Bodhisattva KMC Annual Trustees Report and Accounts BODHISATIVA KADAMPA MEDITATION CENTRE A company limited by guarantee Annual Trustees Report and Financial Statements 31 St December 2023 Registered charity number 1016354 Registered company number 02693733 In England and Wales
Bodhisattva KMC Annual Trustees Report and Accounts Index Page Report of the Trustees Independent examiner's report Statement of Financial Activities Balan Sheet Notes to financial statements 10-12
Bodhisattva KMC Annual Trustees Report and Accounts The Trustees, who are also directors for the purposes of company law, of Bodhisattva Kadampa Meditation Centre are pleased to present their report and financial statements for the year ended 31 st December 2023. REFERENCE AND ADINISTRATIVE DETAILS Registered Company number 02693733 (England and Wales) Registered Charity number 1016354 Registered office 3 lansdowne Road Hove East Sussex BN3 1 DN Trustees: Ms L Metherell S A Cansdale J Andrews Company Secretary: Ms M Diskin OBJECTIVES AND ACTIVITIES Objectives The principal objective of Bodhisattva KMC is to promote Kadampa Buddhism according to the teachings of Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso, the founder of the New Kadampa Tradition. Principal activities To accomplish its objectives, the Bodhisattva KMC has three principal activities. Providing an education programme that consists of three New Kadampa Tradition Study Programmes. These consist of drop-in classes, study programmes. retreats, day and weekend courses. Providing the facilities to house a Buddhist religious community of people who wish to study on the New Kadampa Tradition education programme. The centre follows and acts in accordance with the Moral Discipline Guide, (Internal Rules) of the New Kadampa Tradition IKBU. Running a small shop, which principally sells teaching and Buddhist religious ritual materials to facilitate the practice of Kadampa Buddhism. The shop also sells small items for fundraising. Running a small cafe providing food and refreshments to the ntreS guests and to the visiting general public 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 volunteer helping visits.
Bodhisattva KMC Annual Trustees Report and Accounts Publlc benefit In exercising the 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 charty 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 cuftivate a good heart, and to maintain a peaceful mind. If we increase our wisdom, we will overcome the problems in our daily life, improve our relationships with others, and become of real benefit to a troubled world. 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. The charity also has a World Peace Cafe, small book and gift shop, staffed by sponsored people and volunteers offering vegetarian and vegan food, hot and cold drinks, books and small gifts for purchase. The charity also offers a large Peace Garden, for meditating, reading, contemplating, and for enjoying with friends and family. The Peace Garden is open and accessible to the public every day. The charty also provides an outreach programme where groups and schools can visit the centre or a teacher is provided to go out to visit the groups and schools. ACHIEVEMENT AND PERFORMANCE Charitable activities Bodhisattva KMC, continued to provide Kadam Dharma to the people of East Sussex, through the three study programmes: General Programme, Foundation Programme and Teacher Training Programme. During the year, numerous day, weekend and longer courses were held at Bodhisattva KMC, which were well attended. The two Foundation Programmers, and Teacher Training Programmes continued and were also well attended. FINANCIAL REVIEW The financial statements are set out on pages 8 to 12. Thanks to a very generous gift from a sister KMC Centre of £189,993, just after the year end Bodhisattva KMC were able to repay the Natwest bank mortgage for the full amount of £297,193. Financial Outcome The charity's financial position is good with total unrestricted reserves at the end of the year of £991992 These reserves are held to meet the charity's objectives and to assist with the new building costs. The charty had a positive cash at bank at year end of £444,903, available to meet charitable objectives in the forthcoming period. The 2023 exceptional donation lead to an surplus of £230.391 for the year to December 2023. Reserves policy Bodhisattva KMC is committed to using its resources in pursuit of its charitable objectives. It is also committed however to maintaining a level of reserves that is prudent to meeting on%oing liabilities, meet requirements of day to day operations. It also needs sufficient reserves to protect the long-term future of Bodhisattva KMC'S land and buildings. Bodhisattva KMCS policy seeks to balance these priorities by holding a level of reserves which equates to approximately two years expenditure for the baslc operations of the charty. The charitable running costs of the centre are around £190k a year. Bodhisattva KMC Trustees therefore consider the Centre to be currently financially secure. The Board of Trustees monitors the reserves quarterly and takes appropriate action if reserves fall outside the desired range.
