Bodhisattva KMC Annual Trustees Report and Accounts BODHISATIVA KADAMPA MEDITATION CENTRE A company limited by guarantee Annual Trustees Report and Financial Statements 31st December 2024 Registered charty number 1016354 Registered cornpany number 02693733 In England and Wales
Bodhisattva KMC Annual Trustees Report and Accounts Index Page Report of the Trustees 34 Independent examlner's report Statement of Flnanclal Actlvltles Balance 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 thelr report and financial statements for the year ended 31 st December 2024. REFERENCE AND ADINISTRATIVE DETAILS Reglstered Company number 02693733 {England and Wales) Registered Charity number 1016354 Reglstered office 3 lansdowne Road Hove East Sussex BN3 1 DN Trustees: C Knights N James L Devine Company Secretary: Ms M Diskin OBJECTIVES AND ACTIVITIES Objectlves 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. Prlnclpal actlvltles 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 dropin classes. study programmes, retreats. day and weekend courses. Providing the facilities to house a Buddhist religious communty 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 centres 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 beneflt 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 charity In promoting the Buddhist faith has cleady identifiable benefits. The charity believes that there are three important public benefits to promoting the Buddhist faith." to help people to develop thelr wisdom, to cultivate a good heart, and to maintsin a peaceful mind. If we increase our wisdom, we will overcome the problems in our daily lrfe, 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 maintalns a year-round programme of prayers and meditation, again open to the public. The charity also has a Worfd Peace Cafe, small book and gffl shop, stsffed by sponsored people and volunteers offering vegetarian and vegan food, hot and cold drinks, books and small gifts for purchase. The charity also offers 8 large Peace Garden, for medltating, reading, contefflplating, and for enjoying with friends and family. The Peace Garden is open and accessible to the public every day. The charity also provides an outreach programme where groups and schools can vlsit the centre or a teacher is provided to go out to visit the groups and schools. ACHIEVEMENT AND PERFORMANCE Charltable activities Bodhisattva KMC, continued to provid8 Kadam Dharma to Ihe people of East Sussex, through the three study programmes: General Programme, Foundation Programme and Teacher Training Programme. During the year, nurnerous day. weekend and longer courses were held at Bodhisatlva 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, Bodhisattva KMC were able to repay the Natwest bank mortgage for the fvll amount, hence the decrease in cash since last period. Financial Outcome The charity's financial position is good with total unrestricted reserves at the erKI of the year of £1,057,117. These reserves are held to meet the charity's objectives and to assist with the new building costs. The charity had a positive cash at bank at year end of £213,284, available to meet charitsble objectives in the forthcoming period. The surplus was £65,125 for the year to December 2024. Reserves policy Bodhisattva KMC is commltted to using its resources in pursuit of its charitable objectives. It is also committed however lo maintsining a level of reseNes that is prudent to meeting on-going liabilities, meet requirernents of day to day operations. It also needs sufficient reserves to protect the lOng-te 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 basic operatlons 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 reseNes quarterly and takes appropriate action if reserves fall outsid8 the desired range. Risk review The Trustees have conducted their own review of the major risks to which the charlty is exposed and systems have been established to mitigale Ihose risks. Internal risks ar8 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 perlodically to ensure that they still meet the needs of the charty.
Bodhisattva KMC Annual Trustees Report and Accounts Plans for the future Due to the popularity of the Centre and Its charltable actlvitles, we are starting to Investigate expansion of both our meditation rooms, expanding ground floor public space and adding More course guest accommodallon. 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 charity on 25th 3anuary 1993. Bodhisatfva KMC was established under a Memorandum of Association, which describes the objects and powers of the charitable company; it is govemed under its Articles of Assoclatlon. 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 thelr tlm8 voluntarily and received no benefits frorn the charity. Recruitment, appointment, induction and trainlng of truste05 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 Intemal 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 musL' State the details that the Charity would have to file at Companles 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 dutj'es, which are the following: quietly taking an interest in the running of the Centre. especially major projects and developments, while delegating the day-tcFday management of the Centre to the Administrator and maintsining good communication with the Administrator for this purpose-, scrutinising financial summaries such as the Annual Accounts for any entries causing conrn or requiring clarification; 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 decision-making The Board of Trustees govems Bodhisattva KMC and meets not less than one time per year to discuss and review strategy. planning, development and financial matters. DaY-t(aY 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. 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 re6t)urces, including the income and expenditure, of
Bodhisattva KMC Annual Trustees Report and Accounts the charity for that period. In preparing the financial statements, the trustees are requlred to: select suitable accounting policies and then apply them consistendy; • 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 standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will contlnue in buslness. The trustees are responslble 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 hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the board Signed . Date . 71 '71.p.s........
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 2024, which are set out on pages 8 to 12. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not requlred for this year under sectlon 144 of the Charities Act 2011 (the Charities Act) and that an independent examlnation is needed. It is my responslbility to: examine the accounts under section 145 of the Charitles Act, to follow the procedures lald down In the general Dlrectlons glven by the Charlty Commission (under section 145(5)(b) of the Charities Act), and to state whether partlcular matters have corne to my attentlon. Basis of Indepèndent examlner's report My examlnatlon was carrled out In accordance wlth relevant general Dlrectlons 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 concerning any such matters. The procedures undertaken do not provide all the evidence 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 Ihat in any material respect the requirements.. to keep accounting records in accordance wilh Seclion 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. 4Jk, Signed Date 08109125 Alistair Jenkins 14 Shiels Drive, Filton, Bristol.
