fwbo buddhafield trustees report and financial statements for

FWBO BuddhafieldA company limited by guarantee

Report and Financial StatementsYear ended 31st December 2008

Charity number: 1108826Company number: 05157868

FWBO BUDDHAFIELD Ch. 1108826 Co. 05157868

Index to The Financial StatementsFor the year 1 January to 31 December 2008

Contents Page(s)

Charity Details 3

Report of the Trustees 4-8

Independent examiner’s report 9

Balance Sheet 10

Statement of Financial Activities 11

Analysis of Incoming Resources 12

Analysis of Resources Expended 13

Notes to the Financial Statements 14-16

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Report of the TrusteesFor the year ended 31st December 2008

The trustees are pleased to present their report together with the financial statements of the charity for the year ending 31st December 2008.

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 trusteesThe 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 were as follows:

Mr R. McDowell (Treasurer)Mr S. Barber (Chair, Secretary)LokabandhuMs A McAuleyMs A P Moss

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Report of the Trustees (Cont.)For the year ended 31st December 2008

Structure, Governance and Management

Governing DocumentFWBO (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 trusteesAs 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 trainingNew 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.

OrganisationThe 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 partiesThe 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 managementThe 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.

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Objectives and activitiesThe 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.

RetreatsThe charity organises a series of retreats with the majority of retreats in the summer months between late April and late September. All of our retreat events are under canvas encouraging retreatants 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 WorkThe charity acquires land to hold our retreat events on and to further the connection with living close to the earth.

Teaching at FestivalsThe 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.

Public BenefitThe charity trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

The promotion of the Buddhist ideals of kindness and wisdom are of benefit to the community as a whole and the Charity provides contexts for exemplifying these ideals.

There is a suggested donation for attending a retreat but retreatants are free to give more, or less. The Charity is committed to providing affordable retreats for those with genuine need.

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Achievements and performance

Retreat programmeDuring summer 2008 the charity organised 11 approximately week long retreat events attracting about 400 people. All these events where lead by members of the Western Buddhist Order.

LandWork continued on the land owned by the charity at Broadhembury and at Frog Mill to maintain them and make them more suitable for our retreat events.

The land appeal continued and raised £13,426 during 2008 (£13,190 in 2007).

Teaching at FestivalsThe charity organised meditation and Buddhism teaching spaces at Glastonbury, 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 ReviewThe forth year of the charities activities has seen it maintain a satisfactory financial platform. The cost of running the charities unrestricted activities was £101,410 This was funded by Retreat income of £70,106 and donations and other income of £66,873, Governance costs were £7,634 giving the charity a surplus of £27,935

The charity’s wholly owned trading subsidiary, Buddhafield Events Limited, made total profit of £42,098 allowing it to gift £33,745 to the charity during this financial period with an expectation of further donations from this profit as cash-flow allows. The trustees were satisfied with this level of donation.

Notable external donors included a total of £13,426 towards the continuing ‘land appeal’ and a grant of £1,100 from The Windhorse Trust The balance of donations were smaller amounts from individual supporters.

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Reserves policyThe 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 free reserves as at 31st December 2008 would be £30,000 , the trustees were pleased with the significant increase in the reserves from £23,869 (2007) to £40,097

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 and will continue to monitor the charities financial management to ensure that sufficient reserves are maintained.

Plans for future periodsWe will be ensuring that the financial controls put in place both within the charities retreat activities and within Buddhafield Events Ltd over the last few of years are maintained for 2009.

A reduced programme of retreats is planned for the summer 2009 season allowing our core personnel to focus on fewer events.

Buddhafield Events Ltd. will again be organising a festival in July as a fund raising event for the charity.

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Trustees’ responsibilities in relation to the financial statementsCompany 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 inappropriate topresume 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 financial information of which the company’saccountant 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 financial information and to establish that the charity’s accountant is aware of that information.

Signed

On behalf of the trustees,

S. Barber (Trustee)

On 29/09/2009.

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Independent examiner's report on the accounts

Report to the trustees of FWBO Buddhafield charity reg. no. 1108826 on the accounts for the year ended 31st December 2008, as set out in pages 10 to 16

Respective responsibilities of trustees and examiner

The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act),as amended by s.28 of the Charities Act 2006) and that an independent examination is needed. It is my responsibility to: examine the accounts (under section 43 of the Act, as amended), to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the Act, as amended), and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent examiner's statement

In the course of my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that proper accounting records are kept (in accordance with section 41 of the Act), and accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date: 29th October 2009

Edward Tombs69 Rommany Road, London SE27 9PY

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BALANCE SHEETAt 31st December 2008

2008 2007Notes £ £ £ £

Tangible Fixed AssetsFreehold Land; Broadhembury 1,2 25,000 25,000 Freehold Land; Frogmill 1,2 85,000 85,000

Total Fixed Assets 110,000 110,000 Other Assets

Shares ; Buddhafield Events 3 100 100 Current Assets

Debtors and Prepayments 882 350 Cash at bank and in hand 52,236 27,318

53,118 27,668 Less: Creditors

Amounts falling due within one year 4 (41,362)(43,847

)Net Current Asssets 11,756 (16,179)Total assets less current liabilities 121,856 93,921

