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 appllc*l8 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 bo*d 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 appllc*l8 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 bo*d 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