company regl$tratlon nurnb•r. 027245QO Charlty r•gistratlon number: 1023575 INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Llmited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA Company Llmitgd by Guarantee) CONTENTS Page Referon¢È and Admlnl$trativ8 D•talls of tho Charitablo Companyi its Trustees and Advlsers Trusl•es' Annual R?port Statement of Tru$t•es' R•sponsibiliti•s Independent Examlnorfs Roport Statem•nt of FlThanclal Activitlos 10 8alance Sh••t 11 stat•ment of Cash Flows 12 Notss to the Flnanciaj Statem•nts 13-26
INTER14ATIONAL BUDDHIST PROGRESS SOCIETI {UK) (A Company Llmltsd by Guarantsg) REFERENCE AND ADMthIISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Truste•8 Venerabb Chueh Yann Shih. Trusleg venerab Miao Shiunn Shlh, Secretary Rev. Ll-ya Chou, Trustee Rev. Mgi¢hu Fan, Trustae Rev. Yi Chen Wu, Trustee Rev. Pei Fen Wu Chang. Trustee Fong Goh Lee, Trustee Company roglstered number 02724500 Charity reglstsrod numbor 1023575 Registsred offic8 84 Margaret Slre8t London W1W 8TD Company s¢¢rnkny Venerable Miao Shiunn Shih Indepondent 6x8mlner MHA Ma¢lntyre Hudson Chartered Aecountsnts 2 London Wall Place London EC2Y SAU Bankers Nalwesl Bank PLC Cavendish Square Chatham Customer SeThlce C8ntre Westem Avenue Kent ME4 4RT Page 1
INTERNATIONAL 8UDDHIST PROGRESS SOCIEfY IUK} {A Company Llmltsd by Guarnnt•o1 TRUSTEES. REPORT FOR THE YEAR ENDED 31 OECEMBER 2021 FINANCIAL STATEMENTS The management MmIttee whlch is the Board of Directors ofthe Soclety ftir the purposes of company law and trustees lor charity law purposes presents its report and the financial stslemenls for the year ended 31 December 2021. which comply wlh current statutory requirem8nts and the charitable companrfs govemirg document. These fmanci81 statements present the resuhs for the London Fo Guarbg Temple. CHARrrf ORGANISATION Tho charitable company was regislered by the Charity Commission on 15 July 1993. The ¢harit8ble company is govemed by it5 Memorandum and Articles of Assoa81ion dated 19 June 1992. Thg charitable company is also limited by guarantee. Fo Guang Shan monastery is a Budilhist templ8 that propagates Humanisb'c Buddhism, and was founded by Vènerable Master Hsing Yun in 1967. The headquarters of the organisation is based in Talwan, and has branches across th& world induding in Los Angeles, Hong Kong, Sydney, Cap6 Town and Toronto. T8rwan is where th8 monastic training Is undertaken. Many lay people undertak8 monas¢ training to spread 8uddhlsm around the world. Once they achieve a rtain level of training. they are qualrfied to serve at branch temples. The Inlgmalional Buddhist Pfogres8 Society IUKI. h8r8after referred to as IBPS (UK). is one of the branches of Fo Guang Shan in England, and operatss from premises in London with the other branch in Man¢h8st8r, IBPS Imanchesterl Limited. charity registration numbe¥ 1097502). During the year under revièw, the monasts¢s serving in London were Venerable Ru Hai, Venerable You Shun, Venerable An Jin, and Venerable Miao Lun9. The Monasti are sent to diffgrent branches all over the worfd lo propagate Buddhism. This will depend upon their level of expgrience. TRUSTEE TRAJNING Tnthe training is given in Taiwan, wlth a probation period of ong year for newly appointed Trustees. Direction is provided from Taan where all monastics sit in Conferen. and is brought back to thelr relevant branch. The framework is modified by Tawan bul Ioc81 decisions 8re made by the resident monastics. DIRECTORS The Directors of the charitaNe company ar6 also tho Charity Trustses of the IBPS (UK). The Dlrectors in office during th8 ye8r and wrrenuy were: Venorable Chueh Yann Shih Venerablo Miao Shiunn Shih Rev. Li Ya Chou Rev. Mei-chu Fan Rev Yi Chen Wu Rev. Pei Fen Wu Chang Fong G¢h Lee TRUSTEE APPOINTMENT In accordanc8 with the charitable company's Articles of Association, all the Directors are required lo retire and being eligibje, may offer themselves fof ie-eleclion by the members. Directors are recruited Irom ammJsl those supp)rters of the Society whom the Committee Considers can promde valuable service in this position. Th8y are normally appointed at the Annual General Meeting but the Committee itself can appoint directors to fill vacanci6s. Page 2
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI (A Company Llmlt•d by Guarant•el TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 PRINCIPAL RISKS AND UNCERTAINTIES In the temple. there are a number of wlledion boxes. It was as a result of several instances of attempted robbery, the Collection boxes have now become alarmed and secured to the wall. The conundrum is that we want lo welcome the general public into our temple, and allow them lo roam freely. At the same time. we want to ensure our assets and donal*)ns are protected. Though the government has eased lod(down and the temple has started to open ils door for devotees and the general public, there is still uncertainty as Covid case numbers could rise again. To ensure safety and wellbeirwJ of the monastics. YOnte$r$, devotees and general public, the trustees have Continued lo implement measures such as reduced opening hours. social dlstanclng and mandatory wearing of masks inside the temple. The management committee continue to monitor any major risks to whi¢h the temple and its actlvilies aré exposed, and to impfement sYsm$ and procedures to manage any risks identrfied. OBJECTIVES OF THE INTERNATIONAL BUDDHIST PROGRESS SOGIETY IUKI IIBPS IUKI] The18PS {UK) has the following objects and purpose. as per its Memorandum and Articles of Association: lo follow th8 Buddha's teachlng. slnc6rety resCt thé Trlpl& Gem. and propagate Buddhism for the welfare