FA YUE BUDDHIST MONASTERY
Report and Accounts
31 March 2021
Charity no: 1079094 Company no: 2804771
TAN & CO
Accountants
FA YUE BUDDHIST MONASTERY Legal and administrative information
Status
The Fa Yue Buddhist Monastery is a company limited by guarantee, incorporated on 24 March 1993 and registered as a charity on 25 January 2000.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the members of the Council of Management are to serve a period of 1 year, subject to re-election at each AGM.
Council of Management
Ven Yen Tsun Sik Hin Hung Sik Yin Jing Chi Yan Sik Po Chuen Ho Wai Hun Lee Po Tai Ip
Secretary
Ven Yen Tsun Sik
Registered Office and operation address
Fa Yue Buddhist Monastery Cottage Street Brierley Hill West Midlands DY5 1RE
Accountants
Tan & Co Accountants 5th Floor, Albany House 31 Hurst Street Birmingham B5 4BD
Bankers
Barclays Bank Plc Stourbridge Business Centre 81 High Street Stourbridge West Midlands DY8 1EB
1
FA YUE BUDDHIST MONASTERY Report of the Council of Managemmt for th• year ended 31 March 2021 The council of management wesents its report and the financial ststements for the year ended 31 March 2021. Object ol tha ¢harity The chwity's main object is that of the &fvancement of the BldhiSt Religion. Prfnclpal actlvltlo• and achlv•m•nts The charitys pnncipal activrty during Ihe sE8r conts.nued to be that of the advancement of the Buddhist Religion and the charty continued to promote Buddhist princples in the U.K. and other parts of the wodd for the cause of uniting Buddhist organisaty.ons of plxes. Lcally the monastery conllnues to receive the sw)port of a large number of pilgrims and vi$ltor¥ throughout the year by beirs the fccd point of worship. The lunding of the charty, as prv4w)us years, came primarity from donatsons ol pilgrims arrtl worShipr$. Compared with the PreVu$ year, the financial year to 31 March 2019 saw signiftanl increase in the amount of donatn$ r&eived. This was pnmarily due to the vanws ceremnlai events whh tTe held at the monsatery which attrxted larger number ol devotees with their respective donatK*ns. This ha$ resulted in a substantial surplus of £50,778 for the year. The Council of management considwed the overall fancIal posrtion ol the monastery as Futur• •trat•gy The charity plans COnUln9 the xlivlties a5 ouulned above In the forthcoming years. Mombov• of th• ¢oun¢ll rf manag•ffl•nl Members of the management committee. vkno are directors for the purpose of con4)any law and trustees lor the purpose of charty kqw, who sefved during the year and up to the date of thls report 8re sel out on page 1. Small company •pecl•l provl¥lon• This report has bean prepared in xcordare the provi8ion$ in Part 15 of the Companies kt 20C6 appllcable to companies subject to the Sllkqll compani8s regime. Approved by the councll of managemert on 21 October 2Q1 &)d signed on Its tehaff by.. (f. Ven Yen Tsun Sik Director
FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2021
| Notes Incoming resources Donations 2 Investment income and interest Total incoming resources Transfer to capital reserve fund Resources expended Wages and salaries Motor expenses Rates Light and heat Telephone and fax Stationery and printing Repairs and maintenance Depreciation Sundry expenses Food consumed by pilgrims Accountancy fees Insurance Bank charges Ceremonial expenses Total resources expended Net movements in funds 3 |
2021 £ 22,672 7,933 30,605 - 12,360 1,133 1,071 8,169 1,042 203 1,155 6,977 793 938 1,716 6,233 127 1,558 43,475 (12,870) |
2020 £ 64,803 9,614 |
|---|---|---|
| 74,417 | ||
| - 12,360 1,861 1,028 8,424 1,077 308 5,562 9,194 1,173 1,196 2,136 6,023 132 3,932 |
||
| 54,406 | ||
| 20,011 |
3
FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2021 Not 2021 2020 Fixed assgts Tangible assets 670.485 677.462 Currnnt a880ts Debtors Cash al bank and In hand 5.303 373,334 378,637 5,206 379,829 385,035 Crndttorn: amounts falllng duo wlthln one y•ar {2,671) (3.176) Net currnnt awl8 375, 381.859 Not u8•ts 1,046.451 1,059,321 R01¥•8 Capitsl reserve furKI A¢¢umulated fund 839.516 206,935 839,516 219,805 Charlty'8 fund 1.046.451 1,059.321 The directors are satisfied that the company is entbttèj to exempti from the requlr•m8nt to obl an audit under Sects' 477 of the Ccffipanie5 Act 2006. The m8mb&rs have not requlred the ccynwy to OaIn audit in accrKdance with sectlon 476 of the Acl The directors xkntJvAedge theff tesponsbHities for ccm1n9 With the requlrements of the Companles Acl 20C6 respect to accouniing rgcoi(Is and the preparation ol accounts. The ac¢ounts have been prepared In &cordance 7Aryth the special provlsions appllcl8 10 ompanies subject lo the small companles reglme. The wofit and loss account has not baen delivered to the Re9lStrar of Companies. Ee. Ven Yen Tsun Sik Director Approv by the bod on 21 Octcber 2021
FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2021
1 Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil Plant and machinery Varied from 15% to 25% Motor vehicles 25%
Voluntary income
Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activities when receivable.
Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
| 2 Donations Donations include the following: Local donations 3 Net movements in funds This is stated after charging: Depreciation of owned fixed assets |
2021 £ 22,672 22,672 2021 £ 6,977 |
2020 £ 64,803 |
|---|---|---|
| 64,803 | ||
| 2020 £ 9,194 |
4 Taxation
The charitable company is exempt from corporation tax on its charitable activities.
5
FA YUE BUDDHIST MONASTERY Notes to the Accounts
for the year ended 31 March 2021
| 5 Tangible fixed assets Land and buildings Plant and machinery £ £ Cost At 1 April 2020 647,957 125,848 At 31 March 2021 647,957 125,848 Depreciation At 1 April 2020 - 120,240 Charge for the year - 1,003 At 31 March 2021 - 121,243 Net book value At 31 March 2021 647,957 4,605 At 31 March 2020 647,957 5,608 6 Debtors Other debtors 7 Creditors: amounts falling due within one year Other creditors 8 Capital reserve fund An amount equal to the capital expenditure during the year is being transferred to the Capital Reserve Fund to cover the cost of acquiring those tangible assets. At 1 April Transfer from the income and expenditure account At 31 March 9 Accumulated fund At 1 April Net movements in funds Transfer to capital reserve fund At 31 March |
Motor vehicles £ 31,863 31,863 7,966 5,974 13,940 17,923 23,897 2021 £ 5,303 2021 £ 2,671 2021 £ 839,516 - 839,516 2021 £ 219,805 (12,870) - 206,935 |
Total £ 805,668 |
|---|---|---|
| 805,668 | ||
| 128,206 6,977 |
||
| 135,183 | ||
| 670,485 | ||
| 677,462 | ||
| 2020 £ 5,206 |
||
| 2020 £ 3,176 |
||
| 2020 £ 807,653 31,863 |
||
| 839,516 | ||
| 2020 £ 231,657 20,011 (31,863) |
||
| 219,805 |
6
FA YUE BUDDHIST MONASTERY
Report and Accounts
31 March 2021
Charity no: 1079094 Company no: 2804771
TAN & CO
Accountants
FA YUE BUDDHIST MONASTERY Legal and administrative information
Status
The Fa Yue Buddhist Monastery is a company limited by guarantee, incorporated on 24 March 1993 and registered as a charity on 25 January 2000.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the members of the Council of Management are to serve a period of 1 year, subject to re-election at each AGM.
Council of Management
Ven Yen Tsun Sik Hin Hung Sik Yin Jing Chi Yan Sik Po Chuen Ho Wai Hun Lee Po Tai Ip
Secretary
Ven Yen Tsun Sik
Registered Office and operation address
Fa Yue Buddhist Monastery Cottage Street Brierley Hill West Midlands DY5 1RE
Accountants
Tan & Co Accountants 5th Floor, Albany House 31 Hurst Street Birmingham B5 4BD
Bankers
Barclays Bank Plc Stourbridge Business Centre 81 High Street Stourbridge West Midlands DY8 1EB
1
FA YUE BUDDHIST MONASTERY Report of the Council of Managemmt for th• year ended 31 March 2021 The council of management wesents its report and the financial ststements for the year ended 31 March 2021. Object ol tha ¢harity The chwity's main object is that of the &fvancement of the BldhiSt Religion. Prfnclpal actlvltlo• and achlv•m•nts The charitys pnncipal activrty during Ihe sE8r conts.nued to be that of the advancement of the Buddhist Religion and the charty continued to promote Buddhist princples in the U.K. and other parts of the wodd for the cause of uniting Buddhist organisaty.ons of plxes. Lcally the monastery conllnues to receive the sw)port of a large number of pilgrims and vi$ltor¥ throughout the year by beirs the fccd point of worship. The lunding of the charty, as prv4w)us years, came primarity from donatsons ol pilgrims arrtl worShipr$. Compared with the PreVu$ year, the financial year to 31 March 2019 saw signiftanl increase in the amount of donatn$ r&eived. This was pnmarily due to the vanws ceremnlai events whh tTe held at the monsatery which attrxted larger number ol devotees with their respective donatK*ns. This ha$ resulted in a substantial surplus of £50,778 for the year. The Council of management considwed the overall fancIal posrtion ol the monastery as Futur• •trat•gy The charity plans COnUln9 the xlivlties a5 ouulned above In the forthcoming years. Mombov• of th• ¢oun¢ll rf manag•ffl•nl Members of the management committee. vkno are directors for the purpose of con4)any law and trustees lor the purpose of charty kqw, who sefved during the year and up to the date of thls report 8re sel out on page 1. Small company •pecl•l provl¥lon• This report has bean prepared in xcordare the provi8ion$ in Part 15 of the Companies kt 20C6 appllcable to companies subject to the Sllkqll compani8s regime. Approved by the councll of managemert on 21 October 2Q1 &)d signed on Its tehaff by.. (f. Ven Yen Tsun Sik Director
FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2021
| Notes Incoming resources Donations 2 Investment income and interest Total incoming resources Transfer to capital reserve fund Resources expended Wages and salaries Motor expenses Rates Light and heat Telephone and fax Stationery and printing Repairs and maintenance Depreciation Sundry expenses Food consumed by pilgrims Accountancy fees Insurance Bank charges Ceremonial expenses Total resources expended Net movements in funds 3 |
2021 £ 22,672 7,933 30,605 - 12,360 1,133 1,071 8,169 1,042 203 1,155 6,977 793 938 1,716 6,233 127 1,558 43,475 (12,870) |
2020 £ 64,803 9,614 |
|---|---|---|
| 74,417 | ||
| - 12,360 1,861 1,028 8,424 1,077 308 5,562 9,194 1,173 1,196 2,136 6,023 132 3,932 |
||
| 54,406 | ||
| 20,011 |
3
FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2021 Not 2021 2020 Fixed assgts Tangible assets 670.485 677.462 Currnnt a880ts Debtors Cash al bank and In hand 5.303 373,334 378,637 5,206 379,829 385,035 Crndttorn: amounts falllng duo wlthln one y•ar {2,671) (3.176) Net currnnt awl8 375, 381.859 Not u8•ts 1,046.451 1,059,321 R01¥•8 Capitsl reserve furKI A¢¢umulated fund 839.516 206,935 839,516 219,805 Charlty'8 fund 1.046.451 1,059.321 The directors are satisfied that the company is entbttèj to exempti from the requlr•m8nt to obl an audit under Sects' 477 of the Ccffipanie5 Act 2006. The m8mb&rs have not requlred the ccynwy to OaIn audit in accrKdance with sectlon 476 of the Acl The directors xkntJvAedge theff tesponsbHities for ccm1n9 With the requlrements of the Companles Acl 20C6 respect to accouniing rgcoi(Is and the preparation ol accounts. The ac¢ounts have been prepared In &cordance 7Aryth the special provlsions appllcl8 10 ompanies subject lo the small companles reglme. The wofit and loss account has not baen delivered to the Re9lStrar of Companies. Ee. Ven Yen Tsun Sik Director Approv by the bod on 21 Octcber 2021
FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2021
1 Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil Plant and machinery Varied from 15% to 25% Motor vehicles 25%
Voluntary income
Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activities when receivable.
Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
| 2 Donations Donations include the following: Local donations 3 Net movements in funds This is stated after charging: Depreciation of owned fixed assets |
2021 £ 22,672 22,672 2021 £ 6,977 |
2020 £ 64,803 |
|---|---|---|
| 64,803 | ||
| 2020 £ 9,194 |
4 Taxation
The charitable company is exempt from corporation tax on its charitable activities.
5
FA YUE BUDDHIST MONASTERY Notes to the Accounts
for the year ended 31 March 2021
| 5 Tangible fixed assets Land and buildings Plant and machinery £ £ Cost At 1 April 2020 647,957 125,848 At 31 March 2021 647,957 125,848 Depreciation At 1 April 2020 - 120,240 Charge for the year - 1,003 At 31 March 2021 - 121,243 Net book value At 31 March 2021 647,957 4,605 At 31 March 2020 647,957 5,608 6 Debtors Other debtors 7 Creditors: amounts falling due within one year Other creditors 8 Capital reserve fund An amount equal to the capital expenditure during the year is being transferred to the Capital Reserve Fund to cover the cost of acquiring those tangible assets. At 1 April Transfer from the income and expenditure account At 31 March 9 Accumulated fund At 1 April Net movements in funds Transfer to capital reserve fund At 31 March |
Motor vehicles £ 31,863 31,863 7,966 5,974 13,940 17,923 23,897 2021 £ 5,303 2021 £ 2,671 2021 £ 839,516 - 839,516 2021 £ 219,805 (12,870) - 206,935 |
Total £ 805,668 |
|---|---|---|
| 805,668 | ||
| 128,206 6,977 |
||
| 135,183 | ||
| 670,485 | ||
| 677,462 | ||
| 2020 £ 5,206 |
||
| 2020 £ 3,176 |
||
| 2020 £ 807,653 31,863 |
||
| 839,516 | ||
| 2020 £ 231,657 20,011 (31,863) |
||
| 219,805 |
6