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Unaudited Financial Statements FY2016

City Harvest Church and its subsidiaries

Statements of financial position

as at 31 October 2016

  The Group The Church
  2016
$
2015
$
2016
$
2015
$
ASSETS
Non-Current

Property, plant and equipment
Investment property
Intangible assets
Investments in subsidiaries
Investment in associates
Available-for-sale financial assets
 
 
29,991,629
2,200,000
72,723
-
103,506,562
-
 
 
32,521,638
2,200,000
247,871
-
103,698,341
-
 
 
29,812,103
2,200,000
-
69,793,887
-
-
 
 
32,023,248
2,200,000
-
69,793,887
-
-
  135,770,914 138,667,850 101,805,990 104,017,135
 
Current
Prepayments
Inventories
Trade and other receivables
Cash and bank balances
 
 
321,296
170,090
3,789,811
59,855,208
 
 
73,877
303,070
3,712,352
52,158,282
 
 
290,900
-
5,321,340
33,328,768
 
 
59,770
-
5,034,487
28,037,096
  64,136,405 56,247,581 38,941,008 33,131,353
Total assets 199,907,319 194,915,431 140,746,998 137,148,488
 
FUNDS AND LIABILITIES
Unrestricted funds

General Fund
Non-controlling interest
 
 
 
36,583,382
(688,531)
 
 
 
27,251,503
(440,660)
 
 
 
33,796,559
-
 
 
 
26,190,790
-
  35,894,851 26,810,843 33,796,559 26,190,790
 
Restricted funds
Disaster Relief Fund
Building Fund
 
 
13,578
103,213,413
 
 
64,946
103,989,017
 
 
13,578
101,943,940
 
 
64,946
105,491,695
  103,226,991 104,053,963 101,957,518 105,556,641
Total funds 139,121,842 130,864,806 135,754,077 131,747,431
 
LIABILITIES
Non-current

Borrowings
 
 
 
54,572,463
 
 
 
57,669,826
 
 
 
-
 
 
 
-
  54,572,463 57,669,826 - -
 
Current
Trade and other payables
 
 
6,213,014
 
 
6,380,799
 
 
4,992,921
 
 
5,401,057
  6,213,014 6,380,799 4,992,921 5,401,057
Total liabilities 60,785,477 64,050,625 4,992,921 5,401,057
Total funds and liabilities 199,907,319 194,915,431 140,746,998 137,148,488

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of comprehensive income

for the financial year ended 31 October 2016

  General Fund Disaster Relief Fund Building Fund Total
The Group 2016
$
2015
$
2016
$
2015
$
2016
$
2015
$
2016
$
2015
$
Income
Tithes and offerings
Designated offerings received
Income from bible training centre
Revenue
Other income
  27,368,979
-
346,675
5,683,858
2,390,027
 
30,899,691
-
451,688
4,975,317
2,225,633
  -
3,600
-
-
-
 
-
72,125
-
-
-
  -
9,228,457
-
-
1,646,977
 
-
14,338,426
-
-
4,267,647
  27,368,979
9,232,057
346,675
5,683,858
4,037,004
 
30,899,691
14,410,551
451,688
4,975,317
6,493,280
Total income 35,789,539 38,552,329 3,600 72,125 10,875,434 18,606,073 46,668,573 57,230,527
Less: Expenditure
Amortisation of front-end fees on borrowings
Bible training centre expenses
Cost of sales
Depreciation expense
Loss on disposal of plant and equipment
Mission expenses
Ministry expenses
Rental expenses
Staff salaries and related costs
Other expenses
 
32,116
197,638
1,379,111
823,964
-
1,326,579
2,334,277
2,417,324
13,048,750
5,069,987
 
32,142
246,296
1,499,218
916,086
 
2,397,925
2,141,790
3,226,068
13,210,111
5,638,623
 
-
-
-
-
-
54,968
-
-
-
-
 
-
-
-
-
-
7,179
-
-
-
-
 
-
-
-
1,961,615
-
-
-
11,538,967
-
7,107,004
 
-
-
-
3,924,307
22,095
-
-
16,804,659
-
5,736,545
 
32,116
197,638
1,379,111
2,785,579
-
1,381,547
2,334,277
13,956,291
13,048,750
12,176,991
 
