REGISTERED COMPANY NUMBER.. 02758093 (England and Wales)
REGISTERED CHARITY NUMBER: 1015054
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION
RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farrn
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023
Page
Report of the Trustees
Roport of the Ind•p•ndont Audltors
9 to 12
Statement of Flnanclal Actlvltles
13
Statement of Financial Position
14
Statement of Cash Flows
15
Notes to the Statement of Cash Flows
16
Noles to the Flnanclal Statements
17 to 33

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
Thè trustees who arè also directors of the charity for the purposes of the Companiès Acl 2006, prèsént their rèport with
the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions
of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
In the wording cf the charity's Memorandum of Association, the objects for which the charity Is established are to
increase the Buddhist Faith throughout the world. under the spiritual guidance of the elected General Spiritual Director
('GSD'J of the NKT-IKBU, by promoting the activities of the union of Kadampa Buddhist Centres called the NKT-IKBU, the
international association of study and meditation centres that follow the pure tradition of Mahayana Buddhism derived
from th& Buddhist meditators and scholars Atisha and Je Tsongkhapa, introduced into th8 W8St by the Buddhist teacher
Venerable Geshe Kelsang Gyatso; and that follow the three New Kadampa Tradition Study Programmes., and thal are
guidod by tho codc of moral disciplinc callcd Ihc Intcrnal Rulcs of thc NKT-IKBU.
Slgnlflcant actlvltl8S
In order to promote ils objects, the charity malntalns an International Temples Project I'ITP,). whose aim is In general to
introduce the Buddhist Faith of the New Kadampa Tradition publicly and in particular to exemplify Buddhist practic8
through service to the public.
To further the objects of the ITP, the charity continually emphasises the development throughout the world of:
lal local Kadampa Buddhisl Cenlres {'KBCs'l;
(bl Kadampa M6dilation Cenlres ('KMCs')',
(c> international Kadampa Buddhist Temples, dedicated to world peace;
(dl Inlernalional Retreal Cenlres I'IRCs'l',
(el publishing activities (under the name 'Tharpa Publication5')',
If) Kadampa Companies.
In furtheran￿ of Ils aims, the charliy also operales the residenllal Buddhlst Centre 'Manjushri Kadampa Meditation
Cenlre, I'manjushri KMC'I,. produces Buddhist art prints and publishes printed, audio and e-books of Buddhist teachings
under the name 'Tharpa Publications holds annual Spring and Summ8r Festivals with Buddhist teachings and
medilation retreats,. and maintains a 'Kadampa Art Studio, and a 'Kadampa Internet, office, all at its Conishead Priory
premises in Ulverslon, Cumbria, UK.
In support of the activities of the International Temples Project ('ITP'), the charity makes grants and interesl-free loans to
NKT-IKBU Centres around the world. Requests for grants and loans are considered by the trustees on an individual
basis, and Ihe financial forecasls for each project are closely examined lo ensure viability. The charity takes a long-term
view when supporting the development of ITP activities, and makes financial provisions as necessary. When a grant or
loan is made, the recipient Centre provides regular progress reports to the Secrelary of the GSD of the Charity, who then
reports to the Weekly Meeting of the Educalion Council, and the charity's Finance Committee.
Page 1

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES
Public benefit
Idgnlifiable benefits
In exercising their powers and duties, the trustees have due regard to the guidance on public benefit published by the
Charity Commission. They believe that the work of the charity in promoting the Buddhist Faith has clearly identifiable
public benefits.
Th@ charity b81iev8s that there are three important public benefits to promoting the Buddhist Faith throughout the wodd..
to help people to develop their wi5dcm',
to cultivate a good heart., and
to maintain a peaceful mind.
If as individuals we do not strive to d8velop our wisdom, we will always remain ignorant of the true nature of reality.
Everyone wishes for happiness, bul our ignorance of reality leads us to engage in non-virtuous actions, which in turn are
tho main causo of all our suffcring. Furthcr, if wo do not cultivatc a good hcart towards othors, thcn our sclfish motivation
destroys the harmony of our relationships with others. We then have no peace, and no chance to gain pure happiness.
Without Inner, mental peace, outer peace Is Smpossible, both personally and throughout society,
Benefit to the
ublic
e Charity supports a world-wide membership of Buddhist Centres, all of which offer classes of instruction in Buddhisl
philosophy and meditation, bringing personal and social benefit.
These sam8 programm8s of study and meditation are dir8Ctly offered by thè Charity at Manjushri KMC, which functions
at the Charity's main premises at Conishead Priory. All classes are accessible to the public. Both 'drop-in' classes and
more advanced courses of Buddhist instruction are offered. Some are offered free of charge, whilsl modest fees are
charged for others. A year-round programme of services of prayer and meditation is also offered, once again open to the
public. The Charity has recently reviewed ils streaming guidelines and resumed online streaming for its monthly
subscription members.
The Charity's main premises at Conishead Priory, including the Kadampa World Peace Temple and 70 acres of
woodlands and gardens, are freely open to the public daily throughout the year, providing a peaceful environment for
anyone who wishes lo enjoy it. Free 15-minute meditation sessions are offered twice daily in the Temple, and together
with the World Peace Café and Gift Shop, continue to be popular with local people, course attendees, and visitors lo the
area alike. Manjushri KMC also regularly hosts visits from school and other comrnunity groups. All of these activities are
staffed by volunteers from Conishead Priory's residential and local community, showing the example of Kadampa
Buddhist practice through service to the public.
In addition, the Charity funds and supports the establishment of traditional and non-lraditional World Peace Temples,
meditation and relreat Centres, World Peace Cafés, and Tharpa Publications throughout th8 world, all dedicated lo the
promotion of the Buddhist faith through service lo the public.
Grantmaking
In general, grants and loans are madg only to NKT-IKBU Cgntres that are incorporated and registered as charities within
their own countries. Exceptions may be made in the case where Kadampa Buddhism is being newly established in
countries where there has been no prior activity.
Volunteers
All aspects of the day to day functioning of Manjushri KMC, are run by members of the re5idenlial community together
with volunteers from the extended community both local and international. The support of the community, as an
expression of their service lo the public, means that the charity can operate with relatively low staff numbers.
Page 2

