Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
Registered Company Number 3048918 Charity Number 1050611
**Kadampa Meditation Centre (KMC) Southampton Ltd (A Company limited by guarantee) Report of the Trustees and Unaudited Financial Statements for the 12 Month Period 01 January 2022 - 31 December 2022**
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Contents Page**
|**Company Information**|**1**|
|---|---|
|**Report of the Trustees**|**2 - 4**|
|**Independent Examiner's Report To the Trustees**|**5**|
|**Statement of Financial Activities**|**6**|
|**Balance Sheet**|**7**|
|**Trustee Statement**|**8**|
|**Notes to the Financial Statements**|**9 - 15**|
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
|**Company Information**|**Company Information**|**Company Information**|
|---|---|---|
|**Trustees/Directors**||Andrew Collinson|
|||Ben Gallagher (appointed 4 May 2022)|
|||Jennifer Andrews|
|||Gail Mott (resigned 1April 2022)|
|**Company Secretary**||Gail Mott|
|**Registered Office**||21-22 Hanover Buildings|
|||Southampton|
|||Hampshire|
|||SO14 1JU|
|**Registered Charity Name**||Kadampa Meditation Centre (KMC) Southampton|
|||(Limited by Guarantee) (known throughout this|
|||document as KMC Southampton)|
|**Registered Company Number**||3048918|
|**Registered Charity Number**||1050611|
|**Independent examining accountant**||**M R Cooper BSc (Hons) ACA**|
|||Welbeck Accountancy|
|||29 Welbeck Avenue|
|||Southampton|
|||SO17 1ST|
|**Bankers**||**BARCLAYS Business Banking**|
|||P.O. Box 6539|
|||Leicester|
|||LE87 2BB|
|||**TRIODOS Bank**|
|||Deanery Road, Bristol. BS1 5AS|
|||Bristol|
|||BS1 5AS|
1 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Report of the Trustees**
The trustees, who are also Directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the 12 month Period Ended 31st December 2022
## **Structure, Governance and Management**
Kadampa Meditation Centre Southampton is a registered charity (1050611) and a company limited by guarantee registered in England (3048918) 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 KMC Southampton's constitution. Directors of KMC Southampton are appointed in accordance with the charity’s constitution and guidance provided by the Charities Commission. A potential new Director must fully understand and support the objects of the charity and be nominated by two members of the charity. Directors are required to declare their eligibility in accordance with charities commission guidance. Nominations must be made in writing and signed by the members making the nomination. Members can only nominate one candidate each. Election of a Director is determined at the AGM by a poll conducted by the chairperson.
**Principal activity** The principal activity of the charity is to promote Kadampa Buddhism according to the teachings of Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso. To accomplish this aim the company has four principal activities: **1** Providing an education programme of drop-in classes, study programmes, retreats, day/weekend courses, public talks and special events. **2** Providing the facilities to house a small community of people who wish to study on the education programme and to follow the moral discipline of Kadampa Buddhism. **3** Running a shop, which principally sells teaching and ritual materials to facilitate the practice of Kadampa Buddhism. The shop also sells gift items for fundraising. **4** Running a simple coffee shop, selling teas, coffees and various pre-packaged food items.
These aims are supported financially through fees from the education programmes, proceeds from the shop/cafe, income from rented accomodation at the Centre and donations. The classes and Centre are open to every member of the public and as such are made available and accessible to everyone. The Centre seeks to make a positive impact on the local community.
## **How Southampton KMC activities deliver public benefit**
|Southampton KMC offers the following|services to directly deliver public benefit:|
|---|---|
|**1**|An education programme consisting of meditation classes, courses and retreats. We teach people how to meditate
and how to use practical methods to find happiness from within and to reduce stress in their daily lives.|
|**2**|A shop selling books and CDs on meditation, ritual objects and gifts.|
|**3**|A small coffee shop where people can enjoy teas, coffees, cakes and biscuits in peaceful surroundings.|
|**4**|Free chanted prayers (daily, weekly and monthly) open to all.|
|**5**|Hosting school and group visits.|
|**6**|A local volunteer programme.|
|**7**|Hosting local community events such as Public Talks, organised outreach free activities and participating and
supporting local events hosted by other groups in the community.|
Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing Southampton KMC's aims and objectives. In particular, trustees have considered how planned activities will contribute to the aims and objectives which have been set.
