Company registration number: 02724500 Charity registration number: 1023575 INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitable Company, its Trustees and Advisers Trustees. Annual Report ststement of Trustees. Responsibilities Independent Examinerfs Report ststement of Financial Activities 10 Balance Sheet ststement of Cash Flows 12 Notes to the Financial Statements 13-26
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Venerable Chueh Yann Shih. Trustee Venerable Miao Shiunn Shih. Secretary Rev. Li-ya Chou, Trustee Rev. Mei-chu Fan. Trustee Rev. Yi Chen Wu, Trustee Rev. Pei Fen Wu Chang. Trustee Fong Goh Lee, Tnjstee Company registered number 02724500 Charity registered number 1023575 Registered office 84 Margaret Street London W1W8TD Independent examiner MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS Bankers Natwesl Bank PLC Cavendish Square Chatham Customer Service Centre Westem Avenue Kent ME4 4RT Page 1
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL STATEMENTS The management committee which is the Board of Directors of the Society for the purposes of company law and trustees for charity law purposes presents its report and the financial statements for the year ended 31 December 2023, which comply with cuent statutory requirements and the charitable company's governing document. These financial statements present the results for the London Fo Guang Temple. CHARITY ORGANISATION The charitable company was registered by the Charity Comtnission on 15 July 1993. The charitable company is governed by its Memorandum and Articles of Association dated 19 June 1992. The Gharitable company is also limited by guarantee. Fo Guang Shan monastery is a Buddhist temple that propagates Humanistic Buddhism, and was founded by Venerable Master Hsing Yun in 1967. The headquarters of the organisation is based in Taiwan, and has branches across the world including in Los Angeles, Hong Kong. Sydney, Cape Town and Toronto. Taiwan is where the monastic training is undertaken. Many lay people undertake monastic training to spread Buddhism around the world. Once they achieve a certain level of training, they are qualified to seNe at branch temples. The Internalional Buddhist Progress Society IUK}, hereafler referred to as IBPS (UK). is one of Ihe branches of Fo Guang Shan in England, and operates from premises in London with the other branch in Manchester, IBPS {Manchesterl Limited, charity registration number 1097502). During the year under review, the monastics serving in London were Venerable Miao Duo, Venerable Miao Yuen and Venerable Jue Qian. Venerable Zhi Quan relocated to the Manchester branch in November. The monastics are sent to differenl branches all over the world to propagate Buddhism. This will depend upon their level of experience. TRUSTEE TRAINING Trustee training is given in Taiwan. with a probation period of one year for newly appointed trustees. Direction is provided from Taiwan where all monastics sit in conference, and is brought back to their relevant branch. The framework is modified by Taiwan but local decisions are made by the resident monastics. DIRECTORS The directors of the charitable company 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 Wu Rev. Pei Fen Wu Chang Fong Goh Lee TRUSTEE APPOINTMENT In accordance with the charitable companvs Articles of Association, all the directors are required to retire and being eligible. may offer themselves for re*lection by the members. Page 2
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Directors are recruited from amongst those supporters of the Society whom the Committee considers can provide valuable seNice in this position. They are normally appointed at the Annual General Meeting but the Committee itself can appoint directors to fill vacancies. PRINCIPAL RISKS AND UNCERTAINTIES In the temple. there are a number of collection boxes. It was as a result of several instances of atlempted robbery, the collection boxes have now become alarmed and secured to the wall. The conundrum is that we want to welcome the general public into our temple. and allow them to roam freely. At the same time. we want to ensure our assets and donations are protected. The management committee continue to monitor any major risks to which the temple and its activities are exposed. and to implemenl systems and ProdureS lo manage any risks identified. OBJECTIVES OF THE INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) [IBPS (UKI] The IBPS {UK) has the following objects and purpose. as per its Memorandum and Articles of Association.. to follow the Buddha's teaching. sincerely respect the Triple Gem, and propagate Buddhism for the welfare of all beings and awaken Ihe world. to promote Humanistic Buddhism and build a Buddha's Light Pure Land, and live a practical humanistic life and help others with compassion to abide by the Buddhist precepts and hamionize the Five vehicles.. practi The Three Teachings and fulfil the human character to be involved intemationally in culture and education.. have an open mind and treat others with mutual respect The IBPS (UK) also has the following mission- to encourage the study and research of Buddhism to support related cultural and educational programs to serve humanity, the community and society to develop educational programs for all to promote international Dharma propagation We have aimed