Bodhisattva KMC Annual Trustees Report and Accounts Rlsk revlew The Trustees have conducted their own review of the major risks to which the charty is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and events and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are reviewed periodically to ensure that they still meet the needs of the charity. Plans for the future Due to the popularity of the Centre and its charitable activities, we are starting to investigate expansion of both our meditation rooms, expanding ground floor public space and adding more course guest accommodation. STRUCTURE GOVERNANCE AND MANAGEMENT Organisational structure and management The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Bodhisattva KMC was incorporated on 4th March 1992 and registered as a charlty on 25th 3anuary 1993. Bodhisattva KMC was established under a Memorandum of Association, which describes the objects and powers of the charitable company; it is governed under its Articles of Association. Under those Articles, the Trustees are elected by the members. The Members have guaranteed to contribute a maximum of £1 each in the event of the company being wound up. All members of the Trustee Board give their time voluntarily and received no benefits from the charity. Recruitment, appointment, induction and training of trustees The Trustee Board has established procedures for recruiting and supporting trustees, as follows: Every candidate for election as a Director must be a Member; must have read. understood entirely and accepted the Internal Rules; and must be nominated by two other Members. No Member shall take part in the nomination of more than one candidate. Nominations must be made in writing, and must: - State the details that the Charity would have to file at Companies House rf the candidate were appointed as a Director; and Be signed by the Members making the nomination; and Be signed by the candidate, to show his willingness to serve. Nominations must be given to the secretary at least fourteen days before the date of the AGM. New trustees are briefed on their major duties, which are the following: quietly taking an interest in the running of the Centre, especially major projects and developments, while delegating the day-to-day management of the Centre to the Administrator and maintaining good communication with the Administrator for this purpose; scrutinising financial summaries such as the Annual Accounts for any entries causing concern or requiring clarif ication; and if it found that something was seriously wrong at the Centre, being ready to confer with fellow Trustees with a view to taking action as a Board. Governance and declsion-making The Board of Trustees governs Bodhisattva KMC and meets not less than one time per year to discuss and review strategy, planning, development and financial matters. Day-to4ay management of the organisation is delegated to the Administrative Director. She is managed by the She is managed by the Secretary of the General Spiritual Director of the tradition, who advises all the Kadampa Meditation Centres in the tradition.
Bodhisattva KMC Annual Trustees Report and Accounts STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS The charity trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (and related regulations); make judgments and estimates that are reasonable and prudent; state whether applicable UK accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 the group and hen taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the board Name . NIKoL.As Signed . Date.....
Bodhisattva KMC Annual Trustees Report and Accounts Independent Examiner's Report to the Trustees of Bodhlsattva KMC This is a report on the accounts of Bodhisattva KMC for the year ended 31 December 2023, which are set out on pages 8 to 12. Respective responsibllitles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Chartties Act, to follow the procedures laid down in the general Directions given by the Charty Commission (under section 145(5)(b) of the Charities Act), and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordan with relevant general Directions of the Charities Commission. 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 consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees conmIng any such matters. The prOdureS undertaken do not provide all the eviden that would be required in an audit, and consequently no opinion is given on whether the accounts present a "true and fair view,. Independent examiner's statement In the course of my examination, no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Date 18109124 Alistair Jenkins 14 Shiels Drive, Filton, Bristol.
Bodhisattva KMC Annual Trustees Report and Accounts (A Companv Llmlted bv Guarantee not havinq a Share Capltal) STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December, 2023 2023 2022, Nots8 Unrestricted , Funds Income from: ,Voluntary income ActllAties fr)r generating funds Charitable actlmties - Accommodation Charitable actilities - Education 207,364 31,669 130,023 65,852 14,390 23,096 130,204 63,218 Total Income 434,908 230.908 Expenditure on: Charitable actlmties Support actilAties 193,336 11.181 197,(X)4 11,770 Total Expendllre 204.517 208.774 Net (Expen*) I Income for the Year 230,391 21134 , RECONCILIATION OF FUNDS Funds brought t)rward Unrestricted fvnds 761,6011 739,467 Net (Expense) I Income for the Year 230,391 1 22,134 Funds Carried Forward 991,992 761,601, The accompanying notes on pages 10 - 12 form part of these financial statements.
