2021-12-31-accounts - Vajravarahi Kadampa Meditation Centre Ltd

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Registered Charity Number 292304

Registered Company Number 01926698

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD

Report and Accounts

31 December 2021

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Report and accounts Contents

	Page
Company information	1
Trustees' report	2
Statement of directors' and trustees' responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the accounts	7
Detailed schedule of income	9
Detailed schedule of expenditure	10

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Company information

Directors

J J Andrews D W Putwain G Yorke

Independent examiner

J R Lowes MAAT Accountant 102 Broadway Morecambe LA4 5XY

Registered office

38 West Cliff Preston Lancashire PR1 8HU

Registered number 01926698

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Trustees report for the year ended 31 December 2021

Reference and administrative details

The full name of the charity is Vajravarahi Kadampa Meditation Centre Ltd.

Date of incorporation 27 June 1985 Company Registration Number 01926698 The Registered Office is 38 West Cliff, Preston, Lancashire, PR1 8HU Charity Registration Number 292304

The trustees of the charity are as follows:-

J J Andrews D W Putwain G Yorke

Structure, governance and management

The governing document and constitution of the charity is the Memorandum and Articles of Association dated the 27 June 1985 as amended 29 April 1999, 18 June 1999 and 22 May 2006.

Trustees are elected annually by the membership.

Objectives and activities

The objects of the charity are to promote the Buddhist faith under the spiritual guidance of the elected General Spiritual Director of the New Kadampa Tradition.

The main activities undertaken in relation to those objects is the provision of education programmes and the provision of facilities to enable the practice and observance of the Buddhist faith.

The trustees confirm that they have referred to the guidance on public benefit by the Charity Commission and consider that the charity's activities and aims during the year were carried out for the public benefit.

Achievements and performance

The trustees are satisfied with the achievements and performance of the charity during the year and the position at 31 December 2021.

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 obligations.

Financial review

The results for 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 concluded that the most appropriate level is between three and six months of operational expenditure.

The trustees consider the financial performance by the charity during the year to have been satisfactory.

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Trustees report for the year ended 31 December 2021

Statement of directors' and trustees' responsibilities

All the directors of the company are also trustees of the charity and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Act.

Charity Law and the Companies Acts require the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those accounts the trustees are required to :-

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.

The trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the accounts comply with the Companies Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are also responsible for the contents of the trustees' report. The responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

G Yorke

On behalf of the trustees on 4 September 2022

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Independent examiner's report for the year ended 31 December 2021

I report to the trustees on my examination of the accounts of the above charity for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the charities accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair" view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

J R Lowes MAAT Accountant 102 Broadway Morecambe LA4 5XY

The date upon which my opinion is expressed is :- 4 September 2022

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Statement of financial activities for the year ended 31 December 2021

Income Donations Charitable activities Investment income Total income Expenditure Charitable activities Centre running costs Administrative expenses Interest payable Total expenditure Net income for the year Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted funds 2021 £ 4,078 72,566 3 76,647 15,038 36,509 6,579 8,511 66,637 10,010 256,571 266,581	Restricted funds 2021 £ - - - - - - - - - - - -	Total funds 2021 £ 4,078 72,566 3 76,647 15,038 36,509 6,579 8,511 66,637 10,010 256,571 266,581	Total funds 2020 £ 5,749 75,270 24 81,043 14,984 38,727 6,605 9,367 69,683 11,360 245,211 256,571

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Balance sheet as at 31 December 2021

Notes *The assets and liabilities of the charity :* Fixed assets Tangible assets 2 Current assets Stocks Cash at bank and in hand Current liabilities Creditors due within one year 3 *Net current assets* *Total assets less current liabilities* Liabilities Creditors due after more than one year 4 Net assets *The funds of the charity :* Unrestricted fund Restricted funds Total charity funds	2021 £ 376,461 1,000 37,063 38,063 (3,224) 34,839 411,300 (144,719) 266,581 266,581 - 266,581 266,581	2020 £ 376,643 1,000 36,655 37,655 (3,579) 34,076 410,719 (154,148) 256,571 256,571 - 256,571 256,571

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

D W Putwain

Approved by the trustees on 4 September 2022

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Notes to the accounts for the year ended 31 December 2021

1 Accounting policies

Basis of preparation of the accounts

These accounts have been prepared in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102), the Charities SORP (FRS 102). The accounts have also been drawn up in accordance with the provisions of the Companies Act.

