criminal law, two areas of law that are much
needed by society but face a shortage of lawyers.
The establishment of the UniSIM Law School
is targeted for 2015, with an initial intake of 75
students within the next one to two years.
In the area of e-learning, we now have 27% of our
courses in e-mode and are on track to achieving
our 50% target by the end of 2015. To provide
further technical support for online learning and
spearhead the development of new technologies
to enhance students learning, a new Learning
Systems and Applications unit was set up in 2014.
SIM GLOBAL EDUCATION

Students Achievements
SIM GEs investments in a full and holistic
education for students continued to yield positive
results. Once again, our students did well in both
academic and non-academic pursuits. A total of
167 University of London (UOL) students were
awarded first class honours, the highest number
of achievers in the world for UOL International

Programmes. Students in other programmes such
as the University of Birmingham, University at
Buffalo (UB) and RMIT University also scored an
impressive number of top honours.
In sports, our women dragon boaters raised
the Prime Ministers Challenge Trophy for the
first time at the annual Singapore Dragonboat
Festival while their male counterparts
successfully defended their 2013 champion
title. In arts, our student groups were very
active in putting up a string of performances
on and off campus. SIM Dreamwerkz, a hip-hop
dance group, staged the first production at the
newly opened Performing Arts Theatre. The
performance played to an audience of 1,300
patrons over three sessions.
SIM GEs Education Abroad Programme which
started in 2009 to give students a global
experience was attended by more than 300
students, joining close to 2,000 participants who
have benefited from the Programme. During
the year, students did their overseas study and
exchange programmes at renowned universities
such as Kings College London, London School of
Economics, Imperial College and the University
of California, Berkeley, as well as at other
institutions in New York, San Francisco, Taiwan
and Spain.
19
mentoring, counselling, self-help resources and

other organised activities.
Quality of Education
The rigour of our programmes, quality of campus
experience and student care is key to the overall
quality of education we provide. This quality
is confirmed in the latest igraduate Student
Barometer, a widely-used and globally-recognised
gauge for evaluating the quality of the overall
student university experience. SIM GE is ranked
on par with other major global universities in
the areas of our lecturers subject expertise,
teaching abilities and English proficiency. We also
did well in programme content and organisation,
assessment, campus environment and the
provision of student support services and career
advice from academic staff.
New Programmes
SIM GEs success is due in no small part to the
strong partnerships we have with our overseas
partners. In 2014, we celebrated the 20th and
10th anniversaries of our partnerships with the
University of Sydney and UBrespectively.
As part of our review to respond to market needs,
we also introduced several new courses. These
included international relations and business
information systems with existing partners, UOL
and the University ofWollongong.
We also expanded our student support services

with the setting up of a Student Wellness Centre
in the expanded campus. The centre proactively
promotes optimal living and physical, mental
and social well-being for students through peer
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ANNUAL REPORT 2014
ORGANISATIONAL CHART
SIM Governing
Council
Audit Committee
Campus Development
Steering Committee
Finance Committee
Investment Committee
Remuneration Committee
Membership Committee
Singapore Institute
of Management
Board of Trustees
Board of Directors
SIM University
Singapore Institute of

Management Pte Ltd
Nominating Committee
SIM Membership
SIM Professional
Development
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21
Group Corporate
Services
Internal Audit
CORPORATE GOVERNANCE
As a not-for-profit organisation under the
purview of the Charities Act, SIM enforces
stringent corporate governance guidelines to
ensure that we are transparent and are compliant
with legal regulatory requirements.
vested interest in any organisation that SIM

has dealings with, are required to declare such
conflict of interest to the Council or senior
management immediately, and to abstain from
any discussion or decision making on the matter
of interest.
Assuming the overall governance of the SIM

Group is the Governing Council. Comprising
independent elected members, the Council is
responsible for the strategic direction of the
Group, acts as a watchdog on all financial,
remuneration and audit matters and closely
monitors compliance with control measures.
Similarly, the SIM University (UniSIM) and
Singapore Institute of Management Pte Ltd
are also governed by a Board of Trustees and
Directors respectively, members of whom are
appointed independentdirectors.
The Whistle-Blowing Policy extends the notion

of corporate governance to all staff and vendors,
allowing them to take responsibility in playing
their part to help SIM achieve a greater level of
public confidence in our corporate governance.
The Internal Audit Division, as part of the SIM

Groups corporate governance framework,
oversees the SIM Groups auditing functions in
risk assessment, whistle-blowing, and internal
and external audits.
ACADEMIC QUALITY ASSURANCE

Underpinning our quality promise is a rigorous
academic quality assurance framework which
subjects our programmes, services and facilities
to stringent internal and external audits regularly
to ensure that they meet exacting standards in
quality, rigour and relevance. At the strategic
level, review of our academic quality, relevance
and alignment with our mission is guided by an
International Academic Panel which comprises
eminent academic and industry professionals
from international universities andinstitutions.
As part of good corporate governance, SIM has

in place the Conflict of Interest Policy and the
Whistle-Blowing Policy. Under the Conflict of
Interest Policy, Council members or staff who
have personal interests in business transactions
or contracts that SIM may enter into or have
The programmes at UniSIM and SIM Global

Education are supervised by respective Academic
Boards which oversee programme curriculum,
pedagogy, partnerships and presentation,
examinations and assessments, as well as
studentadmission.
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ANNUAL REPORT 2014
23
SIM INTERNATIONAL ACADEMIC PANEL*

CHAIRMAN
Professor Cham Tao Soon
Special Advisor to SIM Governing Council
President Emeritus
Nanyang Technological University
MEMBERS
Mr Chak Kong Soon
President
Singapore Computer Society
Professor David Dickinson
Director
International Partnerships for College of
SocialScience
Professor
Department of Economics
School of Business
University of Birmingham
Professor Joe F Chicharo
Deputy Vice-Chancellor (International)
University of Wollongong
Mr Jen Kwong Hwa
Business Advisor
Get2Volume Accelerator
ACADEMIC QUALITY ASSURANCE FRAMEWORK
Professor Pang Eng Fong

Professor of Strategic Management (Practice)
Lee Kong Chian School of Business
Singapore Management University
SIM External
Academic Review
Dr Frits Pannekoek
President Emeritus
Athabasca University
International
Academic Panel
Singapore Institute
of Management
Academic Quality Panel
SIM Quality
A ssurance Committee
External Academic Audit
Dr Janet Stockdale
Dean, University of London International
Programmes and Senior Lecturer in Social
Psychology (Alumni and Careers)
The London School of Economics and
PoliticalScience
Board of Trustees
Professor John M Thomas

Professor of Operations Management & Strategy
and Dean Emeritus
School of Management
The State University of New York at Buffalo
Professor Bernard Yeung
Stephen Riady Distinguished Professor and
Dean, NUS Business School
National University of Singapore
Board of Directors
SIM University

Management Pte Ltd
Academic Board
Academic Board
Mandatory Enhanced
Registration Framework 1
Mandatory Enhanced
Registration Framework 1
Quality Assurance Framework

for Universities (MOE)2
EduTrust
Certification Scheme3
External Examiner System
University Partners External

Agency Audit and University
Partner Audit
The Enhanced Registration Framework is a registration process for private education institutions (PEIs) mandated by the Council for
Private Education (CPE) under the purview of the Ministry of Education. Established in December 2009, the CPE is empowered under
the Private Education Act with legislative power to regulate the private education sector.
The Quality Assurance Framework for Universities (QAFU) is Ministry of Educations regulatory framework for all governmentrecognised universities, including the Autonomous Universities and SIM University.
The EduTrust Certification Scheme is a voluntary quality assurance scheme implemented by the CPE to encourage PEIs, especially those
who recruit foreign students, to differentiate themselves through even higher standards.
Information as at 31 December 2014.
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ANNUAL REPORT 2014
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Mr Gerard Ee
Mr Tan Soo Jin
Mr Victor Liew
Mr Patrick Fang
Ms Junie Foo
Ms Isabella Loh
Professor Bernard Tan
Chairman
Chairman
Vice-Chairman
Managing Director
PFang & Associates
(until 15 May 2014)
(from 15 May 2014)
(from 15 May 2014)
Chairman
Singapore Environment
Council
Professor of Physics
National University of
Singapore
Advisor
Amrop Singapore/
GattieTan Soo
Jin Management
Consultants Pte Ltd
Chairman
CapitaRetail China Trust
Management Ltd
Head, Corporate Banking

Singapore and Head,
Global Subsidiary
Banking, Asia Oceania
Bank of TokyoMitsubishi UFJ Ltd
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ANNUAL REPORT 2014
27
Mr Tan Choon Seng
Dr Rosemary Tan
Mr Winston Tan
Mr George Thia
Professor Cham
Tao Soon
Mr Ronald Tan
Chairman
Truscott Group
Chief Executive Officer

Veredus Laboratories
Pte Ltd
Managing Director
Winmark Investments
Pte Ltd & Corporate
Brokers International
PteLtd
Business Consultant
Asiainc Pte Ltd
Special Advisor to SIM

Governing Council
Ex-Officio
President Emeritus
Nanyang Technological
University
Executive Director
Management
HONORARY CHAIRMEN
Dr Richard K M Eu
Mr Tan Chok Kian
AUDIT COMMITTEE
Chairman
Mr Winston Tan
Members
Mr Victor Liew
CONTENTS
CAMPUS DEVELOPMENT
STEERING COMMITTEE
FINANCE COMMITTEE
Chairman
Mr Gerard Ee
(until 15 May 2014)
Mr Tan Soo Jin

(from 15 May 2014)
Members

Mr Tan Choon Seng
REMUNERATION COMMITTEE
MEMBERSHIP COMMITTEE
NOMINATION COMMITTEE
Chairman
INVESTMENT
COMMITTEE
Chairman
Chairman
Chairman
Ms Isabella Loh
Chairman
Mr Patrick Fang
Dr Rosemary Tan (until 15 May 2014)

Ms Junie Foo (from 15 May 2014)
Mr Gerard Ee (until 15 May 2014)

Mr Tan Soo Jin (from 15 May 2014)
Members
Members
Mr Patrick Fang
Dr Rosemary Tan (from 15 May 2014)
Mr Victor Liew (from 15 May 2014)

Mr George Thia (until 15 May 2014)
Members
Mr Victor Liew
Mr Tan Choon Seng

Mr Fong Heng Boo
Members
(external)
Ms Isabella Loh
Mr George Thia
Mr Kevin Scully (external)
Members

(until 15 May 2014)
Mr Tan Soo Jin (until 15 May 2014)

Mr George Thia (from 15 May 2014)
(from 15 May 2014)
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ANNUAL REPORT 2014
29
Professor Cham
Tao Soon
Mr Gerard Ee
Mr Richard Y M Eu
Mr Ong Boon Hwee
Chancellor
SIM University
Chancellor
SIM University

Stewardship Asia Centre
(until 15 May 2014)
(from 16 May 2014)
Chairman
SIM University Board of
Trustees
Chairman
SIM University Board of
Trustees
Group Chief Executive

Officer
Eu Yan Sang
International Ltd
(until 15 May 2014)
(from 16 May 2014)
Professor Chong
Professor Bernard Tan Chi Tat
Professor Leo
Tan Wee Hin
Professor of Physics
Singapore
Director (Special Projects)

Faculty of Science
Singapore
University Professor
Department of
Mathematics
Singapore
Mr Ronnie Tay
National Environment
Agency
President Emeritus
University
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ANNUAL REPORT 2014
31
Adjunct Professor
Seah Moon Ming
Ms Ang Bee Lian
Mr William Lim
Mr Lam Yi Young
(from 1 June 2014)
(until 1 September 2014)
(from 1 September 2014)
Executive Director and

Group Chief Executive
Officer
Pavilion Energy Pte Ltd
Director
Social Welfare
Ministry of Social &
Family Development
Former Deputy Director

Higher Education Division
Ministry of Education
Deputy Secretary
(Policy)
Ministry of Education
Mr Ng Cher Pong
Chief Executive
Singapore Workforce
Development Agency
Mr Ronald Tan
Executive Director
Singapore Institute
of Management
AUDIT COMMITTEE
ESTABLISHMENT COMMITTEE
FINANCE COMMITTEE
NOMINATION COMMITTEE
Chairman
Chairman
Chairman
Chairman
Mr Ramasamy Dhinakaran
Members
(until 15 May 2014)
Members
(until 15 May 2014)
Professor Leo Tan Wee Hin

Mr William Lim
CONTENTS
Mr Gerard Ee (from 16 May 2014)

Members
Mr Ong Boon Hwee

Professor Leo Tan Wee Hin
Mr Ronald Tan
Mr Ronnie Tay
Adjunct Professor Seah Moon Ming
Mr Ong Boon Hwee
Dr Lee Kwok Cheong

(until 15 May 2014)
Professor Cheong
Hee Kiat
Associate Professor
Yip Woon Kwong

Management Pte Ltd
Ex-Officio
SIM University Board
of Trustees
Secretary
SIM University Board
of Trustees
President
SIM University
Registrar
SIM University
Mr Gerard Ee (from 16 May 2014)

Members
Adjunct Professor Seah Moon Ming

Mr Ong Boon Hwee
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ANNUAL REPORT 2014
33
SINGAPORE INSTITUTE OF MANAGEMENT PTE LTD

BOARD OF DIRECTORS
Mr Gerard Ee
Mr Tan Soo Jin
Chairman
Management Pte Ltd
Board of Directors
Chairman
Management Pte Ltd
Board of Directors
(until 15 May 2014)
(from 15 May 2014)
Advisor
Amrop Singapore/
GattieTan Soo
Jin Management
Consultants Pte Ltd
Professor Cham
Tao Soon
Special Advisor to SIM
Governing Council
President Emeritus
University
Mr Vincent Chin
Dr Lee Kwok Cheong
Mr Victor Liew
Mr Ong Boon Hwee
Mr Ronald Tan
Senior Partner &

Managing Director
The Boston Consulting
Group

Management Pte Ltd
Chairman
CapitaRetail China Trust
Management Ltd

Stewardship Asia Centre
Executive Director
Management
Professor Cheong
Hee Kiat
Ex-Officio
Singapore Institute
of Management
Pte Ltd Board of
Directors
President
SIM University
HUMAN RESOURCES COMMITTEE

Chairman
Mr Gerard Ee (until 15 May 2014)

Mr Tan Soo Jin (from 15 May 2014)
Members
Mr Victor Liew
Mr Ong Boon Hwee
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ANNUAL REPORT 2014
35
FULFILLING ASPIRATIONS
In 1964, with a founding grant from the
Economic Development Board, SIM was set
up to develop professional managers and
leaders to support industrialisation and
economic growth. From its beginning, SIM
aspired to equip individuals to go further
with the necessary knowledge and skills.
Over the next five decades, SIM redrew
the map of learning and transformed the
education and training landscapes through
many innovative programmes that helped
individuals achieve success in parallel with
the nations economic story.
The story of SIM has been told through
the tens of thousands of people who have
been empowered to set and fulfil their
goals for personal developmentand career
advancement. This sense of fulfilment
makes Fulfilling Aspirations a deserving
theme for our 50th yearcelebrations.
To celebrate this important milestone, a
year-long series of activities was organised
to engage different stakeholders in
appreciating the rich heritage of SIM.
CONTENTS
Faculty Appreciation Dinner

22 March 2014
CSR: Food for Families #1

15 March 2014
Unveiling of SIM50 logo and microsite

10 February 2014
The SIM 50th Anniversary celebrations was

officially announced to staff at the staffs
annual Chinese New Year lunch, with the
unveiling of the SIM50 logo and theme.
The SIM50 microsite, www.sim50.edu.sg,
was also launched to communicate to all
stakeholders the anniversary activities.
In line with our social mission to benefit

the community we are in, SIM adopted two
charities the Student Advisory Centre
(SAC) and the Singapore Childrens Society
(SCS) as part of its anniversary corporate
social responsibility (CSR) drive. A number
of activities were designated to raise
funds for the charities. To start, SIM staff,
faculty, students and their families raised
funds, packed and distributed food to 120
underprivileged students at the SAC.
The annual dinner was a platform for

appreciating the important role that SIMs
faculty and associate lecturers played in
the institutions success. Attended by some
600 faculty, associates and staff, the event
also recognised the teaching excellence and
contributions of long serving associates.
CSR: Project One Heart

2527 March 2014
Transformations
Learning Series #1
Azran Osman Rani
28 February 2014
This was a learning series

that brought established
global practitioners to share
insights into the successful
transformation of their careers
and businesses. In the first
of the series, Azran Osman
Rani, CEO of AirAsia X, shared
on the role of leadership
and innovation in driving the
airlines global business growth.
LSE Public Lecture #1

ProfessorPaul Kelly
SIM-RMIT University students

raised funds from the sale
of popular merchandise with
proceeds going to the SCS.
07 April 2014
At this inaugural lecture,

