Golden Pagoda Buddhist Temple Annual Report 2017

護國金塔寺 GOLDEN PAGODA BUDDHIST TEMPLE

常年報告 ANNUAL REPORT 2017

目錄 Contents 04 管委會主席獻詞 President’s Message 08 簡介 Introduction

10 委員 Committee Members 12 活動 Events

18 財政報告 Financial Report 00 財政報告 Financial Report

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管委會主席獻詞 President’s Message 南 無 佛！尊 敬 的 各 位 護 法 居 士 們、善 友 們，大 家 好。 社 會 是 一 個 大 家 庭，我 們 每 個 人 都 是 其 中 一 分 子。團 結、互 助、友 愛 都 是 人 生 不 可 或 缺 的 道 德 品 質，只 有 擁 有 這 種 優 秀 的 品 質，我 們 才 能 團 結 起 來，擔 當 起 建 設 祖 國 的 重 任，社 會 才 能 和 諧 發 展，佛 教 也 才 能 昌 泰 興 盛。 在 此，我 想 起 古 大 德 說 的 兩 句 話： 『未 結 菩 提 果，先 結 眾 生 緣。』對 修 行 人 而 言，修 行 成 功 與 否，除 自 身 努 力 外，尚 需 借 助 外 緣 的 善 知 識 來 提 攜、指 導 ﹔ 對 一 般 人 而 言，若 有 良 好 的 人 際 關 係，做 事 自 然 就 事 半 功 倍。由 此 可 見，無 論 修 行 或 處 世 為 人，廣 結 善 緣 的 確 是 十 分 重 要 的。 世 間 上 最 寶 貴 者，並 非 黃 金、白 玉，最 可 貴 者 乃 是 人 與 人 之 間 要 有 緣 分 才 能 共 事 共 處 ﹔ 人 與 事 之 間 要 有 緣 分 才 能 成 功 成 就 ﹔ 人 與 社 會 之 間，乃 至 一 切 的 事 事 物 物 之 間，都 要 有 緣 分 才 能 完 善 完 美。 因 此，在 我 們 寺 院 的 生 活 中，上 下 要 形 成 和 諧 的 人 際 關 係，信 徒 之 間 要 坦 誠 交 流，互 相 關 心 幫 助，寺 院 管 理 層 要 關 心 每 一 個 信 徒 的 工 作、生 活，對 有 困 難 的 信 徒 要 幫 助 扶 持。你 們 的 每 一 份 付 出、真 誠 都 會 體 現 在 寺 院 的 發 展 之 途 中，你 們 的 每 一 點 辛 苦 付 出，我 們 都 會 銘 記 在 心，在 寺 院 能 力 允 許 的 情 況 下，我 們 會 竭 盡 所 能 來 幫 忙 解 決。 今 天 我 們 已 經 完 成 了 最 重 要 的 第 一 步，那 就 是 寺 院 新 大 廈 已 經 落 成 啟 用，從 此 以 後，我 們 將 在 這 寬 敞 明 亮 的 新 道 場 互 相 交 流 學 佛 的 心 得，讓 我 們 多 一 份 關 愛，少 一 些 爭 執，多 一 份 真 情，少 一 些 矛 盾，讓 大 家 一 起 在 這 個 溫 馨 的 三 寶 之 家 愉 快 的 共 同 成 長，讓 我 們 感 受 到 人 性 之 善 的 互 通，頻 繁 的 親 情 往 來 更 讓 我 們 激 動 不 已。這 種 感 知 將 源 遠 流 長 在 我 的 心 中 靜 靜 的 流 淌…… 金 塔 寺 過 去 的 成 功，與 大 家 的 關 心 與 支 持 是 密 不 可 分 的 ﹔ 金 塔 寺 今 後 的 發 展，仍 然 離 不 開 各 位 的 鼎 力 相 助！最 後，我 也 熱 切 地 期 望：您 會 因 金 塔 寺 而 感 到 自 豪，金 塔 寺 也 會 因 您 而 顯 得 更 精 彩！僅 此 祝 全 體 信 徒 身 體 健 康，六 時 吉 祥。謝 謝 大 家！

願 得 三 寶的加持，

釋法照比丘合十感恩 BBM Bhikkhu Shi Fa Zhao BBM President and Abbot

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法 下 照 大 和 尚 上

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護國金塔寺 慈善署注冊號碼:

1086

機構識別號碼:

S92SS0036K

新加坡社團注冊號碼: 注冊地址: 信托人:

銀行:

審計師:

ROS 159/91/REL 83 淡滨尼连路. 新加坡邮区 528740 釋法照比丘 余添輝居士 陳延基居士 華僑銀行 渣打銀行 大華銀行 豐隆金融

JPL Wong & Co, Chartered Accountants of Singapore

Golden Pagoda Buddhist Temple Charity Registration Number: 1086 ROS Registration Number:

ROS 159/91/REL

Registered Address:

83 Tampines Link Singapore 528740

UEN Number: Trustees:

Banker:

Auditor:

S92SS0036K

Bhikkhu Shi Fa Zhao Mr. Ee Tiang Hwee Mr. Tan Yen Kee

Oversea-Chinese Banking Corporation Standard Chartered Bank United Overseas Bank Hong Leong Finance

JPL Wong & Co, Chartered Accountants of Singapore

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簡介 Introduction 護國金塔寺緣起

人生幸福，需要有人間的福德資糧﹔要成就無上菩提， 更要世間與出世間的菩提資糧。無上的智慧與大悲所 成就的廣大福德是大乘佛法中，最重要的兩支輪軸， 推動著佛法向前，幫助一切眾生圓滿無上菩提，成就佛 果。

法照師父慈悲，時常關心眾生疾苦，為了要改善眾生的 苦厄，特別著重於修持藥師法門，祈求佛力的加持下， 受苦受難的眾生遠離所有的病危災障，得到吉祥幸福 的人生，並且能夠無災無難直到圓滿成佛。在三寶加 護下於1989年因緣成熟覓得吉地，多年籌建藥師道場 的宿願得成，取名為護國金塔寺。寺院的施工建設自 1990年開始，1992年竣工，並在同一年，注冊成為合 法團體，1995年注冊成為慈善署。目前，寺院約有四萬 多名信徒。 1988年成立勤修淨土念佛團，法照師父領眾信徒提倡 信願西方淨士，秉承佛陀慈悲喜舍四無量心，勸人修

Origins

In order to enjoy happiness in this life, one must have accumulated a store of mundane merits in the past.

In order to attain perfect Enlightenment, one needs to accumulate both mundane and super-mundane merits.

In the Mahayana Tradition, the cultivation of perfect Wisdom and great Compassion forms the two wheels of the vehicle which propels one forward on the spiritual path, helping sentient beings to accumulate extensive merits and ultimately achieve perfect Buddhahood.

The Venerable Shi Fazhao is greatly concerned about the suffering of sentient beings. In order to help sentient beings to become free from all trials and tribulations, he promoted the practice of the Medicine Buddha. This is because through invoking the power of the Medicine Buddha, sentient beings can become free from all forms of obstacles and disasters, enjoy a happy and fulfilling life, and progress swiftly on the spiritual path all the way until perfect Enlightenment. Due to the blessings of the Triple Gems, a suitable piece of land for a new temple dedicated to the Medicine Buddha was acquired in 1989. The new temple was named Golden Pagoda Buddhist Temple.

Construction work on the new temple began in 1990 and was completed in early 1992. In the same year, it became a registered society under the Registrar of Societies.

Subsequently in 1995 it was registered as a charitable organization. Currently GPBT has 40,000 devotees.

In 1988, the temple established its Sukhavati Chanting Group which brings together both members of the Sangha and lay devotees to propagate the Pureland Practice. Based on the Buddhist ideals of Loving-kindness, Compassion, Joy and Equanimity, the group strives to encourage people to engage in virtuous actions and cultivate merit and wisdom. It emphasizes the methods of generating faith in Amitabha Buddha; cultivating an aspiration to be reborn in the Amitabha Pureland; and

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善福德智慧，常念阿彌陀佛，臨終正念昭彰，轉極苦為 極樂，往生淨土安養。以信願念佛為因，求生西方極樂 世界蓮花化身見佛聞法為果。同時，念佛團的蓮友們也 積極參與社區推廣各項慈善活動，藉由“日行一善”的 付出愛心來修心。目前，參加念佛團的蓮友約有600多 位。

1996年創辦《琉璃坊》佛化生活雜志，2002年推出革 新版，是一本以雙語弘揚佛法的全彩雙月刊。本刊旨在 以佛法中善念即利益大眾，將佛法理念與社會結合，以 現代的角度闡述，善念即仁愛，而惡念不過是欲望，佛 法能調節生活極端壓抑與欲望。鼓勵現代都市人秉持 信心，付出愛心，隻要有心就不難安頓人心，讓我們社 會擁有更多的溫馨感。目前，本刊雜志印刷1萬5000本 在全島各處流通，並以免費贈閱的方式利益更多群眾， 是現代都市人所喜愛的一份福智資糧。 琉璃坊目前已暫時停刊。

the practice of reciting the name of Amitabha Buddha.

So that when the time of death arrives, the practitioner is able to depart from this life happily and peacefully and attain a rebirth in the Amitabha Pureland to further his spiritual practice and development there under the guidance of Amitabha Buddha. Members of the Recitation group also actively participate in various community and charitable projects as the experience of community welfare work serves as a skillful way to develop loving kindness and compassion and pacify the mind. There are currently more than 600 members in the Sukhavati Chanting Group.

