REGISTERED COMPANY NUMBER: 09344009 (England and Wales) REGISTERED CHARITY NUMBER: 1163076
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Sakya Dechen Buddhism Limited (A Company Limited by Guarantee)
Sakya Dechen Buddhism Limited
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 18 |
Sakya Dechen Buddhism Limited
Report of the Trustees
for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The company is a charity and exists to advance the Sakyapa School of Buddhism and in particular the spiritual authority of Karma Thinley Rinpoche and Lama Jampa Thaye as masters of the Sakyapa school of Buddhism.
Significant activities
During the year the charity continued to develop its activities in its London and Bristol centres, with a view to generating warm and welcoming spaces for practitioners and newcomers to visit to learn more about Buddhism and the Sakya tradition in particular.
In August 2022 our London centre, Sakya Dechen Ling, was honoured to host the visit to London by His Holiness Sakya Gongma Trichen who gave a series of teachings at Chelsea Old Town Hall at the request of Lama Jampa Thaye. The event, which filled the venue to capacity, was attended by people from the UK and elsewhere, including members of the Tibetan and Nepalese communities.
Page 1
Sakya Dechen Buddhism Limited
Report of the Trustees for the Year Ended 31 December 2022
OBJECTIVES AND ACTIVITIES Public benefit
The Trustees have considered the Charity Commission Guidance on Public Benefit in accordance with The Charities Act 2011.
In exercising the powers and pursuing the objects of the charity, public benefit is accomplished by:
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Providing temples for the study and practice of the Sakya Buddhist teachings.
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Reciting prayers and rituals for the well-being of the sick, the deceased, expectant mothers, and all those in need.
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Promoting and providing introductory meditation classes and teachings on the basic principles of the Buddhist teachings.
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Establishing and supporting groups across England, in London, Bristol, Bath and Exeter, in order to deliver locally the preceding provision.
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Presenting Buddhist textual teachings by lamas (qualified Buddhist teachers) for practitioners and other beneficiaries interested in learning about the Buddha's teachings.
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Providing retreat facilities for practitioners interested in enhancing their study and practice of Buddhist teachings through periods of solitary meditation and contemplation.
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Providing a Dharma School to educate children in the teachings of the Buddha; and to introduce them to meditation practices, traditional prayers, religious stories and principles of morality.
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Making available prayers, books, tapes, images and other materials as aids to the study and practice of Sakya Buddhism.
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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.
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Providing Classical Tibetan language classes.
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Providing translations of Tibetan Buddhist texts, along with the printing, publishing, distributing and selling of any associated literature.
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Providing educational workshops for school children interested in learning about Buddhism. These are delivered at the charity's temple in Bristol or in schools, by one of the charity's instructors.
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Providing cultural and social events to increase access to the charity's temples by the local community.
In assessing the public benefit of the charity's aims, there has been no report or evidence of detriment or harm flowing from the charity carrying out its aims. The intended beneficiaries of the charity's aims include:
(i) Practitioners of Sakya Buddhism. Such beneficiaries are drawn from a cross section of society, from around the U.K. and Europe.
(ii) The wider public, who benefit from the charity's activities by having opportunities to attend the temples and to learn about Buddhism and/or practise meditation.
(iii) The wider public, who attend regular 'public talks' given by lamas. Talks are held in public buildings and are promoted city- and region- wide.
(iv) Members of the public who request prayers to be recited and rituals performed, for the sick and dying.
In general terms, the charity'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 that any charges for services or requests for regular payments, are reasonable and take into consideration each beneficiary's ability to pay. All events provided by the charity offer a concessionary rate.
Volunteers
The charity depends entirely on volunteers to carry out its activities. The Board of Trustees would like to take this opportunity to thank all its supporters.
Page 2
Sakya Dechen Buddhism Limited
for the Year Ended 31 December 2022
Report of the Trustees
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity continued to meet its objectives of supporting opportunities for the study and practice of Buddhism, also making use of online platforms to offer alternative and accessible opportunities for practice.
This has been achieved within the resources available and the charity has met all of its financial commitments, including the proper maintenance and improvement of its main assets, the centres in Bristol and London.