Bodhisattva KMC Annual Trustees Report and Accounts (A ComDanv Limlted bv Guarantee not havlna a Share CaDitsI) STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December, 2024 2024 Incom• from: 207,364 31.669 130.023 arfIae acllvluffj - Accommod (litate actlvltl89 - EthKalkn 147.gJ9 Totsl Incom• 275.843 Exp•Thdhurn on: 193.3 Totsl Exp•ndlthr• 210.718 204517 Net FxpM•o) I Income for th• Y•Ar RECOIKIUATION OF FIRIDS 991.992 761.M1 IExw•) I Ilne the Ye .125 Funds Curfad FoThxrd The accompanying notes on pages 10 - 12 form part of Ihese financial statements. (Companv Limited bv Guarantee not havina a Share Capital)
Bodhisattva KMC Annual Trustees Report and Accounts BALANCE SHEET As at 31 December, 2024 The accompanying notes on pnges 10- 12 forni part ofthes¢ flnanciai 5th1ements. Irs FWK RXED ASss .1 CURRE1 ASSETS Cash at 213,284 2fy),451 444.3 Stk CREUTORS NE[ ClJiREltr ASSETS 1.051.117 124835 B¥d( Loms IET ASSETS OF TrE CHAlaTY 1,051.117 FUNDS OF CHA 1.OSI.117 For the year ending 310ernber. 2024 the company was entitted to eXempt)n frc¥n audrf( under sectV 4TT of the Companies A 2006 retating to small companies. The member5 have not required the company to obtsin an audii of ts a0nts year in a¢xordance with section 476 of the Companies Act 2006. The Director5 (frustees} acknowfedge thelr responsibltty for cornptyirrfJ with the requlrements of ts Acl with r8spert to acaxjntw records and for the preparatj'on of account& These accwnts have been prepared in accordan th the provispms appfKable to mpanies subject to the smatl companies wime. Approved by the Lx)ard: Name & position . Signed . 7/,7/ Date . NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES
Bodhisattva KMC Annual Trustees Report and Accounts Basis of Preparation The financial stalements of the charitable company, whlch Is a public benefft enlity under FRS 102, have been prepared in accordance with the Charilies SORP (FRS 102) 'Accounling and Fleporting by Charities: Statement of Recommended Practice applicable to charitles prep8rSng Iheir accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republlc of Ireland (FRS 102) (effective 1 3anuary 2019),, Financial Reporting Standard 102 The Flnancial Reportlng Standard applicable the UK and R8public ol Ireland, and the Companies Act 2006. The flnancial statemenls have been prepared under the hlslorlcal cost convention. Incoma All income Is recognised in the Staternent of Flnanclal Activilles once the charlty has entitlement to the funds, rt is probable that the incom& will be recelved and the amount can be measured rellably. Expendlture Liabilities are recognised as expenditure as soon as Ihere Is a legal or construciNe obllgalion comrnitting the charity lo that expenditure, it is probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured reliably. ExperKllture is accounted for on an accruals basis and has been classlfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headlngs Ihey have been allocatod to actlvltles on a basls conslstent with the use ol resources. Tanglblè flxed a880tg Depreciatlon is provlded at the followlng annual rate8 In order to wrlte off each asset over Its estimated uselul Ilfe. Computer equipment Plant and machinery Freehold propety Imprc)vements lo prope 33% on cost 25% on cost None 100A on cost Stock3 Stocks are valued at the lower of cost and net realisable value, after maklng due allowance for obsolete arKI slow moving items. Stock represenls items which have been purchased for resale and noi yet sold, this is the siock available at the reporting date In the on site shop. The stock is valued at the lower of cost and net realisable value. Taxatlon The charity is exempi from corporalion tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with tho charitable objectives at the discretion of the Irust88s. Restrlcted funds can only be used for partlcular restrlcted purposes wthln the oblecls of the chartty. Restrlctlons arise when specified by the donor or when funds are raised for particular r9Stricted purposes. Further explanation of the nature and purpose ol each fund is Included In the notes lo the financlal stalemenls. 2. NET INCOMEI(EXPENDITURE) Nel incornel{expenditure) Is stated after charging: 2024 350 2,095 2023 250 2.095 Accountancy Oepreclation - owned assets 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 lor the year ended 31 December 2021 nor for the prior year. There were no Irustees, expenses pald for the year ended 31 December 2021 nor for the prior year. 4. STAFF COSTS The average monthly number of employea8 durlng the year wa8 as follows: 2024 2023 Centre Staff No employees rec6lved emoluments In excess of £80,000. 5. LOANS AND DONATIONS TO KMC ORGANISATIONS The charity makes avallable loans to other meditatlon cenlres In Ilne wtth its charitable objectives to the wider Kadampa Buddhism community. These amount3 were loaned under agreement and are t)oth interest free and repayable on demand. As at 31 December 2024 loans wlth the value £200,000 remalned outstanding (2023: £2(K),000.) 6. FIXED ASSETS Property Plant and Imprnvwnent MKhlnery CuTrpu* TOTAL Equlwn•nt COST As 01111212024 627.4&S 10.054 66.634 707.505 As al 31112n024 627,4 10.054 707,505 rEPRECoN As al 111212024 1600 67.229 As 31112r2024 3,605 NEf VALUE As at 1112t2024 627,456 7.454 1270 63Q1 As at 3111212024 627 449 11
Bodhlsattva KMC Annual Trustees Report and Accounts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2024 D•M( Trade debt 451 200.000 Olher d8lA¢ys 200.451 2024 Cr•dltor• hlllng du• *4thln on• y•w Bank Loons (Xhw cre¢ltm ( IKI n)om daposh) 5.750 2024 Cr•dllor• falllng du• ov•r OTr• y•Ar BAnk Loans In December 2023 the cenlre recelved a very generous gift from a sister KMC centre of £189,993. This rnean Ihat in January 2024, Bodhisatfva KMC were able to repay the Natwest bank mortgage in full. 12