2 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Report of the Trustees continued**
## **Review of achievements and performance**
Over this financial period,the Centre has maintained good numbers of people attending classes. Following the discontinuation of online classes in September, the number of people attending in - person has grown steadily, bringing a stronger Community and increased revenue from the gift shop and coffee shop.Branch classes and memberships continued to provide a steady income.
## **Financial Review**
Over the period 1st January to 31st December 2022, the Centre made a surplus of £4890 . This was in comparison to the previous 8 month period 1st May to 31st December 2021 which saw the Centre making a loss of £8,455. Income from our charitable activities was £115,924 (2021: £56,769) and we received generous donations from supporters of £ 23,847 (2021: £18,793).
## **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 unforseen costs necessary to maintain the Centre building and cover the monthly mortgage costs.
## **Reserves**
At the end of the period, the total funds held by the charity were £540,315 (2021: £535,427, of this £481,070 (2021: £447,982) represents the net value of the fixed assets, £3450 (2021: £nil) is restricted and the remaining £55,795 (2021: £57,445) are free reserves. The Trustees consider that this is sufficient to comply with the reserves policy.
## **Plans for Future Periods**
During the financial year ending 31st December 2023 , the Centre will continue to offer classes and courses both at the Centre and in our regional locations within Hampshire, Dorset and West Sussex.The Centre continues to explore ways to further develop its offer to the local and regional communities and is working on its marketing and development strategies to facilitate this.
## **Responsibilities of the Trustees**
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with the applicable law and regulations.
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 financial statements the trustees have:
- selected suitable accounting policies and then applied them consistently.
- made judgements and estimates that are reasonable and prudent and prepared the accounts on a going concern basis.
- observed the methods and principles in the Charities SORP 2015, UK Accounting Standards and the Charities Act 2011.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enables them to ensure that the accounts comply with the Companies Act 2006 and the Charities Act 2011. They are also reponsible 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.
3 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Report of the Trustees continued**
Kadampa Meditation Centre Southampton is a Charity organisation and is claiming partial exemption:
(a) the accounts of the company for the financial year in question are in agreement with the accounting records kept by the company under section 386 of the
(b) having regard only to, and on the basis of, the information in those accounting records, those accounts have been drawn up in a manner consistent with (c) having regard only to, and on the basis of, the information in the accounting records, Kadampa Meditation Centre Southampton satisfies the requirements (d) the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## **External Scrutiny**
The end of year financial statements will undergo external scrutiny in the form of an independent examination as prescribed in the Charities Commission "Accounting and Reporting by Charities" (SORP 2015).
## **Serious Incidents**
The charity did not encounter any serious incidents this financial year.
## **Governing Policies**
The charity has in place all necessary governing policies and procedures.
**Registered Office: Signed on behalf of the trustees** 21-22 Hanover Buildings Southampton Hampshire SO14 1JU
**Date**
4 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Independent Examiner's Report To the Trustees**
## **Report to the trustees/directors/**
**members of** Kadampa Meditation Centre (KMC) Southampton Ltd
**On accounts for the period ended** 31st December 2022 Charity no.: **1050611** Company no.: **3048918 Set out on pages** 6 to 15
I report to the charity trustees on my examination of the accounts of the Company for the period ended 31st December 2021
**Responsibilities and basis of report** As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with 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 for this year under Part 16 of the 2006 Act and are eligible for independent 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 statement** I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: • accounting records were not kept in accordance with section 386 of the Companies Act 2006; or • the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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 understanding of the accounts to be reached.
