2020-12-31-accounts

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Registered Charity Number 1129621 Dhamma Land, Hardings Elms Road, Crays Hill, Billericay Essex

CM11 2UH United Kingdom

www.mahamevnawaimc.org

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Contents

Pages Description

• 3 - 6 Report of the Trustees

• 7 Independent Examiner’s Report

• 8 Statement of Financial Activities

• 9 Balance Sheet

• 10 Cash Flow Statement

• 11-12 Principal Accounting Policies

• 13-15 Notes to the Accounts

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

REPORT OF THE TRUSTEES

The Trustees of the Mahamevnawa International Meditation Centre present their report with the financial statements of the Charity for the period ended 31 December 2020.

Mahamevnawa International Meditation Centre Trustees

Rev K DhammadewaThero	Trustee
Dr Lalith P Ratnaike	Trustee
Dr Somil D Wijendra	Trustee

Committee Members

Committee Members
Shamil Wickramage	Secretary
ErangaM Handunneththi	Treasure
Sampath Prithi Kumara	Assistant Treasure
Arul K Govindaraj
Colvin Jayasinghe
Hasith Kumarapperuma
Lionel Kangara-Bandara
Prasanna Muthukumarana
SudharmaWeerpass

Legal Advisor

Mrs Ramani Gunasekera - LLB, Nandy & Co Solicitors, 62 Woodgrange Road, Forest Gate, London E7 0Qh

Independent Examiner

Lal Ranasinghe - B Com (Hons), ACMA, CGMA, ASA

Governance Structure:

The Mahamevmawa International Meditation is a registered Charity in the UK (Registration number 1129621). It is governed by the Constitution, first adopted on 5 April 2009 and amended in March 2013 and on 29 September 2018.

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

The Charity’s Objects are as follows

• To establish a suitable landmark and set up adequate facilities to create a conducive environment for dissemination of Theravada Buddhist practices.

• To support and maintain general welfare of the resident monks of Forest Monastic Order, thereby helping them to act as spiritual guides and ministers for the well-being of the community as a whole.

• To disseminate knowledge on the teaching, practice and realisation of Buddhist doctrine to the society by conducting programmes such as monthly Observance Days, Children’s and Youth Programmes.

• To create a suitable environment for meditation practices and provide guidance for stress management.

• To facilitate the development of meditation, morality, wisdom and compassion through the Theravada Forest Monastic tradition of Buddhism.

• To maintain and continuously develop a lasting spiritual base for original Buddhist teachings and its practices in the United Kingdom.

• To set up additional branches or centres in the United Kingdom.

• To establish and maintain facilities to promote Buddhist teachings and meditation practices in the United Kingdom and worldwide.

• To establish a state-of the-art Resource Centre with books and audio-visual media to disseminate original Buddhist teachings.

• To offer welfare services to marginalised sections of society thereby helping to create a cohesive and peaceful community.

• To create a centre for school children and teachers to study and understand Theravada Buddhism, meditation techniques and also to give an insight into Buddhist cultural aspects.

• To provide social services to the local community by conducting programmes such as blood donation campaigns, prison counselling services, mental health improvement services and welfare events for the elderly.

• To offer regular residential meditation retreats to the community led by the Monks from the Sri Lankan Forest Monastic Order.

• To liaise with other Buddhist groups with similar aims and objectives and with other religious groups to maintain multi-cultural understanding and community cohesion.

• To show tolerance to all schools of Buddhist thought and to all other religions.

• To liaise and conduct programmes jointly with other international branches of the Mahamevnawa organisation in disseminating Buddhist teachings.

• To invite scholar Monks from Sri Lanka to deliver special meditation retreats in the United Kingdom and provide suitable welfare during their stay

• To promote and observe religious activities in accordance with the Buddhist calendar.

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

• To conduct a special annual programme on Wesak day in May encompassing the Birth, Enlightenment (Nirvana) and the Great Passing away (Parinirvana) of Gautama Buddha.

• To teach original Buddhism in other languages.

• To promote the significance of Buddhist symbols of Theravada tradition.

Volunteers

The Charity owes a great debt to the volunteers who supported it through a vast range of activities in order to promote the charity’s objectives. The Trustees owe a great debt to all those who supported the Charity - may they realise the Four Noble Truths.

Statement of Trustees Responsibilities

The Trustees of the Mahamevnawa International Meditation Centre are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are to prepare financial statements for each financial year. In preparing those financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charity SORP;

• Make judgements and estimates that are reasonable and prudent;

• Identify if the Charity is able to pay bills, invoices, charges or meet other liabilities as they fall due – going concern;

The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity.

