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2024-05-31-accounts

Charity registration number 1202294

London Mindfulness Meditation Centre Trustees' Report and Accounts for the period

from 01 June 2023 to 31 May 2024

London Mindfulness Meditation Centre

CONTENTS

Page
Charity information 3
Trustees report 4
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10

2

London Mindfulness Meditation Centre Charity Information

Charity name London Mindfulness Meditation Centre
Legal status Charitable incorporated organisation (CIO)
Charity registration number 1202294
Trustee's Sumana Sramaner, (Chair, trustee)
Rajan Bajracharya, FFPM
Sunethra Chandrani Gunawardena
Mallawa Archchige Nande Sisira Perera Gunawardena
Secretary Rajan Bajracharya, FFPM
Treasurer Sunethra Chandrani Gunawardena
Registered office 17 Crespingey Road
Hendon
London
NW3 4TD
Independent examiners Sortax Accountants
Kemp House
124 City Road
London
EC1V 2NX
Bankers Barclays Bank UK PLC

3

London Mindfulness Meditation Centre Charity registered number: 1202294 (England and Wales) Trustee’s Report

The trustees of London Mindfulness Meditation Centre, present their annual report together with the financial statements for the year ended 31 May 2024, which have been prepared to meet the statutory compliance requirements from the trustees' under applicable laws.

Legal status and constitution

The charitable incorporated organisation (CIO) incorporated under Charities Act 2011 constitutes a public benefit entity and is governed by its constitution dated 29 October 2022.

The CIO was registered with the Charity Commission for England and Wales on 13 March 2023 and its charity registration number is 1202294.

The CIO is also registered with the HM Revenue and Customs as a charity for Gift Aid Scheme.

Objectives and Activities

Summary of the charity purposes

Summary of the purposes of the charity as set out in its governing document, as per Para 1.17 of SORP were; To advance Theravada Buddhism for the benefit of the Congregation and public through the holding of of prayer meeting, meditation, discussions and lectures producing and/or distributing literature to enlighten others about Theravada Buddhism.

Summary of the main activities

The Charity serves both local and wider communities with their religious practices and supportive well-being programmes. The provision of services is either by holding small gatherings or making visits to home where family religious and spiritual needs are fulfilled. The beneficiaries are not just from within the local Council but

also Brent, Harrow, Enfield, New Ham, Hillingdon, Watford, Amersham, Aylesbury, Letchworth, Chesham, St. Albans, Slough, High Wycombe, Oxford, (and Chelmsford, Kent, Canterbury, Bristol, Cardiff, Birmingham, Norwich, Sheffield, etc.)

The Charity has conducted religious and spiritual programmes including sermons / lectures and classes on meditation, mindfulness sessions etc. making a contribution to the life of supporters.

During the reporting period, the Charity has:

4

o Muthuhara Rupavahini UK by giving talks and conducting religious programmes at their gatherings

Other, ad hoc, but regular services provided upon request are;

Statement of compliance on public benefit for future activities

The trustees confirm, as required under Para 1.18 of SORP, that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities.

Achievements and Performance

The main aims and purposes of the Charity are the provision of a place for meeting for Buddhist religious practices, celebration of the key events in the Buddhist calendar, and promotion of Theravada Buddhism. However, the Charity has an open-door policy, promoting integration and diversity, where any members of the society with any background are welcome to learn meditation and receive support for well-being.

Financial Review

The Charity entirely relies on donations from the Congregation. The primary expenditures of the Charity are that of day to day running costs, maintenance of the rented premises and the direct costs incurred for the organised religious events.

5

The charity managed to meet the expenses comfortably and carry forward a surplus. At the end of the reporting period, the Charity had accumulated retained funds of £153,181.27 (2023 - £15,183.79).

There were no uncertainties for the charity to continue as a going concern in the foreseeable future.

Structure, Governance and Management

The governing document for the charity is 'Foundation' model Constitution dated 29 October 2022.

The charity is constituted as a charitable incorporated organisation (CIO) under the Charities Act 2011 by the Charity Commission for England and Wales since 13 March 2023. The Charity registration number is 1202294.

The trustee's of the CIO are elected by the members, as per Constitution Para 9 - 10.

The CIO is registered with the HM Revenue and Customs for Gift Aid Scheme.

