ANNUALREPORT 2019
新加坡佛牙寺常年报告 Buddha Tooth Relic Temple (Singapore)
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CONTENT 目录 Introduction 简介 0 2 About BTRTM 关 于 新 加 坡 佛 牙 寺 龙 华 院 0 3 What our Logo symbolises 徽 章 解 说 0 4 Founding President Message 创 寺 主 席 献 词 0 6 Management Committee 管 理 委 员 会 0 7 Organisation Chart 组 织 结 构 图
Departments 各部门 0 8 Donor Relations Department 寺 务 礼 宾 部 1 1 Events & Ceremonies Highlights 主要活动及法会 1 2 Buddhist Culture Department 佛 教 文 化 部 1 5 HUYUAN Volunteers 护 缘 义 工 团 1 6 Facilities Department 设 备 维 修 部 1 7 Finance and Admin Department 财 政 行 政 部
Financial Report 财务报告 1 9 Maitreya Charity Fund 我 们 的 受 益 者 2 0 Audited Financial Report 审 计 财 务 报 告 5 4 Acknowledgements 鸣 谢
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About BTRTM
关于新加坡佛牙寺龙华院
新加坡佛牙寺龙华院于2002年11月由法照大和尚创立，并于2003年2月20日在社团法令 下注册成为宗教团体，于2004年1月8日在新加坡慈善法令下注册成为慈善团体。 新加坡佛牙寺正殿供养一尊庄严的弥勒尊佛,又称“一生补处菩萨”或又称“未来佛” 和“弥勒如来”。 未来展望 依据当来下生弥勒尊佛的慈悲本愿，将新加坡佛牙寺龙华院致力于发展成为本区域的 最佳佛教文化中心。 使命 推广和传授佛陀的教诲。 宗旨 • 发展一所新的佛教文化中心，以供奉神圣的佛牙舍利； • 促进唐人街牛车水和新加坡文化； • 继承和发扬佛教与华人的优良传统； • 提供佛教教育与佛学研究； • 支援其它自愿福利组织； • 不分种族或宗教信仰，为贫病和需要援助者提供福利服务。 The Buddha Tooth Relic Temple and Museum (BTRTM) was founded in 2002 by Venerable Shi Fazhao. It was registered with the Registrar of Societies on 20th February 2003, and as a charity under the Charities Act on 8th January 2004. The Temple is dedicated to the Maitreya Buddha, which means ‘The Compassionate One’, and also called ‘The Future Buddha’. VISION
In accordance with The Great Compassionate Vows of The Maitreya Buddha, Buddha Tooth Relic Temple and Museum (BTRTM) seeks to be the best Buddhist cultural complex in the region. MISSION
To promote and impart the Teachings of Lord Buddha. OBJECTIVES
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To develop a new Chinese Buddhist cultural complex to venerate the Sacred Buddha Tooth and Relics; To promote and showcase Buddhist, Chinese, Chinatown and Singapore culture; To provide Buddhist education and research; To support other Voluntary Welfare Organisations; To provide welfare services to the sick, poor and needy, regardless of race or religion.
B T R T S L o g o 徽 章 解 说 佛像主表 Buddha Image 弥勒尊佛因位之万行圆备，果位之万德充满，住寿凝然无去来。
The Dhammakaya of all Buddhas arise from the perfection of all actions and the fruition of all virtues. Encompassing limitless life, there is no birth and death, neither going nor coming. 唵字主表 ‘Om’ 种子真言之心，于一切真言最为无上，乃一切佛部所住处。
The heart of mantra, the greatest of all mantras. This is the abode of all Buddhas. 光线主表 Ray of Light 佛光如晓日辉照世间，慈悲喜舍安置众生于善趣与三乘。
The bright light of Buddha is like the rising sun. It’s radiance fills the world where living beings abide in loving-kindness, compassion, appreciative joy and equanimity, ensuring they gain rebirth in the good destinations and practise the three vehicles which carry living beings across samsara. 莲花主表 Lotus 法界真如之常、乐、我、净四德。众生不被烦恼污染之清净。
Realising the four transcendental realities in Nirvana, the peaceful mind of beings is no longer tainted by defilements. 红色主表 Red Colour 威权宏伟之势，愤怒镇慑之威，善静热烈之情。
The power and authority of the Buddhist doctrine, with warmth and affection. 3
F ounding P resident M essage
创寺主席献词 南無佛！各位法師、各位居士：大家吉祥！ 在過去2019年的一年裡，我寺秉承佛陀「慈悲喜捨」四無量心的精神，切實開展每一項 工作，同時獲得的信徒們熱心支持，經過大家共同的財施與法施，圓滿完成了我寺各項 弘法工作以及社會企業任務。僅此，我代表佛牙寺管委會和全體員工向各位信徒致以萬 二分的謝意！祝愿大家增延壽福，事事順心，家庭和睦，生活愉快。 《六祖壇經》中有一首惠能大師所說的偈：“佛法在世間，不離世間覺；離世覓菩提， 恰如求兔角。”字面上的意思是說：佛法是在世間，得不離世間，才能得到佛法的覺悟 ；如果離開了世間，而想要覓得佛法三乘菩提的覺悟，就如同想要去找到一隻頭上長著 角的兔子一樣，是無有是處。古印度梵文的菩提，就是漢文的「覺」，因為覺悟了諸法 的真實性。 佛弟子應該為佛教、為社會、為眾生負擔責任。為什麼呢？因為我們是佛弟子，理應學 習佛陀之言行、行菩薩道。佛教的存亡繼絕，就是佛弟子的責任。“先天下之憂而憂， 後天下之樂而樂。”佛弟子的責任是利他的行為，是勇者的擔當。 《佛說十善業道經》中說：戒莊嚴故，能生一切佛法義利，滿足大願。我們所生活的社 會是否和諧，全在乎於組織世界最基層的人們，是否能夠負起做人的責任而定。所以身 為佛弟子，不但要對自己負責，還要對家庭、社會、國家，甚至全世界、全人類負責。 而身為出家人，除了負起做人的責任外，還要負起出家人應有的責任，可謂任重道遠。 展望未來，我們信心倍增。我覺得佛教的弘法可以與社會企業利生相等同，可以把社會 企業認為是佛教在當代社會的一個宣教之路，弘法之路。再一次感謝大家的擁護與 支持！祝願各位法師、各位居士，六時吉祥！ 6 4
Namoh Buddhaya. Honorable Masters and devotees, good day. During the past year of 2019, our temple has been adhering to the Buddha's four boundless minds of "Compassion, Sympathy, Joy and Giving". We carried out every work earnestly, and at the same time, received the enthusiastic support from the devotees, with their financial donations and helping hands. We successfully completed various Dharma promotion works and corporate social responsibility tasks in our temple. On behalf of the Buddha Tooth Relic Temple’s Management Committee and staff, I would like to express our extremely gratitude to all devotees. I wish everyone a long life, good luck, everything goes well, family harmony and happy life. In the "The Platform Sutra of the Sixth Patriarch", there is a verse that Master Huinen said: "The Dharma is in the World, and you will not leave it. Departing it to find Bodhi is just like asking for a rabbit’s horn.” It literally means: Buddhism is in the World, inseparable from the World, can you only get the Enlightenment of the Dharma; if you leave the World to find the Triyana Bodhi of the Dharma, this consciousness is like trying to find a rabbit with horns on its head. It is futile. Bodhi in Sanskrit is the "Enlightenment" in Chinese because it has realised the authenticity of the Dharmas. Buddhist disciples should bear responsibility for Buddhism, society, and all living beings. Why? Because we are Buddha’s disciples, we should learn the words and deeds of the Buddha and the ways of Bodhisattva. The survival of Buddhism is the responsibility of the Buddha’s disciples. “Be the first to worry about the troubles across the land, the last to enjoy universal happiness." The responsibility of the Buddha's disciples is altruistic behavior and is the responsibility of the brave. "The Discourse on the Ten Wholesome Ways of Action" says: Because of the solemn Precepts, it can produce all the Buddha's righteousness and benefit, and fulfill great aspirations. Whether the society we live in is harmonious or not, depends on whether the lay person of this world can be organized, it depends and on the responsibility of the person. Therefore, as a Buddhist disciple, you must not only be responsible to yourself, but also to your family, the society, the country, and even the whole world and all mankind. As a monk, in addition to the responsibilities of being a man, it is also necessary to shoulder the responsibilities of the monks. Looking towards the future, we become more confident. I think that Buddhist propagation can be equated with the benefits of social enterprises, as they can be regarded as a way of Buddhism's mission and propagation in contemporary society. Thank you once again, for your care and support. I wish all the Masters and devotees: Auspicious at all times.
