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2023-12-31-accounts

KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED

A company limited by guarantee

Annual Trustees Report and Financial Statements

31[st] December 2023

Registered charity number 1028414

Registered company number 02841200 ( England and Wales)

KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Index Page
Report of the Trustees 3-6
Independent examiner's report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to financial statements 10 – 12

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

C Snowball-Hill C Rhodes J Andrews (resigned 26 March 2024) M Cansdale (appointed 26 March 2024)

Charity number 1028414

Company number 02841200

Registered office

Gedling House Wood Lane Nottingham England NG4 4AD

Independent examiner

Alistair Jenkins 14 Shiels Drive Bristol BS32 8EA

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity operates to promote the Buddhist Faith of the New Kadampa Tradition through the activities of study, practice, teaching and the observance of moral discipline based upon the continuous implementation of the three New Kadampa Tradition Study Programmes. These traditions are all within the pure tradition of Mahayana Buddhism of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso.

Achievements and performance

Following a complex and challenging renovation programme the Trustees are pleased to report that the conversion to high quality accommodation on the 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 substantially completed in the year, with the addition of a beautiful new shrine cabinet. This work was completed in 2024 and we we had a beautiful formal opening ceremony in September 2024.

Having now completed the bulk of the renovation work we are able to focus on increasing our spiritual activities and are pleased to report that the scope and attendance of events have both increased. Our plans for the following year will see this continue.

Public Benefit

In exercising their powers and duties, the Trustees have due regard to the guidance on public benefit 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 benefits to promoting the Buddhist Faith: to help people develop their wisdom, to cultivate a good 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 leads us to engage in non-virtuous actions, which in turn are the main cause of all of our suffering. Further, if we do not cultivate a good heart towards others, then our selfish motivation destroys the harmony of our relationships with others. We then have no peace, and no chance to gain pure happiness. Without inner, mental peace, outer peace is impossible, both personally and throughout society.

The Charity's programme of classes, services and meditation is open to everyone, whether Buddhist or not, regardless of nationality, age or gender. All classes are accessible to the public and both "drop-in" and more advanced courses of Buddhist instruction are offered. Some are offered free of charge, whilst modest fees are charged for others.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The accounts show outgoing resources of £49,910 (2022: £32,058). As at the year end net assets were £381,376 (2022: £431,286).

Income from accommodation has come on stream in the year, education activity has grown a lot. The Trustees are optimistic the difficult operating conditions can be overcome in coming years.

Reserves policy

The Charity maintains an "International Temples Project" (ITP) account into which all income is paid. Once a month the Admin Director of the Charity prepares a budget of expenditure for the following month, noting any expected expenditure for future months. Once this budget is reviewed and approved funds are withdrawn from the ITP account into the "Daily Running Account" from which payments are made. In this way the Trustees ensure that sufficient funds are available to cover current running costs and that there are sufficient funds remaining in the ITP account for future months.

Governance

The business of the Charity is governed by the Directors, the Trustees of the Charity. There are three Trustees. Two of the Directors must be members (and normally local members), and are elected by the members of the Charity. The third director is an ex officio Director and must be the duly-appointed Administrative Director of a major NKTIKBU Kadampa Meditation Centre in the United Kingdom.

COVID-19

A full risk-assessment is reviewed whenever the Government advice changes in order to ensure that the Charity's procedures complied fully with the Government's guidelines and that everything is done to keep visitors, volunteers and residents as safe as possible.

Structure, governance 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. The Trustees, who are also the directors for the purpose 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

J Andrews

Trustee recruitment and training

Of the Three Trustees, two elected trustees are 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 a 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 current Trustees and other members of the organisation, in particular the Administrative Director and Resident Teacher, who have vast experience within the organisation.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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:

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 hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved by the Board of Trustees.

Name ……………………...............

Signed ……………….....................

Date ……………………................

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED

ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Trustees of KMC NOTTINGHAM LIMITED

This is a report on the accounts of KMC Nottingham Limited for the year ended 31 December 2023, 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 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:

Basis of independent examiner's report

My examination was carried out in accordance 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 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:

Going concern is addressed at accounting note 1 ‘going concern matter’; users of the accounts should pay attention to this note.

