Company registratlon number: 02724500 ChaTIty registratlon number. 1023575 INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 *ACD35M9U' COMPANIÉS HOUSE
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) A Company Llmlted by Guarantee) CONTENTS Page Reference and Adminislrative Detslls of the Charitablo Companyi Its Trustees and Adviser5 Trustees. Annual Report ststement of Trustees. Responsibilities Indopendent Examine¢s Report Statement of Financlal Actlvltles 10 Balance Shegt 11 Statement of Cash Flows 12 Notes to the Finan¢lal Ststwn•nts 13-26
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrABLE COMPANY, ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDEO 31 DECEMBER 2022 Trustees Venerable Chueh Yann Shtt Tntee Venerable Miao Shiunn Shits Secretary Rev. Ll-ya Chou, Trustee Rev. Mei£hu F8n, Twstee Rev. Yi Chen Wu. Trustee Rev. Pei Fen Wu Chang. Trustee Fong Goh Lee. Trustee Company registered number 027245(Kl Charity registered number 1023575 Registered office 84 Margaret Street London W1W8TD Company $o¢retary VeneraNe Miao Shil Shih Independent examiner MFiA Chartered ACcnt 2 London Wall Place Lorhdon EC2Y SAU Bankers NatWe$l Bank PLC Cavendish Square Chatham Customer SeNce Centre Western Avenue Kent ME4 4RT Page 1
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Cornpany Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL STATEMEKrs The managemenl committee wthich is the Board of DtOrS of the Sttiety for the purposes of company law and trustees for charity law purposes presents its report and the financial ststements for the year ended 31 December 2022, whKh cnPty CUrrW statutory requiments and the charitable ¢ompanls governing do¢umenl. These financial stements present the results for London Fo Guang Temple. CHARITY ORGANISATION The charitable company was re9iStered by the Charity Commissk)n on 15 July 1993. The charitable cornpany 1$ governed by its MemorandLwn and Art of A¥sociath)n dated 19 June 1992. The ch1tle cOmY is also "mited by guarantee. Fo Guang Shan monastery is a Buddhist temple that propagth Humanistic Buddhism. and was founded by Venerable Master Hsing Yun in 1967. The headquarters of the organisalion 15 based in Tawan. and has branches across the world induding in Los Angelos. Hong Kong. Sydney. C4)e Ttyn and Toronto. Taiwan is where the monastic training is undertaken_ Many lay Peop undertake monastic training to spread Buddhism around the world. Once they pLhieve a certain tevel of training. they are qualffj to serve 8t branch lenwes. The International Buddhist Progress Society {UK). hereafter refer to as IBPS (UK), is on8 of the branches of Fo Guang Shan in EnglarKI. and operates from premises in Lr)ndon wth the other branch in Manchester. IBPS {Manchester) Limited, charity registration number 10975021. During the year under ew, the monastics serving in London were Venerable Ru Hai. Venerable You Shun, Venerable An Jin, and venerab Zhi Quan. In June. they were joined by Venerable Jue Qian. and later in the year Venerable Miw Duo and Miao Yuen were also allocated to London branch. Venerable Ru Hai. venerab You Shun, Venerable An Jin were rekxated lo serve in other branch temples. The monastics are sent to different br3heS all over the vAyld to propage Buddhism. This wil (nd upon their level of experience. TRUSTEE TRAINING Trustee Iraining is given in Tawan, Twilh a wobalion pericJ of year for n&vly appointed Trustees. Direction 1$ pwded from Tarérdn ¥ATe all monastics sf( in conference. and is brought back to their relevanl branch. The framework is modffied by Tavwan but dec1$ are made by the resident monastics. DIRECTORS The Directors of the Charitab ccynpany are also the Charity Trustees of the IBPS (UK). The Directors in office during the year and currently were.. Venerable Chueh Yann Shih Venerable Miao Shiunn Shih Rev. Li Ya Chou Rev. Mei-chu Fan Rev Yi Chen 14Vu Rev. Pei Fen Wu Chang Fong Goh Lee Page 2
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) {A Company Llmited by Gualanteol TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEE APPOINTMENT In accordance with the charilalle compan$ Articles of Assoc4¥ion. al Ihe Directors are requKed lo retire and being e1Ible. may offer themselves for re4leelion by the membe. Directors are recruited from amongst those supporters of the Sctiety 0M the Committee considers can provide valuable service in this posth'on. They are nomialty ¥fMJnted at the Annual General Meeting but the C¢)mmittee itself can appoint directors to fill vacancies. PRINCIPAL RISKS AND UNCERTAIPfflES In the temple. there are a number of colledton boxes. It was a5 a result of several instances of attempted robbery. the collection boxes have become alarmed and secured to the wall. The conundrum is that we want lo welcome the general public into our teme. and alh)w them lo roam freety. At the same time, we want lo ensure our assets and donations we protected. Though the govemment has &2sed kxkdown and the temple has started lo open ils door for devotees and the general public. there is still uncertainty about cOd-19. To ensure safety and ylIbe1 of the monastics. volunteers, devotees and general public. the trustees have continued to implement measures sh as reduced opening trulS, scoal distancmig and mandatw wearing of masks inside the temple. The managemenl committee continue lo monitor any major risks to which the tgmpfe and its activiti8S ore exposed. and to implement systems and prccedures to