60 / 74
ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on management’s compliance.
Responsibilities of Management for Compliance with Legal and Regulatory Requirements
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and
the acquisition and disposal of assets, are in accordance with the provisions of the Act and the
Constitution of the Republic of Singapore. This responsibility includes implementing accounting
and internal controls as management determines are necessary to enable compliance with the
provisions of the Act.
Auditor’s Responsibility for the Compliance Audit
Our responsibility is to express an opinion on management’s compliance based on our audit of
the financial statements. We planned and performed the compliance audit to obtain reasonable
assurance about whether the receipts, expenditure, investment of moneys and the acquisition and
disposal of assets, are in accordance with the provisions of the Act and the Constitution of the
Republic of Singapore.
Our compliance audit includes obtaining an understanding of the internal control relevant to
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets; and
assessing the risks of material misstatement of the financial statements from non-compliance, if
any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Because of the inherent limitations in any accounting and internal control system, non-
compliances may nevertheless occur and not be detected.
PUBLIC ACCOUNTANTS AND
CHARTERED ACCOUNTANTS
SINGAPORE
7 July 2017
STATEMENT OF FINANCIAL POSITION
31 March 2017
NOTE
2017
2016
$
$
ASSETS
Current Assets
Cash and cash equivalents
6
22,174,725 19,701,659
Other receivables
7
395,664
210,586
Prepayments
188,493
428,886
Total current assets
22,758,882
20,341,131
Non-current assets
Plant and equipment
8
965,973
1,181,278
Intangible assets
9
571,654
593,285
Total non-current assets
1,537,627
1,774,563
Total assets
24,296,509 22,115,694
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables
10
2,704,009
1,793,129
Provision for reinstatement costs
-
287,301
Provision for contribution to consolidated fund
11
88,363
-
Total current liabilities
2,792,372 2,080,430
Non-current liabilities
Deferred capital grants
12
1,051,307
1,024,401
Provision for reinstatement costs
287,301
-
Total non-current liabilities
1,338,608
1,024,401
Equity
Share capital
13
2,097,892
2,097,892
Accumulated surplus
18,067,637
16,912,971
Total equity
20,165,529 19,010,863
Total liabilities and equity
24,296,509 22,115,694
See accompanying notes to financial statements.
COMPETITION COMMISSION OF SINGAPORE
62