Triratna Buddhafield Charity No. 1108826 Company No. 05157868 Trustees. Report and Unaudited Accounts 31 December 2020 111 *OAEIRVPM 2910912021 CCXIPANIES HOUSE #58 Trir*na Buddhafteld CONTENTS Pages 2to3 Trustees, Annual Report Independerrt Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 7t014 Detailed Statement of Finanual Activities 15 Page I Triratna Buddhafield TRUSTEES ANNUAL REPORT The Trustees, who a￿ also directors of the chèTrty for the Purposes of the Companies Act 2006, present their report with the unaudtted financial statements of the charity for the year ended 31 December 2020. REFERENCE AND ADMINisfRATIVE ￿All$ Company No. 05157868 Charity No. 1108826 Re8iStered Office ThoTnbv Yeo Road Down St Mary Crediton EX17 6DU Directors and Trustee5 The Directors of the charitable company a￿ its Trustees forthe purpose5 of charrty law. The following Directors and Trnstees served durin8 the year.. W.L. Bedford S.W. Cohn G. Pearse S.M.F. Sansom E. Tomb5 (Resigned 23 April 20201 J Lyus (Appointed 23 April 20201 Accountants Hele Kergoiou Ltd Lilac CottaEe The Street Draycott Cheddar BS27 3TH oBJE￿IVEs AND ACTivrriES The purpose of the chartty as set out in its governing document dated 18 June 21X)4 is the advancement of the Buddhist Religion. The main activities undertaken in relation to those purposes consists of running retreats on our own land and elsewhere and introdycing the prartice of meditation and the teachings of the Buddha at other festivals. Page 2 Triratna Buddhafield TRusfEES ANNUAL flEPORT The trustees have given due consideration to the Charity Commission's guidance on the public benefit requirement and activities are orgafiised with this in mind. The Trustees are resF¥Jnsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financi31 position of the charity and to enable them to ensure that the financial statements comply with ihe Companies Art 2006. The Trustees are also ￿spOnSible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subjett to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board E. Tombs Trustee 27 September 2021 FDwA4I? Tt)M Page 3 Triratna BuddlAfield Independent Examinees Repwtto the th￿¢¢5 af Trratha 8uddlHfield I report to the tharity trnstees on my examination of the amjunts of Triratna Buddhafield for the year ended 31 December 2020 which comprise the sLiteMe￿ of Financial Artivities. the Summary Income and Expendilure Account. the Balan￿ Sheet and the related notes. Re5ponsibilitles and bag5 of report As the t￿￿ee5 of the charity land also its direttors for the wn)oses of company law) you are respoftsible for the preparntion of the accounts in accordance with the requirements of the Companies Act 2006 ('the 21x16 Havi￿ satisfied myselfthat the accounts of tharity a￿ not fequired to be athlited vftder Part 16 of the 2(¥J6 Art and are eligible for independent e￿I}nati(￿, I report in reS¥￿tt of my examination of your thaiitrfs accounts as tarried out under settion 145 of the Charities Art 20111'the 2011 Act,). In carrying out my examination I have followed the Directions given tythe Chaiity Commi55ton under sertion 145(5)(bl of the 2011 ACL I have completed my examination. I can rybnfimi that no material mattus have come to myattentTh in connection wrth the examination 8i¥wry me (ause to believe tfrot • aCt(￿nting records were not keo in accL¥da￿e with section 386 of the 2(MJ6 Art. or the attounts do not accord with those records: or • the accounts do not comply with the accounting feq￿re￿￿1ts urKler settion 396 of the 21Th Actother than any requirement that the acwunts give a'true and fairf view which 15 not a matter considered as part of an independent etsminatiort: or . the accounts have not been prewed in accordan￿ with the CharitiesSORP {FRS 102). I have no Conce￿ and hwe tome across no other matters in coTrn￿n with the e¥amination to whith attention should be drawn in this report in ￿der to e￿ble a woper understandw¥ of the accounts to be reached. J S Hele Kergozou FCA Hele Kergozou Ltd lilac Cottage The Street Oraycfjtt Cheddar 8S27 3TH 27 September 2021 AkTfvA Triratna Buddhafield STATEMENT OF FINANCIAL AcllviTIES for the year ended 31 December 2020 Umestrirted funds Restrirted lunds Total funds Total funds 2020 2020 2020 2019 Notes Income and endowments from.. Donations and legacies Charitable activities 84,111 