Professor Paul Kelly, ProDirector for Teaching &
Learning at the London
School of Economics (LSE),
spoke about the great
Massive Open Online
Courses (MOOCs) debate
and its future in the role of
education and learning.
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ANNUAL REPORT 2014
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FULFILLING ASPIRATIONS
CSR: Gifts for Fathers Day
09 June 2014
1011 October 2014
SIM staff conducted a half-day

workshop to teach children at the
SCS Jurong West branch how to
design a box and cupcake as a gift
for their fathers.
Transformations Learning Series

#2 Pierluigi Collina
CSR: Food for Families #2
27 November 2014
Transformations Learning
Series #3 Catherine DeVrye
33rd Annual
Management Lecture
27 June 2014
11 September 2014
Former Australian Executive Woman of the

Year and best-selling author Catherine DeVrye
shared on the importance of conquering
change in todays fast-moving world.
The anchor event of the SIM

Management Festival featured
the Worlds #1 Most Influential
Management Thinker, Harvard
Professor Clayton Christensen,
who shared his revolutionary
theory Disruptive Innovation.
The first-ever
combined homecoming
of the alumni families
from UniSIM and SIM
GE across five decades
was an alumni-foralumni event with
food and beverage
provided by alumni
vendors as well as
entertainment by SIM
GE studentperformers.
CONTENTS
Professor Michael Cox, Professor of

International Relations at the LSE,
spoke about the rise of China and its
impact on Asia in the 21st century.
Opening of Heritage
Gallery and Launch of
Commemorative Book
Pierluigi Collina, six-time FIFA Best Referee

of the Year, translated his experiences on the
pitch into The Art of Decision Makingthat
applies to individuals and businesses alike.
11 July 2014
20 November 2014
Following the successful first

run, SIM packed and distributed
90 food packs to needy families
under the SAC.
08 April 2014
SIM Homecoming
LSE Public Lecture #2

ProfessorMichael Cox
The storied legacy of SIM is

captured and displayed in a heritage
gallery at SIM. Staff witnessed
the sealing of a time cube that will
carry the memories of SIM 2014
into the future. The event also saw
the launch of a commemorative
book chronicling SIMs history and
development over five decades.
Carnival and
VerticalClimb
20 September 2014
A Carnival was held at the SIM

Clementi campus for alumni,
students, members, staff
and their families for a day
of food and fun. As part of
the Carnival, a Vertical Climb
event challenged participants
to scale a seven-storey block
on the campus. Both the
Carnival and Vertical Climb
helped raise over $30,000 for
the two adopted charities.
SIM HQ Phase 2 Official Opening and

SIM50 Gala Dinner
28 November 2014
Two important events marked this actual birthday of SIM. Phase

2 of the completed campus development was officially opened
by Mr Lim Hng Kiang, Minister for Trade and Industry. Mr Lim
also officiated at the SIM50 gala dinner attended by some 500
guests from industry, capping the year-longcelebrations.
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ANNUAL REPORT 2014
39
Change is the only constant in life.

Despite the many changes in education,
SIMremains committed to empowering
people to scale new heights through lifelong
learning. As the leading private education
institution, we help bring fresh perspectives
and innovative pathways through our
dynamic range of industry-based, globally
relevant and rigorous academic offerings.
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ANNUAL REPORT 2014
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A UNIQUE MI5SI0N
SIMs unique mission: empowering people to fulfil their aspirations through holistic
and diverse pathways of education and lifelong learning.
Work has also been progressing at a steady clip

on the third law school to be hosted at UniSIM.
The school is expected to be formally set up
in2015.
Every learner is different. Our student may be a school leaver seeking a firm
academic pathway or someone in mid-career looking at skills upgrading on the job.
Wherever she is on her learning journey, we have a programme that will match
heraspirations.
Our programmes at SIM University (UniSIM) and SIM Global Education (SIM GE) are
continually calibrated to ensure they are student-centred, rigorous and relevant.
After all, if our learners come from all walks and stages in life, why must our
education be a one size fits all?
SIM UNIVERSITY
Full-Time Programmes
In 2014, UniSIM through the UniSIM College
launched its first full-time undergraduate
programmes in Accountancy, Finance
andMarketing.
A total of 1,518 applications were received for
200 places. Subsequently, 217 students were
enrolled in their first semester.
As part of their orientation, the students
attended a three-day Outward Bound
Singapore teambuilding event at Pulau Ubin.
The event aimed to help students bond
with one another and to break out of their
comfort zone and develop leadership and
organisationalskills.
Strong foundations were also laid for the
Service Learning component of the full-time
curriculum. Partnerships were forged with
CONTENTS
social enterprises, charitable organisations,

government agencies and other relevant parties
to allow our students to undertake various
social service projects. Ten new Memorandums
of Understanding (MOU) for work attachments
were also signed, bringing our total number
of work attachment partners to 26. The first
student work attachments, which will be
structured with a minimum duration of 24
weeks, are expected to commence in 2016.
At the close of the year, three full-time students
Han Yi Li, Matthew Sim and Kenneth Yap
represented UniSIM at the Fifth ASEANKorea
Frontier Forum, where they joined university
students and entrepreneurs from ASEAN
member states and South Korea to discuss
topics such as youth job creation and disaster
management. The team won the Excellence
Award and second prize for their outstanding
performance, a proud achievement for our
inaugural batch.
UniSIMs inaugural full-time students at an Outward Bound

Singapore (OBS) teambuilding event
In December 2014, the Ministry of Education

gave in-principle approval for UniSIM to offer
full-time programmes in Human Resource
Management, Social Work and Supply Chain
Management over the next two years.
To support the expansion of UniSIMs full-time
programmes, we have been steadily expanding
our full-time faculty strength. At the end of
2014, UniSIM College had 20 faculty members
and 12 administrative staff.
Part-time Programmes
While 2014 was an exciting year due in part
to our new ventures in full-time programmes,
we remained focused on our part-time
programmes for working adults. UniSIM
debuted three new part-time undergraduate
programmes: the Bachelor of Art Education,
Bachelor of Music Education and Bachelor
of Sports and Physical Education. All these
programmes offer students minors in
Management or Psychology.
2014 Convocation
Fulfilling Aspirations was the theme of the
UniSIM Convocation, the opening session
of which was graced by Deputy Prime
Minister Teo Chee Hean. 2,132 graduates
were graduated over three days. Among the
graduates were the pioneer batches from the
Master of Community Leadership and Social
Development programme, as well as the
Bachelor programmes in Accountancy, Building
and Project Management, Chinese Language
Education, Communication with Military
Studies, Human Factors and System with
Military Studies, Human Resource Management
with Military Studies, and Sociology with
Military Studies.
Deputy Prime Minister Teo Chee Hean speaking as guest-ofhonour at the opening session of the UniSIM Convocation
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UniSIM was the perfect place for me to

discover and share aviation knowledge
with fellow students and lecturers
from the industry.
As a part-time student, I was able to
gain knowledge and work experience
simultaneously, and to blend both
by applying what I had learnt to real
situations at work. Besides acquiring
broader knowledge of the aviation
industry, I have also made many friends
and strengthened my network.
My experience at UniSIM has certainly
been of great importance and benefit
to my career.
SAMUEL ONG
Senior Engineer, ST Aerospace

UniSIM Alumnus (2012)
Speakers at the Well-being in

Singaporesymposium
Industry Partnerships
To provide a relevant quality education
that supports the diverse aspirations of our
students, we actively engage with industry
players to ensure relevance in our programmes.
of individuals will lead to a happier, healthier

and more productive society. The symposiums
209 participants had the unique opportunity
to hear from experts and thought leaders from
both academia and industry.
To create more awareness on employment

opportunities in logistics, the School of
Business jointly organised the third season of
the Supply Chain Challenge with the Singapore
Logistics Association and supported by SPRING
Singapore. The School also signed MOUs with
CIMB Securities and the Bhutan Royal Institute
of Management to collaborate in the areas of
equity investment and logistics respectively.
The School of Human Development and

Social Services signed an MOU with Republic
Polytechnic to upgrade the knowledge and
skills of professionals in the sports sector
through further studies and Continuing
Education & Training.
The School of Arts and Social Sciences held a

symposium Well-being in Singapore: Current
Developments and Implications which explored
how a better understanding of the well-being
CONTENTS
The UniSIM Centre for Chinese Studies and

the Singapore Film Society continued a
partnership begun in 2013, to organise the 2nd
Singapore Chinese Film Festival in 2014 which
brings quality Chinese cinema to audiences in
Singapore as part of efforts to promote the
Chinese language and culture.
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ANNUAL REPORT 2014
Some 200 attendees also attended the 2014

UniSIM Contemporary China Public Lecture
Greying Chinese Societies: The Old, the
New and the Inevitable which addressed
demographic trends in China as well as the
ageing issues faced by countries like Taiwan
andSingapore.
Industry Recognition
We received accreditations for several
programmes in 2014. The Bachelor of Building
and Project Management and the Bachelor of
Science in Facilities and Events Management
received accreditation by the Royal Institution
of Chartered Surveyors while the Bachelor of
Engineering in Aerospace Systems received
provisional accreditation by the Engineering
Accreditation Board.
Real-World Research
The Centre for Applied Research (CFAR)
continued to support industry partners in
research. The quarterly Business Times
UniSIM Business Climate Survey was into its
eighth year of publication while the LTA Public
Transport Customer Satisfaction Survey was
into its sixth year.
The UniSIM Backpack mobile app gives students quick access

to learning resources
CFAR also completed Singapores first

national study on early childhood parenting,
commissioned by the Early Childhood
Development Agency. It also worked with
the Singapore Prison Service to evaluate the
45
effectiveness of its Yellow Ribbon Community

Outreach Programme.
In CFAR-administered research, nine projects
were completed and five new funding
applications were approved during the year.
Other research achievements in the year
included a Memorandum of Collaboration
between the School of Science and Technology
and ST Kinetics which committed to providing
an initial amount of S$100,000 in research
funding to UniSIM.
Our accredited accountancy degree was

recognised by the Singapore Accountancy
Commission for the purpose of direct admission
to its Professional Programme of the Singapore
Qualification Programme.
Support for Digital and e-learning
As one of the earliest adopters of e-learning,
we continued to ramp up opportunities for
students to learn online by working towards
our target of having 50% of all courses offered
as e-courses by end 2015. To date, more than
280 iStudyGuides and 80 e-textbook titles have
been produced to support this.
A new Learning Systems and Applications (LSA)
unit was set up in January to provide further
support for UniSIMs e-learning initiatives. LSA
provides technical services, technology training
CONTENTS
UniSIMs UCCS public lecture on ageing issues
and helpdesk support for all users of e-learning.

It also aims to spearhead the development of
innovative mobile learning technologies and
applications that enhance students learning
experience. During the year, LSA has improved
the overall system performance of UniSIMs
Blackboard Learning Management System
and launched a new mobile application UniSIM
Backpack which gives students quick access
to interactive study guides, recorded lectures,
past-year exam papers and learning resources.
UniSIM collaborates with ST Kinetics on research
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New Programmes and Ventures
In responding to market needs, SIM GE
launched several new programmes in
2014. With the University of London (UOL),
it launched the International Foundation
Programme (Full-time), the Bachelor of Science
(Honours) in Business and Management (Fulltime and Part-time) and the Bachelor of Science
(Honours) in International Relations (Full-time).
It also launched the Bachelor of Business
Information Systems (Full-time) with the
University of Wollongong.
SIM GE also introduced a part-time Foundation
Programme to provide accountancy students
with an alternative pathway to the Singapore
Qualification Programme.
One factor of SIM GEs success is the strong
partnerships we have with our overseas
partners. During the year, we celebrated
10 years of collaboration in undergraduate
studies with the University at Buffalo (UB).
Over the decade, more than 2,000 students
have graduated from our UB programmes.
Today, we offer six majors with UB in Business
Administration, Communication, Psychology,
Sociology, Economics and International Trade.
Four SIMUB scholarship places were offered
as part of the celebration.
We also celebrated 20 years of partnership
with the University of Sydney, a partnership
that has produced more than 2,500 nursing
graduates. To commemorate this important
CONTENTS
ANNUAL REPORT 2014
47
milestone, an Industry Scholarship Programme

was launched to offer opportunities for further
studies for practisingnurses.
Separately, we explored several international
locations with the aim of bringing the SIM GE
brand and educational expertise overseas.
Industry Partnerships and Recognition
Through a three-year collaboration with
UOB Bullion & Futures, we set up a financial
training centre to provide hands-on experience
for diploma and undergraduate banking and
finance students. To help promote financial
literacy, SIM GE will also support the industry
outreach activities organised by UOB Bullion
&Futures.
We also signed an MOU with the Chartered
Institute of Management Accountants (CIMA)
which allows our Diploma in Accounting
students to be granted credit exemptions for
the CIMA Diploma in Management Accounting.
SIM medallists at the SIM

Windsurfing Championships
Academic Achievements
Our students continued to do well academically.
A total of 167 out of 2,985 UOL students
received first class honours, while students
from other universities such as University of
Birmingham, UB and RMIT University also
achieved excellentresults.
Achievements in Sports and Arts
In 2014, our sports teams participated and won
many medals at the 17th ASEAN University
Games, the Institute-Varsity-Polytechnic Games
and the Singapore University Games (SUniG).
Some of the SUniG competitions were hosted at
our brand new Multi-Purpose Sports Hall.
SIM GE Chartered Institute of Management Accountants

MOU signing to grant credit exemptions for diploma students
The SIM 33rd Singapore Open Asian

Windsurfing Championship of which SIM GE
has been title sponsor for five years running,
attracted 136 surfers from more than six
countries. The SIM Windsurfing Championships,
which runs parallel to the main Championship

event, saw our windsurfers deliver a strong
performance to win a total of two gold, one
silver and two bronze medals.
The SIM Dragonboat Club, fondly known as the
SIM Dragons, achieved a historical first when
both its men and women teams beat NUS, NTU
and SMU to clinch the coveted Prime Ministers
Challenge Trophy at the annual Singapore
Dragonboat Festival. Our women team raised
the trophy for the first time in the Clubs nineyear history while our men team successfully
defended their title for the second consecutive
year, their third title since 2010.
Student Mohd Hafiz bin Mohd Azhar also did us
proud, placing as overall male champion of the
inaugural Silat University Games organised by
SIM GE in 2014.
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ANNUAL REPORT 2014
49
held fundraising sales as part of SIMs 50th

Anniversary to raise funds for the Singapore
Childrens Society, one of SIMs adopted
beneficiaries for the year.
SIM DreamWerkz performed to an audience of 1,300 at the

new Performing Arts Theatre
In the arts, our talented arts clubs staged

several major productions during the year.
The SIM String Ensemble took the stage with
SIMphony No. 4 the clubs largest ticketed
showcase to date. SIM DreamWerkz also put
up the first production at the new Performing
ArtsTheatre.
Other performances by student clubs include
Chapters of Love: A New Years Story by SIM
Film & Performing Arts Society, (All)titude:
Pulse by SIM Dance Art, Esprimere Sings by SIM
Esprimere Singing Club, and Behind the Strings
by SIM Guitar Club.
Global Exposure
Our programmes and diverse learning
environment equip students with a global
perspective and internationally relevant skills
that are crucial in todays global environment.
SIM GEs suite of programmes to get its
students global-ready was attended by some
CONTENTS
Behind the Strings by SIM Guitar Club
316 participants in 2014 and has benefited close

to 2,000 participants since its launch in 2009.
Students also had the opportunity to take up
overseas stints in New York, SanFrancisco,
Taiwan or Spain.
Another student-led SIM50 Corporate Social

Responsibility initiative Transformers
Furnishing Dreams, One Home at a Time
refurbished 10 homes around Bukit Merah
View. The organiser, the UOL Student
Representative Council, also took another group
of elderly residents on an excursion to RWS Sea
Aquarium, Sentosa and Gardens by the Bay.
Other student CSR activities in the year
included a food drive by UB students for The
Food Bank Singapore and a kite-flying session
by SIM iCare for children from the Chen Su Lan
Methodist Childrens Home.
For the second year running, a 10-member

delegation from SIM GE participated in the
Harvard National Model United Nations, the
oldest, largest, and most diverse student-run
model United Nations conference in the world.
Student Welfare
SIM GE officially launched its Peer-Assisted
Learning (PAL) Programme, which trains
senior students as PAL leaders to impart
learning skills to help students improve their
academicoutcomes.
Two students from the SIM Young

Entrepreneurs Network were also part of the
Singapore delegation to the Asian Students
Venture Forum in Korea to gain exposure on
entrepreneurship abroad.
PAL started with offering assistance for a

number of subjects under UOL, RMIT University
and University of Wollongong programmes. The
number of programmes and subjects will be
gradually expanded over time.
Service Learning
As part of our holistic education, we encourage
students to cultivate social awareness and
contribute to society. Project One Heart,
organised by the SIMRMIT Student Council,
Other areas of student learning support

that were launched included one-to-one
consultation sessions with academic advisers as
well as workshops covering academic writing,
critical thinking and learning skills.
SIM iCare organises a kite-flying session for children from the

Chen Su Lan Methodist Childrens Home
Tea Session at the Student Wellness Centre
SIM GE also set up a new Student Wellness

Centre, a resource centre to encourage healthy
and optimal living for students. Besides
serving as a resource and relaxation centre
for students, the Centre also proactively
organised workshops, talks and social activities
to promote physical, mental and social health
ofstudents.
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ANNUAL REPORT 2014
Awards and Recognition

In 2014, SIM GE successfully attained a fouryear renewal of the Enhanced Registration
Framework and EduTrust certifications, a
strong endorsement of the quality of its
systems, processes and educational outcomes.
SIM GE gives me the opportunity to

pursue my interests in the field of
psychology as well as my passion
fordance.
For the sixth year running, SIM GE was voted

best private institute at the AsiaOne Peoples
Choice Awards. SIM GE has been inducted
51
into the Hall of Fame in 2013, in recognition

of its long-standing excellence in the private
education sector.
Adjunct Professor Lee Kwok Cheong, CEO of
SIM GE, was presented with the Doctor of
Business Honoris Causa by RMIT University for
his achievement, leadership and contribution
to both the education and computer
technologyindustries.
In 2013 and 2014, our dance group,

Dance Art, were finalists in the Royal
Dance-Off, which is a contemporary
dance competition. Those were
incredibly proud moments for us.
My participation in dance concerts,
competitions and other student
development activities have allowed
me to meet people from all walks of life
and expand my social network. I have
also learnt to manage my time and
cope with stress better.
Indeed, I have grown in confidence as a
student and dancer.
Adjunct Professor Lee Kwok

Cheong was presented with
the Doctor of Business Honoris
Causa by RMIT University
JILLIAN TEO
Member of SIM Dance Art

SIM GE Student and Scholar
CONTENTS
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In todays fast-moving environment,

the one who stops learning will be left
behind. At SIM, we help busy executives
rediscover the joy of learning and facilitate
their journeys as lifelong learners with
courses that are multi-modal, flexible and
highlyrelevant.
CONTENTS
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A PAS5I0N FOR LEARNING
Encouraging a passion for lifelong learning is the overarching mission of SIM.

