DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
Charity number 1125332 Company registration number 06645102
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
CONTENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees Annual Report | 2-3 |
| Independent Examination report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes forming part of the financial statements | 7-11 |
DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2023
Registered charity number 1125332 Registered company number 06645102 Registered Address 5A Buttercross Lane Epping Essex CM16 5AA Trustees Ms J Andrews Mrs. S. Gillard Ms E Carroll Company Secretary L Raphael Bankers HSBC Virgin Money 72 High Street Jubilee House Maldon Gosforth Essex Newcastle upon Tyne CM9 5ET NE3 4PL Redwood Bank Ltd The Nexus Building Broadway Letchworth Garden City SG6 3TA
Independent Examiner Community360 Winsley's House High Street Colchester Essex CO1 1UG Solicitors Foskett Marr Gadsby & Head 181 High Street Epping CM16 4BQ
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is constituted as a company limited by guarantee under the Companies Act and governed by its memorandum and Articles of Association and is also a registered charity.
Trustee Recruitment and Training
Trustees are recruited from within the Centre or from other similar centres so that they have knowledge and understanding of the charity’s aims and workings. Two of the trustees must be members of the charity and are elected by the members at the Annual General Meeting or by the trustees when the need arises according to the Memorandum of Association. The third trustee, the ex officio director, is appointed by the other directors or, in default thereof, by the members and must be a duly-appointed Administrative Director of a major NKT-IKBU Kadampa Meditation Centre in the United Kingdom. Each new trustee is guided by the current trustees and other members of the organisation, in particular the Administrative Director and Resident Teacher, who have continued experience within the organisation.
Related Charities
The charity is a member of the New Kadampa Tradition – International Kadampa Buddhist Union (“NKT-IKBU”), which is made up of many centres throughout the world with the same objects, however they are all independent charities linked only by their objects and there is no financial dependency although funds may pass between centres to fulfil aims and objectives.
OBJECTIVES AND ACTIVITIES
Objects
The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected Spiritual Director of the NKT-IKBU principally through activities of teaching, study, practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyatso, the founder of the NKT-IKBU through the continuous implementation of local study programmes.
Aims and Activities
The charity aims to provide facilities to enable students to study, practice and observe the moral discipline as set out in the objects and this has been achieved so far by establishing the Centre at Buttercross Lane, Epping. The charity also holds classes and branch classes across Essex, East Hertfordshire and East London to provide teachings and insight to whomever wishes to attend.
Public Benefits
In exercising their powers and duties, the trustees have had due regard to the guidance on public benefit published by the Charity Commission. They believe that the work of the charity in promoting the Buddhist faith has clearly identifiable benefits.
The charity believes that there are three important public benefits to promoting the Buddhist faith: to help people to develop their wisdom, to cultivate a good heart, and to maintain a peaceful mind. If we do not strive to develop our wisdom, we will always remain ignorant of the true nature of reality. Everyone wishes for happiness, but our ignorance of reality leads us to engage in non-virtuous actions,
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
which in turn are the main cause of all our suffering. Furthermore, if we do not cultivate a good heart towards others, then our selfish motivation destroys the harmony of our relationships with others. We then have no peace, and no chance to gain pure happiness. Without inner peace, outer peace is impossible, both personally and throughout society.
ACHIEVEMENTS AND PERFORMANCE
The popularity of in-person events has steadily grow throughout 2023, with both new and returning visitors attending various events at the Centre. With interest returning post-COVID, the focus has shifted to supporting and developing in-person events and branch classes. The Charity maintained 10 weekly General Study Programme (GP) classes at 8 venues across Essex, East Hertfordshire and East London.
In 2023, the Centre held nine courses during the year, nine half-day meditation retreats, seven Buddhist retreats. A new Foundation Programme (FP) started on 22 Mar, 25 people attended the FP Introduction and 16 people joined FP. At the same time, the Teacher Training Programme (TTP) was formed on 19 Mar where students from the previous old FP group joined TTP. 14 people enrolled to join TTP. Duldzin Dragpa KBC intends to develop its range of in-person events to help those who wish to study further.
