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 2022
| 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 2022 | 6 |
| Balance Sheet as at 31 March 2022 | 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 2022
Directors (Trustees for the purposes of charity law):
Mark Andrew Bowen Yin Yin Mon Ohn (Chair resigned 17[th] January 2023) Sarah Julie Wallis Jeremy Martin Childerstone Chamila Nayanl Wimalka Gillian Margaret Schofield (resigned 20[th] November 2021) Rattanasuda Poolsombat (appointed 11[th] April 2021 - resigned 30[th] September 2021) Aung Kyaw Soe (appointed 11[th] April 2021 - resigned 1[st] May 2022) Tarinee Sawetnaphanon (appointed 8[th] May 2022 - resigned 21[st] January 2023 ) Antony Harfield (appointed 21[st] November 2021)
Secretary
Felicity Walker (resigned 11[th] October 2021) Matthew Brayshaw (appointed 2[nd] November 2021; resigned 19[th] October 2022)
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 2022
The Directors present their annual report and financial statements for the year ended 31[st] March 2022 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 Independent Examiner's Report to The Directors & Trustees
I report to the Directors and Trustees of the Forest Hermitage Trust (Reg. Charity No 1173083) on the accounts for the year ended 31 March 2022, which are set out on pages 6 to 11.
Respective responsibilities of Directors and examiner The charity's Directors are responsible for the preparation of the accounts. The charity’s Directors consider
that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
• examine the accounts under section 145 of the 2011 Act,
• to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and
• to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Act; and to prepare accounts which accord with
the accounting records and to comply with the accounting requirements of the Act have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Page 5
The Forest Hermitage Trust - Company Registration No 10368008
Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2022
| Unrestricted Funds £ Income: Donations 48,567 Legacies 78,649 Charitable activities - Gross income in the reporting period 127,216 Expenditure Charitable Activities: Building Maintenance & Repairs 22,108 Household Expenses 4,207 Heat & Light 7,823 Buildings Depreciation 276 Animals & Garden 632 Monks' Welfare 874 Room Hire - Non Prison Travel 2,202 Motor Vehicle Depreciation 1,641 Council Tax 3,691 Insurance 4,762 Total 48,216 Other (Management & Administration) Postage, Printing & Stationery 631 Telephone 579 Equipment Depreciation 316 Equipment 1,433 Computer Consumables 355 Legal & Professional 561 Bank Charges 252 Bank Interest -28 Sundry Expenses 819 Total 4,918 Total expenditure in the reporting period 53,134 Net income for the reporting period 74,082 (Net movement in funds) Reconciliation of funds Total funds brought forward 192,372 Total funds carried forward 266,454 |
Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - 512,186 512,186 |
Total 31/03/22 Funds £ 48,567 78,649 - 127,216 22,108 4,207 7,823 276 632 874 - 2,202 1,641 3,691 4,762 48,216 631 579 316 1,433 355 561 252 -28 819 4,918 53,134 74,082 704,558 778,640 |
31/03/21 Funds £ 74,288 - 1,185 75,473 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 |
|---|---|---|---|
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
| zzazqoreul[tlesBlsoqsocuBleg |
||||
|---|---|---|---|---|
| zztt0ltc | ta/toltt, | |||
| I oloN slossvelqg6uel slassvpoxll |
zet'8Lg 3 3 |
r/e'089 33 |
||
| slassvluoJJnc | ||||
| puBq u! puelue€lB[{sec | 909'0rz ffi |
Lgt'vtl M |
||
| ,teaI1u!qll,r\ enp6u;11qslunoue-sJollpar3 | ||||
| qessvluoJrn9loN | eost,rz | M | ||
| so!l!l!qB!'lluerJncssolspssv lBlol | 0r9'882 | 899'VLL | ||
| tr,afr,graUEanp6u;19e1slunoure-sJo1paJo | 000'01 | 000'0t | ||
| slossvloN | ffi | 899'?0L | ||
| spunJ | 0t | |||
| punlleJauoe- palculsCIrun | OL | lgv'992 | zlt'z6l | |
| punlBuplrngpolcplsog | 0t | estm- | 98r'Zt9 | |
| spunJ.sJoquow | atg'gLL | 899'?02 |
The Forest Hermitage Trust - Company Registration No 10368008 Notes to the accounts for the year ended 31 March 2022
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.
Cash at bank and in hand - Any cash balances in transit from the Buddha Dhamma Fellowship are included in cash and cash equivalents.
Page 8
The Forest Hermitage Trust - Company Registration No 10368008
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 (2021: 0), and total salaries paid were £ zero (2021: £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
Fees of £243 were paid to the Independent Examiner (2021: £ zero)
8. Tangible Fixed Assets
| Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for the year Disposals At 31 March 2022 Net book value At 1 April 2021 At 31 March 2022 |
Freehold Kuti/ marquee/ Summerhouse Motor Computers & Total Property Log cabin Vehicles Office £ £ £ £ £ £ 570,925 19,394 600 24,250 2,602 617,771 0 0 0 0 0 0 0 0 0 0 0 0 |
|---|---|
| 570,925 19,394 600 24,250 2,602 617,771 |
|
| 0 17,462 600 17,685 1,653 37,400 0 276 0 1,641 317 2,234 0 0 0 0 0 0 |
|
| 0 17,738 600 19,326 1,970 39,634 |
|
| 570,925 1,932 0 6,565 949 580,371 |
|
| 570,925 1,656 0 4,924 632 578,137 |
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 | 31/03/22 31/03/21 £ £ 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 2021 | Income | Expenditure | 31stMarch 2022 | 31stMarch 2022 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Restricted funds | 512,186 | 0 | 0 | 512,186 | |
| Unrestricted funds | 192,372 | 127,216 | -53,134 | 266,454 | |
| Total Funds | 704,558 | 127,216 | -53,134 | 778,640 | |
| 10 b. Analysis of Funds | |||||
| 2022 | 2021 | ||||
| Unrestricted | Restricted | Unrestricted Restricted | |||
| £ | £ | £ | £ | ||
| Tangible Assets | 65,951 | 512,186 | 0 | 69,700 | 512,186 |
| Cash at Bank and in hand | 210,503 | 0 | 106,659 | 0 | |
| Creditors-amounts falling due after 1 | -10,000 | 0 | -10,000 | 0 | |
| 266,454 | 512,186 | 166,359 | 512,186 |
11 Capital comiitments
As at 31 March 2022, the Forest Hermitage Trust had no capital commitments (2021: £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. 2022: £13,531 (2021: £28,008)
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. 2022: £3,723 (2021: £4,065)
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. 2022: £50,017 (2021: £40,209)
Page 10