NKf- IKBU Kadampa Meditation Centre Wales A company limited by guarantee Annual Trustees Report and Financial Statements 31" December 2023 Registered charlty number 1039234 Reglstered company number 2869366 In England and Wales Kadampa Medltation Centre Wales Annual Trustees Report 2023 A member of the New Kadampa Tradltlon - Internatlonal Kadampa Buddhlst Unlon Index Page Table of contents Report of the Trustees Statement of Trustee's Responslbllltles Independent examiner's report Ststsment of Financial Activities 10 Balance Sheet 11 Notes to financlal statements 12-14 Income and Expendlture ' 15 Kadampa Medltatlon Centre Wales Annual Trustees Report 2023 REPORT OF THE TrUSTEES The trustees submit thelr report and unaudlted flnanclal statements of the company for the year ended 31st December 2023. MANAGEMENT AND ADMINisfRATION The following detalls the Directors and Trustees durlng 2023. COMPANY SECREfARY lan Kavanagh (appointed 7 September, 2019) CURRENT DIREcfoRsmusrEES: Mr Malcolm Woodfield (appolnted 13 December 20201 Resigned 17 September 20231 Ih Kelsang Droljang {ex-officlo. appolnted 13 December 2020) Ms Faye Johnson lappointed 26 June 2022) th Mrs. Deborah Bence {appointed 17 September 2023) REGisfERED OFFICE SPRINGFIELD, FFYNONE ROAD UPLANDS, SWANSEA. SAI 6DE REGisfERED NUMBER 2869366 CHARITY NUMBER 1039234 GOVERNING DOCUMENT The organi5ation Is a £ompany Ilmlted by Euarantee and a registered charity. The coMpan￿S governing documents are Its Memorandum of Assoclatlon and Articles of Associatlon. RECRUITMENT & APPOINTMENT OF NEW TRUSTEES The Dlrertors of the company are also charity trustees. The Trustees retire by rotstion and are ellgible for reappolntment at the AGM. Any member who wishes to stand may do so. On 13 December 2020, the Charity formally resolved to adopt a new Constitution (Memorandum of Associatlon and Artlcles of Assoclation), whlch resulted in the then Dlrectorsnrustees resigning and new Dlrectorsnrustees being appointed. Apart from the ex-officio Directornrustee, the term of office for Directorsnrustees is up to the third AGM after their appointment. The trustees may retire at any stage during their term of office. Any member who wishes to stand may do so. Kadampa Medltatlon Centre Wales Annual Trustees Report 2023 OBJECTIVES AND ACTIVITIES The objects of the Charlty ("the Objects") are to promote the Buddhlst Falth under the splrltual EUIdan￿ of the elected General 5plrltual l)Irec¢or pf the New Kadampa Tradltlon -Inlernatlonal Kadampa Buddhlst Unlon (NKf- IKBU) prlnclpally through the actlvltles of teachln8, Study* practlce and observance of mordl d15clpllne all wlthln the Mahayana Buddhlst tradltlon of Atlsha and Je Tsongkhapa as tau8ht by Venerable Geshe Kelsang Gyatso, the Founder of the New Kadampa Tradition - Internatlonal Kadampa Buddhlst Unlon, through the contlnuous Implementstlon of the three New Kadampa Tradltlon Study Pro8rammes: the General Programme, the Foundatlon Programme and TeacherTralnlng Programme. BACKGROUND The Charity has a large Grade-11 Ilsted detsthed property In the Conservatlon area of Ffynone. SvRnsea. The property has fourteen bedrooms, three receptlon rooms (used for loungelcafe, meditstlon n>om and office). and a basement. The maln sources of Income are people rentlng rooms and people attendlng classes and courses. The General Pro8ramme classes are prlced at £7. Classes arE run acr055 South, West and Mld Wales. Classes and courses are sultsble for everyone, Irrespective of age, gender, race or rellglon and teach how to medltate and apply Buddha's teachln85 to modem daily Ilves. The Centre Is part of the New Kadampa Tradltlon Internatlonal Kadampa Buddhlst Unlon, a network of Centres throughout the world that prartlce Kadampa BuddhAsm, founded by Venerable Geshe Kelsang Gyatso. The Centre Is run by an Admln Director, a Resldent Teacher {RT), an Education Progrdmme ￿ordInator (EPC), and a Treasurer, the former recelvln8 accommodatlon and the EPC and RT recelvln8 a stlpend and accommodatlon. The centre also relles on volunteers and Is dedicated purely to the publlc beneflt. ACHIEVEMENTS & PERFORMANCE