Company reglstration numbor: 027245NI Charfty reglstration number: 1023575 INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA company Ilmlt•d by guarant•o) CONTENT8 Pag8 Referen¢• and administrativ• d•tails of thè Charitable Companyi Its TtS and advls8r5 Trustses, annual report Tru$teè8' rnsponsibllltles statemant Independent examlnerfs r¢port Statament of financial a¢tlvltl•s 10 8alan¢e she•t Statement of cash flows 13 Notes to th• flnan¢lal sLitèm•nts 14-27
INTERNATIONAL BUDDHIST PROGRESS SOCIE (UK) (A ¢ompany limllod by guafant•o) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Venerable Chueh Yann Shih. Trustee Venerable Mlao Shiunn Shih, Secretsry Venerable Suit H80ng Chong. Trustee (reSned 18 D8Gember 2020) Rev. Ll-ya Chou, Trustee Rev. Mei-chu Fan, Truste8 Rev. Yi Chen Wu, Trustee Rev. Pei Fen Wu Chang, Trustee Fong Goh Leo. Trustee Company regl$ter•d numb•r 02724500 Charlty rogistsrnd numb•r 1023575 R•gistered offic• 84 Margaret Street London W1W 8TD Company s•cr•lary Venerable Miao Shlunn Shih Independent examlner MHA ma¢In Hudson Chartered Acxounlanls 2 London Wall Place London EC2Y SAU Bankers Nalwest Bank PLC Cavenélsh Square Ch8tharn Customer Servica Centre Weslem Avenue Kent ME4 4RT Page 1
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY {UK} {A company Ilmited by guarants•} TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL STATEMENTS Th8 management committee which is the Board of Directors of the Society for the purposes of company law and trustaes for charity law purposes presents ils report and Ihe financlal stslements for the year gnded 31 December 2020, which comply wtth current statutory rUirementS and the charitable ¢ompany's goveming document. These financial statements present thg resutts for th8 London Fo GuarvJ Temple. CHARrtY ORGANISATION The chaiitable company was registered by the Charity Commission on 15 Juty 1993. Th8 charitable company is govemed by its Memorandum and Articles of Association dated 19 Jun& 1992. The charitable company is also lirnited by guarantee. Fo Guang Shan monastery is a Buddhist ternple that propagates Humanislic Buddhism, and was founded by Venerable Master HsiNJ Yun in 1967. The headquart8rs of the organisation is based in Tawan, and has branches across the wodd including in Los Angeles. Hong Kong, Sydnoy, Cape Town and Toronto. Taiwan is where the monastic training is undertaken. Many lay people undertake monastic training to spread Buddhism around the wodd. Once they achieve a certain level of trainin9. they arg qualified to s8Ne at branch 16nyles. The Intemational Buddhist Progress Society IUK), hereafter referred to as IBPS IUKI. is one of the branches of Fo Guang Shan In England, and operates from premises in London with the other branch in Manchester. 18PS {Manchest8rl Limited, charity registration number 1097502}. During the year under review, the monastlcs serving in Lond ware Venerable Ru Hai, Venerable You Shun. Venerable An Jin. and Veneiable Miao Lung. The mnastics are sent lo different branches all over the wodd to propagate Buddhism. This wlll depend upon their level of experience. TRUSTEE TRAINING Trustee training is given in Taiw8n, with a probation period of one year for wly appoinled Iru$tees. Direction is provided from Taiwan where all monastic5 sil in cOnfenCe, and is brought back lo their relevant branch. The framewo18 modrfiod by Taiwan bul local decisions are made by the resident rnonaslic8. DIRECTORS Th8 directors of the charitsble ojmpany are 0150 the charity trustees of the IBPS {UKI. The dSrectors in offi¢$ during the year and currently were: Venerable Chueh Yann Shih Venerable Miao Shiunn Shih Venerab18 Suit Heong Chong {lenninaled on 18 DeGembgr 20201 Rev. Li Ya Chou Rev. Mel-chu Fan Rev Yi Chen Wu Rev. Pei Fen Wu Chang Fong Goh Lee Page 2
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY IUKI IA company Ilmllod by guarante•} TRUSTEES. REPORT (CONTINUED} FOR THEYEAR ENDED 31 DECEMBER 2020 TRUSTEE APPOINTMENT In accordance with th8 charitable company's A.0$ of Association. all the directors arg required lo reliro and being eligible. may offer themsefves for re4leclion by the members. Directors a recwiled from amongst those SUPPOrt8rs of the Society whom the Committee considers ean provide valuable Servi in this position. They are nom)ally appointed al th8 Annual Gener81 Meetln9 but the Commlttee itself appolnt dlredors to fill vacancies. PRINCIPAL RISKS AND UNCERTAINTIES In the temple, there are a number of collection box6s. It was as a result of s8v&ral instances of attempted robbery, the collection boxes have now become alarmod and secured to the wall. The conundrum is that we want to welcome the general publlc Snto our temple, and allow them to roam freely. At the same lime. we want to ensure our assets and donations are prolecled. ThcAJgh the government has eased lockdown and the temple has started lo open its door for devotees and th8 general public. there is still uncertainty as Covid cas8 numbors Gould rise again. To ensure safety and wellbeing of the monastics. volunteers. devotees and general public, th8 trustees have continued to implement measures such as reduced opening hours. Social distancing and mandatory wèaring of masks inside the temp. This year the overall income has droppèd by 43Qh, reflecting th8 impact of the Covid-19 pandemic. The temple continued lo close during the first six months of 2021. Th8 trustees have considered the risks of going concem due to the uncertainty of the impact of Covid-19 pandemlc. Further stress testing has been earrred ¢JJt lo ensu the lemFle has suffiolent cash resources lo continue ils operation. The management committee continue lo monitor 8ny major rfsks to which thg temple and its activities