**Charity Registration No. 1173083 Company Registration No 10368008 (England & Wales)**
**The Forest Hermitage Trust The Forest Hermitage Fulbrook Lane Lower Fulbrook Warwickshire CV35 8AS**
**Company Registration No 10368008 (England & Wales) Reg. Charity No 1173083**
**Annual report and Unaudited Financial Statements**
**For The Year Ended 31 March 2021**
|**The Forest Hermitage Trust - Company Registration No 10368008**||
|---|---|
|**Unaudited Accounts Contents**||
||Page|
|**Company Information**|2|
|**Directors' Report & Trustees' Annual Report**|3|
|**Independent Examiner's Report**|5|
|**Income Statement for the year ended 31 March 2021**|6|
|**Balance Sheet as at 31 March 2021**|7|
|**Notes to the accounts**|8|
Page 1
## **The Forest Hermitage Trust - Company Registration No 10368008 Company Information for the year ended 31[st] March 2021**
## **Directors (Trustees for the purposes of charity law):**
Mark Andrew Bowen Yin Yin Mon Ohn (Chair, appointed 17[th] May 2020) Sarah Julie Wallis (appointed 17[th] May 2020) Jeremy Martin Childerstone (appointed 17[th] May 2020) Chamila Nayanl Wimalka (appointed 23[rd] November 2019) Gillian Margaret Schofield (appointed 27[th] September 2020, resigned 20th November 2021) Rattanasuda Poolsombat (appointed 11th April 2021) Aung Kyaw Soe (appointed 11th April 2021) Antony Harfield (appointed 21st November 2021) David Colin King (resigned 10th January 2021) Maureen Leahy (resigned 25[th] August 2020) Jarin Dyke (resigned 24[th] August 2020)
Hanyang Li (resigned 16th July 2020) Anne Marie Hurst (resigned 17th May 2020) Timothy Wyndham Hurst (resigned 29th April 2020)
## **Secretary**
Felicity Walker (resigned 11th October 2021) Matthew Brayshaw (appointed 2nd November 2021)
## **Company Number**
10368008 (England & Wales)
## **Charity Number**
1173083
## **Registered Office:**
The Forest Hermitage Fulbrook Lane Lower Fulbrook Warwickshire CV35 8AS England
Page 2
## **The Forest Hermitage Trust - Company Registration No 10368008**
## **Directors' Report & Trustees' Annual Report for the year ended 31[st] March 2021**
The Directors present their annual report and financial statements for the year ended 31[st] March 2021 and confirm they comply with the Companies Act 2006, the Charities Act 2011, and the Charities SORP (FRS102). The Directors confirm they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission.
## **Management and governance arrangements**
The Forest Hermitage Trust is a charitable company limited by guarantee and has no share capital. It was incorporated on 9[th] September 2016 and registered as a charity on 18[th] May 2017. 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.
Every Member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £10.
Membership of the charity is open to individuals who are Bhikkhu Sangha and are resident at The Forest Hermitage, by ordinary resolution at an annual or extraordinary general meeting.
The charity is a public benefit entity as set out in PBE3.3A
To Charity's core objective is to advance the Buddhist religion for the benefit of the public in accordance with the teachings of the Buddha by:
a) Providing, maintaining and supporting, in accordance with the principles of the Theravada Vinaya, residential establishments for a monastic sangha of persons who have undertaken the rules of training (Sikkhapada).
b) Supporting lay people in the practice of the teachings of the Buddha.
c) Such other means as may from time to time be decided.
The Directors of the company are also Trustees for the purposes of charity law and under the Articles of Association are known as Directors. Under the requirements of the Memorandum and Articles of Association the Directors are appointed or removed by the Members at an annual or extraordinary general meeting.
The Directors annually review the risks that the charity faces.
