Kadampa Meditation Centre (KMCI SoLrthaTnpton Ltd Re815tered Company Number 03048918 Charity Numbe¥ 1050611 Kadampa Meditatlon Centre (KMC) Southampton Ltd (A Company limited by guarantee) Trustees. Annual Report and Financial Statements for the year ended 31 December 2023 Kadampa Meditation Centre IKMQ Southampton Ltd Flnanctsl Statements for the year ended 31 Oecember 2023 Contents P$io Company Intorrnatlon Report ofthe Trustee$ Indopendent Examlnetrs ReportTo the Tyusteeg Stai¢mont of Flnancl4lA¢tt¥ltl88 BAlanc8 Shoot Not05 to the Finan¢lalStatomants 9-15 K3dampa Meditation Centre IKMCI Southampton Ltd Report of the TrusteÈs forthe ended 31 DecembÈr 2023 Company InformatKon TrusteeslDirertoYs Andrew Collinson Bery Gallagher knnofer Andrews- resigned 19 February 2024 Mary Cansdale- appointed 19 February 2024 Company Secretary Gail Mott Reglstered Office 21-22 Hanover 8uildings Southampton Hampshire S014 IJU Reglstered Charity Name Kadampa Meditst￿n Cwrtre IKMQ Southan Reslstered Company Numbtr 0348918 Reglstefed Charlty Numb 1050611 Ib)dependent Examiner M R Cooper ACA Welbeck 29 Welbe¢k Avenue Southampton S017 1ST Bankers BARCLAYS BLtslness Bankln8 P.0. Box 6539 Lelcester LE87 28B TRIODOS Bank Deanery Road. Bristol. BSI SAS 8risrol 8SI SAS Kadampè Meditstion Centre IKMCI Southampton Ltd Report ofthè Trusttts fortheyear ended 31 December 2023 The trustees,who are 3150 Directors for the purposes of company law, have pleasu￿ in presenting their report and the rinancial statements forthe year ending 31 De￿mber 2023 StnJ¢ture, Governance and mana￿ment Kadampa Meditation Centre Southampton is a reBlstered charity110506111 and a company limlted by guarantee re8lstered En8land1030489181 and is governed by its memorandum and articles of assotsatlon. The director5 are the charity tTUStees for the purposes of the Charities Art 2011. The company's strutture. governance and management are set out in detall tn the KMC Southampton's constttutiorb. Direttors of KMC sO￿haMpton arè appointed in accordance with the charitvs constitution and guidan￿ provided by the Charity Commission. A potential new Dirertor must fully understand and supportthe objects of the tharity and be nominated by two members of the charity. Directors are requirèd to declare their eli8ibility In accordan￿ wrth Charity Commssion guidance. Nominations must be made in writing and signed by the members making the nomination. Members can only nominate one candidate each. Elertiori of a Dirertor is determined at the AGM by a poll conducted bythe chairperson. Prfnclpal artlvlty The principal aciivily of the charity isto promote Kadampa Buddhism according to the teachings of Je T50ngkhapa a5 taught by Venerable Geshe Kelsang Gyatso. To a¢¢omplish this aim the cornpany has four principal actmties: ProvidinB an education programme of drotrin da￿e5. Study pro8rammes. retreats. daylweekend courses, public Providing the fa¢llrtles to house a small tommunrty of people who wlsh to study on the educatr'on programme and to follow the moral disopltne of Kadampa Buddhism. Running a shop, which principally sells leaching and ritual materials to fadlltate the practlce of Kadampa Buddhism. 4 Running a simple Coffee shop. sellin8 teas, coffees and varlous pre-pa¢k•ged food (tems. These alms are supporred financlally through fees from the educatlon pro8rammesi proceeds from the shoplcafe, How SoLrthampton KMC acllvEtles dell¥er publk btnefft Southampton KMC offers the following services to directly deliver public benefit.. An educatlon programme consisting of meditalion Cla￿eS, courses and retreats. We teach people how to meditatè 2 A shop $ellin8 books and Cos on meditation. ritual objects and gifts. 3 A small coffee shop where people can enjoy teas, coffees. cakes artd biscuits in peaceful surroundin85. 4 Free chanted prayers (daily. weekly and monthly) open to all. 5 Hostin8 school and group visits. 