Golden Pagoda Buddhist Temple 2016 Annual Report by Golden Pagoda Buddhist Temple

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盘㨽剚⚺䌏桐鑂 President’s Message 隌㕜ꆄ㝝㼉竤麕✫Ⰽ䎃⼱涸ꅾ䒊䊨玑た倴䎃剢傈ꅾ倞侎Ꟛ㣐Ꟍ鵔䱺⥌滞㼉ꤎ倞䒊瘱幑縨✫ 刿倰⤑坿룲➃㡦莅遤⹛♶⤑罏涸鏤倷㥶ꨶ唑倞涸 ⵹〵鳵Ⱇ㹔苈䨼⨢鮦㜥莅峤䩛꟦瘞䧮䋞劆鸏❉ 倞涸鏤倷腋捀㣐㹻䲿⣘刿ⵄ倴⥜遤涸橇㞯 ぐ⡙⛳〳腋䊺竤殆䠑ⵌ劥㼉剤♧穉倞涸⬥滞莅耷 ㆞捀㣐㹻剪⹡蕰剤撑곃♶ヰ⛓贖䋞劆㣐㹻腋㣁嵳ꆀ鸏⦐倞涸㕰꥙➠㖈ꬌ䌢⸗⸂㖒㷸绢穉籽ㄤ捀劥㼉⡲ⴀ➮⦛涸顀桐䧮阌㖈姽锞宠㣐㹻窍✮➮ ⦛䝡涸佅䭰ㄤ렽⺑ 䧮䖰䎃剢傈饱Ꟛ㨥✫捀劍♲䎃涸ꟗꡠ⚛ 䊺⨞㥪✫耷⹡ㄤぐ倰꬗涸㸞䱖䧮剤⥌䗱劥㼉涸⬥ 滞莅耷㆞剤腋⸂麨ⵌ䧮㹁♴涸垦ⲥ 捀㣐㹻⚺䭰ぐ 갪岁剚ㄤ⭑䒭䧮⛳㼟糒糵湌漛鸏❉✲㹆涸鹎遤 ⟃焷⥃䧮⦛捀㣐㹻䲿⣘넞稇颶涸剪⹡ 腋㣁㹒䋒劥㼉捀鸏妄涸ꅾ䒊䊨玑硁꧌ⵌ✫駈㣁涸竤顥僽䧮涸囙䎋䧮䟝㖈姽ぢ嫦⡙䣗䢹鍑㓭涸⥌滞邍麨䧮歋邪涸䠮慨硁妵䨾䖤⡮겙㼟殆⡲劥㼉涸斊麌竤顥 剓た 䧮⛳銴ぢ劥㼉盘椚㨽㆞剚涸㨽㆞䯪妵涸㊥ ⥌ざ⡲⠒⠶⣘䥰㉂䒊瘱㕰꥙ㄤ䨾剤㖈㼉䑔ꅾ䒊麕玑⚥涸ぐ⦐倰꬗✮⟃䧮⦛⼿⸔涸㣐㹻荞♳幀幀涸闒䠑 闒闒 격䖤♲㼂涸⸈䭰

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嫲⚊岁撑ざ⼧䠮䛸 ##. Venerable Fa Zhao BBM President and Abbot

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Һ➝ Introduction 䫡㕂ꆄ㝜㼈続饰 ➃欰䎋犷꨽銳剣➃ꢂ涸犷䗞餴礒銳䧭㽠偽♳螑䲿 刿銳⚆ꢂ♸ⴀ⚆ꢂ涸螑䲿餴礒կ偽♳涸兰䢴♸㣐䝱䨾䧭㽠涸䎛㣐犷䗞僽㣐⛧⡱岁⚥剒ꅾ銳涸⚙佅鲰鲶 䲀⸓满⡱岁ぢ⵸䌐⸔♧ⴗ⠍欰㕐忘偽♳螑䲿䧭㽠⡱ 卓կ 岁撑䋗昿䡹䝱傞䌢Ⱒ䗱⠍欰氬蕱⚹✫銳佖㊤⠍欰涸蕱⾌暵ⵆ满ꅾ✵⥝䭯蚋䋗岁꡶父宠⡱⸂涸⸈䭯♴ 「蕱「ꦼ涸⠍欰鵴猌䨾剣涸氻⽭拇ꥻ䖤ⵌし牬䎋犷涸➃欰䎇⚂腊㢿偽拇偽ꦼ湬ⵌ㕐忘䧭⡱կ㖈♲㹈⸈ 䫡♴✵ 䎃㔔続䧭擿錟䖤し㖑㢴䎃皂䒊蚋䋗麤㖞涸㺋䡦䖤䧭》ぜ⚹䫡㕂ꆄ㝜㼈կ㼈ꤎ涸倶䊨䒊霃荈䎃䒓㨤 䎃畕䊨䎇㖈ず♧䎃岤ⱃ䧭⚹ざ岁㔙⡤ 䎃岤ⱃ䧭⚹䡹㊤縭կ湡⵸㼈ꤎ紨剣㔋♰ 㢴ぜ⥌䖝կ 䎃䧭用⹷⥝ⲙ㕼䙁⡱㔙岁撑䋗昿곭⠍⥌䖝䲿⦸ ⥌䡦銯倰ⲙ㡦猥䪬⡱꣜䡹䝱㋐莓㔋偽ꆀ䗱⸄➃⥝

