Financials
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
INCOME AND EXPENDITURE ACCOUNT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | $ | |
| Operating Income | ||||||
| Revenue | ||||||
| Sales of tickets | 2,518,051 | 759,484 | 119,115 | 1,996,196 | 2,347,361 | 1,647,177 |
| Donations/Sponsorship | ||||||
| Donations | 442,258 | 359,098 | 261,314 | 506,236 | 440,000 | 621,532 |
| Sponsorship in kind | 636,214 | 478,304 | 33,795 | 358,169 | 642,013 | 594,672 |
| Fundraising Events | 0 | 0 | 580,000 | 500,000 | 3,005,179 | 2,421,556 |
| Annual Appeal | 1,571,455 | 1,245,742 | 1,268,278 | 656,085 | 146,180 | 425,987 |
| Total donations raised | 2,649,927 | 2,083,144 | 2,143,387 | 2,020,490 | 4,233,372 | 4,063,747 |
| Temasek Foundation Nurtures | 838,735 | 836,810 | 800,000 | 826,498 | 860,000 | 900,000 |
| Cultural Matching Fund | 1,605,336 | 1,155,265 | 943,086 | 2,228,683 | 1,292,947 | 0 |
| BiCentennial Fund | 0 | 0 | 400,000 | 0 | 0 | 0 |
| DS Engagement Income | 0 | 0 | 300 | 12,035 | 93,060 | 0 |
| Other Income | 3,412,428 | 2,752,610 | 1,675,693 | 1,494,653 | 1,515,437 | 1,585,017 |
| Total Operating Income | 11,024,477 | 7,587,313 | 6,081,581 | 8,578,555 | 10,342,177 | 8,195,941 |
| Operating Expenditure | ||||||
| Orchestra (including musician salaries) | 9,753,284 | 8,755,155 | 8,801,110 | 10,113,108 | 11,053,920 | 11,127,480 |
| Administration (including Staff Cost) | 6,382,262 | 5,824,890 | 5,455,265 | 5,799,266 | 5,402,778 | 4,874,260 |
| Concerts - Programming | 2,205,950 | 1,190,023 | 507,572 | 1,738,162 | 2,155,046 | 1,900,315 |
| Concerts - Marketing & Publicity | 2,075,278 | 1,506,651 | 774,794 | 1,756,624 | 1,961,745 | 1,683,240 |
| Concerts - Digital | 668,791 | 118,250 | 0 | 0 | 0 | 0 |
| DS and Fundraising Events | 164,753 | 38,740 | 85,569 | 222,140 | 890,130 | 507,158 |
| Admin Costs (non-staff) & Office Services | 71,439 | 607,981 | 341,085 | 423,041 | 480,140 | 689,135 |
| Accounting, IT expenses & Others | 1,253,628 | 1,423,041 | 1,498,106 | 2,012,538 | 1,315,371 | 1,432,033 |
| Hall Utilities | 1,691,795 | 1,219,200 | 497,835 | 1,314,894 | 1,428,309 | 1,524,280 |
| Office Rental and Utilities | 1,293,283 | 1,275,030 | 925,557 | 145,155 | 1,220,799 | 831,122 |
| Investment expense | 389,510 | 399,197 | 522,111 | 293,900 | 264,967 | 292,305 |
| GST Adjustment | 314,998 | 229,155 | 152,536 | 235,771 | 254,314 | 295,930 |
| Total Operating Expenditure | 26,264,971 | 22,587,313 | 19,561,540 | 24,054,599 | 26,427,519 | 25,157,258 |
| Net Loss | (15.240.494) | (15,000,000) | (13,479,959) | (15,476,044) | (16,085,342) | (16,961,317) |
| Grants | ||||||
| Ministry of Culture, Community and Youth | 11,200,000 | 11,000,000 | 9,084,230 | 11,800,000 | 12,200,000 | 12,600,000 |
| Singapore Totalisator Board | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| 15,200,000 | 15,000,000 | 13,084,230 | 15,800,000 | 16,200,000 | 16,600,000 | |
| Net Surplus/(Deficit) on operations | (40,494) | 0 | (395,729) | 323,956 | 114,658 | (361,317) |
| Non-operating Income/Loss | ||||||
| Investment income from bonds and investments | 0 | 0 | 1,155,408 | 2,884,685 | 2,806,935 | 2,674,806 |
