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2022-07-31-accounts

Registered number: 07700737 Charity number: 1143034

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9 - 10
Notes to the financial statements 11 - 20

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022

Trustees J Bainenkovs (resigned 27 June 2022)
R Bihun (appointed 27 June 2022)
D Morriss
S Mierzejewska
T Rossberg
Dr L Shalamanova-Malinowski
Company Registered
Number
07700737
Charity Registered
Number
1143034
Registered Office
The Beaufoy
39 Black Prince Road
London
SE11 6JJ
Company Secretary
A Warner
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers
Unity Trust Bank plc
9 Brindley Place
Birmingham
B1 2HB
Triodos Bank Nv
Deanery Road
Bristol
BS1 5AS

Page 1

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022

The trustees present their annual report together with the financial statements of the Diamond Way Teachings and Centres (the charity) for the year 1 August 2021 to 31 July 2022. The annual report serves the purposes of both a trustees' report and a directors' report under company law.

The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) as amended.

Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution, Organisation and Members' Liability

The charity is a charitable company limited by guarantee with no share capital (company number 07700737 incorporated on 11 July 2011) and a registered charity (charity number 1143034 registered on 22 July 2011).

The charity is run by a board of trustees. The trustees of the charity, who are also directors of the company, who served during the year are included on page 1.

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.The members are the guarantors of the charity and the number of members is three.

Recruitment, Appointment and Training of New Trustees

The trustees are appointed by the members of the charitable company.

Potential new appointments are discussed at members’ meetings and a shortlist agreed of those to be approached. Candidates are then approached to establish whether they are willing to serve and if so, appointments are then confirmed at the next meeting of the members. The policies and procedures adopted for the induction and training of new trustees are tailored to their individual needs, commensurate with their experience, ensuring that they understand their obligations and possess a sufficient knowledge as to how to discharge them.

The powers and duties of the trustees are set out in the Articles of Association. The trustees are empowered to manage the business of the charitable company and exercise all such powers of the charitable company that are not required to be exercised by the charitable company in General Meeting.

Page 2

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

OBJECTIVES AND ACTIVITIES

Charity Objects

The objects of the charity are for the public benefit to:

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and aims.

REPORT ON THE YEAR

The charity continues to work to promote understanding of Diamond Way Buddhism in the UK and internationally.

In 2013, the charity took full freehold possession of the former Beaufoy Institute, 39 Black Prince Road, London SE11 6JJ for the purposes of furthering the charity’s aims. Throughout the financial year work was undertaken in respect of a number of renovation and construction works on the Beaufoy.

Volunteers assisted throughout the year with the refurbishment and restauration of the building.

The charity supported several events and ongoing activities to promote Diamond Way Buddhism this financial year, including meditation and lectures, including with travelling teachers and with Lama Ole Nydahl (including via online streaming).

Furthermore, many people attending the charity’s centre travelled both in the UK and worldwide to assist in national and international projects and courses.

Charity Merging

Over the last few years, it became evident that the administrative activities undertaken by both the charity and Diamond Way Buddhism UK ("DWB") overlapped in many significant ways with duplications in a number of administrative and organisational areas such as accounting and insurance.

As a result, effective from 17 February 2022, all activities undertaken by the DWB were transferred to the charity. The charity has therefore become the sole organisation covering all Diamond Way activity across the UK.

Page 3

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

FINANCIAL REPORT

Results for the Year and Funds

The results for the year are set out on the Statement of Financial Activities and show that the charity's net incoming resources on all funds during the year amounted to £107,211 (2021: net outgoing resources £42,121) including funds on the merging of DWB of £74,849.

At the year-end free reserves, excluding fixed assets and associated borrowings amounted to £233,680 (2021: £212,591).

The charity is funded by donations, as well as loans from a reputable UK bank. There are currently no restrictions on the charity's power to invest. The trustees consider the income requirements of the organisation against the income prospects. The charity continues to raise money for the funding of the development of its centre at the Beaufoy in London.

Reserves Policy

The trustees consider that sufficient but not excessive reserves need to be built up to meet the commitments of the charity. The reserves policy is to ensure that sufficient funds are available to cover the running costs and refurbishment plans in accordance with the budget.

Risk Management

The trustees have considered the major risks to which the charity is exposed. In common with many charities of a similar size and those that manage buildings, we have undertaken a number of risk management protocols including the following ones on site:

There is an overall H&S Risk Assessment covering the building works in the Beaufoy. This is based on those areas involved as being viewed a construction site. Method statements and risk assessments are used for all works including those for volunteers, who are given training and appropriate Personal Protective Equipment as well as being supervised as required. Regular walkthroughs are made by the designated risk officer and working with the Site Supervisor and Managers he takes care to remove, contain or manage any potential hazards or perceived risks in both the closed and public areas of the. He also draws up a separate H&S Risk Assessment and Fire Risk Assessment whenever there is an event in the building, specific to that event. We have also draw up a PEEP (Personal Emergency Evacuation Plan) for disabled persons should they visit. A number of the community have been trained for First Aid by the Red Cross and Level 2 Food Safety in Catering by TutorCare, Horsham.

