SREE RAMAR TEMPLE ANNUAL REPORT 2018/19 · Sree Ramar Temple Annual Report 2018/19 by the...

SREE RAMAR TEMPLE

ANNUAL REPORT 2018/19

CONTENT

Sree Ramar Temple Annual Report 2018/19 by the Management Committee

Page Title

4 Vision & Introduction

4 Management Committee

5 Management Committee Meetings

5 Personnel Matters

7

7

Personnel Management System

Improvements to Temple Facilities

8 Major Ubayams & Religious Festivals

10 Other Services

10 Charitable Activities

11

12

15

Temple Volunteers

Community Outreach

National Day Prayers

15

16

Appreciation

Financial Matters

VISION

It is our vision that though we are a small Temple, we should be nationally recognised for service excellence.

OBJECTIVES

It has been another successful year for the Temple. Our objectives for the year under review

were:

To develop a credible and capable team to serve the needs of the Devotees

To improve the Temple facilities to serve the Devotees better.

To continue to meet the needs of the Devotees through well conducted and organised

religious festivals.

MANAGEMENT COMMITTEE

NAME DESIGNATION

Mr N K Sundarajoo President

Mr S Vivakanandan Vice President

Mr R Manevannan Honorary Secretary

Mr J Vijendran Honorary Asst. Secretary

Mr Senthiran M Canoo Honorary Treasurer

Mdm S Sivakamasundari Honorary Asst. Treasurer

Mr G Ramesh Committee Member

Mr K Kangatharan Resigned with effect from 15 Feb 2018

Page: 4

MANAGEMENT COMMITTEE MEETINGS

Since the AGM held on 30 June 2018, the Management Committee (MC) held 4 meetings.

Ad-hoc meetings with selected committee members were held to discuss other Temple

matters. The Ubayam Sub-Committee and the Silver Chariot Sub-Committee held additional

separate meetings.

MEMBERSHIP

The membership stands at

Life Members - 58

Ordinary Members - Nil

PERSONNEL MATTERS

For this year, emphasis was placed in two areas:

Consolidating the administration team

The Temple’s administration is led by an experienced Manager and a Temple Administrator. The administration team has enabled the Temple to manage services such as wedding arrangements, external catering liaison, cultural activities and volunteer management. The administration team also ensure that our religious functions are well organised and professionally executed. These aspects are vital as our congregation size is growing.

Building a credible religious services team

A professional religious services team is available in the Temple to ensure a consistently high standard is carried out during prayers. In the past year, we have recruited several new priests to replace departing ones.

Page: 5

Apart from the full-time staff, we also brought in additional priests during major festivals such

as Mahanyasa Ekadasa Rudhra Abishegam, Maha Chandi Yagam, Sree Rama Navami, Sree

Ramar Pattabishegam, Sree Maha Sudharasana Yagam, Navaraathiri Festival, Skantha Sashti

and for Hanuman Jayanthi. This system allows us to augment our manpower to cater to

Devotees’ needs and also to talent spot potential new recruits.

NAME OF STAFF DESIGNATION

Chandraseharan Vijayakumar Administration Manager

Muthuramalingam Krishnamorthy Temple Administrator

Venkatraman Srinivasa Pattachar Chief Priest

Sundararajan Gopal Vaishnavaite Priest

Gopalan Krishnan Vaishnavaite Priest

Paramasamy Adithyan Vaishnavaite Priest

Thiyagarajan Shankar Shaivaite Priest

Thiyagarajan Natarajan Shaivaite Priest

Kaleeswaran Bharanitharan Shaivaite Priest

Selvaraj Manikandan Madapalli Priest

Seenivasan Rajagopalan Madapalli Priest

Shanmuganathan Kaliyamurthy Nathaswaram

Krishnamoorthy Selvakumar Thavil

Muniyandi Mahendiran Temple Assistant

Gunasekaran Prabakaran Temple Assistant

Page: 6

PERSONNEL MANAGEMENT

All employees enter into a contract with the Temple. This is to ensure that a fair and transparent system is in place. All employees are also provided with detailed job descriptions and put through an orientation process.

IMPROVEMENT AND ADDITIONS TO TEMPLE FACILITIES

The Temple Management carried out the following improvement and additional works to the

Temple complex during the period under review:-

Annual servicing and maintenance of the Temple’s fire extinguishers & fire hose reels were carried out in compliance with Fire Safety Regulations.

Re-painting and improvement works of the Temple and Ancillary Building.

Other minor repairs, replacement and maintenance work were carried out to the Temple’s plumbing and electrical services, as and when required.

Page: 7

MAJOR UBAYAMS & OTHER RELIGIOUS FESTIVALSDuring the year under review, all Ubayams were taken up by Devotees. The Temple makes

every effort to ensure the Ubayams are well organised and affordable.

The Temple once again wishes to place on record its gratitude to all the generous Ubayathars

and Devotees who have participated in our Ubayams. During the year under review, 19 major

Ubayams were conducted. These were all very well received by the Devotees.

MAJOR UBAYAMS AND OTHER RELIGIOUS FESTIVALS FOR THE PERIOD JUNE 2018 TO MAY 2019

DATE FESTIVAL

08-07-2018 Sree Seetha Ramar Pattabishegam, Swarnaabishegam

09-08-2018 National Day Prayers

28-08-2018 Sree Guru Ragavendrar Aradhanai

02-09-2018 Krishna Jayanthi

13-09-2018 Vinayagar Chathurthi

18-09-2018 to 19-09-2018 Maha Sudharsana Yaagam

04-10-2018 Guru Peyarchi Maha Yagam

10-10-2018 to 18-10-2018 Navaraathiri Festival

08-10-2018 to 13-11-2018 Skantha Sashti Festival

17-11-2018 Swamy Ayyappan Poojai

09-12-2018 to 18-12-2018 Sree Vaikunda Ekadesi (Dasavarathaara Maha Yagam)

23-12-2018 Arudhra Dharisanam

27-12-2018 to 05-01-2019 Sree Hanumath Jayanthi

26-01-2019 to 27-01-2019 Mahanyasa Yekadhasa Rudhra Abishegam

04-03-2019 to 05-03-2019 Maha Sivarathiri

16-03-19 to 17-03-2019 Maha Chandi Yagam

13-04-2019 Sree Rama Navami

20-04-2019 Sree Seetha Ramar Silver Chariot Procession

Page: 8

The Annual Sree Seetha Ramar Silver Chariot procession was held on Saturday, 20 April 2019

in conjunction with Sree Rama Navami Festival (Thiruvizha) from 13 April 2019 to 22 April

2019. The magnificent Sree Seetha Ramar Silver Chariot visited the following places:

Ang Mo Kio Blk 314, Ang Mo Kio Street 31

Braddell Heights / Serangoon Ave 2

Tampines Central Park

Downtown East Open Carpark, Pasir Ris Drive 3

The annual Silver Chariot Procession has seen an increasing number of Devotees, at all the

stopping points, offering prayers and “Thattu Kaanikkai” to Sree Seetha Ramar. Many

Devotees came to witness this procession. It was a very colourful procession which attracted

admiration and devotion from Devotees and the public along the procession route.