Trustees

The following person(s) served as trustees during the year:

Ven. Sumana Sramaner

Mr Mallawa Archchige Nande Sisira Perera Gunawardena Dr Rajan Bajracharya, FFPM

Mrs Sunethra Chandrani Gunawardena

Financial Statements

The trustees acknowledge their responsibilities for preparing the CIO financial statements in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (Charity SORP (FRS 102)) effective 01 January 2015 and the Charities Act 2011.

Declaration

This report was approved by the trustees' board on 24 July 2024 and signed on its behalf by;

Sumana Sramaner Trustee, chair

6

London Mindfulness Meditation Centre Independent Examiners’ Report

Independent examiners' report to the trustees of London Mindfulness Meditation Centre

As the trustees of the charity, it is your responsibility to complying with the Charities Act 2011 and the statement of recommended Practice ('SORP') applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK (FRS102) effective 01 January 2015 (Charity SORP).

These responsibilities include preparing financial statements that give a true and fair view of the state of charity's affairs at the end of the financial year.

In accordance with charity laws, we have reviewed accounting records kept and whether the accounts were prepared properly from these accounting records and that the correct format was followed. We have no reason to believe that these accounts have any matter of concern that needs to be reported.

We are satisfied that the charity is eligible for independent examination as per Charity Commission guidance, and consequently we have not carried out an audit or any other review.

Sortax Accountants Kemp House 124 City Road London EC1V 2NX

24 July 2024

7

London Mindfulness Meditation Centre Statement of Financial Activities

For the year ended 31 May 2024

Funds generated
Donations and legacies
Cost of generating funds
Cost of generating funds
Net funds generated
Expenditures on charitable activities
Premises costs
Other administrative costs
Finance costs
Total expenditures
Net movement in funds
Accumulated funds brought forward
Accumulated funds carried forward		 Note
5
6
7
8		 Unrestricted
Funds
2024
£
97,170.26
9,346.27
87,823.99
39,663.66
2,344.79
-
42,008.45
45,815.54
14,683.79
60,499.33		 Restricted
Funds
2024
£
92,181.94
-
92,181.94
-
-
-
-
92,181.94
500.00
92,681.94		 Total
Total
Funds
Funds
2024
2023
£
£
189,352.20
47,531.36
9,346.27
9,043.47
180,005.93
38,487.89
39,663.66
35,469.79
2,344.79
1,960.30
-
-
42,008.45
37,430.09
137,997.48
1,057.80
15,183.79
14,125.99
153,181.27
15,183.79

The notes on pages 10 to 13 form part of these financial statements. The statement of financial activities contains all recognised gains and losses for the financial period. The results for the period all relates to continuing activities.

8

London Mindfulness Meditation Centre Balance Sheet As on 31 May 2024

Fixed Assets;
Tangible assets
Current Assets;
Accounts receivables
Other receivables
Cash in hand & at bank
Current Liabilities: amounts falling due in one year
Net current assets
Net assets
Equity;
Restricted funds
Unrestricted funds
Retained funds		 Note
9
10
11
12		 2024
£
-		 2024
£
-		 2023
£
-
150.00
7,200.00
150,381.27		 150.00
7,200.00
11,383.79
157,731.27
4,550.00
153,181.27
153,181.27
92,681.94
60,499.33
153,181.27		 18,733.79
3,550.00
15,183.79
15,183.79
14,125.99
1,057.80
15,183.79

Approved by the trustees' board on 24 July 2024 and signed on its behalf by;

…………………………………………………… Sumana Sramaner Trustee, chair

9

London Mindfulness Meditation Centre For the year ended 31 May 2024 Notes to the financial statements

1General information

The charity is a charitable incorporated organization registered with the Charity Commission for England and Wales.

2Statement of compliance

The charity constitutes a public benefit entity as defined by the Charities Act 2011 and the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) effective 01 January 2015 (Charity SORP (FRS 102)).

These financial statements have been prepared in compliance with the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) effective 01 January 2015 (Charity SORP (FRS 102)) and the Charities Act 2011.

Advantage has been taken of the exemption provided under Charities SORP (FRS 102) for smaller charities from preparing the statement of cash flow.

3Principal accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise.

The financial information is reported in sterling, which is the functional currency of the charity.