Our diverse opportunities for personal and professional development through
Continuing Education and Training (CET) are in alignment with national efforts to
integrate education with training, career relevance and economic progression.
Offered by SIM Professional Development (SIM PD) and UniSIM, our suite of
CET programmes comprises short, public programmes, customised in-company
programmes, as well as bite-size modular, credit-earning courses that can
accumulate to a professional certification or degree. We are committed to making
learning accessible, relevant and effective for the executive who works and learns
throughout his life.
SIM PROFESSIONAL DEVELOPMENT
Over 11,000 senior professionals, managers
and executives (PMEs) sought to sharpen their
competitive edge through skills enhancement
with SIM PD in 2014. These PMEs benefited
from over 500 seminars and workshops and
in-company programmes across a wide range
of subjects.
During the year, SIM PD also streamlined its
portfolio of programmes to focus on those at
management levels. There was an increase of
17% in the number of core programmes at such
levels, making up more than one-third of the
overall portfolio of programmes offered.
JOCEs approach to helping leaders look

at their business frameworks enables
us to clearly and objectively assess
our companies current strategies and
operations so as to chart the path
forward. My deputies and I are working
to apply the takeaways to our strategic
plans, which we hope to implement
later this year.
Participants of the Job of the Chief Executive programme
Senior Level Programmes
globalised economy. JOCE is now in its 35th

year with an alumni of over 1,300 business
leaders from 40 countries worldwide.
The Job of the Chief Executive Programme

The annual Job of the Chief Executive (JOCE)
programme was attended by 28 C-suite
executives from the Asia-Pacific region. Over
five intensive days, participants shared best
practices and examined the challenges of
their roles in todays highly competitive and
Transformations Learning Series

As part of the SIM50 celebrations, SIM PD
organised the Transformations Learning
Series which brought successful leaders in
their fields to share their take on business and
management. Three such talks were organised
and attracted over 1,500 professionals.
CONTENTS
I have also benefited from the lively

sharing which allowed participants to
learn from one another. This would not
have been possible if the trainers were
not world-class thinkers themselves.
I highly recommend JOCE to all SMEs
aspiring to take on the world.
ERIC LAM

Amdon Consulting Pte Ltd
JOCE Participant (2014)
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ANNUAL REPORT 2014
In-Company Programmes
SIM PD drew on its vast experience in
providing customised Learning & Development
solutions to develop the competencies of
5,300 executives and professionals through
in-company projects. These seek to help
corporations maximise the full potential of their
human capital, growing capabilities to meet
thefuture.
and young adults titled Start Your Investing

Journey Today: Investing Today Matters
Tomorrow. The oversubscribed event saw 866
attendees learning investment tips from expert
speakers and broadening their understanding
of investing at booths set up by partners
such as MoneySENSE, Securities Investors
Association (Singapore), OCBC Securities, POSB
andPhillipCapital.
SIM Management Festival 2014

The 3rd SIM Management Festival brought
together diverse stakeholders for a number
of talks and forums on management and
leadership excellence. Signature events of
the Festival include the Annual Management
Lecture (AML), the SIM Management Monitor
and the Business Management Challenge.
UniSIM and Singapore Sports School (SSP)

signed an MOU to provide opportunities for
young sports men and women to pursue higher
learning that will stand them in good stead
both during and after their sports careers.
Athletes identified by SSP will be able to take
UniSIMs CET courses and earn credit units for
UniSIMs undergraduate programmes.
SIMs 33rd AML, titled Disruptive Innovation,

was delivered by Professor Clayton
Christensen, Thinkers50s Most Influential
Management Thinker of 2011 and 2013.
Professor Christensen shared with an
audience of 500 executives his theories on
how disruptive innovations can rejuvenate the
market and grow new businesses.
The SIM Management Monitor, a biennial
survey now in its third edition, samples
viewpoints on the business climate and state
of management practice from a cross-section
of management personnel in Singapore. This
year, the emphasis was on a multi-generational
workforce and succession planning, with
opinions collected from more than 1,000
respondents. The results were shared at a
public forum, where participants discussed
CONTENTS
A forum to discuss the results of the SIM

ManagementMonitor
the implications of the findings and possible

measures of response.
The 3rd annual Business Management
Challenge saw ten teams of students from
local universities compete to present strategic
business plans based on a brief from a local
thermal imaging company. The winning
presentation was made by a team of UniSIM
and SIM GE students.
UniSIM also signed a collaborative agreement

with Creative Media Academy to promote
CET in the creative media industry. Such
courses aim to help build up a pool of media

professionals with on-the-job technical and
management competencies.
To support the governments move to
raise awareness and excellence in the field
of ergonomics, the School of Science and
Technology (SST) partnered the Workplace
Safety and Health Council and Workforce
Development Agency to organise the
Ergonomics Forum and an ergonomics
awareness workshop for professionals in
thefield.
SST and the Republic of Singapore Air Force
also offered as part of our Aerospace Systems
degree programme a full-time CET programme
which allows students to matriculate directly
into the degree programme. The customised
CET programme was attended by the first
cohort of 16 students.
SIM University
CET Collaborations
To enhance its current suite of 400 CET
courses, UniSIM partnered Singapore Exchange
(SGX) to develop financial and investmentrelated courses to promote investor education
to members of the public and UniSIMstudents.
One of the first activities organised under
the new partnership was the SGXUniSIM
Investor Education Day targeted at students
57
The investment event with Singapore Exchange received

overwhelming response
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The real voyage of discovery consists not

in seeing new lands but in seeing with new
eyes. The sharing of ideas and insights open
up new perspectives and options, and with
it, new possibilities for collaboration and
growth. SIMs out-of-classroom learning and
networking opportunities tap on the power
of social connections to help executives stay
ahead of the curve.
CONTENTS
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ANNUAL REPORT 2014
A 50CIAL PARTNERSHIP
The spirit of lifelong learning transcends space and time. As such, learning at
SIM goes beyond formal settings and the mere acquisition of qualifications. SIM
Membership offers a wide range of formal and informal opportunities to make
learning come alive through the engagement of a rich learning community of people
with diverse capabilities and experiences.
SIM MEMBERSHIP
Membership Profile
At the end of 2014, SIM Membership stood at
48,848 individual and 575 corporate members
with a membership retention rate at 90%.
Click here to view the SIM Membership and

Interest Group profiles.
Networking and Experiential Learning
As part of its efforts to boost the skills and
marketability of members, SIM Membership
organised exclusive talks with headhunters to
share career advice. Speakers included Julie
Winkle Guilioni, a best-selling author and Adrian
Tan, President of the Singapore Professional
Recruitment Organisation.
Successful business owners and managers
brought business lessons to life by imparting
hard-won secrets from their experiences.
Talks which featured local entrepreneurs like
Lyn Lee of Awfully Chocolate and Ng Chee
Soon, President and Managing Director of
Sennheiser Asia, provided valuable insights for
memberslearning.
CONTENTS
A group of 35 members visited the Bintan

Lagoon Resort, where Moe Ibrahim, CEO
of Journeyful and owner of Bintan Lagoon
Resort, uncovered the finer points behind the
acquisition of the resort and its turnaround
from bankruptcy.
The 3i Innovative Industry Insights series
continued to give members opportunities to
learn from successful innovative companies.
More than 50 members had one such
opportunity as they learnt from the innovative
approach of managing the Singapore
Sports Hub, an iconic $1.33 billion publicprivatepartnership.
Rob Lilwall sharing his cycling

experience at the SIM Interest
GroupConvention
SIM Interest Group Convention

The SIM Interest Group Convention saw a
record turnout of over 550 attendees. Keynote
speaker Rob Lilwall, a National Geographic TV
adventurer and author of Cycling Home from
Siberia, shared on managing risks and solving
problems in difficult and pressurising situations.
The convention also featured other prominent
industry leaders who trendspotted ideas and
offered keen business insights.
Journal and complimentary foreign-exchange

foundation courses.
We continued to take learning to the
community at large through our third year
of partnership with NTUC. Jointly-organised
talks and outreach events on communication,
influencing and leadership topics struck
a strong chord with more than 400
PMEparticipants.
New membership tie-ups and privileges

The cultivating of strong partnerships and
networks enables SIM Membership to add
more value to our members by leveraging the
resource pool of our valued partners.
Members learning from the success story of AwfullyChocolate
Our partnership with Six Capital, an institution

approved by the Monetary Authority of
Singapore, gives members and SIM students
access to premium resources like webcasts
and journals. These materials offer business
trend monitoring, breaking news in business,
in-depth financial analysis from The Wall Street
Members having a hands-on session on social media

andblogging
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ANNUAL REPORT 2014
MEMBERSHIP STATISTICS
Individual members (as at 31 Dec 2014)
Number of members
Honorary Fellow
Ordinary
Associate
Student
Silver (Retired)
Total
1,901
1,789
45,097
52
48,848
Corporate members (as at 31 Dec 2014)
Number of members
Companies with 1100 employees

Companies with 101500 employees
Companies with 5011,000 employees
Companies with over 1,000 employees
Total
Grand Total
383
119
33
40
575
49,423
SIM HONORARY
FELLOWS
Dr Richard Eu
Mr Herman Hochstadt
Dr Lee Seng Gee
Mr Lim Kee Ming
Mr Ngiam Tong Dow
Mr J Y Pillay
Mr Shaw Vee Meng
Mr Wee Cho Yaw
Mr John Yip
INTEREST GROUP PROFILES

(AS AT 31 DEC 2014)
Business Management Group (BMG)

President: Ms Lee Beng Guat, Partner,
Kam Boat Chinese Cuisine
Human Resource Interest Group (HURIG)

President: Ms Yap Mei Cheng, Managing
Consultant, Nissi HR & OD Consultancy
BMG sharpens members business

management skills and helps members
tap their potential and improve
professional performance.
HURIG promotes exemplary practices in

human resource management in tandem
with changing developments in the
human resource field.
China Interest Group (CIG)

President: Ms Susan Lim, Managing
Director, Linden Industries Pte Ltd
Information Technology Group (ITG)

President: Dr Tan Kow Wah, Chief
Executive Officer, AKW International
PteLtd
CIG provides a platform for professionals

who have a common interest in or
investments in China. The group offers
opportunities for establishing links,
widening contacts and sharing firsthandexperiences.
CONTENTS
ITG promotes the use of IT in sharpening

members competitive edge in the
marketplace by providing a network for
information exchange.
Innovation & Quality Management Group

(IQMG)
President: Mr Chua Kok Leong, Marketing
Manager, ERA Realty Network Pte Ltd
IQMG aspires to be a premier network
of practitioners that embraceinnovative
concepts and methodologies in quality
among organisations and individuals
inSingapore.
Marketing Executives Group (MEG)
President: Ms Valerie Chow, Manager,
Marketing Communications,
HarveyNorman Singapore
SIM Mandarin Toastmasters Club (MTM)

President: Ms Lim Lang Kheng, Manager,
TaiKang Company
MTM helps members to sharpen their
communication, presentation and
leadership skills through enjoyable and
interactive programmes delivered in the
Chineselanguage.
Strategic Management Group (SMG)
President: Mr Terence Lim, Head,
Singapore Armed Forces Print Centre,
MinistryofDefence
MEG promotes the study and practice of

the latest marketing concepts to enrich
members marketing knowledge.
SMG promotes the practice of strategic

management in commercial, non-profit and
government organisations by enriching
members strategic management knowledge.
Organisation Development Group (ODG)

President: Mr Gerald Ng,
PrincipalConsultant, Learning Solutions
The Entrepreneurs Group (TEG)

President: Mr Chen Siew Ik, Engineer,
COMConsultants
ODG raises the profile of the OD

profession by helping members build
skills in various aspects of OD and
by sharing research and expertise
amongmembers.
TEG organises activities that are relevant

to small and medium-sized businesses,
and enhances members knowledge and
entrepreneurial skills.
SIM I Toastmasters Club (TMI)

President: Ms Ng Yee Hoon,
Vice-President, LoanAdvisory,
CommerzbankAG
SIM II Toastmasters Club (TMII)
President: Mr Amandoron Ludwig Plenos,
Director, Global Marin Services Pte Ltd
TMI & TMII help members to sharpen
their communication, presentation and
leadership skills through enjoyable and
interactive programmes.
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Alumni Engagement
Alumni of UniSIM and SIM GE which number
over 25,000 and 120,500 respectively, form a
strong network of executives whose potential
can be tapped for the benefit of the whole
SIMcommunity.
In 2014, UniSIM organised activities including
talks, seminars and social events to connect
and engage with our alumni.
When I entered the workforce 20 years

ago, SIM Memberships programmes
and activities gave me a good start to
my career.
Even now, publications like Todays
Manager keep me in touch with
the latest management knowledge.
Networking events such as those
jointly organised by SIM and NTUC
allow me to build contacts with and
learn from the insights of people from
other industries.
In todays environment where we
have to constantly learn and re-learn,
the opportunities provided by SIM
Membership are valuable in helping us
embody a learning culture.
TRACEY WONG
Institute of Estate Agents, Singapore
SIM Member
CONTENTS
Dialogue sessions were also held to provide a

platform for alumni members to share their
thoughts on national issues. At one such
dialogue session, some 50 students and alumni
of the Master of Gerontology programme
met with Mdm Halimah Yacob, Speaker of
Parliament, to discuss Singapores ageing
population.
SIM GE engaged its alumni to give back to
its alma mater through the Alumni Career
Mentorship Programme. Now in its third year,
the programme has grown to encompass a pool
of 56 alumni whose guidance and mentorship
has benefited many students.
In the same spirit, the SIM GE Scholars
Network engaged alumni to inspire others
with their stories at the CEO Dialogue series.
The third session of this dialogue series during
the year was attended by some 100 students
who gained insights from speakers Gillian Tan,
general manager of food-service packaging
company Huhtamaki Singapore, and Manjit Gill
Singh, managing director of Vigers Real Estate.
Participants enjoying themselves at the UniSIM alumni

bowling event
Inaugural SIM GE alumni gathering at Johor Bahru
The SIM GE Overseas Alumni Chapters also had

a busy year keeping in touch with overseas
graduates. Reunion celebrations for these
graduates were held in Hanoi and Guangzhou
and, for the first time, in New Delhi and
Johor Bahru. These events were much valued
opportunities for alumni to re-connect and
share their life journeys.
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A holistic education does more than

prepare one for academic achievement;
it develops all quotients to ensure
success and balance in life. At SIM, we
not only continue to invest in a wellequipped and efficient infrastructure
that supports optimal learning, but also
in a vibrant learning community that
nurtures a students all-rounded growth
in mind, heart and body.
CONTENTS
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A LIVING CLAS5R0OM
The SIM campus is an environment that hosts a diversity of learners and learning
platforms. It is a living classroom and the third teacher that facilitates sharing,
debates and discovery, providing a holistic learning that brings out the best in
everylearner.
The potential power of such an environment drives our investments in campus
development and in our people, systems and processes. Together, they create a
well-supported, integrated and conducive space for learners to flourish.
INVESTING IN OUR STAFF
At the end of 2014, we had a total staff
strength of 925, a 2.8% increase over the
previous year. As an organisation that actively
promotes lifelong learning, we continued to
place a significant emphasis on developing
our staff. Our training expenditure grew by
14% over 2013 to $1.6 million. The number of
training places increased by 5% to more than
3,500. The majority of our staff achieved the
target of 40 hours of training and development
per staff per year.
While staff in line divisions attended public and
customised courses to develop their functional
competencies, managerial staff also attended
UniSIM staff and speakers at the 4th Faculty

