CREA TING - Singapore Polytechnic

Notes to the Financial Statements
For the financial year ended 31 March 2011
2. Significant accounting policies (continued)
2.14 Cash and cash equivalents (continued)
Cash at bank and on hand represents funds that are derived from non government
sources/entities, which are not required to be included in the CLM.
For the purpose of presentation in the cash flow statement, cash and cash equivalents
include cash on hand and at bank, cash held with AGD and deposits with financial institutions
which are subject to an insignificant risk of change in value.
3. Staff costs
2011 2010
$’000 $’000
Wages and salaries 164,721 144,367
Employer's contribution to Central Provident Fund 14,639 12,723
Other staff benefits 1,374 1,005
180,734 158,095
Included in staff costs is key management’s remuneration. Key management’s remuneration
includes fees, salary, bonus, commission and emoluments (including benefit-in-kind)
computed based on the cost included by the Polytechnic and where the Polytechnic did
not incur any costs, the value of the benefit. The key management’s remuneration is as
follows:
2011 2010
$’000 $’000
Key management’s remuneration 7,048 5,622
4. Other expenditure
2011 2010
$’000 $’000
Water and electricity 9,079 6,659
IT support and other services 1,833 1,893
Consultancy services 1,637 1,742
Vocational training for student 1,251 952
Campus events and activities 1,071 934
Other expenses 16,526 16,947
31,397 29,127
Singapore Polytechnic Annual Report 2010/11
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