are exposed, and to implement systems ènd procedures to manage any risks identrfied. OBJECTIVES OF ThE INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) [18PS (U] The IBPS {UK) has the following objects and purFose. as per ils Memorandum and Artides of Association.. lo follow the Buddha's teaching. sincerdy respect the Triple Gem, and propagate Buddhism for the Welfare of all beings and aw8ken the wodd. to promote Humanistic Buddhism and bUd a Buddha's Light Pura Land, and INe a prathcal humanistic lif& and help others with Mpassion lo abid8 by the Buddhist precepts and ham)onize the Five vehlcles., practirE The Three Teachlngs and fuffil the human Character to be involv8d inlèmationally in cuKure and education,. have an oren mind and tr901 others wilh mutual respect The IBPS (UK) also has the following mission: to encourage tho study and resaarch of Buddhism to SUPt)ort related cultural and educational programs to serve humanlty, the communlty and society to develop educ8fjonal programs for all to promote inlemalional Dharma propagation We have aimed to continue lo develop closer links with th8 neighbourhood and local community. as such to bring compassion and spread Buddhism to those less fortunate. Furth8rmore, lo enwurage racial loleranee and harmony amongst all. we h8V8 implemented strate9iaS to at*ieve this objectbve incde networking with nelghbours. Page 3
INTERNATIONAL BUDDHIST PROGRESS SOCIEff IUK) (A Company Ilmlt•d by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Through the power of music and cultural events. we a150 aim to encouragg lh8 Study of Buddhism and pul theory into practice. Our maln obleclfve in the year is refl8Cted In the annual phrase composed by Venerable Master Hslng Yun. The phrase this year is 'Cultivate a Heart that Blooms In 1 Season5. this has been 8 common theme thrghOul our activities. In planning the activitles of the Charity. the Iruslees have had due regard lo the guklance on Public Benefit issued by the Charity Commission. and in particular the supplementary guidance on the advancement of religion for Ihe public benefit. All a¢livilies have been undertaken in relation lo the purposes of the charity as per ils Memorandum and Articl&s and to further the charity's PUTPOSe for the public benefit. REVIEW OF AcnviTIES We present an oveNiew of where oui in¢ome of £348,392 was received from, as w811 as how we Spent £221.309. as we continue our programme to spread Buddhism to the local community. Due to the Covid-19 pandemrc, the temple cbsed doors lo the public from 16th March 2020 and opened for individual prayors by appointmenl during the months when the pandemic eased. Dunng this time. we mainlainod all our usual activitie$. bul moved them online. Our activities during 2020 included: _ Dhamia Functions Our core activity Continues to b8 organlsing and holding Dhamia lunctions that take place wilhln the tempk. and is the basic mean5 by which our devotees eullivale and practice Buddhism. There is a cycle of functions through the year. From 16 Mareh 2020, w8 continued to hold these Dham)a ServIS via live-stream. We rnaintsined our ommilmenl to propagating Buddhism and the envlronmenl by uslng materials leftover from previous years. By hokllng the Dharma services via live-stream, we had lo buy some IT equipment and as result. our spending on Dharma functlons was at £10,91712019= £11,875). Due to the pandemic, the donation collected from the following Dharma functions during the year was slgnificantly reduced lo just over £163,000 {2019'. £353.6561= The Chinesg New Year ¢elebrations look place on 25 January 2020. which saw In the Chinese Year of the Ox. Due to the pand8mic. there was evidenlly less people attending the Chinese New Year Celgbralions. b) Qing Ming Ancestor Memorial Service ollows devo18es lo transfer merits to aestOrS and deceased people. This is an important Chinese ritual In Lunar March, whi¢h happened to be in April thls year. This service took place via live-strèam on YouTube. In 2020, the annual Wesak Day celebraliclns were originally planned lo be held on 9 May in Leice8ler Squaro Gardens and on 10 May in the templa, both events were cancelled due to COVID 19 pandemic. On the aclu81 day of Buddha's birthday, a special Dhamia service was held in Ihe lamp to commemorate the birth of the Buddha and to Sign the purification of ourselves too. di The Ullambana Dham)a Service was held via livestream in the seventh lunar month. There were also offerings lo the Sangha. The undedying benefit of this function is lo cultivate our fi'lial piety towards our parents, and be compassionate to our neighbours. The Medicine Buddha Fundi¢n was held in the nlnth nar morth via livestream. We make lamp offerings lo pray for wisdom and longevity- fl The Amilabha Functlon was held in December vla livestream. and gave devotees th8 OPPOrtvnity lo meditate and chant as part of their Buddhist practice. Monthly Llght Service$ These ale held on each Full and New Moon. Oil lamps are Ilt to mark each occasion bul these have been replaced by electric lamps as oil is dangerous. The temple was cfosed from Mid.March 2020 due to the COVID 19 pandemic. Nevertheless. on each Full and Mwn the temple still carries on with the Chanting Services via online live streaming. Devotees can join in the Service in the comfort of their own homes. Page 4
