COMPANY REGISTRATION NUMBER 1482154 MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2020 Charity Number 509746 TDP Consulti Clwtsred Accounlants 23 Peacefield Marplc. StockTrf)rt SK67
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE FINANCIAL STATEAqENTS YEAR ENDED 31 DECEMBER 2020 CONTENTS PAGE Twstees Annual Report Independent examinerfs report to the members Statement of financial activities Income and expenditure account Balan sheet 10 Notes to the financial statements 12
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31 DECEMBER 2020
The Trustees, who are also Directors for the purpose of company law, present their report and December 2020. the unaudited financial statements of the charity for the year ended 31[st ]
REFERENCE AND ADMISISTRATIVE DETAILS .
Registered charity name: Madhyamaka Kadampa Meditation Centre Ltd
Charity registration number: 509746 Company registration number: 1482154 Registered office: Kilnwick Percy Hall Kilnwick Percy Pocklington York Y042 IUF
THE TRUSTEES
The trustees who served the charity during the period were as follows:
MHoyle GPugh GJameson Jennifer Andrews
Secretary:
Paul Boseley
Bankers: Barclays
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document
The charity is constituted as a Company limited by guarantee under the Companies Act and is a registered charity governed by the Memorandum and Articles of Association with all the Directors of the Company being Trustees of the Charity.
Trustees Recruitment and training
Trustees are recruited form within the charity or from other similar charities so that they have a knowledge and understanding of the Charity's aims and workings. Each new trustee is guided by the current trustees and other members of the organisation. The trustees are also encouraged to learn from and keep up to date with the Charity's website and that of the New Kadampa Tradition - International Kadampa Buddhist Union.
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MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (¢ontinuedJ YEAR ENDED 31 DECEMBER 2020 Organisational Strueture The Trustees are also the Directors of the company and are elected ai the AGM. The TnteeS have appointed the Company Secretary to cary out the day-to-day rulln1 of the Centre. Related Charities The charity is a member of the NKT-IKBU which is an organisation made up of many centre around the world V¥ith the same objects and share the same spiritual lineage as ivell as the same Educational Programm¢s. They are all independent CFritieS linked by their objects and there is no financial dependency although funds may pass between centres to fulfil aims and objectives. 0Ec[IvEs AND ACTIVITIES Objects The object of the Charity is to promote the Buddhist faity ptincipally through the t¢acbing study, practice and the observance of moral discipline with the Buddhist tradition of Je Tsongkhapa through the three New Kadampa Tradition Educational Progrdmmes. The CI]arity aims to provide tranquillity to enable students to study, practice and observe the moral disciplines as set out in the objects. This Iw achieved so far by establishing the Madhyamaka Centre and teaching meditation to Buddhists and non-Buddhists to enable then to maintain peaceful states of mind. A spiritual education is proNided to help people impmve the quality of their lives and relationshtps others. ACHIEVEMEiYfs AM) PERFORMANCE Madhyamaka KMC continued to provide a wide range of public services to the surrounding area and further afield during 2020. Meditation Classes in local tOWtt8 continued to be p)pular, as did weekend meditation courses and retreats at the KMC. The World Peace Café and Wolds Retreat Bed and Breakfast continued to exp2nl develop and incr¢&se in p)pularity, and the grounds w¢r¢ frequ¢nt¢d by many visitots as a relaxing place of rest and reflection. Madhyamaka also Continued to be FKgpular with other Kadampa Buddhist Centres who visit on weekend retreats. Th¢ C¢ntre continued be relÉant on volunteers from the wider community and local towns, who are regularly involved on areas of th¢ Centre such &8 the Gift Shop, World Peace Café arid gardens.
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (cortiffl7u8d) YEAR ENDED 31 DECEMBER 2020 FThAcL REEw Fllnding Sources Principally funds are received from rumiing courses and providing accommodation at the Centre, donations receivable. operating the gift shop, B&B and World Peace Café and for nning courses at branches together with oth¢r fundraising events. RESPONStBILITtES OF THE TRusfEES The trustees (who are also directots of Madhyamaka KMC for the puryose of company law) are responsible for preparing the Trustees Annual RetK)rt and the fanCIal statements in accordance with applicable law and Llnited Kingdom Accounting Standards (United Kingdom Generally A¢¢¢pted Accounting Prdctice). Company law requitys the trustees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company of that period. In preparing these financial stAtements. the trustees are required to: Select suitable accounting I)11CleS and the apply them consistently. Observe the methods and principles in the Charity's SORP; Make judgements and estimates that are reasonable and prudent; stste whether applicable UK Accounting Stsndards have been followe(L subject to any material departures dI10S¢d and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will continue in operation. The trustees are responsible olkeeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charttable company and enable them to ensure that the financial statements comply with the Companies Act 2006. Guidelines for the operation of its bank accounts are sd out in an intrrnal guidance manual called 'A Mopw Handbook,. A¢cordiny(Fly. all charity income is dewsited into the designated ITP bank account matntained by the charity. A separate 'Daify RunningAccount' is matntained to fund the daily running of the charity, a balance of no more that £25.000. drawn from the ITP aOUnt as necewry. The ITP account is revieiitd at least monthly to ensure that there is a minimum of £25.000 available to replenish the funds in the Daily Running Account. The trustees are of the opinion that this ts a Comfortable level of fe reserves in order to maintain the basic operation of the charity and to provide some surety against adverse fllwicial events, such as unbudgefrd expenditure to failure to achieve income targets. This level is to reviewed annually by the trusfres. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregu12rities. Major financial risks have bcen reviewed and systems and proCedS established to manage these risks.
