Medicine Buddha Foundation
St. Alban’s Hall, St. Alban’s Road, Dartford, KENT DA1 1TY
UK Registered Charity Number 1092564
Trustees Annual Report 2021
1 Activities Report
1.1 Major Activities in 2021
-
We continue to create strong link with local community through work with local schools and St Alban’s Church. Our services and festivals have been well attended by people living in local area.
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Ven Thich Quang That, has continued to make significant contribution to our activities and to the running of our temple in the absence of Master Thich Tinh Thong. He continued to develop strong relationship with our community and carrying out his duties with the dedication and care.
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The Foundation has continued to serve the community well with frequent visits to elderly homes in the area and providing much appreciated services when there are serious family grievances.
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We continued to organised major events in Buddhist calendar and for children, the Moon Festival in September and weekly talks on Buddhism and Kung Fu classes.
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Our Traditional Chinese Medicine’s clinic manned by volunteer are very popular providing access to medical treatments at a very low cost for the elderly and those on low income.
1.2 Future and Planned Activities
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We will continue to work with St Alban’s church and the local school to advance charitable causes in Dartford and surrounding areas.
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We continue to receive and welcome visiting monks from Vietnam and other countries.
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We also continue to sponsor able monks and nuns to come to help in our centre or to study English or other vocational skills in the U.K. The returnees would then bring much needed skills to help with the activities at their own temples in Viet Nam.
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Our aim for 2022 is to continue with our activities and paying special attention to developing young generation both spiritually through meditation and physical wellbeing and self-disciplined through our Kung Fu classes.
St. Alban’s Hall, St. Alban’s Road, Dartford, KENT DA1 1TY
Medicine Buddha Foundation
UK Registered Charity Number 1092564
2 Financial Report
2.1 Income
- The Foundation continues to receive income mainly from donations. Our income from donations in 2021 was £70,535 compared to £38,159 in 2020. An increase to prepandemic level due the ending of COVID restrictions.
2.2 Expenses
- Last year our expenses to cover the running and maintenance of St. Alban’s Hall, servicing bank loan and interests and professional fees. Our total expenditure for 2021 was £32,865 compared to £30,900 in 2020. We used the additional income to pay off our business loan.
2.3 Auditors
- Dua & Co have been approved to continue to be our accountant.
3 Trustees and Committee members
During the annual AGM, two Trustees tendered their resignations due to family commitments. We have appointed two new Trustees one of whom is also appointed to the post of secretary. The new Trustees have been involved with the foundation activities for a number of years in nonofficial capacity and we are pleased that they have accepted our invitation.
The following members have either been appointed or re-appointed to serve as Trustees and Committee members of the Foundation for another year from the date of the AGM.
Trustees
-
Mr That Ngo Quang, Chairman (new)
-
Mr Quoc Hung Nguyen, Secretary
-
Mr Hong Van Trinh
-
Mr Tri Ba Nguyen, Treasurer
-
Mr Thanh Binh Kieu (new)
Other Committee members
- Ven Thich Tinh Thong, Spiritual Adviser and Consultant
Prepared by
Tri Nguyen
Mr Tri Ba Nguyen
REGISTERED CHARITY NUMBER: 1092564
Report of the Trustees and Unaudited Financial Statements For The Year Ended 31st December 2021 for Medicine Buddha Foundation
Dua & Co. Limited 1st Floor 5 Century Court Tolpits Lane Watford Hertfordshire WD18 9PX
Medicine Buddha Foundation
Contents of the Financial Statements For The Year Ended 31st December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 to 6 |
| Detailed Statement of Financial Activities | 7 |
Medicine Buddha Foundation
Report of the Trustees For The Year Ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1092564
Principal address St Alban's Hall St Alban's Road Dartford Kent DA1 17Y Trustees T B Nguyen Mrs H T Huynh Mrs L C Gruber H Nguyen H Trinh
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 23 December 2022 14: 43 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................Tri Ba Nguyen T B Nguyen - Trustee
Page 1
Medicine Buddha Foundation
Statement of Financial Activities For The Year Ended 31st December 2021
| 2021 Unrestricted fund Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income 70,535 Investment income 2 - Total incoming resources 70,535 RESOURCES EXPENDED Charitable activities Printing - Telephone 606 Insurance 2,096 Sundry 159 Donations 4,160 Rent & Rates 650 Light & Heat 3,869 Bank loan Interest 5,700 Repairs & maintainence 881 Bank Charges 454 Accountancy 1,200 Legal fees 10,062 training exp 3,028 Total resources expended 32,865 NET INCOMING RESOURCES 37,670 RECONCILIATION OF FUNDS Total funds brought forward 632,234 TOTAL FUNDS CARRIED FORWARD 669,904 |
