**The Buddhist Society Trust** (A Company Limited by Guarantee) 

Report of the Trustees and unaudited financial statements for the year ended 30 April 2021 

Registered Company number 00854151 Registered Charity number 294198 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** 

|Report of the Trustees|2 to 5|
|---|---|
|Statement of Financial Activities|6|
|Statement of cash flows|7 to 8|
|Balance Sheet|9 to 10|
|Notes to the Financial Statements|11 to 15|
|Detailed Statement of Financial Activities|16|
|Independent Examiner’s Report|17|



Registered Company number    00854151 Registered Charity Number   294198 

1 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021** 

The trustees who are also directors of the charity for the purposes of the Companies Acts 2006, present their report with the financial statements of the charity for the year ended 30 April 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable accounting standards. The accounts have been prepared on an ongoing basis. The Charity meets the definition of a public benefit entity under FRS102. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Registered Company number** 

00854151 (England and Wales) 

## **Registered Charity number** 

294198 

## **Registered office** 

33 Kenway Road London SW5 0RP 

## **Trustees** 

Dr D R Biddulph CBE J Montgomery E Muirhead appointed:  23 June 2020 R Campbell appointed:  23 June 2020 (Chair) 

## **Company Secretary** 

P A Williams 

## **Accountants** 

Independent Examiners Ltd Unit 2, The Broadbridge Business Centre, Delling Lane, Bosham, PO18 8NF 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is controlled by its governing documents, a deed of trust and its Memorandum and Articles of Association and constitutes a company limited by guarantee as defined by the Companies Acts 2006. 

## **Recruitment and appointment of new trustees** 

Any new appointments are at the recommendation of the board. 

Registered Company number    00854151 Registered Charity Number   294198 

2 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **REPORT OF THE TRUSTEES - CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

## **Induction and training of new trustees** 

All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities current views of its progression. They are required to be aware of both legal and professional responsibilities under charity and company law. 

## **Organizational structure** 

The charity is run by the board of directors and has no full time employees. 

## **Related parties** 

D R Biddulph and R Campbell are directors of The Buddhist Society. P A Williams, Company Secretary of The Buddhist Society Trust is the Company Secretary of The Buddhist Society. The Buddhist Society Trust provides financial assistance to The Buddhist Society, charity number 1113705. 

## **Risk management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

## **OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT** 

## **Charitable Objects** 

The charity exists to advance the education of the public in the principles of Buddhism and to encourage and promote the study and application of those principles. 

## **Aims and Strategies to Achieve Objects and Extend Public Benefit** 

The trustees confirm that they have complied with their duty under Section 4 of the Charities Act 2006 to have due regard for the public benefit. Over the year, the trustees set out their plans to increase and maximise the value of the charity's work and assets for this purpose, identifying a number of streams of work intended to achieve that increase.  The public benefits delivered by the charity's work and plans for current and future operations are as laid down in the following section, Achievement and Performance. 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Grant making Activities** 

The Trust made payments totalling £100,970 (2020: £101,083) in the reporting year. This total was made up of: 

1. £100,970 (2020: £101,083) to the Buddhist Society. 

## **Publishing Activities** 

Publishing Advisor Jonathan Earl, Chairman Dr Desmond Biddulph 

The Trust received royalties during the year of £3,720 (2020:£5,580), donations/subventions of £0 (2020: £16,300) and book sales of £4,400 (2020: £8,855).  It spent a total of £27,783 (2020: £40,713) on publishing activities. 

Though disrupted in so many ways, the year has still seen significant progress in the development of the Buddhist Society Trust's publishing programme. 

Following the successful 2019 publication of _The Haiku of Basho_ - the new translation by Prof. John White and Prof. Kemmyo Taira Sato - the following year saw the completion of the authors' planned trilogy, with _The Haiku of Issa_ and _The Haiku of Buson_ appearing in handsome illustrated editions. The Haiku trilogy received strong financial support from Prof. White and Prof. Sato, with bulk sales made to Prof. Sato's Shogyoji temple in Japan, and London's Three Wheels Trust, in each case. 