32,142
246,296
1,499,218
4,840,393
22,095
2,405,104
2,141,790
20,030,727
13,210,111
11,375,168
Total expenditure
Share of associates’ profits, net of tax
26,629,746
-
29,308,259
-
54,968
-
7,179
-
20,607,586
8,956,548
26,487,606
9,021,135
47,292,300
8,956,548
55,803,044
9,021,135
Surplus/(deficit) before taxation
Taxation
9,159,793
(75,785)
9,244,070
(7,996)
(51,368)
-
64,946
-
(775,604)
-
1,139,602
-
8,332,821
(75,785)
10,448,618
(7,996)
Surplus/(deficit) for the year
Other comprehensive income, net of tax
9,084,004
-
9,236,074
-
(51,368)
-
64,946
-
(775,604)
-
1,139,602
-
8,257,036
-
10,440,622
-
Total comprehensive income for the year 9,084,004 9,236,074 (51,368) 64,946 (775,604) 1,139,602 8,257,036 10,440,622
 
Attributable to:
Group
Non-controlling interest
 
 
9,331,879
(247,871)
 
 
9,363,778
(127,704)
 
 
(51,368)
-
 
 
64,946
-
 
 
(775,604)
-
 
 
1,139,602
-
 
 
8,504,907
(247,871)
 
 
10,568,326
(127,704)
  9,084,004 9,236,074 (51,368) 64,946 (775,604) 1,139,602 8,257,036 10,440,622

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of comprehensive income

for the financial year ended 31 October 2016

  General Fund Disaster Relief Fund Building Fund Total
The Church 2016
$
2015
$
2016
$
2015
$
2016
$
2015
$
2016
$
2015
$
Income
Tithes and offerings
Designated offerings received
Income from bible training centre
Other income
 
27,368,979
-
346,675
760,690
 
30,899,691
-
451,688
617,884
 
-
3,600
-
-
 
-
72,125
-
-
 
-
9,228,457
-
3,609,740
 
-
14,338,426
-
3,476,487
 
27,368,979
9,232,057
346,675
4,370,430
 
30,899,691
14,410,551
451,688
4,094,371
Total income 28,476,344 31,969,263 3,600 72,125 12,838,197 17,814,913 41,318,141 49,856,301
Less: Expenditure
Bible training centre expenses
Depreciation expense
Loss on disposal of plant and equipment
Mission expenses
Ministry expenses
Rental expenses
Staff salaries and related costs
Other expenses
 
197,638
621,829
-
1,352,572
2,519,511
160,161
11,923,230
4,095,634
 
252,596
725,848
-
2,409,709
2,297,785
937,078
12,151,235
5,325,605
 
-
-
-
54,968
-
-
-
-
 
-
-
-
7,179
-
-
-
-
 
-
1,961,615
-
-
-
11,538,967
-
2,885,370
 
-
3,924,307
22,095
-
-
16,804,659
-
2,498,883
 
197,638
2,583,444
-
1,407,540
2,519,511
11,699,128
11,923,230
6,981,004
 
252,596
4,650,155
22,095
2,416,888
2,297,785
17,741,737
12,151,235
7,824,488
Total expenditure 20,870,575 24,099,856 54,968 7,179 16,385,952 23,249,944 37,311,495 47,356,979
Surplus/(deficit) before taxation
Taxation
7,605,769
-
7,869,407
-
(51,368)
-
64,946
-
(3,547,755)
-
(5,435,031)
-
(5,435,031)
-
2,499,322
-
Surplus/(deficit) for the year
Other comprehensive income, net of tax
7,605,769
-
7,869,407
-
(51,368)
-
64,946
-
(3,547,755)
-
(5,435,031)
-
4,006,646
-
2,499,322
-
Total comprehensive income for the year 7,605,769 7,869,407 (51,368) 64,946 (3,547,755) (5,435,031) 4,006,646 2,499,322

