Company number: 07789188 Charity Number: 1145791
Kagyu Dechen Buddhism Report and financial statements for the year ended 31 December 2021
Doc ID: 0ddce727206d55c65020a07946bfe1fa5c1ed120
Kagyu Dechen Buddhism
Reference and administrative information
for the year ended 31 December 2021
Company number 07789188
Charity number 1145791
Registered office and operational address
45 Manor Drive Chorlton-Cum-Hardy Manchester Greater Manchester M21 7QG
Trustees
Mr P Brady Mrs A E Brady Mr A M Gutmann Mr J Macaskill Mr S Rowan Mr D Knott Mr P G W Haddon Mrs P Quinn Mr H Quinn
Trustees who held title to property belonging to the charity during the reporting period or at the date of approval were: None
Bankers
Tridos Bank NV Barclays Bank plc Brunei House Premier Relationship Support 11 The Promenade Crewe Market Street Bristol Leicester BS8 3NN Leicestershire LE87 2BB
Independent Examiner
Paul Cowham MA FCA DChA
Greenfish Resource Centre 46-50 Oldham St Manchester M4 1LE
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Doc ID: 0ddce727206d55c65020a07946bfe1fa5c1ed120
Kagyu Dechen Buddhism
Trustees’ annual report
for the year ended 31 December 2021
The Trustees present their report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and “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) (effective 1 January 2015)”
Objectives and activities
The object of the charity is "the advancement of the Buddhist faith and, in particular, the teachings of the Karma Kagyu School of Buddhism, as embodied by his holiness Karmapa Thinley Thaye Dorje, the fourth Karma Thinley Rinpoche and his deputy, Lama Jampa Thaye."
In exercising the powers of the trust and pursuing the objects of the charity, public benefit is accomplished by:
Providing temples for the study and practice of the Kagyu Buddhist teachings. Reciting prayers and rituals for the wellbeing of the sick, the deceased, expectant mothers, and all those in need.
Promoting and providing introductory meditation classes and teachings on the basic principles of Lord Buddha's teachings.
Establishing and supporting groups across the Northwest of England (Manchester, Blackpool, Chester, Colne, Hale, Liverpool, Macclesfield, Wigan, and Wirral.) and Yorkshire (Harrogate, Hebden Bridge, Hull, Leeds, Ripon and York)
Presenting Buddhist textual teachings by lamas (qualified Buddhist teachers) for practitioners (adherents of Buddhism) and other beneficiaries interested in learning about Buddha's teachings.
Providing retreat facilities for practitioners interested in enhancing their study and practice of Buddha's teachings through periods of solitary meditation and contemplation.
Working with parents to educate children in the teachings of Buddha; and to introduce them to meditation practices, traditional prayers, religious stories and principles of morality.
Making available prayers, books, tapes, images and other materials as aids to the study and practice of Kagyu Buddhism.
Preserving relics, images and other sacred Buddhist objects as well as other objects associated with Tibetan philosophy, logic, metaphysics, art, sacred dance, crafts, medicine and astrology. Providing Classical Tibetan language classes.
Providing translations of Tibetan Buddhist texts, along with the printing, publishing, distributing and selling of any associated literature.
Working in partnerships with schools to provide educational workshops for school children interested in learning about Buddhism. These are delivered at Kagyu Ling's temple or in schools, by one of Kagyu Ling's peripatetic instructors.
Providing chaplains to prisons and hospitals in the North West of England through association with Angulimala, the Buddhist prison chaplaincy service.
Providing cultural and social events to increase access to the temples by the local community.
With support from social care providers providing volunteer work opportunities to people with a learning disability, or mental health problems.
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Kagyu Dechen Buddhism
Trustees’ annual report
for the year ended 31 December 2021
Offering working days to enhance community cohesion and involve beneficiaries in practical ways of contributing to the temple's maintenance and development.
Making available and promoting a room for hire by community groups who are sympathetic to Buddhism.