to continue to develop closer links with the neighbourhood and local community, as such to bring compassion and spread Buddhism to those less fortunate. Furthermore, to encourage racial tolerance and harmony amongst all. we have implemented strategies to achieve this objective include networking with neighbours. Through the power of music and cultural events, we also aim to encourage the study of Buddhism and put theory into practi. Our main objective in the year is reflected in the annual phrase composed by Venerable Master Hsing Yun. The phrase this year is 'May Benevolence and Harmony Bring peaful Wellbeing, Let Abundance and Joy Yield Auspiciousness" and this has been a common therne throughout our activities. In planning the activities of the Charity, the trustees have had due regard to the guidance on Public Benefit issued by the Charity Commission, and in particular the supplementary guidance on the advancemenl of religion for the public benefit. All activities have been undertaken in relation to the purposes of the charity as per its Memorandum and Articles and to further the charity's purpose for the public benefit. Page 3
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REVIEW OF ACTIVITIES We present an overview of where our income of £685,570 was received from. as well as how we spent £240,666, as we continue our programme to spread Buddhism to the local community. We reverted the opening hours back to pre-pandemic times 10am 5pm daily except Fridays. We maintained all our usual activities and held some online and gradually more and more people are attending events in-person events too. Our activities during 2023 included: _ Dharnia Functions Our core activty continues to be organisiTrg and holding Dharma functions that take place within the ternple, and is the basic means by which our devotees cultivate and practi Buddhism. There is a cycle of functions through the year. Live streaming of Dhamia services have stopped and all services are now in-person. We maintained our commitment to propagating Buddhism and the environment by using materials leftover from previous years. Our spending on Dharma functions increased to just over £37,00012022'. £23,000}. Donations collected from the following Dharma functions during the year which were just over £391,000 {2022 .'£441,000)'. a) The Chinese New Year celebrations tmk place on 22 January, which saw in the Chinese Year of the Rabbit. This year we reverted back to pre-pandemic opening times for Chinese New Year. opening the temple until 2am for devotees and visitors to bring in Ihe new year together. b) Qing Ming Ancestor Memorial Service allows devotees to transfer merits to anstOrS and deceased people. This is an important Chinese ritual in Lunar February, which happened to be in April this year. c) Last year the annual Wesak Day celebrations were brought inhouse. This year we decided to continue to hold it indoors at the temple. We invited many guests including Mayor ofwestminsterand local faith leaders to join in the celebration. d) The Ullatnbana Dharma Service was held in the seventh lunar tnonth. There were also offerings to the Sangha. The underlying benefit of this function is to cultivate our filial piety towards our parents and be compassionate to our neighbours. e) The Medicine Buddha Function was held in November. We make lamp offerings to pray forwisdom and longevity. The Amitabha Function was held in Dernber. and gave devotees the opportunity to meditate and chant as part of their Buddhist practice. Monthly Light Services These are held on each Full and New Moon. Oil lamps are lit to mark each occasion, but these have been replaced by electric lamps as oil is dangerous. Volunteers After the pandemic. volunteers have returned to fulfil dLrties and tasks Sin the temple began to open last year. However resident monastics still have to cover some of the tasks as some of the elderly volunteers are no longer able to commute regularly. Directors of the charitable company would like express their gratitude to the volunteers, many of whom are devolees of London Fo Guang Shan, for their continue support of the Dhamia functions and activities during the pandemic. Volunteers cover areas such as maintaining reception. ckIng the lunches for Sunday services, the service attendants and the numerous people who assist in the preparation for the activities noted earlier. A prudent estimate would be that the London volunteers, lime from January 2023 until December 2023 totals over 15,000 hours Page 4
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Based on the National Minimum Wage rates of £9.50 {effective April 20221 and £10.42 (effective April 20231, this equates to a saved cost of approximately £149,400 (2022: £111,640) and does not include National Insurance Contributions. Our appreciation also goes out to the volunteers who assist this temple in maintaining the IBPS (UK)'s accounting records. As there is no reliable meth(MJ lo record volunteer time. this intangible income has not been recognised in the financial statements. Donated Goods We continue to be amazed at the kind generosity of our devotees. The reception area is full of merchandise for sale to those who enter the temple. Most of those items have been kindly donated, and thus, saving us this outlay. A rough estimate of the goods donated is approximately £2,000 