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Facts & Figures

Charity Status

IPC Status
Renewed until 1 Apr 2018

Unique Entity Number:
197801125M

Charity Registration Date:
29 October 1993

Auditor
Ernst & Young LLP

Constitution:
Date of Establishment

Singapore Symphonia Company Limited
19 May 1987

INCOME AND EXPENDITURE ACCOUNT FOR THE financial YEAR ENDED 31 MARCH 2017

INCOME FY2017 FY2016 FY2015 FY2014 FY2013
Sponsorship 1,141,924 1,083,660 1,125,997 1,081,963 1,056,515
Sale of tickets 1,790,874 1,295,313 1,231,204 1,486,952 1,254,345
Commission income 805,082 895,365 858,528 891,828 902,900
Surplus / (Deficit) from projects 1,073,966 173,154 (142,091) 556,517 (28,479)
Audience development and outreach income 481,659 600,325 613,354 328,071 380,445
Victoria Concert Hall ("VCH") Programme income 247,069 0 0 0 0
Singapore National Youth Orchestra ("SNYO") income 891,588 501,159 0 0 0
Singapore Symphony Children's Choir ("SSCC") income 367,533 386,851 194,273 154,228 0
Interest income 28,486 31,863 28,590 28,568 26,626
Income from Singapore Totalisator Board Trust Fund 0 0 0 600,000 1,250,000
Income from Temasek Foundation Nurtures Trust Fund 789,300 797,350 789,557 794,507 792,771
Investment income 0 0 600,000 650,000 0
Instrument donation income 707,609 0 0 0 0
Other income 272,549 383,349 158,236 442,855 130,294
Total income 8,597,639 6,148,389 5,457,648 7,015,489 5,765,417
EXPENDITURE
Staff costs 14,071,800 13,374,632 12,646,568 11,825,901 11,672,385
Depreciation of property, plant and equipment 172,404 111,785 245,599 79,158 73,429
Auditor's remuneration 30,720 30,755 37,446 37,555 40,720
Artiste fees 1,893,783 1,445,676 1,649,811 1,755,970 1,691,457
Publicity 1,323,452 1,073,579 751,974 792,544 711,933
Freelance fees 227,134 383,074 315,004 625,385 442,852
Hiring of concert hall 782,498 715,795 718,233 818,148 778,009
Audience development and outreach expenses 559,538 598,996 635,367 672,442 422,075
VCH Programme expenses 909,104 222,746 137,103 0 0
SNYO expenses 306,956 277,019 0 0 0
SSCC expenses 442,607 340,467 235,541 159,437 0
Singapore Symphony Chorus ("SSC") expenses 125,396 120,106 25,956 66,160 0
Other operating expenditure 1,535,456 1,445,182 1,438,502 1,424,383 1,239,132
Total Expenditure 22,380,848 20,139,812 18,837,104 18,257,083 17,071,9922
Excess of expenditure over income from operating activities (13,783,209) (13,991,423) (13,379,456) (11,241,594) (11,306,575)
Grant from Ministry of Community, Culture and Youth 12,000,000 11,272,493 11,500,000 8,000,000 8,000,000
Grant from Singapore Totalisator Board 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
Surplus of income over expenditure 2,216,791 1,281,070 2,120,544 758,406 693,425
Transfer to Specific Fund (1,706,763) (1,157,510) (1,600,000) (600,000) (600,000)
Unrealised fair value gain on investments 3,977,250 106,463 5,282,954 701,494 2,179,217
Surplus for the financial year, representing total comprehensive income for the financial year 4,487,278 230,023 5,803,498 859,900 2,272,642

STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017

CASH FLOW FROM OPERATING ACTIVITIES FY2017 FY2016 FY2015 FY2014 FY2013
Surplus of income before expenditure 6,194,041 1,387,533 7,403,498 1,459,900 2,872,642
Adjustments for:
Unrealised fair value gain on investments (3,977,250) (106,463) (5,282,954) (701,494) (2,179,217)
Depreciation of property, plant and equipment 172,404 111,785 245,599 79,158 73,429
Investment income 0 0 (600,000) (650,000) 0
Interest income (28,486) (31,863) (28,590) (28,568) (26,626)
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL 2,360,709 1,360,992 1,737,553 158,996 740,228
Increase / Decrease in receivables 1,825,029 (617,752) (7,614,245) (956,843) 1,101,223
Increase / Decrease in prepaid operating expenses 33,234 (44,441) 47,821 (63,689) (20,205)
Increase / Decrease in payables and accruals (3,631,476) 204,841 4,222,225 627,408 581,861
CASH FLOWS (USED IN) / GENERATED FROM OPERATIONS 587,496 903,640 (1,606,646) (234,128) 2,403,107
Interest received 28,486 31,863 28,590 28,568 26,626
Donations received 477,751 615,454 293,474 277,935 398,733
Cash used in touring projects (1,227,956) (39,851) (596,033) 0 0
Net cash flows (used in) / generated from operating activities (134,223) 1,511,106 (1,880,615) 72,375 2,828,466
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (936,127) (167,110) (407,957) (45,764) (30,939)
Realisation of cash from Fund Manager 0 0 600,000 650,000 0
Increase in fixed deposits (939) (358) (925) (357) (1,355)
Net cash flows generated from /(used in) investing activities (937,066) (167,468) 191,118 603,879 (32,294)
Net (decrease) / increase in cash and cash equivalents (1,071,289) 1,343,638 (1,689,497) 676,254 2,796,172
Cash and cash equivalents at beginning of financial year 12,941,505 11,597,867 13,287,364 12,611,110 9,814,938
Cash and cash equivalents at end of financial year 11,870,216 12,941,505 11,597,867 13,287,364 12,611,110

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017

ASSETS FY2017 FY2016 FY2015 FY2014 FY2013
NON-CURRENT ASSETS
Property, plant and equipment 1,196,891 433,168 377,843 215,485 248,879
Investments 71,051,141 63,626,448 62,500,360 57,817,406 32,550,982
CURRENT ASSETS
Receivables 11,342,981 13,168,010 12,550,258 4,936,013 3,979,170
Prepaid operating expenses 107,551 140,785 96,344 144,165 80,476
Pledged deposits 130,000 130,000 130,000 130,000 130,000
Fixed deposits 67,054 66,115 65,757 64,832 64,475
Cash and cash equivalents 11,870,216 12,941,505 11,597,867 13,287,364 12,611,110
23,517,802 26,446,415 24,440,226 18,562,374 16,865,231
CURRENT LIABILITIES
Payables and accruals (9,410,135) (13,041,611) (12,836,770) (8,614,545) (7,987,137)
Net Current Assets 14,107,667 13,404,804 11,603,456 9,947,829 8,878,094
Net Assets 86,355,699 77,464,420 74,481,659 67,980,720 41,677,955
EQUITY
Endowment Fund 60,385,502 56,537,308 55,174,229 55,480,755 47,357,207
Endowment Fund Reserve 0 0 0 0 (16,719,317)
60,385,502 56,537,308 55,174,229 55,480,755 30,637,890
General Fund 21,820,764 17,333,486 17,103,463 11,299,965 10,440,065
Specific Fund 4,149,433 3,593,626 2,203,967 1,200,000 600,000
Total Equity 86,355,699 77,464,420 74,481,659 67,980,720 41,677,955
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