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 2024
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charitable Company, its Trustees and | 1 |
| Advisers | |
| Trustees' Annual Report | 2 - 8 |
| Statement of Trustees' Responsibilities | 9 |
| Independent Examiner's Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 - 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 28 |
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| 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, Trustee | |
| Company registered number 02724500 Charity registered number 1023575 Registered office 84 Margaret Street London W1W 8TD Independent examiner MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS Bankers NatWest Bank PLC Cavendish Square Chatham Customer Service Centre Western Avenue Kent ME4 4RT |
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024, which comply with current 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 Commission on 15 July 1993. The charitable company is governed by its Memorandum and Articles of Association dated 19 June 1992. The charitable 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 serve at branch temples.
The International Buddhist Progress Society (UK), hereafter referred to as IBPS (UK), is one of the branches of Fo Guang Shan in England, and operates from premises in London with the other branch in Manchester, IBPS (Manchester) 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.
The monastics are sent to different 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
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEE APPOINTMENT
In accordance with the charitable company’s Articles of Association, all the Directors are required to retire and being eligible, may offer themselves for re-election by the members.
Directors are recruited from amongst those supporters of the Society whom the Committee considers can provide valuable service 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 attempted 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 implement systems and procedures to manage any risks identified.
OBJECTIVES OF THE INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) [IBPS (UK)]
The IBPS (UK) has the following objects and purpose, as per its Memorandum and Articles of Association:
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to follow the Buddha’s teaching, sincerely respect the Triple Gem, and propagate Buddhism for the welfare of all beings and awaken the world.
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to promote Humanistic Buddhism and build a Buddha’s Light Pure Land, and live a practical humanistic life and help others with compassion
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to abide by the Buddhist precepts and harmonize the Five vehicles; practice The Three Teachings and fulfil the human character
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to be involved internationally in culture and education; have an open mind and treat others with mutual respect
The IBPS (UK) also has the following mission:
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to encourage the study and research of Buddhism
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to support related cultural and educational programs
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to serve humanity, the community and society
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to develop educational programs for all
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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 practice.
Our main objective in the year is reflected in the annual phrase composed by Venerable Master Hsing Yun. The phrase this year is “May You Be Free As Cloud And Water, Auspicious And Joyful” and this has been a common theme 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 advancement 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.
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
REVIEW OF ACTIVITIES
We present an overview of where our income of £660,081 was received from, as well as how we spent £277,562, 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 2024 included: -
Dharma Functions
Our core activity continues to be organising and holding Dharma functions that take place within the temple, and is the basic means by which our devotees cultivate and practice Buddhism. There is a cycle of functions through the year. Live streaming of Dharma 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 decreased to just over £26,000 (2023: £37,000). Donations collected from the following Dharma functions during the year which were just over £435,536 (2023 :£391,185):
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a) The Chinese New Year celebrations took place on 10 February, which saw in the Chinese Year of the Dragon. 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 the new year together.
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b) Qing Ming Ancestor Memorial Service allows devotees 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 service took place via live stream on YouTube.
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c) Since 2023, 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 of Westminster and local faith leaders to join in the celebration.
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d) The Ullambana Dharma Service was held via live stream and in person in the seventh lunar month. 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.
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e) The Medicine Buddha Function was held in November. We make lamp offerings to pray for wisdom and longevity.
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f) The Amitabha Function was held in December, 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.
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(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Volunteers
After the pandemic, volunteers have returned to fulfil duties and tasks since the temple began to open two years ago. 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 devotees of London Fo Guang Shan, for their continue support of the Dharma functions and activities during the pandemic.
Volunteers cover areas such as maintaining reception, cooking 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’ time from January 2024 until December 2024 totals over 15,000 hours.
Based on the National Minimum Wage rates of £10.42 (effective April 2023) and £11.44 (effective April 2024), this equates to a saved cost of approximately £163,950 (2023: £149,400) 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 method to 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 £2,500 (2023: £2,000).
Food has been kindly donated to serve after each service. Otherwise, our food costs would be substantially higher. A conservative estimate would be a figure of approximately £4,800 (2023: £3,500) 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, but also to educate the devotees in cultural matters.
Courses organised include online Dharma 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 Berlin. In Dec YAD committees and members attended the BLIA YAD Europe Fellowship Meeting which was also in Berlin.
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 collect donations from people who are unable to physically come to the temple.
