TRIRATNA BUDDHIST COMMUNITY (WEST LONDON) 2023 Annual Re ort & Accounts
Trustees Report 2023 Triratna Buddhist Community (West London) Royal Oak House, 45a Porchester Rd, London W2 5DP 020 7727 9382 vhvw.westlondonbuddhistcentre.com info@wlk.o).uk chafily no". 271591 West London Buddhist Centre Trustees and Governance Joining Date 31-Jul-13 12-Sep-20,, 16-Sep-19 3-Apr-23 19-Sep-22 Civil Nam• Wendy Young Carol-Anne Bois Sean Quigley Roger Andrew Bruton Daisy-may James Order Name (Bodhilila) Chair (Maitripushpa) Secrelary (Ratnadeva) Mitra Convenor Resignation Date No trustees resigned in the 2023 financial year. Roger 8ruton joined as a Trustee. Recrultment of Trustees Trustees are recruited from thIn the SFHritual rnMunty which th8 charity serves, and they must be actively practising Buddhists. either Ordained into the Triratna Buddhist Order or in the training process for Ordinalion irrto the Triratrkg Buddhist Order. Wherever possible the board of trustees ('The Council.) should comprise a majorty of Ordained members. TNstees may be apFx>inted at Ihe AGM by majority vot8 of the members. Altematively. the Council may appoint membars durirKJ the y6ar by consensus decision, who may then be fomialty re4ected at tre AGM foll¢Mtng the n(xmal process.
Activities and Objectives in 2023 The artides of the chwty are to: Encouraging andpmviding falitieS f(praCtIc8 and teathing of Buddhism and medRation, yoga and other Offgnng retreats. sch( visits. Teaching Meditati in local colleges and other institutions. Providing finanGial and other support formembers of the Triratna Buddhist Ord8r & otherduty ord8in8d Buddhist& Faulities for healing therapies. Bookshop. Library. In accordan with these articlos in 2023 the Charity wovided an extensive programme of Buddhist activities incIling eekly meditation classes. courses on Buddhism and Budthist reta AlmJside Buddhist activilies, a comrAementary programme of se¢ular'br8athworks' mindlulness courses. b(tyork and yoga events was offered. either run 'in-hou8e' by BLMJdhist teachers, or IFmugh Fm¥idirwJ facilities to extemal teachers. The centre WOVKles financial suprth to members of Triratna Buddhist Order through employing some of them as part of Ihe ntre team, mainly in the field of administratbve activities which are required lo provide the facilities reded to run the above events. Achlevoments and perfomiance -&'nce the root of all of the Iworfdsl problems Is the greed andhatred lodged deep fft the human heart. The onty long-tenn solution is enough men and women around the world committing to growmw in wisdom and Compas0 and helping others to do the same.'_ Sangharakshita In the spirit of these words from Saryharakshita. the fourKler of our movement, the West London Buddhist Centre offers the Butjdha's tea4#iing to tne general WDllC to support the deepening of their wisdom arKI cunpassion. AlorKJsKle this. the centre has continued to offer secular mirNJfulness al complimentary body*rk activrf(w to the general public. to support their spiriiual. mental and physical %%elfare, in pursuit of these higher ideals. In a nonnal week. many people. ljoth nvwcomers and experienced Buddhist practth'one attend the centre as a context for their spiriiual Fffacti. However, despite many events this year being quite well attended, attendance at the Buddhist Centre has remained signtficantly lower than prior to the pandemic and in recent years. Thts has also had consequences the financial circumstances of the centre. To help address this Bodhilila. th8 Chair, Soht advice arKI support from sister organisalions, induding the Triratna EuroFean Chairfs
Assembly who prOded consultantri to 1P devebp publi(ity and put in place a new finanoal plan to allow for ts expansion of the team responsible for runnirKJ centre. The effeds of the Vrk were startiw to be evident towards the latter part of the year. for example in the recruitment of ArKly Psyllides, an exFerienced mrtra fr¢Jn the Brixton Buddhist Community. His role was to help develop the wogramme of c(xnplementary activities and subsequent room hire incm. A financial and wbliaty an was also wt in place to be undertaken in 2024. A further development was the appoinlmert of SutKJadaw as Preswjent of Centre. A president 18 an exiemal senior Order Member vtho visils usually fvrice yearfy for teachiryj and to provide support on the SPiTiiual thre of the communty. Having a Knsident in pla will greatly support the Chair. Tnjstee arml the Centre Team going ft)rward. Flnancial R•vi•w Our independently examined accounts are attac1d. The tharity has been running a deficit for many years and *fjth our financial reserves running y have needed to address this urgently. To this end have put in Pla a recovery plan to attempt lo eliminate this deficii by the end of 2024. In tle1 the Fdan agreed by the Council wts in place a number of cost cutting initiatives, alongside Flans for increasin9 in¢x>me thmugh fundraising, increasing event donations and increasing incoffe from ro1 hire. Much of this plan is still to be implemerrted through 2024, however tswilk devd0nts this year indude boosting InMe from hiring rooms to exiemal facililators. as as a contadless donation termin which has signffjn1IY increased spontaneous ontroff donations 'dana' from event attend5 at the ¢entre. Major fundraisirKJ efforts have yet to begin, howv4er Y are optimistic 8bout the potèntial in this are2 as it has been many years since the last major fundraising campaign and we continue lo benefrt from expeitise Members of the European Chair Assembly's 'Develoent Team, arKI other irKlividuals with fundraising However, deSIte cash-flcwfincome issues and the orwing defit the Centre remains in good financial position in terms of assets due to it irVj the Buddhist Centre wemises. with no outstanding debt. Reserves Policy Jr reserves policy is to retain a minimum of full three months expenditure in the event. allowing for a buffer in event of insofvency or unforeseen carcumstances.
