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Unaudited Financial Statements FY2017

City Harvest Church and its subsidiaries

Statements of financial position

as at 31 December 2017

  The Group The Church
  31 December 2017
$
31 October 2016
$
31 December 2017
$
31 October 2016
$
ASSETS
Non-Current

Property, plant and equipment
Intangible assets
Investment property
Investments in subsidiaries
Investment in associates
 
 
28,865,126
65,652
2,281,779
-
114,078,971
 
 
32,159,337
118,608
2,278,318
-
112,304,488
 
 
28,727,370
7,641
2,281,779
77,040,189
-
 
 
31,979,811
45,885
2,278,318
66,040,189
-
  145,291,528 146,860,751 108,056,979 100,344,203
 
Current
Available-for-sale financial assets
Prepayments
Inventories
Trade and other receivables
Cash and bank balances
 
-
6,679,379
125,358
3,767,378
40,657,208
 
-
1,187,962
170,090
3,680,330
59,855,208
 
-
275,034
-
6,049,910
32,787,135
 
-
290,900
-
4,769,345
33,328,768
  51,229,323 64,893,590 39,112,079 38,389,013
Total assets 196,520,851 211,754,341 147,169,058 138,733,216
 
FUNDS AND LIABILITIES
Unrestricted funds
Restricted funds
 
 
 
28,353,957
143,839,533
 
 
 
36,355,448
123,682,594
 
 
 
19,685,475
122,036,959
 
 
 
29,236,115
104,064,926
  172,193,490 26,810,843 141,722,434 133,301,041
Non-controlling interest (753,695) (688,531) - -
Total funds 171,439,795 159,349,511 141,722,434 133,301,041
 
LIABILITIES
Non-current

Provisions
Borrowings
 
 
 
899,600
18,800,000
 
 
 
875,693
45,000,000
 
 
 
899,600
-
 
 
 
875,693
- -
  19,699,600 45,875,693 899,600 875,693
 
Current
Provisions
Trade and other payables
 
 
530,683
4,850,773
 
 
591,608
5,937,529
 
 
530,683
4,016,341
 
 
591,608
3,964,874
  5,381,456 6,529,137 44,547,024 4,556,482
Total liabilities 25,081,056 52,404,830 5,446,624 5,432,175
Total funds and liabilities 196,520,851 211,754,341 147,169,058 138,733,216

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 period from 1 November 2016 to 31 December 2017

  General Fund Disaster Relief Fund Building Fund Total
The Group 1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
Income
Tithes and offerings
Designated offerings received
Income from bible training centre
Revenue
Other income
 
33,195,910
-
360,748
7,101,958
2,314,635
 
27,368,979
-
346,675
5,681,528
2,320,864
 
-
-
-
-
-
 
-
3,600
-
-
-
 
-
14,142,523
-
-
1,569,356
 
-
9,228,457
-
-
1,504,976
 
33,195,910
14,142,523
360,748
7,101,958
3,883,991
 
27,368,979
9,232,057
346,675
5,681,528
3,825,840
Total income 42,973,251 35,718,046 - 3,600 15,711,879 10,733,433 58,685,130 46,455,079
Expenditure
Amortisation of front-end fees on borrowings
Bible training centre expenses
Cost of sales
Depreciation expense
Honorarium expenses
Loss on discontinued operations
Mission expenses
Ministry expenses
Rental expenses
Staff salaries and related costs
Other expenses
 
52,956
131,401
3,117,014
616,286
128,821
-
826,164
2,200,987
2,796,773
15,504,004
5,658,837
 
164,009
197,638
1,371,258
683,938
230,084
5,524
933,812
2,012,309
2,417,327
13,042,885
5,528,502
 
-
-
-
-
-
-
9,427
-
-
-
-
 
-
-
-
-
-
-
54,968
-
-
-
-
 
-
-
-
3,089,137
-
-
-
-
13,375,000
-
9,902,264
 
-
-
-
3,309,414
-
-
-
-
11,538,967
-
8,820,508
 
52,956
131,401
3,117,014
3,705,423
128,821
-
835,591
2,200,987
16,171,773
15,504,004
15,561,101
 