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 earnings, 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 not actively fundraise. As such, the charitable company does not voluntarily adopt any fundraising standards.
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 £382,615 for the year, with a surplus of £335,122 on the unrestricted fund and a surplus of £47,397 on the restricted fund.
The unrestricted fund is carrying forward a fund balance of £2,186,199 and we will continue to build upon this position.
The trustees remain confident in retaining the continued support from The IBPS’ Headquarters in Taiwan and Europe, as well as the devotees of the London Fo Guang Temple.
Our financial position is strengthened with 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 £717,813 with £708,770 on the general repair fund and £9,043 on the Celestial Sounds 2003 Fund.
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 (UK)’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 to 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 £1,863,009 which is well above the level the management aims to attain.
As above, the unrestricted fund is carrying forward a balance of £2,186,299. 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 western 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
The Trustees anticipate significant capital works at the London temple during the coming periods. These works are expected to include major refurbishment and structural improvement, specifically:
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repair of the roof on the western side of the building,
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installation of a lift to improve accessibility for all users, and
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full rewiring and upgrading of the electrical system to meet modern safety standards.
Initial estimates indicate that the total cost of these works may exceed £3 million. The Trustees will continue to review funding strategies and financial planning to ensure the sustainability of the charity throughout the refurbishment period.
During the construction works, the Trustees will ensure that core religious activities can continue with minimal disruption. Devotees will still be able to visit the temple to pay respects, and members will continue to have access to key events and programmes. Some activities may be temporarily relocated or delivered online to maintain continuity. The charity will continue investing in appropriate technology and infrastructure to support online Dharma propagation where required.
Looking ahead, the charity plans to strengthen its engagement with the wider community. In the coming year, the charity aims to collaborate more closely with local organisations—including cultural, educational, charitable, and interfaith partners—to co-organise programmes that reflect Humanistic Buddhist values and broaden the charity’s outreach.
The Trustees also recognise the increasing needs of the charity’s long-standing and ageing members. Additional time and resources will provide pastoral support, including home visits, regular welfare check-ins, and other initiatives that ensure senior members remain connected and supported within the community.
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 policy 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 order of the Members of the Board of Trustees and signed on their behalf by:
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
................................................ } Rev. Pei Fen Wu Chang yf
Date: 11th December 2025
Page 8
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate 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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 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 its behalf by:
................................................ Rev. Pei Fen Wu Chang y
Date: 11th December 2025
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner's Report to the Trustees of International 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 2024.
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 with the requirements of the Companies Act 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 Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Charitable Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 11th December 2025
Rachel Doyle ACA DChA
MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations 3 Charitable activities 4 Other trading activities 5 Bank interest receivable Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 26,253 517,717 12,143 - 556,113 220,991 220,991 335,122 1,851,177 335,122 2,186,299 |
Restricted funds 2024 £ 100,223 - - 3,745 103,968 56,571 56,571 47,397 670,416 47,397 717,813 |
Total funds 2024 £ 126,476 517,717 12,143 3,745 660,081 277,562 277,562 382,519 2,521,593 382,519 2,904,112 |
Total funds 2023 £ 182,501 483,110 17,000 2,959 |
|---|---|---|---|---|
| 685,570 | ||||
| 240,667 | ||||
| 240,667 | ||||
| 444,903 | ||||
| 2,076,690 444,903 |
||||
| 2,521,593 |
All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 28 form part of these financial statements.
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee) REGISTERED NUMBER: 02724500
BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 10 | 323,306 | 337,623 | |||
| Current assets | ||||||
| Debtors | 11 | 38,924 | 26,528 | |||
| Cash at bank and in hand | 2,756,714 | 2,435,128 | ||||
| 2,795,638 | 2,461,656 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 12 | (214,832) | (277,686) | |||
| Net current assets | 2,580,806 | 2,183,970 | ||||
| Total assets less current liabilities | 2,904,112 | 2,521,593 | ||||
| Total net assets | 2,904,112 | 2,521,593 | ||||
| Charity funds | ||||||
| Restricted funds | 13 | 717,813 | 670,416 | |||
| Unrestricted funds | 13 | 2,186,299 | 1,851,177 | |||
| Total funds | 2,904,112 | 2,521,593 |
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 Trustees 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 accordance 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:
................................................ Rev. Pei Fen Wu Chang :
Date: 11th December 2025
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK) (A Company Limited by Guarantee) REGISTERED NUMBER: 02724500
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
The notes on pages 15 to 28 form part of these financial statements.
