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THELANDSCAPE

c h a n g i n gSINGAPORE INSTITUTE OF MANAGEMENT ANNUAL REPORT 2010

We not only keep stride with the nation’s strategicfocus on educating and grooming skilled professionalsto take the lead in the global economy, we are alsoproactive in bringing about positive change to theprivate education industry by testing new groundsand raising the ceiling in all we do. Each year, aswe build on our achievements and strengths to scalenew heights, our footprint on this rapidly changinglandscape deepens.

THE SINGAPORE INSTITUTE OFMANAGEMENT IS A KEY PLAYERAND MAJOR STAKEHOLDER INSINGAPORE’S PROFESSIONALDEVELOPMENT AND PRIVATEEDUCATION LANDSCAPE.

CONTENTSVision, Mission & Values 2

Corporate Profile 3

Campuses 4

Organisational Chart 5

Governance & Academic Quality 6

Key Statistics 8

Year Highlights 9

Message from Chairman 10

Message from Management 14

SIM Governing Council 18

SIM Membership 20

SIM University 28

SIM University Board of Trustees 30

SIM Global Education 38

SIM Pte Ltd Board of Directors 40

SIM Professional Development 48

Support Services 54

Staff Directory 62

Corporate Information 64

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VISION,MISSION & VALUESOUR VISION

To be the Centre of Leadership and Management Excellence, and the Embodimentof Lifelong Learning

OUR MISSION

• Spearhead management thought leadership

• Be the preferred strategic partner of corporations in maximising return on

human capital

• Be the choice provider of continuing education to individuals

• Transform SIM into a regional brand

OUR CORE VALUES

• Trust and Respect for the Individual

• Teamwork

• Open and Timely Communication

• Performance Excellence

• Spirit of Innovative Adventure

OUR QUALITY POLICY

We are dedicated to continuously improve our services and to consistentlyexceed the expectations of our customers.

OUR COMMITMENT

• To our MembersWe care for our members, recognise their importance, and strive to raisethe prestige of their membership.

• To our CustomersWe value our customers and commit ourselves to actively improve ourservices and products.

• To our EmployeesWe 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 CommunityWe honour our social obligations and pledge to be a good corporate citizenby always acting professionally and ethically in all matters.

CORPORATEPROFILE

About the SIM GroupThe Singapore Institute of Management(SIM) is the largest and most comprehensiveprovider of higher education and professionaltraining in Singapore. It was founded in 1964as a not-for-profit membership organisationunder the Economic Development Boardand today, boasts over 34,000 corporateand individual members. Its extensive rangeof membership programmes, activities andresources provide an important nexus forSIM students and members to network andlearn. The SIM Group accomplishes itsmission of education and lifelong learningthrough three distinct educational arms,each catering to specific market segmentsof learners.

SIM University (UniSIM)The only privately-funded Singaporeuniversity, UniSIM is dedicated to theeducation and lifelong learning of workingprofessionals and adult learners. Since 2005,UniSIM has been awarded IPC status andis approved by the Ministry of Education(MOE) to issue recognised local degrees.Students can receive up to 55% subsidyfrom MOE on course fees. UniSIM promoteslifelong learning through a flexible andpractice-focused learning approach.It offers more than 40 academic programmesacross various disciplines and its currentenrolment is more than 11,000 students.

SIM Global EducationStudents can choose from a wide range ofhigh-quality overseas degree programmesmade available through SIM’s partnershipwith established international universitiesand institutions from the United Kingdom,United States, Australia and Switzerland.Most of the students are full-time students,but SIM Global Education also offerspart-time programmes that cater to workingadults. Offering over 50 academicprogrammes, its enrolment stands at 19,500,with about 2,500 foreign students.

SIM Professional DevelopmentAbout 10,500 professionals benefitannually from the vast selection of short,executive training programmes, seminars,workshops and conferences offered bySIM Professional Development. Itscustomised in-company training helpscompanies optimise effectiveness invarious fields of management and humanresource development.

SINGAPORE INSTITUTE OF MANAGEMENT ANNUAL REPORT 20102 3

CAMPUSES

1) SIM HQ at ClementiThe SIM Headquarters (SIM HQ) along ClementiRoad is SIM’s main and largest campus with acapacity for 12,000 students. Facilities include over90 lecture theatres, tutorial and seminar rooms, aswell as computer laboratories, a multi-purpose hallthat seats 1,600 and a management library. The TayEng Soon Library is Singapore’s largest and mostcomprehensive management library. Also on campusis a student lounge which provides a focal point forstudents’ social interaction and recreation. The completion of Phase One of SIM’s CampusDevelopment Masterplan in December 2010 hasadded an annex building of 30,000 sq m to theexisting HQ. The new annex houses more than60 lecture theatres, seminar rooms and computerlaboratories, as well as a library extension, a studenthub, an open courtyard and F&B outlets.

2) SIM Clementi CentreThe SIM Clementi Centre, adjacent to SIM HQ,is an additional facility to cater to SIM University’sgrowing student population. Housing a total of20 lecture theatres and tutorial rooms, and twocomputer laboratories, the Centre also serves asthe Administration Office for SIM University.

3) SIM Management HouseSet in the tranquil residential estate of Namly Avenue,the SIM Management House has 20 lecture theatresand seminar rooms, computer laboratories, amembers’ lounge, business centre and bookshopthat cater to membership activities, executivedevelopment courses and post-graduate degreeprogrammes. It is also equipped with a managementlibrary which contains one of the most completecollections of management-related publicationsin Singapore.

4) SIM Global Education Campus @ Ulu PandanOpened in September 2008, the SIM GlobalEducation Campus @ Ulu Pandan is the mostcomprehensive lifestyle campus combiningresidential, sporting and recreational facilities forboth local and foreign students. The 4.5 hectarecampus provides accommodation for up to 428students and has tennis and futsal courts, gym,outdoor yoga pad and fitness area, as well as astudent’s lounge and dance studio. Themed short-stay studio apartments are also available for parentsand visiting faculty. Combined with the SIM campusesat Clementi Road and Namly Avenue, SIM nowhas the biggest and most comprehensive campusfor a private tertiary institution in Singapore.

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3 4

ORGANISATIONALCHART

SIM Governing Council

Board of Trustees

SIM University

School of Arts &Social Sciences

School of Business

School of HumanDevelopment

& Social Services

School of Science& Technology

Board of Directors

Singapore Institute ofManagement Pte Ltd

SIM Global Education SIM Membership

SIM ProfessionalDevelopment

Estates & Facilities

Finance &Administration

Human Resources

Infocomm & TechnologyServices

Nominating Committee

Audit Committee

Remuneration Committee

Investment Committee

Membership Committee

Group CorporateServices

CorporateCommunications

Singapore Instituteof Management


GOVERNANCE &ACADEMIC QUALITYCORPORATE GOVERNANCEAs a not-for-profit organisation under the purviewof the Charities Act, SIM enforces stringent corporategovernance guidelines to ensure that legal regulatoryrequirements are consistent with the law, transparentand enforceable.

Assuming the overall governance of the SIM Groupis the Governing Council. Comprising independentelected members, the Council is responsible for thestrategic direction of the Group, acts as a watchdogon all financial, remuneration and audit mattersand closely monitors compliance with controlmeasures. Similarly, the SIM University (UniSIM)and Singapore Institute of Management Pte Ltd arealso governed by a Board of Trustees and Directorsrespectively, which include both Council nomineesand independent directors.

In addition to the above, internal and externalaudits are also conducted to monitor complianceand suggest improvements. The notion of corporategovernance extends beyond management withthe implementation of a Whistle Blowing Policy

SIM INTERNATIONAL ACADEMIC PANEL

CHAIRMAN

PROFESSOR CHAM TAO SOON

Special Advisor to SIM Group

Chancellor & Chairman,Board of Trustees

SIM University

President EmeritusNanyang Technological University

PROFESSOR DAVID DICKINSON

Director & Head of SchoolUniversity of Birmingham

PROFESSOR ER MENG HWA

Senior Associate ProvostPresident’s Office

Nanyang Technological University

DR LIM SER YONG

Executive DirectorSingapore Institute of Manufacturing

Technology

PROFESSOR GILL PALMER

Deputy Vice Chancellor Academicand Vice PresidentRMIT University

PROFESSOR PANG ENG FONG

Professor of Management PracticeLee Kong Chian School of Business

Singapore Management University

DR FRITS PANNEKOEK

PresidentAthabasca University

DR RAY RICHARDSON

DeanLSE External Study

London School of Economics and

Political Science

MS TAN YEN YEN

ChairmanSingapore Infocomm Technology

Federation

PROFESSOR JOHN M THOMAS

Professor of Operations Managementand StrategySchool of Management

State University of New York at Buffalo

across the Institute since 2008. With this, staff areable to proactively contribute towards helpingSIM achieve a greater level of public confidencein governance issues.

ACADEMIC QUALITY ASSURANCEUnderpinning our quality promise is a rigorousacademic quality assurance framework whichsubjects our programmes, services and facilitiesto stringent internal and external audits regularly toensure that they meet exacting standards in quality,rigour and relevance. At the strategic level, reviewof our academic quality, relevance and alignmentwith our mission is guided by an InternationalAcademic Panel whose members include prominentand accomplished academics from reputableinternational universities and institutions. The programmes at UniSIM and SIM Global Educationare supervised by respective Academic Boardswhich oversee programme curriculum, pedagogy,partnerships and presentation, examinations andassessments, as well as student admission.

Board of Trustees

SIM University

Academic Board

Mandatory Enhanced Registration Framework1

Quality Assurance Framework for Universities (MOE)2

External Examiner System

Board of Directors

Singapore Institute of Management Pte Ltd

Academic Board

Mandatory Enhanced Registration Framework1

Partner Universities Audit & Agencies Audit

Edutrust Certification Scheme3

SIM Governing Council

Singapore Institute ofManagement

SIM Quality AssuranceCommittee

SIM External Academic Review

International Academic Panel

Academic Quality Panel

External Academic Audit

ACADEMIC QUALITY ASSURANCE FRAMEWORK

1 The Enhanced Registration Framework is a registration process for private education institutions (PEIs) mandated by the Council for PrivateEducation (CPE) under the purview of the Ministry of Education. Established in December 2009, the CPE is empowered under the Private EducationAct with legislative power to regulate the private education sector.

2 The Quality Assurance Framework for Universities (QAFU) is a Ministry of Education’s regulatory framework for all government-recognised universities,

including the publicly-funded universities and SIM University. 3 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.


KEYSTATISTICS

SIM GROUP

$226m revenue

8.1% growth

SIM MEMBERSHIP

34,000 individual members

900 corporate members

SIM PROFESSIONAL DEVELOPMENT

10,500 professionals trained

600 seminars, workshops,

in-company projects and conferences

SIM UNIVERSITY

10,700 enrolment*

(*excluding Diploma, OUUK, BNU and NJU students)

13,600 alumni*

(*including Diploma, OUUK and BNU graduates)

More than 40 programmes offered

SIM GLOBAL EDUCATION

19,500 enrolment

91,000 graduates

More than 50 programmes offered

YEARHIGHLIGHTSJANUARY• SIM GE was the title sponsor of the

29th Singapore Open WindsurfingChampionships 2010

• UniSIM signed MOU with Building andConstruction Authority and SingaporePolytechnic to offer Singapore’s firstBachelor of Science in Events and FacilitiesManagement programme

FEBRUARY• UniSIM signed agreement with Embry-Riddle

Aeronautical University to offer two new aviationdegrees – the Bachelor of Science in AviationMaintenance and the Bachelor of Science inAviation Business Administration

• UniSIM signed MOU with LTA Academy to offerregion’s first Master of Science in UrbanTransport Management programme

MARCH• SIM launched scholarships to honour Founding

Chairman Dr Richard K M Eu and Ex-ExecutiveDirector Professor You Poh Seng

APRIL• SIM GE signed MOU with Warwick

Manufacturing Group, University of Warwick,and the Singapore Workforce DevelopmentAgency to offer a range of modularexecutive education and professionaldevelopment programmes

• UniSIM celebrated its 5th Anniversary

MAY• UniSIM and SIM GE registered under the

mandatory Enhanced Registration Frameworkadministered by the Council for PrivateEducation (CPE)

• SIM GE among first few to attain CPE’s EduTrustcertification for 4 years

JUNE• SIM PD celebrated the 30th year of The Job of

the Chief Executive programme

JULY• SIM Dragon Boat Men's Team won for the first

time the Prime Minister's Trophy at the DragonBoat Festival

• UniSIM established Teaching and LearningCentre under the Learning Services Clusterto support and equip faculty for theirteaching roles

OCTOBER• SIM GE signed MOU with first Canadian

University, Athabasca University, to provideacademic exchange and cooperation inteaching and research

DECEMBER• SIM GE voted top choice in private education

in the JobsCentral Learning Survey

• SIM GE awarded AsiaOne People's ChoiceAward for best private school for thirdconsecutive year

• SIM GE signed MOU with Singapore SportsCouncil to offer scholarships, internships andpromote joint activities

• SIM PD won HR Vendor of the Year award

• Completion of new annex building under PhaseOne of Campus Development Masterplan

• SIM successfully registered for the SingaporeStandard 540:2008 certification on BusinessContinuity Management


GERARD EECHAIRMAN

SIM GOVERNING COUNCIL

The strong financialperformance is theresult of prudent andproactive managementand concerted hardwork of our staff.

MESSAGE FROMCHAIRMAN

As the decade came to a close, there were dramaticchanges in both the global and local economiclandscape. There were significant changes in theSingapore education landscape too, as the governmentmoved to provide more spaces for public tertiaryeducation as well as to safeguard Singapore’s reputationas an education hub by pruning players and uppingstandards in the private education industry.

In responding to these changes, the SIM Groupfinished 2010 stronger and geared up as a primemover for higher standards in the private educationlandscape in the years to come.

With the economic recovery taking holdgradually in 2010, we achieved a year-on-yeargrowth of 8.1% in revenue to $226m. Our surplusremains at a healthy $52m. This is despite slowergrowth in student enrolment – SIM University’s(UniSIM) enrolment now stands at 10,700 whileenrolment at SIM Global Education (SIM GE) heldsteady at 19,500. SIM membership grew 4%from 33,000 to more than 34,000 corporate andindividual members.

The strong financial performance is the result ofprudent and proactive management and concertedhard work of our staff. The economic slowdown in

the past two years gave us the opportunity to refineour operations and sharpen our focus. This meansevaluating the quality and content of our programmeswhile identifying and filling niches in industry thatare not met.

LEADING STANDARDS INPRIVATE EDUCATIONWhen the Ministry of Education set up theCouncil for Private Education in 2009, we welcomedit as a timely move to help Singapore’s privateeducation industry continue to grow in depthand quality.

In May, both UniSIM and SIM GE were amongthe first few private education institutions (PEIs)to register for the CPE’s mandatory EnhancedRegistration Framework.

SIM GE was also among the first to attain theEduTrust certification for four years, a furtherlevel of assessment for PEIs who recruit foreignstudents. This certification assures employers,students and parents that the quality of ourprogrammes and service processes meet thestringent standards that Singapore’s educationsystem is known for.

In the government’s 2011 budget announcement,the Manpower Ministry has introduced the SkillsTraining for Excellence Programme (STEP) whichprovides professionals, managers, executives andtechnicians or PMETs increased subsidies for theirfirst degree or diploma programme on a part-timebasis at any polytechnic, Continuing Education andTraining (CET) Centres, universities or UniSIM. Thisis good news indeed, as UniSIM students will beable to enjoy up to 55% government subsidy fortheir study, up from the current 40%.

Staying true to our mission of being the choiceprovider of private tertiary and continuing education,and staying focused on our quality has certainly paidoff as the government continues to endorse theimportant role we play.

CHANGING THE PHYSICAL LANDSCAPEIn December 2010, Phase One of our CampusDevelopment which started two years ago wascompleted. The new six-storey annex building in theClementi campus will be ready for students by thesecond quarter of 2011. Concept planning for PhaseTwo of the Masterplan has already begun.

I am excited that by 2014, we will have an impressivelandscape on Clementi Road. Significantly, with our


enlarged infrastructure, we will have twice the amountof space and more comprehensive and up-to-datefacilities to take advantage of the continuing growthin demand for education and lifelong learning, bothin Singapore and the region.

GEARING UP FOR CHANGE INTHE NEW DECADEThe government has identified the key thrusts ofSingapore’s economic success in the next decadeto be innovation and productivity. Supporting this isthe continual upskilling and reskilling of workersthrough greater investment in CET.

SIM is in an advantageous position to support andcapitalise on the national initiatives. As a membershipinstitute with strong links to businesses andexecutives and a diverse profile of students in termsof age, backgrounds and nationalities, we can tapinto the collective wisdom and diverse experiencesto offer a uniquely differentiated brand of educationand CET. As a privately-funded group with a uniquebusiness model, we also enjoy great flexibility inresponding to rapidly changing market needs.

The key to our future success hinges on three pillars.

First is our ability to stay tuned to economic andsocial changes so as to seek out new opportunities

and unmet niches. For instance, with a fast ageingdemography, there is an imperative for new areasof study, such as in gerontology. I am pleased tonote that with keen foresight, UniSIM has alreadyforayed into this new field with plans to start a Masterin Gerontology in 2011. This will be a goodspringboard to cater for other specialised andprofessional courses related to the field.

Our mission and unique set-up also enhances ourability to partner with industry and the managementprofession to deliver programmes that meet practicalbusiness needs.

On this front, I would like SIM to think beyond ourlocal boundaries so as to grow our brand in theregion. Many major international agencies, such asthe World Bank, are setting up operations in theregion to work with the governments. SIM can playa big part in working with these agencies to offerprogrammes that equip our foreign graduateswith skills to bridge the gap between the relativelysophisticated systems of these agencies andthe limitations presented by their developinghome countries.