Triratna Buddhist Community (West London) 2023 Finance Report Though still running at a loss l£-28,9581. 2023 showed a marked improvement on the previous year l£-40,1791. Income 2022 income was particularly low due to a slow recovery from the pandemic. so 2023 had an inherent advanta8e. As well as that a financial plan was put in place to address the on-8oin8 deficit. This has borne fruit, particularly in the increase of Room Hire from £5.666 to £17,042, and the increase in Retreat income from £8.550 in 2022 to £20,822 in 2023. The only category that showed a decrease was Donations and Gift Aid Tax, down by £6,735. Income overall increased by £15.821 enditure Implementing the financial strategy has itself required some expenditure. This is particularly apparent in increased Management and Administration costs. The doubling of Building. Utilities and Centre costs from £14, 132 to £28,346 was down to a combination of unexpected lift maintenance. refurbishment costs required by the financial plan to increase Room Hire income, increased electricity and service charge costs and relatively lax cost control (which is being priorit15ed in 2024}. The increase in Residential Retreat costs, which is largely venue costs, from £7,709 to £14,482 is more than made up for by the substantial increase in retreat income. One category of expenditure that showed a significant decrease was Financial Support- down by £19.114. This can be attributed to a reduction in the size of the centre team. and a shift of some support costs away from permanently employed centre team members to temporary contractors/project workers, contributing to the increase of £7,847 increase in Management & Admin costs. Expenditure overall increased by £4.599 Net Worth of the chari Fixed Asset5 Stand at £1,726,123. This overwhelmingly consists of the Leasehold Properry, currently valued at £1,72 1,238. This is being amortised over the duration of the lease1999 years) At the end of 2023 Current A55etS stood at £69,386, mostly cash and bank balances. At the end of 2023 the net worth of the charity was £1.795.509
Inde endent examiner's re ort to the trustees of I RIRAI NA BIJDD.H15 J cniiMiJrNI J Y I,1.%[ LONIJC)NI I report on the accounts of Triratna Buddhist Community (West London) for ihe year ended 3111212023 Re5 ective re5 onsibilities of trustees and examiner. The charity's trustee5 are responsible for the preparation of the accounts. You consider that an audit is not required (under the req uirements of the Charities Act 20111, that the gross income does not exceed £250,0(X) and that an independent examination is needed. It is my responsibility to examine the accounts following the procedures laid down in the General Directions given by the Charity Commissioners lunder section 145 of the 2011 Act), and to state whether particular matters have come to my attention. Basis of examiner's statement. My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those record5. It a150 includes consideration of any unusua l 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 I do not express an audit opinion on the view given by the accounts. Inde endent examiner'5 un ualified statement. I have completed my examination. I confirm that no material matiers h3ve come to my attention in connection with the examination which gives me cause to believe =hat. in any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act.. or the accounts did not accord with the accounting records- or the accounts did not comply with the application requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation 2008 other than any requirement that the accounts give a 'true and fairf view wh".ch 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. F. G Mcjvuhon (Accountantl Flat 6, 22-30 North St, Leatherhead, KT22 7AT 29 August 2024