Income

Donations, sponsorships and legacies income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Expenditure

Costs and obligations are recognised as expenditures or liabilities as soon as there is a legal or constructive obligation committing the charity to that expense or liability, and when it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Fixed assets

All fixed assets are initially recorded at cost.

10

Depreciation

Depreciation 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.

Leases and hire purchase contracts

Assets held under finance lease are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease term after adding initial direct costs.

Taxation

London Mindfulness and Meditation Centre is a registered charity and is not liable to United Kingdom income tax or corporation tax on its charitable activities.

Funds

Restricted funds represent voluntary income or grants which have been received for the purposes set out in note 11. The application of these funds is restricted by the expressed wishes of the donor or the terms of the grant.

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose.

4Average number of employees

There were no employees during the year ending on 31 May 2024.

5-
Donations and legacies
Donations from individuals and entities
Donations and legacies for building fund
Income from charitable events
Sponsorships
Other donations from members
Miscellaneous other income
6-
Cost of generating funds
Dhama school expenses
Other costs		 2024
2023
£
£
65,520.90
31,301.36
92,181.94
-
20,783.32
-
-
3,830.00
9,550.00
12,400.00
1,316.04
-
189,352.20
47,531.36
2024
2023
£
£
9,017.25
6,600.00
329.02
2,443.47
9,346.27
9,043.47		 2024
2023
£
£
65,520.90
31,301.36
92,181.94
-
20,783.32
-
-
3,830.00
9,550.00
12,400.00
1,316.04
-
189,352.20
47,531.36
2024
2023
£
£
9,017.25
6,600.00
329.02
2,443.47
9,346.27
9,043.47
2023
£
6,600.00
2,443.47
9,043.47

11

7-
Premises costs:
Rent, rates and charges
Light and heating
Repairs and maintenance
Insurance and renewals
8-
Other administrative costs:
Telecommunications and internet
Printing and stationery
Professional fee
Subscription
Bank and card charges
Miscellaneous expenses
9-
Other debtors:
Deposit for lease
Other debtors
10- Creditors: amounts falling due within one year
Accruals
Other creditors
11- Restricted funds
Balance at begening of the year
Income
Expenditures
Balance at the end of the year		 2024
2023
£
£
36,694.73
33,201.07
2,768.42
2,268.72
-
-
200.51
-
39,663.66
35,469.79
2024
2023
£
£
614.79
510.20
-
119.00
900.00
750.00
-
159.00
564.48
-
265.52
422.10
2,344.79
1,960.30
2024
2023
£
£
7,200.00
7,200.00
-
-
7,200.00
7,200.00
2024
2023
£
£
1,950.00
3,550.00
2,600.00
-
4,550.00
3,550.00
2024
2023
£
£
500.00
-
92,181.94
500.00
92,681.94
500.00
-
-
92,681.94
500.00		 2024
2023
£
£
36,694.73
33,201.07
2,768.42
2,268.72
-
-
200.51
-
39,663.66
35,469.79
2024
2023
£
£
614.79
510.20
-
119.00
900.00
750.00
-
159.00
564.48
-
265.52
422.10
2,344.79
1,960.30
2024
2023
£
£
7,200.00
7,200.00
-
-
7,200.00
7,200.00
2024
2023
£
£
1,950.00
3,550.00
2,600.00
-
4,550.00
3,550.00
2024
2023
£
£
500.00
-
92,181.94
500.00
92,681.94
500.00
-
-
92,681.94
500.00
2023
£
510.20
119.00
750.00
159.00
-
422.10
1,960.30
2023
£
7,200.00
-
7,200.00
2023
£
3,550.00
-
3,550.00
2023
£
-
500.00
500.00
-
500.00

The purpose of restricted funds is to acquire a Temple building owned by the Charity.

12

12- Unrestricted funds
Balance at begening of the year
Income
Expenditures
Balance at the end of the year		 2024
2023
£
£
14,683.79
14,125.99
97,170.26
47,031.36
111,854.05
61,157.35
51,354.72
-
46,473.56
-
60,499.33
14,683.79

13- Related party transactions:

There were no transactions with related parties undertaken this year such as are required to be disclosed under the Charities SORP (FRS 102) or the Charities Act 2011.

14- Public benefit entity concessionary loans

There were no concessionary loans made or received with related parties this year such as are required to be disclosed under the Charities SORP (FRS 102) or the Charities Act 2011.

13