Accounting convention

The accounts are prepared, on a going concern basis, under the historical cost convention.

Recognition of income

All incoming resources are accounted for when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Volunteer help

The value of any voluntary help received is not included in the accounts.

Expenditure

Expenditure is accounted for on the accruals basis in accordance with normal accounting principles.

Fixed assets and depreciation

All tangible fixed assets, except freehold land and buildings, are stated at cost less depreciation. Depreciation has been provided at the following rate in order to write off the assets over their estimated useful lives.

Fixtures and equipment - 15% on the reducing balance basis.

Stocks

Stocks are valued at the lower of cost or market value.

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Unrestricted fund

The unrestricted fund comprise of amounts retained by the charity for general use. They are expendable at the discretion of the charity, in furtherance of the objects of the charity.

Taxation

The company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Notes to the accounts for the year ended 31 December 2021

2 Tangible fixed assets

Asset cost At 1 January 2021 At 31 December 2021 Accumulated depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 1 January 2021 3 Creditors: amounts falling due within one year Trade creditors and accruals 4 Creditors: amounts falling due after one year Mortgage loan	Freehold land and buildings £ 375,427 375,427 - - - 375,427 375,427	Fixtures and equipment £ 28,596 28,596 27,380 182 27,562 1,034 1,216 2021 £ 3,224 3,224 2021 £ 144,719 144,719	Total £ 404,023 404,023 27,380 182 27,562 376,461 376,643 2020 £ 3,579 3,579 2020 £ 154,148 154,148

The mortgage is secured by a first legal charge over the freehold property.

5 Share Capital

The charity is incorporated but has no share Capital. It is limited by guarantee.

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Schedule to the statement of financial activities for the year ended 31 December 2021

Income Donations Donations Gift aid Charitable activities Rents received for accommodation Shop income Launderette income Facility fees Class and course income Sundry income Investment income Bank interest received Total income	Unrestricted funds 2021 £ 3,354 724 4,078 47,943 1,801 2,129 10,410 10,187 96 72,566 3 3 76,647	Restricted funds 2021 £ - - - - - - - - - - - - -	Total funds 2021 £ 3,354 724 4,078 47,943 1,801 2,129 10,410 10,187 96 72,566 3 3 76,647	Total funds 2020 £ 5,659 90 5,749 48,210 1,589 1,803 10,950 12,695 23 75,270 24 24 81,043

VAJRAVARAHI KADAMPA MEDITATION CENTRE LTD Schedule to the statement of financial activities for the year ended 31 December 2021

Expenditure Charitable activities Costs of goods for shop Launderette expenses Teacher's sponsorship and expenses Travel expenses Venue hire Class and course expenses Publicity and marketing Depreciation of equipment Donations Offerings Centre running costs Council tax, refuse and water charges Insurance Light and heat Maintenance and improvements Sundry expenses Administrative expenses: Telephone and internet Postage and stationery Administrative sponsorship and expenses Bank charges and payment fees Accountancy fees Interest payable Mortgage interest payable Total expenditure	Unrestricted funds 2021 £ 1,680 2,010 5,715 - 1,227 770 1,991 182 - 1,463 15,038 6,521 2,633 11,733 15,209 413 36,509 979 111 3,781 883 825 6,579 8,511 8,511 66,637	Restricted funds 2021 £ - - - - - - - - - - - - - - - - - - - - - - - - - -	Total funds 2021 £ 1,680 2,010 5,715 - 1,227 770 1,991 182 - 1,463 15,038 6,521 2,633 11,733 15,209 413 36,509 979 111 3,781 883 825 6,579 8,511 8,511 66,637	Total funds 2020 £ 1,094 1,876 4,226 101 1,121 798 2,499 215 1,420 1,634 14,984 6,046 3,372 13,912 14,925 472 38,727 980 142 3,756 902 825 6,605 9,367 9,367 69,683