On 10[th] April 2019 the Trustees of the Buddha Dhamma Fellowship agreed to transfer ongoing responsibility and ownership of the assets and liabilities held by the Buddha Dhamma Fellowship to the Forest Hermitage Trust for £zero financial consideration. This includes all the buildings and chattels of the Forest Hermitage Monastery. The Purposes of the Forest Hermitage Trust are similar to the Buddha Dhamma Fellowship.
The Forest Hermitage Trust now administers The Forest Hermitage Buddhist Monastery and acts as steward of the Sangha, the community of monks founded by the Buddha more than 2,500 years ago. The senior monk, the Venerable Ajahn Khemadhammo, with other monks and a lay-attendant reside at the monastery. The tradition is that of the Theravada school.
**Review of the year: main activities undertaken by the charity to further its charitable purposes for the public benefit**
The objective of the charity is to provide a place for the practice and teaching of Buddhism. Each year the Directors review the charity objectives and activities to ensure they continue to reflect our aims. In carrying out this review the Directors have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.A59
Page 3
## The Forest Hermitage Trust - Company Registration No 10368008 Directors' Report & Trustees’ Annual Report for the year ended 31°* March 2021 (continued)
Access to the monastery and Wood Cottage has been badly affected by COVID-19 restrictions in the year. When possible, the monastery provided a place for the practice and teachings of Buddhism. Wood Cottage (Bhavana Dhamma) is a further venue for lay activities. The monastery offers zoom meditation sittings on Mondays and Fridays for the practice of Buddhism, and there are various festival days throughout the year where people celebrate by bringing food and offerings.
Ajahn Khemadhammo runs Angulimala, The Buddhist Prison Chaplaincy and is chairman of The Theravada Buddhist Sangha in the United Kingdom (TBSUK).
## Financial activities & future plans
The charity's main source of income is charitable giving, which is used to maintain the fabric of the monastery and provide for the wellbeing of the monks.
In order to protect an irrevocable trust linked to the Buddha Dhamma Fellowship and also the licence for the Home Office points based immigration system, The Buddha Dhamma Fellowship will continue for the foreseeable future.
Due to the lengthy process of transferring contracts, particularly donations, the Buddha Dhamma Fellowship has continued to receive some donations and make some payments since the transfer date.
Surplus monies held by the Buddha Dhamma Fellowship in respect of its charitable activities since the transfer are held in trust on behalf of the Forest Hermitage Trust and will be donated to the Forest Hermitage Trust.
## Reserves Policy
The Trustees policy is to hold sufficient free reserves to cover charitable activities for up to 3 years.
## Statement of Directors' responsibilities
Company Law and Charity Law requires the Directors to prepare financial statements for each financial year which showa true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the Directors are required to:
- e select suitable accounting policies and then apply them consistently;
- e make judgements and estimates that are reasonable and prudent,
- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue on that basis.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Independent Examiner
The Directors intend to ask the existing examiner to undertake the independent examination of the coming year.
**----- Start of picture text -----**
Approved by the Directors and signed on their behalf by Jeremy Childerstone:
G 6 , date 0 Jan I0v).
Page 4
**----- End of picture text -----**
The Forest Hermitage Trust - Company Registrntion No 10368008
Independent Examiner's Report to The Dlrectors & Trustees
I report lo the Directors and Trustees of Ihe Focest HerTnitage Trust (Reg. Charity No 11730831 on the
accounts for ihe year ended 31 March 2020. which are set out on pages 6 to 11.
Res
ectlve res
onslbllitles ol Dlreclors and axamlner
I he charity's DirectOTS are Tgt>WtisiblfS for the prepar8tion of the accounls. The charity'$ Dlr8rtnrs CDnsider
that an audit is not required for this year under secknon 144121 of the Charities Act 2011 Ilhe 2011 Acll and
that an independent examination is needed.
11 is my responsibility lo..
examine the accounls under sectN)n 145 of the 2011 Act.
to follow the procedures laid down in the Genefal Directions given by the Chanty Commission
(under section 14515llbl of the 2011 Act, and
lo slate whether particubr matters have come lo my attention.