12022- £1,500). Food has been kindly donated to serve after each service. Otherwise, our food costs would be substsntially higher. A conservative estimate would be a figure of approximately £3,500 (2022.. £2,500) for the year. The donated goods in the year have not been included as incoming resources within the Statement of Financial Activities, as no definite measure can be made of these goods. Our other activities during the year included- Education A wide spectrum of courses is available to all devotees at the temple that not only raises awareness about Buddhism. bul also to educate the devotees in culbjral matters. Courses organised include online Dhamia courses. meditation classes, Sunday school for kids, Buddhist choir class, dance class and exercise classes for the seniors. Our courses will continue to be effectively free, where nominal fees are charged to cover teaching material costs for example. and it will only cost us the preparation time. Professionals, monastic and lay advisors from abroad have given lectures on lifestyle matters. Topics have covered a wide range of interesting subjects including saving the environment, and Meditation and Life. BLIA and YAD BLIA is the lay Buddhist association that is affiliated with Fo Guang Shan and YAD is the youth division. This year BLIA and YAD organised more in-person events. BLIA Sub-chapters organised members gathering, day trip and double-nine evergreen gathering for elder members. In June BLIA committees and members attending the BLIA Europe Fellowship Meeting in Rome. In Dec YAD committees and members attended the BLIA YAD Europe Fellowship Meeting in Frankturt. The Local Community This year we organised an open day every month to open our doors to people from different communities to learn more about our temple and Buddhism. We also organised three donations to help local food banks who were struggling since the pandemic. ACHIEVEMENTS AND PERFORMANCE Due to widespread use of social media. more and more visitors are coming to the temple. We continue to use online registration for activities. services and donations. Cashless payments are becoming more popular with the new online payment system. Donations via paypal giving fund account has helped us collectdonations from people who are unable to physically come to the temple. Page 5
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The management has continued to implement digital solutions wherever possible to streamline daily administrative tasks and promote environmentally friendly practices. REMUNERATION OF KEY MANAGEMENT PERSONNEL The remuneration of the key management personnel is determined by the trustees annually and normally increased in accordance with average eamings, considering sector parameters and benchmarks. FUNDRAISING The charitable company confirms that they do not outsource any fundraising activities to a professional fundraiser. Although donations are given by beneficiaries of the temple, the temple does nol actively fundraise. As such, the charitable company does not voluntarily adopt any fundraising stsndards. FINANCIAL REVIEW With the temple being open daily and regular activities being held. we have seen an evident increase in donations bringing our income near to pre-covid times. We report a surplus on both funds of £444,904 for the year, with a surplus of £323.276 on the unrestricted fund and a surplus of £121.628 on the restricted fund. The unrestricted fund is carying forward a fund balan of £1.851.177 and we will continue to build upon this position. The trustees remain confident in retaining the continued supportfrom The IBPS, Headquarters in Taiwan and Europe, as well as the devotees of the London Fo Guang Temple. Our financial position is strengthened wtlh the funds raised for the general repairs, and those remaining on the Celestial Sounds 2003 Fund. At the balance sheet date, the restricted reserve stood at £670.416 with £661.373 on the general repairfund and £9.043 on the Celestial Sounds 2003 Fund. RESERVES POLICY The charitable company currently has two reserves= unrestricted reserves contain funds which are available to use at the discretion of the trustees in furtherance of IBPS {UKI's objectives. restricted reserves contain funds which have specific restrictions imposed by the donor or nature of the appeal. To ensure the charitable company can remain operational, the management committee aims lo attain a free reserve of approximately £250.000. This is to ensure that the temple can continue to run for at least one year without relying on future funding. This year the free reserves being the unrestricted funds minus the fixed assets equal to £668,590 which is well above the level the management aims to attain. As above. the unrestricted fund is carying foNard a balance of £1.851,177. The remaining reserves will be used to meet the charitable company's objectives and missions. The temple will not be getting a grant from The National Lottery Heritage Fund for the repair of the westem roof of the temple. Hence. it is prudent to maintain a healthy reserve in order to achieve its objectives and to meet future expenses. PLANS FOR FUTURE PERIODS There are plans for a big refurbishment including repair to the roof on the western side of the building, instsllation of a lift, and rewiring of all electrics. A rough estimate of costs is over three million sterling pounds We will have to plan activities around the refvrbishment works, so that devotees are still able to come to pay respect and members can still attend events throughout the year. We need to be flexible. and concrete plans are drficult to project. Some events can be moved online to ensure continuity. The charity will continue to invest in technol(yJy or necessary faciltties for online propagation of Dharma. Page 6
