2021-03-31-accounts - The London Buddhist Centre

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Council Members	Mr J Reeves
	Ms E Light
	Mr P Groves
	Mr SSkelton
	Ms M Healy
	Sandra Turner		(Suryagupta),		Chair
	Ms C Edwards
	Mr D Waterston
	Mr0 Brock
	Ms JWeiss
	Mr SOkotie					(Resigned	on 23June 2020)
Charity Number	255420
Auditor	Saffery Champness			LLP
	StCatherine's		Court
	Berkeley Place
	Clifton
	Bristol
	BSB1BQ
Bankers	Lloyds Bank
	70-71Cheapside
	London
	EC2V 6EN
	Triodos Bank
	11The Promenade
	Clifton
	Bristol
	BSB3NN
	Clydesdale	Bank PLC
	London
	SW1Y4ND
Solicitors	Edward Harte		&Co
	6 Pavilion Parade
	Brighton
	East Sussex
	BN1 1RA

		Page
The Chair's update		1-3
Council Members' report		4-7
Statement ofCouncil Members'	responsibilities
Independent Auditor's report		9-12
Consolidated Statement of Financial Activities		13
Consolidated Balance Sheet		14
Charity Balance Sheet		15
Consolidated Statement ofcash	flows	16
Notes to the Accounts		17-37

			Unrestricted	Restricted	Total	Total
			funds	funds
		Notes	2021f	2021f	2021 f	2020 f
Income from:						As restated
Donations and legacies Charitable activities			467,855 581,591	34,979	502,834 581,591	210,199 1,059,664
Trading activities —shops Investments			108,723 14,344		108,723 14,344	246,848 16,900
Total income			1,172,513	34,979	1,207,492	1,533,611
Expenditure on: Raising funds —shops running costs			175,380		175,380	209,369
Charitable activities			770,252	28,368	798,620	5,478,068
Totalresources expended			945,632	28,368	974,000	5,687,437
Net gains/(losses) on investments Exceptional item		14 9	266,457		266,457	11,000
Net (expenditure)/income	for the
year/ Net movement in funds			493,338	6,611	499,949	(4,142,826)
Fund balances at 1April 2020 (as restated)			3,257,611	19822	3277433	7,420,259
Fund balances at 31March	2021		3,750,949	26,433	3,777,382	3,277,433

							2021
				Notes			6	6
								As restated
Fixed assets
Tangible assets					15		1,579,735	3,488,620
Investment	properties				16		556,000	556,000
							2,135,735	4,044,620
Current assets
Stocks					18	10,252	17,074
Debtors due within one				year	19	2,290,425	88,920
Cash at bank and		in hand				776,135	761,640
						3,076,812	867,634
Creditors:	Amounts		falling due
within one	year				20	(153,695)	(208,862)
Net current	assets						2,923,117	658,772
Total assets	less current			liabilities			5,058,852	4,703,392
Creditors:	Amounts		falling due
after more	than one		year		21		(1,281,470)	(1,425,959)
Net assets							3,777,382	3,277,433
Income funds
Restricted funds					24		26,433	19,822
Designated	funds				25	940,844	621,073
General unrestricted			funds			2,810,105	2,636,538
							3,750,949	3,257,611
Total Funds							3,777,382	3,277,433
he financial	statements			were approved	by the Council Members		on ....~X&X!RX...........

						2021	2020
		Notes				6		6
							As restated
Fixed assets
Tangible assets Investment properties		15 16				1,579,735 556,000		1,600,273 556,000
						2,135,735		2,156,273
Current assets
Stocks		18			10,252	10,252
Debtors due after more than one			19			2,000,000
year Debtors due within one year			19	2,290,425		187,371
Cash at bank and in hand					776,135	610,621
				3,076,812		2,808,244
Creditors: Amounts	falling due
within one year			20	(153p695)		(142,948)
Net current assets						2,923,117		2,665,296
Total assets less current		liabilities				5,058,852		4,821,569
Creditors: Amounts	falling due
after more than one	year			21		(1,281,470)	(1,425,959)
Net assets						3,777,382		3,395,610
Income funds
Restricted funds			24			26,433		19,822
Designated funds General unrestricted	funds		25	940,844 2,810,105		621,073 2,754,715
						3,750,949		3,375,788
Total Funds						3,777,382		3,395,610
The financial statements		were approved	by	Council	Members	on ...~K!......L~............... and	signed	on their
behalf, by:


				Notes	6		6
Cash flows from operating		activities
Cash generated from operations				31		184,260		233,534
Investing	activities
Purchase	oftangible Rxed	assets			(26,210)		(57,405)
Net cash	used in investing	activities				(26,210)		(57,405)
Financing	activities
Repayment of borrowings					(8,164)		(7,691)
Repayment of bank loans					(135,391)		(94,712)
Net cash	used in financing	activities				(143,555)		(102,403)
						14,495
Net increase In cash and cash equivalents								73,726
Cash and	cash equivalents	at beginning	of	year		761,640		687,914
Cash and	cash equivalents	at end ofyear		30		776,135		761,640

Freehold	land	Not depreciated
Freehold	buildings	50years
Furniture	and equipment	5years
Motor vehicles		4years

		Unrestricted	Restricted	Total	Total
		funds	funds	2021	2020
Group and	Charity	6	6	6	f
					As restated
Donations	and gifts	467,855	34,979	502,834	210,199
Forthe year ended 31March 2020 (as restated)		164,350	45,849		210,199
rading activities —shops
				Unrestricted	Unrestricted
				funds	funds
Group and	Charity			2021	2020
				6	F.
Shop Income				108,723	246,848

5.	Incoming resources from	Incoming resources from	Incoming resources from	Incoming resources from	charitable	activities	- analysis
								2021	2020
	Group								6
	London Buddhist Centre events							111,768	216,155
	Breathing Space							76,655	124,039
	Retreat Centre events							46,966	387,610
	Properties	and Residential			communities			346,202	331,860
								581,591	1,059,664
6.	Investments
								2021	2020
	Group and	Charity						6	f
	Investment	property-	rental Income					14,250	16,900
	Interest from bank deposits							94
								14,344	16,900
7.	Expenditure	on raising	funds - shops			running	costs
								Unrestricted	Unrestricted
								funds	funds
	Group and	Charity						2021f	2020 f
	Fundraisin	and ublici
	Shop running costs							20,685	59,900
	Staff costs							105,924	117,762
	Support and governance			costs				48,771	31,707
	Fundraising	and publicity						175,380	209,369

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rants payable
Group and Charity					2021 f	2020f
Grants to institutions
Triratna Buddhist	Order Central				39,910	38,605
Other grants under f2,000each					9,533	4,686
					49,443	43,291
Grants to Individuals
					49,443	43,291
upport costs
		Support	Governance	2021	2020	Basis ofallocation
		costsf	costs f
Depreciation		46,747		46,747	44,569	Staff time on activity
Postage and stationery		883		883	4,326	Staff time on activity
ITcosts		27,481		27,481	26,882	Staff time on activity
Bank charges		4,754		4,754	3,699	Staff time on activity
Telephone		2,876		2,876	4,532	Staff time on activity
Travel Sundry expenses		2,903 (10,773)		2,903 (10,773)	10,828 577	Staff time on activity Staff time on activity Governance
Insurance		29,416		29,416		Staff time on activity
Interest payable		43,994		43,994		Staff time on activity
Audit fees			15,200	15,200	13,400	Governance
Legal and professional
fees			58,162	58,162	36,281
		148,281	73,362	221,643	145,094
Analysed between
Fundraising		32,631	16,140	48,771	31,707
Charitable activities		115,650	57,222	172,872	113,387
		148,281	73,362	221,643	145,094

The average	monthly
		2021	2020
Group and	Charity	Number	Number
LBCcharity shops London Buddhist centre events		6 11	7 11
Breathing space		5	4
Retreat centre events		3	4
Buddhist communities			1
Support			3
Governance			1
		29	31
Employment	costs
		2021	2020
Group and	Charity	f	f
Wages and	salaries	423,550	427,759
Socia I security costs		28,486	24,917
Other pension costs		32,370	31,118
		484,406	483,794

