COMPANY REGISTRATION NUMBER.. 02745086 CHARrrY REGISTRATION NUMBER: 1026683 Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 A0718NNN 1010712024 COMPANIES HOUSE A16
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STONE & CO Chartered Accountsnts 2 Charnwood House Marsh Road Ashton Bristol
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Flnancial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the directorfs report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of flnancial position Notes to the financial statements The following pages do not form part of the financial statements Detailed ststement of financial activities 17 Notes to the detailed statement of financial activities 18
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the DirectOS Report) Year ended 31 December 2023 The twstees, who are also the directors for the purposes of company law, present their report and the unaudited fin8nclal statements of the cornpany for the year ended 31 December 2023. Relorence and administratlve detalls Reglsterèd charlty name Amitabha Kadampa Meditation Centre (KMC) Ltd Charlty reglstratlon number 1026683 Company reglstratlon number 02745086 Prlnclpal office and registered Old Vicarage offlce Gloucester Road Bishopston 8ristol BS7 8NX The trustees Mr J Rodway Ms N Franco (Appointed 17 December 2020) {Appointed 17 December 2020) {Served from 17 December 2020 to 22 March 20241 (Appointed 22 March 2024) Ms J Andrews Ms M Corsdale Company secretary Klrsten Van Nispen Independent examlner Rlchard Andrew Stone 2 Chamwood House Marsh Road Ashlon Bristol BS3 2NA
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2023 Structurej govemance and management The Amitabha Buddhist Centre is a company limited by guarantee. govemed by its Memorandum and Artides of Association and was incorporated on 28 August 1992. The company registered with the Charity Commission on 30 September 1993. Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The board of Directors, who are Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1. Objectlves and actlvltles The principle activity of the charity is the promotion and teaching of the Buddhist faith. Achlevements and perfomiance During the 2023 financial year, we continued our ongolng spiritual and educational activities. We've held in-person classes, and they have been very popular. Members are able to stream General Program and half4ay classes. Our 4-weekly courses on partlcular subject areas have proved popular and we have seen an Increase In dass numbers, membershlp numbers and FprrTP attendees. We are currently running branch classes in Clevedon, Chepslow, Chippenham, Balh and Weston- Super-mare. We continue to train teachers and strengthen their interest in the Centre and its study programs. Flnanclal revlew This year, our cafe has played a plvotsl role In promotlng our classes and courses, adding a crucial social element to the Centre. The cafe's success has been a testament to its ability to engage visitors and enhance their experience at the Centre. Plans for future perlods Looking ahead, our focus is on expanding our reach and accessibility. We plan to train more teachers, and establish additional classes, branches, making our study programmes more acGessible to a wider audience. We are also cornmitted to enhancing the visibility and welcoming atmosphere of the Centre. wlth the alm of attracting and retaining more newcomers. We've also been improving the drive with landscaping, the cafe area and will continue to improve the garden. so that our customers, both cafe and centre users have a safe. peaceful space lo sit and connect. Srnall company provlsions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (con¢lnu•d) Year ended 31 December 2023 The trustees. annual report was approved on trustees by: J Rodway Company Director
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Llmited by Guarantee Independent Examinerfs Report to the Trustees of Amitabha Kadampa Meditation Centre (KMC) Ltd Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of Amrtabha Kadampa Meditation Centre (KMC) Ltd ('the company,) for the year ended 31 December 2023. Responslbllltles and basls of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Cornpanies Acl 20061'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of the company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. 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 examlnarfs statèmenl I have completed my examination. I confirm Ihat no matters have come to my attention in connection wilh the examination giving me cause to believe: accounting records were not kept in respect of the company as required by section 386 of Ihe 2006 Act; or the financial statements do not accord with those records. or the financial siatemenls do nol comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fairf view which is nol a matter consldered as part of an Independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Gharities applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Richard Andrew Stone Independent Examiner 2 Chamwood House Marsh Road Ashton 8ristol BS3 2NA Is/( /ioL
