Facts & Figures

Financials

Charity Status

IPC Status
Renewed until 1 Apr 2021

Unique Entity Number
197801125M

Charity Registration Date
29 October 1993

Auditor
Ernst & Young LLP

Constitution
Singapore Symphonia Company Limited

Date of Establishment
19 May 1987

INCOME AND EXPENDITURE ACCOUNT FOR THE financial YEAR ENDED 31 MARCH 2018

INCOME FY2018 FY2017 FY2016 FY2015 FY2014
Sponsorship 873,672 1,141,924 1,083,660 1,125,997 1,081,963
Sale of tickets 1,127,025 1,790,874 1,295,313 1,231,204 1,486,952
Commission income 827,765 805,082 895,365 858,528 891,828
Annual Fund 425,987 0 0 0 0
Income from Fundraising projects 2,421,556 1,259,034 173,154 (142,091) 556,517
Audience development and outreach income 412,819 481,659 600,325 613,354 328,071
Victoria Concert Hall ("VCH") Programme income 301,077 247,069 0 0 0
Singapore National Youth Orchestra ("SNYO") income 585,571 891,588 501,159 0 0
Singapore Symphony Children's Choir ("SSCC") income 574,309 367,533 386,851 194,273 154,228
National Piano & Violin Competition ("NPVC") income 273,346 0 0 0 0
Interest income 25,041 28,486 31,863 28,590 28,568
Unrealised fair value gain on investments 2,518,531 3,977,250 106,463 5,282,954 701,494
Income from Singapore Totalisator Board Trust Fund 0 0 0 0 600,000
Income from Temasek Foundation Nurtures Trust Fund 900,000 789,300 797,350 789,557 794,507
Investment income 0 0 0 600,000 650,000
Instrument donation income 0 707,609 0 0 0
Other income 197,773 272,549 383,349 158,236 442,855
Total income 11,464,472 12,759,957 6,254,852 10,740,602 7,716,983
EXPENDITURE
Staff costs 14,747,693 14,071,800 13,374,632 12,646,568 11,825,901
Depreciation of property, plant and equipment 592,361 172,404 111,785 245,599 79,158
Auditor's remuneration 30,712 30,720 30,755 37,446 37,555
Artiste fees 1,464,020 1,893,783 1,445,676 1,649,811 1,755,970
Publicity 1,102,015 1,323,452 1,073,579 751,974 792,544
Freelance fees 574,199 227,134 383,074 315,004 625,385
Hiring of concert hall 826,076 782,498 715,795 718,233 818,148
Audience development and outreach expenses 420,751 559,538 598,996 635,367 672,442
VCH Programme expenses 962,588 909,104 222,746 137,103 0
SNYO expenses 838,752 306,956 277,019 0 0
SSCC expenses 426,224 442,607 340,467 235,541 159,437
Singapore Symphony Chorus ("SSC") expenses 98,715 125,396 120,106 25,956 66,160
NPVC expenses 314,035 0 0 0 0
Expenditure on Fundraising projects 247,094 125,048 0 0 0
Other operating expenditure 1,766,150 1,535,456 1,445,182 1,438,502 1,424,383
Expenditure: Operating 24,411,385 22,505,896 20,139,812 18,837,104 18,257,083
Expenditure: Special projects 217,061 60,020 0 0 0
Total Expenditure 24,628,446 22,565,916 20,139,812 18,837,104 18,257,083
Excess of expenditure over income from operating activities (13,163,974) (9,805,959) (13,884,960) (8,096,502) (10,540,100)
Grant from Ministry of Culture, Community and Youth 11,850,000 12,000,000 11,272,493 11,500,000 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 2,686,026 6,194,041 1,387,533 7,403,498 1,459,900
Transfer to Specific Fund 0 (1,706,763) (1,157,510) (1,600,000) (600,000)
Surplus before taxation 2,686,026 4,487,278 230,023 5,803,498 859,900
Income tax expense 0 0 0 0 0
Surplus for the financial year, representing total comprehensive income for the financial year 2,686,026 4,487,278 230,023 5,803,498 859,900

STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

CASH FLOW FROM OPERATING ACTIVITIES FY2018 FY2017 FY2016 FY2015 FY2014
Surplus of income before expenditure 2,686,026 6,194,041 1,387,533 7,403,498 1,459,900
Adjustments for:
Unrealised fair value gain on investments (2,518,531) (3,977,250) (106,463) (5,282,954) (701,494)
Depreciation of property, plant and equipment 592,361 172,404 111,785 245,599 79,158
Investment income 0 0 0 (600,000) (650,000)
Interest income (25,041) (28,486) (31,863) (28,590) (28,568)
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL 734,815 2,360,709 1,360,992 1,737,553 158,996
Increase / Decrease in receivables 3,249,346 1,825,029 (617,752) (7,614,245) (956,843)
Increase / Decrease in prepaid operating expenses (179,387) 33,234 (44,441) 47,821 (63,689)
Increase / Decrease in payables and accruals (3,583,681) (3,631,476) 204,841 4,222,225 627,408
CASH FLOWS (USED IN) / GENERATED FROM OPERATIONS 221,093 587,496 903,640 (1,606,646) (234,128)
Interest received 25,041 28,486 31,863 28,590 28,568
Donations received 0 477,751 615,454 293,474 277,935
Cash used in touring projects (129,401) (1,227,956) (39,851) (596,033) 0
Net cash flows (used in) / generated from operating activities 116,733 (134,223) 1,511,106 (1,880,615) 72,375
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (2,041,928) (936,127) (167,110) (407,957) (45,764)
Realisation of cash from Fund Manager 0 0 0 600,000 650,000
Increase in fixed deposits (358) (939) (358) (925) (357)
Net cash flows generated from /(used in) investing activities (2,042,286) (937,066) (167,468) 191,118 603,879
Net (decrease) / increase in cash and cash equivalents (1,925,553) (1,071,289) 1,343,638 (1,689,497) 676,254
Cash and cash equivalents at beginning of financial year 11,870,216 12,941,505 11,597,867 13,287,364 12,611,110
Cash and cash equivalents at end of financial year 9,944,663 11,870,216 12,941,505 11,597,867 13,287,364

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2018

ASSETS FY2018 FY2017 FY2016 FY2015 FY2014
NON-CURRENT ASSETS
Property, plant and equipment 2,646,458 1,196,891 433,168 377,843 215,485
Investments 77,405,340 71,051,141 63,626,448 62,500,360 57,817,406
80,051,798 72,248,032 64,059,616 62,878,203 58,032,891
CURRENT ASSETS
Receivables 8,093,635 11,342,981 13,168,010 12,550,258 4,936,013
Prepaid operating expenses 286,938 107,551 140,785 96,344 144,165
Pledged deposits 130,000 130,000 130,000 130,000 130,000
Fixed deposits 67,412 67,054 66,115 65,757 64,832
Cash and cash equivalents 9,944,663 11,870,216 12,941,505 11,597,867 13,287,364
18,522,648 23,517,802 26,446,415 24,440,226 18,562,374
CURRENT LIABILITIES
Payables and accruals 5,576,454 9,410,135 13,041,611 12,836,770 8,614,545
Net Current Assets 12,946,194 14,107,667 13,404,804 11,603,456 9,947,829
Non-current liability
Provision for reinstatement cost 250,000 0 0 0 0
Net Assets 92,747,992 86,355,699 77,464,420 74,481,659 67,980,720
EQUITY
Endowment Fund 64,221,170 60,385,502 56,537,308 55,174,229 55,480,755
General Fund 24,506,790 21,820,764 17,333,486 17,103,463 11,299,965
Specific Fund 4,020,032 4,149,433 3,593,626 2,203,967 1,200,000
Total Equity 92,747,992 86,355,699 77,464,420 74,481,659 67,980,720
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