Vaidurya Magazine, a Buddhist Lifestyle publication was established in 1996 and was subsequently revamped in 2002 as a bilingual colour bi-monthly magazine. The magazine aims to share with the community the positive life affirming ideals and philosophy of Buddhism, uniting Buddhist wisdom with the realties of the world. Using modern perspectives and language, the magazine aims to showcase how loving actions and thought brings about goodness in the world, while negative thoughts are manifestations of human craving and greed. The Buddhadharma helps us to strike a balance between extreme repression and greed. It provides illuminating inspiration for modern city dwellers to believe in the power of a loving heart. By offering kindness to others, we create peace in ourselves and to everyone around us.

Currently 15,000 copies of the magazine is distributed free of charge in various locations island-wide in order to achieve maximum reach to benefit people. It is wellloved by its readers for the wisdom and guidance that it provides for enlightened living.

Publication of the magazine has been temporarily halted.

目標： 使命： 宗旨：

Vision:

以藥師如來十二大願為依據，志在效法藥師宏願造福人群，如同明月之光，導引人生從迷茫走 向覺悟，造福人群就是造福自己。

推廣弘揚佛陀的教義，守持團體生活的規矩，合心、和氣、互愛、協力，才能啟發每個人的善念， 遵守禮節、倫理就是金塔人的使命。 弘揚佛陀教法，增長世人內心的慈悲和智慧。 推廣福利事業和教育，積極培育心地善良的公民。 支持其他慈善和志願福利組織，確保我國多元種族、多宗教社會之和平。 幫助貧困者，關懷病苦者，是人與人之間的互助，是人慈悲本懷的表達。

To emulate the Medicine Buddha’s example in benefiting people, helping them to traverse the path of life from bewilderment to Enlightenment using the 12 Great Vows of the Medicine Buddha as a guideline. Benefiting others is benefiting ourselves.

Mission: To propagate the teachings of the Buddha and help people uncover their innate goodness through discipline, unity and goodwill, as well as mutual love and cooperation. Golden Pagoda Buddhist Temple disciples should also make it their responsibility to observe morality and family values.

Goals:

To promote the Teachings of the Buddha and help people develop wisdom and compassion within their hearts.

Create kind-hearted and caring individuals through promoting Social Welfare endeavors and Education.

Support other charitable and voluntary welfare organizations so as to facilitate peace and harmony within our multi-racial, multi-religious society.

To give assistance and care for the sick, poor and needy. Helping each other is a way for us to express our innate compassion.

護國金塔寺徽章解說

蓮花： 主表藥師法門功德殊勝，為安隱利樂眾生之寶筏 。

佛塔： 主表供養佛陀舍利，思慕如來的眾德，即如法身所在。

光線： 主表藥師佛，琉璃光遍照慈濟有情，喜舍平等所求願滿。

紅色： 主表威權宏偉之勢、 憤怒鎮懾之威、 善靜熱烈之情。

金色： 主表慈悲光明，福智庄嚴，興旺和盛，功德圓滿。 The Emblem of the Golden Pagoda Buddhist Temple Lotus:

Stupa:

Represents the profound qualities of the Medicine Buddha Practice which is an amazingly skillful method for sentient beings to achieve peace and happiness.

A symbol of the Medicine Buddha’s Dharmakaya Body abiding in whichever place it appears.

Whenever a person makes offerings to a stupa, it is equivalent to making offerings to the Medicine Buddha’s Relics and remembering his Enlightened qualities.

Light Rays: Symbolizes Medicine Buddha and his compassionate Lapis Lazuli Light which shines upon all sentient beings to free them from all fear and suffering and fulfil all their wishes without any discrimination.

Red Colour: Symbolizes Authority, Power and Passion.

Gold Colour: Symbolizes loving-kindness, compassion, wisdom, merit, prosperity and the achievement of Perfect Enlightenment.

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護國金塔寺管委會委員

GPBT Management Committee 2017-2018

From left to right Tay Khay Heng, Jimmy Chong Siong Pay, Steven Ng Leng Ying, Micky Lim Yew Si Ee Tiang Hwee Bhikkhu Shi Fa Zhao BBM Lim Swee Kiang, Vincent

- - - - - - -

Member Member Assistant Honorary Treasurer Honorary Treasurer Honorary Deputy Executive Director President, Abbot Member

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Bhikkhu Shi Pu En Tan Ming Tatt, Christopher Woo Khai San, Victor Chow Chee Kiong, Gary Thong Min Hua

- - - - -

Member Honorary Secretary Assistant Honorary Secretary Member Member

Absent - Bhikkhu Shi Xu Zhen - Vice President

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人日晚宴

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TOAST OF SPRING CELEBRATION 2017