Slnce purchaslng the property In 2006 the Centre has refurblshed and converted the interlor spaces to serve the function of the Charlty In provldlng classes and courses In Meditstion and Modern 8uddhlsm. A new medltstion room was opened In 2013 with funding support from the National Lottery. In addltlon the Centre contlnues to provlde, malntaln and upgrade faclllties for resldential use of the bulldlng Includlng all aspects of Health and Safety and Flre Regulatlons A three sts8e Bulldlng Development Project Is In progress seelng extenslve upgrade5 to the Interlor and exterlor Df the bulldln8. The flrst stage of the projert was Completed In 2021 Induding essential Intemal and external repalrs. The flrst sta8e was malnly funded through a development loan from the NKT-IKBU and some contrlbution from the Centre's own reserves. The Dirertors are grateful to Kadampa Medltation Centre Wales Annual Trustees Report 2023 NKf-IKBU for thelr support. The Centre contlnues to beneflt from a number of generous donatlons from Indlvlduals. The flrst stsge of the Bulldlng Development Programme was completed In 2021. DEVELOPMENT OF KADAMPA MEDITATION CENTRE WALES IN 2023 L Bulldln8 Development During 2022 and 2023 detalled planning has been undertaken to prepare for the second sta8e of the projert which comprises a more extenslve programme af external repalrs and further internal Imprnyements induding: > Renovatlon of the exterlor of the bulldln8 to herltage standards Includlng new ralnwater goods. repalrs to stonework and render In Ilme mortar, repalrs to roots and chlmneys. renovallon of exterlor woodwork, restoration of hi8h level stonework. > Redecoratlon of the communal lounge wlth a new kitchenette > Re-decordtlon of the Medltatlon Hall Re-decoratlon and brln8lng back Into use two small guest rooms whlch have been unusable due to untreated damp. New furnlture and fittlngs to complete the upgrade to a modern. attractlve and publlcly accesslble loun8e. Refurblshment of the laundry room > Reallgnment of the entrance to the slte Includlng relnstatement of gateposts whlch were preylously removed due to damage, soft13ndscaplng and slgnage. In December 2023 KMC Wales Installed a new boiler and heatin8 System. This was financed by Interest free loans and donatlons from the KMC Wales communlty. The Managers and Dlrectors are extremely grateful for thls flnanclal support. 2. Speclal Events In Febwary 2023, KMC Wales welcomed Gen Kelsang Rabten to Swansea for a hlghly successful evenin8 tslk at the Bran8wyn Hall wlth a total of 150 people attendln8. The talk was followed by day course at KMC Wales wlth 37 people attendlng. KMC Wales hosted it's annual Resldential Away Retreat at Na8arJuna Kadampa Medltation Centre In March 2023 with 23 attendees enjoylng a beautiful weekend away In Northamptonshlre. In Aprll, KMC Wales hosted It's annual empowerment weekend wlth Resldent Teacher. Kadam Paul Jenklns. A total of 48 people attended a very enjO￿dble Saturday course and retreat on the Sunday. Kadampa Medltatlon Centre Wales Annual Trustees Report 2023 September 2023 saw KMC Wales open It's doors for another successful Open Day. Thls free event. ran In conjunrtlon wlth CADW'S annual Open Doors month, glves local people a chance to experien￿ the beautiful Vlctorlan bulldlng that Is home to KMC Wales. The day Includes tours of the propety free 8uided medltatton 5esslons In both Welsh and English and complimentsry refreshments are served throughout the day. In November 2023 the Centre hosted the Welsh Dharma Celebratlon wlth Kadam Brldget Heyes. The event proved to be very successful with 56 people attendlng. On the evenlng before the celebratlon. 