The third pillar is our ability to harness technologyto deliver education and training that resonates withthe digital age of learners and support their multi-

Staying true to our mission of being the choiceprovider of private tertiary and continuingeducation, and staying focused on our qualityhas certainly paid off as the government continuesto endorse the important role we play.

dimensional lifestyle. A key challenge is to identifyand attract experienced professionals from thebusiness community who are tech savvy to designand deliver such programmes. For UniSIM, inparticular, flexible learning, powered by IT,distinguishes our programmes and have enabledworking adults to stay in the workforce while pursuingtheir courses.

TAKING SIM TO A HIGHER ROLEWith our leadership in private education and lifelonglearning strongly entrenched, we need to rise abovethe realm of private education providers to furtherenhance our role as a national management instituteand a management thought leader. The achievementof this will require a multi-faceted approach as wellas the allocation of resources to fulfilling new initiativesin this direction.

With opportunities, there will be challenges. We willface competition in enrolment and for good academicstaff. We have prepared for these challenges byexpanding our physical facilities and being innovativein harnessing IT to deliver programmes effectively,especially to our adult students.

The real challenge is how far and how fast we canpush for growth without compromising quality andour reputation. Even as we grow our numbers in

terms of programmes and students, we want qualityand depth in both. We will focus on enhancing thevalue of every person we educate or train by ensuringthat he is equipped with the right knowledge andskills to make a difference in his field.

Going forward, our vision is clear. We will stay trueto our ethos of enabling continuing education andlifelong learning that supports economic growth. Ourrole in private education is an important niche thatwe fill and will continue to develop, in step withchanging needs in the national landscape.

I thank our council and board members, as well asour management and staff for dedicating theirexpertise and time concertedly to achieve our goals.I continue to count on you as we step into a newdecade of growth.


MESSAGE FROMMANAGEMENT

PARTNERING INDUSTRY FOR RELEVANCEThe Group continued to demonstrate its value asa training and education partner by proactivelycollaborating with key industry players, governmentorganisations and higher institutes of learning.Such partnerships leverage on their experiencesto enhance the practicality and relevance ofour programmes.

Both UniSIM and SIM GE were able to seal suchpartnership agreements because of the growingconfidence these organisations have in our academicstandards and the important role we play in highereducation and executive training.

Guided by the same strategic approach, SIM’sMembership Services tapped on strategic thinkersand opinion leaders to bring cutting edge knowledgeto its members through a wide range of events.

MEMBERSHIP SERVICESGrowing Our Value for MembersThe advancement of management development andstandards among members is the cornerstone onwhich we anchor our membership activities. To thesewe add the twin aims of relevance and good valuewith a focus on Innovation and Entrepreneurship,strategic themes championed by the government’sEconomic Strategies Committee.

MAKING STRIDES IN THE NEW LANDSCAPEThe SIM Group’s plans for growth and developmentstayed on track this year, buoyed by the return ofoptimism to business and industry and the healthyrecovery enjoyed by the Singapore economy.

The year was a watershed year for the Singaporeprivate education landscape. The government’sinitiative to tighten quality and professionalism in theindustry took effect with the Ministry of Education’s(MOE) Council for Private Education (CPE)implementing the regulatory process.

SIM University (UniSIM) and SIM Global Education(SIM GE) were among the first few private educationinstitutions (PEIs) to register successfully for theCPE’s mandatory Enhanced Registration Framework(ERF). SIM GE was also among the first to attain theCPE’s EduTrust certification, an additional voluntarylevel of certification required of PEIs who recruitinternational students.

Our physical footprint on the education landscapealso deepened with the completion of Phase One ofour Campus Development Masterplan. This firstphase of the project has added an annex buildingof another 30,000 sq m to our existing HQ. This notonly changes our physical landscape on ClementiRoad but is crucial in accommodating our bulgingenrolment and provide for future growth.

Total membership grew by 4% to more than34,000 corporate and individual Members.Total participation in all membership activitiesand Interest Group events was strong,enhancing our position as a nexus for sharingand networking.

The signature event of the year, the AnnualManagement Lecture, featured globally renownedspeaker Dr Don Tapscott, Chairman of nGeneraInsight and one of the world’s foremost thinkers onbusiness strategy.

Two scholarships were also launched - SIM-RichardK M Eu and SIM-You Poh Seng Scholarships - tohonour the significant contributions of the twopioneers to SIM and to management developmentand education in Singapore. Through thesetwo exclusive scholarships, we hope to provideadditional avenues for top talents in Singaporeto pursue their dreams. The response to thescholarships was good – there were about 100applicants, out of which two were selected toreceive the scholarships.

Moving forward, we will continue to engage ourmembers and stay attuned to their needs andinterests in order to roll out programmes and servicesthat bring them greater value.

LEFT TO RIGHT:

PROFESSORCHEONG HEE KIATPRESIDENTSIM UNIVERSITY

ADJUNCT PROFESSORLEE KWOK CHEONGCHIEF EXECUTIVE OFFICERSINGAPORE INSTITUTE OFMANAGEMENT PTE LTD

RONALD TANEXECUTIVE DIRECTORSINGAPORE INSTITUTE OFMANAGEMENT

SIM UNIVERSITYShaping the Future in Adult LearningIn 2010, UniSIM celebrated its 5th Anniversary, havingestablished its unique role as a university dedicatedto the learning needs of working adults. Studentenrolment at UniSIM rose to 10,700, doubled whatit was five years ago, and the University expandedits offerings of disciplines during the year to includeaccountancy, early childhood education, humanfactors in safety, facilities and events managementand urban transport management. We also graduatedour largest cohort of students thus far: almost 1,500students graduated, joining the 10,500 graduatesbefore them.

The last batch of students who had opted to continuetheir studies under the Open University (UK)programmes also completed their studies during theyear, bringing to a satisfactory closure the offeringof the OUUK degrees under SIM/UniSIM.

The government’s endorsement of our role and thequality of our programmes is manifested in MOE’ssubsidy for our students. This endorsement is furtherstrengthened with the announcement of an increasein the maximum subsidy from 40% to 55% witheffect from July 2011.

UniSIM has also earned the confidence and respectof the business establishment and the academic


world, enabling us to actively engage them in thedevelopment of programmes that meet real needs,both current and future, of the economy. Two suchcollaborations are with the Land Transport Authorityto jointly offer a Master of Science in Urban TransportManagement, and with Embry-Riddle AeronauticalUniversity, USA, globally one of the best in this field,to collaborate on two aviation programmes.

Another collaboration is with the National Councilof Social Services, Gerontological Society ofSingapore and other health and social serviceorganisations to introduce the first Master ofGerontology in Singapore. The programme, to bestarted in 2011, will train professionals to addressissues associated with Singapore’s ageing population.

A key area that received a significant proportionof our resources and investment is our technology-driven systems for delivery of flexible learning.We aim to meld technology with the unique waysin which adults learn into a flexible learning deliverysystem that is scalable and borderless, allowingstudents to learn anywhere, anytime, and at any pace.

SIM GLOBAL EDUCATIONWidening Our Reach in Global Education2010 was yet another successful year for SIM GE.Total applications rose by 10%, fuelled by a sturdygrowth in full-time local applications which went upby 16%. As a result of limited facilities, total enrolmentwas held steady at 19,500.

The real success of SIM GE, however, is measuredby how our students have found new doors ofopportunities to reach their potential and how theycan use their experience at SIM to make a differencein their world. While more and more universities focuson research and rankings, our focus on studentscontinues to pay off.

Our investment in quality programmes, faculty andfacilities as well as a holistic and enriching experiencebeyond the classroom continue to inspire ourstudents to push the limits in their growth anddevelopment in academic and non-academic areas,often with sterling results.

The number of students who obtain First ClassHonours, Latin Honours, distinctions and variousacademic awards continue to rise. The SIM-Universityof London (UOL) programmes, for instance, produced92 First Class Honours, a significant increase from56 in 2009, making us the overseas UOL centre withthe record number of First Class Honours.

Our students are also making an impact in the areasof sports and community services. To show oursupport for the nurturing of sporting abilities, wecontinued our sponsorship of the SingaporeWindsurfing Championships and chaired theSingapore University Games and the Asean UniversityGames, the first for a private institution.

With the CPE’s ERF and EduTrust certification, SIMGE reached a critical milestone in the very competitiveeducation landscape. These certifications assureemployers, parents and students that the quality ofour programmes and service processes meet thestringent standards of Singapore’s education system.

Education is an expensive undertaking and wemanage with strong commercial discipline. Fromthe resulting healthy surplus, we are able to offerscholarships and financial assistance to worthyand needy students. We are also able to invest inareas that contribute directly or indirectly to thedevelopment of our students, such as studentclubs, personal development programmes, aswell as physical facilities and technology thatenhances learning.

In the years ahead, we expect local demand for aquality private tertiary education to remain high withthe existing cap on student intake at the publicuniversities. Demand will also grow from traditionalmarkets in Indonesia, Thailand, Malaysia, and evenfurther afield in Vietnam, Cambodia and Burma.The competition will be for student numbers as wellas quality. SIM GE must stand ready to meet suchchallenges by continuing to lead the way in raisingthe bar for the industry even beyond that set by theERF and EduTrust. It is no longer sufficient for us tobe the best in the industry but the best in a highlyregarded and thriving industry.

PROFESSIONAL DEVELOPMENTEnhancing Our Role in Professional DevelopmentSIM Professional Development (SIM PD), as theleading provider of management development,sought to enhance our value proposition tomanagement professionals by tapping into theexpertise of business and thought leaders.

The year also marked the 30th anniversary of ourflagship programme, The Job of the Chief Executive,making it one of the longest running executivedevelopment programmes in Singapore.

During the year, SIM PD put 10,500 professionalsthrough some 600 executive programmes,conferences and customised in-companytraining programmes.

Through this comprehensive range of programmes,SIM PD fulfils its role to help businesses findeffective training solutions to maintain asustainable competitive edge in a talent-scarcebusiness environment.

Going forward, as each SIM entity pursues itsunique role in supporting the Group’s mission,we will continue to unleash the combined synergyof the entities to bring about a magnified andcompelling value proposition to our targetaudiences, a proposition that each entity alonecannot provide.


SIMGOVERNING COUNCIL

MR RICHARD Y M EU

CHAIRMANSIM GOVERNING COUNCIL(UNTIL 11 MAY 2010)

GROUP CHIEFEXECUTIVE OFFICEREU YAN SANGINTERNATIONAL LTD

MR GERARD EE

CHAIRMANSIM GOVERNING COUNCIL(WITH EFFECT FROM11 MAY 2010)

CHAIRMANNATIONAL KIDNEYFOUNDATION

MR NOEL HON

CHAIRMANE-COP PRIVATE LIMITED

MR JOHN LIM

VICE-CHAIRMANSIM GOVERNING COUNCIL

DEPUTY CHAIRMANNTUC FAIRPRICECO-OPERATIVE LTD

MR RAYMOND KWOK

CHAIRMANKWOK GROUP LLP

PROFESSOR CHAMTAO SOON

SPECIAL ADVISOR TOSIM GROUP

CHANCELLOR ANDCHAIRMANSIM UNIVERSITY BOARDOF TRUSTEES

PRESIDENT EMERITUSNANYANG TECHNOLOGICALUNIVERSITY

MR R DHINAKARAN

MANAGING DIRECTORJAY GEE GROUP OFCOMPANIES

MISS PENNY LOW

CHAIRMANPCF PUNGGOL NORTH

PROFESSORBERNARD TAN

PROFESSOR OF PHYSICSNATIONAL UNIVERSITYOF SINGAPORE

MR TAN SOO JIN

DIRECTORGATTIE-TAN SOO JINMANAGEMENTCONSULTANTS PTE LTD

MR RONALD TAN

EX-OFFICIOSIM GOVERNING COUNCIL

EXECUTIVE DIRECTORSINGAPORE INSTITUTE OFMANAGEMENT

MS ISABELLA LOH

(CO-OPTED MEMBER)

CHAIRMANSINGAPORE ENVIRONMENTCOUNCIL

DR ROSEMARY TAN

CHIEF EXECUTIVE OFFICERVEREDUS LABORATORIESPTE LTD

HONORARY CHAIRMENDR RICHARD K M EU

MR TAN CHOK KIAN

NOMINATINGCOMMITTEEMR GERARD EE (CHAIRMAN)

MR RICHARD Y M EU

MR JOHN LIM

MR NOEL HON

PROFESSOR CHAM TAO SOON

AUDIT COMMITTEEMR R DHINAKARAN(CHAIRMAN)

MR JOHN LIM

PROF BERNARD TAN

MR VICTOR LIEW CHENG SAN

REMUNERATIONCOMMITTEEMR TAN SOO JIN (CHAIRMAN)

MR NOEL HON

PROFESSOR BERNARD TAN

INVESTMENTCOMMITTEEMR RAYMOND KWOK(CHAIRMAN)

MR R DHINAKARAN

MR NOEL HON

MEMBERSHIPCOMMITTEEDR ROSEMARY TAN(CHAIRMAN)

PROFESSOR BERNARD TAN

MS PENNY LOW


SIMMEMBERSHIP

OUR VALUE FOR MEMBERS

A wealth of benefits waiting to be enjoyed, networksto be tapped, the best management practices to beshared. These are the synergies that a 34,000-strongcommunity of professionals and students can create.

Grounded in a strong commitment to providing realvalue, combined with a strategic focus on Innovationand Entrepreneurship, SIM taps these synergies forour members through services, events and resourcesthat keep them relevant in today’s globalised,interconnected world.

LIN PAN PAN SIM INDIVIDUAL MEMBERgr

ow

ing

20 21

BIG RESOURCE POOLSIM’s total membership grew by 4% tomore than 34,000: 33,742 individualsand 883 corporate members,drawn from a broad cross-section ofbusiness, industry and profile. Theyinclude junior to top managementprofessionals and business ownersfrom diverse fields such as marketing,human resources, informationtechnology, engineering, communications,business management, servicesand more.

Participation in membership eventscontinued its upward trend, with almost7,000 participants in some 200 activitiesthat included talks, seminars, workshopsand company and overseas visits.

STRATEGIC THRUSTS OFINNOVATION ANDENTREPRENEURSHIPThe two strategic thrusts of Innovationand Entrepreneurship resonated well withmembers. In line with these themes,championed at the national level by

the Economic Strategies Committee,SIM Membership rolled out new andinteresting events with emphasis on realworld learning. These twin themes areslated to continue through 2011.

Our cornerstone event, the 29th SIMAnnual Management Lecture, featuredDr Don Tapscott, Chairman of nGeneraInsight and one of the world’s foremostmanagement thinkers on businessstrategy. He spoke to a packed audienceof 500 on The Art of CollaborativeInnovation and how it can change theway companies and individuals compete.

A new series, Innovative Industry Insights,brought members closer to the crux ofinnovation, featuring talks by renownedpersonalities such as bestselling authorDan Roam, who shared techniqueson solving problems and selling ideasusing pictures.

Members also got up close and personalwith local business luminaries such asRichard Eu, Group CEO of Eu Yan Sang,

Left: Dr Don Tapscott,renowned managementthinker, speaking atthe 29th SIM AnnualManagement Lecture

Right: Minister of State,Ministry of Trade andIndustry & Ministry ofManpower, Mr Lee YiShyan, addressing the SIMInterest Group Convention

Daniel Yun, CEO of Homerun Asia,Benson Puah, CEO of The Esplanade,and Robin Leong, former media celebrityand owner of Ch’i Life Studios, throughsharing sessions on the tenets ofsuccessful entrepreneurship.

Others went on behind-the-scenevisits to learn from innovative companiesand organisations like IBM TechnologyPark, Nanyang Polytechnic andQian Hu Corporation. The Innovationand Quality Management Group andInformation Technology Group tookmembers even further to Beijing andQin Huang Dao.

Members who are contemplatingretirement benefitted from a newworkshop series, Retire or Refire,which featured creative ideas andplans for career options, starting abusiness or prudent investments.

INTEREST GROUP CONVENTIONThe 19th SIM Interest Group Conventioncarried through the themes of Innovation

and Entrepreneurship. Attendance sawan unprecedented 50% rise due tostrong support from the network of12 Interest Groups and a strong slateof speakers.

Close to 400 entrepreneurs, businessleaders and executives heard governmentleaders such as Minister of State forTrade and Industry and Manpower,Mr Lee Yi Shyan, who shared on thekey drivers for Singapore’s economicsuccess and Mr Zaqy Mohamad,Member of Parliament for Hong KahGRC, who spoke on sustaining growththrough the productive use of technologyand innovation.

NETWORKING AT EXCLUSIVEMEMBERS’ EVENTSStaying true to its role as a nexus fornetworking, SIM Membership offeredmany new events throughout the year,giving members opportunities to network,strengthen their ‘guanxi’ and shareinsights or business opportunities.

“Through the various Interest Groupworkshops, not only do I get to meet expertsfrom different industries, I also keepmyself up-to-date with significant industryhappenings. As an Executive Committeemember of the Marketing Executives Group,I am able to put my knowledge and experienceto test by organising activities that arebeneficial to other SIM Members as well.”

PRESTON KOHMARKETING EXECUTIVES GROUPSIM INTEREST GROUP MEMBER


Some 600 participants attended SIMMembers’ Day, an anchor event, tonetwork and pick up new ideas oncreativity and innovation. Many also tookpart in hands-on interactive sessions aspart of experiential learning.

Likewise, the SIM Members’ Night gavemany the opportunity to interact and buildor renew business relationships. Otherevents included our first ever mid-Autumncelebration, a Christmas gathering andvarious lifestyle workshops.