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
ACHIEVEMENT AND PERFORMANCE
Char5table actlvltles
Man
ushri Kadam
a Meditation Centre, Conishead Prior
anjus
continues to o
er its
an
varied spiritual programme of meditation retreats and courses, study
programmes and prayer services. Following our experience during the period of the Covid 19 pandemic restrictions, in
2023 the programme was still offered for both in-person and live-streamed attendance. In-person attendance far
exceeded the demand for the on-line events, highlighting the importance of Conishead Priory as a plaTr of refuge and
spirilual support.
The year began with a New Year's Eve celebration taught by the General Spiritual Director of the NKT-IKBU, who also
serves as the Centre's Resident Teacher. Over 130 people participated in-person. This event was immediately followed
by a special January retreat, which was also led by the Cenlre's Resident Teacher, with a similar number of people
joining all or part of the month's relreat programme. Other courses tsught by ihe Cenlre's Resident Teacher throughout
the year attracted similar or higher numbers of participants, including a Public Talk at Ihe end of January. which was
attended by over 300 people from the local area.
Throughout the year, the 70 acres of Conishead Priory grounds, Kadampa World Peace Temple, gift shop and café, were
open to the visiling public dally,
Our programme of school and group visits which resumed in early 2023 proved lo be very popular, with many of the local
schools returning for the first time since the pandemic.
Intemational Festivals
saw a consistent increas8 to in-pgrson attendance at our annual Intemational Festivals, whilst continuing to stream
these events for those unable lo physically attend.
The International Spring Festival wa5 held at the Kadampa World Peace Temple at Conishead Priory, UK, over five days
at the end of May. 2,850 people from 48 countri8s participated, 1,200 attending in person and 1.650 online.
The International Summer Festival was held al the Kadampa World Peace Temple at Conishead Priory, UK, over the first
two weeks in August. 4,900 people from 57 countries participated, 3,240 attending in person and 1,660 online.
The International Fall Festival was held at the recently inaugurated Kadampa World Peace Temple in Malaga, Spain.
This six-day event was attended by 2,400 people representing 50 countries. 1,240 attending in person and 1,160 online.
This event was co-hosted by the Charity and Kadampa Meditation Centre Spain, At the conclusion of this evenl, a special
tour of a property newly-acquired by the Charity in Granada Spain was attended by 400 people.
Thar
8 Public8tlons UK
Tharpa Publications continued to reprint ils exisling catalogue of books with redesigned and updated covers. Several
new, or updated products were also launched. Tharpa Publications UK was the principal organiser of the Tharpa Shop at
the International Spring, Summer, and Fall Festivals, co-ordinating with the other International Tharpa Publications to
provide an extensive collection of Venerable Gesha Kelsang Gyatso's books in many languages.
Kadam
a Art Studio
The Kadampa Art
tudio at Conishead Priory continues to produce Buddha statues and ornaments for traditional and
urban NKT-IKBU Tetllple developments, and for Kadampa Meditation Cenlres IKMCS) and International Kadampa
Retreat Centres (IKRCS) throughout thè world. The Studio was busy throughout tha year. mainly producing the statues
and ornaments required for urban Temples for World Peace in the following cities= Seville and Valencia in Spain,
Philadelphia in the USA, Mexico City, and in the UK for Nottingham, Madhayamaka Kadampa Meditation Centre and
Tara International Kadampa Retreat Centre.
Page 3

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
FINANCIAL REVIEW
Flnanclal revlew
Since 1 January 2011, the Charity has followed financial guidelines sel out in an intemal guidance manual, called 'A
Money Handbook,. These guidelines recognise that all Charity income is designated as International Templas Project
funds, and as such provides the funding for all of the Charity's activities.
The aims of the ITP are in general to introduce the Buddhist Faith of the New Kadampa Tradition publicly, and in
particular to exemplify Buddhist practice through service to the public.
As previously reported. a principal ITP project for 2023-24 was essenlial renovations and improvement5 to the Charity's
headquarters at Conishead Priory. Cumbria, UK. the 'mother Centre, for the International Kadampa Buddhist Union. This
work progressed steadily throughout 2023, and is still ongoing in 2024, with significant progress having been made in
structural and infrastruclure improvements as well as cosmelic improvements to the property.
Kadampa Meditation Centre Leeds, spiritual aclivities began in the Waterloo House property in late Spring 2022, and the
Cenlrc was officially opcncd on July 9 2022 by Gcn-la Kolsang Dckyong, NKT-IKBU Gcncral Spiritual Dircctor.
Throughout 2023, the ITP continued to extend financial support to KMC Leeds, aiding in its first year of operation in the
new space.
International Temples Project funds in the form of an interest-free loan were made available lo KMC Glasgow, UK, to
assist wilh the purchase of a new city<entre property, enabling ihe Cenlre lo move from rented accommodalion and to
establish a more permanent base in the city.
As detailed abov8, th8 ITP continued to fund th8 production of statues and other artwork in the Kadampa Art Studio for a
number of city-centre Kadampa Meditation Centres. Total grants raised for the Kadampa Art Studio in 2023 amounted to
£52,377.
A total of £12,471 was also given in grants and £400,417 in interest-free loans in support of other ITP activities
throughout the world.
Donations and legacies made to the Charity's International Temples Project Fund tolalled £368.939 in 2023.
The truslees consider that providing interest-free loans rather than grants benefits the recipient NKT-IK8U Centres in a
number of ways. It provides s8fe funding for projects, and allows time for Cenlre activities lo become established without
undue financial pressure; but at the same time it also helps create an allilude of financial independence and
responsibility in the recipients, and encourages an appreciation of the ITP through the recognition that repayment of the
loan will ensure that funds are available for future ITP projects.
Prlnclpal funding sources
The principal funding sources for the Charity in 2023 included the surplus from the NKT-IKBU International Spring and
Summer Festivals, and the surpluses from Tha￿a Publications and Manjushri KMC.
Page 4

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
FINANCIAL REVIEW
Reserves policy
The ITP accounts are reviewod fortnightly to ensure thal sufficient funds are available to cover current running costs. and
that there is a minimum of £75,000 available to replenish the funds in the Charity's daily running account (as set out in A
Money Handbook).
The trustees are of the opinion that £750,000 is a comfortable level of free reserves in order lo maintain the basic
OP8rations of the Charity. including required capital expenditur8 or servicing of any borrowing. and to provide som8
surety against adverse financial events such as unbudgeted expenditure or failure lo achieve income targets. This level
of reserve funds is reviewed annually by the trustees.
To ensure the Charity's ability to further its objects both in the UK and intemationally, the trustees have designated funds
for the development and support of Int@rnational Temp18s Project activities worldwide. Th8 Irusle8s further consid8r that
a reserve equal to the sum of one year's running costs plus three years of building, repair and maintenance costs Is a
suitablc Icvol to protcct the Charity in casc of advcrsc financial ovcnts. This figure is also rcviowcd annually by the
truslees.
FUTURE PLANS
The Charity continues to offer material support for the development of NKT-IKBU Centres through its International
Temples Project, including renovation projects on Charity-owneé properties both in the UK and overseas.
The International Temples Project has plans to assist with the following renovation projects at the Charity's own property
in Granada (Spain), al KMC Glasgow (UK} and at KMC Rio de Janeiro (Brazil).
Long-term plans also include Ihe construction of traditional Kadampa Temples for World Peace al the Charity's principal
properties in France and Germany. Planning permissions for both of these projects have already been granted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govgrnlng documont
The organisation is a company limited by guarantee, incorporated in 1992 and now operating under Memorandum and
Artid8s of Association adopt8d in April 2007, when th8 organisation also adopt8d its present name (which is abbr8viated
to "NKT-IKBU" in this report).
In the event of the company being dissolved, each Member Is required to contribute an amount not exceeding £10
tOW8rds the settlement of any outstanding debts,118bilities and costs.
The company is registered as a charity, and is established, organised and operated exclusively ft)r religious
purposes. There are four Iruslees, who are the Directors of the company. Two of the trustees are directly elected as
such by the Members of the charity, and two are ex-officio posts. The ex-officio posts are occupied by the General and
Deputy Spiritual Directors of the charity, who again are elected as such by the Members. An elected trustee's term of
office is Mo years, with re-election possible.
The Members of the charity are:
(al all incorporated NKT-IKBU Buddhist Cenlres throughout Ihe world- and
(bl all the Resident Teachers of unincorporated NKT-IKBU Buddhist Centres throughout the world.
Until his passing in December 2022 the membership of Ihe Charity also included the Founder (and sole Subscriber to the
orlglnal 1992 Memorandum and Artlclesl of Ihe Charlty, namely Venerable Geshe Kelsang Gyatso.
Page 5