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2017 活動/Events 勤修净土念佛團廿九 周年慶典 - 彌陀普佛 Sukhavati Chanting Group 29th Anniversary

藥師法會 - 禮拜慈悲 藥師寶懺 Medicine Buddha Light Offering Ceremony

禮誦佛說萬佛名經 （十四天） 10,000 Buddhas Ceremony

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释法照比丘 閉關儀式 Bhikkhu Shi Fa Zhao Retreat Ceremony

藥師八關齋 - 傳授八 關齋戒 Medicine Buddha Eight Precepts

衛塞節 - 迎接釋迦太 子誕生傳燈浴佛 Vesak Day Ceremony

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2017 活動/Events 觀音祝聖法會 Avalokiteśvara Birthday Ceremony

國慶祈福法會－ 祝賀新加坡建國 52周年國慶 誦仁王護國經 Singapore 52th National Day-Sutra Recitation

盂蘭法會 诵佛说长壽滅罪护诸 童子陀罗尼经 Ullambana Ceremony

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祝圣法会 - 庆祝月光 遍照菩萨圣诞 Candraprabha Bodhisattva Birthday

第二十二届藥師如來 琉璃光勝會 22nd Master of Healing Blessing Ceremony

共修梁皇懺 Emperor Liang Repentance Group Practice

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28 Nov 2016 | Placing of Buddha Statue 安佛像

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財務報告 Financial Report

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

AUDITED FINANCIAL STATEMENTS 31 December 2017

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

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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

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 – 21

DETAIL STATEMENT OF FINANCIAL ACTIVITIES

22 - 35

21

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JPL 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 2017, 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 2017 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.

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JPL 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: 

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.

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Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Financial Position As at 31 December 2017

Note

2017 S$

2016 S$

ASSETS Current Assets Inventory Receivables Cash and cash equivalents

5 6 7

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

181,680 8,987,948 9,169,628

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

8 9

49,920 22,497,242 22,547,162 31,716,790

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

LIABILITIES Current Liabilities Other payables Finance lease creditors

10 11

Non-current Liabilities Mortgage loan Finance lease creditors

1,709,220 1,709,220

871,845 15,986 887,831

12 11

Total liabilities

1,709,220

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

NET ASSETS

30,007,570

27,868,097

Total Assets

FUNDS Unrestricted Funds Accumulated Development and General Fund

13

8,114,339

780,560

Designated Funds Investment Fund Reconstructed Temple Building Project Fund Sinking Fund

13 13 13 13

Restricted Fund Special Charities Fund

1,886,515 18,945,069 1,061,647 21,893,231

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

13

-

245,429

30,007,570

27,868,097

TOTAL FUNDS

The accompanying notes form an integral part of these financial statements 5

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Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Financial Activities For the financial year ended 31 December 2017 1 Jan 2017 to 31 Dec 2017 S$

1 Jan 2016 to 31 Dec 2016 S$

534,544 63,258 6,045,313 6,643,115

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

14

9,412 6,652,527

2,637 5,907,388

9 15 16

(1,241,910) (599,467) (144,759) (270,555) (109,465) (1,067,500) (270,812) (17,355) (12,233) (26,523) (31,717) (720,758) (4,513,054)

(181,342) (435,304) (93,929) (298,996) (182,454) (228,732) (52,776) (93,236) (23,171) (61,246) (2,087) (381,681) (2,034,954)

2,139,473

3,872,434

Note Income Voluntary income Investment income Income from charitable activities Other Income Expenses Depreciation Employee benefits expenses Finance costs CNY Renri expenses Warehouse rental Ceremony expenses Charitable donations and expenses Printing and stationaries Insurance IT, web and communications Renovation expenses Other operating expenses Total expenses

17

Net income for the year

The accompanying notes form an integral part of these financial statements

27

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Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Changes in Funds For the financial year ended 31 December 2017 Unrestricted Funds

Designated Funds

Restricted Funds

Total

S$

S$

S$

S$

Balance at 01 January 2016

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

Allocation of 20% surplus between funds

(94,248)

70,686

23,562

Balance at 31 December 2016

780,560

26,842,108

245,429

27,868,097

(150,430) -

2,139,473

Net income for the year Allocation of 20% surplus between funds Reclassification of opening Accumulated depreciation of Temple (Note 21)

2,606,799

(316,896)

(1,042,720)

1,042,720

98,631

(98,631)

Closure of funds

5,671,069

Balance at 31 December 2017

8,114,339

28

-

-

-

(5,576,070)

(94,999)

-

21,893,231

-

The accompanying notes form an integral part of these financial statements 7

-

30,007,570

Golden Pagoda Buddhist Temple (UEN: S92SS0036K) (Charity Reg No. 1086) Statement of Cash Flows For the financial year ended 31 December 2017

