REGISTERED COMPANY NUMBER: 02664223 (England and Wales) REGISTERED CHARITY NUMBER: Re rt of the Trustees and Unaudited Financi#l Statements for the Year Ended 31 December 2024 for Kadam a Medltatlon Centre Sheffield Wilson Howe Limited Chartered Accountants 212A Bocking Lane Greenhill Sbeffield Yorkshire S8 7BP
Medfitailon Centre Sheffield Re orl of the Trustees for the Year Ended 31 December 2024 The trustees who are also direcloTS of the charity for the PUTPOS¢S of ihe Companies Act 2006, present th¢iT report wtth the financial statements of the charity for the year ended 3 l Decenkner 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommend¢d Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The prlncipal activity of the charity is to promot¢ the Buddhist faith through the activities of teachmg, St[Y, practice and obswvance of moral discipline all rythin th¢ Buddhist tradition of Je Tsongkhap& ACHIEVEMENT AND PERFORMANCE Charitsble activities The Tnl¢eS consider the fancIal results set out in the accounts to be satisfactory. FINANCIAL REVIEW Reserves pollcy The recurring level of incoming resources is suificient to cover nornwl charitable expenditure. However, the Trustees are mindful of the age of the property that the Chwity owns and the need to have adequate funds available to cover future repairs and renovations. STRUCTURE, GOVERNANCE AIW MANAGEMENT Governing document The charity is controlled by its governing documenL a deed of ttust, and constitutes a limited company, limited by guarantee. as d¢fin¢d by th¢ Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Con]p4ny numb¢r 02664223 {England and Wales} Regtstered Charfity number Reglstered oifjce 685-691 Ec¢l¢sall Road Sheffield S118TG Trnstees T Givnan (appointed 27.1.24) B Griffiths {appointed 27.1.24) L Devine compa Secretary Miss C O'Donoghue Page I
Kadan) Meditatlon Centre Sheffield rt of the Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMll¥lSTIL4TIVE DETAILS Jndependent Examiner Matthew Howe Wilson Howe Limited Chartered Ac¢ountants 212A Bocking Lan¢ Greenhill Sheffield Yorksbire S8 7BP This rewrt has been prepared in accordance with the special provisions of Part 15 of the Compwjies Act 2006 relating to small companics. Approved by order of the board of trustees on ............ . .. . and signed on its behalf by: T Givnan- Trustee Page 2
Inde ndent Ex4miner's Re rt to the Trustees of Kadam Meditation Centre Sheffield Independent examlner's report to the trustees of Kadampa Meditation Centre Sheffield {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responslbilltles and basls of report As the charity's trustees of ihe Company (and also its directors for the puSe$ of collwany law) you are responsible for the preparation of th¢ accounts in accordance wilh the requirements of the Companies Act 2006 Cth¢ 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of Ibe 21J06 Act and are eligible for indepcndent examinatio I report in respect of my examination of your charity's arcounts as ¢arri¢d out under Section E45 of the Charities Aci 2011 (Ihe 2011 Act). In caTrying out my examination I have followed thc 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 confirni that no matters hav¢ com¢ to my attention in connection with the examination giving me cause to believ¢= accounting records were not kept in Tespect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not con]ply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a tn and fair view which is not a matter considered as part of an independent examinaÉion,' or the accounts have not been prepth in a¢wrdanc¢ with th¢ m¢th(Kls and prin¢iples of the Stat¢ment of Recomm¢nd¢d Practice for accounting and reporting by charities (applicable to chaTities Preparing their accounts in accordance with the FItiCIal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no Concen and have come across no other nTrtt¢rs ID connection with the examination to wllich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Matthew Howe The InStite of Chart¢r¢d Accountants in England and Wales Wi150n Howe Limited Chartered AOuntants 212A BkIng Lane Gr¢enhill Sheffield Yorkshire S8 7BP Dale: .. 1.1. i.Q.q. 1.15. Page 3
Kadam a Medltsitlon Centre Sheffield Stafement of Financial Activities for the Year Ended 31 December 21b24 31.12.24 Total funds 31.12.23 Total Unrestricted fund Restricted fimds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,551 io 1,561 3,790 Charitable activities Fees and courses 31582 31582 26.053 Other trading activities Inv¢stnM]t income 52,041 194 52.041 194 62.909 210 Total 85J68 io 85J78 92.962 EXPENDITURE ON Raising funds 1,865 1,86S 2.494 Ch*rltabl¢ activities Administration costs Property Fees and courses 31534 22,175 13,449 io 31,544 22,175 13,449 65,410 Total 69,023 io 69,033 67,904 NET INCOME Transfers bttween fund$ 16J45 1,047 16J45 25.058 li {1,047) Net movement in funds 17,392 {1,047) 16.345 25.058 RECONCILIATION OF FUNDS Total fiumls brought fonvard 729,079 3,147 732,226 707,168 TOTAL FUNDS CARRIED FORWARD 746,471 2,100 74&571 732,226 The notes forni part of these financial ststements Page 4
