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 Examine￿5 Report Report to the trustsesl meM￿r* 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**