㊤犷䗞兰䢴䌢䙁꣚䓙꣜⡱⚰絊姻䙁僻䕥鲮匧蕱⚹ 匧⛙䖃欰ⲙ㕼㸝Ⱞկ⟄⥌䡦䙁⡱⚹㔔宠欰銯倰匧⛙ ⚆歲蜠蔄⻊魧錛⡱ꢉ岁⚹卓կず傞䙁⡱㔙涸蜠⿼⟌⛲ 獤匧⿬♸爢⼓䲀䎛ぐ고䡹㊤崞⸓诓歋傈遤♧㊤涸 ➰ⴀ昶䗱勻⥝䗱կ湡⵸⿬⸈䙁⡱㔙涸蜠⿼紨剣㢴 ⡙կ 䎃⴯⸅շ椠槴㖷ո⡱⻊欰崞勇䘋 䎃䲀ⴀꬠ 倝晜僽♧劥⟄⿽露䒾䪋⡱岁涸Ⰼ䕙⿽剢ⴚկ劥ⴚ傋㖈 ⟄⡱岁⚥㊤䙁⽰ⵄ渤㣐⠍㼜⡱岁椚䙁♸爢⠔絕ざ⟄ 梡➿涸錭䏞ꢞ鶣㊤䙁⽰➋昶罜䜌䙁♶鵂僽妝劅⡱ 岁腊靈蒜欰崞匧畮⾓䫈♸妝劅կ렽⸠梡➿鿪䋑➃猥䭯 ⥌䗱➰ⴀ昶䗱〫銳剣䗱㽠♶ꦼ㸝곦➃䗱雮䧮⟌爢 ⠔䭆剣刿㢴涸庛꼕䠭կ湡⵸劥ⴚ勇䘋⽪ⵘ ♰ 劥㖈Ⰼ䀙ぐ㢅崨鸑䎇⟄⯝餩饐ꢓ涸倰䒭ⵄ渤刿㢴纈⠍ 僽梡➿鿪䋑➃䨾㋐昶涸♧⟧犷兰餴礒կ 椠槴㖷湡⵸䊺兽傞⨢ⴚկ

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湡叻

⟄蚋䋗㥵勻⼧✳㣐䡦⚹⣜䰘䘋㖈佪岁蚋䋗㸪䡦鸣犷➃纈㥵ず僈剢⛓⯕㼋䒸➃欰➢鶴蘈饥ぢ錣䝎鸣犷➃纈㽠僽鸣犷荈䊹կ

⢪ㄐ

䲀䎛䒾䪋⡱꣜涸侅⛐㸛䭯㔙⡤欰崞涸錞瀃ざ䗱ծㄤ孞ծ✽昶ծ⼸⸂䩞腊゗〄嫦⚡➃涸㊤䙁 黽㸛爞蒜ծ⠡椚㽠僽ꆄ㝜➃涸⢪ㄐկ

㸺傋

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‫ܐ‬өΤг Financial Report 15

Financial Report

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) (Registered under the Registrar of Societies)

AUDITED FINANCIAL STATEMENTS 31 December 2016

JPL WONG & CO Chartered Accountants of Singapore 20 Maxwell Road, #07-12/13/14 Maxwell House, Singapore 069113

Financial Report

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) (Registered under the Registrar of Societies)

REPORT OF THE MANAGEMENT COMMITTEE AND FINANCIAL STATEMENTS

INDEX

PAGE

STATEMENT BY MANAGEMENT COMMITTEE INDEPENDENT AUDITORS’ REPORT

2-4

STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL ACTIVITIES

STATEMENT OF CHANGES IN FUNDS

STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL STATEMENTS

9 – 21

SUPPLEMENTARY STATEMENTS

22 - 32

Financial Report

Financial Report -3/ WONG & CO Chartered Accountants of Singapore

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) (Registered under the Registrar of Societies)

OPINION We have audited the financial statements of GOLDEN PAGODA BUDDHIST TEMPLE (the “Society”) which comprise the statement of financial position as at 31 December 2016, and the statement of financial activities, statement of changes in funds and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the Societies Act, Chapter 311 (the Societies Act), the Charities Act, Chapter 37 and other relevant regulations (the Charities Act and Regulations) and Charities Accounting Standard (CAS) so as to present fairly, in all material respects, the state of affairs of the Charity as at 31 December 2016 and the results, changes in funds and cash flows of the Charity for the 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 Charity 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 Management is responsible for the other information. The other information comprises the Statement by the Management Committee but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Financial Report -3/ WONG & CO Chartered Accountants of Singapore 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.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of the financial statements in accordance with the provisions of the Societies Act, the Charities Act and Regulations, and Charities Accounting Standard, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Charity’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 Charity or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Charity’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 of 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: x

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 Charity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

3 20

Financial Report -3/ WONG & CO Chartered Accountants of Singapore x

Conclude on the appropriateness of management’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 Charity’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 Charity 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 Charity have been properly kept in accordance with the provisions of the Societies Regulations enacted under the Societies Act, the Charities Act and Regulations.

