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2023-12-31-accounts

Kadampa Meditation Centre Exeter (formerly Pure Land Buddhist Centre)

Unaudited Annual Accounts

Year ended 31 December 2023

CONTENTS

Page

1-2 Trustees’ Report 3 Independent Examiner's Report to the Members 4 Statement of Financial Activities 5 Balance Sheet 6-8 Notes and Accounting Policies

Company Number: 3097070

Registered Charity Number: 1052954

Kadampa Meditation Centre Exeter (formerly Pure Land Buddhist Centre) Annual Accounts Year ended 31 December 2023 Trustees’ Report

The trustees submit their report and the unaudited financial statements for the year ended 31 December 2023.

Reference and administrative details

The company name was changed to Kadampa Meditation Centre Exeter from Pure Land Buddhist Centre in March 2024.

Company number 3097070 Registered charity number 1052954

Address and Registered Office

55 Union Road Exeter EX4 6HU

Directors

The trustees (who are directors for the purposes of company law) who served during the year were as follows:-

Dr J Shorney Mr M Vasey Ms M Cansdale Ex officio (from 10 December 2023) Ms J Andrews Ex officio (to 10 December 2023)

Secretary

Miss J Parsons

Objectives and activities

Kadampa Meditation Centre Exeter is established to promote the Buddhist faith through the activities of teaching, study, practice and observance of moral discipline all within the Buddhist tradition of Je Tsongkhapa through the three New Kadampa Tradition Education Programmes, the General Programme, the Foundation Programme and the Teacher Training Programme.

In carrying out these activities the Committee has had regard to the guidance issued by the Charity Commission on public benefit.

Achievements and performance

General programme classes continued at the Centre and at the Crediton and Sidmouth branch classes and the RD&E Hospital. The two Foundation Programmes continued on Sunday mornings and Wednesday evenings. The number of courses were increased in the autumn term with the addition of half day retreat style morning courses, and evening and weekend lectures. The annual Empowerment was held in April, a Food for Thought evening, the annual BBQ and Festive film night with Spanish meal. The bedrooms were let for the majority of the year with a mixture of long-standing members of the Tradition and people new to the Tradition. Several of the carpets were replaced in the residents’ rooms and one room was redecorated.

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Kadampa Meditation Centre Exeter (formerly Pure Land Buddhist Centre) Annual Accounts Year Ended 31 December 2023

Trustees’ Report

Financial review

For the year under review the charity’s income exceeded its expenditure by an amount that more than covered the capital element of the payments to the mortgagee of the company’s property. There was therefore an overall surplus of £2,055 for the general fund after the transfer of the capital repaid on the mortgage.

The reserves comprise two funds: a general fund and a property fund. The property fund is represented in financial terms by the original cost of the property less the outstanding mortgage. The general fund supports the day to day activities of the charity and stood at £16,847 at the balance sheet date.

Structure, governance and management

Kadampa Meditation Centre Exeter is a company limited by guarantee, having no share capital. The governing document is the memorandum and articles of association. The company is registered as a charity with the Charity Commission.

The Directors are charity trustees and the business of the charity is governed by the Directors.

Following an amendment to the Constitution in December 2020 the number of Directors has been reduced to three with two of the Directors being Members (and normally Local Members), and elected by the Members of the Charity. The third Director is an ex officio Director and duly-appointed Administrative Director of a major NKT-IKBU Kadampa Meditation Centre in the United Kingdom. The elected Directors will serve a term not exceeding three years and the term of office of the ex officio Director will not be fixed.

The day to day running of the charity is carried out by the Administrative Director, who is also Company Secretary, appointed by the Directors.

.

Approved by the trustees on 28 September 2024 and signed on their behalf

Dr J Shorney

2

Kadampa Meditation Centre Exeter (formerly Pure Land Buddhist Centre) Year ended 31 December 2023

Independent Examiner’s Report

This report on the accounts of Kadampa Meditation Centre Exeter for the year ended 31[st] December 2023, which are set out on pages 4 to 8, is in respect of an examination carried out under section 145 of the Charities Act 2011 (the Act).

Respective responsibilities of the Trustees and Examiner

As stated on page 5 the directors are responsible for the preparation of the financial statements. They consider that the audit requirement of Section 144 of the Act does not apply. It is my responsibility to :

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners, An examination includes a review of the accounting records kept and a comparison of the accounts with those records. It also includes considering 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 I do not express an audit opinion on the view given by the accounts.

Independent Examiner’s Statement

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

J H Ison 21 Angel Hill Tiverton Devon EX16 6PE 28 September 2024

3

Kadampa Meditation Centre Exeter Statement of financial activities Income and expenditure account Year ended 31 December 2023

Notes
Income
2
Income and endowments from:
Donations
Charitable activities
Expenditure
3
Expenditure on:
Charitable activities
Total expenditure
Net income/ expenditure for
the year
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Total
General
Designated
2023
£
£
£
4,943
4,943
39,961
39,961
44,904
0
44,904
34,095
34,095
34,095
0
34,095
34,095
0
34,095
10,809
0
10,809
-8,754
8,754
0
2,055
8,754
10,809
14,792
201,355
216,147
16,847
210,109
226,956
Unrestricted		 Total
2022
£
3,842
35,341
39,183
26,961
26,961
26,961
12,222
0
12,222
203,925
216,147

The statement of financial activities includes all gains and losses in the year. There were no acquisitions or discontinued operations during the current or preceeding year.

