**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 2023**
**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 2023**
||**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 2023**
## **DIRECTORS:**
Mr Nigel Woolsey Ms Deborah Kefford Ms Lisa Marie Devine
**REGISTERED OFFICE:**
Waterloo House Assembly Street Leeds LS2 7DE
## **REGISTERED NUMBER:**
06815448 (England and Wales)
**CHARITY NUMBER:** 1129195
## **ACCOUNTANTS:**
Partner Accountancy The Junction, Office 43 Charles Street Horbury West Yorkshire WF4 5FH
## **BANKERS:**
HSBC 33 Park Row Leeds LS1 1LD
Page 1
**Charity Registration No. 1129195**
**Company Registration No. 06815448 (England and Wales)**
## **KADAMPA MEDITATION CENTRE LEEDS**
## **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**
KMC Leeds 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 charity’s aims and workings. To be elected or appointed as a trustee, the nominee must be a member of the charity and is 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. New trustees are guided by the current trustees and other members of the charity, 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.
## **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 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 in the objects and this has been achieved so far by establishing the centre in Waterloo House. The charity holds classes providing 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.
## **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 nonBuddhist. 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.
Page 2
## **KADAMPA MEDITATION CENTRE LEEDS**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **ACHIEVEMENTS AND PERFORMANCE**
KMC Leeds continued to provide Kadam Dharma through the three study programmes: General Programme, Foundation Programme and Teacher Training Programme. During the year, numerous day and weekend courses, as well as enrolment study programmes, were held at KMC Leeds which were well attended.
Waterloo House, the building in central Leeds that is the registered office of the charity, is owned by the New Kadampa Tradition – International Kadampa Buddhist Union (NKT-IKBU) and is open six days a week, staffed by sponsored people and volunteers. The charity also owns and operates from a property in the Roundhay area of the city, and there is a mortgage on this.
## **FINANCIAL REVIEW**
KMC Leeds courses and retreats continued to be popular in 2023. Overall, the total income for the year was £103,891 and the total expenditure £118,431. In addition to a number of volunteers in both teaching and supporting roles, the charity sponsors three people directly in principal teaching and management roles.
## **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.
Page 3
## **KADAMPA MEDITATION CENTRE LEEDS**
## **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:
- 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 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 2023 to the date of this report.
Mr Nigel Woolsey Ms Deborah Kefford Ms Lisa Marie Devine
## **ON BEHALF OF THE BOARD OF TRUSTEES:**
........................................................................ Mr Nigel Woolsey
........................................................................ Ms Deborah Kefford
........................................................................ Ms Lisa Marie Devine
Date: 31 August 2024
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 2023**
|Notes
**Income from:**
Cafe income
Centre Card
Donations
Incoming rent
Visitor accommodation
Other income
Shop income
Bond and key deposits
Class income
**Total income**
**Expenditure on:**
Administration
Advertising
Bank charges
Branch room hire
Bond and rent refunds
Car
Centre food
Council charges
Course and festival fees
Depreciation
Education
Health and safety
Household
Insurance
Maintenance
Mortgage interest
Offerings
Shop expenses
Sponsorship
(2)
Travel costs
Utilities
**Total expenditure**
**Net income / (expenditure)**
**Fund balances brought forward**
**Fund balances carried forward**|Total
2023
£
6,232
7,015
2,834
53,618
643
119
4,559
-
28,871
**103,891**
627
105
1,509
-
-
1,133
2,429
261
745
18,567
6,781
7,045
475
3,004
6,234
13,670
2,181
6,656
15,517
5,038
26,454
**118,431**
**(14,540)**
164,259
149,719|Total
2022
£
3,208
7,275
3,514
39,354
50
8
4,244
215
25,042|
|---|---|---|
|||**82,910**|
|||172
752
927
320
1,270
788
2,816
548
2,047
21,643
10,249
4,996
3,135
2,949
12,422
11,048
1,631
3,523
15,280
5,272
21,737|
|||**123,525**|
|||**(40,615)**
204,874|
|||164,259|
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 2023**
|Notes
**FIXED ASSETS**
Tangible assets
(3)
**CURRENT ASSETS**
Stocks
Debtors and prepayments
Cash at bank
(4)
**CREDITORS**
Amounts due within 1 year
(5)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
(6)
**NET ASSETS**
**INCOME FUNDS**
Unrestricted funds
**TOTAL FUNDS**|2023
£
9,497
-
7,867
17,364
(27,069)|£
516,586
(9,705)
506,881
(360,512)
146,369
146,369
146,369|2022
£
£
538,503
5,500
-
6,154
11,654
(21,387)
(9,733)
528,770
(364,511)
164,259
164,259
164,259|2022
£
£
538,503
5,500
-
6,154
11,654
(21,387)
(9,733)
528,770
(364,511)
164,259
164,259
164,259|
|---|---|---|---|---|
|||||528,770
(364,511)|
|||||164,259
164,259|
|||||164,259|
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:
- (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. 1129195**
## **Company Registration No. 06815448 (England and Wales)**
The financial statements were approved by the Board of Directors and were signed on its behalf by:
........................................................................ Mr Nigel Woolsey ........................................................................ Ms Deborah Kefford ........................................................................ Ms Lisa Marie Devine
Date: 31 August 2024
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 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 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**
Gross sponsorship payments|2023
£
15,517|2022
£|
|---|---|---|
|||15,280|
The notes form part of these financial statements
Page 8
**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 2023**
## 3. **TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2023
Additions
Disposals
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
Disposals
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 1 January 2023|Land
£
250,000
-
-
250,000
-
-
-
-
250,000
250,000|Equipment,
Buildings
Fixture & fittings
£
£
333,088
66,988
-
-
-
-
333,088
66,988
82,442
29,131
6,662
11,905
-
-
89,104
41,036
243,984
25,952
250,646
37,857|Totals
£
650,076
-
-|
|---|---|---|---|
||||650,076|
||||111,573
18,567
-|
||||130,140|
||||519,936|
||||538,503|
## 4. **CASH AT BANK**
|HSBC Community Account
HSBC Business Money Manager
Square Cash Clearing
Cash in hand
Paypal|2023
£
2,193
5,395
100
73
106
7,867|2022
£
1,524
4,542
-
13
75|
|---|---|---|
|||6,154|
The notes form part of these financial statements
Page 9
**Charity Registration No. 1129195**
**Company Registration No. 06815448 (England and Wales)**
## 5. **CREDITORS AND ACCRUALS**
|Loans and overdrafts
Tenants’ security deposits
Other creditors
Creditors
6.
**CREDITS AND ACCRUALS FALLING DUE AFTER ON YEAR**
Bank loan
Interest free loans
7.
**RELATED PARTY TRANSACTIONS**|2023
£
17,097
4,220
104
5,648
27,069
2023
£
247,452
113,060
360,512|2022
£
17,097
4,290
-
-|
|---|---|---|
|||21,387|
|||2022
£
264,548
99,963|
|||364,511|
||||
## **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 of the trustees and the administrative director.
## **Other related party transactions**
|**Loans to the charity**
**Name of trustee or related party**
Nigel Woolsey
New Kadampa Tradition|2023
2022
**Details**
Interest free loan
9,000
9,000|2023
2022
**Details**
Interest free loan
9,000
9,000|
|---|---|---|
||Interest free loans
104,060|90,963|
||113,060
99,963||
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 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:
- 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.
Partner Accountancy The Junction, Office 43 Charles Street Horbury West Yorkshire WF4 5FH
Date: 2 September 2024
Page 11