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of changes in funds

for the financial year ended 31 October 2016

  <-Unrestricted Funds-> <-------------------------- Restricted Funds --------------------->  
      <-------------------Building Fund---------------->  
The Group  
General
Fund
$
Non
Controlling
Interest
$
Disaster
Relief
Fund
$
Asset
Capitalisation
Reserve
$
 
Building
Fund
$
 
Revaluation
Reserve
$
 
 
Subtotal
$
 
 
Total
$
 
Balance at 1 November 2014
Surplus/(deficit) for the year
Other comprehensive income
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
 
17,887,725
9,363,778
-
 
-
 
(312,956)
(127,704)
 
 
 
 
-
64,946
-
 
-
 
23,921,522
 
-
 
(3,959,777)
 
(1,801,993)
1,139,602
-
 
3,959,777
 
80,729,886
-
-
 
-
 
102,849,415
1,139,602
-
 
-
 
120,424,184
10,440,622
-
 
-
Balance at 31 October 2015
Surplus/(deficit) for the year
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
27,251,503
9,331,879
 
 
(440,660)
(247,871)
 
 
64,946
(51,368)
 
 
19,961,745
-
 
(1,946,622)
3,297,386
(775,604)
 
1,946,622
80,729,886
-
 
-
103,989,017
(775,604)
 
 
130,864,806
8,257,036
 
-
Balance at 31 October 2016 36,583,382 (688,531) 13,578 18,015,123 4,468,404 80,729,886 103,213,413 139,121,842

(1)Relates to transfers from Building Fund to Asset Capitalisation Reserve on utilisation of funds to acquire property, plant and equipment, net of depreciation expenses

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of changes in funds (Cont’d)

for the financial year ended 31 October 2016

  Unrestricted Funds <-------------------------- Restricted Funds --------------------->  
      <-------------------Building Fund---------------->  
The Church  
General
Fund
$
Disaster
Relief
Fund
$
Asset
Capitalisation
Reserve
$
 
Building
Fund
$
 
Revaluation
Reserve
$
 
 
Subtotal
$
 
 
Total
$
 
Balance at 1 November 2014
Surplus/(deficit) for the year
Other comprehensive income
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
 
18,321,383
7,869,407
-
 
-
 
-
64,946
-
 
-
 
23,921,522
 
-
 
(3,959,777)
 
76,800,766
(5,435,031)
-
 
3,959,777
 
10,204,438
-
-
 
-
 
110,926,726
(5,435,031)
-
 
-
 
129,248,109
2,499,322
-
 
-
Balance at 31 October 2015
Surplus/(deficit) for the year
Other comprehensive income
Transfer from Building Fund to
 Asset Capitalisation Reserve(1)
26,190,790
7,605,769
-
 
-
64,946
(51,368)
-
 
-
19,961,745
-
-
 
(1,946,622)
75,325,512
(3,547,755)
-
 
1,946,622
10,204,438
-
-
 
-
105,491,695
(3,547,755)
-
 
-
131,747,431
4,006,646
-
 
-
Balance at 31 October 2016 33,796,559 13,578 18,015,123 73,724,379 10,204,438 101,943,940 135,754,077

(1) Relates to transfers from Building Fund to Asset Capitalisation Reserve on utilisation of funds to acquire property, plant and equipment, net of depreciation expenses

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of cash flows

for the financial year ended 31 October 2016

The Group 2016
$
2015
$
Cash Flows from Operating Activities
Surplus for the year
Adjustments for:
Amortisation of intangible assets
Depreciation expenses
Impairment loss on inventories
Impairment loss on intangible assets
Impairment loss on plant and equipment
Impairment loss on interest receivable
Impairment loss on investment in associate
Loss on disposal of property, plant and equipment
Interest expense
Reversal of impairment of investment in associates
Share of associates’ profit
Interest income
 
8,332,821
 
32,116
2,785,579
113,305
143,032
236,019
1,307,156
1,112,327
-
3,102,637
-
(8,956,548)
(1,646,977)
 
