Company Registration Number 02708323 HERUKA KADAMPA MEDITATION CENTRE REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Registered Charity Number 1011646
HERUKA KADAMPA MEDITATION CENTRE CONTENTS FOR THE YEAR ENDED 31" DECEMBER 2021 Contents Legal & Administialive Information paBe 3 Trustees Annual Report page 4-6 Independent Examiner's Report to the Trustees page 7 Statement of Financial Activities pa8e 8 Balance Sheel page 9 Notes lo the Accounts page 10-13
HERUKA KADAMPA MEDITATION CENTRE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31" DECEMBER 2021 The Trusiees, who are also directors for the purpose of company law, have pleasure in presenting their report and the unaudited financial statemen15 of the charity for the financial year ended 31 December 2021. REFERENCE AND ADMINISTRATIVE DETAILS Re8lstered Charlty Name Heruka Kadampa Meditalion Centfe Company Reglstration Number 02708323 Reglstered Charity Number 1011646 Re8istered OffSce 13 Woodstock Road London NWII 8ES En8land Trustees The trustees who served the charity durin8 ihe period were as follows-. Sarah Tier lan Povey (appointed 5 October 20211 Paul Boseley Iresi8ned 5 October 20211 Roland Lewi Secretary Jennifer Andrews Accountant Tom Wilcox FCIS FCIE DChA Coijnterculture Partnership LLP Unit 115 Ducie House, Ducie Street, Manchester, Ml 2JW Bankers HS8C
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Charity is constituted as a company limited by guarantee undei the Companies Acl and governed by its memorandum and Articles of Association and is also a re8lStered charity. Trustee Recruitment and Tralnlng Of the three Trustees. two elected Truslees are recTuiled from within the centre or from other similar centres so that they have knowled8e and under5tandin8 of the charity'5 aims and workings. To be elecled or appointed as a Trustee, the nominee must be a member of the charity and are elecled by members al the Annual General Meetin8 or by the Trustees when the need arises according lo the Articles of Associalion. The third Trustee 15 ar) ex-officio Trustee, by virlue of them being the Administrative Director of a centre specified in the Ailicles of Association. Each new Trusiee is guided by the curient trustees and other members of the organisation, in particular the Administrative Direcior and Resideni Teacher, who have vast experience within the oig3nisation. Related Charlties The charily is a member of the New Kadampa Tradition- Iniernation31 Kadampa Buddhist Union I'NKT-IKBU'I. wliich is made up of many centres throughout the world with the sème objects, howevei they are all independent charities linked only by their object5 and Ihere 15 no financial dependency although funds may pass between cenires 10 fulfil aims and oblectives. OBJECTIVES AND AcfiviTIES Objects The objecls of the charity are to promole the Buddhist faith under the spiritual guidance of the elected Splritual Director of the NKT-IKBU principally through activities of teaching, Study, practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je TsonBkhapa, as taught by Venerable Geshe KelsanE Gyatso Rlnpoche, the founder of ihe NKT-IKBU through Ihe continuous implementation of the three NKT study programmes: the General Programme, Foundation Pro8ramme and Teacher Training Programme, Aims and Activitie5 The charity aims to provide facilities to enable students to study. practice and observe the moral discipline as Set out in the objecis and this has been achieved so fèr by establishin£ the centre at Woodstock Road, London. The charilv also holds numerous branch classes across London to provide teachin85 and insight to whomever wishe5 to attend. Volunteers The charity has many volunteer5 frorn the local community. who are e55ential for the runnin8 of the charity and are involved in all aspects of it. We a150 offer wider opportunitie5 to volunteer throu8h volunleering visits.
