i'mpact Singapore Tourism Board Annual Report 2010/2011

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NOTES TO THE FINANCIAL STATEMENTS 31 March <strong>2011</strong> (i) Foreign exchange risk management STB has exposure to foreign currency risk from transactions denominated in foreign currencies arising from its normal course of operations and from its investment portfolio arising from securities denominated in foreign currencies. Where appropriate, STB may hedge these risks as they arise. At the reporting date, the carrying amounts of monetary assets and monetary liabilities denominated in significant foreign currencies other than STB’s functional currency are disclosed in the respective notes to the financial statements. Foreign currency sensitivity analysis has not been presented as management do not expect any reasonable possible changes in foreign currency exchange rates to have a significant impact on STB’s operations and cashflows. (ii) Interest rate risk management STB’s exposure to changes in interest rates relates primarily to investments in fixed income instruments and fixed deposits. Fixed income instruments are managed by external fund managers appointed by STB. It is STB’s policy to obtain the most favourable interest rate for its fixed deposits depending on the immediate cash requirements. Interest rate sensitivity analysis has not been presented as management do not expect any reasonable possible changes in interest rates to have a significant impact on STB’s operations and cash flows. (iii) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to STB. Cash and fixed deposits are placed with reputable financial institutions. Investments in financial instruments are managed by approved and reputable fund managers. Credit risks, or the risk of counterparties defaulting, are controlled by the application of regular monitoring procedures. The extent of STB’s credit exposure is represented by the aggregate balance of financial assets at the end of each reporting period. 76
NOTES TO THE FINANCIAL STATEMENTS 31 March <strong>2011</strong> (iv) Liquidity risk STB monitors and maintains a level of cash and cash equivalents deemed adequate to finance its’ operations. The investment portfolio comprises mainly of quoted debt securities with resale markets to ensure portfolio liquidity. STB has non-derivative financial assets as shown on the statement of financial position under financial assets under fund management which are substantially managed externally by professional fund managers. The non-derivative financial assets comprise investments in debt securities which are mainly quoted (as disclosed under Note 13). The non-derivative financial assets may be liquidated readily when required. STB does not have a significant exposure to liquidity risk as at the end of each reporting periods. (v) Fair values of financial assets and financial liabilities The carrying amounts of financial assets and financial liabilities as reported in the financial statements approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of financial assets and financial liabilities are determined as follows: • the fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices; and • Unquoted investment whose fair value cannot be reliably measured by alternative valuation methods are carried at cost less any impairment losses. STB classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). 77
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i’mpact Singapore Tourism Board A
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Vision To be a leading economic dev
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Chairman’s message On behalf of t
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Chief Executive’s Message Collabo
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Board of Directors Ms Aw Kah Peng M
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Board of Directors Mr Mike Barclay
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Board of Directors Mr Steven Lim Mr
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Board of Directors Mrs Diana Ee-Tan
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Board of Directors Ms Jessica Tan A
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MANAGEMENT team (as of 1 July 2011)
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Corporate Governance BOARD MATTERS
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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 and 56: FINANCIAL STATEMENTS Statement by t
Page 57 and 58: INDEPENDENT AUDITORS’ REPORT TO 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
Page 75: NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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