**Charity Registration No. 1104858**
## **Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
**TRUSTEES’ REPORT AND**
**UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
||**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 2024**
**DIRECTORS:** Miss Tracey Oliver-Walsh Ms Rebecca Stones Mr Stephen Cowing **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
Page 1
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
The trustees present their report and financial statements for the Period ended 31 December 2024.
## **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.
Page 2
## **KADAMPA MEDITATION CENTRE LANCASTER TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **ACHIEVEMENTS AND PERFORMANCE**
The trustees are satisfied with the achievements and performance of the charity during the year and the position on 31 December 2024.
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 throughout our area to find mental peace. We hope to plan an away retreat weekend in another large UK-based meditation Centre as these are popular with new and old students together.
Our property is now on the market so we are also hoping to relocate to a smaller property where more energy can be given to the classes and courses and less to the maintenance and running of our building!
Page 3
## **KADAMPA MEDITATION CENTRE LANCASTER**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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:
- Select suitable accounting policies and apply them consistently
- Make judgments and estimate that they are both reasonable and prudent
- 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 2024 to the date of this report.
Miss Tracey Oliver-Walsh Ms Rebecca Stones Mr Stephen Cowing
## **ON BEHALF OF THE BOARD OF TRUSTEES:**
........................................................................ Tracey Oliver-Walsh Miss Tracey Oliver-Walsh
Date: 14 Oct 2025
Page 4
**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 2024**
|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
£
276
276
37,981
26
38,283
6,943
14,310
3,219
2,180
**11,631**
113,894
125,525
26,652|Restricted
funds
£
-
-
-
-
-
-
-
-
**-**
-
-
-|Total
2024
£
276
276
37,981
26
38,283
6,943
14,310
3,219
2,180
**11,631**
113,894
125,525
26,652||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|
|---|---|---|---|---|---|
|||||
||
|||||||
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
Page 5
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
|**BALANCE SHEET**
**31 DECEMBER 2024**
2024
Notes
£
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors and prepayments
119
Cash at bank and in hand
6,805
6,924
**CREDITORS**
Amounts due within 1 year
7
(11,366)
**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**|£
164,114
(4,442)
159,672
**(**34,147)
125,525
-
125,525
125,525|2023
£
119
2,638
2,757
(10,874)
|£
164,280
(8,117)
156,163
(42,269)
113,894
-
113,894
113,894|
|---|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
- (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
- (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
Page 6
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
The financial statements were approved by the Board of Directors and were signed on its behalf by:
Tracey Oliver-Walsh........................................................................ Miss Tracey Oliver-Walsh
14 Oct 2025 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 2024**
## 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**|||
|---|---|---|
||2024|2023|
||£|£|
|Donations and gifts|276|703|
The notes form part of these financial statements
Page 8
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## 3. **INCOME RESOURCES FROM CHARITABLE ACTIVITES**
|3.
**INCOME RESOURCES FROM CHARITABLE ACTIVITES**|||
|---|---|---|
|Accommodation
Café and shop
Class and course income
Facility income
Sundry income|2024
£
31,073
25
3,053
3,830
-
37,981|2023
£
26,938
-
11,050
2,160
-|
|||40,148|
## 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
Page 9
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## 6.
## **TANGIBLE FIXED ASSETS**
|||Leasehold|Leasehold|Fixtures &||
|---|---|---|---|---|---|
|||property||fittings|Totals|
||||£|£|£|
||**COST**|||||
||At 1 January 2024|164,000||1,329|165,329|
||Additions||-|-|-|
||Disposal||-|-|-|
||At 31 December 2024|164,000||1,329|165,329|
||**DEPRECIATION**|||||
||At 1 January 2024||-|1,049|1,049|
||Charge for year||-|166|166|
||Prior year adjustment||-|-|-|
||At 31 December 2024||-|1,215|1,215|
||**NET BOOK VALUE**|||||
||At 31 December 2024|164,000||114|164,114|
||At 31 December 2023|164,000||280|164,280|
|7.|**CREDITORS: AMOUNTS FALLING DUE**|**WITHIN ONE YEAR**||||
|||||2024|2023|
|||||£|£|
||Mortgage|||9,229|9,351|
||Other creditor|||56|23|
||Rental deposits held|||2,081|1,500|
|||||11,366|10,874|
|8.|**CREDITORS: AMOUNTS FALLING DUE**|**AFTER MORE THAN ONE**||||
||**YEAR**|||||
|||||2024|2023|
|||||£|£|
||Bounce back loan|||4,041|5,913|
||Mortgage|||30,106|36,356|
|||||34,147|42,269|
The notes form part of these financial statements
Page 10
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## 9. **MORTGAGE**
The mortgage is secured by a first legal charge over the freehold property.
