71 / 74
10.
TRADE AND OTHER PAYABLES
2017
2016
$
$
Trade payables
979,264
212,191
Accrued staff costs
878,266
834,000
Accrued operating expenses
731,479
641,938
Deferred income
115,000
105,000
2,704,009
1,793,129
The average credit period is 30 days (2016 : 30 days). No interest is charged on outstanding
balances.
11.
PROVISION FOR 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% (2016 : 17%) of the net surplus
of the Commission, after netting off the prior years’ accounting deficit.
12.
DEFERRED CAPITAL GRANTS
2017
2016
$
$
At beginning of financial year
1,024,401
1,227,907
Transfer from operating grants (Note 16)
375,802
104,048
Transfer to statement of profit or loss and other
comprehensive income
(348,896)
(307,554)
At the end of financial year
1,051,307
1,024,401
NOTES TO FINANCIAL STATEMENTS
31 March 2017
13.
SHARE CAPITAL
2017
2016
2017
2016
Number of ordinary shares
$
$
Issued and fully paid up:
Balance at the beginning
and end of financial year
2,097,892
2,097,892
2,097,892
2,097,892
The shares have been fully paid for and are held by the Minister for Finance, a body corporate
incorporated by the Minister for Finance (Incorporation) Act (Chapter 183). The holder of
these shares, which has no par value, is entitled to receive dividends from the Commission.
There is no dividend payable in current year.
14.
REVENUE
2017
2016
$
$
Interest income on cash and bank balances
placed with the Accountant-General's Department
247,645
222,673
Application fee income
488,000
170,000
Other operating income
2,132
71,835
737,777
464,508
15.
SURPLUS (DEFICIT) BEFORE CONTRIBUTION TO CONSOLIDATED FUND
Surplus (Deficit) for the year has been arrived at after charging:
2017
2016
$
$
Operating lease expenses
1,457,558
1,324,556
Salaries, wages and other allowances
9,394,555
9,777,760
Contribution to defined contribution plans, included in
salaries, wages and staff benefits
1,019,322
992,212
ANNUAL REPORT 2016
73