2020-12-31-accounts - Khedrubje Centre

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

COMPANY REGISTRATION NUMBER 2688423

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2020

Charity Number 1010758

TDP Consulting Chartered Accountants 23 Peacefield, Marple, SK6 7QQ

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

CONTENTS	PAGE
Trustees Annual Report	1
Independent examiner's report to the members	5
Statement of financial activities	7
Income and expenditure account	8
Balance sheet	9
Notes to the financial statements	11

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT

YEAR ENDED 31 DECEMBER 2020

The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 December 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Khedrubje Centre Charity registration number 1010758 Company registration number 2688423 Registered office 196 Coltman Street Hull HU3 2SQ

THE TRUSTEES

The trustees who served the charity during the period were as follows:

G Moffatt N Wilkyn J Stothard Secretary Toby Pennington Bankers National Westminster 1 Market Place York YO1 9YH

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a non-profit religious organisation which is seen as belonging to and dedicated to the benefit of the general public. It has been created with the authorisation of the New Kadampa Tradition - International Kadampa Buddhist Union (NKT-IKBU) and will always be a member of the NKT-IKBU along with hundreds of other Buddhist Centres worldwide. The charity consists of trustees currently numbering 3 but with the capacity for 4 and members consisting of local members (which can be to a maximum of 21 who currently number 15), the Spiritual Director of the Centre and the resident teachers of all NKT-IKBU Centres in the UK. The structure, governance and management of the charity is clearly set out within the articles of association and memorandum of association which have been approved by the Charity Commission and are shared by other centres of the NKT-IKBU.

- 1 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (continued)

YEAR ENDED 31 DECEMBER 2020

The charity has a resident teacher who is responsible for teaching the subjects that form part of the three NKT study programmes, the resident teacher is appointed by the NKT General Spiritual Director. The teacher also has responsibility for the spiritual welfare of the Buddhist practitioners. The resident teacher is not on the board of trustees. The trustees are nominated by Members and elected at Annual Members Meetings (AMM). One trustee retires from office by rotation at each AMM .

There is an 'Administrative Director' who is the chief executive officer of the centre but is not a member of the board of trustees. There is a Treasurer who is responsible for maintaining the accounts and finances of the charity in conjunction with the Administrative Director, this person is appointed by the Administrative Director and Trustees. There is also an Education Programme Co-ordinator (EPC) who works for the implementation of the study programmes, this person is appointed by the Resident Teacher. Together the resident teacher, administrative director, education programme co-ordinator and treasurer for the charity management and are responsible for running the day to day activities of the charity. In order to carry out this function the charity management meet once a week.

The trustees meet as required to discuss issues that have arisen and to decide on ways to promote and carry through the aims of the Charity. These meetings are minuted. The Administrative Director calls, co-ordinates and convenes meetings and sets their agenda after consultation with the Trustees and the Management. Decisions are made at these meetings and are usually agreed by all the directors although a two-thirds majority is acceptable within the constitution. New Trustees are required to read and understand the Internal Rules of the NKT-IKBU and agree to abide by them and during meetings they gradually learn the practicalities of the job of trustee with the help and advice of the other trustees.

Local members are appointed at the members meetings and must sign a written consent to become a Member.

Risk management is addressed during the management & directors' meetings and telephone/email contact and is on-going. Risks are assessed on their likelihood of occurrence and the likelihood of impact on the Charity from the point of view of the Charity's operational performance, its reputation and on its ability to continue to pursue its objectives and are managed accordingly. Risk management is also used in forward planning for the Charity as well as in assessing the current status of the Charity.

OBJECTIVES AND ACTIVITIES

The specific purpose or objective of the Centre is to promote the Buddhist Faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition -Kadampa Buddhist Union. This is done principally through the activities of teaching, study practice and the observance of moral discipline all within the Mahayana Buddhist tradition of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso. Geshe Kelsang Gyatso is the Founder of the New Kadampa tradition - - International Kadampa Buddhist Union. There are three New Kadampa Tradition Study Programmes which are continuously implemented. These are the General Programme, the Foundation Programme and the Teacher Training Programme. The aims of the Centre is to fulfil the purpose as stated above through offering the study programmes, courses, retreats and other religious activities to the people of Hull and the surrounding areas or to whomsoever can avail themselves of the said opportunities. Each activity promotes the Buddhist faith as set out in the objective of the Centre. We offer a variety of religious activities whereby people can come together to join in with prayers and meditation on a regular basis. The Centre is also residential which means that the residents themselves have the opportunity to take part in furthering the objectives through helping with the day to day tasks and attending the teaching programmes.

- 2 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (continued)

YEAR ENDED 31 DECEMBER 2020

The charity is run by volunteers who help to care for the centre both in terms of cleanliness and repair and also in furthering the objectives of the charity through assisting the teacher, teaching, as directors, members and so forth.