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY IUKI IA Company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Volunteers Allhough volunteers were unable to come lo the temple during the k)ckdown, the residènt monastics were able to still able to cover the maloiity of tasks and duties. Nevertheless. the Directors of the charitable company would like express IhFJir gratitude lo the volunteers, many of whom are devotees of London Fo Guang Shan. for their continue support of the Dharma functions and activitles via live streaming. Volunteers eover areas such as maintaining receptlon, cooking the lunches for Sunday seNices, thg servlce attendants and the numerous people who assist in the preparation for the activities noted eadier. A Prudent estlmale WOU be thal the London volunteers, time from January 2020 till mid-march 2020 totals over 3,000 hours12019- 15,000 hours). Based on the Nallonal hffinimum W8ge rates of £8.21 (effective April 20191 and £8.72 (effective Aprll 2020}, this equates lo a saved cost of approximately £23.600 {2019'. £112,500) and does not Include National Insurance Contributions. Our appreciation also goes out to the volunteer8 who asslst thls templg in maintaining the IBPS IUK)'s accounting record5. As there is no reliable method to record volunteer lime. this intsngible income has not b99n recognis8d in the financial statements. Donated Goods Despite the pandemic. wè continue to be amazed at the kind generosity of our devole6s. The reception area is 11 of marchandise for sale lo those who enter the temple. Most of those items have been kindty donated, and thus, saving us this outlay. A rough estimate of the goods donated is approximately £50012019.. £1.600}- Food has been kindly donated to serye aftar each servlce. Olherwlse, our food costs would be substantlalty hlgher. A conservative estimate would be a figure of apPr0Mot81Y £60012019.. £2.0001 for the year. The donated goc45 in the year have not be8n incbJded as incoming res¢)urces within the Statement of Flnancial Activities, as no definits measure can be made of these goods. Our other activities durfng the year included: Educatlon A wide spectrum of courses is available to all devotees al the templè Ihal not only raises awargness aboul 8uddhi5m, bul also lo educate thè devoleas in cultural matters. This year we were able to test our d8volees' knowledge when Buddhist Study exams were held in January. Ccwrses organisad include online Dhamia courses meditation Glasses. Sunday school for kids, Buddhist choir class, dance dass and exercise classes for the seniors. Our urSeS will continue to be effectively free. where nominal fees are charged to cover teaching material costs for example, and it will only cost us the pieparation time. Professionals, r)nastIC and lay advisors from obroad have glven ledures on lifestyle matters. Toplcs have covered a wije range of interestlng subjects induding saving the environment. and M8ditatlon and Life. BLIA and YAD BLIA Is the lay 8uddhSsl associallon that is affiliated whh Fo Guang Shan and YAD is the youth division. Due to the pandemic. BLIA and YAD were unable to organise in-person events, however online events and gatherings lo ensure the walfare of members were regularly organlsed throughout Ihe year. The Local Communlty Although unable to hold or ollend events in the community, we contir¢ued to keep in touch wilh Ic1 faith organisalions and also offered concem to our neighbours during the pandemic. Page 5
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA compony Ilmlted by guaranteo) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 ACHIEVEMENTS AND PERFORMANCE Even though the pandemic Used som8 inconveniences. we were 8ble to Cope by Iransfomilng most actlvmies and services online. Not onw were we able to slay connected wlh our existlng devotees but also able to reach out to even mor8 new people. Throughout the year. we received donatbns of approxlmately 35.000 facemasks, and donated approxlmatety 30,OCi) to Ic¢al communities, nurslng homes, schools etG. Since the pandemlc, all regular chanting $8rvices wer8 moved online. In addition. we increased the number of online classes and a150 live-streamed our daity evening chanting serwces. To ensure smoother connection, we aepted the recommendations from Huawei to replace 811 the Wi-fi Access Pdnls in the temple building Refurbishment of the office and residential premises on the Easlem side of the building was completed in August 2020. The works also included the changing of all radialors in the building on the Eastem side as these were found lo be either not Working or rusty and needod replae*m6nl. A Perspex screen was inslall8d in the reception area in preparation for we open. We followed the guidelines given by the govemment lo protect staff ond volunteers. REMUNERATION OF KEY NAGEMENT PERSONNEL The remuneration of the key management personnel is delemiined by the trustees annually and nomially Sncreased in accordance wth average earnings. considering sector parameters and benchmark5. FUNDRAISING The charitable company confim)s that they do not outsource any fundraising activities to a professional fundraiser. Njthouyh donations are given by beneficiaries of the temple, the temple does not aclivety fundraise. As such. the charitable company does not volunlarily adopt any fuTrJrdising standards. FINANCIAL REVIEW Despite the pandemic lockdown, we are proud to report a Surplus on funds of £127,083 for the year. with a surplus of £115,733 on the unrestricted fund and a surplus of £11.350 on the reslricled fund. We hop& that the WL¥fd can bring the global COVID-19 pandemic under control soon, 8lowing the temple to fully open lo devotees and general public. The unrestricted fund is Garrying for•vard a fund balance of £1,167.982 and we wil continue lo build upon this p081tion. Thè trustees remain confident in retaining the continued support from The IBPS, Headquarte in Taiwan and Europe. as well as the devotees of the London Fo Guang Temple. Our financial position is strengthened with the funds raised for the general repairs. and those remaining on the Celestial Snds 2003 Fund. Al the balance shè81 dale, the restricted resorve stood at £308.087 with £299.044 on the general repair fund and £9,043 on the Celesal Sounds 2003 Fund. RESERVES POLICY The charitable company currently has Iwo raSee$.. unrestricted reserves contsin funds whSch are available lo use at the discretion of the trustees in furtherance of IBPS IUK)'s objectives", restricted resewv&s contain funds which have $peufJc rnstrictions imposed by the donor or nature of the appeal. To ensure the charitable compar)y can remain operational, the man8g8menl committee aims to attain an unrestricted fund reserve equivalent to one yearfs unre8trict8d expendtture, of opproximal8ly £250.000 based Page 6