Registered Company number    00854151 Registered Charity Number   294198 

3 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **REPORT OF THE TRUSTEES – CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

Prof. Sato also followed his 2019 title _Living with Thanks: The Five Fascicle Version of Rennyo Shoni's Letters_ with _Living in Nenbutsu_ , a new translation and commentary on _The Shoshinge_ by Shinran. As with _Living with Thanks_ , the later work received a very generous grant from Prof. Sato and his Japan and London temples. 

The Buddhist Society Trust's programme of reissues of important texts continued in 2021 with new editions of _The Zen Way_ and _The Great Wisdom Gone Beyond_ . The Buddhist Society Trust collaborated with the Zen Centre in the editing, design and production of these reissued works, and costs were shared with The Zen Trust. Both titles had previously only been circulated outside the bookshop network: in their reissued versions, however, they are now being fully distributed in the worldwide booktrade. 

A significant change in the Buddhist Society Trust's book distribution strategy occurred at the start of 2021. The Trust's contract with Kodansha (for worldwide book trade sales outside North America) was terminated by mutual agreement, and distribution taken over by Global Book Sales of Berkhamsted, Herts. Global Book Sales was already acting as the Buddhist Society Trust's agent for trade sales in North America - now handled by the vast Ingram group - so this now means that Global effectively manages the Trust's worldwide book trade distribution. The results of this change are already looking very promising, with an enhanced performance by Ingram (who in 2020 acquired Consortium, the Trust's previous US distributors) and a significant increase in the sales previously achieved outside North America by Kodansha. 

With these new distribution arrangements in place, the Buddhist Society Trust looks forward to growing the sales of its publications in 2021 and beyond. Though generally satisfied with their performance on behalf of the Trust's reissue programme, the new distributors are understandably hoping to see a programme of new books emerging too. Plans are now firmly in hand to meet this aspiration in the next financial year. 

The last twelve months have seen much positive progress in the development of the Buddhist Society Trust's publishing activities, despite the restrictions imposed by Covid-19 and its consequences. The directors will anticipate further expenditure in this area in the coming financial year. 

## **FINANCIAL REVIEW** 

The Financial Statements show a net increase in funds of £577,009  (2020: increase of £12,873) in the year after receiving £756,224 (including an investment property and gain on investments) and expending £187,309 (2020: £223,491), making total funds carried forward of £2,851,222 (2020: £2,274,213). 

## **Reserves policy** 

The Trust has set a reserves policy that provides financial stability and the means for the development of its principal activities and ongoing building maintenance. It requires maintaining free cash balances in the general fund amounting to six months normal expenditure which this year equates to approximately £150,000 (2020: £105,000).  In addition, it has agreed that a sum of £550,000 be retained to cover necessary building repairs, renewals and maintenance required in the foreseeable future.  Surplus funds will be invested to provide a regular ongoing income.  The Trust regularly reviews the amount of reserves that are required to ensure that they are adequate to fulfill continuing obligations. 

The Trust considers the present level of funding and reserves is adequate to support the charity's activities for the medium term, and the directors consider the financial position of the charity to be satisfactory. 

## **Investment Review and Performance** 

No authoritative external investment review has been conducted during the reporting period. The accounts show that the value of the investments has fallen to £58,882 (2020: £261,501) These have yielded distributions during the year of £4,935 (2020: £9,960). 

Registered Company number    00854151 Registered Charity Number   294198 

4 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **REPORT OF THE TRUSTEES – CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

Two of the investment funds were closed by the investment company and their redemption value was paid into the charity's main bank account. Since there is no need for the trustees to liquidate their remaining investments in the near future, this figure represents a snapshot of their value at 30 April 2021. 

The trustees consider the investment performance for the year to be satisfactory under current market conditions and taking into account the effects of both Brexit and Covid-19. 

## **Donations and Legacy income** 

No legacy income was received during the year. (2020: £135,948). 

## **STATEMENT OF DIRECTORS’ RESPONSIBILITIES** 

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.  In preparing those financial statements, the directors are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.  In preparing this report the directors have taken advantage of the special provisions of the Companies Act 2006 relating to small companies. 

I approve the attached statement of financial activities and balance sheet for the year ended 30 April 2021 and confirm that I have made available all information necessary for its preparation. 