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The charity has a two-tier struclurÈ with policy-selting and strategic decision-making being the responsibility of the
trustees, and the implementation of procedures and day-to-day operational managemenl being the responsibility of a
team of executive officers. In June 2023, Roy Tyson retired from his position as Deputy Secretary after a dedicated
lifetime of public serviTr. Following his retirement, Kelsang Lhachog (Kathryn Charles) was appointed as his successor.
Decision making
The truslees make all the major decisions of the charity, and under their direction the central daily administrative tasks
are carried out by a team of executive officers.
Induction and training of new trustees
All trustees are already familiar with the practipal work of the charity before their appointment, having undertaken similar
dulles within the charily or wilhin a relaled organisalion. Other present and former Irustees are also available to help a
new trustee with his or her respon3ibililies and dutie5.
Key management r•mun•ration
Each remunerated officer or member of staff of the charity receives the same standard staff remuneration from the
charity. This standard slaff remuneration applies across all departments within the charity and to all offices of Ihe charity
including the office of General Spiritual Director.
The level of the standard staff remuneration of the charily accords with the principle of Buddhist praclice through public
service. 11 is reviewed from time to time by the Finance Committee of the charity and any changes must be approved by
special resolution of the charity in general meeting.
Wider network
All Member Centres of the NKT-IKBU ar8 independent legal entities, bound together firstly by the common spiritual
Ilneage called the "New Kadampa Tradltlon. of Buddhlsm, and secondly by membership of the charity. The General
Spiritual Director I'GSD,) of the NKT-IKBU is also the Spiritual Director of each Member Centre.
NKT- IKBU and 811 Member Centres are bound by and follow, guidelines known as A Moral Dlsclpline Guide: The Internal
Rules of the New Kadampa Tradition - International Kadampa Buddhist Union (the 'lnlernal Rules,), the purpose of which
to help maintain and improve the spiritual development of all Dharma Cenlres of the NKT-IKBU,
generation after generation.
to help maintain a close and supportive relationship between all Dharma Centres of the NKT-IK8U
to help facilitale the day-lo-day running and spirilual management of the NKT-IKBU
In accordan￿ with the Internal Rules, three of the executive officers of the charity., the General Secretary and Deputy
SeGretary, and the Secretary of the General Spiritual Director support Member Centres in their spiritual and malerial
development.
Related parties
In furtherance of the charity's objects of promoting the Buddhist faith through the development of Kadampa Buddhlsm
worldwide, interest-free loans are made to Member Centres as outlined in the Financial Review section above. Charity
owned properties are also made available to be used by Member Centies often on a rent-free basis, for Similar reasons
of assisting the Member Centre's development without undue external financial pressures.
Donations to the charily's Inlernationèl Temples Project Fund are a150 received from Member Centres. As these are
completely discretionary, donations re￿iVed from Member Centres are not disclosed separately in the accounts.
Page 6

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty lo identify and review the risks to which the charity is axposed and to ensure appropriate
controls are in place to provide reasonable assurance against fraud 8nd error.
The trustees of the charity meet regularly lo review the major risks to which the charity is exposed, and they have
established procedures to mitigate such risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02758093 (England and Wales)
Registered Charity number
1015054
Registered office
Conishead Priory
Priory Road
Ulverslon
Cumbria
LA12 9QQ
Trustees
Healher C, Wrlght {aka Kelsang Dekyongl, appointed on 01 August 2009
Jennif8r J. Andrews (aka Kelsang Droljang}, appointed on 24 July 2012, resigned 28 November 2023
Henry F. Shefv8land laka Kelsang Jampa), appoint8d on 10 January 2016
Lisa Marie Devine {aka Kelsang PhachDgl, appointed on 5 August 2021
Mary Estelle Cansdale, appointed 29 November 2023
Executive Officers
The daily central administrative tasks of the charity are carried out by the four main executive officers, as follows-
General Secretary- Stephen Paul Cowing
Deputy Secretary - Anthony Roy Tyson (retlred} 3 June 2023, Kathryn Charles (aka Kels8ng Lhachog}, appolnted 4 June
2023
Secretary of the General Spiritual Director - Lisa McGovem laka Kelsang Ringyal)
Treasurer
Linda Cay (aka Kelsang Maitri) (resigned) 21 January 2024, Lisa Klusendorf {8ka Kelsang Zangmo).
appointed 22 January 2024
Company Secretary
S P Cowing
Auditors
RFM Audit Services LLP, Slatutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD
Bankers
Barclays Bank PLC, 86-90 Dalton Road. B8rrow-in-Furness. Cumbria, LA14 1JF
CCLA Investment Management Ltd, COIF Charity Funds, 80 Cheapside, London, EC2V 60Z
Page 7