manage any risks identified. OBJECTIVES OF THE INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) DBPS (UKII The IBPS {UK} has the folkhving objects and purpose. as its Memorandum and Articles of Assouation.. to follcAv the Buddha's leaching, $ity resped the Triple Gem, and propagate Buddhism for the weifafe of all beings and awaken workl. to Promote Humanistic Buddhism and buikl a 8uddha's LvJht Pure Land, and live a practical humanistic life and help others with compaSOn lo abide by the Buddhtst precepts and hamionize the Fr¥e vehicles.. Pract The Three Teachings and fijlfil the human character lo be involved intemationalty in culture arKI education., have open mind and tfeat others wlh mutual respect The IBPS (UK) also has the follwng ffission.. to encourage the study and research of Buddhism to support related CUra1 and educational prograff to serve humanty. the communty and society to develop educational program$ for all to promote internatKJnal Dhamia propagation We have aimed to continue to delOP ¢k)ser Inks vh the nejghbourhood and local communty. as such lo brin9 compassion and spread BLwJdhism to those kss fortunate. Furthemiore, to encourage racial tc4erance and harmony amongst al. we have implemented strategi8S to achieve this objedrve include nOorking wth neighbours. Through the power of music and culural events. also •m to ¢rage the study of Buddhism and wt th80ry into practice. Our main obj'ective in the year is relleded in the annual phrase ccdrposed by Venerable Masler Hsing Yun. The phrase this year is "May all beings live without fear and coexist in p. and this has been a common theme throughout our aclivilies. Page 3
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA Company Llmlted by Guarnrtee) TRUSTEES. REPORT (COPfflNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 In planning the activities of the Charity. the Trustees have had due regard to the gUIdar on PLtblic Benefrt issued by the Chanty Commi5sKJn. and in partular the supplementary gu01¢ on the advancement of reltgion for the public benefrt. All actmb.es have been undertaken in to the purpos&s of the Charity as per its Memorandurn and Articles and to further the Chanty's purpose for the public bwefiL REVIEW OF ACTIVITIES We present an overview of vthere our inwne of £856.238 was received from. as well as how we spent £231.583. as we Contin our programme to spread Buddhism to the hxal community. Due lo the pandemic and to avoid voluntegrs travdling during the peak hours. we reduced our opening hours lo 1w - 4pm daily except Friday. We maintained all our usual activities arKI hekl some online and gradual more and mtye peoplg are attending events on events loo. Our activities during 2022 induded". - Dhamia Functions Our core adivity ntinUeS lo be organising and Iw)Iding Dhama functK)ns that take place thIn the temple. is the bas means by whith our devotees cuKNate and practice Buddhism. There is a cycle of fvnctions through the year. All Dhamia SeNS were a hyond of bn9 in-pwson and online. We maintained our commitment to propagating Buddhism and the environment by using materiab leftover from previous years. Our spending on Dharma functions increased to just over £23.646 (2021.. £12.760J. DonatK>ns collected from the followin9 Dharma functions during the year increased back to near Pre-p0ndeM £441.832 (2021.. £326,023). The Chinese New Year celebrations loc4¢ plaee on 1 FebNary. which in the Chinese Year of the Tiger. Due to the subsiding of the pandemic. we remained open until 1 Opm for people to join the Chinese New Yoarfs eve seNce. We tiCed an increase in Chinese youth vtsrting the terrple as tt)ey were unable to fty back to China lo celebrate the new year. b) Qing Ming Ancestor Memorial Sérvice alkJws devoteos to transfer merits to ancestors and deceased people. This is an important Chinese ritual in Lunar March. which happened to be in April this year. This se[Ce look Via INe stream on YOUTU. Last year the annual Wesak Oay celebrations We canceNed due lo COVID 19 parKlemic. This year we decided to organise the cekbrations again but on a $mle1 scale. The event was held indoors at the temFde. d} The Ullambana Dharma serye was held live stream and in person in the seventh lunar rnonth. There were also offering5 to the San9ha. The underlying benefit of this function is to tiVate our filial piety ichvards our panIS and be compassionate to our nevJhbours. The edne Buddha Funct vra5 held in Novber. We m*e Iwnp offerings to pray for wisdom and longevity. The Amitabha Function was held in December. and gaNE devotees the opportunity to meditate and chant as part of their Buddhist practice. Monthly Light Servlces These are hekj on each Full and Ne•V Mcojn. Oil IS are lit to mark exh occasion bul these have been replaced by eleetrie larnps a$ t1 is dangerou5. Due lo the new opening hours after the parKlemie. the temple is nomially ¢to$ed in tho mornings. However. on each Full and Moon the temple cpens at 10am to allcw devotes lo join the chanting servi¢e$. pe4