昭坤法照 BBM 创寺主席 / 方丈 Chao Khun Fa Zhao BBM Founding President and Abbot 5
Management Committee 管理委员会
昭坤法照 (BBM) Chao Khun Fa Zhao BBM 创寺主席 / 方丈
Founding President / Abbot
陈明荣律师 Mr Tan Ming Yong 管委会成员 Committee Member
释普恩
Venerable Shi Pu En 第一副主席 / 方丈
1st Vice President / Abbot
郑钦祥居士
刘嘉扬居士
Honorary Secretary
Honorary Treasurer
Mr Tay Khin Sian, Anthony 名誉秘书
张祥辉居士
施培伦居士
Committee Member
Committee Member
Mr Chong Siong Pay, Steven 管委会成员
Mr See Peh Loong, Darren 管委会成员
Mr Lau Kah Yong 名誉财政
冯佩琦居士
Ms Fong Pui Kee, Jenny 助理名誉财政 Asst Honorary Treasurer
严局渊医生
林永车居士
陈炜强居士
Committee Member
Committee Member
Committee Member
Dr Ngiam Kee Yuan 管委会成员
Mr Lim Eng Koo 管委会成员
Mr Tan Wui Khiang 管委会成员
There are 5 Management Committee Meetings in June 2019 to May 2020. The Management Committee Members’ attendance as follows:
No.
Name
Designation
%
1 2 3 4 5 6 7 8 9 10 11
Venerable Chao Khun Fa Zhao BBM 昭坤法照 BBM Venerable Shi Pu En 释普恩 Mr Tay Khin Sian, Anthony 郑钦祥居士 Mr Lau Kah Yong 刘嘉扬居士 Ms Fong Pui Kee, Jenny 冯佩琦居士 Mr Tan Ming Yong 陈明荣律师 Dr Ngiam Kee Yuan 严局渊医生 Mr Lim Eng Koo 林永车居士 Mr Tan Wui Khiang 陈炜强居士 Mr Chong Siong Pay, Steven 张祥辉居士 Mr See Peh Loong, Darren 施培伦居士
President 主席 1st Vice President 第一副主席 Honorary Secretary 名誉秘书 Honorary Treasurer 名誉财政 Asst Honorary Treasurer 助理名誉财政 Committee Member 委员 Committee Member 委员 Committee Member 委员 Committee Member 委员 Committee Member 委员 Committee Member 委员
100 80 100 80 80 0* 40 40 100 80 60
*Mr Tan Ming Yong’s absence was due to work and travelling commitments. He participated in MC discussions via emails.
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Organisation Chart 组织结构图
Founding President / Abbot CHAO KHUN FA ZHAO BBM
创寺主席 / 方丈 昭坤法照 BBM
Management Committee
管委会
Executive Director
董事 Sangha
僧伽 Deputy Executive Director
副董事
Finance & Admin Manager
Buddhist Culture Manager
IT Manager
Senior Facilities Manager
财政与行政 经理
佛教文化 经理
资讯技术 经理
行政设施 经理
Senior Donor Relations Manager
寺务经理
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Donor Relations 寺务礼宾部
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寺务处 / 法会 / 供品促销
Front Office / Ceremonies / Offering Services 我们提供优秀服务给予所有的捐献者，以便更了解及协助他们对寺务服务的需求，此外也更加促进对佛牙寺龙华院和捐赠者的关系。 在寺务部的两个柜台，捐献者可以以下列方式慷慨地捐助佛牙寺龙华院： · 认捐经书、文物、佛教饰品 · 参与各种佛教仪式及法会 · 安奉各姓祖先莲位于安养堂 · 奉献香花与明灯供养佛菩萨 · 供养法师与公众素食 此外，寺务部也为信徒组织特别的海外佛教朝圣旅游。
We aim to provide excellent service to all our donors, understanding and assisting them with their needs in terms of Buddhist services offered at the BTRTM and to further enhance the close relationship between the BTRTM and our donors. With two Front Office service counters, donors’ generosity can find multiple forms of expression at the BTRTM via our friendly staff as follow:
· Sponsorship of BTRTM’s sutra books, artefacts, Buddhist ornaments · Participation in various Buddhist ceremonies · Sponsorship of ancestral tablets in the Ancestral Hall · Participating ceremonies on anniversary observance days · Offerings of flowers and lights · Sponsoring of vegetarian meals for the venerable Sangha and the public
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Events & Ceremonies Highlights 主要活动及法会 Jan 01 Jan 02 Jan 08 Jan 13 Jan 15 Jan 19 Jan 25 Feb 05 Feb 13 Feb 16 Feb 19 Feb 22 Feb 23 Feb 28 Mar 22 Mar 25 Mar 27 Mar 28 Mar 31 Apr 04 Apr 09 Apr 13 Apr 26 May 01 May 08 May 11 May 12 May 13 May 19 Jun 16 Jul 06 Jul 21 Aug 09 Aug 13 Aug 14 Aug 22 Aug 23 Aug 25 Aug 29 Sep 02 Sep 04 Sep 09 Sep 15 Sep 21 Sep 24 Oct 01 Oct 02 Oct 07 Oct 17 Oct 21 Oct 24 Oct 27 Oct 30 Nov 05 Nov 14 Nov 17 Nov 22 Nov 28 Dec 05 Dec 09 Dec 12 Dec 16 Dec 21 Dec 25 Dec 28
- Jan 05 - Jan 10 -
Jan 18 Jan 20 Jan 29 Feb 10
- Mar 17 -
Feb 24 Dec 15 Mar 21 Mar 23
- Mar 30 - Apr 05 - Aug 08 - Apr 14
- May 21
- Aug 18 - Aug 28
- Sep 03 - Sep 13 - Sep 22 - Sep 26 - Oct 03 -
Oct Oct Oct Oct
13 20 23 26
- Nov 01 - Nov 11 - Nov 16 -
Nov 24 Dec 01 Dec 07 Dec 11
- Dec 18 - Dec 22 - Dec 29
Manjushi Bodhisattva Blessing Ceremony Emperor Liang Repentance Group Practice 12 Zodiac Protectors Blessing Ceremony Thanksgiving for Buddhas and Celestial Guardians Ceremony Golden Light Sutra Group Practice Tai Sui Thanksgiving Ceremony Dzambhala Prayer Ceremony CNY Jade Emperor Birthday Tai Sui Blessing Ceremony CNY - Lantern Festival Buddha Parade Casket Seal Dharani Sutra Group Practice Emperor Liang Repentance Group Practice Avatamsaka Sutra Group Practice Avatamsaka Repentance Avalokitesvara Bodhisattva Birthday Samantabhadra Bodhisattva Blessing Ceremony (Zodiac Dragon & Snake) Maha Cundi Repentance Eight Precepts Ceremony Qing Ming Memorial Services Great Sutra of the Perfection of Wisdom Group Practice Manjushri Bodhisattva Blessing Ceremony Thousand-armed Avalokitesvara Bodhisattva Blessing Ceremony (Zodiac Rat) 3 Refuges & 5 Precepts Manjushri Bodhisattva Blessing Ceremony (Zodiac Rabbit) Light Offerings and Bathing of the Buddha Mother's Day Celebration Vairocana Buddha Blessing Ceremony (Zodiac Goat & Monkey) Vesak Day Celebrations Father's Day Celebration Akasagarbha Bodhisattva Blessing Ceremony (Zodiac Cow and Tiger) Avalokitesvara Bodhisattva Enlightenment Day Singapore National Day - Sutra Recitation Mahasthamaprapta Bodhisattva Blessing Ceremony (Zodiac Horse) Ullambana Ceremony Worship Kshitigarbha Bodhisattva Blessings Kshitigarbha Group Practice Maudgalyayana Group Practice Kshitigarbha Bodhisattva Birthday Blessings The Lotus Sutra Group Practice Chanting of the Lotus Sutra Repentance Ushnisha Vijaya Blessing Ceremony Eight Precepts Ceremony Manjushri Bodhisattva Blessing Ceremony Dragon King Sutra Group Practice The Diamond Sutra Group Practice Acala Buddha Blessing Ceremony (Zodiac Rooster) Planet Mothers Blessing Ceremony Avalokitesvara Blessing Ceremony Medicine Buddha Blessing Ceremony Medicine Buddha Sutra Group Practice Medicine Buddha Birthday Golden Light Repentance Group Practice Offering to Triple Gems Ceremony Maha Cundi Repentance Eight Precepts Ceremony Mahamayuri Vidyarajni Group Practice Surangama Sutra Group Practice 12 Zodiac Protectors Blessing Ceremony Infinite Life Sutra Group Practice Amitabha Blessing Ceremony (Zodiac Dog, Pig) Suramgama Sutra Group Practice Winter Solstice Festival Ceremony 3 Refuges & 5 Precepts Manjushri Bodhisattva Blessing Ceremony
