Kadampa Meditation Centre {KMC) Southampton Ltd Registered Company Number 03048918 Charity Number 1050611 Kadampa Meditation Centre (KMC) Southampton Ltd (A Company Ilmited by guarantee) Trustees, Annual Report and Financial Statements for the year ended 31 December 2024 Kadampa Meditation Centre IKMC) Southampton Ltd Flnancial Statements for the year ended 31 December 2024 Contents Page Company Infomiatlon Report of the Trustees Independent Examinae8 Report To the Trustees Statement of FinancialActivlties Balance Sheèt Notes to the Financial Statements 9- 15 Kadampa Meditstion Centre IKMCI Southampton Ltd Report ol the Trnstèes forthe year ended 31 Drfember 2024 Company Infomiatlon TNstees/Dirertors Andrew Collinson- resigned 23 June 2024 Ben Gallagher JenniFer Andrews- resigned 19 February 2024 Mary Cansdale- appointed 19 February 2024 Karen Hunt- appointed 23 June 2024 Company Secretary Gail Mott Reglstered Office 21-22 Hanover Buildings Southampton Hampshire S014 Ilu Registered Charity Name Kadampa Medttstion Centre IKMCI Southan Registered Company Number 0348918 egistered Charity Number 1050611 Independent Examiner M R C¢Joper FCA Welbeck 29 Welbeck Avenue Southampton $017 1ST Bankers BARCLAYS Business Baftking P.0. Box 6539 Leicester LE87 28B TRIODOS Bank Deanery Road, Bristol. BSI SAS Bristol 8515AS Kadampa Medltstion Centre IKMC) Southampton Ltd Report of the Trustees for the year ended 31 December 2024 The tn15tees. who are also Directors for the purposes of company law, have pleasure In presenting their report and the financial statements for the year ending 31 De￿mber 2024 Stnicture, Governance and Management Kadampa Meditation Centre Southamgton is a registered charity11050611} and a company limlted by guarantee registered in England {03048918} and is govemed by Its memorandum and articles of association. The directors are the charity trustees for the purpose5 of the Charities Art 2011. The company's strutture. governance and management are set out in detall in the KMC Southampton'5 constttution. Directors of KMC Southampton are appointed in accordance with the charl￿$ constitution and guidance provided by the Charity Commission. A potential new Dirertor must fully understand and support the objects of the charlty and be nominated by two members of the charity. Direttor5 are required to declare their eligibility in accordance with Charity Commission guidance. Nominations must be made in writing and signed by the members making the nomination. Members can only nominate one candidate each. Elettion of a Director is determlned at the AGM by a poll conducted by the chairperson. Principal artivity The principal activity of the charlty is to promote Kadampa Buddhism accordin8 to the teachings of Je Tson8khapa as taught by Venerable Geshe Kelsang Gyatso. To accomplish this aim the company has four prrncipal activitie5: Providing an educatlon programme of drop-in dasses. study programmes. retreats. day/weekend courses. I public talks and special events. Providing the facilities to house a small community of people who wrsh to study on the education 2 programme and to follow the moral discipline of Kadampa Buddhism. Running o shop, which principally sells teaching and rI￿al materi?Is to facilFtate the practice of Kadampa 3 Buddhism. The shop also sells gift items for fundraÉsing. 4 Running a simple coffee shop. selling teas, coffees and various pr&packaged food items. These aim5 are supported financially through fees from the education proErammes. proceeds from the shop/cafe. How Southampton KMC actlvities deliver publk benefft southampton KMC offers the followin8 services to direttty deltver public benefit.. An education programme consisting of meditstion classes. courses and retreats. We teach people how to I meditste and how to use prartical methods to find happiness from within and to reduce stress in their daily lives. 2 A Shop 5elllng books and CDS on meditatk)n. rltual 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 ènd monthly) open to all. 5 Hosting school and group visits. 