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Cornpany Limiled by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Volunteers Volunteers gradually stsrted retuming to fulfil duties tasks Sbnce the temple began to open last year. However resident monastu still have to cover some of the tasks as vcAunteers nomially arrive in the aftern¢Jon. Directors of the charitable company woukl like express their gratitude to the votunteers, many of whom are devotees of London Fo Guang Shan, for their continue support of the Dharna functions and actiwlies during the pandemic. Volunteers cover areas such as maintaining receptb)n, cooking the lunches for Sunday services. the $ervt¢8 attentjants and the numerous people who assisl in the pParat fcrf Ihe xtivit$ rv)ted eadiei. A prudent estimate woukl be Ihat the London volunteers. time from January 2022 until December 2022 totals over 12,000 hou 8a$ed on the National Minimym Wage rates of £8.91 {effective April 2021) and £9.50 (effective April 20221, this equates to a Saved cost of approximalety £111.640 (2021." £43.400) d5 not include National Insurance Contributions. Our appreciatr)n also goes out to the volunleefs assist this lemple in maintaining the IBPS IUKI'S accounting records. As there is no relk?ble meth¢>J to record volunteer tme, this inlangible IrMe has not been recognised in the financial statements. Donated Goods Despite the pandemic. we continue to be amazed at the kirKI generosty of our devotees. The reception area is full of merchandise for sale to those who enter the lempfe. Most of those items have been kindly donated, atKI thus. saving us this outlay. A rough eslime of the g(KyJs donated is approxknalety £1,500 (2021.. £1,000). Food has been kindly donated to serve after each se. Otherwtse. our fr>J costs vawld be substantially higher. A conservative estimate would be a figure of approximately £2.$00 (2021.. £1.200J for the year. The donated go)ds in the year have not been included as inccthing resources within the Statement of Financial Aclivities. as no definite measure can be made of these goods. Our other aclivitios dwing the year indthled.. Educatlon A wde spectrufn of courses is available lo all devotees at the temp that not only raises awareness aboLrt Buddhism. bLrt also lo educate the devotees in cultural matters. This year we were able to lest OUT devotees, knoYAedge when Buddhist Study exams were hekj in January. Courses organised include online Dhamia courses. meditatton dasses. Sunday schod for khls. Buddhist choir clas5, dance class and exercise dasses for the senKyrs. Our courses wll continue to be effectively free. where nominal fees are charged to cover teachiThJ material costs for example, and it wll onty cost us the preparation time. Professionals. monastic arKI lay advisors from abroad have given lectures on Irfest matters. Top have covered a wde range of interesting suty'ects including saving the environment. Meditation and Life. BLIA and YAO BLIA is the lay Buddhist aSlat)n th* is affiliated with Fo Guang Shan and YAD is the youth division. This year BLIA and YAD gradualy began to organise more iryyerson event$, Iwth a ¢ommittee outing in the first haw of the year. Page 5
INTERNATIONAL 8UDDHIST PROGRESS SOCIETY {UK) {A Company Lirnited by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 The Local Communty This year we organsed an open day every month lo our dr$ to people different Communities to learn more about our lemple and Bvddhi%n. We also organised three donations to W loul food banks who were Slwggling since the pandemic. ACHIEVEMENTS AND PERFORMANCE Even though the pandemic caused some wKonveniences. we V•Ere ab to eq)e by transfDming most activities and services online. As Ihe Pandern sub5hled, we were able to benefrt even more people wi(h a hybrid of in- person and online events. Not onty were we able to stay connected with our exF5tin9 devotees bul also able to reach out to even mcrfe new people. Online registration for aclTvlies, servtss arKI d¢)nalS are nopN the norm. Cashless paynents are becorning more popular with the new online patent system. Donations paypal gNing fund account has helped us bring the income back to pre-pandemic figures. The management have continued to make improvements to the daity adMinistratp dulles and reduce lne spent on papeN4ork and a trying to implement paperless wothing where possible. REMUNERATION OF KEY MANAGEMENT PERSONNEL The remuneration of the Key Management Personnel is detemiined by the Trustees annualy and nomial increased in accordance wrth aveiage eamings. considering sth parameters and benchmarks. FUNDRAISING The charitable company confmis that they do noi CArtSOUT¢e any furraiSing activities to a professional fundraiser. Although donions are gNen by beneficories of the temple. Ihe lemple does not actively fundraise. As such, thg charitable conwany does not voluntarily adopt any fundraising slandards. FINANCIAL REVIEW With the temple being open daity aTrJ regular activities being held. VR have seen an evident increase in donations bringing our income near to prId times. We report a surplus on both funds of £624,655 for the year. with a sulUS of £488.412 on the unrestricted fund and a surplus of £136,243 on the restricted fund. The unlestrted fUj is carrying forward a fur balance of £1,527.901 ?d we will continue to buikj upon this position. The trustees remain confthnl in retsinry the contwlued S)POrt fr(Mn The IBPS. Headquarters in Taiwan Europe, as well as the devotees of the London Fo Guar¥J Temple. Our financial position is strengthened vAth the funds ratsed for the 9eneral repairs. and those remaining on the Celestial Sounds 2003 Fund. At the balan sheet d*e. the reStted reserve Stocd al £548.787 £539,745 on the general repair fund and £9.043 on the Celestial Sounds 2003 Fund. Page 6