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (¢¥) YEAR ENDED 31 DECEMBER 2020 Registered orrice: Kilnwick Percy Hall Pocklington York Y042 IUF SigDed on behalf of the Trustees: Giles Jameson T¢¢ ..(dat¢)
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF MADHYAMAKA CENTRE [ctin1 YEAR ENDED 31 DECEMBER 2020 I r¢port on the accounts of the charity for the year ended 31 December 2020 set out on pages 8 to 19. RESPEcfIvE RESPOliSIBILTfiES OF TRUSTEES AND JNDEPEIYDENT EXAMINER The trustees (who are also the dirtorS ofthe company forthe purposes ofcompany law) are resnsIble for the preEfdfdtion of the accounts. The ttU5tee5 consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charitys gross income exceeded £250,01)O and I am qualified to undertake the examination bj being a qualified member of the Association of Certified Chartered Accountants. Having satisfied m)Telf that the Charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: exatnine the accounts under section 145 of the 2011 Ac(. to follow the procedures laid down in the general Diff¢tions given by the Charity Commission under section 145(5Xb) of the 2011 Ali and • to stats whether particular matters have com¢ to my attentioD. BASIS OF tNDEPEIYDENT EXAMINER'S STATEMENr My examination was carried out in accorthce with the General Directions given by the Charity Commission. An examination includes a l,1¢W of the accounting records kept by the Clwity and a comparison of the accounts presented with thos¢ records. It also includes consideration of any unusual tÈems or disclosures in the accounts. and s¢ekin8 explanations from you as ITU5tee5 ¢onc¢rning any su¢h matter5. The procedures undertaken do not proi'ide all the evidence that would be requtred in an audil and consequently I do not¢xpress an auditopinion on whetherthe accounts Prll[a aftd fair view. INDEPENDENT EXAMINER'S STATEMENr Itt ¢onn¢¢tion with my examination, no matt¢r h&$ Come to my attention= (l) which gives me reasonable case to believe that in any material respect the trustees have not met the requÉretnents to ensure thaL' proper accounting TOrdS are k (in accordance with section 386 of the Companies Act 2006). accounts are prepared ivhich agree with the accounting records, comply with the a¢unting requirements 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; or (2) to whiclL in my opinioo attention sh(yuld be drawn in order to enable a proper understanding of the accolmts to be reached. Thomas iiigton.Brookfield FCCA 23 Peaeefiel(L Marple. SK6 7
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVETIES YEAR ENDED 31 DECEMBER 2020 Total Funds Total Funds 2020 2019 INCOMING RESOURCES Income from charitable acti1ryts. Donation5 & Fund raising Courses and Retreats Shop World Peace Cafe Accommodation Int¢rest Income 33?17 85,750 13.406 29,601 128,122 26 10.181 160.304 35J61 49.628 157,157 193 TOTAL INCOMING RESOURCES 290222 412,824 RESOURCES EXPENDED pettditure on Charitable adiirybes= Costs of Fund raising Courses and Retreats Shop World Peace Cafe Accommodation Donation (1.231) (39ffi37) (55,109) (21215) (22210) (13588) (19,866) (232532) (270.224) TOTAL RESOURCES EXPEI4DED (306972) (368,640) (lQ750) 44.184 NET INCOMING RESOURCES FOR THE YEAR RECONCtLIATION OF FUNDS Total funds bmught fonvard TOTAL FUNDS CARRIED FORWARD 597ffj96 553,512 597.696 580.946 The Statement of Financial Activiti includes all gains and losses in the )'eor and therefore a ststem¢nt of total recognised gains 2nd losses not been prerAre All of the above amounts relate to wntinuing activities.