of all beings and awaken Ihe world. lo promote HumanistSc Buddhism and build a Buddha's Light Pure Land, and Ilve a practical humanlstic Ilfe and help others wrth compassion lo akn'de by the Buddhlsl precepts and hamionize the Flve vehicles" practice The Threo Teathing5 and the human character lo be involved intemalionaly In culture end educaUon,' have an open mind and treat others wlh mutual respect The IBPS (UK) also has the folh)wng mission: lo encourage the SIY and research of Buddhism to support related cultural 8nd educational programs to seTve humanity, the community ond Society to develop educationol programs for all to promote intemational Dharma wopagation We have aimed to ¢ontinu8 to develop closer links wlth the neighbouthood and thal community. as sucth lo bring compassion and spread Buddhism to Ihose less fortunat8. Furthemiore, lo encourage racial tolerance and harmony amongst all, we have iMpmented stratègies to achieve this obiectlV8 includ8 nelworking whh neighbours. Through the power of music and cultural events, w8 also aim lo encourage the study of 8LKldhism and pul theory into practice. Our main objective in the year is reflected in the annual phrase composed by Venerable Master Hsing Yun. The phrase Ihis year is'cultivate a H8art that Blooms in All Seasons. and this has been a common theme throughout our activities. In planning the actiVitS of the Charity. the Twslees have had due regard to the guidance on PutrAi¢ Benefit Issued by the Charity Commission, and in particular the supplefflentary guidance on the advancement of relIgn lor the public bènefil. All activ8$ have been undertaken in relation lo the purposes of the Charity as per ils Memorandum 8nd Articles ond lo further the Charis purpose for the public b8nefft. Page 3
INTERNATIONAL BUDDHIST PROGRESS SOCIE (UK> (A Company Llmltod by Guaranto0) TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2021 REVIEW OF ACTIVITIES We present an overview of where our income of £598,051 was recelved from. as well as h[ we spent £622,086, as we ntinUe our programrne to spread Buddhism to the bcal communty. Due to the Covid-19 pandemic. the temple closed doots to the public from 16th March 2020 and opened for individual prayers by appointment during the months when the pandemic eased. During this time, we maintained all our usual aclivf(ies, bul moved them onlin6. Our activities during 2021 included.. - Dhamiè Functlons Our core activity continues to be organising and holding Dharma lunctlons th81 tske place wlthin the temple, and is tho basic means by which our devotees cultivate and practice Buddhism. Therè is a cycle of funcbons through the year. From January to the end of July, we continued to hold Iheso Dharma services via live-stream. Sin August 2021 811 Dharma services were 8 hlorld of being in-person and online. We maintained our commitment to propag8ting Buddhism and the enwronment by using materials leftover from previous years. Our spending Dhamia fvnclions increased to just over £12,760 (2020 £10,917)- Donations collected from the followiNJ Dhamia functions during the year incr8ased b8ck to near pre-pandemic £326.023 (2020- £163.137J.' The Chlnesa New Year celebraUon$ look place on 12 February, whlch saw In th8 Chines& Y8ar of lh8 TigeT. Due to the pandemic, the setvices wère held online, however an altar was set up at the entran of the temple fLY vistiors and dèvotees to pay respgd and offer incense. bl Qing Mlry Ancestor Memorial S8rvice allows devotees to transfer merits to 8ncestors and deceased people. This is an important Chinese ritual in Lunar March, which happened lo be in April this year. Thi$ $8rvice took pl&8 Ma INe stream on YouTube. In 2021. the annual Wesak Day cel¢bralion5 were cancelled due lo COVID 19 pandemic. On the actual day of Buddha's birthday. a special Dharn seTvice was h8ld online lo ¢ommemorale the birth of Ihe Buddha and to signtfy the purification of ourselves too. dl The Ullambana Dharma Service was held via live stream and in person in the seventh lunw month. There were also offerings to the Sangh8. The underlying benefit of thi5 function is lo ¢ultwale rfilla1 piety loward5 our p8rents and be compassionats lo neighbours. The Medicine 8uddha Function was held in November. We make lamp offerirvJ8 to pray for wisdom an(1 longevtty. Th& Amitabha Function was held in December, and gave d&votsgs Ihe opportunhy lo rneditste and chant as part of thelr Buddhist practKe. Afjonthty Lighl S•r¥l¢8s These are held on ea¢h Full and New Moon. 01118mps are lit to mark each occasion tyjt these have bgen replaced by eleCtrlampS as oil Is dangerous. Due lo the pandemic, the t&mple remained dosed in the momings bul on each Full and Moon the temple still carries on wlth the Chanting ServKes vo online live streaming. Devotees can join in the Service in the comfort of their own homes. Volunteers Although volunteers were unable lo come lo the temple during the lockdown, the resident monastics were able to still able lo cover lh8 majority of tasks and duties. Volunteers gradually started returning to fuffil ¢Julies and tasks sinc8 the templè began to open in Aijgusl. Directors of the charitable ttJmp8ny would like express their gratitude lo the volunteer5, many of whom are devotees of L¢Jrtdon Fo Gueng Shan. for their continue Support of the Dharma functions and activities during the pandemiG. Page 4