INTERNATIONAL BUDDHIST PROGRESS SOCIEtY IUKI IA Company Limited by Guaranlgo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2022 RESERVES POLICY The charitable company currentty has t4VO reserves: Unrestric reseNe$ eontain funds which are available to use at the discrets'on of the trustees in furtherance of IBPS (UK)'s objeclwes: restrthd reser¥es contain furKIs which have specrfic $1ctionS imposed by the donor or nature of the appeal. To ensure the eharit8ble company can remain tsperatal. the management committee aims to attain a free reseNe of approximately £250.000. This is lo ensure that the templg continue to run for al least one year %wthout rdying on future funding. Thi5 year the free reser¥es being the unrestred funds minus the fixed assets equal lo £1.171.787 whth is well above the 1 the manage¢wil aims to attain. As al)ove. the unrestred fund is Carrn9 forward a balance of £1.527.9)1. remaining reserves will be used to meet the charrtable companys o"ectNes and missw$. The temp will not be getting a grant from The National Lottery Herrtage Fund for the repair of the weslem roof of the temple. Hence, 15 prudent to maintain a heamhy reserve in order to achieve ris obJectNes and to meet future expenses. PLANS FOR FL¥fuRE PERIODS There are plans for a big refurbishment induding repair to the roof ¢)n th8 western side of the buiSding, installation of a lrft, and remring of all electn.cs A rwh estimate of Costs 1$ ovor million sterling pounds Although th& 9)b COVltk19 pandemt has subsided, rt has affected peop in many ways and many people have changed their Irfe$e$. Hen¢e, we t)eed to be fieble and ¢on¢rele plans are drfficuk lo project but wll continue lo organise hybrKI events so that people Can ehoose tojoin in-person or online. The charity will continue to invest in lechndcsy or necessary fxlities online propwK)n of Dhamw. After 2 years of being at hc¥ne, many NKJlunleers have found rt drfficult to get back into routine. We wll continue to implement new stralegies to procedures and atso organise mre training to help them. INVESTMENT POLICY In relal•)n to the general repair fund. the money raised has been plxed into suitable bank 8¢courtts lo ottract the best rate of interest. The management eommittee keep this policy urKler revw to make best use of existing financial resources. This report has been prepared in ac¢cKdance with the provisions applicable to COMPleS subject lo the Small companies, iegime. Approved by order ofthe Meners of the Board of Trustees aTrJ signed on their behalf by." ei Fen Wu Chang Date.. 29109r2023 Pa9e 7
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUKI IA Company Llmited by Guarantse) STATEMENT OF TRUSTEES. RESPONSI8IUTIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustee5 (0 are also the Directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees. Report and the financol Ststwnents in accordance with apPIab law and Unrted Kingdom ACcJntirwj Standards (United 'ngdoM Generalty Accepted Accounl#)g Practul. Cc¥npany require5 the TfUStee5 to prepare financial statements for eath finarKial year. Under company law. the Tnjslees must not approve the financial statements un$ they are satisfied that they gwe a true and fair view of the slate of affairs of the charitab Company and of its incoming resources and applicats.on of resources. induding i(s income and expendrture. for that period. In preparThJ these finanual slalemenls, the Trustees are quired lo". select suitatde accounting polrcies and then appty them ¢onsistenty,' obserye the meth<xls and prin¢rples of the Charities SORP {FRS 102).. make JUdgentS and )UntIng estimes that are reasonable and prudent: slate whether appluble UK Accountin9 Standards IFRS 102) have been folbjved. subjeci to any material departu$ disclosed and explained in the financtal statements.. prepare the financial stements <yn the going COrEM ba515 unless it ts inapproprkAte to presume thal the . Charitable CanY will continue business. The Trustees are responsible for keepin9 adequate accounting record5 that are sUfflent to show and explain the Charitable Companys transactions and disclose wrth reasonable ac¢uTacy at any lime the fTrnan¢i81 position of the Charitable Company and enable them to ensu th the finala1 stements Mpty with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and honce for taking reasonable steps for the preventm and detection of fraj and other irreguLarities. Approved by order of the Members of the Board of Trustees and Signed on its behatf by.. Rev. Pel Fen Wu Chang De: 2WW2023 Page 8
INTERNATIONAL BUDDHIST PROGRESS SOCIEtY (UK) (A Company Llmlted by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Examinerfs Report to the Trustees of Intemational Buddh5st Progre55 Society IUK) Ilhe Charitsble Company'l I report to the Charity Trustees on my exanination of the accwnls of the Charitable Company for the year ended 31 December 2022. Responsibilities and Basis of Report As the Trustees of the Charrtable C(KanY (and its Directors for the purposes of company lawl you are responsible for the preparation of the accounts in accOr¢Jae the requirements of the Companies Act 2006 I'lhe 2006 AcY}. Having satisfied mysell that the accounts of the Charitable Company are not required lo be audTted under Part 16 of the 2006 Act and are elKJible for indeperKlenl examination. I repc¥t in respect of my examinatiL)n of the Charitable Companls a¢¢ounls carvied out under sectK)n 145 of the Charit5 Act 2011 {'Ihe 2011 Adl. In carying out my examinabon I have fL4kMed the