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 cu￿ent 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 Pro￿dureS 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 pea￿ful 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 an￿stOrS 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 De￿rnber. 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. c￿kIng 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 AC￿pted 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 re￿iVed
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 I￿eCoVerable 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 w￿rkIng 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)
Depre￿atIOn 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 (adVan￿Ment 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 re￿iVed 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 cOn￿rt 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