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees (who are also the directors of New Kadampa Tradition - International Kadampa Buddhist Union for the
purpjses of company law} are r8sponsibl8 for preparing th8 R8POrt of the Trustees and the financial slatem8nts in
accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
Company law requires the trustees to prepare financial stalemenls for each financial year which give a true and fair view
of th8 state of affairs of the charitable company and of the incoming r8sourc@s and application of r8sources. including th8
Income and expenditure, of the charilable company for Ihat period In preparing those financial slalements, the Iruslees
are required lo
select suitable accounting policies and then apply them consistently.,
obseNe th& methods and principles in the Charity SORP.,
make judgements and estimates that are reasonable and prudent.,
prepare the financial statements on the going concem basis unless il is inappropriate lo presume that Ihe charitable
company will continue in businoss,
Th8 trustees are responsible for k88ping prop8r accounting records which disclose with reasonable accuracy at any time
the financial position of the charitable company and to enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for
taking reasonable steps for the preventson and detection of fraud and olher irregulanties.
In so far as Ihe trustees are aware:
Ihere is no relevant audit information of which the charitable company's auditors are unaware,. and
Ihe trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, RFM Audit SeNices LLP, Statutory Auditor, will be proposed for re-appolntment at the forthcoming Annual
General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to
small companies.
Approved by order of the board of trustees on 15 July 2024 and signed on its behalf by:
Ms H C Wright- Trustee
Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)
Opinion
We have audited the financial statements of New Kadampa Tradition
International Kadampa Buddhist Union (the
'charitable company'} for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the
Statement of Financial Position, the Statemènt of Cash Flows and notes to th8 financial statèments, including a summary
of significant accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial stalemenls..
give a tru8 and fair vi8w of the state of th8 charitable company's affairs as at 31 D8C8mb8r 2023 and of its incoming
resources and applicalion of resources, including ils income and expenditure, for the year Ihen ended-
have been properly prepared in accordance with Uniled Kingdom Generally AC￿pted Accounting Practice, and
have been prepared in accordance with the requiremenls of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Int8rnational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial
stalemenls section of our reporl. We are independent of the charitable company in accordance with the ethical
requiromonts that are rolovant to our audit of thc financial slatoments in tho UK, including tho FRC'S Ethical Standard,
and we have fulfilled our other ethical responslbilities in accordance with these requirements. We belleve that the audlt
evidence we have obtained is sufficient and appropriale to provide a basis for our opinion.
Concluslons rolatlng to golng eoncorn
In audiling the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work w8 have p8rform8d, wè have not identifi8d any material uncertainties relating to 8V8nts or conditions
that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
concem for a period of at least twelve months from when the financial stalemenls are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant
sections of this report,
Other Inforrnatlon
The trustees are responsible for the other information. The other information comprises the information included in the
Annual R8POrt, other than th8 financial stat8menls and our Report of th8 Indep@ndent Auditors Ih8r80n.
Our opinion on Ihe financial statements does not cover the other information and. excepi to Ihe extent otherwise explicitly
staled in our report, we do not express any forrn of assurance conGlusion thereon.
In connection with our audit of the financial stalements, our responsibilily is to read the other information and, In doing so,
consider whether the other infomiation is materially inconsistent with the financial slatements or our knowledge oblained
in th8 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information. we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Report of the Trustees for Ihe financial year for which the financial statements are
prepared is cor)sistent with Ihe finarlcial statemenls.. and
the Report of the Trustees has been prepared in accordance with applicable legal requirement5.
Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)
Matters on which we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable Company and its environment obtained in the course of
the audit, we have not identified matèrial misstat8mènts in thé Report of thè Trusle8S.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion..
adequate accounting records have not been kept or returns adequate for our audit have not been received from
branches not visit8d by us: or
the financial slalements are not In agreement with the accounting records and retums., or
cerlain disclosures of Irustees, remuneration specified by law are nol made," or
we have not received all the informalion and explanations we require for our audit., or
Ihe trustees were not entilled lo take advantage of th8 small companies exemption from the requiremenl lo prepare a
Strategic Report or in preparing the R&port of th8 Truste8S.
Responslbllltles of Irustees
As explained more fully in Ihe Slalement of Trustees, Responsibilities, the trustees (who are also the directors of the
charitablo company for the purposos of company lawl aro rosponsiblo for tho proparalion of tho financial statomonts and
for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary
to enable the preparation of financial statem8nts that are fre8 from material misstatemenl, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to
conlinue as a going concern, disclosing, as applicable, matters related lo going concern and using ihe going concem
basis of accounting unless the Irustees either intend to liquidate the charitable company or to cease operalions, or have
no realistic alternative but to do so.
Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)
Our responslbllltl8s for th8 audlt of the financlal slat8m8nts
Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from
material misstatem8nl, wh8lh6r due to fraud or error, and to ISSU8 a Report of the Indepéndent Auditors that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken Dn the basis of these financial statements.
The extent to which our procedures are capable of detecting IrregularS1ies, including fraud is detalled below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proTrdure5 in line
with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations-
we identified the laws and regulations applicable to the company through discussions with the trustees and other
management, and from our commercial knowledge and experience of the religious activities sector;
we focused on specific laws and regulations which we considered may have a direct malerial effect on the financial
slatements or the operations of Ihe company, including the Companies Act 2006, Charities Acl 2011, laxalion
legislation and data protection, employment, environmental and health and safely legislation,.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstalement, including obtaining an
understanding of how fraud might occur, by-
making enquirias of managemant as to where they considarad thare was susceptibility to fraud, thair
knowledge of actual, suspected and alleged fraud,. and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through man8gem8nt bias and ovèrrid& of controls, w8..
perfomied analytical procedures to identify any unusual or unexpected relationships;
tested journal entries lo identify unusual transactions.,
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias and investigated the rationale behind significant or unusual transactions.
In response lo the rlsk of irregularities and non-compllance wlth laws and regulatlons, we deslgned procedures whlch
included, but were not limited to..
agreeing financial statement disclosures to underlying supporting documentation.,
reading the minutes of meetings of those charged with governance,. and
8nquiring of managem8nt as to actual and pot8ntial litigation and claims.
reviewing Correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the
charity's legal advisors.
Page11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)
There are inherent limitations In our audit proGedures desGribed above. The more removed that laws and regulations are
from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also
limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and
other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than thDse that arise from error as they may
involve deliberate concealment or collusion.
A further desGription of our responsibilities for Ihe audit of Ihe financial statements is located on the Financial Reporting
Council's websile at www.frc.org.uklauditorsresponsibililies. This description forms part of our Report of Ihe Independent
Auditors.
Use of our report
This r8POrt is made so181y to the charitab18 company's m8mb8rs, as a body, in accordance Wlth Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we are required to state lo them in an auditors, report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and th8
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP. Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD
15 July 2024
Page 12

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
STATENENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the Year Ended 31 December 2023
2023
Total
funds
2022
Total
funds
Unrestrlcted Restrlcted
funds
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
315,974
52,965
368,939
503,841
Charitable activities
Intemational Festivals
Tharpa Publicalions
Manjushri Kadampa Meditation Centre
Shop and World pea￿ Cafe
Kadampa Art Studio and Internet
Properties Income
3.044,728
303.877
746,285
422,351
72,832
96,946
3.044,728
303,877
746,285
422,351
72,832
96,948
2,345,201
257.743
766,734
384,185
38,398
95,591
Investment Income
Total
3986
5,006.979
52,965
5,059,944
4,392.870
EXPENDITURE ON
Charitable activities
Grants Payable
Intemalional Festivals
Tharpa Publications
Manjushri Kadampa Medliation Centre
Kadampa Art Studio and Internet
Properties Expenditur8
Intemalional Kadampa Development
Total
64,808
965,254
216,934
1,413,991
277,723
156,215
648,895
3,743,820
64,808
967,982
216,970
1.423.972
279,782
156,215
652,743
3,762.472
78,559
668,847
169,412
1,091,983
118,493
59,771
62,225
2,249,090
2,728
36
9,981
2,059
3,848
18,652
NET INCOME
Transfers between funds
Net movement In funds
1,263,159
34,313
19,261
15,052
1,2g7,472
2,143,780
22
1,282,420
1,297,472
2,143,780
RECONCILIATION OF FUNDS
Total funds broughl forward
40,317,444
19,689
40,337,133
38,193,353
TOTAL FUNDS CARRIED FORWARD
41599 864
41634 605
40 337 133
The notes form part of these financial statements
Page 13

