KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED A company limited by guarantee Annual Trustees Report and Financial Statements 31 St December 2022 Registered charity number 1028414 Registered company number 028412W { England and Wales)
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Index Page Report of the Trustees Independent examiner's report Slalement of Financial Activilies Balance Sheet Notes to financial statements 10-12
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Snowball-Hill C Rhodes J Andrews Charity number 1028414 Company number 02841200 Registered office Gedling House Wood Lane Nottingham England NG4 4AD Independent examlner Alistair Jenkins FCA 14 Shiels Drive Bristol BS32 8EA
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 The TTUStees preseTht their annual repon and financial staiements for the year ended 31 December 201. The financial statements have en prepared in accordance wirh rhe accounring policies set oui in note I to the financial statements and comply with rhe chariry's governing document, the Companies Act 2(K)6 and 'Accounting and Reponing by Charirie5.' Staiement of Recomrnended Pracrice applicable to charitie5 preparing their accounts in accordance with the Financial ReEK)rtin8 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)". The chariry operates to promote the Buddhist Faith of the New Kadampa Tradition through the aciivities of swdy. practice, reaching and the observance of moral discipline based upon ihe coniinuous implementation of the three New Kadampa Tradition Study Prtygramrnes. These traditions are all within the pure trndition of Mahayana Buddhism of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsan8 Gyatso. Following a cornplex and challenging renovaiion programme the Trustees are pleased to report that the conversion to high qualiry accommodation on Ihe top two floors was completed in 2023 and these are now fully occupied. The renovation of the ballroom and creation of meditation room was also substaniially completed in the year. with the addition of a beautiful new shrine cabinet. This work should be completed in 2024. With the cessation of building work we were able to focus on Incr&Ing the scope of the education programme. Pub]ic Benefit In exercising their power5 and duties. the TteeS have due regard to the guidance on public Eenefit published by the Charity Commission. They believe that the work of the Buddhist Faith has clearly identifiable public benefits. The Charity believes that there are three important public nefits to promoting the Buddhist Faith= to help people develop their wisdom, to cultivate a 8¢ heart and to maintain a peaceful mind. If as individuals we do not strive to develop our wisdom. we will always remain ignorant of the true nature of reality. Everyone wishes for happiness. but our ignorance of reality leaLls us to engage in notFvirtuous actions, which in turn are the rnain cause of all of suffering. Further. if we do not cultivate a gcK)d hean iowards others, then our selfish motivauon desiroys the harniony of our relaiionships with oihers. We then have no peace. and no chance to gain pure happiness. Without inner. mental pe&e. outer peace is imw)ssible, personally and throughout society. The Charity's programme of classes. services #nd meditation ts open to everyone, whether Buddhist or not, regardless of nationality, age or gender. All classes are accessible to the public and both 'droFin' and more advanced courses of Buddhist instctIc are offerd Some are offered free of ¢Pse, whilst modest fees are charged for others.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 The accounts show outgoing resources of L32.3058 {2021: £14.39]). As at the year end net assets were £431,286 (2021: £463,345). As reported above, Ihere was no income from accommod3tion in the year and the education activity was considerably curtailed. The Trustees are satisfied with the result& The Charity rnaintains an 'lnternational Temples Projeci. (ITPI account into which all income is paid. Once a month the Admin Director of the Chariry PTepare5 a budget of expenditure for rhe following monih, noting any expected expenditure for future month& Once this budget is reviewed and approved funds are withdrawn Irom the ITP account into the 'Daily Running Account. from