JPL Wong & Co Public Accountants and Chartered Accountants

Singapore,

4 21

Financial Report Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Financial Position As at 31 December 2016

Note

2016 S$

2015 S$

ASSETS Current Assets Inventory Receivables Cash and cash equivalents

5 6 7

491,156 203,111 10,210,382 10,904,649

805,428 17,244,364 18,049,792

Non-current Assets Preservation of Monuments Property, plant and equipment

8 9

49,920 20,345,290 20,395,210 31,299,859

49,920 9,885,325 9,935,245 27,985,037

LIABILITIES Current Liabilities Other payables Finance lease creditors

10 11

871,845 15,986 887,831

1,414,803 15,986 1,430,789

Non-current Liabilities Mortgage loan Finance lease creditors

12 11

Total liabilities

2,500,000 43,931 2,543,931 3,431,762

2,500,000 58,585 2,558,585 3,989,374

NET ASSETS

27,868,097

23,995,663

Total Assets

FUNDS Unrestricted Funds Accumulated Development and General Fund

780,560

756,997

Designated Funds Investment Fund Project Fund Sinking Fund

13 13 13

1,365,155 24,936,666 540,287 26,842,108

1,341,593 21,198,527 516,725 23,056,845

Restricted Fund Special Charities Fund

245,429

181,821

27,868,097

23,995,663

TOTAL FUNDS

Financial Report Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Financial Activities For the financial year ended 31 December 2016 1 Jan 2016 to 31 Dec 2016 S$

1 Jan 2015 to 31 Dec 2015 S$

3,700,787 80,992 2,122,972 5,904,751

5,764,630 85,998 1,117,019 6,967,647

2,637 5,907,388

20,264 6,987,911

9 15 16

(181,342) (435,304) (93,929) (288,723) (182,454) (204,931) (18,680) (5,121) (52,776) (93,236) (23,171) (61,246) (10,273) (383,768) (2,034,954)

(65,803) (145,139) (26,450) (317,201) (158,309) (77,884) (23,842) (30,572) (30,000) (34,112) (6,759) (836) (387) (101,513) (1,018,807)

3,872,434

5,969,104

Note

Income Voluntary income Investment income Income from charitable activities

Other Income

Expenses Depreciation Employee benefits expenses Finance costs Festive banquets expenses Warehouse rental Ceremony expenses Chinese new year expenses Funeral / Wedding services Charitable donations and expenses Printing and stationaries Insurance IT, web and communications Renri expenses Other operating expenses Total expenses

Net income for the year/period

Financial Report Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Changes in Funds For the financial year ended 31 December 2016 Unrestricted Funds

Designated Funds

Restricted Funds

Total

Balance at 01 January 2015

723,145

17,155,881

147,533

18,026,559

Net income for the period

169,256

5,799,411

437

5,969,104

101,553

33,851

Transfer between funds

(135,404)

Balance at 31 December 2015

756,997

23,056,845

181,821

23,995,663

Net income for the year

117,811

3,714,577

40,046

3,872,434

Transfer between funds

(94,248)

70,686

23,562

Balance at 31 December 2016

780,560

26,842,108

245,429

27,868,097

Financial Report Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Cash Flows For the financial year ended 31 December 2016

Note

Cash flows from operating activities Net income for the year/period Adjustments for: - Bank interest income - Finance lease interest expense - Mortgage loan interest expense - Gain on disposal of property, plant and equipment - Depreciation of property, plant and equipment - Fixed deposit interest income Operating cash flows before working capital changes

16 16 14 9

Changes in operating assets and liabilities - Receivables - Other payables - Inventories Net cash from operating activities Cash flows from investing activities Purchases of property, plant and equipment Proceeds from disposal of property, plant and equipment Bank interest received Finance lease interest paid Mortgage loan interest paid Fixed deposit interest received Net cash used in investing activities

Cash flows from financing activities Proceeds from mortgage loan Finance lease loan Repayment of financial lease creditors Net cash from financing activities

1 Jan 2016 to 31 Dec 2016 S$

1 Jan 2015 to 31 Dec 2015 S$

3,872,434

5,969,104

(4,190) 1,670 66,699 181,342 (76,802) 4,041,153

(3,478) 607 (14,422) 65,803 (82,520) 5,935,094

602,317 (542,958) (491,156) 3,609,356

(210,520) 1,166,842 4,826 6,896,242

(10,641,306) 4,190 (1,670) (66,699) 76,802 (10,628,683)

(5,144,225) 14,422 3,478 (607) 82,520 (5,044,412)

(14,654) (14,654)

2,500,000 79,900 (5,329) 2,574,571

Net (decrease) / increase in cash and cash equivalents

(7,033,982)

4,426,401

Cash and cash equivalents at beginning of financial year

17,244,364

12,817,963

10,210,382

17,244,364

Cash and cash equivalents at end of financial year

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 NOTES TO THE FINANCIAL STATEMENTS These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1.