72 people attended an evenlng tslk wlth Kadam Brldget at the Brangwyn Hall. aasses and Courses KMC Wales Educatlon Programme Is offered both In person and onllne. The number of In-person attendees at dasses and courses both at the centre and It's branch classes saw a sharp increase In numbers in January wlth a correspondlng rlse In Income whlch is indlcated In the accounts below. This evened out in Spring of 2023; however classes and courses have sustained good numbers throughout the year. KMC Wales membershlps have remalned stable wlth numbers of around 60 people ￿￿Ing for regular monthly study membershlps by stsndlng order and subscrlptlon. The centre's Study Programmes contlnue to thrlve wlth a stable number of students attendlng The TeatherTrdinln8 Programme and The Foundatfon Pro8ramme. KMC Wales contlnues to offer outreach work wlth local schools. buslnesses and charltles by offerlng meditstion and mlndfulness workshops and worklng closely with the Standing Advlsory Counclls on Religious Education (SACRES) by offerln8 SUPPOrt for the Rell8lous studles currlculum. 4. Resldent: There has been full and stsble occupancy throughout the year. 5. Volunteers Ouring 2023 KMC Wales has contlnued to develop opportunltfes for people to volunteer. The delivery of the Centre's Educatlon Programme Is hl8hly rellant on the kindness and dedication of volunteers. Opportunltfes to volunteer are actlvely promoted through bl-annual email newsletters. publicity and soclal medla. In Sprln8 and Autumn 2023 the Centre hosted two Centre Cherishin8 Day5 With over twenty volunteers attendlng the centre on each occaslon. Thls Is an opportunity for the communlty and volunteers to come together to cherlsh the bulldlng and spend tlme together. 6. SACRE Kadampa Medltation Centre Wales Annual Trustees Report 2023 The Centre contlnues to be represented on the Swansea SACRE (Standlng Advlsory Councll for Rellglous Educatlon) offerlng advlce on Buddhlsm In the school currlculum. PLANS FOR 2024: The maln focus In 2024 wlll be on completlng the Internal and external works detslled above whlle maintalnlng our expandln8 educatlon pro8ramme. We plan to develop new classes across the reglon and offer pop-up events to stlmulate new Interest and make new connectlons. KMC Wales alms to contlnually expand Its volunteer base and attract more people to enjoy both the education and volunteer pro8rammes. Gen Kelsang Domylng has been Invlted to tsach In February 2024, we also plan to deliver a greater number of events Outslde the centre, at attractlve external venues, tsrgeting new and larger audlences. The Welsh Dharma Celebratlon will be held at the Centre In December 2024, with Kadam Brldget Heyes, the UK National Spirltual Dlrector of the NKr granting the blessing Empowerment of Buddha Vajrapani. Further inforniatlon about all our events can be found at www.medltatlonlnwales.org. HNANCIAL REVIEW The tharivs finandal posltlon Is good wlth total reserves at the end of the year of £379,127. Reserves are described in note 4 and £6,749 of the total was restricted. The charity had a deficit for the year of £1.603 and cash balances at year end of £39,589. DIRECTORS AND THEIR INTEREsrs ThL)se who served a5 Dlrertors durln8 the year ar£11sted on Page 3 of Ihls report. The company Is limtted by guarantee and as such has no share capltal. Faye Johnson Is a Palllatfve Care Consultant who has been a Buddhlst for many years. Malcolm Woodfield Is a support worker; he has been a Buddhist for twenty years. Kelsang Droljang Is the ex-offlclo Dlrector and also serves as the Admln Dlrector at Kadampa Medltatfon Centre London. She has been a Buddhlst for twenty nlne years. Deborah Bence has been a long stsndlng member of KMC Wales and has previously served as Educatlon Programme Co-ordlnator. She has been a Buddhlst for over twenty years. lan Kavanagh (Company Secretary) works as a support worker and h35 been a Buddhlst for eighteen years. Kadampa Medltation Centre Wales Annual Trustees Report 2023 srATEMENT OF TRusfEES' RESPONSIBILITIES The tharlty trustees (who are also the dlrector5 of the Charlty for the purposes of Compary law) are responslble for preparln8 a trustees, annual report and financlal statements In accrydance wlth appllcable law and Unlted Klngdom Accountlng Standards (Unlted Klngdom Genernlly Accepted Accountln8 Pracllce). Company law reqylre5 the Charlty trustee5 to prepare financial statements for each year whlch 8lve a true and falr vlew of the state of affairs of the tharitsble company and of the Incomln8 resources and appllcatlon of resources, Including