which payments are made. In this way the TNstees ensure chat sufficient funds are available to cover current Nnnin8 casts and that there are sutTJcient funds remaining in rhe rrp account for future monihs. The business of Ihe Charity is governed by the Director5, the Trustees of the Chariry. Tre are three Trustees. Two of the Directors must be members {and normally Ictal memi*rsl, and are elected by the members of the Charity. The third director is an ex officio Director and must be the dulaPp)Inted Administrative Director of a major NKTIKBU Kadampa Meditation Centre in the United Kingdom. COVID-19 A full risk-assessmeni is reviewed whenever the Government advice changes in order to ensure that the Charity's procedures complied fully with the Governrneni's guidelines and that everyihing is done to keep visitors, voltsnteers and residents as safe as pctsible. The Charity is controlled by its governing dMent. a deed of trnst. and constitutes a limited company, limited by guarantee. as defined by the Companies Act 21Kb. The Twstees. who are also the directors for the puryJcKse of company law. and who served during the year and up to the date of signature of the financial statements were: C Snowball-Hill C Rhodes l AndTews Trustee recruitment and training 01 the Three Truslees, two elected trustees are from within the centre or from other similar centres so that they have knowledge aThJ uThJerslanding of the chanty's aims and workings. To be elecled or appointed as a Trustee, the nominee must be a member ofthe chartty and are elecled by members atthe Annual General Meeting or by the Trustees when a need arises according to Ihe Articles of Associalion. The Ihird Trustee is an ex-off icio Trustee, by virtue of them being the Adminislrative Director of a cenlre specified in the Articles of Association. Each new Trustee is guided by current Trustees and other members of the organisation, in parts'cular the Administrative Director and Resident Teacher. vtho have vast experience within the organisation.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 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 truStS. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the charty trustees to prepare financial statements for each year which give a Irue and fair view of the stale 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 ihe financial slalements, the truslees are required lo: select suitable accounting policies arKI 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 standards have been folloEd. subject to any material departures disclosed and explained in the financial siatements- prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disdose 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. The Trustees, report was approved by ihe Board of Trustees. Garli Snowball-Hill Sig °°29.12.2023
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Examiner's Report to the Trustees of KMC NOThINGHAM LIMITED This is a report on the accounts of KMC Nottingham Limited for the year ended 31 December 2022. which are set out on pages 8 to 12. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation ol the accounts. The charity's trustees consider thal an audit is not required lor this year under sects'on 144 of the Charities Act 2011 (the Charities Act) and Ihal an independent examination is needed. 11 is my responsibility lo.. examine the accounts under seclion 145 of the Charilies A, to follow Ihe procedures laid th)wn in the general Direclions given by the Charity Commission (under section 145151(bl ol the Charilies Act), and to state whether parbcular matters have come to my attention. Basls of Independent examlnerfs report My examinalion was carried oul in accordance wtih relevant general Direclions of the Charities Commission. An examinalion includes a review of Ihe accounting records kept by the charity and a comparison of the accounts presented with those records. It atso includes consideration of any unusual ilems 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 consewentty no opinion is given on vA)ether accounts present a Irue and fair vi. Ind•pondent examiner's statement In the coursè ol my examination, no matter has come to my attention= which gives me Teasonable cause to believe thai in any material respect thè requirements: lo keep accounting records in accordance with Section 44(1) {a) of thè 2005 Act and Regulation 4 of the 2006 Accounts RegulatTrons lo prepare accounts which accord with the accounting records and compty with Regulation 8 of the 2006 Accounts Regulations have not been mei. or to which, in my opinion. attention should be drawn in order to 8nabl8 a proper understanding ot th8 accounts lo be reached. The prior year going concern mattèr is addressed at accounting note 1 'going conrn UnrtaInty'; a similar mattèr is not being raisèd Ihts year. Signed_ Date 29th December 2023 Alistair Jenkins 14 Shiels Drive, Filton, Bristol.