Registered Charity No. 297894 Annual Report for the Year Ended 31" December 2023 for Trlratna Cambridge
TRIRATNA CAMBRIDGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 The trustees present their report with the financial ststements of the charity for the year ended 31 December 2023. The trustee5 have adopted the provisions of the'Accounting and Reporting by Charities- Statement of Recommended Practice ISORPI applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20151.. The trustees have had gard to the 8uidance issued by the Charity Commission on public benefit IP81. PB2, PB31. REFERENCE AND ADMINISTrATIVE DEfAILS Charlty Name and Number Triratna Cambridge: registered charity number 297894. Operating undef the name.. Cambfid8e Buddhist Centre ICBCI. Reglstered Address 3&38 Newmarket Road, Cambridge. Cambrid8eshire, CB5 80T Trustees durfn8 2023 Mrjames Sessions (Arthaslddhil Mr Jeffrey Wood ISamudra8hoshal- resl8ned October 2023 as Trustee and Secretsry Mr Arthapriya O'Neill IArthapriyal Mr John Turner ISarvajitl- Treasurer Mr Santosh Kamble Isanghanathl Ms Elkie Wootton (Amarachandral Mr Mike S•er IKeturajèl- Chair Ms Vimaladipa Tennison Ivimaladlpal- Soined Au8USt 2023 and t¢)ok over Secretary responslbilities. Ms Eileen Merryweather Imokshacaral-loined Decemter 2023 Profe551onal Advbors Bankers: Co-operative Bank. PO Box 101, l Balloon Street, Manchester. ME4) 4EP Independent Examlner: Nicholas Gray, FMAAT. Adhisthana. Coddington Cour¢ Coddln8ton. Ledbury, HR8 UL
OBJECTIVES AND AcnvmE5 OF THE CHARrrY {Include5'Achievements & Performancd) The objert of Triratna Cambridge is the advancement of the Buddhist reli8ion. In partlcular- 11 To encourage member5 and others to live in accordance with the teachings of the Buddha: 21 To sUPPOrt ordained members of the Triratna Buddhist Order and other duly ordained Buddhists, at the discxetion of the Councll of Triratna Cambridge: 31 To maintsln dose communlcation with and work under the guidance of the Triratna Buddhlst Order and in co-operation with other groups With the same objects. 41 To use applicatlons of the Buddha's teachin8 to promote the health and well-being of all. Actlvltles Following the Covld pandemiG 2023 was fiJndamentslly"back to normal" in terms of activities having reopened the Centre in July 2021. We are now offering our usual wide range of Buddhlst and medltatlon classes, aimed at a diverse cr05fr5ection of the community. These include two introtluctory classes on Buddhism and meditation (Transfom Your Life,. Transform Self & Worldl- a course on mindfulness (Life With Full Attention); a course tor developing your Buddhist practice further (Journey gnd The Guldel: a course lookin8 at how to tske l¢)vln8-kindness meditstion deeper (Who Hates The Metta Bhavanal: and a course explorin8 how Buddhism relates to modern day challen8es Iwhat The World Needs Now). In addition, we hold a weekty Dharma Night explorlng a wlde rdnge of Buddhist toplcs, a weekly meditation evening, and have provided regular drop-in medltation classes. We have also introduced a monthly full-moon PLFja (devotional rituall night. We have also held a range of Sangha IcommunSty1 events throughout the year includin8 several festival day5 involving meditation. Dharma talks, and Buddhist ritual. There are also normally aboLrt ten study groups whlch meet regularty, and many people have queSted ordinatlon Into the Trlratna Buddhist Or(ler and meet regularfy to support that aspiration. The Buddhist Centre also organlzes several retreats a year, some at an introdurtory level and some for more experlenced prartitioners. The Cambrldge Buddhlst Centre is also a venue for cour5e5 in Mindfulness Based Stress Redurtion, Deep Relaxation. Yoga, Tai Chi and Pilates. all of which are well attended. Because the Charty occupies an historlc theatre there are also arts everrts and occasional open days for the general public. We also host visitsfrom several local schools throughout the year. One exciting development in 2023 has been the re-estrblishment of a sub-30s monthly class which has been very successful. As a result, we are seeing more younger people cominB to tlasses and retreats since this has become a priority. and younger people have been asked to be key supporters for courses.
