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2020-12-31-accounts

Company No: 2807365

KADAMPA MEDITATION CENTRE READING LIMITED

(A Company limited by guarantee)

ACCOUNTS AND ANNUAL REPORT

FOR THE YEAR ENDED

31ST DECEMBER 2020

Kadampa Meditation Centre Reading Limited Accounts and Annual Report For the Year Ended 31st December 2020

Contents
Page
Company information 1
Report of the Trustees 2 - 3
Independent Examiner’s Report
To the Trustees 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 10

Kadampa Meditation Centre Reading Limited Company Information For the Year Ended 31st December 2020

Trustees/Director 8.12.20 Mr D Vass Miss M Hoffman 8.12.20 Company Secretary Mr P Howell Registered office 9 Bath Road Reading Berkshire RG1 6HH Registered numbers: Company 2807365 Charity 1050321

Mr T Longley - resigned 8.12.20 Mr D Vass Miss M Hoffman Miss J Andrews – appointed 8.12.20

Independent examining accountant Frank Hovell FCCA Chartered Certified Accountant 35 Ruddlesway Windsor SL4 5SF Bankers HSBC 25 High Street Windsor, Berks, SL4 1LN Bank of Scotland plc The Mound Edinburgh EH1 1YZ

Page 1

Kadampa Meditation Centre Reading Limited Report of the Trustees for the Year Ended 31[st] December 2020

The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the Year Ended 31[st] December 2020. Structure, Governance and Management

The Centre is a registered charity (1050321) and a company limited by guarantee registered in England (2807365) and is governed by its memorandum and articles of association. The directors are the charity trustees for the purposes of the Charities Act 2011.

The company’s structure, governance and management are set out in detail in the Shantideva Centre’s constitution. The company changed its name from Shantideva Centre to Kadampa Meditation Centre Reading Limited on 16[th] September 2016. The charity name change, from Shantideva Centre to Kadampa Meditation Centre Reading Limited took place on the same date.

Principal activity

The principal activity of the charity is to promote Kadampa Buddhism according to the teachings of Je Tsongkhapa. To accomplish this aim the company has three principal activities:

These aims are supported financially through donations, fees from the education

programmes, proceeds from shop sales and income from renting rooms at the Centre.

Review of achievements and performance

The charity ran regular drop in courses at the Centre in Reading and at Maidenhead. In addition a number of day-courses, retreats and fund-raising events were held at the Centre. A number of public talks and retreats were also held at other local venues. Total income from the education programmes and shop sales amounted to £46,698 for the year. A total of £2,403 was raised from donations including fundraising events. Rental and other household income for the period was £37,773.

Financial Review

Reserves Policy

The policy throughout the period with regard to reserves has been to ensure that there are sufficient free reserves held in bank accounts to cover any imminent renovation work necessary to maintain the fabric of the Centre building.

Plans for Future Periods

During the financial year ended 31[st] December 2021 it is planned to expand the current education programmes and continue the programme of improvements and renovations.

Page 2

Kadampa Meditation Centre Reading Limited Report of the Trustees (continued) For the Year Ended 31[st] December 2020

Trustees responsibilities

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice(United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.

In preparing these accounts the trustees have:

The trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company and, as also required by charity law, ensuring their proper application, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared taking advantage of the small companies exemption.

Registered Office: Signed on behalf of the trustees 9 Bath Road Darren Vass Bath Road ---------------------------------Reading, Berkshire RG1 6HH Date: 11 July 2021

Page 3

Kadampa Meditation Centre Reading Limited A Company Limited by Guarantee having no Share Capital Independent Examiner’s Report to the Trustees For the Year Ended 31[st] December 2020

I report on the accounts of the company for the year ended 31[st] December 2020 which are set out on pages 4 to 9.

Respective responsibilities of trustees and examiner

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 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2M011 Act;

to follow the procedures laid down in the general directions given by the Charity Commission under section145(5)(b) of the 2011 Act; and

to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My 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 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 report

In connection with my examination, no matter has come to my attention:

Name: Frank Hovell FCCA

Relevant professional qualification or body: Chartered Certified Accountant Address: 35 Ruddlesway, Windsor, SL4 5SF Date: 9[th] June 2021

Page 4

Kadampa Meditation Centre Reading Limited Statement of Financial Activities For the Year Ended 31[st] December 2020

adampa Meditation Centre Reading Limited
tatement of Financial Activities
or the Year Ended 31st December 2020
Notes
Income from charitable activities:
Voluntary Income
Courses and Retreats
Shop
Accommodation Income
Bank Interest
2
Total Incoming Resources
Expenditure on Charitable
Activities:
Cost of generating Voluntary Inc
Courses and Retreats
Shop
Accommodation Expense
3
4
Total Resources Expended
Net incoming resources for the year
Reconciliation of funds
Total funds brought forward
Closing balances as at 31st Dec 2020		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
2019
£
£
£
£
1,363
45,546
1,152
37,773
1,040
2,403
45,546
1,152
37,773
2.082
55,319
3,389
60,986
85,834
1,040
86,874121,776
8,225
1,080
25,086
26,027
8,225
1,080
51,113
24,208
2,278
53,723
34,391 26,027 60,418
80,209
51,443
(24,987)
26,456
41,567
578,778
33,684
612,462 570,895
630,221
8,697
638,918612,462

The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities. The financial statements are prepared under the historical cost convention and have been prepared in accordance with the Statement of Recommended Practice – Financial Reporting Standard applicable in the UK (FRS102) effective January 2015 and the Companies Act 2006. The comparative figures for 2016 have been represented under FRS102 (SORP 2015) on the Statement of Financial Activities above.