**Signed:** Name: M R Cooper ACA Address: 29 Welbeck Avenue Southampton SO17 1ST
**Date:**
5 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Statement of Financial Activities**
**including summary income and expenditure account**
|**Note**
**Income**
**2**
**3**
**4a**
**4b**
**Total Income**
**Expenditure**
**5 & 7**
**6**
**Total Resources Expended**
**Net income/(expenditure)**
**Transfers between funds**
**Reconcilation of funds**
**Total funds carried forward**
Donations, legacies and grants
Charitable activities
Other trading activities
Investments
Other income
Charitable activities
Other trading activities
Total funds brought forward
_Income and endowments from:_
**_Net movement in funds_**|**£**
**23,847**
**115,924**
**3,973**
**40**
**750**
8 Months to 311221
£
£
£
19,077
4,770
18,793
115,924
-
59,769
3,973
-
1,207
40
-
13
750
-
Unrestricted
Restricted
Prior year
**Total**
**12 mths to 31/12/22**|
|---|---|
||**144,534**
139,764
4,770
79,783|
||**130,897**
**8,747**
129,577
1,320
84,917
8,747
-
3,321|
||**139,644**
138,324
1,320
88,238|
||**4,890**
**4,890**
**535,427**
1,440
3,450
(8,455)
-
-
-
-
1,440
3,450
(8,455)
535,427
-
543,882|
||**540,317**
536,867
3,450
535,427|
6 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Balance Sheet**
|**Note**
**Fixed Assets**
**8**
**8a**
**Total Fixed Assets**
**Current Assets**
**9**
**10**
**Total Current Assets**
**Creditors: amounts falling due within one year**
**11**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Creditors: amounts falling due after one year**
**12**
**Total net assets or liabilities**
**Funds of the Charity**
**13**
**Total Funds**
Tangible Assets
Intangible Assets
Stocks
Debtors
Cash at bank and in hand
Restricted income funds
Unrestricted funds|£
£
1,491,135
5,194
Unrestricted
Restricted|**£**
**1,491,135**
**5,194**
**Total**
Total
£
1,508,782
6,978
**31/12/22**
31/12/21|
|---|---|---|
||1,496,329|**1,496,329**
1,515,760|
||8,436
-
5,858
-
50,984
-|**8,436**
**5,858**
**50,984**
10,439
5,990
47,696|
||65,278
-|**65,278**
64,125|
||(27,054)
-|**(27,054)**
(30,930)|
||38,224
-|**38,224**
33,196|
||||
||1,534,553
-|**1,534,553**
1,548,956|
||(994,236)
-|**(994,236)**
(1,013,528)|
||540,317
-|**540,317**
535,427|
|||**3,450**
**536,867**
0
535,427|
|||**540,317**
535,427|
_The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies._
_The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006._
_The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts._
_These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP._
7 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Trustee Statement**
|The members of the committe approved the
Signature of director authenticating accounts|Meeting
|Date of meeting|
|---|---|---|
||||
||||
||Signature
|Date dd/mm/yyyy|
||||
|||**Print name**|
8 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
## **1. Statement of accounting policies**
## **Basis of accounting**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## The accounts have been prepared in accordance with:
the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Charities SORP (FRS102), the Charities Act 2011 and the Companies Act 2006.
Kadampa Meditation Centre Southampton meets the definition of a public benefit entity under FRS102.
## **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.
## **Going concern**
At the time of signing the accounts, the Trustees considered the going concern position.
Having reviewed performance during this period and subsequent to the balance sheet date, they consider that this indicates that the charity will continue to operate for a period of at least 12 months from the date of signing these accounts. At the balance sheet date the charity held significant cash balances. The charity has significant unrestricted reserves, which are sufficient to absorb short-term in-period deficits if required.
On that basis the Trustees have prepared these financial statements on a going concern basis.