01月01日 开学祈福法会 01月02日 - 01月05日 共修梁皇宝忏 01月08日 - 01月10日 十二生肖本尊护摩会 01月13日 供佛斋天酬恩法会 01月15日 - 01月18日 共修金光明最胜王经 01月19日 - 01月20日 太岁值年还愿会 01月25日 - 01月29日 五姓财神法会 02月05日 - 02月10日 新春祈福法会 02月13日 玉皇尊天诞 - 供佛斋天法会 02月16日 - 02月17日 安太岁保运会 02月19日 扛大藏经开运招福会 02月22日 - 02月24日 共修宝箧印陀罗尼经 02月23日 - 12月15日 共修梁皇宝忏 02月28日 - 03月21日 共修华严经 03月22日 - 03月23日 华严忏法会 03月25日 庆祝观音菩萨圣诞法会 03月27日 祝肖龙肖蛇本尊普贤菩萨诞 - 礼千佛名经法会 03月28日 - 03月30日 共修准提忏 03月31日 八关斋法会 04月04日 - 04月05日 清明法会 04月09日 - 08月08日 共修大般若经卷1～600 04月13日 - 04月14日 进考加持法会 04月26日 祝肖鼠本尊千手观音普萨诞 - 礼千佛名经法会 05月01日 三皈五戒 05月08日 祝肖兔本尊文殊菩萨诞 - 礼千佛名经法会 05月11日 接太子 - 传灯 05月12日 母亲节法会 05月13日 祝肖羊肖猴本尊大日如来诞 -礼千佛名经法会 05月19日 - 05月21日 卫塞节燃灯祝圣法会 -礼金刚宝忏 06月16日 父亲节法会 07月06日 肖牛肖虎本尊虚空藏菩萨诞 - 礼千佛名经法会 07月21日 如意轮观音成道日- 点灯千佛法会- 礼千佛名经卷中 08月09日 庆祝新加坡国庆祈福会 08月13日 祝肖马本尊大势至菩萨诞 - 礼千佛名经法会 08月14日 - 08月18日 盂兰胜会 08月22日 奉安地藏菩萨诵经 08月23日 - 08月28日 共修慈悲地藏宝忏 08月25日 共修目连宝忏 08月29日 庆祝地藏圣诞 09月02日 - 09月03日 共修法华经 09月04日 共修法华忏 09月09日 - 09月13日 尊胜佛母护摩会 09月15日 八关斋法会 09月21日 - 09月22日 进考祈福法会 09月24日 - 09月26日 共修海龙王经 10月01日 - 10月03日 共修金刚般若波罗蜜经 10月02日 肖鸡本尊不动明王诞 - 诵千佛名经法会 10月07日 - 10月13日 禳星祈福法会 10月17日 - 10月20日 庆祝观音菩萨圣诞 - 礼千佛名经卷下 10月21日 - 10月23日 药师佛结愿会 10月24日 - 10月26日 共修药师七佛名经 10月27日 庆祝药师佛圣诞 10月30日 - 11月01日 共修大乘金光明经 11月05日 - 11月11日 供佛大斋天祈福法会 11月14日 - 11月16日 共修准提忏 11月17日 八关斋法会 11月22日 - 11月24日 诵佛母大孔雀明王经会 11月28日 - 12月01日 共修楞严经卷 12月05日 - 12月07日 十二生肖本尊护摩会 12月09日 - 12月11日 共修无量寿经 12月12日 肖狗肖猪守护本尊祈福法会 12月16日 - 12月18日 共修大佛顶首楞严经 12月21日 - 12月22日 冬至法会 12月25日 三皈五戒 12月28日 - 12月29日 开学加持法会
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Annual Chinese New Year Celebrations 元宵晚宴 （19th Feb 正月十五日) Every year during the Yuan Xiao Festival, The Buddha Tooth Relic Temple invites seniors citizens from the 3 Senior Activity Centres in Chinatown to celebrate Chinese New Year with us. Dinner will be served along with cultural performances specially arranged for them to enjoy the festive season. Red Packets and Maitri Bags with essentials will also be distributed to them during the dinner event. It is a way to show gratitude to our seniors who have contributed much to Singapore’s nation-building. 每年的元宵节，佛牙寺都会邀请牛车水乐龄活动中心的老年人与我们一起庆 祝农历新年。我们除了为他们准备晚餐还会安排文化表演让他们欣赏。晚宴 期间我们还将向他们分发红包和装着日用品的慈爱袋。新加坡的老人为新加 坡做出了巨大贡献的老年人，这也是我们对他们表示感谢的一种方式。
Annual Influenza Vaccination 年度疫苗注射 （23th Nov 十月廿七日) The BTRTS Annual Influenza Vaccination is a yearly event for elderly organised by the Buddha Tooth Relic Temple. During this event, around 300 seniors living in 3 different districts of Chinatown, Banda, Chin Swee and Jalan Kukoh, will be invited to the temple for free vaccinations against influenza. Transport will also be arranged for the elderly. In addition to medical care, we also provide them with a Maitri Bag filled with daily essentials like milk powder after taking the vaccination to help them with their daily lives. The items in the goodie bags are selected based on our discussion with the staff of the Kreta Ayer Senior Activity Centres , who understands which items the elderly needs.
Buddhist Culture
佛教文化部 Milestone
佛牙寺年度流感疫苗注射是由佛牙寺为牛车水老年人一年一度的活动。在 这次活动中，将邀请牛车水乐龄活动中心的约300名老年人到庙里免费注 射流感疫苗。除了提供医疗服务外，我们还为每位老人提供了慈爱袋。慈 爱袋里包含日常必需品，例如奶粉，以帮助他们的日常生活。慈爱袋中的 物品是根据我们与乐龄活动中心的工作人员的讨论而选定的，因为他们了 解老年人需要哪些物品。
Annual Vesak Day Celebrations & Dinner 卫塞节晚宴 （20th May 四月十六日) Vesak Day is a significant day for Buddhists around the world. It commemorates the birth, enlightenment and death of Gautama Buddha. Every year on this day, BTRTS would arrange for the senior citizens living in the Chinatown district to have dinner and watch cultural performances beside our temple. We will also give out red packets and goodie bags with essentials to every senior citizen who come over to join us for the Vesak Day Celebrations. 卫塞节对世界各地的佛教徒来说都是重要的一天。每年的这一天，佛牙寺 都会安排住在牛车水地区的老年人在我们的庙宇旁边参加晚宴并观看文化 表演。我们还将向每位参加我们的卫塞节晚宴的老年人赠送红包和装满日 常用品的慈爱袋。
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部
Cultural Heritage Walk 2019 走出校园走进文化 2019 （6th July 七月六日) In collaboration with SFCCA, Cultural Heritage Walk 2019 aims to provide students with an experiential insight into BTRTM, as well as to promote a renewed appreciation and understanding of Chinatown through its history and cultural heritage. 为鼓励莘莘学子进一步认识BTRTS，同时加深他们对牛车水历史 文化的了解，配合SFCCA 文化遗产之旅，本寺组织了寺内导览。
Saturday Guided Tour 2019 星期六导游会 Conducted in English at 2pm and Mandarin at 10am every Saturday, our knowledgable volunteer guides will walk visitors through the museum showcase and share the remarkable aspects of the temple, from the main hall to the roof garden. 每个星期六我们的义工导游会分别以华、英语给宾客，介绍本寺 博物馆的展品和本寺庙的特色。
Annual Meeting for Society of Tourist Guides (STG) 2019 2019年年度STG简报会 (11th Dec 十二月十一日)
This meeting is held yearly to update representatives of STG on the new improvements in BTRTM and answer queries pertaining to BTRTS. 这常年会议是让STG代表了解BTRTM的最新的近况，并回答与BTRTS有关的查询。
Maitri Bag Distribution 慈爱袋分发 （8th April 三月初四日)
Every year during festive occasions like Vesak Day and Chinese New Year, BTRTS gives out Maitri Bags that are filled with essentials to nursing homes in Singapore. Over the years, homes like The Society for The Aged Sick, Fu Hui Link, Bright Hill Evergreen Home etc have received the bags we prepared for the elderly residing in them. 每年在卫塞节和农历新年等喜庆场 合，佛牙寺都会向新加坡的养老院 分发装有日常用品的慈爱袋。多年 来福慧林光明山修身院等养老院都 收到了我们为住在其中居住的老人 准备的慈爱袋。
Yuan Xiao Maitri Bag Distribution FU HUI LINK
Yuan Xiao Maitri Bag Distribution @ Society for The Aged Sick & Bright Hill Evergreen Home
Vesak Day Maitri Bag Distribution Thong Teck Home
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VIP Visits 贵宾拜访
Madam Nguyen Minh Phuong, Spouse of the Permanent Deputy Prime Minister of the Socialist Republic of Vietnam
British Samatha Chanting Group 14
台湾心茂大和尚组团参访佛牙寺
HUYUAN Volun tee rs 护缘义工 团
普及化 让义工那无私的爱心和奉献的精神传给每个人,使更多人想参与义工行列。 To make everyone feels proud and honoured to become volunteer, so as to encourage more people to join enthusiastically.