Page 13
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Cash flows from operating activities Net cash used in operating activities 15 Cash flows from investing activities Interest received Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 16 The notes on pages 15 to 28 form part of these financial statements |
2024 £ 323,289 3,745 (5,448) (1,703) 321,586 2,435,128 2,756,714 |
2023 £ 239,889 2,959 (852) 2,107 241,996 2,193,132 2,435,128 |
|---|---|---|
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INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
International Buddhist Progress Society (UK) is a charitable company and is registered with the Charity Commission (Charity 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 Charity’s operations and principal activities are as detailed in the Trustees' Annual Report.
2. 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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
International Buddhist Progress Society (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 concern basis under the historical cost convention, modified to include certain items 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 concern
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 Charitable Company to be able to continue as a going concern.
Page 15
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. 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 recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained 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 activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying 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 amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
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.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement 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 activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between 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 inclusive of irrecoverable 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 charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within 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 the extent that such income or gains are applied exclusively to charitable purposes.
Page 16
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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 working condition should be included in the measurement of cost.
Depreciation 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 property | - | 2% Straight-line |
|---|---|---|
| Fixtures and fittings | - | 15% Straight-line |
| Office equipment | - | 15% Straight-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 with a short maturity 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 Balance Sheet date 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 services 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 at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
Page 17
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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.
2.12 Fund accounting
General funds are unrestricted funds which 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 accordance 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 18
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Income from donations
| Unrestricted funds 2024 £ General donations 26,253 General repair fund - 26,253 Unrestricted funds 2023 £ General donations 27,304 General repair fund - 27,304 Income from charitable activities Unrestricted funds 2024 £ Dharma functions 435,536 Funeral services 82,181 517,717 Total 2023 483,110 |
Restricted funds 2024 £ - 100,223 100,223 Restricted funds 2023 £ - 155,197 155,197 Total funds 2024 £ 435,536 82,181 517,717 483,110 |
Total funds 2024 £ 26,253 100,223 |
|---|---|---|
| 126,476 | ||
| Total funds 2023 £ 27,304 155,197 |
||
| 182,501 | ||
| Total funds 2023 £ 391,185 91,925 |
||
| 483,110 | ||
4. Income from charitable activities
Page 19
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Income from trading activities
| Unrestricted funds 2024 £ Reception sales 12,143 Total 2023 17,000 |
Total funds 2024 £ 12,143 17,000 |
Total funds 2023 £ 17,000 |
|---|---|---|
6. Analysis of expenditure on charitable activities
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Charitable activities (advancement of religion) | 256,637 | 20,925 | 277,562 |
In 2024, there was £220,991 of unrestricted expenditure on charitable activities and £56,571 allocated to restricted funds.
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Charitable activities (advancement of religion) | 225,066 | 15,601 | 240,667 |
In 2023, there was £204,138 of unrestricted expenditure on charitable activities and £36,528 allocated to restricted funds.
Page 20
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of expenditure on charitable activities (continued)
Analysis of direct costs
| Staff costs Depreciation Dharma functions Property costs Insurance Travel expenses Overhead costs Sundry expenses |
Total funds 2024 £ 28,653 19,764 25,674 100,858 10,043 27,230 42,074 2,341 256,637 |
Total funds 2023 £ 28,653 19,343 37,414 62,515 9,642 29,481 36,480 1,538 |
|---|---|---|
| 225,066 |
Analysis of support costs
| Bank charges Governance |
Total funds 2024 £ 9,031 11,894 20,925 |
Total funds 2023 £ 8,940 6,661 |
|---|---|---|
| 15,601 |
7. Governance costs
| Bookkeeping - current year Independent Examination and preparation of the financial statements Legal and professional fees |
2024 £ 496 3,600 7,798 11,894 |
2023 £ 360 3,420 2,881 |
|---|---|---|
| 6,661 |
Page 21
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Staff costs and employee benefits
| Wages and salaries Contribution to defined contribution pension schemes |
2024 £ 28,000 653 28,653 |
2023 £ 28,000 653 |
|---|---|---|
| 28,653 |
The average number of persons employed by the Charitable Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
The total amount of employee benefits received by Key Management Personnel was £28,653 (2023 - £28,653). The Charity considers its Key Management Personnel comprise;
-
Trustees
-
Public Affairs Manager for Education
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 22
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Tangible fixed assets
| Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Debtors Due within one year Other debtors Prepayments and accrued income |
Freehold property £ 858,824 - 858,824 527,317 17,176 544,493 314,331 331,507 |
Fixtures and fittings £ 295,564 4,698 300,262 293,556 1,324 294,880 5,382 2,008 |
Office equipment £ 45,873 750 46,623 41,766 1,264 43,030 3,593 4,107 2024 £ 9,334 29,590 38,924 |
Total £ 1,200,261 5,448 |
|
|---|---|---|---|---|---|
| 1,205,709 | |||||
| 862,639 19,764 |
|||||
| 882,403 | |||||
| 323,306 | |||||
| 337,622 | |||||
| 2023 £ 6,076 20,452 26,528 |
11. Debtors
Page 23
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Creditors: Amounts falling due within one year
| Other creditors Other taxation and social security Fundraising for European branches and main monastery Accruals |
2024 £ 127 2,242 208,863 3,600 214,832 |
2023 £ 254 4,091 269,921 3,420 |
|---|---|---|
| 277,686 |
The Charitable Company collects and distributes donations on behalf of other branch temples and the main monastery.