ACHIEVEMENTS AND PERFORMANCE

Due to 2020 being dominated by the Covid-19 pandemic Khedrubje Centre needed to quickly adapt its way of operating to work with these new conditions. From March 2020 onwards most of our operations moved online, running our classes by live stream broadcast. To facilitate this a custom booking system was built that integrates with a live streaming platform, this booking system enabled the Centre to carry on receiving income. Due to the centre not paying business rates for its property it was not eligible for local grants that other businesses received during the pandemic and therefore it was important to maintain a revenue stream at this difficult time. As such classes were run twice a day every day of the week from March to June, with attendees being able to pay as you go, buy a live streaming pass or access the classes with their Centre Cards.

Once the pandemic started to ease in May/June of 2020 we then allowed some in person attendance to take pace. To facilitate this we constructed outside toilet facilities, and rejigged our meditation room so that it could be accessed directly from the outside. This meant that we could completely separate the residential and non-residential areas of the centre, an essential step for the centre to re-open to people within the conditions of the current pandemic.

During the pandemic our in house café space had to close as it was not big enough and therefore not covid secure. Therefore during 2020 we served refreshments for classes and at open events through a hatch in the window. In the latter half of 2020 we began a building project to expand and renovate our café space to make it twice the space making it more covid secure and allowing us to have an expanded bookshop which fulfils one of the main aims of the centre to distribute dharma further. As of the end of 2020 the new café is well under way and we are looking forward to its completion in early 2021.

FINANCIAL REVIEW

The incoming resources have decreased to £43,663 from £51,249 with expenditure decreasing to £ 36,735 from £48,367 this has resulted in an increase in funds of £ 1,017 (2019: £2,882) for the period. This decrease in income and expenditure can both be attributed to the effects of the covid-19 pandemic.

The total funds of the charity at the period end are now £ 147,334 (2019 £146,317) with the majority being invested in the property on which there are mortgages totalling £ 164,941 (2019: £172,778).

RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also the directors of Khedrubje Centre for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

- 3 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (continued)

YEAR ENDED 31 DECEMBER 2020

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Registered office: 196 Coltman Street Hull HU3 2SQ

Signed on behalf of the trustees

Neil Wilkyn Trustee

29 September 2021

- 4 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF KHEDRUBJE CENTRE

YEAR ENDED 31 DECEMBER 2020

I report on the accounts of the charity for the year ended 31 December 2020 set out on pages 7 to 16.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2012 (the 2012 Act) and that an independent examination is needed. The charity's gross income did not exceed £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Certified Chartered Accountants.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2012 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2012 Act; and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with the 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 you as trustees 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 trustees have not met the requirements to ensure that:

proper accounting records are kept (in accordance with section 386 of the Companies Act 2006); and
accounts are prepared which agree with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

- 5 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF KHEDRUBJE CENTRE (continued)

YEAR ENDED 31 DECEMBER 2020

Thomas Pennington-Brookfield FCCA

23 Peacefield, Marple, SK6 7QQ

- 6 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2020

		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2020	2019
	Note	£	£	£	£
INCOMING RESOURCES
Incoming resources from
generating funds:
Voluntary income	2	3,326	–	3,326	1,456
Incoming resources from
charitable activities	3	40,337	–	40,337	49,793
		`─────────`	`────`	`─────────`	`─────────`
TOTAL INCOMING
RESOURCES		43,663	–	43,663	51,249
		`─────────`	`────`	`─────────`	`─────────`
RESOURCES EXPENDED
Charitable activities	4/5	(36,735)	–	(36,836)	(42,176)
Governance costs	6	(5,911)	–	(5,911)	(6,179)
		`─────────`	`────`	`─────────`	`─────────`
TOTAL RESOURCES
EXPENDED		(42,646)	–	(42,747)	(48,367)
		`─────────`	`────`	`─────────`	`─────────`
NET
INCOMING/(OUTGOIN
G) RESOURCES FOR
THE YEAR	7	1,017	–	916	2,882
RECONCILIATION OF
FUNDS
Total funds brought forward		112,367	33,950	146,317	143,435
		`─────────`	`─────────`	`─────────`	`─────────`
TOTAL FUNDS CARRIED
FORWARD		113,384	33,950	147,334	146,317
		`═════════`	`═════════`	`═════════`	`═════════`

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 11 to 16 form part of these financial statements.