资讯化 通过媒体资讯、各种义工活动及宣传，将义工们的爱心以行动把佛教文化传递开来。 Spread Buddhism and our Volunteers Charity activities through effective communication channels.
年轻化 每位义工都要有一颗年轻和有魄力的心。 A young and dynamic spirit in every volunteer.
爱心 Caring 每位义工能够喜爱这份工作，以及周围的环境, 人与事物。
Enjoy volunteer work and its environment. Love meeting people.
慈悲 Compassionate 乐于助人，且助人不分种族、宗教、年龄、贫富。
Ready to help, regardless of race, religion, age and background.
乐观 Optimistic 确保自己的家庭、事业及健康获得妥善照顾后，以愉快的心情及正确的态度来完成义工任务。
Ensure one’s family, career & health are well-taken care of in order to serve with a happy and positive attitude.
尽责 Committed 有正确的动机和价值观推动自己完成义工的职责，认真负责的完成义工任务。
Have the right motivation and be committed to perform one’s volunteer duties.
能干 Competent 学习并完善进行义工活动时所需的知识和技巧，不断充实自己的佛法知识，选择适合自己能力的组别，更好的 为佛牙寺服务。
Willing to learn relevant skills and techniques of volunteering and expand Buddhist knowledge to serve the temple better.
15 16
Facilities 设备维修部
The Facilities Department manages our outsourced partners for Integrated Facilities Management, Housekeeping, Fire Safety and Security; as well as facilitates the setting up of festive decorations. Through facilities planning and management, the Department ensures the smooth operation and cost effectively of the Temple.
设备维修部门负责为寺院监管外包的综合设备维修、 卫生清理服务, 防火措施和保安，并且协助法会、庆典 等活动的场地设置工作。设备维修部通过设施管理、 设施规划、营运和维修，确保寺院的能源符合成本效 益与水源供应稳定。
The Temple’s various M & E systems have been stabilised and fine-tuned, so that breakdowns are kept to a minimum and within our specified KPIs. In view of the intensive usage, various M & E systems and lightings were regularly reviewed for upgrading.
寺院的机械和电源设备已大致稳定并获得改善，使得 故障保持在最低水平，维持在我们所设定的指标范围 之内。不过，高使用率也使得电机设备及灯光设备需 要接受定期检查以进行翻新。
Listed below are some Department plans for 2020:
以下是设备维修部门2020年的部分计划： ·拟议和招标寺院进行整新工作; ·拟议和招标数据中心的网络光纤布线安装； ·更换建筑管理系统（BMS）； ·更换保安安全系统； ·探讨及改善工作场所效率、加强安全保安。
• Proposed and tender for Network Fibre Cabling to Data Center;
16
of
the
Facilities
• Proposed upgrading work for additions & alteration to BTRTM;
• Replacement of building management system (BMS); • Replacement of security system;
• Explore new way to improve workplace efficiency, safety and security.
We are a team of professionals committed to the delivery of innovative, effective and efficient services while maintaining fiscal integrity. We provide wide range of administrative and fiscal services in support of the Temple’s primary mission of instruction and public services.
Accounting Function
The functions of recording financial transactions, safeguarding physical and financial assets, allocation of resources, procurement and delivery of basic Temple services are handled by the team. This is accomplished through the Departments of: Accounting, Budget and Analysis, Business Services, Contracts and Systems Accounting along with appropriate financial systems. Our operations are guided by policies and procedures developed in accordance with the Societies & Charities Act, external supporters and the Board of Management Committee to facilitate compliance and informed decision making.
HR & Admin Function
We ensure that human resources and administration policy guidelines are in place, correctly interpreted and fairly applied relating to the various functions of planning, recruitment and selection, discipline and grievance handling, compensation, employee relations, staff welfare, staff training, and development, performance management and staff career growth and succession plans and statutory compliance. We conduct staff meeting twice a year to update our staff on the latest developments of the Temple.
Website
Our Temple’s website is Mobile responsive website with Android and iOS Applications. This allow our Temple to have a better online presence, providing our users access to electronic services such as Offerings, Donations and Sponsorship transactions via a payment gateway. The payment gateway comes with transaction processing platform which will enable our Temple to accept credit and debit cards and preferred alternative payments on various mobile devices, tablets and connective online devices. We are in the process of developing a full e-shop to cater to devotees who are more web-savvy.
In-House System
The backup system of our Temple and its affiliated organisations, Golden Pagoda Buddhist Temple (GPBT) and Metta Welfare Association are synchronize across all the three premises. This allows our staff to do cross registration/updates of Donors’ personal information at 3 organisations with Donors’ permission, which benefit our Donors.