Directions given by the Charity Commission under sedion 145(5}Ibl of the 2011 Art Independent Examlnorfs Statement Since the Charttable Ccffipanys gross income exceeded É250.IYXI your examiner must be a member of a body listed in section 145 of the 2011 ACL I confirm that l arn qual lo undertake the examination because l am a member of The Institute of Chartered Accountants in ENJland and Wales. which is one of the listed I have CC¥nPted my examinth"on. I cMi that no matters have corne lo my atterrtl n connection wrth th examinalKJn grving me eause to believe: accounting records were not kept in respect of the Charitsble Company as required by section 386 of the 2006 Act.. or the accounts do not &tord with those records: or the accounts do rK)t C¢mPty with the accounting requernents of seCtn 396 of the 2006 Act other than any requirement that the accounts gNe a InR and fairf whth is It a matter conshjered as part of an independenl examinatk)n: or the accounts have nol been prepared in wh the methc*Js arKI principles of the Slalement of Recommended Practu for accounting and porting by charilies applicable to charities preparing their accounts in accordance wrth the Financol Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102). I have no concems and haNE come xross no other matters in Connecti IMth the examination lo which attention shoubj be dravffl in this report in fxder to enablg a proper understanding of the ants lo be reached. Signed: Daled". 225 Stuart Md<ay Bsc FCA DCh4 MHA. 6th Floor. 2 London Wall Place. London. EC2Y SAU Paje 9
INTERNATIONAL BUDDHIST PROGRESS SOCIEff {UK) {A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTivmES UNCORPORATING INCOME AMD EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tot lunds 2021 Income from: DonatK)ns Charitable actmties Other trading activities Bank interest receivable 77.970 582.958 1S.519 179.257 257.227 582.958 15.519 534 162.802 428.940 6.281 28 Total Income Expendlture on: Charrtable activities 676.447 179.791 856,238 598.051 188.035 231,683 .622.086 Total expendlture 188.035 231.583 622.086 Net movement In funds ReconclllatSon of lunds: Total funds brought fomard Nel movement in funds 488.412 136,243 624.655 (24.035) 1.039.489 488.412 412.545 136,243 1.452.034 624,655 7.476.069 (24,035) Total funds carrfed forward 1.527.901 $48,788 2,076.689 1.452.034 Al income and expeTrJiture derive from continung athbties. The Ststemenl of Financial Adr¥ities Ind 811 gains knsses recc<Jnised in the year. The notes on pages 13 to 26 fom part ofthese anci ststements. Page 10
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Company Limitsd by Gyaranteel REGISTERED NUMBER: 02724500 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2022 2021 2021 Notg Fixed assets Tangible 8s5els Current assets 10 356.114 370,959 Debtors Cash * bank and in hand 11 17.038 2.193.132 1&304 1.2T6.680 2.210.170 1,291.984 Creditors.. amounts faling due within one year 12 (489.595) (210.909) Net current assets 1.720.575 1.087.075 Totsl a$$ets Iw Current liabilili•s 1076.689 1,452,034 Total net assots 1076.689 1.452.034 Charity funds Restricled funds 13 S48.78B 1.527,901 412.545 1,039.489 Unrestricted funds 13 Total funds 2.076.689 1.452,034 The Charitable Conyany 74vas entitled to exemption from audit under secth)n 477 of the Companie5 Act 2006. The members have not required the company to obtain an audrt for the year n question in accordance wth section 476 of compan Act 20C6. The Trustees nI)ledge their reSp)nSli14es ts CcYnp9 the requirements of the Act with respect lo untsng records and preparation of finanoal stslemenls. financial statemenls have been prepared in accordance with the provisions apleable lo enlities subject to the small cnIeS regime. The financial stateNents were approved and auttriSed for issue by the Twstees and sKJned c47 their behalf by: Rev ei Fen Wu Chang Dale." 2910912023 The notes on pages 13 to 26 form part ofthese financial staterwts. P4e 11
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA Company Limited by Guar•ntee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Nots Cash flows from oporaling activitles Net cash used in operating ath"vrties 15 920.644 139,954 Cash flows from investing activities InleTest received Purchase of tangle fixed assets 28 (1.454) 10 14.726 Net cash used In investing activities (4.1921 (1.426) Change in ca$h and cash equivalents in the year Cash and cash equivalents at the beginning of the year 916.452 138.528 1. 138. 152 16 1.276.680 Cash and cash •qulvalerrts at Ihe end of the year 16 2.193.132 1,276, 680 The notes on pages 13 10 26 fomi part ofthese ffftancial stateme Page 12