the income and expenditure, of the charlty for that perlod. In preparin8 the financlal ststements, the trustees are required to: • select suitable accounting pollcies and then apply them conslstently; • observe the methods and princlples In the Charltles SORP; make judgements and estlm3tes that are reasonable and prudent; • state whether applicable UK accounting stsndards have been followed, subject to any material departures dlsdosed and explalned In the financlal statements; • prepare the finandal ststements on the goln8 concern basls unless it Is Inappropriate to esume that the charlty wlll contlnue In buslness. The trustees are responslble for keeplng proper accounting records that dlsclose wlth reasonable accuracy at any tlme the financial posltlon of the charlty and to enable them to ensure that the finanaal ststements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charlty and the group and hence taklng reasonable steps for the preventlon and detertlon of fraud and other Irre8ularltles. Approved by the Board .Slgned......... Independent Examlner's Report 2rl¥iiF ..Date..... To the Trustees of Kadampa Medltatlon Centre, Wales Thls Is a report on the accounts of Kadampamedltstlon Centre Wales for the year ended 31 Kadampa Medltation Centre Wales Annual Trustees Report 2023 December 2023, whlch are set out on pages 10 to 14. Respeclfve responslbllltles of trustees and examlner The tharlty's trustees are responslble for the preparatfon of the accounts. The charity's trustees consider that an audlt Is not requlred for thls year under sectlon 144 of the Charltles Act 2011 (the Charities Att) and that an Independent examlnatlon Is needed. It is my responslblllty to: examine the accounts under sertlon L45 of the Charltles Act, to follow the procedures lald down In the general Dlrectlons given by the Charlty Commlsslon (under section 145{5) (b) of the Charltfes Act), and to state whether partlcular matters have come to my attention. Basls of Independent examlner's report My examination was carrled out In accordance wlth relevant general Dlrectlons of the Charltles Commlsslon. An examinatlon Includes a revlew of the accountlng records kept by the charlty and a comparlson of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the accounts, and seekln8 explanatlons from the trustees concernln8 any such matters. The procedures undertsken do not provlde all the evldence that would be requlred In an audlt. and consequently no oplnlon is 8iven on whether the accounts present a "true and fair view". Independent examlner's statement In the course of.￿Y examlnatson, no rnattgr h?$ come to my attention: L whlch 8lves me reasonable cause to belleve that In any materlal respect the requlrements: o to keep accountlng records In accordance wlth Sectlon 44{1) (a) of the 2005 Act and regulatlon 4 of the 2006 Accounts Re8ulatlons o to prepa￿ accounts whlch accord wlth the accountlng records and comply wlth Re8ulatfon 8 of the 2006 Accounts Re8ulatlons have not been met, or 2. to whlth. In my oplnlon. attentlon should be drdwn In order to enable a proper understandln8 of the accounts to be reached. Signed Date Alistslr Jenkins 14 Shlels Drlve, Fllton, Bristol. BS32 8EA. Kadampa Medltatfon Centre Wales Annual Trustees Report 2023 (A Company Llmlt•d by Guarant•• not havlng a Sharo Capltal) STATEMENT OF FINANCIAL ACTIVITIES For the y•ar •nd•d 31 Decembar, 2023 2023 2022 11.857 ¥ant l Olhff Inc£rfne Chrfl•t4e actlthi'es 4.573 81. Toill Incom• 96,784 74,272 Exp•Thlltw• orL ttatle 8CtMties 98.162 75.380 T¢Aal Exp•rnlllw• 98,387 N•1 (Exp•nw) I IrK¢xn• for tho Year RECOKIUAIION OF FUND8 Urrestrfjct￿ ajnds 380.730 382.063 (Expaise)I tKthe Year {1.