Fundraising activities
The charity's shops have been established to raise funds to assist with the overheads and other costs. The shops are not intended to be commercial enterprises - their main purpose is to supply articles, books and artefacts to assist practitioners with their meditation practice. The London shop is specifically a charity shop which relies on donations of books for resale. Hence the normal key performance indicators such as gross profit percentage are not considered indicative of their success. Nevertheless the shops are expected to achieve a small surplus to contribute towards the costs of maintaining the centres in the future.
FINANCIAL REVIEW
Financial position
As reflected in the charity's balance sheet, the charity's financial position is stable and secure.
Principal funding sources
The charity's principal funding sources in respect of day to day activities are regular donations from the members of its centres. In respect of major expenditures, such as the purchase of properties, the charity has relied on appeals to members, supplemented by borrowings from financial institutions to cover any shortfall on appeal funds raised.
During the year the charity received a significant legacy of some £72,000 from the will of the late Harry Waters. This generous gift from our late supporter is greatly appreciated and has been allocated to our London centre.
Reserves policy
As a matter of policy, the Trustees intend to hold the amount of reserves held in cash and cash equivalents not restricted to or designated for any particular purpose at the minimum level of 3 to 6 months' regular cash expenditure equating to £28,350: (2021 - £28,054). The board considers the charity's exposure to the risk of any significant loss of income and to the risk of unforeseen expenditure, which cannot be mitigated by executive action, and on this basis will decide whether the amount of assets held in cash reserves should be increased or decreased.
At the year end, the charity's available cash funds amounted to £137,251 (2021 - £72,338), being the total of cash-at-bank and cash-in-hand not attributable to restricted funds, as stated on page 8. The Trustees believe that these unrestricted reserves are more than sufficient to meet the charity's day to day requirements.
The increase in cash funds arises principally as a result of a large legacy and also a healthy surplus from the visit of His Holiness Sakya Gongma Trichen. It is the intention of the Trustees to invest the surplus funds in an interest-bearing medium-term deposit for future use in the development of the charity's centres.
Going concern
In the opinion of the Trustees the charity continues to be a going concern.
FUTURE PLANS
During 2023 the charity's centres and groups in Bristol, London, Bath and Exeter will continue to provide introductory courses in Buddhism, together with more in-depth teachings presided over by visiting Lamas.
We aspire to make some modest improvements to the our Bristol centre, Sakya Thinley Rinchen Ling, in the coming years. Currently under discussion is the idea to extend the reception area into the back garden, perhaps in the form of a conservatory and also to create better ground floor toilet arrangements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, registered in England and Wales, established for charitable purposes.
Recruitment and appointment of new trustees
The charity's trustees and committee members are appointed by the Board of Trustees after due consideration being given to eligibility, personal competence, specialist skills and local availability.
Organisational structure
Overall control of the charity rests with the Board of Trustees. Day to day control of the charity's functions and finances are delegated to local administrators, appointed for their skills and competence.
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Sakya Dechen Buddhism Limited
Report of the Trustees for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
New trustees and committee members are inducted into the workings of the charity by the Board of Trustees.
Wider network
The charity is a member of the Dechen Community, an association of organisations with similar aims and objectives, which provides support and resources to its members as needed.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
A formal review of the charity's risk management processes is undertaken on an annual basis.
