Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
TRUSTEES’ REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Company Information | 1 |
| Trustees’ Report | 2 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 8 |
| Independent Accountant’s Report | 12 |
| Income and Expenditure Account | 13 |
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS:
Mr P T Partridge Miss J Andrews Miss A Dexter
REGISTERED OFFICE:
Wheathouse Terrace Birkby Huddersfield West Yorkshire HD2 2UY
REGISTERED NUMBER: 02991344 (England and Wales)
CHARITY NUMBER: 1046562
ACCOUNTANTS:
Partner Accountancy The Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA
BANKERS:
National Westminster Bank PLC 1 Market Place York YO3 9YH
Page 1
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report and financial statements for the Period ended 31 December 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Vajrapani Kadampa Meditation Centre (VKMC) is a charitable company limited by guarantee. The company was established under a Memorandum of Association in 1994 (amended July 2007and November 2020) which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Recruitment and appointment of the Management Committee
The directors of the company who are also charity trustees for the purposes of charity law and under the company’s articles are also known as members of the management committee. The trustees generally serve on a three year term of office before re-election.
Risk Management
The trustees have assessed the major risk factors to which the charity is exposed and are satisfied that the systems are in place to mitigate exposure to them.
To mitigate financial risk an external firm of independent Accountants has been appointed to prepare and submit the annual accounts.
ORGANISATIONAL STRUCTURE
VKMC is a member of the New Kadampa Tradition – International Kadampa Buddhist Union (NKT – IKBU) which is an international association of Mahayana Buddhist study and meditation centre’s that follow the Kadampa Buddhist Tradition founded by Venerable Geshe Kelsang Gyatso.
VKMC is managed by a voluntary committee which meets on a monthly basis. Members of the board of the company are also members of the management committee.
The charity’s administration is carried out by a number of part time volunteers who are responsible for the day to day administration of the society.
OBJECTIVES AND ACTIVITIES
The objectives of the charity are to promote the Buddhist Faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition – International Kadampa Buddhist Union principally through the activities of teaching, study, practice and the observance of moral discipline all with the Mahayana Buddhist tradition of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso, the founder of the New Kadampa Tradition – International Kadampa Buddhist Union, through the continuous implementation of the three New Kadampa Tradition Study Programmes: the General Programme, the Foundation Programme, and the Teacher Training Programme.
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VAJRAPANI KADAMPA MEDITATION CENTRE
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENTS AND PERFORMANCE
The Centre has largely remained open throughout Coronavirus, however, it has affected numbers of in person attendees at classes. Investment was made to facilitate live streaming of classes so that classes were more widely accessible.
Improvements have also been made to the property during the year.
FINANCIAL REVIEW
Overall total income is reduced compared to the previous year due partly to a reduction in accommodation income by around 26%. The reduction in occupancy was partly due to Coronavirus therefore the Centre took the advantage of low occupancy to undertake building works. Coronavirus has also impacted on the income from teachings and classes and whilst attendance has bounced back it did not reach pre-pandemic levels. The Centre also received a large refund of £6,500 on electricity.
RESERVES POLICY
Reserves are held in unrestricted funds equivalent to three months of the fixed resources expended. The purpose of the reserve is to ensure that the charity can continue to operate even if the income generated for a particular period does not cover the expenses the charity incurs in its day to day operation. The board considers the level of reserves to be appropriate.
FUTURE PLANS
Continuing investment is being made in the building for repairs and also improvements, as the centre transitions from being a Kadampa Buddhist Centre, to becoming a Kadampa Meditation Centre. The coming years will be exciting times for the Centre with an expectation of growth and spreading Dharma to even more people.
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VAJRAPANI KADAMPA MEDITATION CENTRE
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE
Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and:
-
Select suitable accounting policies and apply them consistently
-
Make judgments and estimate that they are both reasonable and prudent
-
Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The management committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The managements committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud or other irregularities.
TRUSTEES
The trustees, who are also directors for the purpose of company law, shown below have held office during the whole of the period from 1 January 2021 to the date of this report.
