Company Registration Number 04737200
KADAMPA MEDITATION CENTRE LONDON REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Registered Charity Number 1100615
KADAMPA MEDITATION CENTRE LONDON CONTENTS FOR THE YEAR ENDED 31" DECEMBER 2023 Contents Trustees Annual Report page 1-6 Independent Examiners Report to the Trustees Pa8e 7 Statement of Financial Activities p4e8 Balance Sheei page 9 Notes to the Accounts page I13
KADAMPA MEDITATION CENTRE LONI)ON LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31" DECEMBER 2023 The Trustees, who are also directors for the purpose of company law. have pleasure in presenting their report and the unaudited financial statements of the charity for the financial year ended 31 December 2023. REFERENCE AND AOMINisfRATIVE DEfAILS Re8iStered Charity Name Kadampa Meditètion Centre London Company Re8iStration Nufflber 047372LN) Registered Charity Number IICl)615 Re8l$tered Offlce la Ashridge Way London SM4 4EF England Trustees The trustees who Seed the charity during the period were as follows: John McBretney Gary Gallagher Mary Diskin Secretary Jennrfer Andrews (retired 17IIV/231 Sarah Kneatsey (appointed 171111231 Independent Examiner Alistairjenkins FCA Bankers National We5tmin5ter York City Centre l Market Street YorkYOI 8SR
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 srRucfuRE, GOVERNANCE AND MANAGEMENr Governln8 Document The Charity is constituted a5 a company limited by guarantee under the Companie5 Act and 8overned by its Memorandum and Articles of A550Ciation and 15 a150 a registered charity. Trustee Recrultmert afftd Training Of the three trustees. two elected trustees are CrUIted from within the Cent or from other similar centres so that they have knowledge and understanding of the charity's aims and workings. To be elerted or app04nted as a trustee, the nominee must be a member of the charr(y and are elected by members èt the Annual General Meeting or by the trustees when the need arises according to the Articles of Association. The third trustee is an ex-officio trusiee, bv virtue of them being the Administrative Director of a centre specified in the ArtleS of Association. Each new trustee is guided by the current trustees and other members of the organisation. in particular the Administrative Direaor and Resident Teacher. who have vast experience within the organisation. Related Charities The charity is a member of the New Kadampa Tradition- International Kadampa Buddhist Union I"NKf-IKBU~I, which is made up of many centres throughout the world with ihe same objects. They are all independent charrties linked only by their objects and there is no financial dependency, alihough funds may pass beiween centres to fulfil aim5 and objectives. OBJECTIVES AND ACTIVITIES Objects The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected Spiritual Director of the NKT-IKBU principally through activrties of teachin& study. practice and the observance of moral discipline 311 wiihin the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa. as taught by Venerable Geshe Kelsang Gyatso Rinwche. the founder of the NKf-IK8U. through the continuous implementation of the three NKT study programmes.. the General Programme. Foundation Programme and Teacher Training Programme. Aims and Artivities The charity aims to provide facilities to enable students to study, practice and observe the moral discipline as set out in the objects and this has been achieved so far by establishing the centres in Morden and Ken5ifbgton. The charity also holds branch classes across London to provide teachin85 and insight to whomever wishes to attend. Volunteefs The charity has many volunteer5 from the k>cal community. who are e55ential for the running of the charity and are invofved in all aspects of bt. We also offer wider opportunities to volunteer through volunteering visits.