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (A Company Limited bv Guarantee not havinq a Share Capitsl) STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December, 2022 2021 (hSt11ct FuThts Unrestricted Funds Incomo from: Voluntary inccmme ActiKilies for geneming furKIs Chanlable acliiilies - EdLa.on 14.375 5.893 15.878 16.211 12.767 Total Incom• 36.146 41,396 Exwndlturo on: Charitable acliNities Fundrai5iro cosls Grnance 51,681 129 Total Exp•ndltur• 55,787 N•t IExpon•l I In¢om• for th• Y••r 14,391 RECONCILIATION OF FUNDS Funds h1 fthward UNestricted fuThJs 4TT,736 Net {EXnSel l kncome the Year 132,C681 114,3911 Funds Carrled Fonvard 431.2a6 463,345 The accompanying not8s on pages 10- 12 form part of these financial statements.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 BALANCE SHEET As at 31 December. 222 2021 Lknwt1t FUts Unrestricted FuThJ5 FIXED ASSErs Tangible AsSS 822.810 CURR ASss Cash al Bank Deblors Stock 162,132 2,0 1,700 2.877 1.7Ci) 165,832 CREDITORS Amtyjnis fdlir¥J thJ8 wthin on& yoar 51.4 26.040 NEf CURREP4T ASSErs 962,602 CREDITORS - Amounts du• after year Bank Loans 489.25 499,25 489.257 499.257 ASSEfs OF THE CHARITY 431.286 463,345 FUNDS OF THE CHARITY Unrestnct&l Fw 431.286 463,345 TOTAL CHARITY Fu1ls 431.286 463,345 The accompanying notes on pages 10 - 12 form part of these financial statèments. Th8 company is 8ntill8d to the exeMp.n Irom thè audit rtquirémènt contained in séction 477 Comp8ni&$ A¢t 2CK)6, for the year ended 31 December 2022. The directors acknowledge their respor6ibilities lor complw'ThJ wilh the requirements of the Companie5 Act 2CQ6 wrth respecl to accounting records and the preparation ol fina121 slatemerrts. The members have not requi the ccpanY io ot*ain an audit of rts h"rla1 statements lor the year in questic in accordart& with section 476. These linancial stat8rn8nts havè bft pfèpar•d in wilh the pThisior4 aF01tl• to companiès $ublt to the srnall cornpanies regirne. The linanaal statements were approved by the Tnstees.. December 29, 2023 Date........... Name & posi1[.SoWba1I" Flrtl.,. D[rect&ned ...
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POUCIES Bas1$ of Preparatlon The financial statements have been prepared in accordance with ihe tharitys governing document. Ihe Companies Act 2006, FRS 102 -Tf Financial Reping Standard applicable in the UK and Republic of Ireland" I"FRS 102,1 and the Charities SORP 'Accounting and Reporting by Charities. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Siandard applicable in Ihe UK and Republic of Ifeland {FRS 1021. leflective 1 January 2019). The charty is a Public Benelrt Entity as delin8d by FRS 102. The charity has taken advantage ol Ihe proVisS in the SORP lor charilies not to prepare a Statement ol Cash Flows. The linancial statements have been prepared under the histori¢al ¢osl ctsivention. The principal accounting policies adopted are sel out below. Golng concern un¢ertalnty The Irusiees have delayed submitting the a¢counlS unlil 2023 end and bank balances remain positive., this has given signilicanl comlort over the 12 months opera19 window. During the year 2023, Charity Iruslees have taken steps lo reinforce cashllow, lor example bringing rental rooms (lIne earlier than expecled aThJ managing costs. Trustees believe the financial probity of Ihe cbarty is assured for the foreseeable lulure. with no impediments known to them. This is materially impaed by a revised mollgage agreed with the bank (er December 20231 al an affordable Commitment level. Thorefoi¢. tho Going Concern un¢6rtainty raised at 2022 (k)os not now appty. In¢om• All incom8 is without resththion and is recognised in the Siaiemni ol Finanual Activities onc8 the charity has 8nlrtlerneni to the funds, rt is probable that the income will be received and Ihe amount can be measured feliabty. Expendlture Liabilities are recognised as expenditure as 9)on as there is a legal or constructive obligation commilling the charity 10 thal expendTture, il is probable that a transfer of economic benefits will be requir&J in settlement and the amount ol the obligation can be measured reliably. Expendilure is accounted lor on an accruals basis and has been classified under headings that aggregat6 all cosi related 10 th8 category. Wh8fe ojsts Cannot b8 directly attributed to particular headings they have been allotsted lo a1VitieS on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the lollowiThJ annual rates in order to write off eath asset overrts estimated life.. Freehold property Property Improvements Fixtures and fittings Other Nil reducing balance reducing balance reducing balance The fteehold propety is valu&J at well above accounting ¢))st. Stocks Stocks are valued al the lower ol cost and nel realisable value, after making due allowance for obsolete and slow moving items. Stock represents iiems which have been purchased tor resa and not yet sokl, this is ihe stock available at the reporting date in the on site shop. The 0¢k is valuèj at the lower of co* and net realisable value.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 1. Accounting policies (continued) Taxatlon The charity is exempt from corporation tax on its tharitable athvrties. Fund accountlng All funds, inCMe and expenditure are Unrestricted, meaning they can be used in accordance with the charitable objectives al Ihe discretion ol the Irustees. 2. NET INCOMEI{EXPENDITURE) Nel incomel{experKlilurel is stal&J after char9ng'. 2022 2,530 2021 3.440 Accountancy Depre¢iation- owned assets 3. TRUSTEES. REMUNERATION AND BENEFITS There wère no trusie&s' remun8raiion or oih8r benefrts lor Ihe year endèd 31 Dècember 2072 nor tor th& prior ar. There were trustees, expenses paid lof the year eThJed 31 December 2021 lor the prior year. 4. STAFF COSTS There were employees during the year12020 . Nill. 5. FIXED AssErs Property Property Improvement Flxtures Flldngs TOTAL COST As at 0110112022 Additions As at 3111212022 826,773 8JJ.935 143,855 974.7 143,855 143.855 3,625 5.319 2527 826,773 CIEPRECIATION As at 0110112022 Depreciation eharge for year As at 3111212022 6.019 1,126 992 2,118 8,125 12.757 16,939 NEf BOOK VALUE As at 0110112022 826,773 -6.019 714 1.342 822.810 As at 3111W2022 826,773 131,098 425S
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 6. LOANS AND DONATIONS FROM RELATED PARTY KMC ORGANISATIONS The charity makes available loans to other meAlitatKin Cenires in line with its ¢haritable rt)je¢tives to the wider Kadampa Buddhism community. These amounts were loaned under agreement and are both interest free and repayable on demand. As al 31 December XJ22 a loan with a value 01 £10.(M)O rernain outstanding12021.' £nill. 2022 O•blor• debiors PrepaYMt$ l other i16YmS 1,857 1,020 2,877 57 1,943 2,LK)O 2022 Credltor• lalllng due wlthln on• y•ar Trad8 credito Bank Loans Relaied party Icén Personal loans hef credito(s 11,875 10,1) 10,1))) 9150 10,(xX) 10,820 51.496 6,890 26.040 2022 Credltorl lalllng due ¢)v•r on• y•ar Bank Loans 489,257 489.257 499,257 499.257 A revised mortgage was agreed during the year with a nmercIal Bank and the tKevK)us lacility was repaid in tull.
KADAMPA MEDITATION CENTRE NOTrtNGHAM LIM]TED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENf OF Income and Expenditure Forthe year ended 31 December, 2022 2022 2021 Unrestrietth FuThJs Unrestrietth Funds Incom•: Donatic$ Education and c¢$ Other incryng Grant income Fixed asset disposal 14.375 15,032 16,211 11,885 533 765 5,893 Totsl In¢om• 36.146 41,396 ndltur•: Charitable acti14lies Spons¢yship Repairs & MaintenCe Rent r*es vmler Light heal Motor and 11a1 Educational actiMti8S Insurance Office exnSeS Depreciation ol fixed assets Bank charges l interest 20,934 8,941 17.143 7.018 4,325 9,174 1.421 2,076 1,249 945 3,852 6,516 8,814 51,681 Fundraising costs Shop expenses 129 G0ManCe costs Accountancy 4,106 Totsl Expendllure 55.787 Net (Expense) I Income for the Year 31058 14.391 This rnle is pn)wded for mawenl 8th1 needn be sthmilted extsnplty