FA YUE BUDDHIST MONASTERY
Report and Accounts
31 March 2023
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 Management for the year ended 31 March 2023
The council of management presents its report and the financial statements for the year ended 31 March 2023.
Object of the charity
The charity's main object is that of the advancement of the Buddhist Religion.
Principal activities and its achivements
The charity's principal activity during the year continued to be that of the advancement of the Buddhist Religion and the charity continued to promote Buddhist principles in the U.K. and other parts of the world for the cause of uniting Buddhist organisations of all places.
Locally the monastery continues to receive the support of a large number of pilgrims and visitors throughout the year by being the focal point of worship.
The funding of the charity, as with previous years, came primarily from donations of pilgrims and worshippers. Compared with the previous year, the financial year to 31 March 2023 saw a drop in the amount of donations received with a similar reduction in expenses. As such, the surplus for the year of £30,715 was comparable to the previous year's of £31,674. The council of management considered the overall financial position of the monastery as satisfactory.
Future strategy
The charity plans continuing the activities as outlined above in the forthcoming years.
Members of the council of management
Members of the management committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
Small company special provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Approved by the council of management on 17 November 2023 and signed on its behalf by:
Ven Yen Tsun Sik Director
2
FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2023
| 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 |
2023 £ 58,559 9,572 68,131 - 7,200 1,154 1,166 5,554 969 205 1,201 4,077 961 2,261 1,860 6,949 132 3,728 37,417 30,714 |
2022 £ 69,485 8,409 |
|---|---|---|
| 77,894 | ||
| - 12,360 1,116 1,127 7,896 1,086 258 1,463 5,301 975 1,296 1,836 6,556 132 4,818 |
||
| 46,220 | ||
| 31,674 |
3
FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2023
| Notes Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Reserves Capital reserve fund 8 Accumulated fund 9 Charity's fund |
7,450 442,626 |
2023 £ 661,107 447,734 1,108,841 839,516 269,325 1,108,841 |
5,468 410,414 |
2022 £ 665,184 412,942 |
|---|---|---|---|---|
| 450,076 (2,342) |
415,882 (2,940) |
|||
| 1,078,126 | ||||
| 839,516 238,610 |
||||
| 1,078,126 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ven Yen Tsun Sik Director
Approved by the board on 17 November 2023
4
FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2023
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 |
2023 £ 58,559 58,559 2023 £ 4,077 |
2022 £ 69,485 |
|---|---|---|
| 69,485 | ||
| 2022 £ 5,301 |
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 2023
| 5 Tangible fixed assets Land and buildings Plant and machinery £ £ Cost At 1 April 2022 647,957 125,848 At 31 March 2023 647,957 125,848 Depreciation At 1 April 2022 - 122,063 Charge for the year - 717 At 31 March 2023 - 122,780 Net book value At 31 March 2023 647,957 3,068 At 31 March 2022 647,957 3,785 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 At 31 March 9 Accumulated fund At 1 April Net movements in funds At 31 March |
Motor vehicles £ 31,863 31,863 18,421 3,360 21,781 10,082 13,442 2023 £ 7,450 2023 £ 2,342 2023 £ 839,516 839,516 2023 £ 238,611 30,714 269,325 |
Total £ 805,668 |
|---|---|---|
| 805,668 | ||
| 140,484 4,077 |
||
| 144,561 | ||
| 661,107 | ||
| 665,184 | ||
| 2022 £ 5,468 |
||
| 2022 £ 2,940 |
||
| 2022 £ 839,516 |
||
| 839,516 | ||
| 2022 £ 206,936 31,674 |
||
| 238,610 |
6
FA YUE BUDDHIST MONASTERY
Report and Accounts
31 March 2023
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 Management for the year ended 31 March 2023
The council of management presents its report and the financial statements for the year ended 31 March 2023.
Object of the charity
The charity's main object is that of the advancement of the Buddhist Religion.
Principal activities and its achivements
The charity's principal activity during the year continued to be that of the advancement of the Buddhist Religion and the charity continued to promote Buddhist principles in the U.K. and other parts of the world for the cause of uniting Buddhist organisations of all places.
Locally the monastery continues to receive the support of a large number of pilgrims and visitors throughout the year by being the focal point of worship.