K•dam A Meditation Centre Sheffield Balante Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total Unrestricted fiind Restricted funds Notes FIXED ASSETS Tangible assets 920,926 920,926 920,926 CURRENT ASSETS Stocks Cash at bank 2,575 21,819 2075 23,919 2,575 19.914 2,11)0 24J94 2,100 26,494 22,489 CREDITORS Amounts falling due within one year (23.981) {23,981) (22.109) NET CURREI¥T ASSETS 413 2,100 2,513 380 TOTAL ASSETS LESS CURRENT LIABJLrrtES 921.339 2,11)0 923,439 921,306 CREDITORS Amounts falling due after more than on¢ year (174,868) (174,868) (189.080) IYET ASSETS 746A71 2,100 74&571 732,226 FUNDS Unrestricted fvnds Restricted fimds li 746,471 2,100 729,079 3,147 TOTAL FUIYDS 748,571 732,226 The charitable company is entitled to exemption from audit er Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members bave not requircd the ¢ompany to obtain an audit of its financial statements for the year ended 31 D¢¢¢mber 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their rcsponsibilities for (a) ensuring that the charitable company kews acwunting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fllwicial statements whi¢h give a trne and fair view of th¢ state of affairs of the charit&ble Company as at the end of each financial year and of its surplus or deficit for ¢a¢h fan¢11 year in accordance with th¢ requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 lating to financial Statements, so far as appli¢able to the charitable company. (b) The notes forni part of these financial statements Page 5 continued...
Kadam a Meditstion Centre Sheffield Balance Sheet- continued 31 December 2024 These fmancial statements have been prepared in aordanCe with the provisions applicable to charitable companies subject to the small companies regime. The financial st&t¢ments were approved by the Board of Trustees and authorised for issue on and were signed on its b¢ha]f by.. T Givnan- Trustee The notes forni part of these financial ststements Page 6
Kadam a Meditalion Centre Sheffield Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the flnanelal statements The fmancial statements of the charitable conwany, Hl¢b is a public benefit entity und¢r FRS 102. have been prepÉwed in Accordance with the Charitics SORP (TrRS 102) 'Accow)ting and Reporting by Charities: Statement of Recommended Practice applicable to cliarkÉies preparing their accounts in accordancc with thc Financial R¢porting Standard applicable in th¢ UK and Republic of Jreland (FRS 102) (effective l January 2019),, Financial RcportiDg Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ircland, and the Cffjmpanies Act 2006. The financial statements have been prepared under the historical cost cotwention. Income Ail income is recognised in thc Statcmcnt of Financial Activities once the charity has entitlement to the fimds, it is probablo that thc income will be r¢¢¢iv¢d and the amount can bc mcu[cd reliably. Expenditure Liabilities ar¢ recognised as expendire as soon 85 there is a legal or consttuctive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and th¢ amowit of the obligation can be measured reliably. Expenditure is accounted for on an accNr¢ls basis and has b¢¢n classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activilies on a basis consistent with tbe use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated use1 life. Cafe equipment Motor vehicles Computer equipm¢nt 250/0 OD reducing balance 251k/o on cost 33•/0 on cost FTeehold propety and subsequent improvement costs arc stated at historic cost. No depreciation is provided on the property as the Charity undertakes a regular progtamme of improv¢ment and maintenance to preserve the asset. Stocks Stocks ar¢ valued at the I0r of cost and net realisable value, after making due ailowdnce for obsolctc and slow moving items. Taxation The charity is exempt from corporation tsx on its charitable activities. Fund ac¢ounilllg Unr¢strict¢d funds can be used in accordan¢¢ Thith the clthritable objectives at the discretion of the trustees. Restricted fimds can only be used for particular restricted purposes within the objects of th¢ charity. Restrictions arise when SPlfied by the donor or when funds are raised for particular restricted PUTposes. Further explanation of th¢ nature and purpos¢ of ¢h fimd is included in the notes to the financial statements. Page 7 continued...