43.544 207 13.5441 80.567 43,544 207 77.835 84,835 250 Investments Total 127,862 13,5441 124,318 162,920 Expenditure on". Ch3rit3ble activities 147.845 147.845 233,106 Tolal 147,845 147,845 233,106 Net gains on investments Net incomelleKpenditure) Net incornellexpenditure) before other 8ain5111055es) 119.9831 13,5441 123.5271 170.1861 119,9831 13,5441 23,5271 170,1861 Other yins and1055es: Net rnovement in fvnds 119.9831 13.5441 123.5271 170.1861 Reconciliatlon of lunds: Total funds brought forward 76,994 182,033 259,027 329,213 Total funds carried for¥Jard 57.011 178.489 235.SOO 259.027 IIIF Page 5 Triratna Buddhafield BALANCE SHEET at 31 Oecembef 2020 Notes 2020 2019 Fixed assets Tangible asseis Investments li 117.594 117,594 200 117,794 12 117.794 Current assets Debt0￿ and pre￿yMentS Cash at bank and in hand 13 1.417 157,831 144,490 159.248 141.5421 117,706 144,490 13.2S71 141,233 Creditors". Amount falling due within one year Net ￿rrent assets 14 Total a5set5 le$5 current liabilitie5 235.500 259.027 Nel assets excluding pension asset or liability Total net assets 235,5tJ) 259,027 235.5C 259.027 The funds of the charity Resirirted funds Restricted income funds 15 178.489 178.489 182,033 182.033 UnrestrScted funds General fund5 Is 57.011 76,994 57,011 76,994 Total funds 235,5LXI 259,027 These accounts have been prepared in accordance with the special provisions of Part IS of the Companie5 Act 2006 relating to small companies. For the year ended 31 December 2020 the company was entitled to exemption under sectKJn 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with 5ertion 476 of the Companie5 Act 2006. The d1￿CtorS acknowledge their responsibilities for complying wrth the requirements of the Companies Act 2006 with respert to accounting records and the preparation of accounts. Approved by the board on 27 September 2021 And signed on its behalf by: E. Tombs Trustee 27 September 2021 Page 6 Triratna Buddhafield NOTESTO THE ACCOUNTS for ihe year ended 31 De(ernb￿ 2020 l Acc¢urttin8 policie5 Basls of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice ap￿ICable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe I January 20151- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2(M)6. Change in basls of actounting ty to previous aicounts There has been no change to the accounting policies (valuation rule5 and method of acc04Jntin81 since last year and no changes have been made to accounts for p￿VIouS years. Fund a¢coyntin8 Unrestritted funds These are available for use èt the dtscretion of the trustees in furtherance of the general objects of the charfrty. These are unre51ricted funds earmarked by the trustee5 for particularpurposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subj-ect to restrictions imposed by the donor or throu8h terns of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charrf(y beC0r￿ entitled to. and virtually certain to recerve. the income and the amount of the income can be measured with sufficient reliability. Incorne Wbth related Where income has related expenditure the incorne and related expenditure is expendtrture reported gross in the SOFA. Donations and le8acies Volurttary income received ￿ way of grants. donations and grts Is included in the the SOFA when weivable and onty when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included ift the SOFA at the Sa￿ time as the donations and gifts giftldonation to which it relates. Donated services These are only included in income Iwith an equiv8leni amount in expenditurel and facilitie5 where the benefit to the Charity is reasonably quantifiable. measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any gain or10ss resulting from revaluing investments to market value revaluation of fFxed at the end of the year. assets Gainslllossesl on investment assets This includes any eain or loss on the sale of investments. Page 7 Triratna Buddhafield NOTES TO THE ACCOUl￿s Expenditure Recognition of expenditure Expenditure is reCOgn￿ed on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. and is rewrted as part of the expenditure to which it relaies. Expenditure on These comprise the costs assocrated wtth attracting voluntary income. fundraising raising funds tradin8 Costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable artivities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure 15 accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitution31 and statutory requirements of the Charity, includin8 any aLrditlindependent examination fees, costs linked to the strategic rnanagement of the Charity, together wlth a share of other administration costs. These are SUp￿)rt costs not allocated to a particular actN*ty. Grants payable Governance costs Other expenditure Taxatio The charity is exempt from corporation tax on its charitable artivities. Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each a55et over its estimated useful life-. Motor Vehicles 25% Stra8ht line Freehold agricuttural land is owned by the charity and used for holding Retreats and other events. Freehold investment pr¢perty Investment properties are revalued annually and any surplus or deficit is dealt with throLTrgh the Statement of Financial Activf(ies. No deprec4ation is provided in respert of investment properties. Thi5 treatment conflirts wrth the requirements of the Companies Act 2￿6 that all properties should be depreciated. The directors consider that. because these propertie5 are not held for consumption. but for their investment potential il is necessary to adopt the requirements of the FRSSE in order to give a true and fair view. Intsn8ible fixed assets and amortisation Intangible fixed assets (including purchased @￿dWIll, patents and tTademarksl are carried at cost less accumulated amortisation arKI impairment losses. Stock5 Stock is intluded at the lower of cost or net realisable value. Donate(J itern5 of stock are recognised at fair value which bs the amount the charity would have been willing to pay for the items on the open markeL Page 8 Trlratna Buddhafield NOTES TO THE ACCOUNTS Trade and other debtors Trade and other debtors are recogni5ed at the settlewnent amount due after any trade db5count offered. Prepayments are valued at the amount P￿pa￿d net of any trade discounts due. Cash and Cash equiwalents Cash and cash equivalents tomprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdraft5 are Shown within borrowings or current liabilities. In the Statement of Cash Flow5, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transartion price. Other cre(litors and provisions are recognised where the charity has a present obligation resLTrlting 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 nomially recognised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in whith it is incurred. Foreign currencles Monetary assets and Irabilities denominated in currencies other than the functional CLtrrency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional Cur￿ ncy of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are a￿ taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held undei finance leases a￿ initially recognised as assets of the charity at their fair value at the inception of the lease or. if lower. at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned betweerb finance expenses and reduction of the lease obligation 50 as to achieve a constant rate of interesi on the remaining balance of the liabiltty- Finance expense5 are recognised immediately, unless they are directty attributable to qualfying assets, in which tase they are capitalised in accordance with the charity's policy on borrowin8 Costs. Assets held under finance leases are depreciated in the same way as owned assets. Operatin8 lease payments a￿ recognised as an expense on a 5traight-line basis over the lease term. In the event that lease incentives a￿ received to enter inio operating leases, such incentives are recognised as a liability. The aggregate benefrt of in¢enti¥es is recognised as a reduction of rental expense on a straight-line basis. Page 9 Triratna Buddhafield NOTES TO THE ACCOUNTS Pension tosts The charity operates a defined contribution plan for ils employees. A defined contTibutson plan is a pension plan under which the company pays fixed contributH)ns into a separate entity. Once the contributions have been paid the company has no further payment5 obligation5. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. 2 Company status The company is a prNate company limited by guarantee and consequently does not have share capital. 