2023-12-31-accounts

KAILASH BUDDHIST CENTRE

A company limited by guarantee

Annual Trustees Report and Financial Statements 31[st] December 2023

Registered charity number 1084385

Registered company number 04075964 ( England and Wales)

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Index	Page
Report of the Trustees	3-6
Independent examiner's report	7
Statement of Financial Activities	8
Balance Sheet	9
Notes to financial statements	10 - 12

2 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Ms J J Andrews (secretary) Ms C Norris Mrs P Chaplin

Charity number 1084385

Company number 04075964

Registered office

74 Bidston road Oxton Wirral. England CH43 6TN

Independent examiner

Alistair Jenkins FCA 14 Shiels Drive Bristol BS32 8EA

3 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and 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 a non-profit religious organisation. It is established, organised and operated only for religious purposes dedicated to public benefit.

The object of the charity is to promote the Buddhist Faith of the New Kadampa Tradition (NKT) through which to promote the human values of morality, compassion and wisdom in all aspects of society, leading to personal peace and a meaningful life, and to tolerance, social peace and welfare. The charity shall work to fulfil its object through the activities of study, practice, teaching and the observance of the moral discipline based upon the continuous implementation of the three New Kadampa Tradition study programmes; general programme (GP), foundation programme (FP), and the teacher training programme (TTP). These activities shall all be within the pure tradition of Mahayana Buddhism of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso.

The charity’s activities shall emphasise it’s development in the following ways:

• increasing the number of students of the Centre, through caring for people with kindness and by making good publicity;

• improving the qualifications of students, so they become qualified Kadampa Buddhist practitioners and Teachers;

• maintaining the Centre as a pure, peaceful and harmonious society;

• increasing the number of branches of the centre;

• gradually transforming the branches in to independent IKBU Buddhist Centres having their own charitable and financial status and their own Resident Teacher.

In planning our activities we have considered guidance from the Charity Commission to ensure we meet our public benefit requirements.

Significant activities

During 2023 we remained committed to serving the Wirral community with daytime and evening meditation classes, retreats and workshops at our beautiful, peaceful and harmonious residential Buddhist Centre. We also improved our outreach across the Wirral with classes in New Brighton, Oxton Village and Hoylake.

We continued to support local schools, both Primary and Secondary Schools by either hosting school groups at our centre or visiting the schools , teaching them about Buddhism and Meditation and widening our reach across educational services in the Wirral.

We offered regular prayer sessions.

The centre is run entirely by volunteers.

4 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

The accounts show incoming resources for 2023 of £6,710 (2022 outgoing: £3,877).

As at the year end reserves were £206,697 (2022: £199,987) and all reserves are unrestricted.

Reserves policy

It is the policy of the charitable company to maintain unrestricted funds which are free reserves at a level to cover three months’ running costs should in not receive any further income.

The trustees will work to increase the unrestricted reserves by endeavouring to maintain full occupancy at the centre and raising funds through classes including online classes.

Going concern

The trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future and have adopted the going concern basis of accounting in preparing the accounts.

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.

Recruitment and appointment of new trustees

The directors are Trustees for Charity purposes.

There will be three Directors, two of whom are elected by the members at the Annual General Meeting and one ex officio Director, who shall be appointed by the other Directors and shall be the administrative Director of a major NKT-IKBU Kadampa Meditation Centre in the United Kingdom.

Each elected Director shall serve for a term not exceeding three years; the term of the office of the ex-officio Director shall not be fixed but shall continue until they cease to be the Administrative Director of a major NKTIKBU Kadampa Meditation Centre or sooner if disqualified or removed.

Membership

To become a member of the Society an application must be made in writing. The applicant must be a pure Buddhist, cherish the Society, live in the locality of the principal meeting place of the Society and pay an annual subscription of £1.

5 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS

The charity trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing the financial statements, the trustees are required to:

• ●select suitable accounting policies and then apply them consistently;

• ●observe the methods and principles in the Charities SORP (and related regulations);

• ●make judgments and estimates that are reasonable and prudent;

• ●state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• ●prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved as below on behalf of the Board of Trustees:

6 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Trustees of Kailash Buddhist Centre

This is a report on the accounts of Kailash Buddhist Centre for the year ended 31 December 2023, which are set out on pages 8 to 12.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

• examine the accounts under section 145 of the Charities Act,

• to follow the procedures laid down in the general Directions given by the Charity Commission (under

• section 145(5)(b) of the Charities Act), and

• to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with relevant general Directions of the Charities Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given on whether the accounts present a “true and fair view”.