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY IUK) (A Company Lirnited by Guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General Infomlation Inlemalional Buddhist Progress sety (UK) a charitable company and is registered with the Charity Commission {Charrty Registered Number 1023575) and Registrar of Companies (Company Registration Number 027245001 in England arKI Wales. In the event of the Charty beiry IrKI up. the Sabilty n respect of the guarantee linwled to £1 per member of the Chanty. The adS of the registered oifw is givw in the Charty infonnation on page 1 of these financial stalemenls. The th*ure of the Chatty$ oFeran$ and princpal xtiviDe$ are as detaikd in the Trustees. Annual Report. Accountlng policies 11 Basis of prnparatlon ot finan¢lal statements The financial statements have been prepared in ac¢ordan¢e with the Charib&s SORP (FRS 1021- Accounting and Reporting ty Charities.. Ststement of Rewnmended Prxtice applicable to ¢harilie$ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IretarKI {FRS 1021. the Financkal Reporting Standard applicable in the UK and Republic of Irel¥ {FRS 102) and Ihe Companies Act 2. IntematKJn4 Buddhist Prc4res$ S(xty (UK) meet5 definition of a public benefrt entity under FRS 102. Assets and liabilfties are initially re¢ognised at hisluical cost or transadv)n valuo unless OtheISe staled in the relevant accounting pdicy. The financiai statements are prepared on a g(Mng concern basis under the historical cost corwention. lo indude certain rtems at fair value. The finanual statements are presented in Stling thich is the functional ¢urroncy of the Charrty and rounded lo the nearest pound. The significant accounting pdicies applied in the preparation of these financial statements are set out bel¢)w. These poltcies have been wisislenuy aPpld to all years pSented unless othepNise stated. 12 Going concern The financial statements have been prepared on a gtyng concem basis. The Trustees have considered relevant informalhm. including the annual budget and forecast future cash flows for 12 months from aulhorising these financial ststements. The budgeted income and expenditure is deemed lo be sufficient the level of reserves for the Charitabie Company to be ab to continue as a 90ing COnrn. P•Je 13
INTERNAnoNAL BUDDHIST PROGRESS SOCIEtY (UK) IA Company Llm6ted by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuad} 13 Income l income is recognised rce the Chari19 Crmp•ry has entitbwil to the inCe. it 15 prctsble that the income will be received and the al)Unt of income receNable can be measured reliably. For donations to be re¢c#3nised the Charity V•ryll have been notrfd of the amounts and the settbemenl date in wriling. If the are condi1nS attached to the donation and thi5 requires a level perfonnan¢e before entitlwnent can be ¢)btained then income is deferred until those conditions are fulty mel or the fulfibnent of those is within the control of the Charity and it is probable that thw wll be fvled. Income from trading activities includes ncome eamed from fundraising events and trading activi(ies to raise funds for the Charity. Income 15 recEived in exchange for supplying goods arHJ sewces in order to raisè funds and is recognised vthen entitlement has cUrIl. Interest on fijnds held on deposit is included wthen recwvable and the amount can be measured reliabty by the Charity: Ihis is normalty upon notifi¢atK¥n of the interest paJ or payable by the Bank. 14 Expenditure Expenditure is rectyjnised once there is a legal or constmclNe obligation to transfer economic benef to a third paty, it is probable th a transfer of economic benefits wll be required in settlement and the amount of the obligab'on Can be measured reliabty. Expendrture is cla5silied by actiwly. The costs of each activity are made up of the total of direcl c051s and shared costs. including supm)rt costs invofved in undertaking actmty. Direct ¢osts attributable lo a single ath'vty are allo¢ated directly to that activity. Shared costs whh conlribute to more than one actimty and support ¢ost$ which are not attributsble to a single a¢tNity a apportioned betrn those activitS on a basis consislenl with the use of resour. Central staff costs are albxaled on the basis of time spent. and depreciation charges allocated on the p(wb"on ofthe asset's Use. Expenditure on Charitab ath"wkn"es is incurred on tlifeclty undertaking tt)e acllwties which further Ihe Charitable Company's objectives. as well as any aslated support costs. All expenditure is indus of irrecoverabk VAT. 2.5 Taxation The Chantable Company is considered to pass the tests set ¢JJt in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition of a eharitable cnpanY for UK ecyporation tsx purposes. Accordingty. the Charitable Company is wtenlialty exempl from taxation in respect of inwne or caprtal gains received within categorie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sect)n 256 of the Taxation of Chargeable Gains Act 1992. 1¢ the exlenl that such income or gains are applied exdusrvely to charilable pUSe5. P•> 14
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounling policies (continued) 16 Tanglbb fixed assets and d•prKlallon Tangible fixed assets cosling £500 or mcffe are CaliSed and renised when fLrture e¢ornI benefits are probable aThJ the cost or of the asset can be measured reliably. Tangible fixed assets are initially recognised * cost. After feJnrtI0n, under the cost model, tangible fixed assets are measured at cost kn xcumulated depreciation and any accumulated nPairM8nI sses. All costs incurred to bring a lange fixed asset into tts intended thrting condition Suld be included in the m&qsurement of cosL Deplation is charged so as to allrxe the $1 of tangible fixed a$5ets les$ their resKlual value over their estimaled usefvl lives. usry the TawJht4ine method. Deprlation is provided on follwng basis.. Freehokl prcpefty Fixtures and fith'ngs Office equipment 2% Straight4ine 15% Slraight4ine 15% Straight4ine 17 Debtors Trade and other debtors are recognised at the settlement amount after any Irade discount offered. Prepayments are valued at the amount prepaxl nel of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand indudes cash and short-temi hwJhty IN4uid investments with a short maturity of three months or less frc¥n the date of acquisi1 or opening of the deposrt or similar account. 