Dana Economy As part of our Buddhist prattice we operate a 'Dana Economrf based on generosity Idanal, where our meditation and Buddhism events are provided free of tharge, with participants given the opportunity to donate to the Centre rather than paying a flxed fee for attendance. The aim is for our courses, classes, retreats and events to be available to a wider range of people who can attend regardless of their flnanclal situation. However, those that are financially able to are encoura8ed to provide a donation to help with the runnin8 of the Centre when they attend the Buddhist Centre. The Dana Economy also relies on regular communty (Sanghal members contributing financially through monthly Standing Orders. Whilst the generosty of the CBC Sangha members was a great benefit throughout the year, both financially and psycholcEically, it was also retO8nized that there would be increased costs in personnel and operational costs in 2023. and as such a detsiled review of the Dana Economy was instigated in December 2022, with a fvndralslng tsrget of an additlonal £20,0(M) in 2023. This Yesued In a small increase in regular donatlons and a signrfkant rise in onevoff donations due to several fundraising events throughout the year, including a piano recltsl. a Bolly4vood evenin& and a Centre Open Dav. Flnancla15 2023 was a more stable year from a financial perspertive. although not wlthout its challenges. Our bookkeeper (Ghosakal was more estsbllshed in the role and hence we had a more conslstent vlew of the accounts as we tontinued to recover from the tragic loss of ourAccountsnt ILee Walfordl in 2022. At the start of 2023, we were very aware of increased personnel tosts and higher ener8y bllls. Wlth respect to personnel costs, our new Chair. Keturaja, wa5 not paid by the Centre In 2022 despite startin8 in August, his costs continuing to be covered by Wlndhorse Trust untll January 2023. Addltlonally, the Support package for Centre Team members was reviewed. wlth Sncreases in rent contributions and food allowances. The Council also approved an increase of 7.4% to wage5 for waged Centre Team members, to raise their remuneration above the National Minimum Wa8e and help them to meet additional costs of living. We were also awa of s18nlficant prolerted r15es In utllrty bllls due to the Impact of the Ukraine war. Wlth that in mind, whilst the Centre does have financial reserves and so is not in a Crisis, in October 2022 we introduced a range of measuresto redute costs. such as energy consumption. We also explored ways to increase income, including fvrther promotion of the dana economy and a fundraisin8 appeal in 2023, with the aim of raising an additional £20K in 2023, training for how to make appeals for donations, introducin8 a booking fee for retreats, and Installi new contactles5 donation payment unlts. These measures were effective, but we still made a Small loss in 2023 of £2.9K. Income for 2023 was £255K, up from £224K in 2022. This was largely due to increased donations and a significant increase in Bodyworks income, plus some addftional one-off income from rupa sale5 and fundraising events. Unfortunately. this was offset by increased costs1£258K, up from £229K in 20221, notsbly caused by increased buildiwd & centre running and maintenance. and personnel costs.
As such, although 2023 was healthierthan we had anticipated at the *innin8 of the year, and the Cerstre does have financial reserye5 and so is not in a crisis, we still need to ensure that our regular income remains high, Ideal through increased Standin8 Orders. dearer explanations of Oana for courses & retreats Isuch as su88ested amounts). and improved Dana appeals (including the new Tap To Donate machinesl. Actounts Restrueture We have recognlsed for some tlme that the accounts have been unduly ¢ompllcated and many of the existin8 processes are complex and dIffUlt to understand. With this in mind, we have slmplified our accountlng strutture and supportin8 Systems. In late 2023. we engaged two financial consuttants to help us restructure our accountin8 SYStems- this induded a simplified Chart of Accounts and a move to new online QuickBooks system which will have the benefrt of allowing remote access for multiple users. Thls new accounts system went Ihfe In January 2024. Stafflng From a Cerrtre Team perspectlve 2023 was a more stable year than 2022, WTth our new Chair (Keturajal providing steady an(J well-con5idered leadership throughout the year. He was ably 5UPPOrted by our two Mitra Convenors (Arthasiddhi and Amarachandral who formed a highly effertive programme committee to revlew and improve our centre actlvities. Unfortunately. In the second half of 2023 two of our centre team members resigned- Vickie Brown (Communications Offlcerl and Liz Mantle (Facilitles Manager). This resulted in ¢on5iderable straln on the remaining members of the team, wtth Abhayamati Icentre Mana8er) doin8 a sterling job, effectfvely handlin8 three roles for a considerable period of time. Thls resulted In a review of our team staffin& and at the end of the year recruitment was underway for trainee centre manager and a trainee communlcations officer. MANAGEMENT AND GOVERNANCE ARRANGEMENTS Recrultment and appolntment ol trustees The governlng document allows a mlnlmum of 5 ènd a maximum of 15 trustees. New trustees are Invlted through discussion between exlsting trustees, to enwre that they a In harmony wlth the aims of the charlty. In prattice this means that Iwstees are selected from the pool of members of the Triratna Buddhist Order within Cambridge (approximately 1201- New trustees are gNen a copy of a guidance document outlining their responsibilities lincorporatlng material from The Essential Trusteel, and a copy of the 8overnin8 document. In some cases. they are invited as a guest to a trustees. meetin8 befOhand. so that they can witness the operation of the meetings.
