YSA Annual Report 2018
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<strong>YSA</strong><br />
ANNUAL REPORT<br />
<strong>2018</strong><br />
46<br />
YOUNG SIKH ASSOCIATION (SINGAPORE)<br />
(Registered under The Societies Act. Cap. 311)<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER <strong>2018</strong><br />
FINANCIAL RISKS AND FAIR VALUES (CONT’D)<br />
b) Interest rate risk<br />
The Association is not exposed to interest rate risk as it has no interest-bearing<br />
borrowings.<br />
c) Credit risk<br />
Cash is placed with creditworthy financial institutions. The maximum exposure to credit<br />
risk is represented by the carrying amount of each financial asset in the balance<br />
sheet.<br />
d) Fair values<br />
The fair values of financial assets and financial liabilities approximate the carrying<br />
amounts of those assets and liabilities reported in the balance sheet.<br />
7. OTHER INFORMATION<br />
YOUNG SIKH ASSOCIATION (SINGAPORE) is registered under Societies Act. Cap. 311 with its<br />
registered office at Sikh Centre, 8 Jalan Bukit Merah, Singapore 169543.<br />
8. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE<br />
The financial statements for the financial year ended 31 December <strong>2018</strong> were authorised for<br />
issue by the Management Committee on
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