The Temple Management Committee wishes to convey their heartfelt appreciation to all the

Volunteers and Silver Chariot Procession coordinators hosting the procession and making it a

very successful and memorable event.

Page: 9

OTHER SERVICES

As in the past, the Temple has continued to provide other services as requested by our

Devotees. These included Temple weddings, 60th wedding anniversary, house-warming

poojas, Ganapathy Homam, Punniathanam as well as other poojas and religious services.

These services helped to increase the revenue of the Temple.

CHARITABLE ACTIVITIES

The Temple is committed to initiating and supporting a variety of worthy causes. These

include Project Akshaya, a food ration project for needy families, launched in August 2008.

This programme reaches out to 75 family beneficiaries every month in the year under review.

With rising food costs and standard of living, Project Akshaya seeks to provide timely help to

these needy families to adapt to the changing economic conditions.

The Temple has also made specific donations to charitable causes such as SINDA,

Onepeople.SG, Singapore Indian Education Trust, Project Smile, Tamils Representative

Council, Sree Narayana Mission, Children’s Cancer Society, The Eurasian Association

(Singapore) and other charities.

Page: 10

Distribution of provisions to the needy multiracial families takes place on every third

Saturday of the month from 1.00 pm to 4.00 pm at the Temple’s Event Hall. The Temple

also makes special arrangements to deliver rations to disabled individuals who may not be

able to collect the rations on their own.

Temple’s Dual Role

In addition to our commitment to provide excellent religious services, the Temple has over

the years, given equal importance to educational, social and cultural activities in the

community to enhance its role as a social hub promoting racial and religious harmony.

TEMPLE VOLUNTEERS

The Temple is blessed with dedicated volunteers from all segments of the Indian community. The Temple’s 100-strong volunteer pool comprises professionals, entrepreneurs, senior executives along with individuals from all walks of life.

The Temple volunteers have contributed enormously to the Temple. These include:

- Serving annadhanam and prasadam

- Assisting with food preparation

- Washing of pots and pans after annathanam

- Managing crowds during major festivals

- Providing professional expertise at community events such as health check-ups andcultural activities as well as Temple administration.

The Management team wishes to thank all volunteers who have come forward to proffer their time and expertise with various Temple religious and community activities.

We appeal to all members and devotees to contribute to the Temple by volunteering their services where possible. Please contact the Temple office for more information on how you can make a difference.

Page: 11

COMMUNITY OUTREACH

Engagement with grassroots organisations

The Temple has become a popular choice worship for many Hindu Devotees. The presence of

both Vaishnavite and Saivite deities has increased the number of Devotees visiting the

Temple. The Temple receives frequent community visits from Indian Activity Executive

Committees and Resident Committees, under the umbrella of People’s Association. These

committees have organised visits to the Temple for their members, residents and families.

These visits not only promote familiarisation and appreciation of the Temple’s services and

activities, it also plays a key role in fostering racial harmony and a better understanding of

Hinduism by non-Hindu residents.

The following grassroots organisation visited the Temple during the period under review.

✓ Zhenghua CC Indian Activities Executive Committee

✓ Choa Chu Kang - Teck Whye Zone 3 RC

✓ Blangah Garden RC

✓ Boon Lay RC Zone ’H’ RC

All the participants enjoyed the Temple visit and found it very refreshing and enlightening. Our Temple is honoured to be selected for the visits as a model Hindu Temple. Vegetarian snacks prepared in the Temple were served to the visitors who departed with goodwill and lasting impression.

Page: 12

Engagement with community partners

Project Bakthi Classes at Sree Ramar Temple – The classes have been ongoing since 2016. This year, 70 students enrolled for these classes.

Free Yoga Classes - Free Basic Hath Yoga classes to the public was conducted by Nikam Guruji Yoga Kutir at our Temple event hall on Mondays. The Yoga class are in progress from 4 January 2017. An average of 65 participants had enrolled for the each quarterly sessions.

Page: 13

Devotional/Semi-Classical Vocal Classes at Sree Ramar Temple - Mdm Saraswathy, Director of Lahari Arts Society has been conducting vocal classes in our Temple effective from Fri, 10 March 2017 at our Multipurpose Room.

Bharathanatyam Classes at Sree Ramar Temple – Mdm Gayathri Gobi, Director of Gayathri School of Indian Dance has been conducting dance classes in our Temple effective from Sept. 2013 at our Multipurpose Room. We have 30 participants enrolled for every month.

Community Health Screening

The Temple launched a Community Health Screening Programme on Sunday, 17 Feb. 2019. This initiative was a joint collaboration between Sree Ramar Temple, Mount Alvernia Hospital and Siglap IRCC. The free health screening reached out to 48 participants (all above 40 years of age) including elderly Devotees and residents. Following the screening, a health education talk titled "Preventive Medicine” given by Mr Arumugam Sivakumar @ Arut Siva from Medi Therapie PL Sun, 3 Mar. 2019. The event received positive feedback and wide coverage over the Tamil media.

Page: 14

NATIONAL DAY PRAYERS ON 9 AUGUST 2018 Great importance is given to our annual National Day Celebrations. Our Temple commemorates Singapore’s independence by putting up colourful flags and buntings around the Temple and conducting special prayers for peace, well-being and prosperity of Singapore and its people. For the Hindu community, National Day is not just a mere milestone to commemorate but one where we take a step back and admire and reflect on the community's 53-year journey in prosperous and harmonious Singapore. This year’s celebration symbolises, new friendships forged and existing ones strengthened. The Temple also conducted its traditional Special Prayers for its 21-feet Viswarooba Hanuman on August 9, 2018 to celebrate Singapore’s 53rd National Day. This was followed by lunch for all Devotees.

APPRECIATION

Sree Ramar Temple’s Management Committee would like to place on record its sincere

gratitude and appreciation to the following individuals and organisations for their kind

assistance and advice.

Devotees, Ubayatharars, Sponsors, Donors, Advertisers, Well-Wishers, Volunteers and

Temple Staff.

Mr K Shanmugam Minister for Home Affairs and Minister for Law

Member of Parliament for Nee Soon GRC

Patron, Sree Ramar Temple

Dr Mohamad Maliki Bin Osman Senior Minister of State, Ministry of Defence and

Ministry of Foreign Affairs

Mayor, South East District

Member of Parliament for East Coast GRC (Siglap)

Mr Teo Chong Tee, JP Patron, Sree Ramar Temple

Mr M Ramachandran Life Trustee, Sree Ramar Temple

Mr M Rajaram Life Trustee, Sree Ramar Temple

Page: 15

Financial Matters

The Temple’s Auditors, Messrs Natarajan and Swaminathan, were able to complete the audited accounts for the financial year ended 31 December 2018 in time for the AGM.

The audited financial statements have since been circulated to all members together with the Annual Report for 2018/2019.

The summary results for the last three years are as follows:

a) Income and Expenditure Statements

2018 2017 2016

S$'000 S$'000 S$'000

Income 1,286 1,324 1,250

Expenses 1,059 1,197 1,164

Surplus 227 127 86

0

200

400

600

800

1,000

1,200

1,400

2016 2017 2018

S$'000

Year

Sree Ramar Temple: Comparison of Income and Expenditure

Statements for the Financial Years ended

2016, 2017 and 2018

Income

Expenses

Surplus

Page: 16

The Temple’s income has decreased marginally from S$1,324,000 in FY 2017 to S$1,286,000 in FY 2018. This decrease in FY2018 was mainly due to the following reasons:

• Guru Peyarchi was not observed in FY 2018, which happens only once in 2 years.