6 A local volunteer programme. Hosting local communty events such as Public Talks. organised outreath free activitie5 and participatlng and supporting local events hosted by other 8roups 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 artivities will contribute to the aims and objectlves which have been seL Kadampa Meditation Centre IKMCI Southampton Ltd Report of the Triistees forthe year ended 31 Deomber 2024 Review of achrevements and perfonnance This financial period proved a challenging one for the Centre. wtth rising operational costs and significantly lower attendance to classes than the previous year. However. an increase in Memberships. along with good attendance to Special events helped to minimise losses. Flnan¢ial Review Over the period 1st January to 31st December 2024. the cent￿ made a loss of £896 12023.. £12,060). Income from our charitable attrvtties was £139.57212023: £150.136) and we received generous donations from supporter5 of £15,859 12023.- £12.244). Reserves Policy The policy throughout the period WFth regard to reserve5 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 coverthe monthly mortgage costs. At the end of the period, the totsl fvnds held by the charty were £551,48112023: £552,377), of this £48678312023: £484.8551 represents the net value of the fixed assets, none12023.' none) is restrirted and the remaining £64.69812023.. £67.5221 are free reserves. The Trustees consider that this is sufficient to comply WFth the reserves policy. Plans lor Future Perlods During the financial year endlng 31st December 2024. the Centre will continue to offer classes and courses both at the Centre and in our regional locations within Hampshire, Dorset and West 5ussex.The Centre continues to explore ways to further develop our offer to the local and regional communities. Plans are in place to further develop our Marketing strategy to reach more businesses and broaden our demographic. Responslbilitles of the Trustees The trustees are responsible for preparing the Trustees Annual Report and the financial ststements In accordance wlth the applicable law and regulations. Company law require5 the trustees to prepare financial ststements for each financial year. Under that law the trustees have elected to prepare the financial statements in ac￿rdanCe with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Stsndards and applrcable lawl. 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 deficrt of the charity for that period. In preparing these financial statements the trustees have". selected suitable accounting policies and then applied them consTrstently. made judgements and estimates that are reasonable and prudent and prepared the accounts on a going concern basis. observed the method5 and principles in the Charities SORP 2015, UK Accounting Standards and the Charities Act 2011. The twstees are responsible for keeping proper accountlng records which disclose with reasonable accuracy at any time the financial positlon of the compary and enables them to ensure that the accounts comply with the Companies Act 2006 and the Charities Art 2011. They are also reponsible for safeguarding the assets of the company and. as also required by chartty law, ensuring their proper application. and hence for tsking reasonable 5tep5 for the prevention and detertion of fraud and other irregulartties. Kadampa Meditstion Centre IKMCI Southampton Ltd Report ofthe Tn￿ forthe year ended 31 December 2024 Serlous Incldents The charity did not encounter any serious incidents this financial year. Governlng Polides The charity has in place all necessary goveming policies and procedure5. Reglstered OffKe: 21-22 Hanover Buildings Southampton Hampshire 5014 IJU Slgned on behalF of the trustees Kadampa Meditstion Centre (KMCI Southampton Ltd Independerrt Examinerfs Report to the Trustees of Kadampa Meditation Centrè (KMC) Southampton Ltd I report to the charitytrustees on my examination of the accounts of the charitable company for the year ended 31 December 2024. which are set out on pages 7 to 15. Responsibllities and basls of report As the charity's trustees of the charitsble company (and also its directors for the purF)oses of tomp3ny13wl you are responsible for the preparation of the accounts in accordarkce with the requirements of the Companies Act 2￿61'the 2006 Act,). Havin8 satisfied myself that the accounts of the charttable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respert of my examination of your charrty's account5 as carried out under section 145 of the Charities Act l*he 2011 A¢t'}. In carrying out my examination I have followed the Directions given by the CharFty Commisslon under section 145{5llb) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connertion with the examination giving me cause to believe that