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
1
## **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.
2
## **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
3
## **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
4
## **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|
|---|---|---|---|---|
5
## **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
6
## **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.
7
## **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.
8
## **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|
|---|---|---|---|---|
9
## **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|
|---|---|---|---|---|
10