angible fixe	d assets
			Freehold	Fixtures	Motor	Total
			land and	and	vehicles
			buildings	equipment
			6	6
Group
Cost
At 1April 2020 Additions			8,462,535 13,635	279,492 12,575	28,507	8,770,534 26,210
Disposals			(6,263,516)	(187,256)	(7,047)	(6,457,819)
At 31March	2021		2,212,654	104,811	21,460	2,338,925
Depreciation and impairment At 1April 2020 Depreciation charged in the year Eliminated on disposal			5,037,711 56,320 (4,442,250)	228,594 27,945 (165,178)	15,609 4,695 (4,256)	5,281,914 88,960 (4,611,684)
At 31March	2021		651,781	91,361	16,048	759,190
Carrying amount At 31March 2021			1,560,873	13,450	5,412	1,579,735
At 31March	2020		3,424,824	50,898	12,898	3,488,620
			Freehold	Fixtures	Motor	Total
			land and	and	vehicles
			buildings	equipment
			6	6
Charity
Cost
At 1April 2020 Additions			2,199,019 13,635	92,236 12,575	21,460	2,312,715 26,210
At 31March	2021		2,212,654	104,811	21,460	2,338,925
Depreciation	and impairment
At 1April 2020			611,531	88,384	12,527	712,442
Depreciation	charged	in the year	40,250	2,977	3,521	46,748
At 31March	2021		651,781	91,361	16,048	759,190
Carrying amount
At 31March	2021		1,560,873	13,450	5,412	1,579,735
At 31March	2020		1,587,488	3,852	8,933	1,600,273

		2021
Group and Charity
Fair value
At 1April 2020		556,000
Net gains or losses through	fair value adjustments
At 31March 2021		556,000

							2021	2021		2020		2021		2020
								f	Group	f		Charity f		f
										As restated			As	restated
Trade debtors							14,442			26,866		14,442		12,690
Amounts due undertakings	from		subsidiary											118,633
Other debtors							2,267,812			50,177		2,267,812		44,355
Prepayments	and	accrued income					8,171			11,877		8,171		11,693
							2,290,425			88,920		2,290,425		187,371
Amounts falling		due after		more		than	one	year:
							2021			2020		2021		2020
								f	Group	f		Charity f		f
										As restated			As	restated
Amounts due undertakings	from		subsidiary										5,087,353
Impairment in relation to intercompany loan													(3,087,353)
													2,000,000
Total debtors							2,290,425			88,920		2,290,425	2,187,371
Creditors: amounts			falling	due	within		one	year
									2021	2020		2021		2020
					Notes				Group f		f	f	Charity
Bankloans						22		96,370		89,517		96,370		89,517
Other bonowlngs:		Windhorse		Trust		22				5,919				5,919
Other taxation	and	social security						10,965		6,768		10,965		3,386
Deferred income									1,806	69,862		1,806		13,654
Trade creditors									1,105			1,105
Other creditors								11,538		16,669		11,538		12,345
Accruals								31,911		20,	127	31,911		18,127
								153,695		208,862		153,695		142,948

Creditors: amoun	ts falling	due after mor	e than one	year
			2021		2020	2021		2020
				Group			Charity
		Notes	6		6	6		6
Bankloans		22	1,281,470		1,423,714	1,281,470		1,423,714
Other borrowings:	Windhorse	Trust			2,245			2,245
			1,281,470		1,425,959	1,281,470		1,425,959

Loans and overdrafts
	2021		2020	2021		2020
		Group			Charity
	6			6		6
Bankloans	1,377,840		1,513,231	1,377,840		1,513,231
Otherioans			8,164			8,164
	1,377,840		1,521,395	1,377,840		1,521,395
Payable within one year Payable after one year	96,370 1,281,470		95,436 1,425,959	96,370 1,281,470		95,436 1,425,959

				2021		2020	2021		2020
					Group			Charity
				E			E		E
Carrying	amount	offinancial	assets
Debt instruments cost		measured	at amortised	193,838		122,721	194,371		221,356
Carrying	amount	offinancial	liabilities
Measured	at amortised cost			1,415,208		1,558,191	1,445,119		1,551,867

