Page 49 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

Note 2018 2017
7.1 Funds from the Securities Commission Malaysia RM RM
2018 2017 Cash flows from operating activities
RM RM
Contribution: Deficit before tax (1,802,844) (3,986,603)
At the beginning of the year 23,516,438 19,016,438
Additions 2,000,000 4,500,000 Adjustment for:
Finance income (52,476) (31,233)
At the end of the year 25,516,438 23,516,438
Operating deficit before changes in working capital (1,855,320) (4,017,836)
Change in other receivables 151,666 (69,339)
7.2 Accumulated deficit Change in other payables and accruals 27,000 (4,200)
2018 2017
RM RM Net cash used in operating activities (1,676,654) (4,091,375)

At the beginning of the year (22,641,351) (18,654,748)
Deficit for the year (1,802,844) (3,986,603) Cash flows from investing activities

Finance income 52,476 31,233
At the end of the year (24,444,195) (22,641,351) Increase in other investments (539,691) (78,491)

Net cash used in investing activities (487,215) (47,258)
8. Other payables and accruals
2018 2017 Cash flows from financing activity 2,000,000 4,500,000
Funds from the Securities Commission Malaysia

RM RM

Net cash from financing activity 2,000,000 4,500,000
Accruals 49,000 22,000

Net (decrease)/increase in cash and cash equivalents (163,869) 361,367
9. Administrative expenses Cash and cash equivalents at 1 January 546,781 185,414

Cash and cash equivalents at 31 December 382,912 546,781
2018 2017
RM RM Cash and cash equivalents comprise:
The administrative expenses consist of:
Auditors’ remuneration 20,000 20,500 Cash and bank balances 6 382,912 375,820
Honorarium payment 71,012 98,974 Deposits placed with a licensed bank 6 - 170,961
Non-executive members’ allowance 278,300 142,100
Other miscellaneous charges 398,419 229,455 382,912 546,781
Rental of premises 18,363 341,110
Staff costs 4,732,426 5,125,697

5,518,520 5,957,836

10. Tax expense

The SC was granted approval from the Minister of Finance to be exempted from taxation with effect
from Year Assessment (YA) 2007 onwards. Accordingly, the AOB is tax-exempted. The notes set out on pages 5 to 18 are an integral part of these financial statements.

PART TWO STATEMENTS | 47

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