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 Tn￿tee 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 $o¢retary VeneraNe Miao Shil￿￿ Shih Independent examiner MFiA Chartered ACc￿nt 2 London Wall Place Lorhdon EC2Y SAU Bankers NatWe$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 D￿￿tOrS 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 c￿nPty CUrrW￿ statutory requiments and the charitable ¢ompanls governing do¢umenl. These financial st*ements 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 ch￿1t￿le cOm￿Y 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 br3￿heS all over the vAyld to propag*e Buddhism. This wil (*nd upon their level of experience. TRUSTEE TRAINING Trustee Iraining is given in Tawan, Twilh a wobalion peric*J of year for n&vly appointed Trustees. Direction 1$ pwded from Tarérdn ¥A￿Te all monastics sf( in conference. and is brought back to their relevanl branch. The framework is modffied by Tavwan but dec￿1￿$ 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 e1￿Ible. 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 tem￿e. 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 cO￿d-19. To ensure safety and y￿lIbe1￿￿ of the monastics. volunteers, devotees and general public. the trustees have continued to implement measures s￿h as reduced opening tr￿ulS, 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, $i￿ty resped the Triple Gem, and propagate Buddhism for the weifafe of all beings and awaken workl. to Promote Humanistic Buddhism and buikl a 8uddha's LvJht Pure Land, and live a practical humanistic life and help others with compaS￿On lo abide by the Buddhtst precepts and hamionize the Fr¥e vehicles.. Pract￿ The Three Teachings and fijlfil the human character lo be involved intemationalty in culture arKI education., have ￿ open mind and tfeat others wlh mutual respect The IBPS (UK) also has the follwng ffission.. to encourage the study and research of Buddhism to support related CU￿￿ra1 and educational prograff to serve humanty. the communty and society to develop educational program$ for all to promote internatKJnal Dhamia propagation We have aimed to continue to d￿elOP ¢k)ser Inks v￿h 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 nO￿orking 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 part￿ular the supplementary gu￿01￿¢ 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 SeN￿S were a hyond of b￿n9 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 $m￿le1 scale. The event was held indoors at the temFde. d} The Ullambana Dharma sery￿e was held live stream and in person in the seventh lunar rnonth. There were also offering5 to the San9ha. The underlying benefit of this function is to ￿￿tiVate our filial piety ichvards our pa￿nIS and be compassionate to our nevJhbours. The ￿ed￿ne Buddha Funct￿ vra5 held in Nov￿ber. We m*e Iwnp offerings to pray for wisdom and longevity. The Amitabha Function was held in December. and gaNE devotees the opportunity to meditate and chant as part of their Buddhist practice. Monthly Light Servlces These are hekj on each Full and Ne•V Mcojn. Oil I￿S are lit to mark exh occasion bul these have been replaced by eleetrie larnps a$ t￿1 is dangerou5. Due lo the new opening hours after the parKlemie. the temple is nomially ¢to$ed in tho mornings. However. on each Full and Moon the temple cpens at 10am to allcw devotes lo join the chanting servi¢e$. p￿e4 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 $ervt¢8 attentjants and the numerous people who assisl in the p￿Parat￿ fcrf Ihe xtivit￿$ 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) d￿5 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 Ir￿Me 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 eslim*e 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.$00 (2021.. £1.200J for the year. The donated go)ds in the year have not been included as inccthing resources within the Statement of Financial Aclivities. as no definite measure can be made of these goods. Our other aclivitios dwing the year indthled.. Educatlon A wde spectrufn of courses is available lo all devotees at the temp￿ that not only raises awareness aboLrt Buddhism. bLrt also lo educate the devotees in cultural matters. This year we were able to lest OUT devotees, knoYAedge when Buddhist Study exams were hekj in January. Courses organised include online Dhamia courses. meditatton dasses. Sunday schod for khls. Buddhist choir clas5, dance class and exercise dasses for the senKyrs. Our courses wll continue to be effectively free. where nominal fees are charged to cover teachiThJ material costs for example, and it wll onty cost us the preparation time. Professionals. monastic arKI lay advisors from abroad have given lectures on Irfest￿ matters. Top￿ have covered a wde range of interesting suty'ects including saving the environment. ￿ Meditation and Life. BLIA and YAO BLIA is the lay Buddhist aS￿lat￿)n th* is affiliated with Fo Guang Shan and YAD is the youth division. This year BLIA and YAD gradualy began to organise more iryyerson event$, 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¢)nal￿S are nopN the norm. Cashless paynents are becorning more popular with the new online pa￿tent 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 l*ne 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 fur￿raiSing activities to a professional fundraiser. Although don*ions 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 pr￿￿Id times. We report a surplus on both funds of £624,655 for the year. with a su￿lUS of £488.412 on the unrestricted fund and a surplus of £136,243 on the restricted fund. The unlestr￿ted fU￿j 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 reSt￿ted 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 ￿$1￿ctionS imposed by the donor or nature of the appeal. To ensure the eharit8ble company can remain tsperat￿al. the management committee aims to attain a free reseNe of approximately £250.000. This is lo ensure that the templg continue to run for al least one year %wthout rdying on future funding. Thi5 year the free reser¥es being the unrestr￿ed funds minus the fixed assets equal lo £1.171.787 whth is well above the ￿1 the manage¢wil aims to attain. As al)ove. the unrestr￿ed fund is Carr￿n9 forward a balance of £1.527.9)1. remaining reserves will be used to meet the charrtable companys o*"ectNes and missw$. 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 fie￿ble 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 COMP￿leS subject lo the Small companies, iegime. Approved by order ofthe Men*ers 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 apPI￿ab￿ law and Unrted Kingdom ACc￿Jntirwj 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 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 Ca￿liSed and re￿nised 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 fe￿JnrtI0n, 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 lang￿e fixed asset into tts intended th￿rting condition S￿uld be included in the m&qsurement of cosL Dep￿lation is charged so as to allrx*e the ￿$1 of tangible fixed a$5ets les$ their resKlual value over their estimaled usefvl lives. usry the *TawJht4ine method. Depr￿lation 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 reqUI￿d in settbemenl. and the amounl of the settlement can be estwnated re1￿bfy. 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. Pro￿S1onS are measured at the be51 ests.mate of the ￿￿Ufits required to settle the Obligat￿￿. Where the effect of the lime v￿ue 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 c￿1panY onty hobjs basic FinwKial Instruments. The fin￿Cial 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 cOntribut￿n 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 a￿oUntIng 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 wh￿h have not been desi9nale(I for other purposes. Restricted funds aro fvnds whith are to be used in accordance with SpeC￿e 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 alk￿ated 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 unrestr1d￿l 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 exp8Th￿s 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 fina￿￿￿1 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 contribU￿n penS￿n 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 rer￿neral￿ryn amounting to r￿le 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 i￿l￿ded wthin income and expendiiure. An amount of £486.471 12021- £205,349) is induded within 'Creditors'. Amounts falling due within one yea¢ relalry to und1str￿Uled 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 Obl￿D¥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 STATEME1￿s 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 y￿r 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 0￿ra￿ng 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 D￿ember 2022. Page 26