REGISTERED COMPANY I¥UMBER: 02664223 (England and Wales) REGISTERED CHARITY NUMBER: Re rt of the Trustees &nd Unaudited Ffinancial StAtements for the Year Ended 31 December 2023 for Kadam Medilation Centre Sbeffield Wilson Howe Limited Chartered Aceountantg 212A Bocking Lane Greenhill Sheffield Yorkshire S8 7BP
Kadam a Medltatlon Centre Sheffield Contents of the Financial Statements for the Year Ellded 31 December 2023 Page Report of the Trustees Independent Examlner's Report Statement of Financial Activities Balance Sbeet 5 to 6 Notes to the Flnaneial Statements 7 to 11 Detailed Statement of Financial Activities 12 to 13
Kadam Meditation Centre Sheffleld or¢ of the Trustees for the Y¢¥r Ended 31 Dee¢mb¢r 2023 Th¢ trustees who are also directors of the charity for th¢ purposes of the Compankes Act 2006, present thcir report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of R¢¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and R¢public of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and 2in)s The principal activity of th¢ charity is to promot¢ the Buddhist faith through the activities of t¢aching, study. practice and observance of moral discipline all within the Buddhist trddition of Je Tsongkhapa. ACHIEVEMENT AND PERFORMANCE Charitable Aetlvltles The Trust¢es consider the financial results set out in the accounts to be satisfactory. FINANCtAL REVIEW Reserves pollcy The re¢]ng l¢v¢l of incoming resourc¢s is sufficient to ¢over norn]al charitabl¢ expenditure. How¢v¢r. th¢ Tnjstees are mindful of the age of the propety that the Charity owns and th¢ n¢¢d to have adequate funds available to cover ture repairs and renovations. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a d¢ed of trust, and constitutes a lirnited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02664223 (Englalld and Wales) Registered Charity number Registered offlce 685-691 Eccl¢sall Road Sh¢ffield SII8TG Trustees K Seneviratne-wheatley (resigned l.1.23) E E Williams (Tesigned 31.12.23) J J Andrews (resign¢d 31.12.23) T Givnan (appointed 27.1.24) B Griffiths (appointed 27.1.24) L Devine (appointed 8.12.23) Company Secretary Miss C O'Donoghue Independent Examiner Matthew Howe Wilson Howe Limited Chartered Accountants 212A Bocking Lane Greenhill ShetTield Yorkshire S8 7BP Page I
Kadam Medltatlon Centre Sheffield Re ort of the Trustees for the Year Ended 31 December 2023 This r¢port has b¢en prepared in accordanc¢ with thc special provisions of Part 15 of the Companics Act 2006 r¢lating to small compallies. Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by.. T Givnan- Trust¢¢ Page 2
Inde endent Examlnerls Re r¢ to the Trustees of Kadam a Meditation Centre Sheffield Independent examlner's report to the trustees of Kadampa Medltadon Centre Sheffield {'the Company,) I report to the charity trllslees on my examination of the accounts of the Company for the year ended 31 Dec¢mb¢r 2023. Responsibllities and basis of report As thc charity's trustees of the Company (and also its dire¢tOTS for the purposes of company law) you are rcsyonsiblc for the preparation of th¢ accounts in accordan¢¢ with the rcquircmcnts of th¢ Con]panics 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 eligiblc for independent ¢L2mination, I report in rcsp¢¢t of my exatllination of your charitys accounts as carried out under Section 145 of th¢ Charities Act 2011 ('th¢ 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confinn that no matters have com¢ to my attention in connection with ihe elmItiOn