• Lesser income from wedding services and sales of Deepavali sweets in FY 2018 ascompared to 2017.

• Sree Rama Navami for 2018 was only observed for 10 days as compared to 12 days in2017.

The Temple’s operating expenses have also decreased from $1,197,000 in FY 2017 to S$1,059,000 in FY 2018. This was primarily due to following two reasons:

• Lower Repair and maintenance cost from $108,000 in FY 2017 to $61,000 in 2018

• Lower cost for Pooja and festivals expenses in FY 2018 as compared to FY 2017. Thisis due to bulk purchase of prayer items procured towards end of 2017 has resulted inlesser prayer items required for 2018.

Overall, the Temple was able to produce a higher net surplus of $227,000 for FY 2018 (FY 2017: $127,000).

b) Outlook for FY 2019

The Temple Management Committee’s immediate challenges are as follows:

• To focus on the smooth running of the expanded temple.

• To generate additional income from non-prayer services such as weddings,classical dance and yoga classes to cover the high overheads.

• To work closely with the Government in order to secure a permanent place forthe Temple.

Page: 17

SREE RAMAR TEMPLE (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37)

(UEN: S93SS0050E)

Financial Statements For The Year Ended December 31, 2018

Sree Ramar Temple (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37)

Management Committee

Mr. N.K. Sundarajoo President

Mr. S. Vivakanandan Vice President

Mr. R. Manevannan Honorary Secretary

Mr. Vijendran Jaganathan Honorary Asst. Secretary

Mr. Senthiran M. Canoo Honorary Treasurer

Mrs. S. Sivakamasundari Honorary Asst. Treasurer

Mr. Ramesh Ganeson Committee Member

Auditors

Natarajan & Swaminathan

Chartered Accountants of Singapore

1 North Bridge Road

#19-04 High Street Centre

Singapore 179094

Registered Office Index Pages

51 Changi Village Road, Singapore 509908 Statement by the Management Committee 1

Independent Auditors’ Report 2 - 4

Statement of Financial Position 5

Statement of Comprehensive Income 6 – 7

Statement of Changes in Funds 8

Statement of Cash Flows 9

Notes to the Financial Statements 10 – 27

1

Sree Ramar Temple (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37) Statement By The Management Committee For the financial year ended December 31, 2018

Inouropinion,theaccompanyingfinancialstatements,togetherwithnotesthereto,areproperlydrawn

upinaccordancewiththeprovisionsoftheSocietiesAct,Chapter311,theCharitiesAct,Chapter37and

otherrelevantregulationsandtheFinancialReportingStandards inSingapore,soas togivea trueand

fair view of the financial position of the Temple as at December 31, 2018 and of the statement of

comprehensive income, changes in funds and the cash flowsof theTemple for the year endedon that

date.

OnbehalfofTheManagementCommittee

….........................................................................................N.K.SundarajooPresident

….........................................................................................R. ManevannanHonorarySecretary

….........................................................................................SenthiranM.CanooHonoraryTreasurer

Date: 21 - 03 - 2019

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SREE RAMAR TEMPLE

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2018

(Registered under the Singapore Societies Act, Chapter 311 and Singapore Charities Act, Chapter 37)

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of SREE RAMAR TEMPLE (the “Temple”), which comprise the

statement of financial position as at December 31, 2018, and the statement of comprehensive income,

statement of changes in funds and statement of cash flows for the year then ended, and notes to the

financial statements, including a summary of significant accounting policies.

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 Financial Reporting Standards in Singapore

(FRS) so as to present fairly, in all material respects, the financial position of the Temple as at December

31, 2018, and of the financial performance, changes in funds and cash flows of the Temple for the year

ended on that date.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (SSA). Our responsibilities

under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial

Statements section of our report. We are independent of the Temple 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 Temple’s

Annual Report 2018/2019 by the Management Committee, but does not include the Financial Report and

our Auditors’ Report thereon, and the Statement by the Management Committee.

Our opinion on the financial statements does not cover the other information and we do not express any

form of assurance conclusion thereon.

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 FRS, 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, the management is responsible for assessing the Temple'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 Temple or to cease

operations, or has no realistic alternative but to do so.

Management Committee is responsible for overseeing the Temple’s financial reporting process.

Auditors’ 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 SSA 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 SSA, 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 Temple's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.





Auditors’ Responsibilities for the Audit of the Financial Statements (Cont’d)

• Conclude on the appropriateness of management's use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Temple's ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report

to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify

our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’

report. However, future events or conditions may cause the Temple to cease to continue as a going

concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in

a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope

and timing of the audit and significant audit findings, including any significant deficiencies in internal

control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

In our opinion, the accounting and other records required to be kept by the Temple have been properly

kept in accordance with the provisions of the Societies Regulations enacted under the Societies Act, the

Charities Act and Regulations.

Natarajan & Swaminathan Public Accountants and Chartered Accountants Singapore

Date: 21 – 03 – 2019

Sree Ramar Temple(Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37)

Statement of Financial Position As at December 31, 2018

Note 2018 2017

S$ S$

Assets

Non-current assets

Property, plant and equipment 3 142,778 156,583

Total non-current assets 142,778 156,583

Current assets

Other receivables 4 37,680 40,218

Prepayments 2,716 2,147

Cash and bank balances 5 1,486,551 1,169,224

Total current assets 1,526,947 1,211,589

Total assets 1,669,725 1,368,172

Equity and liabilities

Equity

Unrestricted funds

General fund 6 1,511,267 1,284,618

Building fund 7 4,838 (63,313)

Education fund 8 92,152 78,532

Total unrestricted funds 1,608,257 1,299,837

Current liabilities

Other payables and accruals 9 61,468 68,335

Total current liabilities 61,468 68,335

Total liabilities 61,468 68,335

Total equity and liabilities 1,669,725 1,368,172

The annexed accounting policies and explanatory notes form an integral part of the financial statements


Statement of Comprehensive Income For the financial year ended December 31, 2018

<--- Unrestricted funds ---> 2018 2017

GENERAL FUND S$ S$ Income and expenditure Incoming resources from generated funds

Voluntary income Service income - Pooja and worship 605,371 518,599

Donations and sponsorship - Pooja and worship collections 584,504 720,058 - Sales of Deepavali sweets 5,760 9,985 - Camphor tray and hundial collection 56,720 45,500 - Donation 4,641 256 - Gold and silver ornaments by well-wishers 7,160 4,640

- Wedding hall income 9,618 13,872 668,403 794,311

1,273,774 1,312,910 Other income Government grants: - Temporary employment credit 265 574 - Wage credit scheme payout 200 200 Interest on bank account 11,427 10,700

11,892 11,474 Total incoming resources 1,285,666 1,324,384

Resources expended Cost of services Pooja, festival & refreshment expenses (469,268) (556,445)

