2021-03-31-accounts

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TRIRATNA BUDDHIST COMMUNITY (NORWICH) CHARITY NUMBER: 272024 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Cadence Business Consultancy Ltd

Triratna Buddhist Community (Norwich) Unaudited Financial Statements For The Year Ended 31 March 2021

Contents
	Page
Report of Trustees	1-4
Independent Examiner’s Report	5
Income / Expenditure Account	6
Balance Sheet	7
Notes to the Financial Statements	8—10
The following pages do not form part of the statutory accounts:
Profit and Loss Account	11

Triratna Buddhist Community (Norwich) For The Year Ended 31 March 2021

272

Report for Trustees

Charity Registration number 272024 Bankers Co-operative Bank Address 14 Bank Street Norwich Norfolk NR4 4SE Independent Examiner Cadence Business Consultancy Ltd V Hayes (Chair) Trustees

The Trustees present their report and financial statements for the year ended 31st March 2021

Page 1

Triratna Buddhist Community (Norwich) Report of the Trustees

Year Ended 31 March 2021

Structure, Governance and Management

Governing Document

The Triratna Buddhist Community (Norwich) was originally registered as the Friends of the Western Buddhist Order Vajradhatu (Norwich) with the Charity Commission (Registration Number: 272024) on 1[st] August 1976 under the Charities Act 1960as a charity whose purpose is the advancement of the Buddhist religion. The Charity is governed by its constitution.

Recruitment and Appointment of Trustees

The Council of Trustees is appointed at the Annual General Meeting of the Charity. Trustees serve for one year when they become eligible for re-election.

Risk Management

The Trustees meeting are normally held monthly where the review of the risks to which the Charity is exposed is discussed and a risk management plan is drawn up. The day to day running of the centre is delegated to two centre coordinators, who each work part time supported by Vajagupta Hayes.

Page 2

Triratna Buddhist Community (Norwich) Report for Trustees For The Year Ended 31 March 2021

Objective and Activities

The overall objective of the Triratna Buddhist Community (Norwich) is the advancement of the Buddhist Religion. In particular its aims are;

To encourage members and others to live in accordance with the teachings of the Buddha.
To support ordained members of the Triratna Buddhist Order and other duly ordained Buddhists at the discretion of the Council of the Triratna Buddhist Order.
To maintain communication with and work under the guidance of the Triratna Buddhist Order and in co-operation with other groups with the same objectives.

To achieve these aims the Charity operates a Buddhist place of Worship and an open teaching centre at 14 Bank Street, Norwich as well as other undertakings such as external retreats and sales of Buddhist books and other items.

The Buddhist Centre has been closed all financial year due to Covid-19, so all courses and teachings have been undertaken virtually in 2020/21.

Financial Review

The accounts to the year ending 31[st] March 2021 show a very positive contribution; this has been achieved through the hard work of teachers changing their working patterns to virtual, whilst costs have been closely securitised and monitored.

Funding sources

Work has been undertaken during the financial year to ensure that there are regular donations made to provide the centre with financial security.

Reserves

Funds are split between a non-interest bearing current account and new savings account both accounts are held with the Co-operative bank.

There is a general reserve allocated and tracked throughout the financial year for Great Yarmouth at £11,100 as at 31.03.2021. (£11,100 as at 31.03.20)

Reserves are reviewed by the Trustees on a regular basis at their monthly meetings alongside the financial position of the Charity.

Plans for the Future

The COVID-19 epidemic has presented the centre with particular unprecedented challenges, it is difficult at present to know the full extent of the impact; however the Buddhist Centre has managed to quickly and effectively move its course offering online.

Page 3

Trfr•tna Buddhlst Communlty (Nonvich) Report of Trustees For The Ye•r Ended 31 M•rch 2021 Statement of Trnstees, Res onsibilities The Trustees are responsible for preparing a trustees, annual report and financial statements in accordanc¢ with applicabl¢ law and th¢ Unit¢d Kingdom Accounting Standards The Law applicable to charities in England and Wales requires the charity to prepare financial slatements for ¢ach financial year which giv¢s a tru¢ and fair vi¢w of the state of affairs of the charity. In preparing the fll]an¢ial stat¢ntS th¢ Truste¢s ar¢ r¢quir¢d to: Select suitable accounting policies and then apply them consistently Observe th¢ methods and prIlpleS in the applicable Charities statement of recommended practices {SORP) Make judg¢m¢nt and ¢stimates that are r¢&sonable and prudent State whether applicable accounting standards have been followed subject to any material departures that must be disclosed and explained in the financial statements Pr¢par¢ the financial statements on the going concern b&sis. The Tnistees are responsible for keeping proper accounting records which disclose the financial position of the Charity and to comply with the ChaTities Act 2011 and the applicable Charities Regulations. They are a]so responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detention of fraud or other irregularities. Approved by the Council of Trustees on 2021 And signed on its behalf by V Hayes (Chair of Trustees) P48¢4

