FWBO Buddhafield
A company limited by guarantee

Report and Financial Statements
Year ended 31st December 2005




  Chari...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868



                  Index To The Financial Statements
             For the year...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868


                                 Report of the Trustees
                      ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                              Report of the Trustees (Cont.)
                   ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                              Report of the Trustees (Cont.)
                   ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                               Report of the Trustees (Cont.)
                  ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                               Report of the Trustees (Cont.)
                  ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868


                                     BALANCE SHEET
                           ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                             Statement of Financial Acivities

                 ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
             DETAILED ANALYSIS OF INCOMING RESOURCES
                      For t...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
              DETAILED ANALYSIS OF RESOURCES EXPENDED
                        Fo...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                     NOTES TO THE FINANCIAL STATEMENTS
                         ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                  NOTES TO THE FINANCIAL STATEMENTS (cont.)
                    ...
FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868
                        For the year ended 31st December 2005



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FWBO Buddhafield Trustees Report and Financial Statements for ...

  1. 1. FWBO Buddhafield A company limited by guarantee Report and Financial Statements Year ended 31st December 2005 Charity number: 1108826 Company number: 05157868
  2. 2. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Index To The Financial Statements For the year 1 January to 31 December 2005 Contents Page Charity Details 3 Report of the trustees 4 Balance Sheet 8 Statement of Financial Activities 9 Analysis Of Incoming Resources 10 Analysis of Resources Expended 11 Notes to The Financial Statements 12 2
  3. 3. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Report of the Trustees for the year ended 31st December 2005 The trustees are pleased to present their report together with the financial statements of the charity for the year ending 31st December 2005. Reference and administrative details Charity number: 1108826 Company number: 05157868 Principal Office: Trevince House, Hittisleigh, Exeter, Devon EX6 6LP Bankers: The Co-operative Bank, 1 Balloon St, Manchester, M60 4EP. Reporting Accountant: Edward Tombs, 69 Rommany Road, London SE27 9PY. Insurance Brokers: Clive adams, Oamps (UK) ltd, Buckland House, Reigate, RH2 9EG. Directors and trustees The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and since the year end were as follows: Mr R. McDowell (Resigned 8/4/2005 Re-admitted 30/10/2006) Mr S. Barber (Chair, Secretary) Lokabandhu Ms A McAuley Ms A P Moss (Admitted 23/4/2006) 3
  4. 4. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Report of the Trustees (Cont.) for the year ended 31st December 2005 Structure, Governance and Management Governing Document FWBO (Buddhafield) is a company limited by guarantee and not having share capital governed by its Memorandum and Articles of Association dated 18 June 2004. It is registered as a charity with the Charity Commission. There are currently 5 members, each of whom agree to contribute £1 in the event of the charity winding up. Appointment of trustees As set out in the Articles of Association trustees are admitted by the existing trustees thereby becoming members and directors of the company and trustees of the charity. All members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM. When considering co- opting trustees, the Board has regard to the requirement for any specialist skills needed. Trustee induction and training New trustees are informed of their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the current business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Organisation The board of trustees administers the charity. The board meets at least quarterly and appoints managers to manage the day to day operation of the charities activities. Related parties The charity’s wholly owned subsidiary, Buddhafield Events Limited organises the annual Buddhafield Festival as a fund raising event for the charity and donates the majority of its profits to the charity. Risk management The trustees recognise their obligation to manage the risks, both financial and operational, that the charity faces. The trustees have a risk management strategy, which comprises of a regular and ongoing evaluation of the financial and operational risks to the charity. This work has identified risks associated with health and safety and food hygiene on our retreat events, which have been addressed by training our retreat managers. Also the need for tighter operational financial control addressed by employing a bookkeeper and the re- admission of Mr McDowell as trustee. 4
  5. 5. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Report of the Trustees (Cont.) for the year ended 31st December 2005 Objectives and activities The objects of the charity are: The advancement of the Buddhist religion, in particular: To encourage members and others to live in accordance with the teachings of the Buddha, with special reference to living, practising, and inspiring others to lead a simple, natural, and itinerant life, as exemplified by that of the Buddha and his immediate disciples. To support ordained members of the Western Buddhist Order and other duly ordained Buddhists. To maintain close communication with and work under the guidance of the Western Buddhist Order and in co-operation with other groups with the same objects. The major areas of activity are, organising a programme of retreats, working on the land and teaching meditation and buddhsim at festivals. Retreats During summer the charity organises a series of retreats starting in May and ending in late