In assessing the public benefit of the Trust's aims, there has been no report or evidence of detriment or harm flowing from the Trust carrying out its aims. The intended beneficiaries of the Trust's aims include:
Practitioners of Kagyu Buddhism: Such beneficiaries are drawn from a cross section of society, from around the U.K., Europe and the Americas.
The wider public; who benefit from the Trust's activities by having opportunities to attend the temple and to learn about Buddhism and/or practice meditation.
The wider public; who attend regular 'public talks' given by lamas. Talks are held in public buildings and are promoted city- and region- wide.
Members of the public who request prayers to be recited and rituals performed, Prisoners and patients who require chaplaincy support.
In general terms, the Trust's activities achieve public benefit as a result of practitioners' lifestyles and practices being in accordance with the ethics and values of Buddhism, thereby enriching the moral and spiritual welfare of society.
The trustees are satisfied, on reasonable grounds, that any private benefit that may have been accrued, during the period, by a person, organisation or religious leader is necessary and incidental to furthering the Trust's object of advancing Kagyu Buddhism.
The trustees are satisfied that any charges for services or requests for regular payments, are reasonable and take into consideration each beneficiary's ability to pay. All religious events provided by the Trust offer a concessionary rate.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Contribution of volunteers
The Trust is staffed entirely by unpaid volunteers.
Daily activities
Volunteers attend the centres throughout the week: to run classes; maintain the properties and to provide administrative support. Daily prayers are recited in the temples each evening to keep alive the spirit of Kagyu Buddhism. These are undertaken by a team of practitioners and are open to anyone who wishes to attend.
During the year, the centres maintained a full programme of activity and ensured that these were carried out in accordance with government guidance in relation to COVID-19.
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Kagyu Dechen Buddhism
Trustees’ annual report
for the year ended 31 December 2021
Achievements and performance
Despite the ongoing challenges presented by the Covid pandemic and the impact this had, the trust continued to meet its objectives of supporting opportunities for the study and practice of Buddhism, both in person and online, in line with government guidance for places of worship.
This was achieved within the resources available and the Trust has met all of its financial commitments, including the proper maintenance and improvement of its main assets, the centres in Harrogate and Manchester.
The main achievements of the year
Re-establishing in person activities as restrictions were lifted and in particular the holding of major teaching events.
Financial review
The trustees are responsible for the financial management of the trusts’ activities. A large part of the trust’s expenditure relates to the servicing of the two mortgage loans and the maintenance of the properties. Due to the continued generosity of donors, these costs have been met and a net surplus generated.
Annual accounts are submitted to both Companies House and the Charity Commission after approval by the trustees. At the same time an annual budget for the forthcoming year is prepared by the centre coordinator for approval by the trustees.
Reserves policy: It is the policy of the Trust to retain unrestricted free reserves (cash & deposits) equal to the amount of between three and six months forwards expenditure.
The Trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these.
Future fundraising achievements will be reviewed against targets on a half-yearly basis and the strategy will be formally reviewed on an annual basis.
Structure, governance and management
The trust is a company limited by guarantee and was established under the charitable company's memorandum and articles of association dated 27th September 2011 and became a registered charity, number 1145791, on 8th February 2012.
The trust continues the activities of two legacy trusts, Kagyu Rime Ling and Kagyu Dechen Dzong, following the transfer of the assets of these two into the newly established trust at the end of 2012.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
Mr P Brady
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Doc ID: 0ddce727206d55c65020a07946bfe1fa5c1ed120
Kagyu Dechen Buddhism
Trustees’ annual report
for the year ended 31 December 2021
Mrs A E Brady Mr A M Gutmann Mr J Macaskill Mr S Rowan Mr D Knott Mr P G W Haddon Mrs P Quinn Mr H Quinn
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
KDB is governed by a board of directors all of whom are unpaid. The Board has ultimate responsibility for the organisation's assets, finances, risks, policies and complaints; as well as ensuring compliance with all legal and regulatory requirements.
Responsibility for day to day operations is delegated to the Centre Co-ordinators who are also unpaid. The Centre Coordinators manage operations with the assistance of a group of volunteers.
Statement of responsibilities of the trustees
The trustees (who are also directors of Frs 102 Small Company Charity for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that 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.