The position of Education Programme Coordinator (EPC) was filled in September 2023 by Kelsang Deden. The EPC is a sponsored position.
FINANICAL REVIEW
In accordance with the Charity Commission guidelines, the Charity has established a policy as to the appropriate level of free reserves. The policy is reviewed annually by the Trustees, and the level of reserves is monitored on a monthly basis. The Trustees consider that free reserves should be retained in the bank sufficient to cover in the order of two months of overhead expenditure. These reserves are held in order to maintain the basic operations of the Charity and to provide some surety against adverse financial events, such as un-budgeted expenditure, or failure to achieve income targets.
Net income for the 12 months ending 31[st] December 2023 was £17,233. This is a reduction of £324 compared to 2022 net income. This is primarily due to an increase in expenses from charitable activities, which increased from £33,943 to £37,560, and publicity, which increased from £1,722 to £2,958. These increased costs are primarily attributed to the return of a full year of room hire costs for branch classes, as well as repairs, maintenance and an overall increase in utilities and other living costs.
Despite this reduction in net income, the Charity saw a healthy increase in income of £10,702 from charitable activities, which was £73,589 for the 12 months ending 31[st] December 2023. This came primarily from the increase of people attending branch classes, day courses and retreats. Also, the Centre’s accommodation has remained fully occupied thereby providing regular and stable income to the Charity (with the exception of the accommodation for the newly appointed/sponsored EPC, which is provided for by the Charity).
Although we are cautious of increased expenses in 2023 due to inflation, the Charity maintains confidence in meeting and expanding its short and long-term objectives while maintaining financial stability.
Date:
Lill H Raphael
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income and endowments from: Donations & Legacies Charitable activities Investment income 2 Total incoming resources Resources expended Charitable activities 3 Raising Funds - Publicity Other 4 Total resources expended Operating surplus Net movement in funds Funds at 1 January 2023 Funds at 31 December 2023 |
2023 Total £ 2,397 71,115 77 73,589 37,560 2,958 15,838 56,356 17,233 17,233 622,692 639,925 |
2022 Total £ 604 62,110 173 |
|---|---|---|
| 62,887 33,943 1,722 9,665 |
||
| 45,330 | ||
| 17,557 | ||
| 17,557 605,135 |
||
| 622,692 |
Notes on pages 7-11 form part of these financial statements.
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes Fixed Assets Tangible assets 5 Current assets Stocks Debtors 6 Cash at bank and in hand 7 Creditors: amounts falling due within one year 8 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Net Assets Funds Unrestricted funds Revaluation Reserve Total Funds 9 |
2023 £ 800,000 676 1,376 76,820 78,872 20,215 58,657 858,657 (218,732) 639,925 338,925 301,000 639,925 |
2022 £ 800,000 735 1,236 75,122 |
|---|---|---|
| 77,093 21,264 |
||
| 55,829 | ||
| 855,829 (233,137) |
||
| 622,692 | ||
| 321,692 301,000 |
||
| 622,692 |
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director's acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies regime.
The directors declare that they have approved the accounts above.
Signed on behalf of the trustees:
Date:
Mrs S Gillard
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement on Recommended Practise 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). (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Rebulic of Ireland (FRS 102) and the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
Cash Flow
The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 "Cash flow statements".
Restricted and designated funds
All receipts are unrestricted funds.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Investment income consists of bank interest received within the year.
Resources expended
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure has been classified under headings that aggregate all costs related to the category.
