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← Vajrapani Kadampa Meditation Centre

2022-12-31-accounts

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 2022

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 2022

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 2022

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 Junction, Office 43 Charles Street Horbury West Yorkshire WF4 5FH 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 2022

The trustees present their report and financial statements for the Period ended 31 December 2022.

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 2007 and 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 accountancy firm 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.

Page 2

VAJRAPANI KADAMPA MEDITATION CENTRE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE

The Centre has continued to recover in the period post Covid with increased class and course activity. The average number of residents has also increased at the Centre following the disruption of Covid and major repair work. The Centre also hosted a number of guest teachers during the year in its capacity as a Kadampa Meditation Centre.

FINANCIAL REVIEW

Overall total income has increased compared to the previous year due, a combination of higher occupancy rates and also the increase in the number of classes. However, there has been significant expenditure on property improvements and repairs and renewals during the year. Fortunately during the year the Centre received some significant donations which helped to ensure the Centre generated a surplus for the year. The Centre was also fortunate to receive Home Office grant funding to increase security features at the Centre. Going forward into 2023 cost pressures will increase as fixed term utility contracts come to an end and mortgage interest increase.

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

Future plans for the centre will include considerable work to 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.

Page 3

VAJRAPANI KADAMPA MEDITATION CENTRE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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:

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 2022 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: 02 August 2023

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 2022

Unrestricted
funds
Notes
£
INCOMING RESOURCES FROM
GENERATED FUNDS
Voluntary Income:
Donations and legacies 2
27,089
Investment income
3
56
27,145
Incoming resources from
charitable activities:
4
67,968
95,113
RESOURCES EXPENDED
Charitable activities
Direct charitable expenditure
5
62,575
Governance costs
-
TOTAL RESOURCES EXPENDED
62,575
NET INCOMING/(OUTGOING) RESOURCES
BEFORE TRANSFERS
32,538
Gross transfers between funds
-
Property revaluation
-
32,538
Fund balances at 1 January 2022
437,800
FUND BALANCES AT 31 DECEMBER 2022
470,338		 Restricted
funds
£
-
-
-
30,000
30,000
6,545
-
6,545
23,455
-
-
23,455
21,192
44,647		 Total

2022
£
27,089
56
27,145
97,968
125,113
69,120
-
69,120
55,993
-
-
55,993
458,992
514,985		 Total
2021
£
10,146
4
10,150
53,726
63,876
43,097
-
43,097
20,779
-
-
20,779
438,213
458,992

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 2022

Notes
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Stocks
Debtors
9
Bank balances and cash
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		 2022
£
765
1,943
45,298
48,006
(13,778)		 £
622,841
34,228
657,069
(142,084)
514,985
44,647
90,000
380,338
514,985		 2021
£
765
6,416
32,006
39,187
(14,946)		 £
587,017
24,241
611,258
(152,266)
458,992
21,192
90,000
347,800
458,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

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 02 August 2023 and were signed on its behalf by:

........................................................................ Mr P T Partridge

........................................................................ Miss J Andrews

........................................................................ Miss A Dexter

Date: 02 August 2023

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 2022

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

DONATIONS AND GIFTS
2022 2021
£ £
Donations and gifts 27,089 10,146

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 2022

3. INVESTMENT INCOME

4.

5.		 Unrestricted
funds
£
Interest receivable
56
INCOME RESOURCES FROM CHARITABLE ACTIVITES
Accommodation
Café and shop
Teachings and classes
Other income
Grants received
TOTAL RESOURCES EXPENDED
Depreciation
£
Charitable activities
Direct charitable expenditure
Activities undertaken directly
10,698
Governance costs
-
10,698		 Restricted
funds
£
-

Other
Costs
£
58,422
-
58,422		 Total

2022
£
56
2022
£
34,383
1,575
31,459
551
30,000
97,968
Total

2022
£
69,120
-
69,120		 Total
2021
£
4
2021
£
28,773
906
23,843
204
-
-
53,726
Total
2021
£
43,097
-
43,097

6. TRUSTEES

No trustees were paid any remuneration for acting as a trustee during the year.

7. EMPLOYEES

There was 1 employee during the year.

The notes form part of these financial statements

Page 9

Charity Registration No. 1046562

Company Registration No. 2991344 (England and Wales)

8. TANGIBLE FIXED ASSETS

Freehold
Property
Fixtures &
property
improvement
fittings
£
£
£
COST
At 1 January 2022
420,000
207,062
32,679

Additions
-
16,226
30,296
Revaluation
-
-
-
At 31 December 2022
420,000
223,288
62,975

DEPRECIATION
At 1 January 2022
-
40,724
32,000
Charge for year
-
4,469
6,229
Prior year adjustment
-
-
-
At 31 December 2022
-
45,193
38,229
NET BOOK VALUE
At 31 December 2022
420,000
178,095
24,746

At 31 December 2021
420,000
166,338
679

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Prepayments and accrued income
1,943
Other debtors
1,943
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Accrued expenses
775
Other creditors
2,150
Mortgage
10,853
13,778
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022
£
Mortgage
142,084		 Totals
£
659,741
46,522
-
706,263
72,724
10,698
-
83,422
622,841
587,017
2021
£
6,289
127
6,416
2021
£
1,196
1,495
12,255
14,946
2021
£
152,266

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 2022

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
Places of Worship Grant 2021		 Balance at
1 January
2022
£
21,192
-
21,192		 Movement
Incoming
resources
£
-
30,000
30,000		 in funds
Balance at
Outgoing
31 December
resources
2022
£
£
(545)
20,647
(6,000)
24,000
(6,545)
44,647

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 2022 are represented by:
Tangible fixed assets
578,194
Current assets
Creditors: amounts falling due within one year
48,006
(13,778)
Creditors: amounts falling due after more than one year
(142,084)
470,338		 Restricted
funds
£
44,647
-
-
-
44,647		 Total
£
622,841
48,006
(13,778)
(142,084)
514,985

14. MORTGAGE

The mortgages are repayment mortgages with a remaining term of 16 years secured on the property at Wheathouse Terrace.

Birkby Baptist Church Property
cost
£
420,000		 Mortgage
balance
£
152,938		 Percentage
£
36%

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 2022, which are set out on pages 5 to 11.

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:

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 Junction, Office 43 Charles Street Horbury West Yorkshire WF4 5FH

Date: 02 August 2023

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 2022

Income
Accommodation
Café and shop
Teachings and classes
Donations
Deposit account interest
Other income
Grants received
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		 2022
£
34,383
1,575
31,459
27,089
56
551
30,000
932
2,936
3,371
6,372
1,317
5
1,700
1,164
10,033
775
5,286
597
15,126
39
2,270
197
442
5,860
4,469
170
6,059		 £

125,113
69,120
55,993		 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

This page does not form part of the statutory financial statements

Page 13