MAS: Annual report 2006 / 2007
MAS FY 2006/2007
Highlights 66
Statement by Directors 67
Auditor's Report 68
Income Statement 69
Balance Sheet 70
Statement of Changes in Equity 71
Cash Flow Statement 72
Statement of Backing of Currency in Circulation 73
Notes to the Financial Statements 74
  MAS’ total assets, including the Currency Fund, grew by S$12.29 billion during the year to S$218.21 billion at 31 March 2007. The Currency Fund’s net external assets of S$19.69 billion at the financial year-end, exceeded the currency in circulation, providing 112% asset backing.
Total liabilities increased in tandem with assets, rising by S$11.30 billion to S$200.75 billion as the currency in circulation, deposits of financial institutions and other liabilities increased.

The Authority’s net profit of S$3.85 billion for the year resulted mainly from interest income and gains from asset markets, partially offset by the foreign exchange impact from the strengthening of the Singapore dollar. Total expenditure rose to S$1.34 billion, largely due to higher investment and interest expenses.

In accordance with Section 3 of the Statutory Corporations (Contributions to Consolidated Fund) Act (Chapter 319A, 2000 Revised Edition), 20% of the net profit or S$0.77 billion, will be paid into the Singapore Government’s Consolidated Fund. The net profit, together with increases in reserves arising from changes in accounting policies, resulted in an increase in reserves by S$3.39 billion. The MAS Board approved a return of S$2.40 billion to the Government from the General Reserve Fund under Section 6(3) of the MAS Act (Chapter 186, 1999 Revised Edition). After this appropriation, total equity increased by S$0.99 billion to S$17.46 billion.