ENHANCING OUR RESOURCESWith a major makeover of the librarywebsite and upgrade of the LibraryManagement System, members now haveaccess to a new look and a moreuser-friendly library portal. The new onlinefeatures and tools offer seamless accessto information, such as links from thecatalogue to books which allow readers

to preview the contents, add reviewsand ratings of the books they have read,and activate RSS feeds for new titles inthe library.

The membership e-newsletter,e-inter@ctive, publicising upcomingmembership activities, was also revampedwith a refreshing, user-friendly and moreengaging format.

SCHOLARSHIPS TO RECOGNISESIM PIONEERSTo fulfil its social mission and to recognisethe significant contributions of twopioneers, founding chairman Dr RichardK M Eu and ex-executive directorProfessor You Poh Seng, SIM set up twoscholarships – the SIM-Richard K M Euand SIM-You Poh Seng Scholarships.

The bond-free scholarships, eachvalued up to S$100,000, are open to

“Knowledge must be shared. SIM Membershipthrough its events makes the sharing experiencemore meaningful. That is what prompted me tocontinue my membership with SIM even afterI graduated from its Diploma in ManagementStudies years back.”

LIN PAN PANSIM INDIVIDUAL MEMBER

Singaporeans for undergraduate orpostgraduate studies at any reputablelocal or overseas university. Through theseannual scholarships, SIM hopes to provideanother avenue for top talents inSingapore to pursue their dreams and inturn, contribute to society.

A POSITIVE YEAR AHEADThe new year will see a strong reboundin the economy. SIM has embarked on abroader and higher level of social missionto further define our thought leadershiprole in management and professionaldevelopment. We will also be leveragingon the 2011 SIM Annual ManagementLecture to mark 30 years of connectingexecutives and professionals with topminds in management and leadership.

We will continue to roll out value-addedand relevant programmes, services andcollaborations for our members’ benefit.

Left: SIM Members inBeijing to study bestbusiness practicesin China

Right: Members having funwhile learning at an SIMMembership workshop

SIM HONORARY FELLOWS

Dr Richard Eu

Dr Michael Fam

Mr Herman Hochstadt

Mr P Y Hwang

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

Prof You Poh Seng

There will also be no let-up in our continualefforts to raise our profile and engagestudents and alumni in contributing toour growing pool of rich resourcesand networks.


MEMBERSHIP STATISTICS

Grand Total of 34,625 Members

Comprising 33,742 Individual Members and 883 Corporate Members

INDIVIDUAL MEMBERS

Honorary Fellow 12

Ordinary 2,118

Associate 4,847

Student 26,721

Silver (Retired) 44

CORPORATE MEMBERS

1-100 Employees 610

101-500 Employees 175

501-1,000 Employees 50

Over 1,000 Employees 48

“I always encourage my staff to make use ofthe wide range of training programmesoffered by SIM for functional and soft skillsdevelopment. Their enthusiastic participationin the various professional developmentsessions is what makes my companycontinue its membership with SIM.”

NICK FRENCHRISK & HEALTH AND SAFETY MANAGERSASOL CHEMICALS PACIFIC LTD

SIM CORPORATE MEMBER

“Through the various workshops, talksand lifestyle events, SIM Membership hasprovided me with the resources to hone myskills and step out to venture into deeperwaters without fear.”

NURHAFIZAH RAZALISTUDENT MEMBERSIM-UNIVERSITY OF LONDON

INTEREST GROUP PARTICIPATION

Group President Number of Number ofMembers Activities

Business Management Group (BMG) Mr Liew Tze Peen 50 5

China Interest Group (CIG) Mr Richard Ang K L 57 4Principal Trainer/ConsultantQuantum Training Resources

Human Resource Interest Group Ms Lucy Tan 167 10(HURIG) Manager, Manufacturing and Supply

Chain - APAC IATD3M Innovation Singapore Pte Ltd

Information Technology Group (ITG) Mr Steven Soo 66 5

Innovation and Quality Management Mr Chua Kok Leong 43 7Group (IQMG) Vice President, Quality

Nestronics Ltd

Marketing Executives Group (MEG) Mr Stanley Mak 96 6PartneriSmart Communications Pte Ltd

Organisation Development Group Dr Lim Peng Soon 76 12(ODG) President

Learning & Performance Systems

SIM I Toastmasters Club (TMI) Mr Benjamin Lim 49 32*Associate ConsultantSiemens Pte Ltd

SIM II Toastmasters Club (TMII) Dr Soo Wai Man 34 25*Assistant Director, Centre forTeaching ExcellenceSingapore Management University

SIM Mandarin Toastmasters Club Mr Chiu Soon Seng 43 24*(MTM) Director

Hygeia Pte Ltd

Strategic Management Group (SMG) Mr Joshua Yim 63 6Founder and CEOAchieve Group of Companies

The Entrepreneurs Group (TEG) Mr Freddy Wong 95 8General ManagerGoldbell Weight System Pte Ltd

Total 839 144

* Inclusive of chapter meetings


SIMUNIVERSITY

CHRISTOPHER TAN SCHOOL OF BUSINESS STUDENT

THE FUTURE INADULT LEARNING

They won’t be caught standing still.

Driven by a passion to learn more, achieve more, seizeopportunities, pursue satisfying careers, be fulfilled inwhat they do… Undaunted, they persevere in balancing work, study andfamily. Disciplined and hardworking, they seek everyopportunity to shape their future. They come to SIM University, for the opportunity ofa lifetime to earn the coveted degree, burnish theirknowledge, acquire new skills, and ultimately beempowered to achieve their aspirations.

28

sh

ap

ing

29

SIM UNIVERSITYBOARD OF TRUSTEES

PROFESSOR CHONGCHI TAT

UNIVERSITY PROFESSORDEPARTMENT OFMATHEMATICS,NATIONAL UNIVERSITYOF SINGAPORE


CHANCELLORSIM UNIVERSITY

CHAIRMANSIM UNIVERSITY BOARDOF TRUSTEES

SPECIAL ADVISOR TO SIMGROUP


MR HAN VO-TA

MANAGING DIRECTORVOTA MANAGEMENTPTE LTD(UNTIL 10 MAY 2010)

MR RICHARD Y M EU


DR N VARAPRASAD

CHAIRMANCYBRARIAN VENTURESPTE LTD

MR ONG BOON HWEE

CHIEF OPERATINGOFFICERSINGAPORE POWER LTD

PROFESSOR ALINEWONG

ACADEMIC ADVISORSIM UNIVERSITY

PROFESSORBERNARD TAN

PROFESSOR OF PHYSICSNATIONAL UNIVERSITYOF SINGAPORE(WITH EFFECT FROM1 JUNE 2010)

ASSOCIATEPROFESSORYIP WOON KWONG

SECRETARYSIM UNIVERSITY BOARDOF TRUSTEES

REGISTRARSIM UNIVERSITY

MR RONALD TAN


ADJUNCT PROFESSORLEE KWOK CHEONG

CHIEF EXECUTIVE OFFICERSINGAPORE INSTITUTE OFMANAGEMENT PTE LTD

MR JEFFREY SIOW

DEPUTY DIRECTORHIGHER EDUCATIONDIVISION, MINISTRY OFEDUCATION

PROFESSOR CHEONGHEE KIAT

EX-OFFICIOSIM UNIVERSITY BOARDOF TRUSTEES

PRESIDENTSIM UNIVERSITY

MR CHAN HENG KEE

CHIEF EXECUTIVESINGAPORE WORKFORCEDEVELOPMENT AGENCY

FINANCE &AUDIT COMMITTEEPROFESSOR BERNARD TAN(CHAIRMAN, WITH EFFECTFROM 1 JUNE 2010)

MR HAN VO-TA (CHAIRMAN,UNTIL 10 MAY 2010)

DR N VARAPRASAD

MR CHAN HENG KEE


ESTABLISHMENTCOMMITTEEPROFESSOR CHAMTAO SOON (CHAIRMAN)

MR ONG BOON HWEE

PROFESSOR ALINE WONG

MR RONALD TAN


MR ER KWONG WAH

EXECUTIVE DIRECTOREASB INSTITUTE OFMANAGEMENT


Left: Minister of State forCommunity Development,Youth and Sports,Mrs Yu-Foo Yee Shoon(4th from right), ProfessorCheong Hee Kiat, UniSIMPresident (5th from right),and guest speakers at theinaugural SASS socialsciences forum

Right: (From right) Mr YamAh Mee, Chief Executive ofLTA, Professor Cham TaoSoon, UniSIM Chancellorand Chairman, andProfessor Cheong HeeKiat, UniSIM President,at the launch of the Masterof Science in UrbanTransport Managementprogramme

FIVE PIONEERING YEARSSIM University (UniSIM) turned five onApril 14, 2010. The pioneering efforts ofthe founding team of management, facultyand staff members have laid a firmfoundation for the future.

UniSIM’s achievements and single-minded focus on quality have paid off.It was among the first private educationinstitutions to be registered under thegovernment’s mandatory EnhancedRegistration Framework (ERF), ascheme which ensures stringentstandards in Singapore’s privateeducation industry.

Additionally, UniSIM continues to enjoythe government’s strong endorsement ofits role, evidenced by a further increasein the Ministry of Education’s (MOE)subsidies from 40% to 55% for eligiblestudents with effect from July 2011.

Today, UniSIM stands as a choiceuniversity for working adults – servicingnearly 11,000 students and offeringmore than 40 programmes atundergraduate and postgraduatelevels through its four Schools.

SCHOOL OF ARTS ANDSOCIAL SCIENCESMarking Several FirstsThe School of Arts and Social Sciences(SASS) has 11 undergraduateprogrammes and an enrolment ofmore than 3,100.

The past year was a rewarding one forthe School as several of its programmesbore first fruits. The October 2010convocation saw the School’s first batchof graduates from the Translation andInterpretation, Chinese Language andLiterature, and Sociology programmes.

Two new undergraduate programmeswere launched and slated forcommencement in 2011. The Bachelorof Arts in Chinese Language Educationis a degree offered in collaboration withthe Singapore Centre for ChineseLanguage, focusing on teaching literacy,pedagogy and professional developmentfor teachers of the Chinese language.The Bachelor of Chinese Communicationis the first Chinese-English bilingualcommunication programme in Singaporewhich equips graduates to becomeeffective communicators capable of

communicating in the English- andChinese-speaking worlds, an asset toSingapore’s bridging role between Eastand West.

UniSIM also signed a Memorandum ofUnderstanding (MOU) with UniversitasIndonesia in January to co-develop anddeliver courses pertaining to Indonesianlinguistics and literature for UniSIM’sundergraduate programme in MalayLanguage and Literature.

SASS held its first social sciences forumStaying Ahead of the Game: SingaporeTakes a Gamble, which presented differentperspectives on the issues, opportunitiesand challenges brought about by theintegrated resorts. The event was gracedby Mrs Yu-Foo Yee Shoon, Ministerof State, Ministry of CommunityDevelopment, Youth and Sports.

SCHOOL OF BUSINESSA Year of Solid GrowthThe School of Business (SBIZ) recordedits largest growth in 2010, with morethan 3,300 students enrolled in itsdegree programmes.

The year saw the School graduate itsfirst batch of Honours students in theManagement and Security Studiesprogramme. SBIZ also launched two newindustry-relevant programmes, bringingits programme count to two diploma, nineundergraduate and three postgraduatedegree programmes.

The new Bachelor of Accountancyprogramme, launched in January 2010,is the first part-time accountancydegree programme offered by aSingapore university. SBIZ alsosystematically collaborates with industryplayers with the aim of building a pool ofqualified business professionals.

The Master of Science in Urban TransportManagement programme, the first of itskind in the region, was launched in July.Jointly developed with the Land TransportAuthority (LTA) Academy, it aims to equipaspiring professionals with specialisedskills and knowledge to enable them toplay a lead role in the management anddevelopment of land transport systemsin cities around the world.

“Through its unique e-based and student-orientedlearning, UniSIM gives working adults like me theopportunity to upgrade ourselves while jugglingother commitments.”

NUF IDEAL BIN ABU BAKARSCHOOL OF ARTS AND SOCIAL SCIENCES STUDENT


SBIZ stepped up its outreach efforts inthe past year. Besides field visits forstudents, the School continued its run ofLet’s Talk Business@UniSIM seminarsand other public events, such as theUniSIM-Singapore Logistics Associationseminar on Supply Chain Safety andSecurity Practices.

SCHOOL OF HUMANDEVELOPMENT ANDSOCIAL SERVICESCharting MilestonesThe School of Human Development andSocial Services (HDSS) now offers sixBachelor and two Master programmes,with an enrolment of over 1,100.

The School recorded several importantmilestones in 2010. The pioneer cohortof students in the Bachelor of Counselling,Bachelor of Social Work and Master ofSocial Work programmes were conferredtheir degrees.

It also saw the first General StudiesProgramme (GSP) student earn his degreesince the programme was offered in 2008.The GSP is unique in that students canchoose from more than 200 coursesoffered by UniSIM’s four Schools andtake as long as they want to completetheir degrees. More courses have beenadded to the repertoire and the latest

include Introduction to Critical MediaLiteracy, and The Law and You.

The first intake of the well-receivedBachelor of Early Childhood Educationwith Management took off in January.Due to the overwhelming response, theJuly intake was increased to admit almosttwice as many students.

Set up in 2009, the Counselling and CareCorner (C-three) endeavours to leveragethe School’s professional expertise toprovide counselling services for studentsand staff. In just a year, C-three’s expertisehas been put to good use to promotethe well-being and growth of individualsseeking its services.

To cap off a year of achievements,HDSS Dean, Professor Tan Ngoh Tiong,was awarded the DistinguishedLeadership Award for Internationalsby his alma mater, the Universityof Minnesota. The award is given tointernational alumni of the University whohave distinguished themselves as leadersin their professional careers.

SCHOOL OF SCIENCEAND TECHNOLOGYA Rewarding YearInterest in the School of Science andTechnology’s (SST) offerings continued

“I chose UniSIM because I had heard only good thingsabout it. I have many friends and associates who haveobtained degrees or are in the process of getting onefrom the university. My wife is an alumna.

My course has given me a deeper, more technicalunderstanding of what goes into a successfultransport project.”

CHRISTOPHER TANSCHOOL OF BUSINESS STUDENT

to grow, a result of its strong linkageswith industry partners.

Three Bachelor programmes werelaunched - Facilities and EventsManagement, Human Factors in Safetyand Aviation Maintenance. With these,the School now has one postgraduateand 14 undergraduate programmes, andan enrolment of nearly 3,000.

The year saw nine new alliances signed,including those with Oracle, Embry-RiddleAeronautical University (ERAU), SingaporeWorkforce Development Agency (WDA)and the Building and ConstructionAuthority (BCA).

The collaboration with ERAU and WDAaims to develop and enhance themanpower capabilities of the aviationand aerospace workforce in Singapore.Under this agreement, UniSIM andERAU will offer dual degree programmesin aviation business administration andin aviation maintenance.

These new programmes will add toUniSIM’s expanding repertoire ofaerospace and aviation offerings, andgive wings to SST’s rising aspirationto be a school of choice in this area.

The second MOU with SingaporePolytechnic and BCA has resulted in thedevelopment of an undergraduate degreeprogramme in facilities and eventsmanagement to groom professionalswho would function well in both areas.

In the area of outreach, SST organisednumerous public symposiums focusingon key areas such as human factors insafety, airport planning and airporttransport management.

POSTGRADUATE PROGRAMMESDuring the year, UniSIM launched threenew postgraduate programmes, namely,the Master of Science in Urban TransportManagement, Master of Counselling, andPhD in Chinese Language and Literature.

With these new programmes, UniSIM’spostgraduate offerings now stand atsix with 150 students, a modest butgrowing number for a young universityseeking to grow the depth and breadthof its programmes.

APPLIED RESEARCH FOR INDUSTRYThe Centre for Applied Research (CFAR)increased the number of its projects inthe year. Six faculty-led research projectswere completed while 12 new ones wereadded. The new research projectsincluded Impact of Social Media on Youths

Left: Professor Tan Ngoh Tiong,Dean, HDSS (left) receivingthe Distinguished LeadershipAward for Internationals by hisalma mater, the Universityof Minnesota

Right: Signatories of theUniSIM-ERAU-WDA MOU(From left): Mr Martin A. Smith,Executive Vice President, ERAU,Professor Tsui Kai Chong,Provost, UniSIM and Mr AnilDas, Senior Director, IndustrySkills and Planning Office, WDA


in Singapore, Disaster Managementin Asia, and Injectable Self-HardeningBioactive Composite Paste for BoneTissue Engineering. As in the past years,several of these new projects wereco-funded or supported by industrypartners, including SingaporeTechnologies Kinetics Ltd, Bio-ScaffoldInternational and BG Intrade Pte Ltd.

Industry engagement continued duringthe year with CFAR conducting two majorsurveys, the quarterly Business Times-UniSIM Business Climate Survey, into itsfourth year, and the LTA Public TransportCustomer Satisfaction Survey, into itssecond year.

During the last quarter of 2010,CFAR also received a commissionfrom the People’s Association to carryout a large-scale survey, covering morethan 30,000 randomly-selectedhouseholds across Singapore, onthe Association’s programmes.

THE TEACHING ANDLEARNING CENTREUniSIM set up the Teaching and LearningCentre (TLC) in July 2010 to equip itsfaculty for their teaching roles and to

foster a strong academic community offull-time and associate faculty. The Centrewill support the teaching and delivery ofacademic programmes through thesharing of educational initiatives,innovative pedagogies, and learningresources and technologies. UniSIM’sstudents are working adults with diverselearning needs, and many programmesare highly practice-oriented and taughtby experienced industry professionals.TLC aims to enhance teachingeffectiveness by further supporting andtraining these associate faculty membersto adequately equip them for a teachingstyle that is suited to adult learning.