The funding of the charity, as with previous years, came primarily from donations of pilgrims and worshippers. Compared with the previous year, the financial year to 31 March 2023 saw a drop in the amount of donations received with a similar reduction in expenses. As such, the surplus for the year of £30,715 was comparable to the previous year's of £31,674. The council of management considered the overall financial position of the monastery as satisfactory.
Future strategy
The charity plans continuing the activities as outlined above in the forthcoming years.
Members of the council of management
Members of the management committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
Small company special provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Approved by the council of management on 17 November 2023 and signed on its behalf by:
Ven Yen Tsun Sik Director
2
FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2023
| 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 |
2023 £ 58,559 9,572 68,131 - 7,200 1,154 1,166 5,554 969 205 1,201 4,077 961 2,261 1,860 6,949 132 3,728 37,417 30,714 |
2022 £ 69,485 8,409 |
|---|---|---|
| 77,894 | ||
| - 12,360 1,116 1,127 7,896 1,086 258 1,463 5,301 975 1,296 1,836 6,556 132 4,818 |
||
| 46,220 | ||
| 31,674 |
3
FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2023
| Notes Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Reserves Capital reserve fund 8 Accumulated fund 9 Charity's fund |
7,450 442,626 |
2023 £ 661,107 447,734 1,108,841 839,516 269,325 1,108,841 |
5,468 410,414 |
2022 £ 665,184 412,942 |
|---|---|---|---|---|
| 450,076 (2,342) |
415,882 (2,940) |
|||
| 1,078,126 | ||||
| 839,516 238,610 |
||||
| 1,078,126 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ven Yen Tsun Sik Director
Approved by the board on 17 November 2023
4
FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2023
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 |
2023 £ 58,559 58,559 2023 £ 4,077 |
2022 £ 69,485 |
|---|---|---|
| 69,485 | ||
| 2022 £ 5,301 |
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 2023
| 5 Tangible fixed assets Land and buildings Plant and machinery £ £ Cost At 1 April 2022 647,957 125,848 At 31 March 2023 647,957 125,848 Depreciation At 1 April 2022 - 122,063 Charge for the year - 717 At 31 March 2023 - 122,780 Net book value At 31 March 2023 647,957 3,068 At 31 March 2022 647,957 3,785 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 At 31 March 9 Accumulated fund At 1 April Net movements in funds At 31 March |
Motor vehicles £ 31,863 31,863 18,421 3,360 21,781 10,082 13,442 2023 £ 7,450 2023 £ 2,342 2023 £ 839,516 839,516 2023 £ 238,611 30,714 269,325 |
Total £ 805,668 |
|---|---|---|
| 805,668 | ||
| 140,484 4,077 |
||
| 144,561 | ||
| 661,107 | ||
| 665,184 | ||
| 2022 £ 5,468 |
||
| 2022 £ 2,940 |
||
| 2022 £ 839,516 |
||
| 839,516 | ||
| 2022 £ 206,936 31,674 |
||
| 238,610 |
6
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examine5 Report Report to the trustsesl meMr* of FA YUE BUDDHIST MONASTERY On accounts for tho year ended 31 MARCH 2023 Charity no Ilf any) 1079094 Set out on pages PER ACCOUNTS FILED I report to the trustees on my examination of the accounts of the above chanty (Ihe Trusf) for the y8¥ ended 3110312023 Responslbllltl•3 and As the charty trustees of the Trust. you are responsible for the preparation ba•ls of r•port af the accounts in accordance with the requirements of th? Charities Ac 2011 Cthe Act"). I report in resped of my examination of the Trust's accounts carried out under section 145 ofthe 2011 Act in carying out my examination, I have followed the applicable Directions given by the Charity Commission under sedion 145(5)(b) of the Ad. I have completed my examination. I confim that no material matt8rs have come to my attention ( ') in connection with the examinatK)n v•hich gNes me cause to belEve that in, any material respect: accountiT¥J rectyds were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examlnerfs Statement I have no concems and have coma across no other matters in conneGtion with the ination to which attention shoukl be dravm in order to enable proper ding of Ihe accounts to be reathed. ' Ple8 he nys in the brackets if they do not apply. nde Slgnod: Date: Name: Relevant profe8slonal qualification{$) or body (If any): Address: 6th Floor. anY Btrm.,:"hamB5 48D Fax: 0121- 622 6611 IER October 2018
Section B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose .
October 2018
2
IER