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← Vajrapani Kadampa Meditation Centre

2023-12-31-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 2023

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 2023

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 2023

DIRECTORS:

Mr P T Partridge Miss L M Devine (Appointed 10 November 2023) Miss A Dexter Miss J J Andrews (Resigned 10 November 2023)

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 2023

The trustees present their report and financial statements for the Period ended 31 December 2023.

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 2023

ACHIEVEMENTS AND PERFORMANCE

Throughout the year the Centre has hosted a number of guest teachers and there has been an increase in the number of people attending the FP and TTP study programme's. There have been a number of residents leaving and joining the Centre, but numbers have remained broadly the same.

FINANCIAL REVIEW

Income has fallen compared to the previous financial year, but the Centre still generated a small surplus of £3,465. Expenditure has also increased compared to the previous year unsurprisingly mortgage rates and light & heat were the main two areas. Going forward we anticipate a fall in interest rates and are also actively seeking to find cheaper forms of energy.

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. The Centre will be receiving an 8 foot Buddha and his lotus, as well as other new statues from the Kadampa Art Studio. This will bring very powerful blessings for the Centre and the local area. The Centre is undertaking three additional branch /satellite classes allowing the delivery of Dharma teachings across the wider area.

Page 3

VAJRAPANI KADAMPA MEDITATION CENTRE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 to the date of this report.

Mr P T Partridge Miss L M Devine Miss A Dexter

ON BEHALF OF THE BOARD OF TRUSTEES:

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

........................................................................ Miss L M Devine

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

Date:

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 2023

Unrestricted
funds
Notes
£
INCOMING RESOURCES FROM
GENERATED FUNDS
Voluntary Income:
Donations and legacies 2
10,209
Investment income
3
280
10,489
Incoming resources from
charitable activities:
4
69,052
79,541
RESOURCES EXPENDED
Charitable activities
Direct charitable expenditure
5
69,531
Governance costs
-
TOTAL RESOURCES EXPENDED
69,531
NET INCOMING/(OUTGOING) RESOURCES
BEFORE TRANSFERS
10,010
Gross transfers between funds
-
Property revaluation
-
10,010
Fund balances at 1 January 2023
470,338
FUND BALANCES AT 31 DECEMBER 2023
480,348		 Restricted
funds
£
-
-
-
-
-
6,545
-
6,545
(6,545)
-
-
(6,545)
44,647
38,102		 Total

2023
£
10,209
280
10,489
69,052
79,541
76,076
-
76,076
3,465
-
-
3,465
514,985
518,450

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 2023

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		 2023
£
750
4,071
46,372
51,193
(13,003)		 £
612,379
38,190
650,569
(132,119)
518,450
38,102
90,000
390,348
518,450		 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

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 DATE and were signed on its behalf by:

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

........................................................................ Miss L M Devine ........................................................................ Miss A Dexter

Date:

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 2023

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
2023 2022
£ £
Donations and gifts 10,209 27,089

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 2023

3. INVESTMENT INCOME

4.

5.		 Unrestricted
funds
£
Interest receivable
280
INCOME RESOURCES FROM CHARITABLE ACTIVITES
Accommodation
Café and shop
Teachings and classes
Other income
Fundraising
Grants received
TOTAL RESOURCES EXPENDED
Depreciation
£
Charitable activities
Direct charitable expenditure
Activities undertaken directly
10,702
Governance costs
-
10,702		 Restricted
funds
£
-

Other
Costs
£
65,374
-
65,374		 Total

2023
£
280
2023
£
33,631
1,716
30,605
86
3,014
-
69,052
Total

2023
£
76,076
-
76,076		 Total
2022
£
56
2022
£
34,383
1,575
31,459
551
-
30,000
97,968

Total
2022
£
69,120
-
69,120

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 etc.
£
£
£
COST
At 1 January 2023
420,000
223,288
62,975

Additions
-
240
-
Revaluation
-
-
-
At 31 December 2023
420,000
223,528
62,975

DEPRECIATION
At 1 January 2023
-
45,193
38,229
Charge for year
-
4,473
6,229
Prior year adjustment
-
-
-
At 31 December 2023
-
49,666
44,458
NET BOOK VALUE
At 31 December 2023
420,000
173,862
18,517

At 31 December 2022
420,000
178,095
24,746

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Prepayments and accrued income
4,071
Other debtors
-
4,071
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Accrued expenses
220
Other creditors
2,147
Mortgage
10,636
13,003
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023
£
Mortgage
132,119		 Totals
£
706,263
240
-
706,503
83,422
10,702
-
94,124
612,379
622,841
2022
£
1,943
-
1,943
2022
£
775
2,150
10,853
13,778
2022
£
142,084

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 2023

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
2023
£
20,647
24,000
44,647		 Movement
Incoming
resources
£
-
-
-		 in funds
Balance at
Outgoing
31 December
resources
2023
£
£
(545)
20,102
(6,000)
18,000
(6,545)
38,102

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 2023 are represented by:
Tangible fixed assets
574,277
Current assets
Creditors: amounts falling due within one year
51,193
(13,003)
Creditors: amounts falling due after more than one year
(132,119)
480,348		 Restricted
funds
£
38,102
-
-
-

38,102		 Total
£
612,379
51,193
(13,003)
(132,119)
518,450

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
£
142,755		 Percentage
£
34%

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 2023, 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:

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 2023

Income
Accommodation
Shop
Teachings and classes
Donations
Fundraising
Deposit account interest
Other income
Grants received
Expenditure
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		 2023
£
33,631
1,716
30,605
10,209
3,014
280
86
-
773
2,936
3,414
7,835
1,326
291
1,843
2,865
10,181
425
2,521
1,230
16,535
8
2,012
423
441
10,315
4,473
170
6,059		 £

79,541
76,076
3,465		 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

This page does not form part of the statutory financial statements

Page 13