The Forest Hermitage Trust The Forest Hermitage Lower Fulbrook Warwickshire CV35 8AS
Company Registra�on Number 10368008 (England & Wales) Registered Charity Number 1173083
Annual Report and Unaudited Financial Statements
For the Year Ended 31 March 2024
Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Table of Contents
| COMPANY INFORMATION | 3 |
|---|---|
| DIRECTORS' & TRUSTEES' ANNUAL REPORT | 4 |
| INDEPENDENT EXAMINER’S REPORT | 7 |
| STATEMENT OF FINANCIAL ACTIVITIES | 8 |
| BALANCE SHEET | 9 |
| NOTES TO THE ACCOUNTS | 10 |
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Company Informa�on
Directors (Trustees for the purpose of charity law)
Antony James Harfield
Nilar Win
Robert Bryan Yellowhammer Christopher Donald Cook
Chamila Nayani Wimalka Udagedara Mudiyanselage
Frances Diana Pi� (appointed 3 December 2023)
Secretary
Nilar Win
Company Number
10368008 (England & Wales)
Charity Number
1173083
Registered Office
The Forest Hermitage Fulbrook Lane Lower Fulbrook
Warwickshire CV35 8AS
England
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Directors' & Trustees' Annual Report
The Directors present their annual report and financial statements for the year ended 31st March 2024 and confirm they comply with the Companies Act 2006, the Chari�es Act 2011, and the Chari�es SORP (FRS102). The Directors confirm they have complied with the duty under the Chari�es Act 2011 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 9th September 2016 and registered as a charity on 18th May 2017. The company was established under a Memorandum of Associa�on which established the objects and powers of the charitable company and is governed under its Ar�cles of Associa�on.
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 resolu�on at an annual or extraordinary general mee�ng.
The charity is a public benefit en�ty as set out in PBE3.3A.
To Charity's core objec�ve 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 suppor�ng, in accordance with the principles of the Theravada Vinaya, residen�al establishments for a monas�c sangha of persons who have undertaken the rules of training (Sikkhapada).
b) Suppor�ng lay people in the prac�ce of the teachings of the Buddha.
c) Such other means as may from �me to �me be decided.
The Directors of the company are also Trustees for the purposes of charity law and under the Ar�cles of Associa�on are known as Directors. Under the requirements of the Memorandum and Ar�cles of Associa�on the Directors are appointed or removed by the Members at an annual or extraordinary general mee�ng.
The Directors annually review the risks that the charity faces.
On 10th April 2019 the Trustees of the Buddha Dhamma Fellowship agreed to transfer ongoing responsibility and ownership of the assets and liabili�es held by the Buddha Dhamma Fellowship to the Forest Hermitage Trust for £zero financial considera�on. This includes all the buildings and cha�els 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 lay-a�endants reside at the monastery. The tradi�on is that of the Theravada school.
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Review of the year: main ac�vi�es undertaken by the charity to further its charitable purposes for the public benefit
The objec�ve of the charity is to provide a place for the prac�ce and teaching of Buddhism. Each year the Directors review the charity objec�ves and ac�vi�es to ensure they con�nue to reflect our aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in par�cular its supplementary public guidance on the advancement of religion for the public benefit.
The charity has experienced reduced visitors post-Covid and therefore the strategy in the last year has been to minimise costs and build up reserves by: a) placing cash reserves in higher interest accounts, b) removing unnecessary costs through stricter book-keeping and expense management, c) inves�ng in a bursary scheme to maintain cri�cal live-in support.
Financial ac�vi�es & 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.
Surplus monies held by the Buddha Dhamma Fellowship in respect of its charitable ac�vi�es 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 ac�vi�es for up to 3 years.
Statement of Directors’ responsibili�es
Company law and charity law requires the Directors to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the incoming resources and applica�on of resources of the charity for that period. In preparing those financial statements, the Directors are required to:
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select suitable accoun�ng policies and then apply them consistently;
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make judgements and es�mates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will con�nue in opera�onal existence.
The Directors are responsible for keeping proper accoun�ng records which disclose with reasonable accuracy at any �me the financial posi�on of the charity and enable them to ensure that the financial statements comply with the Chari�es 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 preven�on and detec�on of fraud and other irregulari�es.