giving me cause to b¢li¢v¢: accounling records were not kept in rcspcct of the Company as requtred by Se¢tion 386 of the 2006 Act. or the accounts do not accord with those records- or th¢ icoUllts do not comply Thith the accounting r¢quiTL"n]cnts of Section 396 of the 2006 Art other than any requirement that the accounts give a true and fair view which is not a mattcr considered as part of an indcpendLYIt cxamination. or the accounts have not been preparcd in accordance with th¢ methods and principles of ihc Statement of Recommended Practice for accounting and reporting by charities (appli¢abl¢ to charitics preparing their accounts iu accordance with the Financial Reporting Standard applicabl¢ in the UK aud Republic of Ireland (FRS 102)). J 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 OTder to enable a proper uThderstanding of the accounts to be Teaehed. Matthew Howe The Institute of Chartered Accountants in England and Wales Wilson Howe Limited Chartered Accountants 212A Bocking Lane Greenhill Sheffield Yorkshire S8 7BP 23 September 2024 Page 3
Kadam Meditation Centre Sheffleld Statemenl of Flnanclal Aetlvltles for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestri¢t¢d flmd R¢stri¢frd fimds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,483 2,307 3,790 1,866 Charltable actlvltles Fees and courses 26,1153 26,053 24.741 Other trading activities Investment income 62,909 210 62,909 210 63,756 14 Total 90,655 2,307 92,962 90.377 EXPENDITURE ON Raising funds 2,494 2,494 25,418 Charitable activities Adminiqtration Costs Property 64,150 1260 65,410 52.422 5.541 Total 66,644 1,260 67.904 83,381 NET INCOME Transfers between funds 24,011 {2,100) 1,047 2,IIM) 25,058 6.996 li Net movement in funds 21,911 3,147 25.058 6.996 RECONCILIATION OF FUNDS Total tidS brought forward 707,168 707,168 700,172 TOT AL FUNDS CARRIED FORWARD 729,079 3,147 732,226 707,168 The notes forni part of these financial statements Page 4
Kadam Meditation Centre Sheffield Balance Sheet 31 DeLember 2023 31.1223 Total funds 31.12.22 Total funds Unrestricted fund Restricted funds Notes FTXED ASSETS Tangible assets 920,926 9211,926 920,926 CURRENT ASSETS Siocks Cash at bank and in hand 2.575 16,767 2,575 19,914 2.575 6,106 3,147 19J42 3,147 22,489 8,681 CREDITORS Amounts falling due within one year {22,11)9) (22,109) (18,488) NET CURRENT ASSETS (2,767) 3,147 380 (9,807) TOTAL ASSETS LESS CURRENr LIABILITtES 918,159 3,147 921 J06 911,119 CREDoRs Amounts falling due after more than one year (189,080) (189,080) (203.951 } NET ASSETS 729,079 3,147 732,226 707,168 Unrestricted tsnds Restricted funds 729,079 3,147 707,168 TOTAL VUNDS 732,226 707,168 The charitable company is entitled to exemption from audit under Se¢tion 477 of the Companies Act 2006 for the year ended 31 DL¢etnber 2023. The membcrs have not requircd the company lo obtain an audit of its financial statemenLs for the year ¢nded 31 December 2023 in accordance with Section 476 of the Companies Act 2006. Th¢ ttvstees acl(nowledge their responsibilities for (a) ensuring that the charitsble company keeps accounting records that comply with Sections 386 and 387 of the Compiinies Act 2006 and prcparing financial st(ItLrynents which givc a true and fair view of the state of affairs of the charitable company as at thc cnd of eitch fmancial year and of its surplus or deficit for eacb financial year in aLCOTdance 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. (b) The notes forni part of these financial ststements Page 5 continued...