2.9 Liabilities and provisions Liabiltties are reccgnised vthen there is an Obligat at the Balance Sheet date as 8 resuft of a past event, rt 15 probable that a transfer of econoynic benefrt 1 be reqUId in settbemenl. and the amounl of the settlement can be estwnated re1bfy. Liabilrties are re¢tsJni5ed al the amount that the Charitsble Company anticipate5 it will pay lo settle the debt or the amount rt has received as advanced payments for the goods or seryices it must provide. ProS1onS are measured at the be51 ests.mate of the Ufits required to settle the Obligat. Where the effect of the lime vue of money 15 material. the provistsn is based on the present value of those amounts. discounted al the pre-L discount rate th31 8¢1$ the risks specrfic lo the liability. The unwinding of the discount is recognised in the Statement of Financial Actiwties as a finance cosL Page 15
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UKI IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEM8ER 2022 A¢¢ounting policies (¢ontinuedl 2.10 Flnan¢ial instrnments The Charrfable c1panY onty hobjs basic FinwKial Instruments. The finCial assets and financial liabilities of the Charilable Company are as follows.. Oeblors - prepayments are not financial instwrrvts. Cash at bar&- is classified a5 a basic financial instnwnent aryl is measured al f¥e value. Liabilitie5 - fundraising for European branches. xcruaL8. amounts owed to related party. and other credi(ors will be classified as finanaal inslruments. and are measured at amortised cost as detailed in Note 12. 111 Penslon The Charitable Ccxnpany cperales a defined cOntributn pension scheme and the pensp)n charge repTrsents the amLwnts payable by the Charrtable Cixnpany to the fund in respect of the year. 112 Fund aoUntIng General funds are unreslrthd furKls tpthich are avalable for use at the discretion of the Trustees in . ftjrtherance of the general objectives of the Charitable Company and whh have not been desi9nale(I for other purposes. Restricted funds aro fvnds whith are to be used in accordance with SpeCe reslii¢tN?ns imposed by donors or which have been raised by the Charitable C(ynpany for particukr purposes. The costs of raising and administering such funds are charged against the specrfhc fund. The aim and use of each restricted fund is set ¢yJt in the notes to the financral statements. Investment income. gains losse5 are alkated to the appropriate fund. Page 16
INTERNATIONAL BUDDHIST PROGRESS SOCIEfY (UK) IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 DECEMBER 2022 Incomg from donations Unrestricted Restricted funds funds 2022 2022 Total funds 2022 General donati$ General repair fund 77.970 77.970 179,257 179.257 77,970 179.257 257.227 Unrestricted lunds 2021 Restiicled funds 2021 Total funds 2021 General donat)$ General repair fund 57.533 57.533 105,269 105,269 57.533 105,269 162,802 Income from ¢haritable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Dharn functions Funeral services 441.832 141.126 441,832 141,126 326.023 102.917 582.958 582.958 428,940 Total 2021 428.940 428.940 Page 17
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) {A Company Llmlted by GuaAntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from tradlng activlties Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 RewtM)n sales 15.519 15.519 6,281 Tolal 2021 6.281 6.281 Anatysls of expenditure on charltabl• actlvitles Actrrfitles undertaken directly 2022 Support ¢o$ts 2022 Total funds 2022 Charitable aclr¥lies {advancement of religion) 213,529 18.054 231.683 In 2022. there was £188.035 of unrestrthd eypendrtwe on charitab activitses and £43,548 allocated to restrided lunds. Adwit$ undertaken dwectly 2021 Support costs 2021 Tolal funds 2021 Chairtable (advancement of rdigion) 611.046 11.040 622.086 In 2021, there vras £621.247 of unrestr1dl expenditure on charitable activities and £839 althaled to restricted funds. Page 18
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) IA Company Llmltgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysts of expendlture on charitable activlties {contlnued) Analysis of direct costs Total funds 2022 Total lunds 2021 Staff costs Depreciation Dharma functions Property costs Insurancg Travel expenses" Overhead costs Advertisin9 promoti Sundry exp8Ths Educational prgect 28.6S3 19.571 23.646 78.987 8.982 10.928 37.644 2,610 28.653 23. 188 IZ760 21,333 8,485 729 12982 1.399 1,517 213.$29 611,046 Anaty$is of support Costs Total funds 2022 Tolal lunds 2021 Bank charges 8.352 9.702 &370 4610 18,054 11,040 Page 19
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUIQ {A Cornpany Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 DECEMBER 2022 Governance ct)sts 2022 2021 Bookkeeping- Current year IndeperKlent Examination arKI preparation of the fina1 statemerts Legal and Profession fees 300 3,300 6,102 755 3.300 1.615 9,702 5,670 Staff costs and employee benefrts 2022 2021 Wages arKI salaries Contribution to defined contribUn penSn schem 28,000 653 28,OOQ 28,653 28.653 The average number of persons empbyed by the Charitable C¢)mpary duriNJ the yearwas as follows.. 2022 2021 No. Employees No employee receNed rerneralryn amounting to rle than £60.000 in either year. The lotal amount of employee beneffts received by Key Management Personnel was £28,653 (2021 - £28.653). The Charty considers its Key Management Personnel comprise.. Trustees Public Affairs Manager for Edu) Trustees. remunerntlon and expenses During the year. Th) Twstees re¢eived any rwnLFneral*y) or other beneffts (2021 . £NILJ. During the year ended 31 Decerrt>er 2022. no Trustee expenses have been incurred (2021- £NIL). Page 20