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Approved by the Directors and signed on their behalf by Antony Harfield, Director
___, dated 12 November 2024 8 December 2024
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Independent Examiner’s Report
I report to the Trustees of the Forest Hermitage Trust (Reg. Charity No 1173083) on the accounts for the year ended 31 March 2024, which are set out on pages 8 to 13.
Respec�ve responsibili�es of trustees and examiner
The charity's trustees are responsible for the prepara�on of the accounts. The charity’s trustees consider that an audit is not required for this year under sec�on 144 (2) of the Chari�es Act 2011 (the 2011 Act) and that an independent examina�on is needed.
It is my responsibility to:
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examine the accounts under sec�on 145 of the 2011 Act,
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to follow the procedures laid down in the General Direc�ons given by the Charity Commission (under sec�on 145(5)(b) of the 2011 Act, and
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to state whether par�cular ma�ers have come to my a�en�on.
Basis of independent examiner's report
My examina�on was carried out in accordance with General Direc�ons given by the Charity Commission. An examina�on includes a review of the accoun�ng records kept by the charity and a comparison of the accounts presented with those records. It also includes considera�on of any unusual items or disclosures in the accounts, and seeking explana�ons from the trustees concerning any such ma�ers. 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 ma�ers set out in the statement below.
Independent examiner's statement
In connec�on with my examina�on, no ma�er has come to my a�en�on:
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which gives me reasonable cause to believe that in any material respect the requirements to keep accoun�ng records in accordance with sec�on 130 of the Act; and to prepare accounts which accord with the accoun�ng records and to comply with the accoun�ng requirements of the Act have not been met; or
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to which, in my opinion, a�en�on should be drawn in order to enable a proper understanding of the accounts to be reached.
12 November 2024
Tony Tse
TT Accountants, First Floor, 2 Hampton Court Road Birmingham B17 9AE
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Statement of Financial Ac�vi�es
| Total | Total | |||
|---|---|---|---|---|
| Unrestricted | Restricted | 31/03/2024 | 31/03/2023 | |
| £ | £ | £ | £ | |
| Income | ||||
| Dona�ons | 41,573 | - | 41,573 | 77,147 |
| Charitable ac�vi�es | 566 | - | 566 | 2,600 |
| Gross Income | 42,139 | - | 42,139 | 79,747 |
| Expenditure | ||||
| Charitable Ac�vi�es: | ||||
| Buildings Maintenance & Repairs | 15,609 | - | 15,609 | 28,123 |
| Buildings Insurance | 2,123 | - | 2,123 | 2,059 |
| Buildings Deprecia�on | 329 | - | 329 | 329 |
| Heat & Light (Electricity & Gas) | 11,446 | - | 11,446 | 10,165 |
| Council Tax | 1,620 | - | 1,620 | 3,771 |
| Monks' Welfare (Medicine & Groceries) | 3,904 | - | 3,904 | 3,605 |
| Animals & Garden | 2,157 | - | 2,157 | 607 |
| Household Expenses | 1,577 | - | 1,577 | 1,027 |
| Bursaries | 18,000 | - | 18,000 | - |
| Travel & Vehicle Costs | 3,528 | - | 3,528 | 3,131 |
| Motor Vehicle Depreca�on | 923 | - | 923 | 1,231 |
| Total | 61,215 | - | 61,215 | 54,048 |
| Other (Management & Administra�on): | ||||
| Postage, Prin�ng & Sta�onery | 664 | - | 664 | 3,082 |
| Telephone & Broadband | 506 | - | 506 | 360 |
| So�ware & Online Services | - | - | - | 192 |
| Subscrip�ons | 121 | - | 121 | - |
| Equipment Deprecia�on | 480 | - | 480 | 480 |
| Equipment | - | - | - | 451 |
| Legal & Professional | 840 | - | 840 | - |
| Bank Charges | 60 | - | 60 | 374 |
| Bank Interest | -639 | - | -639 | -540 |
| Sundry Expenses | -34 | - | -34 | 1,930 |
| Total | 1,998 | - | 1,998 | 6,329 |
| Total Expenditure | 63,213 | - | 63,213 | 60,377 |
| Net Income | -21,074 | - | -21,074 | 19,370 |
| Total Funds Brought Forward | 285,824 | 512,186 | 798,010 | 778,640 |
| Total Funds Carried Forward | 264,750 | 512,186 | 776,936 | 798,010 |
The statement of Financial Ac�vi�es includes all gains and losses recognised in the year. All income and expenditure derive from con�nuing ac�vi�es. The statement of Financial Ac�vi�es also complies with the requirements for an income and expenditure account under the Companies Act (2006).
