REGISTERED COMPANY NUMBER: 1482154 (England and Wales) REGISTERED CHARITY NUMBER: 509746
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022
TRUSTEES G Pugh G S Jameson J J Andrews COMPANY SECRETARY I S Povey REGISTERED OFFICE Kilnwick Percy Hall Pocklington York Yorkshire YO42 1UF
REGISTERED COMPANY NUMBER 1482154 (England and Wales)
REGISTERED CHARITY NUMBER 509746
Page 1
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The object of the charity is to promote the Buddhist faith, principally through the teaching study, practice and the observance of moral discipline with the Buddhist tradition of Je Tsongkhapa through the three New Kadampa Tradition Educational Programmes.
The charity aims to provide tranquility to enable students to study, practice and observe the moral disciplines as set out in the objects. This has been achieved so far by establishing the Madhyamaka Centre and teaching meditation to Buddhists and non-Buddhists to enable them to maintain peaceful states of mind. A spiritual education is provided to help people improve the quality of their lives and relationships with others.
ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
Madhyamaka KMC continued to provide a wide range of public services to the surrounding area and further afield during 2022. Classes at Madhyamaka Centre started back properly after covid and was nice to welcome people back to the centre in person. The meditation classes in local towns continued to be popular, as did weekend meditation courses and retreats at the KMC.
The World Peace Cafe and Wolds Retreat Bed and Breakfast continued to expand, develop and increase in popularity, and the grounds were frequented by many visitors as a relaxing place of rest and reflection.
We received a grant for a new path which was laid early 2023, the result of which was many more people being able to enjoy the grounds and lake, including those with disabilities and prams.
Madhyamaka also continued to be popular with other Kadampa Buddhist Centres who visit on weekend retreats. The centre in York has been quiet and never really built up after lock down so the decision was made that we will end renting the current commercial space at the end of this lease (December 2023) and look at offering classes in a different location in York.
The centre continued to be reliant on volunteers from the wider community and local towns, who are regularly involved on areas of the centre such as the Gift Shop, World Peace Cafe and gardens.
FINANCIAL REVIEW
Funding sources
Principally funds are received from running courses and providing accommodation at the centre, donations receivable, operating the gift shop, B&B and World Peace Cafe and for running courses at branches together with other fundraising events.
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.
Recruitment and appointment of new trustees
Trustees are recruited from 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 LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The trustees are also the directors of the company and are elected at the AGM. The trustees have appointed the company secretary to carry out the day-to-day running of the centre.
Related Charities
The charity is a member of the NKT-IKBU which is n organisation made up of many centres around the world with the same objects, sharing the same spiritual lineage as well as the same educational programmes. They are all independent charities linked by their objects and there is no financial dependency although funds may pass between centres to fulfil aims and objectives.
Approved by order of the board of trustees on 16 August 2023 and signed on its behalf by:
.................................................................... G Pugh - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
Independent examiner's report to the trustees of Madhyamaka Kadampa Meditation Centre LTD ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Paul Newsham ACA The Institute of Chartered Accountants in England and Wales
Date: 16 August 2023
Page 4
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 24,274 - Charitable activities Charitable activities 266,284 - Other trading activities 2 126,443 - Investment income 3 10 - Total 417,011 - EXPENDITURE ON Raising funds 78,022 - Charitable activities Charitable activities 335,066 - Total 413,088 - NET INCOME 3,923 - RECONCILIATION OF FUNDS Total funds brought forward 612,634 11,951 TOTAL FUNDS CARRIED FORWARD 616,557 11,951 |
2022 Total funds £ 24,274 266,284 126,443 10 417,011 78,022 335,066 413,088 3,923 624,585 628,508 |
2021 Total funds £ 31,093 244,394 120,662 99 |
|---|---|---|
| 396,248 | ||
| 87,513 265,097 |
||
| 352,610 | ||
| 43,638 580,947 |
||
| 624,585 |
The notes form part of these financial statements
Page 5
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Stocks 8 Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 528,642 15,403 905,407 60,938 981,748 (47,695) 934,053 1,462,695 (846,138) 616,557 |
Restricted funds £ 11,951 - - - - - - 11,951 - 11,951 |
2022 Total funds £ 540,593 15,403 905,407 60,938 981,748 (47,695) 934,053 1,474,646 (846,138) 628,508 616,557 11,951 628,508 |
2021 Total funds £ 545,620 9,956 908,800 93,376 1,012,132 (59,340) 952,792 1,498,412 (873,827) 624,585 612,634 11,951 624,585 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit 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 charitable company.