Salaries and employee benefits Staff salaries and benefits (203,757) (204,199) CPF contribution (defined) (15,840) (16,320) Staff commission (57,372) (38,540) Passage to staff (8,678) (15,441)

(285,647) (274,500)

Depreciation of plant and equipment Depreciation of plant and equipment (8,896) (18,132)

Other operating expenses Advertisement (867) - Audit fees (3,000) (2,700) Accountancy fee (6,140) (6,140) Bank charges (574) (692)Community outreach programme (54,848) (52,349)Miscellaneous expenses (1,847) (3,098) Postage and telephone (5,634) (6,359) Printing and stationery (22,868) (24,697) Professional fees - (1,177)Repairs and temple maintenance (61,261) (107,896)Temporary occupation licence fees (61,698) (59,839) Transportation expenses (7,779) (6,680) Utilities (68,690) (76,091)

(295,206) (347,718)


Statement of Comprehensive Income For the financial year ended December 31, 2018

<--- Unrestricted funds --->

2018 2017 GENERAL FUND (Cont’d) S$ S$

Total resources expended (1,059,017) (1,196,795)

Net income for the year 226,649 127,589

Other comprehensive income - -

Total comprehensive income for the year 226,649 127,589

BUILDING FUND Incoming resources from generated funds Voluntary income Hundial collection 68,200 77,185

Other income Interest on autosave account 15 4

Total incoming resources 68,215 77,189

Resources expended

Depreciation of plant and equipment Depreciation of temple building - (18,565)

Other operating expenses Bank charges (64) (64)

Total resources expended (64) (18,629)

Net gain for the year 68,151 58,560



EDUCATION FUND Incoming resources from generated funds

Voluntary income Hundial collection 13,620 12,670

Total incoming resources 13,620 12,670

Net income for the year 13,620 12,670



The annexed accounting policies and explanatory notes form an integral part of the financial statements

8

Sree Ramar Temple (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37) Statement of Changes in Funds For the financial year ended December 31, 2018

<---Unrestrictedfunds--->

General Building Educationfund fund fund Total

S$ S$ S$ S$

Balanceasat01.01.2017 1,157,029 (121,873) 65,862 1,101,018

Totalcomprehensiveincomefortheyear 127,589 58,560 12,670 198,819

Balanceasat31.12.2017 1,284,618 (63,313) 78,532 1,299,837

Totalcomprehensiveincomefortheyear 226,649 68,151 13,620 308,420

Balanceasat31.12.2018 1,511,267 4,838 92,152 1,608,257

Theannexedaccountingpoliciesandexplanatorynotesformanintegralpartofthefinancialstatements

9

Sree Ramar Temple (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37) Statement of Cash Flows For the financial year ended December 31, 2018

2018 2017

S$ S$CashflowsfromoperatingactivitiesSurplusingeneralfund 226,649 127,589Surplusineducationfund 13,620 12,670Deficitinbuildingfund 68,151 58,560

308,420 198,819Adjustmentsfor:-Interestincome (11,442) (10,704)Valueofgoldandsilverornamentsdonatedbywellwishers (7,160) (4,640)Depreciationofproperty,plantandequipment 8,896 36,697

Operatingsurplusbeforeworkingcapitalchanges 298,714 220,172Otherreceivablesandprepayments 3,577 (5,518)Otherpayables (6,867) 8,307

Netcashfromoperatingactivities 295,424 222,961

CashflowsfrominvestingactivitiesPurchaseofplantandequipment (2,931) (3,317)Costofgoldandsilverornamentssold 15,000 8,160Accruedfixeddepositsinterest (1,608) 669Fixeddeposits (209,686) (211,242)Interestincomereceived-buildingfund 15 4Interestincomereceived-generalfund 11,427 10,700

Netcashusedininvestingactivities (187,783) (195,026)

Netincreaseincashandcashequivalents 107,641 27,935

Cashandcashequivalentsbroughtforward 307,982 280,047

Cashandcashequivalentscarriedforward 415,623 307,982

Cashandcashequivalentscomprise:-

Cashatbank 415,304 294,777Cashinhand 319 13,205

415,623 307,982

Theannexedaccountingpoliciesandexplanatorynotesformanintegralpartofthefinancialstatements


Notes to the Financial Statements For the financial year ended December 31, 2018

These notes form an integral part of and should be read in conjunction with the accompanying financial

statements.

1 General information

Sree Ramar Temple is registered under Societies Act, Cap 311 and Charities Act Cap 37.

The Temple is an exempt charity under the Charities Act.

The affairs of the Temple are administered by the Management Committee in accordance with its

Constitution, the provisions of the Societies Act and the provisions of the Charities Act.

The registered office and principal place of business is at 51 Changi Village Road, Singapore 509908.

The principal activities of the Temple are to disseminate Hindu religious knowledge and to conduct

prayers and ceremonies on Hindu festival days and other days.

The Temple’s current premises lease, which expires in June 2019, will not be extended, and the

Temple is expected to vacate the premises in 2021. The Management Committee has identified an

alternative location within the vicinity for the Temple and is currently negotiating with the relevant

authorities to lease the new premises.

2 Significant accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standards

in Singapore (“FRS”) .The financial statements are expressed in Singapore Dollars (S$), and are

prepared under the historical cost convention except as disclosed in the accounting policies

below.

The preparation of financial statements in conformity with FRS requires management to exercise

its judgment in the process of applying the Temple’s accounting policies. It also requires the use

of accounting estimates and assumptions that affect 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 revenues and expenses during the financial year. These estimates and

assumptions are assessed on an on-going basis and are based on experience and relevant factors,

including expectations of future events that are believed to be reasonable under the

circumstances (refer Note 2(b) to the financial statements).

The Temple adopted the new or revised FRS that is mandatory for application on that date. This

includes the following FRS, which are relevant to the Temple as a single entity:

FRS 40 (Amendments) : Transfers of Investment Property

FRS 102 (Amendments) : Classification and Measurement of Share-based Payment Transactions

FRS 109 : Financial Instruments

FRS 115 (Amendments) : Revenue from Contracts with Customers



2 Significant accounting policies (Cont’d)

a) Basis of preparation (Cont’d)

Improvements to FRSs

FRS 28 (Amendments) : Investments in Associates and Joint Ventures

FRS 101 (Amendments) : First-time Adoption of Financial Reporting Standards

FRS 112 : Disclosure of Interests in Other Entities

Adoption of new and amended standards and interpretations

FRS 115 Revenue from Contracts with Customers

FRS 115 supersedes FRS 11 Construction Contracts, FRS 18 Revenue and related interpretations

and it applies, with limited exceptions, to all revenue arising from contracts with customers. FRS

115 establishes a five-step model to account for revenue arising from contracts with customers

and requires that revenue be recognised at an amount that reflect the consideration to which an

entity expects to be entitled in exchange for transferring goods or services to a customer.

FRS 115 requires entities to exercise judgement, taking into consideration all of the relevant

facts and circumstances when applying each step of the model to contracts with their customers.

The standard also specifies the accounting for the incremental costs of obtaining a contract and

the costs directly related to fulfilling a contract. In addition, the standard requires extensive

disclosures.

