Auditors' Report To The National Library Board
(Established under the National Library Board Act.Chapter 197)
 

We have audited the financial statements of the National Library Board ("Board") set out on pages 2 to 11, comprising the balance sheet as at 31 March 2000,the income and expenditure statement and cash flow statement for the year then ended and notes thereto. These financial statements are the responsibility of the Board. 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 plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board 's management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion,

  1. the accompanying financial statements are properly drawn up in accordance with the provisions of the National Library Board Act (Chapter 197)("Act ")and Singapore Statements of Accounting Standard and so as to give a true and fair view of the state of affairs of the Board as at 31 March 2000 and of the results and cash flows of the Board for the year then ended on that date; and

  2. the accounting and other records required by the Act to be kept by the Board have been properly kept in accordance with the provisions of the Act, including records of all assets of the Board whether purchased, donated or otherwise.

During the course of our audit, nothing came to our notice that caused us to believe that the receipt, expenditure and investment of monies and the acquisition and disposal of assets by the Board during the year have not been in accordance with the provisions of the Act.

 
 
PRICEWATERHOUSECOOPERS
Certified Public Accountants
Singapore
21 June 2000

[ Next ]

Balance Sheet At 31 March 2000
             
   
1999/2000
1998/1999
   
Note
S$
S$
CAPITAL ACCOUNT
3
10,334,137
10,334,137
ACCUMULATED (DEFICIT)/SURPLUS
(530,744)
3,693,943
DEFERRED CAPITAL GRANTS
4
61,138,116
43,718,390
__________
70,941,509
=========
__________
57,746,470
=========
Represented by:
FIXED ASSETS
5
61,023,871
43,803,004
CURRENT ASSETS
Trade debtors
715,130
504,394
Other debtors, deposits and prepayments
6
3,703,281
5,883,288
Fixed deposits
7
1,179,226
828,935
Cash and bank balances
7
126,409,600
115,596,567
132,007,237
122,813,184
CURRENT LIABILITIES
Creditors and accruals
8
17,197,603
14,736,629
Development grants received in advance
11
104,428,992
93,550,558
Library subscribers' deposits
167,530
247,195
Security and other deposits
295,474
159,870
Project advances
-
175,466
122,089,599
__________
108,869,718
__________
NET CURRENT ASSETS
9,917,638
13,943,466
   
__________
70,941,509
=========
__________
57,746,470
=========
             
The notes form an integral part of the accounts.
             
             
   
Tan Chin Nam
Chairman
   
Christopher Chia
Chief Executive Officer

[ Next ]

Income And Expenditure Statement For The Year Ended 31 March 2000
 
   
 
 
1999/2000
 
1998/1999
 
Note
 
S$
S$
OPERATING INCOME
  Professional services
2(d)
3,890,806
4,678,468

 

Book fines
2(d)
1,586,345
1,544,223
Membership fees
321,993
368,115
Other income
2(d)
4,525,110
3,071,555
 
10,324,254
9,662,361
Less:
OPERATING EXPENDITURE
Salaries
36,037,421
33,218,930
Books, periodicals and serials
28,619,812
26,180,936
Rental
15,141,442
13,158,559
Depreciation of fixed assets
5
9,344,034
8,887,069
Maintenance of buildings
4,573,411
5,806,710
Computer services
9,442,564
7,569,599
Manpower development and staff welfare
2,719,277
2,240,966
Public utilities
2,384,285
2,416,618
Telecommunication, transport and postage
2,946,816
2,230,323
Supplies and materials
912,002
1,163,787
Consultancy fees
1,350,311
914,449
Write-off of fixed assets
2,595,982
2,204,163
Loss on disposal of fixed assets
398,918
262,414
Maintenance of computer hardware
1,767,326
1,820,151
Other operating expenses
9
9,353,259
9,338,519
 
127,586,860
____________
117,413,193
____________
OPERATING DEFICIT
(117,262,606)
(107,750,832)
NON-OPERATING INCOME
Interest income
2(d)
178,528
____________
237,824
____________
DEFICIT BEFORE GRANTS
(117,084,078)
(107,513,008)
Operating grants
10
77,399,624
80,324,981
Development grants
11
25,914,855
22,652,196
Deferred capital grants amortised
4
9,544,912
8,428,599
 
112,859,391
____________
111,405,776
____________
(DEFICIT)/SURPLUS FOR THE YEAR
(4,224,687)
3,892,768
ACCUMULATED DEFICIT BROUGHT FORWARD
3,693,943
____________
(198,825)
____________
ACCUMULATED (DEFICIT)/SURPLUS CARRIED FORWARD
(530,744)
===========
3,693,943
===========
             
The notes form an integral part of the accounts.
             

[ Next ]

Cash Flow Statement For The Year Ended 31 March 2000
               
1999/2000
1998/1999
Note
S$
S$
CASH FLOWS FROM OPERATING
ACTIVITIES
Deficit before grants
(117,084,078)
(107,513,008)
Adjustments for:
Depreciation of fixed assets
9,344,034
8,887,069
Loss on disposal of fixed assets
398,918
262,414
Interest income
(178,528)
____________
(237,824)
____________
Deficit before working capital changes
(107,519,654)
(98,601,349)
Decrease in debtors, deposits and prepayments
1,961,546
2,770,696
Increase in creditors
2,460,974
7,809,245
Decrease in advances and deposits
(119,527)
(510,603)
Net cash used in operating activities
____________
(103,216,661)
____________
____________
(88,532,011)
____________
           
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
(26,370,955)
(24,335,933)
Proceeds from disposal of fixed assets
818
3,356
Interest income received
186,253
225,175
Net cash used in investing activities
____________
(26,183,884)
____________
____________
(24,107,402)
____________
           
CASH FLOWS FROM FINANCING ACTIVITIES
Government grants received
140,563,869
181,842,144
Net cash generated from financing activities
____________
140,563,869
____________
____________
181,842,144
____________
           
NET INCREASE IN CASH AND CASH EQUIVALENTS
11,163,324
69,202,731
           
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
7
116,425,502
____________
47,222,771
____________
           
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
7
127,588,826
===========
116,425,502
===========
 
The notes form an integral part of the accounts.

[ Next ]