Company Registration Number: 02926933 Charity Registration Number: 1039957 Nagarjuna Kadampa Meditation Centre Financial Statements For the Year Ended 31 December 2023 'AD9ZFU82• 2110812024 COMPANIES HOUSE A17
Nagarjuna Kadampa Meditation Centre Financial statements for the Year Ended 31 December 2023 Contents Legal and Administrative Information............... Report of the Trustees................................................................... Independent Examiner's Report......................................... .. Statement of Financial Activities....................... Balance Sheet.............. Notes to the Financial Statements.....................
Nagarjuna Kadampa Meditation Centre Legal and Administrative Information Directorstrrustees: Jennifer Andrews (resigned 15 April 2024) Andrew Day (resigned 30 November 2023) Jacqueline Firth (resigned 30 November 2023) Petronella Jennifer Georgina Finden (appointed 30 November 2023) Aileen Glen (appointed 30 November 2023) Mary Estelle Cansdale (appointed 15 April 2024) Secretary: Amanda Day Correspondence Address: Thornby Hall Naseby Road Thornby Northampton Northamptonshire NN6 8SW Independent Examiner: David Owens FCA Hawsons Chartered Accountants Jubilee House 32 Duncan Close Moulton Park Northampton NN3 6WL Bankers: Nalional Westminster Bank plc 1 Granby Street Leicester LE16EJ
Nagarjuna Kadampa MedlLqtion Centre Report of the Trustees for the Year Ended 31 December 2023 The management committee present their report and financial statements for the year ended 31 December 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Previous Names On 4 Decembèr 2012 the company name was changed from Nagarjuna Kadampa Buddhist Centre to Nagarjuna Kadampa Meditation Centre. On 7 September 2012 the company name was changed from Nagarjuna Buddhist Centre to Nagariuna Kadampa Buddhist Centre. Governlng Document The Charity is constituted as a company limited by guarantee under the Companies Act and governed by its Articles of Association and is also a registered charity. Appolntment of Trustees Trustees are recruited from within the centre or from other similar centres so that they have knowledge and understsnding of the charity's aims and workings. Each new Trustee is guided by the current Trustees and other members of the organisation, principally the Admin Director and the Resident Teacher who have vast experience within the organisation. Oryanisation The charity is a member of the NKf-IK8U which Is made up of many centres throughout the world with the same objectives. However, they are all independent charities linked only by their objectives and there is no financial dependency allhough funds may pass betreen centres to fulfil aims and objectives. The Trustees The Trustees who served the charity during the year were as follows.. Jennifer Andrews (resigned 15 April 2024) Andrew Day (resigned 30 November 2023) Jacqueline Firth (resigned 30 November 2023) Petronella Jennifer Georgina Finden {appointed 30 November 2023> Aileen Glen (appointed 30 November 2023) Mary Estelle Cansdale (appointed 15 April 2024) Risk Assessment The Trustees have carried out a Risk Management survey which established the major risks to which the Trustees are exposed. On completion of this review, the Trustees established how to mitigate these risks and implement a process of on-going review. The Trustees consider that they have in place proper prOdureS to meet the risks identified.
Nagarjuna Kadampa Meditation Centre Report of the Trustees for the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES Objects The objects of the charity are to promote the Buddhist Faith under the spiritual guidance of the elected Spiritual Director of the New Kadampa Tradition-lnternational Kadampa Buddhist Union {Nlff-IKBU) principally through activities of teaching, study, practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyatso, the founder of the Nlff-IKBU through the continuous implementation of the three NKT Sludy Programmes,. the General Programme, the Foundation Programme and the Teacher Training Programme. Aims and Activities The charity aims to provide tranquillity to enable students to study. practice and observe the moral discipline as set out in the objects and Ihis has been achieved so far by establishing Nagarjuna KMC at Thornby and Leicester and donating funds to the Internalional Temples Project as run by the NKT-IKBU. The International Temples Project aim is to introduce the Buddhist Faith of the New Kadampa Tradition publicly throughout the world. Volunteers The charity has many volunteers both from the local community and Ihe residents at the Centre, which are essential for the running of the charity and are involved in all aspects of the charity from helping in the World Peace Cafe to cleaning and administration. ACHIEVEMENTS AND PERFORMANCE The spiritual activities at our centres have continued to grow and flourish senrfing the local, national and international communities and are special buildings dedicated to world peace. Thornby Centre Kadam Bridget Heyes is the resident teacher at the Thornby Centre and NKf-IKBU National Spiritual Director for the UK. She teaches at the Thomby Centre. throughout England and Ireland. Thornby Centre has two meditation rooms - a large meditation hall in a separate building seating 70 people and a meditation room in the main building seating 45 people. The ntre is open 7 days a week with 17 acre5 of grounds for people to enjoy and the World Peace Café is open daily from 11am to 4pm. The Thornby centre provides General Programme classes trwo times a week and lunchtime classes every weekday. The Morning Teacher Training Programme is held t4Yice a week, whilst both the evening Foundation Programme and Sunday Foundation programmes are held once per week. Branch General Programme classes have successfully been in the surrounding towns of Market Harborough, Northampton. Coventry and Daventry with good attendance being noted. In addition to the study programmes, Nagarjuna KMC Thornby provides an exlensive range of half day and day courses, weekend and week relreats, meditalions and afternoon teas, as well as evening meditations followed by a three course meal. A fundraising Summer Fete and Winter Fayre are held annually in July and November with over 1,000 people attendin9 with live music, meditations, food and stalls for visitors to enjoy. The centre also hosts regular visiting Kadampa centre retreats, providing the accommodation and meditation space for their away weekends.
Nagarjuna Kadampa Meditatlon Centre Report of the Trustees for the Year Ended 31 December 2023 Thomby Developments The meditalion hall has been renovated with new insulation throughout including re-building the shrine. Fundraising is taking place to repair and restore the Collyweston roof in the main building. Up-grading works conlinued with refurbishment of resident's accommodation in the main building and insulation to improve the heating efficiency. Leicester Centre Kadam Chris Heyes is the resident teacher at the Leicester Centre and International Kadampa Buddhist artist, leading the Art Workshop at the Northamptonshire centre. The Leicester Centre is located in the heart of the city within the shopping and café district. The centre has two meditation rooms - a large meditation room on the ground floor seating over 150 people and a meditation room located in the basement seating 30 people. The Leicester centre provides three General Programme classes per week, weekday lunchtime classes and a Foundation Programme which is held one evening per week. The centre also has a large World Peace Café, which is popular with the community of Leicesler. In addition to the study programmes, Nagarjuna KMC Leicester provides an extensive range of half day and day courses, retreats, meditations and evening meditations followed by a three course meal. Lelcester developments A new camera was provided for online classes in the meditation roorn to replace a previously stolen item. Phased refurbishment works of residents, rooms are being carried out. Both centres have an active local community relations team with school, work and voluntary group visits wishing to leam more about Buddhist philosophy and meditation. FINANCIAL REVIEW ReseThas The Trustees consider that a level of free reserves should be retained in liquid funds equivalent to cover up to three months overhead expenditu . These reserves are to be held in order to maintain the basic operations of the charity and to provide some surety against adverse financial events, such as income targets not being achieved or unexpected expenditure. Investment Policy The Trustees consider that minimal risk should be undertaken regarding investments and consequently have a policy to place funds on deposit only to earn interest. Approved by the Trustees on and signed on their behalf by Petronella Finden Date
Nagarjuna Kadampa Meditation Centre Independent Examinerfs Report to the Trustees of Nagarjuna Kadampa Meditation Centre For the Year Ended 31 December 2023 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023, which are set out on pages 6 to 14. Responsibilities and basis of report As the Irustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the .2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent aMInaS report Since the company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe.. (1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Acl, or (2) the accounts do not accord with those accounting records,. or {3) the accounts do not comply with the accounting requirements of seclion 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or (4) the accounts have not been prepared in accordance with the methods and principles of the Statemenl of Recommended practice for accounling and reporting by charities applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 9$•+15 David Owens FCA Hawsons Chartered Accountants Jubilee House 32 Duncan Close Moullon Park Northamplon NN3 61AIL Date..
Nagarjuna Kadampa Meditation Centre Statement of Financial Activities for the Year Ended 31 December 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricied funds Notes Income and endowments from: Donations and legacies Other Irading activities Income from inveslments Income from chartiable activites Other income 30,370 222,709 476 475,428 1,314 30,370 222.709 476 475,428 1,314 58,212 198,901 138 533,956 1,461 Total Income and endowments 730,297 730.297 792,668 Expendlturo on; Raising funds Charitable activites (100,969) (566,613) (100,969) (566,613) (105.133) (535,773) 819 Total oxpendltur? (667,582) (667,582) (640.906) Transfer between funds Net income 62,715 62.715 151,762 Reconclllation of funds Total funds broughl fOard 1.818,816 7,719 1,826,535 1,674,773 Total funds carrled forward 1,881,531 7,719 1,889.250 1,826,535 All of the above amounts relate to continuing activities. There are no recognised gains or losses other than'those in the statement of financial activities. The notes on pages 8 to 14 form part of these financial statements.
Nagarjuna Kadampa Meditation Centre Balance Sheetas at 31 December 2023 Notes 2023 2022 Flxed assèts Tangible assets 13 4,056.462 4,026,704 Current assets Debtors Other debtors Cash at bank and in hand 14 15 3.800 35.000 99,058 4,843 35,000 132,200 137.858 172,043 Current liabilities Amounts falling due within one year 16 (103.108) (101.603) Nel current assots 34.750 70,440 Total assets less current liabilties 4,091.212 4,097,144 Long temi Ilabities Amounts falling due after more than one year 17 <2,201.962) (2,270,609) Net asset8 1,889,250 1,826.535 Funds Restricted funds Unreslricled funds 7.719 1,881.531 7,719 1,818.816 19 1,889.250 1,826,535 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These fi ncial statements were approved by the Board of Trustees and are signed on their behalf by.. Petronella Finden 14 1031t Company registration number 02926933 The notes on pages 8 to 14 form part of these financial statement5.
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2023 Accounting policies Basis of accounting The financial statements have been ppared in accordance with 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 1st January 2015) Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The centre conslitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy nole(s). The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concem. The Charity has taken the available exemplion under the Charities SORP {FRS 102) Update 8ulletin 1, as a smaller charity, to not prepare a Statement of Cash Flows. Incoming resources Donations are recognised in the accounts when it is known that they will be received. Gifts donated for resale are included as income when they are sold. Donated assets are included at value where this can be quantified and a third paty Is bearing the cost. The value of services provided by volunteers is nol quants'fied and is not included in the accounts. Grants are recognised in the accounts when it is known that they will be received. Fund accounting . The charity maintains various type5 of funds as follows: Restricted funds - these represent monies received that were allocated by the donor for specific purposes. Unrestricted funds Committee. these represent income that is expendable at the discretion of the Management Endowment funds - these represent income that the Trustees have allocated to be used for specific purposes. Resources expended and basls of allocatlon of costs Expenditure Is recognised in the period in which it is incurred. Resources expended are allocated directly to the particular activity to which the cost relates. Governance costs represent direct expenditure on the governance of the Centre. Fixed assets Deprecation is calculated so as to write off the cost of an asset, less it estimated residual value, over the useful economic life of that assets as follows= Freehold propety Fixtures, fittings and equipment Motor vehicles 1°/0 Straight line 15- 25% reducing balance 25 /0 reducing balance Deprecation is allocated on a 25Yo to fundraising costs and 750fi to accommodation costs basis.
Nagarjuna Kadampa Meditstion Centre Notes to the Financial Statements for the Year Ended 310ecember 2023 Donations and legacies Unrestricted funds Restricted fund$ 2023 Total 2022 Total Donations - Leicester Donations - Thomby Grant income - Thornby Grant income - Leicester 1.415 26,817 358 1,780 1,415 26.817 358 1.780 5,676 49,905 2,631 30.370 30,370 58.212 Income from other trading activities Unfestrlcted funds R•slricted funds 2023 Total 2022 Total Shop. café and artsIrk income Fundraising events 214.284 8,425 214,284 8.425 193.858 5,043 222,709 222,709 198.901 Income from investments Unrestrlcted fund¥ Restrlcted funds 2023 Total 2022 Total Bank InteSt receivable 478 476 138 478 476 138 Income from charitable activities Unrestricted lunds Restricted funds 2023 Total 2022 Tolal In¢ome from rent and accommodation Income from course and study fees 292,883 182,545 292,883 182.545 302.852 231,104 475,428 475,428 533,956
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2023 Other income Unrestricted funds Restricted funds 2023 Total 2022 Total Miscellaneous in¢ome 1,314 1.314 1.461 1,314 1,314 1.461 Expendlture on ralslng funds Unrestricted funds Restricted fund$ 2023 Total 2022 Total Shop, café and 8rNvork ¢osl8 Fundraising costs 100,446 523 100.446 523 104,676 457 100,969 100.969 105.133 Included in shop, cafè and artwork costs is £2,647 (2022.. £3,155) which relates to the deprecation for the Leicester centre and £12,080 {2022'. £10,975) which relates to the centre at Thornby. Expenditure on charitable activities Unrestricted funds Re8tricted fund8 2023 Total 2022 Total Accommodation and education Donations lo other centres Support costs Accountancy costs VAT partial exemption restriction 515,202 360 31,153 1,125 18,773 515.202 360 31,153 1.125 18,773 483,696 29.900 3,315 13,502 566,613 566,613 535,773 Included in accommodation and education costs is £7,941 (2022.. £9,463) which relates to the deprecation for the Leicester centre and £36,241 (2022: £32,925) which relates to the ntre at Thornby. Expenditure on charitable activities by activity type Unrestricted funds Restricted funds 2023 Total 2022 Total Accommodation and educalion Donations lo olher NKT cenlres 515,202 515.202 360 483,696 5,360 515.562 515.562 489,056 10
Nagarjuna Kadampa Medltation Centre Notes to the Financial Statements for the Year Ended 31 December 2023 10 Net income for the year This is staled after charging: 2023 2022 Depreciation 58.909 56.518 11 Employees The average monthty number of employees during the year was as follows.. 2023 2022 Number of employees 12 12 No employee received remuneration of more than £60,000 during the current or previous year. 12 Trustees, remuneratlon No trustees were paid remuneration or expenses during the year (2022.. none). 13 Flxed assets Flxtur•$, flttings and equipment Freehold propety Motor Vehicles Total Cost Al 1 January 2023 Additions Disposals Al 31 December 2023 4.255,761 76.125 254.415 12,542 27.288 4,537,464 88.667 4.331.888 266.957 27.288 4 626,131 Depreclatlon At 1 January 2023 Disposals Charge for the year At 31 December 2023 290.589 198.337 21.834 510.760 42,945 333,534 14.601 212.938 1.363 23.197 58.909 569.669 Net book value Al 31 December 2023 3.998.352 54.019 4,091 4,056,462 At 310ecember 2022 3.965.172 56.078 5.454 4,026,704
Nagariuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2023 14 Debtors 2023 2022 Trade debtors 2,510 1,290 2.583 2.260 Prepayments 3.800 4,843 15 Other debtors 2023 2022 Loan lo KMC Plymouth 35.000 35,000 35,000 35.000 16 Credltorn: amounts falllng due wlthln one year 2023 2022 Bank loans and overdrafts 71.746 24,324 4,972 69.156 24.845 5,102 Trade creditors VAT Other creditors 103.108 101,603 The following liabilities disclosed under creditors falling due within one year are secured by the charity= 2023 2022 Bank loan5 and overdrafts 71,748 69,156 12
Nagariuna Kadampa Meditation Centre Notss to the Financial Ststements for the Year Ended 31 December 2023 17 Creditors: amounts falling due after more than one year 2023 2022 8ank loans and overdrafts Olher creditors 2.021.503 180.459 2,093.248 177,361 2,201,962 2.270.609 The following liabilities disclosed under creditors falling due after one year are secured by the charity. 2023 2022 Bank loans and overdrafts 2 021503 2,093.248 Included within creditors falling due after more than one year is an amount of £1,789,732 (2022. £1,869,847) in respect of liabilities which fall due for payment after more than five years from the balance sheet date. 18 Restricted funds Balance at 1 January 2023 Balance at 31 December 2023 Income Expenditure Transfer Art Workshop 7,719 7.719 7,719 7,719 Art workshop - this fund has been set up for the conversion of the garage into an Art Workshop for the painting of Buddha statues. 19 Unrestrlcted funds Balanrx at Balance at 1 January 2023 31 December Income Expendilure 2023 General fund 1,818,816 730,297 (667,582) 1.881.531 1,818,816 730,297 (667,582) 1.881.531 13
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2023 20 Anatysis of net assets between funds Tangible fixed assets Long lem liabilites Assets Total Restricted funds.. Art Workshop 7,719 7,719 Unrestricled funds 4,056.462 27.032 {2.201,962) 1,881,531 Total funds 4,056,462 34,750 (2,201,962) 1.889,250 21 Company Limlted by guarantee The company is limited by guarantee whereby in the event ofwinding up each member being a member at the time of winding up or within one year of this event promises to pay an amount as demanded not exceeding £10 to be used to pay the liabilities of the charity together with the costs of winding up. 14