REGISTERED COMPANY NUMBER: 05239391 (England and Wales) REGISTERED CHARITY NUMBER: 1107477
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Drolma Mahayana Buddhist Centre Limited
Len Entwistle Chartered Accountants Suite 12 Blackburn Business Centre Davyfield Road Blackburn Lancashire BB1 2QY
Drolma Mahayana Buddhist Centre Limited
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Drolma Mahayana Buddhist Centre Limited
Report of the Trustees
for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Principal Activity
The principal activity of the company is to promote the Buddhist faith under the spiritual guidance of the elected general Director of the New Kadampa tradition principally through the activities of teaching, study and the observance of moral discipline all within the Mahayana Buddhist tradition of Je Tsongkhapa as taught by the Venerable Geshe Kelsang Gyatso, the founder of the New Kadampa tradition, through the continuous implementation of the three New Kadampa tradition study programmes: the General Programme, The Foundation Programme and the Teacher Training Programme.
Review of Progress
The Directors and Trustees consider the results for the period to be satisfactory.
FINANCIAL REVIEW
Fixed Assets
The movements in the company's fixed assets is set out in note 6 to the accounts
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Memorandum and Articles of Association dated 8th January 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 05239391 (England and Wales)
Registered Charity number
1107477
Registered office
260 Dogsthorpe Road Peterborough Cambridgeshire PE1 3PG
Trustees
H Jarman T Frascella J J Andrews
Company Secretary
G L Southwell
Approved by order of the board of trustees on 26 September 2023 and signed on its behalf by:
Page 1
Drolma Mahayana Buddhist Centre Limited
Report of the Trustees
for the Year Ended 31 December 2022
G L Southwell - Secretary
Page 2
Drolma Mahayana Buddhist Centre Limited
Statement of Financial Activities
for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Voluntary income | 34,924 | 38,929 | |
| Other trading activities | 2 | 508 | 395 |
| Total | 35,432 | 39,324 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 9,997 | 9,382 |
| Other | 18,601 | 17,337 | |
| Total | 28,598 | 26,719 | |
| NET INCOME | 6,834 | 12,605 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 200,594 | 187,989 | |
| TOTAL FUNDS CARRIED FORWARD | 207,428 | 200,594 |
The notes form part of these financial statements
Page 3
Drolma Mahayana Buddhist Centre Limited
Balance Sheet
31 December 2022
| 31.12.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 354,771 CURRENT ASSETS Stocks 8 1,973 Debtors 9 412 Cash in hand 17,389 19,774 CREDITORS Amounts falling due within one year 10 (12,713) NET CURRENT ASSETS 7,061 TOTAL ASSETS LESS CURRENT LIABILITIES 361,832 CREDITORS Amounts falling due after more than one year 11 (154,404) NET ASSETS 207,428 FUNDS 14 Unrestricted funds 207,428 TOTAL FUNDS 207,428 |
31.12.21 Total funds £ 355,980 924 412 16,664 18,000 (11,235) 6,765 362,745 (162,151) 200,594 200,594 200,594 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 4
Drolma Mahayana Buddhist Centre Limited
Balance Sheet - continued
31 December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2023 and were signed on its behalf by:
T Frascella - Trustee
The notes form part of these financial statements
Page 5
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance Furnishings - 25% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 6
continued...
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Fundraising & other income | 508 | 395 | |
| 3. | RAISING FUNDS | ||
| Raising donations and legacies | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Promotions & Advertising | 14 | 309 | |
| Support costs | 9,983 | 9,073 | |
| 9,997 | 9,382 | ||
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Depreciation - owned assets | 1,209 | 1,515 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Voluntary income | 38,929 |
| Other trading activities | 395 |
| Total | 39,324 |
| EXPENDITURE ON | |
| Raising funds | 9,382 |
| Other | 17,337 |
continued...
Page 7
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 January 2022 and 31 December 2022 350,000 DEPRECIATION At 1 January 2022 - Charge for year - At 31 December 2022 - NET BOOK VALUE At 31 December 2022 350,000 At 31 December 2021 350,000 |
Plant and machinery £ 2,000 2,000 - 2,000 - - |
Unrestricted fund £ 26,719 12,605 187,989 200,594 Fixtures and fittings Furnishings Totals £ £ £ 22,122 8,045 382,167 16,389 7,798 26,187 1,147 62 1,209 17,536 7,860 27,396 4,586 185 354,771 5,733 247 355,980 |
|---|---|---|
An independent valuation carried out on the freehold property as at 2 April 2015 valued the freehold property at £350,000 generating a revaluation surplus of £20,000.
continued...