Basis of Indg
ndont oxamln8T's Te
My exafflinatlDn was carTied out in accordance with General Directs'ons given by the Charity Commission.
An examination includes a review ol the accounting records kept by the charity and a comparison of the
accounts presented with those records. 11 also includes consideralion of any unusual items or disclosures
in tho accounts, and seekin9 explanAtinns from the Directors conceming any such matters. The
procedures undertaken do not provide all the evidence Ihal woukl be required in an audit. and
consequently no opinion is glven as to whether the arxounts present a 'tTue and fair, view and the f8PQrt 18
limiled lo those mallers sel out in the statement below.
Inde
gndent examlnerfs Statement
In connection with my examination, no matter has ¢(¥ne to my attention:
which gives me reasonable cause lo believe Ihal in any material respect the requlremonls to k8ep
accounting records in accordance with section 130 of the Act; and to prepare accounts whlch accord with
the aG¢ounling rewrds and lo ¢ompty wilh the accounting requirements ol the Act have not been met,. or
2. to which. in my opinlon, attenlion should be drown in order to enable a proper understanding of the
aGry•unts to b¢ rèached.
W P P Kalulantrige ACMA
Global Managernenl Consull8nl$
28-29 Kingspafk Business Centre
152-178 King51on Road
New Malde
KT3 3ST
Page 5
## **The Forest Hermitage Trust - Company Registration No 10368008**
## **Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2021**
|Unrestricted
Funds
**£**
**Income:**
Donations and legacies
74,288
Charitable activities
1,185
Other
-
**Gross income in the reporting period**
75,473
**Expenditure**
**Charitable Activities:**
Prison Travel
0
Building Maintenance & Repairs
19,456
Household Expenses
2,529
Heat & Light
7,537
Buildings Depreciation
276
Animals & Garden
634
Monks' Welfare
2,220
Room Hire
55
Non Prison Travel
1,270
Motor Vehicle Depreciation
2,188
Council Tax
3,570
Insurance
4,609
Total
44,344
**Other (Management & Administration)**
Postage, Printing & Stationery
46
Telephone
855
Equipment Depreciation
316
Equipment
947
Computer Consumables
867
Legal & Professional
388
Bank Charges
69
Bank Interest
(23)
Sundry Expenses
1,651
Total
5,116
**Total expenditure in the reporting period**
49,460
**Net income for the reporting period**
26,013
**(Net movement in funds)**
**Reconciliation of funds**
**Total funds brought forward**
166,359
**Total funds carried forward**
192,372|Restricted
Funds
**£**
-
-
-
-
-
-
-
-
-
512,186
512,186|**Total**
**31/03/21**
Funds
**£**
74,288
1,185
-
75,473
0
19,456
2,529
7,537
276
634
2,220
55
1,270
2,188
3,570
4,609
44,344
46
855
316
947
867
388
69
(23)
1,651
5,116
49,460
26,013
678,545
704,558|**Total**
**31/03/20**
Combined
**£**
57,558
5,769
-|
|---|---|---|---|
||||63,327|
||||249
19,286
1,833
10,492
155
2,808
1,135
0
11,122
2,918
3,433
5,038|
||||58,469|
||||3,172
821
0
439
393
866
20
(38)
745|
||||6,418|
||||64,887|
|||||
||||1,560
-|
||||680,105|
||||678,545|
The statement of Financial Activities includes all gains and losses recognised in the year All income and expenditure derive from continuing activities
The statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act (2006)
Page 6
## The Forest Hermitage Trust - Company Registration No 10368008 Balance Sheet as at 31 March 2021
||||31/03/21||31/03/20|
|---|---|---|---|---|---|
||Note|£|£|£|£|
|Fixed Assets||||||
|Tangible Assets|8||580,371||581,886|
|Current Assets||||||
|Cash at Bank and in hand||134,187||106,659||
|||134,187||106,659||
|Creditors-amounts falling due within 1 year||-|||-|
|Net CurrentAssets|||134,187||106,659|
|Total Assets less Current Liabilities|||714,558||688,545|
|Creditors-amounts falling due after 1 year|9||410,000||10,000|
|NetAssets|||704,558||678,545|
|Funds|10|||||
|Unrestricted - General Fund|10||192,372||166,359|
|Restricted Building Fund|10||512,186||512,186|
|Members’Funds|||704,558||678,545|
For the year ended 31st March 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - Small Entities. The Directors have chosen to deliver a profit and loss account to the Registrar of Companies.
