Company Registration Number 02708323 HERUKA KADAMPA MEDITATION CENTRE REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Reglstered Charity Number 1011646
HERUKA KADAMPA MEDITATION CENTRE CONTENTS FOR THE YEAR ENDED 31" DECEMBER 2023 Contents Legal & Administrative Information page 4 Trustees Annual Report page 5-7 Independent Examinerfs Report to the Trustees page 8 Statement of Financial Activities page 9 Balance Sheet page 10 Notes to the Accounts page 11-14
HERUKA KADAMPA MEDITATION CENTRE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31" DECEMBER 2023 The Trustees, who are also directors forthe purpose of company law, have pleasure in presenting their report and the unaudited financial statements of the charity for the financial year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Name Heruka Kadampa Meditation Centre Company Registration Number 02708323 Registered Charity Number 1011646 Registered Office 13 Woodstock Road Golders Green London NWII 8ES Trustees The trustees who served the charity during the period were as follows: Sarah Tier (resigned on 26 September 20231 Roland Levy Iresigned on 26 September 20231 Lisa Marie Devine (appointed on 24 March 2023} Douglas Robb (appointed on 26 September 2023) David Reed (appointed on 26 September 20231 Company Secretary Jennifer Andrews (resigned on 12 July 20231 Robert Dennis (appointed on 9 September 20231 Bankers HSBC 26 Broad Street Reading Berkshire RGI 2BU Virgin Money Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL Independent Examiner Community 360 Winsley's House High Street Colchester Essex COI IUG
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 STRucfuRE, GOVERNANCE AND MANAGEMENT Governing Document The Charity is constituted as a company limited by guarantee under the Companies Act and governed by its memorandum and Articles of Association and is also a registered charity. Trustee Recruitment and Training Of the three Trustees, two elected Trustees are recruited from within the centre or from other similar centres so that they have knowledge and understanding of the charity'5 aims and workings. To be elected or appointed as a Trustee, the nominee must be a member of the charity and are elected by members at the Annual General Meeting or by the Trustees when the need arises according to the Articles of Association. The third Trustee 15 an ex-officio Trustee, by virtue of them being the Administrative Director of a centre specified in the Articles of Association. Each new Trustee is guided by the current trustees and other members of the organisation, in particular the Administrative Director and Resident Teacher, who have vast experience within the organisation. Related Charities The charity is a member of the New Kadampa Tradition- International Kadampa Buddhist Union I'NKT-IKBU'I, which is made up of many centres throughout the world with the same objects, however they are all independent charities linked only by their objects and there is no financial dependency although funds may pass between centres to fulfil aims and objectives. OBJECTIVES AND AcfiviTIES Objects The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected Spiritual 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 Tsongkhapa, as taught by Venerable Geshe Kelsang Gyatso Rinpoche, the founder of the NKT-IKBU through the continuous implementation of the three NKT study programmes: the General Programme, Foundation Programme and Teacher Training Programme. Aims and Activities The charity aims to provide facilities to enable students to study, practice and observe the moral discipline as set out in the objects and this has been achieved so far by establishing the Centre at Woodstock Road, London. The charity also holds numerous branch classes across London to provide teachings and insight to whomever wishes to attend. Volunteers The charity has many volunteers from the local community, who are essential for the running of the charitv and are involved in all aspects of it. We also offer wider opportunities to volunteer through volunteering visits.