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION {REGISTERED NUMBER: 02758093)
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
Total
funds
2022
Total
funds
Unrestrlcted
funds
Restrlcted
funds
Notes
FIXED ASSETS
Tangible assets
Investments
13 31,801,461
14
2,109
31,803,570
31,801,461
2,109
31,803,570
29,089,633
2,109
29.091,742
CURRENT ASSETS
Stocks
Deblors
Investments
Cash al bank
15
16
17
454,677
13,548,462
144,787
1,567,051
15.714,977
454,677
13,548,462
144,787
1.601,793
15,749,719
409,242
13,930,946
147,996
2,050,232
16,538.416
34,742
34,742
CREDITORS
Amounts falling due within one year
18
{5,455,625)
{5,455,625) (3,841,045)
NETCURRENT ASSETS
10 259,352
10 294 094
12 697,371
TOTAL ASSETS LESS CURRENT
LIABILITIES
42,062.922
34,742
42,097,664
41,789,113
CREDITORS
Amounts falling du8 after mor8 than on8
year
19
{463,059)
(463,059) {1,451,980)
NET ASSETS
FUNDS
Unrestricted funds
Reslricled funds
TOTAL FUNDS
41599 863
41634 605
40 337 133
22
41,599,863
34,742
41634 605
40,317,444
19,689
40 337 133
These financial statements have been prepared In accordance with the provislcns applicable to ch8rltable companles
subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2024 and were
signed on its behalf by-
H C Wright - Trustee
The notes form part of these financial statements
Page 14

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
STATEME￿ OF CASH FLOWS
for the Year Ended 31 December 2023
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
Inlerest paid
Net cash provided by operating activities
2,267,391
150,432}
2 116,959
2,321,919
101,9911
2.219,928
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Transf8r of funds held on deposit
Net cash used In investing activities
(3,062,597)
155,981
3,986
{4,056,1061
1,177
9.044
4,045.8851
2.899,421}
Cash flows from flnanclng actlvltles
Bank loan repayments in year
New concessionary laans in year
Concessionary loan repayments in year
Net cash provided byllused inl financing activities
(996,400)
1,330,423
(214,2351
182 4291
396,6641
334,023
Change in Cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equlvalents at tha and
ol the reportlng perlod
(448,4391
{2,222,6211
2,050,232
4,272,853
1,601,793
2,050,232
The notes form part of these financial statements
Page 15

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2023
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
2022
Net Income for the reportlng perlod (as per Ihe Statement of
Flnanclal Actlvltles)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Interest paid
Increase in stocks
Decrease in debtors
Increa5el{decrease) in creditcrs
Net cash provlded by operatlons
1,297.472
2,143,780
174.240
20,548
{3,986)
150,432
(45,425)
382.484
291,636
2 267 391
105,828
11,1771
101,991
{13,8821
83,549
98,1701
2,321,919
ANALYSIS OF CHANGES IN NET DEBT
At 111123
Cash flow
At 31112123
Net cash
Cash at bank
2.050,232
2,050,232
448 439)
448,439)
1,601,793
1,601,793
Llquld resources
Deposits inGluded in cash
Current asset investments
147,996
147 99
3,209)
144,787
144 787
Debt
Debts falling du8 Wlthin 1 y8ar
Debts falling due after 1 year
(3,653 001) (1,322,944) (4,975,945)
1,451.9801
988,921
463,0591
5,104.981}
334,023)
5,439.0041
2 906,7531
785 671)
3 6g2 4241
Total
The notes form part of these financial statements
Page 16