Page 8
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
| 8. STOCKS Stocks 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Donations (gift aid) 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Other loans (see note 12) Trade creditors Accrued expenses 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 12) 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Other loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 years |
31.12.22 £ 1,973 31.12.22 £ 412 31.12.22 £ 5,000 2,250 2,341 3,122 12,713 31.12.22 £ 154,404 31.12.22 £ 5,000 2,250 7,250 14,000 21,000 119,404 |
31.12.21 £ 924 31.12.21 £ 412 31.12.21 £ 5,000 2,250 1,553 2,432 11,235 31.12.21 £ 162,151 |
|---|---|---|
| 31.12.21 £ 5,000 2,250 |
||
| 7,250 | ||
| 14,000 | ||
| 21,000 | ||
| 127,151 |
continued...
Page 9
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
13. SECURED DEBTS
The following secured debts are included within creditors:
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| Bank loans | 159,404 | 167,151 |
Assets held as security:
Assignment of Deposit dated 18th March 2007 and Legal Charge dated 22nd March 2007 over the freehold property known as Woodbyth, Dogsthorpe Road, Peterborough, Cambridgeshire, PE1 3PG.
14. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 200,594 200,594 Incoming resources £ 35,432 35,432 At 1.1.21 £ 187,989 187,989 |
Net movement At in funds 31.12.22 £ £ 6,834 207,428 6,834 207,428 Resources Movemen expended in funds £ £ (28,598) 6,834 (28,598) 6,834 Net movement At in funds 31.12.21 £ £ 12,605 200,594 12,605 200,594 |
At 31.12.22 £ 207,428 |
|---|---|---|---|
| 207,428 | |||
| 200,594 |
continued...
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Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 39,324 TOTAL FUNDS 39,324 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.21 £ Unrestricted funds General fund 187,989 TOTAL FUNDS 187,989 |
Resources Movement expended in funds £ £ (26,719) 12,605 (26,719) 12,605 Net movement At in funds 31.12.22 £ £ 19,439 207,428 19,439 207,428 |
Resources Movement expended in funds £ £ (26,719) 12,605 (26,719) 12,605 Net movement At in funds 31.12.22 £ £ 19,439 207,428 19,439 207,428 |
|---|---|---|
| 207,428 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 74,756 | (55,317) | 19,439 |
| TOTAL FUNDS | 74,756 | (55,317) | 19,439 |
continued...
Page 11
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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Drolma Mahayana Buddhist Centre Limited
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2022 | ||
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Voluntary income | ||
| Courses & accommodation | 31,136 | 32,557 |
| Donations | 3,788 | 6,372 |
| 34,924 | 38,929 | |
| Other trading activities | ||
| Fundraising & other income | 508 | 395 |
| Total incoming resources | 35,432 | 39,324 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Promotions & Advertising | 14 | 309 |
| Other | ||
| Light, heat & water | 5,973 | 3,933 |
| Room hire & council tax | 2,281 | 2,175 |
| Household | 1,518 | 1,645 |
| Sponsorship & offerings | 8,532 | 9,509 |
| Sundry | 297 | 75 |
| 18,601 | 17,337 | |
| Support costs | ||
| Management | ||
| Administration | 574 | 991 |
| Telephone | 880 | 598 |
| Accountancy | 517 | 493 |
| Insurance's | 983 | 975 |
| 2,954 | 3,057 | |
| Finance | ||
| Bank charges | 14 | 320 |
| Loan interest | 5,806 | 4,181 |
| 5,820 | 4,501 | |
| Other | ||
| Fixtures & fittings | 1,147 | 1,433 |
| Carried forward | 1,147 | 1,433 |
This page does not form part of the statutory financial statements
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Drolma Mahayana Buddhist Centre Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| Detailed Statement of Financial Activities for the Year Ended 31 December 2022 |
||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Other | ||
| Brought forward | 1,147 | 1,433 |
| Furnishings | 62 | 82 |
| 1,209 | 1,515 | |
| Total resources expended | 28,598 | 26,719 |
| Net income | 6,834 | 12,605 |
This page does not form part of the statutory financial statements
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