- 7 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 DECEMBER 2020

			2020	2019
	Note	£	£	£
INCOME			43,663	51,249
TOTAL EXPENDITURE			(36,735)	(42,176)
			`─────────`	`─────────`
OPERATING SURPLUS	7		6,928	9,073
INTEREST PAYABLE
Interest payable: Bank loans			(5,911)	(6,191)
			`───────`	`───────`
RETAINED SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR			1,017	2,882
			`═══════`	`═══════`

The Income and Expenditure Account includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 11 to 16 form part of these financial statements.

- 8 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

BALANCE SHEET

31 DECEMBER 2020

		2020		2019
	Note	£	£	£
FIXED ASSETS
Tangible assets	9		293,969	294,538
CURRENT ASSETS
Stocks	10	150		150
Cash at bank and in hand		19,678		26,052
		`─────────`		`─────────`
		19,828		26,052
CREDITORS: Amounts falling due within one
year	11	(7,386)		(7509)
		`─────────`		`─────────`
NET CURRENT ASSETS			12,442	18,693
			`──────────`	`──────────`
TOTAL ASSETS LESS CURRENT LIABILITIES			306,411	313,231
CREDITORS: Amounts falling due after more
than one year	12		(159,077)	(166,914)
			`──────────`	`──────────`
NET ASSETS			147,334	146,317
			`══════════`	`══════════`
FUNDS
Restricted income funds	13		33,950	33,950
Unrestricted income funds	14		113,384	112,367
			`─────────`	`─────────`
TOTAL FUNDS			147,334	146,317
			`═════════`	`═════════`

The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The trustees acknowledge their responsibilities for:

(i) ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and
(ii) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.

The Balance sheet continues on the following page. The notes on pages 11 to 16 form part of these financial statements.

- 9 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

BALANCE SHEET (continued)

31 DECEMBER 2020

These financial statements were approved by the members of the committee on the [29 September 2020] and are signed on their behalf by:

N Wilkyn Trustee

Company Registration Number: 2688423

The notes on pages 11 to 16 form part of these financial statements.

- 10 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Companies Act 2006, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Incoming resources

Donations are accounted for when each donation is receivable or received whichever is the earlier providing it is certain that the donation will be received. Gifts in kind and donated services are not valued and accounted for unless there is a monetary value to the charity when it would be account for at valuation by the trustees.

Charitable trading

As part of the objects the charity provides accommodation and teachings in the Buddhist manor and operates a shop selling Buddhist items which are all considered to be charitable activities.

All income and expenditure is shown gross with no netting off.

Fund accounting

General unrestricted funds are funds available to be used at the discretion of the trustees. Separate restricted funds are created where funds are received for a specific purpose whether the restriction has been imposed by the donor or where funds are raised by the charity for a specific purpose. Transfers between funds would be made by the trustees but the principal relating to restricted funds would be maintained.

Resources expended

Liabilities are accounted for as each liability is incurred or when the expenditure is known to be payable. Expenditure that covers more than one type of activity is allocated by apportionment on the best basis by the trustees which is usually by estimation where specific apportionment is not possible.

Fixed assets

All fixed assets are initially recorded at cost.

- 11 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings

15% reducing balance

In the opinion of the trustees the freehold property has a value higher than the cost therefore no depreciation is charged.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2. VOLUNTARY INCOME

VOLUNTARY INCOME
	Unrestricted	Total Funds	Total Funds
	Funds	2020	2019
	£	£	£
Donations
Donations	3,326	3,326	1,456
	`═══════`	`═══════`	`═══════`

3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

	Unrestricted	Total Funds	Total Funds
	Funds	2020	2019
	£	£	£
Income from charitable activities-Educational	23,726	23,726	28,257
Income from charitable activities -Accommodation	14,717	14,717	17,219
Income from charitable activities -Shop	1,894	1,894	4,317
	`─────────`	`─────────`	`─────────`
	40,337	40,337	49,793
	`═════════`	`═════════`	`═════════`

4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Total Funds
	Funds	2020	2019
	£	£	£
Educational	9,336	9,336	11,667
Accommodation	26,525	26,525	28,207
Shop	874	874	2,302
Support costs	-	-	-
	`─────────`	`─────────`	`─────────`
	36,735	36,735	42,176
	`═════════`	`═════════`	`═════════`

- 12 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Activities	Grant
	undertaken	funding	Support	Total Funds	Total Funds
	directly	activities	costs	2020	2019
	£	£	£	£	£
Educational	9,336	–	–	9,336	11,667
Accommodation	26,525	–	–	26,525	28,207
Shop	874	–	–	874	2,302
	`─────────`	`───────`	`────`	`─────────`	`─────────`
	36,735	–	–	36,735	42,176
	`═════════`	`═══════`	`════`	`═════════`	`═════════`
GOVERNANCE COSTS
			Unrestricted	Total Funds	Total Funds
			Funds	2020	2019
			£	£	£
Accountancy fees			-	-	-
Interest payable			5,911	5,911	6,191
Other financial costs			-	-	-
			`───────`	`───────`	`───────`
			5,911	5,911	6,191
			`═══════`	`═══════`	`═══════`

6. GOVERNANCE COSTS

7. NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR

This is stated after charging:

	2020	2019
	£	£
Depreciation	569	670
	`════`	`════`
STAFF COSTS AND EMOLUMENTS
Total staff costs were as follows:
	2020	2019
	£	£
Wages and salaries	3,475	4,926
Social security costs	–	–
	`───────`	`───────`
	3,475	4,926
	`═══════`	`═══════`

8. STAFF COSTS AND EMOLUMENTS

None of the trustees received any remuneration or expenses during the year.

