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 T￿￿t￿S 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 (reS￿ned 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 r￿UirementS 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$tees.
Direction is provided from Taiwan where all monastic5 sil in cOnfe￿nCe, and is brought back lo their relevant
branch. The framewo￿18 modrfiod by Taiwan bul local decisions are made by the resident rnonaslic8.
DIRECTORS
Th8 directors of the charitsble ojmpany are 0150 the charity trustees of the IBPS {UKI. The dSrectors in offi¢$
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 bU￿d 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 inc￿de 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
thr￿ghOul 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 ServI￿S 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 a￿estOrS 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 apPr0￿Mot81Y £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 Ic￿1 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
a￿epted 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 S￿nds 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 Celes￿al Sounds 2003 Fund.
RESERVES POLICY
The charitable company currently has Iwo raSe￿e$.. 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 ￿$1S
is around a million Sterling pounds.
Due to the effects Of the pandemic. concrete plans are drfficult lo project. We will continue lo organise online
and virtual evets and also need lo consider hybrid plans for when the pandemic eases. Investment in
technology or necessary facilities will need lo be considergd.
As many dovotggs and voluntsors have not been al the temple for over 9 months, training seSS￿n$ 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 provI￿onS 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 resour￿5 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 a￿O￿nts 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 a￿lI¢￿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 8￿Uld b8 drawn in this report in order to enable a proper understsnding of thg ac(#)unts lo be
reached.
S￿ned..
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 fu￿lS
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 p￿pared 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 Prog￿SS 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 p￿pared in aC￿danCe 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
c￿SIdered 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 COV4￿19. 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 r￿aSured 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 sett￿Ment, and the
am￿nt 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 re￿IVed as adVan￿d 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 T0￿gnised 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 eXpe￿IlluTe 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$
FrO￿ty costs
Insuran¢e
Tr8vel expenses
Overhead costs
Advertising and promotion
Sundry expenses
Donations
Roof Repairs
Subscrptions
EduCat￿nal 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 taXa￿n 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
D￿mber
2019
Balance al
l January
2019
Income Expend￿Ure
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$9ts between funds {continu•d>
Analysls of not a88ets b•tw•èn funds - prior pfrrlod
Unr8Stncted
funds
2019
Reslilctsd
funds
2019
Tot
funds
2019
Tangib￿ fixed assets
Current 8S8ets
Creditors due wilhin one year
Creditors due in more than one year
425,965
997,237
(121,503)
(249.450)
425,965
1,293,974
(121,503)
(249,450)
296,737
Total
1,052,249
296, 737
1.348,986
16. R￿On¢ll1ation of net movement In funds to not ¢ash Ilow from op•r•ting actlvltl•s
2020
2019
Net income for the period (as per Statement of Finan¢ial ActNities}
127,083
299,314
Adjustmenls for.
Depreciation charge$
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 gu*rant••}
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 tr*Mactlons
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