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 - Depreciation of property, plant and equipment - Fixed deposit interest income Operating cash flows before working capital changes

16 16 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 Bank interest received Finance lease interest paid Mortgage loan interest paid Fixed deposit interest received Net cash used in investing activities

9

1 Jan 2017 to 31 Dec 2017 S$

1 Jan 2016 to 31 Dec 2016 S$

2,139,473

3,872,434

(50,175) 1,241,910 (13,083) 3,318,125

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

21,431 837,375 491,156 4,668,087

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

(3,393,862) 50,175 13,083 (3,330,604)

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

Cash flows from financing activities Repayment of financial lease creditors Repayment of loans and borrowings Net cash from financing activities

(59,917) (2,500,000) (2,559,917)

(14,654) (14,654)

Net (decrease) in cash and cash equivalents

(1,222,434)

(7,033,982)

Cash and cash equivalents at beginning of financial year

10,210,382

17,244,364

8,987,948

10,210,382

Cash and cash equivalents at end of financial year

7

The accompanying notes form an integral part of these financial statements 8

29

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 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

2.

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 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.

9

30

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.2

Revenue recognition (Cont’d)

2.2.3 Other income Other income is recognized when received.

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 Warehouse

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

31

10

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 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.

11

32

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’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 asset’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.

33

12

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 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 Other payables, excluding accruals, are recognised at their transaction price, excluding transaction costs, is any, both at initial recognition and at subsequent measurement. Transaction costs shall be recognised as expenditure in the statement of financial activities as incurred. Accruals are recognized at the best estimate of the amount payable.

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.

13

34

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 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.

4.

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.

35

14

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 5.

Inventory

Inventories at lower of cost and net realizable value 6.

2016 S$ 491,156

2017 S$

2016 S$

Receivables

Receivables Deposits Prepayment

7.

2017 S$ -

10,340 9,205 162,134 181,680

134,903 68,208 203,111

Cash and cash equivalents

2017 S$ Fixed deposits Cash at banks Cash in hand

6,100,682 2,866,019 21,247 8,987,948

2016 S$ 1,062,207 9,119,510 28,665 10,210,382

The fixed deposits bear interest rates ranging from 1.0% to 1.2% (2016: 0.9% to 1.0%) per annum with maturities within 1 month to 12 months. The balances are denominated in Singapore Dollars.

8.

Preservation of Monuments Preservation of monuments

S$ Cost As at 1 January 2016 Additions Disposals As at 31 December 2016 Additions As at 31 December 2017

49,920 49,920 49,920

“Preservation of monuments� 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.

15

36

37

11,892 862 12,754 25,632 38,386

16,427 50,779

Accumulated Depreciation As at 1 January 2016 989,206 Additions 27,428 As at 31 December 2016 1,016,634 Additions 428,420 As at 31 December 2017 1,445,054

Net Carrying Amount As at 31 December 2016 As at 31 December 2017

2,023,666 1,935,580

12,268 16,913 29,181 59,984 89,165

S$

S$

1,015,902 2,024,397 3,040,300 340,334 3,380,634

Equipment

Buddhist artefacts

Property, Plant and Equipment

Cost As at 1 January 2016 Additions Transfer As at 31 December 2016 Additions As at 31 December 2017

9.

Notes to the Financial Statements For the financial year ended 31 December 2017

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

36,107 123,412

768 768 15,559 16,327

36,876 36,876 102,863 139,739

S$

Furniture/ fittings

117,186 85,226

88,715 31,960 120,675 31,960 152,635

237,861 237,861 237,861

S$

Motor vehicles

42,273 31,549

119,587 9,159 128,746 17,295 146,041

127,427 43,593 171,020 6,570 177,590

S$

37,323 22,991

7,961 7,961 15,430 23,391

45,283 45,283 1,099 46,382

S$

100,749 167,344

4,573 4,573 39,681 44,254

105,321 105,321 106,278 211,599

S$

Office Computers Renovation equipment

S$

Temple

-

-

17,971,559 18,945,070

98,631 98,631 667,932 766,563

9,701,267 8,368,923 (9,701,267) 9,701,267 18,070,190 1,641,442 19,711,632

S$

Building in progress

730,164

-

730,163 730,163

S$

Warehouse in Progress

405,131

-

405,130 405,130

S$

FA In Progress

20,345,290 22,497,242

1,209,400 181,342 1,390,742 1,241,910 2,632,652

11,094,725 10,641,306 21,736,032 3,393,862 25,129,894

S$

Total

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 10.

Other Payables 2016 S$

2017 S$ Suppliers Accrued Construction Cost Accrued Warehouse Cost Other Accrued Expenses

11.

