WAT PA BUDDHARAM CHARITY REGISTrATI MBER - 1169962 ANNUAL REPORT YEAR ENDED 5TH APRIL 2024 WAT PA BUDDHARAM- Chari TRUSTEE'S ANNUAL REPORT istration No 1169962 The trustees are pleased to present their annual report together with the accounts covering the year ended 5th April 2024. TrusteÈs Phra Aod Boonyoung {Chairman} Miss Saranya Boonlertuthai Miss Sompong Kotsranoi Ms Araya Watananusak Jamaree Anukut Sutaphat Photikaeng Charat Newman Wantana Petchkaew (resigned April 2024) Natda Chanakul The above trustees served during the period from 6th April 2023 to the date of this report The trustees meet regularly to discuss the charity's affairs. Constltutlon The charity's governing document is a trust deed dated 6th October 2016 . The charity was registered with Charities Commission on 31 st October 2016. In August 2019 the charity's name was changed from Wat Buddharam (Milton Keynes) to Wat Pa Buddharam. Ob ectlves The objectives of the charity is to establish the advancement of the Buddhist religion and Thai culture in the South Midlands and Greater London area. In order to meet this objective the charity aiowns a manages a temple for the practice of Buddhism and medilation. Activltles to date During the year, the charity completed the constructions works that commenced in the previous year. Overall there were no changes in the nature and level of activities during the year. Publlc Beneflt The temple is open for numerous social and religious functions. The trustees believe that the activities that are being carried out by the charity do provide public benefit. In fact, nearly all of the expenditures can be deemed to be for charitable purposes. Professional Services During the year the charity utilised the services of the following organisations'.- 8ankers Natwest Bank plc 1 St Philips Place, Birmingham Accountants Crystal Business Services Ltd Chartered Accountants Coventry Solicitors Jenny Longton & Co Birmingham . Continued WAT PA BUDDHARAM- Chari TRUSTEE'S ANNUAL REPORT istration No 1123606 Financial ActivitieslDevelo ments The donations received were not as high as in the previous year. The expenditures were at similar levels to the previous year resuting in net incoming resources of £186,765 {2023 - £252,576). Fixed asset expenditures fell to £8,734 and the trustees are pleased to report an overall reduction in loans payable from £729,738 to £560,312. Future Develo ments The trustees feel that the temple premises are ready to facilitate hopefully much more participators in the future. There are no plans for substatial capital costs and the trustees will concentrate on the clearance of loand payable. Rlsk Pollcle8 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 Tru8tee81Mana in Commlttee Re8 onslbllltle8 The Charities Acl 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 trusleeslmanagement committee are responsible for maintaining proper accounting records, which disclose wilh 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 reserves of £1,281,896 (2023 £1,095,131) as at 5th April 2024 were approved by the trustees on 23rd July 2024 ..Trustee 9..Trustee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WAT PA BUDDHARAM 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 8. Resposiblllties and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with 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(51(b) of the Act. Independent examlner's 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 respecl.. 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 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 examinalion 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 Limited Chartered Accountants 264 Stoney Stanton Road Coventry. CV14FP 23rd July 2024 WAT PA BUDDHARAM - Chari No 1169962 STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 5thA ril 2024 Notes 2024 2023 INCOMING RESOURCES Volunta income Collections and donations 235,192 299,146 TOTAL INCOMING RESOURCES 235,192 299,146 RESOURCES EXPENDED Charltable ex endltures Rates Loan interest Bank charges Light and heat Motor expenses Repairs and maintenance Insurance Ceremonial and