REGISTERED CHARITY NUMBER: 328075
Report of the Trustees and Unaudited Financial Statements for the Year Ended 05 April 2021 for TISARANA VIHARA ASSOCIATION
TISARANA VIHARA ASSOCIATION
Contents of the Financial Statements FOR THE YEAR ENDED 05 APRIL 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 |
TISARANA VIHARA ASSOCIATION
Report of the Trustees FOR THE YEAR ENDED 05 APRIL 2021
The trustees present their report with the financial statements of the charity for the year ended 05 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the Charity are:
-
To advance Theravada Buddhism in the United Kingdom
-
To advance the education of the public concerning the Burmese culture and Buddhism as practised in the Burmese cultures; and
-
The relief of poverty, sickness and distress arising there from and of old age and in particular but without limiting the foregoing of persons who are adherents of the Buddhism faith.
The activities of the Charity are the advancement of Theravada Buddhism in the United Kingdom through the establishment of a monastery for Buddhist Monks who promote the practise of Buddhism in the Burmese culture by means of connected activities and religious instructions.
Achievements
The achievements during the year have not changed materially or in principle and have included.
-
Continuing to help and assist Burmese Community in UK
-
The residing monks have regular Buddhist Chanting, Dhamma Talk and Mediation Session where lay people can attend.
-
Sunday school for young children to learn Buddhist culture and Burmese language
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Travelling to Europe to guide Burmese Community and European converts during annual ceremonies, mediation or novice and monkhood ordinations.
-
Providing annual meditation retreats
FINANCIAL REVIEW
The Statement of Financial Activities showed net deficit of £7,602 (2020 surplus £34,269) for the year and reserves stand at £1,023,923 (2020 - £1,031,525).
Reserves policy
The Trustees consider it prudent to maintain an adequate level of unrestricted reserves to cover commitments and provide sufficient working capital.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Page 1
TISARANA VIHARA ASSOCIATION
Report of the Trustees
FOR THE YEAR ENDED 05 APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 328075 Principal address 357-361 Nelson Road Twickenham Middlesex TW2 7AG Trustees H K Win N Nyi J King M M Tun Ven Ashin Janaka Ven Ashin U Lokanatha Ven Thu Nanda N L Aung T Tun Independent examiner Zar Ni Soe Chartered Certified Accountants 122 Hillcross Avenue Morden London SM4 4EG Approved by order of the board of trustees on ______ and signed on its behalf by:
............................................. Ven Ashin U Lokanatha - Trustee
Page 2
Independent Examiner's Report to the Trustees of Tisarana Vihara Association
Independent examiner's report to the trustees of Tisarana Vihara Association
I report to the charity trustees on my examination of the accounts of the Tisarana Vihara Association (the Trust) for the year ended 05 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form 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 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.
Zar Ni Soe Independent Examiner Chartered Certified Accountants 122 Hillcross Avenue Morden London SM4 4EG
Date: ______
Page 3
TISARANA VIHARA ASSOCIATION
Statement of Financial Activities FOR THE YEAR ENDED 05 APRIL 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | Funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | 3 | ||||
| Donations and legacies | 52,554 | - | 52,554 | 100,016 | |
| Investment income | 36 | - | 36 | 148 | |
| Total | 52,590 | - | 52,590 | 100,164 | |
| EXPENDITURE ON | 4 | ||||
| Raising funds | 5,228 | - | 5,228 | 7,806 | |
| Support cost | 54,964 | - | 54,964 | 58,089 | |
| Total | 60,192 | - | 60,192 | 65,895 | |
| NET (EXPENDITURE)/INCOME | (7,602) | - | (7,602) | 34,269 | |
| Movement between funds | - | - | - | - | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 1,031,525 | - | 1,031,525 | 997,256 | |
| TOTAL FUNDS CARRIED FORWARD | 1,023,923 | - | 1,023,923 | 1,031,525 |
The notes form part of these financial statements
Page 4
TISARA VIHARA ASSOCIATION
Balance Sheet AT 05 APRIL 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 6 | 724,756 | - | 724,756 | 747,315 |
| CURRENT ASSETS | |||||
| Debtors | 7 | 47,323 | - | 47,323 | 47,323 |
| Cash at bank and in hand | 251,844 | - | 251,844 | 236,887 | |
| 299,167 | - | 299,167 | 284,210 | ||
| CREDITORS | |||||
| Amounts falling due within one year | - | - | - | - | |
| NET CURRENT ASSETS | 299,167 | - | 299,167 | 284,210 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 1,023,923 | - | 1,023,923 | 1,031,525 | |
| NET ASSETS | 1,023,923 | - | 1,023,923 | 1,031,525 | |
| FUNDS | 8 | ||||
| Unrestricted funds | 1,023,923 | 1,031,525 | |||
| Restricted funds | - | - | |||
| TOTAL FUNDS | 1,023,923 | 1,031,525 |
The financial statements were approved by the Board of Trustees on _____ and were signed on its behalf by:
.............................................