￿3) Fwxl• C•rrl•d Forwa rd The accixnpanylng note8 on page8 12 -14 form part ol these flnandal 8latem8nts. 10 Kadampa Medltation Centre Wales Annual Trustees Report 2023 (A Company uMtt￿ by Gu•rant•• not havlng 0 8h•r• Caph41) BALANCE SHEET As at 31 December, 2023 2023 Not•• Unrestrfcted Funds Unrestrtcted Funds XED ASSErs T•vible Assels 570,764 CURRENT ASSErs 11.539 ock 40.453 13.745 CREL¥TORS - Amounts wltNn ono yoar NEf CURR8IT ASSEfs i (UABIUTI ES) 321 CREtITORS - Jrnounts du• after one y•ar Loans rrp dthdcprnent Icran 4,1CIJ 84.T31 89,731 215,591 NEf ASSET3 OF THE CHARITY 3Th127 FUNDS OF THE CHARITY Lhestricted Funds Restricled (prq)aty) F￿d$ 371378 6,749 TOTAL CHARITY FUNDS 3Th127 The accompanylng notes on pages 12- 14 form part of these flnandal statements. For the year endin8 31 December 2023, the company was entftled to exemptlon from audlt under secdon 477 of the Companles Act 2(MJ6. The trustees have prepared accounts In accordance with sectlon 398 of the Companies Act 2￿6 and sertlon 138 of the Charltles Act 2011. These accounts are prepared In accordance with the speaal provlslons of Part 15 of the Companles Act relatln8 to small companles and consth the annual a(￿Unts requlred by the Companles Act 2006 and are for drculatSon to members of the Company. Approved by the board: 11 Kadampa Medltatlon Centre Wales Annual Trustees Report 2023 FA*& Name & posltlon .. bHNJ£o . Sl8ned . . Date....Tr.(I I I IA Comp•ny Umfted by Guarnnteo not havlni a Share Capltal) NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLlaES a) Basls of Preparallon The accounts are prepared under the hlstorlcal cost conventlon. The financial ststements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Financlal Reporting Standard for Smaller Entities publlshed on 16107114, the Flnanclal Reportlng Standard for Smaller Entltles (effettive January 2015) and the Companles Act 2006. Assets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or transactlon value unless otherwlse ststed In the relevant accountlng pollcy note(s). b) Fund Accountlng Unrestrlcted funds are avallable for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been deslgnated for other purposes. The restrlcted fund represents Income and expenses wlth restrlctlons relatlng to Improvlng the freehold property used by the charlty. c) Income Income Is included In the Statement of Flnancial Activities when the charity Is entitled to the Income and the Income can be quantified with reasonable accuracy. Grant Income Is accounted for on an accruals basis: and shown in the financial ststements when the charlty earns the uncnnditinnal ri8ht to funds. 12 Kadampa Medltation Centre Wales Annual Trustees Report 2023 Varlous foms of voluntary Income are recelved by way of educatlon, donatlons and fvndralslng actfvltles. These are Included In full In the Statement of Flnanclal Actlvltles when received. NOTESTOThE FINANaALSTATEMENT5 (CONTINUED) ACCOUNTING POLiaES Icont'd) d) Expendlture Expenditure Is Included In the Statement of Flnanclal Activlties on an accrual basls as a liability is incurred, Including irrecoverdble VAT. Charitable expenditure comprises those costs incurred by the charity In the delivery of its activities, both costs dlrectly attrlbutable and Indlrect support costs. Governance costs Include those costs assoclated wlth meetfng constttutlonal and statutory requirements. prln£lpally accounting and AGM expenses. e) Tanglble Flxed Assets and Depreclatlon Tangible fixed assets are stated at cost less accumulated depreclatlon, where appropriate. Deprecl3tSon Is prnvlded at rates ￿lCulated to wrlte Dff the cost les5 estlmatsd resldual value of each asset over Its expected useful life, as follows: Furnlture & Flttlngs Property Improvements 20% on cost stralght Ilne 20% on cost stral8ht Ilne Assets below £250 and grant funded expendlture are not capitalised, but wrltten off withln expenses. The Trustees do not belleve any assets are Impalred and do not carry out an Impalrment revlew. 13 Kadampa Medltation Centre Wales Annual Trustees Report 2023 NOTES TO THe NNANCIAL STATeMENTS (CONTINUED) 2. FIXED ASSETS Fmh)Id laThl Prnwty SprfrYJleld Flxture8 a a B￿ld1r￿S knpmment• Do￿lopMe￿ FrttitVJ8 TOT Nei boc* wlue 3111212022 531,883 11,457 42,316 327 585,983 Addttlor* 4,422 -12,634 -15,219 Nei value 3111W2023 531,883 570,764 3. CREDITORS. loan The amounts falling due wlthln one year and after more than one year Include: • a commerdal bank loan secured on the freehold property. Interest on thls loan Is Included In the profit and Ioss account and a non