Kadam ¥ Medltatlon Centre Sheffield Notes to the Financial Ststemenl$- ¢onilnued for the Year Ended 31 Deeember 2024 OTHER TRADING ACTlVtTtES 31.12.24 31.12.23 Shop and cafe income Accommodation Short stay a¢¢oll]modation 2,530. 34,549 14.962 3,785 44.862 14,262 52,041 62.909 INVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 194 210 TRUSTEES, REMUNERATION AND BENEFITS Ther¢ were no tNstees' remuneration or other benefits for the year ended 31 De¢ember 2024 noT for the year ended 31 De¢¢mber 2023. Trustees, expenses There w¢r¢ no tte¢s, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. TANGIBLE FIXED ASSETS Improvements to property F¢hOld property Cafe equipment COST At l January 2024 and 31 December 2024 753,140 167,786 13,815 DEPRECIATION At l January 2024 and 31 December 2024 13,815 NET BOOK VALUE At 31 D¢¢¢mber 2024 753,140 167,786 At 31 December 2023 753,140 167.786 Page 8 continued...
Kadam Medltatlon Centre Sheffield Notes lo the Financial Statements- continued for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS- continued Motor vehicles Computer equipment Totals COST At l January 2024 and 31 December 2024 1,650 2,103 938,494 DEPRECIATION At l January 2024 and 31 December 2024 1,650 2,103 17&68 ET BOOK VALUE At 31 December 2024 920,926 At 31 D¢c¢rnb¢r 2023 920,926 STOCKS 31.12.24 31.12.23 Stocks 2,575 2,575 CREDITORS: AMOUNTS FAIIING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Bank loans and overdrat15 (see note 9) Oth¢r loans (see note 9) Other creditors A[U¢d expenses 14,424 5,696 3,141 720 14.424 5,996 1.041 648 23,981 22.109 CREDITORS: AMOUNTS FALIJNG DUE AFTER MORE T ONE YEAR 31.12.24 31.12.23 Bank loans (see note 9) Other loans (see note 9) 9,868 165,DOO 24,080 165,000 174,868 189,080 Pag¢ 9 continued...
