i'mpact Singapore Tourism Board Annual Report 2010/2011

NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
19 NON-OPERATING (EXPENSES) INCOME, NET
2010/2011 2009/2010
$’000 $’000
Interest income 1,700 1,353
Change in fair value of financial assets under fund management (410) 818
Loss on disposal of club membership - (9)
Gain (Loss) on disposal/write-off of property, plant and equipment 15 (104)
Expenses on financial assets under management (111) (111)
Exchange gain (loss) on financial assets under fund management 14 (120)
Allowance/write off for doubtful receivables (69) (167)
1,139 1,660
20 DEFERRED CAPITAL GRANTS
2010/2011 2009/2010
$’000 $’000
Balance at the beginning of the financial year 1,643 -
Add: Government Grants received - 1,662
Less: Amortisation of Deferred Capital Grants (19) (19)
Balance at the end of the financial year 1,624 1,643
21 CONTRIBUTION TO CONSOLIDATED FUND
STB is required to make contributions to the Consolidated Fund in accordance with the Statutory Corporations (Contributions
to Consolidated Fund) Act (Cap 319A, 2004 Revised Edition) and in accordance with the Finance Circular Minute No. M5/2005
with effect from 2004/2005. The contribution is based on a percentage, as decided by Ministry of Finance*, of the net
surplus for the year, adjusted for any accumulated deficits carried forward of STB.
At the end of the financial year, STB has accumulated deficits carried forward as follows:
2010/2011 2009/2010
$’000 $’000
Balance at beginning of the year 120,468 126,096
Amount utilised in current year (42,025) (5,628)
Balance at end of the year 78,443 120,468
Benefits on above not recognised at 17% (2009/2010 : 17%) 13,335 20,480
Benefits in relation to the accumulated deficits were not recognised due to the unpredictability of future surplus streams.
* As decided by Ministry of Finance, the applicable rate for contributions to be paid in FY2010/2011 is 17% (FY2009/2010 : 17%).
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