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

was as follows:
	2020	2019
	No	No
Number of staff	1	1
	`════`	`════`

No employee received remuneration of more than £60,000 during the year (2019 - Nil).

- 13 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

9. TANGIBLE FIXED ASSETS

		Freehold	Fixtures &
		property	Fittings	Total
		£	£	£
	COST
	At 1 January 2019	290,742	28,031	318,773
	Additions	–	–	–
	Disposals	–	–	–
		`──────────`	`─────────`	`──────────`
	At 31 December 2020	290,742	28,031	318,773
		`══════════`	`═════════`	`══════════`
	DEPRECIATION
	At 1 January 2019	–	24,235	24,235
	Charge for the year	–	569	569
	Disposed of	–	–	–
		`────`	`─────────`	`────────`
	At 31 December 2020	–	24,804	24,804
		`════`	`═════════`	`═════════`
	NET BOOK VALUE
	At 31 December 2020	290,742	3,227	293,969
		`══════════`	`═══════`	`══════════`
	At 31 December 2019	290,742	3,796	294,538
		`══════════`	`═══════`	`══════════`
10.	STOCKS
			2020	2019
			£	£
	Stock		150	150
			`════`	`════`
11.	CREDITORS: Amounts falling due within one year
			2020	2019
			£	£
	Bank loans and overdrafts		5,865	5,865
	credit Card		375	200
	Accruals		1,146	1,444
			`───────`	`───────`
			7,386	7,509
			`═══════`	`═══════`
	The following liabilities disclosed under creditors falling due within		one year are	secured by the
	charity:
			2020	2019
			£	£
	Bank loans and overdrafts		5,865	5,865
			`═══════`	`═══════`
12.	CREDITORS: Amounts falling due after more than one year
			2020	2019
			£	£
	Bank loans and overdrafts		159,077	166,914
			`══════════`	`══════════`

- 14 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

12. CREDITORS: Amounts falling due after more than one year (continued)

The following liabilities disclosed under creditors falling due after more than one year are secured by the charity:

	2020	2019
	£	£
Bank loans and overdrafts	159,077	166,914
	`══════════`	`═════════`

The following aggregate liabilities are repayable in whole, otherwise than by instalments, and are due for repayment after more than five years from the balance sheet date:

		2020	2019
		£	£
	Bank loans and overdrafts	136,648	144,485
		`══════════`	`═════════`
13.	RESTRICTED INCOME FUNDS

	Balance at
	1 Jan 2020 and at
	31 Dec 2020
	£
New Centre Fund	33,075
Other Small Restricted Funds	875
	`─────────`
	33,950
	`═════════`

There have been no movements on restricted funds during the year ended 31 December 2020.

The New Centre Fund are specific funds which have been and are being used for the purchase and refurbishment of the Centre. Other Small Restricted Funds are amounts received specifically for particular purposes and each Fund is less than £1000.

14. UNRESTRICTED INCOME FUNDS

	Balance at	Incoming	Outgoing	Balance at
	1 Jan 2020	resources	resources	31 Dec 2020
	£	£	£	£
General Funds	112,367	43,663	(42,646)	113,353
	`═════════`	`═════════`	`═════════`	`═════════`

- 15 -

KHEDRUBJE CENTRE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Tangible	Net current	Long term
	fixed assets	assets	liabilities	Total
	£	£	£	£
Restricted Income Funds:
New Centre Fund	33,075	–	–	33,075
Other Small Restricted Funds	875	–	–	875
	`─────────`	`────`	`────`	`─────────`
	33,950	–	–	33,950
	`─────────`	`────`	`────`	`─────────`
Unrestricted Income Funds	260,019	12,442	(159,077)	113,353
	`──────────`	`─────────`	`──────────`	`─────────`
Total Funds	293,969	12,442	(159,077)	147,334
	`══════════`	`═════════`	`══════════`	`═════════`

16. COMPANY LIMITED BY GUARANTEE

The Company is limited by guarantee whereby upon a winding up each member has to contribute a maximum of £1.

- 16 -