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY {UK} {A company Ilmltod ty guarantoe) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 on a prudent estimation using 2019 8XP8n(Jiture as temple was dosed for over 9 months in 2020. This is to ensure that the temple can continue to run for al18ast one year without relwng on future funding. As above, the unrestricted fund is carrying fwlard a balance of £1.167,982. The remainlng reserves 11 be used to meet the charitable company's objectives and missions. Also. due to COVID-19. the Temple remained closed for the first six months of 2021 and the charitable company might not able to gel grant from The Natlonal Lottery Heritage Fund for the repair of the western roof of the temple. Hence. il is prudent to mainlaln a heamhy reseNe In order to achleve its objectives and to meet future expenses. PLANS FOR FLITURE PERIODS The application for grantlsl for the repairs on the Weslem roof li.e. the temple SKlel. A rough estimatg of $1S is around a million Sterling pounds. Due to the effects Of the pandemic. concrete plans are drfficult lo project. We will continue lo organise online and virtual evets and also need lo consider hybrid plans for when the pandemic eases. Investment in technology or necessary facilities will need lo be considergd. As many dovotggs and voluntsors have not been al the temple for over 9 months, training seSSn$ and basic activities wsm be planned for 5th8n the temple reopens to help ease everyone back In. INVESTMENT POLICY In relation lo the general repair fvnd, the money raised has been placgd into suilablg bank aGwunts to attract lh8 best rate of interest. The management commlttee keep this policy under review to make best use of exisllng financlal resources. This report has been prepared in accordance with the provIonS appllcable to companles subjed to the small companigs. regime. Approved by order of the members of the tK)ard of Trusloes and signed on their behalf by: Rov. Pel Fen Wu Chang Page 7
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY (UK) IA company Ilmlt•d by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The Tr¥Jstees (who are also the dire¢lors of the Charitsble Company for Ihe purposes of rKJrnpany lawl are responsible foi preparing the Trustees, report and the financial slat8menls in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Amjunts'ng Practice). Company18w requires the Trustees lo prepare financial statements for each financial year. Under company lew, the Tfustees must not approve the financial statements unles5 they are satisfied that they give a true and falr vlew of the stale of affairs of the Charitsble Company and of ils Sncoming resour5 and applicallon of resources, Including it5 income and expendlture. for that perlod. In prepariry these financlal ststements, the Truslees are required lo.. sèlect sullable accounting policiès and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102)- make judgments an(1 Unting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disdosed and 8xplained in the financial statements; prepare the finanaal statements on tha going concem basis unless it is inappropriatè to presume that the Charitable Company wiu continue in business. The Trustees are responsible lor keeping adequate accounting records that a suffici8nl lo show and explain the Charitable Company's transactions an(i disciosg with reasonable accuracy al any lime the financial position of the Charitable Company and enable them lo ensure that the financial statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitabl8 Company and hence for taking roasonable steps for the prevention and detection of fraud arkd other irregularities. Aprxoved by order of the mèmbers of the board of Trustees and sKJned on its behalf by: v. Pei Fen Wu Chang Dale: . 0 Page 8
INTERNATIONAL BUDDHIST PROGRESS SOCIE {VK) (A Gornpany Ilmlted by guarantwl INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Ind•wndgnt fjxamTnorf5 report to the Trusts•s of Internatlonal Buddhlst Progr•$s So¢l•ty {UK) {'tho Charitable Gompanfl I report to the charity Trustees on my examination of the accounts of Ihe Chartlable Company for the year ènde(131 December 2020. Rospon$ibiliti•s and basis of report As the Trustees of the Charitable Company land its directors for the purposes of company law} you are responslble for the preparation of the accounts in aGcordance with the requirements of the Compani¢$ Act 2006 Clhe 2006 Acri. Havlng satisfied mysell that th8 accounts of the Chartt8ble Company are not required lo be audited under Part 16 of the 2006 Act and are ellgible for Independent examination, I report in respect of my examination of the Charitable CorN)any's a¢counts carried out under section 145 of the Charities Act 2011 {Yhe 2011 Act'l- In Carrying out my exarninalv)n I have followed the Directions given by the Charity Commission under seclion 14515Mbl of the 2011 Act. Indgpondont oxamlnèrfs stat•m•nl Since the Charitable Company's gross income exceeded £250,000 yo¥Jr examiner musl be a member