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA Company Llmltsd by Guarante•l TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Volunteers cover areas as maintalning reception. cooklng the lunches for Sunday services, the sfjrvi attendar)Is and the numerous people who assist in the preparation for the activities noted earlier. A prudent estimate would be that the London volunteers, time from August 2021 until Decomber 2021 totsls over 5,000 hours (2020- Jan till mid-march.. 3.000 hours). Based on thè Nallonal Mmiimum Wage rates of £8.72 (effective April 2020) and £8.91 leffeclive April 2021), thL8 equates lo a saved cost of approximalety £43,400 (2020 - £23,600J and does not include National Insurance CDnlribulions. Our appreciation also goes out to the volunteers 8SS1St this temple in maintaining the IBPS IUKI'S accounting records. As ther8 Is rio reliable methryl to record volunteer lime, this intangible income has nol been recognSsed in thè financial stslemenis. Donatod Gooth Despite the pandemic, we continu9 to bè amazed at the kind 98nerosily of our devotees. The reception area fvll of merchandis8 for sale lo those who entsr the l&mpl8. Most of those Items have been kindly donated, and thus. saving us thls tlay. A rough estimatè of the goods donoled is approximately £1.000 (2020- £500). F¢4)d has be8n kIllY donated lo sgrv8 after each service. OlheMis8, our food costs would bo substantlally hlgh8T. A conservativg gslimate woukl be a figure of approximAlely £1.200 (2020- £600) for the year. The donated goods in the year have not been Included as Incoming resources wlthin th9 Statement of Finar181 Aclivilies, as no definite measure can be made of these good$. Our other aclwilies durfng Ihe year in¢luded'. Education A wid8 spectrum of courses is avallable lo all devotees al the lamp that not onty raises awar8nes5 about Buddhism. but also to educate the devotees in cultural matters. This year we wgre able lo test ovr devolee5' knowledge when Buddhist Study exams were held in January. Courses organlsed inGlude cfiline Dhamia courses, meditation classes, Sunday s01 for kids, Buddhlst cholr class, dance dass and exorcise classes for the seniors. Our courses will continue lo be effectively free. where nominal fees aré charged to cover teachlng material costs for example. and it will only cost us the preparation time. Profe$$lonals. monastK and lay advlsors from abroad have given lectures on IIfesty matters. Toplcs hav8 covered a wide range of Snter8sling subjects including saving the environment, and Meditation arKI Llfo. BLIA and YAD BLIA is the lay Buddhist assoclation that Is afflial8d wlth Fo Guang Shan and YAD 15 the youth division. Du& lo th8 pandemic, BLIA and YAD were unable to organise in-person events, however online events and gatherirwJs lo ensure the welfare of memb9rs were regularly organised throughout the year. A few in person events were held towards the end of the year. The Local Communlty Athough unable to hold or attend events in the community. we continued tu kegp in louth kjcal faith organisalions and also offered concern to our neighbours during the pandemic. Pag8 5
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY IVK} {A Company Limitod by Guaranto01 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 ACHIEVEMENTS AND PERFORMANCE Even though the pandemic caused some inconveniences. we were able to cope by transfom)ing most activities and services online. Not only wern we able lo slay conneGted Mth our existing devotees bul also able lo reach out lo even more new people. In order to make it more convenient for devotees to register for services and make donations. the temple stsrte to use online regislralion forms and even implernenled and online payinenl syslem. In June, we also registewd for a paypal giving fund aount, hoping to make it more convenient for people lo make ¢*)nalions. This ha$ helped us bring the increase tho income back tt> pre-panéemic figures. During the lockdown, the management have made improvements to the daily administrative dutie$ and reduce time spent on paperwork and are Irwng to implement paperless working where possible. REMUNERATION OF KEY MANAGEMENT PERSONNEL Th8 r8munoralion of the Key Manag8menl Personnel is dgtem)ined by the Trustees annually and nomially increased in aCrdance wth average eamlng$, consldering sector paraméters and benGhrnarks. FUNDRAISING Th8 charitable company confirms that they do nol outsource any fundraising activibes to 8 professional fundraSser. Ajlhough th)nations are given by beneficiaries of th8 temple, the temple does not acllvely fundrarse. AS such, the charitable company does not voluntarily adopt any fundrabsing standards. FINANCIAL REVIEW Since the start of the pandemic and lockdown in March 2020, the temple re¢8ivgd donation of masks from the European branch temple5 for distribution lo our m8mbefS. hospital, school, churches and chartty org8nisali¢)ns. Devotees were able lo join all the Dharffla and education programs from IBPS Switzerland (HQ for the European Monasteries). Therèfore, Ihe Iruslees voted lo contribyte £500,000 donation lo Fo Guang Europe branch temples lo help support and contributs towards costs of upgr8ding technic81 equipment for propagan9 Dharrna and for education purposes. The £500,000 donated is included in the accounts as exppndrture on charitable activities and after m8klng the donotion. we report a defictt on both funds of £24,035 for Ihe year, with a defi'cit of £128,493 on the unrestricted fund and a surplus of £104,458 on the reslri¢l8d fund. We hope that tha worfd can brlng the global COVID-19 pandemic under control soon, alk)wlng the templè lo fully op&n lo devotses and general public. The unrestricted fuNJ Is carrying fotward a fvnd balance of £1,039.489 and we will continue lo build uwn thi5 Positlon. The trusle8s remain confldent In rgtaining thg continued support from The IBPS, Headquarter8 in Talwan and Europe. as well as the devotees of lh8 London