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations received represent voluntary donations and gifts received by the charity and they are included in the period when it becomes receivable.
Expenditure is recognised in the period in which it is incurred.
Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support costs include central functions and have been allocated proportionally to activity cost categories on an estimation of the time spent by support staff on each area of activity as a proxy.
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: The fit out costs (Leashold Improvements) of the property at Hanover Buildings have been capitalised and will be depreciated over a 20 year period (the shorter of the lease (999 years) and the useful economic life of the improvements).
Fixtures & Fittings at the rate of 10% per annum, straight line
Motor Vehicles at the rate of 25% per annum, straight line Office Equipment at the rate of 25% per annum, straight line Website (Intangibles) at the rate of 20% per annum, straight line Leasehold Improvements at the rate of 5% per annum, straight line
Stock represents items for resale in the shop and is valued at the lower of cost and net realisable value, after making due allowance for obsolete items, in accordance with FRS102.
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
The charity has creditors which are measured at settlement amounts less any trade discounts. A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
9 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
|**2. Income from donations and legacies**
Donations and legacies
Gift Aid recovered
Grants received|**£**
**20,796**
**3,051**
**0**
**Total**
£
£
£
16,026
4,770
4,957
3,051
-
1,069
0
-
12,768
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221|
|---|---|
||19,077
4,770
23,847
18,793|
Restricted funds of £4,770 received in the 12 month period ending 31st December 2022 were donations as follows: £1,320 given towards the expenses of the Resident Teacher at KMC Southampton and £3450 was towards the refurbishment of the Cafe & Kitchen
|**3. Income from Charitable activities**
**4. Income from other activities**
Education
Centre
Bookshop/Ritual
Coffee shop
4a. Other Trading - Gift shop & Fundraising Events
4b. Other Income|**£**
**90,738**
**15,810**
**3,633**
**5,743**
**Total**
£
£
£
90,738
-
47,363
15,810
-
11,440
3,633
-
728
5,743
-
238
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221|
|---|---|
||**115,924**
115,924
0
59,769|
||**£**
**3,973**
**Total**
£
£
£
3,973
-
1,207
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221
750
-
**750**|
||**4,723**
4,723
0
1,207|
10 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
|**5. Expenditure on Charitable activities**
**a) Education expenditure**
**b) Centre expenditure**
**c) Coffee shop expenditure**
**d) Book/Ritual expenditure**
Venue, travel and other event costs
Advertising, marketing and publicity
Livestreaming IT costs
Meditation room costs
Sponsorship and Guest Teacher costs
Support costs (apportioned)
Property service charges (Residential Flats)
Residential Flats expenditure
Support costs (apportioned)
Coffee shop purchases (stock)
Coffee shop expenses
Support costs (apportioned)
Book/Ritual purchases (stock)
Support costs (apportioned)|**£**
**9,763**
**10,820**
**1,523**
**2,488**
**5,993**
**39,000**
**Total**
£
£
£
9,763
-
5,438
10,820
-
10,380
1,523
-
622
2,488
-
1,811
4,673
1,320
5,159
39,000
-
24,726
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221|
|---|---|
||**69,587**
**48,136**
**£**
**2,939**
**96**
**39,497**
**Total**
68,266
1,320
£
£
£
2,939
-
1,333
96
-
1,610
39,497