The Temple adopted FRS 115 using the modified retrospective method of adoption with the date

of initial application of 1 January 2018. Under this method, the standard can be applied either to

all contracts at the date of initial application or only to contracts that are not completed at this

date. The Temple elected to apply the standard to all contracts as at 1 January 2018 and there is

no material effect or adjustments that arises from the adoption of FRS 115. Consequently no

comparative for the 2018 financial year have been impacted or restated.

FRS 109 Financial Instruments

FRS 109 replaces FRS 39 Financial Instruments: Recognition and Measurement for annual

periods beginning on or after 1 January 2018, bringing together all three aspects of the

accounting for financial instruments: classification and measurement; impairment; and hedge

accounting.

The Temple applied FRS 109 retrospectively, with an initial application date of 1 January 2018.

The Temple has not restated comparative information which continues to be reported under FRS

39 and the disclosure requirements of FRS 107 Financial Instruments: Disclosures relating to

items within the scope of FRS 39.

12

Sree Ramar Temple (Registered under the Singapore Societies Act, Chapter 311 and the Singapore Charities Act, Chapter 37) Notes to the Financial Statements For the financial year ended December 31, 2018

2 Significantaccountingpolicies(Cont’d)

a) Basisofpreparation(Cont'd)

The adoption of these does not result in any significant changes to the Temple’s accountingpoliciesorhaveanysignificantimpactonthefinancialstatements.

Thenatureoftheadjustmentsaredescribedbelow:

(i) Classificationandmeasurement

UnderFRS109,debtinstrumentsaresubsequentlymeasuredeitheratfairvaluethroughprofit or loss (FVPL), amortised costor fair value throughother comprehensive income(FVOCI). The classification is based on two criteria: the Temple’s business model formanaging the assets; and whether the instruments’ contractual cash flows represent‘solelypaymentsofprincipalandinterest’ontheprincipalamountoutstanding.

The assessment of the Temple’s business model was made as of the date of initialapplication, 1 January 2018. The assessment ofwhether contractual cash flows ondebtinstrumentssolelycomprisedofprincipaland interestwasmadebasedonthe factsandcircumstancesasattheinitialrecognitionoftheassets.

The classification andmeasurement requirementsof FRS109didnothave a significantimpact to theTemple.TheTemple continuedmeasuringat fairvalueall financial assetspreviously held at fair value under FRS 39. The following are the changes in theclassificationandmeasurementoftheTemple’sfinancialassets:

• Otherreceivablesclassifiedasloansandreceivablesasat31December2017areheldto collect contractual cash flows and give rise to cash flows representing solelypayments of principal and interest. These were classified and measured as debtinstrumentsatamortisedcostbeginning1January2018.

Thereisnoeffectasaresultofthechangeinclassification.

TheTemplehasnotdesignatedany financial liabilitiesatFVPL.Therearenochanges inclassificationandmeasurementfortheTemple’sfinancialliabilities.

In summary, upon the adoption of FRS 109, the Temple had the following required orelectedreclassificationsasat1January2018:

13


2 Significantaccountingpolicies(Cont’d)a) Basisofpreparation(Cont'd)

(i) Classificationandmeasurement(Cont'd)

FRS109measurementcategory

FVOCI Amortisedcost

FRS39measurementcategory S$ S$

LoansandreceivablesOtherreceivables - 40,218

(ii) Impairment

The adoption of FRS 109 has fundamentally changed the Temple’s accounting forimpairmentlossesforfinancialassetsbyreplacingFRS39’sincurredlossapproachwithaforward-looking expected credit loss (ECL) approach. FRS 109 requires the Temple torecogniseanallowanceforECLsforalldebtinstrumentsnotheldatFVPL.

UponadoptionofFRS109,theTemplehasassessedthereisnomaterialexpectedcreditlossesthatneedstobeprovidedfor.

b) Criticaljudgmentsinapplyingtheentity’saccountingpoliciesIntheprocessofapplyingtheentity’saccountingpolicies,managementisofopinionthattherearenocriticaljudgments(otherthanthoseinvolvingestimates)thathavesignificanteffectontheamountsrecognisedinthefinancialstatements.Keysourcesofestimationuncertainty

Thekeyassumptionsconcerningthefuture,andotherkeysourcesofestimationuncertaintyatthe statement of financial position date, that have significant risk of causing a materialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyear,arediscussedbelow.

Depreciation

TheTempledepreciates theproperty,plant andequipmentover their estimateduseful lives,aftertakingintoaccounttheirestimatedresidualvalues,ifany,usingthestraight-linemethod.Theestimatedusefullifereflectsthemanagementcommittees’estimateoftheperiodsthattheTempleintendstoderivefutureeconomicbenefitsfromtheuseoftheTemple’sproperty,plantandequipment.

The residual values reflect themanagement committees’ estimated amount that the Templewould currently obtain from disposal of the asset, after deducting the estimated costs ofdisposal, if theassetswerealreadyof theageand in theconditionexpectedat theendof itsusefullife.

14


2 Significantaccountingpolicies(Cont’d)c) Functionalcurrency

The management committee has determined the functional currency of the Temple to beSingapore dollars, being the currency of the primary economic environment in which theTempleoperates.

d) Property,plantandequipmentProperty, plant and equipment are stated at cost less accumulated depreciation andimpairment loss, if any. The cost of an asset comprises its purchase price and any directlyattributablecostsofbringingtheassettoworkingconditionforitsintendeduse.Expenditureforadditions,improvementsandrenewalsarecapitalisedandexpenditureformaintenanceandrepairs are charged to the profit or loss. When assets are sold or retired, their cost andaccumulated depreciation are removed from the financial statements and any gain or lossresultingfromtheirdisposalisincludedintheprofitorloss.

e) Depreciationofproperty,plantandequipmentDepreciationiscalculatedonastraight-linemethodtowriteoffthecostoftheproperty,plantandequipmentovertheirestimatedusefullivesatthefollowingannualrates:Temporarytemplebuilding - 20%Poojaarticlesandfurniture&fittings - 33%to20%Officeandotherequipment - 33%

Depreciationisnotprovidedinrespectofgoldandsilverornaments.

Fullydepreciatedassets still inuseare retained in the financial statementsuntil theyarenolongerinuse.

f) Impairmentofnon-financialassetsAteachstatementof financialpositiondate, theTemplereviews thecarryingamountsof itstangibleassetstodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedin order to determine the extent of the impairment loss (if any).When it is not possible toestimatetherecoverableamountofanindividualasset,theTempleestimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.

Recoverableamount is thegreaterofnet sellingpriceandvalue inuse. Inassessingvalue inuse, the estimated future cash flows are discounted to their present value using pre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.

If the recoverable amount of an asset (cash-generating unit) is estimated to be less than itscarrying amount, the carrying amount of the asset (cash-generating unit) is reduced to itsrecoverableamount.Animpairmentlossisrecognisedimmediatelyinprofitorlossunlesstherelevantassetiscarriedatarevaluedamount,inwhichcasetheimpairmentlossistreatedasarevaluationdecrease.

