Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 105 NOTES TO FINANCIAL STATEMENTS 31 March 2020 1 GENERAL Gardens by the Bay (the “Company”) (Registration No. 201132829N) is incorporated in Singapore as a company limited by guarantee under the Singapore Companies Act, Chapter 50 with its registered office of business at One Marina Boulevard, #28-00, Singapore 018989 and the place of business is at 18 Marina Gardens Drive, Singapore 018953. The Company is an Institution of Public Character (“IPC”) and registered charity under the Charities Act, Chapter 37. The financial statements are expressed in Singapore dollars, which is also the Company’s functional currency. Each member of the Company has undertaken to contribute such amounts not exceeding $1 to the assets of the Company in the event the Company is wound up and the monies are required for payment of the liabilities of the Company. The Company had four members at the end of the reporting period. Gardens by the Bay comprises three gardens located at Marina Bay - Bay South, where the Conservatories are located, Bay East and Bay Central. The principal activities of the Company are to manage the three gardens as a premier leisure destination to provide a world-class horticultural exposition, an edutainment centre, and a green space for public enjoyment. The Company commenced its operation with the opening of Bay South to the public on 29 June 2012. In October 2016, the Company took over full management of Bay East, Bay Central and Bayfront Plaza (western boundary of Bay South Garden). Bay East has been developed as an interim garden, and there are future development plans for these gardens. The financial statements of the Company for the year ended 31 March 2020 were authorised for issue by the Board of Directors on 13 August 2020. 2 APPLICATION OF NEW AND AMENDMENTS TO FINANCIAL REPORTING STANDARDS IN SINGAPORE (“FRSs”) On 1 April 2019, the Company has adopted all the new and revised FRSs and Interpretations of FRS (“INT FRS”) that are relevant to its operations. The adoption of these new/revised FRSs and INT FRSs does not result in changes to the Company’s accounting policies and has no material effect on the amounts reported for the current or prior years except as disclosed below. FRS 116 Leases FRS 116 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low value assets where recognition exemptions are adopted. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of FRS 116 on the Company’s financial statements is described below. The date of initial application of FRS 116 for the company is 1 April 2019. The Company has applied FRS 116 using the cumulative catch-up approach which: • requires the Company to recognise the cumulative effect of initially applying FRS 116 as an adjustment to the opening balance of accumulated surplus at the date of initial application; and • does not permit restatement of comparatives, which continue to be presented under FRS 17 and INT FRS 104.