2022-12-31-accounts - Triratna Buddhafield

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Triratna Buddhafield

Charity No. 1108826

Company No. 05157868

Trustees' Report and Unaudited Accounts

31 December 2022

Triratna Buddhafield CONTENTS

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report		4
Statement of Financial Actvites		5
Balance Sheet		6
Notes to the Accounts	7 to	14
Detailed Statement of Financial Actvites		15

Page 1

Triratna Buddhafield TRUSTEES ANNUAL REPORT

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05157868

Charity No. 1108826

Registered Office

35 Milton Road Sheffield Yorkshire S7 1HP

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

W.L. Bedford S.W. Cohn (resigned 25/09/2022) G. Pearse

E. Tombs J. Lyus U. Boak (appointed 25/09/2022)

L. Conway (appointed 25/09/2022)

Accountants

Hele Kergozou Ltd Lilac Cottage The Street Draycott Cheddar BS27 3TH

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document dated 18 June 2004 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 introducing the practice of meditation and the teachings of the Buddha at other festivals.

Page 2

The trustees have given due consideration to the Charity Commission's guidance on the public benefit requirement and activities are organised with this in mind.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible 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 subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

E. Tombs Trustee 30 November 2023

Triratna Buddhafield INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Triratna Buddhafield

I report to the charity trustees on my examination of the accounts of Triratna Buddhafield for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).

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

J S Hele Kergozou FCA ICAEW Hele Kergozou Ltd Lilac Cottage The Street Draycott Cheddar BS27 3TH 30 November 2023

Page 4

Triratna Buddhafield STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2022

Unrestricted funds 2022 £ 228,395 54,419 10	Restricted funds 2022 £ 21,535 - -	Total funds 2022 £ 249,930 54,419 10	Total funds 2021 £ 171,525 41,080 18
282,824 202,901	21,535 5,883	304,359 208,784	212,623 172,780
202,901 -	5,883 -	208,784 -	172,780 -
79,923	15,652	95,575	39,843
79,923	15,652	95,575	39,843
79,923 96,854	15,652 178,489	95,575 275,343	39,843 235,500
176,777	194,141	370,918	275,543

Page 5

Triratna Buddhafield BALANCE SHEET

at 31 December 2022

Notes 2022 £ Fixed assets Tangible assets 11 120,344 Investments 12 200 120,544 Current assets Debtors and prepayments Cash at bank and in hand 13 102,880 161,691 264,571 Creditors:Amount falling due within one year 14 (14,197) Net current assets 250,374 Total assets less current liabilites 370,918 Net assets excluding pension asset or liability 370,918 Total net assets 370,918 The funds of the charity Restricted funds Restricted income funds 15 194,141 Unrestricted funds 194,141 General funds 15 176,777 176,777 Total funds 370,918	2021 £ 121,719 200
	121,919 60,678 102,328
	163,006 (9,582)
	153,424 275,343
	275,343
	275,343
	178,489
	178,489 96,854
	96,854
	275,343

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 30 November 2023

And signed on its behalf by:

E. Tombs Trustee 30 November 2023

Page 6

Triratna Buddhafield NOTES TO THE ACCOUNTS

for the year ended 31 December 2022

1 Accounting policies

Basis of preparation

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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity
income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities 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. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Expenditure Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Page 7

Triratna Buddhafield NOTES TO THE ACCOUNTS

Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is 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. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Motor Vehicles 25% Straight line

Freehold agricultural land is owned by the charity and used for holding Retreats and other events.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties. This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these properties are not held for consumption, but for their investment potential and will not decrease in value that the values in the accounts at cost give a true and fair view.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Page 8

Trade and other 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.

Cash and cash equivalents

Cash and cash equivalents comprise 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 overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency 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 currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

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 under finance leases are 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 between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Page 9

Pension costs. The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. 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.

Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

Income and endowments from: Donatons and legacies Charitable actvites Investments Total Expenditure on: Charitable actvites Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliaton of funds: Total funds brought forward Total funds carried forward	Unrestricted funds 2021 £ 171,525 41,080 18 212,623 172,780 172,780 39,843 39,843 39,843 57,011 96,854	Restricted funds 2021 £ - - - - - - - - - 178,489 178,489	Total funds 2021 £ 171,525 41,080 18
			212,623 172,780
			172,780
			39,843
			39,843
			39,843 235,500
			275,343

Page 10

Unrestricted £ 156,830 11,191 - - 60,374	Restricted £ 3,100 - - - 18,435 21,535 Unrestricted £ 48,127 6,292	Total 2022 £ 159,930 11,191 - - 78,809 249,930 Total 2022 £ 48,127 6,292 54,419 Total 2022 £ 10 10 Total 2022 £ 53,811 110,677 1,470 39,316 - 2,210 1,175 125 208,784	Total 2021 £ 95,991 - - 1,965 73,569
228,395		249,930	171,525
		Total 2022 £ 48,127 6,292 54,419 Total 2022 £ 10 10 Total 2022 £ 53,811 110,677 1,470 39,316 - 2,210 1,175 125 208,784	Total 2021 £ 31,443 9,637 41,080 Total 2021 £ 18 18 Total 2021 £ 47,430 90,804 2,000 30,320 - 965 975 286 172,780
	54,419 Unrestricted £ 10