15


2 Significantaccountingpolicies(Cont’d)f) Impairmentofnon-financialassets(Cont’d)

When an impairment loss subsequently reverses, the carrying amount of the asset (cash-generatingunit)isincreasedtotherevisedestimateofitsrecoverableamount,butsothattheincreased carrying amount does not exceed the carrying amount that would have beendetermined had no impairment loss been recognised for the asset (cash-generating unit) inprioryears.Areversalofimpairmentlossisrecognisedimmediatelyinprofitorlossunlesstherelevantassetiscarriedatarevaluedamount,inwhichcasethereversaloftheimpairmentlossistreatedasarevaluationincrease.

g) FinancialinstrumentsThese accounting policies are applied on and after the initial application date of FRS 109, 1January2018:

Financialinstrumentscomprisefinancialassetsandfinancialliabilities.Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

(i) Financialassets

Initialrecognitionandmeasurement

Financial assets are classified, at initial recognition, as subsequently measured atamortised cost, fair value through other comprehensive income (OCI), and fair valuethroughprofitorloss(FVPL).

Theclassificationoffinancialassetsatinitialrecognitiondependsonthefinancialasset’scontractualcashflowcharacteristicsandtheTemple’sbusinessmodelformanagingthem.With the exception of trade receivables that do not contain a significant financingcomponent or for which the Temple has applied the practical expedient, the Templeinitiallymeasuresafinancialassetatitsfairvalueplus,inthecaseofafinancialassetnotat fairvalue throughprofitor loss, transactioncosts that are directly attributable to the

acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are

expensed in profit or loss.

Trade receivables do not contain a significant financing component or for which theTemple has applied the practical expedient are measured at the transaction pricedeterminedpertheTemple’srevenuerecognitionpolicy.

Financialassets thatareclassifiedandmeasuredatamortisedcostor fairvaluethroughOCI,arefinancialassetsthatgiverisetocashflowsthatare“solelypaymentsofprincipalandinterest(SPPI)”ontheprincipalamountoutstanding.TheassessmentisreferredtoastheSPPItestandisperformedataninstrumentlevel.

TheTemple’sbusinessmodel formanaging financialassets refers tohow itmanages itsfinancialassetsinordertogeneratecashflows.Thebusinessmodeldetermineswhethercashflowswillresultfromcollectingcontractualcashflows,sellingthefinancialassets,orboth.




g) Financial instruments (Cont’d)

(i) Financial assets (Cont’d)

Subsequent measurement

For the purposes of subsequent measurement, financial assets are classified in four

categories:-

- Financial assets at amortised cost (debt instruments)

- Financial assets at fair value through OCI with recycling of cumulative gains and

losses (debt instruments)

- Financial assets designated at fair value through OCI with no recycling of

cumulative gains and losses upon derecognition (equity instruments)

- Financial assets at fair value through profit or loss

The Temple’s relevant financial assets category is financial assets at amortised cost (debt instruments).

Financial assets at amortised cost (debt instruments)

The Temple measures financial assets at amortised cost if both of the following conditions are met:-

- The financial asset is held within a business model with the objective to hold

financial assets in order to collect contractual cash flows; and

- The contractual terms of the financial asset give rise specified dates to cash flows

that are solely payments of principal and interest on the principal amount

outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest

(EIR) method and are subject to impairment. Gains and losses are recognised in profit or

loss when the asset is derecognized, modified or impaired. For short-term receivables the

nominal cost approximates the fair value.

The Temples financial assets at amortised cost includes other receivables.

Derecognition

A financial asset is derecognized when the rights to receive cash flows from the asset have

expired or the Temple has transferred its rights to receive cash flows from the asset or has

entered into a “pass-through” arrangement; and either (a) the Temple has transferred

substantially all the risks and rewards of the asset, or (b) the Temple has neither transferred

nor retained substantially all the risks and rewards of the asset but has transferred control

of the asset.

When the Temple has transferred its rights to receive cash flows from an asset or has

entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained

the risks and rewards of ownership.





(i) Financial assets (Cont’d)

Derecognition (Cont’d)

When it has neither transferred nor retained substantially all of the risks and rewards of the

asset, nor transferred control of the asset, the Temple continues to recognize the transferred

asset to the extent of its continuing involvement. In that case, the Temple also recognizes an

associated liability. The transferred asset and the associated liability are measured on a

basis that reflects the rights and obligations that the Temple has retained.

On derecognition of a financial asset in its entirety, the difference between the carrying

amount and the sum of the consideration received and any cumulative gain or loss that had

been recognised in other comprehensive income for debt instruments is recognised in profit

or loss.

Impairment of financial assets

The Temple recognises an allowance for expected credit losses (ECLs) for all debt

instruments not held at FVPL. ECLs are based on the difference between the contractual

cash flows due in accordance with the contract and all the cash flows that the Temple

expects to receive, discounted at an approximation of the original effective interest rate. The

expected cash flows will include cash flows from the sale of collateral held or other credit

enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a

significant increase in credit risk since initial recognition, ECLs are provided for credit

losses that result from default events that are possible within the next 12-months (a 12-

month ECL). For those credit exposures for which there has been a significant increase in

credit risk since initial recognition, a loss allowance is recognised for credit losses expected

over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

For trade and other receivables, the Temple applies a simplified approach in calculating

ECLs. Therefore, the Temple does not track changes in credit risk, but instead recognises a

loss allowance based on lifetime ECLs at each reporting date. The Temple has established a

provision matrix that is based on its historical credit loss experience, adjusted for forward-

looking factors specific to the debtors and the economic environment which could affect

debtors’ ability to pay.

The Temple makes judgmental assessment for financial asset in default when contractual

payments are past due. The Temple considers a financial asset to be in default when internal

or external information indicates that the Temple is unlikely to receive the outstanding

contractual amounts in full before taking into account any credit enhancements held by the

Temple. A financial asset is written off when there is no reasonable expectation of

recovering the contractual cash flows.





(ii) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value

through profit or loss, loans and borrowings, payables, or as derivatives designated as

hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and

borrowings and payables, net of directly attributable transaction costs. For short term

payables the nominal costs approximate the fair value.

The Temple’s financial liabilities include other payables and accruals.

Subsequent measurement

The measurement of financial liabilities depends on their classification.

After initial recognition, financial liabilities that are not carried at FVPL are subsequently

measured at amortised cost using the effective interest method. Gains and losses are

recognised in profit or loss when the liabilities are derecognised as well as through the

amortisation process.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or

cancelled or expires when an existing financial liability is replaced by another from the same

lender on substantially different terms, or the terms of an existing liability are substantially

modified, such an exchange or modification is treated as a derecognition of the original

liability and the recognition of a new liability. On derecognition, the difference between the

carrying amounts and the consideration paid is recognised in profit or loss.

These accounting policies are applied before the initial application date of FRS 109, 1 January 2018:

g) Financial instruments

Financial instruments comprise financial assets and liabilities and they are recognised on the

Temple’s statement of financial position when the Temple becomes a party to the contractual

provisions of the instrument.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial

instrument and of allocating interest income or expense over the relevant period. The effective

interest rate is the rate that exactly discounts estimated future cash receipts or payments through

the expected life of the financial instrument, or where appropriate, a shorter period. Income is

recognised on an effective interest basis for debt instruments other than those financial

instruments “at fair value through profit or loss”.




g) Financial instruments (Cont'd)

Financial assets

Financial assets are classified as one of the financial assets at fair value through profit or loss,

loans and receivables, held-to-maturity investments or available-for-sale financial assets, as

appropriate.