of a body listed in secb'on 145 of the 2011 Act. I confimi that l am qualthed lo undertak& the examination because I am a member of The Institute of Chartered Accountants in England and Wales. which is one of the li$lèd bodi&s. I have comp18ted my examination. I confimi that no matter8 have ¢ome to my attention in connection with th8 examination giving me cause to believe.. acco¥Jnting records were not kept in respect of the Charitable Company as raquired by section 386 of the 20(K8 Act.. or the accounts do Th)18ccord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Iru8 and fairf view which is not a matter considered as part of an independent examination., or the aOnts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportirig by charities applicable lo charities preparing thèir accounts in accordance with the Financial Reporting Standard alI¢ble in the UK and RepubliG (rf Ireland IFRS 1021. I have no concems and have rne across no othèr matters in cKJnneclion with the examination lo whlch attention 8Uld b8 drawn in this report in order to enable a proper understsnding of thg ac(#)unts lo be reached. Sned.. Dated- 2410912021 Sluart McKay Bsc FCA DChA MHA Maclntyre H¥Jdson, 6th Flwr, 2 LorKlon Wall PLqce, London, EC2Y SAU Page g
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A company limit•d by guarant••) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOPAE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestrlcted funds 2020 RestrlGt•d funds 2020 Totsl fund$ 2020 Total fvnds 2019 Note Income from: Donations Charitabl8 activities Other trading activities Bank interest receivab 52.236 211,479 4.730 79,728 131,964 211.479 4,730 219 201,452 382,073 22.656 559 219 79,947 348,392 606.740 Total InN>m• ExpfrndltUTO on: Charitable aclivities 268,445 152,712 68.597 221.309 307,426 307.426 Total expendhure 152,712 68.597 221.309 115,733 11.350 127.083 299.314 Net movement In funds Reconciliation of fund$: Total funds brought forward Net movement in fijnds 1.052.249 115.733 296.737 11.350 1,348.986 127,083 1.049,672 299.314 1.167,982 308.087 1.476.069 1.348,986 Totsl funds Garrièd forward All income and expenditure derive from eontinulng acbvitigs. Thg Statement of financial activities includes all gains and losses recognised In the ye8T. Tho notes on pages 14 to 27 form part of these ffinan¢i81 statements. Page 10
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company limited by guarantee) REGISTERED NUMBER: 02724500 BALANCE SHEET AS AT31 DECEMBER 2020 2020 2019 Nole Fixed a$s•ts Tangible assets Current ass•ts 10 392.693 425.965 Debtors Cash at bank and in hand 11 17.367 1.138.152 12,245 1.281,729 1.155,519 1,293.974 Creditcffs: amounts fallng due within one year 12 {72.143> (127,503) N•t current assets 1,083,376 1, 172.471 Total assets less currènt Ilabllltlo$ 1.476,069 1,598,436 Creditors: amounts falling due after more than one year 13 f249,450) Total net auots 1,476,069 1,348.986 Chaiity ndS Rethcled fulS Unresld¢ted fuThls 14 308,087 1.167.982 296,737 1.052,249 14 Totsl funds 1,476,069 1,348,986 The Charitable Company was entllled to exemplon from audit under section 477 of the Companles Act 2006. The members have not required the company lo obtain an audit for year In question In accordan w6th sectlon 476 of Companies Act 2006. Th8 Trustees acknowledge their responsibilities for compiying wilh the requirements of the Act with respect lo accounting re(ths and preparation of financial Statements. Th8 finanaal statements have been ppared in occordanc* wllh the provisions opplicable lo ontities subjeci to the small companies regime. The financial ststements were approved and aulhorised for issue by th6 Trustees and Slgned on their behalf Page11
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY (UK) (A ¢ompany limited by guarantoÈ1 REGISTERED NUMBER: 02724500 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2020 R•v. Pel Fon Wu Chang Date." 45 , 0 The rbotes on pages 14 10 27 fomi part of these finan¢ial sl816menls. Page 12
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY (UK) (A company Ilmit•d by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Note Ca¥h flows from oporating actlvlti8s Nel cash used in operating activ¢$ 16 1142,506} 575.166 Cash flows from Invesllng activities Interest received Purchase of18ngible fixed assets 219 (1.290} 559 f2,450) 10 Nèt Cash usgd In inv•stlng a¢tiviti•s (1,071) 11,B91) Change In ca8h and u$h èqulvalgnts In tho year Cash and cash equivalents at the beglnning of the year {143,577) 1,281.729 373,275 908,454 17 C•$h and cash equlvalents at Ihe gnd of the year 17 1,138,152 1.281, 729 Th& notes on p4es 14 to 27 fomi p8rt of thes8 flnanctal ststements Poge 13
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY (UK) (A company Ilmll•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Gengrnl information Intemational Buddhist ProgSS Society IUK) is 8 charitsble company and is registered with the Charity Commission (Charity Registered Number 10235751 and Registrar of Companies {Company Registration Number 02724500) in England and Wales. In the event of thè Charity being wound LSP, the liability in resp8Ct of the guar8nt89 is limited to £1 pgr mefflber of Ihe Charity. The address of the r8gislered office is given in the Charity inforrnalion on page 1 of these financial ststements. The nature of th8 Charity's operation5 and principal actiwties are as detailed in the Trustees, Anrrfjal Report. Accountlng policies 2.1 Basls of praparation of finaneial statements The financial statements have been ppared in aCdanCe the Charities SORP {FRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Praetice applicable to charities prep8ring their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 J8nuary 20191, the Financial Rewrting Standard appllcabl8 in the UK and Republlc of Ireland (FRS 102} and the Companles Act 2006. International Bud¢Jhist Progress So¢lety (UK) meets the definition of a public bgnefft entity under FRS 102. Assets and liabililies are initially re¢ogni5ed al historical cost or transaction value unless otherwise slated in the relevanl accounting policy. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. Th& financial statements arè presented in sterling which is Ihe functional curfgncy of the Charity and rounded to the nearest pound. The Significant aG¢ounting policies applied in the preparation of thes& financial stslements are sel out bek)w. These poliaes have been consislenty applied to all Yèa pr858nt8d unkns olhgrwise statod. 2.2 Golng concem The fin8nci81 ststements have been prepared on a golng concern basis. The Trustees have cSIdered relevant Information, including the 8nnual budget and forecast future cash flows for 12 months from aulhorislng these financial slalemenls. Including assessments of possible future scenailos arising from COV419. The budgeted income and expenditure is deemed lo be sufficient with the level of serveS for the Charitable Company lo be able to continue as a going cem. Page 14
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA ¢ompany Ilmltod by guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢counllng policies (¢onlinu8d) 2.3 Incomo All income is recognise(J onGe the Charilablg Company has entf(18menl to the incnme. it18 probable that the Incomo will be received and the amount of incomè recewable Gan be measured reliably. For donations to be recogni8e(I Ihe Charity will have been notified of the amounts and the settlement dale In writing. If there are conditions attached to the donation and this requires a lev81 of perf0mlan befor8 ents'tlement can be obtsined then income is deferred until Ihose conditions are fully m81 or the fulfilmenl of those conditions is within the control of the Charty and it 18 probable that they will be fulfilled. Incorr from trading activitie$ indudes Income eamed from fundraising events and trading activities lo raise funds for the Charity. Income Is received in exchange for supplwng goods and seryi¢8s in order to raise lunds and Is recognised when entlllemont has occurred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. this is normally upon notification of the interest paid or payable by the Bank. 2A Expenditur• Expenditure is ree4)gnised once there is a legal or conslructNe obligation to transfer economic bènefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can b8 meosured reliably. Expenditure is classified by activity. The e4)sts of each activity are made up of the total of direct costs and shared $ts. induding support Costs involved in undertaking each activity. Direct $ts attributable to a single activity are alk)caled élr8Ctly to that activity. Shared cx)sts which contribute to more than one activity and support ¢osts which aro not attributsble lo a single activity are apportioned betsveen those a¢livilies on a basis consistent with the use of resources. Central staff sts are allocated on the basis of time spent, and depreciation Charges 811ocaled on the portion of the asset'8 use. Expenditure on charitable activities 1$ Incurred on directjy undertaklng the artivibes which furth81 the Charitable Compan$ objectives, as well as any assoclated support costs. All expenditure is Induslve of Irrewverable VAT. 15 Taxatlon The Charitable Company 1$ nSidered to pass the tests Set out in Paragraph 1 Sthedule 6 of the Finance Ad 2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the Charitable Company is potentially exempl from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or S8clion 256 of the Taxation of Chargeable Gains Act 1992. to the oxtenl that such COrne or gains are applied exclusively to charitable purposes. Page 15
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI IA company Ilmltod by guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ounling policies {continuèd) 2.6 Tanglble flxed assèts and doproclatlon Tangible fixed assets coslirvJ £500 or more are capitalised and recognised whon future economi beneffts are probable and the cost or value of the asset can b8 measured rellabty. Tangible fixed assets a inltlally reTryJni8ed al cost. After recognrtion, under the cost model. tangible fixed assets are raSured at cost less accumulated depreciation and any accjjmulated ImP8imenl kJsse& Al costs incurffjd lo bring a tangible fixed asset into ils intended working Condition should be indudetl in the m8asurement of cosl. Depreciatr)n 1$ charyed so as to allocate the cost of tangible fixed assets less their residual valu8 over Ihelr estimated usefijl Ilves, using the 8lraight-lino method. Deprecbation is provided on the fc41owSng basi$.. Freehold property Fixtures and fittings Office equipmenl 2% Slraighl-1Sne 15% Slraighl-line 15% slraigh14ine 2.7 Debtors Trade and other debtors are recognised al the settlement amount aft8r any trade discount offered. Prepayments are valued at th8 amount prepaid net of iny trade Qi5counls due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a Short maturity of three mnths or less from the datè of acqulsilion OT opening of the deposit or similar a¢unt. 2.9 Llabllltle$ and provlslons Liabllilles are reccy3nised when thgre is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefrt wlll bè required in settMent, and the amnt of the settlement can be estimated reliably. Liabililles are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has reIVed as adVand payments for the g)ods or seryices il musl prov*e. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. thè provision is based on the present value of those amounts, discounted 81 the pre-tax discount rate that reflects the risks specific to the Ilability. The unwinding of the discount is T0gnised in the Statement of financial acllvllles as a finance cost. Pag8 16