To promote excellence in teaching, andto recognise outstanding associates, TLChas introduced the Teaching Merit andthe Teaching Excellence Awards. Theseawards will be given out for the first timein February 2011.

TECHNOLOGY FOREFFECTIVE E-LEARNINGUniSIM judiciously harnesses technologyto enable its students to learn anywhere,anytime, at any pace. Fourteen newe-courses were developed and presented,bringing the total of such courses to 38.

“The programme is so comprehensive, I feel likeI am earning two degrees instead of one. Notonly do I get to be trained as an Early Childhoodprofessional, I also pick up business skills that helpme better understand the dynamics of runninga preschool centre.”

MAYBELLINE TAN SIONG EEHSCHOOL OF HUMAN DEVELOPMENTAND SOCIAL SERVICES STUDENT

To ensure effective e-learning for students,staff, full-time and associate facultymembers were trained to provide onlinelearning support, and facilitation of e-course deliveries. Some 140 new staff,full-time and associate faculty memberswere also trained in the use of MyUniSIMBlackboard, the Learning ManagementSystem adopted for teaching and learningat UniSIM. Additionally, 80 new full-timeand associate faculty members weretaught techniques in e-moderation andhow to grade online discussions.

To complement these efforts, aresource website, eLearn@UniSIM(http://elearn.unisim.edu.sg), waslaunched to provide resources onhow to e-teach, e-develop and e-learn.

UniSIM also organised its first internationale-learning conference – ICT2010Singapore, supported by the InfocommDevelopment Authority. It attracted 298participants from 16 countries, and 49refereed papers were presented.

QUALITY ASSURANCEThe Quality Assurance Unit had a busyyear steering the University through itsapplication for registration under MOE’s

new ERF administered by MOE’s Councilfor Private Education. With quality systemsalready well in place, UniSIM receivedthe full six-year Grant of Registration.

The Unit also consolidated andrationalised the University’s policiesand processes to meet the requirementsof MOE’s Quality Assurance Frameworkfor Universities (QAFU) audit, whichwill take place in 2012. The QAFU is aregulatory framework for all government-recognised universities, including thepublicly-funded universities.

STUDENTS AND ALUMNIWith more than 13,600 alumni and astudent population of nearly 11,000 takingits degree programmes, UniSIM exploredways to encourage greater engagementof both students and alumni throughthe alumni’s events and activities.

The slew of activities included a Studentsand Alumni tea reception with HEPresident S R Nathan, Patron of UniSIM,in October which also saw the launch ofthe UniSIM Alumni logo, and the UniSIMGraduates’ Night 2010, graced byMr Lim Boon Heng, Minister in thePrime Minister’s Office.

“My Human Factors in Safety programme is thefirst of its kind in Singapore and offered only byUniSIM. My biggest takeaway is the knowledgeI have gained, which I can apply immediately.I can now view and analyse situations fromdifferent perspectives.”

CHONG YAN PENGSCHOOL OF SCIENCE AND TECHNOLOGY STUDENT


SIMGLOBAL EDUCATION

OUR REACH IN GLOBAL EDUCATION

Their generation will change the world. Digitally plugged in and highlyresourceful, they analyse, question, voice, embrace, care and act. At SIMGlobal Education, we are continually widening and deepening the reachof our education to empower young adults from across cultures andsocieties to be the change in the world.

Every day, almost 20,000 students learn and network in a vibrantly diverseenvironment that nurtures intellect and skills, mind and spirit. We helpshape their minds so they in turn can shape the future of their world.

GERALD TAY SIM-UNIVERSITY AT BUFFALO STUDENT

w i d e n i n g

38 39

SIM PTE LTDBOARD OF DIRECTORS

MR R DHINAKARAN

MANAGING DIRECTORJAY GEE GROUP OFCOMPANIES

MR RICHARD Y M EU

CHAIRMANSINGAPORE INSTITUTE OFMANAGEMENT PTE LTDBOARD OF DIRECTORS(WITH EFFECT FROM23 MARCH 2010)


MR GERARD EE

CHAIRMANNATIONAL KIDNEYFOUNDATION

MR HSIEH FU HUA

CHAIRMANSINGAPORE INSTITUTE OFMANAGEMENT PTE LTDBOARD OF DIRECTORS(UNTIL 23 MARCH 2010)

EXECUTIVE DIRECTOR& PRESIDENTTEMASEK HOLDINGS(PTE) LTD(WITH EFFECT FROMAUGUST 2010)

MR VINCENT CHIN

PARTNER &MANAGING DIRECTORTHE BOSTON CONSULTINGGROUP


SPECIAL ADVISOR TOSIM GROUP

CHANCELLORAND CHAIRMANSIM UNIVERSITY BOARDOF TRUSTEES


MR RAYMOND KWOK

CHAIRMANKWOK GROUP LLP

MR ONG BOON HWEE

CHIEF OPERATING OFFICERSINGAPORE POWER LTD

ADJUNCT PROFESSORLEE KWOK CHEONG

CHIEF EXECUTIVE OFFICERSINGAPORE INSTITUTE OFMANAGEMENT PTE LTD

MR RONALD TAN


MR VICTOR LIEWCHENG SAN

CORPORATE ADVISORTEMASEK HOLDINGSPTE LTD


EX-OFFICIOSINGAPORE INSTITUTE OFMANAGEMENT PTE LTDBOARD OF DIRECTORS

PRESIDENTSIM UNIVERSITY

HUMAN RESOURCESCOMMITTEEMR RICHARD Y M EU(CHAIRMAN, WITH EFFECTFROM MAY 2010)

MR HSIEH FU HUA(CHAIRMAN, UNTILAPRIL 2010)

MR VICTOR LIEW CHENG SAN


GROWING APPLICATIONSGrowth in SIM Global Education (SIM GE)continued apace in 2010. Totalapplications increased by 10%, fuelledby an almost 16% rise in full-time localapplications. Total enrolment, however,was held steady at 19,500, limited byour facilities.

We continued to invest heavily in a holisticapproach to education, encouraging ouryouths to succeed academically and tonurture their interests and potential inother areas such as sports, the arts andcommunity service.

ENHANCING QUALITYSIM GE recorded an important milestonein the endorsement of its quality by beingthe first few private education institutions(PEIs) to be certified under the stringentEnhanced Registration Framework (ERF),and the EduTrust Certification Schemefor four years.

The ERF registration for PEIs is mandatedby the Education Ministry’s Council forPrivate Education while the EduTrustcertification scheme is a voluntaryquality assurance scheme which assessesPEIs in key areas of management andprovision of education services. ForPEIs who enrol international students,this additional level of assessment isrequired in order to be awarded theEduTrust status.

SIM GE also received several publicendorsements for the quality of itsprogrammes during the year. For the thirdstraight year, it topped private schoolsin Singapore at the AsiaOne People’sChoice 2010.

SIM GE also topped the rankings in theJobsCentral Learning Survey to emergefirst in the Preferred PEI rankings.

“Being coached by experienced and highly competentfaculty from the University at Buffalo has enabled meto look at my curriculum in an entirely different light;I don’t see them as theories and equations anymore,I see them as building blocks to a successful future.”

RURY NARITA BINTE OMARFULL-TIME STUDENTSIM-UNIVERSITY AT BUFFALO

It was also one of three finalists for theEducation Award category of theSingapore Experience Awards organisedby the Singapore Tourism Board. Theaward recognised educational institutionswhich provided a positive learningexperience for its students in areassuch as pedagogy, facilities andsupport services.

CELEBRATING EXCELLENCEThe graduating classes in 2010 continueda tradition of excellence by scoring tophonours from their awarding universities.

The fourth intake of 30 students from theSIM-International Hotel ManagementInstitute (IMI) programmes graduated inJune, and took all four First Class Honoursawarded by IMI.

In July, 62% of the 186 SIM graduatesfrom the University at Buffalo, The State

Left: Judy Wong, Director,Business & MarketingRelations, SIM GE,receiving the Best PrivateSchool Award from AdrianTay, Editor of AsiaOne, atthe AsiaOne People’sChoice Awards

Right: Valedictorians andaward winners at the SIM-University at Buffalo 2010graduation ceremony

University of New York, received LatinHonours, compared to 52% in 2009.

The number of graduates receiving FirstClass Honours from the SIM-Universityof London (UOL) programmes was 92,a significant increase from 56 in 2009.This brings the total of SIM-Universityof London First Class graduates to402 since the partnership began in 1986.With this latest haul, SIM GE continuedits run as the top UOL overseas centrewith the highest number of First ClassHonours graduates to date. The successof our students affirms the strongpartnership between SIM and UOL,which has grown from strength to strengthover the past 24 years. The solidarity ofthis partnership was underscored whenSIM GE hosted over 70 internationaldelegates at the 9th Biennial Providers’Meeting organised by the LondonSchool of Economics and held at SIMin November.


BUILDING NEW RELATIONSHIPSSIM GE broke new ground when itextended its successful education modelto make continuing education and trainingmore accessible to executives.

A tripartite Memorandum of Understanding(MOU) was signed with WarwickManufacturing Group, University ofWarwick, and the Singapore WorkforceDevelopment Agency to offer a range ofmodular executive education andprofessional development programmes.

We also opened the door to Canadianuniversities by signing a three-year MOUwith Athabasca University to provide foracademic exchange and cooperation inteaching and research. At the same time,links were established with the CanadianHigh Commission to explore partnershipswith other Canadian universities. This isthe first time SIM GE has entered into aneducational alliance with a Canadian

Left: SIM GE students andstaff on the SIM GlobalCorporate LearningProgramme at theMicrosoft China office

Right: Dr Frits Pannekoek,President, AthabascaUniversity (left) and AdjunctProfessor Lee KwokCheong, CEO, SIM GE,seal SIM GE’s firstcollaboration with a leadingCanadian university

university, further strengthening ourinternational network and exposure.

NURTURING GLOBAL CITIZENSBeyond ClassroomsIn actively nurturing a global mindsetamong our undergraduates, we continueto encourage students to take part inimmersion or attachment programmesunder the Education Abroad initiative.This initiative is a first among PEIs andsince its launch in 2009, has benefitedmore than 380 students.

As part of this initiative, the SIM GlobalImmersion Programme sent students toFrance where they were challenged tothink critically on social or cultural issuespertinent to France and how thesecompared to Singapore’s.

Another group of students went to Chinaon the third SIM Global CorporateLearning Programme to learn from thesenior management of prominent

multinational and local companies. As aresult of this trip, some of the studentshave since been offered internships withthese companies.

Also under the Education Abroadumbrella, the SIM Global CitizenshipInitiative, Inspiring Youths ThroughEducation, a long-term project, waslaunched in June. Under this project, twobatches of 53 students went to Nargarkot,Nepal, to work with local teachers tointroduce interactive teaching methodsand to undertake projects such as thesetting up of proper water points andgarbage disposal system.

Closer to home, 48 students from theeighth intake of the Bachelor of Design(Communication Design) programmefrom SIM-Royal Melbourne Instituteof Technology University (RMIT)showcased their talents and creativityat a graduation exhibition at the RafflesCity Shopping Centre.

This was the first time the students hadtaken their graduation show to the city.Titled I’mquisitive, the exhibition and itsaccompanying talks and workshopsconducted by industry gurus attractedclose to 2,000 attendees over four days.

Students from the SIM-RMIT Bachelorof Applied Science (ConstructionManagement) 25th intake also presentedideas from their academic reportsbased on the theme Living in Singaporein 2020. Guests, alumni and judgesfrom the building industry and theSingapore Institute Surveyors andValuers joined in this event which isthe culmination of two-and-a-half yearsof study for the 78 students.

To encourage active citizenship amongour students, SIM GE partnered theMinistry of Community Development,Youth and Sports and REACH for the firsttime to host the 2010 National Day RallyYouth Forum in September. The feedback

JULIA NGUYEN THI THANH HAINTERNATIONAL STUDENT (VIETNAM)SIM-UNIVERSITY OF LONDON

“SIM GE is never just about studies and textbooks. Itis about helping students gain the confidence andthe spirit to succeed in life. As an international student,SIM GE’s holistic education, especially its studentclubs, have helped me discover the best in me.”


session was chaired by Dr VivianBalakrishnan, Minister for CommunityDevelopment, Youth and Sports and co-chaired by Dr Amy Khor, Chairmanof REACH, and Adjunct Professor LeeKwok Cheong, CEO of SIM GE. Morethan 160 students from SIM GE and otherschools in Singapore joined in the livelydiscussion on various topics of concernto youths in Singapore.

Prowess in SportIt was a year of firsts for SIM GE onthe sports front, proving that ourinvestment in encouraging sportingtalent is paying off.

SIM GE continued its title sponsorshipof the Singapore Open WindsurfingChampionship, held in conjunction withthe Asian Windsurfing Championships.This is the first time that Singaporeplayed host to the Asian Championships,with SIM GE as the title sponsor for thelocal competition.

To further its support for sports, a newpartnership was forged with the SingaporeSports Council (SSC) in December toallow students and staff to use SSC’ssports facilities and to offer scholarshipsand student internship opportunities, andto promote keep-fit activities.

In July, SIM dragon boaters made historywhen they clinched the Prime Minister’sChallenge Trophy at the SingaporeDragonboat Festival 2010, breaking thedecade-long stranglehold on the title byNanyang Technological University andNational University of Singapore.

SIM GE also took part in the 15th ASEANUniversity Games in Chiang Maiwhich promotes friendship and betterunderstanding among undergraduatesfrom ASEAN countries through sports.For the first time, SIM GE led thecontingent as the Chair of the SingaporeUniversity Sports Council.

“For part-time students, juggling work, study andpersonal commitments can be quite challenging.However, the flexible study options provided by SIMGE helped lay my worries to rest. Being exposed tothe knowledge and thoughts of lecturers from boththe University of Manchester and SIM GE also gaveme the opportunity to experience the best of bothworlds, without sacrificing the comfort of stayingin Singapore.”

CHUA YOU AIKPART-TIME STUDENTSIM-UNIVERSITY OF MANCHESTER

SIM GE made its presence felt at thefifth Singapore University Games witha 200-strong contingent, scoring fivegold, eight silver and eight bronze medals.It was also the first time that SIM GEchaired the event and will continue to doso in 2011.

SIM’s Film & Performing Arts Society hascome into its own with the production ofthe jazz musical Thoroughly Modern MillieJunior in February. Centred on the themesof work, love, life and changes in socialbehaviour, it attracted an audience ofover 730 people. This performancefollowed on the back of several successfulproductions since 2006.

BUILDING TIESA new SIM GE website was launched inNovember to make information moreaccessible to potential students. AStudent Life Portal was also launched toenhance services to students, including

an online marketplace where studentscan buy, sell and interact in cyber space.

In March, SIM GE held its inaugural SIMAgents Workshop for over 70 agents from10 countries. The workshop providedcomprehensive training to equip theagents to offer better services to potentialstudents in their home countries.

SIM GE also kept in touch with its largenumber of overseas graduates throughOverseas Alumni Chapter events. Threewere organised in Vietnam, Indonesiaand China to connect with the alumni inthese countries and to update them ondevelopments at their alma mater.

To increase its presence in Malaysia, SIMGE set up the SIM-Star Awards underthe Star Education Fund for outstandinghigh school students. Through thisinitiative, we hope to provide anopportunity for talented Malaysianstudents to study in Singapore.

“As an SIM GE graduate, I am able to walk confidentlyin the league of graduates from the other universities.The knowledge I have gained from my peers andlecturers are lessons that will guide me in my continualpath of professional development.”

IRIS SIM QIAO RUGRADUATESIM-ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY


SIMPROFESSIONAL DEVELOPMENT

OUR ROLE IN PROFESSIONALDEVELOPMENT

What makes the consummate professional? Thoroughknowledge of his job. Strategic perspectives of hisindustry. Productive use of resources. Ultimately, theskilful blending of knowledge, skills and experienceto plan and execute for results. Underscoring allthese, the ability to learn and relearn in the ever-changing game.

SIM Professional Development nurtures a culture ofcontinuous learning among professionals to ensurethey run ahead of the curve in a fast changing,competitive world.

EVA MOO EXECUTIVE PROGRAMMES PARTICIPANTen

ha

nc

ing

48 49

LEADERSHIP INPROFESSIONAL DEVELOPMENTAs the economy progressed apaceout of the recession in 2010, SIMProfessional Development (SIM PD)responded with programmes to suitmarket changes and demands ofexecutives in Singapore and theAsia-Pacific region.

In a highly competitive, globalisedenvironment, the topics most relevantwere strategies implementation,negotiation and influence, understandingthe role and job of managers,cross-cultural awareness, the implicationsof productivity in people managementand the secrets of effective leadership.

Close to 10,500 senior executives,managers and professionals, seekingpersonal growth and a cutting edge intheir careers, attended the 600 executiveprogrammes, conferences andcustomised in-company programmesorganised by SIM PD.

Implicit in this strong response to ourexecutive programmes is the confidenceand trust we have built with longstandingclients in the quality, value and reliabilityof our learning and development solutions.

MILESTONES INDEVELOPING LEADERSA New Platform for ManagersManagers were given a new platform toaddress the new and evolving challengesthey face, share ideas and knowledge,network and plough their new-found ideasinto developing their portfolios.

The SIM Managers’ Forum is a newinitiative developed by SIM PD to leverageopen space technology (OST) in facilitatingdiscussions. Although there were noformal agenda or notes, the participantswere guided by experienced facilitatorson the topic of improving productivitythrough effective people management.

“I can always trust SIM PD with providing a wide rangeof courses that is market specific and industry relevant.Participating in the courses also means that our staffhave the opportunity to interact with renowned trainersand industry experts who have been there, done that.”

