**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 2023
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 2023
|||Page||
|---|---|---|---|
|Report of the Trustees||1||
|Statement of Financial Activities||2||
|Balance Sheet|3|to|4|
|Notes to the Financial Statements|5|to|10|
|Detailed Statement of Financial Activities||11||
Drolma Mahayana Buddhist Centre Limited
for the Year Ended 31 December 2023
## Report of the Trustees
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 2023. 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 (resigned 15.12.23) T Frascella (resigned 15.12.23) J J Andrews (resigned 31.12.23) Ms. M E Cansdale (appointed 31.12.23) Mrs. M Palmqvist (appointed 15.12.23) P Bygrave (appointed 15.12.23)
## **Company Secretary**
G L Southwell
Approved by order of the board of trustees on 24 September 2024 and signed on its behalf by:
G L Southwell - Secretary
Page 1
Drolma Mahayana Buddhist Centre Limited
## Statement of Financial Activities for the Year Ended 31 December 2023
|||31.12.23|31.12.22|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Voluntary income||35,725|34,924|
|Other trading activities|2|1,189|508|
|**Total**||36,914|35,432|
|**EXPENDITURE ON**||||
|Raising funds|3|21,415|9,997|
|Other||18,977|18,601|
|**Total**||40,392|28,598|
|**NET INCOME/(EXPENDITURE)**||(3,478)|6,834|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward||207,428|200,594|
|**TOTAL FUNDS CARRIED FORWARD**||203,950|207,428|
The notes form part of these financial statements
Page 2
Drolma Mahayana Buddhist Centre Limited
## Balance Sheet 31 December 2023
|31.12.23
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
7
353,808
**CURRENT ASSETS**
Stocks
8
-
Debtors
9
-
Cash in hand
14,874
14,874
**CREDITORS**
Amounts falling due within one year
10
(16,310)
**NET CURRENT ASSETS**
(1,436)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
352,372
**CREDITORS**
Amounts falling due after more than one year
11
(148,422)
**NET ASSETS**
203,950
**FUNDS**
14
Unrestricted funds
203,950
**TOTAL FUNDS**
203,950|31.12.22
Total
funds
£
354,771
1,973
412
17,389
19,774
(12,713)
7,061
361,832
(154,404)
207,428
207,428
207,428|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 3
Drolma Mahayana Buddhist Centre Limited
## Balance Sheet - continued 31 December 2023
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 24 September 2024 and were signed on its behalf by:
P Bygrave - Trustee
The notes form part of these financial statements
Page 4
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
## **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 5
continued...
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
## **2. OTHER TRADING ACTIVITIES**
|||31.12.23|31.12.22|
|---|---|---|---|
|||£|£|
||Fundraising & other income|1,189|508|
|**3.**|**RAISING FUNDS**|||
||**Raising donations and legacies**|||
|||31.12.23|31.12.22|
|||£|£|
||Promotions & Advertising|733|14|
||Support costs|20,682|9,983|
|||21,415|9,997|
|**4.**|**NET INCOME/(EXPENDITURE)**|||
||Net income/(expenditure) is stated after charging/(crediting):|||
|||31.12.23|31.12.22|
|||£|£|
||Depreciation - owned assets|963|1,209|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Voluntary income|34,924|
|Other trading activities|508|
|**Total**|35,432|
|**EXPENDITURE ON**||
|Raising funds|9,997|
|Other|18,601|
|**Total**|28,598|
|**NET INCOME**|6,834|
Page 6
continued...
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
||Unrestricted|
|---|---|
||fund|
||£|
|**RECONCILIATION OF FUNDS**||
|Total funds brought forward|200,594|
|**TOTAL FUNDS CARRIED FORWARD**|207,428|
## **7. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2023 and
31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|Freehold
property
£
350,000
-
-
-
350,000
350,000|Plant and
machinery
£
2,000
2,000
-
2,000
-
-|Fixtures
and
fittings
Furnishings
£
£
22,122
8,045
17,536
7,860
917
46
18,453
7,906
3,669
139
4,586
185|Totals
£
382,167|
|---|---|---|---|---|
|||||27,396
963|
|||||28,359|
|||||353,808|
|||||354,771|
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.
