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2021-03-31-accounts

MAHAMEVNAWA MEDITATION CENTRE UK ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

Registered Charity Number 1165899

10 Coronation Drive, WIDNES, Cheshire WA8 8AY

http://www.buddhameditation.uk/

MAHAMEVNAWA MEDITATION CENTRE UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Contents

Pages Description

11-13 Notes to the Accounts

Page 2

MAHAMEVNAWA MEDITATION CENTRE UK ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

REPORT OF THE TRUSTEES

The Trustees of the Mahamevnawa International Meditation Centre present their report with the financial statements of the Charity for the period ended 31 March 2021.

Mahamevnawa Meditation Centre UK Trustees

B V IndikaHemanthaPremarthna Trustee-Secretary
E M Amila SanjeewaEdirisinghe Trustee- Treasurer
Sembukutti ArachchilageDe Silva Trustee-Chairman

Legal Advisor

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

Independent Examiner

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

Governance Structure:

The Mahamevmawa Meditation Centre UK is a registered Charity in the UK (Registration number 1165899). It is governed by the Constitution, first adopted on 17 May 2015 and amended on 27 February 2016.

The Charity’s Objects are as follows

To advance the Theravada Buddhist religion for the public benefit in accordance with the doctrines and principles of Buddhist faith..

Volunteers

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

Page 3

MAHAMEVNAWA MEDrrATION CENTRE UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Statement of Trustees Responslbllllles The Trustees of the Mahamevnawa Meditstion Centre UK are responsible for preparing the Report of the Trustees and the Financial Slaternents in accordance with appli(*ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are to prepare financial slatemenls for each financial year. In preparing those financial statements. the Trustees are required lo.. Select suilable accounting policies and then apply them consistentty,. Observe the melhods and principles in the Charity SORP., Make judgements and estimales thal are reasonable and Prudent- Idéntfy if the Charity is able to pay bills, invoices, charges or meet other liabilities as theyfall due- going concem: The Trustees are responsible for keeping proper accounting rerxjrds wthich disclose, with reasonable accjjracy, the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity. Insofar as the Trustees are aware: There is no relevant infomation of which the charity's Independent Examiner is unaware. and The Trustees have taken all steps they ought to have taken to make themselve8 aware of any relevant accounting infomiation and to eslablish that the Independent Examiner.is aware of that infonnation. AcknovAedgements The Truslees wish to extend their thanks to all the volunteers. supporters and donors of The Mahamevnawa Intemational Meditstion Centre who have continued its work by their interest and generosity. Approved by the Trustee5 and signed on thelr behalf by: Sembukutti Ara chilage De sifva E M Amila Sanjeewa Edirisinghe Truslee - Chainnan Trustee - Treasurer Approved on 24 November 2021 Page 4

MAHAMEVNAWA MEDITATION CENTRE UK ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF THE MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

I report to the trustees on my examination of the accounts of the Mahamevnawa Meditation Centre UK for the year ended 31 March 2021 which comprise of the Statement of Financial Activities, Charity Balance Sheet, Cash Flow Statement and related notes.

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charitiy’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

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

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008, 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.

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.

…………………………………

Lal Ranasinghe – B. Com (Hons), ACMA, CGMA, ASA

113 Barnstaple Road, Southend-on-Sea, Essex, SS1 3PN

25 November 2021

Page 5

MAHAMEVNAWA MEDITATION CENTER UK

(Charity Number: 1165899)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2021

Note
INCOME:
Donations
Gift Aid
Other Income
TOTAL INCOME
EXPENDITURE:
Utility & Maintenance
2
Programmed Activities
3
Travelling & Vehicle Costs
4
TOTAL EXPENDITURE
NET MOVEMENTS IN FUNDS
Fund balances brought forward at 1st April
Fund balance carried forward at 31st March		 Unrestricted
funds
Restricted
funds
Total
31 March
2021
31 March
2021
31 March
2021
£
£
£
29,119
-
29,119
5,422
-
5,422
-
-
-
34,541
-
34,541
(26,011)
-
(26,011)
(2,165)
-
(2,165)
-
-
-
(28,176)
-
(28,176)
6,365
-
6,365
71,643
-
71,643
78,008
-
78,008		 Unrestricted
funds
Restricted
funds
Total
31 March
2020
31 March
2020
31 March
2020
£
£
£
68,932
-
68,932
-
-
-
-
-
-
68,932
-
68,932
(42,142)
-
(42,142)
(3,115)
-
(3,115)
(68)
-
(68)
(45,325)
-
(45,325)
23,607
-
23,607
48,036
-
48,036
71,643
-
71,643

The notes on pages 9 to 13 form part of these accounts

Page 6

MAHAMEVNAWA MEDITATION CENTER UK

(Charity Number: 1165899)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MARCH 2021

Note
Net income / (expenditure) for the reporting period
Adjustments for:
Depreciation
(Increase) / Decrease in debtors
(Decrease) / Increase in creditors
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of fixed assets
Proceeds from sale of fixed assets
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
10
Cash and cash equivalents at the beginning of the reporting period
10
Cash and cash equivalents at the end of the reporting period
10		 31-Mar-21
£
6,365
11,128
(5,422)
(1,711)
10,360
(12,564)
-
(12,564)
(2,204)
4,495
2,291		 31-Mar-20
£
23,607
8,616
1,025
131,322
164,570
(207,086)
-
(207,086)
(42,516)
47,011
4,495