Costs classified as governance costs relate to costs incurred in connection with compliance with constitutional, audit and other statutory requirements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
1. Accounting Policies (continued)
Depreciation
Depreciation is provided to write off the cost of fixed assets over their expected useful lives. The current fixed assets are not liable for depreciation and therefore none is being charged.
| 2. Investment Income Interest receivable 3. Charitable Activities Catering costs Room hire Purchases - Bookshop Finance Bank Charges Information Technology Computer Software and internet costs Other Insurance Accountancy Fee Rates, light and heat Telephone Miscellaneous Repairs and Maintenance Gardening expenses Gompa expenses Sponsorship expenses Houshold expenses Office Expenses 4. Other Recources Expended Bank Loan Interest |
Total 2023 £ 77 77 Total 2023 £ - 6,084 658 422 623 1,560 413 9,343 492 80 1,677 92 2,642 12,330 620 524 37,560 Total 2023 £ 15,838 15,838 |
Total 2022 £ 173 |
|---|---|---|
| 173 | ||
| Total 2022 £ - 5,830 200 311 439 1,737 310 7,879 502 - 1,517 274 2,556 11,875 373 140 |
||
| 33,943 | ||
| Total 2022 £ 9,665 |
||
| 9,665 |
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
Cost As at 1 January 2023 Additions As at 31 December 2023 Depreciation As at 1 January 2023 Charge for the year As at 31 December 2023 Net Book Value As at 31 December 2023 As at 31 December 2022 Revaluations of Property Cost Revaluation in 2009 Revaluation in 2012 |
£ 800,000 - Land & Buildings |
| 800,000 - - |
|
| - | |
| 800,000 | |
| 800,000 | |
| 499,000 251,000 50,000 |
|
| 800,000 |
6. Debtors
| Debtors Trade Debtors Prepayments and accrued income |
Total Total 2023 2022 £ £ - 65 1,376 1,171 1,376 1,236 |
|---|---|
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 7. Cash at Bank and In Hand Current account Deposit account Petty Cash Creditors: falling due within a year Bank Loans Other Creditors Accruals Deferred Income Creditors: falling due after more than one year Bank loans 9. Summary of Funds Brought Incoming Forward resources £ £ Unrestricted 321,692 73,589 Revaluation Reserve 301,000 - 622,692 73,589 |
Outgoing resources £ 56,356 - 56,356 |
Total 2023 £ 7,220 68,000 1,600 76,820 2023 £ 17,200 1,370 905 740 , 20,215 218,732 218,732 Gains / ( Losses) £ - - - |
Total 2022 £ 74,418 - 704 |
|---|---|---|---|
| 75,122 | |||
| 2022 £ 17,200 1,870 1,021 1,173 |
|||
| 21,264 | |||
| 233,137 | |||
| 233,137 | |||
| Carried Forward £ 338,925 301,000 |
|||
| 639,925 |
10. Going Concern
The charity is operating on a going concern basis
11. Key Staff
No key management personnel were employed during the financial year.
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DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 12. Extended Statement of Financial Activity Incoming Resources Donations & Legacies Donations Gift Aid Investment Income Bank Interest Received Incoming Resources from Charitable Activities Sales Bookshop Day Courses and Retreats Study programme Accommodation and utilities Total Incoming Resources Resources Expended Raising Funds Publicity Advertising and poster displays Other Resources Expended Bank loan interest Charitable Activities Catering costs Room hire Purchases bookshop Finance Bank charges Information Technology Computer software and internet costs Other Insurance Accountancy fee Rates, light and heat Telephone Miscellaneous Repairs and maintenance Gardening expenses Gompa expenses Sponsorship expenses Household expenses Office expenses Total Resources Expended Net Income |
Unrestricted Unrestricted Total Total 2023 2022 £ £ 1,935 486 462 118 77 173 961 285 8,526 4,680 27,105 26,042 34,523 31,103 73,589 62,887 2,958 1,722 15,838 9,665 - - 6,084 5,830 658 200 422 311 623 439 1,560 1,737 413 310 9,343 7,879 492 502 80 - 1,677 1,517 92 274 2,642 2,556 12,330 11,875 620 373 524 140 56,356 45,330 17,233 17,557 |
|---|---|
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