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 2019

FY2019 FY2018 FY2017 FY2016 FY2015
$ $ $ $ $
Revenue
Sponsorship 752,013 937,204 1,352,424 1,083,660 1,125,997
Sale of tickets 2,347,361 1,647,177 2,316,908 1,895,638 1,844,558
3,099,374 2,584,381 3,669,332 2,979,298 2,970,555
Other items of income
Commission income 768,752 827,765 805,082 895,365 858,528
Donations 3,481,359 3,126,543 1,259,034 173,154 (142,091)
Interest income 27,331 25,041 28,486 31,863 28,590
Income from Cultural Matching Fund 1,292,947 0 0 0 0
Income from Temasek Foundation Nurtures 860,000 900,000 789,300 797,350 789,557
Unrealised fair value gain on investments 0 372,537 3,977,250 106,463 5,282,954
Investment income from bonds and investments 2,806,935 2,674,806 0 0 0
Investment income 0 0 0 0 600,000
Instrument donation income 0 0 707,609 0 0
Rental income 9,292 0 0 0 0
Other income 803,122 732,211 652,884 786,359 352,509
Total income 13,149,112 11,243,284 11,888,977 5,769,852 10,740,602
EXPENDITURE
Staff costs 15,140,050 14,747,693 14,071,800 13,374,632 12,646,568
Depreciation of property, plant and equipment 645,425 592,361 172,404 111,785 245,599
Auditor's remuneration 30,730 30,712 30,720 30,755 37,446
Artiste fees 1,475,429 1,464,020 1,893,783 1,445,676 1,649,811
Publicity 1,272,369 1,102,015 1,323,452 1,073,579 751,974
Freelance fees 488,080 574,199 227,134 383,074 315,004
Hiring of concert hall 720,431 826,076 782,498 715,795 718,233
Audience development and outreach expenses 564,576 420,751 559,538 598,996 635,367
VCH Programme expenses 1,377,627 962,588 909,104 222,746 137,103
SNYO expenses 917,470 838,752 306,956 277,019 0
SSCC expenses 350,389 426,224 442,607 340,467 235,541
Singapore Symphony Chorus ("SSC") expenses 131,162 98,715 125,396 120,106 25,956
NPVC expenses 0 314,035 0 0 0
Expenditure on Fundraising projects 478,209 247,094 125,048 0 0
Other operating expenditure 2,249,443 2,002,657 1,535,456 1,445,182 1,438,502
Investment expenses 264,967 292,305 0 0 0
Unrealised fair value loss on investments 2,141,910 0 0 0 0
Expenditure: Operating 28,248,267 24,940,197 22,505,896 20,139,812 18,837,104
Expenditure: Special projects 321,162 217,061 60,020 0 0
Total Expenditure 28,569,429 25,157,258 22,565,916 20,139,812 18,837,104
Excess of expenditure over income from operating activities (15,420,317) (13,913,974) (10,676,939) (14,369,960) (8,096,502)
Grant from Ministry of Culture, Community and Youth/National Arts Council 12,200,000 12,600,000 12,870,980 11,757,493 11,500,000
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 779,683 2,686,026 6,194,041 1,387,533 7,403,498
Transfer to Specific Fund 0 0 (1,706,763) (1,157,510) (1,600,000)
Surplus before taxation 779,683 2,686,026 4,487,278 230,023 5,803,498
Income tax expense 0 0 0 0 0
Surplus for the financial year, representing total comprehensive income for the financial year 779,683 2,686,026 4,487,278 230,023 5,803,498

STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2019

FY2019 FY2018 FY2017 FY2016 FY2015
$ $ $ $ $
Cash flows from operating activities
Surplus of income before expenditure 779,683 2,686,026 6,194,041 1,387,533 7,403,498
Adjustments for:
Unrealised fair value loss/(gain) on investments 2,141,910 (372,537) (3,977,250) (106,463) (5,282,954)
Depreciation of property, plant and equipment 645,425 592,361 172,404 111,785 245,599
Net loss on disposal of property, plant and equipment 81 0 0 0 0
Interest income (27,331) (25,041) (28,486) (31,863) (28,590)
Unrealised exchange (gain)/loss (22,388) 236,507
Investment income (2,806,935) (2,674,806) 0 0 (600,000)
Operating cash flows before changes in working capital 710,445 442,510 2,360,709 1,360,992 1,737,553
(Increase)/Decrease in trade and other receivables (715,732) 3,435,917 1,825,029 (617,752) (7,614,245)
(Increase)/Decrease in grant receivables (1,018,155) (195, 531) 0 0 0
(Increase)/Decrease in prepaid operating expenses 56,222 (170,427) 33,234 (44,441) 47,821
Increase/(Decrease) in payables and accruals 871,327 (3,583,681) (3,631,476) 204,841 4,222,225
Cash flows (used in)/generated from operations (95,893) (71,212) 587,496 903,640 (1,606,646)
Interest received 27,331 25,041 28,486 31,863 28,590
Donations received 0 0 477,751 615,454 293,474
Cash used in touring projects 0 (129,401) (1,227,956) (39,851) (596,033)
Net cash flows (used in)/generated from operating activities (68,562) (175,572) (134,223) 1,511,106 (1,880,615)
Cash flows from investing activities
Purchase of property, plant and equipment (191,517) (2,041,928) (936,127) (167,110) (407,957)
Proceeds from disposal of property, plant and equipment 12,500 0 0 0 0
Net disposal/(purchase) of investments 6,341,080 (1,384,045) 0 0 0
Changes in cash held by investment fund managers (4,525,113) (1,676,350) 0 0 600,000
Increase in fixed deposits (945) (358) (939) (358) (925)
Net cash flows generated from/(used in) investing activities 1,636,005 (1,749,981) (937,066) (167,468) 191,118
Net (decrease)/increase in cash and cash equivalents 1,567,443 (1,925,553) (1,071,289) 1,343,638 (1,689,497)
Cash and cash equivalents at beginning of the financial year 9,944,663 11,870,216 12,941,505 11,597,867 13,287,364
Cash and cash equivalents at end of the financial year 11,512,106 9,944,663 11,870,216 12,941,505 11,597,867

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2019

FY2019 FY2018 FY2017 FY2016 FY2015
$ $ $ $ $
Non-current assets
Property, plant and equipment 2,179,968 2,646,458 1,196,891 433,168 377,843
Investments 76,276,786 77,405,340 71,051,141 63,626,448 62,500,360
78,456,754 80,051,798 72,248,032 64,059,616 62,878,203
Current assets
Trade and other receivables 1,518,327 802,595 4,342,981 4,337,046 5,100,258
Grant receivables 8,318,155 7,300,000 7,000,000 8,830,964 7,450,000
Prepaid operating expenses 221,757 277,978 107,551 140,785 96,344
Pledged deposits 130,000 130,000 130,000 130,000 130,000
Fixed deposits 68,357 67,412 67,054 66,115 65,757
Cash and cash equivalents 11,512,106 9,944,663 11,870,216 12,941,505 11,597,867
21,768,702 18,522,648 23,517,802 26,446,415 24,440,226
Current liabilities
Payables and accruals 6,447,781 5,576,454 9,410,135 13,041,611 12,836,770
Net current assets 15,320,921 12,946,194 14,107,667 13,404,804 11,603,456
Non-current liability
Provision for reinstatement cost 250,000 250,000 0 0 0
Net assets 93,527,675 92,747,992 86,355,699 77,464,420 74,481,659
Equity
Endowment Fund 64,570,170 64,221,170 60,385,502 56,537,308 55,174,229
General Fund 25,286,473 24,506,790 21,820,764 17,333,486 17,103,463
Specific Fund 3,671,032 4,020,032 4,149,433 3,593,626 2,203,967
Total equity 93,527,675 92,747,992 86,355,699 77,464,420 74,481,659