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limlted by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legacies Charitable activities Rental income, and other trading activities Investment income 2,873 44,220 64,429 2,873 44,220 64,429 484 3.542 29.037 63,491 70 Total Income 112,006 112.006 96,140 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expendlture 13.716 74,234 13,716 74,234 12,168 65,114 10,11 87,950 87,950 77,282 Net Income and net movement In funds 24,056 24,056 18,858 Reconclllatlon of funds Total funds brought foNard Total funds ¢arrl•d forward 550,978 575,035 550,978 575,035 532,120 550,978 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 15 forni part of these financial statements.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Fixéd assets Tangible fixed assets 16 621,402 631,772 Current assets Stocks Debtors Cash at bank and in hand 17 18 1,983 18 50,803 52,804 991 38,699 39,690 Creditor4: amounts falllng due wlthln one year Net current assets 19 28,973 27,967 11,723 23,831 645,233 Total assets less current Ilabllltle$ 643,495 Credltors: amounts falling due after more than one year 20 70,198 575,03S 92,517 550,978 Net assets Funds of tho charlty Unrestricted fund5 575.035 550,978 550,978 Total charlty funds 21 575,035 For the year endlng 31 December 2023 the company was entitled to exemptlon from audlt under sectlon 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities., The members have not required the company to obtain an audit of its financial statemenls for the year in question in accordance with section 476; The directors acknowledge their responslbilities for complw'ng with th8 requirements of the Act with respect lo accounting records and the preparation of financial staternents. These financial statements have been prepared in accordance with the provisions applicable to companies subJ8cl lo the small companies, regime. The statement of financial position continues on the following page. Tho notes on pages 8 to 15 fomi part of Ihes• Ilnanclal statements.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Statement of Financial Position (conllnued) 31 December 2023 These financlal statements were approved by the board of trustees and authorised for Issue on and are signed on behalf of the board by.. odway Director The notes on pages 8 to 15 fom) part of these ftnanclal statements.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General Informatlon The company is a public bènefit entily and a privatè company Ilmlted by guarantee, registered in England and Wales and a registered Gharity in England and Wales. The address of the registered office is Old Vicarage, Gloucester Road, Bishopston, Bristol, 8S7 8NX. statement of compllance These finanual statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stalement of Recommended PractlC8 applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102) (Charltles SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The flnanclal statements have been prepared on the hlstorlcal cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financlal statements are prepared in sterllng, which is the functional currency of the entity. Golng concern There 8re no material uncertainties about the charitys abillty to Gontlnue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requlres managemenl to make Judgernents, estirnates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the harity's purposes. Designated funds are unrestricted funds earniarked by the trustees for particular future project or ommitrnent. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-dasses: restricted income funds or endowment funds.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements {contlnuodJ Year ended 31 December 2023 Accounting policies {¢onllnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefits associated wSth the transaction will flow to the charity and the amount can be reliably measured. The lollowing specific policies are applied to particular categories of Income: incorne from donations or grants is recognlsed when there is evidence of entitlement to the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt Is probable and entltlement Is established, income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be rellably measured. No amounts are Induded for the contribution of general volunteers. income from contracts for the supply of sen4ices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unl6ss there is a contractual requirement for It to be spent on a particular purpose and retumed if unspent, in which case il may be regarded as restricted. Resources expended Expendlture is recognlsed on an accruals basls as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which It relates- expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable tradlng activities, and the sale of donated goods. expenditure on charitable actlvities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivities. other expendlture includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Dlrect costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Tangible assets All fixed assets are inltlally recorded al cost,
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2023 Accountlng pollcles (c+Nnu•dl Depreciation Depreciation is calculated so as to wrile off the cost or valuation of an asset, less its resldual value, over the useful economiG life of that assel as follows: Freehold property 1 0/0 Straight line Impairnient of flxed asset8 A review for indicators of impaimient is carried out al each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for posslble reversal at each reporting date. For the purposes of impairmenl testing, when it is nol Possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash4Jenerating unil is the smallest identifiable group of assets that includes the asset and generates cash Inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testin9 of goodwill, the goodwill acquired in a business combination is, from the acqulsition date, allocated to each of the cash-generating units that are expected to beneflt from the synergies of the combination, irrespective of whether other assets or Ilabilllles of the company are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and Gondition. Flnanclal Instruments A financial asset or a financial liability is recognised only when the company becomes a party to the GontraGtual provisions of the instrument. Basic financlal instruments are initially recognised at the amount receivable or payable Including any related transaction costs. Currenl assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or recelved and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such inveslments are subsequenty measured at cost less impairment.
