REGISTERED COMPANY NUMBER: 2866202 {England and Wales) Registered Charity Number: 1038999 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR KADAMPA MEDITATION CENTRE MANCHESTER
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Report of Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER2866202) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The truslees, who are also the directors for the purposes of company law, present their port with the financial statements of the Charity for the year ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 2866202 (England and Wales) RegiSted Charity Number 1038999 Registered Office 76 High Lane Chodton-cum-Hardy Manchester M219XF Independent Examln8r'. Alistair Jenkins FCA Trustees: Date Appointedl (Date reslgned) 5 December 2024 5 December 2024 28 February 2024 9 December 2020 1 (27 September 2024) 9 December 2020 1 (27 September 2024) Maria Triana del Pino Julie Tomlinson Lisa M Devine Janet Higgins Jeffrey Simm Company Secretary J. Goss STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The charity is controlled by its goveming document. a deed of trust. and constitutes 8 limited company, limited by guarantee, as defined by the Companies Act 2006. The organisation is a charitable company limited by guarantee and registered with the Charities Commission. The company was established under a Memorandum of Association which established the objects and powers of the charitsble company and is govemed under its Artides of Association. Risk Management The trustees have a duty to identify and VIeW the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. Page 1
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024- CONTINUED OBJECTIVES AND ACTIVITIES Objectives and Aims The main objective of the charity is to promote the Buddhist faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition Intemational Kadampa Buddhist Union (NKT- IKBU).This objective is achieved principally through the activits'es of teaching, study and practice based upon the teachings of Venerable Geshe Kelsang Gyatso, the founder of the NKT-IKBU. Classes and courses have continued to run in Chorlton and al various locations throughout Greater Manchester. The Centre also hosted special events with various visiting teachers of the tradition during 2024. The Word Peace Café re-opened following renovation works in January 2024 and is currently opening four times a week. During 2024 essential maintenance wo(ks on the Centre premises, induding a £11,000 roof repair, have been completed and further works are planned for 2025. FINANCIAL REVIEW Reserves Policy At the present time neither the income nor the assets of the charity are sufficient to put in placE a reserves policy, but necessary measures will be taken in due Ul$e. Investment Pollcy and Objectlv At the present time neither the income nor the assels of the charity are sufficient to put in place an Investment policy, but neSSary measures will be taken in due cwrse. Flnanclal Outcome The charity's financial position is good. with total unrestricted reseNes at the end of the year of £505,394, held to ffleet the charity's general objectives. The charlty has generated a surplus for the year of £4.497. ON BEHALF OF THE BOARD: J. Goss - Sectary Date: Page 2
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31°, DECEMBER 2024 l port on the accounts of Kadampa Meditation Centre Manchester, for the year ended 2024, on pages 4- Respectlve responsiblllties of the Trustees and the Independent Examiner As Trustees you are responsible for the preparation of the financial statements: you consider that an audit is not required under Section 144{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: a) Examine the accounts under section 145 of the 2011 Act. b) Follow the procedures laid down in the General Directi8 given by the Charity Commissioners under Section 145(5}b of the 2011 Act; and c) State wheiher particular matters have come to my attention Basis of thls r8POrt My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a revi of the accounting COrdS kept by the charity and a comparison of the accounts presented with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such malters. The procedures undertaken do not provide all the eviden that would be required in a full audit, and consequently I do not express an audit opinion on the accounts. Independent examlner's statement In connection with my examination. no matters have come to my attention: VNhich give me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord wilh these accounting records have not been met., or with section 130 of the 2011 Act: and to prepare accounts which accord with these account records 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 1917 12025. Allstair Jenklns Independenl Examiner 14 Shiels Drive. BRISTOL, BS32 8EA. Page 3
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOMING RESOURCES Incoming Resources from Generated Funds Courses, Fundraising and Other Rent Receivable Bank Interest Received 59,065 40.345 51,182 33,827 732 Total I ncomlng Resources 102.250 85,741 RESOURCES EXPENDED Charitable activities Finance l Governance 84,071 13,682 66,107 13,240 Totsl Resources Expended NET INCOMINGIOUTGOING RESOURCES 4,497 6,394 RECONCILIATION OF FUNDS Total Unrestrlcted Funds Brought Forward 500.897 494,503 Net income l outgoing resources TOTAL FUNDS CARRIED FORWARD 500 897 The notes form part of these financial statements Page 4
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangible Fixed Assets 632.816 640,661 CURRENT ASSETS Stocks Debtors Prepayments Cash at Bank and in Hand 2,277 420 1.716 133587 2,500 1,231 139698 138.000 143,429 LESS CREDITORS Amounts due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 678,100 691,104 LESS CREDITORS Amounts due after more than one year 5 172 706 190207 NET ASSETS 505 394 500 897 REPRESENTED BY: Unrestricted Funds 505.394 500,897 TOTAL FUNDS 505 394 The charitable company is ents'tled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the charitable c(Knpany to obtain an audit of its financial statements for the year ended 31 December 2024 in accordan with Secb'on 476 of the Companies Act 2006 The trustees acknowledge their responsibilrties for d) ensuring that the charity keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and el preparing financia statements which give a true and fair view of the state of affairs of the charitable company as at the end of each finanaal year and of its surplus or defiat for each financial year in accordance with the requirements of Sections 394 and 395 and which otherv*Trse compSy with the requirements of the C(Mnpanies Act 20 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordan ryth the speaal provisons applicable to companies subject to the small companies regime. These financial statements %%ere approved by the Board of Trustees and were signed on its behalf by.. Signed.. Date: J Tomlinson - Trustee The notes form part of these financial statements Page 5
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing tho financial statements The financial statements of the charity have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102), the Charities SORP (FRS102) and the Companies Act 2006. Incomlng Resources All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources Expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. ere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglble Flxed Assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lrfe.. Freehold Property Fixtures & Fittings Motor Vehicles Tools & Equipment 1% on cost 25% on reducing balance 25% on reducing balance 20% on reducing balance Stocks Stocks are valued at the lower of cost and net alISable value. after making due allowanc£ for obsolete and slow moving items. Taxatlon The charity Is exempt from tax on its charitable activities. Fund Accounting Unrestricted funds can be used in accordan with the charrtable objects'ves 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 specffied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of eath fund is included in the notes to the financial statements. TRUSTEES. REMUNERATION AND BENEFITS There were no Trustees. remuneration or other benefits (induding trustee expenses) during the year. Page 6
KADAMPA MEDITATION CENTRE MANCHESTER (REGISTERED NUMBER: 2866202) NOTES TO FINANCIAL STATEMENTS-CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 3. TANGIBLE FIXED ASSETS Freehold Property Flxtures & Fittlngs Motor Vèhlcle Tools & Equlpment Total COST Opening Cost Additions 754,575 53.098 3,078 8.654 819.405 Closing Cost 820 618 LESS DEPRECIATION Opening Depreciation Depreciation Charged for Year 119.517 49,940 957 1,752 331 7,535 224 178,744 Closing Depreciats'on 127063 187 802 NET BOOK VALUE At 31 December 2023 636 058 NET BOOK VALUE At 31 December 2024 627 512 995 632 816 2024 2023 4. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR Rent Deposits Held Creditors Accruals Short Temi Loan Mortgage 400 625 2,769 71,722 800 3,564 71,722 CREDITORS: AMOUNTS DUE AFTER MORE THAN ONE YEAR Mortgage The mortgage is secured on the treehold woperty Page 7