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

• 1 . which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations

• to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or

• 2 . to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:

_______ Date 5/09/2024

Alistair Jenkins

14 Shiels Drive, Filton, Bristol.

7 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December, 2023

Notes Income from: Other income Charitable activities Total Income Expenditure on: Charitable activities Governance Total Expenditure Net (Expense) / Income for the Year RECONCILIATION OF FUNDS Funds brought forward Unrestricted funds Net (Expense) / Income for the Year Funds Carried Forward	2023 £ Unrestricted Funds 47 67,213 67,260 59,888 662 60,550 6,710 199,987 6,710 206,697	2022 Unrestricted Funds 8 57,008 57,016 58,603 2,290 60,893 (3,877) 203,864 (3,877) 199,987

The accompanying notes on pages 10 – 12 form part of these financial statements.

8 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

BALANCE SHEET

As at 31 December, 2023

Notes FIXED ASSETS Tangible Assets 5 CURRENT ASSETS Cash at Bank Debtors 6 Stock CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS CREDITORS – Amounts due after one year Bank Loans 8 NET ASSETS OF THE CHARITY FUNDS OF THE CHARITY Unrestricted Income Funds TOTAL CHARITY FUNDS	2023 £ Unrestricted Funds 392,000 19,367 2,191 1,450 23,008 (20,795) (20,795) 394,213 (187,516) (187,516) 206,697 206,697 206,697	2022 £ Unrestricted Funds 400,433 9,597 3,826 400 13,823 (22,278) (22,278) 391,977 (191,991) (191,991) 199,987 199,987 199,987

The accompanying notes on pages 10 – 12 form part of these financial statements.

• The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act

• 2006, for the year ended 31 December 2023.

• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006

• with respect to accounting records and the preparation of financial statements.

• The members have not required the company to obtain an audit of its financial statements for the year in question

• in accordance with section 476.

• These financial statements have been prepared in accordance with the provisions applicable to companies subject

• to the small companies regime.

The financial statements were approved by the Trustees:

9 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the loan mentioned in note 18 of the financial statements has not been finally approved as the bank is awaiting the formal property valuation. The valuation is expected to indicate that there is sufficient coverage for the bank. However, as the report has not yet been received there is material uncertainty relating to the events or conditions that may cast significant doubt on the charity's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Income

All income is without restriction and 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings according to the building Fixtures and fittings 20% on cost Plant & Machinery 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock represents items which have been purchased for resale and not yet sold, this is the stock available at the reporting date in the on site shop. The stock is valued at the lower of cost and net realisable value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

All funds, income and expenditure are Unrestricted, meaning they can be used in accordance with the charitable objectives at the discretion of the trustees.

10 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging:

Accountancy Depreciation of owned assets	2022 250 8,433	2022 690 7,780

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the prior year. There were no trustees' expenses paid for the year ended 31 December 2021 nor for the prior year.

4. STAFF COSTS

There were no employees during the year (2021 – one employee with a cost of £6,290).

5. FIXED ASSETS

COST As at 1/1/2023 Additions As at 31/12/2023 DEPRECIATION As at 01/01/2023 Depreciation charge for year As at 31/12/2023 NET BOOK VALUE As at 1/12/2023 As at 31/12/2023	Property 430,000 430,000 30,400 7,600 38,000 399,600 392,000	Plant Machinery 12,702 12,702 12,702 0 12,702 0 0	Fixtures TOTAL Fittings 13,811 456,513 0 13,811 456,513 12,978 56,080 833 8,433 13,811 64,513 833 400,433 0 392,000

11 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6 Debtors Trade debtors Prepayments 7 Creditors falling due within one year Trade creditors Bank Loans Community Member Loan Rent deposits Other creditors 8 Creditors falling due over one year Bank Loans	2023 2022 0 510 2,191 3,316 2,191 3,826 2023 2022 2,590 3,679 5,022 5,022 9,700 9,700 2,633 2,273 850 1,604 20,795 22,278 2023 2022 187,516 191,991 187,516 191,991

12 | P a g e

KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF Income and Expenditure	STATEMENT OF Income and Expenditure	STATEMENT OF Income and Expenditure	STATEMENT OF Income and Expenditure	STATEMENT OF Income and Expenditure
For theyear ended 31 December,2023
				2023			2022
				£			£
				Unrestricted			Unrestricted
				Funds			Funds
Income:
	Investment income		47			8
	Charitable activites		67,213			57,008
				67,260			57,016
Expenditure:
Charitable activities
	Wages		3,840			0
	Sponsorship		3,410			4,453
	PropertyRepairs		3,774			5,301
	Rent rates water		5,516			5,150
	Light heat		12,286			12,060
	Educational activities		2,048			3,979
	Insurance		3,418			3,386
	Office expenses		2,812			5,283
	Depreciation of fixed assets		8,433			7,880
	Bank charges / interest		14,351			11,110
				59,888			58,603
Governance costs				662			2,290
Total Expenditure				60,550			60,893
Net(Expense) / Income for the Year				6,710			(3,877)
This note isprovided for management and need not be submitted externally

13 | P a g e