i'mpact Singapore Tourism Board Annual Report 2010/2011
i'mpact Singapore Tourism Board Annual Report 2010/2011
i'mpact Singapore Tourism Board Annual Report 2010/2011
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NOTES TO THE FINANCIAL STATEMENTS<br />
31 March <strong>2011</strong><br />
22 RELATED PARTY TRANSACTIONS<br />
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the<br />
other party in making financial and operating decisions.<br />
Some of STB’s transactions and arrangements are with related parties and the effect of these on the basis determined between<br />
the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless<br />
otherwise stated.<br />
During the financial year, STB did not have any significant dealings with related parties (i.e. entities in which the <strong>Board</strong> members<br />
have control or significant influence) which are not stated-controlled entities.<br />
BOARD MEMBER AND KEY MANAGEMENT PERSONNEL REMUNERATION<br />
<strong>2010</strong>/<strong>2011</strong> 2009/<strong>2010</strong><br />
$’000 $’000<br />
Remuneration and other short-term benefits 8,919 8,486<br />
Post-employment benefits 477 478<br />
Total 9,396 8,964<br />
The above includes total <strong>Board</strong> members’ allowance of $88,594 (2009/<strong>2010</strong> : $149,478).<br />
STB adopts the guidelines set by Public Service Division (PSD) and takes into consideration the reporting officers’ assessment<br />
of individual officers in determining the remuneration of key management.<br />
23 COMMITMENTS<br />
(a)<br />
Operating lease arrangements - as lessee<br />
STB has entered into operating leases mainly for premises in respect of overseas offices. These leases have an average<br />
period of between 1 and 10 years.<br />
<strong>2010</strong>/<strong>2011</strong> 2009/<strong>2010</strong><br />
$’000 $’000<br />
Minimum lease payments under operating lease included in income or expense 2,918 3,820<br />
The future aggregate minimum lease payments under non-cancellable operating leases contracted for at the reporting<br />
date but not recognised as liabilities as at 31 March <strong>2011</strong> are as follows:<br />
<strong>2010</strong>/<strong>2011</strong> 2009/<strong>2010</strong><br />
$’000 $’000<br />
Within one year 2,303 2,699<br />
In the second to fifth years inclusive 2,047 1,936<br />
After five years 308 165<br />
4,658 4,800<br />
87