KAILASH BUDDHIST CENTRE A company limited by guarantee Annual Trustees Report and Financial Statements 31 st December 2024 Registered charity number 1084385 Registered company number 04075964 ( England and Wales)
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Index Page Report of the Trustees Independent examinerfs report Statement of Financial Activities Balance Sheet Notes to financial statements 10-12 21Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 14 Shiels Drive Bristol BS32 8EA 31Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial statements arKI comply with the charitys goveming document. the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- OBJECTIVES AND ACTMTIES Objectives and aims The charity is a non-profft religious organisation. It is established. organised and operated only for religious purposes dedicated to public benefft. 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 lrfe, and to tolerance, social pea and welfare. The charity shall work to fuEfil its object through the activities of study. practi, teaching and the Observan of the moral discipline based upon the continuous implementation of the three New Kadampa Tradits'on study programmes. general programme (GP), foundation programme (FP). and the teacher training programme (rrp). 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 irs 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 qualffied Kadampa Buddhist praditioners and Teachers. - maintaining the Centre as a pure. peaful and harnonious society. increasing the number of branches of the ntre. - 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 guidan from the Charity Commission to ensure we meet our public benefit requirements. Significant activities Significant ActivitiesDuring 2024, Kailash Centre remained committed to serving the Wirral community with daytime and evening meditation classes, retreats and workshops at our beautifvl, peaceful and hamionious residential Buddhist Centre. We also continued our outreach across the Wirral with classes in New Brighton, Oxton Village and Hoylake. We continued to support local schools and businesses, both Primary and Secondary Schoolsby either hosting school groups at our centre or visiting the schools, teaching them about Buddhism and Meditation and widening our reath across educational services in thewirral. We offered regular prayer sessions at the centre and we are run entirely byvolunteers.we also managed several maintenance projects of our Victorian building. Projects includedremoval of old unused sinks around the building, main kitchen repairs, rep1arnent of ashower and a flat roof, extensive repair of the external drainage system and humane pest removal. We offered regular prayer sessions. The centre is run entirely by volunteers. FINANCIAL REVIEW The accounts show outoing resources for 2024 of £1,922 (2023 incoming surplus: £6.710). 41Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 As at the year end reserves were £204,775 (2023: £206,697) 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 fvrther income. The trustees will work to increase the unrestricted reseNes by endeavouring to maintain full occupancy at the centre and raising funds through dasses 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 conrn 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 a 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 Nlff-IKBU Kadampa Meditation Centre in the United Kingdom. Each elected Director shall serve for a temi not exceeding three years," the term of the Offi of the ex- officio Director shall not be fixed but shaH continue until they cease to be the Administrative Director of a major NKT-IKBU Kadampa Meditation Centre or sooner rf 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 localty of the principal meeting pla of the Society and pay an annual subscription of £1. 51Page
KAIIASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disdose 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 diarity and the group and hen 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: Signed Date . 61Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinerfs 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 2024, which are set out on pages 8 to 12. Respective responsibilities of trustees and examiner The charitys trustees are responsible for the preparation of the accounts. The Charis 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 prOdureS laid down in the general Directions given by the Charrty Commission (under section 145{5)(b) of the Charits"es Act), and to state whether particular matters have come to my attention. Basis of independent examiners report My examination was carried out in accordance with relevant general Directions of the Charities Commission. An examination indudes 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 vie. Independent examinerfs statement In the course of my examination, no matter has come to my attention: 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: ,ik, Date 2210912025 Alistair Jenkins 14 Shiels Drive, Filton. Bristol. 71Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 Decembw. 2024 2024 1)23 Unrestricted Funds Unreslri¢ted Funds Income froffl." Olher income Charitable aclivities 209 78.634 47 67.213 Total Income TQ843 67,260 Expendityre on: Charitat4e activities Govemance 79.935 830 59.888 Total Expenditure 80,765 60,550 Net (Expense) I Income for the Year 6,710 RECOIICILIATION OF FUNDS Funds brou1 foNiard Unrestricted funds 206.697 199.987 Net (Expense) I Income for the Year (1,922) 6,710 Funds Carried FoThvard 204.TT5 206,697 The accompanying notes on pages 10 - 12 form part of these financial statements. 81Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET As ai 31 December. 