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2021 Publlc benefits In exercising their powers and dLtties, the trustees have had due regard to the guidance on public benefit published by the Charity Commission. They believe that the work of the charity in promoling the Buddhist taith has clearly identifiable benefit5. The charity believes Ihat there are three important public benefits to promoting the Buddhist faith.. to help people to develop their wisdom. to cultivaie a good heart. ènd to maintain a peaceful mind. If we increase our wisdom, we will overcome the problems of our daily life. improve our relationships Wlth others, and become of real benelit to a troubled world. Benefit to the public The charity offers regular courses in Buddhist philosophy. psychology and meditation, bringing personal and social benefit. These tourse5 are accessible to the public for modest fees and everybody is welcome - Buddhist and non- Buddhi51. The more odvanced courses of instruction require a greater commitment of personal lime from participants. The charity a150 maintains a year-round programme ol prayers and meditation, again open to the PL4blic. ACHIEVEMENTS AND PERFORMANCE Heruka KMC continued lo provide Kadam Dharma io the people of London through the three programmes.. General Programme. Foundation Pro8iamme and Teacher Training Programme. During the year, numerous day and weekend courses al Heruka KMC weie provided which were well attended. Due to Covid-19, these were streamed online. The Foundation Pro8ramme and the Teacher Training Programme continued and were also well attended online. Development work on 11 Woodstock Road, purchased in 2011, continued wilh reconstruction and extension work for a iiew meditation room, sealing area and accommodation for residents. with the intention to expand spiritual activities and offer improved accommodation to members of the community. FINANCIAL REVIEW The linancial position in 2021 showed a surplus of £119.303 compared with £92,137 in 2020. Covid-19 lockdowns meanl Heruka KMC was closed for part of 2021. To continue serving the public by providin8 meditation classes and courses, these were streamed online. RE5ERVE5 POLICY The Trustees consider that the level of free reseryes should be retained in liquid funds equivalent to covei up to SIX fllonths overhead expenditure. These reserves are to be held in order to maintain the basic operation5 of the charity and to provide some surety 38ainst adverse financial events. Such a5 income targets noi bein8 achieved or unexpected expenditure.
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2021 Statement of Directors. and Trustees, Responsibilities The trustees (who are also the directofs ol ihe Heruka Kadampa Meditation Centre for the purposes of company lawl are responsible for preparing the Annual Report and the financial statements in accoidance with applicable law and regulations. Company Law reqLsires ihe trustees to prepare financial statements for each financial year which give a Irue and fair view of the state of affairs of the charity and ol the incomin8 resources and application of resources, including the income and expenditure of the charitable company for Ihol year. In preparing these financial statemenls, the trustees are required to= select the mosi suitable atcounling policies and apply ihem consistenilv,. observe the methods and principles in the Charities SORP,. make judgeinents and estimates that ale reasonable and prudent; and prepare the financial st3temenls on a goin8 concern basis unless it is not appiopriate to presume that the charity will continue in operation. The trustees are responsible for keeping adeouaie accounting records ihal disclose with reasonable accuracy al anv tiffle the financial posilion of the charity and enable them to ensure that ihe financial Siatements comply with ihe Companies Act 2006. They are also responsible for safe8uarding ihe assets of the charity and hence for taking reasonable Steps foi the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and inle8rity of the charity and financial Information included Dn the charity's website. Legislation in the United Kin8dom 8overning ihe preparotion and di55emination of financial slatements may differ from le8isl3lion other Jurisdictions. Approved by the Iruslees on and signed on iheir behalf by: lie -) Si8ne on behalf of the Trustees.. Sarah Tier