The charity maintains a comprehensive register of risks, which is subject to regular review. Through the risk management processes established for the charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognized that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
09344009 (England and Wales)
Registered Charity number
1163076
Registered office
121 Sommerville Road Bristol BS6 5BX
Trustees Mr D J Armstrong Furniture Maker Mr P J M Brady Local Government Manager Ms N Christov Structurer Mr B J Golding Accountant Mr A M Gutmann Financial Services Mr P Haddon Auditor Mr M A Lund Self employed Mr S G Mulligan None Mr C S Rogers Accountant Ms M B Moore Teacher
Company Secretary Ms M B Moore
Independent Examiner
Matthew J Bryant FCCA OCL Accountancy 141 Englishcombe Lane Bath BA2 2EL
This 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 board of trustees on 11 May 2023 and signed on its behalf by:
Mr D J Armstrong - Trustee
Page 4
Independent Examiner's Report to the Trustees of Sakya Dechen Buddhism Limited
Independent examiner's report to the trustees of Sakya Dechen Buddhism Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 Company 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 your charity's accounts as 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
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Matthew J Bryant FCCA
OCL Accountancy 141 Englishcombe Lane Bath BA2 2EL
11 May 2023
Page 5
Sakya Dechen Buddhism Limited
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 142,915 Charitable activities 5 Courses 47,124 Other trading activities 3 5,229 Investment income 4 3,304 Other income 5 Total 198,577 EXPENDITURE ON Raising funds 2,369 Charitable activities 6 Buddhist centre administration 41,254 Courses 31,726 Grants to other centres 6,724 Total 82,073 NET INCOME 116,504 RECONCILIATION OF FUNDS Total funds brought forward 618,215 TOTAL FUNDS CARRIED FORWARD 734,719 |
31.12.22 31.12.21 Restricted Total Total funds funds funds £ £ £ - 142,915 73,413 - 47,124 12,070 - 5,229 3,854 - 3,304 6,572 - 5 (10) - 198,577 95,899 - 2,369 2,772 - 41,254 40,294 - 31,726 13,330 - 6,724 3,708 - 82,073 60,104 - 116,504 35,795 2,309 620,524 584,729 2,309 737,028 620,524 |
|---|---|
The notes form part of these financial statements
Page 6
Sakya Dechen Buddhism Limited (Registered number: 09344009)
Balance Sheet
31 December 2022
| Notes FIXED ASSETS Tangible assets 11 Heritage assets 12 CURRENT ASSETS Stocks 13 Debtors: amounts falling due within one year 14 Debtors: amounts falling due after more than one year 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds: Bristol London Restricted funds: Sakya Nuns TOTAL FUNDS |
Unrestricted funds £ 870,194 46,446 916,640 13,354 32,360 68,866 137,251 251,831 (20,907) 230,924 1,147,564 (412,845) 734,719 |
Restricted funds £ - - - - - - 2,309 2,309 - 2,309 2,309 - 2,309 |
31.12.22 Total funds £ 870,194 46,446 916,640 13,354 32,360 68,866 139,560 254,140 (20,907) 233,233 1,149,873 (412,845) 737,028 257,804 476,915 734,719 2,309 737,028 |
31.12.21 Total funds £ 870,890 38,416 909,306 15,218 26,241 70,426 74,648 186,533 (19,533) 167,000 1,076,306 (455,782) 620,524 248,309 369,906 618,215 2,309 620,524 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
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The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Sakya Dechen Buddhism Limited (Registered number: 09344009)
Balance Sheet - continued 31 December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2023 and were signed on its behalf by:
Mr C S Rogers - Trustee
The notes form part of these financial statements
Page 8
Sakya Dechen Buddhism Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised on receipt. Procedures are in place to ensure the completeness of income.
Shop and catering income is accounted for on a cash received basis.
Grant and legacies are accounted for once the charity is notified of its legal entitlement and the amount due.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance and governance costs which support the Trust's Buddhist centre management activities.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Fixtures and fittings - 15% on reducing balance Computer equipment - 15% on reducing balance
The Trust's land and buildings are not depreciated as the Trustees consider they are well maintained and in good repair and any resulting depreciation would be immaterial.
Heritage assets
Heritage assets which are non-monetary assets held for devotional purposes are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated impairment losses. The artefacts are not depreciated as their value is considered to be in line with the original cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Donated stocks are stated at market value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds 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 restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated goods, services or facilities
Donated goods, services or 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. On receipt, donated services and 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.
In accordance with the Charities SORP (FRS 102), the general volunteer time of supporters is not recognised (refer to the Trustees' annual report for more information about their contribution).
Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
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.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will normally 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.
Financial instruments
The trust 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.
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Donations | 71,095 | 73,413 | |
| Legacies | 71,820 | - | |
| 142,915 | 73,413 | ||
| . | |||
| 3. | OTHER TRADING ACTIVITIES | ||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Shop income | 5,229 | 3,854 |
continued...
