WAT SANTIWONGSARAM (TEMPLE)
CHARITY REGISTRATION NUMBER - 1123606
ANNUAL REPORT YEAR ENDED 5TH APRIL 2021
WAT SANTIWONGSARAM (TEMPLE) - Registration No 1123606 TRUSTEE'S ANNUAL REPORT
The trustees are pleased to present their annual report together with the accounts covering the year ended 5th April 2021.
Trustees
Phra Chan Samroengsin (Chairman) Mr Suraphol Sudachan Mrs Renu Kamthong Dr Narongsak Phasunita Ms Natda Chanakul (Resigned 15th November 2020) Mr Pipat Tanpoonkiat
The above trustees served during the period from the 6th April 2020 to the date of this report.
The trustees are either appointed or their appointments confirmed at the annual general meeting. The trustees meet on a regular basis to discuss the charity's affairs. The day-to-day management of the charity is entrusted to the monks and volunteers.
Constitution
The charity's governing document is a trust deed dated 24th February 2008 as amended by deed of variation dated 8th April 2008.
Objectives
The objectives of the charity is to establish the advancement of the Buddhist religion and Thai culture in the city of Birmingham and elsewhere. In order to meet this objective the charity provides a centre (temple) for the practice of Buddhism and meditation.
Activities
During the year the charity continued to hold various Buddhist ceremonies which attracted many followers from all over the United Kingdom.
On a daily basis the temple holds chanting and meditation sessions. The charity also supplies Buddhist monks for birthdays, weddings and funerals.
The charity continues to publish various religious literatures for submission to followers within the United Kingdom and overseas.
Public Benefit
The temple is regularly open for numerous social and religious functions. The trustees believe that the activities that are carried out by the charity do provide public benefit.
Fixed Assets
The company owns two freehold buildings (temples) situated at 107, Handsworth Wood Road, Birmingham and 97-101, Handsworth Wood Road, Birmingham. as well as the freehold of the large car park situated at the rear of 97-101, Handsworth Wood Road, Birmingham.
During the year the charity purchased fixtures costing £3,954.
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WAT SANTIWONGSARAM (TEMPLE) - Registration No 1123606 TRUSTEE'S ANNUAL REPORT
Professional Services
During the year the charity utilised the services of the following organisations:-
Bankers - Barclays Bank plc, New Street, Birmingham Accountants - Crystal Business Services Ltd, Chartered Accountants, Coventry Solicitors - Jenny Longton & Co, Birmingham
Financial Activities/Developments
Due the Covid pandemic and the accompanying lockdown in the year, the charity's activities and related collections/donations were considerably less. Unfortunately, the cost of heating continued to be high due to the need to keep the buildings at a constant temperature. The charity's suffered net outgoing resources of £8,569 which the trustees hope to address when the pandemic ends.
Future Developments
There are presently no plans in place for future capital expenditures.
Risk Policies
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the charity's exposure to the major risks.
Statement of Trustees/Managing Committee Responsibilities
The Charities Act require the trustees/management committee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for the period. In preparing those accounts, the trustees/management committee are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue to run
The trustees/management committee are responsible for maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Reserves
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The charity's accounts showing unrestricted reserves of £2,623,648 as at 5th April 2021
(2020- GE were approved by the trustees on 11th August 2021.
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CBAN SAMROERESIN
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NARBNGSAK PHASU NTIA
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WAT SANTIWONGSARAM
| report on the accounts of the charity for the year ended 5th April 2021 on pages 4 to 9.
Respective responsibilities of trustees and examiners
The charity's trustees are responsible for the preparation of the accounts. The chariy's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed. | am qualified to undertake the examination by being a qualified member of Institute of Chartered Accountants in England and Wales.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
*to keep accounting records in accordance with section 130 of the Charities Act; and * to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met: or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. —— :
Mr Akbar Dedat
11th August 2021
Chartered Accountant
Crystal Business Services Limited Chartered Accountants
264 Stoney Stanton Road Coventry. CV1 4FP
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WAT SANTIWONGSARAM- Charity No 1123606 STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED Sth April 2021 (Income and Expenditure Account)
| Notes | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| INCOMING RESOURCES | |||
| Voluntary income | |||
| Collections and donations | 1 | 48,090 | 150,839 |
| Interest | 171 | 1,223 | |
| TOTAL INCOMING RESOURCES | 48,261 | 152,062 | |
| RESOURCES EXPENDED | |||
| Charitable activities - DirectExpenditure | |||
| Light and heat | 22,294 | 21,186 | |
| Rates | 7,238 | 5,500 | |
| Insurances | 2,339 | 2,354 | |
| Postage, printing and stationery | 7,466 | 11,016 | |
| Loan interest | 3 | - | 1,442 |
| Property repairs and maintenance | 1,310 | 9,417 | |
| Motor expenses | 7,210 | 7,448 | |
| Ceremonial and sundry expenses | 2,824 | 11,972 | |
| TV licence | 158 | - | |
| Telephone | 947 | 434 | |
| Depreciation | 4,084 | 4,128 | |
| Governance costs | 960 | 960 | |
| Total Charitable Expenditure | 56,830 | 75,857 | |
| NET INCOMING RESOURCES | -8,569 | 76,205 | |
| FUNDS BALANCE BROUGHT FORWARD | 2,632,217 | 2,556,012 | |
| FUNDSCARRIEDFORWARD | 2,623,648 | 2,632,217 |
All of the activities of the charity are continuing. All funds are unrestricted.
