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2022-02-28-accounts

SAMUDRA BUDDHIST CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is constituted as a company limited by guarantee under the Companies Act and governed by its Memorandum and Articles of Association and is also a registered charity.

Trustee Recruitment and Training

Of the three trustees, two elected trustees are recruited from within the centre. To be elected or appointed as a trustee, the nominee must be a member of the charity and are elected by members at the Annual General Meeting or by the trustees when the need arises according to the Articles of Association. The third trustee is an ex-officio trustee, by virtue of them being the Administrative Director of a centre specified in the Articles of Association. Each new trustee is guided by the current trustees and other members of the organisation, in particular the Administrative Director and Resident Teacher, who have vast experience within the organisation.

Related Charities

The charity is a member of the New Kadampa Tradition – International Kadampa Buddhist Union (“NKT-IKBU”), which is made up of many centres throughout the world with the same objects. They are all independent charities linked only by their objects and there is no financial dependency, although funds may pass between centres to fulfil aims and objectives.

OBJECTIVES AND ACTIVITIES

Objects

The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected Spiritual Director of the NKT-IKBU principally through 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 Rinpoche, the founder of the NKT-IKBU, through the continuous implementation of the study programmes called General Programme and Foundation Programme.

Aims and Activities

The charity aims to provide facilities to enable students to study, practice and observe the moral discipline as set out in the objects. The charity also holds branch classes across the Peak District to provide teachings and insight to whomever wishes to attend.

Volunteers

The charity has volunteers from the local community, who are essential for the running of the charity and are involved in all aspects of it.

SAMUDRA BUDDHIST CENTRE TRUSTEES ANNUAL REPORT (continued) THE YEAR ENDED 28 FEBRUARY 2022

Public benefits

The charity believes that there are three important public benefits to promoting the Buddhist faith: to help people to develop their wisdom, to cultivate a good heart, and to maintain a peaceful mind. If we increase our wisdom, we will overcome the problems in our daily life, improve our relationships with others, and become of real benefit to a troubled world.

Benefit to the public

The charity offers regular courses in Buddhist philosophy, psychology and meditation, bringing personal and social benefit. These courses are accessible to the public for modest fees and everybody is welcome – Buddhist and nonBuddhist. The more advanced courses of instruction require a greater commitment of personal time from participants. The charity also maintains a year-round programme of prayers and meditation, again open to the public.

ACHIEVEMENTS AND PERFORMANCE

Samudra Buddhist Centre continued to provide Kadam Dharma to the people of the Peak District through the two study programmes: General Programme and Foundation Programme. Also, during the year various day and half day courses were provided at the centre as well as a weekend retreat at one of the residential Kadampa Centres in the UK. We continued to provide classes in person where possible and access to some classes online via Zoom.

FINANCIAL REVIEW

Samudra Buddhist Centre received £29,389 for gifts, donations and tax reclaimed and the remaining balance of income from courses and classes totalled £19,959. The centre also received council grants totalling £18,770.

Therefore, the total income for the year was £68,119. In addition to a number of volunteers in both teaching and supporting roles, the charity supports one person directly in a principal teaching role.

RESERVES POLICY

The Trustees consider that the level of free reserves should be retained in liquid funds equivalent to cover up to six months overhead expenditure. These reserves are to be held in order to maintain the basic operations of the charity and to provide some surety against adverse financial events, such as income targets not being achieved or unexpected expenditure.

Signed on behalf of the Trustees:

Director: J D Holmgren Date: 10 December 2022

SAMUDRA BUDDHIST CENTRE TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 28 FEBRUARY 2022

RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also the directors of KMC London 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.

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 the 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:

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. 

Report of the Directors and

Unaudited Financial Statements
for the Year Ended 28th February 2022

for

Samudra Buddhist Centre

Samudra Buddhist Centre

Contents of the Financial Statements for the Year Ended 28th February 2022

Page
Company Information 1
Report of the Directors 2
Income Statement 3
Balance Sheet 4
Notes to the Financial Statements 5
Chartered Accountants' Report 7
Detailed Profit and Loss Account 8

Samudra Buddhist Centre

Company Information for the Year Ended 28th February 2022

DIRECTORS: T Trueman
J J Andrews
J D Holmgren
SECRETARY: D Matthews
REGISTERED OFFICE: 47 High Street
Buxton
Derbyshire
SK17 6HB
REGISTERED NUMBER: 03928968 (England and Wales)
ACCOUNTANTS: Laytons
Chartered Accountants
6 Manchester Road
Buxton
Derbyshire
SK17 6SB

Page 1

Samudra Buddhist Centre

Report of the Directors

for the Year Ended 28th February 2022

The directors present their report with the financial statements of the company for the year ended 28th February 2022.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st March 2021 to the date of this report.

