Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
TRUSTEES’ REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Company Information | 1 |
| Trustees’ Report | 2 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 8 |
| Independent Accountant’s Report | 12 |
| Income and Expenditure Account | 13 |
Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS:
DIRECTORS: Miss J Andrews Mrs R T Stones Miss C Traynor REGISTERED OFFICE: 93 King Street Lancaster LA1 1RH REGISTERED NUMBER: 05094904 CHARITY NUMBER: 1104858 ACCOUNTANTS: Partner Accountancy The Junction, Office 43 Charles Street Horbury WF4 5FH
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and financial statements for the Period ended 31 December 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Kadampa Meditation Centre Lancaster (KMCL) is a charitable company limited by guarantee. The company was established under a Memorandum of Association in 2004 which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Risk Management
The trustees have assessed the major risk factors to which the charity is exposed and are satisfied that the systems are in place to mitigate exposure to them.
To mitigate financial risk an external firm of Chartered Accountants has been appointed to prepare and submit the annual accounts.
ORGANISATIONAL STRUCTURE
KMCL is a member of the New Kadampa Tradition – International Kadampa Buddhist Union (NKT – IKBU) which is an international association of Mahayana Buddhist study and meditation centres that follow the Kadampa Buddhist Tradition founded by Venerable Geshe Kelsang Gyatso.
The charity’s administration is carried out by a number of part time volunteers who are responsible for the day-to-day administration.
OBJECTIVES AND ACTIVITIES
The objectives of the charity are to promote the Buddhist Faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition – International Kadampa Buddhist Union principally through the activities of teaching, study, practice and the observance of moral discipline all with the Mahayana Buddhist tradition of Atisha and Je Tsongkhapa as taught by Venerable Geshe Kelsang Gyatso, the founder of the New Kadampa Tradition – International Kadampa Buddhist Union, through the continuous implementation of the three New Kadampa Tradition Study Programmes: the General Programme, the Foundation Programme, and the Teacher Training Programme.
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KADAMPA MEDITATION CENTRE LANCASTER TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
The trustees are satisfied with the achievements and performance of the charity during the year and the position on 31 December 2023.
The trustees also consider that the charity is in a strong position to continue its activities during the coming year, and that the charity’s assets are adequate to fulfil its obligation.
FINANCIAL REVIEW
The results of the year and financial position of the charity are set out in the annexed accounts.
The trustees have examined the requirement to maintain reserves for the ongoing work of the charity and conducted that the most appropriate level is between three and six months of operational expenditures.
The trustees consider the financial performance by the charity during the year to have been satisfactory.
RESERVES POLICY
Reserves are held in unrestricted funds equivalent to three months of the fixed resources expended. The purpose of the reserve is to ensure that the charity can continue to operate even if the income generated for a particular period does not cover the expenses the charity incurs in its day-to-day operation. The board considers the level of reserves to be appropriate.
FUTURE PLANS
Future plans for the centre will include continuing to grow the number of people attending classes at the centre and helping people to develop a peaceful mind. We hope to run more day retreats to Manjushri KMC, Ulverston as these have proved popular with people wanting to gain some experience of meditation.
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KADAMPA MEDITATION CENTRE LANCASTER
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE
Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and:
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Select suitable accounting policies and apply them consistently
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Make judgments and estimate that they are both reasonable and prudent
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Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The management committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud or other irregularities.
TRUSTEES
The trustees, who are also directors for the purpose of company law, shown below have held office during the whole of the period from 1 January 2023 to the date of this report.
Miss J Andrews Mrs R T Stones Ms C M Traynor
ON BEHALF OF THE BOARD OF TRUSTEES:
........................................................................ Miss J Andrews
........................................................................ Mrs R T Stones
........................................................................ Miss C Traynor
Date:
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOMING RESOURCES FROM GENERATED FUNDS Voluntary Income: Donations and legacies 2 Incoming resources from Charitable activities: 3 Other income TOTAL INCOME EXPENDITURE Charitable activities Centre running costs Administrative expenses Interest payable TOTAL EXPENDITURE NET INCOME/(LOSS) FOR THE YEAR Total funds brought forward |
Unrestricted funds £ 703 703 40,148 5 40,856 13,912 15,960 4,132 3,380 3,472 110,422 113,894 37,384 |
Restricted funds £ - - - - - - - - - - - - |
Total 2023 £ 703 703 40,148 5 40,856 13,912 15,960 4,132 3,380 3,472 110,422 113,894 37,384 |
Total 2022 £ 279 279 41,580 - 41,859 15,080 17,841 3,297 1,650 3,991 106,431 110,422 37,868 |
|
|---|---|---|---|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors and prepayments Cash at bank and in hand CREDITORS Amounts due within 1 year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 8 NET ASSETS INCOME FUNDS Restricted funds Unrestricted funds TOTAL CHARITY FUND |
2023 £ 119 2,638 2,757 (10,874) |
£ 164,280 (8,117) 156,163 (42,269) 113,894 - 113,894 113,894 |
2022 £ 119 6,012 6,131 (9,983) |
£ 164,563 (3,852) 160,711 (50,289) 110,422 - 110,422 110,422 |
|---|---|---|---|---|
The 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 directors acknowledge their responsibilities for:
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(a) ensuring that the company keeps accounting records which 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 company as at the end of each financial year and of its income and expenditure 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 company.