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Balance Sheet
| 31/03/2024 | 31/03/2023 | |
|---|---|---|
| £ | £ | |
| Fixed Assets | ||
| Tangible Assets (note 8) | 575,548 | 577,280 |
| Current Assets | ||
| Cash at Bank and in hand | 227,523 | 230,730 |
| Total Assets less Current Liabili�es | 803,071 | 808,010 |
| Creditors-amounts falling due within 1 year (note 9) | 10,000 | 10,000 |
| Net Assets | 793,071 | 798,010 |
| Funds (note 10) | ||
| Unrestricted - General Fund | 280,885 | 285,824 |
| Restricted Building Fund | 512,186 | 512,186 |
| Total Funds | 793,071 | 798,010 |
For the year ended 31st March 2024, the company was en�tled to exemp�on from audit under sec�on 477 of the Companies Act 2006 rela�ng to small companies. The Members have not required the company to obtain an audit in accordance with sec�on 476 of the Companies Act 2006.
The Directors acknowledge their responsibili�es for complying with the requirements of the Act with respect to accoun�ng records and the prepara�on 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 Sec�on 1A – Small En��es. The Directors have chosen to deliver a profit and loss account to the Registrar of Companies.
Approved by the Trustees and signed on their behalf by Antony Harfield, Director
___, dated 12 November 2024 8 December 2024
The notes on pages 10-13 form an integral part of these accounts.
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Notes to the accounts
1. Statutory Informa�on
The Forest Hermitage Trust is a private company, limited by guarantee, registered in England and Wales, registra�on number 10368008. The registered office is The Forest Hermitage, Fulbrook Lane, Lower Fulbrook, Warwickshire, CV35 8AS, England.
2. Compliance with accoun�ng standards
The accounts have been prepared on a receipts and payments basis in accordance with the Companies Act 2006, the Chari�es Act 2011, the Chari�es SORP (FRS102) and provisions of FRS 102 Sec�on 1A Small En��es 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. This reflects the con�nuity of opera�ons and avoids a very misleading level of income and profit.
3. Public Benefit En�ty
The Forest Hermitage Trust is a public benefit en�ty.
4. Accoun�ng policies
The principal accoun�ng policies adopted in the prepara�on 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 accoun�ng - The accounts have been prepared under the historical cost conven�on.
Presenta�on currency - The accounts are presented in £ sterling, rounded to the nearest £.
Going Concern - At the �me of approving the financial statements, the Trustees have a reasonable expecta�on that the Trust has adequate resources to con�nue in opera�on for the foreseeable future. Thus the Trustees con�nue to adopt the going concern basis of accoun�ng in preparing the financial statements. There are no material uncertain�es about the Charity's ability to con�nue.
Tangible Fixed Assets and Deprecia�on – Tangible fixed assets are included at cost less deprecia�on and impairment. Deprecia�on has been computed to write off the cost of tangible fixed assets over their expected useful economic lives as follows:
| pected useful economic lives as follows: | ||
|---|---|---|
| Freehold Property: land & buildings | no deprecia�on | |
| Temporary Buildings: ku�, marquee & cabins | 10% pa | Straight line |
| Motor Vehicles | 25% pa | Reducing balance |
| Computer & Ofce Equipment | 25% pa | Straight line |
No deprecia�on has been provided on the freehold property as this is maintained in a con�nual state of sound repair and the Directors consider that the market value is s�ll considerably in excess of cost. The Directors review this policy annually in the light of fluctua�ons in the local property market.
Other contents of the Forest Hermitage and grounds - No financial value is put on items provided as gi�s.
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
Income recogni�on - Income consists mainly of dona�ons and is recognised as it is received.
Following comple�on of the transfer of the assets and ac�vi�es to the Forest Hermitage Trust, the Buddha Dhamma Fellowship has a contractual obliga�on to transfer any monies received by them in respect of charitable ac�vi�es 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 con�nued 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 Ac�vi�es.
Cash at bank and in hand - Any cash balances in transit from the Buddha Dhamma Fellowship are included in cash and cash equivalents.
