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2020-12-31-accounts

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31[st] DECEMBER 2020

Company No: 05264030

Charity No: 1106802

1

JAMYANG BUDDHIST CENTRE

REPORT AND ACCOUNTS

CONTENTS
Page
Directors’ and Trustees’ Report 3 - 7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11 - 20

2

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31[st] DECEMBER 2020

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 31[st] December 2020, which are also prepared to meet the requirements for a directors’ report and Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements 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

The charity’s objectives are to advance the Buddhist faith and to assist Buddhist charitable institutions throughout the United Kingdom, and elsewhere, making Buddhism available to anyone who requests them.

The main activities undertaken in relation to these purposes are the provision of Buddhist study programmes, community religious services and courses, events and activities (as outlined under “Achievements and Performance” below) to enhance the health and well-being of the community.

Achievements and Performance

Because of the global pandemic and the shut down of the Old Courthouse building in March 2020, all of our activities for the remainder of the year were online. We were able to sustain an extensive online schedule of study classes and meditation.

We launched a 5-year in-depth study programme, Basic Programme, with 220 students enrolled from around the world. With the support of a London Community Foundation grant, as part of this programme we awarded four full scholarships to Inclusivity Ambassadors.

We also launched a new initiative, Science & Wisdom LIVE, a project to bring in dialogue with scientists and contemplative practitioners to discuss society’s biggest challenges and explore the middle ground between science and wisdom traditions.

With the building being closed to the public for an extensive period of time, we were able to do some muchneeded renovations and upgrades. Our building is the former Lambeth Magistrates Court and is a locallycherished resource serving both the Buddhist and wider community. One of the distinctive features of our building is the seven original lantern lights. These had deteriorated significantly and, thanks to a Heritage England grant, we were able to have them beautifully restored.

We also upgraded our Lotus Guest House including adding a double room. Finally, we were fortunate to have one of our skilled volunteers build and install an altar extension in our main temple to house seven additional statues to honour our lineage.

Volunteers

Jamyang is fortunate to attract a number of volunteers in a range of capacities. All the board members and nearly all the Buddhist teachers at the centre offer their services as volunteers. Volunteers also play a key role in organizing classes; looking after visiting lamas; leading prayer ceremonies; organizing and staffing special events; supporting the upkeep of the building and garden; fundraising for and creating holy objects; and many other areas of the centre’s activities.

3

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

In addition, Jamyang runs a residential volunteer scheme, where volunteers can gain experience of what it takes to run a listed building offering not only Buddhist but also wellbeing and community-focused activities. This opportunity is available to a maximum of five volunteers at any one time. Volunteers are invited to spend 3-months in community. In 2020 we piloted a year-long option for candidates who were looking for deeper immersion into Buddhist study and community.

Plans for Future Activities

In 2021, Jamyang are looking to pilot a new 3-year FPMT study programme, Exploring Buddhism. This will be offered on campus and online, building on the growth of Jamyang community beyond the geographical confines of the London area.

Basic Programme with its 220 students worldwide will see its second year of a 5-year programme.

We will also support the establishment of the new Science & Wisdom LIVE project which launched in Q4 2020. The project will continue to host regular podcasts and dialogues. High profile scientists such as Dr. Rupert Sheldrake and Carlo Rovelli are scheduled to participate in events. We will also pilot a new 9-week analytical programme in partnership with Skeptics Path to Enlightenment.

After a year of lockdown we will relaunch the community Yard Café and Lotus Guest House.

The centre will continue to provide:

Public Benefit Statement

In shaping objectives for the year and planning activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

FINANCIAL REVIEW

The Statement of Financial Activities shows a net surplus of £69,012 (2019: £101,538) for the year, resulting in Reserves standing at £627,275 (2019: £558,263) at 31[st] December 2020.

The charity has three key income streams: (1) donations from meditation courses and buddhist teachings which received donations of £68,811 in 2020, (2) other donations, grants and membership fees which received donations of £171,846 in 2020; and (3) facility rentals which had income of £56,561 in 2020. Other income received in 2020 was £34,426.

During 2020, a total of £67,014 was invested in additional assets for the renovation of the building and for new equipment and fixtures.

The financial position of the charity as at 31[st] December 2020 remained healthy.

4

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

Reserves Policy

The Directors consider it prudent to maintain an adequate balance of unrestricted funds to cover the Charity’s contractual commitments.