Approved by the Board on lo™ Jun 2022. and signed on their behalf by Jeremy Childerstone, Director
The notes on pages 8 - 10 form an integral part of these accounts
Company Registration No 10368008
Page 7
## **The Forest Hermitage Trust - Company Registration No 10368008 Notes to the accounts for the year ended 31 March 2021**
## 1. Statutory Information
The Forest Hermitage Trust is a private company, limited by guarantee, registered in England and Wales, registration number 10368008. The registered office is THE FOREST HERMITAGE, FULBROOK LANE, LOWER FULBROOK, WARWICKSHIRE, CV35 8AS, ENGLAND.
## 2. Compliance with accounting standards
The accounts have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the Charities SORP (FRS102) and provisions of FRS 102 Section 1A Small Entities except that, to give a true and fair view, the transfer from the Buddha Dhamma Fellowship to the Forest Hermitage Trust has been treated as a merger not a gift. This reflects the continuity of operations and avoids a very misleading level of income and profit.
## 3. Public Benefit Entity
The Forest Hermitage Trust is a public benefit entity.
## 4. Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
**Basis of accounting** - the accounts have been prepared under the historical cost convention **Presentation currency** - the accounts are presented in £ sterling, rounded to the nearest £.
**Going Concern** - at the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operation for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties about the Charity's ability to continue.
**Tangible Fixed Assets and Depreciation** - tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful economic lives as follows:
|Freehold land & buildings||no depreciation|
|---|---|---|
|Computer & Office Equipment|25% pa|Straight line|
|Outbuildings: Kuti, marquee & log cabin|10% pa|Straight line|
|Motor Vehicles|25% pa|Reducing balance|
No depreciation has been provided on the freehold property as this is maintained in a continual state of sound repair and the Directors consider that the market value is still considerably in excess of cost. The Directors review this policy annually in the light of fluctuations in the local property market.
Other contents of the Forest Hermitage and grounds - No financial value is put on items provided as gifts.
**Income recognition** - income consists mainly of donations and is recognised as it is received.
Following completion of the transfer of the assets and activities to the Forest Hermitage Trust, the Buddha Dhamma Fellowship has a contractual obligation to transfer any monies received by them in respect of charitable activities as and when it is received. Therefore, all money received by the Buddha Dhamma Fellowship is included as income under the relevant headings.
Where expenses have continued to be paid by the Buddha Dhamma Fellowship on behalf of the Forest Hermitage Trust, this is included as expenditure under the relevant headings in the Statement of Financial Activities.
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## **The Forest Hermitage Trust - Company Registration No 10368008**
**Cash at bank and in hand** - Any cash balances in transit from the Buddha Dhamma Fellowship are included in cash and cash equivalents.
## **Notes to the accounts (continued)**
**Creditors** - creditors are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
**Gifts in kind** - the Charity receives the benefit of work done by volunteers and receives gifts of food and other items. No financial value is put on these items.
**Taxation** - as a registered Charity, the Trust is generally exempt from income tax, corporation tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
## 5. Average number of employees
During the year the average number of employees was 0 (2020: 0), and total salaries paid were £ zero (2020: £zero.
Directors do not receive any remuneration or other financial benefit from the Charity.