INTERNATIONAL BUDDHIST PROGRESS SOCIE (UK IA company limlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ounting policies (c¢ntinu•d) 2.10 Financial Inslrum•nts The Charitable Company only holds basic Financial Instruments. The financial assets and finarboal liabilili&s of the Charitable Company ar& as follows: Debtors- prepayments are not finanual Instruments. Cash at bank- is classrfied as a basic financial instrument and is measured at face value. LiaLNllles - fvndraising for European branches, accruals, amounts owed lo relal&d paty, ond other creditors will be classified as financial instruments. and are measured at amortised cost as detaile in Not8s 12 and 13. 111 Pènslon The Charitable Company operates a defined contrlbu*"on pension scheme and the pension charge represents the amounts payable by the Charllable Company to the fund in respect of the year. 112 Fund accountlng General funds are unrestricted funds which are available for use st the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Restricted funds are fvnds whlch are to be used In accordance with specffic rgstrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising an(J adminislerlng such fvnds are charged against the specific fund. The aim and us8 of each restricted fuThJ is sel out in the notes to the finanrAal statements. Investrn8nt income. gains and lotses are alk)cated to appropriat6 fund. Pag& 17
INTERNATIONAL BUDDHIST PROGRESS SOCIE {UK) IA ¢ompany Ilmlt•d by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Incomo Irom donations Unr•8trlctod Rostrlct•d funds fund$ 2020 2020 Total funds 2020 General donations Gen6ral repair fund 52,236 52.236 79,728 79,728 52,236 79,728 131,964 Unrestrictgd funds 2019 Rgstncled funds 2079 Total funds 2079 General donations General repair fund 84,072 6,185 111,195 90.257 111,195 84,072 117,380 201,452 Income Irom ¢harftable activities Unrestrlct funds 2020 Tolal funds 2020 Tolal funds 2019 Dhamia functions Funeral services 163.137 48.342 163,137 48.342 353.656 28,41T 211,479 211,479 382,073 Total 2019 382,073 382.073 Page 18
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK (A company Ilmlted by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Incomo from trading activltl•s Unrestricted funds 2020 Total funds 2020 Tot fimds 2019 Rec8ptlon sales 4.730 4,730 22.656 Total 2019 22.656 22,656 Analysls of •xpendilure on Gharitable activities Actlvltlos undertakon dir•¢tty 2020 Support costs 2020 Totsl funds 2020 Charitable activities ladvanc8m8nl of religion) 207.119 14,190 221.309 In 2020. there was £152,712 of unrestricted eXpeIlluTe on Gharitable 8Ctivities and £68.597 8located lo restricted funds. AGtiwlies undertaken directly 2019 Support costs 2019 Total ftinds 2019 Charilable aeliwties (advancement of religion) 296,492 70.934 307,426 In 2019, there was £255.154 of unregtrictsd exp¢ndlture on charitable actNilies and £52.272 allocated to stricted fvThJs. Page 19
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A cornpany Ilmlted by guaranlm) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls ot •xp•ndilure on charltable actlvit*s Icontlnugdl Anatysis of dlrect costs Charltable activitie5 2020 Total fvnds 2020 Total funds 2019 Staff costs Depreciation Dharma lunctK)n$ FrOty costs Insuran¢e Tr8vel expenses Overhead costs Advertising and promotion Sundry expenses Donations Roof Repairs Subscrptions EduCatnal project 31,970 34,562 10,917 21,430 9,019 2,818 13.267 1.200 2,010 300 68.477 31,970 34,562 10.917 21,430 9.019 2.818 13.267 1,200 2.010 300 29.t70 34,864 11,875 39,276 8,535 21,947 35,349 75,618 13,950 26.349 52.272 24 7,273 68,477 11,149 11.149 207,119 207.119 296,492 In the prici year. the Charitable Company made a one off donation of £20,000 Buddha's Light Intemalional AssocAation Worfd HQ lo hold its Annual Gen8ral Meeting 8t UNESCO Wodd Herrtage Centre in Paris. Over 1.3¢ monastics. NGO members and buddhists from London and around the world attended the 4 day conference to discuss r8solution5 in promoting charity and educational activities. Analysis of support costs Charltabl8 activitios Total fund$ 2020 Total funds 2019 2020 Bank charges Govemance 4.132 10,058 4.132 10,058 3.007 7,927 14,190 14.190 10.934 Page 20
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK IA company limlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Governance c¢sts 2020 2019 Bookkeeping - current year Independent Examination and preparation of the financlal statements Legal an(J professional fees 817 3,209 3.240 1,478 6,001 10,058 7,927 staff costs and employe• b•nefits 2020 2019 Wages and salaries Social security costs Contribution to defined contribulion pension sth8mès 31,250 28,000 568 602 720 31.970 29.170 The average number of persons employed by the Charitable Company during the year was as follows.. 2020 2019 No. Employees No employee recelved remuneration amounting to more than £60.000 in esther year. The total amount of employee benefits recelved by Key Management Perscnnel was £31,970 12019.. £29,170). The Charity considers its Key Management Personnel comprise., . Truste8S . Public Affairs Manager for Education Trugtee8' remuneratlon and expgns• Durin9 the year. no Trustee5 received any remunerats'on or other benefjls (2019- £NIL). During the year ended 31 December 2020, no Twstee expenses have been incurred (2019- £NILJ. Page 21
