Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 131 NOTES TO FINANCIAL STATEMENTS 31 March 2020 Disclosure required by FRS 17 The Company as lessee 2019 $ Minimum lease payments under operating leases recognised as an expense 4,612,113 The future aggregate minimum lease payments under non-cancellable operating leases contracted for at 31 March 2019 but not recognised as liabilities are as follows: 2019 $ Within one year 4,438,606 In the second to fifth year inclusive 5,324,761 9,763,367 The Company leases the three gardens, various equipment and off-site workers’ accommodation under non-cancellable short-term operating lease arrangements with varying renewal rights. The Company as lessor The Company rents out its properties under operating leases. Rental income (including variable components) earned during the year ended 31 March 2019 was $5,435,045. The future aggregate minimum lease receivable (excluding variable components) under non-cancellable operating leases contracted for at 31 March 2019 but not recognised as receivables are as follows: 2019 $ Within one year 2,344,108 In the second to fifth year inclusive 2,930,241 5,274,349