**DHARMACHAKRA** 4 Warminster Road Registered Charity 294143 St. Werburghs Bristol BS2 9UH UK info@freebuddhistaudio.com ## **DHARMACHAKRA ANNUAL REPORT 2022** ## **FINANCIAL REVIEW** Income for the period amounted to **£186,102** . This represents a reduction of £16,766 against 2021 results, a decrease of around 8.2%. Dharmachakra made a larger than budgeted loss in 2022. The trustees agreed to spend from reserves to meet the needs for a larger team and to help absorb the various financial shocks of the post-pandemic economy: lower donations, lower event income and the effects of UK sterling collapsing (post-Brexit and postpandemic) in relation to the US dollar. The trustees anticipate the larger team, re-focussed on event income generation, will help offset some of these effects in future years. The build-up of an unclaimed backlog in Gift Aid income also impacted the final cash flow for this year. As did the resumption of international travel and associated costs. ## **PRINCIPLE FUNDING SOURCES** Income includes **£98,000** in the form of grants over 12 months. This represents only a slight reduction on the previous year. As well as grants the principle funding for the charity was in the form of donations totalling **£76,076** . The equivalent figure for 2021 was £90,529. This represents a significant reduction in donation income of around 16%. We also derived income from client work, including web hosting. In 2022 this was worth **£12,026** . The equivalent figure for 2021 was £12,960. In response to reduced team capacity in relevant areas, Dharmachakra continued to take on less client work, particularly web development. ## **INVESTMENT POLICY** Dharmachakra no longer operates an investment account. ## **RESERVES POLICY** The trustees continue with their intention, where possible, to hold the recommended level of reserve for a charitable organization (at least three months’ worth of expenditure). The amount held at the end of the year allows this intention to move towards implementation as policy going forward. Reserves, and the investment of portions of the reserve, will be regularly reviewed by the trustees, together with a general review of the financial position of the charity. At the end of 2022, reserves stood at **£64,727** (a reduction of £11,305 on the previous year). This represents 5.5 months of expenditure. ## **LOANS** There are no outstanding loans. ## **OBJECTIVES AND ACTIVITIES** The overall objective of Dharmachakra 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 publish literature and other material in furtherance of these aims. - To support members of the Triratna Buddhist Order and other duly ordained Buddhists at the discretion of the council of the charity. - In furtherance of the above purpose, but no further or otherwise, the charity shall maintain close communication with, and work under the guidance of, the Triratna Buddhist Order in cooperation with other groups with the same objects. To achieve these aims the charity archives, and makes available for free download, both text and audio files of Buddhist teachings. It also runs a web publishing platform and social media spaces to further support connections within our community. ## **ACHIEVEMENTS AND PERFORMANCE 2022** Like many businesses and charities operating in the UK, 2022 saw Dharmachakra buffeted by the strong effects of post-pandemic and post-Brexit economics. The team responded well to all challenges, including those resulting from personnel changes. Our live events platform - established as an entirely new source of income driving increases to the team in both 2020 and 2021 - saw some shrinkage in terns of revenue. One bright aspect was that attendee numbers rose - no mean feat given the range of human activities restored to everyone post-pandemic and the huge competitive market for online events that has grown up. We think this bodes well for the future and Dharmachakra has become known for its range of events and their general excellence. We hope to capitalize on this in the next few years. The other major development at the charity was the complete mobile-friendly redesign and relaunch of one of our two flagship websites, Free Buddhist Audio: www.freebuddhistaudio.com. This third major iteration of the audio archive and community audio platform represented a milestone for both Dharmachakra and the wider Triratna community. 