**Company Registration Number 02708323** # **HERUKA KADAMPA MEDITATION CENTRE REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** **Registered Charity Number 1011646** 1 ## **HERUKA KADAMPA MEDITATION CENTRE CONTENTS** ## **FOR THE YEAR ENDED 31[st] DECEMBER 2024** ## **Contents** Legal & Administrative Information page 4 Trustees Annual Report page 5-7 Independent Examiner’s Report to the Trustees page 8 Statement of Financial Activities page 9 Balance Sheet page 10 Notes to the Accounts page 11-14 2 ## **HERUKA KADAMPA MEDITATION CENTRE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31[st] DECEMBER 2024** The Trustees, who are also directors for the 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 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Registered Charity Name** Heruka Kadampa Meditation Centre **Company Registration Number** 02708323 **Registered Charity Number** 1011646 **Registered Office** 13 Woodstock Road London NW11 8ES England **Trustees** The trustees who served the charity during the period were as follows: Lisa Marie Devine Douglas Robb David Reed **Secretary** Robert Dennis **Bankers** HSBC 26 Broad Street Reading Berkshire RG1 2BU **Independent Examiner** Community 360 Winsley’s House High Street Colchester Essex CO1 1UG The trustees who served the charity during the period were as follows: 3 ## **HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2024** ## **STRUCTURE, 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’s 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 is 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 (“NKT-IKBU”), 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 ACTIVITIES** ## **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 charity and are involved in all aspects of it. We also offer wider opportunities to volunteer through volunteering visits. 4 ## **HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2024** ## **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 nonBuddhist. 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 Teacher Training 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 2024 showed a surplus of £83,237 compared with £52,730 in 2023. ## **RESERVES POLICY** 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 reserves 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. 5 ## **HERUKA KADAMPA MEDITATION CENTRE TRUSTEES ANNUAL REPORT FOR THE VEAR ENDED 31[st ] DECEMBER 2024** ## **tatement of Directors' and Trustees' Responsibilities** he trustees (who are also the directors of the Heruka Kadampa Meditation Centre for the purposes of company 1w) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law nd regulations. ompany Law requires the trustees to prepare financial statements for each financial year which give a true and fair iew of the state of affairs of the charity and of the incoming resources and application of resources, ,eluding the income and expenditure of the charitable company for that year. n preparing these financial statements, the trustees are required to: select 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. fhe 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 2006. 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. Approved by the trustees on _**\1**_ and signed on their behalf by: **/03/1,S** Signed on behalf of the Trustees: Douglas Robb 6 ## **HERUKA KADAMPA MEDITATION CENTRE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31[st ] DECEMBER 2024** I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 December 2024 ## **Responsibilities and basis of report** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 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 eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity's gross income exceeded £250,000, I can confirm that I am qualified to undertake the examination by virtue of being a Fellow Member of the Association of Accounting Technicians (AAT), which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: - accounting records were not kept in accordance with section 386 of the Companies Act 2006; or - • the accounts do not accord with such records; or - the accounts do not comply with the relevant accounting requirements under section 396 of the Companies Act 2006 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; or - the accounts have not been prepared in accordance with the Charities SORP (FRS102). I 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 order to enable a proper understanding of the accounts to be reached. Community 360 Winsley's House, High Street, Colchester, Essex Date 7 ## **HERUKA KADAMPA MEDITATION CENTRE STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 3p[t ] DECEMBER 2024** ||**NotesUnrestricted**|**NotesUnrestricted**|**Restricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| |||**2024**|**2024**|**2024**|**2023**| |||£|£|£|£| |**Income and endowments from:**|||||| |Donations and legacies|**2**|18,703||18,703|25,217| |Charitable activities|**4**|292,170||292,170|259,717| |Investment income|**3**|805||805|307| |**Total incoming resources**||**311,678**||**311,678**|285,241| |**Resources expended:**|||||| |Charitable activities|5|228,441||228,441|232,511| |**Total Resources expended**||**228,441**||**228,441**|232,511| |**Net movement in funds**||**83,237**||**83,237**|52,730| |Transfer between funds|||||| |Funds at 1stJanuary||1,853,246||1,853,246|1,800,516| |**Funds at 31stDecember**||**1,936,483**||**1,936,483**|**1,853,246**| 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. 