2024 2024 2023 Unrestricted Funds Unrestricted Funds FIXED ASSETS Tangble Assets 392.000 CURRENT ASSETS Cash at Bank Debtors Stock 18.221 19.367 2,191 26.447 23,008 CREtNTORS Amounts falllng ikn lihin one year 18.205 20.795 1820 NET CURRENT ASSETS 393,309 394,213 CREDITORS - Amounts due after one year Bank Loans 1188.534 187.516 (188 534 187.516 NET ASSETS OF THE CHARITY 204,775 ,697 FUNDS OF THE CHARITY Unrestricted Income Funds 204.775 199.987 TOTAL CHARITY FUNDS 2W775 2(6.697 The accompanying notes on pages 10- 12 form part of these financial statements. The company is entttled to the exempts'on frDm the audit requirement contsined in sei#ion 477 of the Companies Act 2006. for the year ended 31 December 2024. The directors acknowledge their responsibilitres for )nYAyI the requirements of the Crxnpanies Act 2006 with respect to accounting records and the preparatton of finan(aal statements. The members have not required the company to obtain an audit of ils finan(aal statents for the year in question in accordan with section 476. These financtal statements have been pwared in aC¢xrd lIh the proViS applicable to companies subject to the small (x)mpanies regime. The financial ststements were approved by the Trustees: Name & position ...4-T........... . Signed..... Date . CT(> 91Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basls of Preparation The financial statements have been prepared in ac(x)rdance with the tharitys goveming document. the Companies Act 2006, FRS 102 Yhe Financial Reporting Stsndard 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 StarKlard applicable in the UK and Republic ()f Ireland (FRS 102>" (effective 1 January 2019)- The charity is a Public Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for chalities not to prepare a Statement of Cash Flows. The financial statements have been prepared under the historical (tst convention. The principal accounting policies adopted are set out below. Going concern At the time of approving the financial staternents. the loan mentioned in note 18 of the financial statements has not been finally approved as the bank is awaiting Ihe fonnal propety 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 rnay cast significant doubt on the charS ability to continue as a going conrn and. therefore. that it may be unable to realise its assets and discharge its liabilities in the nomial course of business. Income All income is without restriction and is recognised in the Slatemènt of Financial Actsviknes once the charity has entitlement to the funds, it is probable that the irb))me will be received and the amount can be measured reliably. Expenditure Liabilities are rewgnised as expenditure as soon as there is a legal or o)nstructive obligation committing the charity to that expenditure, it is probable that a transfer of economic beneffts 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 classrfied under headings that aggregate all cost related to Ihe 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 ¢xder to write off eath asset over its estimated useful life. Freehold land and buildings Fixtures and frttings Plant & Machinery according to the building on cost on cost 20% 10% Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Stock presents items which have been purchased for resale and rK)t yet sold. this is the stock available at the reporting date in the on site shop. The stod( is valued at the lower of cost and net realisable value. Taxation The charity is exempl from rporatiOn tax on its charitable athities. Fund accounting All funds. income and expenditure are Unrestricted. meaning they ran be used in a¢a)rdan with the charitable 10IPage
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 objectives at the discretion of the trustees. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after charging: 2024 350 8,933 2023 690 8,433 Accountancy Depreciation of owned assets 3. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneralion or other beneffts ts the year ended 31 December 2024 nor for the prior year. There were no trustees, expenses paid for the year ended 31 Dember 2024 nor for the prior year. 4. STAFF COSTS There were no employees during the year (nor prior year). 5. FIXED ASSETS Fixed Assets Property Plant Machinery Fixtures Fittings TOTAL COST As at 11112024 Additions As at 3111212024 430.000 12,702 13.811 2.000 15.811 456.513 430,000 12.702 456.513 DEPRECIATION As at 0110112024 Depreciation charge for year As at 3111212024 38,000 7.600 45. 600 12.702 13.811 1.333 15.144 64.513 8.933 73.446 12.702 NET BOOK VALUE As at 111212024 392.000 392.000 As at 3111212024 667 385.067 111Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2024 2023 Debtors Trade debtors Prepayments 2.910 3.316 6.226 2.191 2,191 2024 2023 Creditors falllng due within one year Trade credito Bank Loans Community Member Loan Rent deposits Oiher credito 850 5.022 9.700 2,633 2.590 5.022 9.700 2.633 850 20.795 18.205 2024 2023 Creditors falling due over one year Bank Loan5 188.534 188.534 187.516 187.516 121Page
KAILASH BUDDHIST CENTRE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF Income and Expenditure For the year ended 31 December: 2024 2024 2023 Unrestricted Funds Unrestricted Funds Income: Investment income 209 47 Charitable acliviies 78.634 67,213 78.843 Expenditure: Charitable activities Wages Sponsorship Property Repairs Rent rates watet Light heat Educational activilies Insurance Office expenses DepTeciation of fed assets Bank charges l interest 3.840 3.410 3,774 5.516 12.286 2,048 3,418 1812 8,433 14.351 16.721 6.629 16.623 3.259 3.503 4.737 8.933 12.724 79.935 59.888 Govemance costs 830 662 Total Expenditure 80.765 60,550 Net (Expensel I Income for the Y 6,710 This note is provided management and need not be submitted extefflally 131Page