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Kagyu Dechen Buddhism
Trustees’ annual report
for the year ended 31 December 2021
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.
07 / 25 / 2022
The trustees’ annual report has been approved by the trustees on ………………….. and signed on their behalf by:
Mr P Brady …..........................
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Independent examiner’s report
to the members of
Kagyu Dechen Buddhism
I report on the accounts of the company for the year ended 31 December 2021 which are set out on pages 8 to 19.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedure laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
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2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Paul Cowham MA FCA DChA Green Fish Resource Centre 46 – 50 Oldham Street Manchester M4 1LE
07 / 25 / 2022
Date ……..………..
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Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2021
| Unrestricted funds Note £ Income Donations and legacies 3 71,583 Charitable activities 4 22,189 5 13,683 Investments 6 23,768 Total income 131,223 Expenditure Raising funds 7 14,604 Charitable activities 8 75,445 Total expenditure 90,049 10 41,174 Transfer between funds - Net movement in funds for the year 41,174 Reconciliation of funds Total funds brought forward 761,998 Total funds carried forward 803,172 Fees and other income Net income/(expenditure) for the year |
Restricted funds £ 47,564 - 695 - 48,259 - 15,702 15,702 32,557 - 32,557 - 32,557 |
Total funds 2021 £ 119,147 22,189 14,378 23,768 179,482 14,604 91,147 105,751 73,731 - 73,731 761,998 835,729 |
Total funds 2020 £ 79,929 10,959 12,861 23,857 |
|---|---|---|---|
| 127,606 | |||
| 3,832 70,759 |
|||
| 74,591 | |||
| 53,015 - |
|||
| 53,015 708,983 |
|||
| 761,998 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Kagyu Dechen Buddhism Company number 7789188
Balance sheet as at 31 December 2021
| Note £ £ Fixed assets Tangible assets 15 1,258,782 Total fixed assets 1,258,782 Current assets Stock 9,641 Debtors 16 4,856 Cash at bank and in hand 121,990 Total current assets 136,487 Liabilities Creditors: amounts falling due in less than one year 17 (71,818) Net current assets 64,669 Total assets less current liabilities 1,323,451 Creditors: amounts falling due after more than one year 18 (487,722) Net assets 835,729 Funds of the charity Restricted income funds 19 32,557 Unrestricted income funds 20 803,172 Total charity funds 835,729 2021 |
£ £ 1,258,893 1,258,893 9,663 6,680 83,169 99,512 (67,300) 32,212 1,291,105 (529,107) 761,998 - 761,998 761,998 2020 |
£ £ 1,258,893 1,258,893 9,663 6,680 83,169 99,512 (67,300) 32,212 1,291,105 (529,107) 761,998 - 761,998 761,998 2020 |
|---|---|---|
| 1,258,893 32,212 |
||
| 1,291,105 (529,107) |
||
| 761,998 | ||
| - 761,998 |
||
| 761,998 |
For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes on pages 10 to 19 form part of these accounts.
07 / 25 / 2022
Approved by the Trustees on …........................... and signed on their behalf by:
Phil Brady Name Signed
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Kagyu Dechen Buddhism
Notes to the accounts for the year ended 31 December 2021
1 Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a Basis of preparation
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 section 1A.
Kagyu Dechen Buddhism meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such restatement was required.
c Preparation of the accounts on a going concern basis
The Covid 19 pandemic has impacted the charity as it is not able to run its main activities in 2020, however donations income in 2020 has not decreased, and interest rates have recently fallen which means that less interest is being paid on the two mortgages. Given this, the consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
There are no key judgments which the trustees have made which have a significant effect on the accounts.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
d 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.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
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Notes to the accounts for the year ended 31 December 2021 (continued)
e Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
f Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
g Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
h 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.
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Notes to the accounts for the year ended 31 December 2021 (continued)
i Operating leases
Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
j Tangible fixed assets
Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Freehold land and buildings not depreciated Religious articfacts 10 years Computer equipment 3 years Fixtures and fittings 5 years
k Debtors
Trade and other 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.
l 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 account.
m 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.