## **ON BEHALF OF THE BOARD OF TRUSTEES** : 


## **Robert Campbell** 

## **Date: 26  October  2021** 

Registered Company number    00854151 Registered Charity Number   294198 

5 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021** 

||**Notes**|**Unrestricted**|**Restricted**|**2021**|**2020**|
|---|---|---|---|---|---|
|||**funds**|**funds**|**Total**|**Total**|
|||||**funds**|**Funds**|
|||**£**|**£**|**£**|**£**|
|**INCOME**||||||
|**Income from generated funds**||||||
|Donations and legacies|2|626,277|-|626,277|152,446|
|Income from investments|2|121,827|-|121,827|100,505|
|**Income from charitable activities**||||||
|Book royalties and publishing donations||-|8,120|8,120|14,436|
|**Total income**||748,104|8,120|756,224|267,387|
|**EXPENSES**||||||
|**Expenditure on raising funds**||||||
|Investment management costs|3|48,750|-|48,750|74,203|
|**Expenditure on charitable activities**||||||
|Publishing||19,663|8,120|27,783|40,713|
|Donations to The Buddhist Society||100,970|-|100,970|101,083|
|Charitable events||-|-|-|954|
|Governance costs||9,806|-|9,806|6,538|
|**Total expenses**||179,189|8,120|187,309|223,491|
|**NET INCOMING/(OUTGOING)**||568,915|-|568,915|43,896|
|Gains/(losses) on investment assets||8,094|-|8,094|(31,023)|
|**Net movement in funds**||577,009|-|577,009|12,873|
|**RECONCILIATION OF FUNDS**||||||
|**Total funds brought forward**||2,274,213|-|2,274,213|2,261,340|
|**TOTAL FUNDS CARRIED FORWARD**||**2,851,222**|**-**|**2,851,222**|**2,274,213**|



Registered Company number    00854151 Registered Charity Number   294198 

6 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2021** 

|||**2021**|2020|
|---|---|---|---|
|||**£**|£<br>|
|**Cash used in operating activities**|**(a)**|**(159,780)**|(114.187)<br>|
|**Cash used from investing activities**||||
|Dividends, interest and rent from investments||**121,827**|100,505|
|Proceeds from sale of investments||**210,713**|0|
|Purchase of investment property (improvements)||**(373,826)**<br>|0<br>|
|**Cash provided by (used in) Investing activities**||**(41,286)**|100,505|
|**Cash flows from financing activities**||||
|Introduction/(Repayment) of long term borrowing||**0**<br>|0<br>|
|**Cash used in financing activities**||**0**<br>|0<br>|
|||||
|Increase/(decrease) in cash and||||
|cash equivalents in the year||**(201,076)**<br>|(13,682)<br>|
|Cash and cash equivalents at the start of the year||**1,280,286**<br>|1,293,968<br>|
|**TOTAL cash and cash equivalents**||||
|**at the end of the year**|**(b)**|**1,079,210**<br>|1,280,286<br>|
|**(a) Reconciliation of net movement in funds to net cash**||||
|**flow from operating activities**||||
|||**2021**|2020|
|||**£**|£|
|Net movement in funds (before investments gains/losses)||**568,915**|43,896|
|Add back depreciation charge||**2,508**|2,508|
|Dividends, interest and rent from investments||**(121,827)**|(100,505)|
|Decrease/(increase) in debtors||**5,045**|(53,185)|
|Increase/(decrease) in creditors||**11,743**|(6,901)|
|Decrease/(increase) in donated investment assets||||
|(investment property)||**(626,174)**<br>|0<br>|
|**Net cash used in operating activities**||**(159,790)**<br>|(114,187)<br>|
|||**2021**|2020|
|||**£**|£|
|Cash at bank and in hand||**1,078,354**|1,279,431|
|Deposit fund||**856**<br>|855<br>|
|Total cash and cash equivalents||**1,079,210**<br>|1,280,286<br>|



