## **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
Page **2**
## **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.
Page **3**
## **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.
Page **4**
## **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.
Page **5**
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 lollob*ed 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 Vth 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•*• {Drsn0 DWwdtal
T0 (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|
|---|---|
Page 10
## 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.
Page 11
## 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.
Page 12
## 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).
Page 13
## 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|
Page 14
## 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.
Page 15