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Competition Commission of Singapore 87
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
10 TRADE AND OTHER PAYABLES
2014 2013
$ $
Trade payables 46,585 128,530
Accrued staff costs 786,706 980,472
Accrued operating expenses 770,393 459,718
Provision for reinstatement costs 287,301 287,301
Deferred income 140,000 -
Less: Non-current provision for reinstatement costs (287,301) -
1,743,684 1,856,021
The average credit period is 30 days (2013 : 30 days). No interest is charged on outstanding balances.
11 CONTRIBUTION TO CONSOLIDATED FUND
The Commission is required to make contributions to the Consolidated Fund in accordance with the Statutory
Corporations (Contributions to Consolidated Fund) Act (Cap 319A, 2004 Revised Edition) and in accordance
with the Finance Circular Minute No. 5/2005 with effect from 2004/2005. The amount to be contributed is
based on 17% (2013 : 17%) of the net surplus of the Commission, after netting off the prior year’s accounting
deficit.
12 DEFERRED CAPITAL GRANTS
2014 2013
$ $
At the beginning of financial year 940,923 476,356
Transfer from operating grants (Note 16) 414,474 583,340
Transfer to statement of profit or loss and
other comprehensive income (183,996) (118,773)
At the end of financial year 1,171,401 940,923
Annual Report 2013/14
Notes to Financial Statements
31 March 2014
10 TRADE AND OTHER PAYABLES
2014 2013
$ $
Trade payables 46,585 128,530
Accrued staff costs 786,706 980,472
Accrued operating expenses 770,393 459,718
Provision for reinstatement costs 287,301 287,301
Deferred income 140,000 -
Less: Non-current provision for reinstatement costs (287,301) -
1,743,684 1,856,021
The average credit period is 30 days (2013 : 30 days). No interest is charged on outstanding balances.
11 CONTRIBUTION TO CONSOLIDATED FUND
The Commission is required to make contributions to the Consolidated Fund in accordance with the Statutory
Corporations (Contributions to Consolidated Fund) Act (Cap 319A, 2004 Revised Edition) and in accordance
with the Finance Circular Minute No. 5/2005 with effect from 2004/2005. The amount to be contributed is
based on 17% (2013 : 17%) of the net surplus of the Commission, after netting off the prior year’s accounting
deficit.
12 DEFERRED CAPITAL GRANTS
2014 2013
$ $
At the beginning of financial year 940,923 476,356
Transfer from operating grants (Note 16) 414,474 583,340
Transfer to statement of profit or loss and
other comprehensive income (183,996) (118,773)
At the end of financial year 1,171,401 940,923