6 A local volunteer programme. Hosting local community events such as Public Talk5, organlsed outreach free actfvltles and partlclpatinB and supportrng local events hosted by other groups in the community. Trustees have referred to the 8uld3n￿ contained In the Chartty Commission'5 general guidance on public benefit when reviewin8 Southampton KMC'S ￿m$ Kadampa Meditation Cèntre IKMQ Southampton Ltd Reportofthe Trt￿fOr theyear ended 31 December2023 Revlew of achievements and perfomiance Ovèrthis fin¥nci21 period.the Centre has b@neffted from consistently strong numbers of people attending classe5.ln - person attendance has remained 80(MJ and the introduction In May of a Members-only, live online option has seen Increased Membership revenue. Income from the gift shopicoffee bar and bookshop has 8rown and the addition of food for day courses and special events has proven successful. Flnanclal Revlew Over the period 15tJanuary to 31st December 2023. the Centre made a surplus of a2.06012022. £4.8901. Income from our charltable actSvities was £150,13612022= £115,924) and we received generou5 donations from supporters of £12,24412022: £ 23,8471. Reserve5 Pollcy 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 maintaln the Cer¢tre buildlng and cover the monthly Re5er•es At the end of the period, the totsl funds held by the charrty weye £552.37712022." £540.3171, of this £484.85512022.. £481,0701 represents the net value of the fixed assets, none12022.' £3,450) Is restricted and the remaining £67.522 12022.. £55,795) are freè reseryes The Trustees considerthatthis Is sufficient to comply wrth the reseNes policy. Plans for Future Perlod$ During the financial year ending 31st December 2024, the Centre will continue to offer classes and coutses both at thè Centre and in our regional locations within Hampshlre, Dorset and West SusseLThe Centre continue5 to explore ways to further develop our offÈr to the local and re8ion31 communitres Plans are in place tofurther develop our Mzrketlrtg strate8Yto reach more buslnesses and broaden our demographlc. ResponsSbTlltles of thè Trustees The trustees are responslble for prepadng the Trustees Annual Report and the financial statements in accordance with In preparingthese ftnancial 5tstements the trustees have: • selerted sultable accounting poliaes and then applied them consistentty. made judgements and estimates that are reasonable and prudent and prepared the accounts on a going • observed the methods and prlnclples In the Charttles SORP 2015. UKAccounting Standard5 and the Charities The tnjstees are responslble for keeping proper attounting records which dlsclose wlth reasonable 3cciJracy 3t any tlme the financial positlon of the company and enables thèm to ensure that the accounts comply with the Companies Aet 2¢X)6 and the Charities Art 2011. They are also ￿Ponsible for safe8uardin8 tht assets of the company 3nd, as a150 required by charity law. ensurin8 their proper application, and hence for taknng reasonable steps for the prevention and deteth.on of fraud and other irregularities. Kadampa Meditation Centre Southampton is a Charty or8anisation and is claifning partial lal the accounts of the company for the financial year in question are in agreement with the Ibl having regard only to, and on the basis of. the inforn13tion in those accounting records, those Icl havln8 re8ard only to. and on the bas15 of. the InformaTion In the accounting record5. Kadampa Idl the company was entitled io exemption from auLSit under 5ertion 477 of the Companles Act External Scrutiny The end of year financial statements w11 l undergo Èxternal Scrutiny in the forni of an independent examination as prescribed in the Chartties Commi55ion"Accovnting and Reporting by Chartties. ISORP 20151. Kadampa Meditation Centre IKMC) Southampton Ltd Report of the Trustees for the year end￿ 31 DÈtember 2023 Serlous In¢ldents The charity did not encounter any serious incidents this financial year. Governing Pollcies The charity has in place all nece55ary goveming policies and procedures. Reglstered Offlce: 21-22 Hanover BuildinES Southampton Hampshire S014 IJU Slgned on behalf of the trustees 