Regular trustee meetings were held in 2023 (roughly bi-monthlyl, in addition to an AGM held on Friday 15 November 2023. Thn)ugh this yearthe CBC has benefited from a stsble Council. The Trustees worked well together (Jurin8 2023. supporting the new Chair and developing a cohesive, hamioniou5 team, with all willir6 to get invofved with practical tssks as needed. Samudra8hosha stepped down from the Council in October 2023. He wasthanked for his many contributions as a Trustee, in particular his role as Secretary. In December 2023, Mokshachara was warmly wekomed as a new member of the CouncTrl. Rlsk rnana8ement The trustees have a duty to identfy the risks to which the charity is exposed, and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The major financial risk relales to our exposure to variatlons of donations from Indlvlduals, particularly wlth the move to the Dana economy. The emphasi5 on entouraging regular members of the SanBha to set up monthly Stsnding Orders is designed to make the donation income more predlctsble, rather than relyiw on donations from specrfic events. The malor operational risk is our reliance on volunteers for all the core teachin8 activities, as our Buddhist teachers are not paid for their Services. However. the use of volunteer teathers doe5 have the benefit of allowin8 US to provide the'Dana economy, since we are not incurring any addltional costs when we put on a new course. Slnce the appolntment of a fvll-time Properties Manager, the last few years have seen good progre55 made In areas of non-finanaal risk such as fire safety and health and safety. However, the maintenance of an old, listed buildin81s a constant challen8e. The establlshment of a heathy Designèted Maintenance fvnd gives confidence that we have the resources to cover any unforeseen buildin8 repairs, and in June 2023 we were awarded a grdnt for a serfes of buildin8 improvements to maintain the byildingi particularly to make it more weather-proof (due to problems with our selected contractor, this work wa5 not started until mid-20241. Safe8uardln8 Our Adult Safeguarding polKy and Child Protection Policy are re8ularly reviewed and both policies are available on our website. The Safeguarding Officer of Cambridge Buddhist Centre is Gillian Thomas (Padmaiatsl, responslble for coordinatin8 the protection of children and adults who may be at risk at the Cambridge Buddhist Centre. The Safe8uardln8 Trustee of Cambridge Buddhist Centre is responslble for making sure safeguarding is taken seriousty by the Trustees and appears regulady on their agendas. ensuring the trustees comply with their Safeguarding obli8ations as required by the Charity Commission. Th15 role Is currently being Covered by the Chair IKeturaja}.
Reserves pollcy The trustees see it as their responsibility to hold reserves for the tharty to fvnction properly. The adequacy of the reserves policy is reviewed annually. The income of the Cambridge Buddhist Centre comes from: donations. bod0 dasses, rent from the investment property, donations from classes and events. the giftshop, fundraising events and other facilities such as room hire. There Is some variability in Income dependlng on what events are held and the level of attendance. On the other hand, the major expenses are largely fixed and non-discretionary: personnel salary and related expenses, as well as Centre runnin8 and maintenance costs. Therefore, to maintsin liquidity and avoid making staff redundant. the CBC needs to hold a substantial reserve. As such, the twstees usually plan to hold between 3 to 6 months expenditure as free reserves. At the end of 2023. our unrestrirted cash reserves were 3.25 months, worth of expenditure. We alm to hold at least £20K for designated buildlng maintenance projects. At the end of 2023 thls stood at £27.6K. Contrlbutions from individual donors continued to be managed in restricted 'benevolent funds", the aims of whlch was to build funds for the long-term well-being and Buddhist practice of a Triratna Order Member who had prevlously been the Chair of our charlty Iln the case of the "Ruchiraketu Benevolent Fun) and for Triratna Order Members who are fomier employee515ignificant volunteers of the charlty lin the case of the 'CBC Benevolent Fund"l- Payments from these funds are as decided by the trustees, in line with the objertives and aclplitles of the charity. DISCLOSURE NOTES on staff & payments to trustees & other related party transactlons: The charity employed an average of 8 employees durln8 the year15 full-tlme, 3 part-tlmel. No- one earned more than £60,OLX) pa. The charr(y pays Into a pension fund for employees-the full-tlme staff are all automatically enrolled under the new pension re8ulations, with NEST pension. The amount of pension paid is dlsclosed separately within the notes to the SOFA on the next pa8e. Three of the trustees were also Èmployed by the tharity- the Chair, Mr Mike Silver (Keturalal, and the two Mitra Convenors, Mr James Sessions IArthasiddhil and M5 Elkie Wootton Amarachandral. They are therefore paid for their services as employee5. This is allowèd for in our wnstitution. No trustee business expenses We irtcurred during the year. The charty donates to other Triratna Buddhist Communtty concerns. in line with our charitable aims. This included our annual cOntributn lo the Triratna Development Team and donations from the restricted benevolent fund to Ruchiraketu. a local Triratna Order Member who had previousty been the Chair of our charsty, in line with the wishes of the individuals who have donated the monies to set up this restricted fund.