Fo Guang Temple. Our financial positton is strengthened with the fund8 raised for the general repairs. and those remaining on the Celestial Sounds 2003 Fund. Al the Balance Sheet dale. the restrided reserve stood at £412,545 yth £403.502 on the general repair fund and £9.043 on the Celestlal Sounds 2003 Fund. RESERVES POLICY The charitable company currently has reserves= unreslricled reserves contain funds whlch are available to use at lh8 éiscretion of the trustees in furtheran¢e of IBPS {UK}'s objectives. restriGled reseNes contain funds which have spectfic restr6ctions imposed by the donor or naluie ol the appeal. To ensure the charitable company can remain operational. the m8n8gemenl committee 8ims lo attain a free reserve of appr0matelY £250.000. This is lo ensu that the temple continue lo run for al least one year wthout re.ng on fvtur8 ftjnding. This year the free reserves being the unrestrKted fund$ mlnus the re assets equal to £668,530 which is well above the level the management aims to attain. Pag8 6
TERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI (A Company Llmtted by Gu•ranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 As at(syo the unStrt¢ted fijnd is carryin9 fOard a batance of £1,039,489. The mainIng rnser¥es wlll be u8ed to meet the thritable ¢ompanls objedNes and missions. hjso. due to cov119, the Temple LYJntinue to OFen on 8horter hours and the ca)8ritabb ¢ompany might not able lo get grant from The National Lottery Herftage Fund for the repair of the westem roof of the temple. Hence, il is prudent to malnlain a heaw reseNe In order to acieve Its objoclves and to me¢1 future expen8es. PLANS FOR FLITURE PERIODS After ¢ompl8bJ the repalr of tho e8Stem roof of the historical heritag• buudlng. the company is planning to repair the we$tem roof11.e Ihe lemple sidel. A rough estimate of costs Is over mMlSon $tsrting pourK15 8nd wll ty lo appty for fvndln9s from Natlonal Lottery Hwttage Fund. A8 9lob81 Cov119 pandomlc r8 Sttll not fjjlly under wntrol. concrete plans are dlfficult to project but wll continue to organis8 hybrid events so that people can choose to joln Inyrson or online. The ¢harity wll continue to irw&st in technology or necessary fac118$ for onlin• propagatlon of Dharma. As many volunteer5 have not been bxk at the témple 8ince lockdown, we will continue to njn tr81ning sessknn6 to help them to gel back to the routine of volunteering servlce. INVESTMENT POUCY In relation to the genetsl repair fvnd, the mney raiJ has been a¢ed Into surtabie bank accounts to attro¢tthe b1 e of interest The m8nagèment commiitee keep this polcy under review to make best use of existTng finandal rosour¢e& report has been prepared in cordanr with the provi08 applcable to companles subjeGt to thg small companie¥ rEgime. Approved by order of the Members of the Board of Trustegs and signed on their behalf by: R•v. Poi Fen YVU Page 7
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Llmllod by Guarnntwl STATEMENT OF TRUBTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustee5 (who are also thé Directots of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees, Rep)rt and the financlal $18teThnis in aCrdance with applicab law and Untted Klngdom AccA)unting Standards Iunlted Klngdom Generaliy ApIed Accounllng Praclth). C(xnpany law r•quiTes the Trvstse8 lo prep8re lInand $talements for ea¢h financial year. Under company knv, the Trustees myst not approve Iho financlal statements unless they are satisfied that they give a tsuè and fair of the state of affalrs of the Chadtabk Conyany and of its incoming resour¢e$ and application of resources, indIng Sts Income and expenditure, for that period. In preparing thes• fln8ndal statements, the Trustee5 are required to.. select suitable accounkng policies and th8n apply th•m consistently, observe the method5 and principles of the Charilles SORP IFRS 102): make judgements and accounting estimBtes that are asonab and prudent state whether applicable UK Accounting StarKlards IFRS 1021 have been followed, subjer& to any materfal departufes disdosed arvj explain8d in the flnan¢ial statèments," prep8Fe th8 financ1 slatem8nts ¢Jn the golng concem basis unless it is inHpproprfgts to presume that the Charilabl8 Company wll contlnue In busln85S. The Trustees aré responsiblB for keeping adequate aUnlJng records that ere SuffIent to show and explain the Charitable Company's transactions and disdos• with reasonable accumcy at any tim¢ the frnanaal posrtlon of the Charitabk Company and enable them lo ensurè that the financial statements ¢omply the C¢)mpanies Act 20C6. They are also sponsible for safegtsarding the assets of the charilab Company And herte for18king reasonable steps for the prevention aftd detectlon ot fraud and other irregularili¢$. ApF¥oved by crder of the Memb•r6 of the Board ofTrustees and slgned on its beh4f by. Rev. Pol F ang 026,/o.46kn Pagè 8