in any material respect: l accounting records were not kept in respett of the company as ￿qUired by section 386 of the 2CQ6 Att: or 2 the accounts do not accord with those records." or 3 the accounts do not comply with the accounting requirements of settion 396 of the 2￿6 Art otherthan any requirement that the accounts gNe a 't￿￿ and fair view. which is not a matter considered as part of an independent examination,- or 4 the accounts have not been prepared in accordance with the rnethod5 and principles ofthe Statement of Recommended Practice for accounting and rep)rtlng by charities lapplicable to charities preparing their accounts In accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 10211. I have no cOn￿rnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understsnding of the accounts to be reathed. Date: ia ￿￿- (Qc&C M R Qjoper FCA Welbeck 29 Welbeck Avenue Southampton 5017 1ST Kadampa Medttation Centre IKMC) Southampton Ltd Statement of financial Actlviti Includlng summary income and expenditure account for the year ended 31 December 2024 2024 Unrestritted 2024 Restricted 2024 Total 2023 Total Note Income Income and endowmentsfrom." Donations, legacie5 and grants Charitable activrties Other trading attivities Investments Other income 14.739 139,572 3.091 750 i.llo 15A59 139,572 3.091 7SO 12.244 150,136 4.506 568 Total Income 158,152 1.120 159,272 167,454 Expenditure Charitable artivities Other trading activities 5&7 150,472 8.576 1,120 151.592 8576 147,241 8.153 Total Resources Expended 159.048 1.120 160.168 155,394 Net Income/{expenditure) 1896) 1896) 12,060 Transfers between funds Net movement infvnds 1896) 12,060 Recontilath)n of funds Total funds brought forward 552.377 552.377 540.317 Total funds carrled forward 551,481 551.481 552,377 Kadampa Meditation Centre (KMC) Southampton Ltd Balance Sheet as at 31 December 2024 2024 Unrestritted 2024 Restrirted 2024 Totsl 2023 Total Fixed Assets T3n8ible Assets Intangible Assets 1.458.939 1.626 ¥4￿939 1,626 1,475,680 3.410 Total Flxed Assets 1.460,565 IA60,565 1,479,090 Current Assets Stocks Debtors Cash at bank and in hand 9.412 7,737 52.184 9A12 7,737 52,184 8.839 4.593 60.170 Total Current Assets 69,333 69.333 73,602 Credltors: amounts hlllng due within oneyear li 129.453) 129,453) 128.1591 Net current assets/lliabilitiesJ 39,880 39,880 45,442 Total assets less current liabllttles 1.5CK).445 I￿(KI,445 1,524,532 Credftors: amounts falllng due after one year 12 (948.9641 (948.964) 1972,155) Total net assets or Ilabilltles 551,481 551A81 552,377 Funds of the Charity Restritted income funds Unrestricted fvnds Totsl Funds 551A81 551,481 552,377 552,377 Forthe ye17rended31 December2024 the company was entitled to exemptionfrom oudit unders477of the Comp¢7nies Act2006reloting to smollcompanies. The member5 hove not required the compony to obtuin on oudit in accordon¢e with settion 476 of the Compt7nies Art 2006. The direttots ocknowledge their reSpon￿bIlltIes￿rC0Mp￿ng with the reqUIren￿nts of the ComponiesArt with respect to occounting records and theprepor¢7tron of accounts. These accounts hove been preparedin occordance with the provisions applicuble to 5moll companies 5ub}ert to the smollcompanies regime ond in occordonce with FRS102 SORP. Approved by the Trustees on and signed on tts behalf by 5Jgnature Date trMNfi Print name Kadampa Meditation Centre (KMQ Southampton Ltd Notes to the accounts for the year ended 31 L)ecember 2024 l. Statement olaemunting pollcies Basis of accounting The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless Othepwise ststed Kadampa Meditètion Centre Southampton meets the definition of a public benefit entity under FRSIO2. Cash flow statement The trustees have taken advantage of the exemption in Financial Reporting Stsndard No l (revtsedl from induding a cash flow statement in the financial Going concern At the time of signing the accounts, the Trustees once again considered the ongoing fallout from the pandemic and necessary related disclosures on the going concern position. On that basis the Trustees have prepared these financial ststements on a going con￿rn basis. All income is recognised in the Ststement of Financial Activibes On￿ the charity has entltlement to the funds, tt is probable that the income will be received Expenditure is recognised in the period in which it is incurred. All fixed assets are initially recorded at cosL Depreciation 15 calculated so a5 to write off the c05t of an asset. less rts 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 capltslised and will be depreciated over a 20 year period (the shorter of the lease (999 years) and the useful economic lrfe of the Fixtures & Fittings at the rate of IO% per annum, straight Ilne Motor Vehicles at the rate of 25% per annum, straight line Office Equipment at the rate of 25% per annum. 