The notes form part of these financial statements
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continued...
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
BALANCE SHEET - continued 31 DECEMBER 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 16 August 2023 and were signed on its behalf by:
............................................. G Pugh - Trustee
The notes form part of these financial statements
Page 7
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
DONATIONS AND GRANTS
Donations are recognised in the accounts when it is known that they will be received. Donated assets for use by the charity are included at value where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers is not quantified and is not included in the accounts. Gifts donated for resale are included as income when they are sold.
Grants are recognised in the accounts when it is known that they will be received.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
CHARITABLE TRADING
The charity charges for providing courses and accommodation for students to attend teachings, study, practice and observe the moral discipline of Buddhism as well as providing amenities at the centre such as the World Peace Cafe and shop. All of these are directly associated with the objects of the charity and are therefore treated as charitable trading.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Restricted funds are funds that have been donated or raised for a specific purpose imposed by the donor or by the way in which the funds have been raised. These funds must be expended in accordance with the restriction when raised and each fund is accounted for separately to ensure this happens.
Unrestricted funds are funds donated or raised with no specific restriction and are to be used at the discretion of the trustees. Designated funds are funds set aside by the trustees from the unrestricted general funds for specific purposes and the amount to set aside is decided upon by the trustees as the need arises depending upon the financial activities of the charity.
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
2. OTHER TRADING ACTIVITIES
| Shop income Cafe income 3. INVESTMENT INCOME Deposit account interest 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 £ 33,491 92,952 126,443 2022 £ 10 2022 £ 5,027 |
2021 £ 23,124 97,538 120,662 2021 £ 99 2021 £ 5,027 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 31,093 - Charitable activities Charitable activities 244,394 - Other trading activities 120,662 - Investment income 99 - Total 396,248 - EXPENDITURE ON Raising funds 87,513 - Charitable activities Charitable activities 265,097 - Total 352,610 - |
Total funds £ 31,093 244,394 120,662 99 |
|---|---|
| 396,248 | |
| 87,513 265,097 |
|
| 352,610 |
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||||
| fund | funds | funds | |||||
| £ | £ | £ | |||||
| NET INCOME | 43,638 | - | 43,638 | ||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 568,996 | 11,951 | 580,947 | ||||
| TOTAL FUNDS CARRIED FORWARD | 612,634 | 11,951 | 624,585 | ||||
| 7. | TANGIBLE FIXED ASSETS | ||||||
| Fixtures | |||||||
| Freehold | Property |
and | |||||
| property | improvements | fittings | Totals | ||||
| £ | £ | £ | £ | ||||
| COST | |||||||
| At 1 January 2022 and 31 December 2022 | 592,691 | 428,246 | 45,936 | 1,066,873 | |||
| DEPRECIATION | |||||||
| At 1 January 2022 | 231,225 | 244,092 | 45,936 | 521,253 | |||
| Charge for year | - | 5,027 | - | 5,027 | |||
| At 31 December 2022 | 231,225 | 249,119 | 45,936 | 526,280 | |||
| NET BOOK VALUE | |||||||
| At 31 December 2022 | 361,466 | 179,127 | - | 540,593 | |||
| At 31 December 2021 | 361,466 | 184,154 | - | 545,620 | |||
| 8. | STOCKS | ||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Stocks | 15,403 | 9,956 | |||||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Trade debtors | 2,407 | 5,260 | |||||
