i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 Future minimum lease receivables under the financial lease together with the present value of the minimum lease receivable are as follows: Amount receivable under finance lease: Minimum Present value of lease receivable minimum lease receivable 2010/2011 2009/2010 2010/2011 2009/2010 $’000 $’000 $’000 $’000 Within one year 1,825 1,825 415 390 In the second to fifth year inclusive 7,301 7,301 1,943 1,826 After fifth year 35,138 36,964 20,347 20,879 44,264 46,090 22,705 23,095 Less: Unearned finance income (21,559) (22,995) N/A N/A Present value of minimum lease receivable 22,705 23,095 22,705 23,095 Less: Amount due from settlement within 12 months (shown under current assets) 415 390 Amount due for settlement after 12 months 22,290 22,705 22,705 23,095 The carrying amount of the finance lease receivables approximates the fair value as at the end of the reporting period. 10 AVAILABLE-FOR-SALE INVESTMENTS 2010/2011 2009/2010 $’000 $’000 Unquoted equity shares 2,076 2,076 Less: Impairment loss (76) (76) 2,000 2,000 11 CASH AND CASH EQUIVALENTS 2010/2011 2009/2010 $’000 $’000 Cash and bank balances 32,976 10,513 Deposits with Accountant-General’s Department (AGD) (i) 171,130 65,668 Fixed deposits (ii) 1,370 41,027 Cash and cash equivalents 205,476 117,208 82
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 (i) With effect from financial year 2009/2010, Statutory Boards are to participate in the Centralised Liquidity Management by the AGD under AGD Circular 4/2009. Deposits, which are interest- bearing, are centrally managed by AGD and are available to the statutory board upon request and earns interest at the average rate of 0.56% (2009/2010 : 0.64%) per annum. (ii) Short-term fixed deposits are made for varying periods of up to 365 days (2009/2010 : 4 days to 365 days) depending on the immediate cash requirements of STB, and earn interest at the average deposit rates of 0.67% (2009/2010 : 0.03% to 1.975%) per annum. The fixed deposits mature within 5 months (2009/2010 : within 6 months) from the end of the respective reporting periods and are easily convertible to cash upon request by STB. The cash and cash equivalents are sustainably denominated in the functional currency of STB. 12 RECEIVABLES AND PREPAYMENTS 2010/2011 2009/2010 $’000 $’000 Deposits 1,798 2,091 Short-term loan (i) - 26,399 Prepayments 1,626 2,018 Other receivables 10,247 12,141 13,671 42,649 Less: Allowance for doubtful receivables (448) (379) 13,223 42,270 (i) The short-term loan was granted to a Statutory Board in Singapore. It was secured by a deed of charge over a cargo of artefacts owned by a whollyowned subsidiary of the borrower and non-interest bearing. Under the terms of the loan agreement, subject to the mutual agreement between STB and the borrower, the repayment of the loan would be by way of cash or the transfer of all rights, title and benefits to the cargo of artefacts and the related intellectual property rights in lieu of cash. The loan was non-interest bearing, repayable upon a demand made by STB by giving notice to the borrower of not less than 90 business days. During the current financial year, STB received the repayment of the loan by way of the transfer of all rights, title and benefits to the cargo of artefacts and the related intellectual property rights in lieu of cash. Accordingly, the artefacts were recognised as heritage materials on the statement of financial position. Movement in the allowance for doubtful debts: 2010/2011 2009/2010 $’000 $’000 Balance at beginning of year 379 376 Charge to income or expense 69 3 Balance at the end of year 448 379 The receivables and prepayments are sustainably denominated in the functional currency of STB. 83
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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
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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 81: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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