Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 103 STATEMENT OF CHANGES IN ACCUMULATED FUNDS For the financial year ended 31 March 2020 Accumulated funds Designated funds (1) Sinking fund (2) Reserves Total $ $ $ $ Balance at 1 April 2018 28,875,382 - 84,130,618 113,006,000 Surplus for the financial year, representing total comprehensive income for the year - - 38,936,591 38,936,591 Transfer from reserves to designated funds and sinking fund 5,000,000 6,779,620 (11,779,620) - Expenses charged to designated funds (1,043,495) - 1,043,495 - Balance at 31 March 2019 32,831,887 6,779,620 112,331,084 151,942,591 Surplus for the financial year, representing total comprehensive income for the year - - 24,966,411 24,966,411 Transfer from reserves to sinking fund - 3,678,670 (3,678,670) - Expenses charged to designated funds and sinking fund (3,257,170) (6,779,620) 10,036,790 - Balance at 31 March 2020 29,574,717 3,678,670 143,655,615 176,909,002 The Company’s Memorandum and Articles of Association specifically restrict the income and property of the Company solely to the furtherance of the objects of the Company and prohibits the payment of dividends to the members of the Company. (1) Designated funds are funds set aside for specific projects to upgrade amenities and services in the Gardens. (2) Sinking fund is a fund set aside to meet cyclical improvement works in the Gardens. See accompanying notes to financial statements.