Recognition

When financial assets are recognised initially, they are measured at fair value, plus, in the case of

financial assets not measured at fair value through profit or loss, directly attributable transaction

costs. The Temple determines the classification of its financial assets at the time of initial

recognition, and where allowed and appropriate, re-evaluates this designation at each financial

year end.

All regular way purchases and sales of financial assets are recognised or derecognised on the

trade date, i.e., the date that the Temple commits to purchase or sell the asset. Regular way

purchases or sales are purchases or sales of financial assets that require delivery of assets within

the period generally established by regulation or convention in the market place concerned.

As of year end the Temple has the following classes of financial assets:-

- Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable

payments that are not quoted in an active market. They are presented as “trade and other

receivables” and “cash and cash at bank” on the statement of financial position. They are

presented as current assets, except for those maturing 12 months after the financial

position date which are presented as non-current assets. Loans and receivables are

measured at amortised cost using the effective interest method less impairment losses.

Gains and losses are recognised in profit or loss when the loans and receivables are

derecognised or impaired, as well as through the amortization process. For short term

receivables the nominal cost would approximate the fair value.

Impairment

Financial assets, other than those at fair value through profit or loss, are assessed for indicators

of impairment at each statement of financial position date. Financial assets are impaired where

there is objective evidence that, as a result of one or more events that occurred after the initial

recognition of the financial asset, the estimated future cash flows of the financial assets have been

impacted.

For financial assets carried at amortised cost, the amount of the impairment 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 carrying amount of the financial asset is reduced by the impairment loss directly for all

financial assets with the exception of trade receivables where the carrying amount is reduced

through the use of an allowance account. When a trade receivable is uncollectible, it is written off

against the allowance account.





Impairment (Cont’d)

Subsequent recoveries of amounts previously written off are credited against the allowance

account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

With the exception of available-for-sale equity instruments, if any, if in a subsequent period, the

amount of the impairment loss decreases and the decrease can be related objectively to an event

occurring after the impairment loss was recognised, the previously recognised impairment loss

is reversed through profit or loss to the extent the carrying amount of the investment at the date

the impairment is reversed does not exceed what the amortised cost would have been had the

impairment not been recognised.

In respect of available-for-sale equity instruments, any subsequent increase in fair value after an

impairment loss is recognised directly in equity.

Derecognition

The Temple derecognises a financial asset only when the contractual rights to the cash flows from

the asset expire, or it transfers the financial asset and substantially all the risks and rewards of

ownership of the asset to another entity. If the Temple neither transfers nor retains substantially

all the risks and rewards of ownership and continues to control the transferred assets, the

Temple recognises its retained interest in the asset and an associated liability for amounts it may

have to pay. If the Temple retains substantially all the risks and rewards of ownership of a

transferred financial asset, the Temple continues to recognise the financial asset and also

recognises a collateralized borrowing for the proceeds received.

Financial liabilities

Financial liabilities include other payables.

Payables are initially measured at fair value, net of transaction costs, and are subsequently

measured at amortised cost, using the effective interest method, with interest expense

recognised on an effective yield basis. For short term payables the costs approximate the fair

value.

Financial liabilities are derecognised when the obligation under the liabilities are discharged,

cancelled or expire.

h) Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash at bank,

cash in hand and fixed deposits with maturity of less than 3 months from year end.

i) Revenue recognition

These accounting policies are applied on and after the initial application date of FRS 115, 1

January 2018:




i) Revenue recognition (Cont’d)

Revenue is measured based on the consideration to which the Temple expects to be entitled in

exchange for transferring promised goods or services to a customer, excluding amounts

collected on behalf of third parties and based on the transaction price, which is the consideration,

adjusted for volume discounts, service level credits, price concessions and incentives, if any, as

specified in the contract with the customer. Revenue also excludes taxes collected from

customers, if any.

Revenue is recognised when the Temple satisfies a performance obligation by transferring a

promised good or service to the customer, which is when the customer obtains control of the

good or service. A performance obligation may be satisfied at a point in time or over time. The

amount of revenue recognised is the amount allocated to the satisfied performance obligation.

All income is recognised on a cash basis that is received upon completion of the services

rendered.

These accounting policies are applied before the initial application date of FRS 115, 1 January

2018:

Income recognition

All income is recognised on a cash basis that is received upon completion of the services

rendered.

j) Other income

The following income are recognised on the following basis:

Grants

Grants received are recognised on receipt basis.

Interest income

Interest income is recognised on an accrual basis.

k) Funds

Income and expenditure relating to specific or designated funds are accounted for directly in the

funds to which they relate.

General fund

The general fund is the Temple’s operating fund and it accounts for all financial resources except

for those required to be accounted in the building fund.

Building fund

This fund is made up of donations and other receipts solely for the purpose of building new

Temple and or relocating the Temple to a new permanent site.

Education fund

The fund is mainly of donation and other receipts for the provision of educational assistance

such as bursaries to needy students.




l) Operating lease

Leases of plant and equipment where significant portion of the risks and rewards of ownership

are retained by the lessor are classified as operating leases. Rentals and other lease payments

under operating leases are charged to profit or loss on a straight-line basis over the term of the

relevant lease.

m) Income tax

The income of the Temple is exempt from tax under Section 13(1) (2m) of the Income Tax Act,

Cap 134.

3 Property, plant and equipment Pooja

Temporary Gold and articles Office

temple silver furniture and other

2018 building ornaments & fittings equipment Total

S$ S$ S$ S$ S$ Cost At January 1, 2018 1,583,968 146,388 254,855 333,814 2,319,025 Additions - 7,160 - 2,931 10,091 Disposals - (15,000) - - (15,000) At December 31, 2018 1,583,968 138,548 254,855 336,745 2,314,116

Depreciation At January 1, 2018 1,583,968 - 253,104 325,370 2,162,442 Charge for the year - - 584 8,312 8,896 At December 31, 2018 1,583,968 - 253,688 333,682 2,171,338

Net book value At December 31, 2018 - 138,548 1,167 3,063 142,778

Pooja

Temporary Gold and articles Office

temple silver furniture and other

2017 building ornaments & fittings equipment Total

S$ S$ S$ S$ S$ Cost At January 1, 2017 1,583,968 149,908 254,855 330,497 2,319,228 Additions - 4,640 - 3,317 7,957 Disposals - (8,160) - - (8,160) At December 31, 2017 1,583,968 146,388 254,855 333,814 2,319,025

Depreciation At January 1, 2017 1,565,403 - 245,300 315,042 2,125,745 Charge for the year 18,565 - 7,804 10,328 36,697 At December 31, 2017 1,583,968 - 253,104 325,370 2,162,442

Net book value At December 31, 2017 - 146,388 1,751 8,444 156,583



4 Other receivables 2018 2017

S$ S$

Advance to staffs 2,594 4,775 Accrued fixed deposit interest 6,345 4,737 Deposits 28,741 30,706

37,680 40,218

5 Cash and bank balances 2018 2017

S$ S$

Fixed deposits 1,070,928 861,242 Cash at bank 415,304 294,777 Cash in hand 319 13,205

1,486,551 1,169,224

Fixed deposits are with an original maturity of 1 year (2017:1 year). As of year-end, the fixed deposits

have a maturity of about 6 months (2017:6 months).