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 December 2023 Accounting policies (¢ontlnued) Financial instruments (¢onllnu•dJ Other financial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business tems or financed at a rate of interest thal is not a market rate, in which case the asset is measured at the presenl value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedglng relationshlp. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of irnpairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and olher financial assets that are individually significant, these are assessed individually for impairment. other financial assels are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantee The company Is Ilmlted by guarantee and has no share capltal, In the event of the wlndlng up or dissolution of the company, the members are liable to contribui8 an amount not exceeding £1 towards the debts and liabilities of the company. Donations and logaci•s Unrestricted Total Funds Unreslricted Total Funds Funds 2023 Funds 2022 Donatlons Donations and grants recelved 2,873 2,873 3,542 3,542 Charltable actlvlties Unrestricted Total Funds Unreslricted Total Funds Funds 2023 Funds 2022 Education and courses 44,220 44,220 29.037 29,037
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 December 2023 Rental Income. and other Iradlng activities Unrestrided Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Cafe. shop and rental income 64,429 64,429 63,491 63,491 Investment income Unrestricted Total Funds Unreslricted Total Funds Funds 2023 Funds 2022 8ank interest receivable 484 70 70 Costs of ralslng donatlons and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of ralslng clonations and legacies Sponsorship 13.716 13,716 12,168 12,168 10. Expendlture on charltable actlvltles by fund type Unrestrided Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Promotion and teaching of the Buddhist failh Support costs 67,007 7,227 67.007 7,227 74,234 60,748 4,366 60,748 4,366 65,114 74.234 65.114 11. Expendlture on charltable aetlvltles by actlvity type Actlvitles undertaken directly Support Total funds costs 2023 Total fund 2022 Promotion and teaching of the Buddhist faith Governance costs 67,007 67,007 7,227 74,234 60,748 4,366 65,114 7,227 67,007 7.227 12. Net income Net income is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 10,370 10,370
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Llmited by Guarantee Notes to the Financial Statements (condnuedj Year ended 31 December 2023 13. Independent examination fees 2023 2022 Fees payable to the independent examiner for: Independent examinalion of the financial statemanls 1,200 1,200 14. Staff costs and émoluments The total staff costs and employee benefits for the reportlng period are analysed as folloKs: 2023 2022 Wages and salaries 13,716 12,168 The average head count of employees during the year was 2 (2022: 2), The average number of full-time equivalent employees during the year is analysed as follows: 2023 No. 2022 No. Number of staff - type 1 No employee reGelved employee beneflts of more than £60,000 during the year (2022: Nil). 15. Trustee remuneratlon and expenses No remuneratlon or other benefits from employment with the charity or a re18t8d entity wer• received by the trustees. 16. Tanglble flxed as•ets Land and bu51dings Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 797,692 165,920 10,370 176,290 Carrylng amount At 310ecember 2023 621,402 At 31 December 2022 631,772 17. Stocks 2023 2022 Raw materials 1.983 991
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2023 18. Debtors 2023 2022 Other debtors 18 19. Credltors: amounts falllng due wlthln one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income Social securiiy and other taxes Other creditors 24.800 47 1,600 24,799 1,200 68 1,900 27,967 2.526 28,973 20. Credttors: amounts falllng due after more than one year 2023 2022 Bank loans and overdrafts Other creditors 59,585 10,613 .70,198 81,404 11,113 92,517 21. Analy81s of charltabl• funds Unrestrlcted funds At 1 January 2023 At 31 D•comber 2023 Income Expenditure General funds 550,978 112,006 (87,949) 575,034 At 31 December 2022 1 January 2022 Income Expenditure General funds 532.120 96,140 (77,282) 550,978
Amitabha Kadampa Meditation Centre (KMC) Ltd Company Limited by Guarantee Notes to the Financial Statements (tantlftiied) Year ended 31 December 2023 22. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current Assets Creditors less than 1 year Creditors greater than 1 year Not assets 621,402 52,804 (28,973) (70,198) 575,035 621,402 52,804 (28,973) (70.198) 575,035 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current Assets Creditors less than 1 year Creditor5 greater than 1 year Net assets 631,772 39,690 (27,967) (92,517) 550.978 631,772 39,690 (27,967) (92,517) 550,978