JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31[st] DECEMBER 2024
Company No: 05264030 Charity No: 1106802
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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 |
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JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 2024, 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
In 2024, Jamyang Buddhist Centre continued to advance its mission to make the wisdom of Buddhism accessible and relevant to all, supporting mental well-being and community resilience.
Educational Offerings:
We maintained high levels of participation in our core Buddhist educational programmes, including the Basic Programme, and other Nalanda Tradition teachings. We launched the 18-month Exploring Buddhism course in partnership with Nalanda Monastery, Maitreya Institute, and Nagarjuna Madrid, marking a significant step in our international collaboration. Our Science & Wisdom LIVE project developed well, hosting dialogues between scientists and contemplatives on critical societal issues. We developed our second online course on Consciousness , scheduled to launch in early 2025.
Community Engagement:
In 2024, our Courthouse Community Centre continued to strengthen local partnerships, hosting a variety of community events alongside Jamyang’s own activities. The Lotus Guest House remained a welcoming space for guests seeking rest, study, and spiritual practice. Our commitment to community connection was further recognised this year, with Rainbow Sangha and Black and Curious affinity groups winning the Dangoor London Faith Award, celebrating their work in fostering belonging and connection among LGBTQIA+ practitioners and those exploring Buddhism from diverse backgrounds. The Sanctuary Project was recognised as a nominee in the Southwark Faith & Belief Awards, reflecting our vision of a contemplative garden that welcomes everyone while fostering equity, justice, and ecological resilience. Additionally, our Planetary Crisis Summit earned a nomination from the Faith & Belief Forum, acknowledging our commitment to addressing the climate crisis through the lens of Buddhist principles of interdependence and care.
Sanctuary Project Progress:
We made significant progress on the Sanctuary Project, advancing plans with Walters & Cohen Architects towards submission to Lambeth Council. This work is essential for ensuring the long-term sustainability of our historic Old Courthouse building and providing enhanced facilities for monastics, volunteers, and the wider community.
Plans for Future Activities
Looking ahead, Jamyang remains committed to deepening its educational impact, fostering community connections, and ensuring organisational sustainability.
Educational Growth:
We will continue to enhance our educational infrastructure by focusing on quality over quantity, scaling back some programmes in 2025 while investing in improved systems and digital delivery. This includes launching the Consciousness e-course in Q2 2025 to reach an even wider audience. Plans are underway to expand facilitator training to support the next generation of Buddhist teachers and practice leaders.
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JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
Sanctuary Project & Facilities:
We will continue to advance the Sanctuary Project, with a target of securing permits and developing funding strategies towards the £1.3 million goal. This critical project will enhance the financial and environmental sustainability of our Old Courthouse, ensuring a vibrant future for Jamyang’s home.
Strengthening Organisational Foundations:
We continuously develop our staff team in operations and education to effectively support growth, enhance financial planning, and implement robust systems to manage resources. We are currently reviewing our business model to ensure financial sustainability, including maximising rental income, strengthening grant applications, and supporting community fundraising.
Volunteers & Partnerships
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.
Our volunteer programme will remain a cornerstone, offering more structured learning opportunities and experiences of community life. We will continue to build partnerships locally and internationally to support our educational and community goals. The centre will continue to provide:
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Regular classes on Buddhism and meditation both online and face to face.
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Regular Buddhist prayer groups and ceremonies.
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A quiet supportive environment for Buddhist study, including library and garden.
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Information about other Buddhist activities both nationally and worldwide.
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Weekly school visits
FINANCIAL REVIEW
The Statement of Financial Activities shows a net surplus of £90,770 (2023: deficit of £84,011) for the year, resulting in reserves standing at £888,473 (2023: £797,703) at 31[st] December 2024.
The charity has several key income streams which generated (1) donations from meditation courses and Buddhist teachings of £170,459, (2) restricted fund donations of £249,931 (3) unrestricted donations, grants and membership fees of £215,764, (3) lotus guesthouse income of £102,120 and (4) facility rentals income of £40,043 and (5) other income of £25,212.
The financial position of the charity as at 31[st] December 2024 remained healthy.
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JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 up to 6 months’ running costs in free unrestricted reserves. As at 31st December 2024, the unrestricted reserves, not designated and not held as fixed assets, were £299,199. This represents over 5 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 regularly 3 times a year as a Board, with extraordinary meetings if required, but are also planning to set up a range of sub-groups, which meet with the Director between Board meetings. The Finance Committee is currently already established. The Director carries responsibility for the executive management of the charity and for the line-management of the staff team, which during 2024 included a Resident teacher and six other staff, assisted by full and part-time volunteers.
