WAT SAKrtWONGSARAM PLE CHARITY REGISTRATION NUMBER - 1123606 ANNUAL REPORT YEAR ENDED 5TH APRIL 2024 WAT SANTIWONGSARAM TEMPLE TRUSTEE'S ANNUAL REPORT istration No 1123606 The trustees are pleased to present their annual report together with the accounts covering the year ended 5th April 2024. Trustees Phra Chan Samroengsin (Chairman) Mr Suraphol Sudachan Mrs Renu Kamthong Dr Narongsak Phasunita Mr Pipat Tanpoonkiat Ms. Suchada Suansrakaew (appointed December 2023) Ms. Onnicha Sirikate Phasuntia (apppointed December 2023) The above trustees served during the period from the 6th April 2023 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. Constltution The charity's governing document is a trust deed dated 24th February 2008 as amended by deed of variation dated 8th April 2008. Ob ectlves 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. Actlvltles The temple continued to hold chanting and meditation sessions and also supply Buddhist monks to various functions. Unfortunately, the expected number of devotees returning to the temple post covid-pandemic has not materialised. Also, the trustees did not hold any special events during the year. 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. WAT SANTIWONGSARAM TEMPLE TRUSTEE'S ANNUAL REPORT -Re istration No 1123606 Professional Services During the year the Charity utilised the seniices of the following organisations:_ Bankers Accountants Solicitors Barclays Bank plc, New Street, Birmingham Crystal Business Services Ltd, Chartered Accountants, Coventry Jenny Longton & Co, Birmingham Financial Activitles In July 2023 the charity marked it's 30th anniversary with ceremonies at the temple. These ceremonies was attended by many followers and the temple was blessed with visits from prominent monks from overseas. During the year, there was a small increase in donations and much more interest was earned due to the banking arrangements. Overall, because of the ceremonial and related expenses the net incoming resources fell from £29,144 in the previous year to £12,521. Future Develo mentslPlans There are no plans for major capital costs. The charity will continue to maintain it's premises and improve on the quality of services provided to visitors at the temple. Rlsk Pollcles 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 Trusteeslmana In Commlttee Res onslbllltles The Charities Act require the trusteeslmanagement 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 trusteeslmanagement committee are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue to run The trusteeslmanagement 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 The charity's accounts showing unrestricted resenies of £2,736,707 as at 5th April 2024 (2023- £2,724,186) were approved by the trustees on 28th June 2024. ..Trustee N.. ¢PLO￿.￿.......................... Trustee AL5￿4£￿t INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WAT SANTIWONGSARAM I report to the charity trustees on my examination of the accounts of the charity for the year ended 5th April 2024 which are set out on pages 4 to 9. Res onsibilities and basis of re ort As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Inde endent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. MR AKBAR DEDAT Chartered Accountant Crystal Business Services Ltd Chartered Accountants 264 Stoney Stanton Road, Coventry CV14FP 28th June 2024 WAT SANTIWONGSARAM - Chari No 1123606 STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 5thA ril 2024 Income and Ex enditure Account Notes 05104124 05104123 INCOMING RESOURCES Volunta income Collections and donations Interest 111,876 2,648 106,265 440 TOTAL INCOMING RESOURCES 114,524 106,705 RESOURCES EXPENDED Charitable activitles . Direct Ex Light and heat Rates Insurances Postage, printing and stationery Property repairs and maintenance Motor expenses Ceremonial and sundry expenses TV licence Telephone Depreciation Governance costs endlture 30,903 10,695 2,825 8,621 15,127 3,569 21,895 159 1,793 4,868 1,548 102,003 23,727 6,132 2,656 11,143 14,050 2,961 8,611 159 1,591 5,511 1,020 77,561 Tot81 Charit8ble Ex enditure NET INCOMING RESOURCES 12,521 29,144 FUNDS