Gardens By the Bay 2019/2020

FINANCIAL STATEMENTS 116 NOTES TO FINANCIAL STATEMENTS 31 March 2020 Income from venue hires Income from venue hire is recognised at a point in time when the event is held or the service is rendered. Carpark income Carpark income, which is short term in nature, is recognised at a point in time on a receipt basis. Education, guided tours and merchandise Income from education, guided tours and merchandise is recognised at a point in time when goods are sold or services are rendered. DONATIONS AND SPONSORSHIPS - Donations and sponsorships are recognised as income when the restrictions and conditions are under the Company’s purview and it is probable that these restrictions and conditions would be met. If otherwise, these donations shall be recognised as deferred donation income until the above criteria are fulfilled or when the restrictions and/or conditions expire. GOVERNMENT GRANTS - Grants received from the Government of Singapore, administered through the Ministry of National Development (“MND”) and its related agencies are for the purpose of meeting certain operating and capital expenditure. Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attached to them and that the grants will be received. Government grants whose primary condition is that the Company should purchase or otherwise acquire non-current assets are recognised as deferred capital grants in the statement of financial position and transferred to income or expenditure on a systematic and rational basis over the useful lives of the related assets. Other government grants are recognised as income over the periods necessary tomatch themwith the costs for which they are intended to compensate, on a systematic basis. Government grants that are receivable as compensation or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognised in income or expenditure in the period in which they become receivable. DESIGNATED FUNDS - Designated funds are funds earmarked from the reserves for specific purpose of upgrading of amenities and services in the Gardens. For projects undertaken which are capital in nature, the fund is reduced over the useful life of the asset when depreciation commences. Other non-capital expenses are charged as and when incurred. SINKING FUND - Sinking fund is a fund set aside to meet cyclical improvement works in the Gardens. RETIREMENT BENEFIT OBLIGATIONS - Payments to defined contribution retirement benefit plans are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund (“CPF”), are dealt with as payments to defined contribution plans where the Company’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.