INCOMING RE50URCE5 Donationsand leBacs Charltsble act1¥ft5 Othertradlng artryltses Intere5tarkl investmentincc¥ Gnts iaL884 70.$20 13.397 34.577 120,3B2 56,201 5,022 39,524 2.667 7Q520 13,397 346 232 24&548 255.379 223.796 th•rttsbl• E¥p8ndknr• DlrettcharitaNe EXpeftdl¢ 8uddhlst Cenrre pport of &Jddhis¢ktMtyes Mana8ementDd Admlnthtbn Ri151n8 Funds 138,959 18.319 52.836 41,114 138,959 25.371 52,836 41,114 121,025 26,568 50,595 31,286 7.t63 Totsl Ubthtabl• ¢xpw¢Ulur• 251,228 251MI 229,474 421 R•[ondlOffvnd 8•l•n¢e trou8ht for•rd Met incomellouryoln8sltrthe yr Transler Inmrom r•strlcted funds Tr4nsf¢r to pe5Thd M•nthMnt Fund 635.977 59.1410 -221 27.615 721732 728.410 -5,678 B•lènce urfed forward 633.297 5&919 27.615 719,831 722.732
Notes to the SLitement of Financial Actlviti8S l. Donatlons Income 20 125,284 6,6()J 131.884 2022 114,622 5,760 120.382 Donations- unrestricted Donations- restricted Charltabl Ivltles Fee Paying Dharma activities Body Work Gift Shop Medltatlon events khool visits Other 17,035 46,877 4,925 9,095 38,606 5,631 876 1.967 26 56.201 1,646 37 7020 3. Other radln Act]vltles Fundraislng and facllitles Arts Events Rental of storage space Second hand l)ook sales 199 4,618 4,670 3,911 13,397 191 1,920 2,4ixi 511 5.022 Int•r•st and Investment Incom• Interest lunrestrlctedl Inte5t Irestrictedl Investment Income 216 232 34,130 34,577 373 39.147 39,524 ther Incom Grants S,OCrt) 5.000 2,667 2,667 6. 8uddhlst Centre Ex ndlt Glfts Personnel Expenses (excl Pension) Employee penslons Publiclty Travel & Entertainment 8odywork Vehlcle5 Gift Shop expenses 223 89,411 7,029 2,490 235 15,871 1,608 4,158 121.025 101.955 7,111 3,168 323 21,985 435 5,198 140.242
Buddhlst Support of otherTriratna Support of otherTriratna Irestrlttedl Staff retreats & traSning 7.800 2,640 7.879 18319 9,556 6,255 10,747 26,558 8. Man ement and Adminktratlon 8uildlng Malntenance Depreciation Office costs (incl bank charges) Consumables & Cleanlng Shiine costs Small assets Mitra convenln8 expense5 Independent exarnination fee 26,166 13.025 9.806 1,929 23,495 14,195 8,756 1,186 1,087 1,292 334 250 50,595 772 296 52J g. Ralsl Funds Medltatlon serviS/eventS Investment property Arts event expenses 25.017 16.097 9,920 20.726 640 31,286 41,114
Balance Sheet As at 3tst De£embw 2023 Unrestlcted Desl¢nated Restrfcted Funds Fund5 Funds Total Fun& Total Funds 2023 2022 Flxed A55ets io 46.197 46,197 54.904 14 496.IIMI 496.oc 496,000 Cash and Bank Cash held as Irbve5tments Debtors Stcek 941 37,19) 52115 3.561 94ts07 27.615 17,138 41.781 45.694 78,971 52,815 3561 38,877 78,971 55.256 6.943 180.047 li 17.615 S&919 Cr•dltoN: liabilltles due wlthln one ye•r 12 8,219 Net Current Assets 91,1th) 27.615 5&919 177,634 17L828 Total Assets le55 cUrrt IlabllltlBs 633.297 27.615 5&919 719,831 722,732 Creditors.. Uabllitles due afterone ye•r ass•tslllabllllles 633,297 I715 58.919 719.831 711732 R•pr•i•nt•d Unrestrkttd Funds Oeslgnated malntence 65 Abtr)ey Road revalu•lions UTrrestykt Funds 271.813 27,615 368.173 667,602 267,804 27,615 368,173 663,592 Restrlrted Benevolent funds Re5trlcted Ely OUta¢h fund R•5tvlcled Funds 51,796 433 52,229 58,707 433 59,140 Tot•l Fwnds 719A31 722.732
