i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 7 PROPERTY, PLANT AND EQUIPMENT Leasehold land Buildings Building improvements Furniture fittings and equipment Motor vehicles Electrical Installation and airconditioners Capital work-inprogress Tourism assets* Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cost: At 31 March 2009 3,430 66,125 10,491 24,924 1,514 1,329 5,152 27,964 140,929 Additions - - - 358 - - 65,132 4,197 69,687 Reclassification - - 225 638 - - (863) - - Disposal/write-off - - (589) (329) (127) (21) - - (1,066) At 31 March 2010 3,430 66,125 10,127 25,591 1,387 1,308 69,421 32,161 209,550 Additions - - 74 510 - 10 206,399 6,871 213,864 Reclassification - - 35 1,348 - - (3,883) 2,500 - Disposal/write-off - - (768) (1,789) (141) (18) - - (2,716) At 31 March 2011 3,430 66,125 9,468 25,660 1,246 1,300 271,937 41,532 420,698 Accumulated depreciation: At 31 March 2009 547 36,973 8,745 22,449 1,160 978 - 2,799 73,651 Depreciation 39 2,645 722 2,560 163 133 3,549 9,811 Disposal/write-off - - (487) (315) (127) (13) - - (942) At 31 March 2010 586 39,618 8,980 24,694 1,196 1,098 - 6,348 82,520 Depreciation 39 2,556 468 1,143 117 94 - 4,263 8,680 Disposal/write-off - - (739) (1,763) (128) (18) - - (2,648) At 31 March 2011 625 42,174 8,709 24,074 1,185 1,174 - 10,611 88,552 Carrying amount: At 31 March 2011 2,805 23,951 759 1,586 61 126 271,937 30,921 332,146 At 31 March 2010 2,844 26,507 1,147 897 191 210 69,421 25,813 127,030 * Tourism assets includes assets such as lightings, barriers, bridges, storage building, food stall kiosks, street-lamps, roadworks and others. 80
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 8 INVESTMENT PROPERTIES 2010/2011 2009/2010 $’000 $’000 Cost: Balance at beginning of the year 24,089 20,146 Additions 869 3,943 Balance at end of the year 24,958 24,089 Accumulated depreciation Balance at beginning of the year 4,427 4,154 Depreciation for the year 293 273 Balance at end of the year 4,720 4,427 Carrying amount 20,238 19,662 Fair value 55,300 56,376 Investment properties are held by STB for the purpose of tourism promotion and development and generate rental income for STB. The fair values of investment properties at end of the respective reporting periods are determined by independent professional valuers with appropriate recognised professional qualifications and recent experience in the location and category of the properties being valued. The valuation were arrived at by reference to market evidence of transaction prices for similar properties. Investment properties are leased to non-related parties under operating leases. The following amounts are recognised in the income or expense: 2010/2011 2009/2010 $’000 $’000 Rental income 382 246 Direct operating expenses (including repairs and maintenance) arising from investment properties that generated rental income 687 227 9 FINANCE LEASE RECEIVABLE STB entered into an agreement with a third party company incorporated in Singapore to lease a parcel of land granted to STB by the Singapore Land Authority for the purpose of a tourism-related project. The average discount rate implicit in the lease is 6.4% (2009/2010 : 6.4%) per annum. 81
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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
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YourSingapore Bringing the YourSing
Page 29 and 30: STB ACROSS THE GLOBE Stamping A Glo
Page 31 and 32: STB ACROSS THE GLOBE N-TV channel b
Page 33 and 34: STB ACROSS THE GLOBE WORLD EXPO Orc
Page 35 and 36: Tourism Sector Performance Overview
Page 37 and 38: Tourism Sector Performance This tre
Page 39 and 40: Tourism Sector Performance Cruise R
Page 41 and 42: Tourism Sector Performance the prof
Page 43 and 44: Tourism Sector Performance The loca
Page 45 and 46: Tourism Sector Performance No less
Page 47 and 48: Tourism Sector Performance alongsid
Page 49 and 50: Awards and Accolades Destination
Page 51 and 52: Awards and Accolades Shangri-La Hot
Page 53 and 54: Awards and Accolades Attractions Bu
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
Page 79: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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