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31" DECEMBER 2023 Public benefits In exercising their powers and duties. the trustee5 have had due regard to the guidance on public benefit published by the Charity Commission. They believe that the work of the charity in promoting the Buddhist faith has clearlv identifiable beneftts. The charity believes that there are three important public benefits to promoting the Buddhist faith.. to help people to develop their wisdom. to cultivate a good heart. and to maintain a peaceful mind. If we increase our wisdom. we will overcome the problems in our daily life. improve our relatnShIpS with others, and become of real benefit to a troubled world. Benefit to the public The charity offers regular courses in Bud(Ihist philosophy. psyc1108Y and meditation. bringing personal and Social benelit. These COLJrse$ are accessible to the public for modest fees and everybody is welcome - Buddhist and non- Buddhist. The more advanced courses of instruction require a greater commrtment of personal time from participants. The charity also maintains a year-round progrèmme of prayers and meditation. again open to the public. ACHIEVEMENTS AND PERFORMANCE KMC London continued to provide Kadam Dharma to the people of London through ihe three study proBrammes- General Programme, Foundation Programme and Teacher Training Programme. During the year, numerous day and weekend courses at KMC London were provided whith were well altended. The Foundation Programme and Teacher Training Programme continued and were also well attended. The Temple for World Peace in Morden and the commercial space in Kensington are both owned by ihe New Kadampa Tradition - International Kadampa Buddhist Union INKT-IK8UI and are open six days a week, staffed by sponsored people and volunteers. FINANCIAL REVIEW KMC London's courses and retreats continued to be pular in 2023, with associated income increased to E109,345. Overall the total income for 2023 was £149.14212(K)2= 128.1x191. KMC London gave donations to NKT-IKBU of over £15,200 to support the International Temples Projett_ KMC London ha5 four sponsored people that cover the Morden and Kensington Centres. RESERVES POUCY The Trustees consider that the level of free reserves should be retained in liquid funds equivalent to cover up to six months overhead expendilure. These reserves are io be held in order to rnaintain the basic operations of the charity nd to provide some surety against adverse financial events, such as income targets not being achteved or unexpected expenditure. Signed on behalf of the Trustees: Director:
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 31" DECEMBER 2023 RESPONSIBILITIES OF THE TRUSTEES The trustees Iwho are also the dirertors of KMC London for the Purposes of company lawl are responsible for preparing the Trustees Annual Report and the financial statements in accordan with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generallv Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under company law the trustees must not approve the financial ststements Un55 they a satiSfd that they give a true and fair view of the state of affairs of the charitable company and the income ènd expenditu of the charrtable company for that period. In preparing these financial statements, the trvstee5 are required to: Select suitable accountin8 policies and then apply them consiStent- observe the methods and principle5 in the Charities SORP 2015- Make judgements and accouniin8 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 charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companrfs transactions and disclose with reasonable accuracy at any time the financial posrtion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chari(able company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT &YAMINER Ali5tair lenkin5 is continuing as independent examiner for the coming year. who sideS at 14 Shiels Drive. Bristol. BS32 8ÉA Signed on behalf of the trustees.. Name (s•fyY &AUI*HEK Date
KADAMPA MEDITATION CENTRE LONDON INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 315t DECEMBER 2023 I report on the accounts of Kadampa Meditation Centre London for the year ended 2023. page$ 8-13. Respective responsibilities of the Trustees and the Independent Examiner As Trustees you are responsible for the preparation of the financial statements; you consider that an audit Is not required under Section 144121 of the Charities Act 2011 (the 2011 Actl and that an independent examination is needed. It is my responsibility to: l. Examine the accounts under section 145 of the 2011 Aci, 2. Follow the procedures laid down in the General Direciions given by the Charity Comrnissioner5 under Settion 14515lb of the 2011 Act; and 3. State whether particular rnatters have come to my attention Basis of this report My examination was carried out in accordance with the General Oirections 8iven by the CharTrty Commission. An examination includes a review of the accountin8 records kept by the charity and a comparison of the accounts presented with those records. It also includes considering any unusual items or di5closure5 in the account5 and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provrde all the eviden that would be required in a full audit. and consequentty I do not expre55 an audit opinion on the accounts. Independent examinee$ 5taternent In connection with my examination. no rnatte have come to my attentn- l. Which give me reasonable cause to beIve that in any material respect the requirement5 to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with these accounting records have not been met,. or with Section 130 of the 2011 Act- and to prepare accounts which accord with these account records 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. 4Jk, Signed Date...-519124.......... Alistair Jenkins FCA- Independent Examiner 14 Shiels Drive, BRISTOL, BS32 8E
KADAMPA MEDITATION CEIURE LONDON (COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES Income and Expenditure A¢¢¢wnt FOR THE YEAR ENDED 31" DECEMBER 2023 Unrestricted Unrestrirted 2023 2022 INCOME FROM CHARITABLE ACTIVITIES Voluntary income Courses & retreats A¢¢ommodation income Gift shop 15,748 109.345 10.039 14,010 14,780 93,369 6.988 12.872 TOTAL INCOMING RESOURCES 149.142 128.009 EXPENDITURE ON CHARITABLE A1VITIEs Sponsorship Courses & Retreats Accommodation expense Gift shop 18,440 40.242 82.441 8,892 22,309 26,716 105.322 7,861 TOTAL RESOURCES EXPENDED 150.015 162.208 SurplusllDeficitl for the year (873) 134,1991 Reconclllatlon of Funds Net Out8oin8 Resources Funds Brought Forward 01.01.23 18731 1.008.648 134,1991 1.042.847 Funds Carried Forward 31.12.23 lJ)07.775 I.IM)8.648 All fund5 shown alxjve are fully unrestricted. The statement of financial activities include5 all gains and105ses recognised in the year. All incominB SourceS and resources expended derive from continuing actNities. The financial statements a prepared under the historical c05t convention and have been prepared in accordance with the Statement of Recommended Prartice- Finanoal Reporting Standard applicable in the UK IFR51021 effective January 2015 and the Companie5 Act 2006. The notes on pa8e5 10- 13 form part of these accounts.