Mr P T Partridge Miss J Andrews Miss A Dexter
ON BEHALF OF THE BOARD OF TRUSTEES:
........................................................................ Mr P T Partridge
........................................................................ Miss J Andrews
........................................................................ Miss A Dexter
Date: xx - September
Page 4
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted funds Notes £ INCOMING RESOURCES FROM GENERATED FUNDS Voluntary Income: Donations and legacies 2 10,146 Investment income 3 4 10,150 Incoming resources from charitable activities: 4 53,726 63,876 RESOURCES EXPENDED Charitable activities Direct charitable expenditure 5 42,552 Governance costs - TOTAL RESOURCES EXPENDED 42,552 NET INCOMING/(OUTGOING) RESOURCES BEFORE TRANSFERS 21,324 Gross transfers between funds - Property revaluation - 21,324 Fund balances at 1 January 2021 417,021 FUND BALANCES AT 31 DECEMBER 2021 438,345 |
Restricted funds £ - - - - - 545 - 545 (545) - - (545) 21,192 20,647 |
Total 2021 £ 10,146 4 10,150 53,726 63,876 43,097 - 43,097 20,779 - - 20,779 438,213 458,992 |
Total 2020 £ 6,343 134 |
|---|---|---|---|
| 6,477 66,629 |
|||
| 73,106 | |||
| 47,577 | |||
| - | |||
| 47,577 | |||
| 25,529 - - |
|||
| 25,529 412,684 |
|||
| 438,213 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes form part of these financial statements
Page 5
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
BALANCE SHEET 31 DECEMBER 2021
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Stocks Debtors 9 Cash at bank CREDITORS Amounts due within 1 year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS INCOME FUNDS Restricted funds 12 Revaluation reserve Other charitable funds |
2021 £ 765 6,416 32,006 39,187 (14,946) |
£ 587,017 24,241 611,258 (152,266) 458,992 20,647 90,000 348,345 458,992 |
2020 £ 1,200 902 61,577 63,679 (13,900) |
£ 553,310 49,779 603,089 (164,876) 438,213 21,192 90,000 327,021 438,213 |
|---|---|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its income and expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The notes form part of these financial statements
Page 6
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
The financial statements were approved by the Board of Directors on xx - September and were signed on its behalf by:
........................................................................ Mr P T Partridge
........................................................................ Miss J Andrews
........................................................................ Miss A Dexter
Date: xx - September
The notes form part of these financial statements
Page 7
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared 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 1 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.
Incoming resources
Donations are accounted for when received by the company. Other income is accounted for on an accruals basis as far as is prudent to do so. All income arises in the United Kingdom.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure in which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
Tangible fixed assets
Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold land and buildings | - Not depreciated |
|---|---|
| Property Improvements | - 2% Straight line |
| Fixtures & equipment |
- 20% Straight line |
Stock
Stock is valued at the lower of cost and net realisable value.
Accumulated funds
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Taxation
As a registered charity the company is generally exempt from Income Tax and Capital Gains Tax.
| 2. | DONATIONS AND GIFTS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Donations and gifts | 10,146 | 6,343 |
The notes form part of these financial statements
Page 8
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
3. INVESTMENT INCOME
| 4. 5. |
Unrestricted funds £ Interest receivable 4 INCOME RESOURCES FROM CHARITABLE ACTIVITES Accommodation Café and shop Teachings and classes Other income Fundraising TOTAL RESOURCES EXPENDED Depreciation £ Charitable activities Direct charitable expenditure Activities undertaken directly 4,313 Governance costs - 4,313 |
Restricted funds £ - Other Costs £ 38,784 - 38,784 |
Total 2021 £ 4 2021 £ 28,773 906 23,843 204 - 53,726 Total 2021 £ 43,097 - 43,097 |
Total 2020 £ 134 2020 £ 39,053 342 16,335 10,899 - 66,629 Total 2020 £ 47,577 - 47,577 |
||
|---|---|---|---|---|---|---|
6. TRUSTEES
No trustees were paid any remuneration for acting as a trustee during the year.
7. EMPLOYEES
There were no employees during the year.