-
24,709
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221|
||**42,532**
**27,652**
**£**
**2,742**
**1,455**
**6,009**
**Total**
42,532
-
£
£
£
2,742
-
155
1,455
-
592
6,009
-
3,697
Unrestricted
Restricted
Total
**12 mths to 31/12/22**
8 Months to 311221|
||**10,206**
**4,444**
**£**
**2,564**
**6,009**
**Total**
10,206
-
£
£
£
2,564
-
988
6,009
-
3,697
Unrestricted
Restricted
Total
**12 mths to 31/12/21**
8 Months to 311221|
||**8,573**
**4,685**
8,573
-|
11 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
|**e) Support costs**||||**Charitable activities**||||**Trading**||
|---|---|---|---|---|---|---|---|---|---|
||||||||Book/|||
||Total|||||Coffee|Ritual|Gift||
||2021|**Total**|Education||Centre|shop|shop|shop||
|||**12 mths to**||||||||
||8 Months to 311221|**31/12/22**||||||||
|Mortgage interest payable|16,739|**29,565**|8,869||12,713|2,661|2,661|2,661|0|
|Maintenance, security and||||||||||
|health & safety costs|4,651|**5,210**|2,346||2,084|260|260|260|0|
|Utilities|9,078|**15,887**|7,150||6,355|794|794|794|0|
|Property service charges|673|**1,053**|473||421|53|53|53|0|
|Insurance|1,671|**2,260**|1,017||904|113|113|113|0|
|Office and administration costs|2,575|**4,100**|1,845||1,640|205|205|205|0|
|Staff Costs (including stipend)|7,851|**11,725**|5,277||4,690|586|586|586|0|
|Accountancy and Independent|408|**570**|255||228|29|29|29|0|
|Legal & Professional Fees|21|**60**|27||24|3|3|3|0|
|Bank and credit card charges|818|**1,814**|815||726|91|91|91|0|
|Motor vehicle and travel costs|382|**486**|220||194|24|24|24|0|
|Charitable donations|2,200|**3,500**|1,575||1,400|175|175|175|0|
|Depreciation|13,459|**20,294**|9,131||8,118|1,015|1,015|1,015|0|
|**Total Costs**|60,526|**96,524**|39,000||39,497|6,009|6,009|6,009||
Mortgage costs are allocated on the basis of the purchase cost of each section of the property. All other support costs are apportioned based on an estimation of time spent by support staff on each area of activity.
## **6. Expenditure on Other trading activities**
|**Gift shop expenditure**|Unrestricted|Restricted|**Total**|Total|
|---|---|---|---|---|
|||**12 mths to 31/12/22**||8 Months to 311221|
||£|£|**£**|£|
|Gift shop purchases|2,717|-|**2,717**|(386)|
|Gift shop expenses|21|-|**21**|10|
|Support costs (apportioned)|6,009|-|**6,009**|3,697|
||8,747|-|**8,747**|3,321|
|**7. Details of certain types of expenditure**|**12**|**mths to 31/12/22**||8 Months to 311221|
|_Fees for the examination of the accounts:_||**£**||£|
|Independent examiner's fees||300||300|
|||**300**||300|
12 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
|**8. Tangible Fixed Assets**
**Total**
**Cost or valuation**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**1,601,138**
**862**
**(4,495)**
**1,597,505**
**Depreciation**
**(92,354)**
**(18,509)**
**4,495**
**(106,368)**
**Net book value**
**1,508,784**
**1,491,137**
**8a. Intangible Fixed Assets**
**Total**
**Cost or valuation**
**£**
**£**
**8,920**
**0**
**0**
**8,920**
**Depreciation**
**(1,942)**
**(1,784)**
**(3,726)**
**Net book value**
**6,978**
**5,194**
**9. Stocks**
**£**
**10. Debtors**
**£**
**5,858**
**11. Creditors: Amounts falling due within one year**
**£**
**27,054**
Leasehold
Furniture
Office
Motor
Cafe
Leasehold
Computer
Property
& Fittings
Eqpt
Vehicle
Eqpt
Imprvmts
Eqpt
At 31 December 2021
1,270,000
29,583
4,170
4,495
5,432
282,043
5,415
Additions
-
-
-
-
862
-
-
Disposals
-
-
-
(4,495)
-
-
-
At 31 December 2022
1,270,000
29,583
4,170
-
6,294
282,043
5,415
At 31 December 2021
-
(18,560)
(3,846)
(4,495)
(3,775)
(59,826)
(1,852)
Charge for year
-
(1,507)
(185)
(1,359)
(14,104)
(1,354)
Disposals
-
-
-
4,495