KADAMPA MEDThATION CENTRE LONDON {COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT DECEMBER 31" 2023 2023 2023 2022 2022 Note FIXED ASSErs Tangible Assets 767.OXI 768.019 NON CURRENT ASSETS Loans Receivable 250.1NXI 250,000 CURRENT ASSETS Stock Debtors Cash at Bank and in hand 9,043 1.624 14.810 12,210 2,074 16,138 25,468 30,422 CREDITORS: Amounts falling due within one year 34,783 39.793 NET CURRENT ASSETS {9.3151 19.3711 Ass5. I,7,775 I.LK18.648 Funds of the Charity Unrestricted Income Funds I.IX)7.775 I,C(J8.648 TOTAL FUNDS I,7,775 I,(X18,648 These accounts have been prepared in accordance with the provisK)ns applicable to companie5 subject to the Small companies. regime, Part 15 of the companies Act 2C#)6. For the year ending 31 December 2023 the charity was entitled to exemption from 3udit under Section 477 of the Companies Act 26. The notes on pages 10- 13 form part of these accounts. Trustees. responsibilities: The members have not required the charity to obtain an audit of r(s accounts for the year in Question in accordance with Section 476 of the Companies Art 2W6. The trustees acknowledge their responsibilitie5 for ensuring that the Company keeps accountlng records which wmply wtth Sections 386 and 387 of the Companies Act 2006 and preparing accounts which give a true and fair view of the state of affairs of the tompany a5 at the end of the financial year in accordance with the requirements of Section 394 ènd 395 and whith otherwise tompty with the requirements of the 2(X)6 Act relating to accounts, so far as applicable to the Company. These finèncial statements were approved by members of the committee on... And are signed on their behalf bv. .Oirector &hliY frALLA&HE
KADAMPA MEDITATION CEIITrE LONDON NOTES ON FINANCIAL STAMENTS FOR THE YEAR ENDEO 31" DECEMBER 2023 l Accounting Policies lal Accounting Basis and Stsndards The financial statements have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities- Statements of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Stsndard IFRS1021 leffettive l January 20151 (Charitie5 SORP IFRS10211 and the Compan$Att 2006. Ibl Going Concern Given the continuing level of support from its members who donate on a regular basis aftd the number of increased classes and coutses s¢heduled for the forthcoming year, the Trustees consider that the charity has adequate resources to tontinue in operational existence for the foreseeable futvre. Accordingly, the financial statements have been prepared on a going concern ba51S. Icl Incoming Resource5 Voluntary income including donations. gifts and legacies ihat provide core funding are of a general natu and are reco8ni5ed where there is entitlement. certainty of receipt and the amount can be measured with sufficient reliability. Such intorne is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods, or The donor has imposed conditions which must be met befo ihe charity has unconditional entitlement. Income from commercial trading activities is recognised as eamed las and when the goods I SeICe$ are providedl. Idl Resources Expended Expenditure 15 retognisetl when a liability is incurred. Contrartual arrangements are recogntsed as the goods or services are Supplied. Costs of generating fun(Is are those costs incUrd in attractin8 voluntary income and those incurred in Irading activities that raise funds. Charitable activities include courses and retreats. accommodation and a book I gift shop an(1 include both the direct costs and 511PPOrt Cosis relating to these activities. Governance costs include those incurred in the govemance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Support costs include central functions and have been allocated to actwity tost categories on è basis consisteni with the use of resource5. lel Irrecoverable VAT All resources expended are classified under activity headings that aggregate all costs related to the category. Iriecoverable VAT is charged against the category or resources expended for which tt was incurred. io
