Charity registration number 1177511 (England and Wales) Company registration number 10205207 CHAN KHONG MONASTERY UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MAY 2025 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC
CHAN KHONG MONASTERY UK LEGAL AIYD ADMINISTIL4TIVE INFORMATION Truslees KDO L Huynh Charity number (England and Wales) 1177511 Company number 10205207 Registered oftfice Paradise Park 142 Lea Bridge Road Londoii E5 9UB Independent examiner UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC
CHAN KHONG MONASTERY UK CONTENTS Page Trustee's report Independent examiner's report Stat¢m¢nl of financial a¢tivili¢s Balancc sheet Notes to the financial statements 7-14 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC
CHAN KHONG MONASTERY UK TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 MAY 2025 The trustees preseni iheir annual report and financial 51atement5 for the year ended 29 May 2025. The financial statements have been prepared in accordance with the accounting policies sel out iii note I lo the fiiiaiici&l %talements and ¢omply i¥ith the charity's meinoraiidum and articles iii¢orp()rated on 28 May 2016 as amended by special resolution, the Coiiipanies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and activities The Charity's objects are for the public benefit. l ) To advance the Buddhist faith and religion for the publi¢ b¢nefit, in parti¢iilar but not ¢x¢lusively by.. Establishing a place of worship for the benefit of the piiblic and as a place for prk]Ctising, promoting, teaching and studj ing the doctrine principles and teachings of Zen Buddhism, including meditation practices and religious education PTOtnoling tnental and spiritual well-being in the life of individuals of all ages by providing assistance and guidance lo those ivho need help. 2) To provide the relief of financial needs and siiffcring dmong viclinis of iiatural or other kinds of disaster in the form of money or other means deemed suitable for persons or organisalions incliiding the provision of m¢di¢al aid. Public benefit Th¢ trustees hai'¢ paid due regard to guidance issucd by thc Charity Commission in deciding what activities the ¢l)arily should undertake. Acbievements and performance ,giAFFfEficant uctivilies and achievenienls againsl objecfives Financial review Re.senygs policy Th¢ results for the year are aq set ollt on page 4. Total income from donations and oth¢r in¢om¢ aS £53.575 (2024= £102,098). This together with total expenditure incurred in the year of £43,605 (2024.. £36,342} resulted in a net surplus of £9,970 (2024-. £65.756). It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be tllaiiitaincd at a level equivalent to between three and six inontli's expeiiditure. The trustees considers that reserves at this level will eiisure tliat, in the eveiit of a significant drop in funding, they will be able to contiiiue the charity's ciirrent activities while consideration is given to ivays in whicli additional funds may be raised. The level of reserves have increased from £816.015 to £825,985 as at 29 Mas, 2025. .Ila7or riskn Th¢ tru5tces have ass¢ssed the tnajor risks to which the charity is cxposcd, and arc satisficd that SyStctlls arc in place lo mitigate exposure lo the iiiajor risks. Structure. governance and management The charity is a compan), limited by guarantee. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 The trustees, who are also thc dircctors for the purpose of company law, and who served during the year and up to the date of signaturc of the financial slatcincnts w¢rc'. KDO L Huynh Recruitmenl and appoinliKent o}'Irustees None of the trustees has any beneficial inleresl in the compan).. All of the Irustees are tnetnbers of the company and guarantee to contribute £ l in the event of a winding up. The trustec's report was approvcd by the Board of Trustec5. I Signature l....................... L Huynh Trustee Date.. l Date I EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK INDEPENDENT EMMINER'S REPORT TO THE TRUSTEES OF CHAN KHONG MONASTERY UK report to the trustees on my examination of the financial statements of Chan Khong Monastery UK (the charitv) for the year ended 29 May 2025. Responsibilities and basis of report As Ihe Irusl¢es of rhe Charity {and also ils directors for the purposes of ¢ompany law), yoii are responsibl¢ for the preparation of the fiiiancial statements iii accordance iN'ith the requireinents of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Aci 2006 and are eligible for independent examination, I report in respect of my examination of the cliarity's fiiiaiicial statements carried out under sectioi) 145 of the Charilies Act 2011. In carrying out my examination I have followed the Directions given by the Charity Cotnmission under section 145{5}Ib) of th¢ Charities Act 2011. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were iiot kept in respect of the Charity as required by seelion 386 of the Companies A¢t 2006. the tinancial statements do not accord I.71h those records; or th¢ financial qtatements do not comply with the accounting requirements of s¢¢tion 396 of the Companies Act ?006 other than an), requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination,. or the fiiiaii¢ial slalements l)ave iiol been prepared in av¢ordance with Ilie methods and principles of Ihe Siateinenl of R¢commend¢d Practic¢ for ac¢ounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other niatters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statetnents to be reached. UHY Haeker Young Quadrant Housc 4 Tliomas More Square London Elw IYW Dale.. 261.021.2026 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 29 MAY 202$ Unrestricted Unrestricted funds funds 2025 2024 Notes Ineome and endowments from". Doiiations aiid legacies Other income 48,575 5,000 102,098 Total illcome 53,575 102,098 Expenditure on: Raising funds 43,605 36,342 Total expenditure 43,605 36,342 Net income and movement in funds 9,970 65.756 Reconciliation of funds: Fuiid balances at 30 May 2024 816,015 750,259 Fulld balances At 29 May 2025 825,985 816,015 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK BALANCE SHEET AS AT 29 MAY 2025 2025 2024 Note5 Fixed assets Tangible assets 1,112,075 1,137,482 Current assets Debtors Cash at bank and in hand 191,928 384 3,010 192,312 3,010 Creditors: amounts falling due withi one year li (40,864) (15,896) Net ¢urreDt a55e¢sl(liabilities) 151,448 (12,886) Total assets less current li#bilities 1,263,523 1,124,596 Creditors: amounts falling due after more than one year 12 (437,538) (308,581) Net assets 825,985 816,015 The funds of the charity Unrestricted funds 13 825,985 816,015 825,985 816,015 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK BALANCE SHEET (CONTINUED) AS AT 29 MAY 2025 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 May 2025. The directors ackiioTh'.ledge their re8pon8ibiliti¢s for ¢omplying with the requirements of the Compani¢s A¢t 2006 Mllith respect to accoiinting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with seciion 476. Thcsc financial stat¢inenls have bcen prcpared in accordancc with the provisions appliLable to coinpanics subject to the small companies regime. l Date I The financial statements were approved by the trustees on ......................... [ Signature l..................... L Huynh Trllstee Companj registration number 10205207 (England and Wales) EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS FOR THE YEAR ENDED 29 MAY 2025 Aceounting polieies Charity information Chan Khong Monastery UK is a private compaiiy limited by guarantee incorporated in England and Wales. The regisrered oifice is Paradis¢ Park, 142 Lea Bridge Road, London, E5 9UB. 1.1 Basis of preparation The financial stat¢m¢nis have b¢en prepared in accordanc¢ with th¢ charity's Memoranduiii and Articles dated 28 Mas, 2016, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applieable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Siatem¢ni of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below. 1.2 Going eoncern At the time of approving the financial statements, the trustees have a reasonable expectation tha( the charity, with the support of its creditors. has adequate resources to continue in operational existence for the foreseeable tuture. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial stateinents. 1.3 Charitable funds Unrcstrictcd fund5 are available for use at the discretion of the trustees in furtherance of their charitable objcLtivcs. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfom]ance conditions have been met, the amounts can be measured reliably, and it is probable that income ivill be received. Cash donations are recognised on receipt. Other donations are recogni5ed once the charity ha5 been iiotificd of thc donation, uii1¢5s performance conditioiis require d¢fcrral of the amount. 1.5 Expenditure Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committii)g the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 1.6 Tangible fixed assets Tangibl¢ fixed a5s¢ls ar¢ initially measured at cost and subs¢qucntly measured at cost or valuation. ncl of depreciation and any impairnienl losses. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 Accounting policies (Continued) Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings 20/0 straight line 5 years straight line 5 y¢ars straight line The gain or loss arising on the disposal of an asset is dcterinined as the diffeTcnce between the sale procccds and the carr)'ing value of the assct, aiid is rccogniscd in the statemcnl of financial activitics. 1.7 Impairmcnt of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have siiffered an impairment loss. If any such indication exisls, the recoverable amount of the assel is estimated in order to deterinine the extent of the itnpairtllent105s (if any). 1.8 Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem] liquid investmei)ts with original maturities of three tnonths or less, and bank overdrafts. Bank oi'erdrafts are shown within borroivings in current liabilities. 1.9 Finaneiiil instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Fiiiaiicial instruments arc recogniscd in the charity's balance sheet whcii the charity bccomcs party to the contractual provisions of the ii)struinent. Financial assets and liabilities are offset, with th¢ n¢1 amounts pr¢s¢nl¢d in the financial slalem¢nts, when there is a legally enforceable right to set off the recognised amounts and there is an inteniion to settle on a net basis or to realise the asset and settle the liability sirllultaneously. Busicfinancial ussets Basi¢ financial assets, wliich invlude debtors and Cash and bank balances, are initially measured at transaction pric¢ including transa¢tion costs and ar¢ subsequently ¢arri¢d ar amortis¢d cost using the effective interest method iinless the arrangement constiiutes a financing transaction. Thhere the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 Accounting policies (Continued) Ba5iL financial liabilities, includiiig Lredilors and baiik