T Trueman
J J Andrews
Other changes in directors holding office are as follows:

S Harvey - resigned 27th January 2022
J D Holmgren - appointed 27th January 2022

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

.....................................................................................
Director
Date:   .............................................

Page 2

Samudra Buddhist Centre

Income Statement

for the Year Ended 28th February 2022

28.2.22 28.2.21
Notes £ £
TURNOVER 49,249 26,375
Administrative expenses 29,560 19,979
19,689 6,396
Other operating income 18,870 10,000
OPERATING PROFIT 4 38,559 16,396
Interest payable and similar expenses 4,687 4,780
PROFIT BEFORE TAXATION 33,872 11,616
Tax on profit - -
PROFIT FOR THE FINANCIAL YEAR 33,872 11,616

The notes form part of these financial statements

Page 3

Samudra Buddhist Centre (Registered number: 03928968)

Balance Sheet

28th February 2022

Notes
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
8
NET ASSETS
RESERVES
Retained earnings
10
MEMBERS' FUNDS		 28.2.22
£
162
50,369
50,531
820		 £
225,470
49,711
275,181
123,867
151,314
151,314
151,314		 28.2.21
£
554
24,694
25,248
1,548		 £
225,136
23,700
248,836
131,394
117,442
117,442
117,442 
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyearended28thFebruary2022 in
accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financialstatementswere approvedby the Board of Directorsand authorisedfor issue on.............................................and were signed on
its behalf by:
..................................................................................... .....................................................................................
J J Andrews - Director S Harvey - Director
..................................................................................... 
T Trueman - Director

The notes form part of these financial statements

Page 4

Samudra Buddhist Centre

Notes to the Financial Statements

for the Year Ended 28th February 2022

1. STATUTORY INFORMATION

SamudraBuddhistCentreisaprivatecompany,limitedbyguarantee,registeredinEnglandandWales.Thecompany's registered
number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

These financialstatementshave been prepared in accordancewith FinancialReportingStandard 102 "The FinancialReporting Standard
applicablein theUK andRepublicofIreland"includingtheprovisionsofSection1A "SmallEntities"andtheCompaniesAct2006. The
financial statements have been prepared under the historical cost convention.

Income

Income represents donations received, fees for courses of instruction, fund raising and other sundry income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings- 25% on reducing balance

3.

EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

OPERATING PROFIT

The operating profit is stated after charging:

5.

28.2.22
£
Depreciation - owned assets
683
TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
property
fittings
£
£
COST
At 1st March 2021
and 28th February 2022
229,506
6,646
DEPRECIATION
At 1st March 2021
5,593
4,406
Charge for year
256
427
At 28th February 2022
5,849
4,833
NET BOOK VALUE
At 28th February 2022
223,657
1,813
At 28th February 2021
223,913
2,240		 28.2.21
£
551
Totals
£
236,152
9,999
683
10,682
225,470
226,153

Page 5

continued...

Samudra Buddhist Centre

Notes to the Financial Statements - continued for the Year Ended 28th February 2022

6.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Credit card
Other Loans
Accrued expenses
8.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Mortgage
Bank loan
Other loans
9.
SECURED DEBTS
The following secured debts are included within creditors:
Mortgage - Tridos Bank
Legal mortgage dated 18th December 2009 held by Tridos Bank.
10.
RESERVES
At 1st March 2021
Profit for the year
At 28th February 2022		 28.2.22
28.2.21
£
£
-
494
162
60
162
554
28.2.22
28.2.21
£
£
-
22
14
53
-
600
806
873
820
1,548
28.2.22
28.2.21
£
£
103,980
108,782
19,887
20,712
-
1,900
123,867
131,394
28.2.22
28.2.21
£
£
103,981
108,782
Retained
earnings
£
117,442
33,872
151,314

Page 6

Chartered Accountants' Report to the Board of Directors on the Unaudited Financial Statements of Samudra Buddhist Centre

InordertoassistyoutofulfilyourdutiesundertheCompaniesAct2006,wehavepreparedforyourapprovalthefinancialstatements of
SamudraBuddhistCentrefortheyearended28thFebruary2022whichcomprisetheIncomeStatement,BalanceSheetandtherelated notes
from the company's accounting records and from information and explanations you have given us.

