72 / 74
16.
OPERATING GRANTS
2017
2016
$
$
Grants received from government during the year
17,084,400
15,171,000
Other grants received during the year
24,600
160,491
Transfer to deferred capital grants (Note 12)
(375,802)
(104,048)
16,733,198
15,227,443
17.
FINANCIAL PENALTIES
All financial penalties collected by the Commission are paid into the Consolidated Fund in
accordance with Section 13(2) of the Competition Act, Chapter 50B. The following financial
penalties collected during the financial year are not included in the financial statements of
the Commission.
2017
2016
$
$
Financial penalties collected
680,196
4,885,848
18.
CAPITAL COMMITMENTS
Capital commitments
Capital expenditure contracted for at the end of the reporting period but not recognised in the
financial statements is as follows:
2017
2016
$
$
Capital commitments in respect of computer system
13,250
13,250
NOTES TO FINANCIAL STATEMENTS
31 March 2017
Operating lease commitments
2017
2016
$
$
Minimum lease payments under operating leases
recognised as an expense
1,457,558
1,324,556
Minimum lease payments under operating leases recognised as an expense represent
rentals payable by the Commission for its office premises of $1,334,756 (2016 : $1,245,557);
office equipment of $13,816 (2016 : $15,796) and lease of laptops under operating leases of
$108,986 (2016 : $63,203).
At the end of the reporting period, the Commission has outstanding commitments under non-
cancellable operating leases, which fall due as follows:
2017
2016
$
$
Not later than 1 year
1,543,769
677,114
Later than one year but not later than five years
2,261,275
40,922
3,805,044
718,036
Operating lease payments represent rentals payable by the Commission for its office premises
and office equipment under operating leases. Leases are negotiated and rentals are fixed for
an average of 1 to 5 years with renewal options included in the contracts.
COMPETITION COMMISSION OF SINGAPORE
74