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
The financial statements were approved by the Board of Directors on ---------------- and were signed on its behalf by:
........................................................................ Miss J Andrews ........................................................................ Mrs R T Stones
........................................................................ Miss C Traynor Date:…………………….
The notes form part of these financial statements
Page 7
Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Incoming resources
Donations are accounted for when received by the company. Other income is accounted for on an accruals basis as far as is prudent to do so. All income arises in the United Kingdom.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure in which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
Tangible fixed assets
Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - Not depreciated Fixtures & equipment - 25% Straight line
Accumulated funds
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Taxation
As a registered charity the company is generally exempt from Income Tax and Capital Gains Tax.
2. DONATIONS AND GIFTS
| DONATIONS AND GIFTS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 703 | 279 |
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
3. INCOME RESOURCES FROM CHARITABLE ACTIVITES
| 3. INCOME RESOURCES FROM CHARITABLE ACTIVITES |
||
|---|---|---|
| Accommodation Café and shop Class and course income Facility income Sundry income |
2023 £ 26,938 - 11,050 2,160 - 40,148 |
2022 £ 25,534 - 12,758 3,288 - |
| 41,580 |
4. TRUSTEES
No trustees were paid any remuneration for acting as a trustee during the year.
5. EMPLOYEES
There was 1 employee during the year.
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
6. TANGIBLE FIXED ASSETS
| Leasehold Fixtures & property fittings £ £ COST At 1 January 2023 164,000 1329 Additions - - Disposal - - At 31 December 2023 164,000 1,329 DEPRECIATION At 1 January 2023 - 766 Charge for year - 283 Prior year adjustment - - At 31 December 2023 - 1,049 NET BOOK VALUE At 31 December 2023 164,000 280 At 31 December 2022 164,000 563 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade creditors - Mortgage 9,351 Other creditor 23 Rental deposits held 1,500 10,874 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bounce back loan 5,913 Mortgage 36,356 42,269 |
Totals £ 165,329 - - 165,329 766 283 - 1,049 164,280 164,563 2022 £ - 8,783 1,200 9,983 2022 £ 7,311 42,978 50,289 |
|---|---|
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. MORTGAGE
The mortgage is secured by a first legal charge over the freehold property.
| Mortgage | Property cost £ 164,000 |
Mortgage balance £ 45,707 |
Percentage £ 27% |
|---|---|---|---|
The notes form part of these financial statements
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Charity Registration No. 1104858
Company Registration No. 05094904
INDEPENDENT ACCOUNTANTS’ REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF KADAMPA MEDITATION CENTRE LANCASTER
We report on the accounts of the company for the year ended 31 December 2023, which are set out on pages 3 to 7.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND REPORTING ACCOUNTANT
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
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Examine the accounts under section 43 of the 1993 Act;
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To follow the procedures laid down in the general Directions given by the Charity Commission under section 43(7)b of the 1993 Act; and
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To state whether particular matters have come to our attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
Our 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 consideration of 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 an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
In connection with our examination, no matter has come to our attention:
(1) which gives us reasonable cause to believe that in any material respect the requirements.
to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirement of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in our opinion, attentions should be drawn in order to enable a proper understanding of the accounts to be reached.
Partner Accountancy The Junction, Office 43 Charles Street Horbury WF4 5FH
Date:…………..
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Charity Registration No. 1104858
Company Registration No. 05094904
KADAMPA MEDITATION CENTRE LANCASTER
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Income Accommodation Café and shop Classes and courses Donations Facility fee Sundry Income Expenditure Charitable activities Café and shop purchases Teacher’s sponsorship and expenses Motor and travelling expenses Room hires Class refreshments Advertising Offerings Centre running costs Rates and water Insurance Light and heat Household expenses Sundry expenses Repairs and renewals Administrative expenses Telephone and internet charges Printing, postage and stationery Travel Computer and software expense Bank charges Legal and professional fees Fixtures and fittings depreciation Interest Payable Bank interest Mortgage interest EXCESS OF INCOME OVER EXPENDITURE |
2023 £ 26,938 - 11,050 703 2,160 5 320 8,240 - 1,158 525 1,743 1,926 2,779 2,713 7,081 485 - 2,902 800 902 463 1,644 - 40 283 - 3,380 |
£ 40,856 37,384 3,472 |
2022 £ 25,534 - 12,758 279 3,288 - 497 10,598 - 325 321 1,659 1,680 3,255 2,101 8,108 956 - 3,421 807 1,245 - 922 - 40 283 - 1,650 |
£ 41,859 37,868 |
||
|---|---|---|---|---|---|---|
| 3,991 |
This page does not form part of the statutory financial statements
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