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|CONTENTS||Page|
|---|---|---|
|Trustees'
Annual
Report|||
|Independent
Auditor's|Report to the Members|21|
|Statement ofFinancial|Activities|24|
|Comparative
Statement|ofFinancial Activities|25|
|Balance Sheet||26|
|Cash Flow Statement||27|
|Notes to the Financial|Statements|28|
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|||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|2020|2019|
||||Notes|||||
|INCOME AND ENDOWMENTS||FROM:||||||
|Donations,
legacies and grants|||3|1,985,468||1,985,468|1,853,369|
|Char/tab/e
activi ties:||||||||
|~Advancement
ofreligion|||4|384,274||384,274|825,430|
|Investments|||5|22,248|78,231|100,479|128,339|
|Total income||||2,391,990|78,231|2,470,221|2,807,138|
|EXPENDITURE ON:||||||||
|Costs ofraising funds|||||||(7,844)|
|Charitable
activities||||||||
|~ Advancement
ofreligion|||7|(3,260,465)|(141)|(3,260,606)|(3,846,235)|
|Total expenditure||||(3,260,465)|(141)|(3,260,606)|(3,854,079)|
|NET (EXPENDITURE)/INCOMF.||||||||
|BEFOREGAINS/(LOSSES)|ON|||||||
|INVESTMENTS||||(868,475)|78,090|(790,385)|(1,046,941)|
|Net gains/(losses)
on investments|||12||3,356,929|3,356,929|3,286,969|
|NET (EXPENDITURE)/INCOME||||(868,475)|3,435,019|2,566,544|2,240,028|
|Transfers between
funds||||520,000|(520,000)|||
|||||(348,475)|2,915,019|2,566,544|2,240,028|
|Other Recognised Gains and Losses||||||||
|Gains/(losses)
on revaluation|ofheritage|||||||
|assets||||7,490||7,490|30,800|
|NET MOVEMENT
IN FUNDS||||(340,985)|2,915,019|2,574,034|2,270,828|
|RECONCILIATION
OF FUNDS||||||||
|Fund balances brought
forward||||||||
|At
1 January 2020||||19,468,972|29,143,798|48,612,770|46,341,942|
|Fund balance carried forward||||||||
|At 31 December 2020|||19|19,127,987|32,058,817|51,186,804|48,612,770|
##
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||||Unrestricted|Endowment|Total|
|---|---|---|---|---|---|
||||Funds|Funds|2019|
||||8||8|
|INCOME AND ENDOWMENTS FROM:||||||
|Donations
and legacies|||1,853,369||1,853,369|
|Charitable
activities:||||||
|~Advancement
ofreligion|||825,430||825,430|
|Investments|||20,044|108,295|128,339|
|Tote I income|||2,698,843|108,295|2,807,138|
|EXPENDITURE ON:||||||
|Costs ofraising funds||||(7,844)|(7,844)|
|Charitable
activities||||||
|~ Advancement
ofreligion|||(3,846, 176)|(59)|(3,846,235)|
|Total expenditure|||(3,846,176)|(7,903)|(3,854,079)|
|NET (EXPENDITURE)/INCOME|||(1,147,333)|100,392|(1,046,941)|
|Net (losses)/gains
on investments||||3,286,969|3,286,969|
|NET (EXPENDITURE)/INCOME|||(1,147,333)|3,387,361|2,240,028|
|Transfers between
funds|||520,000|(520,000)||
||||(627,333)|2,867,361|2,240,028|
|Gains/(Losses)
on revaluation||ofheritage||||
|assets|||30,800||30,800|
|NET MOVEMENT
IN FUNDS|||(596,533)|2,867,361|2,270,828|
|RECONCILIATION|OF FUNDS|||||
|Fund balances brought|forward|||||
|At I January 2019|||20,065,505|26,276,437|46,341,942|
|Fund balance carried|forward|||||
|At 31 December 2019|||19,468,972|29,143,798|48,612,770|
##
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|T31DECEMBE|R|2020||||||
|---|---|---|---|---|---|---|---|
|||||||Company|Number: 05114516|