The notes on pages 7 – 10 form part of these Accounts

Page 5

Kadampa Meditation Centre Reading Limited Balance Sheet 31st December 2020

Note
Fixed assets
Tangible fixed assets
6
Current assets
Stocks
7
Debtors
8
Cash at bank and in hand
Creditors:amounts falling due within one year
9
Net current assets/(liabilities)
Total assets
Creditors:amounts falling due after one year
10
Net assets
Funds
Unrestricted
Restricted
Total funds		 31st Dec 2020
31st Dec 2019
£
£
646,000
646,000
1,314
1,480
1,829
2,599
100,046
105,140
103,189
109,219
(35,460)
(36,328)
67,729
72,891
713,729
718,891
(74,811)
(106,429)
638,918
612,462
630,221
578,778
8,697
33,684
638,918
612,462

The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act. The trustees acknowledge their responsibilities for:

(i) ensuring that the charity keeps proper accounting records which and

(ii) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of the Act, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity. These financial statements were approved by the members of the committee on and are signed on their behalf by:

Darren Vass

……………………… Director Date: 11[th] July 2021

The notes on pages 7 – 10 form part of these Accounts Page 6

Kadampa Meditation Centre Reading Limited Notes to the Accounts For the Year Ended 31[st] December 2020

1. Statement of accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard (FRS102) (effective 1[st] January 2015) (Charities SORP (FRS102) and the Companies Act 2006.

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Motor Vehicles at the rate of 25% per annum, straight line

Stock

Stock represents items for resale in the shop and are valued at the lower of cost and net realisable value, after making due allowance for obsolete items, and in accordance with SSAP 9.

Page 7

Kadampa Meditation Centre Reading Limited Notes to the Accounts For the Year Ended 31[st] December 2020

2. Voluntary income

Donations and fundraising events
Gift Aid recovered
3.Courses and Retreats expenditure
Venue, travel and other event costs
Publicity
Sponsorship costs
4. Accommodation expenditure
Maintenance & Renovation
Meditation Room
Insurance
Utilities
Food
Motor Vehicle use costs
Office & Admin costs
Other Household costs
Mortgage interest payable		 Unrestricted
Funds
£
1,135
228		 Restricted
Total Funds
Total
Funds
Funds
2020
2019
£
£
£
1,040
2,175
1,706
228
376
1,040
2,403
2,082
Unrestricted
Total Funds
Total
Funds
Funds
2020
2019
£
£
£
3,021
3,021
2,948
789
789
1,783
4,415
4,415
19,477
8,225
8,225
24,208
Restricted
Total Funds
Total
Funds
Funds
2020
2019
£
£
£

26,027 26,728
30,496
702
2,275
2,279
2,226
9,737
1,355
7,880
1,544
1,362
3,997
2,776
1,510
1,917
2,373
2,181 3,498
26,027
51,113
53,723
1,363
Unrestricted
Funds
£
701
702
2,275
9,737
1,355
1,362
3,997
2,776
2,181
25,086

Page 8

Kadampa Meditation Centre Reading Limited Notes to the Accounts For the Year Ended 31[st] December 2020

5. Restricted Funds

Restricted income of £1,040 in 2020 consisted of donations specifically for renovation of the Centre. Restricted expenditure of £26,027 consisted of expenditure on such renovations.

6. Tangible fixed assets

6. Tangible fixed assets
Freehold Property £
Cost
At 31stDec 2019 and 31stDec 2020 646,000
Accumulated Depreciation
At 31stDec 2019 and 31stDec 2020 -
Net book value
At 31stDec 2019 and 31stDec 2020 646,000

7. Stock

Stock of items for resale
8. Debtors
Prepayments
Other debtors		 31st Dec
2020
£
31stDec
2019
£
1,314
1,480
31st Dec
2020
31st Dec
2019
£
£
1,451
1,410
378
1,189
1,829
2,599

Page 9

Kadampa Meditation Centre Reading Limited

Notes to the Accounts For the Year Ended 31[st] December 2020

9. Creditors: amounts falling due within one year

Bank loans and overdrafts
Accruals
Other creditors
10. Creditors: amounts falling due after one year
Bank loans
11. Staff and trustee costs
Staff numbers
Resident Teacher
Education Programme Co-ordinator
Administrative Director
Staff costs (including stipend)
No trustee and persons connected with
them received, either directly or
indirectly, any remuneration in the
year.		 31st Dec
2020
31st Dec
2019
£
£
31,618 31,618
1,139
960
2,703
3,750
35,460
36,328
31st Dec
2020
31st Dec
2019
£
£
74,811
106,429
2020
1
1
1
£
4,711
2019
1
1
1
£
16,610

Page 10