Kadam M¢ditatlon Centre Sheflleld Balance Sheet- contlnued 31 December 2023 These financial ststemellts have been pr¢par¢d in accordanc¢ with the provisions applicable to charitable compaDies subJt to th¢ small companies regime. Th¢ financial statemenis were approved by the Board of Trustees and authorised for issue on 23 September 2024 and were signed on its behalf by". T Givnan - Trustee The notes forni part of these financial statements Page 6
Kadam a Medftation Centre Sh¢ffleld Notes to ihe Flnancial Statements for the Year Ended 31 December 2023 ACCOUNTING POLlCtES Basis of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102. have been prepared in a¢cordan¢¢ with the Chariti¢s SORP (FRS 102) 'Accounting and R¢portAng by Charities: Statement of ReconMneDded Practice applicable to charities pr¢paring their accounts in accordauce with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and th¢ Cotnpallies Act 2006. The financial stat¢m¢nts have been prepared under th¢ historical cost conveiition. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fimds, it is probabl¢ that the income will b¢ r¢¢¢iv¢d and the amount Can b¢ measured reliably. Expenditure Liabilities ar¢ recognised as expenditure as soon as ther¢ is a legal or constNctive obligation committing tbe chaTity 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 und¢r h¢adings that aggregate all cost related to the category. Where costs camiot be directly attributed to particular headings tbey have be¢n allocated to activities on a basis consistent with the use of resources. Tangibl¢ tlxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Cafe equipment Motor vehicles Computer equipment 25 % on reducing balance 250/0 on cost 330/0 on Cost Freehold prop¢ty and subsequent improvement costs are stated at historic cost. No depreciation is provided on the prop¢rty as the Charity undertakes a regular programme of improvement and maintenance to preserve the asset. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempt from cooratiOn tsx on its charitable activities. Fulld accounting Unrestrict¢d funds Can Ix used in accordance with the clwitable objectives at the discretion of tbe 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 purpos¢ of each nd is included in the notes to the financial statements. Page 7 continued...
Kadam a Medltation Centre Sheffjeld Notes to the Finamcial Statem¢nts- contlnued for the Year Ended 31 Deeember 2023 OTItER"fRADtNG ACI"IVI'I"ILS 31.12.23 31.12.22 Shop and ¢af¢ incom¢ Accommodation Short stay accommodation 3,785 44I62 14,262 26,499 32,899 4,358 62,909 63.756 INVESTMENT INCOME 31.12.23 31.12.22 Deposit account interest 210 14 TRUSTEES, REMUNERATION AND BENEFITS There w¢r¢ trustrcs, Temuneration or othcr bcnefits for the year end¢d 31 Dcc¢n]bcT 2023 nor for the year ended 31 Deccmber 2022. Trustees, expenses ThL"rc were no trustees, expcnscs paid for the year ended 31 December 2023 nor foT the year ended 31 December 2022. TANGIBLE FIXED ASSETS Jmprovements to propety Freehold property Cafe equipment COST At l January 2023 and 31 Decenthr 2023 753,140 167,786 13,815 DEPRECIATIOI44 At l January 2023 and 31 December 2023 13.815 NET BOOK VALUE At 31 Decemb¢r 2023 753,140 167,786 At 31 December 2022 753,140 167,786 Motor v¢hicle5 Computer equipmenl Totals COST At l January 2023 and 31 December 2023 1,650 2,103 938,494 DEPRECL4TION At l January 2023 and 31 December 2023 1,650 2,103 17,568 NET BOOK VALUE At 31 December 2023 920,926 At 31 December 2022 920.926 Page 8 continued...
Kadam a Meditation Centre Sheffleld Notes to the Finanelal Statements- ¢ontinued for the Year Ended 31 De¢ember 2023 STOCKS 31.12.23 31.12.22 Stocks 2,575 2,575 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loans and overdrafts (see not¢ 9) Oth¢r koans (see note 9) Oth¢r creditors Ac¢ru¢d ¢xpens¢s 14,424 5,996 1,041 648 14,424 2,696 720 648 22,109 18,488 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.23 31.12.22 Bank loans (s¢¢ notc 9) Other loans (see noLc 9) 24,080 165,000 38,951 165,000 189,080 203,951 LOA]YS An analysis of the maturity of loans is given below.. 31.12.23 31.12.22 Amounts falling du¢ within onc year on demand.. Bank loans OtheT loans 14,424 5,996 14.424 2,696 20,420 17,120 Amounts falling between on¢ and two years; Bank loans - 1-2 years Otbcr loan 14,424 165,000 14,424 165,000 179,424 179,424 Amoullts falling due between two and five years: Bank I0S - 2-5 years 9,656 24,527 Page 9 continued...
