- FINANCIAL STATEMENTS
- Financial Statement Highlights
- Statement by Directors
- Auditor's Report
- Consolidated Statement of Comprehensive Income
- Consolidated Balance Sheet
- Consolidated Statement of Changes in Equity
- Consolidated Cash Flow Statement
- Statement of Backing of Currency in Circulation
- Notes to the Consolidated Financial Statements
FINANCIAL STATEMENT HIGHLIGHTS
The Authority's total assets, including the Currency Fund, increased by $18.60 billion to $380.45 billion, arising mainly from the net profit of $15.84 billion for the financial year ended 31 March 2014. The Currency Fund's net external assets grew by 12.9% to $43.12 billion, whilst the currency-in-circulation rose at a slower 7.3%. As a result, the net external asset backing of the currency-in-circulation increased to 127%, from 121% a year ago.
Total liabilities increased by $2.77 billion to $340.07 billion. The Authority raised the issuance of MAS bills for its money market operations and to meet increasing needs of banks for liquid assets. With the increase in MAS bills, the Singapore Government's Treasury bills were not rolled over, and Singapore Government's balances with the Authority declined accordingly. The additional deposits of financial institutions and a higher amount of currency in circulation also contributed to the increase in liabilities.
The Authority holds foreign assets as reserves for the conduct of the monetary policy and the defence of the Singapore dollar. During the year, the Euro, US dollar, and the Sterling Pound appreciated by 9.1%, 1.4% and 11.3% respectively against the Singapore dollar, giving rise to foreign exchange gains, which were eroded partially by the depreciation of foreign currencies like the Japanese Yen, which weakened by 7.3%. The Authority's total expenditure increased from $0.82 billion to $0.92 billion, as investment, interest and personnel expenditure rose during the year.
Based on the framework for Contributions to Consolidated Fund, no contribution to the Consolidated Fund is required for this financial year as there are carried forward losses from previous financial years to offset against the net profit for the year. There will not be a return of profits to the Government as the Authority rebuilds its reserves, in accordance with the Monetary Authority of Singapore Act.