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← Jamyang Buddhist Centre

2023-12-31-accounts

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31[st] DECEMBER 2023

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 2023

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 2023, 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 2015).

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 mental health and well-being of the community.

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.

Achievements and Performance

Our education activities have a high level of participation and engagement indicating a strong interest in buddhist mind science and how it can support in the search for greater mental well-being. We are running three concurrent multi-year programmes of Buddhist philosophy and practice. Some of our programs like Discovering Buddhism, are done in partnerships with sister centres abroad such as Nagarjuna Madrid thus enabling us to reach a broader range of students in several languages.

Science & Wisdom LIVE, a project launched in 2020, to bring in dialogue scientists and contemplative practitioners to discuss society’s biggest challenges further flourished. We launched our first online course on Buddhism and Quantum Physics with approximately 250 students enrolled. The development of our second online course on Consciousness started and is scheduled to launch early 2025. A strategic process was launched to ensure the project can maximise its beneficial impact into the future. This process is to complete in 2024.

Our Courtyard Cafe continued to operate also offering a varied range of community activities under the umbrella of our sister charity the Courthouse Community Centre and in partnerships with local organizations such as Roots and Shoots. The occupancy of the Lotus Guest House remains high providing a welcome respite for visitors and Jamyang students seeking to stay in London.

In 2022, we started exploring a masterplan for our Old Courthouse, the Sanctuary Project, working with Cindy Walters, of Walters & Cohen. The Sanctuary Project will help us achieve greater financial and environmental sustainability for the building, better care for our people by providing suitable accommodations for our monastics and long-term resident volunteers. Preparation towards developing plans to be submitted to the Lambeth Council for permitting in 2024 have been underway.

Safeguarding and Equality Diversity Inclusion trainings were offered to the team including exploring themes of Gender and sexuality, Power & Privilege and Disability & Neurodiversity in the workplace.

3

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

Volunteers

Jamyang is fortunate to attract volunteers who serve in a wide 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; managing the tech and editing of teachings; supporting the upkeep of the building and garden; fundraising for and creating holy objects; and many other areas of the centre’s activities.

In addition, Jamyang runs a residential volunteer programme, where volunteers can gain experience of living in spiritual community and learn 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 with an option to extend for a yearlong residency for candidates who were looking for deeper immersion into Buddhist study and community.

Plans for Future Activities

In April 2024, Jamyang is hosting an FPMT European Regional meeting inviting directors and spiritual programme coordinators from around the European region. It will also organise and host a Planetary Crisis Summit to explore with our European sister centres, what it means to be a spiritual community in this time of polycrisis.

In May 2024, Jamyang will launch Exploring Buddhism, an 18-month course offered in partnership with Nalanda Monastery in France, Maitreya Institute in Holland and Nagarjuna Madrid in Spain. It is also preparing to submit the permit application for the Sanctuary Project.

It is also hosting three high Lama visits, bringing to London three spiritual leaders: Yangten Rinpoche; Khandro Rinpoche and Ling Rinpoche.

The Old Courthouse will carry on running the Lotus Guest House and further develop its local community activities via its sister charity, the Courthouse Community Centre.

The centre will continue to provide:

FINANCIAL REVIEW

The Statement of Financial Activities shows a net deficit of £84,011 (2022: £72,914) for the year, resulting in Reserves standing at £797,703 (2022: £881,714) at 31[st] December 2023.

The charity has several key income streams which generated (1) donations from meditation courses and buddhist teachings of £159,679, (2) restricted fund donations of £107,756 (3) unrestricted donations, grants and membership fees of £101,088, (3) lotus guesthouse income of £76,192 and (4) facility rentals income of £43,611 and (5) other income of £21,927.

The financial position of the charity as at 31[st] December 2023 remained healthy.

