Financial Overview
2020 vs 2021
2021
$
2020
$
Surplus before taxation
Income tax expenses
Surplus net of tax, representing total comprehensive income for the financial year
201,259
-
201,259
705,034
-
705,034
In 2020, Halogen Foundation raised approximately $600,000 in donations through the launch of Entrepreneurship Book Unlimited and The Mini Halogen Ball. The 2021 COVID-19 restrictions brought about new fundraising initiatives, You.th Box and #JustOneThing, which saw seven mini fundraising projects with local business owners, raising a total of $101,713.50.
There was an increase in our Academy and Programme costs in 2021 which resulted in lower income. The Cost of Sales increased due to the increased cost of materials, resulting in an increase in the number of students and participants in 2021.
Operational cost were much lower in 2020 as majority of the programmes ran were virtual. Moving into 2021, we saw an increase in operational cost as physical trainings resumed. The costs were comparable to pre-COVID-19 numbers (before 2020).
Programme-related expenses for events such as the National Young Leader Award (NYLA) and NFTE Youth Entrepreneurship Challenge (NYEC) increased as the organisation injected additional funds to improve the overall quality of the programme. NYLA and NYEC were conducted on a smaller scale in 2020 due to the COVID-19 restrictions – NYLA was held in-house and NYEC was held in schools. As the restrictions started to ease in 2021, more costs were incurred for rental and operations as the events were held on a larger scale
In 2020, Academy income was affected by COVID-19 with lesser trainings conducted and fell by 45%. However, the loss was compensated by the following:
-
Funds raised for our gala event, which was to be held in Q1 2020, were already secured
-
Grants for 2020 that were secured and received in 2019
-
Government support in the form of Jobs Support Scheme
This resulted in a lower Net Surplus in 2021 as compared to 2020.
Operating Income Breakdown
2021 Operating Income
2021
$
2020
$
Income
Donations (including fundraising)
Grants
Academy income
Other income
356,292
1,353,657
494,368
63,119
2,267,436
748,780
890,692
414,841
511,049
2,565,362
The full audited financial statements for Halogen Foundation (Singapore) 2021 can be downloaded at https://halogen.sg/annual-financial-report/
Major grants received for 2021 include Tote Board Social Service Grant (via NCSS), UBS Optimus Foundation, Singapore Totalisator Board, National Volunteer Philanthropy (Bicentennial Community Fund), Credit Suisse APAC Foundation, and Charities Aid Foundation America, Inc.
Other Income includes Jobs Support Scheme, interest received from fixed deposits placements, and merchandise sales.
Operating Expenses Breakdown
2021 Operating Expenses
2021
$
2020
$
Expenditure
Academy expenses
Fundraising expenses
Depreciation of plant and equipment
Amortisation of intangible assets
Depreciation of right-of-use assets
Office expenses
Staff costs
331,847
20,182
16,119
13,312
103,998
248,426
1,332,293
2,066,177
129,551
46,406
56,285
4,746
104,645
265,306
1,253,389
1,860,328
The full audited financial statements for Halogen Foundation (Singapore) 2021 can be downloaded at https://halogen.sg/annual-financial-report/
Staff Cost includes salaries, CPF, allowances, medical, training, and welfare for 20 full-time staff and 10 interns.
Office Expenses include Accounting & auditing fees, office overheads, and publicity expenses.
Financial Statements
Balance sheet
As at 31 December 2021
2021
$
2020
$
Assets
Non-current Asset
Plant and equipment
Intangible assets
Right-of-use assets
28,499
44,415 1
73,862
246,776
25,239 12,935 277,860 316,034
Current asset
Trade and other receivables
Prepayments
Cash and short-term deposits
Total assets
105,918
17,756
4,507,985
4,631,659
4,878,435
133,234
25,741
4,527,296
4,686,271
5,002,305
1,708,251
2,583,933
4,292,184
1,231,890
3,261,553
4,493,443
Funds
Restricted Funds
Unrestricted Funds
Total Funds
Liabilities
Non-Current Liabilities
Lease liabilities
Current Liabilities
Lease liabilities
Trade payables and accruals
Contract liabilities
Total Liabilities
Total Funds and Liabilities
74,064
105,304
110,677
94,947
310,928
384,992
4,878,435
179,842
100,379
236,417
193,483
530,279
710,121
5,002,305
The full audited financial statements for Halogen Foundation (Singapore) 2021 can be downloaded at https://halogen.sg/annual-financial-report/
Financial Policies
Reserves Policy
Halogen seeks to achieve a reserve level of 3 years of operating costs to ensure stability and continuity of the services we provide. The amount of reserves is regularly reviewed by our Board to ensure that we have adequate reserves to fulfil our continuous obligations.
Restricted Funds
i. The Network for Teaching Entrepreneurship (NFTE) Fund (funded under NCSS TBSSF as Halogen SPARK!)
Donations, grants, and its related expenses that are designated to the programme are disclosed separately. Staff costs and overheads are allocated proportionally to The NFTE Fund based on the staff hours spent on the programme. This includes training and preparation, back-end operations, and school & corporate engagement.
ii. The Care and Share Fund
Administered by the National Council of Singapore (NCSS), the funds are used for capability building, capacity building, and for new programmes or expansion/enhancement of existing services. The funds can be used till March 2022.
Investment Policy
The Investment Committee oversees the investment of reserves on behalf of Halogen Foundation. The guidelines for investment are detailed in the terms of reference.
Annual Remuneration of Staff
No employees received more than $100,000 in annual remuneration for the financial year ended 2021. The Finance and Establishment committee oversees the setting of remuneration of key staff.
Remuneration Bands
$70,000 - $79,999
$80,000 - $89,999
$90,000 - $99,999
Top 3 Management Staff
1
1
1
Note: Includes salary, bonuses, and allowances.
None of the Halogen Foundation staff are close members of the family of the Chief Executive Officer or the Board of Directors.
