i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 13 FINANCIAL ASSETS UNDER FUND MANAGEMENT 2010/2011 2009/2010 $’000 $’000 Marketable investments, at market value - Quoted debt instruments 28,560 24,449 - Derivative financial instruments (24) (112) 28,536 24,337 Add/(Less): - Cash balances 2,118 1,510 - Fixed deposits 2,592 6,881 - Other receivables 333 302 - Other payables (26) (27) 33,553 33,003 Amounts under fund management are classified as financial assets held for trading with the fair value movements taken to income or expense. The fair values of these investments are based on closing market price on the last market day of the financial year. Fixed deposits earn interest at the respective short-term deposit rates which ranged from 0.1% to 0.25% (2009/2010 : 0.02% to 0.30%) per annum. Included in financial assets under fund management are the following significant amounts denominated in currencies other than the functional currency: 2010/2011 2009/2010 $’000 $’000 Euro 3,606 4,452 United States dollar 4,019 2,420 Japanese yen 1,783 1,737 Sterling pound 529 539 Canadian dollar 744 224 14 ADVANCES AND DEPOSITS RECEIVED Included in advances and deposits received are $5,548,571 (2009/2010 : $8,434,327) received from the Government and/or third parties, which are to be disbursed for designated projects/approved capital and promotional expenditure in connection with the leasehold land. 84
NOTES TO THE FINANCIAL STATEMENTS 31 March 2011 15 TRADE AND OTHER PAYABLES 2010/2011 2009/2010 $’000 $’000 Trade payables 41,637 15,577 Accruals 39,560 51,216 Other payables 13,288 4,506 94,485 71,299 The average credit period for trade payables is 30 to 90 days (2009/2010 : 30 to 90 days). The trade and other payables are sustainably denominated in the functional currency of STB. 16 OTHER OPERATING INCOME 2010/2011 2009/2010 $’000 $’000 Events-related revenue 18,210 12,845 Lease income 3,800 3,671 Others 2,718 2,404 24,728 18,920 17 EMPLOYEE BENEFIT EXPENSE 2010/2011 2009/2010 $’000 $’000 Salaries and allowances 44,281 41,542 Contributions to defined contribution plans 4,228 4,163 Increase in provision for employee leave entitlement 453 244 Others 4,867 4,579 53,829 50,528 18 OTHER OPERATING EXPENSES 2010/2011 2009/2010 $’000 $’000 Marketing and advertising expenses 60,315 70,139 Business development expenses 18,505 12,353 Rental and property maintenance expenses 9,697 11,164 Professional and consultancy fees 17,155 23,918 General and administrative expenses 29,518 21,938 135,190 139,512 85
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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
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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
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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 83: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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