GENERAL INFORMATION Golden Pagoda Buddhist Temple (“the Society”) was registered under the Societies Act (Chapter 311) on 12 February 1992. The Society became a registered charity under the Charities Act (Chapter 37) on 20 March 1995. The address of its registered office and principal place of activity are located at 83 Tampines Link, Singapore 528740. The principal activities of the Society are to act as a place of Buddhism worship, promote the Buddhist religion and to grant relief and aid to the sick, poor and needy. The financial statements are presented in Singapore Dollar, which is the functional currency of the Society

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1

Basis of Preparation The financial statements have been prepared in accordance with Charities Accounting Standards (“CAS”). The financial statements have been prepared on the historical cost convention, except as disclosed in the accounting policies below. The preparation of these financial statements in conformity with CAS requires management to exercise its judgement in the process of applying the Society’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the financial year. Although these estimates are based on Management Committee’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

2.2

Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the services rendered in the ordinary course of the Society’s activities. Revenue is recognized as follows:

2.2.1 Donations Donations are taken up and accrued as and when they are committed. Uncommitted donations, income from charity events and all income except as listed below, are recognized on receipt basis. Donations-in-kind are recognized when the fair value of the assets received can be reasonably ascertained. 2.2.2

Interest income Interest income is recognized on a time-proportion basis using the effective interest method.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTâ€™D)

2.2

Revenue recognition (Contâ€™d)

2.2.3 Other income Other income is recognized when incurred. 2.3

Property, Plant and Equipment

2.3.1 Measurement All property, plant and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes its purchase price and any costs that are 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. 2.3.2 Depreciation Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives are as follows: Temple Building Computers and software Buddhist artefacts Equipment Furniture and fittings Motor vehicles Office equipment Renovation

30 years 3 years 5 years 3 years 5 years 5 years 3 years 5 years

The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision of the residual values and useful lives are included in the statement of financial activities for the financial year in which the changes arise. 2.3.3 Subsequent expenditure Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Society and the cost of the item can be measured reliably. Other subsequent expenditure is recognised as repair and maintenance expenses in the statement of financial activities during the financial year in which it is incurred. 2.3.4 Disposal On disposal of an item of property, plant and equipment, the difference between the net disposals proceeds and its carrying amount is taken to the statement of financial activities.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.4

Preservation of Monuments The preservation of monuments assets relate to rare religious heritage artworks and artefacts that hold historic and artistic importance held for religious and conservation purposes. These religious heritage artefacts are purchased by the Society. The purchase price is used as a reference point for the current value of the asset. The religious heritage artefacts are held in perpetuity with an indefinite economic lifespan and are not depreciated.

2.5

Impairment of Non-Financial Assets Property, plant and equipment are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the assets is estimated to determine the amount of impairment loss. For the purpose of impairment testing of the assets, recoverable amounts are determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the statement of financial activities. An impairment loss for an asset is reversed if there has been a change in the estimates used to determine the assets’ recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the statement of financial activities.

2.6

Financial Assets

2.6.1 Classification The Society classifies its financial assets as receivables. The classification depends on the purpose for which the assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except those maturing later than 12 months after the statement of financial position date, which are classified as non-current assets. Receivables are classified within “Other receivables” and “Cash and cash equivalents” on the statement of financial position.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTâ€™D)

2.6.2 Recognition and derecognition Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Society has transferred substantially all risks and rewards of ownership. 2.6.3 Measurement Financial assets are initially recognised at fair value plus transaction costs. Receivables are subsequently carried at amortised cost using effective interest method. 2.6.4 Impairment The Society assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired. An allowance for impairment of receivables is recognised when there is objective evidence that the Society will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference between the assetâ€™s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The amount of the allowance for impairment is recognised in the statement of financial activities within other operating expenses. 2.7

Fair value estimation of financial assets and liabilities The carrying amounts of current financial assets and liabilities, carried at amortised cost, are assumed to approximate their fair values due to their short-term nature.

2.8

Leases Finance leases Leases of property, plant and equipment where the Society assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value of the leased property or, the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are shown on the statement of financial position. The interest element of the finance cost is taken to the statement of financial activities over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset or the lease term.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.8

Leases (Cont’d) Operating leases Leases of assets in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to the 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 recognized as an expenses in the period in which termination takes place Rental on operating lease is charged to statement of financial activities. Contingent rents are recognized as an expense in the statement of financial activities in the financial year in which they are incurred.

2.9

Payables Payables are initially recognized at fair value, and subsequently carried at amortized cost, using the effective interest method.

2.10 Receivables Receivables are initially recognised at fair value, and subsequently carried at amortized cost, using the effective interest method. 2.11 Provisions for other liabilities and charges Provisions for other liabilities and charges are recognized when the Society has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. 2.12 Currency translation Transactions denominated in a currency other than Singapore Dollar (“foreign currency”) are translated into Singapore Dollar using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation at the closing rate at the statement of financial position date of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of financial activities. 2.13 Employee compensation i.

Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Society pays fixed contributions into separate entities such as the Central Provident Fund (“CPF”), on a mandatory, contractual or voluntary basis. The Society has no further payment obligations once the contribution has been paid. The Society’s contribution to defined contribution plans are recognised as employee compensation expense when they fall due.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.13 Employee compensation (Cont’d) ii.

Employee leave entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the statement of financial position date.

2.14 Cash and Cash Equivalents Cash and cash equivalents include cash in hand, and deposit with financial institution. 3.

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical judgements in applying the entity’s accounting policies The key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, 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. Estimated useful lives of property, plant and equipment The Society reviews annually the estimated useful lives of property, plant and equipment based on factors such as operating plans and strategies, expected level of usage and future technological developments. It is possible that future results of operations could be materially affected by changes in these estimates brought about by changes in the factors mentioned. Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment whenever there is any indication that the assets are impaired. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and value in use) of the assets is estimated to determine the impairment loss. The key assumptions for the value in use calculation are those regarding the growth rates, and expected change to selling price and direct costs during the period and a suitable discount rate. Allowance for impairment of receivables The Society reviews the adequacy of allowance for impairment of receivables at each closing by reference to the ageing analysis of receivables, and evaluates the risks of collections according to the credit standing and collection history of individual client. If there are indications that the financial position of a client has deteriorated resulting in an adverse assessment of his risk profile, an appropriate amount of allowance will be provided.

Income tax The Society is a charity registered under the Charities Act since 20 March 1995. Consequently, the income of the Society is exempt from tax under the provisions of Section 13 of the Income Tax Act Cap. 134.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 5.

Inventory

Inventories at lower of cost and net realizable value

2015 S$ -

2016 S$

2015 S$

Receivables

Receivables Deposits Prepayment

2016 S$ 491,156

134,903 68,208 203,111

145 37,460 767,823 805,428

Cash and cash equivalents 2016 S$ Fixed deposits Cash at banks Cash in hand

1,062,206 9,119,510 28,665 10,210,382

2015 S$ 7,558,281 9,639,419 46,664 17,244,364

The fixed deposits bear interest rates ranging from 0.2% to 1.0% (2015: 0.2% to 1.1%) per annum with maturities within 1 month to 6 months. The balances are denominated in Singapore Dollars. 8.

Preservation of Monuments Preservation of monuments

S$ Cost As at 1 January 2015 Additions Disposals As at 31 December 2015 Additions As at 31 December 2016

49,920 49,920 49,920

â€œPreservation of monumentsâ€? assets comprising artworks and artefacts are purchased by the Society through an overseas auction. The purchase price is used as a reference point for the current value of the asset.

968,574 20,632 989,206 27,428 1,016,634

26,696 2,023,666

Accumulated Depreciation As at 1 January 2015 Additions Disposal As at 31 December 2015 Additions As at 31 December 2016

Net Carrying Amount As at 31 December 2015 As at 31 December 2016 376 16,427

10,971 921 11,892 862 12,754

12,268 12,268 16,913 29,181

1,011,450 4,452 1,015,902 2,024,397 3,040,300

Equipment

Buddhist artefacts

Cost As at 1 January 2015 Additions Disposal As at 31 December 2015 Additions Transfer to Temple As at 31 December 2016

Property, Plant and Equipment

Notes to the Financial Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

36,107

768 768

36,876 36,876

Furniture/ fittings

149,146 117,186

152,340 21,062 (84,687) 88,715 31,960 120,675

162,748 159,800 (84,687) 237,861 237,861

Motor vehicles

7,840 42,273

96,399 23,188 119,587 9,159 128,747

127,427 127,427 43,593 171,020

Office equipment

37,323

7,961 7,961

45,283 45,283

Computers

100,749

4,573 4,573

105,321 105,321

Renovation

Temple

Total

98,631 98,631

1,228,284 65,803 (84,687) 1,209,400 181,342 1,390,742 9,701,267 9,885,325 17,971,559 20,345,290

4,721,294 6,035,187 4,979,973 5,144,225 (84,687) 9,701,267 11,094,725 18,070,190 20,342,573 (9,701,267) (9,701,267) 18,070,190 21,736,031

Building in progress

Financial Report

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 10.

Other Payables 2016 S$ Amount due to contractor for building construction Amount due to related parties Other payables Accrued expenses Accrual for contruction work done

834,914 36,931 871,845

2015 S$ 605,669 3,869 46,447 28,028 730,790 1,414,803

Amount due to contractor for building construction and other payables are non-interest bearing and have an average term of 30 days. 11

Finance Lease Creditors The Company has finance lease obligations for the purchase of motor vehicle. Finance lease repayment terms is 5 years. The flat interest rate is 2.28% per annum. Finance lease obligation payments are as follows: 2016 2015 S$ S$ Present Minimum Present value of lease value of Minimum payments Interest payments payments Interest lease Within one year 15,986 1,822 17,808 15,986 1,822 17,808 After one year but not more 43,931 5,010 48,941 58,585 6,680 65,265 than five years More than 5 years 59,917 6,832 66,749 74,571 8,502 83,073

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 12.