Signed Date 24 09 2024

Alistair Jenkins 14 Shiels Drive, Filton, Bristol.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

(A Company Limited by Guarantee not having a Share Capital)

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December, 2023

Notes
Income from:
Voluntary income
Activities for generating funds
Charitable activities – Education
Total Income
Expenditure on:
Charitable activities
Fundraising costs
Governance
Total Expenditure
Net (Expense) / Income for the Year
RECONCILIATION OF FUNDS
Funds brought forward
Unrestricted funds
Net (Expense) / Income for the Year
Funds Carried Forward		 2023
£
Unrestricted
Funds
40,326
1,623
18,539
60,488
109,021
688
689
110,398
(49,910)
431,286
(49,910)
381,376		 2022
Unrestricted
Funds
14,375
5,893
15,878
36,146
65,466
208
2,530
68,204
(32,058)
431,286
(32,058)
431,286

The accompanying notes on pages 10 – 12 form part of these financial statements.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

BALANCE SHEET

As at 31 December, 2023

Notes
FIXED ASSETS
Tangible Assets
6
CURRENT ASSETS
Cash at Bank
Debtors
7
Stock
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
CREDITORS – Amounts due after one year
Bank Loans
9
NET ASSETS OF THE CHARITY
FUNDS OF THE CHARITY
Unrestricted Income Funds
TOTAL CHARITY FUNDS		 2023
£
Unrestricted
Funds
1,024,835
3,886
881
1,500
6,267
(67,944)
(67,944)
963,158
(581,782)
(581,782)
381,376
381,376
381,376		 2022
£
Unrestricted
Funds
964,003
3,458
2,877
1,700
8,035
(51,496)
(51,496)
920,543
(489,257)
(489,257)
431,286
431,286
431,286

The accompanying notes on pages 10 – 12 form part of these financial statements.

The financial statements were approved by the Trustees:

Name & position …………………………….. Signed ………………..................... Date …….….

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern matters

The trustees are submitting the accounts September 2024; operating conditions remain difficult but workable. The first half operating outcome is positive and gives comfort over going concern post 2023 year end. Into the 2024 year, Charity trustees have taken steps to reinforce cashflow, for example generating extra rental income and careful cost management. The Trustees believe the financial probity of the charity is assured into the future, but cash flows remain tight and some uncertainty remains.

Income

All income is without restriction and 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 committing 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 life:

% Dep Method
Freehold property Nil
Property Improvements 5% reducing balance
Fixtures and fittings 20% reducing balance
Other 20% reducing balance

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.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Accounting policies (continued)

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

All funds, income and expenditure are Unrestricted, meaning they can be used in accordance with the charitable objectives at the discretion of the trustees.

2. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging:


Accountancy

Depreciation - owned assets
 2022
2,530
8,814		 2021
3,440
6,516

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023, nor for the prior year. There were no trustees' expenses paid for the year ended 31 December 2023, nor for the prior year.

5. STAFF COSTS

There were no employees during the year (2022 - Nil).

6. FIXED ASSETS

COST
As at 01/01/2023
Additions
As at 31/12/2023
DEPRECIATION
As at 01/01/2023
Depreciation charge for year
As at 31/12/2023
NET BOOK VALUE
As at 01/01/2023
As at 31/12/2023		 Property
826,773
826,773
0
0
0
826,773
826,773		 Property
Improvement
143,855
72,347
216,202
12,757
10,289
23,046
131,098
193,156		 Fixtures
Fittings
5,319
0
5,319
2,064
651
2,715
3,255
2,604		 Other
TOTAL
4995
974,790
0
72,347
4,995
1,047,137
2,118
16,939
575
11,515
2,693
28,454
2,877
964,003
2,302
1,024,835

Including substantial improvements, the freehold property total value is well above cost. The building value now includes substantial improvements, taking it near to the market value of £1.1m, as obtained from the surveyors last year. Trustees confirm there are no further improvements to add onto this figure.

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KADAMPA MEDITATION CENTRE NOTTINGHAM LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7
Debtors
Trade debtors
Prepayments / other items
8
Creditors falling due within one year
Trade creditors
Bank Loans
Related party loan
Personal loans
Other creditors
9
Creditors falling due over one year
Bank Loans		 2023
2022
440
1,857
881
1,020
1,321
2,877
2023
2022
13,021
11,875
8,758
10,000
20,825
10,000
20,000
8,800
4,900
10,820
67,504
51,496
2023
2022
581,782
489,257
581,782
489,257

The bank loan is a mortgage with Triodos Bank, secured on the freehold premises.

Personal loans are informal facilities from members, without interest and having no fixed repayment date.

Related Party loan items are from other meditation centres within the wider Kadampa Buddhism community. These amounts were loaned under agreement and are both interest free and with no fixed repayment date.

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