Insofar as the Trustees are aware:

• There is no relevant information of which the charity’s Independent Examiner is unaware; and

• The Trustees have taken all steps they ought to have taken to make themselves aware of any relevant accounting information and to establish that the Independent Examiner is aware of that information.

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MAHAMEVNAWA INTERNAnoNAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Acknowledgamgnts The TNStees wsh to extend their thanks to all the voluntsers, supportars and donors of The Mahamevnawa Intemational Meditatson Centre who have continued tts work by their interest and generosity. Approvod by th• Trust￿ and slgmd on thdr b•half by: Dr Somil D Wijendra Dr Lalith P Ratnaika Trustee Trustee Approved on 20 October 2021 Page 6

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF THE MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE I report to the trustees on my examination of the accounts of the Mahamevnawa Int8mational Meditation Centre for the year ermled 31 December 2020 which comprise of the Statement of Financial Activities, Charity Balance Sheet, Cash Flow Statement and related notes. As the charity's trustees, you are responsibl8 for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 {Yhe Act.). I rBport in respect of my examination of the Chantys accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have lollobed all the applicable directions given by the Charity Commission urKler section 145(5)(b) of the Act. I have completed my examination. I confimi that no material matters have come to my attention in connaction V￿th the examination giving me cause to believ8 that in any material respect.. 1. accounting records not kept in resp8ct of the Charrty as required by section 130 of the Act,. (Y 2. the accounts do not accord with those reccKds; or 3. the accounts do not comply viith the applicabF8 requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulats"ons 2008, other than any requirement that the a¢￿Unts give a 'trug and fair view vthich is not matter considered as part of an irKlep8fKlent examinatic). I have no concerns and have come across no other matters in connection with the examination to which attention shoukl be dra￿￿ in thts report in order to enable a proper understandirKJ of the accounts to be reached. Lal Ranasinghe- B. Com (Hons), ACM4. CGNIA, ASA 113 Bamstaple Road. Southendwortr£ea. Essex, SS13PN 22 October 2021 Page 7

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

(Charity Number: 1129621)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2020

Note INCOME: Donations Gift Aid Other Income TOTAL INCOME EXPENDITURE: Utility & Maintenance 2 Programmed Activities 3 Travelling & Vehicle Costs 4 TOTAL EXPENDITURE NET MOVEMENTS IN FUNDS Fund balances brought forward at 1st January Fund balance carried forward at 31st December	Unrestricted funds Restricted funds Total 2020 2020 2020 £ £ £ 193,882 - 193,882 29,894 - 29,894 - - - 223,776 - 223,776 (59,005) - (59,005) (104,064) - (104,064) (8,147) - (8,147) (171,216) - (171,216) 52,560 - 52,560 790,488 - 790,488 843,048 - 843,048	Unrestricted funds Restricted funds Total 2019 2019 2019 £ £ £
		305,859 - 305,859 34,528 - 34,528 - - -
		340,387 - 340,387
		(79,082) - (79,082)
		(87,919) - (87,919)
		(20,314) - (20,314)
		(187,315) - (187,315)
		153,072 - 153,072
		637,416 - 637,416
		790,488 - 790,488

All amounts derive from continuing activities.

The notes on pages 11 to 15 form part of these accounts.

Page 8

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE (Charity Nurnber.. 11296211 BALANCE SHEET FOR THE YEAR ENDED 31ST DECEMBER 2020 31-Dec-20 31-Dec-19 FIXED ASSETS: FreelKyld Propert¢8 Fixtures & Fiiiin 1.081.71J) 1,090,OS8 17,829 25.100 Computers & Equipment 1fi816 Tangibl¢ Fixed Assets 1,116J45 CURRENT ASSETS 5394 23.149 Cash at bank and in hand 231910 l88,649 Totsl Current A&s¢ts 238504 211.798 CURRENT LIABILITIES Crediiorn falling due within one y¢8r NET CURRF.NT ASSETS 238.504 211.798 IL)NG TERM LIABILITIES Creditors failin8 due after more than one ycar {$11,801) (S36,468) NET A&SF,TS 843.048 7￿.488 FUNDS: Unrc5tricted Fund 843,048 790.488 R¢strictcd Fulld8 TOTAL FUNDS 843.048 7￿.488 by ts TnL4r¢s ￿ 20 Ocl&tt2021. SI￿ on the￿ by. Tn•*• {Drs￿n0 DWwdtal T￿￿￿0 (Dr With P Ralnaknl Page9

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

(Charity Number: 1129621)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2020

Net income / (expenditure) for the reporting period Adjustments for: Depreciation (Increase) / Decrease in debtors (Decrease) / Increase in creditors Net cash provided by (used in) operating activities Cash flows from investing activities: Purchase of fixed assets Proceeds from sale of fixed assets Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period

Note

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

(Charity Number: 1129621)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

• (a) The Financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts.

