Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 129 19 GOVERNMENT GRANTS Operating grants Rental subvention (1) Revamping and rejuvenation (2) Maintenance of state land (3) Development grants (4) Total $ $ $ $ $ $ At 1 April 2018 - - - - - - Grants received during the year 30,588,970 4,257,060 10,025,126 1,030,722 17,842,686 63,744,564 Payment on behalf - - - - (17,842,686) (17,842,686) Transfer to income or expenditure (30,588,970) (4,257,060) (10,025,126) (1,030,722) - (45,901,878) At 31 March 2019 - - - - - - Grants received during the year 30,254,649 4,068,700 3,420,981 1,041,310 12,474,043 51,259,683 Payment on behalf - - - - (12,474,043) (12,474,043) Transfer to income or expenditure (30,254,649) (4,068,700) (3,420,981) (1,041,310) - (38,785,640) At 31 March 2020 - - - - - - Notes (1) The Government has charged the Company rental for use of the three gardens. The rental is funded by way of a government subvention. FRS 116 applies to the lease rental. It is now recorded as a right-of-use asset and depreciated over the lease term. Lease expenses are shown as depreciation and interest expense instead of rental cost. (2) The Company as lessee is responsible for carrying out the cyclical maintenance of the rented premises, including but not limited to major upgrading and/or replacement of mechanical and electrical systems, works relating to the revamping or rejuvenation of landscaping and architecture and similar works to be carried out to the rented premises. (3) The Government appointed the Company to maintain State land in the proximity of Gardens by the Bay. (4) The Company is the appointed agent to carry out national projects on behalf of the Government. NOTES TO FINANCIAL STATEMENTS 31 March 2020