LearningSymposium
CONTENTS
the SIM Leadership Series which honed

their skills in leading and in developing and
coachingstaff.
INVESTING IN OUR FACULTY
Our faculty plays an important role in
framing the curriculum, shaping the learning
environment, and bringing life to the classroom.
In 2014, we continued to roll out new initiatives
to enhance our facultys teaching skills
andknowledge.
Scholarship of Teaching and Learning (SoTL)
was a core focus for UniSIM this year. It aims to
build over time a knowledge base of pedagogies
that will translate into an evidence-based
approach to teaching and learning. As part of
the efforts to promote SoTL, an online, peerreviewed journal and the Innovation Seed Grant
for teaching associates were alsolaunched.
UniSIMs 4th Faculty Learning Symposium
Evidence-informed Practice: Action from the
Ground Up saw Professor Doug Hamilton
from Royal Roads University, Canada, deliver a
keynote address that highlighted opportunities
for faculty to take a scholarly approach to
improving their craft.
At the SIM GEs 4th Annual Education

Conference, 120 academic staff and associate
lecturers learned from Professor Diana
Laurillard, University College London Institute
of Education, who presented her concept of
teaching that integrates the multi-dimensional
aspects of teaching, learning and peer-to-peer
interactions for optimal outcomes.
The 8th Annual University of London Lecturers
Workshop featuring Dr Isabella Wong from
the National Institute of Education and Chris
New from the London School of Economics,
discussed concepts of pedagogy and
techniques for engaging students through more
interactivelectures.
INVESTING IN CAMPUS INFRASTRUCTURE
In 2014, the long awaited final phase of
expansion of our Clementi campus was
completed with the addition of two more
buildings. With this, our facilities now include
more than 250 lecture theatres, tutorial and
seminar rooms and computer laboratories.
There is also a sports and performing arts
complex, multi-purpose halls, a financial
training centre, a management library, a
student activity hub and a student care and
wellness centre.
A larger bus stop with a canopy connected
to the campus was also completed, providing
an iconic frontage to our campus. There are
also plans to build another sheltered canopy
linking the campus to the bus stops and a larger
overhead bridge, the latter of which will be built
by the Land Transport Authority and ready in
three years time.
The new iconic SIM Performing Arts Theatre and Sports Hall
To meet the growing demand from staff and

students, we upgraded our Wi-Fi coverage and
signal strength as well as Internet bandwidth.
We undertook works to upgrade our library
management, financial and HR systems to
achieve greater organisational efficiency
andexcellence.
INVESTING IN INFORMATION RESOURCES
In 2014, the SIM Library aimed to engage its
users and enrich their experience. A project was
undertaken to migrate its traditional library
management system to a next-generation
cloud-based library services platform. The new
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ANNUAL REPORT 2014
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system allows users to search, browse, and

renew loans and place requests from one single
platform. This is a significant milestone as our
library is the first in Singapore to adopt this
cutting-edgetechnology.
We improved our support for students with
the introduction of a one-stop access to
recommended readings via SIM GEs learning
management system. An open concept library
counter was launched together with the
Roving Librarians Service, where librarians
actively assist library users with their browsing
and research through the use of digital aids
likeiPads.
Our revamped Todays Manager magazine
gained new distribution channels and increased
its subscriptions.
We published two books this year:
Management in Focus: SIM Management
Monitor 2014; and Creating the Fit by Dr
Elizabeth Martin-Chua. To commemorate
SIMs 50th Anniversary, we also published two
special commemorative books, A Momentous
Journey of a Singapore First which chronicled
SIMs history and A Journey Through Time,
showcasing the development of SIMs
publications over the years.
Management360 (http://m360.sim.edu.sg)
is SIMs management knowledge portal,
a comprehensive resource of current
management and leadership articles and
videos. We continued to add to our catalogue
as part of the portals aim to be a one-stop
CONTENTS
SIMs 50th Commemorative Book
SIM Scholars with founding chairman, Dr Richard Eu (centre)
resource centre for the best content on

management and business relatedtopics.
Articles from previous Todays Manager issues
are available as well.
Maintaining our support for the arts, SIM

sponsored for the 14th year the Singapore
Symphony Orchestra Presidents Young
Performers Concert. The concert provided a
platform for young Singaporeans pursuing
their musical dreams to showcase their talents.
This years concert also debuted a specially
composed piece to commemorate SIMs 50th
Anniversary titled Aspirations Overture. The
uplifting and inspiring piece was composed
by Professor Bernard Tan, an SIM Governing
Council member and Professor of Physics at the
National University of Singapore.
INVESTING IN OURCOMMUNITY
To make education available to more deserving
individuals, UniSIM and SIM GE gave out a total
of 28 scholarships in 2014. The total value of
the bond-free scholarships awarded was over
$600,000. This included three prestigious
SIMRichard KM Eu and SIMYou Poh Seng
Scholarships each worth $100,000.
SIMs 50th Anniversary Aspirations Overture being played at

SSO Concert
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ANNUAL REPORT 2014
71
STAFF DIRECTORY
SINGAPORE INSTITUTE
OF MANAGEMENT
Executive Director
Mr Ronald Tan Hee Huan
Campus Development
Mr Chia Chye Teck
Enterprise Services
Ms Peggy Lee
Internal Audit
Mr Albert Tay
Relationship and Events
Management
Ms Tang Mei Sin
Strategic Plans and Research
Mr Jeffery Tan
SIM GROUP
CORPORATESERVICES
Group Director
Mr Seah Chiong Tian
Corporate Communications
Ms Jocelyn Pang
Estates
Mr Wong Kin Nyen
Facilities
Mr Joseph Lim
CONTENTS
Finance
Mr Eugene Chan
Human Resources
Ms Poh Ca Oon
Vice President
(Learning Services)
Associate Professor
Wong Yue Kee
Infocomm Technology Services

Mr Low Kin Kiong
School of Arts and

SocialSciences
SIM UNIVERSITY
Dean
Associate Professor
Genice Ngg
Patron
His Excellency President
Tony Tan Keng Yam
Chancellor and Chairman
(until 15 May 2014)
Mr Gerard Ee
(from 16 May 2014)
Academic Advisors
Professor Aline Wong
Professor Eddie Kuo
President
Provost
Professor Tsui Kai Chong
Registrar
Associate Professor
Yip Woon Kwong
UniSIM College
Assistant Provost
Professor Koh Hian Chye
Office of Graduate Studies
Associate Professor
Chay Yue Wah
Associate Professor
Cheah Horn Mun
(from 15 September 2014)
School of Business
Dean
Associate Professor
Lee Pui Mun
School of Human Development
and Social Services
Dean
Professor Tan Ngoh Tiong
School of Science
and Technology
Dean
Associate Professor
Philip Cheang
Centre for Applied Research

Associate Professor
Vincent Chua
Departments
Campus IT Services
Mr Gary Teo
Planning and Finance
Ms May Goh
Quality Assurance Unit
Associate Professor
Lew Sin Chye
UniSIM Centre for
Chinese Studies
Professor Eddie Kuo
Office of Academic Services
Ms Agnes Kwang
Office of Admissions
Ms Serene Lim
Programme Operations
Mr Chiow Boon Keng
Office of Student and

Alumni Relations
Ms Evelyn Chong
Student Life
Mrs Ho Soon Eng
Educational Technology and

Production
Mr Kiang Tzy Peng
Learning Systems and
Applications
Mr Lee Chye Seng
Teaching and Learning Centre
Dr Selina Lim
SINGAPORE INSTITUTE OF
MANAGEMENT PTE LTD
Dr Lee Kwok Cheong
Assistant Chief Executive
Ms Peggy Lim
Student Services and

Quality Services
Mr Lee Khim Song
Business and Marketing
Relations
Ms Judy Wong
International Development
Mr Branson Kwok
IT and Facilities Planning
Ms Tham Ai Chyn
Organisation Development and
Change Management
Mr Chris Chew
Planning and Development
Mr Yee Chi-Yan
Teaching and Learning

Dr Aaron Tan
Academic
Dr Timothy Chan
Higher Education
Mrs Ho Soon Eng
Mr Lim Kuan Meng
Ms Mary Lee
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73
SINGAPORE INSTITUTE OF MANAGEMENT AND ITS SUBSIDIARIES
CORPORATE INFORMATION

AND ITS SUBSIDIARIES
FINANCIAL REPORT 2014
The Singapore Institute of Management is a not-for-profit professional membership organisation. It

was incorporated and registered under the Societies Ordinance (Ch. 228) on 28 November 1964.
The principal activities of the Group include membership services, higher and continuing education,
the provision of human resource development and training opportunities, and customised in-company
training in Singapore and the region.
REGISTERED ADDRESSES/
HEADQUARTERS
SIM HEADQUARTERS &
SIM UNIVERSITY
461 Clementi Road
Singapore 599491
CENTRES
SIM MANAGEMENT HOUSE
41 Namly Avenue
Singapore 267616
CONTACT INFORMATION
SIM UNIVERSITY
Full-time Programmes
Tel (65) 6248 0188
Email uc@unisim.edu.sg
Part-time Programmes
Tel (65) 6248 9777
Fax (65) 6763 9077
Email student_recruitment
@unisim.edu.sg
Web www.unisim.edu.sg
Tel (65) 6248 9746
Fax (65) 6462 9411
Email study@sim.edu.sg
Web www.simge.edu.sg
CONTENTS
SIM PROFESSIONAL
DEVELOPMENT
Tel (65) 6246 6746
Fax (65) 6467 4401
Email exec@sim.edu.sg
Web www.sim.edu.sg
SIM MEMBERSHIP
Tel (65) 6248 9489
Fax (65) 6462 5751
Email membership@
sim.edu.sg
Web www.sim.edu.sg
CHARITY REGISTRATION
NUMBER
00180
UNIQUE ENTITY NUMBER
S64SS0050A
TRUSTEES
BRITISH AND MALAYAN
TRUSTEES LIMITED
1 Coleman Street
#08-01 The Adelphi
Singapore 179803
ESTATE AND TRUST AGENCIES

(1927) LTD
51 Emerald Hill Road
Singapore 229327
(Date of appointment: 31 May 1986)
PRINCIPAL BANKER
CITIBANK N.A.,
SINGAPORE BRANCH
8 Marina View
#21-00 Asia Square Tower 1
Singapore 018960
CONTENTS
74
Statement by Governing Council
7576
Independent Auditors Report
77
Statements of Comprehensive Income
7879
Statements of FinancialPosition
8082
Statements of Changes in Equity
8384
Consolidated Statement of CashFlows
85141
Notes to the Financial Statements
LAWYER
RAMDAS & WONG
36 Robinson Road
#10-01 City House
Singapore 068877
AUDITOR
ERNST & YOUNG LLP
1 Raffles Quay
#18-01
Singapore 048583
(Date of appointment: 4 June 1974)
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75
STATEMENT BY GOVERNING COUNCIL
INDEPENDENT AUDITORS REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
TO THE MEMBERS OF SINGAPORE INSTITUTE OF MANAGEMENT
In the opinion of the Governing Council, the consolidated financial statements of Singapore Institute
of Management and its subsidiaries (the Group) and the statement of financial position, statement of
comprehensive income and statement of changes in equity of Singapore Institute of Management (the
Institute) as set out on pages 77 to 141 are drawn up so as to give a true and fair view of the state of affairs
of the Group and Institute as at 31 December 2014, and the results and changes in equity of the Group and
Institute and cash flows of the Group for the financial year then ended and at the date of this statement
there are reasonable grounds to believe that the Institute will be able to pay its debts when they fall due.
Report on the financial statements

We have audited the accompanying financial statements of Singapore Institute of Management (the
Institute) and its subsidiaries (collectively, the Group) set out on pages 77 to 141, which comprise the
statements of financial position of the Group and Institute as at 31 December 2014, and the statements of
comprehensive income and statements of changes in equity of the Group and the Institute and statement of
cash flows of the Group for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Managements responsibility for the financial statements

On behalf of the Governing Council
Mr Tan Soo Jin
The Institutes Governing Council (Governing Council) is responsible for the preparation and fair
presentation of these financial statements in accordance with the provisions of the Singapore Societies Act
Chapter 311 (the Societies Act), the Singapore Charities Act, Chapter 37 (the Charities Act) and Singapore
Financial Reporting Standards and for such internal controls as Governing Council determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to
fraudorerror.
Auditors 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.
Mr Victor Liew Cheng San
26 March 2015
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors judgment, 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 entitys 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 entitys
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.
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77
INDEPENDENT AUDITORS REPORT
STATEMENTS OF COMPREHENSIVE INCOME
TO THE MEMBERS OF SINGAPORE INSTITUTE OF MANAGEMENT
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 Institute are properly drawn
up in accordance with the provisions of the Societies Act, the Charities Act and Singapore Financial Reporting
Standards so as to give a true and fair view of the state of affairs of the Group and of the Institute as at 31
December 2014 and the results and changes in equity of the Group and the Institute and cash flows of the
Group for the year ended on that date.
Other matter
The financial statements of the Group and of the Institute for the year ended 31 December 2013 were audited
by another auditor who expressed an unmodified opinion on those statements on 27 March 2014.
Report on other legal and regulatory requirements

In our opinion, the accounting and other records required by the Societies Act and Charities Act to be kept by
the Group have been properly kept in accordance with the provisions of the Societies Act and Charities Act.
During the course of our audit, nothing has come to our attention that causes us to believe that during the
year the Institute has not complied with the requirements of Regulation 7 of the Charities (Fund-Raising
Appeals) Regulations.
Note
Group
2013
Institute
2014
2013
$000
$000
$000
$000
Income
Course, conference and consultancy fees
Membership fees and services
Government grants
Interest income
Rental income
Dividend income
Group corporate services charges to subsidiaries
Other income
286,986
796
13,639
3,081
1,651
1,410
3,985
282,545
805
6,233
3,128
3,304
1,181
2,210
7,044
886
4,151
175
1,536
35,064
44,729
1,130
7,227
967
3,463
601
1,465
30,207
36,790
909
Total income
311,548
299,406
94,715
81,629
Expenditure
Course, conference and consultancy expenditure
Membership expenses
Donations to outside parties
Administrative expenses
Other (gains)/losses
123,724
2,558
134
149,492
(130)
122,281
2,000
168
133,600
1,008
7,559
2,558
36
67,973
(70)
7,085
2,000
83
57,509
510
275,778
259,057
78,056
67,187
35,770
(6,703)
40,349
(154)
16,659
14,442
29,067
40,195
16,659
14,442
(24)
(623)
(249)
5,854
8,348
2,421
6,412
(2,611)
(134)
(863)
2,596
7,967
1,558
6,412
31,663
48,162
18,217
20,854
4
5
Total expenditure
Excess of income over expenditure before income tax
Taxation
Excess of income over expenditure
Ernst & Young LLP

Public Accountants and
Chartered Accountants
Singapore
26 March 2015
2014
Other comprehensive income:

Items that will not be reclassified subsequently to
income and expenditure:
Funds (utilised)/received
Items that may be reclassified subsequently to income
and expenditure:
Net change in fair value of cash flow hedges
Net fair value gains on available-for-sale
financialassets
Net fair value changes on available-for-sale financial
assets reclassified to income and expenditure
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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79
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
Note
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Investment properties
Investment in subsidiaries
Other receivables
Available-for-sale investments
Held-to-maturity investments
8
9
10
11
13
14
Total non-current assets

CURRENT ASSETS
Other receivables
Prepayments
Grant receivables
Derivatives
Cash and bank balances
Group
$000
2013
$000
Institute
2014
2013
$000
328,775
2,278
1,958
114,151
18,168
276,794
2,331
555
88,642
10,650
316,768
2,278
2,500
30,693
261,494
2,331
2,500
31,416
465,330
378,972
352,239
297,741
12,283
4,669
73
4,000
304,588
5,958
657
1,951
5
13,438
7,849
748
190
49
68,785
Total current assets
263,477
325,613
22,009
77,621
TOTAL ASSETS
728,807
704,585
374,248
375,362
17
12
14
15
50,489
7,189
43,072
420
14,812
2,218
67,002
42,415
1,094
15,840
283
16,937
403
14,518
34,986
380
15,823
Total current liabilities
118,200
126,634
31,858
51,189
NET CURRENT ASSETS
145,277
198,979
(9,849)
26,432
1,746
338
238
824
2,084
1,062
TOTAL LIABILITIES
120,284
127,696
31,858
51,189
NET ASSETS
608,523
576,889
342,390
324,173
NON-CURRENT LIABILITIES
Other payables
Deferred tax liabilities
Total non-current liabilities
CONTENTS
16
17
18
12
16
19
Note
$000
14,076
3,669
2,353
411
2,000
240,968
LIABILITIES, RESERVES AND FUND BALANCES

