97 / 100
15
17
18
16
DEFICIT BEFORE CONTRIBUTION TO CONSOLIDATED FUND
FINANCIAL PENALTIES
CAPITAL COMMITMENTS
OPERATING GRANTS
Deficit for the year has been arrived at after charging:
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.
Minimum lease payments under operating leases recognised as an expense represent rentals payable by the
Commission for its office premises of $1,245,557 (2015 : $1,245,557); office equipment of $15,796 (2015 : $26,322) and
lease of laptops under operating leases of $63,203 (2015 : $44,541).
Capital commitments
Capital expenditure contracted for at the end of the reporting period but not recognised in the financial statements
is as follows:
Operating lease commitments
2016
2015
$
$
Operating lease expenses
1,324,556
1,316,420
Salaries, wages and other allowances
9,777,760
8,654,632
Contribution to defined contribution plans, included in salaries,
wages and staff benefits
992,212
820,719
2016
2015
$
$
Financial penalties collected
4,885,848
9,028,520
2016
2015
$
$
Capital commitments in respect of computer systems
13,250
13,250
2016
2015
$
$
Minimum lease payments under operating leases recognised as an expense
1,324,556
1,316,420
2016
2015
$
$
Grants received from government during the year
15,171,000
14,696,100
Other grants received during the year
160,491
2,300
Transfer to deferred capital grants (Note 12)
(104,048)
(302,911)
15,227,443
14,395,489
NOTES TO FINANCIAL STATEMENTS
31 MARCH 2016
95
CCS ANNUAL REPORT 2015-2016
FINANCIAL STATEMENTS