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:
Date of Establishment
Singapore Symphonia Company Limited
19 May 1987
INCOME AND EXPENDITURE ACCOUNT FOR THE financial YEAR ENDED 31 MARCH 2017
| INCOME | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 |
|---|---|---|---|---|---|
| Sponsorship | 1,141,924 | 1,083,660 | 1,125,997 | 1,081,963 | 1,056,515 |
| Sale of tickets | 1,790,874 | 1,295,313 | 1,231,204 | 1,486,952 | 1,254,345 |
| Commission income | 805,082 | 895,365 | 858,528 | 891,828 | 902,900 |
| Surplus / (Deficit) from projects | 1,073,966 | 173,154 | (142,091) | 556,517 | (28,479) |
| Audience development and outreach income | 481,659 | 600,325 | 613,354 | 328,071 | 380,445 |
| Victoria Concert Hall ("VCH") Programme income | 247,069 | 0 | 0 | 0 | 0 |
| Singapore National Youth Orchestra ("SNYO") income | 891,588 | 501,159 | 0 | 0 | 0 |
| Singapore Symphony Children's Choir ("SSCC") income | 367,533 | 386,851 | 194,273 | 154,228 | 0 |
| Interest income | 28,486 | 31,863 | 28,590 | 28,568 | 26,626 |
| Income from Singapore Totalisator Board Trust Fund | 0 | 0 | 0 | 600,000 | 1,250,000 |
| Income from Temasek Foundation Nurtures Trust Fund | 789,300 | 797,350 | 789,557 | 794,507 | 792,771 |
| Investment income | 0 | 0 | 600,000 | 650,000 | 0 |
| Instrument donation income | 707,609 | 0 | 0 | 0 | 0 |
| Other income | 272,549 | 383,349 | 158,236 | 442,855 | 130,294 |
| Total income | 8,597,639 | 6,148,389 | 5,457,648 | 7,015,489 | 5,765,417 |
| EXPENDITURE | |||||
| Staff costs | 14,071,800 | 13,374,632 | 12,646,568 | 11,825,901 | 11,672,385 |
| Depreciation of property, plant and equipment | 172,404 | 111,785 | 245,599 | 79,158 | 73,429 |
| Auditor's remuneration | 30,720 | 30,755 | 37,446 | 37,555 | 40,720 |
| Artiste fees | 1,893,783 | 1,445,676 | 1,649,811 | 1,755,970 | 1,691,457 |
| Publicity | 1,323,452 | 1,073,579 | 751,974 | 792,544 | 711,933 |
| Freelance fees | 227,134 | 383,074 | 315,004 | 625,385 | 442,852 |
| Hiring of concert hall | 782,498 | 715,795 | 718,233 | 818,148 | 778,009 |
| Audience development and outreach expenses | 559,538 | 598,996 | 635,367 | 672,442 | 422,075 |
| VCH Programme expenses | 909,104 | 222,746 | 137,103 | 0 | 0 |
| SNYO expenses | 306,956 | 277,019 | 0 | 0 | 0 |
| SSCC expenses | 442,607 | 340,467 | 235,541 | 159,437 | 0 |
| Singapore Symphony Chorus ("SSC") expenses | 125,396 | 120,106 | 25,956 | 66,160 | 0 |
| Other operating expenditure | 1,535,456 | 1,445,182 | 1,438,502 | 1,424,383 | 1,239,132 |
| Total Expenditure | 22,380,848 | 20,139,812 | 18,837,104 | 18,257,083 | 17,071,9922 |
| Excess of expenditure over income from operating activities | (13,783,209) | (13,991,423) | (13,379,456) | (11,241,594) | (11,306,575) |
| Grant from Ministry of Community, Culture and Youth | 12,000,000 | 11,272,493 | 11,500,000 | 8,000,000 | 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 | 2,216,791 | 1,281,070 | 2,120,544 | 758,406 | 693,425 |
| Transfer to Specific Fund | (1,706,763) | (1,157,510) | (1,600,000) | (600,000) | (600,000) |
| Unrealised fair value gain on investments | 3,977,250 | 106,463 | 5,282,954 | 701,494 | 2,179,217 |
| Surplus for the financial year, representing total comprehensive income for the financial year | 4,487,278 | 230,023 | 5,803,498 | 859,900 | 2,272,642 |
STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017
| CASH FLOW FROM OPERATING ACTIVITIES | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 |
|---|---|---|---|---|---|
| Surplus of income before expenditure | 6,194,041 | 1,387,533 | 7,403,498 | 1,459,900 | 2,872,642 |