2020 Total funds £ 38,099 60 38,159 244 523 2,142 157 7,895 1,161 3,732 6,302 4,539 269 1,200 - 2,736 30,900 7,259 624,975 632,234 |
|---|---|
The notes form part of these financial statements
Page 2
Medicine Buddha Foundation
Balance Sheet At 31st December 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Intangible assets 4 3,876 Tangible assets 5 603,024 606,900 CURRENT ASSETS Debtors 6 145,824 Cash at bank and in hand 5,581 151,405 CREDITORS Amounts falling due within one year 7 (72,401) NET CURRENT ASSETS 79,004 TOTAL ASSETS LESS CURRENT LIABILITIES 685,904 CREDITORS Amounts falling due after more than one year 8 (16,000) NET ASSETS 669,904 FUNDS 9 Unrestricted funds 669,904 TOTAL FUNDS 669,904 The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by: 23 December 2022 14: 43 |
2020 Total funds £ 3,876 603,024 606,900 145,728 5,013 150,741 (2,400) 148,341 755,241 (123,007) 632,234 632,234 632,234 |
|---|---|
.............................................Tri Ba Nguyen Trustee
The notes form part of these financial statements
Page 3
Medicine Buddha Foundation
Notes to the Financial Statements For The Year Ended 31st December 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
Taxation
The charity is exempt from 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
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | - | 60 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
4. INTANGIBLE FIXED ASSETS
| COST | Computer software £ |
|---|---|
| At 1st January 2021 and 31st December 2021 | 3,876 |
| NET BOOK VALUE | |
| At 31st December 2021 | 3,876 |
| At 31st December 2020 | 3,876 |
Page 4
Medicine Buddha Foundation
Notes to the Financial Statements - continued For The Year Ended 31st December 2021
5. TANGIBLE FIXED ASSETS
| Plant and Fixtures and Freehold property machinery fittings £ £ £ COST At 1st January 2021 and 31st December 2021 586,473 12,548 4,003 NET BOOK VALUE At 31st December 2021 586,473 12,548 4,003 At 31st December 2020 586,473 12,548 4,003 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Trade debtors 144,180 Other debtors 1,644 145,824 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Trade creditors 1 Other creditors 72,400 72,401 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans - Other creditors 16,000 16,000 9. MOVEMENT IN FUNDS Net movement in At 1.1.21 funds At £ £ Unrestricted funds General fund 632,234 37,670 TOTAL FUNDS 632,234 37,670 |
Totals £ 603,024 603,024 603,024 2020 £ 144,180 1,548 145,728 2020 £ - 2,400 2,400 2020 £ 107,007 16,000 123,007 31.12.21 £ 669,904 669,904 |
|---|---|
Page 5
Medicine Buddha Foundation
Notes to the Financial Statements - continued For The Year Ended 31st December 2021
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| r Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted Funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: r Unrestricted funds General fund TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows: Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
|---|---|---|---|
| 7,259 | |||
| 7,259 | |||
| 31.12.21 £ 669,904 669,904 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| r Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement in esources expended funds £ £ £ 108,694 (63,765) 44,929 108,694 (63,765) 44,929 |
|---|---|
Page 6
Medicine Buddha Foundation
Detailed Statement of Financial Activities For The Year Ended 31st December 2021
| INCOMING RESOURCES Voluntary income Gifts Donations Admissions Investment income Deposit account interest Total incoming resources RESOURCES EXPENDED Charitable activities Rent & Rates Insurance Light and heat Telephone Postage and stationery Sundries Donations Repairs and Maintenance Accountancy Legal fees Training exp Bank interest Bank loan interest Total resources expended Net income |
2021 £ - 70,535 - 70,535 - 70,535 650 2,096 3,869 606 - 159 4,160 881 1,200 10,062 3,028 454 5,700 32,865 32,865 37,670 |
2020 £ 1 36,443 1,655 38,099 60 38,159 1,161 2,142 3,732 523 244 157 7,895 4,539 1,200 - 2,736 269 6,302 30,900 30,900 7,259 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 7
REGISTERED CHARITY NUMBER: 1092564
Report of the Trustees and Unaudited Financial Statements For The Year Ended 31st December 2021 for Medicine Buddha Foundation
Dua & Co. Limited 1st Floor 5 Century Court Tolpits Lane Watford Hertfordshire WD18 9PX
Medicine Buddha Foundation
Contents of the Financial Statements For The Year Ended 31st December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 to 6 |
| Detailed Statement of Financial Activities | 7 |
Medicine Buddha Foundation
Report of the Trustees For The Year Ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1092564
Principal address St Alban's Hall St Alban's Road Dartford Kent DA1 17Y Trustees T B Nguyen Mrs H T Huynh Mrs L C Gruber H Nguyen H Trinh
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 23 December 2022 14: 43 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................Tri Ba Nguyen T B Nguyen - Trustee
