FY2017/2018 Financial Highlights
Income and Expenditure Summary
(All in S$ million)

Income
Our income was $76.6 million, $1.1 million lower than that of last year. The decrease was due to:
- Other income decreased by $1.9 million. Last year, a vendor paid us a one-off liquidated damages of $2.1 million for the delay in commissioning an IT system.
- This was offset by Company incorporation and related fees that increased by $1.0 million, following a 9%-growth in the volume of company incorporation.
Expenditure
Our expenditure was $59.6 million, $4.2 million higher than that of last year. The increase was due to:
- Staff Costs — These increased by $1.4 million to $23.8 million due to salary adjustments and bonus payments.
- Other Costs —These increased by $2.1 million to $19.8 million due mainly to:
- Rental, maintenance and supplies — These increased by $3.8 million due to new maintenance fee of $3.7 million incurred for an IT system since May 2017. Last year, the IT system was under warranty and no maintenance cost was incurred.
- This was offset by Other expenditure that decreased by $2.3 million. During the year, the funding of $10.0 million provided to Singapore Accountancy Commission for Singapore Chartered Accountants Programme was fully drawn down.
Balance Sheet Summary
(All in S$ million)

Assets
Our total assets amounted to $193.0 million, $24.7 million lower than that of last year. The decrease was due to:
- Cash and cash equivalents — These decreased by $17.7 million to $168.8 million due mainly to the remittance of ring-fenced composition sums and penalties of $33.9 million to the Government Consolidated Fund and milestone payments of $6.7 million. This was offset by cash generated from operating activities of $22.0 million.
- Fixed and intangible assets — These decreased by $5.5 million to $18.3 million due to:
- Completed assets — These decreased by $2.7 million due to the depreciation and amortisation charge of $7.0 million. This was offset by the transfer from development projects-in-progress of $4.1 million, following the Phase 2 commissioning of an IT system.
- Development projects-in-progress — These decreased by $2.9 million due to the transfer of $4.1 million to completed assets, offset by an addition of $1.2 million for new IT systems under development.
Liabilities
Our total liabilities amounted to $21.2 million, $38.4 million lower than that of last year. The decrease was due to:
- Provision for contribution to government consolidated fund — This decreased by $34.9 million due mainly to the remittance of ring-fenced composition sums and penalties of $33.9 million to the Government Consolidated Fund.
- Trade and other payables — These decreased by $3.5 million due mainly to the settlement of accrued final milestone payments for an IT system.
Capital and Reserves
Our accumulated surplus was $163.2 million, $13.7 million higher than that of last year. The increase was due to a net surplus of $14.1 million generated during the year.