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023
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 lo charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 20191,, Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the
Companies Act 2006. The financial statem8nts have been prepar@d under the historical cost convention, with the
exception of investment5 which are included al rnarket value.
There are no material uncertainties about the charity's ability to continue.
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
In accordance with R8gulation 19 of The Chariti8s {Acc￿ntS and Reporls) Regulalions 2008, individually and in
aggregate, each of the subsidiary underiakings are not material for the purposes of giving a true and fair view.
On this basis, the financial statements contain information about New Kadampa Tradition - International Kadampa
Buddhist Union as an individual charily and do not contain consolidaled financial information as the parent of a
group.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Critical accounting judgements and key sources of estimation uncertainty made by trustees and management in
preparing these financial statements which a150 have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year include..
Depreclatlon and Impalrment of fixed assets
Impairment provisions for concessionary loans made to centres
INCOME
All income Is recognSsed In the Statement of Financial Activities once the charlty h8s entitlement to the funds,11 is
probable that th8 income will b8 received and the amount can be m8asured reliably,
Income from government and other grants, whether 'capilal' grants or 'revenue' grants, is recognised when the
charity has entitlement to the funds, any performance Conditions attached to the grants have been met. it Is
probable thal the income wlll be received and the amount can be measured reliably and Is not deferred.
Income received in advance of a festival, course, retreat or for provision of other specified service it is deferred
until the criteria for income recognition are met.
Donated goods, servlces and facllltles
Donaled goods, professional services and facilities are recognised as income when the charity has control over
the item, any conditions associ£ted with Ihe donated item have been mel, the receipt of economic benefit from the
use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with
the Charilies SORP (FRS 102), general volunteer time is nol recognised.
On receipt, donated goods, professional services and farilities are recognised on the basis of the value of the gift
to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of
equivalent economic benefit on the open market,. a correspon(iing amount Is then recognised in expenditure in the
period of receipt.
Page17
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES - contlnued
INCOME
Inlerest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
charity., this is nomally upon notification of the interest paid or payable by the Bank.
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
amounl of the obligation can be measured reliably. Expendilure is accounted for on an accruals basis and has
been classified under headings that ag9regate all cosl 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.
Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Grants payable
Grants offered subject lo condilion5 which have nol been met at the statemenl of financial position dale are noted
as a commitment but not accrued as expenditure.
ALLOCATION AND APPORTIONMENT OF COSTS
Support costs that cannot be directly allribuled to a specific actlvity are apportlcned across all relevant activitles
on the basis of time spent on each activity by NKT administrative employ8es.
TANGIBLE FIXED ASSETS
Tangible fixed assets are capilalised al cost. The costs of property repairs, rep18cement and maintenance are
written off as they are incurred. The charity onlycapitalises items Gosting more than £10,000.
Depreciation isprovided soas ID write off the cost of fixed assets to their estimated residual values over Iheir
expected useful lives, as follows..
Freehold property
Land is not depreciated
Listed buildings - Slraight line over 350 years
Non-listed buildings - Straight line over 80 years
Other land and buildings - Straight line over 25-50 years
Straight line over 80 years. or lease period if shorter
150/0 on reducing balance
Straighl line over 4 years
Long leasehold
Fixturès and fittings
Motor vehicles
Depreciation 15 charged on a monthly basis frorn the calendar month following acquisition or on the bringing into
use of the asset, whichever is the later. A full month is charged in the month of disposal.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.
Fixed assels and investments are subject to review for impairment when Ihere is an indication of a reduction in
their carrying valu8.
Anyimpairment is recognised in the year in which it occurs in the correspoThJing SOFA category.
Current assel investrnents
Page18
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES - contlnued
TANGIBLE FIXED ASSETS
Current asset investments are measured at cost and comprise of cash balances set aside in separate bank
accounts for specific restricted purposes.
STOCKS
Stock is included at the lower of cost or net realisable value after making due allowance for obsolete and slow
moving items. Donated items of stock are recognised al fair value which is the amount the charity would have
been willing to pay for the items on the open market.
TAXATION
The charity is exempl from corporation tsx on its charitable activities.
FUND ACCOUNTING
Unrestricted funds Gan be used In accordance wlth the charllable objectives at the discrelion of the truslees.
Restricted funds can only be used for particular restricled purposes within the objects of the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the natur8 and purpose of each fund is included in the not8S to the financial statements.
FOREIGN CURRENCIES
Assels and liabilities in foreign currencies are tr8nslated into sterling at the rates of exchange ruling al the
siatement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of
8x¢h3ng& ruling at the date of transaction. Exchange differences are taken into account in arriving at the
operating result.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The Gharitable company operates a defined contribution pension scheme. Contributions payable to the charitable
company's pension scheme are charged lo the Slatement of Financial Activities in the period to which they relate.
FINANCIAL INSTRUMENTS
Concessiona
loans
ari
y meets t
e definition of a Public Benefit Entity I"PBE'} and applies the measurernent provisions of FRS
102 paragraphs PBE34.89-PBE34.97 to all its cOn￿ssIOnarY loans.
Other financial instruments
The charily has adopled Sections 11 and 12 of FRS 102 in respect of financial instruments that are not
concessionary loans.
Financial assets
Basic
inancial assets, including trade and other receivable5, cash and bank balances are initially recognised at
transaction price, unless the arrangement constitutes a financing tr8n58Ction, where the transaction is measured
at thè present value of th8 future receipts discount8d at a market rate of interest.
Such assels are subsequently carried at amortised cost using the effective interest method. At the end of each
reporting period financial assets measured at amortised cosl are assessed for objective evidence of impairment. If
an asset is impaired Ihe impairment loss is the difference between the carrying amounl and the presenl value of
the 8Stimated cash flows discounted at the asset's original effectiv8 inter8St rate. Th8 impairment loss is
recognised in income or expenditure.
Page19
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES - contlnued
FINANCIAL INSTRUMENTS
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognise(J,
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the
arying amount would have been had the impairment not previously been recognised. The impairment reversal is
recognised in income or expenditure.
Flnancial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are
settled, or (bl substantially all the risks and rewards of the ownership of the asset are transferred to another party
or Ic) despite having retained some significant risks and rewards of ownership, control of the asset has been
transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party
without imposing additional restrictions.
Financial liabilitie8
asic
inancial liabilities, including trade and other payables, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised al transaction price, unless the arrangemenl
constitutes a financing transaction, where the debt instrument is measured at the present value of the future
receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid
on the establishment of loan facililies are recognised as transaction costs of the loan to Ihe extent that il is