6EAf QrtLLRQHti Date Kadampa Medftation Cenire {KMCI Southampton Ltd 'Independet7t EMaminer'5 Report to the of Kadampa Mtdltstion Centré IKMCI Southampton Ltd I reportto the charity tnjstees on my exarnination of the accounts of the chaitable company forthe year ended 31 December 2023. which are set out on p3ges ? to 15. Responsibllities and basis of report As th@ charity'5 trustees Df the charitable company land also Tts dlrertors forthe purpose5 of company lawl you are re5ponslble for the preparatson of the accounts in a￿rdance wtth the requirements of the Companie5 Art 20061'the 2006 Act'l. Having satisfied myseff thatthe accounts of the charitable company are not ￿UIred to bè audited under Part 16 of the 2006 Act and are ell￿'ble for independent examination, I rewrt in respect of my examination of your charity'5 accounts as c3rried out under section 145 of the Charities Act I'the 2011 Act'l. In carrying out my examinatlon I have followed the Directions given by the Charity Commi55iorh under settion 14515llbl of the 2011 Act. Independent examlnerfs Statement I have Gornpleted my eyamination. I confirm that no material matters have come to my attent￿n in connection with the examination giving me cause to believe that in any materlal respect.. l accountlng records were not kept In respect of the company as required by sectk)n 386 of the 2C#]6 Act,. or 2 the accounts do not atcord wfth those records." or 3 the accounts do not comply with the accountlng requirements of section 396 of the 2CM)6 Art other than any requlrement thai the accounts glve a *Tue and falr vlew. which 15 not a m•tter consldered as part of an Ind•pendent examlnation, or 4 the accounts have not beèn prepared In accordancè wlth the methods and prfnclples of the Statement of Recommended Practbee for a¢countln8 and reporting by charltles lapplicable to tharlties preparln8 their accounts In accordance with the Financial Reportln8 Stsndord appllcable in the UK and Republic of I￿land IFRS 10211. I have no concems and have Come acr0$5 no *XheY m3tters in connertion with the examination to which attentson should be drawn in this report In order to enable a proper understandlng of the accounts to be reached. Date. a1 M R Cooper ACA Welbeck 29 Welbeek Avenue Southampton S017 1ST K3damp3 Meditation Centre IKMC) Southampton Ltd Statement of Flnancial Activi includlng sumn)3ry Income and expenditure account forthe year ended 31 December 2023 2023 Unrestrirted 2023 Restricted 2023 Total 2022 Total Note Income Income andendowmentsfrom.. Donètions. legacies and grants Charitable activrties Other trddin8 activitie5 Investments 10.924 150.136 1,320 23,847 115,924 3.973 40 750 0.136 4.506 Other Income 4b Total IrKome 166,134 1,320 167054 144.534 Expendlture Charitable attlvltles Other trading actiwties 5&7 145,921 8.153 L320 147,241 8.153 130,897 B,747 Total Resources Expended 154.074 1,320 155,394 139,644 Net in¢omÈl{exp•ndlturel 12,OfA) 12.060 4,890 Transfets between funds Net movement In fvnds 12,Qf4) 12,060 4,890 Re¢oncllatlon of fund5 Total funds brought forytsrd 540,317 540,317 535,427 Total fisnds ca￿led foft¥ard 552.377 55Z,377 540,317 Kadampa Meditation Centre IKMCI so￿haMPton Ltd Balance Sheet as at 31 December 2023 2023 Unr£%trirted 2023 Restrirted 2023 Total 2022 Total Fixed AssÈts Tan6ible Assets Intangible Assets 1.475,680 3.410 L475.680 3NIO 1,491.13S 5.194 rotsl Fixed Assets 1,479,090 l479,090 1,496,329 Current A53ets Stocks Debtors Cash at bank and in han¢i 8.839 4.593 60,170 8.839 4,S9a 60,170 8,436 5,858 50,984 Totsl Current Assets 73.