Financial
Statements
SUMMARY OF FINANCIAL ACTIVITIES
INCOME
2021 ($)
2020 ($)
MSF subvention
1,550,944
1,416,110
Rental income/utilities recoveries
1,412,656
1,402,539
Grant from government agencies
2,075,495
1,265,917
Donations/Fundraising
1,311,924
1,062,573
Other government grants: Jobs Support Scheme
111,923
564,382
: Rental Relief
44,561
266,867
: Others
286,423
124,101
Course fees
224,229
156,384
Amortisation of deferred capital grants
-
67,645
Residential rental
55,769
44,166
Miscellaneous income
13,266
24,302
Investment income
13,482
19,311
TOTAL INCOME
7,100,672
6,414,297
EXPENDITURE
2021 ($)
2020 ($)
Charitable activities and programme cost
4,813,235
4,416,773
Costs of generating funds
1,389,757
1,172,417
Fund-raising
69,920
23,751
Governance cost
26,374
24,252
TOTAL EXPENDITURE
6,299,286
5,637,193
Net surplus/(deficits) for the year
801,386
777,104
STATEMENT OF FINANCIAL POSITION
ASSETS
2021 ($)
2020 ($)
Non-Current Assets
Intangible assets
31,733
59,827
Property, plant and equipment
169,988
261,320
Right-of-use assets
151,876
929,604
Governance cost
353,597
1,250,751
Current Assets
Trade and other receivables
488,841
345,858
Fixed deposits
1,101,699
1,088,267
Cash and bank balances
5,202,577
4,418,212
Property, plant and equipment
6,793,117
5,852,337
TOTAL ASSETS
7,146,714
7,103,088
FUNDS AND LIABILITIES
FUNDS
2021 ($)
2020 ($)
Unrestricted funds
General fund
5,373,510
4,560,654
Training Kitchen fund
135,001
71,333
Governance cost
5,508,511
4,631,987
Restricted funds*
Silver Volunteer fund
130,138
44,763
SPIN fund
(285,408)
46,087
NCSS OD fund
79,702
283,981
NCSS Invictus fund
58,600
58,600
Yellow Ribbon Emergency fund
7,750
5,200
NCSS Tech Booster Fund
64,000
-
NCSS EVMFS
(9,036)
-
Gilead Science Grant
94,447
-
Allen Overy Step Up Fund
50,000
-
HKL Grant
173,300
-
Property, plant and equipment
363,493
438,631
TOTAL ASSETS
5,872,004
5,070,618
Non-Current Liabilities
Lease Liabilities
-
155,800
Current Liabilities
Lease Liabilities
287,218
790,203
Deferred grants and income
155,800
283,307
Other payables
831,692
803,160
1,274,710
1,876,670
Total Liabilities
1,274,710
2,032,470
TOTAL FUNDS AND LIABILITIES
7,146,714
7,103,088
*All restricted funds are used according to funders' directives and timelines.
ANNUAL SALARY BAND FOR OUR TOP THREE EXECUTIVES
Annual Salary Band
$100,001 to $200,000
$100,001 to $200,000
2021 ($)
3
3
2020 ($)
3
3
Except for the Chief Executive Officer who is a board member, the President and members of the Management Committee are volunteers and do not receive any monetary remuneration for their service.
Reserve Policy
HCSA has a Reserve Policy to ensure that the level of reserves is adequate to sustain HCSA for a period of one year of operations.
The reserve is an unrestricted fund balance set aside for unexpected events, loss of funding or income. This excludes restricted, endowment and designated funds.