164,009
197,638
1,371,258
3,993,352
230,084
5,524
988,780
2,012,309
13,956,294
13,042,885
14,349,010
Total expenditure
Share of associates’ profits, net of tax
31,033,243
-
26,587,286
-
9,427
-
54,968
-
26,366,401
10,820,888
23,668,889
14,357,132
57,409,071
10,820,888
50,311,143
14,357,132
Surplus/(deficit) before taxation
Taxation
11,940,008
(6,663)
9,130,760
(75,834))
(9,427)
-
(51,368)
-
166,366
-
1,421,676
-
12,096,947
(6,663)
10,501,068
(75,834)
Surplus/(deficit) for the period/year
Other comprehensive income, net of tax
11,933,345
-
9,054,926
-
(9,427)
-
(51,368
-
166,366
-
1,421,676
-
12,090,284
-
110,425,234
-
Total comprehensive income for the period/year 11,933,345 9,054,926 (9,427) (51,368) 166,366 1,421,676 12,090,284 10,425,234
 
Attributable to the Group
Attributable to non-controlling interest
 
11,998,509
(65,164)
 
9,302,797
(247,871)
 
(9,427)
-
 
(51,368)
-
 
166,366
-
 
1,421,676
-
 
12,155,448
(65,164)
 
10,673,105
(247,871)
  11,933,345 9,054,926 (9,427) 6(51,368) 166,366 1,421,676 12,090,284 10,425,234

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 period from 1 November 2016 to 31 December 2017

  General Fund Disaster Relief Fund Building Fund Total
The Church 1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
1 November 2016 to 31 December 2017
$
Year ended 31 October 2016
$
Income
Tithes and offerings
Designated offerings received
Income from bible training centre
Other income
 
33,195,910
-
360,748
570,290
 
27,368,979
-
346,675
692,373
 
-
-
-
-
 
-
3,600
-
-
 
-
14,142,523
-
3,835,172
 
-
9,228,457
-
3,609,731
 
33,195,910
14,142,523
360,748
4,405,462
 
27,368,979
9,232,057
346,675
4,302,104
Total income 34,126,948 28,408,027 - 3,600 17,977,695 12,838,188 52,104,643 41,249,815
Expenditure
Amortisation of intangible assets
Bible training centre expenses
Depreciation expense
Honorarium expense
Mission expenses
Ministry expenses
Rental expenses
Staff salaries and related costs
Other expenses
 
38,244
133,453
531,230
128,821
842,202
2,369,062
186,858
14,248,079
5,199,639
 
131,893
197,638
481,803
230,084
959,805
2,151,793
160,164
11,917,365
4,599,899
 
-
-
-
-
9,427
-
-
-
-
 
-
-
-
-
54,968
-
-
-
-
 
-
-
3,089,137
-
-
-
13,375,000
-
3,532,098
 
-
-
3,309,414
-
-
-
11,538,967
-
3,047,171
 
38,244 133,453
3,620,367
128,821
851,629
2,369,062
13,561,858
14,248,079
8,731,737
 
131,893
197,638
3,791,217
230,084
1,014,773
2,151,793
11,699,131
11,917,365
7,647,070
Total expenditure 23,677,588 20,830,444 9,427 54,968 19,996,235 17,895,552 43,683,250 38,780,964
Surplus/(deficit) before taxation
Taxation
10,449,360
-
7,577,583
-
(9,427)
-
(51,368)
-
(2,018,540)
-
(5,057,364)
-
8,421,393
-
2,468,851
-
Surplus/(deficit) for the period/year
Other comprehensive income, net of tax
10,449,360
-
7,577,583
-
(9,427)
-
(51,368)
-
(2,018,540)
-
(5,057,364)
-
8,421,393
-
2,468,851
-
Total comprehensive income for the year 10,449,360 7,577,583 (9,427) (51,368) (2,018,540) (5,057,364)) 8,421,393 2,468,851

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 period from 1 November 2016 to 31 December 2017

  Unrestricted Funds <--------------------------------------------- Restricted Funds ----------------------------------------->    
The Group  
General
Fund
$
Disaster
Relief
Fund
$
Asset
Capitalisation
Reserve
$
 