INTERNATIONAL BUDDHIST PROGRESS SOCIETY IUK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT POLICY In relation to the general repair fund. the money raised has been placed into suitable bank accounts to attract the best rate of interest. The management committee keep this FM)licy under review to make best use of existing financial resources. This report has been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the managementcommittee on 31st October 2024and signed on it behalf by: Rev. Pei Director en Wu Chang Page 7
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also the Directors of the Charitable Company for Ihe purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the Truslees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. selecl suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial ststements- prepare the financial statements on the going concem basis unless it is inappropriale to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Companvs transactions and disclose with reasonable accuracy at any time the financial position of Ihe Charitable Company and enable them to ensure that Ihe financial statements comply with the Companies AGI 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Members of the Board of Trustees and signed on ils behalf by.. Rav Pei Dir 31 st October 2024 on Kiu ChavJ Page 8
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs ReF)Ort to the Truslees of Intemational Buddhist Progress Society (UK) {'the Charitable Company.) I report to the Charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the Charitable Company (and its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wilh the requirements of the Companies Acl 2006 {'the 2006 Act.). Having satisfied myself that the accounts 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 Charitable CompanWs accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515){b) of the 2011 Act. Independent Examinerfs Statement Since the Charitable CompanVs gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm thal l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause lo believe- accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance wlh the methods and principles of the Statemenl of Recommended Practice for accounting and reporling by charilies applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems and have come across no other matters in connection with Ihe examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Dated.. 31st October 2024 Rachel Doyle ACA FCCA DChA MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS Page 9
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations 27,304 483.110 17,000 155,197 182,501 483,110 17,000 2,959 257,227 582.958 15,519 534 Charitable activities Other trading activities Bank interest receivable 2,959 Tolal income 527,414 158,156 685,570 856,238 Expenditure on: Charitable activities 204,138 36,528 240,666 231,583 Total expenditure 204,138 36,528 240,666 231,583 Net movement in funds 323.276 121,628 444,904 624,655 Reconciliation of funds: Total funds brought forward Nel movement in funds 1,527,901 323,276 548,788 121,628 2,076,689 444,904 1,452,034 624,655 Total funds carried forward 1,851,177 670,416 2,521,593 2,076,689 All income and expenditure derive from continuing activities. The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 13 to 26 form part of these financial statements. Page 10
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Company Limited by Guarantee) REGISTERED NUMBER: 02724500 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Note Fixed assets Tangible assets Current assets 10 337,623 356,114 Deblors 26.528 2,435,128 17.038 2, 193, 732 Cash at bank and in hand 2.461.656 2,210,170 Creditors.. amounts falling due within one year 12 {277,686) (489.595) Net current assets 2,183,970 1,720,575 Tolal assets less current liabilities 2,521,593 2,076,689 Tolal net assets 2.521.593 2,076,689 Charity funds Restricted funds Unrestricled funds 13 13 670,416 1,851,177 548, 788 1,527,901 Total funds 2,521,593 2,076,689 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Truslees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. The notes on pages 13 to 26 form part of these financial statements. Pei 31st October 2024 Page11
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activities Nel cash used in operating activities 15 239,889 920,644 Cash flows from investing activities Interest reiVed 2,959 (852) 534 Purchase of tangible fixed assets 10 (4, 726) Not cash provided byl{used in) investing activities 2,107 (4,192} Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the yeai 241,996 916.452 16 2,193,132 1,276,680 Cash and cash equivalents at the end of the year 16 2,435,128 2,193,132 The notes on pages 13 to 26 fomi part of these financial statements Page 12