-
-
-
At 31 December 2022
-
(20,067)
(4,031)
-
(5,134)
(73,930)
(3,206)
At 31 December 2021
1,270,000
11,023
324
-
1,657
222,217
3,563
At 31 December 2022
1,270,000
9,516
139
-
1,160
208,113
2,209
Website
At 31 December 2021
8,920
Additions
Disposals
-
At 31 December 2022
8,920
At 31 December 2021
(1,942)
Charge for year
(1,784)
At 31 December 2022
(3,726)
At 31 December 2021
6,978
At 31 December 2022
5,194
£
Stock of items for resale
8,436
10,439
£
Prepayments
1,327
3,742
Other debtors
4,531
2,248
5,990
£
Trade creditors
799
81
Accruals
2,070
1,560
Prepaid funds for courses not yet given
1,472
3,989
Mortgage capital repayments due within one year
21,023
24,250
Other creditors
1,690
1,050
30,930
**2022**
**2022**
**2022**
2021
2021
2021|**Total**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**1,601,138**
**862**
**(4,495)**
Leasehold
Furniture
Office
Motor
Cafe
Leasehold
Computer
Property
& Fittings
Eqpt
Vehicle
Eqpt
Imprvmts
Eqpt
1,270,000
29,583
4,170
4,495
5,432
282,043
5,415
-
-
-
-
862
-
-
-
-
-
(4,495)
-
-
-|**Total**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**1,601,138**
**862**
**(4,495)**
Leasehold
Furniture
Office
Motor
Cafe
Leasehold
Computer
Property
& Fittings
Eqpt
Vehicle
Eqpt
Imprvmts
Eqpt
1,270,000
29,583
4,170
4,495
5,432
282,043
5,415
-
-
-
-
862
-
-
-
-
-
(4,495)
-
-
-|**Total**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**1,601,138**
**862**
**(4,495)**
Leasehold
Furniture
Office
Motor
Cafe
Leasehold
Computer
Property
& Fittings
Eqpt
Vehicle
Eqpt
Imprvmts
Eqpt
1,270,000
29,583
4,170
4,495
5,432
282,043
5,415
-
-
-
-
862
-
-
-
-
-
(4,495)
-
-
-|
|---|---|---|---|
||1,270,000
29,583
4,170
-|**1,597,505**
6,294
282,043
5,415||
||-
(18,560)
(3,846)
(4,495)
-
(1,507)
(185)
-
-
-
4,495|**(92,354)**
**(18,509)**
**4,495**
(3,775)
(59,826)
(1,852)
(1,359)
(14,104)
(1,354)
-
-
-||
||-
(20,067)
(4,031)
-|**(106,368)**
(5,134)
(73,930)
(3,206)||
||1,270,000
11,023
324
-|**1,508,784**
1,657
222,217
3,563||
||**£**
1,270,000
9,516
139
-
Website
8,920
-|**1,491,137**
**Total**
**£**
**8,920**
**0**
**0**
1,160
208,113
2,209||
||8,920||**8,920**|
||(1,942)
(1,784)||**(1,942)**
**(1,784)**|
||(3,726)||**(3,726)**|
||6,978||**6,978**|
|||**£**
**£**
**5,858**
**£**
**27,054**
8,436
1,327
4,531
799
2,070
1,472
21,023
1,690
**2022**
**2022**
**2022**|**5,194**
£
10,439
£
3,742
2,248
2021
2021|
||||5,990|
||||£
81
1,560
3,989
24,250
1,050
2021|
||||30,930|
13 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
## **12. Creditors: Amounts falling due after more than one year**
||||
|---|---|---|
|**12. Creditors: Amounts falling due after more than one year**|**2022**|2021|
||**£**|**£**|
|Mortgage|704,236|723,528|
|_Loans from Kadampa Meditation Centres:_|||
|Madhyamaka Kadampa Meditation Centre Ltd|40,000|40,000|
|Bodhisattva Kadampa Meditation Centre|200,000|200,000|
|Tara Kadampa Meditation Centre Ltd|50,000|50,000|
||**994,236**|1,013,528|
The bank loan of £704,236 is the combined Triodos mortgage on the commercial and residential buildings at 21-22 Hanover Buildings drawn down on 20 June & 10 August 2017respective The loans are repayable over a 25 year term at fixed rate of interest of 10yrs at 5.052% (commercial) and 5 years at 4.80% (residential)
The loans from other Kadampa Meditation Centres were given to cover the unbudgeted VAT costs on the purchase of the commercial building and part of the fit out costs at 21-22 Hanover Buildings. The constitution of each KMC explicitly states that they will support other KMCs in this way. We have received written confirmation from each of the KMCs stating that the loans will not be recalled before 10th September 2024.