Building
Fund
$
 
Revaluation
Reserve
$
 
 
Subtotal
$
Non-Controlling
Interests
$
 
 
Total
$
 
Balance at 1 November 2015
Surplus/(deficit) for the year
Other comprehensive income
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
 
27,052,651
9,302,797
-
 
-
 
64,946
(51,368)
-
 
-
 
18,561,146
-
-
 
(3,294,422)
 
17,329,992
1,421,676
-
 
3,294,422
 
86,356,202
-
-
 
-
 
122,312,286
1,370,308
-
 
-
 
(440,660)
(247,871)
-
 
-
 
148,924,277
10,425,234
-
 
-
Balance at 31 October 2016
Surplus/(deficit) for the year
Transfer from General Fund to
Building Fund
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
36,355,448
11,998,509
 
(20,000,000)
 
-
13,578
(9,427)
 
-
 
-
15,266,724
-
 
-
 
(3,089,137)
22,046,090
166,366
 
20,000,000
 
3,089,137
86,356,202
-
 
-
 
-
123,682,594
156,939
 
20,000,000
 
-
(688,531)
(65,164)
 
-
 
-
159,349,511
12,090,284
 
-
 
-
Balance at 31 December 2017 28,353,957 4,151 12,177,587 45,301,593 86,356,202 143,839,533 (753,695) 171,439,795

(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 period from 1 November 2016 to 31 December 2017

  Unrestricted Funds <---------------------------------------------- Restricted Funds ----------------------------------------->  
The Church  
General
Fund
$
Disaster
Relief
Fund
$
Asset
Capitalisation
Reserve
$
 
Building
Fund
$
 
Revaluation
Reserve
$
 
 
Subtotal
$
 
 
Total
$
 
Balance at 1 November 2015
Surplus/(deficit) for the year
Other comprehensive income
Transfer from Building Fund to
   Asset Capitalisation Reserve(1)
 
21,658,532
7,577,583
-
 
-
 
64,946
(51,368)
-
 
-
 
18,561,146
-
-
 
(3,294,422)
 
74,716,812
(5,057,364)
-
 
3,294,422
 
15,830,754
-
-
 
-
 
109,173,658
(5,108,732)
-
 
-
 
130,832,190
2,468,851
-
 
-
Balance at 31 October 2016
Surplus/(deficit) for the year
Other comprehensive income
Transfer from General Fund to Building Fund
Transfer from Building Fund to
 Asset Capitalisation Reserve(1)
29,236,115
10,449,360
-
(20,000,000)
 
-
13,578
(9,427))
-
-
 
-
15,266,724


 
 
(3,089,137)
72,953,870
(2,018,540)
-
 
20,000,000
3,089,137
15,830,754
-
 
-
 
-
104,064,926
(2,027,967)
 
20,000,000
 
-
133,301,041
8,421,393
 
-
 
-
Balance at 31 October 2016 19,685,475 4,151 12,177,587 94,024,467 15,830,754 122,036,959 141,722,434

(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

City Harvest Church and its subsidiaries

Statements of cash flows

for the financial period from 1 November 2016 to 31 December 2017

The Group 1 November 2016 to
31 December 2017
$
 
Year ended
31 October 2016
$
Cash Flows from Operating Activities
Surplus before tax
Adjustments for:
Amortisation of intangible assets
Depreciation expenses
Bad debts written off
Fair value (gain)/loss on investment property
Impairment loss on investment in associates
Impairment loss on intangible assets
Impairment loss on interest receivable
Impairment loss on inventories
Impairment loss on plant and equipment
Interest expense
Share of associates' profit
Interest income
 
12,096,947
 
52,956
3,705,423
2,022
(3,461)
1,206,405
-
1,525,601
41,860
-
5,180,435
(10,820,888)
(1,575,482)
 
10,501,068
 
164,009
3,993,352
-
138,537
-
143,032
1,307,147
113,305
236,019
5,789,939
(14,357,132)
(1,630,057)
Operating surplus before working capital changes
Changes in inventories
Changes in receivables
Changes in prepayments
Changes in payables
11,411,818
2,871
(89,069)
32,056
(434,345)
6,399,219
19,675
32,023
(247,419)
(242,910)
Net cash generated from operating activities 10,923,331 5,960,588
 