Page 10
Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
4. INVESTMENT INCOME
| Rents received Deposit account interest Loan interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Course fees Courses 6. CHARITABLE ACTIVITIES COSTS Buddhist centre administration Courses Grants to other centres 7. SUPPORT COSTS Management £ Buddhist centre administration 18,430 The charity did not employ any paid staff. |
31.12.22 31.12.21 £ £ 452 4,282 - 1 2,852 2,289 3,304 6,572 31.12.22 31.12.21 £ £ 47,124 12,070 Grant Support Direct funding of costs (see Costs activities note 7) Totals £ £ £ £ - - 41,254 41,254 31,726 - - 31,726 - 6,724 - 6,724 31,726 6,724 41,254 79,704 Governance Finance Other costs Totals £ £ £ £ 17,370 3,364 2,090 41,254 |
31.12.22 31.12.21 £ £ 452 4,282 - 1 2,852 2,289 3,304 6,572 31.12.22 31.12.21 £ £ 47,124 12,070 Grant Support Direct funding of costs (see Costs activities note 7) Totals £ £ £ £ - - 41,254 41,254 31,726 - - 31,726 - 6,724 - 6,724 31,726 6,724 41,254 79,704 Governance Finance Other costs Totals £ £ £ £ 17,370 3,364 2,090 41,254 |
|---|---|---|
| Totals £ 41,254 31,726 6,724 |
||
| 79,704 | ||
| Totals £ 41,254 |
||
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| Buddhist | ||
| centre | Total | |
| administration | activities | |
| £ | £ | |
| Rates and water | 5,292 | 3,565 |
| Insurance | 3,286 | 3,034 |
| Light and heat | 3,702 | 4,050 |
| Telephone | 1,727 | 1,650 |
| Postage and stationery | 842 | 496 |
| Advertising | 1,033 | 2,350 |
| Sundries | 553 | 125 |
| Repairs and maintenance | 1,995 | 2,996 |
| 18,430 | 18,266 |
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. SUPPORT COSTS - continued Finance
| 7. | SUPPORT COSTS - continued Finance |
||
|---|---|---|---|
| 31.12.22 | 31.12.21 | ||
| Buddhist | |||
| centre | Total | ||
| administration | activities | ||
| £ | £ | ||
| Bank charges | 718 | 673 | |
| Bank loan interest | 16,652 | 16,488 | |
| 17,370 | 17,161 | ||
| Other | |||
| 31.12.22 | 31.12.21 | ||
| Buddhist | |||
| centre | Total | ||
| administration | activities | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 3,364 | 3,487 | |
| Governance costs | |||
| 31.12.22 | 31.12.21 | ||
| Buddhist | |||
| centre | Total | ||
| administration | activities | ||
| £ | £ | ||
| Independent examiner's fees | 1,440 | 1,440 | |
| Professional fees | 650 | (60) | |
| 2,090 | 1,380 | ||
| 8. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Depreciation - owned assets | 3,363 | 3,487 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 73,413 Charitable activities Courses 12,070 Other trading activities 3,854 Investment income 6,572 Other income (10) Total 95,899 |
Restricted funds £ - - - - - - |
Total funds £ 73,413 12,070 3,854 6,572 (10) 95,899 |
|---|---|---|
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| EXPENDITURE ON Raising funds Charitable activities Buddhist centre administration Courses Grants to other centres Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2022 Additions At 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 12. HERITAGE ASSETS MARKET VALUE At 1 January 2022 Additions At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Freehold property £ 851,130 - 851,130 - - - 851,130 851,130 |
Unrestricted Restricted funds funds £ £ 2,772 - 40,294 - 13,330 - 3,708 - 60,104 - 35,795 - 582,420 2,309 618,215 2,309 Fixtures and Computer fittings equipment £ £ 35,458 477 2,667 - 38,125 477 15,947 228 3,327 36 19,274 264 18,851 213 19,511 249 |
Total funds £ 2,772 40,294 13,330 3,708 60,104 35,795 584,729 620,524 Totals £ 887,065 2,667 889,732 16,175 3,363 19,538 870,194 870,890 Total £ 38,416 8,030 46,446 46,446 38,416 |
Total funds £ |
|---|---|---|---|---|
| 2,772 40,294 13,330 3,708 |
||||
| 60,104 | ||||
| 35,795 584,729 |
||||
| 620,524 | ||||
continued...