409,099 1,016,566 192,279 91,276 1,709,220

834,914 36,931 871,845

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: 2017 2016 S$ S$

Within one year After one year but not more than five years More than 5 years

Present Minimum Present Minimum value of lease value of lease payments Interest payments payments Interest payments 15,986 1,822 17,808 -

-

-

43,931

5,010

48,941

-

-

-

59,917

6,832

66,749

The finance lease had been settled during the financial year.

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. The mortgage loan had been fully settled during the financial year.

17

38

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 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. The new temple, reconstructed at a cost of S$19,711,632, received the TOP (Temporary Occupation Permit) on 11 October 2016 and the CSC (Certificate of Statutory Completion) on 13 June 2017. It became fully operational by end 2017.

Following the new temple became operational, the Management Committee has proposed to close the Project Fund account and transfer the excess project fund balance of S$5,576,070 to the General Fund account. Further, for purpose of accountability and easy tracking, the usage of the project fund of S$19,711,632 for the reconstruction of the temple was reclassified to Reconstructed Temple Building account.

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.

In FY 2017, the Special Charities Fund was closed and the remaining monies were transferred to the General Fund Account.

14.

Other Income 1 Jan 2017 to 31 Dec 2017 S$ Jobs Credits Miscellaneous income

9,412 9,412

18

39

1 Jan 2016 to 31 Dec 2016 S$ 57 2,580 2,637

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 15.

Employee Benefit Expenses 1 Jan 2017 to 31 Dec 2017 S$ Staff salaries and bonus Staff training CPF, FWL and SDL Staff welfare & Medical expense Recruitment expenses

491,811 9,790 72,922 11,018 13,926 599,467

1 Jan 2016 to 31 Dec 2016 S$ 344,935 2,186 51,486 18,515 18,182 435,304

There are no key personnel who received remuneration above S$ 100,000 for the financial year ended 31 December 2017 and 31 December 2016.

16.

Finance Costs

1 Jan 2017 to 31 Dec 2017 S$ Bank charges Early Termination Charges - Mortgage Loan Finance lease interest Mortgage loan interest

17.

49,609 31,593 1,670 61,887 144,759

1 Jan 2016 to 31 Dec 2016 S$ 25,560 1,670 66,699 93,929

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

Country Sri Lanka Thailand China Thailand

Nature of Expense Donations Donations Donations Sponsorship

19

40

1 Jan 2017 to 31 Dec 2017 S$ 2,467 2,467

1 Jan 2016 to 31 Dec 2016 S$ 50,000 2,372 404 52,776

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 17.

Charitable donations and expenses (Cont’d) The disbursements of the above donations and sponsorship were approved by the Management Committee.

18.

Related party transactions The Society has significant related party transactions as follows:

1 Jan 2017 to 31 Dec 2017 S$ Billings from related parties for expenses incurred on behalf of the Society Honorarium 19.

14,003 69,040

1 Jan 2016 to 31 Dec 2016 S$ 19,506 31,800

Financial risk management The Society’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 Society’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.

20

41

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 20.

Reserve position and policy The Society’s reserve position for financial year ended is as follows: 2017 S$ A B

C D E

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

8,114,339 18,945,069 1,886,515 1,061,647 30,007,570 4,513,054 180%

2016 S$ 780,560 1,365,155 24,936,666 540,287 245,429 27,868,097 2,034,954 38%

Increase/ (Decrease) % 939.6 100.0 38.2 (100.0) 96.5 (100.0) 7.7 121.8

Reference: C. Total Funds include unrestricted and restricted/ designed funds.

D. Total Annual Operating Expenditure include expenses related to cost of charitable activities and other operating expenses.

The Society’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. b. c. d. e.

21.

Special Charities Fund Sinking Fund Project Fund Investment Fund Reconstructed Temple Building

Comparative Information During 2017, the Society modified the classification of depreciation of Temple to the account of Reconstructed Temple Building to reflect more appropriately the way the economic benefits are derived from its uses. Comparative amounts in the statement of financial activities and statement of changes in funds were restated for consistency. As a result, S$98,631 was reclassified from unrestricted funds to designated funds.

21

42

GOLDEN PAGODA BUDDHIST TEMPLE (Unique Entity No. S92SS0036K) (Charity Reg. No.: 1086) Notes to the Financial Statements For the financial year ended 31 December 2017 21.

Comparative Information (Cont’d) Since the amounts are reclassification within the statement of financial activities and statement of changes in funds, this reclassification did not have any effect on the statement of financial position and cash flow.

22.

