69 / 74
NOTES TO FINANCIAL STATEMENTS
31 March 2017
5.
RELATED PARTY TRANSACTIONS
Some of the Commission’s transactions and arrangements are with related parties and the
effect of these on the basis determined between the parties is reflected in these financial
statements. The balances are unsecured, interest-free and repayable on demand unless
otherwise stated.
Nature and amount of individually significant transactions
The Commission leases an office premise from Urban Redevelopment Authority (“URA”).
In addition, the Commission engages information technology services from Infocomm
Media Development Authority of Singapore (“IMDA”) and Government Technology
Agency (“GOVTECH”).
2017
2016
$
$
Operating grants received from government
17,804,400
15,171,000
Office premises lease
1,334,756
1,245,557
Other grants received
24,600
160,491
Computer and IT related expenses
49,316
74,338
Compensation of key management personnel
The remuneration of key management personnel during the financial year were as follows:
2017
2016
$
$
Short-term benefits and salaries paid to directors and
above
3,380,719
2,882,776
Allowances paid to non-executive Commission Members
101,719
90,000
Professional fees paid to a non-executive Commission
Member
-
90,400
3,482,438
3,063,176
6.
CASH AND CASH EQUIVALENTS
2017
2016
$
$
Cash with Accountant-General’s Department (“AGD”)
17,699,489
17,566,884
Deposits with AGD
4,475,236
2,134,775
22,174,725
19,701,659
Cash and cash equivalents are denominated in Singapore dollars. The weighted average
effective interest rates range between 1.24% to 1.49% (2016 : 1.06% to 1.46%) per annum.
With effect from April 2010, cash is placed with AGD under the Centralised Liquidity
Management (“CLM”) scheme. This scheme involves placing funds directly with the AGD for
cost efficiency and better credit risk management.
7.
OTHER RECEIVABLES
2017
2016
$
$
Interest receivable
162,683
170,959
Other receivables
232,981
39,627
395,664
210,586
ANNUAL REPORT 2016
71