Finance & Admin
财务与行政部
我们是一个由专业人员组成的团队，职责是在确保财务完整性的情况下，提供有效率的 服务。我们的使命是提供全面财务和行政支援，以辅助佛牙寺为公众所提供的各项基础 服务。
会计职责 本部门负责的工作项目包括本寺的收支记录、保障所有资产、进行采购等基本运作服 务。我们的工作小组包括：会计组、预算组、分析组、商业服务组、合约与系统管理组 等。我们采用的所有操作流程都符合我国的慈善机构法令、赞助机构和管理委员会的规 定，以求在合乎法律的情况下做出最明智的选择。
人力资源与行政职责 我们确保本寺的人力资源和行政准则都达到一定的标准并被正确执行，以完成规划、征 聘、维持员工纪律、处理投诉及赔偿事宜、管理员工关系、培训与发展、员工福利、评 估表现与制定接班计划和其他需要注意配合的条例等工作。我们也举行一年两次的员工 会议，让所有人清楚本寺的最新发展。
网站 我们的网站是Android和iOS应用程序的手机移动设备响应式网站。这使我们的寺院有 更好的网上用户使用体验，通过支付网关为我们的用户提供电子服务，例如上网供佛、 供养、捐款。此外，支付网关附带交易处理平台，使我们的寺院可以接受信用卡和借记 卡，并支持在各种移动设备，平板电脑和连接在线设备上进行支付交易处理平台。我们 正在开发一个完整的电子商店，以迎合更精通网络的奉献者。
内部系统 佛牙寺、金塔寺、慈光福利协会的备份内部软体系统在所有三个场所同步。此外，这使 我们的工作人员在捐赠者许可下能在3个组织为信徒/捐献者更新个人信息与交叉登记， 有利于3个组织的捐赠者。
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弥 Maitreya勒 18
弥 勒
Maitreya Charity Fund 2019 弥勒佛慈善基金2019 牛车水社区 Chinatown Community 牛车水－金声公民咨询委员会 Kreta Ayer-Kim Seng CCC 牛车水乐龄活动慈善基金 Kreta Ayer Kim Seng SAC 一个人 One People 丹戎巴葛-中峇鲁公民咨询委员会 Tanjong Pagar - Tiong Bahru CCC 佛教组织 Buddhist Organisations 光明山修身院 Bright Hill Evergreen Home Dharma Wisdom Centre 法华禅寺 Fa Hua Monastery Purva Vaidurya Monastery 新加坡佛教总会 Singapore Buddhist Federation 新加坡佛教施诊所 Singapore Buddhist Free Clinic 佛教慈善与宗教文化团体 Society of Buddhist Volunteers 志愿福利组织 Voluntary Welfare Organisations 圆点心宁中心 Dot Connections Growth Centre Goalball Singapore Grace Lodge 轻安村慈善与教育基金会 Kampong Senang Charity & Education 肾脏透析基金 Kidney Dialysis Foundation 万佛堂疗养院 Man Fut Tong Nursing Home 慈光学校 Metta School Singapore 慈光福利协会 Metta Welfare Association Muhammadiyah Welfare Home 甘露关怀协会 Nectar Care Service (S) 总统挑战慈善2019 President’s Challenge 2019 Ramakrishna Mission Singapore Disability Sports Council 大悲安老院 Tai Pei Old People’s Home 教育机构 Educational Institutions 南洋理工大学佛学社会 NTU Buddhist Society 海外慈善机构 Overseas Charities Chain Khar Mi Dhamma Lone Kaung Monastery 厦门洪善寺 XiaMen HongShanSi 其他 Others Sri Ven Galboda Gnanissara Thera 新加坡综合医院 Singapore General Hospital-SPRUCE fund 19
BUDDHA TOOTH RELIC TEMPLE (SINGAPORE) (Registered in Singapore)
UEN No. T3SS0035G
(Registered under the Singapore Societies Act Cap 311 and Charities Act, Chapter 37)
FINANCIAL STATEMENTS 31 December 2019
UHY LEE SENG CHAN & CO Public Accountants and Chartered Accountants
20 26
BUDDHA TOOTH RELIC TEMPLE (SINGAPORE) UEN No. T03SS0035G
FINANCIAL STATEMENTS
CONTENTS
Page Statement by Management Committee Independent Auditor’s Report
1 2- 4
Statement of Financial Position
5
Statement of Financial Activities
6
Statement of Changes in Funds
7
Statement of Cash Flows
8
Notes to the Financial Statements
9 - 32
27 21
BUDDHA TOOTH RELIC TEMPLE (SINGAPORE) STATEMENT BY THE MANAGEMENT COMMITTEE In the opinion of the Management Committee, the accompanying financial statements of Buddha Tooth Relic Temple (Singapore) (the “Temple�) are drawn up in accordance with the provisions of the Societies Act, Cap 311, the Charities Act, Cap 37 and Charities Accounting Standards so as to give a true and fair view of the state of affairs of the Temple as at 31 December 2019, and of the results, changes in funds and cash flows of the Temple for the financial year ended on that date and, at the date of this statement, there are reasonable grounds to believe that the Temple will be able to pay its debts as and when they fall due. The Management Committee, comprising the following members, has on the date of this statement, authorised these financial statements for issue. Venerable Shi Fa Zhao
President
Ong Tai Yong @ Shi Pu En
Vice President
Tay Khin Sian, Anthony
Honorary Secretary
Lau Kah Yong
Honorary Treasurer
Fong Pui Kee, Jenny
Honorary Assistant Treasurer
Tan Ming Yong
Committee Member
Chong Siong Pay, Steven
Committee Member
Ngiam Kee Yuan
Committee Member
See Peh Loong, Darren
Committee Member
Tan Wui Khiang
Committee Member
Lim Eng Koo
Committee Member
On behalf of the Management Committee,
Venerable Shi Fa Zhao President Singapore
22
____________________ Lau Kah Yong Honorary Treasurer
-2-
Independent Auditor’s Report to the Members of Buddha Tooth Relic Temple (Singapore) Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Buddha Tooth Relic Temple (Singapore) (the Temple), which comprise the statement of financial position of the Temple as at 31 December 2019, and the statement of financial activities, statement of changes in funds and statement of cash flows of the Temple for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the Societies Act, Cap 311 (the Societies Act), the Charities Act, Cap 37 (the Charities Act) and Charities Accounting Standards (CASs) so as to present fairly, in all material respects, the state of affairs of the Temple as at 31 December 2019 and of the results, changes in funds and cash flows of the Temple for the financial year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Temple in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information The Management Committee is responsible for the other information. The other information comprises the information included in the Statement by the Management Committee set out on page 1. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
23
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Independent Auditor’s Report to the Members of Buddha Tooth Relic Temple (Singapore) Management Committee’s Responsibility for the Financial Statements The Management Committee is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Societies Act and the Charities Act and CASs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, the Management Committee is responsible for assessing the Temple’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Temple or to cease operations, or has no realistic alternative but to do so. The Management Committee’s responsibilities include overseeing the Temple’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
24
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Temple’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management Committee.
-4-
Independent Auditor’s Report to the Members of Buddha Tooth Relic Temple (Singapore) •
Conclude on the appropriateness of the Management Committee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Temple’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Temple to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required to be kept by the Temple have been properly kept in accordance with the Regulations enacted under the Societies Act and the Charities Act.
UHY Lee Seng Chan & Co Public Accountants and Chartered Accountants Singapore
25
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Buddha Tooth Relic Temple (Singapore) Statement of Financial Position 31 December 2019
Note
ASSETS Current assets Cash and cash equivalents Fixed deposits Other receivables Prepayments Inventories
4 5 6
2018 $
3,892,264 10,050,000 347,483 410,562 246,782
5,955,199 4,750,000 276,442 43,239 260,044
14,947,091
11,284,924
2,014,632 53,511,388
2,017,222 56,348,611
55,526,020
58,365,833
70,473,111
69,650,757
1,484,634
1,500,025
Total liabilities
1,484,634
1,500,025
NET ASSETS
68,988,477
68,150,732
FUNDS Unrestricted funds General fund Maitreya Charity fund Museum fund Project and sinking fund Investment fund
60,601,479 415,326 2,740,379 2,860,930 2,370,363
60,359,008 322,699 2,572,830 2,693,381 2,202,814
68,988,477
68,150,732
7
Non-current assets Held-to-maturity investments Property, plant and equipment
8 9
Total assets LIABILITIES Current liabilities Trade and other payables
10
11 11 11 11
Total funds
The accompanying notes form part of these financial statements
26
2019 $
-6-
Buddha Tooth Relic Temple (Singapore) Statement of Financial Activities Financial year ended 31 December 2019
Note
Income Donation income Charitable income Other income
12 13
Total income Expenditure Cost of generating charitable activities Employee benefits expense Depreciation of property, plant and equipment Governance and administrative expenses
14 15 9 16
Total expenditure Surplus for the year
2019 $
2018 $
2,320,173 11,000,094 313,641
2,155,752 10,551,510 206,418
13,633,908
12,913,680
5,732,303 3,370,487 3,421,377 271,996
5,105,998 3,005,519 3,575,200 303,519
12,796,163
11,990,236
837,745
923,444
The accompanying notes form part of these financial statements
27
28
60,601,479
Balance at 31 December 2019
415,326
(74,922) 167,549
The accompanying notes form part of these financial statements
837,745 74,922 (670,196)
322,699
(324,165) 184,689
60,359,008
462,175
923,444 (1,652,440) (738,756)
Maitreya Charity fund $
61,826,760
Balance at 31 December 2018 Surplus for the year Addition/(Utilisation) of funds Transfer of funds
Balance at 1 January 2018 Surplus for the year (Utilisation)/Addition of funds Transfer of funds
General fund $
Statement of Changes in Funds Financial year ended 31 December 2019
Buddha Tooth Relic Temple (Singapore)
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2,740,379
167,549
2,572,830
(41,520) 184,689
2,429,661
Museum fund $
2,860,930
167,549
2,693,381
184,689
2,508,692
Designated funds Project and sinking fund $
2,370,363
167,549
2,202,814
2,018,125 184,689
-
8,386,998
(74,922) 670,196
7,791,724
1,652,440 738,756
5,400,528
Investment Total fund designated funds $ $
68,988,477
68,150,732 837,745 -
67,227,288 923,444 -
Total funds $
-8-
Buddha Tooth Relic Temple (Singapore) Statement of Cash Flows Financial year ended 31 December 2019
Note
Cash flows from operating activities Surplus for the year Adjustments for: Depreciation of property, plant and equipment Interest income Inventories written off Property, plant and equipment written off Operating cash flows before working capital changes Changes in working capital: Other receivables Prepayments Inventories Trade and other payables
A
Net cash from operating activities
2019 $
2018 $
837,745
923,444
3,421,377 (250,931) 10,564 4,200
3,575,200 (113,732) -
4,022,955
4,384,912
27,169 (367,323) 2,698 (15,391)
(38,486) 297,170 124,339 252,241
3,670,108
5,020,176
155,311 (588,354) (5,300,000)
96,100 (806,962) (2,018,125) 13,858
Net cash used in investing activities
(5,733,043)
(2,715,129)
Net change in cash and cash equivalents Cash and cash equivalents at beginning of year
(2,062,935) 5,955,199
2,305,047 3,650,152
3,892,264
5,955,199
Cash flows from investing activities Interest received Purchase of property, plant and equipment Purchase of held-to-maturity investments (Investment in)/ Proceed from fixed deposits
Cash and cash equivalents at end of year
A
4
Note A: Significant non-cash transaction In the previous financial year, the Temple transferred inventories amounting to $127,848 to property, plant and equipment.