Notes to Balance Sheet 10. Flxed Assets 8145 4372 Land & Buildings Plant & Machinery 153,978 111,002 2023 Total 264,980 250,392 14,588 2022 Cost 1st Jan 2023 Additions Disposals Cost 3tst Decemljer 2023 153.978 111.002 264,980 264,980 Depreclation 1st Jan 2023 Charge for the year Disposals Depreclatlon 3tst 2023 99.539 12,136 110.S38 889 210,077 195,882 13,025 14,195 111,675 111,427 223,102 210.077 Net Book Value 2022 Net B¢ok Value 2023 54,439 42303 465 3,894 54.904 54.510 46,197 $4,904 Trade Debtors Prepayments Accrued Income Float for New Vlew Investment 4,620 3,874 44,320 3,050 48,162 VAT reclalm 51815 55,256 12. Credlt Trade Creditors {Incl. credit Card) HMRC PAYE NI Deposlts recelved (key fobs) Accruè15 Deferred Income 1.308 2.436 3.728 1,805 250 1,850 250 8.219 13. Credltors falll due after one Bank Loans Other Creditors 14. Irwe5tment Asset The charity's investment asset, property held for private rental.165 Abbey Road) was kept at a value of £496,000.
There were no other'related paty transaciiong requiring disclosure. Mr Mike Silver (Keturaial is a Trustee of the WirKlhorse Trust, the charity that owns 38 Newmarket Rd, Cambridge. in which the Cambridge Bu(Idhist Centre housed. Payment made to the indeperKlent examiner In the 2023 accounts was £650. STATEMENT OF TRUSTEE5' RESPONSIBILrriE5 Charity law requires the trustees to prepare financial statements for each finanaal year which Show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements. the tnjstees are required to: Select suitable accounting policies and then apply them conslstentlv. Make judgments and estimates that are reasonable and prudent. State whether applicable actounting standards and ststements of recommended practice have been followed, subject to any departures disclosed and explained in the financial Statements. and prepare the financial statements on the 8oin8 concem bas15 unless it Is Inapproprfate to presume that the charlty will continue in OPeraonal existence. The trustees are responsible for keepin8 proper accounting records which disdose with reasonable accuracy at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply wlth the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps forthe prevention and detectlon of fraud and other irregularlties. Slgned on behalf of the trustees Mr John Turner ISaThajltl - Treasurer 1211112024 Trustees on date: Mr Mike Sifver (Keturajal,. Ms Wimaladipa Tennision Ivimaladipal,. Mr John Tumef Isarvajitl: Mr James Session5 IArthasiddhil- Ms Elkie Wootton IAmarachandral,' Mr Santosh Kamble Isanghanathl: Ms Eileen Merryweather Imokasacharal
Independent examinerfs report to the trustses of Trfratna Cambrldga I report to the trustees on my examination of the acojunts of Triratna Cambridge for the year ended 31 December 2023. Rospon8ibilities and basis of report As the charfty trustees of the Trust you are responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charlty Commission under sectlon 145(5)(b) of the Act. Independent examlnerfs 8latement I have compl8ted my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements conceming the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter wnsider8d as part of an independent examination. I have no concerns and have come across no other matters in connection with the examlnatlon to which attention should be drawn in this report in order to 8nabl8 a proper understanding of the accounts to be reached. Signed: JLL G,- Nicholas Gray, FMAAT Adhisthana Coddington Court Ledbury Herefordshire HR8 1 JL 12th November 2024