## 6. Volunteers
Volunteers assist in many of the monasteries activities, including: routine garden maintenance, setting up marquees and preparing offerings at festival days; acting as drivers for the monks; acting as ushers and stewards at the monastery; preparing food for the monks.
## 7. Independent Examiner
No fees were paid to the Independent Examiner (2020: £ zero)
## 8. Tangible Fixed Assets
|**Cost**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net book value
At 1 April 2020
At 31 March 2021|Freehold
Kuti/ marquee/
Summerhouse
Motor
Computers &
**Total**
Property
Log cabin
Vehicles
Office
£
£
£
£
£
£
570,925
19,394
600
24,250
12,074
627,243
0
0
0
0
1,264
1,264
0
0
0
0
-10,736
(10,736)|
|---|---|
||570,925
19,394
600
24,250
2,602
617,771|
||0
17,186
600
15,497
12,074
45,357
0
276
0
2,188
315
2,779
0
0
0
0
-10,736
(10,736)|
||0
17,462
600
17,685
1,653
37,400|
|||
||570,925
2,208
0
8,753
0
581,886|
|||
||570,925
1,932
0
6,565
949
580,371|
Page 9
## **The Forest Hermitage Trust - Company Registration No 10368008**
## **Notes to the accounts (continued)**
9. Creditors: amounts falling due after 1 year
|Other creditors|**31/03/21**
**31/03/20**
£
£
10,000
10,000|
|---|---|
||10,000
10,000|
Three private interest free loans are due for repayment in two to five years, and were transferred to The Forest Hermitage Trust from the Buddha Dhamma Fellowship.
## 10 a. Movement in Funds
Restricted (Building) - is a restricted reserve arising on the transfer from the Buddha Dhamma Fellowship - accumulated surplus of restricted donations used for the purchase, maintenance and improvement of the freehold properties at Lower Fulbrook and Hampton Wood.
||1stApril 2020|Income|Expenditure|31stMarch 2021|31stMarch 2021|
|---|---|---|---|---|---|
||£|£|£||£|
|Restricted funds|512,186|0|0||512,186|
|Unrestricted funds|166,359|75,473|-49,460||192,372|
|Total Funds|678,545|75,473|-49,460||704,558|
|10 b. Analysis of Funds||||||
||2021|||2020||
||Unrestricted|Restricted||Unrestricted Restricted||
||£|£||£|£|
|Tangible Assets|68,185|512,186|0|69,700|512,186|
|Cash at Bank and in hand|134,187|0||106,659|0|
|Creditors-amounts falling due after 1|-10,000|0||-10,000|0|
||192,372|512,186||166,359|512,186|
## 11 Capital comiitments
As at 31 March 2021, the Forest Hermitage Trust had no capital commitments (2020: £nil).
## 12 Related Parties
On 10[th] April 2019 the Trustees of the Buddha Dhamma Fellowship agreed to transfer ongoing responsibility and ownership of the assets and liabilities held by the Buddha Dhamma Fellowship to the Forest Hermitage Trust for £zero financial consideration. The Forest Hermitage Trust and the Buddhad Dhamma Fellowship have a number of Trustees in common and are hence related parties.
The Buddha Dhamma Fellowship has a contractual obligation to transfer any monies received by them in respect of charitable activities as and when it is received. Therefore, all money received by the Buddha Dhamma Fellowship is included as income under the relevant headings. 2021: £28,008 (2020: £25,922)
Where expenses have continued to be paid by the Buddha Dhamma Fellowship on behalf of the Forest Hermitage Trust, this is included as expenditure under the relevant headings in the Statement of Financial Activities. 2021: £4,065 (2020: £14,259)
Surplus monies held by the Buddha Dhamma Fellowship in respect of its charitable activities since the transfer are held in trust on behalf of the Forest Hermitage Trust and will be donated to the Forest Hermitage Trust. 2021: £40,209 (2020: £16,206)
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