travel Telephone and internet Depreciation Postage,stationery and advertising 6,734 19,351 323 13,489 384 2,230 1,396 100 377 2,767 76 47,227 1,200 48,427 2,098 20,716 597 14,502 361 1,749 1,298 300 371 3,077 301 45,370 1,200 46,570 Governance costs ources Ex ended NET INCOMING RESOURCES 186,765 252,576 FUNDS BALANCE BROUGHT FORWARD FUNDS CARRIED FORWARD 1,095,131 842,555 1,281,896 1,095,131 All of the actlvltles of the charlt All funds are unrestricted. are contlnuln WAT PA 8UDDHARAM- Chars No 1169962 BALANCE SHEET AS AT STH APRIL 2024 2023 FIXED ASSET Tangible Fixed Assets 1,779.647 1.771,841 1.779.647 1.771,841 RENT Bank Balance- Nahvèst Bank pl¢ $3.761 83.781 54 228 54,228 CRE IT Accrued expenses Bank loan wlhln 1 yoar 1,200 22 627 23,827 1,200 31,836 33.036 39.934 Tl Bank loan Private Loans 172,885 385.000 280,902 428 000 1537,6851 1697.9021 1 281898 1 095 131 Unre$ir4cl&d 1281898 1095 131 Approved ty The Board 01 Tw$lee$ on 23rd Juty 2024 and slaned on Il'l behalf WAT PA BUDDHARAM - Chari No 1169962 Notes to the Accounts For The Period Ended 5th A ril 2024 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES la) General inforniatlon and basls of preparation Wat Buddharam (Milton Keynes} 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 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 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. 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 otheNis8 Stated. (bl 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. (c) Income recognltlon 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. No amount is included in the financial statements for volunteer time in line with the SORP {FRS 102). (d) Expendlture recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. (e) Credltors payable wlthln one year Creditors with no stated interest rate and payable within one year are recorded at transaction price. (n 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 oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. (g) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is onsidered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable organisation for UK corporation tax purposes. WAT PA BUDDHARAM - Chari No 1169962 Notes to the Accounts For The Period Ended 5th A ril 2024 (h) 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. 2 INCOMING RESOURCES These are stated after charging governance costs of £1,200. 3 PAYROLL COSTS No remuneration or reimbursement of expenses were payable to any of the trustees. Balance at Q5104123 Movements Balance at 05104124 4 TANGIBLE FIXED ASSETS Cost Freehold Properties - Knuston Vale, Northamptonshire -A Purchase price including costs -Alterations and Renovations 1,402,652 359,961 1,762,613 6,500 15,665 1,784,778 1,402,652 8,734 368,695 8,734 1,771.347 6,500 1,841 17.506 10,575 1,795 353 Volvo Car Equipment Accumulated Depr8clatlon Balance at Char e For Balance at 05104123 Year 05104124 Volvo car Equipment 4,444 8,493 12,937 Balance at 05104123 514 2,253 2,767 4,958 10,746 15,704 Balance at 05104124 Net Book Value Net Book Valu? Freehold Propety Volvo car Equipment 1,762,613 2,056 7,172 1,771,841 1,771,347 1,542 6,760 1,779,649 5. CREDITORS'.Amounts falllng due wlthln one year 2024 2023 Bank L08n - Triodos Accrued expenses 22,627 1,200 23,827 2024 31,836 1,200 33,036 2023 6. CREDITORS:Amounts falllng due after one year Private Loans Bank Loan - Triodos 365,000 172,685 537,685 428,000 269,902 697,902 WAT PA BUDDHARAM- Chari No 1169962 Notes to the Accounts For The Period Ended 5th A ril 2024 7. UNRESTRICTED FUNDS Balance at 05104123 Income endlture Balance at 05104124 1,095,131 1,095,131 235.192 235.192 48.427 48.427 1.281.896 1,281,896 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Fixed Assets Cash and Current Investments Other Current Assets l Liabilities Creditors More Than One Year 1,779,647 63,761 (23,827) 537,685 1,281,896 9. POST BALANCE SHEET EVENTS There are no post balance sheet events that require an adjustment or disclosure to the financial statement8. 10. RELATED PARTY TRANSACTIONS There are no related party transactions during the year (2023.. £nill.