September. All of our retreat events are under canvas encouraging retretants to enjoy a simple life, close to nature for the duration of the retreat. These retreats give people a chance to put down their normal day to day routine and engage more fully in the practice of meditation and the application of the Buddha’s teaching to their lives. Land Work The charity acquires land to hold our retreat events on and to further the connection with living close to the earth. Teaching at Festivals The charity organises meditation and Buddhism teaching spaces at festivals over the summer. Introducing the public to the practice of meditation and the teachings of the Buddha. Achievements and performance Retreat programme During summer 2005 the charity organised 9 approximately week long retreat events attracting about 400 people. All these events where lead by members of the Western Buddhist Order. Land Work continued on the land owned by the charity at Broadhembury to make it more suitable for our retreat events. The land appeal continued and raised £4,780 during 2005. 5
  6. 6. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Report of the Trustees (Cont.) for the year ended 31st December 2005 Teaching at Festivals The charity organised meditation and Buddhism teaching spaces at the Glastonbury festival, the Big Green Gathering and several other festivals over the summer. An estimated 600 people where introduced to the practice of meditation or heard a short talk on the teachings of the Buddha at these events. Financial Review The first year of the charities activities has seen it establish a satisfactory financial platform. The cost of running the charities unrestricted activities was £ 38,031, This was funded by Retreat income of £28,607 and donations (as below) of £15,857. Governance costs were £984 giving the charity an unrestricted surplus of £5,462. The charity’s wholly owned trading subsidiary, Buddhafield Events Limited, made total profit of £5,395 allowing it to gift £5,000 to the charity. The trustees were pleased with this level of donation, but feel that it could be improved and propose stricter financial controls on expenditure and additional income raising for 2006. The other notable external donor was The Windhorse Trust which donated £3,280 towards Buddhist teaching activities. The balance of donations were smaller amounts from individual supporters. Our main fundraising for ‘restricted’ project is the ‘Buddhafield land fund’. £4,780 was raised by general donations, in addition land valued at £25,000 was formally acquired during this financial year. £17,000 had already been donated directly towards the purchase, the loan balance of £8,000 to be paid back as land fund donations become available. . Reserves policy. The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on setting up for the summer season and receiving resources through retreat charges, the Buddhafield Festival and appeal donations that provide funding. The trustees therefore consider that the ideal level of reserves as at 31st December 2005 would be £10,000. The actual free reserves at 31st December 2005 were £5,462 .The trustees agreed a number of loans to cover the shortfall until July 2006 when the major donations will come in. It is the trustees’ view that it is prudent to ensure that there are sufficient reserves to provide financial flexibility over the course of the forthcoming challenges. The trustees have therefore planned a new fund raising strategy, concentrating on raising sums from our retreats and from our wholly owned trading subsidiary, Buddhafield Events Limited, with a view to increasing our reserves to the appropriate level. The trustees will closely monitor this initiative. 6
  7. 7. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Report of the Trustees (Cont.) for the year ended 31st December 2005 Plans for future periods The major financial concern for the trust will be ensuring stricter financial controls are in place both within the charities retreat activities and within Buddhafield Events Ltd for 2006. A full programme of retreats is planned for the summer 2006 season. Buddhafield Events Ltd. will again be organising a festival in July as a fund raising event for the charity. Trustees’ responsibilities in relation to the financial statements Company law requires the trustees to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the trustees are require to: Select suitable accounting policies and then apply them consistently. Make sound judgements and estimates that are reasonable and prudent; and Prepare the financial statements on the going concern basis unless it is appropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the companies Act 1985. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with company law, as the company’s directors, we certify that: so far as we are aware, there is no relevant audit information of which the company’s accountant are unaware; and as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s accountant is aware of that information. Signed On behalf of the trustees, S. Barber (Trustee) On 30/10/2006. 7
  8. 8. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 BALANCE SHEET At 31 December 2005 2005 2004 Note s £ £ £ £ Tangible Fixed Assets Freehold Land; Broadhembury 1,2 25,000 0 Other Assets Shares ; Buddhafield Events 3 100 0 Current Assets Debtors 0 0 Cash at bank and in hand 11,142 0 11,142 0 Less: Creditors Amounts falling due within one year 4 (9,000) 0 Net Current Asssets 2,142 0 Total assets less current liabilities 2,142 0 Net Assets £ 27,242 £ 0 Represented by Unrestricted Funds 6 5,462 0 Restricted Funds 6 21,780 0 £ 27,242 £ 0 For the period ended 31 December 2005, the company is entitled to exemption from audit under section 249A(1) of the Companies Act 1985 and no notice under Section 249B(2) of that Act has been deposited in relation to its accounts for the period. The Trustees acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 221 of the Companies Act 1985 and for preparing accounts which give a true and fair view of the state of the company’s affairs at 31 December 2005 and of its results for the period then ended in accordance with the requirements of section 226 and which otherwise comply with the requirements of the Companies Act relating to the accounts so far as applicable to the company. . Approved by the Trustees and signed on its behalf on Steve Barber Trustee 8