￿2 73,602 65,278 CredbtDrs: amounts falling due wSthln one year li 128.1591 128J59) 127,0541 N•t current •ss•tsllllablllti￿) 45,442 45A42 38,224 Totsl assets less current 51•billtles 1.524.532 1.524.532 1,534.553 Credltors: amounts fallln8 due after one year 12 1972,1551 {972.1551 1994,2361 Total net assets or Ilabiliiies 552,377 552,377 $40,317 Funds of the Charlty Restricted income funds Unrestricted funds 3,450 536.867 540,317 552.377 552377 Total Funds For the year ended 31 December2023 the compony wtss entkled to exemprh)nfrorn oudlt unders477 of the Comp(JniesAct 2006 reloting to smoll componies. The members have not required the company to obtaln Gn oudh In accordonce wfth sectlon 476 of the ComponlesAct 2006. The directors ocknowledge thelr responsibilttiesforcomptying with the requirements of the CompaniesAct wlth respect to attourttrnq records ond the prepon7tion of occount& These occounts have been prepored in a¢¢ordonce with the prOV￿10n$ applicoble to smoll companie5 subjert to the smoll companies regime ondin t7ccordonce wtth FRS102 SORP. Approved by th• TnJstèt5 On 2a, 20ILF and signed on Its behalf by SIKnature Oate 231612Lfr Prlnt name Et hj LL/4 C7FJt(2 Kadampa Meditstion Centre IKMQ Southampton Ltd Notès to the accoub torthe year ended ai December 202> l. Statement of accountlng polic*s Basls of accountlns The financial Statements have been prepare(J under the hlstortcal cost convention wfth items reco8nised at cost or transaction value unles5 otherwise stated Kadampa Meditation Centre Southampton meets the definftton of a publlc beneflt entity under FRSIO2. Cash flow statement The trustees have taken advantage of the ￿MptIoN in Hnancial Reportlng Standard hlo I Irevisedl from Indudlng a rash flow rtatement in the financial Golng cOn￿rTr At the time of signing the accounts. the Tru5tee5 once again ￿nSIdered the ongoing fallout from the pandemic and necessary related disclosures on the going concern position. On that basis the Tnjstees have prepared these ftnanclal statements on a golng coftcem basis. All ineome ig recognised in the Statement of Flnancial Actiwtres once the chartty has entrtlement to the fvnds. ft is probable that thè Income wtll be received Expend¢ture is recognised in the perbod in t*thich It is incurred. All flxed assets are inltially recorded at C05t. Depreciatlonls calculated so a5 to write off the cost of an ass¢ less its estimated residual value, over the usefijl economlc Ilfe of that asset as follows". The fit out costs ILe3shold Improvements) of the property at Hanover Buildlngs have been caplt31ised and wlll be depreciated ovÈr a 20 year period lthe shorter of the lÈase1999 year51 and the usefvl economlc Ilfe of the FlJrtur¢s & F￿￿n￿$ •t the rat• ot IO% p•r •nnLtsm. str*4$ht Iln• MoiorVehlcle5 at the rate of 25% per annum. straight line Office Equipment at the rate of 25% per annum. stratght line Website Ilntan8ible51 at the r*e of 20% per annum. strai8ht line Leasehold Improvements at the rate of 5% per annum. straight line Stock represents items for resale in the shop and Is valued atthe lower of cost and net realisable value, after makin8 due allowancefor obsolete Items, In accordance with FRSIO2. Debtors linduding trade tlebtorsand loans recelvablel are measured on initial recognluon at settlement amount after any trade discounts or amount The charity has c￿ditorS which are measured at settlement amounts less any irade discounts. A Ilablllty is measured on recognition at its hlstorlcal cost and then subsequentty measured at the best estimate of the amount required to settle the obllgation at the reportlng t1ate ampa Medltstmin CentrE IKMa Notes*otheacttsunts forthe yearended 31 December 2023 2. Incomefrom don8t1￿¥thd Wties 2023 2023 2022 Totsl Oonatths and le8acie5 GittAid Tectylered 1320 IOJ75 20,796 3,051 Grants recefved 10924 1320 12244 23￿7 Pestricted fuDd5 01 £1.320 rec•lv£d In the 12 rmnth pertod er¥Jln#31stC*unkn 2023were8Nen towarttstht expen5e5 ofth* ResldentTe#ch￿ at KMC 5tyJththptan 3. Income from Clorltalle a¢lMtle5 2023 2023 zozz Totsl Educat5¢n C4ntre 8ookshoplRkual Coffee shop 115,576 19.950 90.738 15,810 6.315 4295 5.743 150,ts6 115.924 4. IrKom•lvom other8cd¥ftl•s 2023 2022 ToTal 4a. Tradlrrf- Gfftshty & FuTrlotyrEE%*nts 4b. Other In¢tyne 3,973 750 4506 4.7Z3 2023 2023 UnrÈttncted Restricted 2022 Total Totsl Il tduutloD exp•ndrture Ve#ue.trawd arhj othereventrosts AdYertlsin& Ma￿etIng1nd publkrty Iwestreaming IT costs Medttafton room costs Spotw)rshlp ?n