Page 13
Sakya Dechen Buddhism Limited Notes to the Financial Statements - continued for the Year Ended 31 December 2022
12. HERITAGE ASSETS - continued
Heritage assets consist of religious artefacts including statues and paintings which are held for devotional purposes. Access is permitted to all visitors to the centres.
Heritage assets purchased are stated at cost, while donated items are stated at market value at the time of the gift; they are not depreciated as their value is considered to be at least the original cost.
Such objects are acquired as needed, and subject to the approval of the Board of Trustees. They are maintained in good order by volunteers and an inventory is kept for insurance and administrative purposes. To date, none of the heritage assets acquired by the charity have been disposed of, and it is not anticipated that they would ever be.
The cost of acquisition of such assets purchased over the last five years is as follows: 2022 - £8,030 2021 - NIL 2020 - NIL 2019 - £11,001 2018- £548
Value of assets acquired by donation: 2018 to 2022: NIL
No heritage assets have been disposed of during the last five years.
13. STOCKS
| 13. | STOCKS | ||
|---|---|---|---|
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Stocks | 8,414 | 9,603 | |
| Donated stock | 4,940 | 5,615 | |
| 13,354 | 15,218 | ||
| 14. | DEBTORS | ||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Amounts falling due within one year: | |||
| Other debtors | 23,775 | 19,723 | |
| Thinley Rinchen Ling Trust - loan for France < 1 year | 1,974 | 2,726 | |
| Prepayments | 6,611 | 3,792 | |
| 32,360 | 26,241 | ||
| Amounts falling due after more than one year: | |||
| Thinley Rinchen Ling Trust - loan for France > 1 year | 68,866 | 70,426 | |
| Aggregate amounts | 101,226 | 96,667 |
Debtors include £70,840 (2021: £73,152) representing a loan receivable from Thinley Rinchen Ling Trust.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.22 £ Bank loans and overdrafts (see note 17) 14,918 Trade creditors 1,283 Accrued expenses 4,706 20,907 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.22 £ Bank loans (see note 17) 404,845 Other loans (see note 17) 8,000 412,845 17. LOANS An analysis of the maturity of loans is given below: 31.12.22 £ Amounts falling due within one year on demand: Bank loans 14,918 Amounts falling between one and two years: Bank loans - 1-2 years 15,537 Amounts falling due between two and five years: Bank loans - 2-5 years 50,621 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 338,687 Repayable otherwise than by instalments: Other loans more 5yrs non-inst 8,000 18. SECURED DEBTS The following secured debts are included within creditors: 31.12.22 £ Bank loans 419,763 |
31.12.21 £ 16,650 1,283 1,600 19,533 31.12.21 £ 447,782 8,000 |
|---|---|
| 455,782 | |
| 31.12.21 £ 16,650 |
|
| 17,219 | |
| 55,271 | |
| 375,292 8,000 |
|
| 31.12.21 £ 464,432 |
The bank loans are secured by fixed charges over the charity's properties in Chepstow Road, Notting Hill and Sommerville Road, Bristol and by a floating charge over the charity's other assets.
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continued...
Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
19. MOVEMENT IN FUNDS
| At 1.1.22 £ Unrestricted funds Bristol 248,309 London 369,906 618,215 Restricted funds Sakya Nuns 2,309 TOTAL FUNDS 620,524 Net movement in funds, included in the above are as follows: Unrestricted funds Bristol London TOTAL FUNDS Comparatives for movement in funds At 1.1.21 £ Unrestricted funds Bristol 212,790 London 369,630 582,420 Restricted funds Sakya Nuns 2,309 TOTAL FUNDS 584,729 Comparative net movement in funds, included in the above are as follows: Unrestricted funds Bristol London TOTAL FUNDS |
Net movement in funds £ 10,380 106,124 116,504 - 116,504 Incoming resources £ 44,664 153,913 198,577 198,577 Net movement in funds £ 11,600 24,195 35,795 - 35,795 Incoming resources £ 46,443 49,456 95,899 95,899 |
Transfers between At funds 31.12.22 £ £ (885) 257,804 885 476,915 - 734,719 - 2,309 - 737,028 Resources Movement expended in funds £ £ (34,284) 10,380 (47,789) 106,124 (82,073) 116,504 (82,073) 116,504 Transfers between At funds 31.12.21 £ £ 23,919 248,309 (23,919) 369,906 - 618,215 - 2,309 - 620,524 Resources Movement expended in funds £ £ (34,843) 11,600 (25,261) 24,195 (60,104) 35,795 (60,104) 35,795 |
Transfers between At funds 31.12.22 £ £ (885) 257,804 885 476,915 - 734,719 - 2,309 - 737,028 Resources Movement expended in funds £ £ (34,284) 10,380 (47,789) 106,124 (82,073) 116,504 (82,073) 116,504 Transfers between At funds 31.12.21 £ £ 23,919 248,309 (23,919) 369,906 - 618,215 - 2,309 - 620,524 Resources Movement expended in funds £ £ (34,843) 11,600 (25,261) 24,195 (60,104) 35,795 (60,104) 35,795 |
|---|---|---|---|
| 35,795 | |||
| 35,795 |
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continued...
Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
19. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS |
At 1.1.21 £ 212,790 369,630 582,420 2,309 584,729 |
Net movement in funds £ 21,980 130,319 152,299 - 152,299 |
Transfers between At funds 31.12.22 £ £ 23,034 257,804 (23,034) 476,915 - 734,719 - 2,309 - 737,028 |
Transfers between At funds 31.12.22 £ £ 23,034 257,804 (23,034) 476,915 - 734,719 - 2,309 - 737,028 |
|---|---|---|---|---|
| 734,719 2,309 |
||||
| 737,028 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Bristol London TOTAL FUNDS |
Incoming resources £ 91,107 203,369 294,476 294,476 |
Resources Movement expended in funds £ £ (69,127) 21,980 (73,050) 130,319 (142,177) 152,299 (142,177) 152,299 |
Resources Movement expended in funds £ £ (69,127) 21,980 (73,050) 130,319 (142,177) 152,299 (142,177) 152,299 |
|---|---|---|---|
| 152,299 | |||
| 152,299 |
Each of the unrestricted funds, designated as "Bristol" and "London", represent the financial activities and net assets allocated by the Trustees to the respective operating bases established by the Trust in those locations. Occasional transfers are made between the unrestricted funds as determined by the Trustees from time to time.
The restricted fund balance represents money raised in a previous year by an appeal to support the Sakya Nuns' College in Manduwala, India. The balance of £2,309 is carried forward on this fund to be paid over in a forthcoming year.
Transfers between funds
Inter-fund transfers from a restricted funds to unrestricted funds are occasioned when the purpose of a particular appeal or donation has been achieved, whereupon the restricted fund is closed.
20. RELATED PARTY DISCLOSURES
As at 31st December 2022, the charity was owed the sum of £70,840 (2021: £73,152) by Thinley Rinchen Ling Trust (TRLT), a registered charity, the majority of whose Trustees are also Trustees of Sakya Dechen Buddhism Ltd. Interest is payable on this loan at the rate of 2.5% p.a. above the Bank of England base rate. The loan is unsecured and for a period of 25 years from 17.11.2016.
Sakya Dechen Buddhism Ltd was created to incorporate the activities of TRLT into a charitable company, limited by guarantee, in keeping with the guidance of the Charities Commission. No conflict of interest is deemed to exist with respect to the transactions between these parties.
The charity made grants to Kagyu Dechen Buddhism Ltd (KDB) amounting to £3,708 (2021 - £3,708). KDB is a related party as three of the Trustees of the charity are also Trustees of KDB (which is itself a registered charity).
The charity received a loan of £8,000 during 2018 from TRLT, interest-free with no fixed date of repayment, which is still outstanding..
Unrestricted donations made by Trustees during the year amounted to £20,450 (2021: £30,900).
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
21. COMPANY LIMITED BY GUARANTEE
The charity is a private company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up.
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