CURRENT LIABILITIES
Other payables
Income tax payable
Course and membership fees received in advance
Government grants received in advance
Deferred capital grants
Derivatives
11
2014
AS AT 31 DECEMBER 2014
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
508,123
13,810
(906)
465,399
11,101
(283)
329,315
13,075
312,656
11,517
521,027
476,217
342,390
324,173
24
21
76,499
5,250
1,061
94,223
4,716
1,016
20
82,810
99,955
College fund
22
4,105
83
Other restricted funds
23
581
634
Total reserves and fund balances
608,523
576,889
342,390
324,173
TOTAL LIABILITIES, RESERVES AND FUND

BALANCES
728,807
704,585
374,248
375,362
RESERVES AND FUND BALANCES

General fund:
Accumulated surplus
Fair value reserve
Hedging reserve
Education fund:
Accumulated surplus
Fair value reserve
Endowment fund
24
12
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81
STATEMENTS OF CHANGES IN EQUITY
General fund
Accumulated
surplus
$000
Group
Balance at 1 January 2013
Fair value
reserve
$000
Hedging
reserve
$000
Education fund
Sub-Total
Accumulated
surplus
Fair value
reserve
$000
$000
$000
Endowment
fund
$000
Sub-Total
$000
College fund
$000
Other
restricted
funds
Total
$000
$000
426,855
5,126
(34)
431,947
93,171
2,477
95,648
574
528,169
Excess of income over expenditure for the year

Other comprehensive income for the year
38,544
5,975
(249)
38,544
5,726
1,552
2,239
16
1,568
2,239
83
40,195
7,967
38,544
5,975
(249)
44,270
1,552
2,239
16
3,807
83
48,162
(500)
500
500
500
58
500
58
465,399
11,101
(283)
476,217
94,223
4,716
1,016
99,955
83
634
576,889

Other comprehensive income for the year
42,724
2,709
(623)
42,724
2,086
(17,724)
534
45
(17,679)
534
4,022
(24)
29,067
2,596
42,724
2,709
(623)
44,810
(17,724)
534
45
(17,145)
4,022
(24)
31,663
(29)
(29)
508,123
13,810
(906)
521,027
76,499
5,250
1,061
82,810
4,105
581
608,523
Grant from a foundation

Grant from a foreign government body
Transfer of funds
Balance at 31 December 2013 and
1January 2014
Refund of funds
Balance at 31 December 2014
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83
STATEMENTS OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
Accumulated Fair value

surplus
reserve
$000
Institute
Other comprehensive income
Balance at 31 December 2013 and 1 January 2014
Other comprehensive income
$000
Note
Total
5,105
303,319
14,442
14,442
6,412
6,412
14,442
6,412
20,854
312,656
11,517
324,173
16,659
16,659
1,558
1,558
16,659
1,558
18,217
329,315
13,075
342,390
2013
$000
35,770
40,349
974
37,387
(2,611)
(113)
62
897
(3,081)
(1,410)
(5,419)
(45)
(119)
(90)
3,717
(223)
(61)
(29)
(185)
31,912
48
69
(3,128)
(1,181)
(6,233)
(14)
(16)
(98)
(19)
5,410
11
Operating cash flows before movements in working capital
65,635
66,896
Other receivables and grant receivables

Prepayments
Other payables
Course and membership fees received in advance
(5,331)
1,000
(14,996)
657
(3,261)
4,028
25,092
(1,312)
Net cash flows from operating activities
46,965
91,443
$000
298,214
2014
$000
Operating activities
Excess of income over expenditure before income tax
Adjustments for :
Change in fair value of forward foreign exchange contracts
Change in fair value of fair value through profit or loss investments
Depreciation
(Gain)/loss on disposal of available-for-sale investments
Gain on redemption of held-to-maturity investments
Amortisation of premium for held-to-maturity investments
Impairment loss on available-for-sale investments
Interest income
Dividend income
Government grants utilised
Endowment fund utilised
Distribution income from investment in REITs
Other restricted funds utilised
Gain on disposal of property, plant and equipment
Government grants received
Unrealised foreign exchange gain on available-for-sale investments
Unrealised foreign exchange (gain)/loss
5
5
8, 9
5
5
5
5
17, 18
21
23
5
17, 18
5
5
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85
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
Note
Investing activities
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment
Proceeds on disposal of available-for-sale investments
Purchase of available-for-sale investments
Proceeds from disposal of fair value through profit or loss investments
Proceeds from redemption of held-to-maturity investments
Purchase of held-to-maturity investments
Dividend received
Interest received
(Withdrawal)/placement of fixed deposits
Net cash flows used in investing activities

Financing activities
Distribution income from investment in REITs
Endowment funds received
Other restricted funds received
21
21
Net cash flows from financing activities

Net (decrease)/increase in cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalent
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
15
2014
2013
$000
$000
139
(89,364)
19,777
(39,641)
6,113
(11,580)
944
2,892
(21,314)
21
(95,399)
19,846
(30,401)
5,000
15,000
1,061
3,379
8,191
(132,034)
(73,302)
45
66
30
500
158
111
688
(84,958)
24
244,960
18,829
(16)
226,147
160,026
244,960
1.
General information
Singapore Institute of Management (the Institute) is incorporated in Singapore and is registered with
the Commission of Charities as a charity under the Charities Act, Chapter 37.
The registered office and principal place of operations is located at 461 Clementi Road, Singapore
599491.
The principal activities of the Institute comprise the provision of membership services to its members
and the conduct of short seminars and customised in-company training. It also functions as a Group
Corporate Services Centre providing support services to its subsidiaries.
The principal activities of subsidiaries are disclosed in Note 10 to the financial statements.
2.
Summary of significant accounting policies
2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with Singapore
Financial Reporting Standards (FRS).
The financial statements have been prepared in accordance with the historical cost basis except for the
revaluation of certain financial instruments, and are drawn up in accordance with the provisions of the
Singapore Societies Act, Cap. 311 and Singapore Financial Reporting Standards (FRS).
The financial statements are presented in Singapore Dollars (SGD or $) and all values in the tables are
rounded to the nearest thousand ($000), except when otherwise indicated.
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except in the
current financial year, the Group has adopted all the new and revised standards which are effective for
annual financial periods beginning on or after 1 January 2014. The adoption of these standards did not
have any effect on the financial performance or position of the Group and the Institute.
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2.
2.
Summary of significant accounting policies (contd)
2.3 Standards issued but not yet effective
2.3 Standards issued but not yet effective (contd)
The Group has not adopted the following standards that have been issued but not yet effective:
Description
Amendments to FRS 19 Defined Benefit Plans: Employee Contributions
Effective for
annual periods
beginning on
orafter
1 July 2014
Improvements to FRSs (January 2014)
The nature of the impending changes in accounting period on adoption of FRS 115 and FRS 109 are
described below:
FRS 115 Revenue from Contracts with Customers
FRS 115 was issued in November 2014 and establishes a new five-step model that will apply to revenue
arising from contracts with customers.
Under FRS 115 revenue is recognised at an amount that reflects the consideration to which an entity
expects to be entitled in exchange for transferring goods or services to a customer. The principles in
FRS 115 provide a more structured approach to measuring and recognising revenue. The new revenue
standard is applicable to all entities and will supersede all current revenue recognition requirements
under FRS. Either a full or modified retrospective application is required for annual periods beginning
on or after 1 January 2017 with early adoption permitted.
(a) Amendments to FRS 102 Share Based Payment
1 July 2014
(b) Amendments to FRS 103 Business Combinations
1 July 2014
(c) Amendments to FRS 108 Operating Segments
1 July 2014
(d) Amendments to FRS 113 Fair Value Measurement
1 July 2014
(e) Amendments to FRS 16 Property, Plant and Equipment and FRS 38

Intangible Assets
1 July 2014
(f) Amendments to FRS 24 Related Party Disclosures
1 July 2014
The Group is currently assessing the impact of FRS 115 and plans to adopt the new standard on the
required effective date.
(a) Amendments to FRS 103 Business Combinations
1 July 2014
(b) Amendments to FRS 113 Fair Value Measurement
1 July 2014
FRS 109 Financial Instruments
Improvements to FRSs (February 2014)
Amendments to FRS 27: Equity Method in Separate Financial Statements
1 January 2016
Amendments to FRS 16 and FRS 38: Clarification of Acceptable Methods of

Depreciation and Amortisation
1 January 2016
Amendments to FRS 110, FRS 112 and FRS 28: Investment Entities:
ApplyingtheConsolidation Exception
1 January 2016
Amendments to FRS 111: Accounting for Acquisitions of Interests in

JointOperations
1 January 2016
Improvements to FRSs (November 2014)
1 January 2016
Amendments to FRS 110 & FRS 28: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
1 January 2016
FRS 115 Revenue from Contracts with Customers
1 January 2017
FRS 109 Financial Instruments
1 January 2018
Except for FRS 115 Revenue from Contracts with Customers and FRS 109 Financial Instruments, the
Governing Council expects that the adoption of the other standards above will have no material impact
on the financial statements in the period of initial application.
CONTENTS
In December 2014, the ASC issued the final version of FRS 109 Financial Instruments which reflects
all phases of the financial instruments project and replaces FRS 39 Financial Instruments: Recognition
and Measurement. The standard introduces new requirements for classification and measurement,
impairment, and hedge accounting. FRS 109 is effective for annual periods beginning on or after 1
January 2018, with early application permitted. Retrospective application is required, but comparative
information is not compulsory in the year of adoption.
The adoption of FRS 109 will have an effect on the classification and measurement of the Groups
financial assets, but no impact on the classification and measurement of the Groups financial liabilities.
2.4 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Institute and its
subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used
in the preparation of the consolidated financial statements are prepared for the same reporting date
as the Institute. Consistent accounting policies are applied to like transactions and events in similar
circumstances.
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2.
2.
2.4 Basis of consolidation (contd)

All intra-group balances, income and expenses and unrealised gains and losses resulting from intragroup transactions and dividends are eliminated in full.
2.5 Functional and foreign currency (contd)
Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit
balance.
Transactions in foreign currencies are measured in the respective functional currencies of the Group
and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange
rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated
in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at
fair value in a foreign currency are translated using the exchange rates at the date when the fair value
was measured.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction. If the Group loses control over a subsidiary, it:
Exchange differences arising on the settlement of monetary items or on translating monetary items at
the end of the reporting period are recognised in income and expenditure.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains
control, and continue to be consolidated until the date that such control ceases.
de-recognises the assets (including goodwill) and liabilities of the subsidiary at their carrying
amounts at the date when control is lost;
de-recognises the carrying amount of any non-controlling interest;
2.6 Property, plant and equipment

All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition,
property, plant and equipment other than freehold land and buildings are measured at cost less
accumulated depreciation and any accumulated impairment losses.
de-recognises the cumulative translation differences recorded in equity;

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
recognises the fair value of the consideration received;
recognises any surplus or deficit in the statement of comprehensive income;
Leasehold land, building and improvements

Office equipment, furniture and fittings (excluding artifacts and paintings)
Motor vehicles
Computers
re-classifies the Groups share of components previously recognised in other comprehensive

income to income and expenditure or retained earnings, as appropriate.
The carrying values of property, plant and equipment are reviewed for impairment when events or
changes in circumstances indicate that the carrying value may not be recoverable.
recognises the fair value of any investment retained;
2.5 Functional and foreign currency

The financial statements are presented in Singapore Dollars, which is also the Groups functional
currency. Each entity in the Group determines its own functional currency and items included in the
financial statements of each entity are measured using that functional currency.
CONTENTS
2% to 8.57%
25%
20%
33.33%
The residual value, useful life and depreciation method are reviewed at each financial year-end, and
adjusted prospectively, if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss on de-recognition of the asset is included
in income and expenditure in the year the asset is derecognised.
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2.
2.
2.7 Investment properties

Investment properties are properties that are owned by the Groupthat are held to earn rentals or for
capital appreciation, or both, rather than for use in the production or supply of goods or services, or for
administrative purposes, or in the ordinary course of business. Properties held under operating leases
are classified as investment properties when the definition of an investment property is met.
2.9 Financial instruments

(a) Financial assets
Initial recognition and measurement
Investment properties are initially recorded at cost. Subsequent to recognition investment properties
are measured at costless accumulated depreciation and accumulated impairment losses.
Financial assets are recognised when, and only when, the Group becomes a party to the contractual
provisions of the financial instrument. The Group determines the classification of its financial assets
at initial recognition.
Depreciation is computed on a straight-line basis over the estimated useful life of the investment
property. The depreciation rate is 2%.
When financial assets are recognised initially, they are measured at fair value, plus, in the case of
financial assets not at fair value through profit or loss, directly attributable transaction costs.
2.8 Subsidiaries
Subsequent measurement
A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is
exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee.
The subsequent measurement of financial assets depends on their classification as follows:
In the Institutes financial statements, investments in subsidiaries are accounted for at cost less
impairment losses.
Non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market are classified as loans and receivables. Subsequent to initial recognition, loans
and receivables are measured at amortised cost using the effective interest method, less
impairment. Gains and losses are recognised in statement of comprehensive income when the
loans and receivables are derecognised or impaired, and through the amortisation process.
The consolidated financial statements incorporate the financial statements of the Institute and
enterprises controlled by the Institute (its subsidiaries).
(i)
Loans and receivables
The Group classifies sundry debtors and deposits as loans and receivables.
(ii) Available-for-sale financial assets

Available-for-sale financial assets include equity and debt securities. Equity investments
classified as available-for-sale are those, which are neither classified as held for trading nor
designated at fair value through profit or loss. Debt securities in this category are those which
are intended to be held for an indefinite period of time and which may be sold in response to
needs for liquidity or in response to changes in the market conditions.
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2.
2.
2.9 Financial instruments (contd)

(a) Financial assets (contd)
2.9 Financial instruments (contd)

(b) Financial liabilities
Subsequent measurement (contd)
Initial recognition and measurement
(ii) Available-for-sale financial assets (contd)
Financial liabilities are recognised when, and only when, the Group becomes a party to the
contractual provisions of the financial instrument. The Group determines the classification of its
financial liabilities at initial recognition.
After initial recognition, available-for-sale financial assets are subsequently measured at fair
value. Any gains or losses from changes in fair value of the financial assets are recognised
in other comprehensive income, except that impairment losses, foreign exchange gains and
losses on monetary instruments and interest calculated using the effective interest method are
recognised in the income and expenditure. The cumulative gain or loss previously recognised
in other comprehensive income is reclassified from equity to the income and expenditure as a
reclassification adjustment when the financial asset is de-recognised.
Investments in equity instruments whose fair value cannot be reliably measured are measured
at cost less impairment loss.