Authorisation of financial statements The financial statements of the Society for the year ended 31 December 2017 were authorized for issue in accordance with the approval from Management Committee members on

22

43

44

Income from charitable activities Donation Box Master of Healing Lamps Funeral/Wedding services Offerings to the Triple Gems 10,000 Buddha Adoption 10,000 Buddha Consecration Jade Buddha Adoption SFZ 3 Yr Retreat SFZ 3 Yr Retreat Emperor Liang Repentance Group Practice Balance c/f

Investment income Fixed deposit interest Bank interest

1 Jan 17 to 31 Dec 17 Income Voluntary income Charity fund income Rebuilding income

Note

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

60,638 466,200 39,340 203,641 558,552 188,776 170,000 1,389,025 540,000 25,970 3,642,142

10,808 48,566 59,374

100,000 100,000

S$

Accumulated Development and General Fund

23

S$

-

-

-

Reconstructed Temple Building S$

-

-

-

Investment Fund

Unrestricted Funds

-

2,275 1,573 3,848

354,958 354,958

S$

Project Fund S$

Sinking Fund

-

-

-

-

36 36

79,586 79,586

S$

Restricted Fund Special Charities Fund

60,638 466,200 39,340 203,641 558,552 188,776 170,000 1,389,025 540,000 25,970 3,642,142

13,083 50,175 63,258

79,586 454,958 534,544

S$

Total Restricted and Unrestricted Fund

45

1 Jan 17 to 31 Dec 17 Income Income from charitable activities Balance b/f Ushnishavijaya Eight Precepts Cultivation Offering for Buddhas and Celestial Guardian The Golden Light Sutra Medicine Buddha Light Offering Maitreya Buddha Ceremony Thanksgiving Ceremony 10,000 Buddhas Ceremony 10,000 Buddhas Ceremony CNY Ren Ri Auction CNY Ren Ri Dinner Vesak Day Chanting Ceremony SFZ Birthday Recitation of 1000 buddha's names

Note

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

3,642,142 10,820 30,020 48,175 14,420 182,425 5,220 15,860 307,370 36,080 637,777 388,845 18,391 91,300 66,820 5,495,665

S$

Accumulated Development and General Fund S$

-

Reconstructed Temple Building S$

-

Investment Fund

Unrestricted Funds

S$

Project Fund

-

S$

Sinking Fund

-

S$

Restricted Fund Special Charities Fund

-

3,642,142 10,820 30,020 48,175 14,420 182,425 5,220 15,860 307,370 36,080 637,777 388,845 18,391 91,300 66,820 5,495,665

S$

Total Restricted and Unrestricted Fund

46

TOTAL INCOME

Other income Miscellaneous income

1 Jan 17 to 31 Dec 17 Income Income from charitable activities Balance b/f National day - Sultra Recitation Ullambana Festival Chanting Group Annivesary Mid Autumn Festival Master of Healing Blessing Ceremony Membership Subscriptions Calendar Printing Income Sutra Printing Income Designated Donation - Vehicle

Note

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

-

6,214,099

S$

-

Reconstructed Temple Building

9,412 9,412

5,495,665 1,880 179,788 140 352 263,020 408 24,000 70,060 10,000 6,045,313

S$

Accumulated Development and General Fund S$

-

-

-

Investment Fund

Unrestricted Funds

-

-

358,806

S$

Project Fund

S$

-

-

Sinking Fund

-

-

-

79,622

S$

Restricted Fund Special Charities Fund

6,652,527

9,412 9,412

5,495,665 1,880 179,788 140 352 263,020 408 24,000 70,060 10,000 6,045,313

S$

Total Restricted and Unrestricted Fund

47

1 Jan 17 to 31 Dec 17 Less: EXPENDITURE Cost of charitable activities Ceremony - Minor expenses Chinese New Year Expenses CNY Renri expenses SFZ 3 Yr Retreat Expenses Funeral/Wedding/Blessing Services Ceremony Expenses Honorarium Stationery & Printing Postages and stamp duties Courier charges Gifts Advertisement Robes Charitable Donation & Expenses Sponsorship Expenses

Note

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

366,753 4,984 270,555 198,420 4,755 492,588 191,100 17,355 12,394 519 1,882 60 17,464 25,305 15,467 1,619,601

S$

Accumulated Development and General Fund S$

-

Reconstructed Temple Building S$

-

Investment Fund

Unrestricted Funds

S$

-

Project Fund

S$

-

Sinking Fund

230,040 230,040

S$

Restricted Fund Special Charities Fund

366,753 4,984 270,555 198,420 4,755 492,588 191,100 17,355 12,394 519 1,882 60 17,464 255,345 15,467 1,849,641

S$

Total Restricted and Unrestricted Fund

48

1 Jan 17 to 31 Dec 17 Less: EXPENDITURE Other admin expenses Audit fee Bank charges Causal labour Depreciation Editorial services Exchange loss General cleaning General expenses Insurance IT, web and communications Minor Assets Register Motor vehicle expenses Professional and Legal Fee Renovation expenses Rental Rental of equipment Repair and maintenance