AsapractisingmemberfirmoftheInstituteofCharteredAccountantsinEnglandandWales(ICAEW),wearesubjecttoitsethicaland other
professionalrequirementswhicharedetailedwithintheICAEW'sregulationsandguidance at
http://www.icaew.com/en/membership/regulations-standards-and-guidance.

Thisreportis madesolelytotheBoardofDirectorsofSamudraBuddhistCentre,as a body,in accordancewithourtermsofengagement. Our
workhasbeenundertakensolelytoprepareforyourapprovalthefinancialstatementsofSamudraBuddhistCentreandstatethose matters
thatwehaveagreedtostatetotheBoardofDirectorsofSamudraBuddhistCentre,asabody,inthisreportinaccordancewith ICAEW
TechnicalRelease07/16AAF.Tothefullestextentpermittedby law,wedonotacceptorassumeresponsibilitytoanyoneotherthan Samudra
Buddhist Centre and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Samudra Buddhist Centre has kept adequate accountingrecordsand to prepare statutoryfinancialstatements that
givea true and fairviewof the assets,liabilities,financialpositionand profitof SamudraBuddhistCentre.YouconsiderthatSamudra Buddhist
Centre is exempt from the statutory audit requirement for the year.

We have not been instructedto carry out an audit or a reviewof the financialstatementsof Samudra BuddhistCentre.For this reason,we have
notverifiedtheaccuracyorcompletenessoftheaccountingrecordsorinformationandexplanationsyouhavegiventousandwedo not,
therefore, express any opinion on the statutory financial statements.

Laytons
Chartered Accountants
6 Manchester Road
Buxton
Derbyshire
SK17 6SB

Date: .............................................

This page does not form part of the statutory financial statements

Page 7

Samudra Buddhist Centre

Detailed Profit and Loss Account

for the Year Ended 28th February 2022

Donations, courses & fund raising
Other income
Sundry receipts
Expenditure
Room/ facility hire
Premises expenses
Utilities
Rates & property insurance
Resident teacher stipend
Teacher expenses
Post and stationery
Publicity
Travelling
Repairs and renewals
Donations
Computer & phone costs
Sundry expenses
Training costs
Bookshop supplies
Offerings
Accountancy
Professional fees
Finance costs
Bank charges
Bank loan interest
Mortgage
Depreciation
Improvements to property
Fixtures and fittings
NET PROFIT		 28.2.22
£
2,410
2,022
3,898
1,258
3,480
-
98
821
445
3,701
3,090
1,752
161
1,341
1,115
2,701
300
48
236
942
3,745
256
427		 £
49,249
18,870
68,119
28,641
39,478
4,923
34,555
683
33,872		 28.2.21
£
549
462
3,504
1,992
2,400
1,080
156
516
15
1,157
1,500
893
159
424
188
2,200
300
1,719
214
969
3,811
284
267		 £
26,375
10,000
36,375
19,214
17,161
4,994
12,167
551
11,616

This page does not form part of the statutory financial statements

Page 8

Chartered Accountants' Report to the Board of Directors on the Unaudited Financial Statements of Samudra Buddhist Centre

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Samudra Buddhist Centre for the year ended 28th February 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Samudra Buddhist Centre, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Samudra Buddhist Centre and state those matters that we have agreed to state to the Board of Directors of Samudra Buddhist Centre, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Samudra Buddhist Centre and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Samudra Buddhist Centre has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Samudra Buddhist Centre. You consider that Samudra Buddhist Centre is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Samudra Buddhist Centre. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Laytons Chartered Accountants 6 Manchester Road Buxton Derbyshire SK17 6SB

Date: .............................................

This page does not form part of the statutory financial statements

Page 7