KADAMPA MEDITATION CENTRE LONOON (COMPANY LIMITED BY GUARANTEEI NOTES ON FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31° DECEMBER 2023 In Fund Accounting Funds held by the charity are all Unrestricted General Funds.. Ihese c3n be used in accordance with the charitable objects at the discretion of the trustees, or Restricted Funds- which mèy only be used for particular restritted purposes wtthin the objects of the charity. Igl Debtors Trade and other debtors are recognised at the settlement amoum due after any discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. Ihl Creditors Creditors and provisions are recognised where the charity has present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount can be measured or estimated reliab. 111 Cash Flow Statement The trustees have taken advantage of the exemption in Financial Reporting Standard No.1 Irevisedl from including a cash flow statement in the financial statements on the grounds that the charity ts considered small for reporting purposes. Ill Fixed Assets All fixed assets are initialty recorded at cost. Ikl Depreciation Depreciation is calculated so as to write off the cost of an asset. less its estimated residual value. over the useful economic life of that asset as follows: Freehold Property Fixtures. Fittings & Equipment not provided I(PA straight line 111 Stocks Slocks are valued at the lower of c05t or net realisable value, after making due allowance for Obsote items. Im) Sponsorship Costs KMC London has four sponsored people that cover the Morden and Kensington Centres.. Resident Teacher, Administrative Director, Education Programme Co-ordinator. and Kensington manager. They are paid 3 Stipend and food allowance. They recewe, as a non-cash benefit. accommodation. utilities and membership of KMC London. li
KADAMPA MEDITATION CENTRE LONDON (COMPANY UMITED BY GUARANTEEI NOTES ON FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31" DECEMBER 2023 3. Tonglble Fimed Assets Freehold Property Propertv Improvements Fixtures & Fittings Total Cast As at I" January 2023 Disposals Additions As at 31 Dember 2023 750,OCrf) 12.9)9 23,167 786,076 750.0(MJ 23.167 786,076 Depreciation As at -1" January 2023 Disposals Charge for the Period As at 31" De¢ember 2023 18.057 18,057 929 18.986 929 18.986 Net book value at 31" December 2023 750.lx 11909 4,181 767,09) 4. Loan receivable During 2021, a loan of £250,000 ITWO Hundred and Frfty Thousand Pounds) was made to New Kadampa Tradition - International Kadampa Buddhist Union (Company No. 02758093. Charity Reg No (England) 1015054. The terms of the loan are on demand. and it is without interest and the loan remains repayable. 5. Stocks 2023 2022 Stocks of books and Statues 9,043 12,210 6. Debtors & Prepayments 2023 2022 Prepayments 1,624 1.624 2,074 2,074 7.Creditots: Amounts fallin8 due within one year 2023 2022 Other creditors Accruals Bounce Back Government loan 5SO 3.283 31.5C 34,783 39.243 39.793 12
KADAMPA MEDITATION CENTRE LONDON NOTES ON FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31" DECEMBER 2023 Total 2023 Total 2022 8. EXPENDITURE BREAKDOWN Sponsorship 22.309 Courses & retreats Meditation room costs GP venues and related Advertising and publicity Travel expense Tolal courses & retreats S.161 14.877 13,463 6,741 40,242 6,063 6.290 7.725 6.638 26.716 Accommodation and Administrati¥e Building improvement Centre rates and utilities Cleaning and maintenante Household and garden Provision for depreciation Insurance Administrative costs Donations Professional fees Bank Charges Interest payable Total Accommodation & Admlnistratlve 2,700 35.282 7.813 8,363 929 2.777 4.731 15,243 915 2.803 885 82,441 2,055 28,182 9.139 4.325 929 2,699 5.632 48.712 724 2,244 681 105,322 Gift Shop 8.892 7.861 Total 150,015 162,208 13