VANESSA LIMASSISTANT MANAGER, HUMAN RESOURCESMTU ASIA PTE LTD

SIM PD EXECUTIVE PROGRAMMES & IN-COMPANY TRAINING PARTNER

As with many new ideas, the participantswere apprehensive at first about theunique learning approach, but by the endof the day, they were won over,commending the positive outcomesachieved through the open discussions.

Unleashing Women PowerThe role of women in society and thebusiness world continued to be a keyfocus championed by SIM PD.

Following the success of the inauguralWomen Leadership Forum in 2008 andthe subsequent Women EntrepreneurshipForum in 2009, the 2010 Women’sLeadership Forum – Aspiring Women.Inspiring Leaders featured an impressiveline-up of women leaders in theirrespective fields.

The two-day forum was graced bySingapore’s first female Cabinet Minister,Mrs Lim Hwee Hua, Minister, PrimeMinister’s Office and Second Minister for

Finance and Transport. She set the tonefor the forum and inspired the audienceof 70 with her keynote address on thesignificant contribution of women in theeconomy through their dual roles in theworkplace and home.

Seventeen other established womenbusiness leaders shared on the challengesand victories in their own leadershipjourneys. They included Ms Jessica Tan,Managing Director of Microsoft Singaporeand Member of Parliament for East CoastGRC and Ms Tan Su Shan, ManagingDirector & Group Head of WealthManagement, DBS Bank, and Chairmanof DBS Asset Management.

A one-day post-conference workshop byMs Deborah May, a former Fulbrightscholar and well known organisationaldevelopment consultant and executivecoach, on Women at Work – Lead andSucceed received enthusiastic supportfrom 25 aspiring women leaders who

“The hospitality industry is all about making thebest impression. SIM PD knows exactly what therequirements of my industry are and tailors theircourses to fit my needs.”

ADRIAN KOHMANAGER, CAMPAIGN MANAGEMENT, ASIA PACIFICFAIRMONT RAFFLES HOTELS INTERNATIONALEXECUTIVE PROGRAMMES PARTICIPANT


Left: Singapore’sfirst female CabinetMinister, Mrs Lim HweeHua, Minister, PrimeMinister’s Office andSecond Minister forFinance and Transport,addressing the 2010Women’s Leadership Forum

Right: (From left)Mr Gerard Ee, Chairman,SIM Governing Council,Mr Kishore Mahbubani,Dean and Professor in thePractice of Public Policy,Lee Kuan Yew School ofPublic Policy, NUS andMr Ronald Tan, ExecutiveDirector, SIM, at the JOCE30th Anniversary Gala

Dinner

gained additional strategic insightsand practical approaches tobecoming confident leaders.

30 Years of LeadershipDevelopmentA flagship programme - The Jobof the Chief Executive (JOCE) –celebrated its 30th year, making itone of the longest running seniorexecutive development programmesin Singapore.

To date, this intensive five-dayprogramme has attracted almost1,200 corporate leaders from publicand private organisations from 40different countries around the world.Conducted by renowned facultymembers from Babson, Harvard,IMD and Trinity College, JOCEenables C-suite executives toupgrade their knowledge and widentheir business network. Known forits core foundation in established

and effective leadership principles andstrategies, the programme also bringsvalue to its participants by facilitatingpeer learning through a highly interactive,open and practical learning approach.

This year’s 30th anniversary wascelebrated in style with a gala dinnerat the Four Seasons Hotel, attendedby JOCE alumni dating back to 1981.The event was graced by Mr KishoreMahbubani, Dean and Professor in thePractice of Public Policy of the Lee KuanYew School of Public Policy, NationalUniversity of Singapore. He shared withthe senior executives insights on whyAsia will keep rising, gleaned from his33 years of diplomatic experience inSingapore and world affairs. At the dinner,a donation of over $34,000 was made tothe Children’s Aid Society – MelroseHome, which will go towards developingand grooming the needy children intofuture leaders.

Inspired by MagicFor the fourth year running, the Disney’sApproach to Business Excellenceprogramme proved so popular that twosessions were organised to cater to260 participants in 2010. Inspired bythe Disney magic, these professionalssought to learn about its best practicesin leadership, management, qualityservice, loyalty and team creativity, tobring their customer satisfaction to thenext level. Many of the participants werefrom organisations that had sponsoredstaff to the same programme in the past,a clear reflection of the effectiveness ofthe programme.

STRATEGIC HRD PARTNEROver the years, SIM PD has stronglyadvocated that organisations shoulddevelop their human resources andtalent as an integral part of theirbusiness strategy.

As a strategic partner in human resourcedevelopment (HRD), SIM PD leverages

on its rich history and experience inexecutive education to tailor and provideeffective learning and developmentsolutions for companies.

In 2010, SIM PD conducted close to 200customised in-company learning anddevelopment programmes and trainedmore than 4,000 executives from publicand private companies in Singapore andthe region.

In recognition of its role as a strategicHRD partner, SIM PD was voted byHR practitioners as the PreferredManagement Training Firm and PreferredSales Training Firm in the 2010 HRVendors of the Year award, organisedby the Human Resources magazine.This award was SIM PD’s fifthconsecutive win and further cementedits reputation as the leading executivelearning and development partnerin Singapore.

“SIM PD’s commitment to maintaining excellentstandards is evident in the quality of its speakers.I know of no other professional institute inSoutheast Asia that offers such unique coursesas the JOCE programme.”

MIKE GOHMANAGING DIRECTOR & GROUP VICE PRESIDENT, SALES (ASIA PACIFIC)LSG GLOBAL (ASIA PACIFIC) PTE LTDLINCOLN INDUSTRIAL CORPORATION

JOCE 2010 ALUMNUS


SUPPORTSERVICES

A steadfast commitment to service and quality. It is a passion that suffuses allthat we do, be it ensuring that daily operations run smoothly, investing in processesand systems that enhance effectiveness, equipping our staff to make a differenceor providing support to realise a massive Campus Development project. Behind the scenes of SIM are the unsung heroes in support services who performtheir roles with admirable professionalism and commitment to deliver the highestlevel of service to every customer they serve.

s u p p o r t i n g

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THE ENTERPRISE

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EXTENDING OUR PHYSICALLANDSCAPECampus Development ProgressSIM’s physical footprint on the educationlandscape has grown significantly insupport of its fast growing programmesand services. With Phase One of the $300million Campus Development Masterplanalready completed at year end, another30,000 sq metres of gross floor area hasbeen added to the existing 44,500 sqmetres at the Clementi campus.

This translates to an additional 27 lecturetheatres, 32 seminar rooms, fourcomputer labs, an extended library, andadministrative and activity spaces suchas the Student Hub and two food andbeverage outlets.

The building is fitted with state-of-the-artwireless technology, in keeping with ourgoals to harness the best of technologyto enhance connectivity and learning oncampus. It also added car parking spacesto alleviate the present car parking crunch.

With the completion of Phase One,conceptualisation of the second phaseof the Campus Development Masterplanis now underway. The completion of thewhole project by 2014 will not only createbigger and better integrated physicalcapacity to cater to our already bulgingenrolment and provide for projectedgrowth, it will also consolidate SIM’sposition in the private education industrywith the largest and most comprehensivecampus and facilities.

SIM senior managementwith architects at theTopping Out ceremonyto commemorate thecompletion of the Phase 1building superstructure

Ensuring Business ContinuityAmidst the tumult of managing the dailyoperations of a bustling, growingorganisation like SIM, it is easy to putcrisis preparedness on the back burner.

Viewing crisis preparedness as aresponsibility to its many groups ofstakeholders, SIM successfully put inplace a Business Continuity Management,or BCM programme for the Group,leading to its successful registrationfor the Singapore Standard540:2008 certification.

With the BCM plan firmly in place, SIMimproved its operational resilience byensuring that when disruptive eventsoccur, we will be able to ensure least

IMPROVING QUALITYAND STANDARDSQuality Service InitiativeThe SIM Group Corporate Servicesprovides the critical support servicesneeded by the Group’s business entitiesto maintain quality in its servicedelivery. Half-yearly in-company serviceevaluations are conducted to monitor ourability to provide a level of service thateffectively supports the entities’ goalsand performance standards. Since thesurveys began in 2008, rising approvalratings from internal customers beartestimony to the commitment thatstaff place on a culture of quality atthe workplace.

Standing tall: SIM’s newannex building at theClementi campus


average of 55 training hours per year. Ontop of the formal training, there were avariety of informal learning opportunitiesthat staff enjoyed.

These included the Executive LearningSeries which provided valuable insightsinto the workings of the senior executive’smind through sharing by speakers fromindustry. Topics covered during the yearincluded Disney’s Approach to LeadershipExcellence by Sharon Pleggenkuhle,Delivery & Quality Control Manager ofDisney Institute; In Pursuit of the Unknownby Dr Rosemary Tan, CEO of VeredusLaboratories and member of SIMGoverning Council; How to Create aCulture of Innovation and Alignment byPeter Handal, President and CEO of Dale

disruption to business and protect theinterest of stakeholders by minimisingdamage and inconvenience to them.

Empowering our PeopleAs the embodiment of lifelong learning,SIM applies the same philosophy ofdeveloping people to their fullest potentialto its own staff. Several key initiatives intraining and development were introducedin 2010 to support Human Resources inits goals to attract and keep the besttalent, and to empower our people toimprove productivity and innovation.

SIM’s $1.2 million investment in stafftraining and development compared wellwith the wider market. Each staff attendedat least four training programmes, or an

SIM staff at the annualretreat held at ClubMed Bintan

GCS Group Director,Mr Seah Chiong Tian,receiving the Work-LifeAchiever Award fromMr Hawazi Daipi, SeniorParliamentary Secretary,Ministry of Health &Ministry of Manpower

Carnegie & Associates; and The NewNKF…Leaving a Legacy by Mrs EuniceTay, CEO of National Kidney Foundation.

Building Stronger TeamsEmpowerment, teamwork and good staffrelations are the linchpins to a positivecorporate culture and productivity. Inaddition to the various teambuildingevents within each business entity, agroup-wide management retreat wasinaugurated to provide opportunities forsenior management members to bondand strengthen ties, as well as to explorepossible platforms for entities to reapgreater synergies through collaborations.

To encourage stronger staff bonding andbetter understanding of SIM’s vision,

mission and core businesses, new staffwere put through a more comprehensivefull-day orientation programme whichincluded a half-day bonding session withstaff from other entities and a teareception hosted by the heads of entities.

WINNING ACCOLADESAn independent measure of the successof SIM’s staff development programmesand support for national initiatives camein the form of awards achieved.

The Work-Life Achiever AwardSIM was awarded The Work-Life AchieverAward by the Tripartite Committee onWork-Life Strategy in August, one of 70chosen from among over 200 participatingemployers. SIM has earned the sameaward in 2006.


The Work-Life Achiever Award is givento organisations that have implementedcommendable work-life strategies. ThisAward affirmed SIM's commitment tocare for our staff by creating a conduciveenvironment that helps them balancefamily and work commitments.

The Singapore HEALTH AwardSIM also earned the Silver Award at thebiennial Singapore HEALTH (HelpingEmployees Achieve Life-Time Health)Awards organised by the HealthPromotion Board in November. SIMclinched its first Silver Award in 2008.

SIM was recognised with the Silver Awardin 2010 for its range of holistic workplacehealth and wellness programmes, and forproviding health-promoting facilitiessuch as a staff lounge, gymnasium andchildcare facilities.

(From right): HE PresidentS R Nathan with youngtalent Jonathan Shin andProfessor Cham Tao Soon,UniSIM Chancellorand Chairman, at theSIM-sponsored SSOPresident’s YoungPerformers Concert

Total Defence AwardsFor the second year running, SIM wasawarded the Total Defence Awards –Meritorious Defence Partner Award – inJuly. The Total Defence Award recognisessupportive and deserving employerswho have enabled their employees tofulfill their National Service obligationswith ease.

FULFILLING OUR SOCIAL MISSIONAs a society organisation founded on thepremise of contributing to nation buildingthrough manpower training, SIM as aGroup endeavors to live up to its roots.Besides opening doors in life through theprovision of education, we actively giveout scholarships and bursaries todeserving or needy students.

To top the $1.2 million yearly budgetcommitted by the entities to scholarshipsand bursaries, two additional scholarshipswere given out in the name of SIM’sFounding Chairman Dr Richard K M Euand ex-Executive Director Professor YouPoh Seng to honour their respectivecontributions to the development ofSIM and to mangement education inSingapore. These bond-free scholarships,valued at $100,000 each, are givento deserving Singaporeans forundergraduate or post-graduatestudies at any reputable local or overseasuniversity. In 2010, two deservingcandidates were selected out of 100applicants to receive the scholarships.The two candidates are currently pursuingtheir post-graduate studies at CambridgeUniversity and Imperial College London.

Last year also marked the 10th year ofSIM’s sponsorship of the SingaporeSymphony Orchestra (SSO) President’sYoung Performers Series. Ourlong-standing partnership with SSO inthis event stems from our firm belief inthe necessity of a holistic education whichseeks to develop the individual inacademic as well as other areas suchas sports and the arts. Through thissponsorship, we hope to play a small partin giving wings to the dreams of youngmusical talents in Singapore.

First recipients of theRichard K M Euand You Poh SengScholarships withFounding Chairman,Dr Richard K M Eu(2nd from left), SIMGoverning CouncilChairman, Mr Gerard Ee(right), and SIMExecutive Director,Mr Ronald Tan (left)


STAFFDIRECTORYSINGAPORE INSTITUTE OF MANAGEMENT

Executive DirectorMr Ronald Tan Hee Huan

Campus DevelopmentMs Sim Mui Hiang

SIM Membership ServicesMs Tang Mei Sin

SIM Professional DevelopmentMs Peggy Lee (with effect from 1 July 2010)

Mr Jeffery Tan (until 30 June 2010)

Strategic Plans & ResearchMr Jeffery Tan (with effect from 1 July 2010)

Consulting PartnerMr Ong Teong Wan

SIM GROUP CORPORATE SERVICES

Group DirectorMr Seah Chiong Tian

Corporate CommunicationsMs Jocelyn Pang

Estates and FacilitiesMr Goh Boon Beng

Finance & AdministrationMr Eugene Chan

Human ResourcesMs Poh Ca Oon

Infocomm Technology ServicesMr Ang Lek Han

SIM UNIVERSITY

PatronHis Excellency President S R Nathan

Chancellor and ChairmanProfessor Cham Tao Soon

Academic AdvisorsProfessor Aline WongProfessor Eddie KuoProfessor Saravanan Gopinathan(with effect from 15 October 2010)

PresidentProfessor Cheong Hee Kiat

ProvostProfessor Tsui Kai Chong

RegistrarAssociate Professor Yip Woon Kwong

Vice President (Learning Services)Vacant

SCHOOL OF ARTS AND SOCIAL SCIENCESActing DeanAssociate Professor Genice Ngg(with effect from 1 July 2010)

DeanAssociate Professor Neelam Aggarwal(until 30 June 2010)

SCHOOL OF BUSINESSDeanProfessor Koh Hian Chye

SCHOOL OF HUMAN DEVELOPMENTAND SOCIAL SERVICESDeanProfessor Tan Ngoh Tiong

SCHOOL OF SCIENCE AND TECHNOLOGYActing DeanAssociate Professor Philip Cheang(with effect from 1 April 2010)

DeanProfessor Chong Chee Leong(until 31 March 2010)

CENTRE FOR APPLIED RESEARCHDr Vincent Chua(Acting Director, with effect from 1 August 2010)

Associate Professor Chan Yoke Kai(until 31 July 2010)

DEPARTMENTSPlanning and FinanceMs May Goh

Office of Graduate StudiesAssociate Professor Chay Yue Wah

Educational Technology and ProductionAssociate Professor Sharen Liu

Teaching and Learning CentreAssociate Professor Neelam Aggarwal(with effect from 1 July 2010)

Campus IT ServicesMr Gary Teo

Office of Academic ServicesMs Agnes Kwang (with effect from 1 July 2010)

Mr Zenon Teh (until 30 June 2010)

Office of AdmissionsMs Serene Lim

Office of Student & Alumni RelationsMs Evelyn Chong

SINGAPORE INSTITUTE OF MANAGEMENTPTE LTD (SIM GLOBAL EDUCATION)

Chief Executive OfficerAdjunct Professor Lee Kwok Cheong

Assistant Chief ExecutiveMs Peggy Lim

Academic ServicesMr Aaron Tan (with effect from 25 Jan 2010)

Higher EducationMrs Ho Soon EngMr Chiow Boon KengMr Lim Kuan Meng

Student Life and ServicesMrs Ho Soon Eng

Student RegistryMs Mary Lee

Quality AssuranceMr Lee Khim Song

Business & Marketing RelationsMs Judy Wong

IT & Facilities ManagementMs Tham Ai Chyn

Organisation DevelopmentMs Yong Mai Vean


CORPORATEINFORMATIONThe Singapore Institute of Management is anot-for-profit professional membership organisation.It was incorporated and registered under theSocieties Ordinance (Ch. 228) on 28 November 1964.

The principal activities of the Institute includemembership services, higher and continuingeducation, the provision of human resourcedevelopment and training opportunities, andcustomised in-company training in Singaporeand the region.

