REGISTERED COMPANY NUMBER: 03562017 (England and Wales) REGISTERED CHARITY NUMBER: 1072818
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2025
for
Golden Buddha Centre Limited
Golden Buddha Centre Limited Contents of the Financial Statements for the Year Ended 31 May 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
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Golden Buddha Centre Limited (Registered number: 03562017) Report of the Trustees for the Year Ended 31 May 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The company is a charity and exists to advance the study and practice of Buddhism and living a Buddhist way of life. To establish, equip and manage a non-sectarian and ecological Buddhist centre or centres to advance the study and practice of Buddhism and living a Buddhist way of life within the Five Buddhist Precepts, and a place or places which, in addition, provide for the spiritual and material needs of elderly, infirm or sick Buddhists and their helpers.
Significant activities
The Golden Buddha Centre runs an active and open Buddhist Centre in Totnes for the benefit of anyone interested in Buddhism. The charity owns two flats very close to the Centre, both on long-term tenancies. Events are open to all age groups, but the Centre encourages Buddhists who wish to practise in old age with like-minded people. The charity has no paid employees. All classes, cleaning work, and administration is by volunteers only, and this ethic helps to build and maintain the sense of community amongst fellow Buddhist practitioners wishing to live a Buddhist way of life, particularly in old age.
ACHIEVEMENT AND PERFORMANCE
In planning the Centre's activities, the trustees have adhered to the Charity Commission's guidance on the advancement of religion for public benefit. Following the COVID-19 lockdown implemented on 17 March 2020, we commenced online classes in June 2020, which have continued to operate. These have proved highly successful, bringing together participants from across the globe and providing access to those who are housebound. Since the lifting of COVID-19 restrictions, the Golden Buddha Centre has re-opened on Saturdays for three-hour sessions. During these periods, visitors may browse the library, utilise the meditation room for individual silent sitting, and newcomers are welcomed to enquire about Buddhism. Furthermore, we now have a Thursday evening meditation session.
Financial review
Reserves policy
The surplus of the Golden Buddha Centre will be used to support the charity's activities, administration and premises as well as providing the charity with the necessary infrastructure with respect to fulfilling its objects. The charity's reserve policy is to have funds in reserve sufficient to cover the cost of its fixed assets and to meet up to two years expenditure, together with a contingency of £150,000. The general funds of the charity (after allowing for capital asset costs and contingency) at 31 May 2025 are £479,600 which is the excess of two years expenditure for the charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is limited by guarantee and is governed by its memorandum and articles of association.
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Golden Buddha Centre Limited (Registered number: 03562017) Report of the Trustees for the Year Ended 31 May 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03562017 (England and Wales)
Registered Charity number
1072818
Registered office
Golden Buddha Centre The Grove Totnes Devon TQ9 5EP
Trustees
R J B Aske Mrs D L St Ruth R St Ruth Mrs R J E Hayman-Joyce
Company Secretary
Mrs D L St Ruth
Independent Examiner
R J Lewis ACA W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU
Report of the trustees, approved by order of the board of trustees, as the company directors, on 15 December 2025 and signed on the board's behalf by:
........................................................................ Mrs D L St Ruth - Trustee
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Independent Examiner's Report to the Trustees of Golden Buddha Centre Limited (Registered number: 03562017)
Independent examiner's report to the trustees of Golden Buddha Centre Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
R J Lewis ACA
The Institute of Chartered Accountants in England and Wales
Frost Riversdale Ashburton Road TOTNES Devon TQ9 5JU
Date: 15 December 2025
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Golden Buddha Centre Limited Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 May 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Other Income EXPENDITURE ON Charitable activities General NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Total |
2025 2024 Unrestricted Total funds funds £ £ 1,134 2,228 8,938 8,255 15,474 12,920 25,546 23,403 28,067 6,907 (2,521) 16,496 1,136,456 1,119,960 1,133,935 1,136,456 |
|---|---|
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Golden Buddha Centre Limited (Registered number: 03562017) Balance Sheet 31 May 2025
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds TOTAL FUNDS |
2025 2024 Unrestricted Total funds funds £ £ 778,226 630,442 356,805 507,060 (1,096) (1,046) 355,709 506,014 1,133,935 1,136,456 1,133,935 1,136,456 1,133,935 1,136,456 1,133,935 1,136,456 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2025 and were signed on its behalf by:
.............................................