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JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
Risk Management
The trustees are currently working on a risk management strategy which comprises:
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A review of the risks the charity may face;
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The establishment of systems and procedures to mitigate those risks identified in the plan;
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Implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
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 bi-annually safeguarding training course and bi-annually safeguarding practise sessions 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 | 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 |
| Jan Andresen | Appointed 10/03/2019 |
| Andras Kondor | Appointed 10/03/2019, Resigned 16/11/2024 |
| Keval Shah | Appointed 01/08/2020, Resigned 30/09/2024 |
| Nikolaus Holzinger | Appointed 30/01/2022 |
| Pempa Samuels | Appointed 30/01/2022 |
| Media Maya Gyamtso | Appointed 25/02/2024 |
| Elizabeth Price | Appointed 25/02/2024, Resigned 21/07/2024 |
| Leadership Team: | Ven. Thubten Drolma - Executive Director, |
| Ven. Lobsang Wangyal - Spiritual Programme Coordinator | |
| Paul Wells - Sanctuary Project & Communications Manager |
Bankers : CAF Bank Limited Independent Examiner : Lewes Accountancy and Tax Services.
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JAMYANG BUDDHIST CENTRE
DIRECTORS’ AND TRUSTEES’ REPORT (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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 16[th] June 2025 and signed on its behalf:
______ Alison Murdoch - Chair
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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 2024, 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:
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examine the accounts under section 145 of the Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
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:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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
Registered Office
82a James Carter Road, Mildenhall, Bury St. Edmunds, IP28 7DE
16[th] June 2025
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JAMYANG BUDDHIST CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 2024 Total 2023 £ £ £ £ 386,223 249,931 636,154 368,523 110,691 110,691 89,147 41,042 41,042 43,941 15,642 15,642 8,642 |
|---|---|
| 553,598 249,931 803,529 510,253 |
|
| 97,930 97,930 87,744 481,329 133,500 614,829 506,520 |
|
| 579,259 133,500 712,759 594,264 |
|
| (25,661) 116,431 90,770 (84,011) 119,456 (119,456) - - |
|
| 93,795 (3,025) 90,770 (84,011) 474,258 323,445 797,703 881,714 |
|
| 568,053 320,420 888,473 797,703 |
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.
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JAMYANG BUDDHIST CENTRE
BALANCE SHEET
AS AT 31[st] DECEMBER 2024
| 2024 | 2024 | 2023 | 2023 | |||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 11 | 497,827 | 398,343 | |||
| Current assets | ||||||
| Stock | 12 | 2,600 | 2,600 | |||
| Debtors | 13 | 35,429 | 35,429 | 32,624 | ||
| Cash at bank and in hand | 450,385 | 385 | 514,190 | |||
| 488,414 | 488,414 | 549,414 | ||||
| Liabilities | ||||||
| Creditors falling due within one year | 14 | 97,768 | 768 | 150,054 | ||
| Net Current Assets | 390,646 | 399,360 | ||||
| Net Assets | 888,473 | 797,703 | ||||
| The funds of the charity | ||||||
| Unrestricted Funds: | ||||||
| General | 17 | 568,053 | 474,258 | |||
| Designated | 17 | - | - | |||
| Restricted Funds | 17 | 320,420 | 323,445 | |||
| Total charity funds | 888,473 | 797,703 |
For the financial period ended 31[st] December 2024 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 16[th] June 2025 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.
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JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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.
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(a) Income received by way of grants, donations and legacies are included in full in the Statement of Financial Activities when received, unless they relate to a specified future period, in which case they are deferred.
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(b) Legacies entitlement is taken as the earlier of the date on which either: the charity is aware that the probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that the distribution is made, or when a distribution is received from the estate.
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(c) Income from charitable activities received by way of revenue grants and donations are credited to restricted incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.
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(d) Grants and donations of a general nature which are not conditional on delivering certain levels of service are included as part of Grants, Donations and Legacies as shown under Note 2. Performance-related grants and donations which have conditions for a specific outcome are included as Income from Charitable Activities as shown in Note 3.
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(e) Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Depreciation on the related fixed assets is charged against the restricted fund.
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(f) Income from charitable activities includes income recognised as earned (as the related goods and services are provided) under contract, in the form of training income.
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(g) Rental income is credited to income in the year in which it is receivable.
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(h) Shop income is recognised as earned (that is, as the related goods are provided).