REGISTERED ADDRESSESSIM Headquarters & SIM University461 Clementi RoadSingapore 599491

CENTRESSIM Management House41 Namly AvenueSingapore 267616

SIM Clementi Centre535A Clementi RoadSingapore 599490

SIM Global Education Campus @ Ulu Pandan100 Ulu Pandan RoadSingapore 596471

CONTACT INFORMATIONSIM UniversityTel: (65) 6248 9777Fax: (65) 6763 9077Email: [email protected]: www.unisim.edu.sg

SIM Global EducationTel: (65) 6248 9746Fax: (65) 6462 9411Email: [email protected]: www.simge.edu.sg

SIM Professional DevelopmentTel: (65) 6246 6746Fax: (65) 6467 4401Email: [email protected]: www.sim.edu.sg

SIM Membership ServicesTel: (65) 6248 9489Fax: (65) 6462 5751Email: [email protected]: www.sim.edu.sg

CHARITY REGISTRATION NUMBER00180

UNIQUE ENTITY NUMBERS64SS0050A

TRUSTEESBritish & Malayan Trustees Ltd1 Coleman Street#08-01 The AdelphiSingapore 179803(Date of appointment: 4 June 1974)

Estate and Trust Agencies (1927) Limited51 Emerald Hill RoadSingapore 229327(Date of appointment: 31 May 1986)

PRINCIPAL BANKERCitibank, N.A.3 Temasek Avenue#17-00 Centennial TowerSingapore 039190

LAWYERRamdas & Wong36 Robinson Road#10-01 City HouseSingapore 068877

AUDITORDeloitte & Touche LLP6 Shenton Way, #32-00DBS Building Tower TwoSingapore 068809

SINGAPORE INSTITUTE OF MANAGEMENT ANNUAL REPORT 201064

3

ContentsStatement by governing council 1

Independent auditors’ report 2

Statements of financial position 3

Statement of comprehensive income 4

Statement of changes in equity 5 - 7

Consolidated statement of cash flows 8

Notes to financial statements 9 - 44

THELANDSCAPE

c h a n g i n gSINGAPORE INSTITUTE OF MANAGEMENT FINANCIAL REPORT 2010

1 Singapore inStitute of management FINANCIAL REpoRt 2010 2

Independent AudItors’ report

Report on the Financial StatementsWe have audited the accompanying financial statements of Singapore Institute of Management (the “Institute”) and its subsidiaries (the “Group”) which comprise the statements of financial position of the Group and Institute as at December 31, 2010, 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 notes, as set out on pages 3 to 44.

Management’s Responsibility for the Financial Statementsthe Institute’s Governing Council (“Governing Council”) is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Societies Act, Cap. 311 (the “Act”) and Singapore Financial Reporting Standards and for devising and maintaining a system of internal accounting controls sufficient to provide reasonable assurance that assets are safeguarded against loss from unauthorised use of disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.

Auditors’ Responsibilityour 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 whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. the procedures selected depend on the auditor’s judgement, 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 entity’s preparation of financial statements that give a true and fair view 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 entity’s 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.

OpinionIn 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 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 December 31, 2010 and of the results and changes in equity of the Group and of the Institute and changes in cash flows of the Group for the year ended on that date.

Report on Other Legal and Regulatory RequirementsIn our opinion, the accounting and other records required by the Act to be kept by the Institute have been properly kept in accordance with the provisions of the Act.

Deloitte & Touche LLPPublic Accountants andCertified Public AccountantsSingaporeMarch 23, 2011

In the opinion of the Governing Council, 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 as set out on pages 3 to 44 are drawn up so as to give a true and fair view of the state of affairs of the Group and Institute as at December 31, 2010, and of 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.

ON BEHALF OF THE GOVERNING COUNCIL

Mr Gerard Ee Hock Kim

Mr Ronald Tan Hee Huan

March 23, 2011

stAteMent BY GoVernInG CounCIL

TO THE MEMBERS OF SINGAPORE INSTITUTE OF MANAGEMENT


stAteMents oF FInAnCIAL posItIonDECEMBER 31, 2010

See accompanying notes to financial statements.

stAteMents oF CoMpreHensIVe InCoMeYEAR ENDED DECEMBER 31, 2010

Group Institute 2010 2009 2010 2009 Note $’000 $’000 $’000 $’000 ASSETS

Current aSSetSCash and cash equivalents 6 231,034 250,576 64,754 96,255Sundry debtors, deposits and prepayments 7 14,656 13,615 7,418 6,767Forward foreign exchange contracts 8 1,549 1,067 165 4Financial assets at fair value through profit or loss 9 9,874 9,583 7,846 7,591Held-to-maturity financial assets 10 28,077 19,326 9,000 9,285total Current Assets 285,190 294,167 89,183 119,902

non-Current aSSetSAvailable-for-sale investments 11 51,935 55,902 28,037 39,355Held-to-maturity financial assets 10 15,503 6,774 6,775 6,774Subsidiaries 12 - - 2,500 2,500property, plant and equipment 13 202,498 137,512 187,460 123,740total Non-Current Assets 269,936 200,188 224,772 172,369

totaL aSSetS 555,126 494,355 313,955 292,271

LIABILITIES, RESERVES AND FUND BALANCES

Current LiaBiLitieSSundry creditors 14 50,432 40,571 26,682 23,143Course and membership fees received in advance 43,704 43,257 557 771Government grants received in advance 15 21,037 22,332 20,730 22,038Forward foreign exchange contracts 8 - 73 - - total Current Liabilities 115,173 106,233 47,969 45,952

reSerVeS anD funD BaLanCeSAccumulated surplus General fund 344,740 302,089 261,306 240,908 Education fund 16 86,754 77,247 - - Star fund 17 - 467 - 467 431,494 379,803 261,306 241,375

other restricted funds 18 615 375 - - Hedging reserve 19 1,299 1,061 - - Fair value reserve General fund 4,680 4,944 4,680 4,944 Education fund 16 1,865 1,939 - - 6,545 6,883 4,680 4,944total Reserves and Fund Balances 439,953 388,122 265,986 246,319

totaL LiaBiLitieS, reSerVeS anD funD BaLanCeS 555,126 494,355 313,955 292,271

Group Institute 2010 2009 2010 2009 Note $’000 $’000 $’000 $’000 incomeCourse, conference and consultancy 214,397 195,900 8,233 7,498Membership fees and services 1,229 2,324 1,321 2,390Government grants utilised 15 1,410 1,445 1,306 1,306Interest income 3,104 3,420 1,415 1,861Rental income 2,904 2,227 1,085 1,165Dividend income 476 378 20,226 20,248Group Corporate Services charges from subsidiaries - - 23,013 20,680other income 2,326 3,197 286 460total Income 225,846 208,891 56,885 55,608

expenditureCourse, conference and consultancy 92,579 80,863 5,424 5,611Membership expenses 1,795 1,884 1,795 1,884Donations to outside parties 89 118 61 86Administrative expenses 21 85,630 78,622 33,866 32,256other gains and losses 22 (6,042) (2,896) (4,296) (1,680)total Expenditure 174,051 158,591 36,850 38,157

excess of income over expenditure 51,795 50,300 20,035 17,451

other comprehensive incomeCash flow hedges 25 238 3,081 - - Available-for-sale investments 25 (338) 9,539 (264) 6,823Funds utilised – Net 240 (227) - - total other comprehensive income (expense) for the year, net of tax 140 12,393 (264) 6,823

total comprehensive income for the year 51,935 62,693 19,771 24,274

See accompanying notes to financial statements.


GROUP ––––––––––––general fund–––––––––––– ––––––––––––education fund–––––––––– fair fair other accumulated value Sub accumulated value Sub Star restricted Hedging surplus reserve total surplus reserve total fund funds reserve total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Balance at January 1, 2009 262,988 (1,879) 261,109 66,891 (777) 66,114 - 602 (2,020) 325,805

total comprehensive income for the year 39,944 6,823 46,767 10,356 2,716 13,072 - (227) 3,081 62,693

transfers (843) - (843) - - - 843 - - -

Utilisation - - - - - - (376) - - (376)

Balance at December 31, 2009 302,089 4,944 307,033 77,247 1,939 79,186 467 375 1,061 388,122

total comprehensive income for the year 42,288 (264) 42,024 9,507 (74) 9,433 - 240 238 51,935

transfers 363 - 363 - - - (363) - - -

Utilisation - - - - - - (104) - - (104)

Balance at December 31, 2010 344,740 4,680 349,420 86,754 1,865 88,619 - 615 1,299 439,953

stAteMents oF CHAnGes In eQuItYYEAR ENDED DECEMBER 31, 2010


accumulated fair value Star surplus reserve fund total $’000 $’000 $’000 $’000

institute

Balance at January 1, 2009 224,300 (1,879) - 222,421

total comprehensive income for the year 17,451 6,823 - 24,274

transfer to Star fund (843) - 843 -

Utilisation of Star fund - - (376) (376)

Balance at December 31, 2009 240,908 4,944 467 246,319 total comprehensive income for the year 20,035 (264) - 19,771

transfer from Star fund 363 - (363) -

Utilisation of Star fund - - (104) (104)

Balance at December 31, 2010 261,306 4,680 - 265,986

stAteMents oF CHAnGes In eQuItYYEAR ENDED DECEMBER 31, 2010

Group 2010 2009 $’000 $’000

operating activities Excess of income over expenditure 51,795 50,300 Adjustments for: Writeback of doubtful debts - (16) Change in fair value of forward foreign exchange contracts (317) (414) Change in fair value of fair value through profit or loss investments (291) (1,713) Depreciation expense 15,235 13,965 Gain on disposal of available-for-sale investments (3,551) - Loss on disposal of held-to-maturity investments 180 - Management fees incurred on available-for-sale investments 364 258 Interest income (3,104) (3,420) Dividend income - (378) Government grants utilised (1,410) (1,445) other restricted funds utilised (366) (228) Gain on disposal of property, plant and equipment (75) (34) Utilisation of Star fund (104) (376) operating cash flows before movements in working capital 58,356 56,499

Sundry debtors, deposits and prepayments (1,255) (1,397) Sundry creditors 9,861 16,093 Course and membership fees received in advance 447 (3,430) Cash generated from operations 67,409 67,765

Interest received 3,318 3,084 Dividends received - 378Net cash from operating activities 70,727 71,227

investing activities proceeds from disposal of property, plant and equipment 3,015 56 purchase of property, plant and equipment (83,161) (51,907) proceeds on disposal of available-for-sale financial asset 23,172 - purchase of available-for-sale financial assets (16,527) - proceeds on matured held-to-maturity financial asset 19,316 7,000 purchase of held-to-maturity financial assets (36,805) (8,756)Net cash used in investing activities (90,990) (53,607)

financing activities Government grants refunded (Note 15) (15) - Government grants received (Note 15) 130 120 other restricted funds received (Note 18) 606 1Net cash from financing activities 721 121

Net (decrease) increase in cash and cash equivalents (19,542) 17,741Cash and cash equivalents at beginning of year 250,576 232,835Cash and cash equivalents at end of year 231,034 250,576

ConsoLIdAted stAteMent oF CAsH FLoWsYEAR ENDED DECEMBER 31, 2010

See accompanying notes to financial statements. See accompanying notes to financial statements.


notes to FInAnCIAL stAteMentsDECEMBER 31, 2010

1 GENERAL

the Institute (UEN S64SS0050A) is registered in the Republic of Singapore with its registered office and principal place of operations at 461 Clementi Road, Singapore 599491. It is also subject to the provisions of the Charities Act, Chapter 37. the financial statements are expressed in Singapore dollars.

the principal activities of the Institute comprise the provision of membership services to its members, the conduct of short seminars and customised in-company training. It also functions as a Group Corporate Services Centre providing service support to its subsidiaries’ operations. the principal activities of subsidiaries are disclosed in Note 12 to the financial statements.

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 December 31, 2010 were authorised for issue by the Governing Council at their meeting on March 23, 2011.

on January 1, 2009, in order to provide synergy and to facilitate strategic and efficient deployment of resources, Singapore Institute of Management acquired from Singapore Institute of Management pte Ltd the business undertakings of the professional Development division. the acquisition was accounted for using the merger accounting method.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING – 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”).

ADOPTION OF REVISED STANDARDS – In the current financial year, the Group has adopted all the revised FRSs that are relevant to its operations and effective for annual periods beginning on January 1, 2010.

the following are the new amended FRS that are relevant to the Group:

FRS 27 (Revised) – Consolidated and Separate Financial Statements FRS 103 (Revised) – Business Combinations

the adoption of these revised FRSs has no material effect on the amounts reported for the current or prior years.

At the date of authorisation of these financial statements, the following FRS that is relevant to the Company was issued but not effective:

FRS 24 (Revised) – Related party Disclosures Improvements to FRS 1 – presentation of Financial Statements Improvements to FRS 27 (Revised) – Consolidated and Separate Financial Statements Improvements to FRS 103 (Revised) – Business Combinations Improvements to FRS 107 – Financial Instruments: Disclosures

Consequential amendments were also made to various standards as a result of the new standards.

Management anticipates that the adoption of the above FRSs, INt FRSs and amendments to FRSs that in future periods will not have a material impact on the financial statements of the Group in the period of their initial adoption.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

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.

STAR FUND – the Skills training and Rebate Fund (“StAR Fund”) comprised funds transferred from the general fund for the purpose of offering rebates to members for membership subscription fees. Any amounts utilised will be transferred from the fund to profit or loss. At the end of the scheme, any excess funds recorded in StAR Fund will be taken directly to the general fund.

OTHER RESTRICTED FUNDS – Sponsorship-Award 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 profit or loss to match the designated expenditure. Any shortfall of income from the fund for a particular year will be taken directly to profit or loss.

BASIS OF CONSOLIDATION – the consolidated financial statements incorporate the financial statements of the Institute and enterprises controlled by the Institute (its subsidiaries). Control is achieved where the Institute has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities.

the results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies used into line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

In the Institute’s financial statements, investments in subsidiaries are carried at cost less any impairment in net recoverable value that has been recognised in profit or loss.

MERGER ACCOUNTING – the acquisition of the professional Development division (“Division”) of Singapore Institute of Management pte Ltd has been accounted for using the merger accounting method as the transaction involved entities under the common control of the ultimate holding entity, Singapore Institute of Management. Accordingly, the Institute’s financial statements had been prepared as if the Division has always been part of the Institute under the merger accounting method as the Division is ultimately controlled by the same controlling party before and after the acquisition, with a continuation of the risks and benefits to the controlling party that existed prior to the transaction.

FINANCIAL INSTRUMENTS – Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument.




Financial assets Investments are recognised and de-recognised on a trade date where the purchase or sale of

an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value plus transaction costs.

other financial assets are classified into the following specified categories: financial assets at “fair value through profit or loss”, “held-to-maturity investments”, “available-for-sale” financial assets and “loans and receivables”. the classification depends on the nature and purpose of financial assets and is determined at the time of initial recognition.

Financial assets at fair value through profit or loss (FVTPL) Financial assets are classified as at FVtpL where the financial asset is either held for trading or

it is designated as at FVtpL.

A financial asset is classified as held for trading if: • ithasbeenacquiredprincipallyforthepurposeofsellinginthenearfuture;or • itisapartofanidentifiedportfoliooffinancialinstrumentsthattheGroupmanagestogether

and has a recent actual pattern of short-term profit-taking; or • itisaderivativethatisnotdesignatedandeffectiveasahedginginstrument.

A financial asset other than a financial asset held for trading may be designated as at FVtpL upon initial recognition if:

• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

• the financial asset forms part of a group of financial assets or financial liabilities or both,which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or

• itformspartofacontractcontainingoneormoreembeddedderivatives,andFRS39FinancialInstruments: Recognition and Measurement permits the entire combined contract (asset or liability) to be designated as at FVtpL.

Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in income or expenditure. the net gain or loss recognised in income or expenditure incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 4.

Held-to-maturity investments Bonds with fixed or determinable payments and fixed maturity dates where the Group has a

positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortised cost using the effective interest method less impairment, with revenue recognised on an effective yield basis.


Available-for-sale financial assets Certain investments held by the Group are classified as being available for sale and are stated at

fair value. Fair value is determined in the manner described in Note 4. Gains and losses arising from changes in fair value are recognised in other comprehensive income with the exception of impairment losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets which are recognised directly in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognised in other comprehensive income and accumulated in revaluation revenue is reclassified to profit or loss. Dividends on available-for-sale equity instruments are recognised in profit or loss when the Group’s right to receive payments is established. the fair value of available-for-sale monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of reporting date. the change in fair value attributable to translation differences that result from a change in amortised cost of the asset is recognised in profit or loss, and other changes are recognised in other comprehensive income.

Effective interest method the effective interest method is a method of calculating the amortised cost of a financial

instrument and of allocating interest income or expense over the relevant period. the effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period. Income and expense is recognised on an effective interest basis for debt instruments.

Sundry debtors Sundry debtors that have fixed or determinable payments that are not quoted in an active market

are classified as “loans and receivables”. Sundry debtors are initially measured at fair value and subsequently measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate method, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets Financial assets, other than those at fair value through profit or loss, are assessed for indicators

of impairment at the end of each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial asset have been impacted.

For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

the carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of sundry debtors where the carrying amount is reduced through the use of an allowance account. When a sundry debtor is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.




Impairment of financial assets (cont’d) With the exception of available-for-sale equity instruments, 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 loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

In respect of available-for-sale equity instruments, any subsequent increase in fair value after an impairment loss, is recognised directly in other comprehensive income.

Derecognition of financial assets the Group derecognises a financial asset only when the contractual rights to the cash flows

from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Financial liabilities other payables are initially measured at fair value, net of transaction costs, and are subsequently

measured at amortised cost, using the effective interest rate method, with interest expense recognised on an effective yield basis.

Derecognition of financial liabilities the Group derecognises financial liabilities when, and only when, the Group’s obligations are

discharged, cancelled or they expire.

Derivative financial instruments the Group uses derivative financial instruments such as forward foreign exchange contracts to

manage its exposure to foreign exchange rate risk.

