DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
REGISTERED COMPANY NUMBER: 03784804 (England and Wales) REGISTERED CHARITY NUMBER: 1080512
ODIYANA KADAMPA MEDITATION CENTRE LTD
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The charity is overseen by the 3 trustees but the day to day running and decisions are made by the 3 primary managers - the resident teacher, Education Programme Coordinator and the Administrative Director. We have an AGM each year where all the managers, trustees, treasurer and charity members (which include all the resident teachers of all the other UK Kadampa Centres) meet to discuss the year and check the accounts. Trustees are appointed by being proposed by a manager or current trustee and then seconded by another. Each trustee can only serve on a 3 year basis other than Jennifer Andrews who is appointed by the New Kadampa Tradition (the Buddhist tradition we are associated with). The treasurer provides the manager and the trustees with a monthly report giving an overview of the finances.
Our objectives are to provide affordable, practical and qualified meditation classes, courses and retreats to anyone within the Cheshire area both at our premises in Northwich and also to branch classes throughout the county. These events are offered to anyone, not just Buddhists.
Although we struggled a little for income as a result of the Covid pandemic we are now starting to see a return to financial growth and have begun to invest once again in our property and in our aims to provide the people of Cheshire with affordable and accessible meditation courses and classes.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03784804 (England and Wales)
Registered Charity number
1080512
Registered office
The Heysoms 163 Chester Road Northwich Cheshire CW8 4AG
Trustees
J J Andrews M Christopherson B Johnson T Oliver - Walsh (appointed 20/03/2024)
Company Secretary
C J Chapman
Independent Examiner
Murray Smith LLP Chartered Accountants Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
Approved by order of the board of trustees on 10 April 2024 and signed on its behalf by:
C J Chapman - Secretary
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ODIYANA KADAMPA MEDITATION CENTRE LTD
Independent examiner's report to the trustees of Odiyana Kadampa Meditation Centre Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors 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 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 matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Michael Benson
Murray Smith LLP Chartered Accountants Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
10 April 2024
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 1,862 Other trading activities 3 27,595 Investment income 4 43,678 Total 73,135 EXPENDITURE ON Charitable activities 5 Other costs 20,865 Office costs 55,052 Projects & activities 24,426 Total 100,343 NET INCOME/(EXPENDITURE) (27,208) RECONCILIATION OF FUNDS Total funds brought forward 543,018 TOTAL FUNDS CARRIED FORWARD 515,810 |
2022 Total funds £ 2,970 27,056 34,577 64,603 23,981 22,397 28,943 75,321 (10,718) 553,736 543,018 |
|---|---|
The notes form part of these financial statements
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
BALANCE SHEET 31 DECEMBER 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 378,307 CURRENT ASSETS Cash at bank and in hand 138,757 CREDITORS Amounts falling due within one year 11 (1,254) NET CURRENT ASSETS 137,503 TOTAL ASSETS LESS CURRENT LIABILITIES 515,810 NET ASSETS 515,810 FUNDS 12 Unrestricted funds 515,810 TOTAL FUNDS 515,810 |
2022 Total funds £ 385,392 158,766 (1,140) 157,626 543,018 543,018 543,018 543,018 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
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ODIYANA KADAMPA MEDITATION CENTRE LTD
BALANCE SHEET - continued 31 DECEMBER 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 April 2024 and were signed on its behalf by:
T Oliver-Walsh - Trustee
The notes form part of these financial statements
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
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.
Income with related expenditure
Where income has related expenditure the income and related expenditure is reported gross in the Statement of Financial Activities.
Donations and legacies
Voluntary income by way of grants, donations and gifts is included in the Statement of Financial Activities when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on donations and gifts
Income from tax reclaims is included in the Statement of Financial Activities at the same time as the gift/donation to which it relates.
Volunteer help
The value of any volunteer help received is not included in the accounts.
Investment income
This is included in the accounts when receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on raising funds
These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs.
Expenditure on charitable activities
These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objectives, including the making of grants and governance costs.
Grants payable
All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs
These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other costs
These are support costs not allocated to a particular activity
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
continued...
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ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Tangible fixed assets Freehold property - 2% on cost Plant and machinery - 33% on cost Fixtures and fittings - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds are unrestricted funds earmarked by the trustees for a particular purpose.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations | 1,862 | 2,970 |
continued...