The accompanying notes form part of these financial statements
29
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Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 These notes form part of and should be read in conjunction with the accompanying financial statements. 1.
General information Buddha Tooth Relic Temple (Singapore) (the “Temple”) was registered as a Temple Association under the Societies Act, Chapter 311 on 20 February 2003 and as a Charity Organisation under the Charities Act (Chapter 37) on 8 January 2004 with its registered office and principal place of business located at 288 South Bridge Road, Singapore 058840. The principal objectives of the Temple are: to develop a Chinese Buddhist cultural complex to venerate the Sacred Buddha Tooth & Relics; to promote and showcase Buddhism, Chinatown and Singapore culture; to provide Buddhist education and research; to support other Voluntary Welfare Organisations; and to support welfare services to the sick, poor and needy, regardless of race or religion. The financial statements of the Temple for the financial year ended 31 December 2019 were authorised for issue by the Management Committee on
2.
Summary of significant accounting policies 2.1
Basis of preparation The financial statements have been prepared in accordance with the Charities Accounting Standards (“CASs”) issued by the Singapore Accounting Standard Council. The financial statements have been prepared under the historical cost convention, except as otherwise disclosed in the accounting policies below. The financial statements are presented in Singapore dollar (“$”), which is the functional currency of the Temple. The accounting policies adopted are consistent with those of the previous period except that in the current financial year, the Temple has adopted all the new and revised CASs and Interpretations of the Charities Accounting Standards (“INT CASs”) that are relevant to its operations and effective for annual period beginning on 1 January 2019. The adoption of these new/revised the CASs and INT CASs does not have any effect on the financial performance or position of the Temple for the current or prior financial years.
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- 10 -
Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.2
Financial instruments Financial assets and financial liabilities are recognised on the Temple’s statement of financial position when the Temple becomes a party to the contractual provisions of the instrument. Effective interest method The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. Financial assets Financial assets are classified into the following specified categories: financial assets “heldto-maturity investments” and “loans and receivables”. The classification depends on the nature and purpose of financial assets and is determined at the time of initial recognition. Held-to-maturity investments Bonds with fixed or determinable payments and fixed maturity dates where the Temple has positive intent and ability to hold to maturity are classified as held-to-maturity investments. Subsequent to initial measurement, held-to-maturity investments are measured at amortised cost using the effective interest method less impairment, whereby the revenue is recognised on an effective yield basis. Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest method, except for short-term receivables where the recognition of interest would be immaterial. Loans and receivables are presented as “cash and cash equivalents”, “fixed deposits” and “other receivables” on the statement of financial position. Impairment of financial assets The Temple assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired.
31
- 11 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.2
Financial instruments (continued) Impairment of financial assets (continued) Assets carried at amortised cost For financial assets carried at amortised cost, the Temple first assesses individually whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Temple determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset shall be reduced either directly or through the use of an allowance account. The impairment loss is recognised in statement of financial activities. When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Temple considers factors such as the probability of insolvency or significant financial difficulties of its members and default or significant delay in payments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through statement of financial activities to the extent the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
32
- 12 -
Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.2
Financial instruments (continued) Derecognition of financial assets The Temple derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Temple neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Temple recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Temple retains substantially all the risks and rewards of ownership of a transferred financial asset, the Temple continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Financial liabilities Financial liabilities are classified as either financial liabilities “at fair value through profit or loss� or other financial liabilities. Other financial liabilities Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest method, with interest expense recognised on an effective yield basis. Derecognition of financial liabilities The Temple derecognises financial liabilities when, and only when, the Temple’s obligations are discharged, cancelled or they expire.
2.3
Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.
33
- 13 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.3
Property, plant and equipment (continued) Depreciation of property, plant and equipment is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows: Useful lives Adoption items Air conditioner Antique Buddha statue and accessories Buddha stupa Building Warehouse Computers Equipment Furniture and fittings Land Motor vehicles Office equipment Renovation Wax statue
27.5 years 5 years Infinite life 5 years Infinite life 27.5 years 20 years 3 years 5 years 5 years 27.5 years 5 years 5 years 5 years 3 years
Fully depreciated property, plant and equipment are retained in the financial statements. The residual value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit or loss in the year the asset is derecognised. 2.4
Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined primarily on a weighted average method and includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Where necessary, write-down is made for deteriorated, damaged, obsolete and slow-moving inventories to adjust the carrying value of inventories to the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
34
35 27
- 14 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.5
Income recognition Income is recognised in the statement of financial activities when the following three factors are met:
The Temple becomes entitled to the income; The Temple is virtually certain that it will receive the income; and The amount of the income can be measured with sufficient reliability
Donations Donations are recognised on receipt basis. Donations-in-kind are recognised when the fair value of the donations-in-kind can be estimated with sufficient reliability. Charitable incomes Charitable incomes are generated from charity events and ceremonies. They are recognised on both receipt basis and accrued as and when they are committed. Sale of goods Income from the sale of goods is recognised when the Temple has delivered the products to the customer; the customer has accepted the products and the collectability of the related receivables are reasonably assured. Income from services Income from services is recognised over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Interest income Interest income on banks’ current accounts, fixed deposits and held-to-maturity investments placed with financial institutions are recognised on a time-proportion basis using the effective interest method.
36 26
35
- 15 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.6
Employee benefits Employee entitlements to annual leave are recognised as a liability when they accrue to employees. The estimated liability for annual leave is recognised for services rendered by employees up to the end of the reporting period. Contributions to defined contribution plans are recognised in the same financial year as the employment that gives rise to the contributions.
2.7
Provisions Provisions are recognised when the Temple has a present obligation (legal or constructive) as a result of a past event, it is probable that the Temple will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2.8
Leases Operating leases - where the Temple is a lessee Leases where a significant portion of the risks and rewards of ownership are retained by the lessors are classified as operating leases. Payments made under operating leases are recognised in statement of financial activities on a straight-line basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which the termination takes place.
36
37 27
- 16 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 2.
Summary of significant accounting policies (continued) 2.9
Taxes Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except: 
Where the GST incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

Receivables and payables that are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. 2.10
Cash and cash equivalents Cash and cash equivalents include cash on hand, cash at banks and deposits with financial institutions that are subject to an insignificant risk of change in value. Cash and cash equivalents are carried at cost. Fixed deposits that have short maturities of three months or less from the date of acquisition are included in cash equivalents. All other fixed deposits are reported separately in the statement of financial position.
2.11
Government grants Government grants that are receivable as compensation for expenses or losses incurred or for the purpose of giving immediate financial support to the Temple are recognised in the statement of financial activities as other income in the period in which they become receivable.
3.
Critical accounting judgements and key sources of estimation uncertainty In the application of the Temple’s accounting policies, which are described in Note 2, the Management Committee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
38 26
37
- 17 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 3.
Critical accounting judgements and key sources of estimation uncertainty (continued) 3.1
Critical judgements in applying the Temple’s accounting policies In the process of applying the Temple’s accounting policies, management is of the opinion that any instances of application are not expected to have a significant effect on the amounts recognised in the financial statements.
3.2
Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: (a)
Depreciation of property, plant and equipment Management estimates the useful lives of property, plant and equipment to be as disclosed in Note 2.3. The carrying amounts of the Temple’s property, plant and equipment are disclosed in Note 9. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual values of these assets. Hence, future depreciation charges could be revised.