INTERNATIONAL BUDDHIST PROGRESS SOCIEff (UK) (A Company Llmited by Guarante9} INDEPENDENT EXAMINERE REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Ind•pendent Examinevs Report to the Trusts&s ol Int•matlonal Buddhist Progr•ss Society (UK) (Yhe Charitable Company? I report lo thè Charfly Truste0$ on my examination of the accounts of th6 Charitable Company for Ihè year ended 31 December 2021. Responsibilities and Basls of R•port As the Trustees of th8 Charitable Company land its Directors for thè purposes of company lawl you are responsible for the preparation of the aUnIS in accordan with the requirements of the Companies Act 2006 I'lhe 2006 Acf). Having satisfied myself that the aCunts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitabl8 COmpanS aOUnts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carying out my examination I have followed the Directions given by the Charity Commission under section 14515llb} of Ihe 2011 Act. Ind•yndent Examlnorf8 Statement Slnce the Charitable Companls gross income exceeded £250.000 w)ur examiner must be a member of a body listed in se¢tion 14S of the 2011 Act. I confirm that l am qualrfied lo und6rtake the examination be¢aus@ l am a memb8r of The Institute of Chartered Aunt8 in England and Wales. whith is one of the listed bodies. I have completed my examlnalion. I confimi that no m8tters have come to my attention in connedion the examinalon glving me cause to bdieve= a¢eounting r8u)rds were not kept in respect of the Chatilable Company as iequired by sèction 386 of the 2006 Act. or lh8 accnunls do not acrd with those records., or the accounts do not comply yth the accounting requlrements of $gciion 396 of tho 2006 Act oth8r than any requirement that the 8ccounts give a Irue and foirf view whSch is not a matter consNdered as p8rt of an indepndent examination., or the accounls have not been prepared in accordance wrth the meth¢xis and prinGiples ol the Statement of Recommended Practice for accounting and reports.ng by Charits applicablg to charities preparing their accounts in accordance with the Financlal Reporting Stsndard appliGabl6 In the UK and Republic of Iroland {FRS 1021- I have no eon¢ems and have come across no other matters in coftnection with the examination to which 8ttenlion should be drawn In thls report in order lo enable a proper understsnding of the accounts to b8 reach8d. Slgn8d: Dated.. 2711012022 Stuart McKay BS¢ FCA DChA MHA Maclntyre Hudson. 6th FIr, 2 Lon¢kn Wall Place. London. EC2Y SAU Page 9
INTERNATIOPIAL BUDDHIST PROGRESS SOCIETY {UKI (A Company Llmlted by Guarantso) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021 Unr•strlclod frjnds 2021 R6$trlctsd funds 2021 Total fvnds 2021 Total funds 2020 Not8 Income from: Donations Charitable activities Other Ir8ding activitl8S Bank interest receivabl8 57,533 428,940 6,281 105.269 162.802 428,940 6.281 28 131.964 211,479 4.730 219 492,754 598.051 348.392 Total Incomo Expend119 on: charitab aclivili 105,297 021,247 839 632.086 227.309 839 221.309 Total eXnd[tur• 621.247 622.086 {128.493) 104.458 {24.0351 12T.083 Net movernont In funds Reconciliation of funds: Total funds brought forward Net movement in fun¢Js 1.167.982 (128.493) 308.087 104,458 1,476,069 (24.0351 1,348,986 127,083 1.039.489 412.545 1.452.034 1.476.069 Total funds carried fornard Al income and expenditure derive from conllnuing actmties. Thg Statement of Flnancial Acb'vib'es includes all gains and losses wogrised in the year. The ncrtes on pages 13 to 26 fomi part of these financial statements. Page 10
INTERNATIONAL BUDDHIST PROGRE88 SOCIETY IUKI IA Company Umitgd by Guarantee) REGISTERED NUMBER: 02724500 BALANCE SHEEr AS AT 31 DECEMBER 2021 2021 2021 2020 2020 Fixed assets Tangib asse15 Curyont amets 10 370.969 392,693 Debtors Cash at bank Bnd in h8nd 11 15.304 1,276,680 17,367 1.138,152 1,291,984 1.155.519 Creditors: amc4mts falling due wilhin cffje year 12 1210,9091 (72.143) Not current assets 1.081.075 1.083,376 Total ass•t81oF6 ¢iirrent liabllStle8 1.452A34 1.476.069 Totsl n•t a6$9t$ 1h52,034 1,476,069 Ch•rlty fund* Rgstrlcted fuThJs Unrestrtcted (dS 13 13 412,545 1,039,489 30a087 1.16T.982 Totsl fund8 1,452,034 1.476.069 The Charltable Compary was an to éxemptlon from audh under sectlon 477 ofthe Companigs Act 2006. Tho members have not requirod the cotroany to obtaln an aud]t for the year In qu•stiDn in accord8nee w secth)n 476 01 Compan18s A¢t 2006. The Trustees a¢knowl¢dge thèir r8sptsn3lbllities for wmptying with the requirements of the Act with respect to nting records and preparation of financLg1 ststements. The financial statements have been prepared in accordance wNh th¢ provi5iQn5 applicable to entlfjes subfvct to the sm?11 companies regime. ts were appmed and Thefin8 horFs8(I for issue by the Trustees and signed on tslr beh81f by.. Rev. Pel F Date: The noteg on pages 13 fr) 26 fom part ol these financial ststem¢nts. Page11
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK (A Company Llmlted by Guarantè•) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Not• Ca•h flows from opernting xtlviti•s Nel cash used In operalnj adivilles 15 139,954 (142,506) Cash flows from Inve$tlng activhles Interest received Purchase of tangible fuod assets 28 {1,454) 219 10 (1,290) Not cash used In Investing actFvltl•s 11,4261 {1,0711 Change In cash and Cash •qufvalgnt¥ In th• y•ar Cash and cash equivalents al the beginning of the year 138,528 1.138.152 (143,5TI} 1.281.729 18 Cash and cash equival•nts at tho end of the year 16 1.276,680 1.138,152 The notes on pages 13 to 26 fom) part of these financ4al ststements Page 12
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK} (A Company Llmlted by Guarantsel NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General infomiatlon Intemalional Buddhist Progress Society (UK) is a charitablè eompany and is règlslered wilh the Chartty Commission {Ch8rity Registered Number 10235751 and Règistrar of Companies Icompany Registratw)n NurTbb8r 027245001 in England and Wales. In the evènl of the Charity belng wound up, the liablllty in respect of the guarantee i8 lim[tl to £1 per member of the Charity. The addrèss of Ihe rggislered office is given in th8 Chanty Information on page 1 of Ihase financial ststements. The nature of the Charitys operations and prlnclpal adiviles ar8 a5 detailed In the Tru5tees' Annual Report. Accounllng pollcles 2.1 8a618 of preparatlon of flnanGlal $tatements The finarri81 sla19ments have