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 Public benefits In exercising their powers and duties, 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 promoting the Buddhist faith has clearly identifiable benefits. The charity believes that there are three important public benefits to promoting the Buddhist faith: to help people to develop their wisdom, to cultivate a good heart, and to maintain a peaceful mind. If we increase our wisdom, we will overcome the problems of our daily life, improve our relationships with others, and become of real benefit 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 courses are accessible to the public for modest fees and everybody is welcome- Buddhist and non-Buddhist. The more advanced courses of instruction require a greater commitment of personal time from participants. The charity also maintains a year-round programme of prayers and meditation, again open to the public. ACHIEVEMENTS AND PERFORMANCE Heruka Kadampa Meditation Centre (Heruka KMC) continued to provide Kadam Dharma to the people of London through the three programmes: General Programme, Foundation Programme and TeacherTraining Programme. During the year, numerous day and weekend courses at Heruka KMC were provided which were well attended. The Foundation Programme and the Teacher Training Programme continued and were also well attended. FINANCIAL REVIEW The financial position in 2023 showed a surplus of £52,730 compared with £96,176 in 2022. RESERVES POUCY The Trustees consider that the level of free reserves should be retained in liquid funds equivalent to cover up to two months overhead expenditure. These reseNes are to be held in order to maintain the basic operations of the charity and to provide some surety against adverse financial events, such as income targets not being achieved or unexpected expenditure.
HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 Statement of Directors, and Trustees, Responsibilitles The trustees (who are also the directors of the Heruka Kadampa Meditation Centre for the purposes of company lawl are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year. In preparing these financial statements, the trustees are required to: selett the most suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. and prepare the financial statements on a going concern basis unless it is not appropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2(K)6. They 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Signed on behalf of the Trustees: Douglas Robb
HERUKA KADAMPA MEDITATION CENTRE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 I report on the accounts of heruka Kadampa Meditation Centre for the year ended 31 December 2023 which are set out on pages 9 to 14. Respective responsibilities of trustees and exarniner The Charity's Trustees are responsible for the preparation of the accounts. The Charitvs Trustees consider that an audit is not required for this year lunder section 144 {21 of the Charities Act 2011 {The Act) but that an independent examination is needed. The charities gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of Association of Accounting Technicians. It is my responsibility to: Examine the accounts under section 145 of the Charities Act, To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145{5llbl of the Charities Act, and To state whether particular matters have come to my attention. Basis of independent examinerfs Statement My examination was carried out in accordance with the 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 considerations of any unusual items or disclosures in the accounts, and seeking explanation5 from you as 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 view given by the accounts. Independent examinerfs statement In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect-. the accounting records were not kept in accordance with section 130 of the the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair, view which is not a matter considered as part of an independent examination. Charities Act; or I 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 understanding of the accounts to be reached. David Courtier FMAAT AATQB for and on behalf of: Community360 Winsley's House, High Street, Colchester, Essex Date 21 /06/24
HERUKA KADAMPA MEDITATION CENTRE STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31" DECEMBER 2023 Notes Unrestricted Restricted Total Funds Total 2022 Income and endowments from: Donations and legacies Charitable activities Investment income 25,217 259,717 307 25,217 259,717 307 53,274 247,007 120 Total incoming resources 285,241 285,241 300,401 Resources expended.. Charitable artivities 232,511 232,511 204,225 Total Resources expended 232,511 232,511 204,225 Net movement in funds 52,730 52,730 96,176 Transfer between funds Funds at I" January 2022 Funds at 31" December 2023 1,800,516 1,853,246 1,800,516 1,853,246 1,704,340 1,800,516 The statement of financial activities includes all gains and losses recognised in the two years. All amounts relate to continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 11- 14 form part of these Accounts.