All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not
at fair value through profit or loss, directly attributable transaction costs.
Subsequent measurement
After initial recognition, financial liabilities that are not carried at fair value through profit or loss
are subsequently measured at amortised cost using the effective interest method. Gains and losses
are recognised in income and expenditure when the liabilities are derecognised, and through the
amortisation process.
(iii) Held-to-maturity investments

De-recognition
Non-derivative financial assets with fixed or determinable payments and fixed maturity are
classified as held-to-maturity when the Group has the positive intention and ability to hold
the investment to maturity. Subsequent to initial recognition, held-to-maturity investments
are measured at amortised cost using the effective interest method, less impairment. Gains
and losses are recognised in income and expenditure when the held-to-maturity investments
are derecognised or impaired, and through the amortisation process.
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a de-recognition of the original liability and the recognition
of a new liability, and the difference in the respective carrying amounts is recognised in income
and expenditure.
De-recognition
A financial asset is derecognised where the contractual right to receive cash flows from the asset
has expired. On de-recognition of a financial asset in its entirety, the difference between the
carrying amount and the sum of the consideration received and any cumulative gain or loss that
had been recognised in other comprehensive income is recognised in income and expenditure.
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2.
2.
2.10 Impairment of financial assets

The Group assesses at each reporting date whether there is any objective evidence that a financial
asset is impaired.
(a) Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Group first assesses whether objective evidence
of impairment exists individually for financial assets that are individually significant, or collectively
for financial assets that are not individually significant. If the Group determines that no objective
evidence of impairment exists for an individually assessed financial asset, whether significant or
not, it includes the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for impairment
and for which an impairment loss is, or continues to be recognised are not included in a collective
assessment of impairment.
If there is objective evidence that an impairment loss on loans and receivables carried at amortised
cost has been incurred, the amount of the loss is measured as the difference between the assets
carrying amount and the present value of estimated future cash flows discounted at the financial
assets original effective interest rate. If a loan has a variable interest rate, the discount rate for
measuring any impairment loss is the current effective interest rate. The carrying amount of the
asset is reduced through the use of an allowance account. The impairment loss is recognised in the
statement of comprehensive income.
When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced
directly or if an amount was charged to the allowance account, the amounts charged to the
allowance account are written off against the carrying value of the financial asset.
To determine whether there is objective evidence that an impairment loss on financial assets has
been incurred, the Group considers factors such as the probability of insolvency or significant
financial difficulties of the debtor and default or significant delay in payments.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognised, the previously
recognised impairment loss is reversed to the extent that the carrying amount of the asset does
not exceed its amortised cost at the reversal date. The amount of reversal is recognised in the
income and expenditure.
CONTENTS
2.10 Impairment of financial assets (contd)

(b) Financial assets carried at cost
If there is objective evidence (such as significant adverse changes in the business environment
where the issuer operates, probability of insolvency or significant financial difficulties of the issuer)
that an impairment loss on financial assets carried at cost has been incurred, the amount of the
loss is measured as the difference between the assets carrying amount and the present value of
estimated future cash flows discounted at the current market rate of return for a similar financial
asset. Such impairment losses are not reversed in subsequent periods.
(c) Available-for-sale financial assets
In the case of equity investments classified as available-for-sale, objective evidence of impairment
include (i) significant financial difficulty of the issuer or obligor, (ii) information about significant
changes with an adverse effect that have taken place in the technological, market, economic or
legal environment in which the issuer operates, and indicates that the cost of the investment in
equity instrument may not be recovered; and (iii) a significant or prolonged decline in the fair value
of the investment below its costs.
If an available-for-sale financial asset is impaired, an amount comprising the difference between its
acquisition cost (net of any principal repayment and amortisation) and its current fair value, less
any impairment loss previously recognised in income and expenditure, is transferred from other
comprehensive income and recognised in income and expenditure. Reversals of impairment losses
in respect of equity instruments are not recognised in income and expenditure; increase in their
fair value after impairment are recognised directly in other comprehensive income.
In the case of debt instruments classified as available-for-sale, impairment is assessed based on
the same criteria as financial assets carried at amortised cost. However, the amount recorded
for impairment is the cumulative loss measured as the difference between the amortised cost
and the current fair value, less any impairment loss on that investment previously recognised in
income and expenditure. Future interest income continues to be accrued based on the reduced
carrying amount of the asset, using the rate of interest used to discount the future cash flows for
the purpose of measuring the impairment loss. The interest income is recorded as part of finance
income. If, in a subsequent year, the fair value of a debt instrument increases and the increases can
be objectively related to an event occurring after the impairment loss was recognised in income
and expenditure, the impairment loss is reversed in income and expenditure.
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97
2.
2.
2.11 Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and on hand, fixed deposits which are readily
convertible to known amount of cash and which are subject to an insignificant risk of changes in values.
2.12 Derivative financial instruments
The Group uses derivative financial instruments such as forward foreign exchange contracts to manage
its exposure to foreign exchange rate risk. Further details of derivative financial instruments are
disclosed in Note 12 to the financial statements.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain
or loss is recognised in the income and expenditure immediately unless the derivative is designated
and effective as a hedging instrument, in which event the timing of the recognition in the income and
expenditure depends on the nature of the hedge relationship. The Group designates certain derivatives
as hedges of highly probable forecast transactions.
2.13 Embedded derivatives
Derivatives embedded in other financial instruments or other host contracts are treated as separate
derivatives when their risks and characteristics are not closely related to those of the host contracts
and the host contracts are not measured at fair value with changes in fair value recognised in the
income and expenditure.
2.14 Hedge accounting
The Group designates certain hedging instruments which include forward foreign exchange contracts
as cash flow hedges.
2.14 Hedge accounting (contd)

At the inception of a hedging relationship, the Group formally designates and documents the hedging
relationship to which the Group wishes to apply hedge accounting and the risk management objective
and strategy for undertaking the hedge. The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will
assess the effectiveness of changes in the hedging instruments fair value in offsetting the exposure
to changes in the hedged items fair value or cash flows attributable to the hedged risk. Such hedges
are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are
assessed on an ongoing basis to determine that they actually have been highly effective throughout the
financial reporting periods for which they were designated.
Hedges which meet the strict criteria for hedge accounting are accounted for as follows:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised directly in other
comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised
immediately in profit or loss in other expenses.
The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in
forecasted transactions and firm commitments. The ineffective portion relating to foreign currency
contracts is recognised in finance costs.
Amounts recognised as other comprehensive income are transferred to profit or loss when the hedged
transaction affects profit or loss, such as when the hedged financial income or financial expense is
recognised or when a forecast sale occurs. Where the hedged item is the cost of a non-financial asset
or non-financial liability, the amounts recognised as other comprehensive income are transferred to the
initial carrying amount of the non-financial asset or liability.
2.15 Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received
and all attaching conditions will be complied with. Where the grant relates to an asset, the fair
value is recognised as deferred capital grant on the balance sheet and is amortised to statement of
comprehensive income over the expected useful life of the relevant asset by equal annual instalments.
Where loans or similar assistance are provided by governments or related institutions with an interest
rate below the current applicable market rate, the effect of this favourable interest is regarded as
additional government grant.
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99
2.
2.
2.16 Leases
(a) As lessee
Finance leases which transfer to the Group substantially all the risks and rewards incidental to
ownership of the leased item, are capitalised at the inception of the lease at the fair value of the
leased asset or, if lower, at the present value of the minimum lease payments. Any initial direct
costs are also added to the amount capitalised. Lease payments are apportioned between the
finance charges and reduction of the lease liability so as to achieve a constant rate of interest on
the remaining balance of the liability. Finance charges are charged to the income and expenditure.
Contingent rents, if any, are charged as expenses in the periods in which they are incurred.
2.17 Revenue (contd)

(b) Membership fees

Membership fees are recognised on a straight line basis over the membership term.
(c) Rendering of services

Revenue from the rendering of services that are of a short duration is recognised when the services
are completed.
(d) Non-endowed donations
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset
and the lease term, if there is no reasonable certainty that the Group will obtain ownership by the
end of the lease term.
Non-endowed donations are recognised in the financial year they are received.
(e) Interest income

Operating lease payments are recognised as an expense in income and expenditure on a straightline basis over the lease term. The aggregate benefit of incentives provided by the lessor is
recognised as a reduction of rental expense over the lease term on a straight-line basis.
Interest income is recognised on an accrual basis, by reference to the principal outstanding and at
the effective interest rate applicable.
(b) As lessor
(f) Dividend income
Leases where the Group retains substantially all the risks and rewards of ownership of the asset
are classified as operating leases. Initial direct costs incurred in negotiating an operating lease
are added to the carrying amount of the leased asset and recognised over the lease term on the
same bases as rental income. The accounting policy for rental income is set out in Note 2.17(g).
Contingent rents are recognised as revenue in the period in which they are earned.
Dividend income is recognised when the shareholders rights to receive payment have been
established.
(g) Rental income

2.17 Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue
is measured at the fair value of consideration received or receivable, taking into account contractually
defined terms of payment and excluding taxes or duty.
(a) Course, conference and consultancy fees

Course, conference and consultancy fees are recognised over the duration of the programs.
CONTENTS
Rental income is recognised on a straight-line basis over the term of the lease.
2.18 Education fund

The SIM University Education Fund (Education Fund) is conferred the Institute of Public Character
status. Accordingly, all donations made to the Education Fund will be tax deductible for the donors.
2.19 Endowment fund
Grants and donations from external sources are taken directly to the statement of funds and reserves
in the year in which such grants and donations are received. Income and expenditure arising from
the management of the Endowment Fund are taken to the Statement of Comprehensive Income of
the Endowment Fund.
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101
2.
2.
2.20 Other restricted funds

Sponsorship-Awards fund and other funds comprising donations and sponsorships, which are kept
intact as capital, are directly taken to the fund in the year in which such donations and sponsorships are
received for the purpose of awarding of scholarships, medals, prizes to deserving students, developing
standards in e-learning and development of program lectures and research for project proof of concept.
Income and expenditure arising from the management of the fund is taken directly to Sponsorship
Awards fund and other funds account. Income designated to fund specific activities or programmes
will be transferred from the fund to income and expenditure to match the designated expenditure. Any
shortfall of income from the fund for a particular year will be taken directly to income and expenditure.
2.21 Employee benefits
2.22 Taxes
(a) Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the
amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted or substantively enacted at the end
of the reporting period, where the Group operates and generates taxable income.
Current income taxes are recognised in income and expenditure except to the extent that the
tax relates to items recognised outside income and expenditure, either in other comprehensive
income or directly in equity. Management periodically evaluates positions taken in the tax returns
with respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
(a) Defined contribution plan

(b) Deferred tax
The Group participates in the national pension schemes as defined by the laws of the countries
in which it has operations. In particular, the Group makes contributions to the Central Provident
Fund (CPF) scheme in Singapore, a defined contribution pension scheme. Contributions to defined
contribution pension schemes are recognised as an expense in the period in which the related
service is performed.
Deferred tax is provided using the liability method on temporary differences at the end of the
reporting period between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes.
Deferred tax liabilities are recognised for all temporary differences, except:
(b) Retirement benefit costs

Payments to defined contribution retirement benefit plans are charged as an expense as they fall
due. Payments made to state-managed retirement benefit schemes, such as the Singapore Central
Provident Fund, are dealt with as payments to defined contribution plans where the Groups and
Institutes obligations under the plans are equivalent to those arising in a defined contribution
retirement benefit plan.
(c) Employee leave entitlement
Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable income and expenditure; and
In respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, where the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse
in the foreseeable future.
Employee entitlements to annual leave are recognised as a liability when they accrue to employees.
The estimated liability for leave is recognised for services rendered by employees up to the end of
the reporting period.
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103
2.
2.
2.22 Taxes (contd)
2.22 Taxes (contd)
(b) Deferred tax (contd)
(c) Sales tax
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences, and the carry forward of unused
tax credits and unused tax losses can be utilised except:
Revenues, expenses and assets are recognised net of the amount of sales tax except:
Where the sales tax incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the sales tax is recognised as part of the cost of acquisition
of the asset or as part of the expense item as applicable; and
Where the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable income
and expenditure; and
In respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, deferred tax assets are recognised only to the
extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
reassessed at the end of each reporting period and are recognised to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the end of each reporting period.
Deferred tax relating to items recognised outside income and expenditure is recognised outside
income and expenditure. Deferred tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity and deferred tax arising
from a business combination is adjusted against goodwill on acquisition.
CONTENTS
3.
Receivables and payables that are stated with the amount of sales tax included.
Significant accounting judgements and estimates

The preparation of the Groups consolidated financial statements requires the Governing Council to
make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period.
Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of the asset or liability affected in the future periods.
3.1 Judgements made in applying accounting policies

In the process of applying the Groups accounting policies, management has made the following
judgements which have the most significant effect on the amounts recognised in the consolidated
financial statements:
Impairment of financial assets
The Group follows the guidance of FRS 39 in determining when a financial asset is impaired. This
assessment requires significant judgement. The Group evaluates, among other factors, the duration
and extent to which the fair value of a financial asset is less than its cost; and the financial health of and
near-term business outlook for the investment or financial asset, including factors such as industry and
sector performance and financing cash flow.
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105
3.
5.
Significant accounting judgements and estimates (contd)
Other gains and losses
3.2 Key sources of estimation uncertainty
2014
The key assumptions concerning the future and other key sources of estimation uncertainty at the end of
the reporting period are discussed below. The Group based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising beyond
the control of the Group. Such changes are reflected in the assumptions when they occur.
$000
Gain on disposal of property, plant

and equipment
Realised foreign exchange
(gain)/loss
Unrealised foreign exchange
(gain)/loss
Change in fair value of forward
foreign exchange contracts not
used in hedging purposes
Realised exchange loss on forward
foreign exchange contracts
Unrealised foreign exchange gain on
available-for-sale investments
Change in fair value of fair
value through profit or
lossinvestments
Impairment loss on available-for
sale investments
Amortisation of premium for heldto-maturity investments
(Gain)/loss on disposal of availablefor-sale investments
(Gain) on redemption of held-tomaturity investments
Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques. These techniques involve uncertainties and require assumptions and judgements
regarding prepayments, credit risks and discount rates. Changes in these assumptions will significantly
affect the estimated value of the financial instruments. The Group uses a variety of methods and makes
assumptions that are based on market conditions existing at the end of the reporting period. Quoted
market prices or dealer quotes for similar instruments are some of the common techniques used to
calculate the fair value of these instruments.
The carrying amounts of these instruments are disclosed in Notes 12, 13 and 14.
4.
Administrative expenses
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
Staff costs (Note 6)

Depreciation of property, plant and equipment
(Note 8)
Depreciation of investment properties (Note 9)
86,700
79,612
24,564
22,987
37,334
53
31,859
53
28,856
53
21,452
53
Maintenance
Utilities and telephone
Professional fees
Others
12,950
3,593
3,991
4,871
10,529
3,331
3,970
4,246
7,351
3,519
1,258
2,372
6,398
3,239
1,467
1,913
149,492
133,600
67,973
57,509
CONTENTS
Group
6.
2013
$000
Institute
2014
2013
$000
$000
(90)
(19)
(9)
(19)
(3)
(4)
(5)
(4)
(61)
11
(2)
974
(29)
43
(29)
1,038
1,117
763
749
(223)
(185)
(185)
897
62
69
(2,611)
48
(863)
(113)
(130)
1,008
(70)
510
Staff costs
2014
Wages and salaries

Defined contribution plans
Other staff benefits
Group
2013
Institute
2014
2013
$000
$000
$000
$000
75,031
8,545
3,124
68,724
7,867
3,021
20,682
2,547
1,335
19,383
2,423
1,181
86,700
79,612
24,564
22,987
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107
7. Taxation
8.
With effect from Year of Assessment 2008, the Institute and one subsidiary, SIM University, will, as
registered charities, enjoy automatic income tax exemption without having the need to meet the 80%
spending rule in respect of its annual receipts.
Office
Leasehold land, equipment,
building and furniture
Motor
Construction
improvements and fittings vehicles Computers in-progress
$000
$000
$000
$000
$000
$000
At 1 January 2013
Additions
Disposals
Reclassification
242,521
11,774
670
34,617
4,431
(180)
(215)
749
(56)
72,907
11,944
(741)
98
26,433
65,358
(553)
377,227
93,507
(977)
At 31 December 2013 and

1 January 2014
Additions
Disposals
Reclassification
254,965
78,058
(12,228)
84,492
38,653
4,825
(8,116)
3,171
693
(219)
84,208
6,481
(1,224)
3,575
91,238
(91,238)
469,757
89,364
(21,787)
At 31 December 2014
405,287
38,533
474
93,040
537,334
Accumulated depreciation
At 1 January 2013
Depreciation for the year
Disposals
82,405
13,705
26,327
4,595
(180)
381
123
(55)
52,966
13,436
(740)
162,079
31,859
(975)

1 January 2014
Disposals
96,110
21,220
(12,228)
30,742
4,719
(8,092)
449
120
(215)
65,662
11,275
(1,203)
192,963
37,334
(21,738)
At 31 December 2014
105,102
27,369
354
75,734
208,559
Net carrying amount:

At 31 December 2013
158,855
7,911
244
18,546
91,238
276,794
At 31 December 2014
300,185
11,164
120
17,306
328,775
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The major components of income tax expense for the years ended 31 December 2014 and 2013 are:
2014
Group
$000
Income tax current

Deferred tax origination and reversal of temporary differences (Note 19)
Group
2013
$000
7,189
(486)
154
6,703
154
Relationship between tax expense and excess of income over expenditure before tax:
2014
Excess of income over expenditure before tax

Income tax expense at statutory rate 17% (2013: 17%)
Adjustments:
Charity loss/(income) not subject to tax
Expenses not deductible for tax purposes
Tax benefits
Effect of partial tax relief
Others
CONTENTS
Group
Total
2013
$000
$000
35,735
40,349
6,075
6,859
865
29
(211)
(9)
(46)
(2,141)
2,886
(229)
(7,206)
(15)
6,703
154
Cost:
108
109
8.
9.
Property, plant and equipment (contd)

Office
Leasehold land, equipment,
building and furniture
Motor
Construction
improvements and fittings vehicles Computers inprogress
$000
$000
$000
$000
$000
Group and Institute

2014
2013
242,521
11,774
670
21,887
4,387
(180)
(215)
132
(56)
25,520
2,730
(332)
98
26,433
65,358
(553)
$000
316,493
84,249
(568)

