FA YUE BUDDHIST MONASTERY ## Report and Accounts ## 31 March 2024 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 2024 The council of management presents its report and the financial statements for the year ended 31 March 2024. ObJe¢t Of the charfty The charitys main object is that ofthe thncement of the Buddhist Religion. Prlnclpal actlvltles and Its achlvements 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 visltors 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 2024 saw an increase in the amount of donations. However. expenses for the year were higher due to increased utility costs as well as repairs. As such, the surplus for the year of £21,222 was lower to the previous year's of £30.715. The council of management considered the overall financial position of the monastery as satisfactory. Futurn strategy The charity plans continuing the aclivities as outlined above in the forthcoming years. Members of the councll of management Mem bers of the management committee. who are directors for the purpose of com pany 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 sp•clal provlslons This report has been prepared in a￿)rdance with the provFsions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. Approved by the council of management on 5 D￿rnber 2024 and signed on its behalf by.. fQ Iblib Ven Yen Tsun Sik Director ## **FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2024** |**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|**2024**
**£**
62,088
10,808
72,896
-
7,200
1,270
1,229
12,234
1,064
125
9,628
3,063
697
1,987
1,908
7,460
167
3,642
51,674
21,222|**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| 3 FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2024 Notes 2024 2023 Flx•d assets Tangible assets 658.044 661.107 Currnnt assets Debtors Cash at bank and in hand 6,020 468.788 474,808 7.450 442,626 450,076 Credltors". amounts falllng due wlthln one year {2.789) (2.342) N•t curront ass•ts 472,019 447,734 Net assets 1.130.063 1.108,841 Reserves Capital reserve fund Accumulated fund 839,516 290.547 839,516 269.325 Charlty's fund 1,130,063 1,108,841 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 Eiot 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 20(￿ 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. fl TIUIQK . Ven Yen Tsun Sik Director Approved by the board on 5 December 2024 **FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2024** ## **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|**2024**
**£**
62,088
62,088
**2024**
**£**
3,063|**2023**
**£**
58,559| |---|---|---| |||58,559| |||**2023**
**£**
4,077| ## **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 2024** ## **5 Tangible fixed assets** |**Land and**
**buildings**
**Plant and**
**machinery**
**£**
**£**
**Cost**
At 1 April 2023
647,957
125,848
At 31 March 2024
647,957
125,848
**Depreciation**
At 1 April 2023
-
122,780
Charge for the year
-
543
At 31 March 2024
-
123,323
**Net book value**
At 31 March 2024
647,957
2,525
At 31 March 2023
647,957
3,068
**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
21,781
2,520
24,301
7,562
10,082
**2024**
**£**
6,020
**2024**
**£**
2,789
**2024**
**£**
839,516
839,516
**2024**
**£**
269,325
21,222
290,547|**Total**
**£**
805,668| |---|---|---| |||805,668| |||144,561
3,063| |||147,624| |||658,044| |||661,107| |||**2023**
**£**
7,450| |||**2023**
**£**
2,342| |||**2023**
**£**
839,516| |||839,516| |||**2023**
**£**
238,611
30,714| |||269,325| 6 FA YUE BUDDHIST MONASTERY ## Report and Accounts ## 31 March 2024 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 2024 The council of management presents its report and the financial statements for the year ended 31 March 2024. ObJe¢t Of the charfty The charitys main object is that ofthe thncement of the Buddhist Religion. Prlnclpal actlvltles and Its achlvements 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 visltors 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 2024 saw an increase in the amount of donations. However. expenses for the year were higher due to increased utility costs as well as repairs. As such, the surplus for the year of £21,222 was lower to the previous year's of £30.715. The council of management considered the overall financial position of the monastery as satisfactory. Futurn strategy The charity plans continuing the aclivities as outlined above in the forthcoming years. Members of the councll of management Mem bers of the management committee. who are directors for the purpose of com pany 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 sp•clal provlslons This report has been prepared in a￿)rdance with the provFsions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. Approved by the council of management on 5 D￿rnber 2024 and signed on its behalf by.. fQ Iblib Ven Yen Tsun Sik Director ## **FA YUE BUDDHIST MONASTERY Statement of Financial Activities for the year ended 31 March 2024** |**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|**2024**
**£**
62,088
10,808
72,896
-
7,200
1,270
1,229
12,234
1,064
125
9,628
3,063
697
1,987
1,908
7,460
167
3,642
51,674
21,222|**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| 3 FA YUE BUDDHIST MONASTERY Balance Sheet as at 31 March 2024 Notes 2024 2023 Flx•d assets Tangible assets 658.044 661.107 Currnnt assets Debtors Cash at bank and in hand 6,020 468.788 474,808 7.450 442,626 450,076 Credltors". amounts falllng due wlthln one year {2.789) (2.342) N•t curront ass•ts 472,019 447,734 Net assets 1.130.063 1.108,841 Reserves Capital reserve fund Accumulated fund 839,516 290.547 839,516 269.325 Charlty's fund 1,130,063 1,108,841 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 Eiot 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 20(￿ 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. fl TIUIQK . Ven Yen Tsun Sik Director Approved by the board on 5 December 2024 **FA YUE BUDDHIST MONASTERY Notes to the Accounts for the year ended 31 March 2024** ## **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|**2024**
**£**
62,088
62,088
**2024**
**£**
3,063|**2023**
**£**
58,559| |---|---|---| |||58,559| |||**2023**
**£**
4,077| ## **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 2024** ## **5 Tangible fixed assets** |**Land and**
**buildings**
**Plant and**
**machinery**
**£**
**£**
**Cost**
At 1 April 2023
647,957
125,848
At 31 March 2024
647,957
125,848
**Depreciation**
At 1 April 2023
-
122,780
Charge for the year
-
543
At 31 March 2024
-
123,323
**Net book value**
At 31 March 2024
647,957
2,525
At 31 March 2023
647,957
3,068
**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
21,781
2,520
24,301
7,562
10,082
**2024**
**£**
6,020
**2024**
**£**
2,789
**2024**
**£**
839,516
839,516
**2024**
**£**
269,325
21,222
290,547|**Total**
**£**
805,668| |---|---|---| |||805,668| |||144,561
3,063| |||147,624| |||658,044| |||661,107| |||**2023**
**£**
7,450| |||**2023**
**£**
2,342| |||**2023**
**£**
839,516| |||839,516| |||**2023**
**£**
238,611
30,714| |||269,325| 6 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of FA YUE BUDDHIST MONASTERY On accounts for the year ended 31 MARCH 2024 Charity no (If any) 1079094 Set out on pages PER ACCOUNTS FILED I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31103 12024 ResponsSblllties and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance wrth the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have foll0v￿d the applicable Directions given by the Charty Commission under section 145(5)(b) of the Act. I have completed my examinakn'on. I confirm that no material matters have come to my attention ( ') in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concerns and have come across no other matters in connection with the examin tion to which attention should be drawn in order to enable a proper under an ing f the accounts to be reached. Please d81 rrls in the brackets if they do not apply. Slgned: Date: Name: Relevant professlonal quallficatlon(s) or body (If any): Address: TAN & CO Accountants 31 Hurst Strget Tel: 01216221818 IER October 2018 |**Section B**
|**Disclosure**| |---|---| |**Give here brief details of**
**any items that the**
**examiner wishes to**
**disclose**.|Only complete if the examiner needs to highlight matters of concern (see CC32,
Independent examination of charity accounts: directions and guidance for
examiners).| ||| **October 2018** 2 **IER**