probable that some or all of the facility will be drawn down. In this case, Ihe fee is deferred until the draw-down
occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the
fee is capitalised as a pre-paymenl for liquidity services and amortised over the period of the facility lo which it
relates.
Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are dassified as current liabililies if payment is due within one year or
less. If not, they are presenteé as non-current liabilities. Trade payables are recognised initially at transaction
pric8 and subsequently m8asur8d at amortiS8d C05t Using th8 effective interest.
Im
airment
At each reporling date fixed assets are reviewed to determine whether there is any indication that those assets
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any
affected assel is estimated and compared with its carrying amount. If estimated recoverable amount is lower, th8
carrying amount is reduced lo its estimated recoverable amount, and an impairment loss is recognised
immediately in income or expenditure.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of
its recoverable amount, but not in excess of the amount that would have been determined had no impaimient loss
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in
income or expenditure.
Page 20
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
DONATIONS AND LEGACIES
2023
2022
Donations
368 939
INVESTMENT INCOME
2023
2022
Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
2023
2022
Actlvlty
Internalional Festivals
Tharpa Publicatv)ns
Manjushri Kadampa Meditstion Cgnlre
Shop and World Peace Cafe
Festivals
Tharpa Publications
Manjushri Centre Activilies
Shop and World Peace
Cafe
Kadampa Art Studio
Activities
Properlies Income
3.044,728
303,877
746,285
2,345,201
257,743
766,734
384,185
422,351
Kadampa Art Studio and Internet
Properties Income
72,832
96,946
4 687,019
38,398
95,591
3,887,852
CHARITABLE ACTIVITIES COSTS
Grant
fundlng ol
activities
(see not&
Support
costs Iseè
note 7)
Dirnct
Costs
6)
Totals
Grants Payable
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation
Centre
Kadampa Art Sludio and Intemet
Properties Expenditure
Inlernational Kadampa
Development
64,808
64,808
967,982
216,970
1,423,972
279,782
156,215
652,743
957,134
213,715
1.399,617
10,848
3,255
24,355
4,797
90,914
253,064
387 233
274,985
65,301
399,679
3310431
64,808
3 762 472
Included within International Kadampa Development support costs are exchange losses of £192.890 and a
provision for unrecoverable debts of £4,192.
Page 21
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
GRANTS PAYABLE
2023
2022
Grants Payable
The total grants paid to institutions during the year was as
follows-
2023
2022
Gifts lo Centres
Gifts to Centres include the following donations..
2023
2022
Grants for Kadampa Art Studio . 2023.. 11 (2022.. 4)
Gifts to Centres- 2023.. 5 {2022.' 8)
52,337
12,471
29,337
49,222
SUPPORT COSTS
Governance
costs
Management
Flnance
Totals
Internation81 Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Kadampa Art Sludio and Intemet
Properties Expenditure
International Kadampa Development
8,659
2,433
16,316
3,828
3,442
2,189
587
4,127
969
87,472
200,889
296 233
10,848
3,255
24,355
4,797
90,914
253 064
387 233
235
3,912
Activity
Management
Finance
Governance costs
Basis of allDcation
NKT administrative employees
NKT administrative employees
NKT administrative employees
Within International Kadampa Development costs is a provision for unrecoverable debts of £4,192 Included wlthin
managemenl costs and exchange losse5 of £192,890, induded within governance costs.
Page 22
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
NET INCOMEI(EXPENDITUREI
Net incomellexpenditure) is stal8d after chargingl(crediling):
2023
2022
Depreciation - owned assets
Deficit on disposal of fixed assets
Exchange Igains)Ilosses
Provision for unrecoverable loans
174,240
20,548
192,890
105,827
(268,0501
AUDITORS, REMUNERATION
2023
2022
Fees payable lo the charity's auditors for the audit of the charity's
financial statements
12.075
11.500
Audit-r8lated assurance services
Total fees payable
10. TRUSTEES, REMUNERATION AND BENEFITS
2023
2022
Trustees. salarie8
As p8rmilt8d by section 5.4 of the Memorandum of Association, during thè year Heather C. Wright {ak8 K815ang
Dekyong) received the slandard remuneration applicable to all officers and staff members of the charity
amounting to £8,136 (2022= £7,736) for her role as a General Spiritual Director.
No other Irustees, received any remuneration or benefits for the year ended 31 December 2023 nor for the year
@nded 31 D8C8mb@r 2022,
TRUSTEES, EXPENSES
There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31
December 2022.
Page 23
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
11.
STAFF COSTS
2023
2022
Wages and salaries
Other pension costs
306,113
32,614
338,727
269,876
304,601
The average monthly number of employees during the year was as follows:
2023
10
2022
10
Manjushri Centre
Tharpa Publications
Kadampa Art Studio and Int8rnet
Kadampa Development
Support and Administration
15
14
39
36
No employee5 received ernoluments in excess of £60.000.
All charily employees receive the same standard staff remuneration which applies across all departments and to
all offices of the charity. The level of the standard staff remuneralion of the charity accords with the princlple of
Buddhist practice through public service.
Volunteers
All aspects of the day to day functioning of Manjushri KMC, Conishead Priory, ara run by mambers of th8
residential community together with volunteers from the extended community in the local area. The support of the
ommunity, as an expression of Iheir seNice to the publiG, means that the charily can operate with relatively low
staff numbers.
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrèstrlct•d Reslrlctad
funds
funds
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
36S,385
137,458
503,841
Charitable activities
International Festivals
Tharpa Publication
Manjushri Kadampa M8ditation Centre
Shop and World Peace Cafe
Kadampa Art Studio and Int8rnet
Properties Income
2,345,201
257,743
766,734
384,185
38,398
95,591
2,345,201
257,743
766,734
384,185
38.398
95,591
Investment income
Total
4 255414
137456
4 392,870
EXPENDITURE ON
Charitable activities
Grants Payable
78,559
78,559
Page 24
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued
Unrestrlcted Restrlcted
funds
funds
Total
funds
International Festivals
Tharpa Publications
Manjushri Kadampa Meditstion Centre
Kadampa Art Studio and Internet
Properties Expenditure
International Kadampa Development
Total
667,897
169,412
1,087,953
115,827
59,771
61,925
2,241,344
750
668,647
169,412
1,091,983
118,493
59,771
62,225
2,249.090
4,030
2,666
30Q
7,746
NET INCOME
Transfèrs b8tw••n funds
Not movement In funds
2,014,070
2,954 211
4,968,281
129,710
2954211
(2,824,501 }
2.143,780
2,143,780
RECONCILIATION OF FUNDS
Tolal funds brought forward
35,349,163
2,844,190
38,193,353
TOTAL FUNDS CARRIED FORWARD
40317444
40 337 133
13. TANGIBLE FIXED ASSETS
Fixtures
and
flttlngs
Freehold
property
Long
l•asohold
Motor
vehlGles
Tota18
COST
At 1 January 2023
Additions
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
Eliminated on disposal
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
26,941,591
2,725,866
177,989
29,489,468
2,628,859
237,083
380,077
96,898
34,234
2,750
29,984,761
3,062,597
177,989)
32,869,369
2 865,942
476.975
509,463
127,595
114,020
22,804
249.441
19,595
22,204
4,248
895,128
174,240
635,598
136,824
269,036
26,450
1,067,908
28 853 870
26,432,128
2729118
2 514 839
207 939
130b36
31801461
29 U119,Ei33
Page 25
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
14.
FIXED ASSET INVESTMENTS
Shares In
group
undertaklngs
MARKETVALUE
At 1 January 2023 and
31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 Decembor 2022
2,109
Th8 net book value of inveslm8nts comprises..
2023
2022
Investmenls in the UK
Investments outside the UK
The company's investments at the balance sheet dat8 in the share capital of companies include the following..
New Kadampa Tradltlon KMC Spaln S.L.
Registered offlce.. Regislered In Spain
Nature of business.. Rental services
Class of Share:
Ordinary
holding
100
2023
2022
Aggregate capital and reseNes
Profitl{lossl for the year
1170,785)
675
(177,7471
The summary results for Ihe year were as follows:
2023
2022
Gross income
Expenditure
Surplusl(Deficit)
675
2,725)
Page 26
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
15.
STOCKS
2023
2022
Goods for resale
454 677
409 242
16.
DEBTORS
2023
2022
Amounts falling due within one year..
Trade debtors
Concessionary loans lo Centres
25.402
12,416,401
28,266
3.425
12,473,494
138,505
12,867,650
39,253
VAT
Prepayments and accrued income
13,049,064
Amounts falling due after more than one year..
Concesslonary loans to Centres
1074 968
881882
Aggregate amounts
