Esplanade sinks into the red with $2.3m loss as cash donations plunge

Blame it on penny-pinching corporates.

For the first time in its 12-year history, Singapore’s iconic arts venue fell into the red after incurring a $2.3m deficit during its last financial year.

During the financial year ended on March 30, Esplanade received $28.3m in grants, down considerably from $30.6m received in FY12/13.

Esplanade’s total deficit was pegged at $3.2m, but it was partially offset by Drama Centre’s positive balance after grant of $0.3m, while its associate company SISTIC contributed $0.6m. This brought Esplanade’s overall net deficit to $2.3m for FY13/14 with a Cost Recovery Rate of 47.8%.

“The area of sponsorship continues to face stiff challenges with the tightening of expenditure by corporations and competition from other charitable causes and new venues. Sponsorship income was lower than FY12/13 which had the benefit of the 10th anniversary celebrations that year. It was also difficult to secure sponsors for the final edition of Mosaic Music Festival,” noted Esplanade’s financial report.