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2020 2020 2019 tNCOME TOTAL EXPENDTfuRE 290,196 412.631 (282,733) (356,177) 56,454 OPERATING SURPLUS OTHER INCOME tnterest receivable and similar income 193 56,647 INfEREST PAYABLE Inter¢st payable: Bank loans (24239) (12,463) SURPLUSI(DEFtClT) FOR THE FINANCIAL YEAR (16,750) 44,184 RETAINED SURPLUSIIDEFICIT) FOR YEAR (16,750) 44.184 The Income and Expenditur¢ Account includes all gains and losses tn the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relats to continuing activities.
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE BALANCE SHEET 31 DECEMBER 2020 2020 2019 FED ASSETS Tangible assets 11 550ffj47 555.674 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 IOJ45 9)7,073 81,953 23.250 904,812 138,379 999J71 1,066.441 CREDITORS: Amounts falling due iyithin One year 14 (53.086) (65.762) ET CURRENT ASSETS 946285 1000,679 TOTAL ASSETS LESS CURRENT LIABtLTtIES IA96932 ,556,353 CREDrroRS: AJDounts falliDg due after more than oDe year 15 (915986) (958,65D 597,696 NET ASSETS Restricted income ndS Unrestrictd income funds 16 17 11951 11.951 585,745 597.696 TOTAL FUNDS 580.946 -10-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE BALANCE SHEEr 31 DECEMBER 2020 The trustees 2re satisfied that the eh2rity" is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the fuwi¢ial stat¢mellts for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the ACL The ttleeS acknowledge their resp)nsibilities for. (i) ensuring that the charity keeps adquate accounting records which Comply with section 386 of the Ac¢ and (li) preparing financial ststements Thhich give a trne ODd fair view of the state of affairs of th¢ charity as at the end of the financial year and of its surplus or d¢fTCit for the financial yw in a¢cord8n¢x with the requirements of se¢tion 393, and which otherwis¢ wmplj with th¢ requirements of the Act relating to financial statements, so far as applicable to the charity. These financial statements were approved by the members of the committee on the 26 August 2021 and Sre signed on their behalf by: G Jameson Director Company Registration Nurnt. 1482154 The n¢Aes on page5 12 to 19 fomi partof these financial st*emeftts. 11
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 AccoiJNfiNG POLICIES Basis of accollnting The fmancial statements have been prepara underthe historical eosteonTrEntion and in aecordance with applicable United Kingdom accounting standard& the Statement of Recommended Practice 'Accounting and Reporting by Clwities. issued iti March 2005 (SORP 2005) and the Companies Act 2006, and in accordancc with the Financial Reporting Standard for Smaller Enttties (effective April 2008) Donatio Donations ar¢ r¢wgnis¢41 in th¢ accounts when it is knovm that they will be receiv&L Donatsj assets for use by the charity are included at value wher¢ this be quantified and a third party 1$ bearing the cost. The value of s¢rvices provided by volunteers is not quantifled and is n¢X included in the accounts. Gifts donatyj for resale are included as income when the). are sold. Grants Grants are re£ognised in the accoullts when tt is known that they will be received. Clwitable trading The Charity ¢harges for providtng wurses and accornmodation for students to attend teachings, study, practice and observe the moral discipline of Buddhism as w'ell &s providing amenities at the Centre such as the World Pea¢¢ Cafe and shop. All ofthese are directly &qwciated with the objects of the charlty and are therefore treated as charitable trading. Interest receivable Interest on montes invested is accounted for as it is earned. Fund accounting Restricted fimds are funds that have been donated or rdised for a specific purpose imposed by the donor or by the way in which the fvnds have been raised. These fun(Ls llkust be expended in a¢¢ordance with the restriction when raised and each fund is accounted for separately to ensure this happens. Unrestricted fi]nds are funds donated or raised with no specific restriction and are to be used at the discretion of the trustees. Lksignated funds are fimds set &8ide by the trnstees from the unrestricted generdl funds for specific pUr)SeS and the amount to set aside 15 decided upon ty th¢ Trustees as th¢ need arises deIng upM)n financial activities of the Charity. -12-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEIIIENTS YEAR ENDED 31 DECEMBER 2020 ACCOUNfiNG POIJCIES {eothwé Resources expended In 2019 all income and Wenditu has been accounted for net of VAT Vihere applicable. Costs ar¢ allocated to the type of ill¢ome to which they re]ate and are apportloned on a Twonabl¢ basis if required depending on the type of expense. Liabilitie5 are recognised as tly are incutTed. All fixed assets