10,448,618
 
32,142
4,840,393
-
-
-
1,307,147
-
22,095
3,260,767
(2,616,045)
(9,021,135)
(1,501,776)
Operating surplus before working capital changes
Changes in inventories
Changes in other receivables
Changes in prepayments
Changes in other payables
Tax paid
6,561,467
19,675
(77,459)
(247,419)
(167,785)
(75,785)
6,772,206
5,407
(4,401)
246,099
(89,975)
(7,996)
Net cash generated from operating activities 6,012,694 6,921,340
 
Cash Flows from Investing Activities
Acquisition of intangible assets
Acquisition of property, plant and equipment
Dividends received
Receipts from loan receivable from associate
Interest received
Proceeds from disposal of property, plant and equipment
 
 
-
(491,589)
8,036,000
-
339,821
-
 
 
(629)
(380,901)
5,880,000
21,952,000
194,629
133,740
Net cash generated from investing activities 7,884,232 27,778,839
 
Cash Flows from Financing Activities
Interest paid
Deposits (pledged)/withdrawn
 
 
(6,200,000)
(2,170,000)
 
 
(6,200,000)
4,210,000
Net cash used in investing activities (8,370,000) (1,990,000)
 
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
 
5,526,926
52,158,282
 
32,710,179
19,448,103
Cash and cash equivalents at end of the year (Note 1) 57,685,208 52,158,282

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Statements of cash flows (Cont’d)

for the financial year ended 31 October 2016

The Church 2016
$
2015
$
 
Cash Flows from Operating Activities
Surplus for the year
Adjustments for:
Depreciation expenses
Impairment loss on interest receivable
Interest income
 
 
4,006,646
 
2,583,444
1,307,156
(2,020,564)
 
 
2,499,322
 
4,650,155
1,307,147
(2,154,785)
Operating surplus before working capital changes
Changes in inventories
Changes in other receivables
Changes in prepayments
Changes in other payables
5,876,682
-
(35,827)
231,130
(408,136)
6,301,839
128,270
756,048
84,311
295,411
Net cash generated from operating activities 5,663,849 7,565,879
 
Cash Flows from Investing Activities
Investments in subsidiaries
Acquisition of property, plant and equipment
Interest received
Proceeds from disposal of property, plant and equipment
 
 
-
(372,299)
122
-
 
 
(1,153,699)
(360,614)
134,352
125,189
Net cash generated from investing activities (372,177) (1,254,772)
 
Cash Flows from Financing Activities
Deposits (pledged)/withdrawn
 
 
(2,170,000)
 
 
4,210,000
Net cash used in investing activities (2,170,000) 4,210,000
 
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
 
3,121,672
28,037,096
 
10,521,107
17,515,989
Cash and cash equivalents at end of the year (Note 1) 31,158,768 28,037,096

The annexed notes form an integral part of and should be read in conjunction with these financial highlights.

City Harvest Church and its subsidiaries

Notes to cash flows for the financial year ended 31 October 2016

1 Cash and bank balances

  The Group The Church
  2016
$
2015
$
2016
$
2015
$
 
Cash on hand
Cash at bank
Fixed deposits
- Pledged
- Others
 
27,349
22,442,641
 
2,170,000
35,215,218
 
37,546
16,912,289
 
-
35,208,447
 
17,349
16,431,201
 
2,170,000
14,710,218
 
22,546
13,306,103
 
-
14,708,447
  59,855,208 52,158,282 33,328,768 28,037,096

For the purpose of the statements of cash flow, the year-end cash and bank balances comprise of the following:

  The Group The Church
  2016
$
2015
$
2016
$
2015
$
 
Cash and bank balances
Less: Pledged fixed deposits
 
59,855,208
(2,170,000)
 
52,158,282
-
 
33,328,768
(2,170,000)
 
28,037,096
-
  57,685,208 52,158,282 31,158,768 28,037,096

Fixed deposits bear interest between 0.25% to 2% (FY2015 - 0.2% to 1.36%) per annum.

Pledged fixed deposits comprise of $2,170,000 (2015 - $Nil) placed with a bank to secure the banker’s guarantee in favour of Harmony Convention Holding Pte Ltd for licence fee deposit for the usage of the premise at the Suntec Singapore International Convention & Exhibition Centre.