Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
TRUSTEES’ REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Company Information | 1 |
| Trustees’ Report | 2 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 8-10 |
| Independent Accountant’s Report | 11 |
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS:
Mr Nigel Woolsey Ms Deborah Kefford Ms Jennifer Andrews
REGISTERED OFFICE: Ash Mount No. 22 Wetherby Road Oakwood Leeds LS8 2QD
REGISTERED NUMBER: 06815448 (England and Wales)
CHARITY NUMBER: 1129195
ACCOUNTANTS:
Partner Accountancy The Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA
BANKERS:
HSBC 33 Park Row Leeds LS1 1LD
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Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report and financial statements for the Period ended 31 December 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is a company limited by guarantee incorporated on 10 February 2009 and registered as a charity on 17 April 2009. It is governed by a memorandum and articles of association. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.
Recruitment and appointment of the Management Committee
The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM.
OBJECTIVES AND ACTIVITIES
The charity's objects
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 within the Mahayana Buddhist tradition of Atisha and Je Tsongkhapa as taught by Venerable Geshe Keslang 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.
The charity's main activities
The principal activity of this charitable company is to promote the Buddhist faith. The Centre runs different types of classes that are open to everyone and provides accommodation for those wishing to live in a Buddhist community.
Public benefit statement
In setting our objectives and planning our activities our trustees have given serious consideration to the Charity Commission’s general guidance on public benefit, in particular the advancement of religion, and in particular Kadampa Buddhism.
Page 2
KADAMPA MEDITATION CENTRE LEEDS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENTS AND PERFORMANCE
We provide regular meditation classes which benefit the general public, helping with stress, anxiety and improving mental health. Before lockdown we started expanding into the city centre, and increased activities in various parts of Leeds, which led to an increase in numbers attending. This had to be put on pause, and classes have moved to online streaming.
Once we were able we started back into the city centre and are looking to expand our reach. We have a new Senior Buddhist Teacher arriving in Leeds in July/August. We look forward to reaching many more people in the Leeds area. We feel these classes have massive benefit to the general public, especially after the very challenging time everyone has experienced, and numbers will start to increase with more able to attend in person (as well as online for the foreseeable future),
FINANCIAL REVIEW
At the time of signing these accounts the charity has been impacted by the global Covid-19 virus. The trustees have reassessed the charity’s ability to continue for at least 12 months from the date that the accounts are approved and conclude that no material uncertainties exist that cast significant doubt on the charity’s ability to continue as a going concern.
RESERVES POLICY
The charity’s free reserves, excluding fixed assets, at the year-end were £1,699.
The trustees have agreed to aim to set aside £7,000 (in cash funds) for emergency situations, unexpected expenditure or opportunities for development of the charity. It has been agreed that occasionally funds may drop below this amount but will be closely monitored and reviewed annually by the trustees.
FUTURE PLANS
In the year 2022, our plan is to expand our spiritual programme with more classes during the week at different times of the day with, if possible, lunchtime meditations, morning meditations and evening ones. To achieve this, we will need to train up more teachers coming from people of our community who show an interest in teaching. Also, a big part of our activity will include the cafe. We are looking for a cafe manager to run it 5 days a week with a menu including hot and cold sandwiches, soups, cakes and scones with the traditional hot and cold drinks. It will also be used to cater during events we sometimes organize including an evening meditation with an evening meal.
Finally, we will count on our shop to bring substantial income to the business with, as main products, the book from Venerable Geshe Kelsang Gyatso Rinpoche but also items such as meditation cushions, prayer beads, stationary and clothing such as scarfs and gloves.
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KADAMPA MEDITATION CENTRE LEEDS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
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 managements 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 2021 to the date of this report.