are initialty recorded at cosL Depreeiation Depreciation is calculated so &$ to write off the cost of an asseL less its estimated residual value, over the useful economic life of that asset &$ follows: Propety Improvements -5Yo pa straight line Stock8 Stocks are valued at the lower of $t and net realisable value. after making due allowance for obsolete and slow moving items. Donations & Fulldrntsillg Illcome Unrestricted Total Funds TotaI Funds Fund 2020 2019 General donations Fundrdising Events & Grants 6J17 6J17 4,538 33J17 33J17 10.181 Accommodation ID¢ome Unro¥trleted Total Funds Totsl Funds Funds 2020 2019 Bed & Breakfast Incom¢ Residents & other rent 358 127.764 358 127,764 42.563 114,594 12&122 12&122 l57.157 -13-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Interest Income UnrestrACted Total Funds Total Funds Fun(L4 2020 2019 Bank interest receivable 26 26 193 Courses & Retreats w)sts UDrestricted Totsl Fund5 Total Funds FrdS 2020 2019 Venue, tsavel and i)ther event costs Publicity Sponsorship costs 2&427 2.154 2&427 2.154 39.641 7,447 8,021 55.109 39ffi37 39.637 Accommodation eo8ts Unr4stricted Total Funds Total Funds Funds 2020 2019 Meditation Room Insurance Utilities Kitchen Laundry Transp)rt Other household eosts Ol¢C and Admin costs Health and Safety Sponsorship costs Mortgage Itrterest Bed and Breakfast costs 9,100 14.128 55.372 50,443 4.506 5,214 5,717 41.009 4,405 28,068 12.463 2,250 13,494 59,074 34,472 13,494 59074 34,472 4280 7,708 3512 7,708 3512 41AOO 24239 266 41,400 24239 266 Other a¢¢ommodation Costs Repairs & Renovation costs Depreciation of Propety hnprovements 10,718 17J28 5.027 10,718 17J28 5,027 23.064 9.458 5.027 232532 232532 270.224 Donation Unrestricted Total Fllnds Totsl Funds Funds 2020 2019 Loan converted to donation -14-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FENANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 -15-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 STAFF COSTS AND EMOLUMENrs Totsl stgff Costs were gs follows: 2020 2019 Waoes and salaries Social security costs 50A56 40,785 50A56 40,785 Particulars of employttq: The average of employees during theyear, calculated on the b&sis of full-time equivalents, was &s follo 2020 2019 Number of stsff No employee received remunerntion of mor¢ Ilwi £60,000 during the year (2020-Nil). TRUSTEES, REMUNERATION The tnCeS did not re]ve any remuneralion or out of p(Kket extens¢s during the year. -16-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 11. TANGIBLE FIXED ASSETS proptrty Freehold Improvemen Futures & . property Fittings Motor Vehiel&8 Totsl COST At l January 2020 Additiotts At 31 December 2020 592,691 428246 45936 1,(166073 DEPRECIATION At l January 2020 DepreeiatEOD in year At 31 December 2020 231225 234,038 5,027 25 239 065 45.936 511,199 5,027 516 231 NET BOOK VALUE At 31 December 2019 361866 19420S 555.674 At 31 December 2020 361,466 189,181 550,647 12. STOCKS 2020 2019 Stock IOJ45 23,250 13. DEBTORS 2020 2019 890,000 7.040 Pre-payments Trade debto 907,073 904,812 14. CREDITOIiS: Amounts falling due within one yeAr 2020 2019 Bank l(w]s and overdrafts Trade credito VAT due at year end Other creditors Accrnals 41?94 5,732 549 5,411 38.555 11.570 2.785 12.852 53,086 65,762 -17-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 I& CREDITORS: Amounts fallillg dlle within one year The following liabilities disclosed under ¢reditors falling due within one year are secured by the Charity: 2020 2019 Bank loans and overdrafts 41?94 38,055 15. cREDoRS. Amounts faltng due after more than one year 2020 2019 Bank loans and ov¢rdTafts 915986 958,657 The following liabilities di%lo%d under creditors falling due after mor¢ than one year are secured by the charity: 2020 2019 Bank loans and overdrafts 915986 958.167 16. RESTRicfKD INCOME FUNDS Balattee at l Jan 2020 and at 31 Dec 2020 Walled Garden New Buildtng Fund 7J83 11,951 There have been no movemeots on restrided ftmds during the ended 31 December 2020. The Walled Garden Fund is a fimd to finance the construction of the walled garden at the Madhyamaka Centre which was completed several years ago. The New Building Fund is a fund to fi[ICe the construction of new buildings at Madhyamaka KMC. -18-
MADHYAMAKA KADAMPA MEDITATION CENTRE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangibk Net current IA>ng tèm assets liabilities Totsl Restricted Ineome Funds: Walled Garden New BuildÈng Fund 7J83 7J83 11951 11951 Unrestrieted Income Funds 53&696 946235 (915,986) (915,986) 568.995 Total Funds 550,647 946285 580,946 18. COMPANY LIMTfED BY GUARANTEE The Company is limited by guaranteetherefore inthe event of windingup each memberguarantees to pay up to £1 to help pay any outstanding liabilities of the Company. -19-