5trai8ht line Webstte Ilntangiblesl 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 FRSIO2. Debtors (including trade debtors and loans re￿1Vable) are measured on Initial recognition at settlement amount after any trade discounts or amount The charity has credltors which are measured at 5ettlernent amounts less any trade dlxounts. A Ilability is measured on recognition at its historical cost and then subsequentty measured at the best estimate of the amount required to settle the obligation at the reporting date Kadampa Meditation Centre IXMQSouttwwn Lttl forth¢￿renderf31 tlecember2014 2024 2024 2023 Totsl tA)nations and le8aues GiftAid recovered Grants rÈcei¥ed L369 14.739 I,Do 15.859 12.244 Restrirted fvnd50f£lJZO T￿￿1 inthe 12 rnnth wiodending3ts1 c￿mber2023 towards the expense50f ihe Resident Teathprat KMC& 2024 2024 2024 2023 Totsi Ed%Jcafjon Centre BoDkshoplRftual Coffeesho IiOy3 18.920 110.S48 115576 1492Q 6315 8295 139.572 1395n 150,136 2024 2024 3J23 Yotsl 4a. Trading. Gfftshop& Fundratsirw Events 4b. OtherlKome 3.LlJl 3.091 al EdU￿IDn expen VeTrut. trèvel and othere¥ent costs AdverNsin& marketlngand wblittty Llvestrearning Thcosts Meditation room (x)5ts Spon54if5hrpand GuestTeathercosts Support¢osts lapport1or￿I 16.042 14.859 975 15.518 12.513 3.192 5.475 41021 L120 Q021 83JiO l120 Kadarnpa Meditation c￿tre IKMC)&)utharw)n Ltd Propetysemce tharges IResldential F￿) Re5tdent4al Flats expenditure Support¢JJsts laprxjrtionedl 35¥) 47MX 47.154 45J17 tl Coffeeslyewrthr* Coffee shop purthases Isto¢kl Coffeeshop expenses Supmcosts lapporbonedl 1632 632 1953 6￿36 109)4 ￿6￿9 dl WIUtu41 expv￿￿Ye BooklRiiual purthaseslstotkl Support Costs lapporUDnedl 6536 9A24 1424 n6 Totsi Toial Centre ookl Riiual shop 3,074 Glftshop Mortgage Inter￿ payab Maintenan¥seoJrityand health & 5afÈtycosts 35218 250 14 3M74 3x174 ifAi 7.168 2.347 6372 293 293 17.558 293 Pr0pety5ev¥i￿LthalBes (Commerclal Bulklir*l 797 797 797 92 2.035 92 92 lJffice8nd admrnistratNJn costs Stsff Ct)Sts lincl¥dinestipendl Accountancyand lThJependent Exami41ati Legal & Professional Fees 88nkand credttcarOth3rges Motorvehide and travd COSL% Charftsble do￿t￿n$ DÈpredatiot) 96 375 iiii 264 &n4 3.920 )2 1.763 436 516 436 49 l742 156 1245 196 137 137 41 1.620 8￿16 19A17 Total Costs 101557 42.021 42,936 Mortgage costs areallocatedonthe basls Oft￿ purtt* Wofeach secttm ofthewopty. l other 51tpport t05tsarÈ apFofborbed based on an estimatth oftlme¥*ntiysupportStsff ¢Jn ea¢h a￿of atbvity. Kadampa Mediktkn Cerrtre IKMC)SDuthampton Ltd forthe)*are*311)ecqmbw2014 2024 2023 Total Gift5hop pu￿14 Giftshop expen*s Support ¢05ts lapprrt1￿erf) L611 312 6.536 &576 576 ts3 7. tkntsl1sal￿rt￿n type5o1expe￿kw* Feesfvrthe exuminotlon of theqccotm IndepEndente¥amineVsfees A¢counts p￿pa￿tion fees paid to Ir￿ele￿￿t Examther ieasthok4 COmp￿er Impr¥ints Eqpt Total Eq Eqpt at l Janvary 2024 Add￿On$ DI5￿815 at31 De(ernber2024 7.746 282 5A16 Lfj(qts3 519 1270.r 30.494 7.746 281043 5.966 LfjO4152 at l January2024 har8e foryear Olsposals at31 Decernber 2024 142611 140341 14.5481 1124m31 18381 117.8111 115941 ILLPXI 123. 14.4451 (7,057) IWIL38) 15.3861 114121>) Net bookvall at lJanuary2024 V70.( 642 L475.6 at 31 t￿Mber2024 L271iIX(t 179306 5&J IA58.939 WebS￿e COM orvalua¥on at l Janv3ry 2024 Addftlons Disposals at31 Decernber2024 Totsl 8.920 Depredation at l January 2024 Chargeforyear at31 DecemberX124 155101 11.7841 17.2941 185101 IL7341 2941 Pletbotskvalt* t Ijan￿ary 2024 3.4JO at 31 Deceinber 2024 I￿26 12 KadarTrpa Me￿￿atr0￿ceTrtre SouthamptLW) thl 2023 StodE of hEms fDrresale 9,412 8,839 IQ Debtor5 2023 Trade Debtor5 Prep3yrTrefjts Other debtots ¥310 4727 7.737 1351 3.242 4,593 2023 Trade wedth5 Accruals P￿paid fvntsfor¢ourses I￿tyet81yen Mortgage capital repayments duÈ wrthln one￿r Othercredlt L114 1632 617 i.mi 2,401 22.OBO 1.620 24159 23.192 1,620 2023 Mort8rye ounslram Kudamwmeditutth Centre&" Madhvamab Kadampa Med5t4￿ Centre Ltd 682.155 TaR Kadampa Medrtation CerrtTe Ltd 2LXt.¢M) 2(1).C¥XI 9￿,￿5 The bèTrk loan of £658,96412023: £682.1551 i