HERUKA KADAMPA MEDITATION CENTRE BALANCE SHEET AS AT 31" DECEMBER 2023 Note si 31 Dec 2023 31" Dec 2022 Fixed Assets Tangible Assets 3,194,193 3,195,721 Current Assets Oebtors Cash at bank and in hand Stock 2,550 33,674 2,038 1,526 86,017 Creditors: Amounts falling due within one year io {79,289) (80.316) Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after one year 10 Net assets 3,153,166 1299 920 1853 246 3,202.948 1402 432 1800 516 Funds Unrestricted Restftrted 1,853,246 1,800,516 Total Funds 1 853 246 I8$16 For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2C()6. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to sniall companies, regime. The directors declare that they have approved the account5 above. Signed on behalf the trustees: Douglas Robb Date io
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 l. Statement of accounting policies Basis of accounting The financial statements have been prepared in accordance with the charitable company's memorandLsm and articles of association, the Charities Act 2011 and ' Accounting and Reporting by Charities: 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 unless otherwise stated in the relevant accounting policv notes. Cash flow The financial statements do not include a cash flow statement because the charityi as a small reporting entity, 15 exempt from the requirement to prepare such a statement under Financial Reporting Standard I "Cash flow statements." Incoming resources All incoming resources are included in the statement 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. Resources expended All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure has been classified under headings that aggregate all costs related to the category. Costs classified as governance costs relate to costs incurred in connection with constitutional, audit and other statutory requirements. Going concern These accounts have been prepared on a going concern basi5, dependant on the ongoing support of the bank. Funds The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objetts of the charity, Such funds may be held in order to finance both working capital and capital investment. Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them. Fixed assets Tangible f ixed assets are stated at cost lor deemed cost) less accumulated depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over their expected useful lives as follows: Freehold Property Fixtures and fittings IO% reducing balance or balance of useful life. li
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 Taxation As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company and is therefore included in the relevant costs in the Statement of Financial Activities. 2. Voluntary income Unrestricted Restricted Total Total 2023 2023 2023 2022 Donations 25,217 25,217 25,217 25,217 53,274 53,574 3. Investment income Unrestricted 2023 Restricted 2023 Total 2023 Total 2022 Interest receivable 307 307 120 4. Income from charitable activities Unre5trirted 2023 Restrirted 2023 Total 2023 Total 2022 Courses and study programmes Accommodation Bookshop 56,025 202,459 1,233 259,717 56,025 202,459 1,233 259,717 47,283 198,621 1,103 247,007 5. Costs of charitable artivities Unrestricted 2023 Restricted 2023 Total 2023 Total 2022 Courses and study programmes Accommodation Finance costs (note 61 Bookshop Support costs Governance costs 15,973 129,934 70,705 {1,3131 16,539 673 232,511 15,973 129,934 70,705 (1,3131 16,539 673 232,511 8,652 140,446 38,891 416 15,199 621 204.225 12
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" DECEMBER 2023 6. Flnance costs Unrestricted Restricted 2023 2023 Total Funds 2023 Total Funds 2022 Interest payable Bank charges 69,940 765 70,705 69,940 765 70,705 37,646 1,245 38,891 7. Net Income fof the year This is stated after charging: Total 2023 Total 2022 Independent Examiners Fee5 Depreciation of fixed assets 673 1,528 621 170 8. Tangible Fixed Assets Freehold Property Fixture &Flttings Total Cost or valuatton At I" January 2023 Additions At 31" December 2023 3,194,193 24,644 3,218,837 3,194,193 24,644 3,218,837 Depreciation At I" January 2023 Charge for the year At 31" December 2023 23,116 1,528 24,644 23,116 1,528 24,644 Net book value At 31" December 2023 3,194,193 3,194,193 3,194,193 3,195,721 st At 31 December 2022 1,528 Net book value of tangible fixed assets 2023 2022 13 Woodstock Road 11 Woodstock Road 17 Woodstock Road 871,048 1,223,145 I,ioo,000 871,048 1,223,145 I,ioo,000 13
HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" DECEMBER 2023 9. Debtors 2023 2022 Prepayment Accrued Income Other debtors 48 661 1,841 2,550 1,526 1,526 10. Creditors: amounts falling due within a year 2023 2022 Bank loans and overdrafts Deferred Income/Rent paid in advance 56,195 4,251 59,094 3,580 Trade cred itors Loans due within one year Accruals Deposits Other Creditors 17 3,000 3,000 2,388 12,792 663 79,289 14,625 80,316 Creditors falling due after more than one year 2023 2022 Bank loans and overdrafts Other long-term loans 938,920 361,000 1,299,920 991.432 411,000 1,402,432 The bank loans totalling £995,115 {2022.' £1,050,526) are secured by a charge over the charity's 3 freehold properties. 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 other related party payments in either the current or prior years 14