REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
JAMYANG BUDDHIST CENTRE LEEDS |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
JAMYANG BUDDHIST CENTRE LEEDS |
(A COMPANY LIMITED BY GUARANTEE) |
JAMYANG BUDDHIST CENTRE LEEDS |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 13 |
JAMYANG BUDDHIST CENTRE LEEDS (REGISTERED NUMBER: 05403805) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. 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 2019). |
OBJECTIVES AND ACTIVITIES |
The charity's aims are to promote wellbeing, meditation and public benefit in accordance with Buddhist principles, and the preservation of the Buddhist Mahayana tradition throughout the north of England and elsewhere. |
In order to fulfill our aims, we have developed a substantial set of offerings to the local and wider community, including a shop and café, space for hire and offices let to complementary organisations. |
We offer a whole programme of Buddhist classes and practices and wellbeing activities. Most of our Buddhist classes and practices have remained online and reach a wide audience, across the UK and beyond. Wellbeing activities have done particularly well and we have grown our partnership working with several organisations. We have offered a higher level of community events than previously, which benefited the local community and allowed growth for the shop and cafe; our income generating stream has therefore grown and offers financial support to our charitable aims stated above, in spite of changes in key staff which have somewhat impacted on our planned growth. |
The charity held its AGM in October and Trustees met throughout the year as well as on their annual away-day in July in which we reviewed the strategic plan and finances. The financial position remains strong, and the building represents a huge asset with great potential. Links with the local community and the city are developing well. We are confident that we can continue to grow and develop our activities in order to fulfill our charitable aims and become a well established regional and national provider. |
FINANCIAL REVIEW |
Reserves policy |
It is the current policy of the charity to maintain reserves at a level which equates to at least 3 months of unrestricted expenditure. This provides sufficient funds to cover both management and administrative costs whilst incorporating a contingency sum to cover any unexpected costs. |
This policy is reviewed each year by both directors and trustees. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Further information can be found in the Memorandum and Articles of Association as incorporated on 24th March 2005. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
JAMYANG BUDDHIST CENTRE LEEDS (REGISTERED NUMBER: 05403805) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
Trustees |
Independent Examiner |
Sherice Parfitt |
Harrison & Co |
Chartered Accountants |
531 Denby Dale Road West |
Calder Grove |
Wakefield |
West Yorkshire |
WF4 3ND |
Bankers |
Skelmersdale |
WN8 6WT |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
JAMYANG BUDDHIST CENTRE LEEDS |
Independent examiner's report to the trustees of Jamyang Buddhist Centre Leeds ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors 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 Company are not required to be audited 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. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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 |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Sherice Parfitt |
Harrison & Co |
Chartered Accountants |
531 Denby Dale Road West |
Calder Grove |
Wakefield |
West Yorkshire |
WF4 3ND |
17 October 2024 |
JAMYANG BUDDHIST CENTRE LEEDS |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities |
Total |
NET INCOME |
Transfers between funds | 15 | (14,170 | ) | 14,170 | - | - |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 340,563 |
JAMYANG BUDDHIST CENTRE LEEDS (REGISTERED NUMBER: 05403805) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 100,478 |
Restricted funds | 240,085 |
TOTAL FUNDS | 340,563 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006. |
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. |
JAMYANG BUDDHIST CENTRE LEEDS (REGISTERED NUMBER: 05403805) |
BALANCE SHEET - continued |
31 JULY 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Library | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Café, shop and rental |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
4. | RAISING FUNDS |
Investment management costs |
2024 | 2023 |
£ | £ |
Property reps and maintenance |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Holy objects & other expenses | (500 | ) | 3,631 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Support staff |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | (250,152 | ) | 250,152 | - |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 315,036 | - |
TOTAL FUNDS CARRIED FORWARD | 100,478 | 240,085 | 340,563 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to |
property | property | Library |
£ | £ | £ |
COST |
At 1 August 2023 and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2023 and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Other creditors |
Accruals and deferred income |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Other creditors |
Other creditors | 109,730 | 100,571 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
15. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.8.23 | in funds | funds | 31.7.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 100,478 | 1,787 | (14,170 | ) | 88,095 |
Restricted funds |
Restricted Fund | 240,085 | - | 14,170 | 254,255 |
TOTAL FUNDS | 1,787 | 342,350 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 151,473 | (149,686 | ) | 1,787 |
TOTAL FUNDS | ( |
) | 1,787 |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.8.22 | in funds | funds | 31.7.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 315,036 | 35,594 | (250,152 | ) | 100,478 |
Restricted funds |
Restricted Fund | - | (10,067 | ) | 250,152 | 240,085 |
TOTAL FUNDS | 315,036 | 25,527 | - | 340,563 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 162,436 | (126,842 | ) | 35,594 |
Restricted funds |
Restricted Fund | 3,000 | (13,067 | ) | (10,067 | ) |
TOTAL FUNDS | 165,436 | (139,909 | ) | 25,527 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.8.22 | in funds | funds | 31.7.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 315,036 | 37,381 | (264,322 | ) | 88,095 |
Restricted funds |
Restricted Fund | - | (10,067 | ) | 264,322 | 254,255 |
TOTAL FUNDS | 315,036 | 27,314 | - | 342,350 |
JAMYANG BUDDHIST CENTRE LEEDS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 313,909 | (276,528 | ) | 37,381 |
Restricted funds |
Restricted Fund | 3,000 | (13,067 | ) | (10,067 | ) |
TOTAL FUNDS | 316,909 | (289,595 | ) | 27,314 |
16. | RELATED PARTY DISCLOSURES |