boen prepared in accordance with tho Chorities SORP IFRS 1021- Accounting and Reporting by Charities= Slalement of Recommended Practice applica)le lo charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in Ihe UK and Republic of Ireland IFRS 1021. the Financial Reporting Standard applicaNe in the UK arn Republic of Ireland {FRS 102) and the Companies Act 2006. Inlernatlonal Buddhist Prf4r8ss Society (UK} meets the definition of a public benefit entity under FRS 102. Assels and liabilities a inf(ially regnised ot historical cost or tr8nsactlon value unless oth8rwise stsled in the relevant accounting policy. The financk?I ststemenls are prepared cm a going con¢ern basis under the historical cost conventh?n. modtfied to include certain items at fair value. The firn¢la[ slalém8nls are presenled in sterllng whlch is the function81 currency of the Charity and rounded lo the nearest pound. The signthcanl accounting pollcles applied in the preparation of these financial statements are set thjt below. Thesb Fx)lides have been conslslenlty applled to all years prasented unless otherwlse stated. 2.2 Going ncern The financtal ststements have been prepared on a going coneem basis. The Trustees have considered relevant infomiation, including the annual budget and forecast future cash flows for 12 months from aulhorising these financial slalements. Th8 budgeted income and expen(lilure is deemed lo be sufficient with the level of res8rves for the Charitable Company lo able to ry)ntinue as o going concem. Page 13
INTERNATIONAL BUDOHIST PROGRESS SOCIEfY {UKI (A Company Llmlted by Guarant90} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting poll¢l•s {contlnued) 2.3 Incomè AJI income is racognised ¢8 the Charitable Company has entitlement to the Incom6. 11 Is probable that the in¢omo will be received and tho amount of income rec8lvabl8 c8n be measured reliab. For donation$ to be recognised Ihg Chanty wlll havo been noltfied of the amounts and th8 settlernent date in writing. If thère are conditions attached to the donallon and this requires a level of perf0mnCe before ontitlemenl can be obtained than income is defèrred until those condition8 are fully met or the fulfilmgnl of those conditions is thin the control of the Charity and it is Probable that they will b8 fulfilled. Income from trading activities indudes income eamed from fundraising events and trading activiknes lo raise funds for the Charity. Income is received in exchange for supplwng goods and services in order lo raise fvnds and is recognised when enlillemenl has occurred. Inlorest on funds held on depo811 is included when receivable and the amwnt can be measured reliably by the Ch8rity' this is normally upon notifution of the interest paid or payable by Ihe Bank. 2A Expendltur8 Expenditure is recognisod once the is alegal or constructive obligation to transfer economic b8nefit to a third party. it is probable that a transfer of economic benefits wll be required in $8ttPement and the amount of th8 obligatlon can be measured r8liably. Expenditure18 classlfied by actiwty. Th6 costs of each activty are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single actlvity are alloca18d diredly to Ihal activlty. Shared costs which conlribuig lo more than one activity and support costs whith are not attributable lo a single a¢tlvity are apportioned betsveen thos8 activities on a basis consislent the use of rosour¢es. Central staff costs are allocated on the basis of time spent, and depreciation tharges allocaled on the porllon of the asset's use. Expenditure on charitable adivities is incurred on directly undertaking the activities %thich further Ihe Ch8ritsble Compatys objectives, as well as any as50¢ialod support costs. All oxpenditure 15 indusive of irremrable VAT. 2.5 Tox•llon The Charitable Company is considered to pass the lesls Sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meels the definition of 8 charitable company for UK corporation tsx purposes. Accordingly. the Charitable Company is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of th8 CorporalDn Tax Act 2010 or Section 256 of the Taxalion of Chargeabk Gains Act 1992, to Ihe extent th8t such income or galns are applied ex¢luslv8ly to charitable purposes. Page 14
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UKI (A Company Llmlted by Guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Aceountlng pollclo8 IntinOd 2.6 Tanglbl& flxed assets and d•preciation Tangible fixed assets costing £500 or more are capitslise(l and recognlsgd wh8n future economic benèfits are probable and the cost or value of Ihe asset can be maasur8d reliably. Tangiblg fixed assets are initially recogni$8d al cost. After recognition. under the cost model. tanglble fixed assets are measured at cost less ac¢umulaled depreciatlon and any accurnulaled Smpaimient losses. All costs incurred to bring a tanglble fixed asset into S inlended working condition should be induded In the measurement of cost. Depreciation is charged so as lo allocate Ihe cost of tangibLg fixed assets less their residual value over their estimale(l u(U1 Ives. using the slraight-line method. Depreciation 1$ provided on the following basis.. Freehold propety Fixtures and fittings Office equipment 2¥• Slrai9h14ine 15% slraigh14ir 15°h straighl.line 2.7 D•btors Trade and other debtors 8r$ recognised at the settlamonl amount after any tra(le discount offered. Prepayments are valued at tho amount prepaid ng1 of any trade dlscounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and shOrt-t9 highty quid invoStm8nts with a short maturfty of three months or less from the date of a¢qui$rtion or opening of the deposit or similar account. 