	10
	Restricted £ - 1,173 - 4,710 - - - -
	5,883

Page 11

8 Analysis of grants

8 Analysis of grants
Actvity or programme uddhist Community Triratna Chairs Assembly	Total 2022 £ - 1,470 1,470	Total 2021 £ - - 3,000
		3,000

9 Trustee remuneration and expenses

One or more of the trustees has been paid remuneration in the current or prior periods.

			Other
Trustee	Remuneraton	Pension	benefts
W.L. Bedford	-	-	-
E Tombs	4,474	-	-
G.Pearse	7,225	-	-
J. Lyus	4,012	-	-
		2022	2021
Number of employees		10	10
One or more of the trustees has been paid	expenses in the current or prior periods.
		2022		2021
		Number		Number
Number of trustees paid expenses		1		1
The nature of the reimbursed expenses	Travel, training, publicity
	expenses
		£		£
Total expenses reimbursed to trustees		72		315

10 Staff costs

No employee received emoluments in excess of £60,000.

Page 12

11 Tangible fixed assets

Cost or revaluaton At 1 January 2022 Additons At 31 December 2022 Depreciaton and impairment At 1 January 2022 Depreciaton charge for the year At 31 December 2022 Net book values At 31 December 2022 At 31 December 2021 12 Investments Cost or revaluaton At 1 January 2022 At 31 December 2022 Net book values At 31 December 2022 At 31 December 2021 Investment in Subsidiaries The company has the following subsidiary undertakings:	Land and buildings £ 117,594 - 117,594 - - - ~~117,594~~ 117,594	Motor Vehicles £ 5,500 -		Total £ 123,094 -
		5,500		123,094
		1,375 1,375		1,375 1,375
		2,750		2,750
		~~2,750~~		~~120,344~~

		4,125		121,719
		Investment in Subsidiaries £ 200		Total £ 200
		200		200
				200
		200
		200		200

The company has the following subsidiary undertakings:

					Capital and
					reserves at end of the	Proft/(loss)
						for the
	Class of shares	% age			relevant	relevant
Name of company	held	of shares	held		year	year
				%	£	£
Samaya Project Ltd	31/12/22 Ordinary		100		60,560	12,350
Buddhafeld Trading Ltd	31/03/22 Ordinary		100		8_,_281	6,418

Page 13

13 Debtors:

amounts falling due within one year

Other debtors Prepayments 14Creditors: amounts falling due within one year Other creditors Paye Accruals and deferred income	2022 £ 102,880 - 102,880 13,222 - 975 14,197	2021 £ 60,678 -
		60,678
		8,647 160 775
		9,582

15 Movement in funds

01/01/22 £ Restricted funds: Restricted income funds: Land appeal, land purchase 177,901 Buddhafeld Base 588 Total 178,489 Unrestricted funds: General funds 96,854 Total funds 275,343	Incoming Resources £ - 21,535 21,535 282,824 304,359	Resources Expended £ - (5,883) (5,883) (202,901) (208,784)	31/12/22 £ 177,901 16,240 194,141 176,777 370,918

Purposes and restrictions in relation to the funds: Restricted funds:

Land appeal, land purchase Purchase and maintenance of existing land

Buddhafield Base The purchase of Land and buildings suitable for buddhafield community and buddhafield festival.

Retreats Support attendees at Retreats

16 Analysis of net assets between funds Unrestricted Restricted Total

Fixed assets Investments Net current assets	funds £ 20,760 200 155,817 176,777	funds £ 99,584 - 94,557 194,141	£ 120,344 200 250,374
			370,918

Page 14

Triratna Buddhafield DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2022

Restricted funds 2022 £ 3,100 - - - 18,435	Total funds 2022 £ 159,930 11,191 - - 78,809 249,930 48,127 6,292 54,419 10 10 304,359 53,811 110,677 1,470 39,316 205,274 - 2.210 1,175 125 3,510 208,784	Total funds 2021 £ 95,991 824 - 1,965 72,745
21,535	249,930	171,525
- -	48,127 6,292	31,443 9,637
-	54,419	41,080
-	10	18
-	10	18
21,535 - 1,173 - 4,710	304,359 53,811 110,677 1,470 39,316	212,623 47,430 90,804 2,000 30,320
5,883	205,274	170,554
- - - -	- 2.210 1,175 125	- 965 975 286
-	3,510	2,226
5,883	208,784	172,780

Page 15