13 548 462
13930946
Concessionary loans to Gentres are inlerest-free and stated after taking into consideration provisions againsl
polenlially unrecoverable debts of £8Q1.696 {2022- £797,504). Loans repayable on demand are classed as
current assets. Fixed term loans are repayable In full at a future date as stated within the loan agreements and
are classed as current assel or long term assets as appropriate to the repayment date in each agreement.
Included within conce88ionary108ns are loans for which the following securities have been pledged,.
£193,410 (2022.. £220,067 loan to KMC Cape Town, South Africa, secured against property
owned by Tushita KBC
£1,295,95712022: £1,295,957> loan to KMC Mexico, Mexico, secured against property owned
by KMC Mexico
£1,669,95712022.' £1,703,21 D) loan to KMC Stockholm, Sweden, secured against property
owned by Kadampa Meditationscenter Stockholm IKMC Stockholm>
£1,370,30112022: £1,370,301 } loan to Nordic KMC, Norway, secured against property owned by
Nordisk Kadampa Meditasjonssenter (Nordic KMCI
In line with the objectives and aim5 Of the charity. Ihe Concessionary loans have been provided to other Cenlres in
order to support those Cenlres lo increase the Buddhist Faith throughout the world.
The concesslonary loans to Centres, before provislon for potentially unrecoverable debts is comprlsed of:
2023
2022
Loans du8 within one y8ar- 2022.. 28 (2022: 33)
Loans due after more than one year- 2022.. 512022.. 4)
13,218,097
1 ,074,968
14293065
13,665.153
881,882
14 547 035
Page 27
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
17.
CURRENT ASSET INVESTMENTS
2023
2022
Cash held on deposit
144 787
147 996
Cash held on deposit relates to funds required by the Spanish Govemment to be set aside until the completion of
th8 Spanish T8mple Project. Th8S8 funds ar8 r8quired to be held on d8POSIt until approval has b&8n granted by
the Spanish Government Ihat these funds can be released.
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
8ank loans and overdrafts (see note 20)
Other loans (see nole 20)
Trad8 creditors
Other creditors
Accruals and deferred income
1,012.230
3,963,715
352.017
19,239
108,424
5 455 625
1,019,709
2,633,292
51,369
19,666
117,009
3 841 045
19.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
8ank loans (see note 20)
463 059
1451980
20.
LOANS
An analysis of the maturily of loans is given below:
2023
2022
Amounts falling due wilhSn one year on demand..
Bank loans
Concessionary loans
1,012,230
3 963 715
4 975 945
1,019,709
2 633 292
3 653 001
Amount5 falling between one and years:
Bank loans 1-2 years
Amounts falling due between and five years..
Bank loans 2-5 years
170542
999 694
292 517
452 286
Concessionary loans are intere5t-free. Loans repayable on demand are classed as current liabilities. Fixed term
loans are repayable in full at a future date as stated within the loan agreements and are classed as current
liabilities or long term liabilities as appropriate to the repayment dale in each agrèement.
Concessionary loans is comprised of:
2023
2022
Page 28
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
20.
LOANS - conllnued
Other loans from Centres- 2022.. 5 (2022.. 5)
Loans from individuals- 2022: 3 (2022: 3)
3,902,715
61,000
3 963 715
2,572.292
61,000
2,633,292
21.
SECURED DEBTS
The following secured debts are included within creditors:
2023
2022
Bank loans
1475 289
2 471 689
Secured bank loans is comprised of two term loans-
Loan date
Term
2 June 2012
15 years
14 June 2019
5 years
Interest rate
3.18°/o over base
2.35°/o over bas8
629,875
845,414
Properties with a combined net book value of £9,021,085 have been pledged as security against secured debts.
22.
MOVEMENT IN FUNDS
Net
movement
In funds
Transfers
between
funds
At
31112123
At 111123
Unrestrieted funds
General funds
Designated Funds
33,405,366
6 912 078
40,317,444
1,263,158
2,246,339
2 227 078
19,261
36,914,863
4 685 000
41,599,863
1.263,158
Restricted funds
Other Funds
19,689
34,314
(19,2611
34,742
TOTAL FUNDS
40 337 133
1297 472
41634 605
Net movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General funds
5,006,979
(3,743,821)
1,263,158
Restricted funds
Other Funds
52,965
{18,651)
34,314
TOTAL FUNDS
5 059,944
3 762 472)
1297 472
Page 29
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
22.
MOVEMENT IN FUNDS - contlnued
Comparatives for movement in funds
Net
movement
in funds
Transfers
between
funds
At
31112122
At 111122
Unrestricted funds
General funds
Designated Funds
28,539,163
6,810,000
35,349,163
2,014,070
2.852.133
102,078
2,954.211
33,405,366
6,912,078
40,317,444
2,014,070
Restricted funds
Spanish Ternple Fund
Leeds Properly
Other Funds
574,142
2,250,660
(574,1421
(2,250,660)
129,409
2,954,211)
129710
129,710
2 143,780
2,844,190
38,193,353
19,689
40337133
TOTAL FUNDS
Comparative nel movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General funds
4,255,414
(2,241,344)
2,014,070
Restricted fund8
Spanish Temple Fund
Other Funds
2,544
134,912
137456
12,544)
5,202)
129,710
129,710
2 143 780
TOTAL FUNDS
Page 30
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
22.
MOVEMENT IN FUNDS - contlnued
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
in funds
Transfers
betw&8n
funds
At
31112123
At 111122
Unrestricted funds
General funds
Designated Funds
28,539,163
6,810,000
35,349.163
3,277,228
5,098,472
2 125000
2,973,472
36,914,863
4 685,000
41,599.863
3,277,228
Restricted funds
Spanish Ternple Fund
Leeds Property
Other Funds
574,142
2,250,660
(574,1421
{2,250,6601
148,670
2,973,472)
164,024
164,024
3 441,252
2,844,190
38,193,353
34,742
41634,605
TOTAL FUNDS
A current year 12 month5 and prior year 12 month5 combined nel movement in funds, included in the above are
as follows..
Incomlng
resources
Resources
expended
Movement
In funds
Unrestrlcted funds
General funds
9,262,393
(5,985,165)
3,277,228
Restricted funds
Spanish Temple Fund
Other Funds
2,544
187,877
190421
12,544)
23,853)
26 397)
184,024
164 024
3 441.252
TOTAL FUNDS
Restricted Income Funds
ani5h Tem
le Fund
Donations in Spain have been given to provide funds to construct a Kadampa Temple and to extend
accornmodation in preparation for th8 Temple in Spain.
Leeds Pro
ert Fund
The Leeds Property Fund is to provide funds to renovate the properly in Leeds City Centre acquired in 2019
which, once completed, will be used as a Kadampa Meditation Centre at which point it will form part of the
charity's unrestricted charitable activities and will be transferred to unrestricted funds.
Other Funds
ther Funds are to acrK)unt for monies received in respect of small projects.
Unrestricted Income Funds
Desi
nated Fund
Page 31
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
22.
MOVEMENT IN FUNDS - contlnued
To ensur8 the charity's ability to further ils objects both in the UK and internationally, the trust@es hav8 designated
funds for the development and support of International Temples Project aclivities worldwide. The trustees further
consider reserves equal to one year's running costs and three years of building repair and maintenance costs a
suitable level to protect the charity in case of adverse financial events. This is reviewed annually by the trustees.
G8neral Fund
The general unrestricted fund represents free fund5 of the charity which can be applied al the discretion of the
trustees.
23.
CAPITAL COMMITMENTS
2023
2022
Contracted bul not provided for In the flnancl81 statements
24.
RELATED PARTY DISCLOSURES
New Kadampa Tradition KMC Spain S.L.
Subsidiary
At 31 December 2023 £1,274,745 (2022.. £1.275,0271 was owed by New Kadampa Tradition KMC Spain S.L.
before tsking into consideration a provision againsl potentially unrecoverable debts of £170,785 {2022: £175,261).
Key management personnel compensation
The total key management personnel compensation for the year was £31,631 {2022'. £27,518).
Incorne from trustees and key management personnel
Income from trustees and key m8nagement personnel for retained sponsorship costs for the year was £25,235
(2022: £22,772).
Oth8r incom8 from trustees and key managem8nt P8rsonnel was £73012022.. £1,160).
25.
ULTIMATE CONTROLLING PARTY
The charity is controlled by its rnembers.
FINANCIAL INSTRUMENTS
The charity has the following financial instruments:
2023
2022
Financial assets that are debt instruments measured at
amortised cost
Trade debtors
Concessionary loans to Centres {after provision for potential
unrecoverable debts)
Cash held on deposit
25,402
138,505
13,491,369
144,787
13 661558
13,749,532
147,996
14,036 033
Page 32
continued...

NEW KADAMPA TRADITION-
INTERNATIONAL KADAMPA
BUDDHIST UNION
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023
26.
FINANCIAL INSTRUMENTS- contlnued
Financial liabilities measured at amortised cost
Bank loans
Other loans Concessionary loans
Trade creditors
(1,475,289} (2,471,688)
(3,963,715) (2,633,292)
279,729
51,3691
Page 33

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