Registered Company number    00854151 Registered Charity Number   294198 

7 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2021 - CONTINUED** 

## **Analysis of changes in net debt** 

||**At start of**|**Cash flows**|**Other**|**At end of**|
|---|---|---|---|---|
||**year**||**non-cash**|**year**|
||||**changes**||
||**£**|**£**|**£**|**£**|
|Cash|1,279,431|(201,077)|-|1,078,354|
|Cash Equivalents|855|1|-|856|
|**Total**|1,280,076|(201,076)|-|1,079,210|



Registered Company number    00854151 Registered Charity Number   294198 

8 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

|**BALANCE SHEET**||||||
|---|---|---|---|---|---|
|**AT 30 APRIL 2021**||||||
||**Notes**|**Unrestricted**|**Restricted**|**2021**|**2020**|
|||**funds**|**funds**|**Total**|**Total**|
|||||**funds**|**funds**|
|||**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Tangible assets|6|2,388|**-**|2,388|4,896|
|Land and Buildings|6|675,000|**-**|675,000|675,000|
|Investment property|7|1,000,000|**-**|1,000,000|-|
|Investments|7|58,882|**-**|58,882|261,501|
|||1,736,270|**-**|1,736,270|941,397|
|**CURRENT ASSETS**||||||
|Debtors:||||||
|amounts falling due within one year|8|51,978|-|51,978|57,023|
|Cash at bank||1,079,210|-|1,079,210|1,280,286|
|||1,131,188|-|1,131,188|1,337,309|
|**CREDITORS**||||||
|Amounts falling due within one year|9|(16,236)|-|(16,236)|(4,493)|
|**NET CURRENT ASSETS**||1,114,952|-|1,114,952|1,332,816|
|**TOTAL ASSETS LESS CURRENT**||2,851,222|-|2,851,222|2,274,213|
|**LIABILITIES**||||||
|**NET ASSETS**||2,851,222|-|2,851,222|2,274,213|
|**FUNDS**|10|||||
|Unrestricted funds||||2,851,222|2,274,213|
|Restricted funds||||-|-|
|**TOTAL FUNDS**||||2,851,222|2,274,213|



The notes form part of these financial statements. 

Registered Company number    00854151 Registered Charity Number   294198 

9 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **BALANCE SHEET - CONTINUED AT 30 APRIL 2021** 

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021. 

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006. However in accordance with Section 145 of the Charities Act 2011 the accounts have been examined by an Independent Examiner whose report is on page 15. 

The trustees acknowledge their responsibilities for 

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. 

The financial statements were approved by the Board of Trustees on  26 October 2021 and were signed on its behalf by: 


Robert Campbell 

Registered Company number    00854151 Registered Charity Number   294198 

10 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021** 

## **1. ACCOUNTING POLICIES** 

## **Accounting convention** 

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011. 

## **Incoming resources** 

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 

## **Resources expended** 

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Land and buildings:  The freehold of the building is held at cost because it is a mixed property and each component cannot be valued or sold separately. 

Plant and machinery etc:  25% on cost and 10% on cost 

## **Investment property** 

Investment property is shown at the most recent valuation.  Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. 

The charity was bequeathed a flat in a property in North London which needed a total refurbishment including rewiring, new windows, refitting of kitchen and bathroom and installation of shower room. This property is being held at a fair value after renovations based on a recent Zoopla estimate. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. 

Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

Registered Company number    00854151 Registered Charity Number   294198 

11 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

|**2.**<br>**INCOME FROM GENERATED FUNDS**<br>**Donations and legacies**<br>Donations and gifts<br>Legacies and bequests<br>Legacies and bequests - donated goods,<br>facilities and services - investment property<br>**Income from Investments**<br>Rents received<br>Bank interest<br>Investment income - dividends<br>**3.**<br>**INVESTMENT MANAGEMENT COSTS**<br>Letting expenses and ground rent<br>Insurance<br>Repairs and maintenance<br>Legal and professional<br>General office expenses<br>Bank charges<br>Depreciation<br>**4.**<br>**NET INCOMING/(OUTGOING) RESOURCES**<br>Net resources are stated after charging:<br>Depreciation – owned assets|**2021**<br>**£**<br>**103**<br>**0**<br>**626,174**<br>**626,277**<br>**2021**<br>**£**<br>**116,892**<br>**-**<br>**4,935**<br>**121,827**<br>**2021**<br>**£**<br>**9,510**<br>**7,439**<br>**9,744**<br>**16,231**<br>**3,264**<br>**54**<br>**2,508**<br>**48,750**<br>**2021**<br>**£**<br>**2,508**|2020<br>£<br>16,498<br>135,948<br>0|
|---|---|---|
|||152,446|
|||2020<br>£<br>90,540<br>5<br>9,960|
|||100,505|
|||2020<br>£<br>12,094<br>9,290<br>8,471<br>38,355<br>3,414<br>71<br>2,508|
|||74,203|
|||2020<br>£<br>2,508|