INTERNAnoNAL BUDDHIST PROGRESS 80CIETY (UK) IA Company Umlted by GUarart NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Tanglble fixed assets Freehold Fixtures and property frtllngs equlpment Total Cost or valuatlon Al 1 January 2022 Additions 858.824 294.711 41,147 4.726 1.194.682 4.726 Al 31 December 2022 8S8.824 294,711 45.873 1,199,408 Depreclatlon At 1 January 2022 Charge for tho year 492.963 17.176 291105 739 38.655 1.656 823.723 19.571 Al 31 December 2022 510.139 292.844 40.311 Net book valu• Al 31 December 2022 348.685 5,562 3S6.114 At 31 L>ecember2021 365,861 2.492 370,959 11. Debto 2022 2027 Due withln one year Other debtors Prepayments arKI accrued in¢ome 8.886 8,152 1,826 13,478 17,038 15,304 P•3e 21
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Creditors: Amounts falling due withln one year 2022 2021 other CTeditors 254 Other taxation and so(xa security Fundraising for European branches and main monatery Acuua15 1430) 486.471 2,260 205.349 3,300 489.595 210.909 The Charitable Company collects and distrbutes donati(S on behaff of other branch temples the main rrKJna5tery. During the year ended 31 December 2022 the CharItsb Compary colthted £395,067 (2021 £199, 108) and distributed £113.945 (2021 £62.662J from the fund. this is not ilded wthin income and expendiiure. An amount of £486.471 12021- £205,349) is induded within 'Creditors'. Amounts falling due within one yea¢ relalry to und1strUled funds that are repayable to other brafKh temples and the main rmna5tery. P&3e 22
INTERNATIONAL BUDDFIST PROGRESS SOCIETY (UK) (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Statement of funds Statem8nt of lunds - Current year Balance at 31 Docomber 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General funds 1.039A89 676A47 (188.035) 1.527.901 Restricted funds General repairfund Celestial Sounds Concert 2003 403.502 179,791 143.548 539.745 412.545 179.791 143.548) 548.788 Total of funds 1.452,034 856.238 1231.5831 2.076.689 Unrestricted are general funds whth are arailable for use at lh8 dtscrebon of the Trustees in furtherance of the general OblD¥e5 of the Charity and whth have not been designated for any other The Celestial Sounds Concert 2003 fund was set up in 1999 for the sole purpose of supporting the English leg of a worbj tour of the IBPS Choir to pr¢)mote Buddhism using MUSK. The 1999 concert was so successful th81 the funds were raised for another tour in 2003 but vras cancelled due to Ihe SARS epidemic. Funds continue to tre held for the possibility of aTr)ther lour in the fvture. The General Repair Fund a$ set up in 2000 to fvnd the program of repairs around the temple. The first major repair was for the repL4cement of a leaking [f. folknved by much smaller repairs around the temple. Funds are held for the o)ntinuing Progr of repairs as and vthen required. Page 23
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) IA C¢)mpany Llmited by Guarantee) NOTES TO THE FINANCIAL STATEME1s FOR THE YEAR ENDED 31 DECEMBER 2022 13. Statement ol funds {coThtinuedl Statement of fvnds- Priof year Balance al 31 D8cembei 2021 Balance 81 l January 2021 Unrnstrlcted fvnds General funds 1, 167.982 492. 754 (621,247) 1.039.489 Restricted lunds General pair fund Celestial Sounds Concert 2003 299.044 9.043 704297 (839) 403. 9,043 308.087 105.297 f839) 412.545 Total of funds 1.476, 598.051 (622.086J 1,452,034 14. Anatysis of net tssets behveen funds Anatysls of net assets between funds- cumt year Unrestricted Restrl¢ted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets Credrtors due wrthin one year 356,114 1.661,812 (490.0251 356.114 2.210.600 {490.025} 548.788 Tolal 1.527.901 548,788 2.076.689 P•Je 24
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Llmlted by Guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Anatysis of net assets betwe•n funds {continued) Anatysis of n•t ass•ts betwn funds- prior yr Unrpstrided R&slncted funds runds 2021 2021 Total runds 2021 Tangible fixed assets CurTenl assets Creditors due witrmn one year 370.959 879.439 (210.909) 370.959 1.291.984 (210,909) 472.545 Total 1.039,489 412,545 1.452,034 15. Ro¢on¢lliation of D•1 movwnent in funds to net ush flow from 0rang actlvlti•s 2022 2021 Nel in¢omelexp8ndiiure for the (as per Statwlienl of FinarKial Aclivbtiesl 624.65S (24.035J Adjustments for.. Depreciation charges Interest received {Increase)Ide¢$e in debtor5 Increase in creditors 10 19.571 (5341 11.7341 278,686 23, 188 (28) 2.063 138.766 11 12 Net cash pnwided by operating •divilies 920.644 139,954 16. Anatysi$ of ¢ash and cash equivalents 2022 2021 Cash in hand 2,193.132 1.276.680 Total cash and cash eqvivalgnts 2.193.132 1.276.680 Page 25
INTERNATIONAL BUDI)HIST PROGRESS SOCIETY (UK IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Analysis of changes in net debt At1 January 2022 Cash flows At31 December 2022 Cash at bank and in hand 1,276.680 916,452 2.193.132 1.276.680 916A52 2.193.132 18. Related party transactions The Charitable Company has not entered into any related paty transxtion during the year, nor are Ihere any outslanding balances between related parties arvj the Chariwtg Company al 31 Dember 2022. Page 26