			Movement	in funds
		Balance at	Incoming	Resources	Balance at
		1April 2020	resources	expended	31March 2021
Group	and Charity	E	E	E	E
		As restated
Triratna	Buddhist Order India	19,822	34,979	(28,368)	26,433

out of unre	stricted fu	nds by the truste	es for specific	purposes:
		Balance at	Transfers	Balance at	Transfers	Balance at
Group and	Charity	1April 2019		1April 2020 E		31March 2021 E
Vajrasana retreat
centre		42,000		42,000	(42,000)
Fixed assets fund		436,000	70,500	506,500	347,500	854,000
Major repairs reserve		20,000	20,000	40,000	20,000	60,000
Residential
community	fund	20,774	11,799	32,573	(5,729)	26,844
		518,774	102,299	621,073	319,771	940,844

Analysis ofnet assets	between fund	s
					Unrestricted	Restricted	Total
Fund balances at 31March 2021are represented				by:	K	6	6
Tangible assets					1,579,735		1,579,735
Investment properties					556,000		556,000
Current assets/(liabilities)					2,896,684	26,433	2,923,117
Long term liabilities					(1,281,470)		(1,281,470)
					3.750,949	26,433	3,777,382
Reconciliation between group funds		and charity funds
						2021	2020
						f	6
							As restated
Group funds at the year	end					3,777,382	3,277,433
Add: Pure Land General	Fund						(86,521)
Add: Gain recognised by	the Charity on	sales ofVajrasana retreat centre
to the subsidiary Pure Land (eliminated		on	consolidation)				131,817
Add: Interest on the intercompany loan		(eliminated		on consolidation)			30,851
Add: FRS102interest on	the intercompany		loan (eliminated		on
consolidation)							42,031
Charity funds at the year	end					3,777,382	3,395,610

30.	Analysis ofchanges in net (debt)/funds	Analysis ofchanges in net (debt)/funds
				At 1April 2020	Cash flows	At 31March 2021
	Group and Charity			E	E	E
	Cash at bank and in hand			761,640	14,495	776,135
	Loans falling due within one year			(95,436)	(934)	(96,370)
	Loans falling due after more than	one year		(1,425,959)	144,489	(1,281,470)
				(759,755)	158,050	(601,705)
31.	Cash generated from operations
					2021	2020
					E	E
	(Deficit)/surplus for the year				499,949	(4,097,148)
	Adjustments for: Fair value gains and losses on investment		properties			(11,000)
	Loss on disposal offixed assets Depreciation and impairment of	tangible fixed assets			1,846,135 88,960	4 361596
	Movements in working capital:
	Decrease / (Increase) in stocks				6,822	(2,538)
	Decrease/(increase) in debtors				(2,201,505)	9,276
	(Decrease)/increase in creditors (Decrease) / increase In deferred	income			11,953 (68,054)	(48,270) 21,618
	Cash generated from operations				184,260	233,534

	As previously	Adjustment	As restated at
Group	reported f		31March 2020 E
Current assets
Debtors due within one year	134,598	(45,678)	88,920
Charitable reserves
Restricted reserves	(24,193)	4,371	(19,822)
Unrestricted reserves	(2,677,845)	41,307	(2,636,538)
Total reserves	(3,323,111)	45,678	(3,277,433)
	As previously	AdJustment	As restated at
Charity	reportedf	f	31March 2020 f
Current assets
Debtors due within one year	233,049	(45,678)	187,371
Charitable reserves
Restricted reserves	(24,193)	4,371	(19,822)
Unrestricted reserves	(2,796,023)	41,307	(2,754,716)
Total reserves	(3,441,289)	45,678	(3,395,611)

Fund accounting compara	tiv	e figures
			Unrestricted	Restricted	Total
			funds	funds
			2020	2020	2020
			6	F.	E
Income from:					As restated
Donations and legacies Charitable activities			164.350 1,059,664	45,849	210,199 1,059,664
Trading activities —shops Investments			246,848 16,900		246,848 16,900
Totalincome			1,487,762	45 849	1533611
Expenditure on: Raising funds —shops running		costs	209,369		209,369
Charitable activities			5,445,786	32,282	5,478,068
Total resources expended			5,655, 155	32,282	5,687,437
Net gains/(losses) on Investments			11,000		11,000
Net (expenditure)/Income	for the year/
Net movement in funds			(4, 156,393)	13,567	(4,142,826)
Fund balances at 1April 2019			7,414,004	6,255	7,420,259
Fund balances at 31March	2020		3,257,611	19,822	3,277,433