Reconstructed Temple Building S$

667,932 667,932

6,500 75,062 7,900 573,978 1,470 9,141 57,374 5,000 12,233 26,523 23,430 5,763 8,111 31,717 46 12,116 79,092 935,456

S$

-

Investment Fund

Unrestricted Funds Accumulated Development and General Fund Note S$

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

6,128 1,100 7,228

S$

Project Fund S$

-

Sinking Fund

12 12

Restricted Fund Special Charities Fund S$

6,500 81,202 7,900 1,241,910 1,470 9,141 57,374 5,000 12,233 26,523 23,430 5,763 9,211 31,717 46 12,116 79,092 1,610,628

Total Restricted and Unrestricted Fund S$

49

TOTAL EXPENDITURE

1 Jan 17 to 31 Dec 17 Less: EXPENDITURE Other admin expenses Balance b/f Subscription Telephone charges Transportation Travelling expenses Utilities charges Warehouse rental expenses Bonus CPF/SDF contributions Medical fees Recruitment expenses Salaries Seminar/ course fee Staff welfare HP/Loan Interest Freight & Handling Charges Visitor expenses Kitchen Utensil Kitchen Food Pest Control Services Security Services

Reconstructed Temple Building S$

667,932 667,932 667,932

935,456 886 17,644 13,244 34,131 69,586 109,465 60,826 72,922 1,591 13,926 430,985 9,790 9,427 63,015 42,454 8,859 3,910 22,803 6,431 60,348 1,987,699 3,607,300

S$

-

-

Investment Fund

Unrestricted Funds Accumulated Development and General Fund Note S$

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

7,770

7,228 542 7,770

S$

Project Fund S$

-

-

Sinking Fund

230,052

12 12

Restricted Fund Special Charities Fund S$

4,513,054

1,610,628 886 17,644 13,244 34,131 69,586 109,465 60,826 72,922 1,591 13,926 430,985 9,790 9,427 63,557 42,454 8,859 3,910 22,803 6,431 60,348 2,663,413

Total Restricted and Unrestricted Fund S$

50

Net income/ (expenditure) for the year Allocation of 20% surplus between funds Total funds brought forward Reclassification of opening Accumulated depreciation of Temple (Note 21) Reclassification of Project Funds used for reconstruction of Temple Closure of funds Total funds carried forward

1 Jan 17 to 31 Dec 17

5,671,069 8,114,339

18,945,069

19,711,632

(98,631)

98,631 -

(667,932) -

Reconstructed Temple Building S$

1,886,515

-

-

521,360 1,365,155

S$

Investment Fund

Unrestricted Funds

2,606,799 (1,042,720) 780,560

Accumulated Development and General Fund Note S$

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

(5,576,070) -

(19,711,632)

-

351,036 24,936,666

S$

Project Fund

1,061,647

-

-

521,360 540,287

S$

Sinking Fund

(94,999) -

-

-

(150,430) 245,429

Restricted Fund Special Charities Fund S$

30,007,570

-

-

2,139,473 27,868,097

Total Restricted and Unrestricted Fund S$

51

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

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

S$

Accumulated Development and General Fund S$

-

-

-

S$

-

-

-

-

62,574 3,045 65,619

3,660,787 3,660,787

S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund S$

Sinking Fund

-

-

-

-

70 70

40,000 40,000

S$

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

S$

Total Restricted and Unrestricted Fund

52

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

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

S$

Accumulated Development and General Fund S$

-

-

-

S$

-

-

-

-

-

3,726,406

S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

-

-

S$

Sinking Fund

-

-

-

40,070

S$

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

S$

Total Restricted and Unrestricted Fund

53

1 Jan 16 to 31 Dec 16 Less: EXPENDITURE Cost of charitable activities 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

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

S$

Accumulated Development and General Fund S$

-

S$

-

S$

-

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

-

S$

Sinking Fund

S$

-

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

S$

Total Restricted and Unrestricted Fund

54

1 Jan 16 to 31 Dec 16 Less: EXPENDITURE Other admin expenses 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

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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$

33

S$

-

S$

-

11,829 11,829

S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

-

S$

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$

55

TOTAL EXPENDITURE

Other admin expenses Less: EXPENDITURE Other admin expenses 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

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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$

-

-

S$

-

11,829

11,829 11,829

S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

-

-

S$

Sinking Fund

24

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$

56

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

1 Jan 16 to 31 Dec 16

Detail Statement of Financial Activities For the financial year ended 31 December 2017

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

S$

Unrestricted Funds Designated Funds Building Investment Project Fund Fund Fund

23,562 516,725 540,287

S$

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$

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57

护国金塔寺

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