3 Slaternent of Financial ACtI￿t￿S- prior year Vnrestri¢ted fund5 Restricted funds Total funds 2019 2019 2019 Income and endowments from: Donations and legacies Charitable activities Investmenls 76,687 84,835 250 1.148 77,835 84.835 250 Total 161.772 1.148 162,920 Expenditure on: Charitable activit*s 233.106 233,106 Totsl 233.106 233,106 Net income 171.3341 1,148 170,1861 Net income before other gains/(lossesl Other gains and losses: Net movement in funs 171.3341 1.148 170.1861 171,3341 1,148 170,1861 Reconciliation of funds: Total funds brought forward Total funds carried fO￿ard 148,328 180.885 329.213 76,994 182,033 259.027 Page 10 Triratna Buddhafield NOTES TO THE ACCOUNT5 4 Income from don•iions and legacies Unrestricted Restricted Total Total 2020 2019 Samaya Projert Ltd - events organi5er and Buddhafield Trading Lid Land and property appeals Land Stewardship Governrnent Grant5- Furlough General 55,051 55,051 57,360 13.5441 13.5441 250 1,148 250 10,334 18.476 10,334 18.476 19.327 84,111 13.5441 80,567 77,835 5 Income from charitable adivities Unrestrirted Total 2020 Total 2019 Retreats and events Other 29.051 14,493 43,544 29.051 14,493 43.544 57.264 27,571 84,835 6 Income from investments Unrestrit*d Total Total 2020 2019 Bank Interest 207 207 250 207 207 250 7 Expenditure on charitable activities Unrestrlrted Total Total 2020 2019 Expenditure on choritoble Activities Retreats and events 16.625 16,625 .113 55.765 77.757 St8ff costs Donations and grants Other 69.140 69,140 97,449 Governonce costs Support costs Office supplies Independent Examiner fee Other 250 250 325 975 975 975 242 242 255 147.845 147.845 233.106 Page 11 Triratna Buddhafield NOTES TO THE ACCOUNTS 8 Analysis of grants Activity OT programme Costs Total Total 2020 2019 ECA donatbon Land Stewardship 500 80 SC 580 9 Trustee remuneration and expenses One or more of the trustees ha5 L*en paid remuneratiorb in the current or prior periods. Trustee W.L. Bedford E Tombs Remuneration Pension benefits 275 J. Lyu5 3.375 One or more of the trustees has been paid expenses in the current or priorperiods. 2020 2019 Numbèr Numbèr Number of trusiees paid eypenses The nature of the reimbursed expenses Travel. trainin& publicity expenses Total expenses reimtMJr5ed to trustees 206 4,297 10 Staff Costs No employee received emoluments in excess of £60,IXKI. Page 12 Triratna Buddhafield NOTES TO THE ACCOUNTS 11 Tangible lixed assets land and buildings Motor Vehicles Total Cost or revaluation At l January 2020 Disposals At 31 December 2020 DeprÈ¢iation and Impairment At ljanuary 2020 Depreciation charge for the year At 31 December 2020 117,594 3,580 117,594 117.594 3,580 117,594 3.580 3.580 3.580 3.580 Net ljook values At 31 December2020 117.594 117.594 117.594 117.594 At 31 December 2019 12 Investments Investment in Substdiaries Total Cost or re¥alu*ion At l January 2020 At 31 December 2020 Nèt book value5 At 31 December 2020 At 310ecember2019 Investment in Subsidiaries 2CKI 2CKI 200 200 2fX) 200 200 2C The company has the following subsidiary undertaki Capital and reserves at Profit/lloyJl end of the f¢r the Televant Country of incorporation aass of %ageof {if not UK) shares held shares held relevant Name of Company vear vear Sarnaya Project Ltd Buddhèfield Tradin8 Ltd Ordinary Ordinary i(K) IIKJ 50.941 4,238 (13,0381 12551 Page 13 Triratna Buddhafield NOTES TO THE ACCOUNTS 13 Debtors: amounts falling due within one year 2019 Other debtors Prepayments 500 917 1.417 14 Creditors: amounts fallin8 due within one year Loan from 8Uddhaf￿Id Events Ltd Other creditors Accruals and deferred income 34.949 4.314 2,279 41,542 2,282 975 3,257 15 Movement ifft funds Oi/OV20 Incoming Resour¢es Resources Expended 31112120 Restrl¢ted lund$: Restricted income funds: Land appeal, land purchase BF Basecamp 177.253 4,780 648 14,1921 177,901 588 rotol 182.033 13,5441 178,489 Unre5trirted fvnds: General fvnd5 76,994 127,862 {147.8451 57,011 Revaluation Reserves: Total funds 259.027 124.318 1147.8451 235.500 Purposes and ￿strictl0nS in relation to the f¥Jnds". Restrided funds= Land appeal, land purchase BF Basecamp Retreats Purchase and maintenance of existing land The purchase of a building sultable for the Buddhafield communitv Support attendees at Retreats 16 Analysis of net assets between fvnds Unrestri¢ted funds Restrirted funds Total Fixed assets 18,010 2(Ll 117,594 200 117.706 235,500 Investmenis Net current a55ets 38,801 57.011 78.905 178.489 Page 14