110
17. OTHER PAYABLES (cont’d)
(a) The amounts due to subsidiaries are unsecured, interest-free and repayable on demand.
(b) In accordance with Section 71(2)(a) of the Co-operative Societies Act, Chapter 62, the Co-operative contributes
5% of the first $500,000 of its surplus resulting from the operations of the Co-operative to the Central Co-operative
Fund and this amount is due to be paid out in the next financial year.
(c) In accordance with Section 71(2)(b) of the Co-operative Societies Act, Chapter 62, the Co-operative has opted
to contribute 20% of the surplus in excess of $500,000 from the operations of the Co-operative to the Singapore
Labour Foundation (“SLF”) and the amount of $32,452,000 is due to be paid out in the next financial year.
(d) The Co-operative has been informed by Central Co-operative Fund that the contribution to SLF should be computed
taking into consideration a modification order issued by the Ministry of Community Development, Youth and
Sports on capital gains. Therefore, a claim of $6,316,000 was made by the Co-operative for overpayments of
the contributions for the prior financial years. During the financial year, the Co-operative has been informed by SLF
on the approval of the claim and hence $6,316,000 was recognised to net off against contributions to SLF in the
statement of comprehensive income for the year ended March 31, 2013.
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