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(i) Investment income is included when receivable.
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JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 surplus of £90,770 for the year and free reserves of £299,199. 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:
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a) Cost of raising funds comprises the costs associated with facility rentals and the costs of seeking donations and legacies, membership services and other fundraising activities and their associated support costs.
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b) Expenditure on charitable activities includes the costs directly associated with holding classes, events and running a Buddhist Centre, to further the purposes of the Charity and their associated support costs.
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.
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JAMYANG BUDDHIST CENTRE NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31[st] DECEMBER 2024
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.
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JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 received Donations received Donations in kind Membership fees Education donations: Basic Program Education donations: Exploring Buddhism Education donations: Discovering Buddhism Education donations: Other Programmes Education donations: Lama Visits Other Donations: Major Events |
Unrestricted Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ - - 2,151 65,677 249,931 315,608 163,497 8,736 - 8,736 8,736 32,513 - 32,513 34,460 61,763 - 61,763 55,969 59,722 - 59,722 30,190 814 - 814 21,145 48,160 - 48,160 52,375 100,278 - 100,278 - 8,560 - 8,560 - |
|---|---|
| 386,223 249,931 636,154 368,523 |
The donations and legacies in 2023, totalling £368,523, were attributed to £260,767 unrestricted funds and £107,756 restricted funds.
3. INCOME FROM CHARITABLE ACTIVITIES
| Lotus guesthouse Bookshop income Cafe income |
Unrestricted Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ 102,120 - 102,120 76,192 6,024 - 6,024 4,811 2,547 - 2,547 8,144 |
|---|---|
| 110,691 - 110,691 89,147 |
The income from charitable activities in 2023, totalling £89,147, was attributed to unrestricted funds.
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JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
4. INCOME FROM OTHER TRADING ACTIVITIES
| Rental income Other miscellaneous income |
Unrestricted Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ 40,043 - 40,043 43,611 999 - 999 330 |
|---|---|
| 41,042 - 41,042 43,941 |
The income from other trading activities in 2023, totalling £43,941, was attributed to unrestricted funds.
5. INVESTMENT INCOME
| . INVESTMENT INCOME |
|
|---|---|
| Interest on cash deposits | Unrestricted Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ 15,642 - 15,642 8,642 |
| 15,642 - 15,642 8,642 |
The investment income in 2023 totalling £8,642 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 |
|---|---|---|
| 32,507 65,423 157,722 237,420 86,187 133,500 712,759 594,264 |
Of the £712,759 expenditure in 2024 (2023: £594,264), £591,151 was charged to unrestricted funds (2023: £436,725) and £121,608 to restricted funds (2023: £157,539).
15
JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 2024 Total 2023 £ £ £ £ 43,349 7,650 50,999 69,425 35,990 - 35,990 23,927 3,880 - 3,880 3,024 - 1,214 1,214 1,377 5,793 - 5,793 6,591 8,630 - 8,630 6,645 16,341 - 16,341 7,380 87,354 - 87,354 47,952 - 1,950 1,950 1,950 |
|---|---|
| 201,337 10,814 212,151 168,271 |
8. NET INCOME / (EXPENDITURE) FOR THE YEAR
Net movement in funds is stated after charging:
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 87,354 | 47,952 |
| Independent Examination | 1,950 | 1,950 |
9. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL
| Wages and salaries Social security costs Pension costs |
Total 2024 Total 2023 £ £ 217,071 212,457 19,718 11,015 4,546 3,723 |
|---|---|
| 241,335 227,195 |
No employee received remuneration in excess of £60,000 during the year.
None of the Trustees received any remuneration during the year (2023: £nil) and no expenses were reimbursed (2023: £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 £80,753 (2023: £74,142).