loan5 are initially reLognised at transaLtion price unless the arrangeineiil ¢onstilules a finan¢ing traiisa¢tion, where tlie debi instrument is measured al the presenr value of the future payinents discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate metl)od. Tradc creditors ar¢ obligations to pay for good5 or 5erviccs that liai'e bccll acquircd in the ordinary Course of operations from suppliers. Amount5 payable arc classificd as current liabilities if payiM¢nt is due within one vear or less. If nor, th¢y are presented as non-currenl liabilities. Trade creditors are r¢¢ognised initially at transa¢tion pri¢¢ and subsequently m¢asur¢d at amortis¢d cost using the ¢ff¢¢tiv¢ interest method. DerecognilioH offindncidl li(4bilitie.s Financial liabilitics arc dcrccogniscd when ihe charity'5 Contractual obligations expirc or are discliar¥cd or ¢an¢elled. 1.10 Taxation The charitv is exempt from UK corporation tax lo the extent that its income is applied to its charitable objccts. No liability arose in Ilie year. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tcrniination bcnefits are rccognised imincdiatcly as an expcnsc when the charifv is dcinonstrably commilled lo lerminale the emploviiient c)f ali employee or lo prc)vide tenniiiation benefits. Donations and legacies UTrre5tricted LlTrrestrirted 2025 2024 Donations and gifts 48,575 10?,098 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 Other ineome Unrestriete Unrestriete funds 2025 funds 2024 Compensation froin insurance claim 5,000 Raising funds IIDr¢stri¢trd IlTrre¥trirted fllnd5 funds 202S 2024 Support CO.fl.v Interest paid Depreciation Light and heat Independent examination fees Legal and professional fees Insuraiice Telephone Bank charges General expenses Amoriisalion 5,869 25,407 547 2,635 967 3,074 461 2,284 1,542 819 496 26,229 274 2,660 950 5,140 402 43,605 36,342 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during ihe year. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC_ I O_
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no etllployees whose annual remuneration was more than £60,000. Taxation The cl)arity is cxcmpi from taxation oll its activitics bccause all its income is applied for cliaritable purposes. Tangible fixed assets Freehold laDd And blIdIng$ PlaDt tqllipment Fixtllres ad Total C(kst or valuation At 30 May 2024 1,248,689 5,926 350 1,254,965 At 29 May 2025 1,248,689 5,926 350 1,254,965 Depreeiation and impairment At 30 May 2024 Depreciation charged in the year 5,563 363 210 70 117,483 25,407 24.974 At 29 May 2025 136,684 5,926 280 142,890 Carrying amount Ai 29 May 202) 1,112,005 70 1,112.075 At 29 May 2024 1,136,979 363 140 1,137,482 Land and buildings with a carrying amount of £1.2m were revalued by an independent firjn of valuer5 in previous years on the basis of tnarkct value. Th¢ hislori¢al ¢ost of th¢ land and building was £751 k (2024.. £751 k). EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC_ I I _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 Debtors 2024 Amounts falling due witbin one year: Other debtors 191,928 10 Loans and ovenlrafts 2025 2024 Bank loans 294,036 17,679 Pa>'ablc within onc year Payable after one year 30,900 263,136 6,900 10,779 The Bounce Back loan is unsecured with an interest rale of 2.5%, repayable in 2026. The remaining bank loan is secured on an asset of the charity, attracts a rate of 7.82 % and is repayable in 2030. 11 Creditors: amounts falling due within one year 2025 2024 Notes Bank loans Othcr taxation and social security Trade creditors Accruals and d¢f¢rred incotlle io 30,900 6,900 170 4,313 4,513 5,485 4,479 40,864 15,896 12 Creditors: amounts falling due after more than one year 2025 2024 Notes Bank loans Other creditors io 263,136 174,402 10,779 297,802 437,538 308,581 EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC_ 12_
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 13 Ullrestrieted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are noi subje¢t lo sp¢cific ¢ondilions bv donors and grantors as lo ho.. Ili¢y may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 30 Ma) 2024 Incoming resources Resources expended At 29 May 2025 General funds 816,015 53,575 (43,605) 825,985 Previous year: At 30 May 2023 IneomiDg resources Resources expended At 29 May 2024 General funds Revaluation reserve 257,394 492,865 102,098 (36,342) 323,150 492,865 14 Analysis of net assets between funds Unrestricted Unrestricted funds fllnds 2025 2024 Fund balances at 29 May 2025 are represented by.. Tangible assets Current liabililies Long term liabilities 1,112.075 1,137,482 151,448 (12,886) (437,538) (308,581) 825,985 816,015 IS Related party transactions Transactions with related parties During ihe year the charity enlered into the following transactions with related parties.. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC_ 13 _
CHAN KHONG MONASTERY UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 29 MAY 2025 IS Related party transactions (Continued) The charity received loans from its trustees out of which £Nil {20?4.. £69,100) was outstanding at the year end. The charity also received donations frotn one of its trustees of £1 00 (2024= £Nil). The charity. provided an inleresl-free loan lo one of its trustees during the year. The balance outstanding al the )ear end was £190,500 (2024.. £Nil). The balance is repaid after the year end. 16 Analysis of charitable funds All funds h¢ld by the charity are llnrestri¢t¢d funds. EtyVWU094447I-VJ6&tJJtsA0II1*12O2e 14.'31 PM UTC_ 14_