HERUKA KADAMPA MEDITATION CENTRE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31" DECEMBER 2021 I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 December 2021. Responsibilities and basis of report The truslees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requiTement5 of the Companies Act 2LK)61-the 2LK)6 Act"). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eli8ible for independent examination, I report in respect of my examination of your tharity's accounts as carried oul under section 145 of tl)e Charities Act 20111.lhe 2011 Act"). In Carrying out my examination, I have followed the Direclions given by the Charity Commission lunder section 14515llbl of the 2011 Act. Independent examinerfs statement Sincè the charity's gross income exceeded £250.0, I can confirm that l am qualified to undertake the examination by virtue of being a Fellow Member of the In51ilute of Chartered Secretaries and Administrators IICSAI, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my atlention which glves me cause to believe that.. accounting records were not kept in accordance with section 386 of the Companies Acl 2006.. or the accounts do noi accord with such records,. or the accounts do not comply with the relevant accountin8 requirements under section 396 of ihe Companies Act 2006 othei than any requirement ihat the accounts give a 'true and fair, view which is not a matter considered as parl of 3n independenl examination,. or the account5 have not been prepared in 3ccoiOance with the Charilies SORP IFRS1021. I have no concern5 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 understandin8 of ihe accounts to be reached. ,7LG Tom Wilcox Institute of Chartered Secretarie5 and Administrators Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester Ml 2JW 5 August 2022
HERUKA KADAMPA MEDITATION CENTRE STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31" DECEMBER 2021 Notes Unrestricted Restrycted Total Funds Total 202n Income and endowments from: Donations and legacies ChaTltable activities Investment income 121.796 215,656 17 121,796 215.656 17 15.265 218,709 152 Total incoming resources 337,469 337,469 234,126 Resources expended: Charitable activitie5 218,166 218,166 141,989 Total Resources expended 218.166 218,166 141,989 Net movement in funds 119.303 119,303 92,137 Transfer belween funds 12,837 112,8371 FLsnds at I, january 2021 Funds at 31" December 2021 1,572.200 1,704,340 12.837 1.585.037 1,704,340 1.492,900 1,585,037 The statement of flnancial activities includes all gains and losses reco8nised in the two years. All amounts relate to continuin8 activities. The statement of financial activities also complies with the requirements for an income and expenditure aCCOLtnt under the Companies Act 2006. The notes on pa8es 10- 13 fom part ofthese Accounts.
HERUKA KADAMPA MEDITATION CENTRE BALANCE SHEEr AS AT 31" DECEMBER 2021 Note 31" Det 2021 31, Dec 2020 Fixed Assets Tangible Assets 3,195,891 3,196,080 Current Assets Debtors Cash at bank and in hand 1,868 55.988 54,021 Credltor5: Amounts falling due within one year io 125.3161 1132,6641 Net current assetsllliabllities) Total assets less curreni liabilities Credltors: amounts falling due after one year 10 Net assets Funds Unrestricted Restricted 3,228.431 1 524 091 1704 340 3,117,437 1 532 400 1 585 037 1,704,340 1,572,2Crf) 12,837 Total Funds 1704 340 1 585 037 For the year ende(131 December 2021 the company was entitled to exemption from audil under Section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with 5eclion 476 of the Companies Act 2006. The director5 acknowledge their responsibility for complying with the requirements of the Act with respeci to accounting records Ond for the preparation of accounts. Thèse actourbts have been prepared in accordance with the provisions applicable to companies subjecl to small tompanies, regimè. The directors declare thai they have approved ihe accounts above. Signed on behalf the trustee5'. Sarah Tier Date-.
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2021 l. Staternent of accounting policies Basis of accounting The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, Ihe Charitie5 Act 2011 and Accounting and Reporting by Charitie5'. Statement of Recommended Practice- Accounting and Reporting by Charities ISORP IFRS1021, second edition issued in January 20191 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise slated in the relevant accountin8 policy notes. Cash flow The financial Statements do not include a cash flow statement because the charity, as a small reporting entity, is exempi from the requiiement to prepare such a stèlemenl under Finèncial Reporting Standard I "Cash flow statements." Incoming resouftes All incoming resources are included in ihe slatement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investments income consists of bank interest received within the year. Resourtes expended All expendituie is accounted for on an accruals basis