| Amounts owed by participating interests | 890,000 | 890,000 | |||||
| Other debtors | 6,500 | 6,500 | |||||
| Prepayments | 6,500 | 7,040 | |||||
| 905,407 | 908,800 |
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Bank loans and overdrafts (see note 12) 31,200 Trade creditors 8,253 Social security and other taxes 2,526 Other creditors 4,466 Accrued expenses 1,250 47,695 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 12) 846,138 12. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank loans 31,200 Amounts falling between one and two years: Bank loans - 1-2 years 31,200 Amounts falling due between two and five years: Bank loans - 2-5 years 93,600 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 721,338 13. MOVEMENT IN FUNDS Net movement At 1/1/22 in funds £ £ Unrestricted funds General fund 612,634 3,923 Restricted funds Walled Garden 7,383 - New Building Fund 4,568 - 11,951 - TOTAL FUNDS 624,585 3,923 |
2021 £ 42,000 11,517 323 5,500 - 59,340 2021 £ 873,827 2021 £ 42,000 42,000 126,000 705,827 At 31/12/22 £ 616,557 7,383 4,568 11,951 628,508 |
|---|---|
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 417,011 (413,088) 3,923 417,011 (413,088) 3,923 |
|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Walled Garden New Building Fund TOTAL FUNDS |
Net movement At 1/1/21 in funds £ £ 568,996 43,638 7,383 - 4,568 - 11,951 - 580,947 43,638 |
At 31/12/21 £ 612,634 7,383 4,568 11,951 624,585 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 396,248 (352,610) 43,638 396,248 (352,610) 43,638 |
|---|---|
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Walled Garden New Building Fund TOTAL FUNDS |
Net movement At 1/1/21 in funds £ £ 568,996 47,561 7,383 - 4,568 - 11,951 - 580,947 47,561 |
At 31/12/22 £ 616,557 7,383 4,568 11,951 628,508 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 813,259 (765,698) 47,561 813,259 (765,698) 47,561 |
|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 13
MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 INCOME AND ENDOWMENTS Donations and legacies Donations & Fund raising Grants Other trading activities Shop income Cafe income Investment income Deposit account interest Charitable activities Education income Accommodation income Total incoming resources EXPENDITURE Raising donations and legacies Fund raising expenses Other trading activities World Peace Cafe expenditure Shop expenditure Venue, travel and other events Charitable activities Other household costs Laundry Bed and breakfast costs Meditation room Other accommodation costs Kitchen expenditure Support costs Management Insurance Carried forward |
2022 £ 19,274 5,000 24,274 33,491 92,952 126,443 10 152,596 113,688 266,284 417,011 - 40,584 5,994 31,444 78,022 11,518 4,315 346 7,712 13,544 27,885 65,320 13,541 13,541 |
2021 £ 14,950 16,143 31,093 23,124 97,538 120,662 99 110,850 133,544 244,394 396,248 334 45,240 14,334 27,605 87,179 11,797 3,550 2,121 4,703 8,860 24,336 55,367 13,853 13,853 |
|---|---|---|
This page does not form part of the statutory financial statements
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MADHYAMAKA KADAMPA MEDITATION CENTRE LTD
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Management Brought forward Utilities Sponsorship costs Publicity Repairs & Renovation costs Motor & travel Office & Admin costs Sponsorship costs Other Depreciation of tangible fixed assets Bank interest Bank loan interest Total resources expended Net income |
2022 £ 13,541 78,562 10,455 7,881 41,906 6,325 14,952 60,150 233,772 5,027 72 30,875 35,974 413,088 3,923 |
2021 £ 13,853 63,088 9,851 3,049 25,236 3,269 13,542 47,516 |
|---|---|---|
| 179,404 5,027 220 25,079 |
||
| 30,326 | ||
| 352,610 | ||
| 43,638 |
This page does not form part of the statutory financial statements
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