Mortgage Loan The mortgage loan incurred interest at rate of 2.25% per annum, below the prevailing Enterprise Base Rate (EBR) of the lender. The prevailing EBR as at year end is 5.1%. There will be no repayment of the loan principal for the first 24 months. Only interest will be payable from January 2016 for the first 24 months. Thereafter, the outstanding loan will be converted to a term loan to be repaid over 5 years. The mortgage loan is secured by existing first legal mortgage of property at 83 Tampines Link, Singapore 528740.

13.

Unrestricted and restricted funds Investment Fund The investment fund was established in 1996. 20% of the surplus of each financial year shall be set aside for this purpose. Project Fund The project fund was established in 2007 for the proposed reconstruction of the current temple to cater to the increase in devotees. 20% of the surplus of each financial year shall be set aside for this purpose. Sinking Fund The sinking fund was established in 2008 to set aside funds for the repair, maintenance, renovations and upgrading works of the temple. 20% of the surplus of each financial year shall be set aside for this purpose. Special Charities Fund The special charities fund was established in 1996 to grant relief and aid to the sick, poor and needy. 20% of the surplus of each financial year shall be set aside for this purpose.

14.

Other Income 1 Jan 2016 to 31 Dec 2016 S$ Jobs Credits Miscellaneous income Gain on disposal of property,plant and equipment

57 2,580 2,637

1 Jan 2015 to 31 Dec 2015 S$ 840 5,002 14,422 20,264

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 15.

Employee Benefit Expenses 1 Jan 2016 to 31 Dec 2016 S$ Staff salaries and bonus Staff training CPF, FWL and SDL Staff welfare & Medical expense Recruitment expenses

1 Jan 2015 to 31 Dec 2015 S$

344,935 2,186 51,486 18,515 18,182 435,304

121,630 81 21,056 262 2,110 145,139

There are no key personnel who received remuneration above S$ 100,000 for the financial year ended 31 December 2016 and 31 December 2015. 16.

Finance Costs 1 Jan 2016 to 31 Dec 2016 S$ Bank charges Finance lease interest Mortgage loan interest

17.

1 Jan 2015 to 31 Dec 2015 S$

25,560 1,670 66,699 93,929

25,843 607 26,450

Charitable donations and expenses These donations relates to solicited cash donations made to the following overseas charities:

1 Jan 2016 to 31 Dec 2016 S$ Country Sri Lanka Thailand China

Nature of Expense Donations Donations Donations

1 Jan 2015 to 31 Dec 2015 S$

50,000 2,372 404 52,776

The disbursements of the above donations were approved by the Management Committee.

30,000 30,000

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 18.

Related party transactions The Society has significant related party transactions as follows: 1 Jan 2016 to 31 Dec 2016 S$ Billings from related parties for expenses incurred on behalf of the Society Honorarium Mobile expenses

19.

19,506 31,800 -

1 Jan 2015 to 31 Dec 2015 S$

24,597 32,400 9,722

Financial risk management The Societyâ€™s activities expose it to a variety of financial risks from its operation. The key financial risks include liquidity risk and credit risk. Liquidity risk The Society manages its liquidity risk by monitoring and maintaining a level of cash and bank balances deemed adequate by the Management Committee to fund the Societyâ€™s operations. Credit risk The Society has minimal exposure to credit risks due to the nature of its activities. It has no major concentration of credit risk. It places its cash and fixed deposits with creditworthy financial institutions.

Financial Report GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2016 20.

Reserve position and policy The Societyâ€™s reserve position for financial year ended is as follows: 2016 S$ A B

C D E

Unrestricted Funds Accumulated Development and General Fund Restricted or Designated Funds Investment Fund Project Fund Sinking Fund Special Charities Fund Total Funds Total Annual Operating Expenditure Ratio of Funds to Annual Operating Expenditure (A/D)

780,560 1,365,155 24,936,666 540,287 245,429 27,868,097 2,034,954 38%

2015 S$

Increase/ (Decrease) %

756,997 1,341,593 21,198,527 516,725 181,821 23,995,663 1,018,807 74%

3.1 1.8 17.6 4.6 35.0 16.1 99.7 36.0

Reference: C. Total Funds include unrestricted and restricted/ designated. D. Total Annual Operating Expenditure includes expenses related to Cost of Charitable Activities and Other Operating expenses. The Societyâ€™s Reserve Policy is as follows: The maximum operating reserves for Golden Pagoda Buddhist Temple shall be five (5) years of the amount of the annual operating expenditure. The operating reserves shall exclude the following funds: a. Special Charities Fund b. Sinking Fund c. Project Fund d. Investment Fund 21.