Bodhisattva KMC Annual Trustees Report and Accounts (Companv Llmlted bv Guarantee not havlnq a Share Capltsl) BALANCE SHEET As at 31 December, 2023 2023, 2022 Nots8 Unrestrict&J .i_- Funds Unrestricted Funds FIXED ASSErs Tangible Assets 638,180 635,916 CURRENT ASSErs Cash at Bank Debtor5 ,Stock 238,832 200,CX)O 7,647 200,798 7,647 446.479 CREDITORS Amounts falling due within one.year 35 693 35,693 NEf CURRENT ASSErs 1,044.061 CREDITORS - Amounts due after one year , Bank Loans 263,843 , 282,460 263.843 282,460 NEf ASSEfs OF THE CHARITY 991.2 761.601 FUNDS OF THE CHARITY Unrestricted Income Funds 991,992 761.601 TOTAL CHARITY FUNDS 991,992 761.601 The accompanying notes on pages 10 - 12 form part of these financial statements. For the year ending 31 December, 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in accordan with section 476 of the Companies Act 2006. The Directors (Trustees) acknowledge their responsibility for complying with the requirements of the ACA 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 the small companies regime. Approved by the board: Name & position . IIKoL.¢s .J*.AtrS Signed.... .. ... Date.. !f/01/iF
Bodhisattva KMC Annual Trustees Report and Accounts NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basis of Preparation The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in aGrordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 13anuary2019)', Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commrtting the charity 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 under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment Plant and machinery Freehold propety Improvements to propety Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock represents items which have been purchased for resale and not yet sold. this is the stock available at the reporting date in the on site shop. The stock is valued at the lower of cost and net realisable value. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the 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 purpose of each fund is included in the notes to the financial statements. 33 % on cost 25 % on cost None 10% on cost 2. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging: Accountancy Depreciation - owned assets 2023 250 2022 250 10 027 10
Bodhisattva KMC Annual Trustees Report and Accounts NOTES TO THE FINANCIAL STATEMENTS 3. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2021 nor for the prior year. There were no trustees, expenses paid for the year ended 31 December 2021 nor for the prior year. 4. STAFF COSTS The average monthly number of employees during the year was as follows: 2023 2022 Centre Staff No employees received emoluments in excess of £60,000. 5. LOANS AND DONATIONS TO KMC ORGANISATIONS The charity makes available loans to other meditation centres in line with its charitable objectives to the wider Kadampa Buddhism community. These amounts were loaned under agreement and are both interest free and repayable on demand. As at 31 December 2023 loans with the value £200,000 remained outstanding (2022: £200,000.) 6. FIXED ASSETS Property_...--. Property Improvement Plant and Machinery Computer Equipment TOTAL COST As at 111212023 Additions As at 3111212023 627,456 10.054 62.274 703,145 4.360 707.505 627,456 10,054 66,634 3,361 DEPRECIATION As at 111212023 Depreciation charge for year As at 3111212023 1,594 1,005 2,600 62,274 1,090 63,364 3.361 67.229 2,095 69,325 3.361 NEf BOOK VALUE As at 111212023 627,456 8,460 635.916 As at 3111212023 627,456 7,454 3,270 638.180 11
Bodhisattva KMC Annual Trustees Report and Accounts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2023 2022 Debtors , Trade debtors Amounts owed by related party undertakings , Prepayments / other items 798 200,000 200,000 200, 798 200,000 2023 2022 Creditors falling due within one year Bank Loans Other creditors 29,943 5.750 35,693 29,943 8.391 38,334 2023 2022 Creditorn falling due over one year Bank Loans 263,843 263,843 282,460 282,460 In December 2023 the centre received a very generous gift from a sister KMC centre of £189.993. This mean that in January 2024, Bodhisattva KMC were able to repay the Natwest bank mortgage in full. 12