8 HERUKA KADAMPA MEDITATION CENTRE BALANCE SHEET AS AT 31st DECEMBER 2024 Note 31" Dec 2024 31" Dec 2023 Fixed Assets Tangible Assets 3,194.193 3,194,193 Current Assets Debtors Cash at bank and in hand Stock 5,302 66,262 1,897 2,550 33,674 2,038 Creditors: Amounts falling due within one year io 197,6661 179,289) Net current assets/lliabilities) Total assets less current liabilities Creditors: amoLsnts falling due after one year 10 Net assets Funds U nrestricted Restricted 3,169,988 1233 505 1936 483 3,153,166 1299 920 1853 246 1,936,483 1,853,246 Total Funds 1 936 483 1853 246 For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Art 2006. 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 small companies, regime. The directors declare that they have approved the accounts above. Signed on behalf the trustees: Dougla5 Robb [L) Date ## **HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2024** ## **1. Statement of accounting policies** ## **Basis of accounting** The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Charities Act 2011 and " Accounting and Reporting by Charities: Statement of Recommended Practice – Accounting and Reporting by Charities (SORP (FRS102), second edition issued in January 2019)", the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 policy notes. ## **Cash flow** The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 “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 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 discretion 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 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 fixed assets are stated at cost (or 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 Nil Fixtures and fittings 10% reducing balance or balance of useful life. 10 ## **HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2024** ## **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**| |---|---|---|---|---| ||**2024**|**2024**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Donations|18,703|-|18,703|25,217| ||**18,703**||**18,703**|25,217| |**3. Investment income**|**Unrestricted**|**Restricted**|**Total**|**Total**| ||**2024**|**2024**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Interest receivable|805|-|805|307| |**4. Income from charitable activities**|**Unrestricted**|**Restricted**|**Total**|**Total**| ||**2024**|**2024**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Courses and study programmes|59,361|-|59,361|56.025| |Accommodation|231,159|-|231,159|202,459| |Bookshop|1,650|-|1,650|1,233| ||**292,170**|**-**|**292,170**|**259,717**| |**5. Costs of charitable activities**|**Unrestricted**|**Restricted**|**Total**|**Total**| ||**2024**|**2024**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Courses and study programmes|16,175|-|16,175|15,973| |Accommodation|132,806|-|132,806|129,934| |Finance costs**(note 6)**|71,318|-|71,318|70,705| |Bookshop|1,190|-|1,190|(1,313)| |Support costs|5,791|-|5,791|16,539| |Governance costs|1,161|-|1,161|673| ||**228,441**|**-**|**228,441**|**232,511**| 11 HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2024 6. Finance costs Unrestricted Restricted 2024 2024 Total Funds 2024 Total Funds 2023 Interest payable Bank charges 70.642 676 71,318 70,642 676 71.318 69,940 765 70,705 7. Net Income for the year This is stated after charging: Total 2024 Total 2023 Independent Examiners Fees Depreciation of fixed assets 1,161 673 1,528 8. Tangible Fixed A55ets Freehold Fixt&Fittings Total Cost or valuation At I'january 2024 Additions At 31" December 2024 3,194,193 24,644 3.218,837 3,194,193 24,644 3.218,837 Depreciation At I" January 2024 Charge for the year At 31" December 2024 24,644 24,644 24,644 24,644 Net book value At 31, December 2024 At 31" December 2023 3,194, 193 3,194,193 3,194, 193 3,194,193 NBV of tangible fixed assets 2024 2023 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 12 HERUKA KADAMPA MEDITATION CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" DECEMBER 2024 9. Debtors 2024 2023 Prepayment Accrued Income Other debtors 4,540 612 150 5.302 48 661 1,841 2,550 10. Creditors: amounts falling due within a year 2024 2023 Bank loans and overdrafts Deferred Income Trade creditors Loans due within one year Accruals Deposits Other Creditors 64,219 12,486 56,195 4,251 3,000 3,361 14,600 3,000 2,388 12,792 663 79,289 97,666 Creditors falling due after more than one year 2024 2023 Bank loans and overdrafts Other long-term loans 872.505 361,000 1,233,505 938,920 361,000 1,299,920 The bank loans totalling £936,72412023: £995,115) are secured by a charge over the charity's 3 freehold properties. 13. Trustee remuneration and related party transartions 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 13