$25m trust fund dissolved; proceeds moved to more flexible endowment fund
Published on Nov 28, 2013 8:08 AM
A successful High Court application by the Singapore Symphonia Company (SSC) has paved the way for its $25 million trust fund to be dissolved and the proceeds transferred to the Singapore Symphony Orchestra's (SSO) endowment fund.
This will give the orchestra flexibility in using the funds, instead of being hampered by the onerous conditions of the trust.
The trust fund - known as the Singapore Totalisator Board Trust - was created by the Tote Board in 1989 for the SSO with the income from the capital sum to help with the orchestra's operations.
The board operates horse racing through the Singapore Turf Club and other forms of betting through Singapore Pools, and manages funding activities from the gaming surpluses.
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