# **DULDZIN DRAGPA KADAMPA BUDDHIST CENTRE**
Charity number 1125332 Company registration number 06645102
# **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023**
**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
**1**
## **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,
**2**
## **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
**3**
## **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.
**5**
## **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
**6**
## **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.
**7**
**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**|
**8**
## **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**|
|---|---|
**9**
## **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.
**10**
## **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**|
|---|---|
**11**