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation Intemalional Buddhist Progress Society {UK) is a charttable company and is registered wilh the Charity Commission (Chariiy Registered Number 1023575) and Registrar of Companies (Company Registration Number 02724500) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charitys operations and principal activities are as delailed in the Trustees, Annual Report. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities= Slatement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. International Buddhist Progress Swety (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared on a going concem basis under the historical cost convention, modified to indude certain ilems at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 2.2 Going Goncern The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information. including the annual budget and forecast future cash flows for 12 months from authorising these financial statements. The budgeted income and expenditure is deemed to be sufficient with the level of reserves for the Charttable Company lo be able to continue as a going concern. Page 13
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.3 Income All income is recognised once the Charitable Company has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. For donations to be rec(y3nised the Charity will have been notified of the amounts and the settlement date in wriling. If there are condtlions attached lo the donation and Ihis requires a level of performance before entillemenl can be oblained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Income from trading activilies includes income eamed from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplwng goods and services in order to raise funds and is recognised when entitlement has occurred. Interest on funds held on deposit is included when receivable and the amounl can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the Bank. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activily. Shared cosls which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is indusive of IeCoVerable VAT. 2.5 Taxation The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charttable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received wtthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to Ihe extent that such income or gains are applied exclusively to charitable purposes. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended wrkIng condition should be included in the measurement of cost. Page 14
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation (continued) DepreatIOn is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis= Freehold propety Fixtures and fittings Office equipment 2 % Straight-line 15 % Straight-line 150/. Slraight-line 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted al the pre-tsx discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Stalemenl of Financial Activities as a finance cost. 2.10 Financial instruments The Charitable Company only holds basic Financial Instruments. The financial assets and financial liabilities of the Charitable Company are as follows.. Debtors - prepayments are not financial instruments. Cash at bank- is classified as a basic financial instrument and is measured at face value. Liabilities - fundraising for European branches, accruals. amounts owed to related party, and other creditors will be classified as financial instruments. and are measured at amortised cost as detailed in Note 12. 2.11 Pension The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. Page 15
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.12 Fund accounting General funds are unrestricted funds vthich are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 16
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations Unrestricted Restricted funds funds 2023 2023 Total funds 2023 General donations General repairfund 27.304 27.304 155.197 155,197 27.304 155,197 182.501 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 General donations General repairfund 77,970 77,970 179,257 179,257 77,970 179,257 257,227 Income from charitable activities Unrestricted funds 2023 Total funds 2023 Total fvnds 2022 Dharma functions 391,185 91,925 391,185 91,925 441,832 141, 126 Funeral services 483.110 483.110 582,958 Total 2022 582,958 582,958 Page 17
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from trading activities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Reception sales 17.000 17,000 15.519 Total 2022 15,519 75,519 Analysis of expenditure on charitable activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Charitable activities (advancement of religion) 225.065 15,601 240,666 In 2023, there was £204.138 of unrestricted expenditure on charitable activities and £36.528 allocated to restricted funds. Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Charitable activities (adVanMent of religion) 213,529 18,054 231,583 In 2022, there was £188.035 of unrestricted expenditure on charitable activities and £43.548 allocated to restricted funds. Page 18
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities (continued) Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Dharma funclions 28,653 19,343 37,414 62,514 9,642 29,481 36.480 28.653 19,571 23,646 78,987 8,982 10,928 37,644 2,610 2,508 Property costs Insurance Travel expenses Overhead costs Advertising and promotion Sundry expenses 1,538 225,065 213,529 Analysis of support costs Totsl funds 2023 Total funds 2022 Bank charges Govemance 8,940 6,661 8,352 9, 702 15,601 18,054 Governance costs 2023 2022 Bookkeeping - current year Independent Examinalion and preparation of the financial statements Legal and professional fees 360 300 3.420 2,881 3,300 6,102 6,661 9, 702 Page 19