Zndependent Examinerfs Rep>rt to the Trustees For The Year Ended 31 M•r¢h 2021 Independent examiner's report to the trustees of Triratna Buddhist Community (Norwich) Below are the financial statements of the Triratna Buddhist Community (Norwich) for the vear ended 3 ISÉ March 2021, which are set out on pages 9 to 16. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts; the charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ('the Charities Act") and that an independent examination is needed. In the independent examination examine the accounts under section 145 of the Charities Act, follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the Charities Act, and to state whether particular matters have come to my attention Basis of Independent Examinerfs Statement The exarnination was carried out in accordance with general Directions given by the Charity Commission. An exarnination 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 dis¢105ures tn the accounts, and seeking explanations from the 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 connertion with the examinatioo no matter has come to my attention.. which gives reasonable cause to believe that the accounts are in anyway inaccurate and in accordance with. l. Keep accounting records in accordance with section 130 of the Charities act" and 2. Prepare accounts in accordance with the accounting records and comply with the accounting requirements of the Charities Act 3. Or to highlight any item which. in my opinioo atteTJtion should be drawn in order to enable a proper understandi of the accounts to be reached. Signed Date Paul Vincent. Cadence Business Consultancy Ltd.

Triratna Buddhist Community (Norwich)

Income / Expenditure Account

For The Year Ended 31 March 2021

Notes Incoming Resources Cost of generating funds GROSS MARGIN Administrative expenses NET INCOME / (EXPENDITURE) FOR THE FINANCIAL YEAR The notes on pages 8 to 10 form part of these financial statements.	2021 £ 51,504 ( 629 ) 50,876 (31,998 ) 18,877	2020 £ 91,564 (3,759 )
		87,805 (87,543 )
		262

Page 6

Triratna Buddhist Community (Norwich) Balance Sheet As at 31 March 2021

2021 £ £ 280,161 280,161 3,488 3,910 64,580 71,978 ( 366 ) 71,612 351,773 351,773 351,773 351,773	2021 £ £ 280,161 280,161 3,488 3,910 64,580 71,978 ( 366 ) 71,612 351,773 351,773 351,773 351,773	2020 £ £ 280,441 280,441 4,117 3,048 46,410 53,575 (1,120 ) 52,455 332,896 332,896 322,896 332,896	2020 £ £ 280,441 280,441 4,117 3,048 46,410 53,575 (1,120 ) 52,455 332,896 332,896 322,896 332,896
	280,161 71,612		280,441 52,455
71,978 ( 366 )		53,575 (1,120 )

	351,773		332,896
	351,773		332,896
	351,773		322,896
	351,773		332,896

Page 7

Triratna Buddhist Community (Norwich) Notes to the Financial Statements For The Year Ended 31 March 2021

1. Accounting Policies

These financial statements have been prepared under the historical cost convention with terms recognised at cost or transactional value unless otherwise stated in the relevant notes to these accounts.

These accounts have been prepared in accordance with the statement of recommended practice; Accounting and Reporting by Charities preparing their accounts in accordance with the Financial standards applicable in the UK (FRS102) and with the Charities Act 2011.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a ‘true and fair’ view.

1.1. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and Building - Nil IT Equipment - 25% reducing balance Fixtures and Fittings - 10% reducing balance Audio Visual Library items - 10% reducing balance Reference library - Nil Devotional Objects - Nil

2. Stock

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 8

Triratna Buddhist Community (Norwich) Notes to the Financial Statements (continued) For The Year Ended 31 March 2021

3. Tangible Assets

Cost As at 1 April 2020 Additions As at 31 March 2021 Depreciation As at 1 April 2020 Provided during the period As at 31 March 2021 Net Book Value As at 31 March 2021 As at 1 April 2020	Land & Property Freehold Devotional Objects Library Fixtures & Fittings Computer Equipment Intangible Assets Total £ £ £ £ £ £ £ 268,500 3,405 2,183 6,217 1,068 281,373 - - - - - 475 475
	268,500 3,405 2,183 6,217 1,068 475 281,848
	- - - 663 269 - 932 - - - 556 200 - 756
	- - - 1,219 469 - 1,688

	268,500 3,405 2,183 4,998 599 475 280,161

	268,500 3,405 2,183 5,554 799 - 280,442

4. Stocks

Stock

2021 £ 3,488 3,488	2020 £ 4,117
	4,117