| Realised/unrealised fair value gain/(Loss) on investments, net | (4,702,980) | 979,072 | 14,787,255 | (3,360,180) | (2,141,910) | 372,537 |
| Net Surplus/(Deficit) | (4,743,474) | 979,072 | 15,546,934 | (151,539) | 779,683 | 2,686,026 |
STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | $ | |
| Cash flows from operating activities | ||||||
| Surplus/(deficit) of income before expenditure | (4,743,474) | 979,072 | 15,546,934 | (151,539) | 779,683 | 2,686,026 |
| Adjustments for: | ||||||
| Realised/Unrealised fair value loss/(gain) on investments, net | 4,702,980 | (979,072) | (14,787,255) | 3,360,180 | 2,141,910 | (372,537) |
| Depreciation of property, plant and equipment | 466,976 | 619,687 | 524,018 | 494,293 | 645,425 | 592,361 |
| Depreciation of right-of-use assets | 20,527 | 22,035 | 558,592 | 1,085,138 | 0 | 0 |
| Net loss on disposal of property, plant and equipment | 0 | 0 | 0 | 0 | 81 | 0 |
| Interest income | (14,771) | (13,132) | (22,641) | (31,694) | (27,331) | (25,041) |
| Finance costs | 1,774 | 1,293 | 3,929 | 34,686 | 0 | 0 |
| Unrealised exchange (gain)/loss | 0 | 0 | 155,847 | (74,316) | (22,388) | 236,507 |
| Investment income | 0 | 0 | (1,155,408) | (2,884,685) | (2,806,935) | (2,674,806) |
| Modification of lease liability | 0 | 580 | 0 | 0 | 0 | 0 |
| Operating cash flows before changes in working capital | 434,012 | 630,463 | 824,016 | 1,832,063 | 710,445 | 442,510 |
| (Increase)/Decrease in trade and other receivables | 105,467 | 118,515 | (663,178) | 20,687 | (715,732) | 3,435,917 |
| (Increase)/Decrease in grant receivables | (1,275,769) | (940,001) | 2,515,770 | (1,581,845) | (1,018,155) | (195,531) |
| (Increase)/Decrease in prepaid operating expenses | (163,326) | 7,908 | 35,034 | 10,212 | 56,222 | (170,427) |
| Increase/(Decrease) in payables and accruals | (334,712) | 369,171 | (1,543,826) | (1,135,174) | 871,327 | (3,583,681) |
| Cash flows (used in)/generated from operations | (1,234,328) | 186,056 | 1,167,816 | (854,057) | (95,893) | (71,212) |
| Interest received | 14,771 | 13,132 | 22,641 | 31,694 | 27,331 | 25,041 |
| Net cash flows (used in)/generated from operating activities | (1,219,557) | 199,188 | 1,190,457 | (822,363) | (68,562) | (175,572) |
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment | (224,545) | (154,841) | (235,255) | (64,509) | (191,517) | (2,041,928) |
| Proceeds from disposal of property, plant and equipment | 0 | 0 | 0 | 0 | 12,500 | 0 |
| Net disposal/(purchase) of investments | 0 | 0 | 0 | (500,000) | 6,341,080 | (1,384,045) |
| Changes in cash held by investment fund managers | 0 | 0 | 225,216 | 293,900 | (4,525,113) | 1,676,350 |
| Increase in fixed deposits | (256) | (364) | (1,111) | (362) | (945) | (358) |
| Net cash flows generated from/(used in) investing activities | (224,801) | (155,205) | (11,150) | (270,971) | 1,636,005 | (1,749,981) |
| Cash flows from financing activities | ||||||
| Payment of principal portion of lease liabilities | (19,814) | (22,554) | (351,779) | (1,146,360) | 0 | 0 |
| Capital contribution | 987,222 | 0 | 0 | 500,000 | 0 | 0 |
| Interest paid on lease liabilities | (1,774) | (1,293) | 0 | 0 | 0 | 0 |