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 profit or loss 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 statements depends on the nature of the hedge relationship. the Group designates certain derivatives as hedges of highly probable forecast transactions.

A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. other derivatives are presented as current assets or current liabilities.


Hedge accounting the Group and Institute designate certain hedging instruments which includes forward foreign

exchange contracts as cash flow hedges.

At the inception of the hedge relationship the entity documents the relationship between the hedging instrument and hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Note 19 contains details of the fair values of the derivative instruments used for hedging purposes. Movements in the hedging reserve are also detailed in the statements of changes in equity.

Cash flow hedge the effective portion of changes in the fair value of derivatives that are designated and qualify

as cash flow hedges are recognised in other comprehensive income. the gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of other gains and losses.

Amounts recognised in other comprehensive income are recycled in profit or loss in the periods when the hedged item is recognised in statement of comprehensive income.

Hedge accounting is discontinued when the Group revokes the hedging relationship, the

hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in reserve at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in reserve is recognised immediately in profit or loss.

LEASES – Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the lease income.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.




PROPERTY, PLANT AND EQUIPMENT – property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Artifacts and paintings included in office equipment, furniture and fittings are not depreciated.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, using the straight-line method, on the following bases:

Leasehold land, building and improvements – 2% to 5.55% office premises – 2% office equipment, furniture and fittings (excluding artifacts and paintings) – 25% Motor vehicles – 20% Computers – 33.33%

Fully depreciated assets still in use are retained in the financial statements.

the estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

No depreciation is charged on construction-in-progress.

the gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amounts of the asset and is recognised in the income or expenditure.

IMPAIRMENT OF ASSETS – At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.


PROVISIONS – provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

the amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

GOVERNMENT GRANTS – these represent contributions made by the government for the Group. Government grants received for the purchase of property, plant and equipment or to meet operating expenses are taken to the government grants received in advance account. Grants for the purpose of property, plant and equipment are recognised in profit or loss over the periods necessary to match the depreciation of the assets purchased with the related grants. Government grants to meet operating expenses are recognised as income in the same year the expenses are incurred.

REVENUE RECOGNITION – Revenue is measured at the fair value of the consideration received or receivable.

Course, conference and consultancy fees are recognised over the duration of the programs.

Membership fees are recognised on a straight line basis over the membership term.

Revenue from the rendering of services that are of a short duration is recognised when the services are completed.

Interest income is recognised on an accrual basis, by reference to the principal outstanding and at the effective interest rate applicable.

Dividend income is recognised when the shareholders’ rights to receive payment have been established.

the Group’s policy for recognition of revenue from operating leases is described above.

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 Group’s and Institute’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

EMPLOYEE LEAVE ENTITLEMENT – Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.




DONATIONS – Donations given are charged to profit or loss when incurred.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – the individual financial statements of each group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). 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 presented in Singapore dollars, which is the functional currency of the Institute, and the presentation currency for the consolidated financial statements.

In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in income or expenditure for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised in other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised in other comprehensive income.

CASH AND CASH EQUIVALENTS – Cash and cash equivalents comprise cash on hand and at bank and fixed deposits which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d)

(i) Critical judgements in applying the Group’s accounting policies Management is of the opinion that any instances of application of judgements are not

expected to have a significant effect on the amounts recognised in the financial statements except as follows:

Classification of held-to-maturity investments the Group follows the guidance of FRS 39 on classifying non-derivative financial assets

with fixed or determinable payment and fixed maturity as held-to-maturity. this classification requires significant judgement. In making this judgement, the Group evaluates its intention and ability to hold such investments to maturity. If the Group fails to hold these investments to maturity other than for the specific circumstances, for example, selling an insignificant amount close to maturity, it will be required to reclassify the entire class as available for sale. the investment would therefore be measured at fair value and no longer at amortised cost.

(ii) Key sources of estimation uncertainty the key assumptions concerning the future, and other key sources of estimation uncertainty

at the end of the reporting period, that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are as discussed below.

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 8, 9, 10 and 11.

Useful lives of property, plant and equipment Management exercises their judgement in estimating the useful lives of property, plant and

equipment and reviews the useful lives at the end of each annual reporting period. the total carrying amount of property, plant and equipment of the Group and Institute is $202,498,000 (2009 : $137,512,000) and $187,460,000 (2009 : $123,740,000) respectively.



4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT

(a) Categories of financial instruments the following table sets out the financial instruments as at the end of the reporting period:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 financial assets Cash and cash equivalents 231,034 250,576 64,754 96,255 Loans and receivables 7,754 8,876 6,976 6,291 Forward foreign exchange contracts 1,549 1,067 165 4 Financial assets at fair value through profit or loss 9,874 9,583 7,846 7,591 Available-for-sale-investments 51,935 55,902 28,037 39,355 Held-to-maturity investments 43,580 26,100 15,775 16,059

financial liabilities Sundry creditors 50,080 40,251 26,536 22,974 Forward foreign exchange contracts - 73 - -

(b) Financial risk management policies and objectives the Group has documented financial risk management policies. these policies set out

the Group’s overall business strategies and its risk management philosophy. the Group’s overall financial risk management programme seeks to minimise potential adverse effects of financial performance of the Group. the Governing Council provides written principles for overall financial risk management and written policies covering specific areas, such as market risk (including foreign exchange risk, interest rate risk, and equity price risk), credit risk, liquidity risk, cash flow interest rate risk, use of derivative financial instruments and investing excess cash. Such written policies are reviewed annually by the Governing Council and periodic reviews are undertaken to ensure that the Group’s policy guidelines are complied with. Risk Management is carried out by treasury Department under the policies approved by the Governing Council.

there has been no significant change to the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below.

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (cont’d)

i) Foreign exchange risk management A portion of the Group’s and the Institute’s available-for-sale investments and expenses

are denominated in United States dollar, Sterling pound and Australian dollar and therefore is exposed to foreign exchange risk.

At the end of the reporting period, the carrying amounts of monetary assets and monetary liabilities denominated in currencies other than the respective group entities’ functional currencies are as follows:

Group Institute assets Liabilities assets Liabilities 2010 2009 2010 2009 2010 2009 2010 2009 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Australian dollar 1,369 950 296 891 - - - - United States dollar 32,170 29,547 31 41 18,563 21,398 - - Sterling pound 590 1,038 156 129 - - - -

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 8 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 management deems reasonably possible which will affect outstanding foreign currency denominated monetary items at period end.

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, profit or loss will increase (decrease) by:

Australian United States Sterling dollar impact dollar impact pound impact 2010 2009 2010 2009 2010 2009 $’000 $’000 $’000 $’000 $’000 $’000 group profit or loss 107 6 3,214 2,951 44 91

institute profit or loss - - 1,856 2,140 - -

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 profit and loss.

In management’s 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.




(ii) Interest rate risk management the Group is exposed to interest rate risk through the impact of rate changes on

interest bearing assets. the Group maintains its cash and cash equivalents and held-to-maturity financial assets in fixed rate instruments and does not have any significant interest bearing liabilities.

All financial assets and liabilities at year end bear no interest except for cash and fixed deposits and held-to-maturity financial assets. the average interest rate on held-to-maturity financial asset is disclosed in Note 10.

interest rate sensitivity analysis the sensitivity analysis has been determined based on the exposure to interest rates

for cash and cash equivalent 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 management’s 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 Group’s and Institute’s net surplus would increase/decrease by approximately $2.3 million and $0.6 million respectively (2009 : $2.5 million and $1.0 million respectively).

(iii) Credit risk the Group and Institute are not exposed to significant credit risk as most of its fees are

received in advance. In 2009 and 2010, the Group’s sundry debtors comprise mainly of grant receivable from Ministry of Education.

Cash and cash equivalents are held with reputable financial institutions.

(iv) Liquidity risk the Group maintains sufficient cash and cash equivalents, and internally generated cash

flows to finance its activities.

the Group’s and Institute’s derivative financial instruments comprise foreign exchange forward contracts with net mark-to market gain of $1,549,000 (2009 : net mark-to market loss of $994,000) and net mark-to market gain of $165,000 (2009 : net mark-to market gain $4,000) as at December 31, 2010 respectively with contracted gross cash flows due within 1 year (2009 : due within 1 year).

non-derivative financial assets 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. the adjustment column represents the possible future cash flows attributable to the instrument included in the maturity analysis which are not included in the carrying amount of the financial asset on the statement of financial position.


non-derivative financial assets (cont’d)

----------Fixed rate--------- Less 6 months More Non- than 6 to 12 than 12 interest months months months bearing Total $’000 $’000 $’000 $’000 $’000

group2010Cash and cash equivalents 231,021 - - 13 231,034Loans and receivables 314 - - 7,440 7,754Fair value through profit or loss - 9,874 - - 9,874Available-for-sale financial assets - - - 51,935 51,935Held to maturity financial assets 28,077 - 15,503 - 43,580total 259,412 9,874 15,503 59,388 344,177

2009Cash and cash equivalents 236,154 14,408 - 14 250,576Loans and receivables 626 80 - 8,170 8,876Fair value through profit or loss - 9,583 - - 9,583Available-for-sale financial assets - - - 55,902 55,902Held to maturity financial assets 8,020 11,306 6,774 - 26,100total 244,800 35,377 6,774 64,086 351,037

institute2010Cash and cash equivalents 64,745 - - 9 64,754Loans and receivables 99 - - 6,877 6,976Fair value through profit or loss - 7,846 - - 7,846Available-for-sale financial assets - - - 28,037 28,037Held to maturity financial assets 9,000 - 6,775 - 15,775total 73,844 7,846 6,775 34,923 123,388

2009Cash and cash equivalents 93,146 3,100 - 9 96,255Loans and receivables 339 - - 5,952 6,291Fair value through profit or loss - 7,591 - - 7,591Available-for-sale financial assets - - - 39,355 39,355Held to maturity financial assets 5,020 4,265 6,774 - 16,059total 98,505 14,956 6,774 45,316 165,551

non-derivative financial liabilities the Group’s and Institute’s financial liabilities are substantially non-interest bearing and

due within 1 year.




(v) Price risk management the Group is exposed to risks arising from financial assets at fair value through profit and

loss and 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 Notes 9 and 11 to the financial statements.

price sensitivity analysis the sensitivity analyses below have been determined based on the exposure to price

risks at the reporting date. In respect of financial assets at fair value through profit or loss, if prices had been 10% higher/lower, the Group’s and Institute’s net surplus for the year ended December 31, 2010 would increase/decrease by $987,000 (2009 : $958,000) and $784,000 (2009 : $759,000) respectively.

In respect of available-for-sale equity investments, if the prices had been 10% higher/ lower, the Group’s and Institute’s fair value reserves would increase/decrease by $5,150,000 (2009 : $5,590,000) and $2,787,000 (2009 : $3,936,000) respectively.

(vi) Fair value of financial assets and financial liabilities other than the financial assets at fair value through profit and loss, held-to-maturity

financial assets and available-for-sale investments, the carrying amounts of financial assets and liabilities reported in the statement of financial position approximate their respective fair values due to the relatively short-term maturity of these financial instruments. the fair value of financial assets at fair value through profit or loss, held-to-maturity and available-for-sale investments financial assets are disclosed in Notes 9, 10 and 11 respectively.

the fair values of financial assets and financial liabilities are determined as follows:

i) the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices;

ii) the fair values of other financial assets and financial liabilities (excluding derivative financial instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis; and

iii) the fair value of derivative financial instruments are calculated using quoted prices. Where such prices are not available, discounted cash flow analysis is used, based on the applicable yield curve of the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives, where applicable.


(vi) Fair value of financial assets and financial liabilities (cont’d) the Group classifies fair value measurements using a fair value hierarchy that reflects the

significance of the inputs used in making the measurements. the fair value hierarchy has the following levels:

(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e.derived from prices) (Level 2); and

(c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

financial instruments measured at fair value

Total Level 1 Level 2 Level 3 $’000 $’000 $’000 $’000

financial assets group 2010 Financial assets at fair value through profit or loss: - other financial assets at fair value through profit or loss 9,874 - 9,874 - - Forward foreign exchange contracts 1,549 1,549 - - 11,423 1,549 9,874 -

Available-for-sale investments: - Funds managed by fund managers 37,497 - 37,497 - - Quoted preference shares 14,438 14,438 - - 51,935 14,438 37,497 -

total 63,358 15,987 47,371 -

2009 Financial assets at fair value through profit or loss: - other financial assets at fair value through profit or loss 9,583 - 9,583 - - Forward foreign exchange contracts 1,067 1,067 - - 10,650 1,067 9,583 -


total 66,552 6,192 60,360 -




financial instruments measured at fair value (cont’d)

Total Level 1 Level 2 Level 3 $’000 $’000 $’000 $’000

institute 2010 Financial assets at fair value through profit or loss: - other financial assets at fair value through profit or loss 7,846 - 7,846 - - Forward foreign exchange contracts 165 165 - - 8,011 165 7,846 -


total 36,048 3,331 32,717 -

2009 Financial assets at fair value through profit or loss: - other financial assets at fair value through profit or loss 7,591 - 7,591 - - Forward foreign exchange contracts 4 4 - - 7,595 4 7,591 -

Available-for-sale investments: - Funds managed by fund managers 36,282 - 36,282 - - Quoted preference shares 3,073 3,073 - - 39,355 3,073 36,282 - total 46,950 3,077 43,873 -

financial Liabilities 2010 the Group and Institute have no significant financial liabilities carried at fair value

in 2010.

there were no transfers between Level 1 and Level 2 of the fair value hierarchy during the financial year.

(c) Capital risk management policies and objectives the Group reviews its capital structure at least annually to ensure that the Group will be able

to continue as a going concern. the capital structure of the Group comprises only of funds and reserves. the Group’s overall strategy remains unchanged from 2009.

5 RELATED COMPANY AND RELATED PARTY TRANSACTIONS

Many of the Institute’s transactions and arrangements are between members of the Group and the effect of these on the basis determined between the parties is reflected in these financial statements. the intercompany balances are unsecured, interest-free and repayable on demand unless otherwise stated.

transactions between the Institute and its subsidiaries, which are related companies of the Institute, have been eliminated on consolidation.

Compensation of key management personnel the remuneration of key management during the year is as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Short-term benefits 9,298 8,882 2,492 2,904 post-employment benefits 328 321 108 129 9,626 9,203 2,600 3,033

the remuneration of key management is determined by the Compensation & 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 and trustees.

2010 2009 $’000 $’000 $900,001 - $950,000 1 1 $550,001 - $600,000 1 - $500,001 - $550,000 - 1 $450,001 - $500,000 2 1 $400,001 - $450,000 - 1 $350,001 - $400,000 1 1 $300,001 - $350,000 2 3 $250,001 - $300,000 3 3 $200,001 - $250,000 9 8 $150,001 - $200,000 12 9 $100,001 - $150,000 4 7 $100,000 and below 16 3 51 38



6 CASH AND CASH EQUIVALENTS

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Fixed and savings deposits 217,787 236,153 61,520 90,762 Cash and bank balances 13,247 14,423 3,234 5,493 231,034 250,576 64,754 96,255

Cash and bank balances comprise cash held and short-term bank deposits with an original maturity of within 12 months. the carrying amounts of these assets approximate their fair values.

Fixed and savings deposits bear interest at average rates ranging from 0.06% to 4.48% (2009 : 0.05% to 1.97%) per annum and are for a tenure of approximately 0.5 day to 12 months (2009 : 1 day to 12 months).

the Group’s and Institute’s cash and cash equivalents that are not denominated in the functional currencies of the respective entities are as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Australian dollar 1,324 950 - - United States dollar 34 35 34 2 Sterling pound 590 1,038 - -

7 SUNDRY DEBTORS, DEPOSITS AND PREPAYMENTS

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Membership debtors - 5 - 5 Subsidiary (Note 12) - - 4,718 1,940 Course fee receivable (trade) 898 1,610 589 817 Staff loans 14 35 12 31 Interest receivable 424 638 99 339 other debtors 6,418 6,588 1,558 3,159 7,754 8,876 6,976 6,291 prepayments 6,797 4,680 348 435 Deposits 105 59 94 41 total 14,656 13,615 7,418 6,767

7 SUNDRY DEBTORS, DEPOSITS AND PREPAYMENTS (cont’d)

the table below is an analysis of the Group’s and Institute’s sundry debtors as at December 31:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Not past due and not impaired 7,250 6,264 6,748 5,805 past due but not impaired (i) 504 2,612 228 486 total sundry debtors 7,754 8,876 6,976 6,291

(i) Aging of the Group’s and Institute’s sundry debtors which are past due but not impaired < 90 days 395 1,261 194 213 > 90 days 109 1,351 34 273 total 504 2,612 228 486

the Group and Institute have no impaired sundry debtors as at December 31, 2010 and 2009.

Movement in allowance: Group 2010 2009 $’000 $’000 At beginning of year - 16 Reversal to profit or loss - (16) at end of year - -

the Group’s and Institute’s sundry debtors and deposits that are not denominated in the functional currencies of the respective entities are as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Australian dollar 45 4 - - United States dollar 2,310 2,286 - -



8 FORWARD FOREIGN EXCHANGE CONTRACTS

Group Institute assets Liabilities assets Liabilities 2010 2009 2010 2009 2010 2009 2010 2009 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

forward foreign exchange contracts 1,549 1,067 - 73 165 4 - -

the Group and Institute utilise currency derivatives to hedge significant future transactions and cash flow. the Group and Institute use forward foreign exchange contracts in the management of its exchange rate exposure. the instruments purchased are denominated in the currency of the Group’s and Institute’s principal markets.