|||||||2020|2019|
||||||Note||f|
|FIXEDASSETS||||||||
|Tangible assets|||||10|16,293,583|16,802,596|
|Heritage assets|||||11|1,257,140|1,249,650|
|Investments|||||12|31,145,133|29,726,371|
|||||||48,695,856|47,778,617|
|CURRENT ASSETS||||||||
|Stocks|||||13|222,568|271,057|
|Debtors|||||14|242,230|237,927|
|Cash at bank and|in|hand||||2,169,641|507,041|
|||||||2,634,439|1,016,025|
|LIABILITIES||||||||
|Creditors: Amounts||falling due within||one year|15|(143,491)|(181,872)|
|NET CURRENT|ASSETS|||||2,490,948|834,153|
|NFT ASSETS||||||51,186,804|48,612,770|
|THE FUNDS OF THE CHARITY||||||||
|Fndowment
funds||||||||
|Commemorative|Expendable||Endowment|||||
|Fund|||||19|32,058,817|29,143,798|
|Unrestricted
income funds||||||||
|General
Fund|||||19|877,264|716,726|
|Designated
Taplow||Court Fund|||19|200,000|200,000|
|Designated
Local|Centres Fund||||19|500,000|500,000|
|Designated
Fixed|Assets Fund||||19|17,550,723|18,052,246|
|TOTAL CHARITY FUNDS||||||51,186,804|48,612,770|
##
##
|||2020|2019|
|---|---|---|---|
||Note|||
|CASH FLOWS FROM OPERATING||||
|ACTIVITIES||||
|Net cash used in operating
activities||(314,870)|(467,153)|
|CASH FLOWS FROM INVESTING||||
|ACTIVITIES||||
|Dividends,
interest and rents from investments||100,479|128,339|
|Purchase oftangible
assets||(61,717)|(70,170)|
|Purchase oflisted investments||(5,500,000)|(10,226,849)|
|Proceeds from sale oflisted investments||4,000,000|9,814,083|
|Decreasel(increase)
in fixed term deposits||3,438,168|310,951|
|Movement
in investment
cash|||415,387|
|Net cash (used in)/provided
by investing||1,977,470|371,741|
|activities||||
|CHANGE IN CASH AND CASH||||
|EQUIVALENTS IN THE REPORTING||||
|PERIOD||1,662,600|(95,412)|
|Cash and cash equivalents
at the beginning of||||
|the reporting
period||507,041|602,453|
|Cash and cash equivalents
at the end of||||
|the reporting
period||2,169,641|507,041|
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||||||Total|Total|
|---|---|---|---|---|---|---|
||||||2020|2019|
||General donations||and other similar||||
||types ofvoluntary||income||1,934,131|1,853,369|
||Amounts
claimed||under the Coronavirus||||
||Job Retention|Scheme|||51,337||
||||||1,985,468|1,853,369|
|4.|ADVANCEMENT|||OF RELIGION|||
||||||Total|Total|
||||||2020|2019|
||Income from|events||and courses|19,111|277,473|
||Publications
income||||176,241|170,667|
||Shops income||||146,633|342,824|
||Other income||||42,289|34,466|
||||||384,274|825,430|
##
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||||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||Funds|Fundsf|2020|2019|
||Bank interest|receivable|on short term||||||
||cash deposits||||7,848|78,231|86,079|97,659|
||Incoine from|investments|listed|on a|||||
||recognised stock exchange|||||||16,280|
||Rent receivable
under operating|||leases|14,400||14,400|14,400|
||||||22,248|78,231|100,479|128,339|
||Comparative|figures:|||||||
||||||Unrestricted|Endowment|Total||
||||||Funds|Funds|2019||
||||||E||||
||Bank interest|receivable|on short term||||||
||cash deposits||||5,644|92,015|97,659||
||income from|investments|listed|on a|||||
||recognised