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UKI (A company Ilmlted by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. Tangible flxed assets Freehold Flxtures and Office property fltllng$ equlpment Total Cost or valuation At 1 January 2020 Additions 858,824 292,396 1,290 40,718 1,191.938 1.290 At 31 December 2020 858.824 293,686 40,718 1,193,228 Dèpreclatlon Al 1 January 2020 Charge forthe year 458.611 17.176 274489 12,909 30,873 4.4TI 765.973 34.562 At 31 De¢ember 2020 475.787 289,398 35.350 800,535 Net book value At 31 December 2020 383,037 4.288 5.368 392.693 At 31 December 2019 4t.213 15,907 9,845 425,965 11. btOrS 2020 2079 Due wothin ong year Other debtors Pryymenls and accrued income 2.590 14,777 12.245 17,367 12,245 Page 22
INTERNATIONAL BUDDHIST PROGRESS SOCIE (UK) {A company Ilmlt•d by guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. Creditors.. Amounts falling du• within one year 2020 2019 iJh8r taXan and social securty Fun(Iraising for European branches and main monatery Ac¢ruals 127 68.903 3.240 118,676 2,700 72.143 121.503 Th8 Charitable Company collects and distributes donats'ons on behall of other branch temples and the main monastery. During the year ended 31 December 2020 the Charitable Company co118Cted £202,003 12019.. £148,098) and distributed £251,776 {2019'. £47.4751 from the fund. this is not included within inwme and expenditure. An amount of £68,903120I9.. £118.676) is included within 'Creditors.' Amounts falling due within one yearf lating lo undistributed funds that are repayable to olher branch temples and ihe main monastery. 13. Creditors: Amounts falllng due aft•r more than one year 2020 2019 Loro tenm loan 249.450 Included within 'CredFtOT¥= Amounts falling due after more than one yeav was a long temi loan from th Intemational Buddhist Progress Society H$1 Lai Templ8. USA. The loan was interest free. During the rrent year £249.450 12019.. £50,000) of this loan was repaid lo the internath)nal Buddhist Progress Society Hsi Lai Temple USA. being repaid in full on 14 August 2020. Page 23
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) {A company lirnit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1& Statement of fund¥ Slatem•nt of lunds- curront y•ar Balanc• at 31 De¢•mb8r 2020 Balance at 1 January 2020 Income Expendltur¢ Unr•stricted lund$ General funds 1,052,249 268.445 (152,712) 1,167,982 Rostrkted funds General repair fijnd Celestlal Sound5 Concert 2(X)3 287.694 9.043 79,947 {68,597) 299,IM4 296.737 79.947 (68,597) 308,087 Total of fund¥ 1.348,986 348,392 {221.309) 1.476,069 Unrestricle(I funds ar& general funds which are available for use at the discretion of the Trustees in furtherance of the general obpctives of the charity and which hava not been design*ed for any other purposes. The Celestial Sounds Concert 2003 fund was set up in 1999 for the sole purpose of supporting the English leg of a world lour of the IBPS Choir to promote Buddhism using music. The 1999 concert was so successful that the funds were raised for another tour in 2003 bul was caneelled duè to the SARS epidemic. Funds continue to be hekl for the possibility of another tour in the future. The General Repair Fund was set up in 2000 to fund the prooram of repairs around the temple. Th8 first major repair was for the replacement of a leaking roof. followed by rnuch smaller rfjpairs aroLmd the temple. Funds ar8 held for the continuing program of repairs a8 and when required. Page 24
IMrERNATIONAL BUODHIST PROGRESS SOCIEfY (UK) (A Company limlt•d by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. Statemont of funds Icontinu•dl Statsmont of fundb - prfor yoar 8alanco al 31 Dmber 2019 Balance al l January 2019 Income ExpendUre Unrnstricted funds General fvnds 818,602 488,801 (25& 154) 1,052,249 R•stricted fund$ General rgpair fund Cel8slial Sounds Concert 2003 222,027 9,043 177.939 (52,272) 287,694 231,070 117,939 (52,272) 296,73T Total of fund8 ?,049.672 606, 740 (307,426) 1.348,986 16. Anaty818 Ot net assots bet¢Th fvnd# Analysis ol net a¥80ts botween fund8- currgnt period UnreBtrict¢d Rostricted funds lund$ 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within year 392.693 847,432 172.143} 392.693 1,155,519 172,1431 308,087 Total 1.167,982 308.087 1876.069 Page 25
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK (A company Ilmltod by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. An•lysis of not as$9ts between funds {continu•d> Analysls of not a88ets b•tw•èn funds - prior pfrrlod Unr8Stncted funds 2019 Reslilctsd funds 2019 Tot funds 2019 Tangib fixed assets Current 8S8ets Creditors due wilhin one year Creditors due in more than one year 425,965 997,237 (121,503) (249.450) 425,965 1,293,974 (121,503) (249,450) 296,737 Total 1,052,249 296, 737 1.348,986 16. ROn¢ll1ation of net movement In funds to not ¢ash Ilow from op•r•ting actlvltl•s 2020 2019 Net income for the period (as per Statement of Finan¢ial ActNities} 127,083 299,314 Adjustmenls for. Depreciation charge$ Interest received Inuease in debtors Increa8el{decreasal in creditors 34,562 1219) {5,122 (298,810 34.854 (559) (6,502) 48,059 Net cash provided byl{used Inl opgratlng activltlo8 1142,$06P 375, 166 17. Analys1$ of ca•h and cash equlvahnts 2020 2019 Cash in hand 1.138.162 1,281.729 Total cash and u8h oquival•nt8 1.138.152 1,281.729 Page 26
INTERNATIONAL BUDDHIST PROGRESS SOCIEff (UK> {A company Ilmit•d by gurant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 18. Analysls of Ghanges In net d•bt At1 January 2020 Cash flows At31 Decombor 2020 Cash at bank and in hand 1,281,729 1143.S77} 1,138,152 1,281.729 {143.577) 1,138,162 19. Rglat•d party trMactlons The Charrtable Company ha$ a loan in the sum of £Nil {2019.. £249,450) from a related organisation, the Inlemational 8uddhisl Progress Society His Lai Temple, USA. The loan was interest free and fully repaid on 14 August 2020. Page 27