BALANCE BROUGHT FORWARD 2,724,186 2,695,042 FUNDS CARRIED FORWARD 2,736,707 2,724,186 All of the activitles of the charit All funds are unrestricted. are continuin WAT SANTIWONGSARAM - Chari No 1123606 BALANCE SHEET AS AT 5TH APRIL 2024 2024 2023 Notes FIXED ASSETS Tangible Fixed Assets 2,191,558 2,193,486 CURRENT ASSETS Barclays Bank plc - Current account Barclays Bank plc - Current account 2 Barclays Bank plc - BPA account 235,911 5,876 304 502 546,289 329,866 201854 531,720 CREDITORS :Amounts fallln du8 wlthln one ear Accrued expenses (1,140) (1,020) NET CURRENT ASSETS 545,149 530,700 TOTAL ASSETS LESS CURRENT LIABILITIES 2,736,707 2,724,186 Totsl Net Assets 2,736,707 2,724,186 FUNDS ACCOUNT Unrestricted 2,724,186 2,736,707 Approved by The Board of Trustees on 28th June 2024 and signed on it's behalf ..Trustee Af1)k&&￿sir0 Trustee Pk/ASJTh/TI / WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th A ril 2024 1. Summa ofsi nificant accountin ollcies (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 wilh 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 (Account8 and Reports) Regulations 2008 in order to provide '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 recognitlon 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. WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th A ril 2024 (d) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings Expenditure on charitable activities, and 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 flxed 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 Car park Fixtures and fittings 25 % reducing balance Motor vehicles 25 % reducing balance Land and buildings were valued using the trustee8' valuation in 2010. (f) Investments Current asset investments are short term highly liquid investments and ar8 held at fair value, These include cash on deposit and cash equivalents with a maturity of less than one year. (g) Debtors and credltors recelvable I payable wlthln 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 borrowlngs 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) Provlsions 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. (i) 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 Irustees 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. WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th A 2 Trustees. and ke mana ement ersonnel remuneration and ex enses The trustees neither received nor waived any remuneration during the year 2024 (2023 £Nil) ril 2024 The charity's management and services are provided by the trustees, monks and volunteers. The trustees did not have any expenses reimbursed during the year (2023 £Nil) Balance Move - ments Balance at at 05104124 06104123 3Tan ible flxed assets Cost Freehold ro erties 107, Handsworth Rd, Birmingham 97-101, Handsworth Rd, Birmingham Car Park Mercedes EquipmenUFixtures 500,000 500,000 1,320,876 1,320,876 356,079 356,079 9,510 9,510 47,828 2,940 50,768 2,234,293 2,940 2,237,233 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. Chargel Balance at dlsposal for 05104124 the year Balance at 06104123 Accumulated depreclatlon Mercedes EquipmenVFixtures 4,161 36,646 40,807 1,337 3,531 4,868 5,498 40,177 45,675 Net book value Balance at 05104124 Balance at 05104123 107, Handsworth Rd, Birmingham 97-101, Handsworth Rd, Birmingham Car Park Mercedes EquipmenVFixtures 500,000 1,320,876 356,079 4,012 10,591 2,191,558 500,000 1,320,876 356,079 5,349 11,182 2,193,486 WAT SANTIWONGSARAM Notes to the Accounts For The Period Ended 5th A ril 2024 4 Unrestricted funds Balance at 05104123 Income Expendl- ture Balance at 05104124 Unrestricted 2,724,186 2,724,186 114,524 114,524 102,003 102,003 2,736,707 2,736,707 5 Anal sis of net assets between funds Unrestrict ed funds Total Fixed assets Cash and current investments Other current assets I liabilities Total 2,191,558 2,191,558 546,289 546,289 1,140 1,140 2,736,707 2,736,707 6 Events after the end of the erlod There are no post balance sheet events that require an adjustment or disclosure to the financial statement8. 7 Related transactlons There are no related party transactions during the year (2023: £ nil).