R St Ruth - Trustee
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Golden Buddha Centre Limited (Registered number: 03562017) Notes to the Financial Statements for the Year Ended 31 May 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & Equipment 25% on reducing balance Plant and machinery 33% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Deposit account interest | 2025 2024 £ £ 8,938 8,255 |
|---|---|
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 2025 2024 £ £ 1,033 1,141 |
|---|---|
| Independent examination | 550 523 |
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Golden Buddha Centre Limited (Registered number: 03562017) Notes to the Financial Statements - continued for the Year Ended 31 May 2025
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Average Number of Employees | 2025 2024 4 4 |
|---|---|
No employees received emoluments in excess of £60,000.
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| COST At 1 June 2024 Additions |
Freehold Furniture Computer property & Equipment equipment Totals £ £ £ 626,777 36,378 3,611 666,766 148,817 - - 148,817 |
| DEPRECIATION At 1 June 2024 Charge for year |
775,594 36,378 3,611 815,583 - 34,160 2,164 36,324 555 478 1,033 |
| At 31 May 2025 | - 34,715 2,642 37,357 |
| NET BOOK VALUE At 31 May 2025 |
775,594 1,663 969 778,226 |
| At 31 May 2024 | 626,777 2,218 1,447 630,442 |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses |
2025 2024 £ £ 1,096 1,046 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Golden Buddha Centre Limited (Registered number: 03562017) Notes to the Financial Statements - continued for the Year Ended 31 May 2025
8. MOVEMENT IN FUNDS
| Unrestricted funds General fund Contingency fund Capital fund TOTAL FUNDS General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Contingency fund Capital fund TOTAL FUNDS MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds |
Net movement At 1.6.24 in funds At 31.5.25 £ £ £ 482,121 (2,521) 479,600 150,000 - 150,000 504,335 - 504,335 1,136,456 (2,521) 1,133,935 1,136,456 (2,521) 1,133,935 Incoming Resources Movement resources expended in funds £ £ £ 25,546 (28,067) (2,521) 25,546 (28,067) (2,521) Net movement At 1.6.23 in funds At 31.5.24 £ £ £ 465,625 16,496 482,121 150,000 - 150,000 504,335 - 504,335 1,119,960 16,496 1,136,456 1,119,960 16,496 1,136,456 Incoming Resources Movement resources expended in funds £ £ £ 23,403 (6,907) 16,496 23,403 (6,907) 16,496 |
|---|---|
9. MOVEMENT IN FUNDS - continued
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Golden Buddha Centre Limited (Registered number: 03562017) Notes to the Financial Statements - continued
for the Year Ended 31 May 2025
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Contingency fund Capital fund TOTAL FUNDS |
Net At movement At 1.6.23 in funds 31.5.25 £ £ £ 465,625 13,975 479,600 150,000 - 150,000 504,335 - 504,335 1,119,960 13,975 1,133,935 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 48,949 (34,974) 13,975 48,949 (34,974) 13,975 |
|---|---|
10RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2025.
11PURPOSE OF DESIGNATED FUNDS
The Contingency Fund is reserves set aside for unforeseen expenditure on the maintaining of the property and the management of the charity.
The Capital Fund represents the reserves which have been invested in the charity's property.
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Golden Buddha Centre Limited (Registered number: 03562017) Detailed Statement of Financial Activities for the Year Ended 31 May 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations and Visitors Fees Investment income Deposit account interest Other income Rental Income Total incoming resources EXPENDITURE Charitable activities Rates and water Insurance Light and heat Postage and stationery Sundries Food Travel & subsistence Flat maintenance Repairs & renewals Speaker expenses Books for library Computer sundries Depreciation Support costs Management Sundries Web Expenses Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
2025 2024 £ £ 1,134 2,228 8,938 8,255 15,474 12,920 25,546 23,403 746 666 3,094 2,485 58 179 211 482 284 121 87 96 51 62 2,305 1,880 17,916 (2,443) - - 17 30 253 358 1,033 1,141 26,055 5,057 872 715 - - 872 715 40 55 1,100 1,080 28,067 6,907 (2,521) 16,496 |
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