Financials

Charity Status

IPC Status
Renewed until 1 April 2024

Unique Entity Number
197801125M

Charity Registration Date
29 October 1993

Auditor
Ernst & Young LLP

Constitution
Singapore Symphonia Company Limited

Date of Establishment
19 May 1978

Read Our Highlights for FY1920 (pdf, 1MB)

INCOME AND EXPENDITURE ACCOUNT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021

FY2021 FY2020 FY2019 FY2018 FY2017
$ $ $ $ $
Operating Income
Revenue
Ticket Sales 119,115 1,996,196 2,347,361 1,647,177 2,316,651
Donations/Sponsorship
Donations 261,314 506,236 440,000 621,532 656,500
Sponsorship in kind 33,795 358,169 642,013 594,672 695,924
Fundraising Events 580,000 500,000 3,005,179 2,421,556 1,073,966
Annual Appeal 1,268,278 656,085 146,180 425,987 0
Total donations raised 2,143,387 2,020,490 4,233,372 4,063,747 2,426,390
Temasek Foundation Nurtures 800,000 826,498 860,000 900,000 789,300
Cultural Matching Fund 943,086 2,228,683 1,292,947 0 0
BiCentennial Fund 400,000 0 0 0 0
DS Engagement Income 300 12,035 93,060 0 0
​Other Income 1,675,693 1,494,653 1,515,437 1,585,017 3,065,297
Total Operating Income 6,081,581 8,578,555 10,342,177 8,195,941 8,597,638
​Operating Expenditure
Orchestra (including musician salaries) 8,801,110 10,113,108 11,053,920 11,127,480 13,265,709
Administration (including Staff Cost) 5,455,265 5,799,266 5,402,778 4,874,260 3,848,665
Concerts - Programming 507,572 1,738,162 2,155,046 1,900,315 1,898,783
Concerts - Marketing & Publicity 774,794 1,756,624 1,961,745 1,683,240 1,371,836
DS and Fundraising Events 85,569 222,140 890,130 507,158 48,351
Admin Costs (non-staff) & Office Services 341,085 423,041 480,140 689,135 436,564
Accounting, IT expenses & Others 1,498,106 2,012,538 1,315,371 1,432,033 331,034
Hall Utilities 497,835 1,314,894 1,428,309 1,524,280 889,864
Office Rental and Utilities 925,557 145,155 1,220,799 831,122 117,215
Investment expense 522,111 293,900 264,967 292,305 0
GST Adjustment 152,536 235,771 254,314 295,930 172,826
Total Operating Expenditure 19,561,540 24,054,599 26,427,519 25,157,258 22,380,847
Net Income/(Loss) (13,479,959) (15,476,044) (16,085,342) (16,961,317) (13,783,209)
​​Grants
Ministry of Culture, Community and Youth 9,084,230 11,800,000 12,200,000 12,600,000 12,000,000
Singapore Totalisator Board 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
13,084,230 15,800,000 16,200,000 16,600,000 16,000,000
Surplus/(Deficit) on operations (395,729) 323,956 114,658 (361,317) 2,216,791
Surplus before taxation (151,539) 779,683 2,686,026 4,487,278 230,023
Income tax expense 0 0 0 0 0
Surplus for the financial year, representing total comprehensive income for the financial year (151,539) 779,683 2,686,026 4,487,278 230,023

STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

FY2020 FY2019 FY2018 FY2017 FY2016
$ $ $ $ $
Cash flows from operating activities
Surplus of income before expenditure (151,539) 779,683 2,686,026 6,194,041 1,387,533
Adjustments for:
Unrealised fair value loss/(gain) on investments 3,360,180 2,141,910 (372,537) (3,977,250) (106,463)
Depreciation of property, plant and equipment 494,293 645,425 592,361 172,404 111,785
Depreciation of right-of-use assets 1,085,138 0 0 0 0
Net loss on disposal of property, plant and equipment 0 81 0 0 0
Interest income (31,694) (27,331) (25,041) (28,486) (31,863)
Finance costs 34,686 0 0 0 0
Unrealised exchange (gain)/loss (74,316) (22,388) 236,507 0 0
Investment income (2,884,685) (2,806,935) (2,674,806) 0 0
Operating cash flows before changes in working capital 1,832,063 710,445 442,510 2,360,709 1,360,992
(Increase)/Decrease in trade and other receivables 20,687 (715,732) 3,435,917 1,825,029 (617,752)
(Increase)/Decrease in grant receivables (1,581,845) (1,018,155) (195, 531) 0 0
(Increase)/Decrease in prepaid operating expenses 10,212 56,222 (170,427) 33,234 (44,441)
Increase/(Decrease) in payables and accruals (1,135,174) 871,327 (3,583,681) (3,631,476) 204,841
Cash flows (used in)/generated from operations (854,057) (95,893) (71,212) 587,496 903,640
Interest received 31,694 27,331 25,041 28,486 31,863
Donations received 0 0 0 477,751 615,454
Cash used in touring projects 0 0 (129,401) (1,227,956) (39,851)
Net cash flows (used in)/generated from operating activities (822,363) (68,562) (175,572) (134,223) 1,511,106
Cash flows from investing activities
Purchase of property, plant and equipment (64,509) (191,517) (2,041,928) (936,127) (167,110)
Proceeds from disposal of property, plant and equipment 0 12,500 0 0 0
Net disposal/(purchase) of investments (500,000) 6,341,080 (1,384,045) 0 0
Changes in cash held by investment fund managers 293,900 (4,525,113) 1,676,350 0 0
Increase in fixed deposits (362) (945) (358) (939) (358)
Net cash flows generated from/(used in) investing activities (270,971) 1,636,005 (1,749,981) (937,066) (167,468)
Cash flows from financing activities
Payment of lease liabilities (1,146,360) 0 0 0 0
Capital contribution 500,000 0 0 0 0
(646,360) 0 0 0 0
Net (decrease)/increase in cash and cash equivalents (1,739,694) 1,567,443 (1,925,553) (1,071,289) 1,343,638
Cash and cash equivalents at beginning of the financial year 11,512,106 9,944,663 11,870,216 12,941,505 11,597,867
Cash and cash equivalents at end of the financial year 9,772,412 11,512,106 9,944,663 11,870,216 12,941,505

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020

FY2020 FY2019 FY2018 FY2017 FY2016
$ $ $ $ $
Non-current assets
Property, plant and equipment 1,566,157 2,179,968 2,646,458 1,196,891 433,168
Right-of-use assets 596,250 0 0 0 0
Investments 76,081,707 76,276,786 77,405,340 71,051,141 63,626,448
78,244,114 78,456,754 80,051,798 72,248,032 64,059,616
Current assets
Trade and other receivables 1,497,640 1,518,327 802,595 4,342,981 4,337,046
Grant receivables 9,900,000 8,318,155 7,300,000 7,000,000 8,830,964
Prepaid operating expenses 211,545 221,757 277,978 107,551 140,785
Pledged deposits 130,000 130,000 130,000 130,000 130,000
Fixed deposits 68,719 68,357 67,412 67,054 66,115
Cash and cash equivalents 9,772,412 11,512,106 9,944,663 11,870,216 12,941,505
21,580,316 21,768,702 18,522,648 23,517,802 26,446,415
Total assets 99,824,430 100,225,456 98,574,446 95,765,834 90,506,031
Current liabilities
Payables and accruals 5,225,823 6,252,692 5,576,454 9,410,135 13,041,611
Contract liabilities 86,784 195,089 0 0 0
Lease liabilities 347,066 0 0 0 0
5,659,673 6,447,781 5,576,454 9,410,135 13,041,611
Net current assets 15,920,643 15,320,921 12,946,194 14,107,667 13,404,804
Non-current liabilities
Provision for reinstatement cost 250,000 250,000 250,000 0 0
Lease liabilities 38,621 0 0 0 0
288,621 250,000 250,000 0 0
Total liabilities 5,948,294 6,697,781 5,826,454 9,410,135 13,041,611
Net assets 93,876,136 93,527,675 92,747,992 86,355,699 77,464,420
Equity
Endowment Fund 65,070,170 64,570,170 64,221,170 60,385,502 56,537,308
General Fund 25,134,934 25,286,473 24,506,790 21,820,764 17,333,486
Specific Fund 3,671,032 3,671,032 4,020,032 4,149,433 3,593,626
Total equity 93,876,136 93,527,675 92,747,992 86,355,699 77,464,420