1 January 2014
Additions
Disposals
Reclassification
254,965
78,058
(12,228)
84,492
25,879
3,832
(202)
3,171
76
(32)
28,016
2,259
(477)
3,575
91,238
(91,238)
400,174
84,149
(12,939)
At 31 December 2014
405,287
32,680
44
33,373
471,384
82,405
13,705
14,693
4,045
(180)
131
*
(55)
20,566
3,702
(332)
117,795
21,452
(567)
Accumulated depreciation:
At 1 January 2013
Disposals
$000
$000
Cost:
At 1 January and 31 December
3,965
3,965
Accumulated depreciation:
At 1 January
Depreciation charge for the year
1,634
53
1,581
53
At 31 December
1,687
1,634
Net carrying amount
2,278
2,331
369
549
227
225
Total
Institute
Cost:
At 1 January 2013
Additions
Disposals
Reclassification

1 January 2014
Disposals
96,110
21,220
(12,228)
18,558
4,233
(202)
76
(32)
23,936
3,403
(458)
138,680
28,856
(12,920)
At 31 December 2014
105,102
22,589
44
26,881
154,616
Net carrying amount:

At 31 December 2013
158,855
7,321
4,080
91,238
261,494
At 31 December 2014
300,185
10,091
6,492
316,768
Statement of comprehensive income

Rental income from investment property
Direct operating expenses (including repairs and maintenance) arising from
revenue generating properties
The Group has no restrictions on the realisability of its investment properties and no contractual
obligations to purchase, construct or develop investment property or for repairs, maintenance or
enhancements.
Valuation of investment properties
The fair value of the investment properties at 31 December 2014 approximates $29,500,000 (2013:
$27,500,000). The independent valuation was performed by an independent professional valuation
firm. Details of valuation techniques and inputs used are disclosed in Note 27.
* denotes less than $1,000
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111
10. Investment in subsidiaries
11. Other receivables
Institute
2014
2013
Unquoted equity shares, at cost
$000
$000
2,500
2,500
Details of the Institutes subsidiaries at 31 December 2014 are as follows:
Name of subsidiary
Country of
incorporation/
registration
and operation Principal activities
Proportion (%)
of ownership
interest and
voting power
2014 2013
%
Held by the Institute

Management Pte. Ltd.
Singapore
Engaged in higher and continuing

education
100
100
SIM University (a)
Singapore
Engaged in the advancement of

education and dissemination of
knowledge, the promotion of research
and the conferring and awarding of
degrees, diplomas and certificates
100
100
SIM University is incorporated as a company limited by guarantee on April 14, 2005. SIM Universitys
constitution states that the Institutes Governing Council is empowered to appoint or remove any
member of SIM Universitys Board of Trustees and in the event of winding up or dissolution of
SIM University, after the satisfaction of all its debts and liabilities, any property whatsoever,
the same shall not be paid to or distributed among the members of SIM University, but shall be
given or transferred to the Institute. Accordingly, the Institute is deemed to have control over
SIMUniversity.
(a)
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
3,297
4
795
7,792
133
2,055
1,930
17
605
7,037
53
2,641
4,288
1,042
1
1
80
546
5,567
754
5
41
30
1,452
14,076
12,283
5,958
7,849
1,958
555
Total other receivables

Add: Cash and bank balances
Add: Grant receivables
16,034
240,968
12,838
304,588
5,958
13,438
1,951
7,849
68,785
190
Total loans and receivables
257,002
317,426
21,347
76,824
Current:
Amount due from subsidiaries
Course fee receivables
Staff loans
Interest receivable
Due from Ministry of Education (MOE)
Deposits
Others
Non-current:
Tuition fee loans and study loans receivable
Amount due from MOE relates to mainly tuition fee subsidies.

Tuition fee loans and study loans receivable from students are interest-free during the course of study
and repayable within 2 years (for tuition fee loans) and 6 years (for study loans) after graduation or
upon graduates securing employment, whichever is earlier. The loans are funded by MOE and the
repayments from students will be collected and returned to MOE.
Course fee receivables that are past due but not impaired
Course fee receivables are non-interest bearing and are generally on 30 days terms. They are recognised
at their original invoice amounts which represent their fair values on initial recognition.
The carrying amounts of other receivables approximate their fair values due to the short term nature
of these receivables.
Course fee receivables that are past due but not impaired
The Group and the Institute have course fee receivables amounting to $1,524,000 and $473,000 (2013:
$1,155,000 and $363,000) that are past due at the end of the reporting period but not impaired. These
receivables are unsecured and the analysis of their aging at the end of the reporting period is as follows:
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113
11. Other receivables (contd)
11. Other receivables (contd)
Course fee receivables that are past due but not impaired (contd)
Receivables that are impaired
The table below is an analysis of the Groups and the Institutes course fee receivables as at 31 December:
The Groups and the Institutes course fee receivables that are impaired at the end of the reporting
period and the movement of the allowance accounts used to record the impairment are as follows:
2014
Group
$000
Not past due and not impaired

Past due but not impaired
Past due and impaired
2013
$000
Institute
2014
2013
$000
1,732
1,524
41
775
1,155
569
473
391
363
3,297
1,930
1,042
754
Aging of course fee receivables which are past due but not impaired:
2014
Less than 90 days

More than 90 days
Group
2013
2014
$000
Institute
2014
2013
$000
$000
$000
$000
388
1,136
867
288
319
154
242
121
1,524
1,155
473
363
Group
2013
Institute
2014
2013
$000
$000
$000
$000
3,297
(41)
1,930
1,042
754
3,256
1,930
1,042
754
Movement in allowance accounts:

At 1 January
Charge for the year
(41)
At 31 December
(41)
Collectively Impaired:
Course fee receivables nominal amounts
Less: Allowance for impairment
The Groups other receivables that are not denominated in the functional currencies of the respective
entities are as follows:
2014
Australian dollar
Sterling pound
United States dollar
CONTENTS
Group
2013
$000
$000
792
5
24
25
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115
12. Derivatives
12. Derivatives (contd)
Contract/
Notional
amount
$000
Group
Forward foreign exchange
contracts
Buy GBP/Sell SGD
Buy USD/Sell SGD(a)
Buy USD/Sell SGD(a)
Buy AUD/Sell SGD(a)
Buy SGD/Sell USD
Assets
$000
Liabilities
$000
Contract/
Notional
amount
$000
Foreign currency risk (contd)
2013
Assets
$000
Liabilities
$000
Forward foreign exchange contracts entered into by the Group and Instituteare used to hedge foreign
currency risk arising from the Group andInstitute investments denominated in USD and future payments
denominated in Pound Sterling (GBP). The forward foreign exchange contractmatures inJune 2015 and
December 2015 respectively.
Cash flow hedges
1,993
18,396
8,988
24,300
26,360
Contract/
Notional
amount
$000
Institute
Forward foreign exchange
contracts
Buy SGD/Sell USD
2014
403
38
871
1,309
411
2,218
2014
Assets
$000
Liabilities
$000
8,252
16,894
32,298
Contract/
Notional
amount
$000
73
32
251
The terms of the forward foreign exchange contract have been negotiated for the expected highly
probable forecast transactions. As a result, no hedge ineffectiveness arises requiring recognition
through profit or loss.
73
283
The cash flow hedges of the expected future payments in January 2015 were assessed to be highly
effective and a net unrealised loss of $906,000 is included in other comprehensive income.
2013
Assets
$000
Liabilities
$000
At the end of December 2013, the cash flow hedges of the expected future payments in 2014 were
assessed to be highly effective and an unrealised loss of $283,000 was included in other comprehensive
income in respect of these contracts.
Hedging reserve
18,307
21,640
49
The cash flow hedge reserve contains the effective portion of the cash flow hedge relationships incurred
as at the reporting date. $906,000 (2013: $283,000) are made up of the net movements in cash flow
hedges and the effective portion of the forward commodity contract, net of tax.
(a) These forward foreign exchange contracts are designated as hedging instruments in cash flow
hedges.
Foreign currency risk
Forward foreign exchange contracts designated as hedging instruments in cash flow hedges of forecast
payments are measured at fair value through other comprehensive income. These forecast transactions
are highly probable.
While the Group also enter into other forward foreign exchange contracts with the intention to reduce
the foreign exchange risk of expected payments, these other contracts are not designated in hedge
relationships and are measured at fair value through profit and loss.
The forward foreign exchange contract balances vary with the level of expected foreign currency
payments and changes in foreign exchange forward rates.
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117
13. Available-for-sale investments
14. Held-to maturity investments
2014
Quoted investment funds

Quoted debt securities
Quoted preference shares
Quoted real estate investment trusts (REITs)
Group
2013
Institute
2014
2013
$000
$000
$000
$000
77,322
16,604
19,143
1,082
70,538
18,104
30,693
31,416
114,151
88,642
30,693
31,416
2014
Unquoted debt securities at amortised cost:

Current
Non-current
Group
2013
$000
$000
2,000
18,168
4,000
10,650
20,168
14,650
The investments above offer the Group the opportunity for return through dividend income, interest
income and fair value gains. They have no fixed maturity or coupon rate. The fair values of the quoted
funds are determined as the quoted fund net asset values provided by the fund managers and banks at
the last market day of the financial year.
The unquoted debt securities comprise bonds issued by financial institutions and public listed companies.
As at 31 December 2014, the unquoted debt securities have nominal values amounting to $20.2 million
(2013: $14.6 million) with coupon rates ranging from 3.50% to 4.88% (2013: 3.83% to 4.88%) per annum
and maturity dates ranging from February 2015 to May 2026 (2013: January 2014 to August 2017) . The
average effective interest rate of the unquoted debt securities ranges from 1.43% to 2.47% (2013: 1.06%
to 4.88%) per annum.
During the financial year, the Group recognised an impairment loss of $897,000 (2013: nil) on one of
the quoted funds managed by fund managers as there was significant decline in the fair value of the
investment below its cost. The Group treats significant generally as more than 30%.
All the bonds carry a fixed coupon rate. The fair value of the securities are provided by banks employing
generally market accepted valuation parameters and techniques.
The fair values of the quoted preference shares are determined based on the last traded price on the
Singapore Stock Exchange at the end of the reporting period.
15. Cash and bank balances
The Groups and Institutes available-for-sale investments that are not denominated in the functional
currency of the respective entities are as follows:
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
63,231
41,492
30,693
28,503
2014
Cash held by fund manager

Fixed deposits
Group
2013
Institute
2014
2013
$000
$000
$000
$000
1,801
42,345
196,822
31,326
273,262
4,233
9,205
4,682
64,103
240,968
304,588
13,438
68,785
The carrying amounts of these assets approximate their fair values.

Fixed deposits earn interest at average rates ranging from 0.22% to 1.80% (2013: 0.02% to 2.40%) per
annum and are for a tenure of approximately 7 days to 12 months (2013: 4 days to 12 months).
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119
15. Cash and bank balances (contd)
16. Other payables
Cash and cash equivalents comprise of cash on hand and at bank and short-term fixed deposits with
maturity period of up to 3 months.
For the purpose of presenting the statement of cash flows, cash and cash equivalents comprise the
following:
2014
Group
$000
Cash held by fund manager

Cash on hand and at bank
Fixed deposits (with maturity period of up to
3 months)
2013
$000
Institute
2014
2013
$000
31,326
4,233
4,682
115,880
213,634
8,204
59,048
160,026
244,960
12,437
63,730
The Groups and Institutes cash and bank balances that are not denominated in the functional currencies
of the respective entities are as follows:
2014
Australian dollar
Sterling pound
2013
Current:
Deposits
Provision for settlement costs
Accruals
$000
1,801
42,345
Group
2014
Institute
2014
2013
$000
$000
$000
$000
415
207
826
1,195
94
690
94
94
Non-current:
Tuition fee loans and study loans payables
to MOE
2013
Institute
2014
2013
$000
$000
$000
$000
675
49,814
399
8,269
58,334
614
16,323
230
8,269
26,487
50,489
67,002
16,937
34,986
1,746
238
52,235
67,240
16,937
34,986
Other payables are non-interest bearing and normally settled on 30 to 90 days term.
Tuition fee loans and study loans payable to MOE relates to the funds from MOE for purpose of providing
loans to students, collection of loan repayment from students and refundable to MOE. The amount due
to MOE also includes any unutilised funds refundable to the MOE.
The Groups and Institutes sundry creditors that are not denominated in the functional currencies of
the respective entities are as follows:
2014
Australian dollar
Sterling pound
CONTENTS
Group
Group
2013
Institute
2014
2013
$000
$000
$000
$000
566
569
27
248
421
131
9
9
57
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121
17. Grant receivables/(Government grants received in advance)
19. Deferred tax liabilities
2014
Balance at 1 January
Funds received
Utilised
Balance at 31 December
Group
2013
Institute
2014
2013
$000
$000
$000
$000
(1,094)
(3,422)
4,096
(629)
(5,390)
4,925
190
(1,085)
2,846
(229)
(1,739)
2,158
(420)
(1,094)
1,951
190
Grant receivables relates to grants from MOE for the operating and capital spending of SIM University.
2014
Capitation grant
Top-up grant
Infrastructure grant
Collaboration grant
2013
$000
$000
1,469
750
89
45
2,353
2014
$000
At 1 January
Charge to income and expenditure (Note 7)
670
154
At 31 December
338
824
The balances in the account comprise the tax effects of:

Accelerated tax depreciation
338
824
20. Education fund

The SIM University Education Fund is set up to receive fund from public and related entity for the
purpose of establish, operate, maintain and promote UniSIM as a private university. The SIM University
Education Fund has been conferred the Institution of a Public Character status.
The following represents the financial position of SIM University Education Fund:
2014
2014
2013
Institute
2014
2013
$000
$000
$000
$000
Funds received
Utilised
15,840
295
(1,323)
17,128
20
(1,308)
15,823
(1,305)
17,128
(1,305)
14,812
15,840
14,518
15,823
CONTENTS
2013
$000
824
(486)
18. Deferred capital grants

Group
Group
Group
2013
$000
$000
At 1 January
Total comprehensive income
Grant from a foundation
99,955
(17,145)
95,648
3,807
500
At 31 December
82,810
99,955
37,911
418
276
2
69,563
300
231
24
4,000
38,607
74,118
Represented by:
Current assets
Other receivables
Prepayments
Forward foreign exchange contracts
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123
20. Education fund (contd)
22. College fund
2014
Group
$000
Non-current assets
Plant and equipment
Less: current liability

Other payables
Derivatives
Total net assets
2013
$000
33,993
11,092
2,870
18,827
6,624
3,779
47,955
29,230
3,400
352
3,393
82,810
99,955
21. Endowment fund

Endowment fund comprises the Social Resilience Enhancement Fund which is set up on 11 October
2013 to receive funds for the purpose of awarding of scholarships and sponsoring faculty programme
andprizes to students.
2014
Group
$000
2013
$000
Social Resilience Enhancement

Fund received from a foundation
Earned income received
Transfer from Education fund
Utilised
1,016
45
500
30
500
(14)
1,061
1,016
CONTENTS
The SIM University College Fund relates to grants received from MOE for the purpose of establish,
operate and maintain UniSIM full-time programme.
2014
Group
2013
$000
$000
College Fund
Total comprehensive income
83
4,022
83
4,105
83
23. Other restricted funds

Name of fund
Purpose
Research and development fund
For the purpose of providing scholarship to students and to

fund research activities.
Sponsorship awards fund
Donations and sponsorships received for the purpose

of awarding of scholarships, medals, prizes to deserving
students.
Other funds Spring Singapore and

Economic Development Board
Funds received for the purpose of course development

for Biomedical Sciences Proof of Concept Scheme and
ExecutiveMaster in Technology Entrepreneurship and
Rotman DesignWork.
Other funds Ministry of Culture,

Republic of China
Funds received for the purpose of planning, organising,

and executing events and activities that foster cultural
exchanges and promote Taiwans culture in Singapore.
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125
23. Other restricted funds (contd)
25. Related party transactions
Research
and
Sponsordevelop- ship awards
ment fund
fund
Other funds
$000
$000
$000
Compensation of key management personnel

Total
The remuneration of key management during the year was as follows:
$000
2014
Group
2013
Institute
2014
2013

Received/receivable during the year
Utilised during the year
403
100
(96)
142
(1)
29
58
(1)
574
158
(98)