Mr Nigel Woolsey Ms Deborah Kefford Ms Jennifer Andrews
ON BEHALF OF THE BOARD OF TRUSTEES:
........................................................................ Mr Nigel Woolsey
........................................................................ Ms Deborah Kefford
........................................................................ Ms Jennifer Andrews
Date:
Page 4
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes Income from: Leeds City Council grant Branch income Centre Card Course income Donations Fundraising income Gift Aid claims Incoming rent Visitor accommodation Other income Shop income Bond & Key deposits Class income Total income Expenditure on: Administration Branch expenses Branch room hire Building maintenance Bond & Rent refund Car Centre food Council charges Course and festival fees Course expenses Depreciation Education Health and safety Household Independent examination Insurance Maintenance Miscellaneous Mortgage interest Offerings Other expenses Shop expenses Sponsorship (2) Travel costs Utilities Website Total expenditure Net income / (expenditure) Fund balances brought forward Fund balances carried forward |
Total 2021 £ - - 3,580 - 4,612 - - 18,142 - 665 - 420 1,425 1,040 - - 137 517 1,463 320 246 15 - 20,812 3,190 685 1,855 - 2,167 3,803 72 10,129 1,028 - 2,468 2,638 1,159 6,629 72 (31,601) 236,475 28,844 60,445 204,874 |
Total 2020 £ 10,000 858 3,596 1,865 4,670 19 1,053 35,604 30 5 86 - - 13 95 266 114 - - - 105 500 339 6,662 561 455 290 480 1,657 - - 10,205 1,297 560 32 11,900 188 6,006 - 16,061 220,414 57,786 41,725 236,475 |
||
|---|---|---|---|---|
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. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
| BALANCE SHEET 31 DECEMBER 2021 2021 Notes £ FIXED ASSETS Tangible assets (3) CURRENT ASSETS Stocks - Debtors and prepayments (4) 1,950 Cash at bank (5) 10,825 12,775 CREDITORS Amounts due within 1 year (6) (1,910) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year (7) NET ASSETS INCOME FUNDS Unrestricted funds TOTAL FUNDS |
£ 554,600 10,865 565,465 (360,591) 204,874 204,874 204,874 |
2020 £ 1,096 1,668 24,860 27,624 (14,890) |
£ 513,970 12,734 526,704 (290,229) 236,475 236,475 236,475 |
|---|---|---|---|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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
Page 6
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
The financial statements were approved by the Board of Directors on xx and were signed on its behalf by:
........................................................................ Mr Nigel Woolsey ........................................................................ Ms Deborah Kefford
........................................................................ Ms Jennifer Andrews
Date:
The notes form part of these financial statements
Page 7
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 costing more than £750 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:
Freehold land - Not depreciated Freehold buildings - Over 50 years Equipment - 33% per annum Fixture and fittings - 15% per annum
Stock
Stock is valued at the lower of cost and net realisable value.
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. | SPONSORSHIP | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Gross sponsorship payments | 2,638 | 11,900 |
The notes form part of these financial statements
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Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
3. TANGIBLE FIXED ASSETS
| Equipment, Land Buildings Fixture & fittings £ £ £ COST At 1 January 2021 250,000 333,088 - Additions - - 61,442 Revaluation - - - At 31 December 2021 250,000 333,088 61,442 DEPRECIATION At 1 January 2021 - 69,118 - Charge for year - 6,662 14,150 Prior year adjustment - - - At 31 December 2021 - 75,780 14,150 NET BOOK VALUE At 31 December 2021 250,000 257,308 47,292 At 1 January 2021 250,000 263,970 - 4. DEBTORS AND PREPAYMENTS 2021 £ Debtors - Prepayments 1,950 1,950 5. CASH AT BANK 2021 £ HSBC Community Account 2,638 HSBC Business Money Manager 7,796 Cash in hand 219 Paypal 172 10,825 |
Totals £ 583,088 61,442 - 644,530 69,118 20,812 - 89,930 554,600 513,970 2020 £ - 1,668 1,668 2020 £ 9,007 15,788 65 - 24,860 |
|---|---|
The notes form part of these financial statements
Page 8
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
| 6. CREDITORS AND ACCRUALS Loans and overdrafts Tenants’ security deposits Accruals Creditors 7. CREDITS AND ACCRUALS FALLING DUE AFTER ON YEAR Bank loan Interest free loans 8. RELATED PARTY TRANSACTIONS |
2021 £ - 1,910 - - 1,910 2021 £ 288,777 71,814 360,591 |
2020 £ 11,793 1,910 480 707 14,890 2020 £ 281,229 9,000 290,229 |
|---|---|---|
Trustee expenses
No trustee received any expenses during this year or the previous year.
Trustee remuneration and benefits
No trustee received any remuneration or benefit during this or the previous year.
Remuneration and benefits received by key management personnel
The key management personnel of the charity comprises the trustees and the admin director. No remuneration was received by any person.
Other related party transactions
| Loans to the charity Name of trustee or related party Details Nigel Woolsey Interest free loan New Kadampa Tradition Interest free loan |
2021 9,000 62,814 71,814 |
2020 9,000 |
||
|---|---|---|---|---|
| 9,000 |
The notes form part of these financial statements
Page 10
Charity Registration No. 1129195
Company Registration No. 06815448 (England and Wales)
KADAMPA MEDITATION CENTRE LEEDS
INDEPENDENT ACCOUNTANTS’ REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF KADAMPA MEDITATION CENTRE LEEDS
We report on the accounts of the company for the year ended 31 December 2021, 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 Gas Light Lower Warrengate Wakefield West Yorkshire WF1 1SA
Date:
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