Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 121 NOTES TO FINANCIAL STATEMENTS 31 March 2020 6 RELATED PARTY TRANSACTIONS Some of the Company’s transactions and arrangements are with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest- free and repayable on demand unless otherwise stated. Remuneration of directors and key management personnel The aggregate remuneration of non-executive directors and key management personnel during the year was as follows: 2020 2019 $ $ Short-term benefits 3,139,901 2,598,214 CPF contributions 158,242 126,811 3,298,143 2,725,025 The aggregate honorarium paid to non-executive Directors for the year ended 31 March 2020 was $86,726. 7 CASH AND CASH EQUIVALENTS 2020 2019 $ $ Cash at bank and in hand 6,460,249 14,072,947 Fixed deposits 157,032,157 131,372,062 163,492,406 145,445,009 Fixed deposits have an effective interest rate of approximately 1.9% (2019 : 1.5%) per annum with maturities ranging from 3 to 12 months (2019 : 3 to 12 months). These deposits are easily convertible to cash upon request. 8 TRADE RECEIVABLES 2020 2019 $ $ Third parties 1,475,988 967,023 Amount due from Ministry of National Development - 924,227 1,475,988 1,891,250 The average credit period is approximately 30 (2019 : 30 days). No interest is charged on the trade receivables. The Company measures the loss allowance for trade receivables of an amount equal to the lifetime ECL. This allowance has been determined by reference to past default experience and expected credit losses. The expected credit loss approach incorporates forward-looking macroeconomic data. As at 31 March 2020 and 2019, no further loss allowance was recognised upon application of the expected credit loss approach as management has assessed the risk arising from the significant change in credit quality to be remote.