The Directors consider that the Charity’s reserves will enhance the services provided and provide financial security for the future.

The reserves policy of the charity is to endeavour to hold 6 months’ running costs in free unrestricted reserves. As at 31[st] December 2020, the unrestricted reserves, not designated and not held as fixed assets, were £163,055 (2019: £140,293). This represents approximately 7 months running costs. The charity closely monitors the level of reserves and ensures that these are maintained by the use of good management and financial controls.

Investment Powers and Policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Jamyang Buddhist Centre (the word ‘Limited’ being omitted by licence from the Board of Trade) is a Company Limited by guarantee and not having capital divided by shares.

The charity was incorporated on 19[th] October 2004 and commenced activity on 1[st] January 2005. The company was registered as a charity on 16[th] November 2004 under Registration Number 1106802 and the company registration number is 05264030.

Recruitment and Appointment of Trustees

As set out in the Articles of Association the chair of the trustees is nominated by the other trustees. The Directors of the organisation are also the charity trustees for the purposes of charity law. The Board of Trustees have the power to appoint additional Trustees as it considers fit to do so.

The Trustees have no beneficial interest in the company other than as members. The Trustees are also the directors of the company. All of the Trustees are members of the company and guarantee to contribute £1 in event of winding up. The Board has the power to appoint additional Directors.

Trustee Induction and Training

The Trustees maintain a good working knowledge of charity and company law and best practice by regular reading of charity press articles and scrutiny of Companies House, Charity Commission, other Government and voluntary organisation advisory websites. New Trustees are given copies of the Memorandum and Articles of Association and copies of previous years’ minutes and attend an induction session given by an experienced Trustee. In 2020 all trustees attended Safeguarding training which will now be offered annually.

5

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

Organisation

The trustees of the company meet quarterly as a Board, but have also set up a range of sub-groups, which meet with the Director between Board meetings. The Director carries responsibility for the executive management of the charity and for the line-management of the staff team, which during 2020 included a Resident teacher and four other staff, assisted by full and part-time volunteers.

Risk Management

The trustees have a risk management strategy which comprises:

Related Parties

The charity has a close relationship with Courthouse Community Centre (previously Compassion in Action, London) a company incorporated in England, company number 3796662, which is closely connected by way of its directors / trustees.

Jamyang Buddhist Centre is affiliated with the Foundation for the Preservation of the Mahayana Tradition, Inc., a California non-profit religious corporation. The Affiliation Agreement came into effect on 5th July 2010.

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Charity number : 1106802 Company number : 05264030 Registered office & operational address : The Old Courthouse, 43 Renfrew Road, London SE11 4NA Current Directors and Trustees: Alison Murdoch (Charity Chair) Appointed 14/03/2018 Robin Bath Appointed 19/10/2004 Erik Rinner Appointed 14/03/2018 Andras Kondor Appointed 10/03/2019 Jan Andresen Appointed 10/03/2019 Keval Shah Appointed 01/08/2020 Francesca Sanchez Resigned 22/11/2020 Senior Management Team : Fabienne Pradelle - Executive Director, Kamlo Chen-Duffy - Spiritual Programme Coordinator Bankers : CAF Bank Limited, Kings Hill, West Malling, ME19 4TA Independent Examiner : Lewes Accountancy and Tax Services, 11a Southover High Street, Lewes, BN7 1HT.

6

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

Trustees’ responsibilities in relation to the financial statement

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

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 company and of its income and expenditure 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

APPROVAL

This report was approved by the Board of Directors and Trustees on 27[th] July 2021 and signed on its behalf:

______ Alison Murdoch - Chair

7

INDEPENDENT EXAMINER’S REPORT TO

THE TRUSTEES OF JAMYANG BUDDHIST CENTRE

I report on the accounts of the company for the year ended 31[st] December 2020, which are set out on pages 9 to 21.

Respective responsibilities of trustees and 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 in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

The charity’s trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and that an independent examination is needed as the company’s gross income exceeded £250,000.

I am qualified to undertake the independent examination by being a qualified member of the Institute of Chartered Accountants of Ireland. It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with 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 the 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 material matters have come to my attention which gives me cause to believe that in, any material respect:

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.