and is recognised when there is è legal or constructive obligation to pay. Expenditu¥e has been classified under headings that a88Te8ate all costs related to the category. Costs classified a$ Eovernance costs relate to tosts incurred in connection with constitutional, audit and other statutory requirements. Going concem These accounts have been prepared on a 80ing concern basis. dependant on the ongoing support of the bank. Funds The charity maintains a general unrestricted fund which represents funds which are expendable at the discli0n of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital invesiment. Re5tritted funds have been provided to the charity for parlicular purposes. and it is ihe policy of the board of trustees to carefully monilor the application of those funds in a£cordance with the restrictions placed upon them. Flxed assets Tangible fixed assets are slated at cost lor deemed costl less accumulated depreciation. Depciall0 is provlded on all tangible fixed assets, at rates calculated lo write off the cost. les5 estimated residual value. of each asset on a 5VStematic basis over Il)eir expected useful lives as follows= Freehold Property Nil Fixtures and fittings IO% Feducing balance. io
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2021 Taxation As a registered charity, the company is exempi from income and corporation tax to the extent that its income and Eains ale applicable to charitable purposes only. Value Added Tax 15 not recoverable by the company and is therefore included in the relevant costs in the Sialement of Financial Activities. 2. Voluntary income Unrestrlcted Reslricted Total Total 2021 2021 2021 2020 Donations 121.796 127,796 121.796 121,796 15.265 15,265 3. Investment income Unrestrfcted 2021 Restrirted 2021 Total 2021 Total 2020 Interest receivable 17 17 152 4. Income from charitable artlv5tles Unrestricted 2021 Restricted 2021 Total 2021 Total 2020 Course5 and study pro8rammes Accommodation Bookshop 53,692 161,552 412 215,656 53,692 161,552 412 215,656 55.100 161,714 1,895 218,709 5. Costs of charitable actlvlties Unreslrirted 2021 Restrlcted 2021 Total 2021 Total 2020 Courses and study programmes Accommodation Finance costs {note 6} Bookshop Supporl costs Governance costs 11,929 151,225 42.419 11,929 151,225 42.419 18.259 64,338 41,815 745 16.082 750 141,989 11,933 660 218,166 11.933 660 218.166 li
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31" DECEMBER 2021 6. Finance costs Unrestficled Restrirted 2021 2021 Total Fund5 2021 Total Funds 2020 Inteie5t payable Bank charges 42,222 197 42.419 42,222 197 42,419 40,923 892 41,815 7. Net Income for the year ThS is stated after chargin8'. Total 2021 Total 2020 Independent Examiners Fees Depreciation of fixed assets 660 189 750 210 8. Tanglble Fixed Assets Freehold Flx&Fitting5 Total Cost at I'january 2021 Depreciatlon at I" January 2021 Char8e for the yearto 31" Detember 2021 3,194,193 24,644 22,757 189 3,218,837 22,757 189 Net 8ook Value As at 31" December 2021 As at 31, December 2020 3.194.193 3,194.193 1,698 1.887 3,195,891 3,196,080 N8V of tangible fixed assets 2021 2020 13 Woodstock Road 11 Woodstock Road 17 Woodstock Road 871.048 1,223,145 i.IcM).000 871.048 1,223.145 I,ioo,000 12
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" DECEMBER 2021 9. Debtors 2021 2020 Prepayment 1,868 1,868 10. Creditors: amounts falling due within a year 2021 2020 Bank loans and overdrafts Trade creditors Loans due within one year Accruals Deposlts 96,905 2.573 17,551 2,315 13.320 132,664 5,831 660 11,825 25,316 Credltors falllng due after more than one year 2021 2020 63nk loans and overdrafts Other long-lerm loans 1,065,091 459.000 I,S24.091 1,065,951 466,449 1,532,400 The bhnk loans lotallin8 £1,065,09112020.' £1,065,951) is secured by o charge over two of the three charity's Ireehold properties. 11. Movementol funds Balance bld Transfer In funds Balance bld Restricled funds 12,837 112.8371 Reason for fLsnd and transfer Thi5 fund was createLI to further the developmenl of the International Temples Project in London. This has been accomplished through the development of the new mediiation space in 11 Woodstock Road. 12. Analysis of net assets between funds Net currenl assets Iliabilities Net Assets Unrestricted funds Reslricted funds 32.540 1,704,340 32,540 32.540 1.704,340 1,704,340 13. Trustee remuneration and related party transactions None of the trustees has been paid any remuneration or received any other benefits from an employment with this charity or a related entity. None of the trustees has been paid any expenses in the current year. There were no tsther ielaled party payment5 in either the cUrnt or prior years. 13