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Notes to the accounts for the year ended 31 December 2021 (continued)
N 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 Legal status of the charity
The charity is a company limited by guarantee registered in England and Wales and has no share capital. 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. The registered office address is disclosed on page 1.
3 Income from donations and legacies
| Donations Total Total by fund 31 December 2020 |
Unrestricted £ 71,583 71,583 79,929 |
Restricted £ 47,564 47,564 - |
Total 2021 £ 119,147 119,147 79,929 |
Total 2020 £ 79,929 |
|---|---|---|---|---|
| 79,929 | ||||
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Notes to the accounts for the year ended 31 December 2021 (continued)
4 Income from charitable activities
| 4 Income from charitable activities |
|
|---|---|
| Unrestricted Restricted Total 2021 £ £ £ Retreat 1,995 - 1,995 Local events 44 - 44 Lama events 20,150 - 20,150 Total 22,189 - 22,189 10,959 - 10,959 All income from charitable activities is unrestricted (including the prior year) 5 Fees and other income Unrestricted Restricted 2021 £ £ £ Shop income 7,506 - 7,506 Other fundraising events 6,177 695 6,872 13,683 695 14,378 All income from fees and trading is unrestricted. 6 Investment income Unrestricted Restricted 2021 £ £ £ Income from bank deposits 28 - 28 Rent - investment property 23,740 - 23,740 23,768 - 23,768 Total by fund 31 December 2020 |
Total 2020 £ 1,465 806 8,688 |
| 10,959 | |
| 2020 £ 7,963 4,898 |
|
| 12,861 | |
| 2020 £ 45 23,812 |
|
| 23,857 |
All of the charity's investment income arises from money held in interest bearing deposit accounts or rents received from investment properties. All investment income is unrestricted.
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Notes to the accounts for the year ended 31 December 2021 (continued)
Analysis of expenditure on raising funds
| Analysis of expenditure on raising funds | |
|---|---|
| Total 2021 £ 7 Fundraising costs Fundraising for mikyo dorje institute 8,315 Operating charity shops 6,289 14,604 8 Analysis of expenditure on charitable activities Total 2021 £ Depreciation 111 Rent, rates and insurance 8,402 Utilities 10,494 Travel, accommodation and motor expenses 4,613 Office expenses 8,301 Premises repairs and maintenance 10,481 Donations 9,876 Publicity 4,282 Event costs 14,744 Interest payable 14,600 Professional fees 3,943 Governance costs 1,300 91,147 2021 £ Restricted expenditure 15,702 Unrestricted expenditure 75,445 91,147 Independent examination |
Total 2020 £ - 3,832 |
| 3,832 | |
| Total 2020 £ 3,767 8,660 7,165 2,847 6,544 7,821 7,000 3,517 5,055 17,083 - 1,300 |
|
| 70,759 | |
| 2020 £ - 70,759 |
|
| 70,759 |
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Notes to the accounts for the year ended 31 December 2021 (continued)
10 Net income/(expenditure) for the year
| This is stated after charging/(crediting): | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Depreciation | 111 | 3,767 |
| Independent examiner's remuneration | ||
| - accountancy | 600 | 600 |
| - independent examination | 700 | 700 |
11 Staff costs
The charity does not currently employ any members of staff.
The key management personnel of the charity comprise the trustees. The total employee benefits of the key management personnel of the charity were £nil (2020: £nil).
12 Trustee remuneration and expenses, and related party transactions
No expenses were claimed by the trustees in the year (2020 £nil).
Aggregate donations from related parties (trustees) were £2,801 (2020: £2,880). There were no conditions attached to these donations.
One trustee loaned the charity £30,000 during 2020. The balance due to this trustee as 31 December 2021 was £24,750 (2020: £27,000). No interest is being charged on this loan.
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year other than those disclosed above (2020: nil).
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Notes to the accounts for the year ended 31 December 2021 (continued)
13 Government grants
The charity received no government grants recognised in the year.