Kadam a Medltvdtion Centre Sbeffield Notes to the Finaneial Statements- continued for the Yethr Ended 31 December 2024 LOANS An analysis of the maturity of loans is given below. 31.12.24 31.12.23 Amounts falling duc within year on demand: Bank loans Other loans 14.424 5,696 14.424 5.996 20,120 20,420 Amounts falling between one and two years.. Bank loans- 1-2 years Other loan 9,868 165,Olblb 14,424 165.(M)O 174,868 179.424 Amounts falling due between two and five years: Bank loans - 2-5 years 9,656 io. SECURED DEBTS The following secured debts are included within creditors: 31.12.24 31.12.23 Bank103ns 24,292 38.504 The bank borrowings are secured by a legal mortgage dated 7 April 2005 over the freehold prowty known as 685-691 Ecclesall Rorf Sheffield. ii. MOVEMENf IN FUNDS Net movcn]cnt in funds Trangfers between fimds At 3J112124 At 111124 Unrestrieted funds General fid 729,079 16J45 1,047 746,471 Restrlcted funds Medication chairs and carpet Education computer for online streaming 2,100 1,047 2,11)0 (1.047) 3,147 (1,047) 2,100 TOTAL FUNDS 732,226 16,345 748571 Page 10 continued...
K*d#m * Medfitstlon Centre Sheffield Notes to the Financial Statements- continued for the Year Ended 31 December 2024 ii. MOVEMENT IN FUNDS - continued Net movement in fimds. included in the above are as follows.. In¢oming resources Resources expended Movement in fimds Unr¢strletrd funds General fund 85068 (69,023) 16J45 RestrRCted funds Gas & ¢l¢ctticity utility costs io (io) TOTAL FUNDS 85,378 (69,033) 16J45 Comparatives for movement in hndi Net movement in funds Transftrs between funds At 31112123 At 111123 UDrestricted fDnds General fund 707,168 24,011 (2,100) 729,079 Restricted funds Medication chairs and catpet Education computer for online streaming 2,100 2,100 1,047 1.047 1.047 2,100 3.147 TOTAL FUNDS 707.168 25,058 732,226 Cornpardtive net movement in fimds. ild¢d in the above are as follows: Incoming r¢sourc¢s Resow¢¢s expended Movement in fiMMIs Unrestricted fund$ General fund 90.655 (66,644) 24,011 Restrieted funds Education compufrr for online streaming Gas & electricity utility Costs 1,047 1,260 1,047 {1,260) 2.307 {1,260) 1,047 TOTAL FUNDS 92,962 (67,904) 25,058 Pagell continued...
Kadam Meditation Centre Sheffield oles to the Finan¢ial Statements - contlnued for the Year Ended 31 December 2024 12. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2024. Page 12
KadAm a Meditation Centre Sheffield Detafiled Statement of Financial ActitIeS for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donatlons and legaeies Donations 1,561 3,790 Other trAding activities Shop and cafe income Accomrnodaiion Short stay COMmOdation 2,530 34,549 14,962 3,785 44,862 14.262 52,041 62,909 Investment income Deposit account interest 194 210 Charitable activities Fees and COUTses 31,582 26,053 Total incoming resources 85,378 92.962 EXPENDITURE Other trading aetlvldes Shop and Cafe 1,865 2,494 Ch*rit#ble aetlvities Rates and water Insurance Utilities TelqFhone Olre rnsts Motor and travel Kitchen and household Education Sponsorship Repairs and rencwals 5,316 2,705 16,025 501 2J12 204 7,439 11,662 6,434 5.558 5,503 2,734 22,289 851 1,256 106 6,713 7,127 4,915 4,997 58,156 56.491 Support Costs Management Legal fees 5,137 6,047 Flnance Bw]k charges Carried fonvard 219 2J9 79 79 This page does not forni part of the StatOry financial Statements Page 13
K4darn Medfitatlon Centre Sheffield Detailed Statemenl of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Flllance Brought forward Bank loan interest 219 2906 79 2,115 3.125 2.194 Governan¢e ¢o$ts Accountancy and legal fees 750 678 Total resources expended 69,033 67,904 Iyet income 16,345 25,058 This page does not forn] part of the statutory financial statements Page 14
Kadam a Meditation CeThtre Sheffield Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of tbe Thistees Independent Examinerls Report Statement of Ffinancial Activiti¢s Balance Sheet S to 6 Notes to the Flnydncial Statements 7 to 12 Detailed Ststement of Fin*n¢lal Artlvltie5 13 to 14