Charity's assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

• (b) The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

• (c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

• (d) Expenditure and Irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(e) Funds

Funds held by the Charity are:

• 1 Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

• 2 Restricted funds - these are funds that 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 purposes.

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

(Charity Number: 1129621)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

• (f) Debtors

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.

• (g) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts.

• (h) Creditors and Provisions

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.

• (i) Depreciation:

Tangible fixed assets have been capitalised at cost or acquisition value and where assets have been donated, at their value at date of receipt.

Depreciation on freehold properties is provided on a streight line basis, at the rate of 4% (Building Fabric), 5% (Roof, Electrical and Mechanical) and 7% (Windows) per annum, in line with the Component Accounting.

Motor vehicles and Computers & equipment are depreciated on a straight line basis at a rate of 25% per annum and furniture & equipment are depreciated at 20% on a straight line basis for items which exceed £3,000 in value, individually or for groups of related assets.

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

2. Utilities and Maintenance Rent and Rates Utilities Other Maintenance Costs Depreciation Mortgage Interest Total 3. Dhamma Programmed Activity Hall Hire, Dhamma Event and Promotion Cost Books and Publications Total 4. Travelling and Vehicle Cost Travelling Including Air Fare Vehicle Expenses Total	2020 £ 8,873 5,325 7,799 21,048 15,960 59,005 103,768 296 104,064 7,327 820 8,147	2019 £
		24,244
		6,868
		11,752
		15,629
		20,589
		79,082
		85,441
		2,478
		87,919
		17,622
		2,692
		20,314

5. Employees and Trustee Cost

The Charity does not employ permanent or temporary staff as it is run by volunteers. Therefore, no employee related payments, such as salaries, bonus, pension, NI etc. were made during the year (2019 - £nil).

No payments were made to Trustees during the year (2019 - £nil).

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

6. Tangible Fixed Assets Cost: As at 1 January 2020 Additions Disposals As at 31 December 2020 Depreciation: As at 1 January 2020 Charge for the year Disposals As at 31 December 2020 Net Book Value As at 1 January 2020 As at 31 December 2020 7. Debtors & Stocks Refundable Deposits Other Receivable Total Debtors	Freehold Land £	Buildings £	Motor Vehicles £	Furniture & Fittings £	Computers & Equipment £	Total £
	962,530 - -	185,742 - -	20,600 - -	36,355 - -	4,860 22,235 -	1,210,087 22,235 -
	962,530	185,742	20,600	36,355	27,095	1,232,322
	- - -	(58,214)	(20,600) - -	(11,255)	(4,860) (5,419) -	(94,929) (21,048) -
		(8,358)		(7,271)
		-		-
	-	(66,572)	(20,600)	(18,526)	(10,279)	(115,977)
	962,530	127,528	-	25,100	-	1,115,158
	962,530	119,170	-	17,829	16,816	1,116,345
	2020 £ - 5,594 5,594		2019 £ 2,215 20,934 23,149

8. Long Term Liabilities

Creditors falling due after more than one year

Opening Balance Additions Repayments Closing Balance	2020 £ 536,468 - (24,667) 511,801	2019
		£
		559,116
		-
		(22,648)
		536,468

9. Accumulated Fund

Opening Balance Net movement in funds Closing Balance	2020 Unrestricted Restricted Total £ £ £ 790,488 - 790,488 52,560 - 52,560 843,048 - 843,048	2019
		Total
		£
		637,416
		153,072
		790,488

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MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

(Charity Number: 1129621)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

10. NOTES TO CASH FLOW STATEMENT

ANALYSIS OF CASH AND CASH EQUIVALENT

Cash at bank and in hand Short term deposits Loans Cash and cash equivalent	At 31st December 2019 £'000 27,166 161,484 - 188,649	Cash flow £'000 19,554 24,706 - 44,260	At 31st December
			2020 £'000
			46,720 186,190 -
			232,910

11. Post Balance Sheet Events

The Trustees have evaluated the impact of the pandemic on the operations of the charity and do not consider there to be any going concern issues and for this reason the financial statements have been prepared on a going concern basis.

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