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Financial Overview
2020 vs 2021
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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:

 

  1. Funds raised for our gala event, which was to be held in Q1 2020, were already secured

  2. Grants for 2020 that were secured and received in 2019

  3. 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
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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
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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.