i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 Financial instruments: 2010/2011 Total Level 1 Level 2 Level 3 $’000 $’000 $’000 $’000 Financial assets at FVPL: Quoted debt securities (Note 13) 28,560 28,560 - - Financial liabilities at FVPL: Derivative financial Instruments (Note 13) 24 24 - - 2009/2010 Financial assets at FVPL: Quoted debt securities 24,449 20,595 3,854 - Financial liabilities at FVPL: Derivative financial instruments 112 112 - - There were no significant transfers between levels of the fair value hierarchy during the financial year. (c) Capital risk management policies and objectives STB manages its capital to ensure that STB will be able to continue as a going concern while fulfilling its objective as a statutory board. The capital structure of STB consists of share capital and accumulated surplus. STB’s overall strategy remains unchanged from the previous financial year. 5 SHARE CAPITAL 2010/2011 2009/2010 2010/2011 2009/2010 Number of shares (in ‘000) $’000 $’000 Issued and fully paid up: Balance at beginning of financial year 95,318 53,935 95,318 53,935 Equity injection (1) 231,122 41,383 231,122 41,383 Balance at end of financial year 326,440 95,318 326,440 95,318 (1) Injection of capital during the year is part of the Capital Management Framework for Statutory Boards under Finance Circular Minute M26/2008. The shares have been fully paid for to fund tourism-related assets and are held by the Minister for Finance, a body corporate incorporated by the Minister for Finance (Incorporation) Act (Chapter 183). The holder of these shares, which has no par value, is entitled to receive dividends from STB. 78
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 6 TRUST AND AGENCY FUNDS Trust and agency funds are set up to account for monies held in trust where STB is not the owner and beneficiary of the funds. Income or expenses of these funds are taken directly to the funds. The net assets relating to the funds are shown as a separate line item in the statement of financial position. 2010/2011 2009/2010 $’000 $’000 Balance at beginning of the year 2,180 5,238 Add: Receipts - Funds received 198,981 162,085 Less: Disbursements - Funds disbursed to - External parties (199,054) (163,450) - Returned to Government - (1,693) Balance at end of the year 2,107 2,180 Represented by: Cash at bank 2,147 1,981 Trade receivables 23 476 Fixed deposits - - Trade payables (63) (277) Net assets at end of the year 2,107 2,180 The trust and agency funds are used for tourism-related incentive schemes and for tourism-related development projects. 79
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i’mpact Singapore Tourism Board A
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Vision To be a leading economic dev
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Chairman’s message On behalf of t
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Chief Executive’s Message Collabo
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Board of Directors Ms Aw Kah Peng M
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Board of Directors Mr Mike Barclay
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Board of Directors Mr Steven Lim Mr
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Board of Directors Mrs Diana Ee-Tan
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Board of Directors Ms Jessica Tan A
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MANAGEMENT team (as of 1 July 2011)
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Corporate Governance BOARD MATTERS
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Corporate Governance Table 2: Direc
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Corporate Governance It approves th
Page 27 and 28: YourSingapore Bringing the YourSing
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Page 35 and 36: Tourism Sector Performance Overview
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Page 49 and 50: Awards and Accolades Destination
Page 51 and 52: Awards and Accolades Shangri-La Hot
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Page 55 and 56: FINANCIAL STATEMENTS Statement by t
Page 57 and 58: INDEPENDENT AUDITORS’ REPORT TO T
Page 59 and 60: STATEMENT OF FINANCIAL POSITION As
Page 61 and 62: STATEMENT OF CHANGES IN EQUITY Year
Page 63 and 64: 2010/2011 2009/2010 $’000 $’000
Page 65 and 66: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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