At the end of the reporting period, the total notional amount of outstanding forward foreign exchange contracts to which the Group and Institute are committed are as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Buy AUD 11,000 14,500 - - Sell SGD 12,748 16,845 - -

Buy SGD 52,191 19,925 21,063 19,925 Sell USD 40,240 14,200 16,240 14,200

Buy GBp - 600 - - Sell SGD - 1,429 - -

Buy USD - 3,220 - - Sell SGD - 4,493 - -

At December 31, 2010, the fair value of the Group’s currency derivatives is estimated to be approximately $1,549,000 recognised as derivative assets and $Nil recognised as derivative liabilities (2009 : $1,067,000 recognised as derivative assets and $73,000 as derivative liabilities). these fair values are measured using quoted forward exchange rates.

At December 31, 2010, the fair value of the Institute’s currency derivatives is estimated to be approximately $165,000 recognised as derivative assets (2009 : $4,000 recognised as derivative assets). these fair values are measured using quoted forward exchange rates.

the fair value of the Group’s currency derivatives that are designated and effective as cash flow hedges amounting to a gain of $1,299,000 (2009 : $1,061,000) has been recognised in other comprehensive income. the fair value of the Group’s and Institute’s currency derivatives that do not qualify for hedge accounting of $250,000 (gain) and $165,000 (gain) respectively (2009 : $67,000 (loss) and $4,000 (gain) respectively) have been taken to profit or loss.

9 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Group Institute issue date maturity dates 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Credit linked notes april 9, 2008 to July 31, 2011 to July 31, 2008 march 20, 2013 9,874 9,583 7,846 7,591

the credit linked notes have nominal values amounting to $10,000,000 with coupon ranging from 4.5% to 5.1% per annum. their maturity dates range from July 2011 to March 2013. the average effective interest rate of the credit linked notes ranges from 4.5% to 5.1% per annum.

the fair values of the credit link notes are determined based on estimated valuations derived from market quotations or from proprietary models that take into consideration estimates about relevant present and future market conditions.

10 HELD-TO-MATURITY FINANCIAL ASSETS

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Quoted debt securities at amortised cost: Current 28,077 19,326 9,000 9,285 Non-current 15,503 6,774 6,775 6,774 43,580 26,100 15,775 16,059

the debt securities comprise bonds issued by financial institutions and public listed companies. As at December 31, 2010, the debt securities have nominal values amounting to $43.5 million (2009 : $26.4 million) with coupon rates ranging from 1.2% to 4.8% (2009 : 3.0% to 3.78%) per annum and maturity dates ranging from March 2011 to November 2017 (2009 : February 2010 to November 2017). the average effective interest rate of the debt securities ranges from 1.24% to 3.78% (2009 : 2.38% to 3.78%) per annum.

As at December 31, 2009 and 2010, the Institute held a oCBC bond with a nominal value amounting to $7 million with a fixed coupon rate of 3.78% for the first 5 years to November 28, 2012. If the debt security is not called at the Step-up Date on November 28, 2012, it will bear interest at a floating rate equal to aggregate to the three-month Swap offer Rate and the initial credit spread of 0.72% per annum plus 1% per annum.

All the bonds carry a fixed coupon rate except for the nominal $7 million oCBC bond. the fair values of the securities are provided by banks employing generally market accepted valuation parameters and techniques.

the debt securities have fair value amounting to $43,899,000 (2009 : $26,568,000) and $16,175,000 (2009 : $16,466,000) at the Group and Institute level respectively.

the held-to-maturity financial assets are denominated in the respective entities’ functional currencies.



11 AVAILABLE-FOR-SALE INVESTMENTS

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Funds managed by fund managers, at fair value 37,497 50,777 24,871 36,282 Quoted preference shares, at fair value 14,438 5,125 3,166 3,073 51,935 55,902 28,037 39,355

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 net asset values approximate the fair values as the funds comprise mainly financial assets at fair value through profit or loss and other monetary assets.

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.

the Group’s and Institute’s available-for-sale investments that are not denominated in the functional currencies of the respective entities are as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 united States dollar 29,826 29,512 18,529 21,396

12 SUBSIDIARIES

Institute 2010 2009 $’000 $’000 unquoted equity shares, at cost 2,500 2,500

Details of the Institute’s subsidiaries at December 31, 2010 are as follows:

Country of Proportion incorporation of ownership (or registration) interest and Name of subsidiary and operation voting power Principal activities 2010 2009 % % Held by the institute

Singapore Institute of Singapore 100 100 Engaged in higher and Management pte. Ltd. (b) continuing education

SIM University (a) (b) Singapore 100 100 Engaged in the advancement of education and dissemination of knowledge, the promotion of research and the conferring and awarding of degrees, diplomas and certificates

(a) SIM University is incorporated as a company limited by guarantee on April 14, 2005. SIM University’s constitution states that the Institute’s Governing Council is empowered to appoint or remove any member of SIM University’s 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 SIM University.

(b) Audited by Deloitte & touche LLp, Singapore.



13 PROPERTY, PLANT AND EQUIPMENT

Office Leasehold land, equipment, building and Office furniture Motor Construction improvements premises and fittings vehicles Computers in-progress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 group Cost: At January 1, 2009 133,582 2,073 18,951 493 33,049 1,315 189,463 Additions 83 - 5,161 2 9,925 36,736 51,907 Disposals - - (1,937) - (665) - (2,602)

At December 31, 2009 133,665 2,073 22,175 495 42,309 38,051 238,768 Additions - - 2,951 372 10,925 68,913 83,161 Disposals - - (293) (188) (3,430) - (3,911)

At December 31, 2010 133,665 2,073 24,833 679 49,804 106,964 318,018

Accumulated depreciation: At January 1, 2009 51,897 1,379 12,497 349 23,749 - 89,871 Depreciation for the year 4,742 42 3,531 82 5,568 - 13,965 Disposals - - (1,930) - (650) - (2,580)

At December 31, 2009 56,639 1,421 14,098 431 28,667 - 101,256 Depreciation for the year 4,745 53 4,529 112 5,796 - 15,235 Disposals - - (285) (175) (511) - (971)

At December 31, 2010 61,384 1,474 18,342 368 33,952 - 115,520

Carrying amount: at December 31, 2009 77,026 652 8,077 64 13,642 38,051 137,512

at December 31, 2010 72,281 599 6,491 311 15,852 106,964 202,498

13 PROPERTY, PLANT AND EQUIPMENT (cont’d)

Office Leasehold land, equipment, building and Office furniture Motor Construction improvements premises and fittings vehicles Computers in-progress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000

institute Cost: At January 1, 2009 132,762 2,073 10,202 130 15,812 1,315 162,294 Additions 83 - 3,978 2 2,629 36,736 43,428 Disposals - - (1,890) - (561) - (2,451)

At December 31, 2009 132,845 2,073 12,290 132 17,880 38,051 203,271 Additions - - 1,890 - 1,317 68,913 72,120 Disposals - - (269) - (448) - (717)

At December 31, 2010 132,845 2,073 13,911 132 18,749 106,964 274,674

Accumulated depreciation: At January 1, 2009 51,452 1,379 8,158 107 13,269 - 74,365 Depreciation for the year 4,742 42 1,021 9 1,803 - 7,617 Disposals - - (1,890) - (561) - (2,451)

At December 31, 2009 56,194 1,421 7,289 116 14,511 - 79,531 Depreciation for the year 4,745 53 1,793 9 1,792 - 8,392 Disposals - - (261) - (448) - (709)

At December 31, 2010 60,939 1,474 8,821 125 15,855 - 87,214

Carrying amount: at December 31, 2009 76,651 652 5,001 16 3,369 38,051 123,740

at December 31, 2010 71,906 599 5,090 7 2,894 106,964 187,460



14 SUNDRY CREDITORS

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Subsidiary (Note 12) - - - 2,418 Deposits 352 320 146 169 Accruals and other payables 50,080 40,251 26,536 20,556 50,432 40,571 26,682 23,143

Accruals principally comprise amounts outstanding for ongoing costs.

the Group’s and Institute’s sundry creditors that are not denominated in the functional currencies of the respective entities are as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Australian dollar 296 891 - - United States dollar 31 41 - - Sterling pound 156 129 - -

15 GOVERNMENT GRANTS RECEIVED IN ADVANCE

total $’000 group Balance at January 1, 2009 23,657 Funds received 120 Utilised during the year (1,445) Balance at December 31, 2009 22,332 Funds received 130 Funds refunded (15) Utilised during the year (1,410) Balance at December 31, 2010 21,037

institute Balance at January 1, 2009 23,344 Utilised during the year (1,306) Balance at December 31, 2009 22,038 Funds refunded (2) Utilised during the year (1,306) Balance at December 31, 2010 20,730

16 EDUCATION FUND

the SIM University Education Fund is set up to establish, operate, maintain and promote SIM University as a private university. the SIM University Education Fund has been conferred the Institute of public Character status.

the following represents the SIM University Education Fund: Group 2010 2009 $’000 $’000 Donation received from related company 16,120 18,020 Donation received from external parties 51 64 Interest income 829 644 Fund manager rebates received 48 44 Dividend income 250 130 other operating income 481 - other income 1,700 465 19,479 19,367 Less: Course expenditure 2,254 1,639 Staff and manpower costs 2,469 2,311 Depreciation 3,934 4,120 others 1,315 941 9,972 9,011

Net surplus for the year 9,507 10,356

other comprehensive income for the year Available-for-sale investments 1,940 2,716

total comprehensive income for the year 11,447 13,072

education fund at January 1 Accumulated surplus 77,247 66,891 Fair value reserve (75) (777)

education fund at December 31 88,619 79,186



16 EDUCATION FUND (cont’d)

Group 2010 2009 $’000 $’000 represented by: Current assets Fixed deposits 27,624 41,610 other receivables 247 160 Financial assets at fair value through profit or loss 2,028 1,992 Held-to-maturity financial assets 19,077 10,041 48,976 53,803

non-current assets Available-for-sale investments 23,898 16,547 Held-to-maturity financial assets 8,728 - property, plant and equipment 10,117 9,234 42,743 25,781

Less: Current liability other payables 3,100 398

total net assets 88,619 79,186

17 STAR FUND

the Skills and training Rebate Fund (“StAR Fund”) comprised of funds transferred from the general fund for the purpose of offering rebates to members for membership subscription fee.

Group and Institute $’000

transfer from general fund during the year 843 Utilised during the year (376) Balance at December 31, 2009 467 transfer to general fund during the year (363) Utilised during the year (104) Balance at December 31, 2010 -

In 2010, the unutilised amount was transferred to the general fund as the rebate scheme ceased on December 31, 2010.

18 OTHER RESTRICTED FUNDS

other restricted funds comprise the following 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 Fund received for the purpose of course development Economic Development Board for Biomedical Sciences proof of Concept Scheme and Executive Master in technology Entrepreneurship and Rotnam Design Work.

Research and Sponsorship development awards Other fund fund funds Total $000 $000 $000 $000 group Balance at January 1, 2009 242 97 263 602 Received during the year - 1 - 1 Utilised during the year - (2) (226) (228) Balance at December 31, 2009 242 96 37 375 Received/receivable during the year 200 50 356 606 Utilised during the year - (2) (364) (366) Balance at December 31, 2010 442 144 29 615

represented by: Cash and bank balances: at December 31, 2009 242 96 37 375

at December 31, 2010 442 144 29 615



19 HEDGING RESERVE

Group 2010 2009 $’000 $’000 unrealised gain on outstanding forward foreign exchange contracts 1,299 1,061

the fair values of currency derivatives of the Group that are designated and effective as cash flow hedges amounted to a gain of $1,299,000 (2009 : $1,061,000) and these have been deferred in hedging reserve.

the hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. the cumulative deferred gain or loss on the hedge recognised in other comprehensive income and accumulated hedging reserves is reclassified to income or expenditure when the hedged transaction impacts the profit or loss.

Gains and losses transferred from equity into profit or loss during the period are included in the following items in the statement of comprehensive income:

Group 2010 2009 $’000 $’000 Course expenditure (25) (50)

At the end of the reporting period, the total notional amount of outstanding forward foreign exchange contracts to which the Group are committed for cash flow hedging purposes are as follows:

Group 2010 2009 $’000 $’000 Buy AUD 11,000 14,500 Sell SGD 12,748 16,845

Buy USD - 3,220 Sell SGD - 4,493

20 FAIR VALUE RESERVE

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 At beginning of financial year 6,883 (2,656) 4,944 (1,879) Reclassification to profit or loss from equity on disposal of available-for-sale investments (1,408) - (1,007) - Arising during the year 1,070 9,539 743 6,823 at end of financial year 6,545 6,883 4,680 4,944

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 gain of $1,865,000 (2009 : $1,939,000).

21 ADMINISTRATIVE EXPENSES

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Staff costs (Note 23) 55,454 51,115 16,154 15,574 Depreciation of property, plant and equipment 15,235 13,965 8,392 7,617 Maintenance 6,100 6,117 4,168 4,658 Utilities and telephone 2,354 2,019 2,277 1,966 professional fees 1,655 1,570 756 780 others 4,832 3,836 2,119 1,661 total 85,630 78,622 33,866 32,256

22 OTHER GAINS AND LOSSES

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Gain on disposal of property, plant and equipment (16) (34) (15) (33) Net foreign exchange losses (2) 120 4 1 Fair value gain on forward foreign exchange contracts not used for hedging purposes (2,362) (1,269) (1,631) (222) Change in fair value of fair value through profit or loss investments (291) (1,713) (255) (1,426) Gain on sales of investment (3,371) - (2,399) - (6,042) (2,896) (4,296) (1,680)



23 STAFF COSTS

Included in staff costs are the following amounts:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Wages and salaries 48,200 44,568 13,552 13,276 Cost of defined contribution plans 4,947 4,594 1,504 1,435 other staff benefits 2,307 1,953 1,098 863 55,454 51,115 16,154 15,574

24 TAXATION

With effect from Year of Assessment 2008, the requirement for charities to spend at least 80% of their annual receipts on charitable objects in Singapore within 2 years in order to enjoy income tax exemption has been removed. Consequently, Section 13M has been repealed by Section 13(1)(zm) and the receipts for the financial years ended December 31, 2010 and 2009 are exempt from income tax.

Income tax expense of a subsidiary, Singapore Institute of Management pte. Ltd., varied from the amount of income tax determined by applying the Singapore income tax rate of 17% (2009 : 17%) to profit before income tax as a result of the following differences:

2010 2009 $’000 $’000 Income tax expense at statutory rate 4,456 5,078 Non-allowable items 2,630 3,026 tax effect on utilisation of double tax deduction on donations (7,029) (7,970) others (57) (134) - -

Singapore Institute of Management pte. Ltd. has unutilised donations carry forwards available for off setting against future taxable income as follows:

$’000 At January 1, 2009 1,804 Adjustments 608 Arising in the financial year 45,054 Utilised in the financial year (46,880) At December 31, 2009 586 Adjustments 597 Arising in the financial year 40,304 Utilised in the financial year (41,347) at December 31, 2010 140

24 TAXATION (cont’d)

$’000 Deferred tax benefit on above unrecorded at December 31, 2009 100

at December 31, 2010 24

the realisation of future income tax benefits on unutilised donations carry forwards is available up to a maximum of 5 years subject to the conditions imposed by law including retention of majority shareholders as defined and donations must be deducted from income after capital allowances and trade losses. In 2010 and 2009, no deferred tax asset was recognised in view of the unpredictability of future profit stream.

25 COMPONENTS OF OTHER COMPREHENSIVE INCOME

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Cash flow hedges: Gains arising during the year 1,299 1,061 - - Reclassification to profit or loss from equity on cash flow hedges (1,061) 2,020 - - 238 3,081 - -

available-for-sale investments: Gains (losses) arising during the year 1,070 9,539 743 6,823

Reclassification to profit or loss from equity on disposal of available-for-sale investments (1,408) - (1,007) - (338) 9,539 (264) 6,823

Funds refund (utilised) 240 (227) - -

other comprehensive income for the year, net of tax 140 12,393 (264) 6,823



26 COMMITMENTS

a) Capital expenditure commitments Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Estimated amounts committed for future capital expenditure but not provided for in the financial statements 45,267 98,670 43,090 93,277

b) Forward foreign exchange contracts At the end of the reporting period, the total notional amount of outstanding forward foreign

exchange contracts to which the Group and Institute are committed are as disclosed in Note 8.

27 OPERATING LEASE COMMITMENTS

a) The Group and Institute as lessees

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Minimum lease payments under operating leases recognised as expenditure of the year 6,044 6,072 61 65

At the end of the reporting period, the Group and Institute have outstanding commitments under non-cancellable operating leases which fall due as follows:

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Future minimum lease payments payable: Within 1 year 3,065 6,330 570 554 Within 2 to 5 years 1,238 2,603 908 1,358

operating lease payments represent rentals payable by the Group and Institute for certain of their office equipment. Leases are negotiated for the range from 2 to 5 years and rentals are fixed for an average of 2 to 5 years.

27 OPERATING LEASE COMMITMENTS (cont’d)

b) The Group and Institute as lessors the Group and Institute rent out some of its premises under operating leases. Rental

income earned by the Group and Institute during the year amounted to $2,904,000 (2009 : $2,227,000) and $1,085,000 (2009 : $1,165,000) respectively.

At the end of the reporting period, the Group and Institute have contracted with tenants for the following minimum lease payments:

Group and Institute 2010 2009 $’000 $’000 Future minimum lease payments receivable: Within 1 year 574 784 Within 2 to 5 years 85 294

28 CONTINGENT LIABILITIES

Group Institute 2010 2009 2010 2009 $’000 $’000 $’000 $’000 guarantees (unsecured) 1,500 1,547 105 152

SINGAPORE INSTITUTEOF MANAGEMENT

461 Clementi Road

Singapore 599491

www.sim.edu.sg

Members of The SIM GroupFSC LOGO

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