Authorisation of financial statements The financial statements of the Society for the year ended 31 December 2016 were authorized for issue in accordance with the approval from Management Committee members on

Income from charitable activities Emperor Liang Repentance Group Calendar printing income Jade Buddha Adoption 10,000 Buddha Consecration Medicine Buddha Light Offering Membership subscriptions Offering to the triple gems Balance c/f

Investment income Fixed deposit interest Bank interest

1 Jan 16 to 31 Dec 16 Income Voluntary income Charity fund income Rebuilding income

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

Note

14,228 1,075 15,303

18,721 16,000 980,000 25,724 106,070 336 23,338 1,170,189

Accumulated Development and General Fund S$

62,574 3,045 65,619

3,660,787 3,660,787

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

70 70

40,000 40,000

Restricted Fund Special Charities Fund

18,721 16,000 980,000 25,724 106,070 336 23,338 1,170,189

76,802 4,190 80,992

40,000 3,660,787 3,700,787

Total Restricted and Unrestricted Fund

Financial Report

TOTAL INCOME

Other income Jobs Credits Miscellaneous income

1 Jan 16 to 31 Dec 16 Income Income from charitable activities Balance b/f Funeral/ Wedding services Master of Healing Blessing ceremony CNY Ren Ri Dinner Sutra Printing Income Designated Donation - Vehicle Ullambana Festival

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

Note

2,140,912

57 2,580 2,637

1,170,189 74,532 372,900 459,723 7,110 31,518 7,000 2,122,972

Accumulated Development and General Fund

3,726,406

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

40,070

Restricted Fund Special Charities Fund

5,907,388

57 2,580 2,637

1,170,189 74,532 372,900 459,723 7,110 31,518 7,000 2,122,972

Total Restricted and Unrestricted Fund

Financial Report

1 Jan 16 to 31 Dec 16 Less: EXPENDITURE &RVW RI FKDULWDEOH DFWLYLWLHV Advertisement Ceremony expenses Charitable donations and expenses Chinese new year expenses Courier Charges Festive banquets expenses Funeral/ Wedding services Gifts Postages and stamp duties Printing and stationaries Renri expenses

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

Note

100 204,931 52,776 18,680 320 288,723 5,121 4,394 12,071 93,236 10,273 690,625

Accumulated Development and General Fund S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

Restricted Fund Special Charities Fund

100 204,931 52,776 18,680 320 288,723 5,121 4,394 12,071 93,236 10,273 690,625

Total Restricted and Unrestricted Fund

Financial Report

1 Jan 16 to 31 Dec 16 Less: EXPENDITURE 2WKHU DGPLQ H[SHQVHV Audit fee Bank charges Causal labour Consultant fee Consumable Tools Depecitaion - PPE Editorial services Exchange loss General cleaning General expenses Insurance IT, web and communications Meal & Entertainment Minor Assets Register Motor vehicle expenses Professional and Legal Fee Property tax Renovation expenses Rental Rental of equipment Repair and maintenance Balance c/f

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

6,700 13,707 11,939 294 66 181,342 237 11,665 15,969 3,560 23,171 61,246 1,641 16,682 5,784 8,829 (6,283) 2,087 46 2,310 14,795 375,787

Accumulated Development and General Fund Note S$ S$

11,829 11,829

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

24 24

Restricted Fund Special Charities Fund S$

6,700 25,560 11,939 294 66 181,342 237 11,665 15,969 3,560 23,171 61,246 1,641 16,682 5,784 8,829 (6,283) 2,087 46 2,310 14,795 387,640

Total Restricted and Unrestricted Fund S$

Financial Report

TOTAL EXPENDITURE

Other admin expenses Less: EXPENDITURE 2WKHU DGPLQ H[SHQVHV Balance b/f Subscription Telephone charges Transportation Travelling expenses Utilities charges Warehouse rental expenses CPF/SDF contributions Medical fees Recruitment expenses Salaries and bonuses Seminar/ course fee Staff welfare HP/Loan Interest Freight & Handling Charges Visitor expenses Kitchen Utensil Kitchen Food Pest Control Services Security Services

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

2,023,101

375,787 341 15,698 13,095 60,589 8,540 182,454 51,486 2,686 18,182 344,935 2,186 15,829 68,369 124,100 4,711 27,455 3,957 1,359 10,717 1,332,476

Accumulated Development and General Fund Note S$ S$

11,829

11,829 11,829

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

24 24

Restricted Fund Special Charities Fund S$

2,034,954

387,640 341 15,698 13,095 60,589 8,540 182,454 51,486 2,686 18,182 344,935 2,186 15,829 68,369 124,100 4,711 27,455 3,957 1,359 10,717 1,344,329

Total Restricted and Unrestricted Fund S$

Financial Report

Net income/ (expenditure) for the year Transfer between fund Total funds brought forward Total funds carried forward

1 Jan 16 to 31 Dec 16

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

117,811 (94,248) 756,997 780,560

Accumulated Development and General Fund Note S$ S$ -

23,562 1,341,593 1,365,155

S$ 3,714,577 23,562 21,198,527 24,936,666

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

23,562 516,725 540,287

Sinking Fund

40,046 23,562 181,821 245,429

Restricted Fund Special Charities Fund S$

3,872,434 23,995,663 27,868,097

Total Restricted and Unrestricted Fund S$

Financial Report

Income from charitable activities CNY Ren Ri Dinner Emperor Liang Repentance Group Practices Funeral/ Wedding services Master of Healing Blessing Ceremony Medicine Buddha Light Offering Ceremony Membership subscriptions Offering to the Triple Gems Designated Donation-Vehicle Ullambana Festival