4

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

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 31st December 2023, the unrestricted reserves, not designated and not held as fixed assets, were £308,160. This represents over 6 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 19th October 2004 and commenced activity on 1st January 2005. The company was registered as a charity on 16th 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. Safeguarding training is now offered bi-annually together with bi-annual Safeguarding Practice Groups.

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. This includes Finance, Education, Safeguarding and Risk Management Committees. The Director carries responsibility for the executive management of the charity and for the line-management of the staff team, which during 2023 included a Resident teacher and six other staff, assisted by full and part-time volunteers.

5

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

Risk Management

The trustees have a risk management strategy which comprises:

Safeguarding

Jamyang continues to implement robust safeguarding policies which it reviews on a regular basis and has clearly defined safeguarding protocols to help identify, escalate and respond to any safeguarding concerns.

In addition, Jamyang offers a quarterly safeguarding training course for all their teachers, staff, trustees and volunteers to ensure that safeguarding is well embedded in the organisation.

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 Andras Kondor Appointed 10/03/2019 Jan Andresen Appointed 10/03/2019 Keval Shah Appointed 01/08/2020 Nikolaus Holzinger Appointed 30/01/2022 Pempa Samuels Appointed 30/01/2022 Erik Rinner Appointed 14/03/2018 Resigned 29/06/2023 Management Team : Fabienne Pradelle - Executive Director, Kamlo Chen-Duffy - Spiritual Programme Coordinator Paul Wells - Operations Manager Bankers : CAF Bank Limited Independent Examiner : Lewes Accountancy and Tax Services.

6

JAMYANG BUDDHIST CENTRE

DIRECTORS’ AND TRUSTEES’ REPORT (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

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 21[st] July 2024 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 2023, which are set out on pages 9 to 20.

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 £25,000.

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

82a James Carter Road, Mildenhall, Bury St. Edmunds, IP28 7DE

21[st] July 2024

8

JAMYANG BUDDHIST CENTRE

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31[st] DECEMBER 2023

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) before
transfers
Transfers between Funds
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
2023
Total
2022
£
£
£
£
260,767
107,756
368,523
353,676
89,147
89,147
90,232
43,941
43,941
54,592
8,642
8,642
1,710
402,497
107,756
510,253
500,210
87,744
87,744
77,528
348,981
157,539
506,520
349,768
436,725
157,539
594,264
427,296
(34,228)
(49,783)
(84,011)
72,914
(49,408)
49,408
-
-
(83,636)
(375)
(84,011)
72,914
557,894
323,820
881,714
808,800
474,258
323,445
797,703
881,714

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 2023

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
17
Designated
17
Restricted Funds
17
Total charity funds		 2023
£
£
398,343
2,600
32,624
514,190
549,414
150,054
399,360
797,703
474,258
-
323,445
797,703		 2023
£
£
398,343
2,600
32,624
514,190
549,414
150,054
399,360
797,703
474,258
-
323,445
797,703		 2022
£
£
436,739
2,600
16,779
519,158
538,537
93,562
444,975
881,714
500,894
57,000
323,820
881,714		 2022
£
£
436,739
2,600
16,779
519,158
538,537
93,562
444,975
881,714
500,894
57,000
323,820
881,714
549,414
150,054		 538,537
93,562
797,703 881,714
474,258
-
323,445		 500,894
57,000
323,820
797,703 881,714

For the financial period ended 31[st] December 2023 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 21[st] July 2024 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 2023

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 2020) – 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 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 2023

1.3 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.

1.4 Preparation of accounts on a going concern basis

The Charity’s Financial Statements shows a net deficit of £84,011 for the year and free reserves of £308,160. 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.

1.5 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 2023

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 2023

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

Legacies received
Grants received
Donations received
Donations in kind
Membership fees
Education donations: Basic Program
Education donations: Exploring Buddhism
Education donations: Discovering Buddhism
Education donations: Other Programmes		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
-
-
-
40,000
2,151
2,151
12,700
55,741
107,756
163,497
60,230
8,736
-
8,736
8,736
34,460
-
34,460
34,802
55,969
-
55,969
76,008
30,190
-
30,190
37,611
21,145
-
21,145
18,535
52,375
-
52,375
65,054
260,767
107,756
368,523
353,676

The donations and legacies in 2022, totalling £353,676, were attributed to £353,386 unrestricted funds and £290 restricted funds.