The interest rate for fixed deposits is 1.3% (2017: 1.10% to 1.20%) per annum.

6 General fund

The General Fund is the Temple’s operating fund, established for the general operation and

administration of the Temple.

The General fund is represented by all the assets and liabilities of the Temple except for the assets

specifically designated for the Building fund as disclosed in Note 7 to the financial statements.

7 Building fund

The Building Fund was established solely for the purpose of building new Temple and or relocating

the Temple to a new permanent site.

The fund is represented by the following specifically designated assets:

2018 2017

S$ S$

Accrued fixed deposits interest 6,345 4,737 Cash at bank 1,119,591 871,714

1,125,936 876,451 Difference between balance in fund and assets allocated (1,121,098) (939,764) Balance at end of year 4,838 (63,313)



8 Education fund

In 2008, the Committee had established the education fund. The objective of the education fund is to

provide educational assistance such as bursaries to the needy students.

9 Other payables and accruals 2018 2017

S$ S$

Sundry payables 55,369 63,766 Accrued expenses 6,099 4,569

61,468 68,335

10 Operating lease commitments

At the statement of financial position date, the rental lease commitments in respect of operating leases

were as follows:

2018 2017

S$ S$ Rental expense:

Within 1 year - 14,967

11 Financial instruments, financial and capital risk management

(a) Categories of financial instruments

The following table sets out the financial instruments as at the statement of financial position

date:

2018 2017

S$ S$

Financial assets

Amortised cost:

- Other receivables 37,680 40,218

Total financial assets measured at amortised cost 37,680 40,218


Amortised cost:

- Other payables and accruals 61,468 68,335

Total financial liabilities measured at amortised cost 61,468 68,335



11 Financial instruments, financial and capital risk management (Cont'd)

(b) Fair value measurements

The assets and liabilities measured at fair value are classified by the following level of fair value

measurement hierarchy:

(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(ii) inputs other than quoted prices included within Level 1 that are observable for the

asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

(Level 2); and

(iii) inputs for the asset or liability that are not based on observable market data

(unobservable inputs) (Level 3).

There are no financial assets measured at fair value.

Assets and liabilities not measured at fair value

(i) Other receivables, cash and bank balances and other payables

The carrying amounts of these balances approximate their fair values due to the short-term

nature of these balances.

(c) Financial risk

The management committee reviews and agrees policies for managing risk with a view to

minimize potential adverse effects of financial performance of the Temple. Each of these risks

are summarised below:

Interest rate risk

The Temple has no significant exposure to market risk for changes in interest rates because it

has no interest bearing borrowings from any external sources.

The Temple has interest bearing fixed deposits. The interest bearing fixed deposits are short

term in nature and with the current interest rate level, any variation in the interest rates will

not have a material impact on the net income of the Temple.

Liquidity risk

Liquidity risk is the risk that the Temple will encounter difficulty in meeting financial

obligations due to shortage of funds. The Temple’s exposure to liquidity risk arises primarily

from mismatches of the maturities of financial assets and liabilities. The Temple has no

significant liquidity risk. It maintains a level of cash and bank balances that is sufficient for

working capital purposes.

The table below analyses the maturity profile of the Temple’s financial liabilities based on

contractual undiscounted cash flows.



11 Financial instruments, financial and capital risk management (Cont'd)

(c) Financial risk (Cont'd)

Liquidity risk (Cont'd)

Cash flows

Carrying Contractual Less than Within

amount cash flow 1 year 2 to 5 years

S$ S$ S$ S$ 2018 Financial assets

Other receivables 37,680 37,680 37,680 -

Cash and bank balances 1,486,551 1,486,551 1,486,551 -

Total undiscounted financial assets 1,524,231 1,524,231 1,524,231 -


Other payables and accruals 61,468 (61,468) (61,468) -

Total undiscounted financial liabilities 61,468 (61,468) (61,468) -

Total net undiscounted financial assets 1,462,763 1,462,763 1,462,763 -

2017 Financial assets

Other receivables 40,218 40,218 40,218 -

Cash and bank balances 1,169,224 1,169,224 1,169,224 -

Total undiscounted financial assets 1,209,442 1,209,442 1,209,442 -


Other payables and accruals 68,335 (68,335) (68,335) -

Total undiscounted financial liabilities 68,335 (68,335) (68,335) -

Total net undiscounted financial assets 1,141,107 1,141,107 1,141,107 -

Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations

resulting in financial loss of the Temple. The Temple has no significant exposure to credit risk

as its transactions are on cash basis.

Other receivables

The Temple assessed the financial position of the counterparties and concluded that there has

been no significant increase in the credit risk since the initial recognition of the financial assets.

Accordingly, the Temple measured the probable impairment loss allowance using 12-month

ECL (“Expected Credit Loss”) and determined that the ECL is insignificant

The Temple places its cash at banks and bank deposits with credit worthy institutions.

The carrying amount of the Temple’s other receivables and cash and bank balances recorded

in the financial statements represents the Temple’s maximum exposure to credit risk. No other

financial assets carry a significant exposure to credit risk.

Price risk

The Temple has no significant exposure to price risk.

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11 Financialinstruments,financialandcapitalriskmanagement(Cont'd)(d) Capitalriskmanagement

The management considers the capital of the Temple to mainly consist of General fund,BuildingfundandEducationfund.

ThemanagementmanagesthecapitaltoensuretheTemplewillbeabletocontinueasagoingconcernwhilemaximizingthereturntotheTemplethroughoptimizationofthecapital.

Themanagement’soverallstrategyremainsunchangedfrom2017.

12 NewaccountingstandardsandFRSinterpretationsAt thedateofauthorisationof these financial statements, the followingFRSand INTFRS thatarerelevanttotheTemplewereissuedandnoteffective:

Effectivefromannualperiodsbeginning

onorafter

FRS28 (Amendments) : Long-termInterestsinAssociatesandJointVentures

January1,2019

FRS109 (Amendments) : PrepaymentFeatureswithNegativeCompensation

January1,2019

FRS116 : Leases January1,2019

ImprovementstoFRSs

AnnualImprovementstoFRS(March2018 January1,2019

FRS12 (Amendments) : IncomeTaxes January1,2019

FRS23 (Amendments) : BorrowingCosts January1,2019

FRS103 (Amendments) : BusinessCombinations January1,2019

FRS111 (Amendments) : JointArrangements January1,2019

FRS123 : UncertaintyOverIncomeTaxTreatments January1,2019

ThemanagementanticipatesthattheadoptionoftheaboveFRSandINTFRSdoesnotresultinanysignificant changes to the Temple’s accounting policies or have any significant impact on thefinancialstatementsoftheTemple.

13 AuthorisationoffinancialstatementsThesefinancialstatementswereauthorisedforissueinaccordancewitharesolutionofmanagementcommitteeon21 - 03 -2019

,ree raMar teMpl#9--51 Changi Village Road Singapore 509908

Tel +65 6543 1463 Fax +65 6542 6593Email [email protected] Website www.sreeramartemple.org.sg Facebook : fb.com/sreeseetharamar

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