## **5. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020. 

There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020. 

Registered Company number    00854151 Registered Charity Number   294198 

12 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

## **6. TANGIBLE FIXED ASSETS** 

|**Freehold**<br>**Land and**<br>**buildings**<br>**Improvements**<br>**to property**<br>**Furniture**<br>**and**<br>**fittings**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At beginning of year<br>**675,000                32,610**<br>**19,560**<br>Additions<br>**0**<br>**0**<br>**0**<br>At end of year<br>**675,000**<br>**32,610**<br>**19,560**<br>**Depreciation**<br>At beginning of year<br>**0**<br>**27,714**<br>**19,560**<br>Charge for year<br>**0**<br>**2,508**<br>**0**<br>At end of year<br>**0**<br>**30,222**<br>**19,560**<br>**Net book value**<br>**At 30 April 2021**<br>**675,000**<br>**2,388**<br>**0**<br>At 30 April 2020<br>675,000 4,896<br>0|**Totals**<br>**£**<br>**52,170**<br>**0**|
|---|---|
||**52,170**|
||**47,274**<br>**2,508**|
||**49,782**|
||**2,388**<br>4,896|



The freehold of the building where the charity has its headquarters is held by at cost because it is a mixed property and each component cannot be valued or sold separately. The depreciation is not material as the asset has a very long useful life and the conditions of FRS102 (paragraph 17.8 to 17.21) are met and an annual impairment review is carried out.  The directors do not believe that the freehold property has depreciated in value during the course of the year. 

## **7. FIXED ASSET INVESTMENTS** 

||**Listed**|**Investment**|
|---|---|---|
||**Investments**|**Property**|
||**£**|**£**|
|**Market Value**|||
|At start of year|**261,501**|**0**|
|Additions|**0**|**626,174**|
|Sales|**(210,713)**|**0**|
|Improvements to investment property|**0**|**373,826**|
|Revaluations|**8,094**|**0**|
|At end of year|**58,882**|**1,000,000**|
|**Net book value**|||
|**At 30 April 2021**|**58,882**|**1,000,000**|
|At 30 April 2020|261,501|0|



There were no investment assets outside the UK. 

Registered Company number    00854151 Registered Charity Number   294198 

13 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||||||**2021**||2020|
|---|---|---|---|---|---|---|---|
||||||**£**||£|
||Debtors||||**50,505**||199|
||Prepayments||||**14,073**||56,824|
||||||**51,978**||57,023|
|**9.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN**|||**ONE YEAR**||||
||||||**2021**||2020|
||||||**£**||£|
||Creditors||||**13,721**||1,782|
||Prepaid income||||**865**||1,211|
||Independent Examiner's fee||||**1,650**||1,500|
||||||**16,236**||4,483|
|**10.**|**MOVEMENT IN FUNDS**|||||||
|||**At 1 May**||**Net movement**||**At 30 April**||
||||**2020**||**in funds**||**2021**|
||||**£**||**£**||**£**|
||**Unrestricted funds**|||||||
||General fund|2,274,213|||577,009|**2,851,222**||
||**Restricted funds**|||||||
||Educational fund||-||-||**-**|
||||-||-||**-**|
||**TOTAL FUNDS**|2,274,213|||577,009|**2,851,222**||