West London Buddhist Centre 2023 Accounts Statement of Financial Activities 2023 2022 Incorlle Generated Funds Voluntary Income Investment income 49.312 1.027 50.339 56.047 38) 56.432 Charitable Attivities Other Income 63,813 41.899 Totsl Income . 114.152 98.331 Ex enditure Fundraisin Costs Governance & Administration Charitable Activities 17,749 12S,361 9.399 129.111 Total Expenditure 143,110 138.510 Net Income -28.958 40.179 There was no restricted income or expenditure
West London Buddhist Centre 2023 Accounts Detailed Statement of Financial Activities 2023 2022 Volu rbta Doyations Gift Aid lax Income 43.414 5,869 49.312 48.359 7,687 56.047 Investment income Bank Interest & Dividend 1.027 385 Charitable attivities Bookshop Cl655es, Courses & Event5 Other Room Hire 1.405 24.206 337 17.042 20.822 63.812 865 26,818 5.666 8,550 41.899 Retreats Total Income 114,152 98.331 Cha rita ble activit costs Governance & Administration Management & Admin Finance charges & Interest 14,368 3.381 17.749 6.520 2,879 9.399 General Costs Booksh.op Bdilding , Utilities, Centre Cla55es, Courses, Event5 Depreciation & Amortization Donation5 made 275 28.346 416 14,132 4,656 1.980 6,319 89,729 2.448 1,696 7.709 27 129,111 1.174 70,615 2.027 1,403 14.482 Financial Support Other Expenditure Publicitv Residential Retreat costs Unknown 125.361 Totsl Expenditure 143,ILYJ 138510 Net Income -28.958 There was no restricted income or expenditure Figures intlude accounts payable and receivable Creditors & Debtors are included In the relevent account
West London 8uddhist Centre 2023 Accounts Balance Sheet 2023 2022 Fixed Assets Leasehold Property Art & RU31 Objects Fixtures & Fittings 1,721.238 1,722.962 3.780 3,780 1.105 511 Totsl Fixed Assets 1.726J23 1.727.253 Current Assets Bank & Cash Cash 8arclaycard Co-op Current Paypal Skipton BS Stripe Total Bank & Cash Debtors Qther Bookshop Stock 857 97 26,262 371 36. 188 1,674 65.449 265 59 3,612 442 17,100 737 75.161 70 93.510 3,887 Total Current Assets 97.397 Total Assets 1,795509 1824.650 Liabilities Short Term Creditors Lon8 Term Total Liabilities. Net Worth I,FJSS09 1.824.466 Re resented b Funds Brought Forward Surplus/Deficit for year 1.824,466 1.864,645 -28,957 40.179 1,795,509 1,824,466
West London Buddhist Centre 2023 Accounts Notes to the Accounts Tan i ble Fixed Assets Leasehold Pro ert Brought Forward 31112122 Aédit ons Amortized over the duration of the lease 1.722,96: Amorti2ation C3rri&d Forward 31112123 -1.724 1.721.237 Fixtures Fittin ment Brought Forward 311- 2122 Additions Depreciation Cairiecl Forward 31112123 Deprec13ted over S years 511 870 -276 I.IOi Art & Ritu Brought Forward 31112122 Additions Depreciation ca.ried Forward 31112123 These asseis are not depreciated 3,780 3.780 totsl Flxed Assets at 3y12123 I,n6.122 Trustees 8odiilila (Wendy Youngl Mait"ipushpa I Carol-Anne Boisl R3tnadev3 (Sean Quiglevl Daisy May James Roger Andrew Brutan Joine¢ 3 April 2023 Trustees Receivin ort For Services Rendered Gr055 36,224 23.931 60.155 Pension5 Toia 2022 Ch31r Mitra Convenor 2,099 1,239 3.338 38.323 25,170 63,493 38.922 22.942 61,863 Ratnadev Total Staff Costs includin HMRC and Pen510nS 2023 70.537 86.941 Creditors & Debtors Not alread included in Accounts Pa able Receivlble Creditors None Debtor5 Prepayment to Adisthana 265
WL8C Asset Re ister Summar Leasehold 1.728.133.32 Art & Ritual FFE Total 3.780.(X) 1.278.64 1,733,191.96 3111212019 2020 Addltions 1.728.133.32 3,780.00 1,278.64 1.733.191.96 1,723.92 000 -255.73 -1.979 69 . 1,72A409.40 3,780.(K) 1,022.91 1.731.212.31 2020 Depreciation 2021 Additions 0.00 0.00 0.00 1.726.409.40 3.780 00 1.022_91 1.731.212.31 -1,723.92 0.00 -255.73 -1,979.65 1.724,685.48 3.780.ts) 767.18 1.729.232.66 2021 Depreciation 3111212021 2022 Additions 2022 Depreciation 3V1212022 -1,723.92 1,722,96156 3,780.1)) -255.73 -1.979.65 511.45 1,727,253.01 2023 Additions 870.(XJ 870.00 1,722,961.56 3,780.00 1,381.45 1.728,123 01 -1.723.92 0.00 -276.29 -2,000.21 1.721.237.64 3.Th).(K) 1.105.16 L726.122. 2023 Depreciation 3111212023 . Le3sehold is amortised over the duration of the lease1999 years) Art & Ritual is not depreciated FFE is subject to a depreciation at 20%