16
JAMYANG BUDDHIST CENTRE
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
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 |
2024 2023 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 (2023: 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 - 279,872 186,837 |
Total 2024 Total 2023 £ £ 58,000 58,000 277,661 281,528 162,166 58,815 |
|---|---|---|
| 497,827 398,343 |
||
| Disposals Closing Balance £ £ - 58,000 - 347,985 - 466,709 |
||
| 685,857 186,837 |
- 872,694 |
|
| Opening Balances Charge For Year £ £ - - 66,458 3,867 221,056 83,486 |
Disposals Closing Balance £ £ - - - 70,325 - 304,542 |
|
| 287,514 87,353 |
- 374,867 |
12. STOCK
Goods for Sale
| Total | Total |
|---|---|
| 2024 | 2023 |
| £ | £ |
| 2,600 | 2,600 |
| 2,600 | 2,600 |
17
JAMYANG BUDDHIST CENTRE NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31[st] DECEMBER 2024
13. DEBTORS
| Trade debtors Gift Aid recoverable Accrued Income Prepayments |
Total 2024 Total 2023 £ £ 770 312 25,812 24,968 2,059 - 6,788 7344 35,429 32,624 |
|---|---|
14. CREDITORS: amounts falling due within one year
| Trade creditors Taxation and social security Deferred income (see note 15) Other creditors Accruals 5. DEFERRED INCOME Balance as at 1st January 2024 Amount released to income in the year Amount deferred in the year Balance as at 31st December 2024 |
Total 2024 Total 2023 £ £ 17,648 31,206 4,807 3,214 73,363 113,043 - 641 1,950 1,950 |
|---|---|
| 97,768 150,054 |
|
| Total 2024 Total 2023 £ £ 113,043 80,805 (112,361) (79,212) 72,681 111,450 73,363 113,043 |
15. DEFERRED INCOME
The deferred income released in 2024 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 £4,546 (2023: £3,723).
Contributions totalling £nil (2023: £641) 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 2024
17. MOVEMENT IN FUNDS
| 7. MOVEMENT IN FUNDS |
|||||
|---|---|---|---|---|---|
| Balance at | Balance at | ||||
| 01-01-2024 | Income | Expenditure | Transfers | 31-12-2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Funds: Capital Funds with balances carried forward | as un-depreciated costs | ||||
| Building Appeal | 103,053 | - | 1,452 | - | 101,601 |
| New Roof | 120,844 | - | 1,702 | - | 119,142 |
| Heating System | 8,348 | - | 118 | - | 8,230 |
| 232,245 | - | 3,272 | - | 228,973 | |
| Restricted Funds: Other Restricted Funds | |||||
| Welcome Project (Roger Searle Legacy) |
80,000 | - | - | - | 80,000 |
| Lineage Project | 111 | - | 111 | - | - |
| Sanctuary Project | - | 150,153 | 30,697 | (119,456) | - |
| Science & Wisdom | 11,089 | 99,778 | 99,420 | - | 11,447 |
| 91,200 | 249,931 | 130,228 | (119,456) | 91,447 | |
| Unrestricted Funds | |||||
| General Funds | 474,258 | 553,598 | 579,259 | 119,456 | 568,053 |
| 474,258 | 553,598 | 579,259 | 119,456 | 568,053 | |
| Total Funds | 797,703 | 803,529 | 712,759 | - | 888,473 |
Description, nature and purpose of funds:
Restricted Funds: Capital Funds with balances carried forward as un-depreciated costs.
-
Building Appeal - Capital funds received towards the cost of purchase of the freehold building. The balance carried forward represents un-depreciated costs.
-
New Roof - Capital funds received for a new roof. The balance carried forward represents un-depreciated costs.
-
Heating System - Capital funds received towards the improvements to the heating system. The balance carried forward represents un-depreciated costs.
Restricted Funds: Other Restricted Funds.
-
Welcome Project - Fund restricted for using Legacy from Roger Searle for the Garden Room (part (Roger Searle Legacy) of the Welcome Project).
-
Lineage Project - Fund restricted for holy objects for the main shrine room.
-
Sanctuary Project - Fund restricted for capital project to invest in Jamyang's home, the Old Courthouse, to support the values of community-care and environmental stewardship and meet the needs of a growing community.
Science & Wisdom - Fund restricted for a project that brings contemplative practitioners in conversation with scientists to discuss society’s biggest challenges and explore the middle ground between science and contemplative traditions.
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 2024
18. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
| Tangible fixed assets Net current Assets |
Unrestricted Funds Designated Funds Restricted Funds Total 2024 Total 2023 £ £ £ £ £ 268,854 - 228,973 497,827 398,343 299,199 - 91,447 390,646 399,360 |
|---|---|
| 568,053 - 320,420 888,473 797,703 |
Tangible fixed assets included in Restricted Funds is comprised of the net book value of the following assets:
| Freehold land Freehold property |
Total 2024 Total 2023 £ £ 58,000 58,000 170,973 174,245 |
|---|---|
| 228,973 232,245 |
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:
- Accommodation and facilities income receivable £125 (2023: £350)
Key Management Personnel and Trustees
A member of the key management personnel paid the Charity rental of £12,995 (2023: £10,355).
Trustees donations to the charity for the year totalled £6,181 (2023: £11,869).
20