2.9 Llabilities and provisions Liability8s are re¢ognised when ther& is an obfigation al the Balance Sheet dale as 8 resuA of a past event, il is probable that a transfer of economi¢ benefit will be required in settlement, and the amount of Ihe settlemenl can be estlmaled reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it wll pay to setlle the debl or the amount il ha$ rtt6ived as advarted p8yments for the goods or servicos it musl prowde. Provisions are measured at the best estimate of th8 amounts requlred lo settle the obligation. Where the effect of the time valu8 of money is mal8rio1, the provision is based on the prasènt value of Ih05e amounts, discounted at the pre•tax d5Unt rale that relects th8 risks specrfi¢ lo the liability. unwinding of the discount Is recognised in the Statament of Financial Activities as 8 finan cost. Page15
INTERNATIONAL 8UDDHIST PROGRESS SOCIEfY IUKI IA Company LlmSt•d by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollclos {¢ontlnuedl 2.10 Flnanclal instrumènl$ The Charitable Company only holds basic Flnancial Instruments. The flnancial assets arKI finaniial 1Sabilities of the CharilablB Company ar8 as folkjws: Debtors- prepaents are not financial instruments. Cash at bank- is classifigd as a baslc financlal instrument and Is measurod at face valua. Liabilities - fundraising for European branches, accruals, amounts owed lo rekled party, and olher creditors will be classified as financial instruments. and are measured at amortised cost as detsiled In Note 12. 2.11 P•nsion The Charitable Company operat¢$ a defined conlribulion pension scheme and the pension charge represents the amounts payable by thg Charitable Company lo the fund in respect of the year. 2.12 Fund a¢¢ounling Gener81 funds are unrestricted funds which are availabl6 for use al the discretion of thè Trustees in furtherance of the gèneral obj6dlv8s of the charitab Company and which have not been designated for other purposes. Restricted funds are fvnds whSch are tr) be used In accordance with speclfi¢ rostrictions imposed by donors or whkh have been raised by th8 Charitable Company for particular purposes. The costs of raSsing and adminlslering such funds 8re charged against the specific fund. The aim ond use of each restricted fund is sel CMJI in the notes to the financial statements. Inv8Stment income, gains and bsses are allocated lo the appropriate fund. Page 16
INTERNATIONAL BUDDHIST PROGRESS SOCIEry {UK> (A Company Llmft•d by Guaranto•) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Incomo from donatl¢ns Unr•slrlctèd RestrfGtgd funds nds 2021 2021 Total funds 2021 General donatfion8 General repair fund 57.533 57,533 105.269 105.269 57.533 105.269 162,802 Unrestncted lunds 2020 Rgslricted funds 2020 Total fvnds 2020 General donations General repair fund 52,236 52,236 79,728 79,728 52,236 79,728 137,964 Income from charitable a¢tlvlti•s Unrestricted fvnds 2021 Total funds 2021 Tolal (unds 2020 Dhamia functions 326,023 102,917 326.023 102.917 163,137 48,342 Funeral servic68 428,940 428.940 211,479 Total 2020 217,479 211,479 Pag8 17
INTERNATIONAL BUDDHIST PROGRESS SOCIE IUKI (A Company Llmlted by Guarantm) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from trading a¢tlviti•s Unre$trlct8d fund$ 2021 Total fund$ 2021 Tolal funds 2020 Recepllon sales 6,281 6,281 4,730 Total 2020 4,730 4,730 Analysls of oxp•ndlture on ¢harltablè actlvltles A¢tivitle$ ndertaken dlrectly 2021 Support Costs 2021 Total funds 2021 Charitable adiviti9s ladvancemenl of religion) 611,046 11.040 622.088 In 2021, there was £621,247 of unr8Strfcled expenditur8 on charltoble activiknes and £839 alh)cated lo restricted funds. Actlvhles undertaken direclty 2020 Support costs 2020 Total funds 2020 Charitablè actIVeS ladvancem?nt of religion) 207. 179 14, 190 221.309 In 2020, there was £152,712 of unrèstricted expenditure on charttable adivrtles and £68.597 alloeate(J to reslrfcted fund5. Page 18
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A C¢)mpany Llmitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of ?xp•nditure on charitable activities Icontlnuodl Analys1$ of dlrect costs Totsl funds 2021 Tot lunds 2020 staff costs 28,653 23,188 12,760 21.333 31.970 34.562 10,917 21.430 Depreciation Dhamia functi0ft8 Property costs E- ij Insurance Travel exnseS Overhead costs Advertising and promoti¢)n Sundry expenses Donations Roof Repairs Educational project 8,485 729 12,982 1,399 1,517 9.019 2,818 13.267 1.200 2,010 300 68.477 11,149 500.000 611.046 207,119 The £500,000 contribution for educational project is a grant and mcTr details can be found in the Trustees report. Analysis of support ¢ost8 Total funds 2021 Total funds 2020 Bank charges Governance 3,370 5,670 4,132 10,058 11,IMO 14.190 Page 19
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI {A Company Limil•d by Guaranto8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Governance Costs 2021 2020 Bookkeeping - current year Independent Examination and preparation of the financial slatemenls Legal and professional fees 755 3.300 1.615 817 3.240 6,001 5.670 10.058 Stsff costs and •mploy•e b•n•fits 2021 2020 Wages and Salaries Contrfbullon to defined contr1ttIon pensicfft schemes 28,OlX 653 31.250 720 28.653 31,970 The average number of persons employed by tho Charflabla Company during tho year was as follows.. 2021 No. 2020 Employees No employee r8ceivpd remuneration amunting to more than £60,000 in either year. The total amount of employee benefits receivèd by Key Managernenl Personnel was £28,653 (2020 - £31,970)- The Chanty considers its Key Management Personnel comprise., Trustees Public Affairs Manager for Education Trustees. remunoratlon and expenses During the yoar, no Truslees received any romuneration or other benerrts (2020- £NIL). During the year ended 31 Decgmber 2021. no Trustee expenses have been Inwrrèd 12020- £NIL). Page 20