Kadam a Medllation Centre Sheffleld Notes to the Financial Statements- contlnued for the Year Ended 31 December 2023 10. SECURED DEB'I'S The following secured debts are included within creditors: 31.12.23 31.12.22 Bank loans 38,504 53,375 The bank borrowings are secur¢d by a legal mortgage dated 7 April 2005 over the freehold propety knowll as 685-691 Ecclesall Road, Sheffield. MOVEMEiYf IN FUNDS Net mov¢nL¢nt in funds Transfers bctween funds At 3 1112123 At 111123 Unrestrleted funds General fund 707,168 24,011 (2,100) 729,079 Restricted funds M¢dication chairs and carpet Education computer for online streaming 2,100 2,IlJ 1,047 1,047 I,IM7 2,100 3,147 TOTAL FUNDS 707,168 25,058 732,226 Net movernent in funds. included in the above are as follows: IncoEning resources Resourccs expended Movement in funds Unrestrieted funds General fijnd 90,655 (66,644) 24,011 Restricted funds Education cornputer for online streamillg Gas utility costs 1,047 1,260 1,047 (1.260) 2J07 (1,260) 1,047 TOTAL FUNDS 92,962 (67,904) 25,058 Page 10 continued...
Kadam a Meditation Centre Sheffield Notes to the Financial Statements- continued for the Year Ended 31 December 2023 li. MOVEMENT IN FUNDS - contlnued Comparatives for movement In funds Net mov¢m¢nt in funds At 31112122 At 111122 Unre$trlcted funds Gcucrdl fund 700.172 6,996 707,168 TOTAL FUNDS 700.172 6,996 707.168 Comparative net m0Vennt in fijnds, includ¢d in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds G¢n¢rdl fund 90,377 (83,381) 6,996 TOTAL FUNDS 90,377 (83,381) 6,996 12. RELATED PAR'fY DISCLOSURES There were DO related paty transactions for the year ended 31 Decenther 2023. Pagell
Kadam a Medltatlon Centre Sheffleld Dctalled Statenllt of Financlal Activlties for the Year Ended 31 De¢ember 2023 31.12.23 31.12.22 INCOME AND EIYDOWMENTS Donations and leg#eies Donations 3.790 1,866 Other trading 8ctiTrities Shop and cafe income Accommodation Short stay a¢commodation 3.785 44,862 14,262 26,499 32,899 4,358 62,909 63,756 Investment income Deposit account interest 210 14 Charitable actlvities Fees and courses 26,053 24,741 Total incoming resources 92,962 90,377 EXPENDITURE Other tradillg activities Shop and cat.e 2.494 25,418 Charltable activitles Rates and water Insurance Utilities Telephone Office costs Publicity Motor and travel Kitchen and household Education Sponsorship R¢pairs and ren¢wa15 5,503 2,734 22,289 851 1,256 5,541 2,331 13,661 582 2,819 1,342 320 9,570 5,684 6,200 7,614 106 6,713 7,127 4,915 4,997 56,491 55.664 Support costs Management Legal fees 6,047 Finance Bank charges Bank loan interest 79 2,115 1,651 2,194 1,651 This page does Dot form part of the ststutory financial statements Page 12
Kadam a Modltation Centre Shefflcld Detafiled StatenK'nt of Financial Actlvltlcs for the Year Ended 31 Deeember 2023 31.12.23 31.12.22 Finance Governance costs Accountancy and legal fees 678 648 Total resources expended 67,904 83.381 Net income 25,058 6.996 This page does Dot forni part of the statutory financial statements Page 13