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 1978
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 |
