**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. Page 2 **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 - (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 Page 6 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. Page 8 continued... **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| Page 9 continued... **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| Page 10 continued... **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| |---|---| Page 11 continued... **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| |---|---| Page 12 continued... **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 Page 14 **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 Page 15