The trustees have also established systems and procedures to address any reputational and other risks to the charity.

FUTURE PLANS

The charity is planning visits from many High Lamas of the Karma Kagyu Lineage, including further visits from Lama Ole Nydahl and his representatives. The charity will support the continuing development of the Charity’s organisation and infrastructure so as to best serve the Objects.

Page 4

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees who are also the directors of the charity for the purposes of company law are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SMALL COMPANIES EXEMPTION

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the members of the board of trustees on _______ and signed on their behalf by:

T Rossberg Trustee

Page 5

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2022

Independent examiner's report to the trustees of Diamond Way Teachings and Centres ('the charity')

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2022.

Responsibilities and basis of report

As the trustees of the charity (and 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 the charity's accounts 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

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of 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

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.

Page 6

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.

Signed:

Dated:

Robert Anderson FCA

Streets LLP Tower House Lucy Tower Street Lincoln LN1 1XW

Page 7

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities: Fundraising
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
83,683
184,125
17,977
285,785
13,688
198,593
212,281
73,504
1,698,489
73,504
1,771,993		 Restricted
funds
2022
£
29,529
-
5,556
35,085
1,378
-
1,378
33,707
-
33,707
33,707		 Total
funds
2022
£
113,212
184,125
23,533
320,870
15,066
198,593
213,659
107,211
1,698,489
107,211
1,805,700		 Total
funds
2021
£
40,152
186,194
4,468
230,814
2,955
269,980
272,935
(42,121)
1,740,610
(42,121)
1,698,489

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 20 form part of these financial statements.

Page 8

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee) REGISTERED NUMBER: 07700737

BALANCE SHEET AS AT 31 JULY 2022

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Net Assets		 24,703
266,328
291,031
(78,272)		 2022
£
2,797,239
2,797,239
212,759
3,009,998
(1,204,298)
1,805,700		 46,772
224,698
271,470
(111,295)		 2021
£
2,797,239
2,797,239
160,175
2,957,414
(1,258,925)
1,698,489

Page 9

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee) REGISTERED NUMBER: 07700737

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2022

Note
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 2022
£
33,707
1,771,993
1,805,700		 2021
£
-
1,698,489
1,698,489

The charity 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 for the year in question in accordance with section 476 of Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the trustees on _______ and signed on their behalf by:

T Rossberg Trustee

The notes on pages 11 to 20 form part of these financial statements.

Page 10

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. General information

Diamond Way Teachings and Centres (the charity) is a limited company by guarantee incorporated in England and Wales and a registered charity. The charity's registered office is London Diamond Way Buddhist Centre, The Beaufoy, 39 Black Prince Road, London, SE11 6JJ

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Diamond Way Teachings and Centres meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Company Status

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Page 11

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - See Below - Fixtures and fittings 25% per annum

Freehold property is not depreciated on the grounds of immateriality. Property is subject to regular maintenance and repair such that in the trustees opinion the residual value is not materially different from the value in the financial statements and has a long useful economic life. The trustees consider the need for impairment at each period end.

2.6 Debtors

Other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 12

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

3.
Income from donations
Donations
DWB Transfer
Donations
4.
Income from charitable activities
Education on Tibetan Lay Buddhism
5.
Fundraising Income
Income from fundraising events		 Unrestricted
funds
2022
£
45,320
38,363
83,683		 Restricted
funds
2022
£
29,529
-
29,529
Unrestricted
funds
2022
£
184,125		 Total
funds
2022
£
74,849
38,363
113,212
Total
funds
2022
£
184,125		 Total
funds
2021
£
-
40,152
40,152
Total
funds
2021
£
186,194
Dharma Shop
Dharma Events
Manchester Centre
Northern Retreat		 Unrestricted
funds
2022
£
9,790
3,623
4,564
-
17,977		 Restricted
funds
2022
£
-
-
-
5,556
5,556		 Total
funds
2022
£
9,790
3,623
4,564
5,556
23,533		 Total
funds
2021
£
4,468
-
-
-
4,468

Page 13

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

6. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2022
£
Dharma Shop
9,137
Dharma Events
119
Manchester Centre
4,432
Northern Retreat
-
13,688
Total 2021
2,955		 Restricted
funds
2022
£
-
-
-
1,378
1,378
-		 Total
funds
2022
£
9,137
119
4,432
1,378
15,066
2,955		 Total
funds
2021
£
2,636
319
-
-
2,955

7. Analysis of expenditure by activities

Charitable Activity Costs
Analysis of direct costs
Kitchen		 Activities
undertaken
directly
2022
£
2,537		 Support
costs
2022
£
196,056		 Total
funds
2022
£
198,593
Total
funds
2022
£
2,537		 Total
funds
2021
£
269,980
Total
funds
2021
£
1,991

Page 14

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Building Costs
Utilities
Advisors
Sundry Expenses
Loan Interest Paid
Insurance
Housekeeping
Governance Costs		 Total
funds
2022
£
-
94,990
28,731
-
(1,565)
51,198
12,949
6,330
3,423
196,056		 Total
funds
2021
£
69,622
122,961
5,771
2,100
4,396
47,093
11,495
1,701
2,850
267,989

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,000 ( 2021 - £2,400 ).

9. Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 July 2022, no trustee expenses have been incurred (2021 - £NIL) .

Page 15

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

10. Tangible fixed assets

Cost
At 1 August 2021
At 31 July 2022
Depreciation
At 1 August 2021
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021
11.
Debtors
Other debtors
Prepayments and accrued income		 Freehold
property
£
3,106,726
3,106,726
309,487
309,487
2,797,239
2,797,239		 Fixtures and
fittings
£
47,596
47,596
47,596
47,596
-
-
2022
£
11,125
13,578
24,703		 Fixtures and
fittings
£
47,596
47,596
47,596
47,596
-
-
2022
£
11,125
13,578
24,703		 Total
£
3,154,322
3,154,322
357,083
357,083
2,797,239
2,797,239
2021
£
36,124
10,648
24,703 46,772

Page 16

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

12. Creditors: Amounts falling due within one year

Bank loans
Other creditors
Accruals		 2022
£
54,628
11,293
12,351
78,272		 2021
£
52,416
50,348
8,531
111,295

Bank loans are repayable in equal monthly instalments. Interest is charged at 4%. Bank loans are secured by legal charges over the freehold property owned by the charity.

13. Creditors: Amounts falling due after more than one year

2022 2021
£ £
Bank loans 1,204,298 1,258,925

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Repayable by instalments 2022
£
962,769
962,769		 2021
£
1,026,882
1,026,882

Bank loans are repayable in equal monthly instalments. Interest is charged at 4%. Bank loans are secured by legal charges over the freehold property owned by the Charity.

Page 17

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

14. Statement of funds

Statement of funds - current year

Balance at 1
August 2021
£
Unrestricted Funds
General Funds
1,698,489
Restricted Funds
Northern Retreat
-
Total of Funds
1,698,489		 Income
£
285,785
35,085
320,870		 Expenditure
£
Balance at
31 July 2022
£
(212,281)
1,771,993
(1,378)
33,707
(213,659)
1,805,700		 Expenditure
£
Balance at
31 July 2022
£
(212,281)
1,771,993
(1,378)
33,707
(213,659)
1,805,700
33,707
1,805,700

The charity held restricted income funds for completion of purchase of the UK Retreat Centre.

Statement of funds - prior year

Balance at
1 August Balance at
2020 Income Expenditure 31 July 2021
£ £ £ £
Unrestricted Funds
General Funds 1,740,610 230,814 (272,935) 1,698,489

Page 18

DIAMOND WAY TEACHINGS AND CENTRES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

15. Summary of funds

Summary of funds - current year

Balance at 1
August 2021
£
General funds
1,698,489
Restricted funds
-
1,698,489
Summary of funds - prior year
Balance at
1 August
2020
£
General funds
1,740,610		 Income
£
285,785
35,085
320,870
Income
£
230,814		 Expenditure
£
Balance at
31 July 2022
£
(212,281)
1,771,993
(1,378)
33,707
(213,659)
1,805,700
Expenditure
£
Balance at
31 July 2021
£
(272,935)
1,698,489		 Expenditure
£
Balance at
31 July 2022
£
(212,281)
1,771,993
(1,378)
33,707
(213,659)
1,805,700
Expenditure
£
Balance at
31 July 2021
£
(272,935)
1,698,489
Balance at
31 July 2021
£
1,698,489

16. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
2,797,239
Current assets
257,324
Creditors due within one year
(78,272)
Creditors due in more than one year
(1,204,298)
Total
1,771,993		 Restricted
funds
2022
£
-
33,707
-
-
33,707		 Total
funds
2022
£
2,797,239
291,031
(78,272)
(1,204,298)
1,805,700

Page 19

DIAMOND WAY TEACHINGS AND CENTRES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
2,797,239
271,470
(111,295)
(1,258,925)
1,698,489		 Total
funds
2021
£
2,797,239
271,470
(111,295)
(1,258,925)
1,698,489

17. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he / she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he / she ceases to be a member.

18. Related party transactions

Trustees:

Total income received from trustees during the year was £3,613 (2021 - £11,127). There are no balances due from trustees at either year-end.

Amounts paid in relation to trustees expenses are disclosed in note 8.

Relatives of Trustees:

Relatives of trustees relates to close family members and spouses. Total income received from relatives of trustees during the year was £1,080 (2021 - £2021). There are no balances due from relatives of trustees at the year-end.

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