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UKI (A Cixnpany Limltod by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Tangible flx•d assets Freehold Flxlures and property fittings equipment Total Cost or valuation At 1 January 2021 Additions 858,824 293.686 1,025 40.718 429 1,193.228 1,454 At 31 December 2021 858.824 294.711 41.147 1,194.682 DePlatiOn Al 1 January 2021 Chorge for the year 475.787 17.176 289.398 2.707 35.350 3,305 800.535 23,188 At 31 December 2021 492.963 292.105 38.655 823,723 N•t book valu• Al 31 December2021 365.861 2.606 2.492 370.959 Al 31 December 2020 383.037 4.288 5,368 392,693 11. D•btors 2021 2020 Dug withln on8 year other debtors Pr&payThenls an(1 accrued Income 1.826 13.478 2.590 14.777 15.304 17,367 Page 21
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA Company Llmltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Cr•ditors: Amounts falling due withln one year 2021 2020 Other taxallon and soclal security Fundraising for European blanches and main mon8tery Accruals 2,260 205.349 3.300 68.903 3,240 210,909 72, 143 The Charrtable Company CO1Cts and distributes donatlons cm behalf of other branch temples and the rnaln monastery. During the year ended 31 tkcembèr 2021 the Charflable Company w1cted £199,108 (2020 £202.003) and dlslributed £62,662 (2020 - £251, T76) from the fund. this 15 not included within incom8 and expendlture. An amount of £205,349 (2020 - £fj8.903) is included wtthin 'Cr8dilors.' Amounts falling ue within one yearf relalSrvJ lo undistributed funds that are repayable lo other brnnch temples and thè main monastery. Pagfr 22
iTr¥rERNATIONAL BUDDHIST PROGRESS SOCIETY {UK} {A Cornpany Llml¢éd by Guarant•g) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Stat•ment of lunds ststemont of funds - current y•ar Balance at 31 December 2021 Balance ot 1 January 2021 InmI Expendlture Unrostrl¢ted funds General funds 1.167.982 492.754 1621.2471 1,039,489 Restrl¢t•d funds General repair fvnd CelestSal Sounds Concert 2003 299,044 9.043 105.297 18391 403.502 9.043 308,087 105.297 18391 412,545 Total of fvnds 1.476,069 598.0S1 1622.0861 1,452.034 Unrestricted funds are general fvnds which ar8 availat48 for use at the disfxetion of the TfU$tees in rtherance of the general objectives of the charity and which heve not bean designated for any other purposes. The Celestial Sounds Concert 2003 fund was set up in 1999 for the sole purpose of supporting the Engllsh leg of a worfd tour of the18PS Choirto promote Buddhism using music. The 1999 Concert was $0 successful that the lunds were raised lor another tour in 2003 bul was cancelled duo to the SARS epidemic. Funds Gontinue lo be held for the possibility of another Ioiif in the future. The G8n8ral Repair Fund was set up in 2000 to lund th8 program of repairs around Ihg tample. Th8 fiisl major repalr was for the replatement of a leakng roof. followed by much small8r repalrs around the temple. Funds 8r8 held for the continuing pr(y3ram of repalrs as and when requlrod. Page 23
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Company Llmlt•d by GuaTants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Ststement of funds l¢0ntSnued) ststemgDt of funds - prior yaar Balanc8 èt 31 DeGgmbor 2020 Balance al 1 January 2020 Income Expenditure Unrestrl¢t•d fundb General funds 1,052.249 268,445 {152,712) 1. 767.982 Restrictod ndS General repair fund Celestial Sounds Concert 2003 287.694 9,043 79,947 f68,597) 299,044 9.043 296, 737 79,947 (68,597) 308,087 Totsl of funds 1,348,986 79.947 (221,309) 1,476,069 14. Analysis of nat assets betpen fund8 Analy$is of n8t assets betwoen funds- currenl yoar Unrestricted Restricted funds funds 2021 2021 Totsl funth 2021 Tangle fixed assets Current assets Creditors due wf(hin Ly)8 year 370,959 879.439 1210.9091 370.959 1,291.984 1210.9091 412,545 Totsl 1.039,489 412,545 1.452,034 Page 24
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI {A Company Llmlted by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Analysls of Mt a$50ts betwo•n funds {continuedl Analysis of •s80ts between funds - prlor year Unrestricted fvnds 2020 Rgslii¢ted fvnds 2020 Total funds 2020 TangitrA8 fued assels Cueftt assets Creditors due within one year 392,693 847,432 (72,143) 392,693 1,155.519 172, 143) 308,087 Total 1.167.982 308,087 1,476.069 15. Reconclllatlon ol not movement In funds to not cash flow from op•rating actlvltles 2021 2020 Nel incomelend4lre for the year las per Statement of Finon¢ial Activities) (24,035) f 27,083 Adju8lmonts for: Depreciation charges Interest rec6Sve(J Decreasellincreasel in dgblors Increasel{decrease) in crgditors 23,188 (28) 2.063 138,766 34.562 (219) (5. 122) (298.810) 11 12 Nel cash provided byllused in} operating actlvltlès 139.954 (142.506) 16. Analysis of cash and cash ¢qui¥alents 2021 2020 Cash in hand 1276.680 I, 138.152 Totsl Gash and ca$h •qulvalent8 1276.680 1. 138,152 Pag8 25
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IVK) (A Company Llmited by Gu•rant•8} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. Analysis of Changos in net debt At31 Doc*mr 2021 January 2021 Ca8h flows Cash at bank and in hand 1,138.152 138,528 1.276,680 1.138.152 138.528 1.276,680 18. Rolated party trnnsactions Thè Charitable Company has not entered into any related party transaction during the year. nor are there any outstsnding balances owing between related parties and the Charilabte Company al 31 D8cemb&r 2021. Pagtr 26