Investment income Bank interest Fixed deposit interest

1 Jan 15 to 31 Dec 15 Income Voluntary income Charity fund income Collections from donation box Rebuilding income

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

Note

517 30,917 31,434

1,000 8 1,008

531,139 22,310 137,152 225,650 102,420 420 2,928 83,000 12,000 1,117,019

Accumulated Development and General Fund S$

2,874 51,603 54,477

5,763,198 5,763,198

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

87 87

424 424

Restricted Fund Special Charities Fund

531,139 22,310 137,152 225,650 102,420 420 2,928 83,000 12,000 1,117,019

3,478 82,520 85,998

1,424 8 5,763,198 5,764,630

Total Restricted and Unrestricted Fund

Financial Report

Net income/ (expenditure) for the year Transfer between fund Total funds brought forward Total funds carried forward

1 Jan 16 to 31 Dec 16

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

117,811 (94,248) 756,997 780,560

Accumulated Development and General Fund Note S$ S$ -

23,562 1,341,593 1,365,155

S$ 3,714,577 23,562 21,198,527 24,936,666

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

23,562 516,725 540,287

Sinking Fund

40,046 23,562 181,821 245,429

Restricted Fund Special Charities Fund S$

3,872,434 23,995,663 27,868,097

Total Restricted and Unrestricted Fund S$

Financial Report

1 Jan 15 to 31 Dec 15 Less: EXPENDITURE &RVW RI FKDULWDEOH DFWLYLWLHV &RQW G

Balance b/f Funeral/ Wedding services IT, web and communications Postages and stamp duties Printing and stationaries Rental of equipment Renri auction expenses Repair and maintenance Telephone charges Transportation Travelling expenses Warehouse rental

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

515,210 30,572 836 3,700 34,112 1,058 387 5,000 13,265 1,111 40,127 158,309 803,687

Accumulated Development and General Fund Note S$ S$

2,161 1,079 3,240

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

Restricted Fund Special Charities Fund S$

515,210 30,572 836 3,700 36,273 2,137 387 5,000 13,265 1,111 40,127 158,309 806,927

Total Restricted and Unrestricted Fund S$

Financial Report

Less: EXPENDITURE &RVW RI FKDULWDEOH DFWLYLWLHV Advertisement Ceremony expenses Charitable donations and expenses Chinese New Year expenses Consumable tools Depreciation of property, plant and equipment Editorial services Festive banquets expenses Balance c/f

TOTAL INCOME

1 Jan 15 to 31 Dec 15 Income Other income Jobs Credits Miscellaneous income Gain on disposal of property, plant and equipment

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

100 77,884 30,000 23,842 34 65,803 346 317,201 515,210

1,169,725

840 5,002 14,422 20,264

Accumulated Development and General Fund Note S$ S$

5,817,675

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

511

Restricted Fund Special Charities Fund S$

100 77,884 30,000 23,842 34 65,803 346 317,201 515,210

6,987,911

840 5,002 14,422 20,264

Total Restricted and Unrestricted Fund S$

Financial Report

Total funds brought forward Total funds carried forward

Net income/ (expenditure) for the year Transfer between fund

1 Jan 15 to 31 Dec 15

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

169,256 (135,404) 723,145 756,997

Accumulated Development and General Fund Note S$ S$ -

33,851 1,307,742 1,341,593

S$ 5,799,411 33,851 15,365,265 21,198,527

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

33,851 482,874 516,725

Sinking Fund

437 33,851 147,533 181,821

Restricted Fund Special Charities Fund S$

5,969,104 18,026,559 23,995,663

Total Restricted and Unrestricted Fund S$

Financial Report

TOTAL EXPENDITURE

1 Jan 15 to 31 Dec 15 Less: EXPENDITURE 2WKHU DGPLQ H[SHQVHV Audit fee Abbot expenses Bank charges Causal labour Courier fee Exchange loss General expenses Gifts Insurance Motor Vehicle expenses Seminar/Course fee Subscription HP/Loan Interest CPF/SDF contributions Medical fees Recruitment expenses Salaries and bonuses Rental

Supplementary Statements For the financial year ended 31 December 2016

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086)

1,000,469

6,200 5,200 10,745 16,956 15 116 94 2,100 6,759 2,069 81 100 607 21,056 262 2,110 121,630 682 196,782

Accumulated Development and General Fund Note S$ S$

18,264

15,024 15,024

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

Sinking Fund

74 74

Restricted Fund Special Charities Fund S$

1,018,807

6,200 5,200 25,843 16,956 15 116 94 2,100 6,759 2,069 81 100 607 21,056 262 2,110 121,630 682 211,880

Total Restricted and Unrestricted Fund S$

Financial Report

ઐਪ஘჊ႎ

GOLDEN PAGODA BUDDHIST TEMPLE 83 Tampines Link, Singapore 528740 Tel: (65) 6582 0988 Fax: (65) 6326 0779 Website: www.gpbt.org.sg Email: services@gpbt.org.sg