99
16.Other Payables
December 31,
2014
December 31,
2013
December 31,
2014
December 31,
2013
$’000
$’000
$’000
$’000
Accrued operating expenses (a)
139,614
77,065
130,034
72,022
Deposits received
7,860
7,094
7,813
7,030
Subsidiaries [Note 10 and (b)]
-
-
82,083
71,451
Associates [Note 11 and (c)]
30,883
30,883
30,883
30,883
Patronage rebates and dividends
payable
502
485
502
485
Salary payable
22,440
20,880
20,985
19,625
Gift vouchers payable
43,342
40,064
43,342
40,064
Other payables
17,446
14,760
17,535
14,734
Contributions to:
- Central Co-operative Fund (d)
25
25
25
25
- Singapore Labour Foundation (e)
39,959
34,608
39,959
34,608
Total
302,071
225,864
373,161
290,927
(a)
Accrued operating expenses include accrual of purchases of property, plant and equipment amounting to
$59,871,000 (Note 13). In making these estimates, management has relied on past experience and knowledge of
project engineers and quantity surveyors (Note 3).
(b) The amounts due to subsidiaries are unsecured, interest-free and repayable on demand.
(c)
The amounts due to an associate are unsecured, interest-free and repayable on demand.
(d) 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.
(e)
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 $39,959,000 (December 31, 2013 : $34,608,000) is due to be paid out
in the next financial year.
Notes to Financial Statements
December 31, 2014
GROUP
CO-OPERATIVE