stock exchange|||||16,280|16,280||
||Rent receivable
under operating|||leases|14,400||14,400||
||||||20,044|108,295|128,339||
|6.|RAISING|FUNDS|||||||
||||||||Total|Total|
||||||||2020|2019|
||Investment
m|anagement|costs|||||7,844|
##
##
|COSTSOF THE ADVANCEMENT|Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|
|OFRELIGION|Funds|Funds|2020|2019|
||||8||
|Costs ofevents &courses, regional,|||||
|divisional,
national
and group costs:|||||
|Direct costs|65,453||65,453|455,084|
|Staffcosts|1,402,323||1,402,323|1,327,204|
|Provision offacilities|1,360,391||1,360,391|1,430,730|
|Publications
costs|86,424||86,424|80,064|
|Shop costs|95,458||95,458|182,489|
|Other direct costs|27,573||27,573|91,487|
|Donations to SGI Europe
Costs ofthe Centre for Applied||||27,054|
|Buddhism
(CfAB)|8,170||8,170|12,153|
||3,045,792||3,045,792|3,606,265|
|Support costs (see note 8)|214,673|141|214,814|239,970|
||3,260,465|141|3,260,606|3,846,235|
|Comparative
figures:|||||
|COSTSOFTHE ADVANCEMENT|Unrestricted|Endowment|Total||
|OF RELIGION|Funds|Funds|2019||
|Costs ofevents 4 courses, regional,||8|||
|divisional,
national
and group costs:|||||
|Direct costs|455,084||455,084||
|Staffcosts|1,327,204||1,327,204||
|Provision offacilities|1,430,730||1,430,730||
|Publications
costs|80,064||80,064||
|Shop costs|182,489||182,489||
|Other direct costs|91,487||91,487||
|Donations to SGI Europe|27,054||27,054||
|Costs ofthe Centre for Applied|||||
|Buddhism
(CfAB)|12,153||12,153||
||3,606,265||3,606,265||
|Support costs (see note 8)|239,911|59|239,970||
||3,846,176|59|3,846,235||
##
##
|8.|SUPPORT &GOVERNANCE|SUPPORT &GOVERNANCE|Support|Governance|Total|Total|
|---|---|---|---|---|---|---|
||COSTS||Costs|Costs|2020|2019|
||||8||8|8|
||Staff costs||167,132||167,132|192,079|
||Auditor's
remuneration:||||||
||Audit fees|||15,665|15,665|15,014|
||Other fees|||1,718|1,718|4,416|
||Legal and professional|fees|20,319||20,319|17,086|
||Bank interest, bank charges and other||||||
||finance costs||4,285||4,285|5,281|
||Other indirect costs||5,695||5,695|6,094|
||||197,431|17,383|214,814|239,970|
|off.14,100(2019:613,|600).||||
|---|---|---|---|---|
|Comparative
figures;|||||
|SUPPORT &GOVERNANCE||Support|Governance|Total|
|COSTS||Costs|Costs|2019|
|Staffcosts||192,079||192,079|
|Auditor's
remuneration:|||||
|Audit fees|||15,014|15,014|
|Other fees|||4,416|4,416|
|Legal and professional|fees|17,086||17,086|
|Bank interest, bank charges and other|||||
|finance costs||5,281||5,281|
|Other indirect costs||6,094||6,094|
|||220,540|19,430|239,970|
##
##
|STAFF COSTS||||||
|---|---|---|---|---|---|
|||||2020|2019|
|||||No.|No.|
|The average monthly
number ofpersons employed|||by|||
|the charitable
company|(excluding|non-executive||||
|trustees) during
the year|was as follows:|||||
|Advancement
ofreligion||||43|41|
|Staffcosts for the above|persons:|||||
|Wages and salaries||||1,246,917|1,243,029|
|Social security costs||||123,581|123,581|
|Other pension costs||||118,130|111,914|
|Stafftraining
and health|insurance|||36,523|40,759|
|||||1,525,151|1,519,283|
##
|2020|||||
|---|---|---|---|---|
|||Pension|Other||
