TREASURER'S REPORT Financial Year 2021 – April 2020– March 2021 (FY20/21) The Singapore Gymnastics Treasurer’s annual report is intended to summarise and comment on the financial position of Singapore Gymnastics and other related matters. It should be read together with the audited accounts for the year ended 31 March 2021. As well as a commentary on audited historic information, a summary of the SG budget for the year ended 31 March 2022 is included below, in order to provide members with information about the planned future direction of SG and as a basis for approval of the audited accounts at the General Meeting. Singapore Gymnastics’ financial result for the financial year 2021 (Period: April 2020 to March 2021) was an operating surplus of $158,300, against a planned operating surplus of $27,305 at the beginning of the year. The increase in the surplus compared to budget revolved around several factors: An increase in what was budgeted for in the government Jobs Support Scheme (JSS) of $14,010, Increase in net income of $17,500 due to the receiver of the WorkPro grant funding applied for in 2018, Decrease of $62,332 in the allowance for bad debts due to the reduction of the overdue debtor balance for the financial year as of 31 March 2021, Increase in the net income budgeted for educational activities of $10,214, Increase in the net income of membership compared to budget of $7,090. Decrease in National Training Centre overheads of $48,485. SG’s initial SportSG grant funding allocation of $2,681,600 saw an increase of 8.4% attributed to increase funds towards national office headcount, high performance head count and gymnastics equipment. Due to the impact of the Covid situation, SG’s utilisation of overall grant funding for the FY was decreased compared to last financial year of $423,150. The decrease in SportSG funding usage can be contributed to: Decrease in venue and office rental of $93,887 due to Covid-19 and the inability to utilise venues during Circuit Breaker, Reduction in the use of Enhanced High-Performance funding of $186,672 due to the inability to appoint a replacement of a WAG Head Coach and Athlete Health Performance Manager due to Covid and the difficulty of bringing in overseas talent. The inability to utilise the $85,000 received for overseas international competition. The roll over of $72,000 for sports equipment that will be received in the following financial year.
Singapore Gymnastics Annual Report 2020
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