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Competition Commission of Singapore 83
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (cont’d)
(v)Capital risk management policies and objectives
The Commission manages its capital base in consideration of current economic conditions and its
plan for the year in concern. The request for grants from the Ministry of Trade and Industry (“MTI”)
is made though the annual budget exercise. The Commission is not exposed to any external capital
requirements. However, it is required to comply with FCM No. 26/2008 under the Capital Management
Framework for Statutory Boards.
The capital structure of the Commission consist of accumulated surplus and share capital. The
Commission’s capital structure remains unchanged since 31 March 2013.
5 RELATED PARTY TRANSACTIONS
Some of the Commission’s transactions and arrangements are with related parties and the effect of these
on the basis determined between the parties is reflected in these financial statements. The balances are
unsecured, interest-free and repayable on demand unless otherwise stated.
Nature and amount of individually significant transactions
During the year, the Commission leases an office premise from Urban Redevelopment Authority (“URA”). In
addition, the Commission obtains information technology services from Infocomm Development Authority of
Singapore (“IDA”) since prior year.
2014 2013
$ $
Ministries and Statutory Boards
Grants received from government 14,560,400 14,392,200
Contribution to Consolidated Fund - 329,720
Computer and IT related expenses 282,865 394,999
Minimum lease payments under operating
leases recognised as an expense 1,101,614 957,671
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT (cont’d)
(v)Capital risk management policies and objectives
The Commission manages its capital base in consideration of current economic conditions and its
plan for the year in concern. The request for grants from the Ministry of Trade and Industry (“MTI”)
is made though the annual budget exercise. The Commission is not exposed to any external capital
requirements. However, it is required to comply with FCM No. 26/2008 under the Capital Management
Framework for Statutory Boards.
The capital structure of the Commission consist of accumulated surplus and share capital. The
Commission’s capital structure remains unchanged since 31 March 2013.
5 RELATED PARTY TRANSACTIONS
Some of the Commission’s transactions and arrangements are with related parties and the effect of these
on the basis determined between the parties is reflected in these financial statements. The balances are
unsecured, interest-free and repayable on demand unless otherwise stated.
Nature and amount of individually significant transactions
During the year, the Commission leases an office premise from Urban Redevelopment Authority (“URA”). In
addition, the Commission obtains information technology services from Infocomm Development Authority of
Singapore (“IDA”) since prior year.
2014 2013
$ $
Ministries and Statutory Boards
Grants received from government 14,560,400 14,392,200
Contribution to Consolidated Fund - 329,720
Computer and IT related expenses 282,865 394,999
Minimum lease payments under operating
leases recognised as an expense 1,101,614 957,671