EAMON WALSH FCA, CTA CHARTERED ACCOUNTANT LEWES ACCOUNTANCY AND TAX SERVICES

11a SOUTHOVER HIGH STREET LEWES, BN7 1HT

27[th] July 2021

8

JAMYANG BUDDHIST CENTRE

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31[st] DECEMBER 2020

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Notes
Income
Donations and legacies
2
Income from charitable activities
3
Income from trading activities
4
Investment Income
5
Total Income
Expenditure
Cost of raising funds
6
Expenditure on charitable activities
6
Total Expenditure
Net income/(expenditure) and
net movement in funds for the year
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward		 Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
213,760
26,897
240,657
221,950
4,591
4,591
18,500
86,397
86,397
130,255
143
143
229
304,890
26,897
331,787
370,934
66,763
66,763
46,544
170,888
25,124
196,012
222,852
237,651
25,124
262,775
269,396
67,239
1,773
69,012
101,538
312,930
245,333
558,263
456,725
380,169
247,106
627,275
558,263

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the above financial periods.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the above movement in funds for the above two financial periods.

The notes on pages 11 to 20 form part of these accounts.

9

JAMYANG BUDDHIST CENTRE

BALANCE SHEET

AS AT 31[st] DECEMBER 2020

Notes
Fixed assets
Tangible assets
11
Current assets
Stock
12
Debtors
13
Cash at bank and in hand
Liabilities
Creditors falling due within one year
14
Net Current Assets
Net Assets
The funds of the charity
Unrestricted Funds:
General
15
Designated
15
Restricted Funds
15
Total charity funds		 2020
£
£
402,174
2,600
13,009
277,503
293,112
68,011
225,100
627,275
323,169
57,000
247,106
627,275		 2020
£
£
402,174
2,600
13,009
277,503
293,112
68,011
225,100
627,275
323,169
57,000
247,106
627,275		 2019
£
£
360,970
2,600
13,714
193,600
209,914
12,621
197,293
558,263
255,930
57,000
245,333
558,263		 2019
£
£
360,970
2,600
13,714
193,600
209,914
12,621
197,293
558,263
255,930
57,000
245,333
558,263
293,112
68,011		 209,914
12,621
627,275 558,263
323,169
57,000
247,106		 255,930
57,000
245,333
627,275 558,263

For the financial period ended 31[st] December 2020 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The directors acknowledged their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial period in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as is applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

These accounts were approved by the Board of Trustees on 27[th] July 2021 and were signed on its behalf by:

_______ Alison Murdoch – Chair

Company number 05264030

The notes on pages 11 to 20 form part of these accounts.

10

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[st] DECEMBER 2020

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period and in the preceding year.

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with 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) – Charity SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Jamyang Buddhist Centre meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

1.2 Preparation of accounts on a going concern basis

The Charity’s Financial Statements show net surplus of £69,012 for the year and free reserves of £163,055. The trustees are of the view that the Charity will be able to secure funding for the next 12 to 18 months and on this basis, the Charity is a going concern.

1.3 Income recognition

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

11

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

1.4 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1.5 Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the Charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated is set out in note 7.

1.7 Funds structure

The general fund comprises those monies which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Management Board.

The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions.

12

JAMYANG BUDDHIST CENTRE NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31[st] DECEMBER 2020

1.8 Tangible Fixed Assets

Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions or those costing less than £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land - not depreciated. Freehold buildings - 90 years. Fixtures, fittings & equipment - 4 years.

A part of the building owned and occupied by Jamyang Buddhist Centre is rented out to individuals. The Charity has decided not to recognise the rented portion of the building at market value, as required by SORP 2017 (FRS 102) as it considers it is impractical to obtain a market value for that part of the building.

1.9 Stock

Stock is shown at the lower of cost and net realisable value. Stock consists of shop stock.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short term cash deposits.

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.15 Pension costs

The charity operates a contributory defined contribution pension scheme, the assets of which are held separately from those of the charity. Pension costs are charged to the SOFA in the period to which they relate.

13

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31[st] DECEMBER 2020

1.16 Judgement and key sources of estimation uncertainty

In the application of the company’s accounting policies, the charity is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

1.17 Cash flow statement

The charitable company qualifies as a small company and advantage has been taken of the exemption provided by SORP (FRS 102) as amended by Bulletin 1, not to prepare a cash flow statement.