Registered Company number    00854151 Registered Charity Number   294198 

14 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 APRIL 2021** 

## **10. MOVEMENT IN FUNDS (CONTINUED)** 

Net movements in funds, included in the above are as follows: 

||**Incoming**|**Resources**|**Gains and**|**Movement in**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund|748,104|(179,189)|8,094|577,009|
|**Restricted funds**|||||
|Educational fund|8,120|(8,120)|-|-|
|**TOTAL FUNDS**|**756,224**|**(187,309)**|**8,094**|**577,009**|



## **11. TRUSTEES AND OTHER RELATED PARTIES** 

No payments were made to trustees or any persons connected with them during this financial year apart from reimbursement of costs incurred on behalf of the charity.  No material transaction took place between the organization and a trustee or any person connected with them.  During the year, the Buddhist Society Trust made funding donations of £100,970 to the Buddhist Society (2020: £101,083).  In addition, £0 (2020: £36,318) was passed over from the Buddhist Society to the Buddhist Society Trust for safekeeping in line with its Articles of Association. 

## **12. RISK ASSESSMENT** 

See Report of the Trustees 

## **13. RESERVES POLICY** 

See Report of the Trustees 

## **14. PUBLIC BENEFIT** 

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit.  Details of how the charity has achieved this are provided in the Report of the Trustees.  The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

Registered Company number    00854151 Registered Charity Number   294198 

15 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**<br>**FOR THE YEAR ENDED 30TH APRIL 2021**<br>**INCOME**<br>**Donations and legacies**<br>Donations - Chaplaincy<br>Donations - Publishing<br>Legacies and bequests - investment property<br>**Income from investment**<br>Rents received<br>Bank interest<br>Investment income<br>**Income from charitable activities**<br>Royalties and grants<br>Book sales<br>**Total income**<br>**EXPENSES**<br>**Investment management costs**<br>Letting expenses and ground rent<br>Insurance<br>Repairs and maintenance<br>Legal and professional<br>General office expenses<br>Bank charges<br>Depreciation<br>**Expenditure on charitable activities**<br>Publishing:  Books and publications<br>Publishing:  Contract staff<br>Charitable events<br>Donations: The Buddhist Society<br>**Governance**<br>Accountancy and company secretarial<br>**Total resources expended**<br>**NET INCOME**|**2021**<br>2020<br>**£**<br>£<br>**103**<br>198<br>**-**<br>16,300<br>**626,174**<br>135,948<br> <br> <br>**626,277**<br>152,446<br>**116,892**<br>90,540<br>**-**<br>5<br>**4,935**<br>9,960<br> <br> <br>**121,827**<br>100,505<br>**3,720**<br>5,580<br>**4,400**<br>8,856<br> <br> <br>**8,120**<br>14,436<br> <br> <br>**756,224**<br>267,387<br>**9,510**<br>12,094<br>**7,439**<br>9,290<br>**9,744**<br>8,471<br>**16,231**<br>38,355<br>**3,264**<br>3,414<br>**54**<br>71<br>**2,508**<br>2,508<br> <br> <br>**48,750**<br>74,203<br>**13,297**<br>26,738<br>**14,486**<br>13,975<br>**-**<br>954<br>**100,970**<br>101,083<br> <br> <br>**128,753**<br>142,750<br>**9,806**<br>6,538<br> <br> <br>**187,309**<br>223,491<br>**568,915**<br>43,896|
|---|---|



This page does not form part of the statutory financial statements. 

Registered Company number    00854151 Registered Charity Number   294198 

16 



Report of the Trustees and unaudited financial statements 30 April 2021 

**THE BUDDHIST SOCIETY TRUST** 

## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES** 

I report to the trustees on my examination of the accounts of the Buddhist Society Trust for the year ended 30[th] April 2021. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the charitable company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). 

Having satisfied myself that the accounts of the charitable company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”).  In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. 

The company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a fellow member of The Association of Charity Independent Examiners **.** 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: 

- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or 

- the accounts do not accord with such records; or 

•   the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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; or 

•   the accounts have not been prepared in accordance with the Charities SORP (FRS102). 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. 

Name: J Irvinesmith FCIE 

Date: 2nd November 2021 

Independent Examiners Ltd Unit 2, The Broadbridge Business Centre, Delling Lane, Bosham, PO18 8NF 

Registered Company number    00854151 Registered Charity Number   294198 

17