Cash Flows from Investing Activities
Acquisition of property, plant and equipment
Dividends received
Interest received
 
(411,212)
7,840,000
49,881
 
(491,589)
8,036,000
322,910
Net cash generated from investing activities 7,478,669 7,867,321
 
Cash Flows from Financing Activities
Repayment of loan
Interest paid
 
(35,785,205)
(1,814,795)
 
-
(6,200,000)
Net cash used in investing activities (37,600,000) (6,200,000)
 
Net increase in cash and cash equivalents
Deposits pledged
Cash and cash equivalents at beginning of the period/year
 
(19,198,000)
-
57,685,208
 
7,627,909
(1,610,500)
51,667,799
Cash and cash equivalents at end of the period/year 38,487,208 57,685,208

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 period from 1 November 2016 to 31 December 2017

The Church 1 November 2016 to
31 December 2017
$
 
Year ended
31 October 2016
$
 
Cash Flows from Operating Activities
Surplus before tax
Adjustments for:
Amortisation of intangible assets
Depreciation expenses
Fair value (gain)/loss on investment property
Impairment loss on interest receivable
Interest expense
Interest income
 
8,421,393
 
38,244
3,620,367
(3,461)
1,525,601
23,907
(2,831,795)
 
2,468,851
 
131,893
3,791,217
138,537
1,307,147
23,272
(2,258,607)
Operating surplus before working capital changes
Changes in receivables
Changes in prepayments
Changes in payables
10,794,256
(24,250)
15,865
(9,458)
5,602,310
538,560
(231,130)
(439,989)
Net cash generated from operating activities 10,776,413 5,469,751
 
Cash Flows from Investing Activities
Acquisition of property, plant and equipment
Interest received
Loan to subsidiary
 
 
(367,926)
49,880
(11,000,000)
 
 
(372,299)
125,203)
-
Net cash used in investing activities (11,318,046) (247,096)
 
 
Net (decrease)/increase in cash and cash equivalents
Deposits pledged
Cash and cash equivalents at beginning of the period/year
 
 
(541,633)
-
31,158,768
 
 
5,222,655
(1,610,500)
27,546,613
Cash and cash equivalents at end of the period/year 30,617,135 31,158,768

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 the financial highlights
for the financial period from 1 November 2016 to 31 December 2017

1 Cash and bank balances

  The Group The Church
  31 December
2017
$
31 October
2016
$
31 December 2017
$
31 October
2016
$
 
Cash and bank balances
Fixed deposits
- Pledged
- Others
 
23,942,063
 
2,170,000
14,545,145
 
22,469,990
 
2,170,000
35,215,218
 
16,071,990
 
2,170,000
14,545,145
 
16,448,550
 
2,170,000
14,710,218
  16,715,145 37,385,218 16,715,145 16,880,218
  40,657,208 59,855,208 32,787,135 33,328,768

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

  The Group The Church
  31 December
2017
$
31 October
2016
$
31 December 2017
$
31 October
2016
$
 
Cash and bank balances
Less: Pledged fixed deposits
 
40,657,208
(2,170,000)
 
59,855,208
(2,170,000)
 
32,787,135
(2,170,000)
 
33,328,768
(2,170,000
  38,487,208 57,685,208 330,617,135 31,158,768

Fixed deposits bear interest between 1.10% to 1.90% (31 October 2016 - 0.25% to 2.00%) per annum.

Pledged fixed deposits comprise of $2,170,000 (31 October 2016 - $2,170,000) 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.

The Group’s and the Church’s cash and bank balances are denominated in the following currencies:

  The Group The Church
  31 December
2017
$
31 October
2016
$
31 December 2017
$
31 October
2016
$
 
US Dollars
Singapore Dollars
 
386,0658
40,271,143
 
395,513
59,459,695
 
386,065
32,401,070
 
395,513
32,933,255
  40,657,208 59,855,208 32,787,135 33,328,768