FINANCIAL REVIEW

Income

The Group's income comprised mainly interest income, rental income from souvenir kiosks and F&B outlets in Singapore Botanic Gardens and Fort Canning Park, admission charges and licence fees. The income for the year was $37.9 million. The increase from last year's income was mainly due to an increase in interest income.

Operating Income for FY 2023 & FY 2022 ($'000)

	FY 2023	FY 2022	INCREASE/(DECREASE)
Income	$ '000	$ '000	$ '000	%Change
Rental income	6,892	6,359	533	8
Admission charges	3,238	2,073	1,165	56
Plan fees	1,711	1,734	(23)	(1)
Course fees	965	838	127	15
Agency fees	763	1,038	(275)	(26)
Interest income	12,540	5,443	7,097	> 100
Carpark income	865	897	(32)	(4)
Certificate and permit fees	2,056	2,259	(203)	(9)
Laboratory and inspection fees	830	916	(86)	(9)
Licence fees	3,071	2,625	446	17
Quarantine fees and services	1,404	1,426	(22)	(2)
Miscellaneous income	3,550	4,705	(1,155)	(25)
	37,885	30,313	7,572	25

Operating Expenditure

The Group's operating expenditure for the year was $422.06 million, which is <1% higher compared to last year's operating expenditure of $420.95 million. The slight increase was due to an increase in staff cost, maintenance of parks, animal and veterinary-related expenses and depreciation costs, offset by a decrease in general and administrative expenses.

Operating Expenditure for FY 2023 & FY 2022

	FY 2023	FY 2022	INCREASE/(DECREASE)
operating expenditure	$ '000	$ '000	$ '000	%Change
Staff Costs	150,981	147,517	3,464	2
Maintenance of Parks	163,793	163,340	453	< 1
Animal and Veterinary-Related Expenses	13,933	13,050	883	7
General and Administrative Expenses	73,590	78,150	(4,560)	(6)
Depreciation of Property, Plant and Equipment and Right-of-use Assets	19,761	18,894	867	5
	422,058	420,951	1,106	< 1

Capital Expenditure

The Group's capital expenditure for the year was $11.8 million. The decrease in capital expenditure was mainly due to higher purchases of equipment and development work-in-progress in FY2022.

Capital Expenditure for FY 2023 & FY 2022

	FY 2023	FY 2022	INCREASE/(DECREASE)
capital expenditure	$ '000	$ '000	$ '000	%Change
Land and Other Improvements	156	246	(90)	(37)
Equipment	151	1,309	(1,158)	(88)
Motor Vehicles	177	0	177	100
Development Work-in-Progress	11,312	12,731	(1,419)	(11)
	11,796	14,286	2,490	(17)

Financial Position

As at 31 March 2024, the Group's total assets stood at $669.52 million, an increase of 7% from last year. Non-current assets and current assets represent 29% and 71% of total assets respectively. Non-current assets consisted mainly of leasehold land and buildings and structures at Singapore Botanic Gardens and Fort Canning Park, as well as the structures at the Animal & Plant Health Centre, Animal Quarantine Centre and Animal Management Centre. Capital and reserve stood at $398.95 million, while non-current liabilities and current liabilities stood at $141.05 million and $129.52 million respectively.

Total Assets

	FY 2023	FY 2022	INCREASE/(DECREASE)
Assets	$ '000	$ '000	$ '000	%Change
Non-current Assets	196,522	206,869	(10,337)	(5)
Current Assets	472,996	420,173	(1,158)	13
	669,518	627,032	42,486	7

Total Equity & Liabilities

	FY 2023	FY 2022	INCREASE/(DECREASE)
equity & liabilities	$ '000	$ '000	$ '000	%Change
Capital and Reserves	398,954	360,394	38,560	11
Non-current Liabilities	141,045	149,015	(7,970)	(5)
Current Liabilities	129,519	117,623	11,896	10
	669,518	627,032	42,486	7