i'mpact Singapore Tourism Board Annual Report 2010/2011

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STATEMENT BY SINGAPORE TOURISM BOARD In our opinion, (a) the accompanying financial statements of Singapore Tourism Board (“STB”) set out on pages 59 to 88 are properly drawn up in accordance with the provisions of the Singapore Tourism Board Act, Cap. 305B (the “Act”) and Statutory Board Financial Reporting Standards (“SB-FRS”) so as to give a true and fair view of the state of affairs of STB as at 31 March 2011, and of the results, changes in equity and cash flows of STB for the financial year ended on that date; (b) (c) proper accounting and other records, required by the Act to be kept by STB, have been properly kept in accordance with the provisions of the Act; and the receipt, expenditure, investments of monies and the acquisition and disposal of assets by STB during the financial year have been in accordance with the provisions of the Act. On behalf of STB Chew Choon Seng Chairman Aw Kah Peng Chief Executive Singapore 4 July 2011 56
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BOARD OF SINGAPORE TOURISM BOARD Report on the Financial Statements We have audited the accompanying financial statements of Singapore Tourism Board (“STB”) which comprise the statement of financial position as at 31 March 2011; and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 59 to 88. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Singapore Tourism Board Act, Cap. 305B (the “Act”) and Singapore Statutory Board Financial Reporting Standards (“SB-FRS”). This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 57
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i’mpact Singapore Tourism Board A
Page 3 and 4:
Vision To be a leading economic dev
Page 5 and 6: Chairman’s message On behalf of t
Page 7 and 8: Chief Executive’s Message Collabo
Page 9 and 10: Board of Directors Ms Aw Kah Peng M
Page 11 and 12: Board of Directors Mr Mike Barclay
Page 13 and 14: Board of Directors Mr Steven Lim Mr
Page 15 and 16: Board of Directors Mrs Diana Ee-Tan
Page 17 and 18: Board of Directors Ms Jessica Tan A
Page 19 and 20: MANAGEMENT team (as of 1 July 2011)
Page 21 and 22: Corporate Governance BOARD MATTERS
Page 23 and 24: Corporate Governance Table 2: Direc
Page 25 and 26: Corporate Governance It approves th
Page 27 and 28: YourSingapore Bringing the YourSing
Page 29 and 30: STB ACROSS THE GLOBE Stamping A Glo
Page 31 and 32: STB ACROSS THE GLOBE N-TV channel b
Page 33 and 34: STB ACROSS THE GLOBE WORLD EXPO Orc
Page 35 and 36: Tourism Sector Performance Overview
Page 37 and 38: Tourism Sector Performance This tre
Page 39 and 40: Tourism Sector Performance Cruise R
Page 41 and 42: Tourism Sector Performance the prof
Page 43 and 44: Tourism Sector Performance The loca
Page 45 and 46: Tourism Sector Performance No less
Page 47 and 48: Tourism Sector Performance alongsid
Page 49 and 50: Awards and Accolades Destination
Page 51 and 52: Awards and Accolades Shangri-La Hot
Page 53 and 54: Awards and Accolades Attractions Bu
Page 55: FINANCIAL STATEMENTS Statement by t
Page 59 and 60: STATEMENT OF FINANCIAL POSITION As
Page 61 and 62: STATEMENT OF CHANGES IN EQUITY Year
Page 63 and 64: 2010/2011 2009/2010 $’000 $’000
Page 65 and 66: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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