(b)
Allowance for inventory obsolescence Management reviews the carrying value of its inventories to ensure that they are stated at the lower of cost and net realisable value. In assessing the net realisable value and making appropriate allowance, management identifies inventories that are slow-moving or obsolete, considers their physical conditions and the market price of similar items. Where items of inventory have a market price that is lower that their carrying amounts, the management estimates the amount of inventory loss as allowance on inventory. The carrying amount of the inventories at the end of the reporting period is disclosed in Note 7 to the financial statements.
4.
Cash and cash equivalents
Cash at bank and on hand Fixed deposit
2019 $
2018 $
3,892,264 -
5,455,199 500,000
3,892,264
5,955,199
In the previous financial year, fixed deposit with maturity of 3 months earned interest at 1.64% per annum.
38
39 27
- 18 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 5.
Fixed deposits
Fixed deposits with maturity of 12 to 18 (2018: 4 to 18) months with interest rates at 0.50% to 2.07% (2018: 0.50% to 1.82%) per annum
2019 $
10,050,000
2018 $
4,750,000
Fixed deposits include an amount of $50,000 (2018: $50,000) which is pledged to guarantee corporate credit card facility granted by a bank. 6.
Other receivables
Other receivables - related parties - deferred expenses - interest receivable - refundable deposits
7.
40 26
Inventories
2019 $
2018 $
18,166 42,354 140,207 146,756
105,674 41,997 128,771
347,483
276,442
2019 $
2018 $
Goods held for resale
246,782
260,044
Cost of inventories recognised as an expense and included in cost of goods sold (Note 14)
273,423
304,705
39
- 19 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 8.
Held-to-maturity investments Quoted debt securities, at amortised cost
2019 $
2018 $
Balance at beginning Additions Premium amortisation for the year
2,017,222 (2,590)
2,018,125 (903)
Balance at end
2,014,632
2,017,222
As at 31 December 2019, the quoted debt securities have nominal values of $2,000,000, with coupon rates ranging from 2.55% to 3.2% per annum and maturity dates ranging from 23 November 2023 to 17 September 2025.
40
41 27
42 26
41
9.
9,215,912 9,215,912
3,853,927 335,124 4,189,051
5,026,861
Balance at end
Accumulated depreciation Balance at beginning Charge for the year Written off
Balance at end
Carrying amount Balance at 31 December 2019
Land $
Cost Balance at beginning Additions Written off
2019
Property, plant and equipment
Notes to the financial statements 31 December 2019
Buddha Tooth Relic Temple (Singapore)
32,287,753
27,015,689
24,859,200 2,156,489 -
59,303,442
59,303,442 -
Building $
2,463,390
316,610
223,943 92,667 -
2,780,000
2,780,000 -
Warehouse $
1,390,239
1,155,861
1,063,374 92,487 -
2,546,100
2,542,851 3,249 -
Adoption items $
- 20 -
327,364
29,761
267,621 31,402 (269,262)
357,125
269,262 357,125 (269,262)
Air conditioner $
1,279,626
-
-
1,279,626
1,279,626 -
Antique $
127,920
782,670
737,090 45,580 -
910,590
886,090 24,500 -
Buddha statue and accessories $
9,318,061
-
-
9,318,061
9,318,061 -
Buddha stupa $
42
43 27
9.
Carrying amount Balance at 31 December 2019
Balance at end
Accumulated depreciation Balance at beginning Charge for the year Written off
Balance at end
Cost Balance at beginning Additions Written off
2019
75,161
159,421
1,121,850 29,124 (991,553)
234,582
1,163,292 66,523 (995,233)
Computers $
Property, plant and equipment (continued)
Notes to the financial statements 31 December 2019
Buddha Tooth Relic Temple (Singapore)
550,053
1,354,296
1,808,603 390,389 (844,696)
1,904,349
2,720,302 28,743 (844,696)
Equipment $
51,307
214,682
1,256,053 43,757 (1,085,128)
265,989
1,318,293 33,344 (1,085,648)
Furniture and fittings $
- 21 -
65,650
175,450
177,703 (2,253) -
241,100
241,100 -
Motor vehicles $
53,584
20,859
218,706 9,634 (207,481)
74,443
235,924 46,000 (207,481)
Office equipment $
494,419
456,267
895,315 196,977 (636,025)
950,686
1,557,841 28,870 (636,025)
-
61,654
61,654 -
61,654
61,654 -
Renovation Wax statue $ $
53,511,388
35,932,271
36,545,039 3,421,377 (4,034,145)
89,443,659
92,893,650 588,354 (4,038,345)
Total $
44 26
43
9.
9,215,912 9,215,912
3,518,803 335,124 3,853,927
5,361,985
Balance at end
Accumulated depreciation Balance at beginning Charge for the year Reclassification
Balance at end
Carrying amount Balance at 31 December 2018
Land $
Cost Balance at beginning Additions Transfer from inventories
2018
Property, plant and equipment (continued)
Notes to the financial statements 31 December 2019
Buddha Tooth Relic Temple (Singapore)
34,444,242
24,859,200
22,795,378 2,156,488 (92,666)
59,303,442
59,303,442 -
Building $
2,556,057
223,943
38,611 92,666 92,666
2,780,000
2,780,000 -
Warehouse $
- 22 -
1,479,477
1,063,374
970,907 92,467 -
2,542,851
2,542,851 -
Adoption items $
1,641
267,621
260,642 6,979 -
269,262
269,262 -
Air conditioner $
1,279,626
-
-
1,279,626
1,238,106 41,520
Antique $
149,000
737,090
694,962 42,128 -
886,090
758,242 127,848
Buddha statue and accessories $
9,318,061
-
-
9,318,061
9,318,061 -
Buddha stupa $
44
45 27
9.
1,061,152 60,698 1,121,850
Accumulated depreciation Balance at beginning Charge for the year Reclassification Written off
Balance at end
41,442
1,163,292
Balance at end
Carrying amount Balance at 31 December 2018
1,114,357 48,935 -
Computers $
Cost Balance at beginning Additions Transfer from inventories Written off
2018
Property, plant and equipment (continued)
Notes to the financial statements 31 December 2019
Buddha Tooth Relic Temple (Singapore)
911,699
1,808,603
1,442,441 419,050 (52,888)
2,720,302
2,695,542 77,648 (52,888)
Equipment $
62,240
1,256,053
1,199,777 56,276 -
1,318,293
1,315,893 2,400 -
Furniture & fittings $
- 23 -
63,397
177,703
109,281 68,422 -
241,100
241,100 -
Motor vehicles $
17,218
218,706
211,328 7,378 -
235,924
233,651 2,273 -
Office equipment $
662,526
895,315
676,630 218,685 -
1,557,841
923,655 634,186 -
-
61,654
42,815 18,839 -
61,654
61,654 -
Renovation Wax statue $ $
56,348,611
36,545,039
33,022,727 3,575,200 (52,888)
92,893,650
92,011,728 806,962 127,848 (52,888)
Total $
- 24 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 10.
Trade and other payables
Trade payables - related party - third parties - goods and services tax payable
Other payables - accrued expenses - deferred revenue - third parties - provision for employee unutilised leave
2019 $
2018 $
973 12,323 28,719
12,262 201,090 27,896
42,015
241,248
693,489 658,571 670 89,889
626,572 528,963 103,242 -
1,442,619
1,258,777
1,484,634
1,500,025
Trade payables are non-interest bearing and are generally settled within 30 (2018: 30) days. 11.
Funds Maitreya Charity Fund In 2011, the fund was set up for charitable donation purposes and for the following beneficiaries: a) b) c) d) e) f) g)
46 26
Chinatown Community Buddhist Organisations Social Service Agencies (SSA) & President Challenge Charity Educational Institutions Chinese and Cultural Organisations Overseas Charities Any other deserving organisations or individuals, as decided by the Management Committee.
45
- 25 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 11.
Funds (continued) Donors can donate directly to this designated fund. Each year, 20% of the Temple’s current year’s surplus or any amount decided by Management Committee, will be transferred to this fund. If the fund has been used up, the Management Committee will decide on the amount to be topped-up. All donations given out will be from this designated fund, instead of general fund. Museum fund The Museum fund was set up in 2004 for the purpose of funding the operations of the museum, acquisition and maintenance of antiques inside the Temple. At least 20% of each financial year’s net surplus attributable to accumulated general fund shall be set aside for this fund. Project and sinking fund This fund was set up in 2004 to provide fund for repairs and maintenance, decoration and other improvement of the Temple’s building. At least 20% of each financial year’s net surplus attributable to accumulated general fund shall be set aside for this purpose. Investment fund This fund was set up in 2018 to provide fund for the purpose of the purchase of held-to-maturity investments. At least 20% of each financial year’s net surplus attributable to accumulated general fund shall be set aside for this purpose.
