62 / 74
NOTES TO FINANCIAL STATEMENTS
31 March 2017
1.
GENERAL
The Competition Commission of Singapore (the “Commission”) was established as a
statutory board in Singapore under the provisions of the Competition Act, Chapter 50B
(the “Act”). The principal place of business and registered office is located at 45 Maxwell
Road, #09-01, The URA Centre, Singapore 069118. The financial statements are expressed in
Singapore dollars, which is the functional currency of the Commission and the presentation
currency for the financial statements.
The Commission’s functions and duties are principally to:
a.
maintain and enhance efficient market conduct and promote overall productivity,
innovation and competitiveness of markets in Singapore;
b.
eliminate or control practices having adverse effect on competition in Singapore;
c.
promote and sustain competition in markets in Singapore;
d.
promote a strong competitive culture and environment throughout the economy in
Singapore; and
e.
advise the Government or other public authority on national needs and policies in respect
of competition matters generally.
The financial statements of the Commission for the financial year ended 31 March 2017 were
authorised for issue by members of the Board on 7 July 2017.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.
BASIS OF ACCOUNTING - The financial statements are prepared in accordance
with the historical cost basis, except as disclosed in the accounting polices below,
and are drawn up in accordance with the provisions of the Act and the Singapore
Statutory Board Financial Reporting Standards (“SB-FRS”), including INT SB-FRS
and Guidance Notes.
STATEMENT OF CASH FLOWS
Year ended 31 March 2017
NOTE
2017
2016
$
$
Operating activities
Surplus (Deficit) before contribution to consolidated
fund
1,243,029 (343,155)
Adjustments for:
Depreciation of plant and equipment
8
459,493
577,471
Amortisation of intangible assets
9
123,944
133,903
Write off of plant and equipment
29,301
8,978
Government grants
(16,733,198) (15,227,443)
Deferred capital grant amortised
12
(348,896)
(307,554)
Interest income
14
(247,645)
(222,673)
Operating cash flows before working capital changes
(15,473,972) (15,380,473)
Other receivables
(193,354)
(10,087)
Prepayments
240,393 (338,673)
Trade and other payables
823,096
402,143
Net cash flows used in operating activities
(14,603,837) (15,327,090)
Investing activities
Purchase of plant and equipment
8
(261,549)
(61,660)
Acquisition of intangible assets
9
(26,469)
(5,778)
Interest received
255,921
161,188
Net cash (used in) from investing activities
(32,097)
93,750
Government grants received, representing net
cash from financing activity
17,109,000 15,331,491
Net increase in cash and cash equivalents
2,473,066
98,151
Cash and cash equivalents at the beginning of the
financial year
19,701,659 19,603,508
Cash and cash equivalents at the end of the
financial year
6
22,174,725 19,701,659
See accompanying notes to financial statements.
COMPETITION COMMISSION OF SINGAPORE
64