During the year ended 31 December 2024 the Charitable Company collected £408,924 (2023 - £440,985) and distributed £469,983 (2023 - £657,530) from the fund, this is not included within income and expenditure. An amount of £208,863, (2023 - £ 269,921) is included within 'Creditors: Amounts falling due within one year' relating to undistributed funds that are repayable to other branch temples and the main monastery.
Page 24
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Restricted funds General repair fund Celestial Sounds Concert 2003 Total of funds |
Balance at 1 January 2024 £ 1,851,177 661,373 9,043 670,416 2,521,593 |
Income £ 556,113 103,968 - 103,968 660,081 |
Expenditure £ (220,991) (56,571) - (56,571) (277,562) |
Balance at 31 December 2024 £ 2,186,299 |
|---|---|---|---|---|
| 708,770 9,043 |
||||
| 717,813 | ||||
| 2,904,112 |
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 Concert 2003 fund was set up in 1999 for the sole purpose of supporting the English leg of a world tour of the IBPS Choir to promote Buddhism 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 future.
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 25
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Statement of funds (continued)
Statement of funds - prior year
| Balance at 1 January 2023 £ Income £ Unrestricted funds General funds 1,527,901 527,414 Restricted funds General repair fund 539,745 158,156 Celestial Sounds Concert 2003 9,043 - 548,788 158,156 Total of funds 2,076,689 685,570 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 £ Tangible fixed assets 323,306 Current assets 2,077,825 Creditors due within one year (214,832) Total 2,186,299 |
Expenditure £ (204,138) (36,528) - (36,528) (240,666) Restricted funds 2024 £ - 717,813 - 717,813 |
Balance at 31 December 2023 £ 1,851,177 661,373 9,043 670,416 2,521,593 Total funds 2024 £ 323,306 2,795,638 (214,832) 2,904,112 |
|---|---|---|
Page 26
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 £ £ Tangible fixed assets 337,623 - Current assets 1,791,240 670,416 Creditors due within one year (277,686) - Total 1,851,177 670,416 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 £ Net income for the period (as per Statement of Financial Activities) 382,519 Adjustments for: Depreciation charges 19,764 Interest received (3,745) (Increase)/decrease in debtors (12,396) Decrease in creditors (62,853) Net cash provided by operating activities 323,289 16. Analysis of cash and cash equivalents 2024 £ Cash in hand 2,756,714 Total cash and cash equivalents 2,756,714 |
Total funds 2023 £ 337,623 2,461,656 (277,686) 2,521,593 2023 £ 444,903 19,343 (2,958) (9,490) (211,909) 239,889 2023 £ 2,435,128 2,435,128 |
|---|---|
Page 27
(A Company Limited by Guarantee)
INTERNATIONAL BUDDHIST PROGRESS SOCIETY (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Analysis of changes in net debt
| Cash at bank and in hand | At 1 January 2024 £ 2,435,128 2,435,128 |
Cash flows £ 321,586 321,586 |
At 31 December 2024 £ 2,756,714 |
|---|---|---|---|
| 2,756,714 |
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 between related parties and the Charitable Company at 31 December 2024.
Page 28