Received/receivable during the year
Utilised during the year
Refunded during the year
407
95
(68)
141
86
(51)
(29)
634
95
(119)
(29)
434
141
581
The remuneration of key management is determined by the Compensation and Establishment Committee
of the Institute having regard to the performance of individuals and market trends.
Number of key management in remuneration bands for the Group is shown below. Key management
personnel comprises chief executive officers, directors and deans. Trustees of Singapore Institute of
Management and SIM University are not remunerated for their board services.
Represented by:
Cash and bank balances:
At 31 December 2014
434
141
581
At 31 December 2013
407
141
86
634
24. Fair value reserve
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
At 1 January
Reclassification to income and expenditure
from equity on disposal of available-for-sale
investments
Impairment loss on available-for-sale
investments
Arising during the year
15,817
7,603
11,517
5,105
(2,611)
(134)
(863)
897
4,957
8,348
2,421
6,412
At 31 December
19,060
15,817
13,075
11,517
Short-term benefits
Contributions to Central Provident Fund
$950,001 to $1,000,000
$900,001 to $950,000
$600,001 to $650,000
$550,001 to $600,000
$500,001 to $550,000
$450,001 to $500,000
$400,001 to $450,000
$350,001 to $400,000
$300,001 to $350,000
$250,001 to $300,000
$200,001 to $250,000
$150,001 to $200,000
$100,001 to $150,000
$100,000 and below
$000
$000
$000
$000
12,854
552
11,818
505
3,192
146
3,079
150
13,406
12,323
3,338
3,229
2014
2013
1
1
1
1
3
10
13
14
4
7
1
2
3
8
14
13
4
7
57
54
The fair value reserve relates to revaluation of the available-for-sale investments. As certain of these
investments are funded by the SIM University Education Fund, the fair value reserve which forms part
of the SIM University Education Fund amounted to a gain of $5,250,000 (2013: gain of $4,716,000).
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127
26. Operating lease and commitments
26. Operating lease and commitments (contd)
(a) Capital commitments
(c) Operating lease commitments As lessors
Capital expenditure contracted for as at the end of the reporting period but not recognised in the
financial statements are as follows:
2014
Capital commitments in respect of

property, plant and equipment
Group
2013
Institute
2014
2013
$000
$000
$000
$000
24,216
92,440
22,550
89,871
The Group and the Institute have entered into commercial property leases on its premises. These
non-cancellable leases have remaining lease terms of between 1 month and 3 years. All leases
include a clause to enable upward revision of the rental charge on an annual basis based on
prevailing market conditions.
Minimum lease payments recognised as rental income in income and expenditure for the financial
year ended 31 December 2014 of the Group and Institute amounted to $1,651,000 and $1,536,000
(2013: $3,304,000 and $1,465,000) respectively.
Future minimum rental receivable under non-cancellable operating leases at the end of the
reporting period are as follows
(b) Operating lease commitments As lessee
Group and Institute

2014
2013
The Group and Institute have entered into commercial leases on certain office equipment. These
leases have an average tenure of between two and five years. The Group and Institute are restricted
from subleasing the leased equipment to third parties.
Minimum lease payments recognised as an expense in income and expenditure for the financial
year ended 31 December 2014 of the Group and Institute amounted to $3,269,000 and $101,000
(2013: $7,565,000 and $67,000) respectively.
Not later than one year

Later than one year but not later than five years
$000
$000
1,705
2,338
1,392
2,188
4,043
3,580
Future minimum rental payable under non-cancellable operating leases at the end of the reporting
period are as follows:
2014
Group
2013
Institute
2014
2013
$000
$000
$000
$000
Not later than one year

Later than one year but not later than
five years
3,275
3,814
86
96
1,145
3,951
153
231
Total minimum lease payments
4,420
7,765
239
327
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129
27. Fair value of financial assets and liabilities
27. Fair value of assets and liabilities (contd)
(a) Fair value hierarchy
(b) Assets and liabilities measured at fair value (contd)
The Group categorises fair value measurements using a fair value hierarchy that is dependent on
the valuation inputs used as follows:
Level 1 Quoted prices (unadjusted) in active market for identical assets or liabilities that the
Group can access at the measurement date,
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly or indirectly, and
Level 3 Unobservable inputs for the asset or liability.
Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety
in the same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
(b) Assets and liabilities measured at fair value
The following table shows an analysis of financial instruments that carried at fair value by the
above hierarchy:
Note
Group
2014
Assets measured at fair value
Financial assets:
Derivatives
Quoted debt securities
Quoted real estate investment trusts
(REITs)
12
13
Financial assets as at 31 December 2014

Liabilities measured at fair value
Financial liabilities:
Derivatives
12
Financial liabilities as at 31 December 2014

2013
Financial assets:
Derivatives
Quoted funds managed by fund manager
CONTENTS
12
13
Fair value measurements at the end of the

reporting period using
Level 1
Level 2
Level 3
Total
$000
$000
$000
$000
411
411
77,322
16,604
19,143
77,322
16,604
19,143
1,082
1,082
1,082
113,480
141,562
2,218
2,218
2,218
2,218
73
73
70,538
18,104
70,538
18,104
88,715
88,715
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131
Note
Group
2013
Liabilities measured at fair value
Financial liabilities
Derivatives
12
Financial liabilities as at 31 December 2013
Note
Institute
2014
Financial assets:
Derivatives
12
13

2013
Financial assets:
Derivatives
CONTENTS

Level 1
Level 2
Level 3
Total
$000
$000
$000
$000
The following is a description of the valuation techniques and inputs used in the fair value
measurement for assets and liabilities:
283
283
Derivatives are valued using a valuation technique with market observable inputs. The most
frequently applied valuation technique includes a forward pricing model, using present value
calculations. The model incorporates various inputs including the foreign exchange spot and
forward rates and interest rate curves. There were no credit value or debit value adjustments
made in the determination of fair value of these securities.
283
283

Level 1
Level 2
Level 3
Total
$000
$000
$000
$000
30,693
30,693
30,698
30,698
The Group and the Institute invests in managed funds which are not in an active market. The
Group and the Institute investment manager considers the valuation techniques and inputs used in
valuing these funds as part of its due diligence prior to investing, to ensure they are reasonable and
appropriate and therefore the NAV of these funds may be used as a input into measuring their fair
value. The management used the NAV per share as an appropriate basis for the market value of the
said funds as this will be the redemption price to be received in case the Group and the Institute
redeem. The Group and the Institute classify these funds as Level 2.
Quoted debt securities and preference shares
In the absence of a quoted price in an active market, they are valued using observable inputs such
as recently executed transaction prices in securities of the issuer or comparable issuers and yield
curves. Adjustments are made to the valuations when necessary to recognise differences in the
instruments terms. To the extent that the significant inputs are observable, the Group and the
Institute categorise these investments as Level 2.
Quoted real estate investment trusts (REITs)
12
13
49
49
31,416
31,416
31,465
31,465
The fair value of quoted real estate investment trust (REITs) are determined by direct reference to
their bid and ask price quotation in an active market at the end of the reporting period.
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133
28. Financial risk management objectives and policies (contd)
(c)
Assets and liabilities not carried at fair value but for which fair value is disclosed
(a) Foreign exchange risk
The following table shows an analysis of the Groups assets and liabilities not measured at fair
value but for which fair value is disclosed by the above hierarchy:
2014
Assets
Note
9
Level 1
$000
Group and Institute

Level 2
Level 3
$000
29,500
$000
Total
Carrying amount
$000
$000
29,500
The Groups foreign currency exposures arise mainly from the exchange rate movements of the
Australian dollar, United States dollar and Sterling pound against the Singapore dollar.
At the end of the reporting period, the carrying amounts of monetary assets and liabilities
denominated in currencies other than the Groups and Institutes functional currency are as follows:
2,278
2014
2013
Assets
27,500
27,500
2,331
Australian dollar
Sterling pound
Determination of fair value

The valuation of commercial investment properties are based on comparable market transactions
that consider sales of similar properties that have been transacted in the open market.
(d) Financial instruments whose carrying amount approximates fair value
The carrying amounts of cash and bank balances, other receivables and other payables, based
on their notional amounts, reasonably approximate their fair values because they are short-term
innature.
28. Financial risk management objectives and policies

The Group is exposed to financial risks arising from its operations and the use of financial instruments.
The key financial risks include foreign currency risk, credit risk, liquidity risk and interest risk.
The Governing Council reviews and agrees policies and procedures for the management of these risks,
which are executed by the Head of Treasury. The Audit Committee provides independent oversight
to the effectiveness of the risk management process. It is, and has been throughout the current and
previous financial year, the Groups policy that no trading in derivatives for speculative purposes shall
be undertaken.
2013
Liabilities
2014
2013
$000
$000
$000
$000
415
64,849
207
1,195
42,182
94
566
27
569
248
131
421
2014

Sterling pound
Assets
Group
Assets
Institute
2013
Liabilities
2014
2013
$000
$000
$000
$000
30,787
28,597
9
9
57
Entities in the Group use forward foreign exchange contracts to hedge their exposure to foreign
currency risk in the local reporting currency. The Treasury Department is responsible for hedging
the net position in each borrowing currency.
Further details of the forward foreign exchange contracts are found in Note 12 to the financial
statements.
Foreign currency sensitivity
The sensitivity rate used when reporting foreign currency risk is 10%, which is the change in foreign
exchange rate that the Governing Council deems reasonably possible which will affect outstanding
foreign currency denominated monetary items at period end.
The following sections provide details regarding the Groups exposure to the above-mentioned financial
risks and the objectives, policies and processes for the management of these risks.
CONTENTS
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134
135
(a) Foreign exchange risk (contd)
(c) Credit risk
If the relevant foreign currency strengthens by 10% against the functional currency of each
group entity, without considering the effect of the derivative financial instruments, income and
expenditure will increase by:
Group
Institute
Income and expenditure Income and expenditure
2014
2013
2014
2013
Australian dollar
Sterling pound
$000
$000
$000
$000
(15)
6,482
(36)
95
4,205
(33)
3,078
(1)
2,854
If the relevant foreign currency weakens by 10% against the functional currency of each group
entity, there will be an equal and opposite impact on income and expenditure.
In the Governing Councils opinion, the sensitivity analysis is unrepresentative of the inherent
foreign exchange risk as the year end exposure does not reflect the exposure during the year.
(b) Interest rate risk
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing
assets. All financial assets and liabilities at year end bear no interest except for cash and fixed
deposits and held-to-maturity financial investments. The average interest rate on held-tomaturity
financial asset is disclosed in Note 14.
The Group and Institute are not exposed to significant credit risk as most of its fees are received in
advance. In 2014 and 2013, the Groups other receivables comprise mainly of grant receivable from
Ministry of Education.
Cash and cash equivalents are held with reputable financial institutions.
(d) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due
to shortage of funds. The Groups exposure to liquidity risk arises primarily from mismatches of the
maturities of financial assets and liabilities. The Groups objective is to maintain a balance between
continuity of funding and flexibility through the use of stand-by credit facilities.
The Group maintains sufficient cash and cash equivalents, and internally generated cash flows to
finance its activities.
The Groups and Institutes derivative financial instruments comprise foreign exchange forward
contracts with net mark-to-market loss of $936,000 (2013: net mark-to-market loss of $210,000)
and net mark-to market gain of $5,000 (2013: net mark-to market gain of $49,000) as at 31
December 2014 respectively with contracted gross cash flows due within 1 year (2013: due within
1 year).
Interest rate sensitivity analysis

The sensitivity analysis has been determined based on the exposure to interest rates for cash
and bank balances at the end of the reporting period and the stipulated change taking place at
the beginning of the respective financial year. A 100 basis point increase or decrease represents
managements assessment of the possible change in interest rate.
If interest rates had been 100 basis points higher/lower with all the other variables held constant,
the Groups and Institutes net surplus would increase/decrease by approximately $2.4 million and
$0.1 million respectively (2013 : $3.0 million and $0.7 million respectively).
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137
(d) Liquidity risk (contd)
Non-derivative financial assets
Within one
year
The following table details the expected maturity for non-derivative financial assets. The tables
below have been drawn up based on the undiscounted contractual maturities of the financial assets
including interest that will be earned on those assets except where the Group and the Institute
anticipate that the cash flow will occur in a different period.
Within one
year
$000
Group
2014
Financial assets:
More than
one year
$000
Total
$000
114,151
18,168
1,958
114,151
411
20,168
257,002
Total undiscounted financial assets
257,455
134,277
391,732
Other payables
50,489
2,218
1,746
52,235
2,218
Total undiscounted financial liabilities
52,707
1,746
54,453
204,748
132,531
337,279
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Total
$000
$000
73
4,000
316,871
88,642
10,650
555
88,642
73
14,650
317,426
320,944
99,847
420,791
Other payables
Derivatives
67,002
283
238
67,240
283
67,285
238
67,523
253,659
99,609
353,268
Group
2013
Financial assets:
Derivatives
411
2,000
255,044
Net undiscounted financial assets
$000
More than
one year
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138
139

Within one
year
$000
More than
one year
$000
Within one
year
Total
$000
$000
More than
one year
Total
$000
$000
Institute
2014
Institute
2013
Financial assets:
Derivatives
5
21,347
30,693
30,693
5
21,347
Financial assets:
Derivatives
49
76,824
31,416
31,416
49
76,824
21,352
30,693
52,045
76,873
31,416
108,289
34,986
34,986
Other payables
16,937
16,937
Other payables
16,937
16,937
34,986
34,986
4,415
30,693
35,108
41,887
31,416
73,303
(e) Market price risk

The Group is exposed to risks arising from available-for-sale equity investments. Available-for-sale
equity investments are held for strategic rather than trading purposes. The Group does not trade
in available-for-sale investments.
Further details of these investments can be found in Note 14 to the financial statements.
Price sensitivity analysis
In respect of available-for-sale equity investments, if the prices had been 10% higher/lower,
the Groups and Institutes fair value reserves would increase/decrease by $11,528,000 (2013:
$8,864,000) and $3,069,000 (2013: $3,142,000) respectively.
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141
29. Capital management
(f) Categories of financial instruments
The primary objective of the Groups capital management is to ensure that it maintains a strong credit
rating and healthy capital ratios in order to support its business and maximise shareholder value.
The following table sets out the financial instruments as at the end of the reporting period:
2014
Financial assets:
Derivatives
Available-for-sale-investments
Other payables
Derivatives
Group
2013
Institute
2014
2013
$000
$000
$000
$000
257,002
411
114,151
20,168
317,426
73
88,642
14,650
21,347
5
30,693
76,824
49
31,416
391,732
420,791
50,045
108,289
52,235
2,218
67,240
283
16,937
34,986
54,453
67,523
16,937
34,986
The Group manages its capital structure and makes adjustments to it, in light of changes in economic
conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. No changes were made in the
objectives, policies or processes during the years ended 31 December 2014 and 2013.
30. Comparative notes

The financial statements for the financial year ended 31 December 2013 were audited by another firm
of Certified Public Accountants.
Certain reclassifications have been made to the comparative figures to enhance comparability with the
current years financial statements. As a result, the following line items have been reclassified:
31 December 2013
As previously
reported
As restated
$000
(g)
Financial instruments subject to offsetting, enforceable master netting arrangements and
similaragreements
Statement of financial position
The Group and Institute do not have any financial instruments which are subject to offsetting,
enforceable master netting arrangements or similar netting agreements.
Assets:
Non-Current assets
$000
279,125
276,794
2,331
279,125
279,125
31. Authorisation of financial statements for issue

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 Institute for the year ended 31
December 2014 were authorised for issue by the Governing Council at their meeting on 26 March 2015.
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Singapore Institute
of Management
461 Clementi Road
Singapore 599491
www.sim.edu.sg
Members of the SIM Group
MCI (P) 158/03/2015

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Singapore Institute of Management

Annual Report 2014

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

2014 KEY STATISTICS

MESSAGE FROM CHAIRMAN

GOVERNANCE & ACADEMIC QUALITY

SIM GOVERNING COUNCIL

SIM UNIVERSITY BOARD OF TRUSTEES

Furthering our mission

fromhelping to meet the aspirations of our people to nurturing

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

The Singapore Institute of Management (SIM) is the largest and most

Trust and Respect for the Individual

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

SIM University is Singapores only

Students can choose from a wide

Over 11,000 professionals benefit

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

SIM MANAGEMENT HOUSE

Set in the tranquil residential estate of

In 2014, the expansion of SIM HQ was completed with the final

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

2014 KEY STATISTICS

growth in revenue to$312m

Excess of income over

For the year ended on 31 December.

48,848 individual members

Over 500 public and

alumni and graduates

25,000 SIM University alumni

SIM Global Education

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

MESSAGE FROM CHAIRMAN

2014 KEY ACHIEVEMENTS

2014 was both a milestone and watershed year.

arguably the largest private education

Our initiative to move towards delivering

FURTHERING OUR MIS5 I 0 N

announcement of the SkillsFuture

ANNUAL REPORT 2014

past decades. As pent-up demand

The future will be exciting and I am confident

NEW GAME PLAN

and encouraged to help us think outside

Tan Soo Jin

FURTHERING OUR MIS5 I 0 N

ANNUAL REPORT 2014

overhead bridge with a bigger one as part of the

Mr Ronald Tan Hee Huan

Professor Cheong Hee Kiat

SIM turned 50 in 2014. While many activities

Dr Lee Kwok Cheong

SINGAPORE INSTITUTE OF MANAGEMENT

With the expanded campus, the old bus stop on

The anniversary celebrations culminated in

In the next phase of improvement, the Land

In our continual support of our community, the