2. GRANTS, DONATIONS AND LEGACIES

Grants for Covid Support
Grant for Building Renovation
Other Grants and Donations
Membership fees
Education donations: Basic Program
Education donations: Science and Wisdom
Education donations: Other Programs		 Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
49,541
-
49,541
-
18,750
-
18,750
-
50,634
26,897
77,531
122,571
26,024
-
26,024
21,158
40,869
-
40,869
-
906
-
906
-
27,036
-
27,036
78,221
213,760
26,897
240,657
221,950

The grants, donations and legacies income in 2019 totalling £221,950 was a total of £208,960 attributed to unrestricted funds and a total of £12,990 attributed to restricted funds.

3. INCOME FROM CHARITABLE ACTIVITIES

Online Course Fees
Bookshop income
Cafe income		 Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
0
-
0
5,546
1,209
-
1,209
4,552
3,381
-
3,381
8,402
4,591
0
4,591
18,500

The income from charitable activities in 2019, totalling £18,500, was attributed to unrestricted funds.

14

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

4. INCOME FROM OTHER TRADING ACTIVITIES

Rental income
Employers allowance and Furlough Income
Other fundraising income		 Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
£
£
£
£
56,561
-
56,561
125,923
28,122
-
28,122
3,603
1,714
-
1,714
729
86,397
0
86,397
130,255

The income from other trading activities in 2019, totalling £130,255, was attributed to unrestricted funds.

5. INVESTMENT INCOME

.
INVESTMENT INCOME
Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Interest on cash deposits 143 - 143 229
143 0 143 229

The investment income in 2019 totalling £229 was attributed to unrestricted funds.

6. ANALYSIS OF EXPENDITURE

Staff salaries and other costs
Premises costs
Donations and Offerings
Bookshop and Cafe Purchases
Other direct costs
Support Costs (Note 7)
Governance Costs (Note 7)		 Raising Funds
Charitable Activities
Raising
Funds
Facility
Rentals
Basic
Program
Education
Activities
Shop
& Cafe
Total
2020
Total
2019
£
£
£
£
£
£
£
4,312
28,748
28,748
45,997
7,187
114,991
80,248
799
7,991
5,327
7,991
1,864
23,972
38,463
-
-
1,249
1,874
-
3,123
2,553
-
-
-
-
11,018
11,018
6,133
254
-
5,390
5,390
-
11,035
47,096
4,551
18,205
27,307
36,409
4,551
91,024
86,253
381
1,522
2,284
3,045
381
7,612
8,650
10,297
56,466
70,305
100,706
25,002
262,775 269,396

Of the £262,775 expenditure in 2020 (2019: £269,396), £237,651 was charged to unrestricted funds (2019: £232,653) and £25,124 to restricted funds (2019 - £36,744).

15

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

7. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. The governance costs and other support costs are apportioned separately between the charity’s four key activities undertaken (see note 6) in the year. All the general support and governance costs have been apportioned to the various charitable activities on the basis of staff time allocated to each activity.

Staff salaries and other costs
Premises costs
Communication and printing
Insurance
Legal & professional fees
Bank charges
IT and miscellaneous expenses
Depreciation
Independent examination		 General
Support
Governance
Function
Total
2020
Total
2019
£
£
£
£
24,436
4,312
28,748
26,749
2,664
2,664
4,274
10,012
10,012
9,132
5,395
700
6,095
8,963
4,995
4,995
153
2,811
2,811
1,503
14,902
14,902
21,039
25,810
25,810
20,490
2,600
2,600
2,600
91,024
7,612
98,636
94,903

8. NET INCOME / (EXPENDITURE) FOR THE YEAR

Net movement in funds is stated after charging:

.
NET INCOME / (EXPENDITURE) FOR THE YEAR
et movement in funds is stated after charging:
Total Total
2020 2019
£ £
Depreciation of tangible fixed assets 25,810 20,490
Independent Examination 2,600 2,600

9. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
Pension costs
Redundancy payment		 Total
2020
Total
2019
£
£
112,264
83,871
6,140
5,907
4,102
1,949
4,680
-
127,186
91,728

No employee received remuneration in excess of £60,000 during the year.

None of the Trustees received any remuneration during the year (2019: £nil) and no expenses were reimbursed (2019: £nil).

The key management personnel of the charity comprises the Executive Director and SPC. The total employee benefits of the key management personnel of the charity were £54,309 (2019: £37,682).

16

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31[st] DECEMBER 2020

10. STAFF NUMBERS

The average monthly number of staff employed by the charity during the year was as follows:

Director
Main Education Program
Administration and support		 2020
2019
Numbers
Numbers
1.0
0.5
2.0
1.0
3.0
3.5
6.0
5.0

The average monthly number of persons employed by the charity during the year was 6 (2019: 5).