| Adjustments for: | |||||
| Unrealised fair value gain on investments | (3,977,250) | (106,463) | (5,282,954) | (701,494) | (2,179,217) |
| Depreciation of property, plant and equipment | 172,404 | 111,785 | 245,599 | 79,158 | 73,429 |
| Investment income | 0 | 0 | (600,000) | (650,000) | 0 |
| Interest income | (28,486) | (31,863) | (28,590) | (28,568) | (26,626) |
| OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL | 2,360,709 | 1,360,992 | 1,737,553 | 158,996 | 740,228 |
| Increase / Decrease in receivables | 1,825,029 | (617,752) | (7,614,245) | (956,843) | 1,101,223 |
| Increase / Decrease in prepaid operating expenses | 33,234 | (44,441) | 47,821 | (63,689) | (20,205) |
| Increase / Decrease in payables and accruals | (3,631,476) | 204,841 | 4,222,225 | 627,408 | 581,861 |
| CASH FLOWS (USED IN) / GENERATED FROM OPERATIONS | 587,496 | 903,640 | (1,606,646) | (234,128) | 2,403,107 |
| Interest received | 28,486 | 31,863 | 28,590 | 28,568 | 26,626 |
| Donations received | 477,751 | 615,454 | 293,474 | 277,935 | 398,733 |
| Cash used in touring projects | (1,227,956) | (39,851) | (596,033) | 0 | 0 |
| Net cash flows (used in) / generated from operating activities | (134,223) | 1,511,106 | (1,880,615) | 72,375 | 2,828,466 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||||
| Purchase of property, plant and equipment | (936,127) | (167,110) | (407,957) | (45,764) | (30,939) |
| Realisation of cash from Fund Manager | 0 | 0 | 600,000 | 650,000 | 0 |
| Increase in fixed deposits | (939) | (358) | (925) | (357) | (1,355) |
| Net cash flows generated from /(used in) investing activities | (937,066) | (167,468) | 191,118 | 603,879 | (32,294) |
| Net (decrease) / increase in cash and cash equivalents | (1,071,289) | 1,343,638 | (1,689,497) | 676,254 | 2,796,172 |
| Cash and cash equivalents at beginning of financial year | 12,941,505 | 11,597,867 | 13,287,364 | 12,611,110 | 9,814,938 |
| Cash and cash equivalents at end of financial year | 11,870,216 | 12,941,505 | 11,597,867 | 13,287,364 | 12,611,110 |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017
| ASSETS | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | |||||
| Property, plant and equipment | 1,196,891 | 433,168 | 377,843 | 215,485 | 248,879 |
| Investments | 71,051,141 | 63,626,448 | 62,500,360 | 57,817,406 | 32,550,982 |
| CURRENT ASSETS | |||||
| Receivables | 11,342,981 | 13,168,010 | 12,550,258 | 4,936,013 | 3,979,170 |
| Prepaid operating expenses | 107,551 | 140,785 | 96,344 | 144,165 | 80,476 |
| Pledged deposits | 130,000 | 130,000 | 130,000 | 130,000 | 130,000 |
| Fixed deposits | 67,054 | 66,115 | 65,757 | 64,832 | 64,475 |
| Cash and cash equivalents | 11,870,216 | 12,941,505 | 11,597,867 | 13,287,364 | 12,611,110 |
| 23,517,802 | 26,446,415 | 24,440,226 | 18,562,374 | 16,865,231 | |
| CURRENT LIABILITIES | |||||
| Payables and accruals | (9,410,135) | (13,041,611) | (12,836,770) | (8,614,545) | (7,987,137) |
| Net Current Assets | 14,107,667 | 13,404,804 | 11,603,456 | 9,947,829 | 8,878,094 |
| Net Assets | 86,355,699 | 77,464,420 | 74,481,659 | 67,980,720 | 41,677,955 |
| EQUITY | |||||
| Endowment Fund | 60,385,502 | 56,537,308 | 55,174,229 | 55,480,755 | 47,357,207 |
| Endowment Fund Reserve | 0 | 0 | 0 | 0 | (16,719,317) |
| 60,385,502 | 56,537,308 | 55,174,229 | 55,480,755 | 30,637,890 | |
| General Fund | 21,820,764 | 17,333,486 | 17,103,463 | 11,299,965 | 10,440,065 |
| Specific Fund | 4,149,433 | 3,593,626 | 2,203,967 | 1,200,000 | 600,000 |
| Total Equity | 86,355,699 | 77,464,420 | 74,481,659 | 67,980,720 | 41,677,955 |