The notes form part of these financial statements
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Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
8. TANGIBLE FIXED ASSETS
| Freehold | Freehold | Property |
Fixtures & | |||
|---|---|---|---|---|---|---|
| property | improvement |
fittings | Totals | |||
| £ | £ | £ | £ | |||
| COST | ||||||
| At 1 January 2021 | 420,000 | 169,891 | 31,830 | 621,721 | ||
| Additions | - | 37,171 | 849 | 38,020 | ||
| Revaluation | - | - | - | - | ||
| At 31 December 2021 | 420,000 | 207,062 | 32,679 | 659,741 | ||
| DEPRECIATION | ||||||
| At 1 January 2021 | - | 36,581 | 31,830 | 68,411 | ||
| Charge for year | - | 4,143 | 170 | 4,313 | ||
| Prior year adjustment | - | - | - | - | ||
| At 31 December 2021 | - | 40,724 | 32,000 | 72,724 | ||
| NET BOOK VALUE | ||||||
| At 31 December 2021 | 420,000 | 166,338 | 679 | 587,017 | ||
| At 31 December 2020 | 420,000 | 133,310 | - | 553,310 | ||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Prepayments and accrued income | 6,416 | 902 | ||||
| 6,416 | 902 | |||||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Trade creditors | - | - | ||||
| Accrued expenses | 1,196 | 34 | ||||
| Other creditors | 1,495 | 2,095 | ||||
| Mortgage | 12,255 | 11,771 | ||||
| 14,946 | 13,900 | |||||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE | |||||
| YEAR | ||||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Mortgage | 152,266 | 164,876 |
The notes form part of these financial statements
Page 10
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. RESTRICTED FUNDS
The income funds of the charity include the following restricted funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| New Centre Development Fund Temples Fund |
Balance at 1 January 2021 £ 21,192 - 21,192 |
Movement Incoming resources £ - - - |
in funds Balance at Outgoing 31 December resources 2021 £ £ (545) 20,647 - - (545) 20,647 |
|---|---|---|---|
The new centre development fund comprised of donations received in respect of building renovations. The balance is reducing as the property improvements depreciate.
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Fund balances at 31 December 2021 are represented by: Tangible fixed assets 566,370 Current assets Creditors: amounts falling due within one year 39,187 (14,946) Creditors: amounts falling due after more than one year (152,266) 438,345 |
Restricted funds £ 20,647 - - - 20,647 |
Total £ 587,017 39,187 (14,946) (152,266) 458,992 |
|---|---|---|
14. MORTGAGE
The mortgage is a repayment mortgage with a remaining term of 16 years secured on the property at Wheathouse Terrace.
| Birkby Baptist Church | Property cost £ 420,000 |
Mortgage balance £ 164,521 |
Percentage £ 39% |
|---|---|---|---|
The notes form part of these financial statements
Page 11
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
INDEPENDENT ACCOUNTANTS’ REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF VAJRAPANI KADAMPA MEDITATION CENTRE
We report on the accounts of the company for the year ended 31 December 2021, which are set out on pages 3 to 7.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND REPORTING ACCOUNTANT
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
-
Examine the accounts under section 43 of the 1993 Act;
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To follow the procedures laid down in the general Directions given by the Charity Commission under section 43(7)b of the 1993 Act; and
-
To state whether particular matters have come to our attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
In connection with our examination, no matter has come to our attention:
(1) which gives us reasonable cause to believe that in any material respect the requirements;
to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirement of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in our opinion, attentions should be drawn in order to enable a proper understanding of the accounts to be reached.
Partner Accountancy The Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA
Date: 16[th] May 2022
Page 12
Charity Registration No. 1046562
Company Registration No. 2991344 (England and Wales)
VAJRAPANI KADAMPA MEDITATION CENTRE
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Income Accommodation Café and shop Teachings and classes Donations Deposit account interest Other income Fundraising Expenditure Café and shop purchases Rates and water Insurance Light and heat Telephone and internet charges Printing, postage and stationery Advertising Education and courses Sponsorships Room hire Donations and offerings Household Repairs and renewals Sundry expenses Motor and travelling expenses Bank charges Website and hosting costs Mortgage interest Property improvements depreciation Computer depreciation Fixtures and fittings depreciation EXCESS OF INCOME OVER EXPENDITURE |
2021 £ 28,773 906 23,843 10,146 4 204 - 718 3,015 3,216 4,664 1,067 6 489 883 9,479 160 4,538 780 3,346 1 1,627 57 378 4,360 4,143 170 - |
£ 63,876 43,097 20,779 |
2020 £ 39,053 342 16,335 6,343 134 10,899 - 273 2,818 2,844 12,705 922 540 1,158 178 8,011 - 1,947 715 4,026 803 1,429 149 632 4,829 3,399 - 199 |
£ 73,106 47,577 25,529 |
|---|---|---|---|---|
This page does not form part of the statutory financial statements
Page 13