|Mortgage|Property
cost
£
164,000|Mortgage
balance
£
39,335|Percentage
£
24%|
|---|---|---|---|
The notes form part of these financial statements
Page 11
**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 2024, 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:
- Examine the accounts under section 43 of the 1993 Act;
- 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
- 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.
## Paul Harrison
Paul Harrison Partner Accountancy The Junction, Office 43 Charles Street Horbury WF4 5FH
Date: 15 Oct 2025
Page 12
**Charity Registration No. 1104858**
**Company Registration No. 05094904**
## **KADAMPA MEDITATION CENTRE LANCASTER**
## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024**
|**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
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**|2024
£
31,073
25
3,053
276
3,830
26
-
4,775
687
365
417
699
2,971
2,836
7,728
128
-
647
793
513
1,103
519
85
40
166
-
2,180|
|£
38,283
26,652
11,631|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|
|---|---|---|---|---|---|---|
This page does not form part of the statutory financial statements
Page 13
**Issuer** Partner Accountancy **Document generated** Tue, 14th Oct 2025 13:11:53 BST **Document fingerprint** cdad0e0c32d92c1b7e549cba511df173
## **Parties involved with this document**
**Document processed Party + Fingerprint** Tue, 14th Oct 2025 14:57:07 BST Miss Tracey Oliver-Walsh - Signer (ef9ca2b8751702d0207c87ab6a3eb067) Wed, 15th Oct 2025 5:17:42 BST Paul Harrison - Signer (b8ad0f4d5f4450b572681e78c0359fb9) Wed, 15th Oct 2025 5:17:42 BST Partner Accountancy - Copied In (e803426b1c67c966ff8f62e122269f2c) **Audit history log Date Action** Tue, 14th Oct 2025 13:11:53 BST Envelope generated with fingerprint c151e02f155ab20e35a70edbe14fadc0 (35.176.231.177) Tue, 14th Oct 2025 13:11:53 BST Document generated with fingerprint cdad0e0c32d92c1b7e549cba511df173. (35.176.231.177) Tue, 14th Oct 2025 13:11:53 BST Miss Tracey Oliver-Walsh has been assigned to this envelope. (35.176.231.177) Tue, 14th Oct 2025 13:11:53 BST Paul Harrison has been assigned to this envelope. (35.176.231.177) Tue, 14th Oct 2025 13:11:53 BST Partner Accountancy has been assigned to this envelope. (35.176.231.177) Tue, 14th Oct 2025 13:11:53 BST Envelope has been set to automatically remind the active signer every 2 day(s). (35.176.231.177) Tue, 14th Oct 2025 13:12:04 BST Envelope generated Tue, 14th Oct 2025 13:12:04 BST Sent the envelope to Miss Tracey Oliver-Walsh for signing Tue, 14th Oct 2025 13:12:04 BST Document emailed to party email Tue, 14th Oct 2025 14:55:28 BST Miss Tracey Oliver-Walsh viewed the envelope (195.99.106.15) Tue, 14th Oct 2025 14:57:07 BST Miss Tracey Oliver-Walsh signed the envelope (195.99.106.15) Tue, 14th Oct 2025 14:57:08 BST Sent the envelope to Paul Harrison for signing (195.99.106.15) Tue, 14th Oct 2025 14:57:09 BST Document emailed to party email Wed, 15th Oct 2025 5:17:24 BST Paul Harrison viewed the envelope (188.127.68.26) Wed, 15th Oct 2025 5:17:42 BST Paul Harrison signed the envelope (188.127.68.26) Wed, 15th Oct 2025 5:17:42 BST Sent the envelope to Partner Accountancy for signing (188.127.68.26)
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