14 Corporation tax
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
15 Fixed assets: tangible assets
| Freehold land and buildings Cost £ 1,258,782 Additions - Disposals - 1,258,782 Depreciation - Charge for the year - Disposals - - Net book value 1,258,782 1,258,782 At 31 December At 1 January 2021 At 31 December At 1 January 2021 At 31 December At 31 December |
Fixtures and fittings £ 30,992 - - 30,992 30,881 111 - 30,992 - 111 |
Computer equipment £ 2,619 - - 2,619 2,619 - - 2,619 - - |
Religious Artifacts £ 17,596 - - 17,596 17,596 - - 17,596 - - |
Total £ 1,309,989 - - |
|---|---|---|---|---|
| 1,309,989 | ||||
| 51,096 111 - |
||||
| 51,207 | ||||
| 1,258,782 | ||||
| 1,258,893 |
Freehold Land and Buildings consist of two properties which are partly used for the charity's operations and partly for investment purposes.These mixed use properties have been accounted for as tangible fixed assets. The trustees consider it impractical to obtain a reliable value for the investment component without undue cost or effort. In these circumstances, the SORP (FRS102) allows the whole of the properties to be included under tangible fixed assets, and the trustees have taken advantage of this in preparing the accounts.
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Notes to the accounts for the year ended 31 December 2021 (continued)
16 Debtors
| Debtors | ||
|---|---|---|
| Prepayments and accrued income | 2021 £ 4,856 4,856 |
2020 £ 6,680 |
| 6,680 |
17 Creditors: amounts falling due within one year
| Bank loan Short term loan Other creditors and accruals |
2021 £ 43,000 24,750 4,068 71,818 |
2020 £ 39,000 27,000 1,300 |
|---|---|---|
| 67,300 |
18 Creditors: amounts falling after more than one year
| Secured bank loans | 2021 £ 487,722 487,722 |
2020 £ 529,107 |
|---|---|---|
| 529,107 |
The bank loans are secured by a legal charge over the freehold land and buildings at 45 Manor Drive, Manchester and 19 Granville Road, Harrogate which are the freehold land and buildings included in tangible fixed assets. The loans disclosed above are split by property as £368,008 and £162,714 respectively (2020: £398,932 and £169,175).
19 Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| Mikyo Dorje Institute | Balance at 1 January 2021 £ - - |
Income £ 48,259 48,259 |
Expenditure £ (15,702) (15,702) |
Transfers £ - - |
Balance at 31 December 2021 £ 32,557 |
| 32,557 |
The Mikyo Dorje Institutee fund is made up of donations which are earmarked for preparatory work (architectural plans, consultancy, etc.) and proposed acquisition of a site for the establishment of a Buddhist retreat centre to be known as the Mikyo Dorje Institute
There were no restricted funds in the previous accounting period.
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Notes to the accounts for the year ended 31 December 2021 (continued)
20 Analysis of movement in unrestricted funds
| Balance at 1 January 2021 Income £ £ 761,998 131,223 761,998 131,223 Balance at 1 January Income £ £ 708,983 127,606 708,983 127,606 Analysis of net assets between funds General fund £ Tangible fixed assets 1,258,782 Net current assets/(liabilities) 32,112 Creditors of more than one year (487,722) Total 803,172 General fund Previous reporting period General fund |
Expenditure £ (90,049) (90,049) Expenditure £ (74,591) (74,591) Designated funds £ - - - - |
Transfers £ - - Transfers £ - - Restricted funds £ - 32,557 - 32,557 |
As at 31 December 2021 £ 803,172 |
|---|---|---|---|
| 803,172 | |||
| As at 31 December 2021 £ 761,998 |
|||
| 761,998 | |||
| Total £ 1,258,782 64,669 (487,722) |
|||
| 835,729 |
21 Analysis of net assets between funds
22 Financial instruments
Financial instruments measured at amortised cost comprise the loan financing provided by Triodos bank to the charity.
| Loan payable falling due within one year Loan payable falling due in more than one year |
2021 £ 43,000 487,722 530,722 |
2020 £ 39,000 529,107 |
|---|---|---|
| 568,107 |
19
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