3. INCOME FROM CHARITABLE ACTIVITIES

Lotus guesthouse
Bookshop income
Cafe income		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
76,192
-
76,192
81,738
4,811
-
4,811
4,709
8,144
-
8,144
3,785
89,147
-
89,147
90,232

The income from charitable activities in 2022, totalling £90,232, was attributed to unrestricted funds.

14

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

4. INCOME FROM OTHER TRADING ACTIVITIES

Rental income
Other miscellaneous income		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
43,611
-
43,611
54,244
330
-
330
348
43,941
-
43,941
54,592

The income from other trading activities in 2022, totalling £54,592, was attributed to unrestricted funds.

5. INVESTMENT INCOME

.
INVESTMENT INCOME
Interest on cash deposits Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
8,642
-
8,642
1,710
8,642
-
8,642
1,710

The investment income in 2022 totalling £1,710 was attributed to unrestricted funds.

6. ANALYSIS OF EXPENDITURE

Staff salaries and other
staff related costs
Premises & Holy
objects & donations
Direct costs incurred
Other costs incurred
Support Costs
(Note 7)
Governance Costs
(Note 7)		 Raising Fund Charitable Activities
31,032
56,712
160,621
116,978
71,382
157,539
594,264
427,296

Of the £594,264 expenditure in 2023 (2022: £427,296), £436,725 was charged to unrestricted funds (2022: £418,245) and £157,539 to restricted funds (2022: £9,051).

15

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

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 staff related costs
Premises costs
Communication and printing
Insurance
Legal & professional fees
Bank and credit card charges
IT and miscellaneous expenses
Depreciation
Independent examination		 General
Support
Governance
Function
Total
2023
Total
2022
£
£
£
£
59,011
10,414
69,425
55,382
23,927
-
23,927
27,012
3,024
-
3,024
7,465
-
1,377
1,377
331
6,591
-
6,591
8,008
6,645
-
6,645
5,070
7,380
-
7,380
4,825
47,952
-
47,952
60,051
-
1,950
1,950
2,600
154,530
13,741
168,271
170,744

8. NET INCOME / (EXPENDITURE) FOR THE YEAR

Net movement in funds is stated after charging:

Total Total
2023 2022
£ £
Depreciation of tangible fixed assets 47,952 60,051
Independent Examination 1,950 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		 Total
2023
Total
2022
£
£
212,457
172,939
11,015
8,117
3,723
2,677
227,195
183,733

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

None of the Trustees received any remuneration during the year (2022: £nil) and no expenses were reimbursed (2022: £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 £74,142 (2022: £57,843).

16

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

10. STAFF NUMBERS

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

0.
STAFF NUMBERS
he average monthly number of staff employed by the charity during the year		 was as follows:
Director
Main Education Program
Administration and support		 2023
2022
Numbers
Numbers
1.0
1.0
2.0
2.0
5.0
5.0
8.0
8.0

The average monthly number of persons employed by the charity during the year was 8.0 (2022: 8.0).

11. TANGIBLE FIXED ASSETS

Net Book Value
Freehold land
Freehold property
Fixtures, Fittings & Equipment
Movements in the year
Cost:
Freehold land
Freehold property
Fixtures, Fittings & Equipment
Depreciation:
Freehold land
Freehold property
Fixtures, Fittings & Equipment		 Opening
Balances
Additions
£
£
58,000
-
347,985
-
270,316
9,556		 Total
2023
Total
2022
£
£
58,000
58,000
281,528
285,395
58,815
93,344
398,343
436,739
Disposals
Closing
Balance
£
£
-
58,000
-
347,985
-
279,872
676,301
9,556		 -
685,857
Opening
Balances
Charge
For Year
£
£
-
-
62,591
3,867
176,971
44,085		 Disposals
Closing
Balance
£
£
-
-
-
66,458
-
221,056
239,562
47,952		 -
287,514