| Donations for SNYO Instrument Fund | 0 | 1,050 | 21,016 | 0 | 0 | 0 |
| Net cash flows generated from/(used in) financing activities | 965,634 | (22,797) | (330,763) | (646,360) | 0 | 0 |
| Net (decrease)/increase in cash and cash equivalents | (478,724) | 21,186 | 848,544 | (1,739,694) | 1,567,443 | (1,925,553) |
| Cash and cash equivalents at beginning of the financial year | 10,642,142 | 10,620,956 | 9,772,412 | 11,512,106 | 9,944,663 | 11,870,216 |
| Cash and cash equivalents at end of the financial year | 10,163,418 | 10,642,142 | 10,620,956 | 9,772,412 | 11,512,106 | 9,944,663 |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | $ | |
| Non-current assets | ||||||
| Property, plant and equipment | 570,117 | 812,548 | 1,277,394 | 1,566,157 | 2,179,968 | 2,646,458 |
| Right-of-use assets | 76,978 | 97,505 | 37,658 | 596,250 | 0 | 0 |
| Investments at fair value through profit or loss | 87,919,399 | 92,622,379 | 91,643,307 | 76,081,707 | 76,276,786 | 77,405,340 |
| 88,566,494 | 93,532,432 | 92,958,359 | 78,244,114 | 78,456,754 | 80,051,798 | |
| Current assets | ||||||
| Trade and other receivables | 1,936,836 | 2,042,303 | 2,160,818 | 1,497,640 | 1,518,327 | 802,595 |
| Grant receivables | 9,600,000 | 8,324,231 | 7,384,230 | 9,900,000 | 8,318,155 | 7,300,000 |
| Prepaid operating expenses | 331,929 | 168,603 | 176,511 | 211,545 | 221,757 | 277,978 |
| Pledged deposits | 130,000 | 130,000 | 130,000 | 130,000 | 130,000 | 130,000 |
| Fixed deposits | 70,450 | 70,194 | 69,830 | 68,719 | 68,357 | 67,412 |
| Cash and cash equivalents | 10,163,418 | 10,642,142 | 10,620,956 | 9,772,412 | 11,512,106 | 9,944,663 |
| 22,232,633 | 21,377,473 | 20,542,345 | 21,580,316 | 21,768,702 | 18,522,648 | |
| Total assets | 110,799,127 | 114,909,905 | 113,500,704 | 99,824,430 | 100,225,456 | 98,574,446 |
| Current liabilities | ||||||
| Payables and accruals | 3,205,384 | 3,542,394 | 3,718,065 | 5,225,823 | 6,252,692 | 5,576,454 |
| Contract liabilities | 47,856 | 45,558 | 50,716 | 86,784 | 195,089 | 0 |
| Lease liabilities | 19,814 | 19,814 | 22,056 | 347,066 | 0 | 0 |
| 3,273,054 | 3,607,766 | 3,790,837 | 5,659,673 | 6,447,781 | 5,576,454 | |
| Net current assets | 18,959,579 | 17,769,707 | 16,751,508 | 15,920,643 | 15,320,921 | 12,946,194 |
| Non-current liabilities | ||||||
| Provision for reinstatement cost | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 |
| Lease liabilities | 58,117 | 77,931 | 15,781 | 38,621 | 0 | 0 |
| 308,117 | 327,931 | 265,781 | 288,621 | 250,000 | 250,000 | |
| Total liabilities | 3,581,171 | 3,935,697 | 4,056,618 | 5,948,294 | 6,697,781 | 5,826,454 |
| Net assets | 107,217,956 | 110,974,208 | 109,444,086 | 93,876,136 | 93,527,675 | 92,747,992 |
| Equity | ||||||
| Endowment Fund | 65,670,170 | 65,620,170 | 65,070,170 | 65,070,170 | 64,570,170 | 64,221,170 |
| General Fund | 36,917,466 | 41,660,940 | 40,681,868 | 25,134,934 | 25,286,473 | 24,506,790 |
| Specific Fund | 4,630,320 | 3,693,098 | 3,692,048 | 3,671,032 | 3,671,032 | 4,020,032 |
| Total equity | 107,217,956 | 110,974,208 | 109,444,086 | 93,876,136 | 93,527,675 | 92,747,992 |