Company Registration Number 04737200 KADAMPA MEDITATION CENTRE LONDON REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Reglstered Charlty Number 1100615
KADAMPA MEDITATION CENTRE LONDON CONTENTS FOR THE YEAR ENDED 31st DECEMBER 2024 Contents Trustees Annual Report page 1-6 Independent Examiners Report to the Trustees page 7 Statement of Financial Activities page 8 Balance Sheet page 9 Notes to the Accounts page 10-13
KADAMPA MEDITATION CENTRE LONDON LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31st DECEMBER 2024 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 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Name Kadampa Meditation Centre London Company Registration Number 04737200 Registered Charity Number 1100615 Registered Office la Ashridge Way London SM4 4EF England Trustees The trustees who served the charity during the period were as follows: John McBretney (resigned 14-Sep-24) Carrie-Anne Ling (appointed 14-Sep-24) Gary Gallagher Mary Diskin Secretary Sarah Kneafsey Independent Examiner Alistair Jenkins Bankers National Westminster York City Centre l Market Street York YOI 8SR
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Charity is constituted as a company limited by guarantee under the Companies Act and governed by its Memorandum and Articles of Association and is also a registered charity. Trustee Recruitment and Training Of the three trustees, two elected trustees are recruited from within the centre or from other similar centres so that they have knowledge and understanding of the charitvs aims and workings. To be elected or appointed as a trustee, the nominee must be a member of the charity and are elected by members at 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 trustee, by virtue of them being the Administrative Director of a centre specified in the Articles of Association. Each new trustee is guided by the current trustees and other members of the organisation, in particular the Administrative Director 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 ("NKT-IKBU"), which is made up of many centres throughout the world with the same objects. They are all independent charities linked only by their objects and there is no financial dependency, although funds may pass between centres to fulfil aims and objectives. OBJEcfivES AND AcfiviTIES Objects The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected Spiritual Director of the NKf-IKBU principally through activities of teaching, study, practice and the observance of moral discipline all within the Mahayana Buddhist Tradition of Atisha and Je Tsongkhapa, as taught by Venerable Geshe Kelsang Gyatso Rinpoche, the founder of the NKT-IKBU, through the continuous implementation of the three NKT study programmes: the General Programme, Foundation Programme and Teacher Training Programme. Aims and Activities The charity aims to provide facilities to enable students to study, practice and observe the moral discipline as set out the objects and this has been achieved so far by establishing the centres in Morden and Kensington. The charity also holds branch classes across London to provide teachings and insight to whomever wishes to attend. Volunteers The charity has many volunteers from the local community, who are essential for the running of the charity and are involved in all aspects of it. We also offer wider opportunities to volunteer through volunteering visits.
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 Public benefits In exercising their powers and duties, the trustees 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 clearly identifiable benefits. 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 relationships with others, and become of real benefit to a troubled world. Benefit to the public The charity offers regular courses in Buddhist philosophy, psychology and meditation, bringing personal and social benefit. These courses 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 commitment of personal time from participants. The charity also maintains a year-round programme 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 the three study programmes: General Programme, Foundation Programme and Teacher Training Programme. During the year, numerous day and weekend courses at KMC London were provided which were well attended. 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 the New Kadampa Tradition- International Kadampa Buddhist Union (NKT-IKBU) and are open six days a week, staffed by sponsored people and volunteers. FINANCIAL REVIEW KMC London's courses and retreats continued to be popular in 2024, with associated income at £107,960. Overall the total income for 2024 was £140,199 (2023: 149,142). KMC London gave donations to NKT-IKBU to support the International Temples Project and we have four sponsored people that cover the Morden and Kensington Centres. RESERVES POLICY The Trustees consider that the level of free reserves should be retained in liquid funds equivalent to cover up to six months overhead expenditure. These reserves are to be held in order to maintain the basic operations of the charity and to provide some surety against adverse financial events, such as income targets not being achieved or unexpected expenditure. Signed on behalf of the Trustees: Director: ............. Date: i.<.1..i.J., CA£Q£ - L i
KADAMPA MEDITATION CENTRE LONDON TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 RESPONSIBILITIES OF THE TRUSTEES The trustees (who are also the directors of KMC London for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period. In preparing these 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 2015; Make judgements and accounting 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 charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER Alistair Jenkins is continuing as independent examiner for the coming year, who resides at 14 Shiels Drive, Bristol, BS32 8EA Signed on behalf of the trustees: Name Date Zf
KADAMPA MEDITATION CENTRE LONDON INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 I report on the accounts of Kadampa Meditation Centre London for the year ended 2024, pages 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 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: l. Examine the accounts under section 145 of the 2011 Act, 2. Follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5)b of the 2011 Act; and 3. State whether particular matters have come to my attention Basis of this report My examination was carried out in accordance with the General Directions given by the Charity 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 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 a full audit, and consequently I do not express an audit opinion on the accounts. Independent examinerfs ststement In connection with my examination, no matters have come to my attention: l. Which give me reasonable cause to believe that in any material respect the requirements 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. Signed Date 14 /]/ 2025 Alistsir Jenkins - Independent Examiner 14 Shiels Drive, BRISTOL, BS32 8EA.
