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

Read Our Highlights for FY1920 (pdf, 1MB)

INCOME AND EXPENDITURE ACCOUNT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020

FY2020 FY2019 FY2018 FY2017 FY2016
$ $ $ $ $
Revenue
Sponsorship 579,169 752,013 937,204 1,352,424 1,083,660
Sale of tickets 1,996,196 2,347,361 1,647,177 2,316,908 1,895,638
2,575,365 3,099,374 2,584,381 3,669,332 2,979,298
Other items of income
Commission income 847,324 768,752 827,765 805,082 895,365
Donations 1,441,321 3,481,359 3,126,543 1,259,034 173,154
Interest income 31,694 27,331 25,041 28,486 31,863
Income from Cultural Matching Fund 2,228,683 1,292,947 0 0 0
Income from Temasek Foundation Nurtures 826,498 860,000 900,000 789,300 797,350
Unrealised fair value gain on investments 0 0 372,537 3,977,250 106,463
Investment income from bonds and investments 2,884,685 2,806,935 2,674,806 0 0
Investment income 0 0 0 0 0
Instrument donation income 0 0 0 707,609 0
Rental income 7,091 9,292 0 0 0
Other income 620,579 803,122 732,211 652,884 786,359
Total income 11,463,240 13,149,112 11,243,284 11,888,977 5,769,852
EXPENDITURE
Staff costs 14,307,349 15,140,050 14,747,693 14,071,800 13,374,632
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
Auditor's remuneration 30,904 30,730 30,712 30,720 30,755
Artiste fees 1,413,587 1,475,429 1,464,020 1,893,783 1,445,676
Publicity 1,106,170 1,272,369 1,102,015 1,323,452 1,073,579
Freelance fees 548,211 488,080 574,199 227,134 383,074
Hiring of concert hall 691,806 720,431 826,076 782,498 715,795
Audience development and outreach expenses 428,314 564,576 420,751 559,538 598,996
VCH Programme expenses 746,223 1,377,627 962,588 909,104 222,746
SNYO expenses 511,715 917,470 838,752 306,956 277,019
SSCC expenses 354,380 350,389 426,224 442,607 340,467
Singapore Symphony Chorus ("SSC") expenses 165,807 131,162 98,715 125,396 120,106
NPVC expenses 330,030 0 314,035 0 0
Expenditure on Fundraising projects 0 478,209 247,094 125,048 0
Other operating expenditure 1,382,306 2,249,443 2,002,657 1,535,456 1,445,182
Finance costs 34,686 0 0 0 0
Investment expenses 293,900 264,967 292,305 0 0
Unrealised fair value loss on investments 3,360,180 2,141,910 0 0 0
Expenditure: Operating 27,284,999 28,248,267 24,940,197 22,505,896 20,139,812
Expenditure: Special projects 129,780 321,162 217,061 60,020 0
Total Expenditure 27,414,779 28,569,429 25,157,258 22,565,916 20,139,812
Excess of expenditure over income from operating activities (15,951,539) (15,420,317) (13,913,974) (10,676,939) (14,369,960)
Grant from Ministry of Culture, Community and Youth/National Arts Council 11,800,000 12,200,000 12,600,000 12,870,980 11,757,493
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 (151,539) 779,683 2,686,026 6,194,041 1,387,533
Transfer to Specific Fund 0 0 0 (1,706,763) (1,157,510)
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

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