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 3. OTHER TRADING ACTIVITIES Shop income Study programmes Courses Centre card Fundraising School visits Laundry income Tsog shop 4. INVESTMENT INCOME Rents received Deposit account interest 5. CHARITABLE ACTIVITIES COSTS Other costs Office costs Projects & activities 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): |
2023 £ 585 11,493 7,196 1,070 4,880 390 735 1,246 27,595 2023 £ 41,890 1,788 43,678 |
2022 £ 913 12,860 4,311 560 4,905 1,098 411 1,998 |
|
|---|---|---|---|
| 27,056 | |||
| 2022 £ 34,250 327 |
|||
| 34,577 | |||
| Direct Costs £ 20,865 55,052 24,426 |
|||
| 100,343 | |||
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 7,085 | 9,274 |
continued...
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
8. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Teaching Administration |
2023 £ 7,800 7,800 2023 1 - 1 |
2022 £ 14,860 |
|---|---|---|
| 14,860 | ||
| 2022 1 1 2 |
No employees received emoluments in excess of £60,000.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 2,970 |
| Other trading activities | 27,056 |
| Investment income | 34,577 |
| Total | 64,603 |
| EXPENDITURE ON | |
| Charitable activities | |
| Other costs | 23,981 |
| Office costs | 22,397 |
| Projects & activities | 28,943 |
| Total | 75,321 |
| NET INCOME/(EXPENDITURE) | (10,718) |
continued...
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 January 2023 and 31 December 2023 389,903 DEPRECIATION At 1 January 2023 5,798 Charge for year 5,798 At 31 December 2023 11,596 NET BOOK VALUE At 31 December 2023 378,307 At 31 December 2022 384,105 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 12. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
Plant and machinery £ 1,721 1,598 123 1,721 - 123 At 1.1.23 £ 543,018 543,018 |
Unrestricted fund £ 553,736 543,018 Fixtures and fittings Totals £ £ 9,731 401,355 8,567 15,963 1,164 7,085 9,731 23,048 - 378,307 1,164 385,392 2023 2022 £ £ 1,254 1,140 Net movement At in funds 31.12.23 £ £ (27,208) 515,810 (27,208) 515,810 |
|---|---|---|
continued...
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 73,135 TOTAL FUNDS 73,135 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 553,736 TOTAL FUNDS 553,736 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 64,603 TOTAL FUNDS 64,603 |
Resources Movement expended in funds £ £ (100,343) (27,208) (100,343) (27,208) Net movement At in funds 31.12.22 £ £ (10,718) 543,018 (10,718) 543,018 Resources Movement expended in funds £ £ (75,321) (10,718) (75,321) (10,718) |
|---|---|
continued...
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
14. LEGAL STATUS OF ODIYANA KADAMPA MEDITATION CENTRE LTD
Odiyana Kadampa Meditation Centre Ltd is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Shop income Study programmes Courses Centre card Fundraising School visits Laundry income Tsog shop Investment income Rents received Deposit account interest Total incoming resources EXPENDITURE Charitable activities Wages Rates and water Insurance Advertising Sundries Books Tsog shop Accountancy Teachers expenses Travel Sponsorship Course expenses Offerings Donations Repairs and maintenance Bank interest and charges Carried forward |
2023 £ 1,862 585 11,493 7,196 1,070 4,880 390 735 1,246 27,595 41,890 1,788 43,678 73,135 7,800 9,701 1,645 1,110 - 1,250 651 1,962 5,830 242 3,254 2,554 6,099 5,066 45,351 52 92,567 |
2022 £ 2,970 913 12,860 4,311 560 4,905 1,098 411 1,998 |
|---|---|---|
| 27,056 34,250 327 |
||
| 34,577 | ||
| 64,603 14,860 8,042 1,487 1,325 151 885 1,056 1,119 4,131 586 2,879 1,904 5,407 6,590 14,109 197 64,728 |
This page does not form part of the statutory financial statements
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DocuSign Envelope ID: 0F5C63F4-1554-4DEA-B5B0-F6C49B055290
ODIYANA KADAMPA MEDITATION CENTRE LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Charitable activities Brought forward Printing, postage & stationary Freehold property Plant and machinery Fixtures and fittings Total resources expended Net expenditure |
2023 £ 92,567 691 5,798 123 1,164 100,343 100,343 (27,208) |
2022 £ 64,728 1,319 5,798 233 3,243 75,321 75,321 (10,718) |
|---|---|---|
This page does not form part of the statutory financial statements
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