2 As a charity that places a lot of emphasis on the ethical principles of Buddhist ‘Right Livelihood’ we remain immensely grateful for the opportunity to offer meaningful work to others who feel connected to these same values, and to support many Buddhist teachers who offer their inspiration and wisdom to others online so generously and so consistently. ## **PLANS FOR THE FUTURE (2023)** As well as continuing to develop our events platform and expand the range of what’s on offer, we also expect to complete the mobile-friendly redesign of our other major website, The Buddhist Centre Online (www.thebuddhistcentre.com). This ambitious project should give our community an integrated and modern platform that brings together all our sites and services with a shared design language and greatly improved ease of use. We will be absorbing into this new site many of the standalone spaces developed for use during the pandemic. Taken together this new version of The Buddhist Centre Online should represent the Triratna Buddhist Order and Community much more effectively online. Our server project will continue to support more experienced webmasters in developing their own websites and social web spaces – and help less experienced situations maintain a secure, virus-free online environment when it comes to their presence online. Financially, we will push on with our successful efforts to make Dharmachakra more financially independent in ways that would allows us to grow the team further and offer more value to our community and our funding partners. We look forward to another year of challenge and of _dana_ ( _Sanskrit: ‘generosity’)_ as the most effective response. ## **TRUSTEES IN 2022** David Creighton (Chair), Madeleine Cadwallender (Secretary), Bettye Pruitt, Tim Holden, Sean Boland, James Neidhart. 3 _Dharmachakra (UK) annual accounts to 31st December 20_ ## _Receipts and Payments Accounts January to December 2022_ |
_Donations_
_PayPal_
_Standing Orders (Recurring)_
_Events Hosted_
_Institutional donations during covid-19_
_Other Donations_
_Gift Aid Tax_|
**_2022_**|| |---|---|---| ||_£_
_2022_
_12,185_
_38,684_
_24,906_
_300_|_£_
_FBA_
_20,814_
_3,729_
_157_
_1,757_
_0_
_26,457_
_503_
_503_
_0_
_0_
_26,960_
_2,025_
_1,050_
_391_
_36_
_3,502_| |_Other Income_
_Web Hosting & Domain Names (Triratna Server)_
_Other(Publishing Services)_|_76,076_
_7,026_
_0_|| |_Grants Received_
_ECA_
_Future Dharma Fund_
_Order Office_
_Triratna Trust_|_7,026_
0
_80,000_
_15,000_
_3,000_|| |_Client Work_
_LBC Development_
_Order Office_
_Other(Festival Day)_|_98,000_
_0_
_5,000_
_0_|| ||_5,000_|| |_Total Income_|_186,102_|| |_Administration_
_Accounting_
_Bank fees etc_
_Insurance_
_Telephone_
_Office & Postage_
_Other_|_1,762_
_2,334_
_782_
_248_
_142_
_49_|| ||_5,317_|| |_General Costs_||| |---|---|---| |_Computer & Software_|_-9_|_50_| |_Depreciation_|_1,039_|_292_| |_Domain Names (centre sites)_|_2,597_|_0_| |_Social Media Manager_|_4,223_|_0_| |_Consultancy - contractors to help with events etc_|_12,169_|_0_| |_Travel expenses_|_5,429_|| ||_25,449_|_342_| |_Website Costs_||| |_Order Office and Administrative support_|_15,230_|_0_| |_Website Management & Content Promotion_|_38,451_|_4,350_| |_Web Development(primary coding)_|_51,813_|_14,880_| ||_105,494_|_19,230_| |_Total Expenditure_|_136,259_|_23,074_| |_Cash Flow_|_49,842_|_3,886_| |_Grant Transfer_||| |_Paid to US_|_-61,146_|_-23,153_| |_Adjusted Cash Flow_|_-11,304_|_-19,267_| _Dharmachakra (UK) annual accounts to 31st December 2022_ ## _**NOTES:**_ ## Note 1: Decrease in general donatons to Dharmachakra Overall, donations to Dharmachakra fell. There was an expected continued drop-off o The fall in donation income also reflects the cost of living crisis in the UK as some don ## Note 2: Gif Aid receipt The Gift Aid receipts for 2020 and 2021 donations) are expected to be received in 202 ## Note 3: Client work In response to reduced team capacity in relevant areas, Dharmachakra continued to t ## Note 4: Financial administraton Accounting costs were temporarily reduced following the death of our colleague Lee Bank fees etc are made up of International transfers (via Wise) / Paypal fees / Stripe f ## Note 5: General costs Computer costs are evaluated for a capitalization threshold of £1,000, below which, t When comparing computer & software costs from year to year, depreciation expense Many domain names renew on a two-year cycle, so this year there was an increase in ## Note 6: Travel expenses In 2022 Candradasa resumed some travel for work for the first time since the pandem ## Note 7: Team costs Dharmachakra's team overall expanded, with several changes to job categorization an Correspondingly, the cost of aspects of the work (promotion/social media) rose; while ## Note 8: increase in USA grant compared to 2021 Grants passed through to Dharmachakra U.S. increased and were used to cover incre primarily in switching payment for Google Cloud to the US from the UK and generally ## Note 9: Overall loss Dharmachakra made a larger than budgeted loss in 2022. The trustees agreed to spen and to help absorb the various financial shocks of the post-pandemic economy: lower The trustees anticipate the larger team, re-focussed on event income generation, will The build-up of an unclaimed backlog in Gift Aid income also impacted the final cash fl _022_ ||**_2021_**|_£_