Page 1
Medicine Buddha Foundation
Statement of Financial Activities For The Year Ended 31st December 2021
| 2021 Unrestricted fund Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income 70,535 Investment income 2 - Total incoming resources 70,535 RESOURCES EXPENDED Charitable activities Printing - Telephone 606 Insurance 2,096 Sundry 159 Donations 4,160 Rent & Rates 650 Light & Heat 3,869 Bank loan Interest 5,700 Repairs & maintainence 881 Bank Charges 454 Accountancy 1,200 Legal fees 10,062 training exp 3,028 Total resources expended 32,865 NET INCOMING RESOURCES 37,670 RECONCILIATION OF FUNDS Total funds brought forward 632,234 TOTAL FUNDS CARRIED FORWARD 669,904 |
2020 Total funds £ 38,099 60 38,159 244 523 2,142 157 7,895 1,161 3,732 6,302 4,539 269 1,200 - 2,736 30,900 7,259 624,975 632,234 |
|---|---|
The notes form part of these financial statements
Page 2
Medicine Buddha Foundation
Balance Sheet At 31st December 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Intangible assets 4 3,876 Tangible assets 5 603,024 606,900 CURRENT ASSETS Debtors 6 145,824 Cash at bank and in hand 5,581 151,405 CREDITORS Amounts falling due within one year 7 (72,401) NET CURRENT ASSETS 79,004 TOTAL ASSETS LESS CURRENT LIABILITIES 685,904 CREDITORS Amounts falling due after more than one year 8 (16,000) NET ASSETS 669,904 FUNDS 9 Unrestricted funds 669,904 TOTAL FUNDS 669,904 The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by: 23 December 2022 14: 43 |
2020 Total funds £ 3,876 603,024 606,900 145,728 5,013 150,741 (2,400) 148,341 755,241 (123,007) 632,234 632,234 632,234 |
|---|---|
.............................................Tri Ba Nguyen Trustee
The notes form part of these financial statements
Page 3
Medicine Buddha Foundation
Notes to the Financial Statements For The Year Ended 31st December 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
Taxation
The charity is exempt from 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
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | - | 60 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
4. INTANGIBLE FIXED ASSETS
| COST | Computer software £ |
|---|---|
| At 1st January 2021 and 31st December 2021 | 3,876 |
| NET BOOK VALUE | |
| At 31st December 2021 | 3,876 |
| At 31st December 2020 | 3,876 |
Page 4
Medicine Buddha Foundation
Notes to the Financial Statements - continued For The Year Ended 31st December 2021
5. TANGIBLE FIXED ASSETS
| Plant and Fixtures and Freehold property machinery fittings £ £ £ COST At 1st January 2021 and 31st December 2021 586,473 12,548 4,003 NET BOOK VALUE At 31st December 2021 586,473 12,548 4,003 At 31st December 2020 586,473 12,548 4,003 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Trade debtors 144,180 Other debtors 1,644 145,824 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Trade creditors 1 Other creditors 72,400 72,401 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans - Other creditors 16,000 16,000 9. MOVEMENT IN FUNDS Net movement in At 1.1.21 funds At £ £ Unrestricted funds General fund 632,234 37,670 TOTAL FUNDS 632,234 37,670 |
Totals £ 603,024 603,024 603,024 2020 £ 144,180 1,548 145,728 2020 £ - 2,400 2,400 2020 £ 107,007 16,000 123,007 31.12.21 £ 669,904 669,904 |
|---|---|
Page 5
Medicine Buddha Foundation
Notes to the Financial Statements - continued For The Year Ended 31st December 2021
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| r Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted Funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: r Unrestricted funds General fund TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows: Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
Incoming Resources Movement in esources expended funds £ £ £ 70,535 (32,865) 37,670 70,535 (32,865) 37,670 Net movement in At 1.1.20 funds At 31.12.20 £ £ £ 624,975 7,259 632,234 624,975 7,259 632,234 Incoming Resources Movement in esources expended funds £ £ £ 38,159 (30,900) 7,259 38,159 (30,900) 7,259 Net movement in At 1.1.20 funds At 31.12.21 £ £ £ 624,975 44,929 669,904 624,975 44,929 669,904 |
|---|---|---|---|
| 7,259 | |||
| 7,259 | |||
| 31.12.21 £ 669,904 669,904 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| r Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement in esources expended funds £ £ £ 108,694 (63,765) 44,929 108,694 (63,765) 44,929 |
|---|---|
Page 6
Medicine Buddha Foundation
Detailed Statement of Financial Activities For The Year Ended 31st December 2021
| INCOMING RESOURCES Voluntary income Gifts Donations Admissions Investment income Deposit account interest Total incoming resources RESOURCES EXPENDED Charitable activities Rent & Rates Insurance Light and heat Telephone Postage and stationery Sundries Donations Repairs and Maintenance Accountancy Legal fees Training exp Bank interest Bank loan interest Total resources expended Net income |
2021 £ - 70,535 - 70,535 - 70,535 650 2,096 3,869 606 - 159 4,160 881 1,200 10,062 3,028 454 5,700 32,865 32,865 37,670 |
2020 £ 1 36,443 1,655 38,099 60 38,159 1,161 2,142 3,732 523 244 157 7,895 4,539 1,200 - 2,736 269 6,302 30,900 30,900 7,259 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 7