Creditors - creditors are recognised where the Company has a present obliga�on resul�ng from a past event that will probably result in the transfer of funds to a third party and the amount due to se�le the obliga�on can be measured or es�mated reliably. Creditors and provisions are normally recognised at their se�lement amount a�er allowing for any trade discounts due.
Gi�s in kind - the Charity receives the benefit of work done by volunteers and receives gi�s of food and other items. No financial value is put on these items.
Taxa�on - as a registered Charity, the Trust is generally exempt from income tax, corpora�on tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
5. Employees
During the year the average number of employees was 0 (2023: 0), and total salaries paid were £zero (2023: £zero).
Directors do not receive any remunera�on or other financial benefit from the Charity.
6. Volunteers
Volunteers assist in many of the monastery ac�vi�es, including: rou�ne garden maintenance, se�ng up marquees and preparing offerings at fes�val days; ac�ng as drivers for the monks; ac�ng as ushers and stewards at the monastery; preparing food for the monks.
7. Independent Examiner
TT Chartered Accountants were appointed to examine the 2022-2023 accounts for a fee of £400+VAT.
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
8. Tangible Fixed Assets
| Freehold | Temporary | Motor | Computers | Total | |
|---|---|---|---|---|---|
| Property | Buildings | Vehicles | & Ofce | ||
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2023 | 570,925 | 20,527 | 24,250 | 3,252 | 618,954 |
| Addi�ons | - | - | - | - | - |
| Disposals | - | - | - | - | - |
| At 31 March 2024 | 570,925 | 20,527 | 24,250 | 3,252 | 618,954 |
| Deprecia�on | |||||
| At 1 April 2023 | - | 18,667 | 20,557 | 2,450 | 41,674 |
| Charge for the year | - | 329 | 923 | 480 | 1,732 |
| Disposals | - | - | - | - | - |
| At 31 March 2024 | - | 18,996 | 21,480 | 2,930 | 43,406 |
| Net book value | |||||
| At 1 April 2023 | 570,925 | 1,860 | 3,693 | 802 | 577,280 |
| At 31 March 2024 | 570,925 | 1,531 | 2,770 | 322 | 575,548 |
9. Creditors
Amounts falling due within 1 year
| 31/03/2024 | 31/03/2023 | |
|---|---|---|
| £ | £ | |
| Other creditors | 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 dona�ons used for the purchase, maintenance and improvement of the freehold proper�es at Lower Fulbrook and Hampton Wood.
| 1st April 2023 | Income | Expenditure | 31st March 2024 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Restricted Funds | 512,186 | - | - | 512,186 |
| Unrestricted Funds | 285,824 | 42,139 | -63,213 | 264,750 |
| Total Funds | 798,010 | 42,139 | -63,213 | 776,936 |
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Unaudited Accounts – The Forest Hermitage Trust – Company Registra�on No 10368008
10(b). Analysis of Funds
| 0(b). Analysis of Funds | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Unrestricted | Restricted | Unrestricted | Restricted | |
| £ | £ | £ | £ | |
| Tangible Assets | 47,227 | 512,186 | 65,094 | 512,186 |
| Cash at Bank and in hand | 227,523 | - | 230,730 | - |
| Creditors-amounts falling due | -10,000 | - | -10,000 | - |
| a�er 1 year | ||||
| Total Funds | 264,750 | 512,186 | 285,824 | 512,186 |
11. Capital commitments
As at 31 March 2024 the Forest Hermitage Trust had no capital commitments (2023: £nil).
12. Related Par�es
On 10th April 2019 the Trustees of the Buddha Dhamma Fellowship agreed to transfer ongoing responsibility and ownership of the assets and liabili�es held by the Buddha Dhamma Fellowship to the Forest Hermitage Trust for £zero financial considera�on. The Forest Hermitage Trust and the Buddha Dhamma Fellowship have a number of Trustees in common and are hence related par�es.
The Buddha Dhamma Fellowship has a contractual obliga�on to transfer any monies received by them in respect of charitable ac�vi�es as and when it is received. Therefore, all money received by the Buddha Dhamma Fellowship is included as income under the relevant headings. 2024: £16,777 (2023: £59,808)
Surplus monies held by the Buddha Dhamma Fellowship in respect of its charitable ac�vi�es since the transfer are held in trust on behalf of the Forest Hermitage Trust and will be donated to the Forest Hermitage Trust. 2024: £411 (2023: £2,436)
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