## **13. Charity Funds**
|**Details of material funds held and movements during the**|**Details of material funds held and movements during the**|**Details of material funds held and movements during the**|**CURRENT reporting period (12 months to 31/12/22)**|**CURRENT reporting period (12 months to 31/12/22)**|**CURRENT reporting period (12 months to 31/12/22)**||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||**Fund**|||||||||**Fund**|
||||**balances**||||||**Gains**|||**balances**|
|||**Purpose &**|**b/fwd**|**Income**|**Expenditure**||**Transfers**||**& Losses**|||**c/fwd**|
|**Fund names**||**Restriction**|£|£|£||£||£|||£|
|General funds|||535,427|139,764||(138,324)||-||-||536,867|
|Resident Teacher Support||Donation|-|1,320||(1,320)||||||0|
|Cafe & Kitchen Refurbishment||Donation|**-**|3,450||||**-**||**-**||3,450|
||**Total funds as per balance sheet**||**535,427**|**144,534**||**(139,644)**||**-**||**-**||**540,317**|
|**Details of material funds held and movements during the**|**Details of material funds held and movements during the**|**PREVIOUS**|**reporting period (8 months to 31/12/21)**|**reporting period (8 months to 31/12/21)**||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Fund**|||||||||**Fund**|
|||**balances**||||||**Gains**|||**balances**|
||**Purpose &**|**b/fwd**|**Income**|**Expenditure**||**Transfers**||**& Losses**|||**c/fwd**|
|**Fund names**|**Restriction**|£|£|£||£||£|||£|
|General funds||543,882|78,488||(86,943)||-||-||535,427|
|||||||||||||
|Resident Teacher Support|donations|-|1,295||(1,295)||||||0|
|**Total funds as per balance sheet**||**543,882**|**79,783**||**(88,238)**||**-**||**-**||**535,427**|
14 of 15
Kadampa Meditation Centre Southampton Financial Statements for year ended 31 December 2022
## **Notes to the Financial Statements**
## **14. Staff and trustee costs**
For the 12 month period ended 31 December 2022, four residents at the Meditation centre; the Resident Teacher, Administrative Director, Treasurer and Education Programme Coordinator received rental costs in kind, a nominal expenses allowance and a food and cleaning products allowance. The expense allowances are included in the expenditure totals. From 1st October to 31st December, the Education Programme Coordinator role was vacant.
|**Staff numbers**|**12 mths to 31/12/22**|8 Months to 311221|
|---|---|---|
|Resident Teacher|**1**|1|
|Education Programme Co-odinator|**1**|1|
|Administrative Director|**1**|1|
|Treasurer|**1**|1|
||**£**|£|
|**Staff costs (including stipend)**|**17,425**|12,427|
|**15. Related Party Transactions**|||
||**£**|£|
|Trustees made aggregate donations of|**1,250**|1,230|
From 1st January to 28th February, one of the Trustees rented an apartment from the Centre at the same rate as members of the public. This ceased from 1st March when they took on the role of Admin Director. There were no other related party transactions
15 of 15