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs and employee benefits 2023 2022 Wages and salaries Contribution to defined contribution pension schemes 28,000 653 28,000 653 28,653 28,653 The average number of persons employed by the Charitable Company during the year was as follows.. 2023 2022 Employees No employee reiVed remuneration amounting to more than £60.000 in either year. The total amount of employee benefits received by Key Management Personnel was £28.653 (2022 £28,653). The Charity considers its Key Management Personnel comprise., Trustees Public Affairs Manager for Education Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL). 10. Tangible fixed assets Freehold Fixtures and property flttlngs Office equlpment Total Cost or valuation At 1 January 2023 Additions 858,824 294,712 852 45,873 1,199,409 852 At 31 December 2023 858,824 295,564 45,873 1,200,261 Depreciation At 1 January 2023 Charge for the year 510,141 17,176 292,843 713 40,311 1,454 843,295 19,343 At 31 December 2023 527,317 293,556 41,765 862,638 Page 20
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tangible fixed assets (continued) Freehold Fixtures and property fittings Office aquipment Total Net book value At 31 December 2023 331.507 2,008 4,108 337,623 At 31 December 2022 348.683 1.869 5,562 356, 114 Debtors 2023 2022 Due within one year Other debtors Prepayments and accrued income 6.076 20,452 8,886 8,152 26,528 17,038 Page 21
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Creditors: Amounts falling due within one year 2023 2022 Other creditors Other taxation and social security Fundraising for European branches and main monatery Accruals 254 4,091 269,921 3,420 254 (430) 486.471 3,300 277.686 489,595 The Charitable Company collects and distributes donations on behalf of other branch temples and the main monastery. During the year ended 31 December 2023 the Charitable Company collected £440,985 (2022 £395,067) and distributed £657.530 (2022 - £113,945) from the fund. this is not included wilhin income and expenditure. An amount of £269,921, (2022- £486.471) is included within 'Credrtors- Amounts falling due within one yearf relating to undistributed funds that are repayable to other branch temples and the main monastery. Page 22
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General funds 1,527,901 527,414 {204,138) 1,851,177 Restricted funds General repairfund Celestial Sounds Concert 2003 539,745 9.043 158,156 (36,528) 661,373 9.043 548,788 158,156 (36,528) 670,416 Totsl of funds 2,076,689 685,570 {240,666) 2,521,593 Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for any other purposes. The Celestial Sounds cOnrt 2003 fund was set up in 1999 for the sole purpose of supporting the English leg of a worfd tour of the IBPS Choir to protnote Buddhistn using music. The 1999 concert was so successful that the funds were raised for another tour in 2003 but was cancelled due to the SARS epidemic. Funds continue to be held for the possibility of another tour in the fulure. The General Repair Fund was set up in 2000 to fund the program of repairs around the temple. The first major repair was for the replacement of a leaking roof. followed by much smaller repairs around the temple. Funds are held for the continuing program of repairs as and when required. Page 23
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds (continued) Statement of funds - prior year Balan at 31 December 2022 Balance at l January 2022 Income Expendilure Unrestricted funds General funds 1.039.489 676,447 (188.035) 1,527,901 Restricted funds General repairfund Celestial Sounds Concert 2003 403.502 9,043 179,791 (43,548) 539, 745 9,043 412.545 179,791 (43,548) 548, 788 Total of funds 1,452.034 856,238 (231,583) 2,076,689 14. Analysis of net assets between funds Analysis of net assets between tunds - current year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets 337.623 1,791,240 1277.686} 337,623 2,461,656 (277,686) 670,416 Creditors due within one year Total 1.851.177 670,416 2.521.593 Page 24
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 356,114 1.661,382 (489,595) 356, 114 2.210.170 (489,595) 548. 788 Total 1,527,901 548, 788 2,076,689 15. Reconcilialion of net movement in funds to net cash flow from operating aclivities 2023 2022 Net income for the year {as per Statement of Financial Activities) 444,904 624,655 Adjustments for: Depreciation charges Interesl received 19,343 (2,959) (9.490) {211,909) 19,571 (534) (1, 734) 278,686 (Increase)Idecrease in debtors Increasel(decreasel in creditors Net Cash provided by operating activities 239,889 920,644 16. Analysis of cash and cash equivalents 2023 2022 Cash in hand 2,435,128 2,193,132 Total cash and cash equivalents 2,435,128 2, 193, 132 Page 25
INTERNATIONAL BUDDHIST PROGRESS SOCIETY {UK) (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 2,193,132 241,996 2,435.128 2,193,132 241,996 2,435.128 18. Related party transactions The Charitable Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing belween related parties and the Charitable Company al 31 DeGember 2023. Page 26