Thanks to the generosity of our philanthropic partners, we were able to continue to offer bursaries and grants to help our financially disadvantaged students and provide scholarships and prizes to recognise the successes of our outstanding students. In an unparalleled year marked by the coronavirus crisis, we would also like to give special thanks to the many organisations and individuals who stepped forward to contribute to our COVID-19 Fund, which was set up in May 2020 to help students affected by the pandemic.
The Ngee Ann Kongsi, our longstanding philanthropic partner, donated $10 million in October 2020 to boost students’ learning. The money was used to fund various aspects of our students’ education, from awarding scholarships, bursaries and student aid grants, to supporting educational and student development programmes.
We are also grateful to the following organisations, as well as many individual donors, for contributing to our COVID-19 Fund:
In addition, we would like to thank the following individuals and organisations for donating bursaries, scholarships and student aid grants:
The Ministry of Education has an Education Central Fund, which has been designated as an Institution of Public Character (IPC). NP Fund was established on 1 Apr 2003 as a member of this Education Central Fund. Under this membership, the NP Fund is allowed to issue tax-deductible receipts to donors. Donations received by the Polytechnic are channelled to this Fund.
The objectives of the NP Fund are as follows:
Our Council forms the Management Committee of NP Fund. The Chief Financial Officer (CFO) of the Polytechnic has been co-opted into the Management Committee as Treasurer of the Ngee Ann Polytechnic Fund. The Management Committee members who are the Council members, are eligible for re-appointments after the end of their current term. While the term of appointment for the Treasurer coincides with the terms of appointment of the Council, the Treasurer will not be re-appointed, in order to be in compliance with the code of Governance which stipulates a limit of 4 consecutive years for the Treasurer position. The position will be rotated between the Chief Financial Officer and the Deputy Director/Finance (Rev). The Management Committee and the Treasurer are not remunerated for their services rendered to NP Fund.
In FY2020/2021, the Management Committee comprises the following members:
During the year, the key programmes and activities are the disbursements of scholarships, bursaries, grants and awards.
The Management Committee of the Fund and key management personnel of the Polytechnic make yearly confirmation on related party transactions. For transactions where they are in a position of conflict of interests, they will declare their interests and abstain from any decision making.
In line with disclosure requirements by the Charity Council, the Governance Evaluation Checklist disclosing the extent of its compliance with Code can be found at the Charity Portal website
The reserve that the NP Fund has set aside provides financial stability and the means for the development and execution of the NP Fund’s principal activities.
The Management Committee of the NP Fund reviews the amount of reserve annually, in conjunction with the review of annual budgets of the fund, to ensure that they are adequate to fulfil the NP Fund’s continuing obligation.
The financial statements of NP Fund can be found in the charity portal website: