Company Registration Number: 02926933 Charity Registration Number: 1039957 Nagarjuna Kadampa Meditation Centre Financial Statements For the Year Ended 31 December 2024 *AE9v0HZV' 2710W202S COMPANIES HOUSE
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Nagarjuna Kadampa Meditation Centre Financial statements for the Year Ended 31 December 2024 Contents Legal and Administrative Inforrnation.,,................................................... Report of the Tnjstees......................... ............... Independent Examiner's Report................................ Statement of Financial Activities. Balance Sheet....... . ................ Notes to the Financial Statements.....
Nagarjuna Kadampa Meditation Centre Legal and Administrative Information DirectorslTrustees: Jennifer Andrews (resigned 15 April 2024) Petronella Jennifer Georgina Finden Aileen Glen Mary Estelle Cansdale (appointed 15 April 2024) S8cretary: 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: National Westminsler Bank pl 1 Granby Street Leicester LE16EJ
Nagarjuna Kadampa Meditation Centre Report of the Trustees for the Year Ended 31 December 2024 The rnanagemenl committee present their report and financial statements for the year ended 31 December 2024. STRUCTURE. GOVERNANCE AND MANAGEMENT Previou¥ Names On 4 December 2012 the company name was changed from Nagarjuna Kadampa Buddhist Centre to Nagarjuna Kadampa Meditallon Centre. On 7 September 2012 the company name was changed from Nagarjuna Buddhist Cenlre to Nagarjuna Kadampa Buddhist Centre. Governing 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, Appointment of Trustees Trustees are recruited from within the centre or from other similar centres so that they have knowledge and understanding of the charily'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 organisalion. Organlsatlon The charity is a member of the NKT-IKBU 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 although funds may pass between 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) Petronella Jennifer Georgina Finden Aileen Glen Mary Estelle Cansdale (appolnled 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 thi5 review, Ihe Trustees established how to mitigate these risks and implement a prOsS of on-going review. The Trustees consider that they have in place proper procedures to meet the risks identified.
Nagarjuna Kadampa Meditation Centre Report of the Trustees for the Year Ended 31 December 2024 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 Tradilion-lnlernalional Kadampa Buddhist Union {NKT-IKBU) principally through activities of teaching. study. practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Alisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyalso, the founder of the NKT-IKBU through the continuous implementation of the three NKT Study Programmes; the General Programme, the Foundation Programme and the Teacher Training Programme. Aims and Actlvltl•$ The charity aims to provlde tranquillity to enable students to study, practice and observe the moral discipline as sel out in the objects and this has been achieved so far by establishing Nagarjuna KMC at Thornby and Leicester and donating funds to the International Temples Project as run by the NKT-IKBU. The International Temples Project is to introduce the Buddhist Faith of the New Kadampa Tradition publicly throughout the world. Voluntr• The charity has many volunteers both from the local community and the residents al 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 aclivilies at our Centres have continued lo grow and flourish serving the local, national and international communities and are special buildings dedicated to world peace. Thornby Centre Kadarn Bridget Heyes is the resident teacher at the Thornby Centre and NKT-IKBU National Spiritual Director for the UK teaching at the Thornby 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 Centre is open 7 days a week wilh 17 acres of grounds for people to enjoy and World Peace Café open daily from 11am to 4pm. The Thornby centre provides General Programme classes two tlmes a week and lunchtime classes every weekday. Morning Teacher Training Programme is held twice a week, evening Foundation Programme and Sunday Foundation programme held once per week. Branch General Programme classes have successfully been in the surrounding towns of Market Harborough, Northampton, Coventry and Daventry wlth good attendance. In addition. to the study programs Nagarjuna KMC, Thornby provides an extensive range of half day and day courses. weekend and week retreats, medilations and afternoon teas, and 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 attending, live music. meditations. food and stalls for visilors to enjoy. This year the Cenlre hosted the Annual NKT-IKBU United Kingdom Dharma Celebration with over 300 people attending, in addition to the regular visiting Kadampa centre retreats, providing the accommodation and meditation space for their away weekends.
Nagarjuna Kadampa Meditation Centre Report of the Trustees for the Year Ended 31 December 2024 Thornby Developments Fundraising is taking place to repair and reslore the Collyweston roof in areas of the rnain building and garage block. Up-grading works continued with refurbishment of resident's accommodation in the main building and insulation to improve the heating efficiency. Lelce8ter Centr• Kadam Chris Heyes is the resident teacher at the Leicester Centre and International Kadampa Buddhist artist, leading the Art Workshop at the Northampionshire cenlre. Leicester Centre is localed in the heart of City within the shopping and café dislricl. The Centre has Iwo meditation rooms a large meditation room on Ihe ground floor sealing over 150 people and a meditation room located in the basement sealing 30 people. The Leicester centre provides three General Programme classes per week. weekday lunchtime classes. Foundation Programme and Teacher Training Programme are 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 programs Nagarluna 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 Phased re-furbishment work5 of residents rooms are being carried out. Both centres have an active local community relations leam with school, work and volunlary group visils wishing to learn more about Buddhist philosophy and meditation. FINANCIAL REVIEW Reserves The Trustees consider Ihal a level of free reserves should be retained in liquid funds equivalent to cover up to three months overhead expenditure. These reserves are to be held in order lo malntain the basic operations of the charity and to provide some surety against adverse financial events, such as income targets nol being achieved or unexpected expenditure. Total income in the period increased to £832,350 (2023.. £730,297), with the most notable movement being an increase in income from charitable activities of 170/0. Tolal expendilure also rose in the year, up to £710.075 (2023: £667,582), bul to a smaller degree compared lo income. This has therefore resulted in net income of £122,275 (2023., £62,715) for the year, an overall increase in net income of 950/0 for the year ended 31 December 2024. There have been no movements to restricted funds in the year, and unrestricted funds have increased from £1,881,531 lo £2,003,806. Investment Policy The Trustees consider that minimal risk should be undertaken regarding investments and consequently have a policy to place funds on depostt only lo earn interest. Approved by the Trustees on and slgned on their behalf by Petronella Finden Date
Nagarjuna Kadampa Meditation Centre Independent Examiner's Report to the Trustees of Nagarjuna Kadampa Meditation Centre For the Year Ended 31 December 2024 I report to the charity Irustees on my examination of the accounts of the company for the year ended 31 December 2024. which are set out on pages 6 to 14. Responsibllities and basis of report As the Iruslees of the charity (and also its dlrectors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wilh 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 independenl 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 examiner's report Since the company's gross Income exceeded £250,000 your examlner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l arn 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 confirm that no matters have come to my altention in connection with the examination givin9 Me cause to believe.. {1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or (2) the accounts do not accord with those accounting records; or (3> the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihal the accounts give a 'lrue and fair, view which Is not a matter considered as part of an independent examination., or {4) the accounts have not been prèpared in accordance with the methods and principles of the Slatemenl of Recommended practice for accounling and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I have no concerns 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 underslanding of the accounts to be reached. David Owens FCA Hawsons Chartered Accountants Jubilee House 32 Duncan Close Moulton Park Northampton NN3 6WL Dale.. 26 AvsvsF 201S
Nagarjuna Kadampa Meditation Centre Statement of Financial Activities for the Year Ended 31 December 2024 2024 Total funds 2023 Totsl funds Unrestrlcted funds Restricted funds Notes Income and endowments from: Donations and legacies Other trading activities Income from investmenls Income from chartiable activites Other income 32,485 241,777 544 557,146 398 32,485 241,777 544 557,146 398 30,370 222,709 476 475,428 1,314 Total Incorne and endowments 832,350 832,350 730,297 Expendlture on: Raising funds Charitable activites (121,787) {588,2881 {121,787) {588,288) (100,969) (566,613) 819 Total expendlture (710,075) (710,075) (667,582) Transfer between funds Net income 122,275 122,275 62,715 Reconcillation of funds Total funds broughl forward 1,881,531 7,719 1,889.250 1.826,535 Total funds carrled fOard 2.003,806 7,719 2,011,525 1,889,250 All of the above amounts relate to continuing activities. There are no recognised gains or losses other than those in the statement of f5nancial activities. The notes on pages 8 to 14 form part of these financial statements.
Nagarjuna Kadampa Meditation Centre Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed assets Tangible assets 13 4.028,978 4,056,462 Current assets Debtors Other debtors Cash at bank and in hand 14 15 5.498 35,000 158 912 3,800 35,000 99,058 199,410 137,8S8 Current liabllities Amounts falling due wilhln one year 16 135,636 103,108 N•t current assets 63,774 34,750 Total assots less current Ilablltl•• 4,092,752 4,091,212 Long term liabitios Amounts falling due after more Ihan one year 17 (2,081,227) (2.201.962) Net as$•ts 2,011,525 1,889,250 Funds Restricted funds Unrestricted funds 18 19 7,719 2.003,806 7,719 1,881,531 2,011,525 1,889,250 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relatin9 to small companies. No members have required the company to obtain an audit of its accounts for the year in queslion 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 lo 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 financial statements were approved by the Board of Trustees and are signed on their behalf by.. Petronella Finden Company registration number 02926933 The notes on pages 8 to 14 form part of these financial statements.
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Accounting policies Basis of accounting The financial slatements have been prepared in accordance with Accounting and Reporling 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 1Si January 2015) Charities SORP (FRS 102), the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The centre constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy note(s). The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The Charity has taken the available exemption under the Charities SORP (FRS 102) Update Bulletin 1. as a smaller charity, to nol prepare a Slalement of Cash Flows. Incomlng resources Oonalions 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 assels are included at value where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers is not quantified and is not included in the accounts. Grants are recognised in the accounts when it is known that they will be received. Fund accountlng The charity maintains various types 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 thal 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 basis of allocation of costs Expenditure is recognised in the period in which it is incurred. Resources expended ar8 allocated directly lo 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 property Fixtures, fittings and equipment Motor vehicles 1 0/0 Straight line 15 - 25°/o reducing balance 25°/0 reducing balance Deprecation is allocated on a 25 % to fundraising costs and 75°h to accommodation costs basis.
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legacies Unrestrlcted fvnds Reslricled fund8 2024 Total 2023 Totsl Donations - Leicester Oonations- Thomby Grant inGome - Thomby Grant income - Leicesler 1,710 24,771 6,004 1,710 24,771 6,004 1,415 26,817 358 1,780 32,485 32,485 30,370 Income from other trading activitiès Unrèstrlcted fund8 R•strlct•d fund8 2024 Total 2023 Total Shop, café and artworf< income Fundraising evènis 233,152 8,625 233,152 8,625 214,284 8,425 241,777 241,777 222.709 Income from Investments Unre8lrlct•d funds R•8trlcted funds 2024 Total 2023 Tolal Bank interest receivable 544 544 476 544 544 476 Income from charltable actlvitl•s Unrestricted lund• Restricted lund8 2024 Total 2023 Total Ino)me from renl and accommodation Income from ujurse and study fees 310,310 246.836 310,310 246,836 292,883 182,545 557.146 557,146 475,428
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Other income Unfestricted fund• Restrictéd funds 2024 Total 2023 Toial Miscellaneous income 398 398 1.314 398 398 1,314 Expenditure on raislng funds Unrestrlct•d funds Restricted funds 2024 Total 2023 Total Shop, café and athork ¢o$l$ Fundraising Gosls 121,466 321 121.466 321 100,446 523 121,787 121,787 100,969 Included in shop, café and artwork costs is £2,664 (2023.. £2,647) which relates to the deprecation for the Leicester centre and £12,498 (2023: £12.080) which relates lo the centre at Thornby. Exp•ndilur• on charitable activitles Unrestrlct•d funds R••trlcl•d funds 2024 Total 2023 Total Accommodation and education Donations to other NKT centres Support costs Accountancy costs VAT partial exemption restriction 536,479 360 29,069 3,990 18,390 536,479 360 29,069 3.990 18.390 515,202 360 31,153 1,125 18,773 588,288 588,288 566,613 Included in accommodation and education costs is £7.993 (2023: £7,941) which relates to the deprecation for the Leicester centre and £37,493 (2023= £36,241) which relales to the centre at Thornby. Expenditure on charitable activities by activity typ• Unrestrlcled funds Restrlcted funds 2024 Total 2023 Total Accommodation and education Donations to other NKT centres 536,479 360 536.479 360 515,202 360 536,839 536.839 515,562 10
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 10 Net income for the year This is slated after charging.. 2024 2023 Depreciation 60,648 58,909 11 Employees The average monthly number of employees during the year was as follows.. 2024 2023 Numb8r of employees 15 12 No ernployee received remuneration of more than £60,000 during the current or previous year. 12 Trustees, remuneration No trustees were paid remuneration or expenses during the year (2023.. none). 13 Flxed assets Fixtures, flttings and equipmenl Freehold property Motor Vehlcles Total Cost At 1 January 2024 Additions Oisposals Al 31 December 2024 4,331,886 24,148 266,957 9,016 27.288 4,626.131 33,164 4,356,034 275,973 27,288 4,659,295 D•pr•¢latlon At 1 January 2024 Disposals Charge for the year Al 31 December 2024 333,534 212,938 23,197 569,669 43,465 376,999 16,161 229,099 1,022 24,219 60,648 630,317 Net book value At 31 December 2024 3,979,035 46,874 3,069 4,028,978 At 31 December 2023 3,998,352 54,019 4,091 4,056,462
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 14 Debtors 2024 2023 Trade debtors 1,910 3.588 2,510 1,290 Prepayments 5.498 3,800 15 Other debtors 2024 2023 Loan to KMC Plymouth 35.000 35,000 35.000 35,000 16 Creditors: amounts falling due withln on• year 2024 2023 Bank loans and overdrafts Trad8 creditors 74.434 13.345 4,637 43.220 71,746 24,324 4,972 2,066 VAT Other creditors 135.636 103.108 The following liabilities disclosed under creditors falling due within one year are secured by the charity.. 2024 2023 Bank loans and overdrafts 74.434 71.746 12
Nagarjuna Kadampa Meditation Centre Notes to the Flnanclal Statements for the Year Ended 31 December 2024 17 Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts Other creditors 1,947,068 134,159 2,021,503 180.459 2.081.227 2,201,962 The following liabilities disclosed under creditors falling due after one year are secured by the charity- 2024 2023 8ank loans and overdrafts 1,947,068 2,021.503 Included within creditors falling due after more than one year is an amount of £1,620,338 (2023.. £1,706,617) in respect of liabilities which fall due for payment after more than five years from the balance sheet date. 18 R•strlcted funds Balance at 1 January 2024 Balance at 31 Decembér 2024 Income Expenditure 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 8uddha statues. 19 Unrestflcted funds Balance at Balance al 31 OerAmber 2024 1 January 2024 Income Expenditure General lund 1,881.531 832.350 (710,075) 2,003.806 1,881.531 832.350 1710,075) 2,003,806 13
Nagarjuna Kadampa Meditation Centre Notes to the Financial Statements for the Year Ended 31 December 2024 20 Analysis of net assets between funds Tangible fixed assets Long lemi liabililes Assets Total Restricted funds.. Art Workshop 7,719 7,719 Unreslricled funds 4,028.978 88,855 12,114,027) 2.003,806 Total funds 4,028.978 96.574 2,114,027 2,011,525 21 Company Llmit•d by guarant•• The company is limited by guarantee whereby in the event of winding up each member being a member at the time of winding up or within one year of this evenl promises to pay an amount as demanded not exceeding £10 to be used to pay the liabililies of the charity logether with the costs of winding up. 14