Ven Ashin U Lokanatha -Trustee
The notes form part of these financial statements
Page 5
TISARANA VIHARA ASSOCIATION
Notes to the Financial Statements FOR THE YEAR ENDED 05 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
| Freehold property | - Over 50 years |
|---|---|
| Furniture and equipment | - 25% on net book value |
Related party exemption
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Taxation
The charity is exempt from 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.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation owned assets |
2021 2020 £ £ 34,182 31,376 |
|---|---|
Page 6
TISARANA VIHARA ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 05 APRIL 2021
3. RAISING FUNDS
Raising donations and legacies
| Individual donations Gift Aid Investment income Bank interest |
2021 £ 52,554 - 52,554 36 |
2020 £ 91,459 8,557 |
|---|---|---|
| 100,016 | ||
| 148 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 05 April 2021 nor for the year ended 05 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 05 April 2021 nor for the year ended 05 April 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| fund | funds | funds | |
| £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 52,554 | - | 52,554 |
| Investment income | 36 | - | 36 |
| Total | 52,590 | - | 52,590 |
| EXPENDITURE ON | |||
| Raising funds | 5,228 | - | 5,228 |
| Support cost | 54,964 | - | 54,964 |
| Total | 60,192 | - | 60,192 |
| NET EXPENDITURE | (7,602) | - | (7,602) |
| Movement between funds | - | - | - |
| NET MOVEMENT IN FUNDS AFTER TRANSFERS | |||
| Total funds brought forward | 1,031,525 | - | 1,031,525 |
| TOTAL FUNDS CARRIED FORWARD | 1,023,923 | - | 1,023,923 |
Page 7
TISARANA VIHARA ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 05 APRIL 2021
6. TANGIBLE FIXED ASSETS
| 6. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Freehold | Furniture & | ||||
| Property | Equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| As at 06 April 2020 | 788,014 | 84,702 | 872,716 | ||
| Additions during the year | - | 11,622 | 11,622 | ||
| As at 05 April 2021 | 788,014 | 96,324 | 884,338 | ||
| DEPRECIATION | |||||
| As at 06 April 2020 | 87,544 | 37,857 | 125,401 | ||
| Charge for the year | 15,760 | 18,421 | 34,182 | ||
| As at 05 April 2021 | 103,305 | 56,278 | 159,582 | ||
| NET BOOK VALUE | |||||
| At 05 April 2021 | 684,709 | 40,047 | 724,756 | ||
| At 05 April 2020 | 700,470 | 46,845 | 747,315 | ||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Prepayments and other debtors | 500 | 500 | |||
| Gift aid | 46,823 | 46,823 | |||
| 47,323 | 47,323 | ||||
| 8. | MOVEMENT IN FUNDS | ||||
| Net movement | |||||
| At 6.4.20 | in funds | At 5.4.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 1,031,525 | (7,602) | 1,023,923 | ||
| Restricted funds | |||||
| Support | - | - | - | ||
| TOTAL FUNDS | 1,031,525 | (7,602) | 1,023,923 |
Page 8
TISARANA VIHARA ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 05 APRIL 2021
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | Movement | Movement | in | |
|---|---|---|---|---|---|---|---|
| resources | expenses | between funds | funds | ||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 52,590 | (60,192) | - | (7,602) | |||
| Restricted funds | |||||||
| Support | - | - | - | - | |||
| TOTAL FUNDS | 52,590 | (60,192) | - | (7,602) | |||
| Comparatives for movement in funds | |||||||
| Net movement | |||||||
| At 6.4.19 | in funds | At 5.4.20 | |||||
| £ | £ | £ | |||||
| Unrestricted Funds | |||||||
| General fund | 997,257 | 34,269 | 1,031,525 | ||||
| Restricted Funds | |||||||
| Support | - | - | - | ||||
| TOTAL FUNDS | 997,257 | 34,269 | 1,031,525 | ||||
| Comparative net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement | Movement | in | |||
| resources | expenses | between funds | funds | ||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 100,164 | (65,895) | - | 34,269 | |||
| Restricted funds | |||||||
| Support | - | - | - | - | |||
| TOTAL FUNDS | 100,164 | (65,895) | - | 34,269 |
Page 9
TISARANA VIHARA ASSOCIATION
Detailed Statement of Financial Activities FOR THE YEAR ENDED 05 APRIL 2021
| INCOME AND ENDOWMENTS Donations and legacies Individual donations Gift aid Investment income Interest received Total incoming resources EXPENDITURE Raising donations and legacies Food and consumables Printing, postage and stationery Honorariums Hall hire Fundraising costs Support costs Rate and insurance Light and heat Travel and visa Communications Repair and renewals Others Depreciation Total resources expended Net income |
2021 £ 52,554 - 52,554 36 51,590 - 1,993 3,000 - 235 5,228 7,559 3,617 3,394 2,021 650 3,541 34,182 54,964 60,192 7,602 |
2020 £ 91,459 8,557 100,016 148 100,164 1,588 1,833 1,800 2,411 174 7,806 7,412 4,454 6,964 1,344 2,253 4,286 31,376 58,089 65,895 34,269 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 10