12. STOCK

Goods for Sale

Total Total
2023 2022
£ £
2,600 2,600
2,600 2,600

17

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

13. DEBTORS

Trade debtors
Gift Aid recoverable
Prepayments		 Total
2023
Total
2022
£
£
312
(980)
24,968
17,759
7,344
-
32,624
16,779

14. CREDITORS: amounts falling due within one year

4.
CREDITORS: amounts falling due within one year
Trade creditors
Taxation and social security
Deferred income (see note 15)
Other creditors
Accruals		 Total
2023
Total
2022
£
£
31,206
7,756
3,214
1,202
113,043
80,805
641
1,200
1,950
2,600
150,054
93,562

15. DEFERRED INCOME

5.
DEFERRED INCOME
Balance as at 1st January 2023
Amount released to income in the year
Amount deferred in the year
Balance as at 31st December 2023		 Total
2023
Total
2022
£
£
80,805
20,960
(79,212)
(18,456)
111,450
78,301
113,043
80,805

The deferred income released in 2023 refers to Basic Program fees and donations for Science & Wisdom received in advance for the following year.

16. PENSION COSTS

The pension cost charge represents contributions payable by the Charity to the fund and amounted to £3,723 (2022: £2,677).

Contributions totalling £641 (2022: £nil) were payable to the fund at the year end and are included in other creditors.

18

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

17. MOVEMENT IN FUNDS

7.
MOVEMENT IN FUNDS
Balance at Balance at
01-01-2023 Income Expenditure Transfers 31-12-2023
£ £ £ £ £
Restricted Funds: Capital Funds with balances carried forward as un-depreciated costs
Building Appeal 104,505 - 1,452 - 103,053
New Roof 122,546 - 1,702 - 120,844
Heating System 8,466 - 118 - 8,348
235,517 - 3,272 - 232,245
Restricted Funds: Other Restricted Funds
Welcome Project (Roger Searle
Legacy)		 80,000 - - - 80,000
Lineage Project 8,303 11,403 19,595 - 111
Sanctuary Project - 8,300 68,163 59,863 -
Science & Wisdom - 88,053 66,509 (10,455) 11,089
88,303 107,756 154,267 49,408 91,200
Unrestricted Funds
Lama Zopa Rinpoche Designated
Fund		 57,000 - - (57,000) -
General Funds 500,894 402,497 436,725 7,592 474,258
557,894 402,497 436,725 (49,408) 474,258
Total Funds 881,714 510,253 594,264 - 797,703

Description, nature and purpose of funds:

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

New Roof

Restricted Funds: Other Restricted Funds.

Lineage Project - Fund restricted for holy objects for the main shrine room.

19

JAMYANG BUDDHIST CENTRE

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31[st] DECEMBER 2023

Designated funds: Lama Zopa Rinpoche Designated Fund: A fund that the trustees designated in 2020 to retain from a donation from Lama Zopa Rinpoche for future centre usage. In 2023, the board approved a transfer of the remaining balance of this fund to the Sanctuary Project with an intension for some of the transferred amount to be returned to this designated fund in future years.

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

18. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS

Unrestricted Designated Restricted Total Total
Funds Funds Funds 2023 2022
£ £ £ £ £
Tangible fixed assets 166,098 - 232,245 398,343 436,739
Net current Assets 308,160 - 91,200 399,360 517,889
474,258 - 323,445 797,703 954,628

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

Total Total
2023 2022
£ £
Freehold land 58,000 58,000
Freehold property 174,245 174,245
232,245 232,245

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 £10,355 (2022: £4,725).

Trustees donations to the charity for the year totalled £11,869 (2022: £5,932).

20