12.
Charitable income
Ceremonies income Services income Sale of goods Sponsorship Carpark revenue Others
46
2019 $
2018 $
4,342,264 2,394,067 2,733,380 1,335,051 158,724 36,608
4,422,263 1,960,927 2,772,298 1,113,130 173,316 109,576
11,000,094
10,551,510
47 27
- 26 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 13.
Other income
Bank interest income Held-to-maturity investments interest income Fixed deposits interest income Special employment credit Temporary employment credit Wages credit scheme Skill connect training grant Others
48 26
2019 $
2018 $
20,568 55,098 175,265 20,818 30,450 2,048 9,394
26,304 9,108 78,320 19,651 4,351 55,039 13,645
313,641
206,418
47
- 27 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 14.
Cost of generating charitable activities
Birthday party expense Ceremony and blessing expense Charitable donations - Local - Overseas Cleaning Cost of goods sold (Note 7) Facility management fee Finance costs - Bank charges Freight charges GST absorbed Lamp and light Other expenses Professional fees Property tax Refreshment and food Rental of equipment Rental of premises Repairs and maintenance Sangha expense Security Sutra printing and books Transportation Travelling Uniforms and robes Upkeep of motor vehicles Utilities Volunteer expenses
48
2019 $
2018 $
120,360 693,139
109,352 764,123
1,081,187 89,000 384,251 273,423 471,541 61,741 629 205,853 103,002 128,630 23,013 65,300 5,299 18,766 90,000 486,697 446,131 496,994 8,462 1,153 4,491 5,769 13,192 441,801 12,479
384,806 43,000 373,087 304,705 496,487 54,116 191,333 103,238 166,599 34,900 65,495 1,288 25,536 84,300 491,282 459,588 502,346 11,997 1,315 17,310 1,044 11,738 404,517 2,496
5,732,303
5,105,998
49 27
- 28 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 15.
Employee benefits expense
Salaries, bonuses and related costs Employer's contribution to Central Provident Fund
2019 $
2018 $
3,043,258 327,229
2,685,930 319,589
3,370,487
3,005,519
The annual remuneration (comprising basic salary, bonuses, allowances and employer’s contributions to Central Provident Fund) of the three highest paid staff including a key management employee (Note 18) classified by remuneration bands are as follows:
2019 $ $100,000 - $150,000 $150,001 - $200,000
16.
Governance and administrative expenses
Advertisement Audit fee Bank charges Cash management escort services Communication charges General expenses General insurance Inventories written off License fees Outreach development Postage and stamps Printing and stationery Professional fee Property, plant and equipment written off Subscriptions Warehouse expenses
50 26
2018 $ 2 1
2019 $
1 -
2018 $
2,806 16,800 20,957 17,400 37,330 19,565 31,273 10,564 492 52,765 17,709 26,658 499 4,200 217 12,761
4,314 23,800 18,641 17,199 35,883 21,526 32,701 2,277 57,021 26,290 26,761 22,814 217 14,075
271,996
303,519
49
- 29 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 17.
Income tax status No provision for taxation has been made in the financial statements as the Temple is exempt from income tax under Section 13(1)(zm) of the Income Tax Act, Chapter 134.
18.
Compensation of key management personnel
Short-term benefits paid to a key management personnel - salaries, bonuses and related costs - employer's contributions to Central Provident Fund
2019 $
2018 $
155,271 9,180
125,150 8,045
164,451
133,195
The above disclosure on remuneration (comprising basic salary, bonuses, allowances and employer’s contributions to Central Provident Fund) relates to a key management employee with annual remuneration exceeding $100,000. 19.
Related party transactions In addition to the related party information disclosed elsewhere in the financial statements, significant transactions that took place at terms agreed between the Temple and related parties during the financial year are as follows: 2019 $ With related parties Donation received Donation paid Payment on behalf to Payment on behalf from
50
820 30,588 21,210 16,335
2018 $
60,000 12,262 -
51 27
- 30 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 19.
Related party transactions (continued) During the financial year, the Temple entered into the above transactions with its related parties, Golden Pagoda Buddhist Temple, Metta School and Metta Welfare Association. During the financial year, only one (2018: one) of the management committee member received chanting fee amounting to $21,810 (2018: $108,620) representing honorarium. None of the other Management Committee members received any remuneration during the financial year.
20.
Management of conflict of interest There is no paid staff in the Temple’s Management Committee. Committee members are required to disclose any interest that they may have, whether directly or indirectly in the transactions, that the Temple may enter into or in any organisations that the Temple has dealings with or is considering dealing with, and any personal interest accruing to him as one of the Temple’s supplier, user of services or beneficiary. Should there be any potential conflict of interest, the affected Management Committee member may not vote on the issue that is the subject matter of the disclosure. Detailed minutes will be taken on the disclosure as well as the basis for arriving at the final decision in relation to the issue at stake.
21.
Commitments Operating lease commitments - as lessee
2019 $ Operating lease expenses for the year
107,616
2018 $ 109,836
At the end of the reporting period, the Temple has outstanding commitments for minimum lease payments in respect of premises and equipment under non-cancellable operating leases falling due as follows:
2019 $ Within one year Between one and five years
52 26
2018 $
90,592 7,500
107,616 8,092
98,092
115,708
51
- 31 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 22.
Capital commitments At the end of the reporting period, the Temple has $656,800 (2018: Nil) outstanding capital commitments in respect of computer software system which is in progress of implementation.
23.
Financial instruments, financial risks and capital risks management 23.1
Categories of financial instruments Financial instruments as at the end of the reporting period are as follows: 2019 $ Loans and receivables Financial assets, held-to-maturity investments Financial liabilities, at amortised cost
23.2
14,247,393 2,014,632 707,455
2018 $ 10,875,967 2,017,222 943,166
Financial risk management The main risks arising from the Temple’s normal course of operation are credit and interest rate and liquidity risk. The Temple’s overall risk management strategy seeks to minimise potential adverse effects of these risks on the financial performance of the Temple. Risk management policies and procedures are reviewed regularly to reflect changes in market conditions and the Temple’s activities. Credit risk Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. At the end of the reporting period, the Temple’s maximum exposure to credit risk is represented by the carrying amount of each financial asset presented on the statement of financial position. Cash is placed with banks which are regulated. There is no financial asset that is past due and/or impaired.
52
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- 32 Buddha Tooth Relic Temple (Singapore) Notes to the financial statements 31 December 2019 23.
Financial instruments, financial risks and capital risks management (continued) 23.2
Financial risk management (continued) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of the Temple’s financial instruments will fluctuate because of changes in market interest rate. The Temple is exposed to interest rate risks through the impact of changes in interest rates on its fixed deposits and held-to-maturity investments. Sensitivity analysis At the end of the reporting period, an increase/decrease of 25 basis in interest rates of fixed deposits and held-to-maturity would increase/decrease net income for the financial year by $30,125 (2018: $18,125). Liquidity risk Liquidity risk is the risk that the Temple will encounter difficulty in meeting financial obligations due to shortage of funds. The Temple monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance its operations and to mitigate the effects of fluctuations in cash flows. All financial liabilities in 2019 and 2018 are repayable on demand or due within one year from the end of the reporting period. Funds management The funds of the Temple comprise the General fund, Maitreya Charity fund, Museum fund, Project and Sinking fund as well as Investment fund. The Temple aims to maintain an optimum level of funds to ensure that it will be able to continue as a going concern. The Temple’s overall strategy remains unchanged from the prior year. The Temple is not subject to any externally imposed fund reserve requirements.
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鸣谢 佛牙寺非常感激所有善长仁翁，社会贤达，热心义工，社区团体以及企业公司，继续帮助我们实现我们的使命。 大家的慷慨捐施，热心支持以及相信认同，鼓励更多大众对佛教文化艺术兴趣的培养和发展，并促进和谐与理解不同 的宗教信仰。 盼望在未来年的活动中，让我们一路相伴，共同前进。。
Acknowledgements We extend our utmost gratitude to all donors, sponsors and supporters who continue to help us in realizing our mission. Your generosity and goodwill have encouraged more to foster and develop interest in Buddhist arts & culture, as well as promote harmony and understanding among different religious faiths. We look forward to your continuing support in our future events.
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