  9. 9. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 Statement of Financial Acivities Summary Income and Expenditure Account For the year ended 31st December 2005 2005 Unrestricte Restricted d Funds Funds Total £ £ £ Incoming Resources from Charitable Activities Gifts and Donations 15,857 21,780 37,637 Retreat Income 28,607 28,607 Incoming Resources fom Generated funds Investment income 13 13 Total incoming resources 44,477 21,780 66,257 Resources expended Charitable activities (38,031) (38,031) Governance costs (984) (984) Net Movement in Funds 5,462 21,780 27,242 Total funds brought forward 0 0 0 Fund balances at 31 December 2005 £ 5,462 21,780 27,242 All the above results derive from continuing charitable activities and there were no recognised gains or losses other than those stated above. There is no difference between the net movement in funds stated above, and its historical cost equivalent. The notes on pages 12-14 form part of these accounts 9
  10. 10. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 DETAILED ANALYSIS OF INCOMING RESOURCES For the year ended 31st December 2005 2005 Unrestricte d Restricted £ £ £ Gifts and Donations Income donation Buddhafield festival 5,000 5,000 general donations 7,577 7,577 land appeal 0 4,780 4,780 Land Donation 0 17,000 17,000 donation windhorse trust 3,280 3,280 £ 15,857 21,780 37,637 Retreat Income £ 28,607 28,607 Interest Income £ 13 13 Total Incoming resources £ 44,477 21,780 66,257 10
  11. 11. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 DETAILED ANALYSIS OF RESOURCES EXPENDED For the year ended 31st December 2005 Unrestricte Restricted d Funds Funds Total Charitable Activities £ £ £ Cost of Running Retreats 20,642 20,642 Expensed Equipment & Repairs 577 577 Insurance 1,070 1,070 land maintenance costs 870 870 Legal Fees 400 400 Publicity 1,433 1,433 Retreats, conventions & training 1,495 1,495 Sundry expenses 127 127 Support of staff and volunteers 9,303 9,303 Vehicle running costs 1,816 1,816 Travel costs 298 298 £ 38,031 38,031 Goverance costs Bank Charges 34 34 filing fees 30 30 Office Supplies 321 321 Telephone 536 536 loan interest 63 63 £ 984 984 Total Resources expended for the year £ 39,015 0 39,015 11
  12. 12. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2005 The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements. 1. Statement of Accounting Policies Accounting convention The financial statements have been prepared in accordance with the historical cost convention and applicable accounting standards. The accounts have been prepared in accordance with the special provisions of part VII of the companies Act 1985 relating to small entities and the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005 (SORP) Incoming Resources Donations are Credited to the statement of Financial activities in the period in which they are received. Other Incoming Resources are credited to the statement of Financial Activities on a receivable basis, except when donors specify that the income given to the charity must be used in future accounting periods, in these cases the income is deferred until those periods. When Donors specify that incoming funds are for particular restricted purposes, this income is included in incoming resources of restricted funds when receivable. Resources Expended Expenditure is charged in the statement of Financial Activities on an accruals basis. Management and administrational costs include expenditure on compliance with constitutional and statutory requirements Restricted and Unrestricted Funds The accounts distinguish between restricted and unrestricted funds. Restricted funds are received from donors and are subject to restrictions on the purposes for which they may be used. Unrestricted funds are those where there are no externally imposed restrictions. They include those freely available to the charity for expenditure or appropriation to reserves for internally designated purposes. Charity Land The charity has acquired acres of land at Broadhembury for use by the charity for retreats and educational purposes. Fundraising to purchase the land had commenced before the formation of the company and registration of the charity. This resulted in the original purchase of the land resting in the name of an individual Mr John Milne. Subsequently the land was transferred for no cost to the charity and the balance of Loans against the land were accepted by the charity. In the accounts to 31/12/05 the value of funds raised pre charity registration are shown as a donation of £17,000. The balance of loans outstanding £8,000 is shown as a creditor and the balance sheet shows an asset being the purchase price of the land of £25,000. Depreciation. The Trustees are of the opinion that the value of the land will not depreciate over time. The asset value will be stated at the purchase price until such time that the trustees wish a revaluation to take place. 12
  13. 13. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 NOTES TO THE FINANCIAL STATEMENTS (cont.) For the year ended 31st December 2005 2. Fixed Assets Land Cost £ Balance at 31/12/2004 0 additions in the period 25,000 Balance at 31/12/2005 25,000 Depreciation at 31/12/2004 0 Charge for the period 0 Balance at 31/12/2005 0 Net book value At 31/12/2005 £ 25,000 at 31/12/2004 £ 0 3. Shares The company ‘Samaya project limited’ ‘trading as buddhafield events’ number 3984058 has share capital of 100 £1 shares. On 24th April 2005 all those shares were gifted to the charity by the previous shareholders. The charity from that date has full control of that company. 4. Creditors: amounts falling due within one year 2005 £ Private Loans re Land purchase 8,000 Private Loan re retreats cashflow 1,000 £ 9,000 5. Taxation Subject to agreement with the inspector of Taxes, the company is exempt from the payment of any Taxes to the extent it is a registered charity, and therefore is not liable for income tax or corporation Tax on income derived from its charitable activities. The company does not have a liability to register for VAT. NOTES TO THE FINANCIAL STATEMENTS (cont.) 13
  14. 14. FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868 For the year ended 31st December 2005 6. Statement of Funds Balance Incoming Resources at resources expended 31/12/05 £ £ £ Restricted Funds Land Appeal, Land purchase /maintenance 21,780 21,780 Unrestricted Funds 44,477 39,015 5,462 Total Funds £ 66,257 39,015 27,242 14

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