_£_
_2021_
_change_
NOTES
_34,126_
-21,941
1
_14,041_
24,643
1
_38,969_
-14,063
1
_1,570_
-1,570
1
_1,822_
-1,522
1
_0_
0
2
_90,529_
_-14,453_
1
_6,780_
_246_
_503_
_-503_
_7,283_
_-257_
_3,127_
_-3,127_
_80,000_
_0_
_15,000_
_0_
_750_
_2,250_
_98,877_
_-877_
_1,650_
_-1,650_
_2,250_
_2,750_
_2,280_
_-2,280_
_6,180_
_-1,180_
_202,868_
_-16,766_
3
_4,050_
_-2,288_
4
_2,635_
_-301_
4
_782_
_0_
_0_
_248_
_133_
_9_
_0_
_49_
_7,600_
_-2,284_| |---|---|---| ||_£_
_TBC_
_13,313_
_10,312_
_38,969_
_1,413_
_65_|| ||_64,072_
_6,780_|| ||_6,780_
_3,127_
_80,000_
_15,000_
_750_|| ||_98,877_
_1,650_
_2,250_
_2,280_|| ||_6,180_|| ||_175,908_|| ||_2,025_
_1,585_
_391_
_97_|| ||_4,098_|| |_-84_|_-34_|_25_|5| |---|---|---|---| |_877_|_1,169_|_-130_|5| |_1,570_|_1,570_|_1,028_|5| |_21,981_|_21,981_|_-17,758_|7| |_11,571_|_11,571_|_599_|| ||_0_|_5,429_|6| |_35,914_|_36,256_|_-10,808_|| |_8,512_|_8,512_|_6,718_|7| |_14,764_|_19,114_|_19,337_|7| |_41,638_|_56,517_|_-4,705_|7| |_64,913_|_84,143_|_21,351_|| |_104,926_|_128,000_|_8,260_|7| |_70,982_|_74,868_|_-25,026_|| |_-29,460_|_-52,613_|_-8,534_|8| |_41,523_|_22,256_|_-33,560_|9| of one-off institutional and event-based donations as a result of the COVID-19 pandemic restrictions ending. nor cancelled regular giving to cope with this. 23, along with the Gift Aid receipt for 2022 donations. So there is a nil Gift Aid receipt this year. take on less client work, particularly web development. Walford. Replacement services were, for much of the year, offered free of charge by volunteers or at reduced fees/Eventbrite fees. the cost is expensed as Computers; above which, the cost is depreciated over the life of the asset. e can be included. n charges in this area. mic, when all travel expenses were suspended. nd the unforeseen depature of one member of our web development team part-way through the year. e there was a drop in the cost of our coding division. ased operating expenses, paying for US based software and services from our US account. nd from reserves to meet the needs for a larger team r donations, lower event income and the effects of UK sterling collapsing (post-Brexit and post-pandemic) in re l help offset some of these effects in future years. flow for this year. As did the resumption of international travel and associated costs. I rates. .lation to the US dollar. _Dharmachakra (UK) annual accounts to 31st December 2022_ ## _Statement of Assets and Liabilities_ |_Fixed Assets_
_Fixtures, Fittings, Equipment_
_Accumulated Depreciation_|_31/12/2022_
_6,786_
_-2,208_|_31/12/2021_
NOTES
_6,786_
_-1,169_
_5,617_
_529_
_0_
_66,434_
_2,363_
_69,325_
_3,109_Deposited to C
_78,051_
_2,019_
_2,019_
_76,032_
5,617
48,159
22,256
76,032| |---|---|---| |_Current Assets_
_Cash at Bank & In Hand_
_Santander No1 & No2 Accounts_
_Stripe_
_Co-operative Bank Account_
_PayPal Accounts_|_4,578_
_4,010_
_169_
_53,404_
_3,015_|| |_Uncleared receipts_|_60,597_
_713_|| |_Total Assets_|_65,887_|| |_Liabilities_
_Payroll Liabilities_|_1,160_|| ||_1,160_|| |_Net Assets_|_64,727_|| |Represented by:
Book value of fxed assets
Unrestricted net assets (Retained Earnings)
Net Revenue|4,578
71,454
-11,304|| ||64,727|| .wperAtive8ankinJan 2023 CHARIIY (OMMISSION Independent examiner's report on the FOR ENGLAND AND WAIES accounts Section A Independent Examlnevs Report Report to the trusteesl members of Dharmachakra On accounts for thè year 1 3111212022 ended Charity no 1294143 (if any) I report lo the Iruslees on my examination of the accounts of the above charity I'the Trusl") for the year ended 3111212022. Responsibilities and basis of report As the charity's Iruslees. you are responsible for the preparation of the accounts in accordance with the requiremenls of the Charities Act 2011 I'the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in ￿rying oul my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llb) of the Act Independent I have completed my examination I confirm that no material matters have examlner's statement come lo my allenlion In connection with the examination which gives me cause lo believe that 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 applicable requirements concerning the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue 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 lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: I Date: 0210612024 Name". Fay Pritchard Relevant professional MAAT qualification{s) or body {if any).. Address: 8 Da￿1n Street Shrewsbury SY3 8QE Oct 2018