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Group
Company
Note
2013
2012
2013
2012
S$
S$
S$
S$
ASSETS
Non-current assets
Property, plant and equipment
– Leasehold land
9
36,481,667
–
–
–
– Other property, plant and equipment
9
22,330,313
8,916,572
217,982
173,688
Intangible assets
10
3,224,548
3,549,333
–
–
Investment in subsidiaries
11
–
–
46,219,141
31,219,141
Fee protection insurance deposits
12
–
2,024,177
–
–
School rental deposits
1,828,275
1,787,365
–
–
Staff housing deposits
303,800
398,100
–
–
64,168,603
16,675,547
46,437,123
31,392,829
Current assets
Inventories
13
595,935
567,139
–
–
Trade receivables
14
1,085,040
1,168,898
–
–
Other receivables and deposits
15
374,192
373,699
12,686
6,023
Prepayments
1,116,956
2,004,880
18,382
1,134,126
Fee protection insurance deposits
12
2,031,020
–
–
–
Cash and bank balances
17
111,203,022
2,456,168
68,245,319
723,219
Fixed deposits
17
13,500,000
92,000,000
–
12,000,000
129,906,165
98,570,784
68,276,387
13,863,368
TOTAL ASSETS
194,074,768
115,246,331
114,713,510
45,256,197
EQUITY AND LIABILITIES
Current liabilities
Trade payables
192,699
205,030
–
–
Other payables
18
680,348
734,683
112,215
123,000
Amounts due to subsidiary
16
–
–
–
1,500,000
Fees received in advance
19
37,564,535
37,835,900
–
–
Goods and Services Tax payable
2,416,437
3,191,109
61,125
104,230
Central Provident Fund payable
475,992
448,000
31,834
31,915
Income tax payable
5,014,583
4,071,621
57,560
54,645
46,344,594
46,486,343
262,734
1,813,790
NET CURRENT ASSETS
83,561,571
52,084,441
68,013,653
12,049,578
Non-current liabilities
Deferred tax liabilities
20
1,076,430
1,327,948
–
–
1,076,430
1,327,948
–
–
Net assets
146,653,744
67,432,040
114,450,776
43,442,407
Equity attributable to owners of the
Company
Share capital
21
99,253,226
31,219,241
99,253,226
31,219,241
Revenue reserve
33,570,098
22,382,439
15,197,550
12,223,166
Other reserves
22
13,830,420
13,830,360
–
–
Total equity
146,653,744
67,432,040
114,450,776
43,442,407
BALANCE SHEETS
As at 31 December 2013
The accompanying accounting policies and explanatory notes form an integral part of the consolidated financial statements.
39
Overseas Education Limited AR 2013
INVESTING IN EDUCATION