||Remuneration|Contributions|Benefits|Total|
|||f|8||
|R P Harrap —General Director|64,800|4,768||69,568|
|RA Samuels —Vice General Director|17,850|1,600|1,767|21,217|
|KFujii —Vice General Director|38,880|2,861|2,946|44,687|
||121,530|9,229|4,713|135,472|
|2019|||||
|||Pension|Other||
||Remuneration|Contributions|Benefits|Total|
||8|8|g|8|
|RP Harrap —General Director|64,488|4,745||69,233|
|RA Samuels —Vice General Director|31,038|3,200|2,242|36,480|
|K Fujii —Vice General Director|38,693|2,847|2,731|44,271|
||134,219|10,792|4,973|149,984|
##
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|Ornaments|and art collection|2020|2019|
|---|---|---|---|
||||f.|
|I January||1,249,650|1,218,850|
|Revaluation||7,490|30,800|
|Fair value at 31 December 2020||1,257,140|1,249,650|
##
##
|INVESTMENTS|||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|Listed investment
portfolio|||||23,524,428|18,667,499|
|Fixed tenn deposits|||||7,620,705|11,058,872|
|Total investments|||||31,145,133|29,726,371|
|Investment
listed on arecognised|||stock exchange,|held|||
|primarily
to provide an investment|||return, at market||||
|value:|||||||
|1 January 2020|||||18,667,499|14,967,764|
|Additions
at cost|||||5,500,000|10,226,849|
|Disposal proceeds|||||(4,000,000)|(9,814,083)|
|Realised (losses)/gains|||||(331,216)|591,248|
|Unrealised
(losses)/gains|||||3,688,145|2,695,721|
||||||23,524,428|18,667,499|
|Cash held by investment|managers||||||
|Fair value at the end ofthe||year|||23,524,428|18,667,499|
|Historical cost at the end|ofthe year||||17,818,043|15,989,700|
|At the balance sheet date,|the market value ofthe||||||
|charity's
listed investment||portfolio comprised:|||||
|UK Investments|||||23,524,428|18,667,499|
|Overseas
investments|||||||
||||||23,524,428|18,667,499|
##
##
|13.|STOCKS|||||||
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
||Finished goods||and goods for resale|||222,568|271,057|
|14.|DEBTORS|||||||
|||||||2020|2019|
|||||||8||
||Amounts
falling|||due within|one year:|||
||Trade debtors|||||690|12,385|
||Other debtors|||||19,401|9,877|
||Prepayments|and accrued income||||222,139|215,665|
|||||||242,230|237,927|
|I'5.|CREDITORS:|||AMOUNTS
FALLING DUE||||
||WITHIN ONE|||YEAR||2020|2019|
||Trade creditors|||||57,143|115,153|
||Other taxation||and social security costs|||43,490|41,919|
||Accruals|||||42,858|24,800|
|||||||143,491|181,872|
##
##
|FINANCIAL COMMITMEN|T|S|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019
f|
|At 31December 2020, the charitable|||company|was committed to make the following|||total future minimum|payments|
|under non-cancellable
operating||leases:|||||||
|In respect ofland and building|leases:||||||||
|Within one year|||||||85,000|85,000|
|Between one and five years|||||||340,000|340,000|
|After five years|||||||580,833|665,833|
||||||||1,005,833|1,090,833|
|The current land and buildings|lease||was renegotiated||and finalised|in 2019.|||
|In respect ofplant and machinery||leases:|||||||
|Within one year|||||||11,006|11,006|
|Between one and five years|||||||19,665|30,671|
||||||||30,671|41,677|