4

Kadampa Meditation Centre Exeter Balance sheet

31 December 2023

Notes
Tangible fixed assets
4
Current assets
Stock
Debtors
5
Cash at bank
Cash in hand
Creditors
Amounts falling due within one year
6
Net current assets
Total assets less current liabilities
Creditors
Amounts falling due after more than one year
7
Total net assets
Reserves
8
Unrestricted funds
Designated funds
General fund
Total income funds		 £
£
£
£
331,335
331,335
1,200
945
315
794
15,576
13,335
236
150
17,327
15,224
480
432
16,847
14,792
348,182
346,127
121,226
129,980
226,956
216,147
210,109
201,355
16,847
14,792
226,956
216,147
2022
2023		 £
£
£
£
331,335
331,335
1,200
945
315
794
15,576
13,335
236
150
17,327
15,224
480
432
16,847
14,792
348,182
346,127
121,226
129,980
226,956
216,147
210,109
201,355
16,847
14,792
226,956
216,147
2022
2023
346,127
129,980
216,147
201,355
14,792
216,147

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 Companies Act 2006; and no notice has been deposited under section 476.

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.

Approved by the directors on 28 September 2024

Dr J Shorney Director

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Kadampa Meditation Centre Exeter Annual Accounts Year Ended 31 December 2023 Notes to the Accounts

1. Accounting Policies

Basis of Accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts.

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 (FRS102) issued on 16 July2014 and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011.

The charity meets the definition of a public benefit entity under FRS 102.

Income

Income is recognised when the charity is entitled to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be quantified with reasonable accuracy

Expenditure

Expenditure is recognised on an accrual basis when a liability is incurred and when the obligation can be measured with reasonable certainty

Governance costs include those costs associated with meeting the constitutional and statutory obligations of the charity, including examination fees.

Tangible Fixed Assets and Depreciation

Freehold property acquired for charitable use is valued at cost. Freehold property is not depreciated where the directors are of the opinion that the buildings concerned are sufficiently well maintained to ensure that the residual values are not less than the carrying values and accordingly annual depreciation would not be material to the financial statements. Carrying values are reviewed for impairment annually.

6

Kadampa Meditation Centre Exeter Annual Accounts Year ended 31 December 2023 Notes to the accounts

2. Analysis of income
Donations
Donations
Gift aid
Charitable activities
Foundation study programme
General study programme
Day courses
Empowerment
Other courses
Outreach community classes
Bookshop
Rent and utilities
3. Analysis of expenditure
Charitable activities
Study programmes
Day courses
Empowerment
Other courses
Travel
Room hire and Zoom subscription
Printing and stationery
Web hosting and media adverts
Bookshop purchases, adjusted for stock
Teacher expenses
Meditation room-general expenses
Meditation room-regular expenses
Rent (deposits)
Utilities
Kitchen and household
Maintenance
Furnishings and fittings
Insurance
Payment fees and bank charges
Mortgage interest
Independent Examination fees
Charity administration		 2023
£
3,521
1,422
4,943
5,105
1,676
3,267
375
317
304
621
28,296
39,961
46
278
81
86
235
1,497
355
88
318
7,235
58
605
1,196
9,048
474
632
1,653
1,204
89
8,424
480
13
34,095		 2022
£
3,842
0
3,842
6,115
1,918
1,591
598
111
105
539
24,364
35,341
9
249
40
175
134
720
103
391
326
6,575
6
529
777
8,034
115
1,662
69
1,117
66
5,349
456
59
26,961

Expenditure on charitable activities includes governance costs of £493 (2022: £491)

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Kadampa Meditation Centre Exeter Annual Accounts Year ended December 2023 Notes to the accounts

4. Tangible fixed assets

Freehold Property Total Cost £ £ At 1 January 2023 and 31 December 2023 331,335 331,335 Depreciation At 1 January 2023 and 31 December 2023 0 0 Net book amounts At 31 December 2023 and 31 December 2022 331,335 331,335 5. Debtors 2023 2022 £ £ Other debtors 315 794 315 794

6. Creditors - amounts falling due

within one year Trade creditors Other creditors

Trade creditors
Other creditors
Creditors - amounts falling due
after more than one year
Secured loan		 0
0
480
432
480
653
121,226
129,980

7. Creditors - amounts falling due

after more than one year

The loan is secured on the charity's freehold property.

8. Movements in funds

Designated Property Fund
Unrestricted General Fund		 £
£
£
£
£
201,355
8,754
210,109
14,792
44,904
-34,452
-8,754
16,490
Transfers
At 31
December
2023
At 1 January
2023
Outgoing
resources
Incoming
resources
216,147
44,904
-34,452
0
226,599

The designated property fund relates to the puchase of the charity's property at 55 Union Road, Exeter. The property was acquired in June 2009 with the help of a mortgage loan. The closing balance of the fund represents the original cost of the property less the outstanding loan at the balance sheet date.

9. Transactions with trustees

During the year none of the trustees received any remuneration or benefits or have received expenses for fulfilling their duties as trustees.

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