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WAT SANTIWONGSARAM- Charity No 1123606
BALANCE SHEET AS AT 5TH APRIL 2021
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2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Fixed Assets 4 2,189,211 2,189,341
2,189,211 2,189,341
CURRENT ASSETS
Barclays Bank plc- Current account 234,963 243,574
Barclays Bank plc-BPA account 201,394 201,222
436,357 444,796
CREDITORS :Amounts falling due within one year
Accrued expenses 1,920 1,920
1,920 1,920
NET CURRENT ASSETS 434,437 442,876
TOTAL ASSETS LESS CURRENT LIABILITIES 2,623,648 2,632,217
Total Net Assets £ 2,623,648 £ 2,632,217
FUNDS ACCOUNT 5
Unrestricted £ 2,623,648 £ 2,632,217
Approved by The Board of Trustees on 11th August 2021 and signed on it's behalf
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AISAIV SAOROEMASIN
Ni PRave VG santas
VORONESIK/ r PHASUVTIA
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WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th April 2021
1. Summary of significant accounting policies
(a) General information and basis of preparation
Wat Santiwongsaram is a charity registered in England. The nature of the charity's operations and principal activities are set out in the trustees’ report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have not departed from the Charities (Accounts and Reports) Regulations 2008 in order to provide a ‘true and fair view’. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include one property at fair value. The financial statements are presented in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
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WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th April 2021
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings
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Expenditure on charitable activities, and
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Other expenditure represents those items not falling into the categories above
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold properties Nil Car park Nil Fixtures and fittings 25% reducing balance Motor vehicles 25% reducing balance
Land and buildings were valued using the trustees’ valuation in 2010.
(f) Investments
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
(g) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
(h) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
(i) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
(j) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(k) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
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WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th April 2021
2 Trustees' and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year 2021 ( 2020 ENil)
The charity's management and services are provided by the trustees, monks and volunteers. The personnel expenses are national insurance contributions paid on behalf of the monks.
The trustees did not have any expenses reimbursed during the year (2021 ENil)
| 3 Interest payable and similarexpenses | 2021 | 2020 | |
|---|---|---|---|
| E | £ | ||
| Bank loans and overdrafts | - | 1,442 | |
| 4 Tangible fixed assets | Balance | Move-ments | Balance at |
| at | 05/04/21 | ||
| 06/04/20 | |||
| Cost | £ | £ | £ |
| Freehold properties | |||
| 107, Handsworth Rd, Birmingham | 500,000 | - | 500,000 |
| 97-101, Handsworth Rd, Birmingham | 1,320,876 | - | 1,320,876 |
| Car Park | 356,079 | - | 356,079 |
| BMW car | 12,000 | - | 12,000 |
| Equipment/Fixtures | 37,649 | 3,954 | 41,603 |
| 2,226,604 | 3,954 | 2,230,558 |
The freehold properties and car park are functional. The bank loan is secured on the charity's freehold properties. The 107, Handsworth Rd. property is stated at the trustees' valuation.
| Balance | Charge For | Balance at | ||
|---|---|---|---|---|
| at | Year | 05/04/21 | ||
| Accumulated depreciation | 06/04/20 | |||
| £ | £ | £ | ||
| BMW car | 11,099 | 225 | 11,324 | |
| Equipment/Fixtures | 26,164 | 3,859 | 30,023 | |
| 37,263 | 4,084 | 41,347 | ||
| Net book value | Balance at | Balance at | ||
| 05/04/21 | 05/04/20 | |||
| £ | z | |||
| 107, Handsworth Rd, Birmingham | 500,000 | 500,000 | ||
| 97-101, Handsworth Rd, Birmingham | 1,320,876 | 1,320,876 | ||
| Car Park | 356,079 | 356,079 | ||
| BMW Car | 676 | 901 | ||
| Equipment/Fixtures | 11,580 | _ | 11,485 | |
| 2,189,211 | 2,189,341 |
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WAT SANTIWONGSARAM
Notes to the Accounts For The Period Ended 5th April 2021
| 5 Unrestricted funds | Balance | Income | Expendi- | Balance |
|---|---|---|---|---|
| at | ture | at | ||
| 05/04/20 | 05/04/21 | |||
| £ | £ | £ | £ | |
| Unrestricted | 2,632,217 | 48,261 | 56,830 | 2,623,648 |
| 2,632,217 | 48,261 | 56,830 | 2,623,648 | |
| 6 Analysis of netassets between funds | Unrestrict | Total | ||
| ed funds | ||||
| £ | £ | |||
| Fixed assets | 2,189,211 | 2,189,211 | ||
| Cash and current investments | 436,357 | 436,357 | ||
| Othercurrent assets/ liabilities | (1,920) | (1,920) | ||
| Total | 2,623,648 | 2,623,648 |
7 Events after the end of the period
There are no post balance sheet events that require an adjustment or disclosure to the financial statements.
8 Related party transactions
There are no related party transactions during the year (2020: £ nil).
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