Net Assets £ 121,856 £ 93,921

Represented byUnrestricted Funds 6 40,097 23,869 Restricted Funds 6 81,759 70,052

£ 121,856 £ 93,921

For the period ended 31 December 2008, 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 2008 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 their behalf on 29th September 2009

Steve Barber Trustee

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Statement of Financial Activities

Summary Income and Expenditure AccountFor the year ended 31st December 2008

2008 2007

Unrestricted Funds

Restricted Funds Total Total

£ £ £ £

Incoming Resources from Charitable ActivitiesGifts and Donations 49,258 15,016 64,274 62,412 Retreat Income 70,106 70,106 39,600 Books and merchandise sales 2,422 2,422 307

Incoming Resources from Generated fundsInvestment income 177 0 177 232 Total incoming resources 121,963 15,016 136,979 102,550

Resources expendedCharitable activities 98,101 3,309 101,410 76,130 Governance costs 7,634 0 7,634 3,161 Net Movement in Funds 16,228 11,707 27,935 23,260

Total funds brought forward 23,869 70,052 93,921 70,661 Fund balances at 31 December 2008 £ 40,097 81,759 121,856 93,921

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 13-15 form part of these accounts

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DETAILED ANALYSIS OF INCOMING RESOURCESFor the year ended 31st December 2008

2008 2007

Unrestricted Funds

Restricted Funds

£ £ £ £

Gifts and Donations IncomeBuddhafield Events Ltd 33,745 33,745 31,007 General donations 14,663 14,663 10,116 Land appeal 13,426 13,426 13,190 Land stewardship incl Inlight Trust 850 1,990 2,840 8,099 Windhorse trust (400) (400) 0

49,258 15,016 64,274 62,412

Retreat and Event Income 70,106 70,106 39,600 Bookshop & Merchandise 2,422 2,422 307

Interest Income 177 177 232

Total Incoming resources £ 121,963 15,016 136,979 102,550

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DETAILED ANALYSIS OF RESOURCES EXPENDEDFor the year ended 31st December 2008

2008 2007

Unrestricted Funds

Restricted Funds Total Total

Charitable Activities £ £ £ £

Cost of Running Retreats 44,271 44,271 31,258

Bookshop and Merchandise 1,742 1,742 0 Charitable donations (750) (750) 2,250 Expensed Equipment & Repairs 11,821 11,821 4,198 Insurance 823 823 1,232 land appeal costs 0 0 2,395 land stewardship costs 3,017 3,017 8,270 Legal Fees 0 0 0 Publicity 3,642 3,642 3,425 Retreats, conventions & training 4,587 4,587 2,259 Sundry expenses 100 100 921 Support of staff and volunteers 27,249 27,249 17,376 Vehicle running costs 4,188 4,188 2,272 Travel and meeting costs 428 428 273 Treeplanting costs 292 292

£ 98,101 3,309 101,410 76,130

Goverance costsBank Charges 0 0 222 Professional fees, filing fees 15 15 30 Office rent and Supplies 1,800 1,800 1,365 Telephone and Internet 1,719 1,719 1,543 loan interest 4,100 4,100 0

£ 7,634 0 7,634 3,161

Total Resources expended for the year £ 105,736 3,309 109,044 79,291

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NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31st December 2008

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 PoliciesAccounting conventionThe 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 ResourcesDonations 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 ExpendedExpenditure 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 FundsThe 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 LandThe charity has acquired freehold title of land at Broadhembury and Frogmill for use by the charity for retreats and educational purposes.

DepreciationThe 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.

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NOTES TO THE FINANCIAL STATEMENTS (cont.)For the year ended 31st December 2008

2. Fixed AssetsLand

Cost £Balance at 31/12/2007 110,000 additions in the period 0 Balance at 31/12/2008 110,000

Depreciationat 31/12/2007 0 Charge for the period 0 Balance at 31/12/2008 0

Net book valueAt 31/12/2008 £ 110,000

at 31/12/2007 £ 110,000

3. SharesThe company ‘Samaya project limited’ ‘trading as buddhafield events’ company 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

2008 2007 £ £

Private Loans re land purchase 40,000 40,000 Other creditors 1,362 3,847

£ 41,362 43,847

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.

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NOTES TO THE FINANCIAL STATEMENTS (cont.)For the year ended 31st December 2008

6. Statement of Funds

Balance at1/1/08

Incoming resources

Resources expended

Balance at 31/12/08

£ £ £Restricted Funds

Land Appeal, Land purchase 62,803 13,426 0 76,228 Land Stewardship 1,920 1,990 3,017 893 Tree Planting Fund 3,830 292 3,538 Windhorse Trust 1,500 1,100 1,500 1,100 Total Restricted Funds £ 70,052 16,516 4,809 81,759

Unrestricted Funds £ 23,869 121,963 105,736 40,097

Total Funds £ 93,921 138,479 110,544 121,856

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