##
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|19.|THE FUNDS OFTHK CHARITY —comparative|THE FUNDS OFTHK CHARITY —comparative|THE FUNDS OFTHK CHARITY —comparative|THE FUNDS OFTHK CHARITY —comparative|THE FUNDS OFTHK CHARITY —comparative|figures|figures|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Gains/losses|Transfers|||
|||||I January||||fixed assets k|Between||31 December|
|||||2019|Income||Expenditure|Investments|Funds||2019|
||||||||f|||||
||Endowment|funds:||||||||||
||Commemorative|||||||||||
||Expendable|||||||||||
||Endowment|Fund||26,276,437|108,295||(7,903)|3,286,969|(520,000)||29,143,798|
||Unrestricted|income||||||||||
||Funds:|||||||||||
||General Fund|||839,347|2,698,843||(3,846,176)|30,800|993,912||716,726|
||Designated|Taplow||||||||||
||Court Fund|||200,000|||||||200,000|
||Designated|local||||||||||
||Centres Fund|||500,000|||||||500,000|
||Designated|Fixed||||||||||
||Assets Fund|||18,526,158|||||(473,912)||18,052,246|
|||||20,065,505|2,698,843||(3,846,176)|30,800|520,000||19,468,972|
|||||46,341,942|2,807,138||(3,854,079)|3,317,769|||48,612,770|
|20.|ANALYSIS OF||NKT ASSETSBETWEEN FUNDS|||||||||
||||||Tangible|||||||
||||||Fixed|||Current|Current||TOTAL|
||||||Assets||Investments|Assets|Liabilities||2020|
||||||g||f|f||||
||Endowment
funds:|||||||||||
||Commemorative||Expendable|||||||||
||Endowment
Fund||||||3],145,133|913,684||32,058,817||
||Unrestricted|income funds:||||||||||
||General
Fund|||||||1,020,755|(143,491)||877,264|
||Designated
Taplow Court Fund|||||||200,000|||200,000|
||Designated
Local||Centres Fund|||||500,000|||500,000|
||Designated
Fixed||Assets Fund||17,550,723||||||17,550,723|
||NKT ASSETS||||17,550,723||31,145,133|2,634,439|(143,491)|51,186,804||
##
##
##
||||Tangible|||||
|---|---|---|---|---|---|---|---|
||||Fixed||Current|Current|TOTAL|
||||Assets|Investments|Assets|Liabgities|2019|
||||||8||8|
|Endowment|funds:|||||||
|Commemorative||Expendable||||||
|Endowment|Fund|||29,080,139|63,659||29,143,798|
|Unrestricted|income funds:|||||||
|General
Fund||||646,232|252,366|(181,872)|716,726|
|Designated|Taplow Court Fund||||200,000||200,000|
|Designated|Local|Centres Fund|||500,000||500,000|
|Designated|Fixed|Assets Fund|18,052,246||||18,052,246|
|NET ASSETS|||18,052,246|29,726,371|1,016,025|(181,872)|48,612,770|
##
||During the year trustees donated a total of|824,040(2019:f14,675)to the charity.|824,040(2019:f14,675)to the charity.||
|---|---|---|---|---|
|22.|RECONCILIATION
OF NET (EXPENDITURE)/INCOME||TO NET CASH FLOWS FROM||
||OPERATING ACTIVITIES||||
||||2020f|2019
8|
||NET MOVEMENT
IN FUNDS FOR THE||||
||REPORTING PERIOD||2,566,544|2,270,828|
||Adjustments
for:||||
||Dividends,
interest and rents from investments||(100,479)|(128,339)|
||(Gains)/losses
on listed investments||(3,356,929)|(3,286,969)|
||Depreciation
charges||563,376|574,870|
||Revaluation ofornaments
and art collection|||(30,800)|
||Loss on disposal offixed assets||6,813|12|
||Decrease/(increase)
in stocks||48,489|60,985|
||(Increase)/Decrease
in debtors||(4,303)|140,319|
||Decrease in creditors||(38,381)|(68,059)|
||NET CASH (USED IN)/GENERATED|FROM|||
||OPERATING ACTIVITES||(314,870)|(467,153)|