NKT- IKBU Kadampa Meditation Centre Wales A company limited by guarantee Annual Trustees Report and Financial Statements 31" December 2024
Kadampa Meditation Centre Wal88 Annual Trustee8 Report 2024 Reglstwed charfty numbw 1039234 Registwed cory)ary numb8T 2869366 In England and Wales A momb8r of the Kadampa Tradbtlon . Intematlonal Kadampa Buddhlst Unlon Index Page Table of ntent8 Report of the Trustee3 ststement of Trustee's Responslbilitles Independent examine¢s report 9-10 ststwnent of Financial Activitles 11 Balance Sheet 12 Notes to financial statements 13-15 Income and Expenditure 16
Kadampa Meditatlon Centre Wales Annual Trustees Report 2024 REPORT OF THE TRUSTEES The trustees submlt thelr report and un8udited financlal statements of the company for the year ended 31st December 2024. MANAGEMENT AND ADMINISTRATION The following details the Direttors and Trustees durln8 2024. COMPANY SECRETARY lan Kavanagh lappointed 7 Septeniber, 2019) CURRENT DIREcfoRsmusTEES: th Kelsang DrolJanE (ex-officlo, appolnted 13 December 20201 Reslgned 29102124) Kelsang Phacho8 (ex-officlo, appointed 29/02124) th M5 Ftye Johnson (appolnted 26 June 2022) th Mrs. Deborah Bence (appointed 17 September 2023) REGISTERED OFFICE SPRINGFIELD, FFYNONE ROAD UPLANDS, SWANSEA, SAI 6DE REGISTERED NUMBER 2869366 CHARITY NUMBER 1039234 GOVERNING DOCUMENT The organlsation Is a company Ilmlted by guarantee and a reglstered charlty. The company's governin8 documents are Its Memorandurn of Associatlon and Articles of Assoclatlon. RECRUITMENT & APPOINTMENT OF NEW TRUSTEES The Directors of the company are also charlty trustees. The Trustees retlre by rotatlon and are eligible for reappolntment at the AGM. Any member who wlshes to stand may do so. On 13 December 2020, the Charlty formally resolved to adopt a new Constltutlon (Memorandum of Associatlon and Artlcles of Assoclatlon), whlch resulted In the then Dlrectorsnrustees reslgnin8 and new Dlrertorsnrustees being appolnted. Apart from the ex-officlo Dlrectornrustee. the term of office for Dlrectorsnrustees Is up to the thlrd AGM after thelr appolntment. The trustees may retlre at any stage durlng thelr term of office. Any member who wlshes to stand may do so. OBJEcnvES AND AcfiviTIES
Kadampa Medltatlon Centr8 Wale8 Annual Tru8t888 Report 2024 The objects of the Charlty (Trhe Objects.) ère to promote the Buddhlst Falth under the splrltual guldance of the eletted General Splrltual Dlrector of the New Kadampa Tradltlon - Internatlonal Kadampa Buddhist Union INKT - IKBU) prlnclpally through the attivltles of teachlng, study, prattice •nd observance of moral disciplSne all withln the Mahayana Buddhlst tradltlon of Atlsha and Je Tsongkhapa as taught by Venerable Geshe Kels3n8 Gyatso, the Founder of the New Kadampa Trnditlon - Internatlonal Kadampa Buddhlst Unlon, throu8h the contlnuous Implementatlon of the three New K8dampa Tradltlon Study Pro8rammes: the General Prografflme, the Foundatlon Programme ènd Teacher Tralnln8 Pro8ramme. BACKGROUND The Charty has a large Grade-11 Ilsted detached property In the conservatlon area of Ffynone, Swansea. The property has fourteen bedrooms, three receptlon rooms (used for loun8e/cafe, meditation room and office), and a basement. The maln sources of Income are people rentln8 rooms and people attendlng classes and courses. The General Pro8ramme classes are prlced at £7. aasses are run across South. West and Mld Wales. Classes and courses are sultable for everyone, irrespective of age. gender. race or rell8lon and teach how to medltate and apply Buddha's teachlngs to modem daily lives. The Certre is part of the New Kadampa Tradltlon Internatlonal Kadampa 8uddhlst Unlon. network of Centres throu8hout the world that practlce Kadampa Buddhlsm, founded by Venerable Geshe Kelsang Gyatso. The Centre Is run by an Admln Dlrector, a Resldent Teacher (RT), an Educatlon Programme COrdInatOr (EPC), and a Treasurer, the former recelving accommodatlon and the EPC nd RT receiving a stlpend and accommodatlon. The centre also relles on volunteers and Is dedicated purely to the publlc beneflt. ACHIEVEMENTS & PERFORMANCE Since purthaslng the property In 2006 the Centre has refurblshed and converted the Interlor spaces to serve the functlon of the Charlty In provldlng classes and courses In Medltatlon and Modern Buddhism. A new meditation room was opened In 2013 with fundin8 SUPPOrt from the Natlonal Lottery. In addition the Centre contlnues to provlde, malntaln and up8rade facllitles for resldentlal use of the bulldlng Includln8 all aspects of Health and Safety and Flre Regulatlons A three stage Bulldlng Development Projert Is In progress seelng extenslve upgrades to the Interlor and exterlor of the bulldln8. The flrst stage of the project was completed In 2021 Includln8 essentlal internal and external repalrs. The first stage was malnly funded throu8h a development loan from the NKT-IKBU and some contrlbutlon from the Centre's own reserves. The Dlrectors are gratefvl to NKf-IKBU for thelr support. The Centre contlnues to benefit from a number of generous donatlons from indlvlduals. The first stage of the Bulldln8 Development Programme was completed In 2021.
Kadampa Meditstion Centre Wale8 Annual Trustees Report 2024 DEVELOPMENT OF KADAMPA MEDITATION CENTRE WALES IN 2024 l. lIdIng Development In early 2024 finènces were secured through a development loan from the NKT-IKBU to commence WO on Stage 2 and Stage 3 of the development projert whlch comprlses a more extenslve pro£ramrne of external repairs and fvrther Internal Improvements Includlng: 11 Renovation of the exterlor of the bulldlng to herlta8e standards Includlng new rainwater oods, repalrs to stonework and render In Ilrne mortar, repalfs to roofs and chlrnneys. renovation of exterior woodwork, restoratlon of hlgh level stonework. Redecoration of the communal lounge with a new kitchenette Re4ecoration of the Meditatlon Hall Rtrdecoration and bringing back Into use two small guest rooms whlch have been unusable due to untreated damp. New furniture and fittings to complete the upgrade to a modern, attractlve and publlcly accessible lounge. Refurbishment of the laundry room Realignrnent of the entrance to the slte Includlng relnstatement of gateposts whlch were previousty removed due to dama8e, soft landscaplng and sl8na8e. Work was completed on redecoratlng the maln kltchen, redecoratlon of the Meditatlon Hall, redecoration of the cornmunal lounge wlth a new kltchenette and new furnlture and fittings to complete the upgrade to a modern, attractive and publlcly accessible lounge. Scaffoldlng was eretted around the exterlor of the buildlng mld 2024 for Sta8e 3 however commencement of work was postponed untll Sprlng 2025. I Spedal Events In February 2024, KMC Wales welcomed Gen Kelsan8 Dornylng tu Swansea for an evenlng talk at the Brangwyn Hall with a total of 56 people attendlng. The talk was followed by a day course at KMC Wales with 21 people attendlng. KMC Wales hosted Its annual Resldentlal Away Retreat at Nagarjuna Kadampa Medltatlon Centre In March 2024 with 21 attendees enjoying a beautlful weekend away In Northamptonshlre. A very successful day retreat at Coed Hllls near Cowbrldge was dellvered with 35 people attendlng. In April, KMC Wales hosted Its annual empowerment weekend wlth Resident Teacher. Kadam Paul Jenkins. A total of 50 people attended In person and online for a very enjoyable Saturday course and retreat on Sunday. June 2024 saw the flrst Medltatlon In the Park event with 25 people attendlng.
Kadampa Medltstion Centre Wales Annual Trustees Report 2024 September 2024 saw KMC Wales open Its doors for another successful Open Day. Thls free event, run In conjunttion wlth CADW'S annual Open Doors month, 8lves local people a chance to experience the beautlful Virtorian building that Is home to KMC Wales. The day Includes tours of the property, free guided meditatlon sesslons In both Welsh and Engllsh and compllmentary refre5hmerrts ère served throu8hout the day. A total of 50 people attended. In December 2024 the Centre hosted the Welsh Dharma Celebratlon wlth Kadam Brld8et Heyes. The event proved to be very successful wlth 54 people attendlng In-person and onllne. aasse5 arKI Courses In 2024, we saw a year-on-year Increase In both class and course attendance, accompanled by a corresponding rise in educatlonal revenue. Throu8hout the year, we contlnued to adapt our programme to meet the evolvin8 needs of our communlty whlle makln8 the most of our teachln8 resource5. All dasses and courses at the Centre were also made avallable onllne, allowing those unable to attend In person to stay connected and benefit from the teachlngs. KMC Wales membershlps have rernalned stable wlth numbers of around 60 people paylng for regular monthly study membershlps by standlng order and subscriptlon. The centre's Study Programmes continue to thrive with a stable number of students attendln8 The Teacher Tralnlng Programme and The Foundatlon Programme. In addition to our regular artlvities at the Centre, we malntalned weekly classe5 In Port Talbot and Cardiff, delivered three-week serles In Cowbrld8e and Lampeter, and held Saturday courses In Narberth, Cardrff. Merthyr, and Ammanford. 4. Resldents: There has been full and stable occupancy for most of 2024 except for a two month gap between one resident moving out and another movln8 In. S. Volunteers During 2024 KMC Wale5 has contlnued to develop opportunitles for people to volunteer. The delivery of the Centre's Education Programme Is hl8hly reliant on the kindness and dedlcation of volunteers. Opportunities to volunteer are actively promoted through bl-annual email newsletters, publiaty and social rnedia. In Sprlng and Autumn 2024 the Centre hosted two Centre Cherishing Days with over twenty volunteers attendlng the centre on each occaslon. Thls Is an opportunity for the community and volunteers to come together to cherish the bulldln8 and spend time tO8ether. 6. SACRE KMC Wales contlnues to offer outreach work with local 5thools workln8 closely with the Standing
Kadampa Meditation Centre Wales Annual Trustees Report 2024 Advlsory Councils on Rell8lous Educatlon (SACRES) by offerln8 SUPPOrt for the Reli8lous studies curriculurn. PLANS FOR 2025: The main focus in 2025 wlll be on completln8 the external works detalled above whlle malntalnlng our expanding educatlon pro8ramme. We plan to develop new classes across the re8lon and offer pop-up events to stlmulate new Interest and make new connectlons. Plans are In place to dellver more away day retreats In external venues across South Wales. KMC Wales aims to continually expand Its volunteer base and attrart more people to enjoy both the education and volunteer programmes. Gen-la Kelsang Khyenrab has been invited to teach In June 2025; we also plan to deliver a greater nurnber of events outside the centre, at attractlve external venues, targeting new and larger audlences. The Welsh Dharma Celebration wlll be held at the Centre In December 2025, wlth Kadam Brld8et Heyes, the UK Natlonal Splrltual Dlrertor of the NKr 8rantln8the blesslng Ernpowerment of Buddha Vajrapanl. Further infonnatlon about all our events can be found at www.medltationlnwales.org. FINANCIAL REVIEW The charitfs financial position is good with total reserves at the end of the year of £382,399. Reserves are descrlbed in note 4 and £1,000 of the total was restrlcted. The charity had a surplus for the year of £3,272 and cash balances at year end of £39,799. DIREcfoRS AND THEIR INTERESTS Those who served as Dlrectors durln8 the year are listed on Pa8e 3 of thls report. The company Is Ilmited by 8uarantee and as such has no share capltal. Faye Johnson Is a Palllatlve Care Consultant who has been a Buddhlst for many years. Kelsang DrolJan8 Is the ex-offlclo Dlrertor and also serves as the Admln Dlrector at Kadampa Meditation Centre London. She has been a Buddhlst for twenty nlne years. As above she stepped down In February 2024. Kelsan8 Phacho8 Is the new ex-offlclo Dlrector and also serves as the Admln Dlrector at Madhyamaka Kadampa Medltation Centre. Deborah Bence has been a lon8 Standing member of KMC Wales and has previously served as Education Programme Co-ordinator. She has been a Buddhist for over twenty years.
Kadampa Meditation Centre Wales Annual Trustees Report 2024 lan Kavanagh (Company Secretary) works as a support worker and has been a Buddhlst for el8hteen Years. STATEMENT OF TRUSTEES. RE5PONSI8ILITIES The charltytrustees (who are also the dlrectors of the Charlty for the purposes of Company law) are responslble for preparln8 a trustees, annual report and flnanclal statements In accordance wlth appllcable law and Unlted Kln8dom Accountlng Standards (Unlted Kln8dom Generally Accepted Accountlng Practlce). Company law requlres the charlty trustees to prepare financial statements for each year whlch 8lve a true and falr vlew of the state of affalrs of the charltable company and of the Incomlng resources and appllcatlon of resources, Includlng the Income and expendlture, of the charlty for that perlod. In preparlng the financlal statements, the trustees are requlred to: • select sultable accountln8 pollcles and then apply thern conslstently; observe the methods and prlnclples In the Charltles SORP; • make judgements and estlmates that are reasonable and prudent; state whether appllcable UK accountln8 Standards have been followed, subject to any material departures dlsclosed and explained In the financlal statements; prepare the financlal statements on the 8oln8 concern basls unless It Is Inapproprlate to presume that the charlty wlll contlnue In buslness. The trustees are responslble for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charlty and to enable thern to ensure that the finanaal staternents comply wlth the Companles Att 2006. They are also responslble for safeguarding the assets of the charfty and the group and hence taklng reasonable steps for the prevention and detectlon of fraud and other Irregularitles. Approved by the Board .Slgned........
Kadampa Medltatlon Centre Wales Annual Trustees Report 2024 Independent Examlner's Report To the Trustees of Kadampa Medltstlon Centre. Wales Th15 55 3 report on the accounts of Kadampa Medltatlon Centre Wales for the year ended 31 December 2024, whlch are set out on pages 10 to 14. Respertlve responslbllltles of trustees and ex8mln•r The charlty's trustees are responslble for the preparatlon of the accounts. The charlty's trustees consider that an audlt Is not requlred for thls year under sectlon 144 of the Charltles Act 2011 (the Charltles Act) and that an Independent examlnatlon Is needed. It Is my responslblllty to: examlne the accounts under sertlon 145 of the Charltles Art, to follow the procedures lald down In the general Dlrectlons 8lven by the Charlty Commlsslon (under sectlon 145{5) (b) of the Charltles Act), and to state whether partlcular matters have come to my attention. Basls of independent examlnerfs report y examination was carried out In accordance wlth relevant general Dlrectlons of the Charitles -ommission. An examlnation includes a revlew of the accounting records kept by the charlty and omparison of the accounts presented wlth those records. It also Includes consideratlon of any Jnusual items or dlsclosures In the accounts, and seeklng explanatlons from the trustees concernlng Iny such matters. The procedures undertaken do not provlde all the evldence that would be equired in an audlt, and consequently no oplnlon Is 8lven on whether the accounts present a "true Ind fair view.. rKlependent examlner's statsment i the course of my examlnatlon, no matter has come to my attentlon: l. whlth gives me reasonable cause to belleve that In any materlal respect the requlrements: o to keep accountlng records In accordance with Settion 4411) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulatlons o to prepare accounts whlch accord wlth the accountlng records and comply wlth Regulatlon 8 of the 2006 Accounts Re8ulatlons have not been met, or 2. to whlch, In my oplnlon, attentlon should be drawn In order to enable a proper understandlng of the accounts to be reached.
Kadampa Meditation Centre Wales Annual Trustees Report 2024 Sl8ned Date AlSstalrJenklns 14 Shlels Drlve, Fllton. Brlstol, 8S32 8EA. 10
Kadampa Medltatlon Centre Wales Annual Trustees Report 2024 IA Company Llmltèd by Gu•rnnte• not havlng a Shar• Capltall STATEMENT OF FINANCIAL ACTIVITIES Forthe year ended 31 December, 2024 2024 2023 Resirtcled UThrnslrfcled Tdal 3,831 11,623 84,053 99,507 6,831 11.623 84,053 11.857 2.964 Gr•nt lfteune Charft8ble •etl4tles Tol•l IrKom• 102,507 96,784 Exp•n¢Jtur• on: ChaTit•tAe actiiities CXh•r 8.749 gJ,211 275 90,486 98.162 225 8,749 Totsl EKp•ndlts• 99,235 98,387 Il•t (E¥p•rNI) I Ineom• for th• Yoar RXOIKIUATION OF FUNDS lknrestrfcted fvnds Restrfd¢d Ity> Funds 372.378 6,749 380.731 379,127 380,731 (EXWM) l knctyne the Y 3,272 (1,603) F15 Carrf•d Forward 379 127 The accompanying notes on pages 12- 14 form part of these finandal statements. 11
Kadampa Medlt8tlon Centre Wales Annual Tru8tee8 Report 2024 IA Ctynpny Llmft•d by Gu•rnnt•• Iiot a Sh•rn Capftal) BALANCE SHEET As at 31 December, 2024 2024 Nol•• Unreglrf¢t•d Fundj Unregtslcled Fwd* X& AS$Ers T•ngWe Agsets 022.185 570.764 (a%h at Bank ,799 221 Sti¢k 42,121 40,453 IELYT(XtS - Arno du• wlthln OM y•ar IET CiIiR84T ASSEfs i fvlABILITIES) 59,602 607.795 LTrEtXTCIIS - Am04mts due after one year Personal Loans Irp dthelownefrt lo B•nk L% 15.500 137,731 89,731 277,204 IEf A88£TS TK CIL4RITY 379 127 Lknfestsicted Funds Restn'cted (prwy) Ftsnds 381,399 372,378 TOTAL CHARITY FIJ 379 127 The accompanylng notes on page8 12 -14 form part of these flnandal Statements. For the yew ending 31 December 2024, the company was endtled to exemptlon from audlt under se(Xlon 477 01 the Companles A(a 2006. The trustees have prepared accounts In accordance Viith sedlon 398 of the Companles Ad 2006 and $eclion 138 01 the CharlU88 Act 2011. These accounts are prepared In accordance with the spedal provislons ol Part 16 of the Companles Acl relatlng to Small companles and constitute th8 annual accounts requlred by the Companies Acl 2006 and arè for cJrcul8tlon to members of the company. Approved by the board: Namelposltlon Slgned . 12
Kadampa Meditstion Centre Wales Annual Trustees Report 2024 IA Company Umlt•d by Gu•rnnte• not havlnq a Sharn Capltal) NOTESTO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES a) B•sls of pretIon The èccounts are prepared under the hlstorlcal cost conventlon. The financial statements have been prepared In accordance wlth Accountlng and Reportln8 by Charitles: Statement of Recommended Practlce appllcable to charltles preparln8 thelr accounts in accordance wlth the Flnanclal Reportln8 Standard for smaller Entltles published on 16107114, the Flnanclal Reportlng Standard for Smaller Entitles (effectlve January 2015) and the Companles Act 2006. Assets and Ilabllltles are Inltlally recognlsed at hlstorical cost or transattion value unless otherwlse stated In the relevant accountlng poliry notels). b) Fund Accountlng Unrestricted funds are avallable for use at the dlscretlon of the Trustees In furtherance of the general objettives of the charlty and whlch have not been designated for other purposes. The restcted fund represents income and expenses wlth restrlctlons relatlng to Improvln8 the freehold property used by the charity. c) Income Income is Included In the Statement of Flnanclal Actlvftles when the charlty Is entitled to the income and the Income can be quantlfied wlth reasonable accuracy. Grant Income Is accounted for on an accruals basls; and shown In the financlal statements when the charity earns the uncondltlonal rlght to funds. Varlous forms of voluntary Income are recelved by way of education, donatlons and fundralslng artlvitles. These are Included In full In the statement of Financial Activities when recelved. 13
Kadampa Medltatlon C6ntr6 Wale8 Annu81 Tru8tee8 Report 2024 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ACCOUNTING POUCIES (Cont'd) d) Expendlturn Expendlture Is Included In the Statement of Flnanclal Attlvltles on an accrual basls as liablllty Is Incurred, Includlng Irrecoverable VAT. Charltable expendlture comprlses those costs Incurred by the charlty In the dellvery of Its ctlvlties. both costs dlrertly attrlbutable and Indlrect support costs. Governance costs Include those costs assoclated wlth meetlng constltutlonal and statutory requirements, prlnclpally accountln8 and AGM expenses. e) T•nglble Flxed Assets and Depreclatlon Tangible fixed assets are stated at cost less accumulated depreclatlon, where approprlate. Depreaation Is provlded at rates calculated to wrlte off the cost less estlrnated resldual value of each asset over Its expected useful Ilfe, as follows: Furniture & Fittln8S Property Improvements 20% on cost stral8ht Ilne IO% on cost stralght Ilne Assets below £250 and grant funded expendlture are not capftallsed, but wrltten off withln expenses. The Trustees do not belleve any assets are Impalred and do not carry out an Impairment revlew. 14
Kadampa Meditatlon Centre Wales Annual Trustees Report 2024 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2. FIXED ASSETS Frn•h)Id l•rwJ Proporty & Bull(1n ImpDwment8 FIxrnI & Flttlw• TOTAL N8t look 3111 ¥20ZJ 531,883 38,717 070,784 2,110 61,707 -9.831 -10,286 Nèt IK>ok value 3111212024 531,883 1,819 622,186 3. CREDITORS- loan The amounts falling due wlthln one year and after more than one year Include: a commerclal bank loan secured on the freehold property. Interest on thls loan Is Included In the profit and loss account and a non-commerclal development loan (ITS development) whose repayment terms are flexlble, Interest free and unsecured personal loans from members and Indlvlduals whlch are Interest free and unsecured Other Creditors within one year Includes rent bonds, amounts due back to tenants upon satlsfactlon of the departure criterla. 4. RESERVES Opon Balanc Income Expenses Tran8tsrn Closo Bala LhYestrfct•d 372.378 90,488 381.399 Restrfcied (pertY ImDne9} 8,749 8,749 TOTPL 379,127 101607 91235 The restrlrted reserve represents monles yet to be spent on property Improvements. S. SHARE CAPITAL The Company Is limlted by guarantee havlng no share capltal. 15
Kadampa Meditation Centre Wales Annual Trustees Report 2024 STATEMENT OF Income and Expendlture Fty theyw •ndod 31 D•¢nb•r, 2024 Tcal Funds Tc¢al Funds Inc(me: 1831 11,857 (>art Incun• 14454 14¥21' ClI1LIe acllvllles Eth¢4tic A¢c(Ynmodati Cth•r fjncl Shcp) 39,417 41,857 37,621 41167 84053 81,963 TLtal IrKome 1tr4507 EXpertye: Caritth a¢tTrities E(Jcati Offwings & Eat[c% sh st(k SingIeld Hkwse UpkeeplMaintenan¢• Sryingleld Hj$8 AccL¥nMIatI Dyociation sPSL¥ShIP Sun(ty l Athiinlstratic Bank chwg85 1 intwost Accwrtancy 14136 14191 7.445 1,870 11,024 1q572 14219 10,298 11,712 4832 225 11,108 14402 10,288 I7.1 10,489 275 T(tsl Expenditsire Net (Expen) I Income for Ihe Year riAs 1& fwm•rngThrt n1 b•4ubny7t eAt•mpffy 16