KADAMPA MEDITATION CENTRE LONDON (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES Income and Expenditure Account FOR THE YEAR ENDED 31it DECEMBER 2024 Unrestricted Unrestricted 2024 2023 NOTE INCOME FROM CHARITABLE AcfiviTIES Voluntary income Courses & retreats Accommodation income 6,304 107,960 11,443 14,492 15,748 109,345 10,039 14,010 Gift shop TOTAL INCOMING RESOURCES 140,199 149,142 EXPENDITURE ON CHARITABLE ACTIVITIES Sponsorship Courses & Retreats Accommodation and Administrative expense Gift shop 24,222 38,515 58,393 6,787 18,440 40,242 82,441 8,892 TOTAL RESOURCES EXPENDED 127,917 150,015 Surplus/(Deficit) for the year 12,282 (873) Reconciliation of Funds Net Outgoing Resources Funds Brought Forward 01.01.24 12,282 1,007,775 (873) 1,008,648 Funds Carried Forward 31.12.24 1,020,057 1,007,775 All funds shown above are fully unrestricted. The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 10- 13 form part of these accounts.
KADAMPA MEDITATION CENTRE LONDON (COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT DECEMBER 31 2024 2024 2024 2023 2023 Note FIXED ASSETS Tangible Assets 766,161 767,090 NON CURRENT ASSETS Loans Receivable 250,000 250,000 CURRENT ASSETS Stock Debtors Cash at Bank and in hand 9,424 761 20,362 9,043 1,624 14,801 30,547 25,468 CREDITORS: Amounts falling due within one year 26,651 34,783 NET CURRENT ASSErs 3,896 (9,315) NET ASSETS 1,020,057 1,007,775 Funds of the Charity Unrestricted Income Funds 1,020,057 1,007,775 TOTAL FUNDS 1,020,057 1,007,775 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime, Part 15 of the companies Act 2006. For the year ending 31 December 2024 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006. 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 its accounts for the year in question in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the Company keeps accounting records which comply with 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 company as at the end of the financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the 2006 Act relating to accounts, so far as applicable to the Company. These financial statements were approved by members of the committee on ....... 1.4.1.1.1.2s And are signed on their behalf by.... .Director
KADAMPA MEDITATION CENTRE LONDON NOTES ON FINANCIAL STAMENTS FOR THE YEAR ENDED 3111 DECEMBER 2024 l Accounting Policies (a) Accounting Basis and Standards 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 Standard (FRS102) (effective l January 2015) (Charities SORP (FRS102)) and the Companies Act 2006. (b) Going Concern Given the continuing level of support from its members who donate on a regular basis and the number of increased classes and courses scheduled for the forthcoming year, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. (c) Incoming Resources Voluntary income including donations, gifts and legacies that provide core funding are of a general nature and are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income 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 before the charity has unconditional entitlement. Income from commercial trading activities is recognised as earned (as and when the goods / services are provided). (d) Resources Expended Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as the goods or services are supplied. Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charitable activities include courses and retreats, accommodation and a book / gift shop and include both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance 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 activity cost categories on a basis consistent with the use of resources. (e) Irrecoverable VAT All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category or resources expended for which it was incurred. 10
KADAMPA MEDITATION CENTRE LONDON (COMPANY LIMITED BY GUARANTEE) NOTES ON FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31rt DECEMBER 2024 (f) Fund Accountlng Funds held by the charity are all Unrestricted General Funds: these can be used in accordance with the charitable objects at the discretion of the trustees, or Restricted Funds- which may only be used for particular restricted purposes within the objects of the charity. (g) Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (h) 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 reliably. (i) Cash Flow Statement The trustees have taken advantage of the exemption in Financial Reporting Standard No.1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is considered small for reporting purposes. ti) Fixed Assets All fixed assets are initially recorded at cost. (k) Depreciation epreciation 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; reehold Property Fixtures, Fittings & Equipment not provided IOYO Straight line (l) Stocks Stocks are valued at the lower of cost or net realisable value, after making due allowance for obsolete items. 2 Sponsorship Costs KMC London has four full time sponsored people- Resident Teacher, Administration Director, Education Programme Co-ordinator and one Temple Manager in Kensington. In addition, an Assistant EPC was also sponsored for about 6 months during the year. They are paid a stipend and food allowance. They receive, as a non-cash benefit, accommodation, utilities and membership of KMC London. 11
KADAMPA MEDITATION CENTRE LONDON (COMPANY LIMITED BY GUARANTEE) NOTES ON FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 3. Tangible Fixed Assets Freehold Property Property Improvements Fixtures & Fittings Total Cost As at lli January 2024 Disposals Additions As at 31n December 2024 750,000 12,909 23,167 786,076 750,000 12,909 23,167 786,076 Depreciation As at'l,, January 2024 Disposals Charge for the Period As at 31M December 2024 18,986 18,986 929 19,915 929 19,915 Net book value at 31. December 2024 750,000 12,909 3,252 766,161 4. Loan receivable During 2021, a loan of £250,000 (Two Hundred and Fifty 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 2024 2023 Stocks of books and Statues 9,424 9,043 6. Debtors & Prepayments 2024 2023 Prepayments 761 761 1,624 1,624 7.Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals Bounce Back Government loan 3,086 23,565 26,551 3,283 31,500 34,783 12
KADAMPA MEDITATION CENTRE LONDON NOTES ON FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st DECEMBER 2024 Total 2024 Total 2023 8. EXPENDITURE BREAKDOWN Sponsorship 24,222 18,440 Courses & retreats Meditation room costs GP venues and related Advertising and publicity Travel expense Total courses & retreats 4,110 7,188 21,618 5,599 38,515 5,161 14,877 13,463 6,741 40,242 Accommodation and Administrative Centre rates and utilities Building and maintenance Household and garden Provision for depreciation Insurance Administrative costs Donations Professional fees Bank charges Interest payable Total Accommodation & Administrative 24,103 5,453 6,658 929 2,830 4,258 9,702 778 2,991 691 58,393 35,282 10,513 8,363 929 2,777 4,731 15,243 915 2,803 885 82,441 Gift Shop 6,787 8,892 Total 127,917 150,015 13