Page 8

MAHAMEVNAWA MEDITATION CENTER UK Icharity Nurnber.. 11658991 BALANCE SHEET AS AT 31 MARCH 2021 Note 4mouni Amowit 31-Mar-21 31-Mar-20 FIXED ASSETS: Freehold Propcrties 182,125 188,164 Fixtures & Fittll)gs. Motor Vehicles, Equipment 17,780 ioJ(hfj Tangible Fixed A55¢ts 199,9Q5 198,470 CURRENT ASSETS D¢b(or. 5.422 Cash ai bank and in hand 2,291 4.495 Tothl Curr¢nt Assets 7,713 4,495 CURRENT LIABILITtES Credi(ots falling due within one year ET CURRENT A&SETS 7,713 4.495 LONG TERM LIABILITIES Cre.ditnr.% fwlling diie After morp. than one year 11?9.6101 (131,322) i%ET ASSETS 78.(N)8 71.￿3 Fl￿DS. Unr¢sirici¢d Fund 78,(M)8 71.fj43 Restricted Funds TOTAL FUNDS 78,(M)8 71,643 Th£ financial statcmcnts on pages 6 to 13 were approved by the Tt￿StCts on 24 Novffiib¢r 2021 and si¥ned on their behalf by.. Sembukulli Arachchilage De silva E M Amila Sanjecwa Edirisinghe Trustee- imian Trusic¢- Trcasurer The notes on pagcs 9 to 13 forni pan of thcsc accounts Pa8e 7

MAHAMEVNAWA MEDITATION CENTER UK

(Charity Number: 1165899)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

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

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

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.

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

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

(e) Funds

Funds held by the Charity are:

Page 9

MAHAMEVNAWA MEDITATION CENTER UK

(Charity Number: 1165899)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES (CONTINUED)

(f) Debtors

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

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

(h) Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(i) Depreciation:

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

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

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

Page 10

MAHAMEVNAWA INTERNATIONAL MEDITATION CENTRE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

2. Utilities and Maintenance
Rent and Rates
Utilities
Other Maintenance Costs
Depreciation
Mortgage Interest
Total
3. Dhamma Programmed Activity
Hall Hire and Event cost
Books and Publications
Dhamma Promotion
Total
4. Travelling and Vehicle Cost
Travelling Including Air Fare
Vehicle Expenses
Total		 31-Mar-21
£
1,275
5,577
1,807
11,128
6,224
26,011
2,165
-
-
2,165
-
-
-		 31-Mar-20
£
9,247
2,592
19,068
8,616
2,619
42,142
2,959
156
-
3,115
68
-
68

5. Employees and Trustee Cost

The Charity does not employ permanent or temporary staff as it is run by volunteers. Therefore, no employee related payments, such as salaries, bonus, pension, NI etc. were made during the year (2019/20 - £nil).

No payments were made to Trustees during the year (2019/20 - £nil).

Page 11

MAHAMEVNAWA MEDITATION CENTER UK

NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 MARCH 2021

6. Tangible Fixed Assets
Cost:
As at 31 March 2020
Additions
Disposals
As at 31 March 2021
Depreciation:
As at 31 March 2020
Charge for the year
Disposals
As at 31 March 2021		 Freehold
Land
Buildings
Motor
Vehicles
Furniture
& Fittings
Computers
&
Equipment
Total
£
£
£
£
£
£
60,000
134,203
-
-
12,883
207,086
-
-
-
12,564
-
12,564
-
-
-
-
-
-
60,000
134,203
-
12,564
12,883
219,649
-
(6,039)
-
-
(2,577)
(8,616)
-
(6,039)
-
(2,512)
(2,577)
(11,128)
-
-
-
-
-
-
-
(12,078)
-
(2,512)
(5,154)
(19,744)

Net Book Value

As at 31 March 2020
As at 31 March 2021
Debtors and Stocks
Refundable Deposits
Other Receivable
Stocks
Total Debtors		 60,000
128,164		 -
-
10,306
198,470
60,000
122,125		 -
10,052
7,729
199,905
2020/21
£
-
5,422
-
5,422		 2019/20
£
-
-
-
-

7. Debtors and Stocks

8. Long Term Liabilities

Creditors falling due after more than one year

Opening Balance
Additions
Repayments
Closing Balance		 2020/21
£
-
131,322
(1,712)
129,610		 2019/20
£
-
133,000
(1,678)
131,322

9. Accumulated Fund

Opening Balance
Net movement in funds
Closing Balance		 2020/21
Unrestricted Restricted
Total
£
£
£
71,643
-
71,643
6,365
-
6,365
78,008
-
78,008		 2019/20
Total
£
48,036
23,607
71,643

Page 12

MAHAMEVNAWA MEDITATION CENTER UK

(Charity Number: 1165899)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

10. NOTES TO CASH FLOW STATEMENT

ANALYSIS OF CASH AND CASH EQUIVALENT

Cash at bank and in hand
Short term deposits
Loans
Cash and cash equivalent		 At 31st
March
2020
£'000
3,485
1,010
-
4,495		 Cash flow
£'000
(1,194)
(1,010)
-
(2,204)		 At 31st
March
2021
£'000
2,291
-
-
2,291

11. Post Balance Sheet Events

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

Page 13