11. TANGIBLE FIXED ASSETS

Net Book Value
Freehold land
Freehold property
Fixtures, Fittings & Equipment		 Total
2020
Total
2019
£
£
58,000
58,000
293,129
259,210
51,046
43,759
402,174
360,970
Movements in the year
Cost:
Freehold land
Freehold property
Fixtures, Fittings & Equipment
Depreciation:
Freehold land
Freehold property
Fixtures, Fittings & Equipment		 Opening
Balances
Additions
Disposals
Closing
Balance
£
£
£
£
58,000
-
-
58,000
310,200
37,785
-
347,985
103,533
29,229
-
132,762
471,733
67,014
0
538,747
Opening
Balances
Charge
For Year
Disposals
Closing
Balance
£
£
£
£
-
-
-
-
50,990
3,867
-
54,857
59,774
21,943
-
81,716
110,764
25,810
0
136,573

17

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

12.
STOCK
Goods for Sale
13.
DEBTORS
Trade debtors
Gift Aid recoverable
Other debtors
Prepayments		 Total
2020
Total
2019
£
£
2,600
2,600
2,600
2,600
Total
2020
Total
2019
£
£
(2,491)
2,580
15,500
7,555
-
0
-
3,578
13,009
13,714

14. CREDITORS: amounts falling due within one year

Trade creditors
Taxation and social security
Deferred income (see note 17)
Other creditors
Accruals		 Total
2020
Total
2019
£
£
34,812
4,508
1,896
2,009
27,503
-
1,200
1,200
2,600
4,905
68,011
12,621

18

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

15. MOVEMENT IN FUNDS

Balance at Balance at
01-01-2020 Income Expenditure 31-12-2020
£ £ £ £
Restricted Funds: Capital Funds with balances carried forward as un-depreciated costs
Building Appeal 108,861 - 1,452 107,409
New Roof 127,652 - 1,702 125,950
Heating System 8,820 - 118 8,702
245,333 0 3,272 242,061
Restricted Funds: Other Restricted Funds
Lineage Project - 11,192 9,214 1,978
Audio Visual Project - 3,639 2,065 1,574
Other Restricted Funds - 12,066 10,573 1,493
0 26,897 21,852 5,045
Unrestricted Funds
Lama Zopa Rinpoche Designated Fund 57,000 - - 57,000
General Funds 255,930 304,890 237,651 323,169
312,930 304,890 237,651 380,169
Total Funds 558,263 331,787 262,775 627,275

Description, nature and purpose of funds:

Restricted Funds: Capital Funds with balances carried forward as un-depreciated costs.

Restricted Funds: Other Restricted Funds.

Designated funds: Lama Zopa Rinpoche Designated Fund: Represents amounts that the Trustees have decided to designate for the purpose of providing financial support for future years.

General funds: General funds represent funds available to spend at the discretion of the Trustees after allowing for all the designated funds.

19

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2020

16. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS

Unrestricted Designated Restricted Total Total
Funds Funds Funds 2020 2019
£ £ £ £ £
Tangible fixed assets 160,113 - 242,061 402,174 360,970
Net current Assets 163,055 57,000 5,045 225,100 197,293
323,169 57,000 247,106 627,275 558,263

Tangible fixed assets included in Restricted Funds is comprised of the net book value of the following assets:

Freehold land
Freehold property		 Total
2020
Total
2019
£
£
58,000
58,000
184,061
187,333
242,061
245,333

17. DEFERRED INCOME

Balance as at 1st January 2020
Amount released to income in the year
Amount deferred in the year
Balance as at 31st December 2020		 Total
2020
Total
2019
£
£
-
13,276
-
(13,276)
27,503
-
27,503
0

18. PENSION COSTS

The pension cost charge represents contributions payable by the Charity to the fund and amounted to £4,102 (2019: £1,949). Contributions totalling £nil (2019: £nil) were payable to the fund at the year end and are included in creditors.

19. RELATED PARTY TRANSACTIONS

Courthouse Community Centre :

During the year the Charity undertook the following transactions with Courthouse Community Centre, which is closely connected by way of its Directors / Trustees:

Key Management Personnel and Trustees

A member of the key management personnel paid the Charity rental of £6,000 (2019: £1,900).

Trustees donations to the charity for the year totalled £2,330 (2019: £2,960).

20