## **8. STOCKS**
|**8.**|**STOCKS**|||
|---|---|---|---|
|||31.12.23|31.12.22|
|||£|£|
||Stocks|-|1,973|
|**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.12.23|31.12.22|
|||£|£|
||Donations (gift aid)|-|412|
continued...
Page 7
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
|**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.12.23
£
Bank loans and overdrafts (see note 12)
5,000
Other loans (see note 12)
2,125
Trade creditors
1,983
Accrued expenses
7,202
16,310
**11.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.12.23
£
Bank loans (see note 12)
148,422
**12.**
**LOANS**
An analysis of the maturity of loans is given below:
31.12.23
£
Amounts falling due within one year on demand:
Bank loans
5,000
Other loans
2,125
7,125
Amounts falling between one and two years:
Bank loans - 1-2 years
14,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
21,000
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 years
113,422
**13.**
**SECURED DEBTS**
The following secured debts are included within creditors:
31.12.23
£
Bank loans
153,422
Assets held as security:|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
31.12.22
£
159,404|
|||
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.
continued...
Page 8
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
## **14. MOVEMENT IN FUNDS**
|At 1.1.23
£
**Unrestricted funds**
General fund
207,428
**TOTAL FUNDS**
207,428
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
36,914
**TOTAL FUNDS**
36,914
**Comparatives for movement in funds**
At 1.1.22
£
**Unrestricted funds**
General fund
200,594
**TOTAL FUNDS**
200,594
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
35,432
**TOTAL FUNDS**
35,432|Net
movement
At
in funds
31.12.23
£
£
(3,478)
203,950
(3,478)
203,950
Resources
Movement
expended
in funds
£
£
(40,392)
(3,478)
(40,392)
(3,478)
Net
movement
At
in funds
31.12.22
£
£
6,834
207,428
6,834
207,428
Resources
Movement
expended
in funds
£
£
(28,598)
6,834
(28,598)
6,834|
|---|---|
continued...
Page 9
Drolma Mahayana Buddhist Centre Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
## **14. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.22
£
200,594
200,594|Net
movement
in funds
£
3,356
3,356|At
31.12.23
£
203,950|
|---|---|---|---|
||||203,950|
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|72,346|(68,990)|3,356|
|**TOTAL FUNDS**|72,346|(68,990)|3,356|
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
Page 10
Drolma Mahayana Buddhist Centre Limited
|Detailed Statement of Financial Activities|||
|---|---|---|
|for the Year Ended 31 December 2023|||
||31.12.23|31.12.22|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Voluntary income**|||
|Courses & accommodation|32,791|31,136|
|Donations|2,934|3,788|
||35,725|34,924|
|**Other trading activities**|||
|Fundraising & other income|1,189|508|
|**Total incoming resources**|36,914|35,432|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Promotions & Advertising|733|14|
|**Other**|||
|Light, heat & water|7,786|5,973|
|Room hire & council tax|2,813|2,281|
|Household|3,496|1,518|
|Sponsorship & offerings|4,882|8,532|
|Sundry|-|297|
||18,977|18,601|
|**Support costs**|||
|**Management**|||
|Administration|1,075|574|
|Telephone|437|880|
|Accountancy|529|517|
|Insurance's|1,037|983|
||3,078|2,954|
|**Finance**|||
|Bank charges|12|14|
|Loan interest|16,629|5,806|
||16,641|5,820|
|**Other**|||
|Fixtures & fittings|917|1,147|
|Furnishings|46|62|
||963|1,209|
|Total resources expended|40,392|28,598|
|**Net (expenditure)/income**|(3,478)|6,834|
This page does not form part of the statutory financial statements
Page 11